EnergyEast |
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| 52 Farm View Drive |
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By EDGAR and Facsimile
Mr. James Allegretto
Senior Assistant Chief Accountant
Division of Corporation Finance
United States Securities and Exchange Commission
Mail Stop 3561
100 F Street, NE
Washington, D.C. 20549
RE: Energy East Corporation, File No. 1-14766
Central Maine Power Company, File No. 1-5139
New York State Electric & Gas Corporation, File No. 1-3103-2
Rochester Gas and Electric Corporation, File No. 1-672
Form 10-K for the year ended December 31, 2004
Filed March 14, 2005
Dear Mr. Allegretto:
This letter is in response to the Division of Corporation Finance's comment letter dated August 24, 2005, in which you requested additional information based on your review of our filings on Form 10-K for the year ended December 31, 2004, and Form 10-Q for the quarter ended June 30, 2005. In this letter we will refer to the companies as follows: Energy East Corporation and its subsidiaries - Energy East or the company, Central Maine Power Company - CMP, New York State Electric & Gas Corporation - NYSEG, and Rochester Gas and Electric Corporation - RG&E. In addition, we refer to Connecticut Natural Gas Corporation as CNG and The Southern Connecticut Gas Company as SCG. The comments included in your letter are repeated below, and our response immediately follows each comment.
In connection with the filing of our responses to your comments, the company acknowledges that:
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If you have questions concerning any of our responses, please feel free to contact me at 207-688-4302 or Curtis Call at 207-688-4355.
Sincerely,
/s/Robert D. Kump
Robert D. Kump
Vice President, Controller & Chief Accounting Officer
September 8, 2005
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Energy East Corporation Form 10-K for the Year Ended December 31, 2004
General
Response: In responding to the aforementioned comments we confirm that we will also respond to each comment to the extent that it has any direct or indirect applicability to our subsidiary registrants.
With respect to future filings by our subsidiary registrants, please note that on March 24, 2005, NYSEG filed a Form 15 with the Commission and on June 20, 2005, CMP filed a Form 15 with the Commission, each terminating its respective status as a registrant under the Securities Exchange Act of 1934 (Exchange Act).
In our Exchange Act filings, amounts presented in our companies' financial statements and notes to financial statements are expressed in thousands, although amounts in results of operations discussions are generally expressed in millions. Therefore, we assume that in your comment letter references to amounts in millions was intended to be in thousands.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Natural Gas Delivery Business
Response: Energy East has fixed payments associated with natural gas capacity contracts that are included in the amounts in the contractual obligations table under the heading "Unconditional purchase obligations." The amounts associated with the natural gas capacity contracts are (in thousands): Total - $386,823; 2005 - $103,275; 2006 - $93,248; 2007 - $85,372; 2008 - $77,297; 2009 - $17,753; and After 2009 - $9,878. In our future Exchange Act periodic reports, Energy East will separately present or footnote the nature of unconditional purchase obligations included in the contractual obligations and
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commercial commitments disclosure, as appropriate. NYSEG and RG&E separately disclosed the amounts associated with natural gas capacity contracts in their 2004 Form 10-K contractual obligations tables, and RG&E will continue to do so.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Operating Expenses
Response: In our future Exchange Act periodic reports for Energy East and RG&E, we will enhance our narratives regarding changes in revenues and expenses by ensuring that they are more detailed and represent a greater portion of the changes reported, including an enhanced explanation in our 2005 Form 10-K of the $84 million decrease in operating expenses for 2004.
Consolidated Balance Sheets
Response: Attachment A provides detail of the items and corresponding amounts that comprise total "Other regulatory assets" and "Other regulatory liabilities" for Energy East, CMP, NYSEG and RG&E at December 31, 2004. The detail for December 31, 2004, is qualitatively the same as the detail for the previous year. A brief description and probability assessment for each regulatory asset listed is also provided in Attachment A.
In our future Exchange Act periodic reports, Energy East and RG&E will enhance the disclosure in their significant accounting policies note to the financial statements to provide more detail about amounts and descriptions of other regulatory assets and liabilities, to the extent they are material. Such enhancement would include disclosing the
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recovery/refund period when such a period has been specified, in addition to the information currently provided in the significant accounting policies note about whether previously expended amounts are earning a return.
Response: Energy East's "Other property and investments, net" of $190,148 thousand at December 31, 2004, represents approximately 2% of total assets at that date. Attachment B provides detail of the items and corresponding amounts that comprise "Other property and investments, net" for Energy East, CMP, NYSEG and RG&E at December 31, 2004. In our future Exchange Act periodic reports, to the extent that the amounts are material, we will provide detail of the items that comprise Energy East's and RG&E's "Other property and investments, net."
Note 1. Significant Accounting Policies
Basic and diluted earnings per share
Response: Potentially dilutive shares are those that may be acquired under a stock option, which is issued in tandem with a stock appreciation right (SAR), and for which the exercise price is less than the market price of the stock during the period, such that the exercise of the stock option/SAR would result in dilution under the treasury stock method in accordance with SFAS 128, Earnings per Share. When the exercise price of a stock option/SAR is greater than the market price of Energy East's common stock an exercise would be antidilutive, and the shares are excluded from the EPS calculation for the period. The number of shares excluded is calculated as the total underlying shares for which the exercise price of the stock option/SAR exceeded the average market price for the applicable period.
Depreciation and Amortization
Response: Energy East's unregulated depreciable property totaled $73 million at December 31, 2004, which was less than 1% of gross plant. RG&E has no unregulated depreciable property. In our future Exchange Act periodic reports, to the extent that the amounts become material, we will present Energy East's major classes of unregulated depreciable property by nature or function, in accordance with paragraph 5 of APB 12.
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Response: Effective with the sale of the Ginna nuclear generation station (Ginna), Energy East and RG&E no longer have any generation assets with associated asset retirement obligations (legal closure costs). Energy East and RG&E have generating assets for which cost of removal is included in depreciation expense (nonlegal closure costs). The amount included in depreciation expense is consistent with amounts allowed in rates for cost of removal. In accordance with paragraph B73 of SFAS 143, Accounting for Asset Retirement Obligations, the accumulated balance of revenues collected in excess of actual removal costs incurred is reclassified from accumulated depreciation to a regulatory liability, accrued removal costs.
The depreciation rates for NYSEG's generation assets do not include a cost of removal component and consequently no nonlegal closure costs are recognized for its generating assets. CMP no longer owns any generation assets.
