NEW ENGLAND POWER COMPANY
Statement of Income
Six Months Ended June 30, 1998
(Actual and Pro Forma)
(Unaudited)
Actual AdjustmentsPro Forma
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(In Thousands)
Operating revenue, principally from affiliates $759,467$(456,823)$302,644
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Operating expenses:
Fuel for generation 158,987 (154,447) 4,540
Purchased electric energy 244,674 (88,200) 156,474
Other operation 92,410 (58,059) 34,351
Maintenance 51,920 (39,501) 12,419
Depreciation and amortization 59,146 (26,746) 32,400
Taxes, other than income taxes 35,491 (25,731) 9,760
Income taxes 35,576 (19,525) 16,051
-------- --------- --------
Total operating expenses 678,204 (412,209) 265,995
-------- --------- --------
Operating income 81,263 (44,614) 36,649
Other income:
Equity in income of nuclear power companies 2,614 - 2,614
Other income (expense), net (2,492) (97) (2,589)
-------- --------- --------
Operating and other income 81,385 (44,711) 36,674
-------- --------- --------
Interest:
Interest on long-term debt 19,316 (11,162) 8,154
Other interest 6,250 (3,378) 2,872
Allowance for borrowed funds used during
construction - credit (556) 301 (255)
-------- --------- --------
Total interest 25,010 (14,239) 10,771
-------- --------- --------
Net income $ 56,375$ (30,472) $ 25,903
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The accompanying notes are an integral part of these financial statements.
NEW ENGLAND POWER COMPANY
Statement of Income
Twelve Months Ended December 31, 1997
(Actual and Pro Forma)
(Unaudited)
Actual Adjustments Pro Forma
------ --------------------
(In Thousands)
Operating revenue, principally from affiliates $1,677,903$(990,307) $ 687,596
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Operating expenses:
Fuel for generation 372,734 (351,897) 20,837
Purchased electric energy 527,647 (189,591) 338,056
Other operation 241,506 (141,367) 100,139
Maintenance 89,820 (48,720) 41,100
Depreciation and amortization 98,024 (52,800) 45,224
Taxes, other than income taxes 67,311 (48,835) 18,476
Income taxes 90,009 (48,840) 41,169
---------- -------------------
Total operating expenses 1,487,051 (882,050) 605,001
---------- -------------------
Operating income 190,852 (108,257) 82,595
Other income:
Equity in income of nuclear power companies 5,189 - 5,189
Other income (expense), net (3,404) 2,781 (623)
---------- -------------------
Operating and other income 192,637 (105,476) 87,161
---------- -------------------
Interest:
Interest on long-term debt 42,277 (24,203) 18,074
Other interest 7,055 (3,813) 3,242
Allowance for borrowed funds used
during construction - credit (1,238) 669 (569)
---------- -------------------
Total interest 48,094 (27,347) 20,747
---------- -------------------
Net income $ 144,543$ (78,129)$ 66,414
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The accompanying notes are an integral part of these financial statements.