Amended Edison International 2004 U-3A-2
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM U-3A-2/A
File No. 69-344
Statement by Holding Company
Claiming Exemption Under Rule U-3A-2
from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
EDISON INTERNATIONAL
(Name of Company)
hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming exemption as
a holding company from the provisions of the Public Utility Holding Company Act of 1935, and submits the
following information:
Page
1. NAME, STATE OF ORGANIZATION, LOCATION AND NATURE OF BUSINESS OF CLAIMANT AND EVERY SUBSIDIARY THEREOF, OTHER
THAN ANY EXEMPT WHOLESALE GENERATOR (EWG) OR FOREIGN UTILITY COMPANY IN WHICH CLAIMANT DIRECTLY OR INDIRECTLY
HOLDS AN INTEREST.
HOLDING COMPANY
00 EDISON INTERNATIONAL is a corporation organized under the laws of the State of California and having its
principal place of business at 2244 Walnut Grove Avenue (P.O. Box 999), Rosemead, California 91770. It
was organized principally to acquire and hold securities of other corporations for investment purposes.
Edison International has the following subsidiaries:
UTILITY SUBSIDIARIES
01 SOUTHERN CALIFORNIA EDISON COMPANY ("SCE") is a California corporation having its principal place of
business at 2244 Walnut Grove Avenue (P.O. Box 800), Rosemead, California 91770. SCE is a public utility
primarily engaged in the business of supplying electric energy to portions of central and southern
California, excluding the City of Los Angeles and certain other cities. Unless otherwise indicated, its
subsidiaries have the same principal place of business as Southern California Edison Company:
02 CONSERVATION FINANCING CORPORATION is a California corporation engaged in the remediation and
mitigation of environmental liabilities.
02 EDISON ESI is a California corporation engaged in the business of marketing services, products,
information, and copyrighted materials to third parties on behalf of SCE.
02 Edison Material Supply LLC is a Delaware limited liability company that provides procurement, inventory
and warehousing services.
02 MONO POWER COMPANY is an inactive California corporation that has been engaged in the business of
exploring for and developing fuel resources.
03 The Bear Creek Uranium Company is an inactive California partnership between Mono Power Company
(50%) and RME Holding Company (formerly Union Pacific Resources Group, Inc.) (50%) engaged in
reclamation of an integrated uranium mining and milling complex in Wyoming.
02 Mountainview Power Company LLC is a Delaware limited liability company that was acquired to complete,
own and operate an electric generating power plant in Redlands, California.
02 SCE CAPITAL COMPANY (inactive Delaware corporation)
02 SCE Funding LLC is a Delaware limited liability company that acts as a financing vehicle for rate
reduction bonds.
02 SCE Trust I is a Delaware business trust organized to act as a financing vehicle.
02 SCE Trust II is a Delaware business trust organized to act as a financing vehicle.
02 SCE Trust III is a Delaware business trust organized to act as a financing vehicle.
02 SCE UK Services Ltd. (inactive United Kingdom private limited company) [dissolved 06/29/2004]
02 SOUTHERN STATES REALTY is a California corporation engaged in holding real estate assets for SCE.
2
NONUTILITY SUBSIDIARIES
01 EDISON DRIVES ELECTRIC (inactive California corporation) [dissolved 10/27/2004]
01 EDISON INSURANCE SERVICES, INC. is a Hawaii corporation having its principal executive office at 745 Fort
Street, Suite 800, Honolulu, Hawaii 96813, which provides domestic and foreign property damage and
business interruption insurance to Edison International and its subsidiaries.
01 EDISON VENTURES (inactive California corporation) [dissolved 03/02/2004]
02 EDISON TRANSENERGY (inactive California corporation) [dissolved 03/02/2004]
01 EIX Trust I is a Delaware business trust that acted as a financing vehicle. [cancelled on debt retirement
12/20/2004]
01 EIX Trust II is a Delaware business trust that acted as a financing vehicle. [cancelled on debt retirement
11/30/2004]
01 EIX Trust III is a Delaware business trust organized to act as a financing vehicle.
01 EDISON MISSION GROUP INC. (formerly The Mission Group) is a Delaware corporation having its principal
place of business at 2244 Walnut Grove Avenue, Rosemead, California 91770, which owns the stock and
coordinates the activities of nonutility companies. The subsidiaries of Edison Mission Group Inc. are as
follows:
02 EDISON ENTERPRISES is a California corporation having its principal place of business at 2244 Walnut
Grove Avenue, Rosemead, California 91770, which owns the stock and coordinates the activities of its
nonutility subsidiaries. The subsidiaries of Edison Enterprises are as follows:
03 EDISON SOURCE is a California corporation having its principal place of business at 18101 Von
Karman Avenue, Suite 1700, Irvine, California 92612-1046, which owns the stock of its
subsidiaries. The majority of the assets of Edison Source were sold to its former management in
October 2001. It is engaged in the business of selling, installing and servicing rapid battery
charging products for the electric fork lift market.
04 Edison Source Norvik Company is a Canadian company having its principal place of business at
1959 Upper Water Street, Suite 800, Halifax, NS B3J 2X2. It is principally engaged in the
business of research and development, and manufacturing of rapid battery charging projects for
the electric fork lift market.
04 G.H.V. REFRIGERATION, INC. (inactive California corporation)
02 EDISON O&M SERVICES (inactive California corporation)
02 EDISON TECHNOLOGY SOLUTIONS (inactive California corporation) [dissolved 10/06/2004]
03 EDISON EV (inactive California corporation) [dissolved 10/26/2004]
02 Facilichem, Inc., is a California corporation having its principal place of business at 333 Ravenswood
Avenue, Menlo Park, California 94025, which was organized to engage in the research, development and
commercialization of liquid membrane technologies for application in specific industrial and chemical
processes. Edison Mission Group Inc. has a 10% ownership interest.
02 EDISON CAPITAL is a California corporation having its principal place of business at 18101 Von Karman
Avenue, Suite 1700, Irvine, California 92612-1046. It is engaged in the business of providing capital
and financial services in energy and infrastructure projects and affordable housing projects. Edison
Capital owns a group of subsidiaries and has interests in various partnerships through its
subsidiaries. The subsidiaries and partnerships of Edison Capital are listed below. Unless otherwise
indicated, all entities are corporations, are organized under the laws of the State of California, and
have the same principal place of business as Edison Capital.
3
03 BURLINGTON APARTMENTS, INC.
03 Edison Capital Europe Limited (UK corporation)
Address: Lansdowne House, Berkeley Square, London, England W1X 5DH
03 EDISON FUNDING COMPANY
[directly owns 0.08% of Edison Funding Omicron Incorporated; see listing under Edison Housing
Consolidation Company)
04 EDISON CAPITAL HOUSING INVESTMENTS
[directly owns 22.79% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
[directly owns 35.52% of Edison Funding Omicron Incorporated; see listing under Edison Housing
Consolidation Co.]
05 1st Time Homebuyer Opportunities LP (Chester County Homes) 99%
05 1732 Champa LP (Buerger Brothers Lofts) 99%
05 18303 Kittridge Associates LP 99%
05 210 Washington Avenue Associates (Renaissance Plaza) (Connecticut partnership) 99%
05 2400 Locust Associates LP (Locust on the Park) 99%
05 3790 Wisconsin Street Partners LP (Wisconsin III) 99.9% [SOLD]
05 Aaron Michael Associates LP 99.9%
05 Argyle Redevelopment Partnership, Ltd. (Colorado partnership) 99%
05 Auburn Manor L.L.C. 50% GP
06 Auburn Manor LP 1%
05 Bartlett Hill Associates LP 99%
05 CCS/Bellingham LP (Washington Grocery Building) 99.9%
05 Conejo Valley Community Housing Associates (Community House Apartments) 99%
05 Diamond Creek Apartments LP 99.9%
05 EC ASSET SERVICES, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
05 EC PROPERTIES, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
06 Corporations for Affordable Housing LP 1%GP
07 Arbor Lane Associates Phase II LP (Timberwood) 99%
07 Arroyo Vista Associates LP 99%
07 Artloft Associates LP 35.6%
07 Caleb Affordable Housing Associates LP (Ledges/Pinebrook) 99%
07 The Carlin LP 99%
07 Diamond Phase III Venture LP 99%
07 Fairmont Hotel Urban Renewal Associates LP 99%
07 Mackenzie Park Associates LP 99%
07 Parkside Associates LP (Parkside Garden) 99%
07 Pines Housing LP 99%
07 Pines Housing II, LP 99%
07 Smyrna Gardens Associates LP 99%
07 Tioga Gardens LP 99%
07 Walden Pond, LP (Hamlet) 99%
06 Corporations for Affordable Housing LP II 1%GP
07 2601 North Broad Street Associates LP (Station House) 99%
07 Artloft Associates LP 53.39%
07 Brookline Housing Associates LLC (Bridgewater) 99%
07 EDA LP (Eagle's Nest) 48%
07 Edgewood Manor Associates II LP 99%
07 Gateway Housing LP (Gateway Townhomes) 99%
07 Homestead Village Associates LP 99%
07 Junction City Apartments LP (Green Park) 99%
07 Liberty House Associates LP 99%
07 Maple Ridge Development Associates LP 99%
07 Parsonage Cottage Senior Residence LP 99%
07 Rittenhouse School LP 99%
07 Silver City Housing LP 99%
07 South 55th Street, LP 49.5%
07 W. M. Housing Associates LP (Williamsport Manor) 99%
07 Winnsboro Apartments LP (Deer Wood) 99%
4
05 EC PROPERTIES III, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
06 Corporations for Affordable Housing LP III 1%GP
07 Piedmont Housing Associates 99%
07 Pines Housing III LP 99%
07 Salem Lafayette Urban Renewal Associates, LP 99%
07 Spring Valley Commons LP 99%
07 Stevenson Housing Associates (Park Vista) 99%
05 EC-SLP, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
05 ECH Investor Partners VI-A LP 1%GP
06 Edison Capital Housing Partners VI LP 61.8166%LP
07 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
07 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
07 Altamont Hotel Associates LP 99%
07 Bradley Manor Senior Apartments LP 99%
07 Double X Associates 1995 LP (Terrace Manor) 99%
07 Hamilton Place Apartments LP (Larkin Place) 99%
07 Hamilton Place Senior Living LP 99%
07 Hearthstone Group 3 LP (Evergreen Court) 99%
07 KDF Malabar LP 99%
07 LINC-Bristol Associates I, LP (City Gardens) 99%
07 MAS-WT, LP (Washington Terrace) 99%
07 Northwood Manor Associates LP 99%
07 Silver Lake Properties LP 99%
07 University Park Properties LP 99%
07 Upland Senior Housing LP (Coy D. Estes) 99%
07 Vista Properties LLC (Vista View) 99.9%
07 Vista Verde Townhomes II LLC 99%
05 ECH Investor Partners VI-B LP 1%GP
06 Edison Capital Housing Partners VI LP 37.1834%LP
07 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
07 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
07 Altamont Hotel Associates LP 99%
07 Bradley Manor Senior Apartments LP 99%
07 Double X Associates 1995 LP (Terrace Manor) 99%
07 Hamilton Place Apartments LP (Larkin Place) 99%
07 Hamilton Place Senior Living LP 99%
07 Hearthstone Group 3 LP (Evergreen Court) 99%
07 KDF Malabar LP 99%
07 LINC-Bristol Associates I, LP (City Gardens) 99%
07 MAS-WT, LP (Washington Terrace) 99%
07 Northwood Manor Associates LP 99%
07 Silver Lake Properties LP 99%
07 University Park Properties LP 99%
07 Upland Senior Housing LP (Coy D. Estes) 99%
07 Vista Properties LLC (Vista View) 99.9%
07 Vista Verde Townhomes II LLC 99%
05 ECH/HFC GP Partnership No. 1 34.9%GP
06 Edison Capital Housing Partners VII LP 19.4187%GP
07 C-Court LP (Cawelti Court) 99%
07 Cottonwood Affordable Housing LP (Verde Vista) 99%
07 Fifth and Wilshire Apartments LP 99%
07 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
07 Huff Avenue Associates LP 99%
07 Mountain View Townhomes Associates LP 99%
07 Oak Forest Associates LP 99%
07 Paradise Road Partners LP (Gateway Village) 99%
07 Woodland Arms Apartments, Ltd. 99%
05 ECH/HFC GP Partnership No. 2 56.7%GP
06 Edison Capital Housing Partners VIII LP 18.54%GP
07 Catalonia Associates LP 99%
07 Ohlone Housing Associates LP 99%
5
05 ECHP INVESTMENT COMPANY
06 ECHP LLC 99.999%GP
07 Edison Capital Housing Partners XVI LP 0.01%GP
08 Bouquet Canyon Seniors LP 99.9%
08 Eugene Hotel LP 99.9%
08 Hilltop Farms LP 99.9%
08 KDF Park Glenn LP (Park Glenn) 99%
08 KDF Park Glenn Seniors LP (Park Glenn II) 99.9%
08 King Road Associates LP 99.9%
08 LL Housing LP (Maryland partnership) (Laurel Lakes) 99%
08 Red Lake LP #1 99.9%
08 Southern Hotel LP 99.9%
07 Edison Capital Housing Partners XVII LP 0.01%GP
08 Antelope Associates LP 99%
08 Baker Park Associates LP 99%
08 Fremont Building LP (Crescent Arms) 99%
08 Hercules Senior Housing Associates 99.9%
08 La Terraza Associates LP (Carlsbad Villas at Camino Real) 99%
08 Parkview Apartments Associates LP (Parkview/Sunburst) 99.9%
08 Quebec Arms Apartments LP 99.9%
08 Sky Parkway Housing Associates LP 99%
08 Sunset Creek Partners LP 99%
08 University Manor Apartments LP 99.9%
08 Vista Verde Housing Associates LP 99.9%
07 Edison Capital Housing Partners XVIII LP 0.01%GP
08 Bracher Associates LP 99%
08 Florin Woods Associates LP 99%
08 Pinmore Associates LP 99.9%
08 SD Regency Centre LP 99.9%
07 Edison Capital Housing Partners XIX LP 0.01%GP
08 Cochrane Village Apartments LP 99%
08 CCS/Mount Vernon Housing LP (La Venture) 99.9%
08 Ontario Senior Housing LP (Ontario Plaza) 98.9%
08 Pecan Court Associates LP 99.9%
08 Pellettieri Homes Urban Renewal Associates, LP 99%
08 Rincon De Los Esteros Associates LP 99.9%
08 KDF Santa Paula LP (Santa Paula) 99%
08 Schoolhouse Court Housing Associates LP 99.9%
08 Virginia Lane LP (Maplewood/Golden Glenn) 99.9%
08 Winfield Hill Associates LP 99%
05 Edison Capital Affordable Housing 99A G.P. 27.69%GP
06 Edison Capital Housing Partners IX LP 13.5533%GP
07 1010 SVN Associates LP 99.9%
07 2814 Fifth Street Associates LP (Land Park Woods) 99%
07 Alma Place Associates LP 99%
07 Knolls Community Associates LP 99.9%
07 Monterra Village Associates LP 99%
07 Pacific Terrace Associates LP 99.9%
07 PVA LP (Park Victoria) 99%
07 Sherman Glen, L.L.C. 99%
07 Strobridge Housing Associates LP 99%
07 Trolley Terrace Townhomes LP 99.9%
07 Walnut Avenue Partnership LP 99%
05 Edison Capital Affordable Housing 99B G.P. 99.99%GP
06 Edison Capital Housing Partners X LP 19.3952%GP
07 Beacon Manor Associates LP 99%
07 Boulder Creek Apartments LP 99.9%
07 Burlington Senior Housing LLC 99.9%
07 CCS/Renton Housing LP (Renton) 99.9%
07 Coolidge Station Apartments L.L.C. 99%
07 Lark Ellen LP 99%
07 Mercy Housing California IX LP (Sycamore) 99.9%
07 Morgan Hill Ranch Housing LP 99%
07 Pacifica Community Associates LP (Villa Pacifica) 99%
6
07 Persimmon Associates LP 99%
07 Providence-Brown Street Housing LP (Brown Street) 99.9%
07 San Juan Commons 1996 LP 99.9%
07 Timber Sound, Ltd. 99%
07 Timber Sound II, Ltd. 99%
07 Trinity Park Apartments LP 99.9%
07 Venbury Trail LP 99.9%
06 Edison Capital Housing Partners XI LP 18.62486%GP
07 1475 167th Avenue Associates LP (Bermuda Gardens) 99.9%
07 Auburn Manor Apartments LP 99%
07 Barnsdall Court LP (Villa Mariposa) 99.9%
07 Borregas Court LP 99%
07 Bryson Family Apartments LP 99.9%
07 Carson Housing LP (Carson Street) 98%
07 Casa Rampart LP (Rampart Apartments) 99.9%
07 Davis MHA Twin Pines Community Associates LP (Northstar Apartments) 99.9%
07 Eastwood Homes LP 99%
07 Electra Arms Senior Associates LP 99%
07 Grace Housing LP 99%
07 Stony Point Apartment Investors LP (Panas Place) 99.9%
07 Wall Street Palmer House LP 99%
07 Wilmington Housing Associates LP (New Harbor Vista) 99.9%
06 Edison Capital Housing Partners XII LP 13.73759%GP
07 Cedarshores Limited Dividend Housing Association LP 99.99%
07 Heritage Partners LP 99.9%
07 Osage Terrace LP 99.89%
07 West Oaks Apartments LP 99.9%
07 Yale Street LP 99.9%
06 Edison Capital Housing Partners XIII LP 17.03513%GP
07 Alhambra Apartments LP 99.9%
07 Chamber Apartments LP 99%
07 Park Land Senior Apartments Investors LP (Banducci) 99.9%
07 President John Adams Manor Apartments LP 99.9%
07 Riverwalk Apartments, Ltd. (Colorado) 99.8%
07 Rosecreek Senior Living LP 99.9%
07 Twin Ponds Apartments LP 99.9%
07 Woodleaf Village LP 99.9%
07 Women's Westlake LP (Dorothy Day) 99.9%
06 Edison Capital Housing Partners XIV LP 7.6118%GP
07 Apollo Development Associates LP (Apollo Hotel) 99.9%
07 Carson Terrace LP 99.9%
07 Don Avante Association II LP (Village Avante) 99.9%
07 Preservation Properties I 99.9%
07 Preservation Properties II 99.9%
07 Preservation Properties III 99.9%
07 Preservation Properties IV 99.9%
07 Preservation Properties V 99.9%
07 Rowland Heights Preservation LP 99.9%
07 Springdale Preservation LP (Springdale West) 99.9%
06 Edison Capital Housing Partners XV LP 9.567%GP
07 708 Pico LP (Wavecrest Apartments) 99.9%
07 Benton Green LP 99.9%
07 Don Avante Association I LP (Don de Dios) 99.9%
07 Emmanuel Grant Company LLC (Capitol Heights) 99.9%
07 Highland Village Partners LP 99.9%
07 I.G. Partners LP (Islands Gardens) 99.9%
07 Karen Partners LP 99.9%
07 Lilac Estates LP 99.9%
07 Mountainlands Housing Partners LP (Holiday Village Apartments) 99.9%
07 NAHF Brockton LP (Southfield Gardens) 99.9%
07 Northern Senior Housing LP (St. Johnsbury) 99.9%
07 Park Place 1998, LLC 99.9%
07 Park Williams Partners LP 99.9%
07 Patriots Pointe at Colonial Hills LP 99.9%
7
07 PlumTree Preservation LP 99.9%
07 Poinsettia Housing Associates 99.9%
07 Project Home I LLC 99.99%
07 Saratoga Vacaville LP (Saratoga Senior) 99.9%
07 Serena Sunbow LP (Villa Serena) 99.9%
07 St. Regis Park LP (Pear Tree) 99.9%
07 Vista Sonoma Senior Living LP 99.9%
07 Westfair LLC (Cedar Ridge) 99.9%
07 Windrush Apartments of Statesville LP 99.9%
07 Wingate LLC (Regency Park) 99.9%
05 Edison Capital Contributions VI Partners 91.77%GP
06 ECH Investor Partners VI-A LP 15.3877%LP
07 Edison Capital Housing Partners VI LP 61.8166%LP
08 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
08 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
08 Altamont Hotel Associates LP 99%
08 Bradley Manor Senior Apartments LP 99%
08 Double X Associates 1995 LP (Terrace Manor) 99%
08 Hamilton Place Apartments LP (Larkin Place) 99%
08 Hamilton Place Senior Living LP 99%
08 Hearthstone Group 3 LP (Evergreen Court) 99%
08 KDF Malabar LP 99%
08 LINC-Bristol Associates I, LP (City Gardens) 99%
08 MAS-WT, LP (Washington Terrace) 99%
08 Northwood Manor Associates LP 99%
08 Silver Lake Properties LP 99%
08 University Park Properties LP 99%
08 Upland Senior Housing LP (Coy D. Estes) 99%
08 Vista Properties LLC (Vista View) 99.9%
08 Vista Verde Townhomes II LLC 99%
06 ECH Investor Partners VI-B LP 99%LP
07 Edison Capital Housing Partners VI LP 37.1834%LP
08 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
08 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
08 Altamont Hotel Associates LP 99%
08 Bradley Manor Senior Apartments LP 99%
08 Double X Associates 1995 LP (Terrace Manor) 99%
08 Hamilton Place Apartments LP (Larkin Place) 99%
08 Hamilton Place Senior Living LP 99%
08 Hearthstone Group 3 LP (Evergreen Court) 99%
08 KDF Malabar LP 99%
08 LINC-Bristol Associates I, LP (City Gardens) 99%
08 MAS-WT, LP (Washington Terrace) 99%
08 Northwood Manor Associates LP 99%
08 Silver Lake Properties LP 99%
08 University Park Properties LP 99%
08 Upland Senior Housing LP (Coy D. Estes) 99%
08 Vista Properties LLC (Vista View) 99.9%
08 Vista Verde Townhomes II LLC 99%
05 EDISON CAPITAL HOUSING DELAWARE, INC.
06 B.A.I. Edison Ravenwood LP (Ravenwood) 90%GP
07 Cincinnati Ravenwood Apartments LP 0.95%GP
05 Edison Capital Housing Partners V LP 16.18%GP
06 AMCAL Santa Barbara Fund XXXVI LP (Positano) 99%
06 Bodega Hills Investors LP 99%
06 Mercy Housing California IV LP (Vista Grande) 99%
06 Park Place Terrace LP 99%
06 River Walk Apartments Homes LP 99%
06 San Diego Golden Villa Partners LP (Golden Villa) 98.9%
06 Santa Alicia Gardens Townhomes LP (The Gardens) 99%
06 St. Hedwig's Gardens LP 99%
06 Sunshine Terrace LP 99%
06 Union Meadows Associates LLC 99%
8
05 Edison Capital Housing Partners VI LP 1%GP
06 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
06 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
06 Altamont Hotel Associates LP 99%
06 Bradley Manor Senior Apartments LP 99%
06 Double X Associates 1995 LP (Terrace Manor) 99%
06 Hamilton Place Apartments LP (Larkin Place) 99%
06 Hamilton Place Senior Living LP 99%
06 Hearthstone Group 3 LP (Evergreen Court) 99%
06 KDF Malabar LP 99%
06 LINC-Bristol Associates I, LP (City Gardens) 99%
06 MAS-WT, LP (Washington Terrace) 99%
06 Northwood Manor Associates LP 99%
06 Silver Lake Properties LP 99%
06 University Park Properties LP 99%
06 Upland Senior Housing LP (Coy D. Estes) 99%
06 Vista Properties LLC (Vista View) 99.9%
06 Vista Verde Townhomes II LLC 99%
05 EDISON CAPITAL HOUSING MANAGEMENT
05 EDISON CAPITAL HOUSING NEW JERSEY [dissolved]
[owned 6.16% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 EDISON CAPITAL HOUSING PENNSYLVANIA [dissolved]
[owned 5.26% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron GP)
55.52% [Also owned 0.08% by Edison Funding Company and 44.40% by Edison Housing Consolidation Co.,
where Omicron subsidiaries are listed.]