Revenue Recognition
Response: Both NYSEG and RG&E have purchase and sales transactions with the NYISO. Generation (megawatt-hours) from the companies' owned sources is sold to the NYISO and, to the extent that the generated megawatt-hours are needed to meet NYSEG's and RG&E's system load requirements, they are repurchased from the NYISO at approximately the same price. Those transactions are netted and do not result in either purchased power expense or wholesale sales revenue. The accounting rationale for the net treatment is to eliminate the grossing up of purchases and sales and to present the transactions after the formation of the NYISO in a manner comparable to the way the companies used their generation prior to the formation of the NYISO. There was no wholesale sales revenue and no purchased power expense in connection with the power generated from NYSEG's and RG&E's owned sources when that generation was used to meet system load requirements.
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Purchases pursuant to various contracts, including power purchased from Nine Mile Point 2 nuclear generating station and Ginna and for the output from various nonutility generators are also transacted through the NYISO. In such circumstances the company pays the generator the contract price for the power and the costs are recorded as purchased power expense.
If either NYSEG or RG&E needs additional power, or has excess power, it would purchase power from or sell power to the NYISO on either the day ahead or spot market as appropriate. No netting would occur for these transactions, which are recorded either as purchased power expense or wholesale sales revenue.
Energy East has three unregulated subsidiaries that conduct transactions with the NYISO. Energetix, Inc. and NYSEG Solutions, Inc. buy power from the NYISO to supply their electricity customers, and Cayuga Energy, Inc. sells the output from its generating plants into the NYISO. There is no netting in connection with these transactions.
Other than the limited information provided in publicly available Commission filings, the company is not aware of the accounting treatment followed by other utilities that buy and sell into the NYISO.
Other (Income) and Other Deductions
Response: Attachment C provides descriptions and the corresponding amounts that comprise the totals of "Miscellaneous other (income)" and "Miscellaneous other deductions" for Energy East, CMP, NYSEG and RG&E for the year ended December 31, 2004.
Beginning with the filing of our Form 10-Q for the quarter ended March 31, 2005, we are providing more detail concerning "Other (Income) and Other Deductions" in the notes to the financial statements (Note 2 for the quarter ended March 31, 2005), and intend to provide a similar level of detail in future Exchange Act periodic reports.
Note 2. Sale of Ginna
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Response: As first reported in Energy East's and RG&E's Form 10-Q for the quarter ended June 30, 2003, in June 2003 RG&E announced that it intended to seek bids for the sale of Ginna. RG&E expected to announce the successful bidder in December 2003 and to close the transaction in mid-2004. Completion of the transaction was dependent on the Nuclear Regulatory Commission, the Federal Energy Regulatory Commission, the New York State Public Service Commission (NYPSC) and other regulatory bodies approving the sale on terms acceptable to RG&E and on the renewal of Ginna's operating license. On November 23, 2003, RG&E announced an agreement to sell Ginna to Constellation Generation Group LLC (CGG). The sale agreement was conditioned on receiving the operating license renewal and all required regulatory approvals, including reasonably satisfactory accounting and ratemaking treatment. On May 20, 2004, the NYPSC approved the Electric and Natural Gas Joint Proposals for RG&E, whic h resolved all regulatory and ratemaking aspects related to the sale of Ginna. RG&E received the remaining regulatory approvals and the operating license renewal, and the sale of Ginna was completed on June 10, 2004. The sale agreement included a 10-year, fixed price power purchase agreement that calls for CGG to provide 90% of Ginna's output to RG&E.
Management considered the requirements of paragraphs 42 and 30 of Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets (SFAS 144), in connection with classifying the sale of Ginna as a discontinued operation and the related net assets as held for sale. In accordance with SFAS 144, a long-lived asset to be sold is required to be classified as held for sale in the period in which all six criteria of paragraph 30 are met. The sixth criterion of SFAS 144 reads as follows: "Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn." The sixth criterion was not met in connection with the sale of Ginna until the second quarter of 2004 when the NYPSC approved the Electric and Natural Gas Joint Proposals for RG&E, resolving all regulatory and ratemaking aspects related to the sale of Ginna, all regulatory approvals were received and Ginna's operatin g license was extended. Ginna was sold in the same period in which it qualified to be classified as held for sale.
Also, paragraph 42 of SFAS 144 requires that "the results of operations of a component of an entity that has been disposed of or is classified as held for sale shall be reported in discontinued operations" if two conditions are met, including one that states: "the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction." Based on RG&E's 10-year, fixed price power purchase agreement that calls for CGG to provide 90% of Ginna's output to RG&E, management determined that RG&E has significant continuing involvement in Ginna's operations, and that the sale of Ginna should not be reported in discontinued operations.
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Response: We did not reduce operating expenses for income taxes currently payable. The presentation of the sale of Ginna in the company's and RG&E's Statements of Income is intended to reflect the regulatory treatment of the gain, in accordance with paragraph 11(c) of SFAS 71, Accounting for the Effects of Certain Types of Regulation. The $340,739 thousand "Gain on sale of generation assets" is the income statement effect, before income taxes, that would have resulted without the effects of regulation and is presented as a reduction to operating expenses. The "Deferral of asset sale gain" is the amount deferred for the benefit of customers and is presented as an increase to operating expenses. The difference between the two amounts is the $111,954 thousand of income taxes related to the sale, both current and deferred, that was included in the calculation of the "Deferral of asset sale gain." Thus, operating expenses are reduced by the gain and increased by the deferral of the gain, which have the effect of reducing the operating expenses by income taxes. The $111,954 thousand of income taxes is included in total income tax expense.
Attachment D includes a comprehensive listing of the journal entries used to record the sale of Ginna, including all tax related entries and appropriate explanations. Also included is a schedule that summarizes the effects of the sale on the financial statements.
The accumulated deferred income taxes related to accelerated depreciation was a total liability of $17.5 million. Deferred taxes on other items, primarily the nuclear decommissioning trust, was a total asset of $66.4 million, resulting in a net deferred tax asset of $48.9 million. The cumulative reversal was a net credit to accumulated deferred income tax and a debit to deferred tax expense of $48.9 million, while the entries related to accelerated depreciation resulted in a net debit to accumulated deferred income tax and a credit to deferred tax expense of $17.5 million.
The unfunded future income tax liability is reduced as the associated regulatory liability (the Asset Sale Gain Account (ASGA)) is reduced. Currently there is no specified amortization period for the ASGA, although certain applications have been determined, including refunds to customers totaling $110 million by 2007. As disclosed in our Form 10-K, RG&E estimates that $145 million will remain in the ASGA at the end of 2008. At
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that time the ASGA may be used at the discretion of the NYPSC for rate moderation, among other things. As the unfunded future income tax liability is reduced, there is a corresponding reduction in an associated deferred tax asset.
In accordance with RG&E's Electric Rate Agreement, RG&E records a carrying cost at specified rates on the balance in the ASGA, which is included in interest charges.