05 EDISON HOUSING NORTH CAROLINA
06 Edison Capital Contributions VI Partners 4.03%GP
07 ECH Investor Partners VI-A LP 15.3877%LP
08 Edison Capital Housing Partners VI LP 61.8166%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
09 University Park Properties LP 99%
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99.9%
09 Vista Verde Townhomes II LLC 99%
07 ECH Investor Partners VI-B LP 99%LP
08 Edison Capital Housing Partners VI LP 37.1834%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
09 University Park Properties LP 99%
9
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99.9%
09 Vista Verde Townhomes II LLC 99%
05 EDISON HOUSING SOUTH CAROLINA
06 Edison Capital Contributions VI Partners 4.20%GP
07 ECH Investor Partners VI-A LP 15.3877%LP
08 Edison Capital Housing Partners VI LP 61.8166%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
09 University Park Properties LP 99%
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99.9%
09 Vista Verde Townhomes II LLC 99%
07 ECH Investor Partners VI-B LP 99%LP
08 Edison Capital Housing Partners VI LP 37.1834%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
09 University Park Properties LP 99%
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99.9%
09 Vista Verde Townhomes II LLC 99%
05 EHI DEVELOPMENT COMPANY
05 EHI DEVELOPMENT FUND
05 Florence Apartments LLC 99%
05 Josephinum Associates LP, The (Washington partnership) 99%
05 Kennedy Lofts Associates LP (Massachusetts partnership) 99%
05 Lovejoy Station LP 99.9%
05 Madison/Mollison LP (Park Mollison) 99.9%
05 Maplewood Housing Associates LP 99.9%
05 MH I LP 1%GP
06 California Park Apartments LP 99%
05 MH II LP 1%GP
06 5363 Dent Avenue Associates LP 99%
05 MH III LP 1%GP
06 DeRose Housing Associates LP 99%
05 MH IV LP 1%GP
06 MPT Apartments LP (MacArthur Park) 99%
05 MH V LP 1%GP
06 Centennial Place LP 99%
10
05 MHICAL 94 COMPANY
[owns 19.32% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 MHICAL 94 LP (Delaware partnership) 1%GP
06 Mayacamas Village Associates LP 99%
06 West Capital Courtyard LP 99%
05 MHICAL 95 LP (Delaware partnership) 1%GP
06 Abby Associates LP (Windmere) 99%
06 Colina Vista LP 99%
06 ECH/HFC GP Partnership No. 2 43.3%GP
07 Edison Capital Housing Partners VIII LP 18.5396%GP
08 Catalonia Associates LP 99%
08 Ohlone Housing Associates LP 99%
06 Mercy Housing California VI LP (205 Jones) 99%
05 MHICAL 96 LP (Delaware partnership) 1%GP
06 ECH/HFC GP Partnership No. 1 50.44%GP
07 Edison Capital Housing Partners VII LP 19.4187%GP
08 C-Court LP (Cawelti Court) 99%
08 Cottonwood Affordable Housing LP (Verde Vista) 99%
08 Fifth and Wilshire Apartments LP 99%
08 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
08 Huff Avenue Associates LP 99%
08 Mountain View Townhomes Associates LP 99%
08 Oak Forest Associates LP 99%
08 Paradise Road Partners LP (Gateway Village) 99%
08 Woodland Arms Apartments, Ltd. 99%
06 Edison Capital Affordable Housing 99A G.P. 36.47%GP
07 Edison Capital Housing Partners IX LP 13.5533%GP
08 1010 SVN Associates LP 99.9%
08 2814 Fifth Street Associates LP (Land Park Woods) 99%
08 Alma Place Associates LP 99%
08 Knolls Community Associates LP 99.9%
08 Monterra Village Associates LP 99%
08 Pacific Terrace Associates LP 99.9%
08 PVA LP (Park Victoria) 99%
08 Sherman Glen, L.L.C. 99%
08 Strobridge Housing Associates LP 99%
08 Trolley Terrace Townhomes LP 99.9%
08 Walnut Avenue Partnership LP 99%
06 Greenway Village Associates LP 99%
06 Kennedy Court Partners LP 99%
06 Klamath Associates LP 99%
06 Westgate Townhomes Associates LP 99%
05 MHICAL 95 COMPANY
06 EDISON HOUSING CONSOLIDATION CO. (formerly Edison Housing Georgia) 29.90%
07 EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron
GP) 44.40% [also owned 0.08% by Edison Funding Company and 55.52% by Edison Capital Housing
Investments]
08 16th and Church Street Associates LP 99%
08 1856 Wells Court Partners, LP (Wells Court) 99%
08 AE Associates LP (Avenida Espana) 99%
08 Agape Housing LP 99%
08 Brantwood II Associates LP 99%
08 Brooks School Associates LP 99%
08 Bryn Mawr - Belle Shore LP (The) 99%
08 Bush Hotel LP 99%
08 Centertown Associates LP (Ravenwood) 99%
08 Centro Partners LP (El Centro) 99%
08 Cincinnati Ravenwood Apts. LP 99%
08 Coyote Springs Apartments Associates LP 99%
08 Cypress Cove Associates 99%
08 Del Carlo Court Associates LP 99%
08 Delta Plaza Apartments LP 99%
08 EAH Larkspur Creekside Associates LP 99%
11
08 East Cotati Avenue Partners LP 99%
08 EDISON FUNDING OLIVE COURT 100%GP
09 Olive Court Housing Associates LP 1.1%
08 Edmundson Associates LP (Willows) 99%
08 El Barrio Academy Urban Renewal Associates, LP (Academy Street) 99%
08 Elizabeth West and East LP 99%
08 Farm (The) Associates LP 99%
08 Gilroy Redwood Associates LP (Redwoods) 99%
08 Ginzton Associates LP 99%
08 Grossman Apartments Investors LP 99%
08 Heather Glen Associates LP 99%
08 HMB-Atlanta I LP (Spring Branch) 99%
08 Holy Family Associates LP 99%
08 Lackawana Housing Associates LLC (Goodwill Neighborhood Residences) 99%
08 Maplewood School Apartments LP 99%
08 Mar Associates LP (Frank Mar) 99%
08 McFarland Press Associates LP 99%
08 Mercantile Housing LLC (Mercantile Square) 99%
08 Merrill Road Associates LP 99%
08 MH I LP 99%
09 California Park Apartments LP 99%
08 MHICAL 94 LP (Delaware partnership) 99%LP
09 Mayacamas Village Associates LP 99%
09 West Capital Courtyard LP 99%
08 MHICAL 95 LP (Delaware partnership) 99%LP
09 Abby Associates LP (Windmere) 99%
09 Colina Vista LP 99%
09 ECH/HFC GP Partnership No. 2 43.3%GP
10 Edison Capital Housing Partners VIII LP 18.5396%GP
11 Catalonia Associates LP 99%
11 Ohlone Housing Associates LP 99%
09 Mercy Housing California VI LP (205 Jones) 99%
08 MHICAL 96 LP (Delaware partnership) 99%LP
09 Greenway Village Associates LP 99%
09 Kennedy Court Partners LP 99%
09 Klamath Associates LP 99%
09 Westgate Townhomes Associates LP 99%
08 Mid-Peninsula Century Village Associates LP (Century Village) 99%
08 Mission Capp LP 99%
08 Mission Housing Partnership 1996 LP (Delaware partnership) 99%LP
08 Neary Lagoon Partners LP 99%
08 North Park Village II LLC 99%
08 Oceanside Gardens LP 99%
08 Omaha Amber Ridge LP (Amber Ridge) 98.9%
08 Open Door Associates LP (West Valley) 99%
08 Palmer House LP 99%
08 Richmond City Center Associates LP 99%
08 Riverside/Liebrandt Partners LP (La Playa) 99%
08 Roebling Village Inn Urban Renewal LP 99%
08 Rosebloom Associates LP (Oakshade) 99%
08 San Pablo Senior Housing Associates LP 99%
08 San Pedro Gardens Associates LP 99%
08 Santa Paulan Senior Apartments Associates LP (The Paulan) 99%
08 South Beach Housing Associates LP (Steamboat) 99%
08 South Winery Associates LP (The Winery Apartments) 99%
08 Stoney Creek Associates LP 99%
08 Studebaker Building LP 99%
08 Sultana Acres Associates LP 99%
08 Thomson Rental Housing, LP (Washington Place) 99%
08 Tuscany Associates LP (Tuscany Villa) 99%
08 Villa Maria Housing LP 99%
08 Washington Creek Associates LP 99%
08 Westport Village Homes Associates LP 99%
08 Wheeler Manor Associates LP 99%
12
08 YWCA Villa Nueva Partners LP 99%
05 MHICAL 96 COMPANY
[owns 8.96% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06 MHICAL 96 LP 99%
07 ECH/HFC GP Partnership No. 1 50.44%GP
08 Edison Capital Housing Partners VII LP 19.4187%GP
09 C-Court LP (Cawelti Court) 99%
09 Cottonwood Affordable Housing LP (Verde Vista) 99%
09 Fifth and Wilshire Apartments LP 99%
09 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
09 Huff Avenue Associates LP 99%
09 Mountain View Townhomes Associates LP 99%
09 Oak Forest Associates LP 99%
09 Paradise Road Partners LP (Gateway Village) 99%
09 Woodland Arms Apartments, Ltd. 99%
07 Edison Capital Affordable Housing 99A G.P. 36.47%GP
08 Edison Capital Housing Partners IX LP 13.5533%GP
09 1010 SVN Associates LP 99.9%
09 2814 Fifth Street Associates LP (Land Park Woods) 99%
09 Alma Place Associates LP 99%
09 Knolls Community Associates LP 99.9%
09 Monterra Village Associates LP 99%
09 Pacific Terrace Associates LP 99.9%
09 PVA LP (Park Victoria) 99%
09 Sherman Glen, L.L.C. 99%
09 Strobridge Housing Associates LP 99%
09 Trolley Terrace Townhomes LP 99.9%
09 Walnut Avenue Partnership LP 99%
05 MHICAL 97 COMPANY
06 MHICAL 97 LP 99%
07 ECH/HFC GP Partnership No. 1 14.66%GP
08 Edison Capital Housing Partners VII LP 19.4187%GP
09 C-Court LP (Cawelti Court) 99%
09 Cottonwood Affordable Housing LP (Verde Vista) 99%
09 Fifth and Wilshire Apartments LP 99%
09 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
09 Huff Avenue Associates LP 99%
09 Mountain View Townhomes Associates LP 99%
09 Oak Forest Associates LP 99%
09 Paradise Road Partners LP (Gateway Village) 99%
09 Woodland Arms Apartments, Ltd. 99%
07 Edison Capital Affordable Housing 99A G.P. 33.05%
08 Edison Capital Housing Partners IX LP 13.5533%GP
09 1010 SVN Associates LP 99.9%
09 2814 Fifth Street Associates LP (Land Park Woods) 99%
09 Alma Place Associates LP 99%
09 Knolls Community Associates LP 99.9%
09 Monterra Village Associates LP 99%
09 Pacific Terrace Associates LP 99.9%
09 PVA LP (Park Victoria) 99%
09 Sherman Glen, L.L.C. 99%
09 Strobridge Housing Associates LP 99%
09 Trolley Terrace Townhomes LP 99.9%
09 Walnut Avenue Partnership LP 99%
06 MHICAL 97 LP 99%LP
07 Garnet Housing Associates LP 99%
05 MHICAL 97 LP 1%GP
06 ECH/HFC GP Partnership No. 1 14.66%GP
07 Edison Capital Housing Partners VII LP 19.4187%GP
08 C-Court LP (Cawelti Court) 99%
08 Cottonwood Affordable Housing LP (Verde Vista) 99%
08 Fifth and Wilshire Apartments LP 99%
08 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
13
08 Huff Avenue Associates LP 99%
08 Mountain View Townhomes Associates LP 99%
08 Oak Forest Associates LP 99%
08 Paradise Road Partners LP (Gateway Village) 99%
08 Woodland Arms Apartments, Ltd. 99%
06 Edison Capital Affordable Housing 99A G.P. 33.05%GP
07 Edison Capital Housing Partners IX LP 13.5533%GP
08 1010 SVN Associates LP 99.9%
08 2814 Fifth Street Associates LP (Land Park Woods) 99%
08 Alma Place Associates LP 99%
08 Knolls Community Associates LP 99.9%
08 Monterra Village Associates LP 99%
08 Pacific Terrace Associates LP 99.9%
08 PVA LP (Park Victoria) 99%
08 Sherman Glen, L.L.C. 99%
08 Strobridge Housing Associates LP 99%
08 Trolley Terrace Townhomes LP 99.9%
08 Walnut Avenue Partnership LP 99%
06 Garnet Housing Associates LP 99%
05 MHIFED 94 LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06 Berry Avenue Associates LP 99%
06 Carlton Way Apartments LP 99%
06 CDR Senior Housing Associates (Casa del Rio) 99%
06 Corona Ely/Ranch Associates LP 99%
06 Fairview Village Associates LP 99%
06 Fell Street Housing Associates LP 99%
06 Hope West Apartments LP 99%
06 Morrone Gardens Associates LP 99%
06 Pajaro Court Associates LP 99%
06 Tierra Linda Associates LP 99%
06 Tlaquepaque Housing Associates LP 99%
05 MHIFED 95 LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06 1101 Howard Street Associates LP 99%
06 Avalon Courtyard LP (Carson Senior Housing) 99%
06 Hollywood El Centro LP 99%
06 La Brea/Franklin LP 99%
06 Larkin Pine LP 99%
06 Mercy Housing California III LP (3rd and Reed) 99%
06 Pinole Grove Associates LP 99%
06 Second Street Center LP (Santa Monica) 99%
06 Solinas Village Partners LP 99%
06 Three Oaks Housing LP 99%
05 MHIFED 96 LP (Delaware partnership) 5%GP; 95%LP to Cargill
06 Lavell Village Associates LP 99%
06 North Town Housing Partners LP (Villa del Norte Village) 99%
06 Poco Way Associates LP 99%
06 Seasons Affordable Senior Housing LP 99%
05 MHIFED 96A LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06 Good Samaritan Associates LP 99%
06 Metro Senior Associates LP 99%
06 Oxnard Housing Associates LP 99%
06 Reseda Village LP 99%
06 Round Walk Village Apartments LP 99%
06 Santa Alicia Family Housing Associates 99%
06 Vine Street Court LP 99%
06 Vine Street Court LP II 99%
05 Mid-Peninsula Sharmon Palms Associates LP (Sharmon Palms) 99%
05 MISSION HOUSING ALPHA
06 LL Housing LLC 24.5%
07 Laurel Lakes LP 1%
06 Quebec Arms Apartments LP 0.05% GP
06 University Manor Apartment LP 0.05% GP
14
05 MISSION HOUSING BETA
[owns 2.58% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 MISSION HOUSING DELTA
[owns 1.07% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06 MH II LP 99%
07 5363 Dent Avenue Associates LP 99%
06 MH III LP 99%
07 DeRose Housing Associates LP 99%
06 MH IV LP 99%
07 MPT Apartments LP (MacArthur Park) 99%
06 MH V LP 99%
07 Centennial Place LP 99%
05 MISSION HOUSING DENVER [dissolved]
[owned 5.67% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 MISSION HOUSING EPSILON
[owns 0.54% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06 Edison Capital Affordable Housing 99A G.P. 2.78%
07 Edison Capital Housing Partners IX LP 13.5533%GP
08 1010 SVN Associates LP 99.9%
08 2814 Fifth Street Associates LP (Land Park Woods) 99%
08 Alma Place Associates LP 99%
08 Knolls Community Associates LP 99.9%
08 Monterra Village Associates LP 99%
08 Pacific Terrace Associates LP 99.9%
08 PVA LP (Park Victoria) 99%
08 Sherman Glen, L.L.C. 99%
08 Strobridge Housing Associates LP 99%
08 Trolley Terrace Townhomes LP 99.9%
08 Walnut Avenue Partnership LP 99%
06 Hotel Elkhart L.L.C. (The Cornerstone) 99%
05 MISSION HOUSING GAMMA
[owns 1.73% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06 Storm Lake Power Partners I LLC (1%) [See 4.EC08]
05 MISSION HOUSING HOLDINGS
[owns 13.10% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 Mission Housing Partnership 1996 LP (Delaware partnership) 1%GP
05 MISSION HOUSING THETA
06 MISSION FUNDING THETA
[owns 0.01% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
07 Edison Capital Affordable Housing 99A G.P. 0.01%
08 Edison Capital Housing Partners IX LP 13.5533%GP
09 1010 SVN Associates LP 99.9%
09 2814 Fifth Street Associates LP (Land Park Woods) 99%
09 Alma Place Associates LP 99%
09 Knolls Community Associates LP 99.9%
09 Monterra Village Associates LP 99%
09 Pacific Terrace Associates LP 99.9%
09 PVA LP (Park Victoria) 99%
09 Sherman Glen, L.L.C. 99%
09 Strobridge Housing Associates LP 99%
09 Trolley Terrace Townhomes LP 99.9%
09 Walnut Avenue Partnership LP 99%
07 Edison Capital Affordable Housing 99B G.P. 0.01%
08 Edison Capital Housing Partners X LP 19.3952%GP
09 Beacon Manor Associates LP 99.9%
09 Boulder Creek Apartments LP 99.9%
09 Burlington Senior Housing LLC 99.9%
09 CCS/Renton Housing LP (Renton) 99.9%
09 Coolidge Station Apartments L.L.C. 99%
09 Lark Ellen LP 99%
09 Mercy Housing California IX LP (Sycamore) 99.9%
09 Morgan Hill Ranch Housing LP 99%
15
09 Pacifica Community Associates LP (Villa Pacifica) 99.9%
09 Persimmon Associates LP (Persimmon Tree) 99%
09 Providence-Brown Street Housing LP (Brown Street) 99.9%
09 San Juan Commons 1996 LP 99.9%
09 Timber Sound, Ltd. 99%
09 Timber Sound II, Ltd. 99%
09 Trinity Park Apartments LP 99.9%
09 Venbury Trail LP 99.9%
07 Oakdale Terrace Leased Housing Associates LP 0.01%
07 Westfield Condominium Investment LP 0.01%
06 Mission Housing Investors Partnership 5%GP; 95%LP to GECC
07 1028 Howard Street Associates LP 99%
07 Forest Winds Associates LP 99%
07 Glen Eden Associates LP (A Street) 99%
07 Gray's Meadows Investors LP 99%
07 Prince Bozzuto LP (Fairground Commons) (Maryland partnership) 99%
07 Rancho Park Associates LP 99%
07 Rustic Gardens Associates LP 99%
07 Sea Ranch Apartments LP 99%
07 Springdale Kresson Associates LP (Jewish Federation) (New Jersey partnership) 99%
05 MISSION HOUSING ZETA [dissolved]
[owned 5.35% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 National Boston Lofts Associates LLLP (Boston Lofts) 99%
05 Oakdale Terrace Leased Housing Associates LP 98.99%
05 OL Hope LP (Olympic Hope) 99.9%
05 Olive Court Apartments LP 98.9%
05 Pacific Vista Las Flores LP (Vista Las Flores) 99.9%
05 Palmer Heights, LLC 99.9%
05 Pilot Grove LP (Massachusetts partnership) 99%
05 Post Office Plaza LP (Ohio partnership) 99%
05 San Martin de Porres LP 99.9%
05 Tabor Grand LP (Colorado partnership) 99%
05 Terra Cotta Housing Associates LP 99.9%
05 West Valley Hart LP (Hart and Alabama) 99.9%
05 Westfield Condominium Investment LP 98.99%
05 White Mountain Apache LP 99%
04 EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron GP) 0.08%
[also owned 55.52% by Edison Capital Housing Investments and 44.40% by Edison Housing Consolidation Co.]
05 Cincinnati Ravenwood Apts, LP 99%
05 EDISON FUNDING OLIVE COURT 100%
06 Olive Court Housing Associates LP 1.1%
04 MISSION FUNDING BETA
04 MISSION FUNDING EPSILON
05 Edison Capital (Bermuda) Investments, Ltd. (Bermuda corporation)
Address: Clarendon House, 2 Church Street, Hamilton HM CX, Bermuda
06 Edison Capital LAI (Bermuda) Ltd. (Bermuda corporation)
Address: Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
07 Trinidad and Tobago Methanol Company Limited (equity) 1.0%
06 Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
Address: Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
07 AIG Asian Infrastructure Fund II LP 5.8%
07 AIG-GE Capital Latin American Infrastructure Fund LP 8%
07 AIG Emerging Europe Infrastructure Fund LP 22.70%
07 AIG Emerging Europe Infrastructure Management LP 18.05%GP
05 Edison Capital International (Bermuda) Ltd. (Bermuda corporation)
Address: Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
06 Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
07 AIG Asian Infrastructure Fund II LP 5.8%
16
07 AIG-GE Capital Latin American Infrastructure Fund LP 7.89%
08 Andes Energy XII Ltd. 100%
09 Paz Holdings Ltd. 43.22%
10 Compania Adminstradora de Empresas Bolivia S.A. ("Cade") 12.55% (Bolivian service
company)
Address: Edificio Electropaz SA, subsuelo Plaza Venezuela No. 1401 esq. Loayza, La
Paz, Bolivia
10 Electricidad de La Paz S.A. ("Electropaz") (equity) 10% (Bolivian foreign utility
company) [See 4.EC01]
Address: Avenida Illimani l973, Casilla 10511, La Paz, Bolivia
10 Empresa de Luz y Fuerza Electrica de Oruro S.A. ("Elfeo") 12.55% (Bolivian foreign
utility company) [See 4.EC02]
Address: Calle Junin No. 710, Casilla No. 53, Oruro, Bolivia
10 Empresa de Servicios Edeser S.A. ("Edeser") 12.55% (Bolivian service company)
Address: Iturralde No. 1309, Miraflores, La Paz, Bolivia
07 AIG Emerging Europe Infrastructure Fund LP 22.7%
07 AIG Emerging Europe Infrastructure Management LP 18.05%GP
06 Olmeca Cable Investments Ltd. (Mandeville Mexico, S.A.) 21.7%
06 Paz Holdings Ltd. 30.42%
07 Compania Adminstradora de Empresas Bolivia S.A. ("Cade") 12.55% (Bolivian service company)
Address: Edificio Electropaz SA, subsuelo Plaza Venezuela No. 1401 esq. Loayza, La Paz,
Bolivia
07 Electricidad de La Paz S.A. ("Electropaz") (equity) 10% (Bolivian foreign utility company)
[See 4.EC01]
Address: Avenida Illimani 1973, Casilla 10511, La Paz, Bolivia
07 Empresa de Luz y Fuerza Electrica de Oruro S.A. ("Elfeo") 12.55% (Bolivian foreign utility
company) [See 4.EC02]
Address: Calle Junin No. 710, Casilla No. 53, Oruro, Bolivia
07 Empresa de Servicios Edeser S.A. ("Edeser") 12.55% (Bolivian service company)
Address: Iturralde No. 1309, Miraflores, La Paz, Bolivia
05 EDISON CAPITAL LATIN AMERICAN INVESTMENTS HOLDING COMPANY (Delaware corporation)
06 Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
07 AIG Asian Infrastructure Fund II LP 5.8%
07 AIG-GE Capital Latin American Infrastructure Fund LP 7.89%
07 AIG Emerging Europe Infrastructure Fund LP 22.70%
07 AIG Emerging Europe Infrastructure Management LP 18.05%GP
05 Edison Capital (Netherlands) Holdings Company B.V.
Address: Herengracht 548, 1017 CG Amsterdam, Netherlands
06 Edison Capital (Netherlands) Investments B.V.
Address: Herengracht 548, 1017 CG Amsterdam, Netherlands
05 MISSION FUNDING ALPHA
06 MISSION FUNDING MU
07 EPZ Mission Funding Mu Trust (equity interest in foreign utility company) [See 4.EC03]
Address: c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Square,
Wilmington, Delaware 19890-0004
05 MISSION FUNDING DELTA
05 MISSION FUNDING NU
06 EPZ Mission Funding Nu Trust (equity interest in foreign utility company) [See 4.EC04]
Address: c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Square,
Wilmington, Delaware 19890-0004
05 Mission Investments, Inc. (U.S. Virgin Islands corp.)
Address: ABN Trustcompany, Guardian Building, Havensight, 2nd Floor, St. Thomas, U.S. Virgin
Islands
05 Mission (Bermuda) Investments, Ltd. (Bermuda corp.)
Address: Clarendon House, 2 Church Street, Hamilton HM CX, Bermuda
04 MISSION FUNDING GAMMA
04 MISSION FUNDING KAPPA
17
04 MISSION FUNDING ZETA
05 Huntington LP (New York partnership) 50%
05 Lakota Ridge LLC 75% [See 4.EC05]
Address: c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
05 Mission Minnesota Wind, LLC
Address: c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
06 Bisson Windfarm, LLC 95%LP [See 4.EC09]
07 DanMar Transmission LLC 19.9%LP
06 Boeve Windfarm, LLC 99%LP [See 4.EC10]
06 CG Windfarm, LLC 99%LP [See 4.EC11]
07 DanMar Transmission LLC 19.9%LP
06 Fey Windfarm, LLC 99%LP [See 4.EC12]
06 K-Brink Windfarm, LLC 99%LP [See 4.EC13]
06 TG Windfarm, LLC 99%LP [See 4.EC14]
07 DanMar Transmission LLC 19.9%LP
06 Tofteland Windfarm, LLC 91%LP [See 4.EC15]
07 DanMar Transmission LLC 19.9%LP
06 Westridge Windfarm, LLC 92%LP [See 4.EC16]
07 DanMar Transmission LLC 19.9%LP
06 Windcurrent Farms, LLC 99%LP [See 4.EC17]
06 DanMar Transmission LLC 0.5%LP
06 Carstensen Wind LLC 99%LP [See 4.EC18]
07 West Pipestone Transmission LLC 19.9%LP
06 Greenback Energy LLC 99%LP [See 4.EC19]
07 West Pipestone Transmission LLC 19.9%LP
06 Lucky Wind LLC 99%LP [See 4.EC20]
07 West Pipestone Transmission LLC 19.9%LP
06 Northern Lights Wind LLC 99%LP [See 4.EC21]
07 West Pipestone Transmission LLC 19.9%LP
06 Stahl Wind Energy LLC 99%LP [See 4.EC22]
07 West Pipestone Transmission LLC 19.9%LP
06 West Pipestone Transmission LLC 0.5%LP
05 Shaokatan Hills LLC 75% [See 4.EC06]
Address: c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
05 Woodstock Hills LLC 75% [See 4.EC07]
Address: c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
04 MISSION IOWA WIND COMPANY
05 Storm Lake Power Partners I LLC (99%) [See 4.EC08]
02 MISSION LAND COMPANY is a California corporation having its principal place of business at 18101 Von
Karman Avenue, Suite 1700, Irvine, California 92612-1046. It is engaged, directly and through its
subsidiaries, in the business of owning, managing and selling industrial parks and other real property
investments. The subsidiaries and partnerships of Mission Land Company are listed below. Unless
otherwise indicated, all entities are corporations, are organized under the laws of the State of
California, and have the same principal place of business as Mission Land Company.
03 ASSOCIATED SOUTHERN INVESTMENT COMPANY
03 CALABASAS PALATINO, INC. (inactive)
03 Centrelake Partners, LP (limited partnership) 98%LP (inactive)
03 IRWINDALE LAND COMPANY (inactive)
03 MISSION AIRPORT PARK DEVELOPMENT CO. (inactive)
04 Centrelake Partners, LP (limited partnership) 2%GP (inactive)
04 Mission Vacaville LP (limited partnership) 1%GP (inactive)
03 MISSION INDUSTRIAL CONSTRUCTORS, INC. (inactive)
03 Mission-Oceangate 75%GP (inactive)
03 MISSION/ONTARIO, INC. (inactive)
03 MISSION SOUTH BAY COMPANY (inactive)
04 Mission-Oceangate 25%GP (inactive)
03 MISSION TEXAS PROPERTY HOLDINGS, INC. (inactive)
03 Mission Vacaville LP (limited partnership) 99%LP (inactive)
18
02 MISSION POWER ENGINEERING COMPANY is an inactive California corporation having its principal place of
business at 2244 Walnut Grove Avenue, Rosemead, California 91770. The subsidiary of Mission Power
Engineering Company is listed below.
03 ASSOCIATED SOUTHERN ENGINEERING COMPANY (inactive California corporation)
02 MISSION ENERGY HOLDING COMPANY is a Delaware corporation having its principal place of business at 2600
Michelson Drive, Suite 1700, Irvine, California 92612. Mission Energy Holding Company owns the stock
of Edison Mission Energy and also acts as a financing vehicle.
03 EDISON MISSION ENERGY is a Delaware corporation having its principal place of business at 18101 Von Karman
Avenue, Suite 1700, Irvine, California 92612-1046. Edison Mission Energy owns the stock of a group of
corporations which, primarily through partnerships with non-affiliated entities, are engaged in the
business of developing, owning, leasing and/or operating cogeneration and other energy or energy-related
projects pursuant to the Public Utility Regulatory Policies Act of 1978. Edison Mission Energy, through
wholly owned subsidiaries, also has ownership interests in a number of independent power projects in
operation or under development that either have been reviewed by the Commission's staff for compliance
with the Act or are or will be exempt wholesale generators or foreign utility companies under the Energy
Policy Act of 1992. In addition, some Edison Mission Energy subsidiaries have made fuel-related
investments and a limited number of non-energy related investments. The subsidiaries and partnerships of
Edison Mission Energy are listed below. Unless otherwise indicated, all entities are corporations, are
organized under the laws of the State of California and have the same principal place of business as
Edison Mission Energy.
EDISON MISSION ENERGY DOMESTIC COMPANIES:
04 AGUILA ENERGY COMPANY (LP)
05 American Bituminous Power Partners, LP (Delaware limited partnership) 49.5%; 50% with Pleasant Valley
Address: Grant Town Power Plant, Highway 17, Grant Town, WV 26574
06 American Kiln Partners, LP (Delaware limited partnership) (inactive) 49.5% of 53%
04 ANACAPA ENERGY COMPANY (GP)
05 Salinas River Cogeneration Company (California general partnership) 50%
Address: Star Route 42, Sargents Road, San Ardo, CA 93450
04 ARROWHEAD ENERGY COMPANY (inactive)
05 Crown Energy, L.P. (New Jersey limited partnership) (inactive) 50%LP; 100% w/ Thorofare, Mission/Eagle
06 Crown Vista Urban Renewal Corporation (inactive) 50%
04 BALBOA ENERGY COMPANY (GP) (inactive)
05 Smithtown Cogeneration, L.P. (Delaware limited partnership) (inactive) 50%; 100% w/ Kingspark
04 BLUE RIDGE ENERGY COMPANY (GP) (inactive)
05 Bretton Woods Cogeneration, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Bretton Woods
04 BRETTON WOODS ENERGY COMPANY (GP and LP) (inactive)
05 Bretton Woods Cogeneration, LP (Delaware LP) (inactive) 50%; 100% w/ Blue Ridge
04 CAMINO ENERGY COMPANY (GP)
05 Watson Cogeneration Company (California general partnership) 49%
Address: 22850 South Wilmington Avenue, Carson, CA 90749
04 CENTERPORT ENERGY COMPANY (GP and LP) (inactive)
05 Riverhead Cogeneration I, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Ridgecrest
04 CHESAPEAKE BAY ENERGY COMPANY (GP) (inactive)
05 Delaware Clean Energy Project (Delaware general partnership) (inactive)50%
04 CHESTER ENERGY COMPANY
04 CLAYVILLE ENERGY COMPANY (inactive)
05 Oconee Energy, LP (Delaware limited partnership) (inactive) 50%; 100% w/Coronado
04 COLONIAL ENERGY COMPANY [Dissolved 06/08/2004]
04 CORONADO ENERGY COMPANY (inactive)
05 Oconee Energy, LP (Delaware limited partnership) (inactive) 50%; 100% with Clayville
04 CRESCENT VALLEY ENERGY COMPANY [Dissolved 10/26/2004]
04 DEL MAR ENERGY COMPANY (GP)
05 Mid-Set Cogeneration Company (California general partnership) 50%
Address: 13705 Shalae Road, Fellows, CA 93224
04 DELAWARE ENERGY CONSERVERS, INC. (Delaware corporation)[Dissolved 06/08/2004]
19
04 DESERT SUNRISE ENERGY COMPANY (Nevada corporation) (inactive)
04 DEVEREAUX ENERGY COMPANY (LP) [Dissolved 06/08/2004]
04 EAST MAINE ENERGY COMPANY [Dissolved 06/08/2004]
04 EDISON ALABAMA GENERATING COMPANY [Dissolved 10/26/2004]
04 EDISON MISSION DEVELOPMENT, INC. (Delaware corporation) 100%
04 EDISON MISSION ENERGY FUEL
05 EDISON MISSION ENERGY OIL & GAS [SOLD 01/07/2004]
06 Four Star Oil & Gas Company (Delaware corporation) 35.84% [SOLD 01/07/2004]
Address: 200 Westchester Avenue, White Plains, NY 10650
05 EDISON MISSION ENERGY PETROLEUM
05 POCONO FUELS COMPANY (inactive)
05 SOUTHERN SIERRA GAS COMPANY (inactive)
04 Edison Mission Energy Asia Pacific Pte. Ltd. (Singapore company) 100%
Address: Address: 1 Robinson Road, #19-01 AIA Tower,Singapore 048542
04 EDISON MISSION ENERGY FUNDING CORP. (Delaware corporation) 1%
04 Edison Mission Energy Interface Ltd. (Canadian corporation)
Address: 2 Sheppard Ave. E. #200, North York, Ontario, Canada
05 The Mission Interface Partnership (Province of Ontario general partnership) 50%
04 EDISON MISSION ENERGY SERVICES, INC. [formerly Edison Mission
Energy Fuel Services, Inc.] [PowerGen project]
04 EDISON MISSION FUEL RESOURCES, INC. (Delaware corporation) [Com Ed Project
04 EDISON MISSION FUEL TRANSPORTATION, INC. (Delaware corporation) [Com Ed Project]
04 EDISON MISSION MARKETING & TRADING, INC.
05 Midwest Generation Energy Services, LLC (Delaware LLC) (formerly CP Power Sales Eighteen, L.L.C.) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3500, Chicago, Illinois 60605
04 EDISON MISSION HOLDINGS CO. (formerly EME Homer City Holdings Co.)
05 CHESTNUT RIDGE ENERGY COMPANY 100%
06 EME HOMER CITY GENERATION, L.P. (Pennsylvania limited partnership) 99%LP [See 4.EME01]
Address: 1750 Power Plant Road, Homer City, PA 15748-8009
05 EDISON MISSION FINANCE CO. 100%
05 HOMER CITY PROPERTY HOLDINGS, INC. 100%
05 MISSION ENERGY WESTSIDE, INC. 100%
06 EME HOMER CITY GENERATION, L.P. (Pennsylvania limited partnership) 1%GP [See 4.EME01]
Address: 1750 Power Plant Road, Homer City, PA 15748-8009
04 EDISON MISSION OPERATION & MAINTENANCE, INC.
04 EDISON MISSION PROJECT CO. (formerly EME UK International, Inc.) (Delaware corporation) (inactive) 100%
[held 100% of the issued and outstanding Class D shares of MEC International B.V. (0.01%)--see
INTERNATIONAL section - SOLD MECI BV shares 12/16/2004]
04 EL DORADO ENERGY COMPANY (GP) [Dissolved 06/08/2004]
04 EME CP HOLDINGS CO. (Delaware corporation)
05 CP Power Sales Seventeen, L.L.C. (Delaware limited liability company)
05 CP Power Sales Nineteen, L.L.C. (Delaware limited liability company) (inactive)
05 CP Power Sales Twenty, L.L.C. (Delaware limited liability company) (inactive)
04 EME EASTERN HOLDINGS CO. (Delaware corporation)
05 Athens Funding, L.L.C. (Delaware limited liability company)
05 Citizens Power Holdings One, LLC (Delaware limited liability company)
06 CL Power Sales One, L.L.C. (Delaware LLC) 25%
06 CL Power Sales Two, L.L.C. (Delaware LLC) 25%
06 CL Power Sales Seven, L.L.C. (Delaware LLC) 25%
06 CL Power Sales Eight, L.L.C. (Delaware LLC) 25%
06 CL Power Sales Nine, L.L.C. (Delaware LLC) 25%
06 CL Power Sales Ten, L.L.C. (Delaware LLC) 25%
05 CP Power Sales Twelve, L.L.C. (Delaware limited liability company)
04 EMOM SERVICES, INC. (Delaware corporation)
04 EMP, INC. (Oregon corporation) (GP and LP) (inactive)
05 GEO East Mesa Limited Partnership 50% [cancelled effective 04/30/2003]
04 FOUR COUNTIES GAS COMPANY [Dissolved 06/08/2004]
04 GLOBAL POWER INVESTORS, INC. (Delaware corporation)
04 Hancock Generation LLC (Delaware limited liability company) (inactive)
20
04 HOLTSVILLE ENERGY COMPANY (GP and LP) (inactive)
05 Brookhaven Cogeneration, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Madera
04 INDIAN BAY ENERGY COMPANY (GP and LP) (inactive)
05 Riverhead Cogeneration III, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Santa
Ana
04 JEFFERSON ENERGY COMPANY (GP and LP) [Dissolved 10/26/2004]
04 KINGS CANYON ENERGY COMPANY [Dissolved 06/08/2004]
04 KINGSPARK ENERGY COMPANY (GP and LP) (inactive)
05 Smithtown Cogeneration, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Balboa
04 LAGUNA ENERGY COMPANY (inactive)
04 LA JOLLA ENERGY COMPANY [Dissolved 06/08/2004]
04 LAKEVIEW ENERGY COMPANY (inactive)
05 Georgia Peaker, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Silver Springs
04 LEHIGH RIVER ENERGY COMPANY (inactive)
04 LONGVIEW COGENERATION COMPANY [Dissolved 10/26/2004]
04 MADERA ENERGY COMPANY (GP) (inactive)
05 Brookhaven Cogeneration, LP (Delaware partnership) (inactive) 50%; 100% w/ Holtsville
04 MADISON ENERGY COMPANY (LP) (inactive)
04 MIDWEST GENERATION EME, LLC (Delaware LLC) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3500, Chicago, Illinois 60605
05 COLLINS HOLDINGS EME, LLC (Delaware limited liability company) (inactive)
Address: One Financial Place, 400 South LaSalle Street, Suite 3500, Chicago, Illinois 60605
05 EDISON MISSION MIDWEST HOLDINGS CO. (Delaware corporation) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3500, Chicago, Illinois 60605
06 EDISON MISSION ENERGY FUEL SERVICES, LLC (Delaware limited liability company)
Address: One Financial Place, 440 South LaSalle Street, Suite 3500, Chicago, Illinois 60605
06 EDISON MISSION OVERSEAS CO. (Delaware corporation) (Com Ed project) 100%
[merged into Edison Mission Midwest Holdings Co. 04/27/2004]
Address: One Financial Place, 400 South LaSalle Street, Suite 3500, Chicago, Illinois 60605
06 Edison Mission Overseas Ltd. (UK company) (Com Ed project) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3500, Chicago, Illinois 60605
06 MIDWEST GENERATION, LLC (Delaware LLC) (Com Ed project) 100% [See 4.EME02]
Address: One Financial Place, 400 South LaSalle Street, Suite 3400, Chicago, Illinois 60605
Crawford Station, 3501 South Pulaski Road, Chicago, IL 60608
Collins Station, 4200 East Pine Bluff Road, Morris, IL 60623 [decommissioned 12/31/2004]
Fisk Station, 1111 West Cermak Road, Chicago, IL 60608
Joliet Station, 1800 Channahon Road, Joliet, IL 60436
Powerton Station, 13082 East Manito Road, Pekin, IL 61554
Waukegon Station, 10 Greenwood Avenue, Waukegan, IL 60087
Will County Station, 529 East Romeo Road, Romeoville, IL 60441
07 MIDWEST FINANCE CORP. (Delaware corporation) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3500, Chicago, Illinois 60605