Note 11. Jointly Owned Plant
Response: SAB Topic 10:C applies to Jointly Owned Electric Utility Plants that are built and operated under joint ownership agreements or arrangements that do not create legal entities for which separate financial statements are presented.
CMP does not have direct ownership interests in the three nuclear generating facilities, but owns shares of stock in the companies that own and operate them. The three nuclear facilities are each owned by separate legal entities. As a shareholder of those companies, CMP follows the equity method of accounting for its noncontrolling ownership interests, in accordance with APB Opinion No. 18, The Equity Method of Accounting for Investments in Common Stock. (See also the response to Comment 5, including Attachment B.)
Cayuga Energy, Inc. has a majority ownership interest in each of South Glen Falls Energy, LLC (85%) and PEI Power II, LLC (50.1%). Both LLCs are legal entities and the majority interests are consolidated in Energy East's financial statements in accordance with Accounting Research Bulletin No. 51, Consolidated Financial Statements. Both facilities owned by the LLCs are operated as exempt wholesale generators and there are no power or cost sharing agreements with the involved parties.
In our future Exchange Act periodic reports for Energy East, we will revise our note disclosure to clarify the nature of our ownership interests in the various generating facilities and to indicate that Energy East consolidates the entities in which Cayuga Energy, Inc. has majority ownership interests. (Cayuga Energy, Inc. is a wholly-owned subsidiary of The Energy Network, Inc, which is a wholly-owned subsidiary of Energy East.)
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Note 13. Fair Value of Financial Instruments
Response: RG&E retained $77 million of the Ginna decommissioning funds and the funds themselves (cash) were immediately used for general corporate purposes, including paydown of debt. The effect of retaining those funds was to increase the gain on the sale of generation assets, which was deferred as a regulatory liability in RG&E's ASGA. The ASGA represents amounts due to customers that have been or will be applied to the benefit of customers. Any balance in the ASGA accrues a carrying cost that is also credited to the benefit of customers.
Note 16. Retirement Benefits
Response: Energy East's additional minimum pension liability (AML) was $166,418 thousand as of December 31, 2004, and the aggregate accumulated benefit obligation of CMP's, CNG's and SCG's plans exceed the aggregate fair value of the assets by $76,536 thousand as of that date.
The AML is the excess of the accumulated benefit obligation (ABO) over the fair value of the assets. However, when there is also a prepaid pension asset, the amount of the AML is increased by that amount in accordance with paragraph 36 of SFAS 87, Employers' Accounting for Pensions. Attachment E provides the reconciliation of the ABO, fair value of plan assets and AML for CMP, CNG and SCG.
Central Maine Power Company Form 10-K for the Year Ended December 31, 2004
Response: All previous responses pertain to CMP to the extent applicable.
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Note 5. Long-term Debt
Response: As explained in the response to Comment 1, CMP has terminated its Exchange Act registration and will no longer file Exchange Act reports.
CMP had a $25 million Series E, 8.125% medium term note outstanding at December 31, 2004, that was callable at par on March 1, 2005. CMP redeemed that note in March 2005 and in April 2005 issued $25 million of Series F medium term notes at 5.78% with a 30-year maturity, as disclosed in our Form 10-Q for the quarter ended March 31, 2005. None of CMP's remaining debt is callable.
New York State Electric & Gas Corporation Form 10-K for the Year Ended
December 31, 2004
Response: All previous responses pertain to NYSEG to the extent applicable.
Note 5. Long-term Debt
Response: As explained in the response to Comment 1, NYSEG has terminated its Exchange Act registration and will no longer file Exchange Act reports.
Rochester Gas and Electric Corporation Form 10-K for the Year Ended December 31, 2004
Response: All previous responses pertain to RG&E to the extent applicable.
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Note 6. Long-term Debt
Response: In our future Exchange Act periodic reports, we will enhance RG&E's other long-term debt table to be more specific with respect to each issuance of debt and will report separately for each issuance the date of maturity and the interest rate, in accordance with Rule 5-02 of Regulation S-X.
Energy East Corporation Form 10-Q for the period ended June 30, 2005
Condensed Consolidated Statements of Income
Response: For the year ended December 31, 2004, the recorded gain related to the sale of Ginna of $340,739 thousand and the deferral of the gain of $228,785 thousand differ from the reported asset sale gain of $319,487 thousand and the deferral of that gain of $214,368 thousand for the six months ended June 30, 2004, because of the receipt of an additional payment of $25 million from CGG during the quarter ended September 30, 2004. The additional $25 million was related to certain post-closing adjustments, primarily for the true-up of pension funds transferred and resulted in reporting an additional gain related to the sale of Ginna of $21,252 thousand and deferral of the gain of $16,414 thousand in the third quarter of 2004. The subsequent payment and the related effects on the gain and gain deferral were explained in our Form 10-Q for the quarter ended September 30, 2004, under the caption "Sale of Ginna Station" and in Note 2 to the financial statements for the periods then ended. As a resu lt of various tax adjustments and related regulatory treatment, an additional $1,997 thousand deferral of the gain was recorded in the quarter ended December 31, 2004. Please also see the response to Comment 12.
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Operating Expenses
Response: As described in its Form 10-K for the year ended December 31, 2004, the company applies APB Opinion No. 25, Accounting for Stock Issued to Employees, and uses the intrinsic value method to determine compensation related to its stock option plan awards. (See "Stock-based compensation" in Note 1, Significant Accounting Policies and Note 14, Stock-Based Compensation.) Stock options are issued in tandem with cash-settled SARs. The company incurs a liability for its stock options/SARs because employees can compel the company to settle the awards in cash rather than by issuing equity instruments. The liability for stock options/SARs is determined at the end of each quarter based on the market price for Energy East common stock. Stock-based compensation expense will vary from quarter to quarter as a result of changes in the stock price and the number of stock options/SARs outstanding due to vesting and depending on if the stock options/SARs are "in the money," that is, the market price exceeds t he exercise price.
On December 31, 2003, the closing stock price for Energy East common stock was $22.40. On March 31, 2004, the stock price had increased to $25.36. This $2.96 increase in price resulted in stock option expense of approximately $12 million before taxes for the first quarter of 2004. On December 31, 2004, the closing stock price for Energy East was $26.68. On March 31, 2005, it had dropped to $26.22. This $0.46 decrease resulted in a decrease in stock option expense of approximately $2 million before taxes for the first quarter of 2005. The total year to year change for the quarter ended March 31, 2005, was therefore a $14 million decrease in stock option expense before taxes, $10 million of which was related to the electric delivery segment.