04 MIDWEST PEAKER HOLDINGS, INC. (Delaware corporation) 100%
04 Mission Capital, LP (Delaware limited partnership) 3%; MIPS partnership
04 MISSION DEL CIELO, INC. (Delaware corporation) 100%
05 Mission del Sol, LLC (Delaware limited liability company) 100%
06 Sunrise Power Company, LLC (Delaware LLC) 50% [EWG] [See 4.EME03]
Address: 12857 Sunrise Power Road, Fellows, CA 93224
07 Mission De Las Estrellas LLC (Delaware corporation) 100%
04 MISSION/EAGLE ENERGY COMPANY (inactive)
05 Crown Energy, L.P. (New Jersey limited partnership) (inactive) 2%GP; 100% w/ Arrowhead, Thorofare
06 Crown Vista Urban Renewal Corporation (inactive) 50%
04 MISSION ENERGY CONSTRUCTION SERVICES, INC.
04 MISSION ENERGY GENERATION, INC. (inactive)
04 MISSION ENERGY HOLDINGS, INC.
05 Mission Capital, LP (Delaware LP) 97%; MIPS partnership
04 MISSION ENERGY HOLDINGS INTERNATIONAL, INC. (Delaware corporation) [held 100% of the issued and
outstanding Class A shares of MEC International B.V. (99.97%)--see INTERNATIONAL section--SOLD MECI BV
share 12/16/2004]
05 Beheer-en Beleggingsmaatschappij Pego B.V. 100% (Netherlands company)
Address: Fred. Roeskestraat 123 1, 1076 EE Amsterdam, The Netherlands
21
05 Beheer-en Beleggingsmaatschappij Plogema B.V. 100% (Netherlands company)
Address: De Lairessestraat 111-115, 1075 HH Amsterdam, The Netherlands
06 Beheer-en Beleggingsmaatschappij Kameka B.V. (Netherlands company)
Address: De Lairessestraat 111-115, 1075 HH Amsterdam, The Netherlands
07 Edison Mission Millennium B.V. (Netherlands company) 100% [SOLD 01/10/2005]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
08 EME Caliraya B.V. (formerly Beheer-en Beleggingsmaatschappij Trepo B.V.) (Netherlands
company) 100% [SOLD 01/10/2005]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
09 CBK Power Company Ltd. (Philippine limited partnership) (EQUITY) 49% [SOLD 01/10/2005]
Address: 1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig
City, Philippines [See 4.EME07]
08 EME Kalayaan B.V. (formerly Beheer-en Beleggingsmaatschappij Hagra B.V.) (Netherlands
company) 100% [SOLD 01/10/2005]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
09 CBK Power Company Ltd. (Philippine LP) (EQUITY) 1% [SOLD 01/10/2005]
Address: 1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig
City, Philippines [See 4.EME07]
07 Edison Mission Operation & Maintenance Services B.V. (Netherlands company) 100% [SOLD 01/10/2005]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
08 Edison Mission Operation & Maintenance (Thailand) Company Limited (Thai company) 99.98%
Address: 7th Fl. Bubhajit Bldg., 20 North Sathorn Road, Kwaeng Silom, Khet Bangrak, Bangkok,
Thailand
08 EME Philippines Services Corporation [formerly EME Philippines OandM Corporation]
(Philippines company) 100% [SOLD 01/10/2005]
Address: Unit 1105, Tower One, Ayala Triangle, Ayala Avenue, Makati City, Philippines
08 Kalayaan Power Management Corporation (Philippines corporation) 50% [EWG] [See 4.EME08] [SOLD
01/10/2005]
Address: 1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig City,
Philippines
06 EME Tri Gen B.V. 100% (Netherlands company)
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Tri Energy Company Limited (Thai limited liability company) (Tri Energy Project) (EQUITY) 25%
[See 4.EME11] [SOLD 02/03/2005]
Address: Grand, Amarin Tower, 16th Floor, New Petchburi Road, Ratchathewi, Bangkok 10320
Thailand
06 MEC Esenyurt B.V. (Netherlands company) (Doga Project) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Doga Enerji Uretim Sanayi ve Ticaret L.S. (Turkish corporation) (Project company) 80% [See
4.EME15]
Address: Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
07 Doga Isi Satis Hizmetleri ve Ticaret L.S. (Turkish corporation) (Heat company) 80%
Address: Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
07 Doga Isletme ve Bakim Ticaret L.S. (Turkish corporation) (OandM company) 80%
Address: Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
05 Caresale Services Limited (UK company) 49%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
05 Edison First Power Holdings II (UK company) 100% [PowerGen project]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 Edison First Power Holdings I (UK company) 100% [PowerGen project]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Caresale Services Limited (UK company) 51%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Energy Generation Finance UK Plc (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
05 EME Finance UK Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
05 EME Investments, LLC (Delaware LLC) 100% (inactive)
22
05 EME Investments II, LLC (Delaware LLC) 100% (inactive)
05 EME SOUTHWEST POWER CORPORATION (Delaware corporation) (inactive) 100% [held 100% of the issued and
outstanding Class C shares of MEC International B.V. (0.01%)--see INTERNATIONAL section - SOLD MECI BV
shares 12/16/2004]
05 EME UK International LLC (Delaware LLC) (inactive) 100% [held 100% of the issued and outstanding Class
B stock of MEC International B.V. (0.01%)--see INTERNATIONAL section SOLD MECI BV shares 12/16/2004]
05 First Hydro Renewables Limited (formerly Celtic Offshore Wind Ltd.) (UK company) (inactive) 100%
Address: Dinorwig Power Station, Llamberis, Gwynedd, LL55 4TY, Wales
06 First Hydro Renewables Number 2 Limited (UK company) (inactive) 100%
Address: Dinorwig Power Station, Llamberis, Gwynedd, LL55 4TY, Wales
05 Lakeland Power Limited (UK company) (inactive) 100% [See 4.EME19]
Address: Roosecote Power Station, Barrow-In-Furness, Cumbria, England LA13 OPQ
05 Maplekey Holdings Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 EME Atlantic Holdings Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 EME Ascot Limited (UK company) 100% [Contact Energy Project, 2nd Stage]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 EME Buckingham Limited (UK company) 100% [Contact Energy Project, 2nd Stage]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 Maplekey UK Finance Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Maplekey UK Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Edison First Power Limited (UK company) (inactive) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
05 MEC San Pascual B.V. (Netherlands company) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 San Pascual Cogeneration Company International B.V. 50%
Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
07 San Pascual Cogeneration Company (Philippines) Ltd (San Pascual Project) (EQUITY) 1%GP and 74%LP
Address: Unit 1610/1611, Tower One, Ayala Triangle, Ayala Ave, 1200 Makati City, Metro Manila,
Philippines
08 Morningstar Holdings B.V. (formerly Beheer-en Beleggingsmaatschappij Vestra B.V.) (Netherlands
company) (inactive) 50%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
05 Pego Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
05 Pride Hold Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 Lakeland Power Development Company Limited (UK company) (inactive) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
05 Redbill Contracts Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
04 MISSION ENERGY INDONESIA [Dissolved 06/08/2004]
04 MISSION ENERGY MEXICO [Dissolved 06/08/2004]
04 MISSION ENERGY NEW YORK, INC. (GP and LP) [SOLD 03/31/2004]
05 Brooklyn Navy Yard Cogeneration Partners, LP (Delaware limited partnership) 50% [See 4.EME04] [SOLD
03/31/2004]
Address: Flushing Avenue, Cumberland Street, Building 41, Brooklyn, NY 11205
04 Mission Energy Singapore Pte. Ltd. (Singapore company)
Address: 1 Robinson Road, #17-00 AIA Tower, Singapore 048542
04 MISSION ENERGY WALES COMPANY (inactive)
05 Mission Hydro Limited Partnership (UK limited partnership) 30% [Liquidated 12/12/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 EME Generation Holdings Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 EME Victoria Generation Limited (UK company) 80.5% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
23
08 Energy Capital Partnership (Australian partnership) 98% [SOLD 12/16/2004]
09 Enerloy Pty Ltd. (Australian company) 100% [SOLD 12/16/2004]
08 Mission Energy Development Australia Pty Ltd. (Australian company) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Gippsland Power Pty Ltd 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
10 Loy Yang B Joint Venture 49% [See 4.EME05] [SOLD 12/16/2004]
Address: Bartons Lane, Loy Yang, Victoria, Australia 3844
07 Energy Capital Partnership (Australia partnership) 1%LP [SOLD 12/16/2004]
08 Enerloy Pty Ltd. (Australia company) 100% [SOLD 12/16/2004]
07 FHH (Guernsey) Limited (Guernsey company) 100% [SOLD 12/16/2004]
Address: 1 Le Marchant Street, St. Peter Port, Guernsey, Channel Islands GY1 4HP
08 FHH No. 1 Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1J 6ER England
09 Edison Mission Marketing and Services Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 Edison Mission Operation & Maintenance Limited (a United Kingdom
corporation) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 First Hydro Holdings Company (Australia partnership) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
10 First Hydro Company 100% [See 4.EME06] [SOLD 12/16/2004]
Address: Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales
CH5 3XJ
11 First Hydro Finance plc 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Loyvic Pty. Ltd. (Australian company) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
08 Energy Capital Partnership (Australia partnership) 1% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Enerloy Pty Ltd. (Australian company) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
07 VGL (Guernsey) Limited (Guernsey company) 100% [SOLD 12/16/2004]
Address: 1 Le Marchant Street, St. Peter Port, Guernsey, Channel Islands GY1 4HP
08 EME Victoria Generation Limited (UK company) 19.5% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 Energy Capital Partnership (Australian partnership) 98% [SOLD 12/16/2004]
10 Enerloy Pty Ltd. (Australian company) 100% [SOLD 12/16/2004]
09 Mission Energy Development Australia Pty Ltd. (Australian company) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
10 Gippsland Power Pty Ltd 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
11 Loy Yang B Joint Venture 49% [See 4.EME05] [SOLD 12/16/2004]
Address: Bartons Lane, Loy Yang, Victoria, Australia 3844
04 MISSION TRIPLE CYCLE SYSTEMS COMPANY (GP) (inactive)
05 Triple Cycle Partnership (Texas general partnership) (inactive) 50%
04 NORTH JACKSON ENERGY COMPANY [Dissolved 10/26/2004]
04 NORTHERN SIERRA ENERGY COMPANY (GP) (inactive)
05 Sobel Cogeneration Company (California general partnership) (inactive) 50%
04 ORTEGA ENERGY COMPANY (inactive)
04 PANTHER TIMBER COMPANY (GP) (inactive)
05 American Kiln Partners, LP (Delaware limited partnership) (inactive)2%
24
04 PARADISE ENERGY COMPANY (inactive)
05 Vista Energy, L.P. (New Jersey limited partnership) (inactive) 50%; 100% w/ Vista Energy
Company
06 Crown Vista Urban Renewal Corporation (inactive) 50%
04 PLEASANT VALLEY ENERGY COMPANY (GP)
05 American Bituminous Power Partners, LP (Delaware limited partnership) 0.5%; 50% w/ Aguila
Address: Grant Town Power Plant, Highway 17, Grant Town, WV 26574
06 American Kiln Partners, LP (Delaware limited partnership) (inactive) 0.5% of 53%
04 QUARTZ PEAK ENERGY COMPANY (LP) [Dissolved 10/26/2004]
04 RAPID ENERGY LIMITED (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
05 Edison Mission Services Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
04 RAPIDAN ENERGY COMPANY (GP) (inactive)
04 REEVES BAY ENERGY COMPANY (GP and LP) (inactive)
05 North Shore Energy LP (Delaware limited partnership) (inactive) 50%; 100% w/ Santa Clara
06 Northville Energy Corporation (New York corporation) (inactive) 100%
04 RIDGECREST ENERGY COMPANY (GP) (inactive)
05 Riverhead Cogeneration I, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Centerport
04 RIO ESCONDIDO ENERGY COMPANY (inactive)
04 RIVERPORT ENERGY COMPANY (GP and LP) (inactive)
05 Riverhead Cogeneration II, LP (Delaware limited partnership) (inactive) 50%; 100% w/ San Pedro
04 SAN GABRIEL ENERGY COMPANY (inactive)
04 SAN JOAQUIN ENERGY COMPANY (GP)
05 Midway-Sunset Cogeneration Company, LP (California general partnership) 50%
Address: 3466 West Crocker Springs Road, Fellows, CA 93224
04 SAN JUAN ENERGY COMPANY (GP)
05 March Point Cogeneration Company (California general partnership) 50% [TM Star Fuel Company (50% owned
by Southern Sierra Gas Company) merged into March Point on 01/16/2004.]
Address: 655 South Texas Road, Anacortes, WA 98221
04 SAN PEDRO ENERGY COMPANY (GP) (inactive)
05 Riverhead Cogeneration II, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Riverport
04 SANTA ANA ENERGY COMPANY (GP) (inactive)
05 Riverhead Cogeneration III, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Indian
Bay
04 SANTA CLARA ENERGY COMPANY (GP) (inactive)
05 North Shore Energy, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Reeves Bay
06 Northville Energy Corporation (New York corporation) (inactive) 100%
04 SILVERADO ENERGY COMPANY (GP)
05 Coalinga Cogeneration Company (California general partnership) 50%
Address: 32812 West Gate Road, Bakersfield, CA 93210
04 SILVER SPRINGS ENERGY COMPANY (inactive)
05 Georgia Peaker, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Lakeview
04 SONOMA GEOTHERMAL COMPANY [Dissolved 06/09/2004]
04 SOUTH COAST ENERGY COMPANY (GP) [Dissolved 06/09/2004]
04 SOUTHERN SIERRA ENERGY COMPANY (GP)
05 Kern River Cogeneration Company (general partnership) 50%
Address: SW China Grade Loop, Bakersfield, CA 93308
04 THOROFARE ENERGY COMPANY (inactive)
05 Crown Energy, L.P. (New Jersey limited partnership) (inactive) 48%LP; 100% w/ Arrowhead, Mission/Eagle
06 Crown Vista Urban Renewal Corporation (inactive) 50%
04 VIEJO ENERGY COMPANY (GP)
05 Sargent Canyon Cogeneration Company (California general partnership) 50%
Address: Star Route 42, Sargents Road, San Ardo, CA 93450
04 VISTA ENERGY COMPANY (New Jersey corporation) (inactive)
05 Vista Energy, L.P. (New Jersey limited partnership) (inactive) 50%; 100% w/ Paradise Energy Company
06 Crown Vista Urban Renewal Corporation (inactive) 50%
04 WESTERN SIERRA ENERGY COMPANY (GP)
05 Sycamore Cogeneration Company (California general partnership) 50%
Address: SW China Grade Loop, Bakersfield, CA 93308
25
EDISON MISSION ENERGY INTERNATIONAL COMPANIES [all foreign corporation names bold]:
05 MEC International B.V. (Netherlands company) (Holding Company 99.97% owned by Mission Energy Holdings
International, Inc., a California corp. (owns 100% of Class A Shares), 0.01% by EME UK International
LLC, a Delaware LLC (owns 100% of Class B shares), 0.01% by EME Southwest Power Corporation (owns 100%
of Class C shares) and 0.01% by Edison Mission Project Co. (owns 100% of Class D shares). [SOLD
12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 Beheer-en Beleggingsmaatschappij Jydeno B.V. 100% (Netherlands company) [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Vindoor Investments (Mauritius) Limited (Mauritius company) 10% [SOLD 12/16/2004]
Address: BAI Building, 5th Floor, Pope Hennessey Street, Port Luis, Mauritius
08 Coaltrade Services International Pte. Ltd. (Singapore company) 100% [SOLD 12/16/2004]
Address: 10 Anson Road, #18-12, International Plaza, Singapore 079903
06 EcoElectrica S.a.r.l. (Luxemburg company) [SOLD 12/16/2004]
Address: 12-16, Avenue Monterey, L-2163 Luxembourg
07 EME del Caribe Holding GmbH (Austrian company) [SOLD 12/16/2004]
Address: 4020 Linz, Landstrasse 12, Austria
08 EME del Caribe (Cayman Islands company) [SOLD 12/16/2004]
Address: First Floor, Caledonian House, Mary St, George Town, Grand Cayman, Cayman Islands
09 EcoElectrica Holdings, Ltd. (Cayman Islands company) 50% [SOLD 12/16/2004]
Address: 1350 GT, The Huntlaw Building, Fort Street, Grand Cayman, Cayman Islands
10 EcoElectrica Ltd. (Cayman Islands company) 100% [SOLD 12/16/2004]
Address: 1350 GT, The Huntlaw Building, Fort Street, Grand Cayman, Cayman Islands
11 EcoElectrica LP (Bermuda exempted limited partnership) (EQUITY) 1% GP [See 4.EME20]
[SOLD 12/16/2004]
Address: Plaza Scotiabank, 273 Ponce de Leon Avenue, Suite 902, Hato Rey, Puerto
Rico 00918
10 EcoElectrica LP (Bermuda exempted limited partnership) (EQUITY) 99% LP [See 4.EME20]
[SOLD 12/16/2004]
Address: Plaza Scotiabank, Suite 902, Avenida Ponce de Leon 273, Hato Rey, Puerto
Rico 00918
06 Edison Mission Advantage B.V. (Netherlands company) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Edison Mission LYB PEDS Pty Ltd (formerly Edison Mission De Laide Pty Ltd. (Australian company)
100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 Edison Mission Ausone Pty. Ltd. (Australian company) (inactive) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 Edison Mission Energy International B.V. (formerly MEC Mission B.V.) (Netherlands company) 100%
[SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 Edison Mission Energy Services B.V. (Netherlands company) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 EME Australia Capital Pty. Ltd. (formerly EME Australia Finance Pty. Ltd.) 100% [SOLD 12/16/2004]
Address: Level 20, HWT Tower, 40 City Road, Southbank,Victoria, 3006 Australia
06 Edison Mission Retail Pty. Ltd. (Australian company) (inactive) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 Edison Mission Utilities Pty. Ltd. (Australian company) (inactive) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
26
06 Edison Mission Wind Power Italy B.V. (formerly IVPC Energy 5 B.V.) (Netherlands company) 100% [SOLD
12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Italian Vento Power Corporation 4 S.r.l. (Italian company) 50% [See 4.EME09] [SOLD 12/16/2004]
Address: Via Circumvallazione, 54/h, 83100 Avellino, Italy
06 Edison Mission Vendesi Pty Ltd. (Australian company) (inactive) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia [SOLD 12/16/2004]
09 EME Precision B.V. (Netherlands company) (formerly Beheer-en-Beleggingsmaatschappij Pylamo
B.V.) 100% [Contact Energy Project, 2nd Stage] [SOLD 09/30/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
10 Mission Energy Universal Holdings [formerly EME Universal Holdings] (New Zealand
company) 100% [Contact Energy Project, 2nd Stage] [SOLD 09/30/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
11 Contact Energy Limited (New Zealand company) 0.624% [See 4.EME10] [SOLD 09/30/2004]
Address: Level 1, Harbor City Tower, 29 Brandon Street, Box 10-742, Wellington,
New Zealand
11 Mission Contact Finance Limited (New Zealand company) 100% [SOLD 09/30/2004]
Address: Bell Gully, IBM Centre, 171 Featherston Street, Wellington, New Zealand
11 Mission Energy Five Star (New Zealand company) 100% [SOLD 09/30/2004]
Address: IBM Centre, 171 Featherston Street, Wellington, New
Zealand
11 Mission Energy Pacific Holdings [formerly EME Pacific Holdings] (New Zealand
company) 100% [Contact Energy Project, 2nd Stage] [SOLD 09/30/2004]
Address: IBM Centre, 171 Featherston Street, Wellington, New Zealand
12 Contact Energy Limited (New Zealand company) 50.598%
[See 4.EME11] [SOLD 09/30/2004]
06 EME Victoria B.V. 100% (Netherlands company) (inactive) [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 Global Generation B.V. 100% (Netherlands company) [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 Hydro Energy B.V. (Netherlands company) 10% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Iberica de Energias, S.L. (Spain company) 95.77% [See 4.EME12] [SOLD 12/16/2004]
Address: Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
08 Electrometalurgica del Ebro, S.L. ("EMESA") (Spain company) 91.32% [See 4.EME13] [SOLD
12/16/2004]
Address: Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
06 Iberian Hy-Power Amsterdam B.V. (Netherlands company) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Edison Mission Energy Desarrollos Espana, S.L. (Spain company) 100% [SOLD 12/16/2004]
Address: Paseo de Gracia 18, 4o. Piso, 08007, Barcelona, Spain
07 Hydro Energy B.V. (Netherlands company) 90% [SOLD 12/16/2004]
08 Iberica de Energias, S.L. (Spain company) 95.77% [See 4.EME12] [SOLD 12/16/2004]
09 Electrometalurgica del Ebro, S.L. ("EMESA") (Spain corporation) 91.32% [See 4.EME13] [SOLD
12/16/2004]
07 Iberica de Energias, S.L. (Spain company) 4.23% [See 4.EME12] [SOLD 12/16/2004]
08 Electrometalurgica del Ebro, S.L. ("EMESA") (Spain corporation) 91.32% [See 4.EME13] [SOLD
12/16/2004]
06 Latrobe Power Pty. Ltd. (Australian company) 99% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
27
07 Mission Victoria Partnership (Australian partnership) 52.31% (100% w/ Traralgon PPL 46.69% and
MEVALP 1%) [SOLD 12/16/2004]
08 Latrobe Power Partnership (Australian partnership) 99% [SOLD 12/16/2004]
09 Loy Yang B Joint Venture 51% [See 4.EME05] [SOLD 12/16/2004]
Address: Bartons Lane, Loy Yang, Victoria, Australia 3844
06 Latrobe Valley B.V. [formerly Beheer-en Beleggingsmaatschappij Botara B.V.] (Netherlands company)
(LYB Peakers Project) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Valley Power Pty Ltd. (Australian company) (LYB Peakers Project) [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 Loy Yang Holdings Pty. Ltd. (Australian company) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
07 Edison Mission Energy Holdings Pty. Ltd. (Australian company) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
08 Edison Mission Energy Australia Limited (Australian company) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Latrobe Power Partnership (Australian partnership) 1% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
10 Loy Yang B Joint Venture 51% [See 4.EME05] [SOLD 12/16/2004]
08 Edison Mission Energy Australia Pilbara Power Pty. Ltd. (Australian company) (inactive) 100%
[SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
08 Edison Mission Operation & Maintenance Kwinana Pty. Ltd. (Australian company) 100% (Operator
of Kwinana Project) [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
08 Edison Mission Operation & Maintenance Loy Yang Pty. Ltd. (Australian company) 100% [SOLD
12/16/2004]
Address: P.O. Box 1792, Traralgon, Victoria 3844, Australia
08 Mission Energy Holdings Superannuation Fund Pty. Ltd. (Australian company) (retirement fund
required by Australia law) 100% [SOLD 12/16/2004]
08 Mission Energy (Kwinana) Pty. Ltd. (Australian company) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Kwinana Power Partnership (Australian partnership) 1% [SOLD 12/16/2004]
Address: Level 23, St. Martins Tower, 44 St George's Terrace, Perth WA 6000
10 Perth Power Partnership (Australian partnership) 70% (Kwinana Project) [See 4.EME14]
[SOLD 12/16/2004]
Address: James Court, Kwinana Beach 6167, Western Australia
07 Latrobe Power Pty. Ltd. (Australian company) 1% [SOLD 12/16/2004]
08 Mission Victoria Partnership (Australian partnership) 52.31% [SOLD 12/16/2004]
09 Latrobe Power Partnership (Australian partnership) 99% [SOLD 12/16/2004]
10 Loy Yang B Joint Venture 51% [See 4.EME05] [SOLD 12/16/2004]
07 Mission Energy Ventures Australia Pty. Ltd. (Australian company) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
08 Mission Victoria Partnership (Australian partnership) 1% [SOLD 12/16/2004]
09 Latrobe Power Partnership (Australian partnership) 99% [SOLD 12/16/2004]
10 Loy Yang B Joint Venture 51% [See 4.EME05] [SOLD 12/16/2004]
07 Traralgon Power Pty. Ltd. (Australian company) 1% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
28
08 Mission Victoria Partnership (Australian partnership) 46.69% [SOLD 12/16/2004]
09 Latrobe Power Partnership (Australian partnership) 99% [SOLD 12/16/2004]
10 Loy Yang B Joint Venture 51% [See 4.EME05] [SOLD 12/16/2004]
06 Majestic Energy Limited (UK company) [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 EME Royale (New Zealand unlimited liability company) [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Edison Mission Energy Taupo Limited (New Zealand company) (inactive) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
06 MEC IES B.V. (Netherlands company) (ISAB Project) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 ISAB Energy Services S.r.l. 49% (Italian company) (services co ISAB Project) [SOLD 12/16/2004]
Address: Ex S.S. 114km 146, 96100 Priolo G (SR), Sicily, Italy
06 MEC Indo Coal B.V. (Netherlands company) (Adaro Project) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 P. T. Adaro Indonesia (Indonesian company) (EQUITY) 8.17% [SOLD 12/16/2004]
Address: Suite 704, World Trade Centre, Jl. Jend. Sudirman Kav. 31, Jakarta 12920 Indonesia
06 MEC Indonesia B.V. (Netherlands company) 99% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Edison Mission Energy Power (Mauritius corporation) (Branch office in India) (inactive) 100%
[SOLD 12/16/2004]
Address: Louis Leconte Street, Curepipe, Mauritius
07 P. T. Paiton Energy (Indonesian company) (EQUITY) (Paiton Project) 44.7% [See 4.EME16] [SOLD
12/16/2004]
Address: Jl. Raya Surabaya Situbondo KM 141, Paiton 67291, Probolinggo, East Java, Indonesia
06 MEC International Holdings B.V. (Netherlands company) 100% [in liquidation] [Dissolved 12/15/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 MEC Indonesia B.V. (Netherlands company) 1% [SOLD 12/16/2004]
08 Edison Mission Energy Power (Mauritius corporation) (Branch office in India) 100% [SOLD
12/16/2004]
08 P. T. Paiton Energy (Indonesian company) (EQUITY) (Paiton Project) 44.7% [See 4.EME16] [SOLD
12/16/2004]
07 P.T. Edison Mission Operation and Maintenance Indonesia (Indonesian company) 1% [SOLD 12/16/2004]
Address: Jl. Raya Surabaya Situbondo Km 141, P.O. Box 78, Paiton 67291, Probolinggo, East Java,
Indonesia
06 MEC Java B.V. (formerly MEC India B.V) (Netherlands company) (Jojobera Project) 100% [SOLD
12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Island Capital S.a.r.l. (Luxembourg company) 100% [SOLD 12/16/2004]
Address: L-2636 Luxembourg, 12, rue Leon Thyes
08 Edison Mission Energy Asia Pte. Ltd. (Singapore private company limited by shares) 100%
(EME's Regional Asia Pacific Headquarters) [SOLD 12/16/2004]
Address: 1 Robinson Road, #19-01 AIA Tower,Singapore 048542
09 Edison Mission Energy Fuel Company Pte. Ltd. (Singapore company) 100% [SOLD 12/16/2004]
Address: Address: 1 Robinson Road, #19-01 AIA Tower,Singapore 048542
09 Edison Mission Operation & Maintenance Services Pte. Ltd. (Singapore company) 100% [SOLD
12/16/2004]
Address: Address: 1 Robinson Road, #19-01 AIA Tower,Singapore 048542
09 P.T. Edison Mission Operation and Maintenance Indonesia (Indonesian company) 99% [SOLD
12/16/2004]
Address: Jl. Gen. A Yani No. 54 Probolinggo, East Java, Indonesia
06 MEC Laguna Power B.V. (Netherlands company) (Malaya Project) (inactive) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
29
06 MEC Perth B.V. (Netherlands company) (Kwinana Project) 100% [SOLD 12/16/2004]
07 Kwinana Power Partnership (Australian partnership) 99% [SOLD 12/16/2004]
Address: Level 23, St. Martins Tower, 44 St George's Terrace, Perth WA 6000
08 Perth Power Partnership (Australian partnership) 70% (Kwinana Project) [See 4.EME14] [SOLD
12/16/2004]
Address: James Court, Kwinana Beach 6167, Western Australia
06 MEC Priolo B.V. (Netherlands company) (ISAB Project) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 ISAB Energy S.r.l. (Italian company) (EQUITY) 99% of 49% (quota, not shares) [See 4.EME17] [SOLD
12/16/2004]
Address: Corso Gelone No. 103, Siracusa, Sicily, Italy
06 MEC Sidi Krir B.V. (Netherlands company) (inactive) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 MEC Sumatra B.V. (Netherlands company) (inactive) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 MEC Wales B.V. (Netherlands company) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Mission Hydro Limited Partnership (UK limited partnership) 69% [Liquidated
12/12/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 EME Generation Holdings Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 EME Victoria Generation Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
10 Energy Capital Partnership (Australian partnership 98% [SOLD 12/16/2004]
11 Enerloy Pty Ltd. (Australian company) 100% [SOLD 12/16/2004]
10 Mission Energy Development Australia Pty Ltd. (Australian company) 100% [SOLD
12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
11 Gippsland Power Pty Ltd 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne,
3205 Victoria, Australia
12 Loy Yang B Joint Venture 49% [See 4.EME05] [SOLD 12/16/2004]
Address: Bartons Lane, Loy Yang, Victoria, Australia 3844
09 Energy Capital Partnership (Australian partnership) 1%LP [SOLD 12/16/2004]
10 Enerloy Pty Ltd. (Australian company) 100% [SOLD 12/16/2004]
09 FHH (Guernsey) Limited (Guernsey company) 100% (inactive) [SOLD 12/16/2004]
Address: 1 Le Marchant Street, St. Peter Port, Guernsey, Channel Islands
GY1 4HP
10 FHH No. 1 Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1J 6ER England
11 Edison Mission Marketing and Services Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
11 Edison Mission Operation & Maintenance Limited (a United Kingdom corporation) 100%
[SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
11 First Hydro Holdings Company (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
12 First Hydro Company (UK company) 100% [See 4.EME06] [SOLD 12/16/2004]
Address: Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales CH5 3XJ
12 First Hydro Finance plc (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH
England
09 Loyvic Pty. Ltd. (Australian company) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
10 Energy Capital Partnership (Australian partnership) 1% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
30
11 Enerloy Pty Ltd. (Australian company) 100% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne,
3205 Victoria, Australia
09 VGL (Guernsey) Limited (Guernsey company) 100% [SOLD 12/16/2004]
Address: 1 Le Marchant Street, St. Peter Port, Guernsey, Channel Islands
GY1 4HP
06 Mission Energy Company (UK) Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Derwent Cogeneration Limited (UK company) (EQUITY) 33% [See 4.EME18] [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Edison Mission Energy Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Mission Hydro (UK) Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 FHH No. 2 Limited (UK company) 100% [SOLD 12/16/2004]
Address: Lansdowne House, Berkeley Square, London W1J 6ER England
08 Mission Hydro Limited Partnership (UK limited partnership) 1%GP [Liquidated 12/12/2004]
09 EME Generation Holdings Limited (UK company) 100% [SOLD 12/16/2004]
10 EME Victoria Generation Limited (UK company) 100% [SOLD 12/16/2004]
11 Energy Capital Partnership (Australian partnership 98% [SOLD 12/16/2004]
12 Enerloy Pty Ltd. (Australian company) 100% [SOLD 12/16/2004]
11 Mission Energy Development Australia Pty Ltd. (Australian company) 100% [SOLD
12/16/2004]
12 Gippsland Power Pty Ltd 100% [SOLD 12/16/2004]
13 Loy Yang B Joint Venture 49% [See 4.EME05] [SOLD 12/16/2004]
10 Energy Capital Partnership (Australian partnership) 1%LP [SOLD 12/16/2004]
11 Enerloy Pty Ltd. (Australian company) 100% [SOLD 12/16/2004]
10 FHH (Guernsey) Limited (Guernsey company) 100% (inactive) [SOLD 12/16/2004]
11 FHH No. 1 Limited (UK company) 100% [SOLD 12/16/2004]
12 Edison Mission Marketing and Services Limited (UK company) 100% [SOLD 12/16/2004]
12 Edison Mission Operation & Maintenance Limited (UK company) 100% [SOLD
12/16/2004]
12 First Hydro Holdings Company (UK company) 100% [SOLD
12/16/2004]
13 First Hydro Company (UK company) 100% [See 4.EME06] [SOLD 12/16/2004]
13 First Hydro Finance plc (UK company) 100% [SOLD 12/16/2004]
10 Loyvic Pty. Ltd. (Australian company) 100% [SOLD 12/16/2004]
11 Energy Capital Partnership (Australian partnership) 1% [SOLD
12/16/2004]
12 Enerloy Pty Ltd. (Australian company) 100% [SOLD 12/16/2004]
06 Mission Energy Italia S.r.l. (Italian company) 100% Rep Office in Italy [SOLD 12/16/2004]
Address: Villa Brasini, Via Flaminia 497, 00191 Rome Italy
06 Mission NZ Operations B.V. (Netherlands company) 100% (inactive) [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 Southwestern Generation B.V. (Netherlands company) (inactive) 100% [SOLD 12/16/2004]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 Traralgon Power Pty. Ltd. (Australian company) 99% [SOLD 12/16/2004]
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
07 Mission Victoria Partnership (Australian partnership) 46.69% (100% w/ Latrobe PPL 52.31% and
MEVALP 1%) [SOLD 12/16/2004]
08 Latrobe Power Partnership (Australian partnership) 99% [SOLD 12/16/2004]
09 Loy Yang B Joint Venture 51% [See 4.EME05] [SOLD 12/16/2004]
31
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES USED
FOR THE GENERATION, TRANSMISSION, AND DISTRIBUTION OF ELECTRIC ENERGY FOR SALE, OR FOR THE PRODUCTION,
TRANSMISSION AND DISTRIBUTION OF NATURAL OR MANUFACTURED GAS, INDICATING THE LOCATION OF PRINCIPAL GENERATING
PLANTS, TRANSMISSION LINES, PRODUCING FIELDS, GAS MANUFACTURING PLANTS, AND ELECTRIC AND GAS DISTRIBUTION
FACILITIES, INCLUDING ALL SUCH PROPERTIES WHICH ARE OUTSIDE THE STATE IN WHICH CLAIMANT AND ITS SUBSIDIARIES ARE
ORGANIZED AND ALL TRANSMISSION OR PIPELINES WHICH DELIVER OR RECEIVE ELECTRIC ENERGY OR GAS AT THE BORDERS OF
SUCH STATE.
Claimant is not a "public utility company" as that term is defined in the Public Utility Holding Company Act of
1935 (the "Act") and does not own any properties used for the generation, transmission and distribution of
electric energy for sale, or for the production, transmission and distribution of natural or manufactured gas.
None of Claimant's subsidiaries, other than SCE, is a public utility company. SCE is an "electric utility
company" as defined in the Act and owns properties used for the generation, transmission and distribution of
electric energy for sale, as described herein.
SCE owns and operates one diesel-fueled generating plant, 34 hydroelectric plants (plus two fishwater generators
shown in the detail below) and an undivided 75.05% interest in Units 2 and 3 of the San Onofre Nuclear Generating
Station. These plants are located in Central and Southern California. Of the above mentioned hydroelectric
plants, one of them, along with the diesel-fueled generating plant, serve isolated load on Catalina Island. In
addition, SCE owns three hydroelectric plants that are no longer operational and are in the process of being
decommissioned. SCE also owns an undivided 15.8% interest in Units 1, 2 and 3 of the Palo Verde Nuclear
Generating Station, located near Phoenix, Arizona, and an undivided 48% interest in Units 4 and 5 of the Four
Corners Project, a coal-fueled steam electric generating plant in New Mexico, all of which are operated by other
utilities. SCE operates and owns a 56% undivided interest in two coal-fueled steam electric generating units at
the Mohave Project in Clark County, Nevada. Schedule I attached hereto contains a list of all of the SCE-owned
generating plants with their locations, initial dates of operation and generator nameplate ratings.
SCE's transmission facilities consist of approximately 7,199.81 circuit miles of 33kV, 55kV, 66kV, 115kV and
161kV lines, 3,522.48 circuit miles of 220kV lines, and 1237.58 circuit miles of 500kV lines consisting of
1,039.59 miles in California, 85.94 miles in Nevada and 112.05 miles in Arizona. SCE's distribution facilities
consist of approximately 60,397.63 overhead circuit miles and 36,841.13 underground circuit miles, and 566
distribution substations, all of which are located in California.
32
3. THE FOLLOWING INFORMATION FOR THE LAST CALENDAR YEAR WITH RESPECT TO CLAIMANT AND EACH OF ITS SUBSIDIARY
PUBLIC UTILITY COMPANIES:
(a) NUMBER OF KWH. OF ELECTRIC ENERGY SOLD (AT RETAIL OR WHOLESALE), AND MCF. OF NATURAL OR MANUFACTURED GAS
DISTRIBUTED AT RETAIL.
Claimant: None.
SCE:
(1) 84,493,969,000 Kwh of electric energy sold at retail.
(2) $6,913,457,836 of total revenues from such sales.
(b) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED GAS DISTRIBUTED AT RETAIL OUTSIDE THE
STATE IN WHICH EACH COMPANY IS ORGANIZED.
Claimant: None.
SCE: None.
(c) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED GAS SOLD AT WHOLESALE OUTSIDE THE
STATE IN WHICH EACH SUCH COMPANY IS ORGANIZED, OR AT THE STATE LINE.
Claimant: None.
SCE:
(1) 3,741,817,000 Kwh of electric energy sold at wholesale outside of California or at the state line.
(2) $161,655,856.85 of total revenues from such sales.
(d) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED GAS PURCHASED OUTSIDE THE STATE IN
WHICH EACH SUCH COMPANY IS ORGANIZED OR AT THE STATE LINE.
Claimant: None.
SCE:
(1) 4,061,277,496 Kwh of electric energy purchased at wholesale outside of California or at the state line.
(2) $400,625,423.47 of total expenses from such purchases.
33
4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH RESPECT TO CLAIMANT AND EACH INTEREST IT HOLDS
DIRECTLY OR INDIRECTLY IN AN EWG OR A FOREIGN UTILITY COMPANY, STATING MONETARY AMOUNTS IN UNITED STATES DOLLARS:
(a) NAME, LOCATION, BUSINESS ADDRESS AND DESCRIPTION OF THE FACILITIES USED BY THE EWG OR FOREIGN UTILITY
COMPANY FOR THE GENERATION, TRANSMISSION AND DISTRIBUTION OF ELECTRIC ENERGY FOR SALE OR FOR THE DISTRIBUTION AT
RETAIL OF NATURAL OR MANUFACTURED GAS.
(b) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH EWG OR FOREIGN UTILITY COMPANY; AND DESCRIPTION
OF THE INTEREST HELD.
(c) TYPE AND AMOUNT OF CAPITAL INVESTED, DIRECTLY OR INDIRECTLY, BY THE HOLDING COMPANY CLAIMING EXEMPTION; ANY
DIRECT OR INDIRECT GUARANTEE OF THE SECURITY OF THE EWG OR FOREIGN UTILITY COMPANY BY THE HOLDING COMPANY
CLAIMING EXEMPTION; AND ANY DEBT OR OTHER FINANCIAL OBLIGATION FOR WHICH THERE IS RECOURSE, DIRECTLY OR
INDIRECTLY, TO THE HOLDING COMPANY CLAIMING EXEMPTION OR ANOTHER SYSTEM COMPANY, OTHER THAN THE EWG OR FOREIGN
UTILITY COMPANY.
(d) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY COMPANY DURING THE REPORTING PERIOD.
(e) IDENTIFY ANY SERVICE, SALES OR CONSTRUCTION CONTRACT(S) BETWEEN THE EWG OR FOREIGN UTILITY COMPANY AND A
SYSTEM COMPANY, AND DESCRIBE THE SERVICES TO BE RENDERED OR GOODS SOLD AND FEES OR REVENUES UNDER SUCH
AGREEMENT(S).
EDISON CAPITAL
4.EC01 ELECTRICIDAD DE LA PAZ S.A. [FUCO]
(a) Electricidad de la Paz S.A. ("Electropaz"), Avenida Illimani 1973, Casilla 10511, La Paz, Bolivia.
Electropaz's facilities consists of substations and distribution lines serving approximately 320,000 retail
customers in La Paz and El Alto, Boliva. Electropaz does not own generation or transmission facilities.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company; Edison Funding Company owns 100% of Mission Funding
Epsilon; Mission Funding Epsilon through its wholly owned subsidiaries, Edison Capital International (Bermuda)
Ltd. and Edison Capital Latin American Investments (Bermuda) Ltd. collectively own an 11.09% indirect interest in
Electropaz. IberBolivia de Inversiones, S.A. owns 89.55% of Electropaz and Banco Santander Central
Hispanoamericano S.A. owns a 10.45% interest. Paz Holdings Ltd. owns 36.6% of IberBolivia de Inversiones, S.A.
and Iberdrola S.A. indirectly owns 63.4% of IberBolivia de Inversiones, S.A. The voting securities of Paz
Holdings Ltd, are held 30.42% by Edison Capital International (Bermuda) Ltd., 43.22% by Andes Energy XII Ltd. and
26.36% by GE Capital Services Structured Finance Group, Inc. Andes Energy XII is wholly-owned by AIG-GE Capital
Latin American Infrastructure Fund L.P. in which Edison Capital Latin American Investments (Bermuda) Ltd. holds
an indirect 7.89% interest. Edison Capital Latin American Investments (Bermuda) Ltd. is a wholly owned indirect
subsidiary of Edison Capital.
(c) Capital contributions were made by Edison Capital through its indirectly, wholly owned subsidiary Edison
Capital International (Bermuda) Ltd. and Edison Capital Latin American Investments (Bermuda) Ltd., in the amount
of $7.84 million.
(d) Capitalization or total equity for the period ending December 31, 2003 = $41,718,221
Net loss after taxes for 2003 = ($217,439)
(e) There are no service, sales or construction contracts between Electropaz and any system company.
34
4.EC02 EMPRESA DE LUZ Y FUERZA ELECTRICA DE ORURO S.A. [FUCO]
(a) Empresa de Luz y Fuerza Electrica de Oruro S.A. ("Elfeo"), Calle Junin No. 710, Casilla 53, Oruro, Boliva.
Elfeo's facilities used for the generation, transmission, or distribution of electric energy for sale consist
primarily of substations and distribution lines serving approximately 43,900 retail customers in the cities of
Oruro and Huaruni. Elfeo does not own generation or transmission facilities.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company; Edison Funding Company owns 100% of Mission Funding
Epsilon; Mission Funding Epsilon through its wholly owned subsidiaries, Edison Capital International (Bermuda)
Ltd. and Edison Capital Latin American Investments (Bermuda) Ltd. collectively own an 11.5% indirect interest in
Elfeo. IberBolivia de Inversiones, S.A. owns 92.84% of Elfeo, and four other entities own the remaining 7.16%
interest. Paz Holdings Ltd. owns a 36.6% interest in IberBolivia de Inversiones, S.A., and Iberdrola S.A.
indirectly owns 63.4% of IberBolivia de Inversiones, S.A. The voting securities of Paz Holdings Ltd. are held
30.42% by Edison Capital International (Bermuda) Ltd., 43.22% by Andes Energy XII Ltd. and 26.36% by GE Capital
Services Structured Finance Group, Inc. Andes Energy XII is wholly-owned by AIG-GE Capital Latin American
Infrastructure Fund L.P. in which Edison Capital Latin American Investments (Bermuda) Ltd. holds an indirect
7.89% interest. Edison Capital Latin American Investments (Bermuda) Ltd. is a wholly owned indirect subsidiary
of Edison Capital.
(c) Capital contributions were made by Edison Capital through its indirectly, wholly owned subsidiary Edison
Capital International (Bermuda) Ltd. and Edison Capital Latin American Investments (Bermuda) Ltd., in the amount
of $0.75 million.
(d) Capitalization or total equity for the period ending December 31, 2003 = $4,679,609
Net loss after taxes for 2003 = ($180,998)
(e) There are no service, sales or construction contracts between Elfeo and any system company.
4.EC03 EPZ MISSION FUNDING MU TRUST [FUCO]
(a) EPZ Mission Funding MU Trust ("EPZMFMT") c/o Wilmington Trust Company, Rodney Square North, 1100 North
Market Square, Wilmington, Delaware 19890-0004
EPZMFMT owns a 7.88% interest in the Amercentrale Power Station Unit 9, which is leased to N.V.
Elektriciteits-Produktiemaatshappij Zuid-Nederland ("EPZ"), a Netherlands Public Utility. The Amercentrale Power
Station Unit 9 is a 600 megawatt (net) coal-fired cogeneration facility, with natural gas back-up capability,
located on 50 hectares (approximately 125 acres) at the Brabandt site in Geertruidenberg, approximately 50
kilometers southeast of Rotterdam, The Netherlands.
EPZMFMT has also acquired an undivided interest in or the right to use certain transmission facilities leading
from the Amercentrale Power Station to the 150 kV grid owned by Provinciale Noordbrabantse Energie-Maatschappij
("PNEM"), the distribution company that receives the power from Unit 9. EPZMFMT also owns an interest in or
rights to use transformers and associated equipment of EPZ designed to step up the power from the 21 kV level at
the generator to the 150 kV level required to enter the PNEM system. EPZMFMT has also acquired rights to use
certain other common facilities necessary to permit operation of Unit 9.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital, which owns 100% of Edison Funding Company, which owns 100% of Mission Funding Epsilon, which owns 100%
of Mission Funding Alpha, which owns 100% of Mission Funding Mu. EPZMFMT is a business trust created under the
laws of the State of Delaware. Mission Funding Mu is the 100% beneficial owner of the beneficial interest in
EPZMFMT, the foreign utility company. Wilmington Trust Company is the trustee of the Trust.
35
(c) Mission Funding Mu made a $13,000,000 equity investment in the sale/leaseback, and funds were borrowed on a
non-recourse basis in the amount of $87,000,000, in order to acquire the interest in the asset with a total cost
of $100,000,000. Mission Funding Mu also incurred out-of-pocket costs and fees of approximately $1,750,000.
The Mission Funding Mu investment and the related obligations have been guaranteed by its parent, Mission Funding
Alpha.
(d) Capitalization or total equity for the period ending December 31, 2004 = $25,532,900
Net income after taxes for 2004 = $620,974
(e) There are no contracts between EPZ and any system company.
4.EC04 EPZ MISSION FUNDING NU TRUST [FUCO]
(a) EPZ Mission Funding Nu Trust ("EPZMFNT") c/o Wilmington Trust Company, Rodney Square North, 1100 North
Market Square, Wilmington, Delaware 19890-0004
EPZMFNT owns a 17.72% interest in the Amercentrale Power Station Unit 9, which is leased to N.V.
Elektriciteits-Produktiemaatshappij Zuid-Nederland ("EPZ"), a Netherlands Public Utility. The Amercentrale Power
Station Unit 9 is a 600 megawatt (net) coal-fired cogeneration facility, with natural gas back-up capability,
located on 50 hectares (approximately 125 acres) at the Brabandt site in Geertruidenberg, approximately 50
kilometers southeast of Rotterdam, The Netherlands.