During the quarter ended June 30, 2004, the stock price declined to $24.25. This decrease in price resulted in a decrease in stock option expense of approximately $2 million before taxes for the quarter ended June 30, 2004. During the quarter ended June 30, 2005, the stock price for Energy East stock increased by $2.76, resulting in stock option expense of approximately $8 million before taxes for the quarter. The total year to year change for the quarter ended June 30, 2005, was an $11 million increase in stock option expense before taxes, $6 million of which was related to the electric delivery segment.
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Attachment A Comment #4
Amounts comprising Other regulatory assets and Other regulatory liabilities at December 31, 2004:
Energy East | CMP | NYSEG | RG&E | |
(in thousands) | ||||
Other regulatory assets | ||||
SFAS 106 | $65,836 | $31,929 | - | - |
Deferred gas costs | 59,539 | - | $14,037 | $1,602 |
Sale of plant | 54,847 | - | - | 54,847 |
Bill mitigation | 38,021 | 32,829 | 5,192 | - |
Costs to achieve - merger | 36,381 | - | - | 36,381 |
Storm deferrals | 34,716 | - | - | 34,716 |
Three-way payment plan | 28,639 | - | - | - |
Deferred pension costs | 10,723 | - | 10,723 | - |
Nuclear decommissioning | 10,514 | 10,514 | - | - |
Other | 79,998 | 14,405 | 15,698 | 16,092 |
Total other regulatory assets | $419,214 | $89,677 | $45,650 | $143,638 |
| ||||
Excess earnings due to customers | $30,642 | - | $17,134 | $13,508 |
Purchase power contracts | 18,581 | $18,581 | - | - |
Deferred gas costs | 10,384 | - | - | - |
Other | 48,325 | 9,889 | 12,057 | 18,917 |
Total other regulatory liabilities | $107,932 | $28,470 | $29,191 | $32,425 |
The regulatory assets listed above are all probable of recovery, and substantially all assets for which funds have been expended are either included in rate base or are accruing carrying costs. Brief descriptions of the nature of the significant other regulatory assets and other regulatory liabilities are provided below.
SFAS 106 for CMP represents two regulatory assets. The first asset was established pursuant to the Maine Public Utilities Commission's approval to defer and subsequently recover amounts incurred upon adoption of SFAS 106, which is being amortized over a 17-year period ending June 30, 2012. The second asset was established at the time of CMP's merger with Energy East when CMP's SFAS 106 obligation was marked-to-market, and is being amortized over 16.8 years (based on the estimated service lives of CMP employees) ending 2017. The remaining SFAS 106 regulatory assets are similar to CMP's and are being amortized over similar periods, which are the same time periods as for the amortization of the liability.
Deferred gas costs represent the difference between actual gas costs and the amounts recovered in rates. The company's various regulated natural gas companies all have provisions that allow for rate adjustments over various time periods to recover these costs. In the event that actual gas costs are less than the amount in rates, a regulatory liability would result.
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Attachment A Comment #4 (continued)
Sale of plant represents the loss on the sale of the Oswego generating unit that is being recovered through June 2013.
Bill mitigation relates to temporary rate reductions given to certain industrial customers of CMP and NYSEG. Pursuant to the terms of CMP's latest stranded cost proceeding, the balance of CMP's regulatory asset was offset against amounts remaining in its Asset Sale Gain Account on February 28, 2005.
Costs to achieve - merger represents costs incurred by RG&E related to its merger with Energy East that are being recovered through December 2007.
Storm deferrals represent costs related to RG&E's 2003 ice storm for which recovery has been provided. The costs are being recovered over a ten-year period ending April 2014.
The Three-way payment plan represents bad debt expenses incurred by SCG in excess of the level currently allowed in rates that it is allowed to defer and recover. In a settlement agreement filed on August 30, 2005, the parties agreed to allow recovery of these amounts over six years beginning November 1, 2005. The Connecticut Department of Public Utility Control is expected to rule on the settlement agreement in October 2005.
Deferred pension costs represent actual NYSEG pension costs that differ from those allowed in rates. While future recovery of these costs is allowed as ordered by the Public Service Commission of the State of New York effective November 20, 2002 (Cases 01-G-1668 and 01-G-1683), no specific recovery period has yet been established. Options for recovery include a surcharge mechanism and continued deferral for recovery within a new rate plan.
Nuclear decommissioning represents CMP's share of decommissioning costs in excess of the level currently allowed in its stranded costs rates that have been incurred by the companies that own the nuclear facilities, in which CMP owns shares of stock. CMP is allowed to defer and recover any deficiency, and pursuant to the terms of CMP's latest stranded cost proceeding, these balances were offset against amounts remaining in CMP's Asset Sale Gain Account on February 28, 2005.
Excess earnings due to customers represents amounts reserved as a result of earnings sharing provisions for RG&E and NYSEG when their electric segment earnings exceed established targets. These amounts will be added to the respective Asset Sale Gain Accounts and ultimately returned to customers.
Purchase power contracts represent costs below amounts provided for in stranded cost rates that will be returned to customers. Pursuant to the terms of CMP's latest stranded cost proceeding, this balance was added to amounts remaining in CMP's Asset Sale Gain Account on February 28, 2005.
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Attachment A Comment #4 (continued)
Deferred gas costs - see the description above for the other regulatory asset.
Other for both regulatory assets and regulatory liabilities represents various items for Energy East's six operating utilities, none of which amount to more than $7 million.
Attachment B Comment #5
Amounts comprising Other property and investments, net at December 31, 2004:
Energy East |
|
|
| |
(in thousands) | ||||
Nonutility property, net | $72,948 | $5,800 | $4,876 | $292 |
Equity ownership interests in other companies | 50,658 | 16,237 | - | - |
Rabbi and other trusts (marketable securities) | 58,502 | - | 26,875 | 11,395 |
Director's qualified plans (marketable securities) | 5,080 | - | 5,080 | - |
Other | 2,960 | 1,281 | 805 | 962 |
Other property and investments, net | $190,148 | $23,318 | $37,636 | $12,649 |
Attachment C Comment #10
Amounts comprising Miscellaneous other (income) and Miscellaneous other deductions for the year ended December 31, 2004:
Energy East | CMP | NYSEG | RG&E | |
(in thousands) | ||||
Miscellaneous other (income) | ||||
Various carrying costs | $(6,386) | $(2,679) | - | $(1,219) |
RG&E 2004 Electric Rate Agreement(1) | (6,117) | - | - | (6,117) |
Gains on hedge activity | (4,544) | - | - | - |
Other | (2,986) | (451) | $431 | (728) |
Total miscellaneous other (income) | $(20,033) | $(3,130) | $431 | $(8,064) |
| ||||
Losses on hedge activity | $5,728 | - | $2,109 | - |
Gas costs incentive(2) | 4,651 | - | - | - |
Losses from disposition of nonutility property | 3,543 | - | - | - |
Other | 1,101 | $723 | 1,274 | $(983) |
Total miscellaneous other deductions | $15,023 | $723 | $3,383 | $(983) |
(1) Other income from the RG&E 2004 Electric Rate Agreement relates to the resolution of regulatory issues associated with the deferral of net costs and loss in connection with RG&E's sale in October 1999 of its Oswego Unit 6.