EPZMFNT has also acquired an undivided interest in or the right to use certain transmission facilities leading
from the Amercentrale Power Station to the 150 kV grid owned by Provinciale Noordbrabantse Energie-Maatschappij
("PNEM"), the distribution company that receives the power from Unit 9. EPZMFNT also owns an interest in or
rights to use transformers and associated equipment of EPZ designed to step up the power from the 21 kV level at
the generator to the 150 kV level required to enter the PNEM system. EPZMFNT has also acquired rights to use
certain other common facilities necessary to permit operation of Unit 9.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital, which owns 100% of Edison Funding Company, which owns 100% of Mission Funding Epsilon, which owns 100%
of Mission Funding Delta, which owns 100% of Mission Funding Nu. EPZMFNT is a business trust created under the
laws of the State of Delaware. Mission Funding Nu is the 100% beneficial owner of the beneficial interest in
EPZMFNT, the foreign utility company. Wilmington Trust Company is the trustee of the Trust.
(c) Mission Funding Nu made a $29,250,000 equity investment in the sale/leaseback, and funds were borrowed on a
non-recourse basis in the amount of $195,750,000, in order to acquire the interest in the asset with a total cost
of $225,000,000. Mission Funding Nu also incurred out-of-pocket costs and fees of approximately $3,937,500.
The Mission Funding Nu investment and the related obligations have been guaranteed by an affiliate, Mission
Housing Investments.
(d) Capitalization or total equity for the period ending December 31, 2004 = $57,167,873
Net income after taxes for 2004 = $1,516,111
(e) There are no contracts between EPZ and any system company.
4.EC05 LAKOTA RIDGE LLC [EWG]
(a) Lakota Ridge, L.L.C. ("Lakota"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164.
Lakota is an 11.25 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in southwestern Minnesota, consisting of 15 Micon M1800 750 kW wind turbines atop tubular-type towers.
36
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Funding Zeta, owns a 75% interest in Lakota and Heller Financial, Inc. owns a 24.9%
interest. Northern Alternative Energy owns 0.1%. The manager of the Facility is DanMar & Associates.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Funding Zeta, made a capital
contribution of $4,667,030.
(d) Capitalization or total equity for the period ending December 31, 2004 = $3,099,080
Net loss after taxes for 2004 = ($399,885)
(e) There are no service, sales or construction contracts between Lakota and any system company.
4.EC06 SHAOKATAN HILLS LLC [EWG]
(a) Shaokatan Hills L.L.C. ("Shaokatan"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Shaokatan is a 11.9 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in southwestern Minnesota, consisting of 18 Vestas V-44 660 kW wind turbines atop tubular type towers.
(b) Edison International owns 100% of Edison Misson Group Inc.; Edison Misson Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Funding Zeta, owns a 75% interest in Shaokatan and Heller Financial, Inc. owns a 24.9%
interest. Northern Alternative Energy owns 0.1%. The manager of the Facility is DanMar & Associates.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Funding Zeta, made a capital
contribution of $5,161,500.
(d) Capitalization or total equity for the period ending December 31, 2004 = $3,565,725
Net loss after taxes for 2004 = ($370,932)
(e) There are no service, sales or construction contracts between Shaokatan and any system company.
4.EC07 WOODSTOCK HILLS LLC [EWG]
(a) Woodstock Hills L.L.C. ("Woodstock"), c/o DanMar and Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Woodstock is a 10.2 megawatt windpowered electric generation facility (the "Facility") located on the Buffalo
Ridge in southwestern Minnesota, consisting of 17 Vestas V-44 600 kW wind turbines atop tubular-type towers.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Funding Zeta, owns a 75% interest in Woodstock and Heller Financial, Inc. owns a 24.9%
interest. DanMar and Associates owns a 0.1% interest and is the manager of the Facility.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Funding Zeta, made a capital
contribution of $4,200,000.
(d) Capitalization or total equity for the period ending December 31, 2004 = $3,681,405
Net loss after taxes for 2004 = ($251,398)
(e) There are no service, sales or construction contracts between Woodstock and any system company.
37
4.EC08 STORM LAKE POWER PARTNERS I LLC [EWG]
(a) Storm Lake Power Partners I LLC ("Storm Lake"), c/o Mission Iowa Wind Company, 18101 Von Karman Avenue,
Suite 1700, Irvine, CA 92612.
Storm Lake is a 112.5 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in northwestern Iowa, consisting of 150 Zond, Z-50 750 kW wind turbines atop lattice towers.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiaries, Mission Iowa Wind Company and Mission Housing Gamma, owns a 100% interest in Storm Lake. The
Facility is operated by EMOM Services, Inc., and managed by Mission Iowa Wind Company.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Iowa Wind Company, made a capital
contribution of $100,250,000.
(d) Capitalization or total equity for the period ending December 31, 2004 = $74,049,176
Net loss after taxes for 2004 = ($1,730,664)
(e) EMOM Services, Inc., provides operation and maintenance services to the Storm Lake I project. These
services are being provided in accordance with an O&M Agreement which has been negotiated between Storm Lake I
and EMOM Services, Inc., but which contract is pending approval from the Storm Lake I project's lenders. During
the year ended December 31, 2003, Storm Lake I incurred costs in the amount of $1,023,000 for operation and
maintenance services provided by EMOM Services, Inc.
Mission Iowa Wind Company provides management services to the Storm Lake I project. These services are being
provided in accordance with a Management Agreement which has been negotiated between Storm Lake I and Mission
Iowa Wind Company, but which contract is pending approval from the Storm Lake I project's lenders. During the
year ended December 31, 2003, Storm Lake I incurred costs in the amount of $293,000 for management services
provided by Mission Iowa Wind Company.
4.EC09 BISSON WINDFARM LLC [EWG]
(a) Bisson Windfarm, L.L.C. ("Bisson"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164.
Bisson is a 1.9 megawatt windpowered electric generation facility (the "Facility") located in southwestern
Minnesota, consisting of 2 Suzlon 950 kW wind turbines.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 95% interest in Bisson and the local owner has a 5% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $945,125.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,030,971
Net income after taxes for 2004 = $38,464
(e) There are no service, sales or construction contracts between Bisson and any system company.
4.EC10 BOEVE WINDFARM LLC [EWG]
(a) Boeve Windfarm, L.L.C. ("Boeve"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164.
Boeve is a 1.9 megawatt windpowered electric generation facility (the "Facility") located in southwestern
Minnesota, consisting of 2 Suzlon 950 kW wind turbines.
38
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 99% interest in Boeve and the local owner has a 1% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $1,057,742.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,133,855
Net income after taxes for 2004 = $49,741
(e) There are no service, sales or construction contracts between Boeve and any system company.
4.EC11 CG WINDFARM LLC [EWG]
(a) CG Windfarm, L.L.C. ("CG"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164.
CG is a 1.9 megawatt windpowered electric generation facility (the "Facility") located in southwestern Minnesota,
consisting of 2 Suzlon 950 kW wind turbines.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 99% interest in CG and the local owner has a 1% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $1,039,367.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,117,730
Net income after taxes for 2004 = $39,962
(e) There are no service, sales or construction contracts between CG and any system company.
4.EC12 FEY WINDFARM LLC [EWG]
(a) Fey Windfarm, L.L.C. ("Fey"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164.
Fey is a 1.9 megawatt windpowered electric generation facility (the "Facility") located in southwestern
Minnesota, consisting of 2 Suzlon 950 kW wind turbines.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 99% interest in Fey and the local owner has a 1% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $1,066,031.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,113,342
Net income after taxes for 2004 = $39,697
(e) There are no service, sales or construction contracts between Fey and any system company.
4.EC13 K-BRINK WINDFARM LLC [EWG]
(a) K-Brink Windfarm, L.L.C. ("K-Brink"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
39
K-Brink is a 1.9 megawatt windpowered electric generation facility (the "Facility") located in southwestern
Minnesota, consisting of 2 Suzlon 950 kW wind turbines.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 99% interest in K-Brink and the local owner has a 1% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $928,050.
(d) Capitalization or total equity for the period ending December 31, 2004 = $998,870
Net income after taxes for 2004 = $47,753
(e) There are no service, sales or construction contracts between K-Brink and any system company.
4.EC14 TG WINDFARM LLC [EWG]
(a) TG Windfarm, L.L.C. ("TG"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164.
TG is a 1.9 megawatt windpowered electric generation facility (the "Facility") located in southwestern Minnesota,
consisting of 2 Suzlon 950 kW wind turbines.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 99% interest in TG and the local owner has a 1% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $1,033,395.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,108,985
Net income after taxes for 2004 = $35,053
(e) There are no service, sales or construction contracts between TG and any system company.
4.EC15 TOFTELAND WINDFARM LLC [EWG]
(a) Tofteland Windfarm, L.L.C. ("Tofteland"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Tofteland is a 1.9 megawatt windpowered electric generation facility (the "Facility") located in southwestern
Minnesota, consisting of 2 Suzlon 950 kW wind turbines.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 91% interest in Tofteland and the local owner has a 9% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $935,250.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,019,965
Net income after taxes for 2004 = $27,785
(e) There are no service, sales or construction contracts between Tofteland and any system company.
40
4.EC16 WESTRIDGE WINDFARM LLC [EWG]
(a) Westridge Windfarm, L.L.C. ("Westridge"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Westridge is a 1.9 megawatt windpowered electric generation facility (the "Facility") located in southwestern
Minnesota, consisting of 2 Suzlon 950 kW wind turbines.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 92% interest in Westridge and the local owner has a 8% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $994,461.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,108,236
Net income after taxes for 2004 = $36,695
(e) There are no service, sales or construction contracts between Westridge and any system company.
4.EC17 WINDCURRENT FARMS LLC [EWG]
(a) Windcurrent Winds, L.L.C. ("Windcurrent"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone,
Minnesota 56164.
Windcurrent is a 1.9 megawatt windpowered electric generation facility (the "Facility") located in southwestern
Minnesota, consisting of 2 Suzlon 950 kW wind turbines.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 99% interest in Windcurrent and the local owner has a 1% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $1,036,868.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,081,581
Net income after taxes for 2004 = $43,272
(e) There are no service, sales or construction contracts between Windcurrent and any system company.
4.EC18 CARSTENSEN WIND LLC [EWG]
(a) Carstensen Wind, L.L.C. ("Carstensen"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Carstensen is a 1.65 megawatt windpowered electric generation facility (the "Facility") located in southwestern
Minnesota, consisting of 1 Vestas American Wind Technology NM82 1.65 MW wind turbine.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 99% interest in Carstensen and the local owner has a 1% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $1,000,000.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,011,837
Net income after taxes for 2004 = $441
41
(e) There are no service, sales or construction contracts between Carstensen and any system company.
4.EC19 GREENBACK ENERGY LLC [EWG]
(a) Greenback Energy, L.L.C. ("Greenback"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Greenback is a 1.65 megawatt windpowered electric generation facility (the "Facility") located in southwestern
Minnesota, consisting of 1 Vestas American Wind Technology NM82 1.65 MW wind turbine.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 99% interest in Greenback and the local owner has a 1% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $1,000,000.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,011,826
Net income after taxes for 2004 = $344
(e) There are no service, sales or construction contracts between Greenback and any system company.
4.EC20 LUCKY WIND LLC [EWG]
(a) Lucky Windfarm, L.L.C. ("Lucky"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164.
Lucky is a 1.65 megawatt windpowered electric generation facility (the "Facility") located in southwestern
Minnesota, consisting of 1 Vestas American Wind Technology NM82 1.65 MW wind turbine.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 99% interest in Lucky and the local owner has a 1% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $1,000,000.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,012,753
Net income after taxes for 2004 = $462
(e) There are no service, sales or construction contracts between Lucky and any system company.
4.EC21 NORTHERN LIGHTS WIND LLC [EWG]
(a) Northern Lights Wind, L.L.C. ("Boeve"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Northern Lights is a 1.65 megawatt windpowered electric generation facility (the "Facility") located in
southwestern Minnesota, consisting of 1 Vestas American Wind Technology NM82 1.65 MW wind turbine.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 99% interest in Northern Lights and the local owner has a 1%
interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary,
Mission Minnesota Wind LLC, made a capital contribution of $1,000,000.
42
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,011,485
Net income after taxes for 2004 = $384
(e) There are no service, sales or construction contracts between Northern Lights and any system company.
4.EC 22 STAHL WIND ENERGY LLC [EWG]
(a) Stahl Wind Energy, L.L.C. ("Stahl"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Stahl is a 1.65 megawatt windpowered electric generation facility (the "Facility") located in southwestern
Minnesota, consisting of 1 Vestas American Wind Technology NM82 1.65 MW wind turbine.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Minnesota Wind LLC, owns a 99% interest in Stahl and the local owner has a 1% interest.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Minnesota Wind LLC, made a capital
contribution of $1,000,000.
(d) Capitalization or total equity for the period ending December 31, 2004 = $1,011,636
Net loss after taxes for 2004 = $339
(e) There are no service, sales or construction contracts between Stahl and any system company.
EDISON MISSION ENERGY
4.EME01 EME HOMER CITY GENERATION L.P. [EWG]
(a) EME Homer City Generation L.P. ("Homer City"), 1750 Power Plant Road, Homer City, PA 15748-8009
Homer City operates a 1,884 MW coal-fired generating station located in Indiana County, approximately 45 miles
northeast of Pittsburgh, Pennsylvania.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Edison Mission Holdings Co.; Edison Mission Holdings Co., through its wholly owned subsidiary
Mission Energy Westside, Inc., owns a 1% general partnership interest in Homer City and through its wholly owned
subsidiary Chestnut Ridge Energy Company, owns a 99% limited partnership interest in Homer City, the exempt
wholesale generator.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary Edison Mission Holdings Co.
in the amount of $1,363,948,000.
Guarantees:
In connection with the acquisition of Homer City, Homer City L.P. provided several surety bonds to the
Pennsylvania Department of Environmental Protection ("DEP"). The DEP requires operators of facilities in the
State of Pennsylvania to provide collateral bonds to the DEP for the purpose of guarantying reclamation
obligations in the event the site is abandoned. Safeco Insurance Company of America ("Safeco"), on behalf of
Homer City L.P., issued three surety bonds to the DEP in the aggregate amount of $7,119,168. On September 14,
1999, EME provided a general indemnity to Safeco to indemnify them against all loss and expenses incurred by
Safeco in connection with the surety bonds. In addition to the indemnification, Safeco demanded additional
collateral for the surety bonds. Therefore, on August 21, 2002, EME deposited $6,860,913 on November 4, 2004, in
an account controlled by Safeco for additional collateral. Both the collateral and the indemnity will stay in
place until the surety bonds are replaced or another source of collateral is provided to the DEP.
43
On December 7, 2001, Homer City was sold to and leased back from eight special purpose vehicles. Under this
arrangement, the $830 million senior secured bonds were assumed by the eight special purpose vehicles. These
bonds will be serviced by a portion of the lease rental payments to be paid by Homer City L.P. to the new owners
of Homer City. In connection with the sale-leaseback, eight letters of credit, one for each Owner Lessor, in the
aggregate amount of $35,350,600 were issued by Westdeutsche Landesbank Girozentrale, New York Branch and Credit
Suisse First Boston for the account of the Owner Lessors. These letters of credit satisfied the requirement
under the First Amended and Restated Indenture for the bonds to have a Debt Service Reserve Requirement in an
amount equal to six months debt service projected to be due following a rent payment. These letters of credit
expired on April 1, 2002 and were replaced with eight letters of credit, one for each Owner Lessor, in the
aggregate amount of $43,625,030 issued by Westdeutsche Landesbank Girozentrale, New York Branch. These letters
of credit are for a term of three years with an option to extend for an additional two years, provided Homer City
has an investment grade rating. As of December 31, 2004, Homer City is rated BB by S&P and Ba2 by Moody's. The
current six month debt service reserve requirement is $43,625,030.
Pursuant to eight Special Tax Indemnity Agreements executed in connection with the sale-leaseback, each dated as
of December 7, 2001, with Homer City L.P. and General Electric Capital Corporation ("GECC"), EME agreed to
indemnify GECC against certain tax losses which might arise either (i) as a result of the existence of certain
provisions in the operative documents relating to the sale-leaseback transaction, or (ii) as a result of certain
actions by Homer City L.P. during the term of the lease.
(d) Capitalization or total equity = $727.5 million
Net loss after taxes for 2004 = ($13.4) million
(e) Edison Mission Energy Services, Inc. (formerly Edison Mission Energy Fuel Services, Inc.) provides services
to Homer City relating to arranging for the supply of fuel to the facility pursuant to the Fuel Services
Agreement (the "Agreement") between Edison Mission Energy Services, Inc. and Homer City. As of December 31,
2004, Edison Mission Energy Services, Inc. has received payment in the amount of $367,897 for services provided
pursuant to the Agreement.
On June 28, 2000, Edison Mission Marketing & Trading, Inc. ("EMMT"), a wholly owned subsidiary of Edison Mission
Energy, entered into an NOx Allowance Sales Agreement with Homer City, wherein EMMT is to purchase from and/or
sell to Homer City, SO2 or NOx Allowances available to Homer City and as required for the use in the operation
and maintenance of the Homer City facility. As of December 31, 2004, Homer City paid $26.1 million to EMMT for
Allowances.
EMMT entered into an Energy Sales Agreement with Homer City, wherein EMMT shall purchase Energy (defined as
electric energy, expressed in megawatt hours or capacity, of the character commonly known as three-phase, sixty
hertz electric energy that is delivered at the nominal voltage of the delivery point) from Homer City. As of
December 31, 2004, Homer City paid $684,448 to EMMT for energy provided pursuant to the Agreement.
4.EME02 MIDWEST GENERATION, LLC. [EWG]
(a) Midwest Generation, LLC ("Midwest"), One Financial Place, 440 South LaSalle Street, Suite 3500, Chicago, IL
60605
Midwest owns and/or leases and operates 5,876 MW of generating capacity ("Facilities") acquired from Commonwealth
Edison Company and sells electric energy at wholesale. Facilities consist of:
(a.1) Six coal-fired plants located in Illinois totaling 5,645 MW:
542 MW Crawford plant in Chicago
326 MW Fisk plant in Chicago
789 MW Waukegan plant in Waukegan
1334 MW Joliet plant in Joliet
1092 MW Will County plant in Lockport
1538 MW Powerton plant in Pekins
(a.2) 2,698 MW dual-fueled Collins Station in Morris, Illinois [decommissioned 12/31/2004]
44
(a.3) 71 dual-fueled peaking units, totaling 899 MW, located at the Crawford, Fisk, Waukegan, Calumet, Joliet,
Electric Junction, Sabrooke, and Lombard Stations. In September 2004, management completed an analysis of future
competitiveness in the expanded PJM Interconnection, LLC marketplace in light of its small peaking units in
Illinois. Based on this analysis and regulatory approvel, planning efforts are in progress to decommission six
of its eight remaining small peaking units.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Midwest Generation EME, LLC; Midwest Generation EME, LLC owns 100% of Edison Mission Midwest
Holdings Co. ("Holdings") which owns 100% of Midwest, the exempt wholesale generator, and Midwest owns 100% of
Midwest Finance Corp.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary Holdings in the amount of
$2,500,000,100.
Guarantees:
On March 22, 1999, EME entered into an Asset Sale Agreement to acquire 100% of the fossil-fuel generating assets
of Commonwealth Edison Co. ("Com Ed") totaling 9,722 MW for a purchase price of $4,813,121,000. This agreement
was assigned to Midwest Generation, LLC, a wholly owned subsidiary of EME, on December 15, 1999, at the closing
of the transaction. Midwest Generation, LLC operates the plants, which are all located in Illinois. Pursuant to
the Asset Sale Agreement, EME agreed to unconditionally and irrevocably guarantee to ComEd and all of its
successors and assigns, the due and punctual performance by any assignee of all covenants, agreements, terms,
conditions, undertakings, indemnities and other obligations to be performed and observed by such assignee under
the related agreements, including the transition power purchase agreements.
Pursuant to the Agency Agreement, dated as of December 15, 1999, between Commonwealth Edison Company, Edison
Mission Midwest Holdings Co. and Edison Mission Energy, relating to Coal Purchase Contract and Railcar Lease
Agreement, EME and its affiliates receive the benefits of and are responsible for the liabilities under the
agreements listed below (the "Unassigned Agreements") to which Commonwealth Edison Company is a party.
Commonwealth Edison Company acts as EME's agent with respect to the Unassigned Agreements and EME is responsible
for 78% of Commonwealth Edison Company's costs in managing the Unassigned Agreements. The Unassigned Agreements
include:
(1) Amended and Restated Coal Purchase Contract between Commonwealth Edison Company and Decker Coal Company
dated January 1, 1993, as further amended by Amendment No. 1 in 1993; Amendment No. 2 on June 16, 1994;
Amendment No. 3 on May 1, 1995; Amendment No.4 on January 1, 1996; Amendment No. 5 on February 1, 1997;
Amendment No. 6 on January 1, 1997; Amendment No. 7 on February 1, 1999; Amendment No. 8; and Amendment
No. 9 on January 1, 2003.
(2) Railcar Lease Agreement dated July 15, 1993 between Commonwealth Edison Company and Society National
Bank and related documents.
On August 24, 2000, Midwest Generation entered into a sale-leaseback transaction with respect to the Powerton and
Joliet power facilities to third party lessors for an aggregate purchase price of $1.367 billion. Under the
terms of the leases (33.75 years for Powerton and 30 years for Joliet), Midwest Generation will make semi-annual
lease payments on each January 2 and July 2, beginning January 2, 2001. Recourse to Midwest Generation under the
leases is limited to amounts which would otherwise be distributable to Edison Mission Midwest Holdings Co. EME
guaranteed the payments under a Guarantee dated August 24, 2000.
Pursuant to four Tax Indemnity Agreements, each dated as of August 17, 2000, EME agreed to indemnify the lessors
against certain tax losses which might arise as a result of certain actions by Midwest during the term of the
lease.
(d) Capitalization or total equity = $2.7 billion
Net loss after taxes for 2004 = ($89.4 million)
(e)
Administrative services such as payroll, employee benefits programs and information technology, all performed by
Edison International or Edison Mission Energy, are shared among all affiliates of Edison
45
International, and the costs of these corporate support services are allocated to all affiliates, including
Midwest. Costs are allocated based on one of the following formulas: percentage of time worked, equity in
investment and advances, number of employees, or multi-factor, including operating revenues, operating expenses,
total assets and number of employees. In addition, Midwest sometimes directly requests services of Edison
International or Edison Mission Energy, and those services are performed for Midwest's benefit. Labor and
expenses of these directly requested services are specifically identified and billed at cost. Midwest made
reimbursements for the costs of these programs and other services, which amounted to $138.1 million for the year
ended December 31, 2004.