(2) The other deductions for Gas costs incentive represents the reversal of amounts accrued under incentive plans for CNG and SCG for which recovery is no longer probable.
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Attachment D Comment #12
Summary of Transactions and Journal Entries related to RG&E's sale of Ginna:
At June |
| At September |
| At December | |
Cash Proceeds From Constellation | $428,541,359.00 | $25,136,896.00 | $453,678,255.00 | $453,678,255.00 | |
Excess Decommissioning Funds from Trustee |
|
|
| ||
Total Cash | 505,133,958.42 | 25,136,896.00 | 530,270,854.42 | 530,270,854.42 | |
Property | |||||
Operating Property | (154,307,414.46) | (44,654.53) | (154,352,068.99) | (154,352,068.99) | |
Property Held for Future Use | (475,022.41) | (475,022.41) | (475,022.41) | ||
Nuclear Fuel | (25,036,772.04) | (25,036,772.04) | (25,036,772.04) | ||
Construction Work in Progress | (4,744,843.57) | (2,936,539.75) | (7,681,383.32) | (7,681,383.32) | |
Total Property | (184,564,052.48) | (2,981,194.28) | (187,545,246.76) | (187,545,246.76) | |
Decommissioning | |||||
Nuclear Decommissioning |
|
|
| ||
Other Special Funds - Ginna Decom - Qualified Assets (128100) |
|
|
| ||
Other Special Funds - Ginna Decom - Nonqualified Assets (128110) |
|
|
| ||
Total Decommissioning | 34,457,500.36 | 34,457,500.36 | 34,457,500.36 | ||
Reimbursements | |||||
Postemployment Benefits (253560) | 1,901,185.00 | 1,901,185.00 | 1,901,185.00 | ||
Prepayment - Real Property |
|
|
| ||
Prepayment - Insurance (165020) | (331,471.96) | (331,471.96) | (331,471.96) | ||
Benefit True-up (242010) | (69,312.00) | (69,312.00) | (69,312.00) | ||
Miscellaneous | (1,369,552.04) | (378,612.00) | (1,748,164.04) | (1,748,164.04) | |
Total Reimbursements | (964,336.02) | (447,924.00) | (1,412,260.02) | (1,412,260.02) | |
Other | |||||
NYS Low Level Rad Waste (186255) | (13,575,867.49) | (13,575,867.49) | (13,575,867.49) | ||
Incremental Selling Expenses | (21,000,000.00) | (455,870.00) | (21,455,870.00) | (21,455,870.00) | |
Income Taxes | (105,118,961.00) | (4,837,599.00) | (109,956,560.00) | $(1,997,775.00) | (111,954,335.00) |
Total Other | (139,694,828.49) | (5,293,469.00) | (144,988,297.49) | (1,997,775.00) | (146,986,072.49) |
Total Net Gain | $214,368,241.79 | $16,414,308.72 | $230,782,550.51 | $(1,997,775.00) | $228,784,775.51 |
September 8, 2005
Page 19
Attachment D Comment #12 (continued)
Acct | Description of Account | Amount | Text | ||||
1 | 102010 | Plant purchased or sold-Electric | (428,541,359.00) | Ginna sale proceeds | |||
131011 | Cash JPMC - Concentration Deposit Clearing | 428,541,359.00 | Ginna sale proceeds | ||||
To record the proceeds received from Constellation Generation Group LLC for the sale of Ginna | |||||||
2 | 102010 | Plant purchased or sold-Electric | (387,163,181.00) | Base purchase price | |||
102010 | Plant purchased or sold-Electric | (2,865,521.00) | Prorations | ||||
102010 | Plant purchased or sold-Electric | (20,920,182.00) | Nuclear fuel - net | ||||
102010 | Plant purchased or sold-Electric | (14,000,000.00) | Major spare parts & PIMS | ||||
102010 | Plant purchased or sold-Electric | 1,177,720.00 | Capital expenditures excluding Uprate project cost | ||||
102010 | Plant purchased or sold-Electric | 1,901,185.00 | Accrued benefits | ||||
102010 | Plant purchased or sold-Electric | (2,598,352.00) | Capital expenditures - Uprate project cost | ||||
102010 | Plant purchased or sold-Electric | (8,329.00) | Low level waste | ||||
102010 | Plant purchased or sold-Electric | (398,770.00) | Ginna reload, Cycle 32 | ||||
102010 | Plant purchased or sold-Electric | (3,780,000.00) | Closing date adjustment | ||||
102010 | Plant purchased or sold-Electric | (13,889.00) | Cooling tunnel easement extension fee | ||||
102010 | Plant purchased or sold-Electric | 127,960.00 | Software acquisition adjustment | ||||
102010 | Plant purchased or sold-Electric | 428,541,359.00 | Ginna sale proceeds | ||||
To allocate the proceeds pursuant to the closing statement for the sale of Ginna | |||||||
3 | 102010 | Plant purchased or sold-Electric | 428,541,359.00 | ||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | (428,541,359.00) | |||||
To transfer the proceeds to the Asset Sale Gain Account | |||||||
4 | 101 | Electric Plant in Service | (154,307,414.46) | Plant assets sold | |||
102010 | Plant purchased or sold-Electric | 154,307,414.46 | Plant assets sold | ||||
105 | Property held for future use | (475,022.41) | Plant assets sold | ||||
102010 | Plant purchased or sold-Electric | 475,022.41 | Plant assets sold | ||||
120 | Nuclear fuel - net | (25,036,772.04) | Plant assets sold | ||||
102010 | Plant purchased or sold-Electric | 25,036,772.04 | Plant assets sold | ||||
107 | Construction Work in Progress | (4,744,843.57) | Plant assets sold | ||||
102010 | Plant purchased or sold-Electric | 4,744,843.57 | Plant assets sold | ||||
To transfer the Ginna fixed assets sold to Constellation to Account 102. | |||||||
5 | 102010 | Plant purchased or sold-Electric | (154,307,414.46) | Electric plant in service | |||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 154,307,414.46 | Electric plant in service | ||||
102010 | Plant purchased or sold-Electric | (475,022.41) | Property held for future use | ||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 475,022.41 | Property held for future use | ||||
102010 | Plant purchased or sold-Electric | (25,036,772.04) | Nuclear fuel, net | ||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 25,036,772.04 | Nuclear fuel, net | ||||
102010 | Plant purchased or sold-Electric | (4,744,843.57) | Construction work in progress | ||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 4,744,843.57 | Construction work in progress | ||||
To transfer the Ginna fixed assets from Account 102 to the Asset Sale Gain Account | |||||||
September 8, 2005
Page 20
Attachment D Comment #12 (continued)
Acct | Description of Account | Amount | Text | ||||
6 | 456200 | Electric Revenue - miscellaneous | 3,875.00 | Ginna station income properties | |||
165020 | Prepayments - insurance | (331,471.96) | American Nuclear Insurers | ||||
165050 | Prepayment - NYS LLRWD | (82,797.00) | |||||
560100 | Contractors - consult | (116,278.00) | |||||
560110 | Contractors - legal | (2,240.00) | |||||
590300 | Membership EUCG | (2,240.00) | |||||
590440 | General - reg expense | (1,027,331.00) | |||||
590470 | General software maintenance | (11,859.00) | |||||
590495 | R&D expense - EPRI Users Group | (126,228.00) | |||||
590600 | Other general expense | (4,454.04) | |||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 1,701,024.00 | |||||
To transfer the reimbursement for the prorated expenses received from the sale of Ginna to the appropriate accounts | |||||||
7 | 165110 | Prepayments - Real property | (174,461.71) | Wayne CSD School bills | |||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 174,461.71 | Wayne CSD School bills | ||||
165110 | Prepayments - Real property | (990,035.31) | Wayne County Property tax | ||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 990,035.31 | Wayne County Property tax | ||||
To transfer the reimbursement for the prorated property taxes received from the sale of Ginna to prepayments | |||||||
8 | 253560 | Other Deferred Credits - Postemployment Benefits | 1,901,185.00 | Ginna accrued benefits | |||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | (1,901,185.00) | Ginna accrued benefits | ||||
To transfer the payment for accrued benefits to the Postemployment Benefit Account | |||||||
9 | 254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 13,575,867.49 | ||||
165050 | Prepayments - New York State Low Level Rad Waste Disposal - Ginna | (13,575,867.49) | |||||
To transfer LLRW/NYSERDA prepayments to ASGA | |||||||
10 | 108008 | Nuclear decommissioning reserve | 311,570,869.36 | ||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | (311,570,869.36) | |||||
128100 | Other special funds - Ginna Decommissioning - Qualified Assets | (133,489,905.00) | |||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 133,489,905.00 | |||||
128110 | Other special funds - Ginna Decommissioning - Nonqualified Assets | (143,623,464.00) | |||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 143,623,464.00 | |||||
To transfer decommissioning reserve and qualified and nonqualified assets to ASGA | |||||||
11 | 186255 | Misc deferred debits - other | (21,000,000.00) | ||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 21,000,000.00 | |||||
Transfer selling expenses from Account 186255 to ASGA | |||||||
September 8, 2005
Page 21
Attachment D Comment #12 (continued)
Acct | Description of Account | Amount | Text | |||
12 | 131011 | Cash JPMC - Concentration Deposit Clearing | 76,592,599.42 | Ginna decomm | ||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | (76,592,599.42) | Ginna decomm | |||
To record receipt of excess nonqualified decommissioning trust funds - Ginna | ||||||
13 | 190001 | Accum def inc taxes - Federal - Electric | (597,755.00) | Ginna inventory | ||
282200 | Accum def inc tax-Oth prop-Federal-Electric | 16,488,197.00 | Accelerated depreciation | |||
282200 | Accum def inc tax-Oth prop-Federal-Electric | 989,313.00 | Nuclear fuel depreciation | |||
282200 | Accum def inc tax-Oth prop-Federal-Electric | (4,284,835.00) | Ginna inventory | |||
190011 | Accum def inc taxes - State - Electric | (108,263.00) | Ginna inventory | |||
282240 | Accum def inc tax-Oth prop-State-Electric | (582,748.00) | Accelerated depreciation | |||
282240 | Accum def inc tax-Oth prop-State-Electric | 17,094.00 | Nuclear fuel depreciation | |||
282240 | Accum def inc tax-Oth prop-State-Electric | 218,283.00 | Ginna inventory | |||
592100 | Income taxes - Electric def-Federal | (12,594,920.00) | Federal def exp (FERC 410) | |||
592430 | Income taxes - Electric def-State | 455,634.00 | New York State def exp (FERC 410) | |||
To record deferred taxes related to depreciation [Plant, fuel & capital inventory] | ||||||
14 | 190001 | Accum def inc taxes - Federal - Electric | (34,615,162.00) | Nuclear decommissioning | ||
190001 | Accum def inc taxes - Federal - Electric | (9,412,489.00) | Decommissioning income | |||
190011 | Accum def inc taxes - State - Electric | (3,310,204.00) | Nuclear decommissioning | |||
190011 | Accum def inc taxes - State - Electric | (2,127,115.00) | Decommissioning income | |||
592100 | Income taxes - Electric def-Federal | 44,027,651.00 | Federal def exp (FERC 410) | |||
592430 | Income taxes - Electric def-State | 5,437,319.00 | NYS def exp (FERC 410) | |||
To record deferred taxes associated with Nonqualified Decommissioning trust fund | ||||||
15 | 190001 | Accum def inc taxes - Federal - Electric | (10,931,103.00) | Nuclear decommissioning | ||
190011 | Accum def inc taxes - State - Electric | (1,045,327.00) | Nuclear decommissioning | |||
592100 | Income taxes - Electric def-Federal | 11,976,430.00 | Federal def expense (FERC 410) | |||
To record deferred taxes associated with nuclear decommissioning reserve | ||||||
16 | 236200 | Taxes accrued - Federal income taxes | (61,864,121.00) | Ginna sale tax gain | ||
236260 | Taxes accrued - NYS income taxes | 6,047,274.00 | Ginna sale tax gain | |||
592100 | Income taxes - Electric def-Federal | 61,864,121.00 | Federal def exp (FERC 410) | |||
592430 | Income taxes - Electric def-State | (6,047,274.00) | NYS def exp (FERC 410) | |||
To record income taxes on sale of plant | ||||||
17 | 421125 | Gain on sale of generation assets | (319,487,202.79) | |||
421126 | Deferred gain on sale of generation assets | 214,368,241.79 | ||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 105,118,961.00 | Income taxes | |||
To record the deferral of the gain on the sale of Ginna | ||||||
18 | 255100 | Accumulated def invest tax credits-Electric | 4,710,715.00 | ITC-Electric | ||
592280 | Income taxes - Electric ITC-Federal | (4,710,715.00) | ITC-Electric | |||