Midwest entered into an agreement with Midwest Generation EME, LLC to provide support services, including
construction and construction management, operations and maintenance management, technical services and training,
environmental, health and safety services, administrative and IT support, and other managerial and technical
services needed to operate and maintain electric power facilities. Under the terms of the agreement, Midwest
reimburses Midwest Generation EME, LLC for actual costs incurred by functional area in providing support
services, or in the case of specific tasks Midwest requests, the amount negotiated for the task. Actual costs
billable under this agreement for the year ended December 31, 2004, were $6.1 million.
Midwest entered into an agreement with EMMT for the purchase and sale of energy and to provide services related
to purchasing, transportation and storage of natural gas. Under the terms of the agreement, EMMT pays Midwest
for the actual price of energy contracted with third parties, less $.02/megawatt-hour. Also under the terms of
the agreement, Midwest pays EMMT a service fee of $0.02 for each MMBtu of natural gas delivered to Midwest, plus
the actual cost of the gas. As of December 31, 2004, Midwest paid $1.8 million to EMMT pursuant to the agreement.
Midwest entered into an agreement with Edison Mission Energy Services, Inc. to provide fuel and transportation
services related to coal and fuel oil. Under the terms of the agreement, Midwest pays Edison
Mission Energy Services, Inc. a service fee of $0.06 for each ton of coal delivered to Midwest and $0.05 for each
barrel of fuel oil delivered to Midwest, plus the actual cost of the commodities. The amount billable under this
agreement for the year ended December 31, 2004, was $1.1 million.
4.EME03 SUNRISE POWER COMPANY LLC (EWG)
(a) Sunrise Power Company, LLC 50% [EWG], 12857 Sunrise Power Road, Fellows, CA 93224
Sunrise was constructed in two phases. Phase 1 consists of a 320 MW simple-cycle peaking facility which became
operational on June 27, 2001, and Phase 2, a combined-cycle gas-fired facility, converted the simple cycle
peaking facility to a 572 MW combined cycle plant. Phase 2 achieved commercial operation June 1, 2003.
Edison Mission Energy purchased Sunrise Power Company, a Delaware corporation through its subsidiary Mission Del
Sol LLC, a Delaware limited liability company on November 17, 2000.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of
Mission Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission
Energy owns 100% of Mission del Cielo, Inc.; Mission del Cielo, Inc. owns 100% of Mission del Sol LLC; Mission
del Sol LLC owns 50% of Sunrise Power Company LLC
(c) None.
(d) Capitalization or total equity = $82.6 million
Net income after taxes for 2004 = $28.4 million
(e) Edison Mission Operation & Maintenance, Inc. and Sunrise have entered into that certain Amended and Restated
Operation and Maintenance Agreement, dated as of June 25, 2001. As of December 31, 2004, EMOM has received
$381,494 for providing O&M services to Sunrise.
EMMT, a wholly owned subsidiary of Edison Mission Energy entered into an Energy Services Agreement with Sunrise,
wherein EMMT provides fuel procurement and power management services to Sunrise. As of December 31, 2004,
Sunrise paid $332,569 to EMMT for services rendered under this agreement.
46
4.EME04 BROOKLYN NAVY YARD COGENERATION PARTNERS, L.P. [EWG]
(a) Brooklyn Navy Yard Cogeneration Partners, L.P. ("BNY"), Flushing Avenue, Cumberland Street, Building 41,
Brooklyn, NY 11205
EME sold its 50% interest in this facility effective as of March 31, 2004.
BNY's facilities consist of a 286MW combined cycle cogeneration facility located at Brooklyn Navy Yard Industrial
Park in Brooklyn, New York.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy,
through its wholly owned subsidiary Mission Energy New York, Inc., owns 50% of Brooklyn Navy Yard Cogeneration
Partners, L.P., the exempt wholesale generator.
(c) Capital contributions made by Edison Mission Energy through its subsidiary Mission Energy New York, Inc.,
were in the amount of $12,758,043. BNY completed a $407 million permanent non-recourse financing for the project
(the "Financing"). Edison Mission Energy agreed to indemnify BNY and its partners from all claims and costs
arising from or in connection with certain construction litigation between BNY (and its partners) and PMNC, as
contractor for BNY. Said indemnification has been assigned for the benefit of the senior lenders of the
Financing. Mission Energy New York, Inc., entered into a Construction Loan Note (approximately $94 million) in
favor of BNY to fund a portion of the project.
(d) Capitalization or total equity = $0
Net loss after taxes for 2004 = ($3.9 million)
(e) Other than with respect to the Edison Mission Energy indemnity and the Construction Loan Note as listed in
Item (c) above, there are no contracts between BNY and any system company.
4.EME05 LOY YANG B JOINT VENTURE [FUCO]
(a) Loy Yang B Joint Venture ("LYBJV"), Bartons Lane, Loy Yang, Victoria, Australia 3844
EME sold its 100% interest in this facility effective as of December 16, 2004.
LYBJV owns two coal-fired generating units with generator nameplate ratings of 500,000 kW each, located in the
Latrobe Valley in the State of Victoria, Australia (the "Project"). Unit 1 began commercial operation on
September 30, 1993, and Unit 2 began commercial operation on September 30, 1996.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI, through wholly owned subsidiaries of Edison Mission Energy, collectively owns 100% of the interests in
Loy Yang B Joint Venture, the foreign utility company, as explained below.
The system-owned venturer is Latrobe Power Partnership ("LPP"), which owns a 51% interest. LPP is 1% owned by
Edison Mission Energy Australia Ltd. (the managing general partner) and 99% owned by Mission Victoria Partnership
(a general partner).
Edison Mission Energy Australia Ltd. is wholly owned by Edison Mission Energy Holdings Pty Ltd, which is wholly
owned by Loy Yang Holdings Pty Ltd, which is a wholly owned subsidiary of MEC International B.V.
Mission Victoria Partnership is 52.31% owned by Latrobe Power Pty Ltd (general partner), 46.69% owned by
Traralgon Power Pty Ltd (general partner), and 1% owned by Mission Energy Ventures Australia Pty Ltd (managing
general partner). Latrobe Power Pty Ltd and Traralgon Power Pty Ltd are both owned 99% by MEC International B.V.
and 1% by Loy Yang Holdings Pty Ltd. Mission Energy Ventures Australia Pty Ltd is wholly owned by Loy Yang
Holdings Pty Ltd, which is owned as described above. Gippsland Power Pty Ltd.
47
owns the remaining 49% in LYBJV. Gippsland is 100% owned by Mission Energy Development Australia Pty Ltd., which
is 100% owned by EME Victoria Generation Ltd., which is 100% owned by EME Generation Holdings Ltd., which is 100%
owned by Mission Hydro Limited Partnership, which is 69% owned by MEC Wales BV, 30% owned by Mission Energy Wales
Company and 1% owned by Mission Hydro (UK) Limited. All three partners to Mission Hydro Limited Partnership are
100% directly or indirectly owned by Edison Mission Energy.
(c) In May 1997, Edison Mission Energy, through its indirect and direct subsidiaries, closed financing (the
"Financing") for the purchase of the remaining 49% of LYBJV. The Financing was structured on a non-recourse
basis.
Advance Opinion Undertaking - In the Advance Opinion Undertaking, EME is obligated to Chase Securities (as
Security Agent under the Project Facility) to cause to make available to the Project funds in an amount
sufficient to pay income or capital gains taxes on assessments under the Australian income tax laws which
materially and adversely affect (a) the Project, (b) the operating cash flow of the Project or (c) the ability to
meet obligations to pay interest or repay principal or other amounts under the Project Facility (which result
from an assessment which directly conflicts with certain tax assumptions expressed in the Advance Opinion from
the Australian Tax Office).
On October 31, 2003, the existing EME Letter of Credit was retired and was replaced by one issued by Bank of
America on behalf of EME Australia Capital Pty Ltd., which is ultimately a wholly-owned subsidiary of MEC
International B.V., in favor of the Loy Yang B senior lenders, for the same amount.
LPP's and Gippsland's capital contribution = $50.8 million
(d) LPP's and Gippsland's Equity = $0
LPP's and Gippsland's Net Income after taxes for 2004 = $44.9 million
(e) An indirect, wholly owned subsidiary of MEC International B.V., Edison Mission Operation & Maintenance Loy
Yang Pty Ltd. operates the generating plant pursuant to an amended operating and maintenance contract. The
intermediate holding company of Edison Mission Operation & Maintenance Loy Yang Pty Ltd. is Edison Mission Energy
Holdings Pty Ltd. As operator, Edison Mission Operation & Maintenance Loy Yang Pty Ltd. performs the following
services: management and supervision of the construction commissioning, testing, operation and maintenance of
the Loy Yang B power station on behalf of the joint venture participants.
4.EME06 FIRST HYDRO COMPANY [FUCO]
(a) First Hydro Company ("FHC"), Bala House, St. David's Park, Deeside, Flintshire, Wales CH5 3XJ
EME sold its 100% interest in this facility effective as of December 16, 2004.
The principal assets of FHC are two pumped storage stations located in North Wales at Dinorwig and Ffestiniog
which have a combined registered capacity of 2,088 MW. These facilities were built to provide additional
generation for meeting peak demand throughout the day and to provide rapid generation response to sudden changes
in electricity demands.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy, which through its
subsidiaries (i) wholly owned Mission Energy Wales Company, owns 30%LP of Mission Hydro Limited Partnership,
which in turn owns 100% of EME Generation Holdings Ltd., which in turn owns 100% of FHH No. 1 Limited, which owns
99% of First Hydro Holdings Company, which directly owns 99% of FHC and indirectly through its wholly owned
subsidiary First Hydro Finance plc owns the remaining 1% of FHC; (ii) wholly owned Mission Energy Holdings
International, Inc. directly owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and
indirectly owns 0.02% of MECI through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or
100% of the Class B shares of MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C
shares of MECI; Edison Mission Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned
subsidiary Edison Mission Project Co.; MECI owns 100% of Mission Energy Company (UK) Limited, which owns 100% of
Mission Hydro (UK) Limited, which in turn directly owns 1% of First Hydro Holdings Company through its 100%
interest in FHH No. 2 Limited and indirectly owns the remaining 99% of First Hydro Holdings Company through its
1%GP interest in Mission Hydro Limited Partnership, Mission Hydro Limited Partnership owns 100% of EME Generation
Holdings Limited, which owns 100% of FHH No.
48
1 Limited, which in turn owns 99% in first Hydro Holdings Company, which in turn owns 100% of First Hydro Finance
plc, which owns the remaining 1% of FHC, and (iii) the wholly owned subsidiary Mission Energy Holdings
International, Inc. owns 99.97% of MEC International B.V. (see above for remaining 0.03%), which directly owns
100% of MEC Wales B.V., MEC Wales B.V. owns 69%LP of Mission Hydro Limited Partnership, which in turn owns 100%
of EME Generation Holdings, Ltd., which owns 99% of First Hydro Holdings Company through its wholly owned
subsidiary FHH No. 1 Limited; First Hydro Holdings Company owns 100% of First Hydro Finance plc, which owns 1% of
FHC the foreign utility company.
(c) First Hydro Company ("FHC"), an indirect wholly owned subsidiary of EME, generates, markets and enters into
contracts for the purchase and sale of electricity. EME provides credit support to FHC in the form of guarantees
and letters of credit with respect to FHC's obligations arising out of these transactions. Following the
downgrade of EME on October 1, 2002, Edison Mission Operation & Maintenance Limited, an indirect wholly owned
subsidiary of EME ("EMOML") is providing credit support to FHC in the form of letters of credit, which replaced
the credit support provided by EME. Presently, EMOML is obligated to reimburse drawings under letters of credit
in an aggregate amount of $48.9 million.
(d) Capitalization or total equity = $0
Net income after taxes for 2004 = $38.6 million
(e) There are no contracts between FHC and any system company.
4.EME07 CBK POWER COMPANY LTD. [FUCO]
(a) CBK Power Company Limited, a Philippine limited partnership ("CBK"), 1701 One Magnificent Mile Building, San
Miguel Avenue, Ortigas Center, Pasig City, Philippines
EME sold its 50% interest in this facility effective as of January 10, 2005.
Upon completion of all rehabilitation, upgrading and construction of 4 hydroelectric power plants known as
Caliraya, Botocan and Kalayaan I and II, and related civil structures located in the province of Laguna, Republic
of the Philippines, have a combined capacity of 792 MW.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of Edison Mission Millennium B.V. which owns 100% of EME Kalayaan B.V. and EME Caliraya
B.V.; EME Kalayaan B.V. owns 1% GP of CBK and EME Caliraya B.V. owns 49% LP of CBK.
(c) Capital invest as of December 31, 2004
Payment to IMPSA under General Engineering services = $20 million
Equity contribution = $58.2 million
(d) Capitalization or total equity = $107.2 million
Net income after taxes for 2004 = $7.0 million
(e) (1) Owner's Representative Agreement for onshore services - Entered into between CBK and EME Philippines
Services Corporation ("EME Philippines"). EME Philippines provides onshore owner's representative services to CBK
during the construction period. Total fee is $911,000.
(2) Owner's Representative Agreement for offshore services - Entered into between CBK and Edison Mission Energy
Asia ("EME Asia"). EME Asia provides offshore owner's representative services to CBK during the construction
period. Total fee is $973,000.
(3) Management and Technical Services Contract - This is the O&M contract entered into between CBK and Kalayann
Power Management Corporation ("KPMC") for 25 years commencing on February 9, 2001. KPMC is a 50/50 JV between
EMOM Services B.V. and IMPSA Construction and Services B.V. KPMC provides service to manage the maintenance,
repair and operation of CBK. The Fee is US$500,000 per
49
year escalated according to US Producers Price Index. CBK is also to reimburse all costs and expenses incurred
by KPMC in performing these services. The aggregate liability of KPMC shall in no event exceed the Management
Fee plus bonus. There are no consequential damages.
4.EME08 KALAYAAN POWER MANAGEMENT CORPORATION (FUCO)
(a) Kalayaan Power Management Corporation, a Philippines Corporation, NPC Compound, Kalayaan, Province of
Laguna, Philippines
EME sold its 100% interest in this facility effective as of January 10, 2005.
Kalayaan Power Management Corporation ("Kalayaan PMC"), Kalayaan PMC is to provide operation and services for CBK
Power Company Limited ("CBK") which has rehabilitated and upgraded four hydroelectric power plant projects in the
province of Laguna, Republic of the Philippines. Under the terms of a management and technical services contract
between CBK and this project, this project has the total installed capacity of 792 MW, as follows: (1) the
Kalayaan I facility, a pumped storage facility with two turbine pump units with a total of 362 MW; (2) the
Kalayaan II facility, another pumped storage facility, was constructed consisting of two pump units for a total
of 369 MW; (3) the Caliraya hydroelectric facility was upgraded to divert water into two 19.37 MW units, for a
total of 38.74 MW; and (4) the Botocan facility was upgraded to divert water into two 10.6 MW units, for a total
of 22.2 MW. Each power plant included auxiliary equipment and interconnecting transmission facilities.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares). MECI owns 100% of Edison Mission Operation and Maintenance
Services B.V., which owns 50% of Kalayaan Power Management Corporation.
(c) Capital invest as of December 31, 2004 = $0.1 million
(d) Capitalization or total equity = $0.3 million
Net income after taxes for 2004 = $0.1 million
(c) (1) Owner's Representative Agreement for onshore services - Entered into between CBK and EME Philippines
Services Corporation ("EME Philippines"). EME Philippines provides onshore owner's representative services to CBK
during the construction period. Total fee is $911,000.
(2) Owner's Representative Agreement for offshore services - Entered into between CBK and Edison Mission Energy
Asia ("EME Asia"). EME Asia provides offshore owner's representative services to CBK during the construction
period. Total fee is $973,000.
(3) Management and Technical Services Contract - This is the O&M contract entered into between CBK and Kalayann
Power Management Corporation ("KPMC") for 25 years commencing on February 9, 2001. KPMC is a 50/50 JV between
EMOM Services B.V. and IMPSA Construction and Services B.V. KPMC provides service to manage the maintenance,
repair and operation of CBK. The Fee is US$500,000 per year escalated according to US Producers Price Index.
CBK is also to reimburse all costs and expenses incurred by KPMC in performing these services. The aggregate
liability of KPMC shall in no event exceed the Management Fee plus bonus. There are no consequential damages.
4.EME09 ITALIAN VENTO POWER CORPORATION 4 S.R.L. [FUCO]
(a) Italian Vento Power Corporation 4 S.r.l. ("IVPC"), Via Circumvallazione, 54/h, 83100 Avellino, Italy
EME sold its 50% interest in this facility effective as of December 16, 2004.
IVPC developed 280.7 MW of wind-generated capacity in rural Italy in eleven projects, consisting of clusters of
660 kW and 600kW turbines and associated equipment in the following comunes (townships): (1) 47
50
turbines totaling 30 MW in Andretta and Bisaccia; (2) 60 turbines totaling 39.6 MW in Lacedonia and Monteverde;
(3) 41 turbines totaling 27.06 MW in Monacilioni, Pielracatella, and Sant Elia; (4) 60 turbines totaling 39.6 MW
in Forenza and Maschito; (5) 25 turbines totaling 15 MW in Volturara and Motta Moniecorvino; (6) 30 turbines
totaling 18 MW in Roselo; (7) 47 turbines totaling 30.3 MW in Celle San Vito, Greci and Montaguto; (8) 30
turbines totaling 19.8 MW in Panni; (9) 45 turbines totaling 29.7 MW in Bortigiadas, Aggius and Vidalba; (10) 34
turbines totaling 22.44 MW in Avigliano; and (11) 14 turbines totaling 9.24 MW in Roseto. The projects include
transmission lines connecting the generating facilities to the grid, ranging in length from less than 100 meters
to a maximum of 9 kilometers. IVPC is also constructing, but will not own, substations associated with the
projects. IVPC also owns and is currently operating a 2.4 MW project in Rocca San Felice consisting of four 600
kW turbines and associated equipment.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of Edison Mission Wind Power Italy B.V. (formerly IVPC Energy 5 B.V.) ("EMWP"), which owns
50% of IVPC, the foreign utility company.
(c) The capital contribution made by Edison Mission Energy through Edison Mission Wind Power was $55.7 million.
Under the terms of the Intercreditor Agreement dated March 3, 2000, to which EMWP is a party, any Junior Debt,
which is widely defined as, essentially, any liability owed by IVPC to EMWP, is subordinated to the obligations
of IVPC to the banks party thereto, in a manner in which any amount received or otherwise receivable by EMWP from
IVPC may be applied against IVPC's debts to such banks, save for certain excepted payments specified therein,
referred to as Permitted Distributions.
Under the terms of the Project Finance Facilities Syndicated Credit Agreement dated September 7, 2000, to which
IVPC, but not EMWP, is a party, there are restrictions imposed upon IVPC on amounts that IVPC may distribute or
otherwise pay to EMWP and in certain circumstances amounts otherwise so distributable or payable may be applied
against the amounts outstanding under that agreement from IVPC to the banks lending thereunder.
EMWP has also pledged its shares to the lenders under the Facilities Agreement referred to above and other
financial institutions as security for IVPC's obligations.
(c.1) (a) on March 3, 2000, EMWP and IVPC entered into a "Subordinated Loan Agreement" according to which EMWP
has undertaken to finance IVPC by way of subordinated loans in the amounts set forth therein; and (b) according
to the "Development Permits for Stages A and B" letter dated March 15, 2000, MECI has undertaken toward UPC
International Partnership CV II, inter alia, the obligation to procure that EMWP extends a loan to IVPC for up to
50% of the equity contribution required to be contributed to IVPC with respect to such Stage under the Senior
Loan, in the event that any Permit for Stages A and B has not been issued.
(d) Capitalization or total equity = $0
Net income after taxes for 2004 = $12.9 million
(e) There are no services contracts between IVPC and any system company.
4.EME10 CONTACT ENERGY LIMITED [FUCO]
(a) Contact Energy Limited ("Contact"), Level 1, Harbour City Tower, 29 Brandon Street, Box 10-742, Wellington,
New Zealand
EME completed the sale of its 51.2% interest in this facility effective as of September 30, 2004.
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In March 1999, Edison Mission Energy Taupo Ltd.("EME Taupo"), an indirect, wholly owned subsidiary of Edison
Mission Energy entered into agreements with the government of New Zealand to acquire 40% of Contact. Contact
owns and operates hydroelectric, geothermal and natural gas-fired power generating plants in New Zealand with a
total generating capacity of 2,449 MW. Contact also supplies gas and electricity to customers in New Zealand and
has a minority interest in a power project in Australia. The acquisition was conditioned on the New Zealand
government completing an initial public offering of the remaining 60% of Contact, which occurred in mid-May
1999. In December 2000, Edison Mission Energy's ownership increased a total of 2.26% due to (i) Contact's buyback
of shares from the open market and (ii) an additional purchase of shares by Mission Energy Pacific Holdings
(formerly EME Pacific Holdings ("Pacific").
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of EME Atlantic Holdings Limited, which owns 100% of EME Ascot Limited, which owns 100% of
EME Buckingham Limited, which owns 100% of EME Precision B.V., which owns 100% of Mission Energy Universal
Holdings [formerly EME Universal Holdings], which now owns 0.624% of Contact and 100% of Mission Energy Pacific
Holdings [formerly EME Pacific Holdings], which now owns 50.598% of Contact, the foreign utility company. EME,
through its subsidiaries, now owns 51.2% of Contact.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary Edison Mission Project
Company, in the amount of $467 million.
In December 2000, EME Taupo transferred its 40% interest in Contact to Pacific as part of a global restructuring
of Edison Mission Energy's investment in Contact (the "Transfer"). In connection with the Transfer, Edison
Mission Energy entered into a Deed of Covenant in favor of the institutional subscriber of (NZ)$160 million of
the preferred stock issued by EME Taupo in May 1999. This Deed of Covenant requires Edison Mission Energy to
compensate the institutional preferred stock subscriber in the event that a private binding ruling issued to it
by the New Zealand Inland Revenue Department ceases to apply as a direct result of the Transfer. The amount of
any compensation that may become payable by Edison Mission Energy under the further Deed of Covenant is limited
to that necessary to keep the preferred stock subscriber in the same position that it would have been in had the
private binding ruling continued to apply. Also in December 2000, Edison Mission Energy's ownership increased a
total of 2.26% due to (i) Contact's buyback of shares from the open market and (ii) an additional purchase of
shares by Pacific. In June of 2001, the existing EME Taupo and Pacific redeemable preference shares were
redeemed and Pacific issued new redeemable preference shares.