To transfer ITC on plant sold to income statement | ||||||
19 | 282200 | Accum def inc tax-Oth prop-Federal-Electric | 1,562,772.00 | Accelerated depreciation | ||
592251 | Inc taxes - nonop prior yr def-cr-Fed-Ele | (1,562,772.00) | Fed deferred expense (FERC 411) | |||
To record excess deferred taxes on depreciation | ||||||
September 8, 2005
Page 22
Attachment D Comment #12 (continued)
Acct | Description of Account | Amount | Text | ||||
20 | 190001 | Accum def inc taxes - Federal - Electric | (1,772,908.00) | Nuclear decommissioning | |||
592158 | Inc taxes - nonoperating def-Fed-Elec | 1,772,908.00 | Fed deferred expense (FERC 410) | ||||
To record excess deferred taxes for nuclear decommissioning | |||||||
21 | 182595 | Other regulatory assets - asset retirement obligation - Electric | (169,803,520.00) | ||||
119010 | Accumulated provision for depreciation - asset retirement obligation - Electric | (195,957,480.00) | |||||
118010 | Other utility plant - asset retirement obligation - Electric | (74,011,000.00) | |||||
230010 | Asset retirement obligations - Electric | 433,978,000.00 | |||||
228450 | Accumulated miscellaneous operating provisions - asset retirement obligation - Electric | 5,794,000.00 | |||||
To reverse the asset retirement obligation as a result of the sale of Ginna | |||||||
Acct | Description of Account | Amount | Text | |||
22 | 131011 | Cash JPMC -Concentration Deposit C1earing | 25,136,896.00 | Ginna Post Closing Costs | ||
10210 | Plant purchased or sold-Electric | (25,136,896.00) | Ginna Post Closing Costs | |||
To record the additional proceeds received from Constellation for the sale of Ginna | ||||||
23 | 102010 | Plant purchased or sold-Electric | 25,136,896.00 | Post closing cost | ||
102010 | Plant purchased or sold-Electric | 1,501.00 | Nuclear Fuel | |||
102010 | Plant purchased or sold-Electric | 1,025.00 | Lake Rd property | |||
102010 | Plant purchased or sold-Electric | (379,637.00) | Prorations | |||
102010 | Plant purchased or sold-Electric | (149,978.00) | Capital Expenditures | |||
102010 | Plant purchased or sold-Electric | (69,312.00) | Accrued Benefits | |||
102010 | Plant purchased or sold-Electric | (1,042,063.00) | Div Performance | |||
102010 | Plant purchased or sold-Electric | (2,737,595.00) | Cap Expend | |||
102010 | Plant purchased or sold-Electric | (48,477.00) | NRC review fees | |||
102010 | Plant purchased or sold-Electric | (20,712,360.00) | Defined benefit plan asset transfer | |||
To allocate proceeds | ||||||
24 | 102010 | Plant purchased or sold-Electric | 25,136,896.00 | |||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | (25,136,896.00) | ||||
To transfer the proceeds to the Asset Sale Gain Account | ||||||
September 8, 2005
Page 23
Attachment D Comment #12 (continued)
Acct | Description of Account | Amount | Text | ||||||
25 | 560100 | Contractors-Consul | (2,780.00) | ABM Janitorial services | |||||
590600 | Other general expenses | 112.00 | American Nuclear Insurers | ||||||
560100 | Contractors-Consul | (2,256.00) | |||||||
590600 | Other general expenses | (70.00) | |||||||
590600 | Other general expenses | (1,194.00) | |||||||
560100 | Contractors-Consul | (270.00) | |||||||
530110 | Mat exp-nonstock | (321.00) | |||||||
560100 | Contractors-Consul | (15,929.00) | |||||||
560100 | Contractors-Consul | (805.00) | |||||||
165050 | Prepay-NYS LLRWD-GIN | (165,595.00) | NYSERDA | ||||||
590600 | Other general expenses | (6,467.00) | |||||||
560100 | Contractors-Consul | (76.00) | |||||||
560100 | Contractors-Consul | (1,418.00) | |||||||
560100 | Contractors-Consul | (8,402.00) | |||||||
560100 | Contractors-Consul | (5,600.00) | |||||||
590600 | Other general expenses | (3,025.00) | |||||||
560100 | Contractors-Consul | (5,048.00) | |||||||
560100 | Contractors-Consul | (1,782.00) | |||||||
590600 | Other general expenses | (1,112.00) | |||||||
590450 | General-postage | (473.00) | |||||||
590600 | Other general expenses | (421.00) | |||||||
560100 | Contractors-Consul | (16,123.00) | |||||||
590600 | Other general expenses | (2,253.00) | |||||||
590440 | General-regulatory expenses | (41,693.00) | |||||||
590440 | General-regulatory expenses | (4,208.00) | |||||||
590440 | General-regulatory expenses | (37,485.00) | |||||||
590440 | General-regulatory expenses | (15,736.00) | |||||||
590440 | General-regulatory expenses | (6,721.00) | |||||||
590440 | General-regulatory expenses | (28,005.00) | |||||||
560100 | Contractors-Consul | (4,481.00) | |||||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 379,637.00 | Pursuant to Post Closing Statement | ||||||
To transfer the reimbursement for prorated expenses to the appropriate accounts | |||||||||
26 | 108015 | Accum provision for depreciation | (44,439.75) | Ginna Sale-Trnsf RMR Bal to 102 | |||||
590600 | Other general expenses | (81,350.51) | |||||||
590600 | Other general expenses | (1,218,063.28) | |||||||
590600 | Other general expenses | (25,020.13) | |||||||
590600 | Other general expenses | (75,518.43) | |||||||
590600 | Other general expenses | (34,299.61) | |||||||
590600 | Other general expenses | (19,110.06) | |||||||
102010 | Plant purchased or sold-Electric | 44,654.53 | |||||||
186255 | Deferred debits - other | (214.78) | |||||||
102010 | Plant purchased or sold-Electric | 1,453,362.02 | |||||||
To transfer Capital Expenditures & Uprate project costs to Account 102 | |||||||||
27 | 590600 | Other general expenses | (14.79) | Capital Exp & Uprate to 102 | |||||
590600 | Other general expenses | (1,864.13) | Capital Exp & Uprate to 102 | ||||||
590600 | Other general expenses | (691.95) | Capital Exp & Uprate to 102 | ||||||
590600 | Other general expenses | (111.08) | Capital Exp & Uprate to 102 | ||||||
590600 | Other general expenses | (1,360,000.00) | |||||||
590600 | Other general expenses | (507.95) | |||||||
590600 | Other general expenses | (3,014.89) | |||||||
102010 | Plant purchased or sold-Electric | 1,366,204.79 | Capital Exp & Uprate to 102 | ||||||
To transfer Capital Expenditures & Uprate project costs to Account 102 | |||||||||
September 8, 2005
Page 24
Attachment D Comment #12 (continued)
Acct | Description of Account | Amount | Text | |||||
28 | 590600 | Other general expenses | (2,700.00) | |||||
590600 | Other general expenses | (4,272.94) | ||||||
590600 | Other general expenses | (63,000.00) | ||||||
590600 | Other general expenses | (7,000.00) | ||||||
590600 | Other general expenses | (36,000.00) | ||||||
590600 | Other general expenses | (4,000.00) | ||||||
102010 | Plant purchased or sold-Electric | 6,972.94 | Ginna Capital Excluding Uprate | |||||
102010 | Plant purchased or sold-Electric | 110,000.00 | Ginna Capital Uprate | |||||
To transfer Uprate project costs and other capital expenditures to Account 102 | ||||||||
29 | 254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 44,654.53 | Operating property | ||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 2,936,539.75 | Construction work in progress | |||||
102010 | Plant purchased or sold-Electric | (44,654.53) | ||||||
102010 | Plant purchased or sold-Electric | (2,936,539.75) | ||||||
To transfer Uprate project costs and other capital expenditures to the Asset Sale Gain Account | ||||||||
30 | 254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 69,312.00 | Benefit True-up Ginna Sale | ||||
242010 | Current liability - payroll | (69,312.00) | Benefit True-up Ginna Sale | |||||
To record benefit True-up | ||||||||
31 | 254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | (1,025.00) | |||||
454000 | Rent from prop-Electric | 1,025.00 | ||||||
To transfer rent & deposit Lakewood Rd property | ||||||||
32 | 186255 | Deferred debits - other | (455,870.00) | Transaction costs to Gain | ||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 455,870.00 | Transaction costs to Gain | |||||
To transfer additional selling expenses to Asset Sale Gain Account | ||||||||
September 8, 2005
Page 25
Attachment D Comment #12 (continued)
Acct | Description of Account | Amount | Text | |||
33 | 236200 | Taxes accrued - Federal income taxes | (7,293,670.00) | Federal Current Accrual Payable | ||
236260 | Taxes accrued - Federal income taxes | 16,864.00 | NYS Current Accrual Payable | |||
592010 | Income taxes-Electric Current-Federal | 7,293,670.00 | Federal Cur Accr Exp (FERC 409) | |||
592340 | Income taxes-Electric Current-State | (16,864.00) | NYS Cur Accr Exp (FERC 409) | |||
282200 | Accum def inc tax-Oth Prop-Fed-Elec | 975,289.00 | Accelerated depreciation | |||
282240 | Accum def inc tax-Oth Prop-State-Elec | (35,228.00) | Accelerated depreciation | |||
592100 | Income taxes-Electric Def-Federal | (975,289.00) | Federal Def Exp (FERC 410) | |||
592430 | Income taxes-Electric Def-State | 35,228.00 | NYS Def Exp (FERC 410) | |||
282200 | Accum def inc tax-Oth Prop-Fed-Elec | 1,347,494.00 | Nuclear fuel depreciation | |||
282240 | Accum def inc tax-Oth Prop-State-Elec | 315,658.00 | Nuclear fuel depreciation | |||
592100 | Income taxes-Electric Def-Federal | (1,347,494.00) | Federal Def Exp (FERC 410) | |||
592430 | Income taxes-Electric Def-State | (315,658.00) | NYS Def Exp (FERC 410) | |||
282200 | Accum def inc tax-Oth Prop-Fed-Elec | 50,659.00 | Ginna inventory | |||
282240 | Accum def inc tax-Oth Prop-State-Elec | (83,998.00) | Ginna inventory | |||
592100 | Income taxes-Electric Def-Federal | (50,659.00) | Federal Def Exp (FERC 410) | |||
592430 | Income taxes-Electric Def-State | 83,998.00 | NYS Def Exp (FERC 410) | |||
190001 | Accum def inc tax-Fed-Elec | (133,402.00) | Nuclear decommissioning | |||
190001 | Accum def inc tax-Fed-Elec | 19,404.00 | Decommissioning income | |||
190011 | Accum def inc tax-State-Elec | (30,903.00) | Nuclear decommissioning | |||
190011 | Accum def inc tax-State-Elec | 14,234.00 | Decommissioning income | |||
592100 | Income taxes-Electric Def-Federal | 113,998.00 | Federal Def Exp (FERC 410) | |||
592430 | Income taxes-Electric Def-State | 16,669.00 | NYS Def Exp (FERC 410) | |||
To record additional income taxes related to the additional proceeds received from the sale of Ginna | ||||||
34 | 421125 | Gain on sale of generation assets | (21,251,907.72) | |||
421126 | Deferral of gain on sale of generation assets | 16,414,308.72 | ||||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 4,837,599.00 | Income taxes | |||
To record the additional deferral of the gain on the sale of Ginna | ||||||
Acct | Description of Account | Amount | Text | |||
35 | 282200 | Accum def inc tax-Oth prop-Federal-Electric | (2,390,130.00) | Accelerated depreciation | ||
282240 | Accum def inc tax-Oth prop-State-Electric | 392,355.00 | Accelerated depreciation | |||
592190 | Income taxes - Electric def-Cr-Federal | 2,390,130.00 | Federal def expense (FERC 411) | |||
592430 | Income taxes - Electric def-State | (392,355.00) | NYS def expense (FERC 410) | |||
To adjust ADIT accounting of book vs. tax depreciation related to the sale of Ginna | ||||||
36 | 282200 | Accum def inc tax-Oth prop-Federal-Electric | (153,797.00) | Accelerated depreciation | ||
592251 | Income taxes - nonoperating def - Federal-Electric | 153,797.00 | Federal def expense (FERC 411) | |||
To adjust the excess deferred income taxes related to the sale of Ginna | ||||||
37 | 421126 | Deferral of gain on sale of generation assets | (1,997,775.00) | |||
254270 | Regulatory Liability - Asset Sale Gain Account (ASGA) | 1,997,775.00 | Income taxes | |||
To record the additional deferral of the gain on the sale of Ginna | ||||||
September 8, 2005
Page 26
Attachment E Comment #15
Reconciliation of ABO, Fair Value of Plan Assets and AML:
At December 31, 2004 | CMP | CNG | SCG | Total |
(in thousands) | ||||
ABO | $223,745 | $145,686 | $104,819 | $474,250 |
Fair Value of Plan Assets | $170,906 | $126,248 | $100,560 | $397,714 |
Excess | $52,839 | $19,438 | $4,259 | $76,536 |
Prepaid Pension Asset | $31,800 | $26,020 | $32,062 | $89,882 |
AML | $84,639 | $45,458 | $36,321 | $166,418 |