The redemption of the NZ$400 million preferred stock was funded by the issue of preferred stock through Mission
Contact Finance Limited and also by borrowings from CSFB for the US dollar equivalent of NZ$386,523,000.
(d) Capitalization or total equity = $0
Net income after taxes for 2004 = $39.2 million
(e) There are no service, sales or construction agreements between Contact and any system company.
4.EME11 TRI ENERGY COMPANY LIMITED [FUCO]
(a) Tri Energy Company Limited ("Tri Energy"), 16th Floor, Grand Amarin Tower, New Petchburi Road, Ratchathewi,
Bangkok 10320 Thailand
EME sold its 25% interest in this facility effective as of February 3, 2005.
Tri Energy's facilities consist of a 700 MW gas turbine combined cycle facility located in Ratchaburi Province,
west of Bangkok, Thailand, and interconnection equipment necessary to connect the facility with the company's
wholesale purchaser, the Electricity Generating Authority of Thailand. Tri Energy became operational on June 30,
2000.
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(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of EME Tri Gen B.V., which owns 25% of Tri Energy Company Limited, the foreign utility
company.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary EME Tri Gen B.V. in the
amount of $23.3 million.
(d) Capitalization or total equity = $20.4 million
Net income after taxes for 2004 = $4.4 million
(e) Edison Mission Energy Asia Pacific Pte Ltd. ("EME Asia") and Tri Energy have entered into an Onshore Service
Agreement and an Offshore Service Agreement. Under the Onshore Service agreement, EME Asia is to provide
managerial, professional and technical services within Thailand to Tri Energy for a fixed annual fee of
$385,000. Under the Offshore Service agreement, EME Asia is to provide managerial, professional and technical
services outside of Thailand on an hourly fee basis. As of December 31, 2004, EME Asia has received payment of
$300,000.
4.EME12 IBERICA DE ENERGIAS, S.A. [FUCO]
(a) Iberica de Energias, S.A. ("Iberica"), Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
EME sold its 100% interest in these facilities effective as of December 16, 2004.
Iberica's facilities consist of the following fifteen mini-hydroelectric facilities which are capable of
producing a total of 48.55 MW:
Quintana: 1.48MW facility in Herrera de Valdecana, Palencia
La Flecha: 2.66MW facility in Arroyo Encomienda, Valladolid
Toro: 4.50MW facility in Toro, Zamora
Tudela: 1.48MW facility in Tudela de Duero, Valladolid
Sardon Bajo: 1.60MW facility in Villabanez, Valladolid
Bocos: 1.60MW facility in Bocos de Duero, Valladolid
Monasterio: 1.60MW facility in Quintanilla de Arriba, Valladolid
Logrono: 3.68MW facility in Logrono, La Rioja
Mendavia: 5.60MW facility in Mendavia, Navarra
La Ribera: 4.40MW facility in Pradejon, La Rioja
Gelsa: 7.20MW facility in Gelsa, Zaragoza
Alos: 4.80MW facility in Alos de Balaguer, Lerida
Castellas: 2.25MW facility in Valls de Aguilar, Lerida
Sossis: 3.3MW facility in Pyrenees (Lerida)
Olvera: 2.4MW facility in south of Spain (Jaen)
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 10% of Hydro Energy B.V. and indirectly through its wholly owned subsidiary Iberian Hy-Power
Amsterdam B.V. owns the remaining 90% of Hydro Energy B.V.; Hydro Energy B.V. owns 96.65% of Iberica de Energias,
the foreign utility company, and Iberian Hy-Power Amsterdam B.V. owns the remaining 3.35%.
(c) The capital contribution made by Edison Mission Energy through its subsidiary Iberian Hy-Power Amsterdam
B.V. was $21,992,654. In August, 1993, MECI, through its 34% ownership interest and its direct ownership
interest in Hydro Energy B.V., acquired an aggregate 40.6% interest in Energias Hidraulicas, S.A. ("EH") from
Energies, S.A., the hydroelectric development subsidiary of Vivendi (formerly
53
Compagne Generale des Eaux). Subsequently, EH sold Iberica and Mediterranea to Hydro Energy B.V. Compagne
Generale des Eaux is a French water utility company. EH is a Spanish holding company which will develop water
right concessions, but has no operating facilities. During 1996, the five facilities previously owned by
Compania Mediterranea de Energias, S.A., were merged into Iberica. Also in 1996, Energias Hidraulicas' name was
changed to Edison Mission Energy Espana, S.A. During 1997, EH, Hidroelectrica de Sossis S.A. and Hidroelectrica
de Olvera S.A. were merged into Iberica.
In connection with the acquisition of EH, Vivendi provided to Iberica and Mediterranea a 10-year limited revenue
guaranty, which allowed Iberica and Mediterranea to secure non-resource project financing. Consideration to
Vivendi for the acquisition of Iberica and Mediterranea included the assumption of Hydro Energy B.V. of an
existing loan with deferred payments to Vivendi beginning in 1999 and ending in 2003. On September 30, 2003, the
loan wasrepaid to Vivendi in full.
(d) Capitalization or total equity = $0
Net income after taxes for 2004 = $5.6 million
(e) There is a management fee agreement between Iberica and Electro Metalurgica del Ebro S.L. (EMESA). Iberica
provides administrative and financial services to EMESA. As of December 31 2004, EMESA has paid Iberica $582,000
for services rendered under this management fee arrangement.
4.EME13 ELECTROMETALURGICA DEL EBRO, S.A. [FUCO]
(a) Electrometalurgica del Ebro, S.A. ("EMESA"), Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
EME sold its 100% interest in this facility effective as of December 16, 2004.
EMESA's facilities consist of three mini-hydroelectric facilities (Sastago I, Sastago II and Menza) all located
near the Ebro River in Zaragoza. The three mini-facilities are masonry weir, concrete intake structures capable
of producing 3 MW, 17.3 MW and 13 MW, respectively.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 10% of Hydro Energy B.V. and indirectly through its wholly owned subsidiary Iberian Hy-Power
Amsterdam B.V. owns the remaining 90% of Hydro Energy B.V.; Hydro Energy B.V. owns 96.65% of Iberica de Energias
and Iberian Hy-Power Amsterdam B.V. owns the remaining 3.35%; Iberica de Energias owns 91.32% of EMESA, the
foreign utility company.
(c) The capital contribution made by MECI through Iberian Hy-Power Amsterdam B.V. was $63,266.
(d) Capitalization or total equity = $0
Net income after taxes for 2004 = $2.7 million
(e) There is a management fee agreement between Iberica and Electro Metalurgica del Ebro S.L. (EMESA). Iberica
provides administrative and financial services to EMESA. As of December 31 2004, EMESA has paid Iberica $582,000
for services rendered under this management fee arrangement.
4.EME14 PERTH POWER PARTNERSHIP [FUCO] - SUCCESSOR OF INTEREST TO KWINANA POWER PARTNERSHIP ("KPP")
(a) Perth Power Partnership ("PPP") (formerly Kwinana Power Partnership), James Court, Kwinana Beach 6167,
Western Australia.
EME sold its 70% interest in this facility effective as of December 16, 2004.
54
PPP's facilities used for the generation, transmission, or distribution of electric energy for sale consist of a
116 MW gas-fired combined cycle cogeneration plant at the oil refinery owned and operated by British Petroleum
Refinery Proprietary Limited at Kwinana near Perth, Australia, and interconnection equipment necessary to connect
the plant with the refinery and with PPP's wholesale purchaser, Western Power Corporation. KPP commenced
operation in December 1996. On August 11, 2000, KPP sold 30% of the facilities and obligations related to the
facilities to SembCorp Energy (Kwinana) Pte Ltd. (SembCorp). KPP and SembCorp simultaneously formed PPP, a
partnership to directly own the facilities. SembCorp owns a 30% partnership interest in PPP, and KPP owns a 70%
partnership interest. The partners of KPP continue to be MEC Perth B.V. (99%) and Mission Energy (Kwinana) Pty
Ltd. (1%).
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of MEC Perth B.V.; MEC Perth B.V. owns 99% of KPP, which owns 70% of PPP, the foreign utility
company. MECI also directly owns 100% of Loy Yang Holdings Pty Ltd, which owns 100% of Edison Mission Energy
Holdings Pty Ltd, which owns 100% of Mission Energy (Kwinana) Pty Ltd, which owns the remaining 1% of KPP, which
owns 70% of PPP, the foreign utility company.
(c) The only outstanding guarantee by Edison Mission Energy or a subsidiary in relation to PPP is the Guarantee
and Indemnity dated March 21, 1995, between KPP and Edison Mission Operation & Maintenance, Inc. ("MOMI
Guarantee") (assigned to PPP on August 11, 2000). The MOMI Guarantee is given to Edison Mission Operation &
Maintenance, Inc. to guarantee the operations of Edison Mission Operations (Kwinana) Pty Ltd under the Kwinana
Operation and Maintenance Agreement dated March 21, 1995.
(d) Capitalization or total equity = $0
Net income after taxes for 2004 = $2.7 million
(e) The Administrative Support Agreement dated March 21, 1995, between Edison Mission Energy Holdings Pty Ltd
and KPP (assigned to PPP pursuant to Assumption Deed dated August 8, 2000). Under the Administrative Support
Agreement, Edison Mission Energy Holdings Pty Ltd agrees to provide personnel and administrative support, (e.g.,
accounting, banking and tax, business promotion) to KPP to assist KPP in fulfilling its obligations under the
Syndicated Project Facility Agreement dated March 21, 1995.
The Operation and Maintenance Agreement ("OMA") between Mission Operations (Kwinana) Pty Limited and KPP dated
March 21, 1995 (amended and restated pursuant to Deed of Amendment and Restatement dated August 7, 2000, and
assigned to PPP on August 11, 2000.) The OMA appoints an indirect, wholly owned subsidiary of MECI, Edison
Mission Operation & Maintenance Kwinana Pty Ltd ("EMOK") to operate and maintain the Kwinana cogeneration plant
and equipment. EMOK received $456,000 in compensation as operator in 2004.
Under the Professional and Administrative Services Agreement ("PASA") between EMOK and Edison Mission Energy
Holdings Pty Ltd. ("EMEH") dated March 17, 1995, EMEH agrees to provide professional and administrative services
(e.g., accounting, banking and tax, business promotion) and staff to EMOK to assist EMOK in fulfilling its
obligations under the OMA. EMEH received $0 in compensation under the PASA in 2004.
Under the Technical Support Agreement ("TSA") between Edison Mission Operation and Maintenance, Inc ("EMOMI") and
Edison Mission Operation & Maintenance Pty Ltd dated March 17, 1995, EMOMI provides technical support, (i.e.,
personnel and knowledge) to EMOK to enable EMOK to comply with its obligations under the OMA. EMOMI received $0
in compensation under the TSA in 2004.
4.EME15 DOGA ENERJI URETIM SANAYI VE TICARET L.S. [FUCO]
(a) Doga Enerji Uretim Sanayi ve Ticaret L.S. ("Doga"), Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt,
Istanbul, Turkey
55
Doga's facility used for the generation, transmission, or distribution of electric energy for sale consists of a
180 MW combined cycle turbine cogeneration plant in Istanbul, Turkey. Doga became operational in May 1999.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of MEC Esenyurt B.V.; MEC Esenyurt B.V. owns 80% of Doga, the foreign utility company.
(c) In connection with the financing of Doga, Edison Mission Operation & Maintenance, Inc. ("EMOMI"), pursuant
to a guarantee ("EMOMI Guarantee"), has guaranteed (for the benefit of Doga and the Banks) the financial
obligations of Doga Isletme ve Bakim Ticaret L.S. (as operator) to Doga under the Operation and Maintenance
Agreement for the operation and maintenance of the power plant. The maximum amount payable by EMOMI under the
EMOMI Guarantee is capped at the base fee paid in any given year (no more than $1 million per year.)
The capital contribution made by Edison Mission Energy through MEC Esenyurt B.V. was $31.4 million.
(d) Capitalization or total equity = $0
Net income after taxes for 2004 = $3.7 million
(e) There are no contracts between Doga and any system company.
4.EME16 PT. PAITON ENERGY [FUCO]
(a) PT. Paiton Energy ("Paiton"), Jl. Raya Surabaya Situbondo KM 141, Paiton 67291, Probolinggo, East Java,
Indonesia
EME sold its 45% interest in this facility effective as of December 16, 2004.
Paiton's facilities consist of two coal-fired electric generating units in Paiton, Indonesia, on the northeast
Java coast, both of which achieved commercial operation during 1999. Each unit has a nominal net design capacity
of 605 MW and is comprised of a boiler and steam turbine generator with ancillary facilities. The two units
share a control room.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI directly owns 99% of MEC Indonesia B.V. and through its wholly owned subsidiary MEC International
Holdings B.V. indirectly owns the remaining 1% of MEC Indonesia B.V.; MEC Indonesia B.V. owns 44.7% of PT. Paiton
Energy, the foreign utility company.
(c) Capital contribution made by Edison Mission Energy through its subsidiary MEC Indonesia B.V. was in the
amount of $125,694,200. Edison Mission Energy and its wholly owned affiliates, MEC Indonesia B.V., MEC
International B.V., and MEC International Holdings B.V. ("Mission Affiliates") have undertaken the following
obligations:
The project is financed by multiple credit facilities (the "Credit Facilities"), of varying terms and tenor,
provided by the Export-Import Bank of the United States, the Japan Bank for International Cooperation, Overseas
Private Investment Corporation and commercial banks. The project also contains financing indirectly provided by
the proceeds of $180,000,000 of bonds issued in reliance upon Rule 144A.
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The following is a listing of the various obligations of EME with respect to the Paiton Project:
Guarantees Related to Equity Infusion. EME and its wholly-owned affiliates (MEC International, B.V.,
MEC International Holdings, B.V. and MEC Indonesia (the "Mission Affiliates")) have undertaken the following
obligations:
Equity Support Guarantee. EME and the Mission Affiliates have guaranteed payment of 47.06% of PE's
obligations to contribute base equity, overrun equity and contingent overrun equity to the Paiton
Project. EME and the Mission Affiliates' obligations are $320,008,000 for base equity (as of
December 31, 1999 these obligations had been fully funded), $82,355,000 for overrun equity (as of
September 30, 2000, this amount had been fully funded), and $58,825,000 for contingent overrun equity
(as of December 31, 2003, $14,067,784 remains outstanding). The total EME/Mission Affiliates'
commitment is $461,188,000.
(a) Overrun Equity. Overrun Equity in the amount of $82,355,000 (EME/Mission Affiliates' portion)
is for costs incurred by the Paiton Project that were not included in the project budget and
not otherwise covered by third parties such as insurers or the construction contractor.
(b) Contingent Overrun Equity. Contingent Overrun Equity in the amount of $58,825,000 (EME/Mission
Affiliates' portion) will be utilized on the same basis as Overrun Equity once the Overrun
Equity has been fully utilized.
(c) BHP Loans. EME has agreed to lend 47.06% of the equity amount required to be contributed by
P.T. Batu Hitam Perkasa, an Indonesian limited liability company, and 15% shareholder in PE
(the "BHP Loans"). The BHP Loans are to be repaid out of PE dividends, carry an interest rate
of Libor plus 2.25%, a term of 20 years. The BHP Loan obligation is included in EME's Equity
Support Agreement commitment and accounts for $21,459,360 of that obligation. This obligation
has been fully funded.
(d) Capitalization or total equity = $0
Net loss after taxes for 2004 = $36.9 million
(e) Edison Mission Energy Asia Pte Ltd., a wholly owned subsidiary of MEC International B.V., has entered into
an Operation and Maintenance Agreement with Paiton to provide operation and maintenance services. The services
under the Operation and Maintenance Agreement have been assumed by P.T. Edison Mission Operation & Maintenance
Indonesia ("PTEMO&M"), another indirect subsidiary of Edison Mission Energy. PTEMO&M has received $15.9 million
in fees from Paiton in 2004.
4.EME17 ISAB ENERGY, s.r.l. [FUCO]
(a) ISAB Energy, s.r.l. ("ISAB"), Corso Gelone No. 103, Siracusa, Sicily, Italy
EME sold its 49% interest in this facility effective as of December 16, 2004.
ISAB's facilities consist of a 512 MW integrated gasification and combined cycle power plant, located in Priolo
Gargallo, 8 kilometers from Siracusa, Sicily. ISAB became operational in April 2000.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI directly owns 100% of MEC Priolo B.V.; MEC Priolo B.V. owns 49% of ISAB, the foreign utility company.
(c) In connection with the refinancing of ISAB in June 2000, (i) the partners agreed to reduce the equity and
subordinated debt required from 25% of project costs to 10%, and (ii) Edison Mission Energy guaranteed (for the
benefit of the banks financing the construction of the power plant) MEC Priolo B.V.'s obligation to inject into
ISAB equity and subordinated debt totaling $45,133,150. In connection with the financing of ISAB, Edison
Mission Operation & Maintenance, Inc. ("EMOMI") pursuant to a guarantee (the
57
"EMOMI Guarantee") has guaranteed (for the benefit of ISAB and the banks financing the construction of the ISAB
power plant) ISAB Energy Services' financial obligations (as the operator) to ISAB under the Operation and
Maintenance Agreement for the operation and maintenance of the power plant. The maximum payable by EMOMI under
the EMOMI Guarantee is capped at the mobilization fee or base fee paid in any given year (anywhere from $3-5
million per year). Deasphalter O&M (capped at base or mobilization fee - less than $1 million per year).
(d) Capitalization or total equity = $0
Net income after taxes for 2004 = $39.2 million
(e) ISAB and Edison Mission Energy Limited ("EMEL") entered into a Secondment Agreement on January 1, 1997,
wherein EMEL seconds certain of its employees to ISAB to assist in areas related to ISAB's business (i.e.,
project management). Under this agreement, EMEL has received compensation in the amount of $0 for 2004.
Mission Energy Italia s.r.l. ("MEI") and ISAB have entered into a Secondment Agreement effective January 1, 1997
(amended October 1, 2000), wherein MEI seconds certain of its employees to ISAB to assist in areas related to
ISAB's business (i.e., project control and general management). Under this Secondment Agreement, MEI has
received $16,000 for the year ended December 31, 2004.
EMEL entered into a Sponsor Support Agreement with ISAB effective January 1, 1997 (amended October 1, 2000),
wherein EMEL provides activities to ISAB in the areas which include the following: financial model
administration; maintenance and development of relationship with lenders to ISAB; advice on finance; maintenance
and development of relationship with insurance companies; maintenance and development of relationship with
international law firms; supervision and preparation of legal contracts and provide interpretation of existing
contracts. During 2004, EMEL has received $873,000 under this Sponsor Support Agreement.
4.EME18 DERWENT COGENERATION LIMITED [FUCO]
(a) Derwent Cogeneration Limited ("Derwent"), Lansdowne House, Berkeley Square, London W1X 5DH England
EME sold its 33% interest in this facility effective as of December 16, 2004.
The 214 MW plant at Spondon, Derbyshire, England, went into operation in 1995.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of Mission Energy Company (UK) Limited which owns 33% of Derwent, the foreign utility company.
(c) Total capital contribution = $3.3 million
(d) Capitalization or total equity = $0
Net income after taxes for 2004 = $2.4 million
(e) Edison Mission Services Limited (formerly Mission Energy Services Limited) ("EMSL") provided construction
management services to Derwent throughout the construction phase of the project and is now the operator of the
facility. EMSL is to receive a fee of $3,266,808 per year for operation and maintenance services as well as
reimbursement from Derwent for expenditures incurred for operation and maintenance services. EMSL received $2.3
million in fees in 2004.
4.EME19 LAKELAND POWER LTD. [FUCO]
(a) Lakeland Power Ltd. ("Lakeland"), Roosecote Power Station, Barrow-in-Furness, Cumbria, England LA13 OPQ
58
Lakeland's facilities consist of a 220 MW gas-fired combined cycle electricity generation plant.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 1% of Pride Hold Limited and 100% of Mission Energy Company (UK) Limited; Mission Energy Company
(UK) Limited owns 99% of Pride Hold Limited. Pride Hold Limited owns 100% of Lakeland Power Ltd., the foreign
utility company.
(c) The capital contribution made by Edison Mission Energy through its subsidiary Pride Hold Limited was $0.
(d) Capitalization or total equity = $0
Net income after taxes for 2004 = $0
(e) There are no contracts between Lakeland and any system company.
4.EME20 ECOELECTRICA LP [FUCO]
(a) EcoElectrica L.P. ("EcoElectric"), a Bermuda limited partnership ("EcoElectrica") Plaza Scotiabank, Suite
902, Avenida Ponce de Leon 273, Hato Rey, Puerto Rico 00918
EME sold its 50% interest in this facility effective as of December 16, 2004.
EcoElectrica owns and operates a liquefied natural gas marine unloading facility, two 1,000,000-barrel LNG
storage tanks, LNG vaporization equipment, an approximately 461 MW cogeneration power plant facility with two
natural gas turbines and one steam turbine, and a desalination plant, located in Penuelas, Puerto Rico.
EcoElectrica also owns and operates: a 2.3 mile, 230 kV transmission line connecting the power plant substation
to an existing Puerto Rico Electric Power Authority ("PREPA") substation, a 1.2 mile, 24 inch diameter natural
gas accumulator pipeline, a 3.5 mile, 10 inch diameter pipeline to supply liquefied petroleum gas ("LPG") to the
facility, and a 1.1 mile, 6 to 8 inch diameter pipeline connecting the natural gas accumulator and PREPA's Costa
Sur Power Plant. EcoElectrica became operational in March 2000.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of EcoElectrica S.a.r.l; EcoElectrica S.a.r.l. owns 100% of EME del Caribe Holding GmbH; EME
del Caribe Holding GmbH owns 100% of EME del Caribe; EME del Caribe owns 50% of EcoElectrica Holdings, Ltd.;
EcoElectrica Holdings, Ltd. owns 100% of EcoElectrica Ltd. and 99%LP of EcoElectrica; EcoElectrica Ltd. owns 1%GP
of EcoElectrica, the foreign utility company.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary EcoElectrica S.a.r.l. in the
amount of $258 million.
The following is a listing of the various obligations of Edison Mission Energy with respect to EcoElectrica:
EcoElectrica entered into an Option to Purchase Agreement with Union Carbide Caribe Inc. ("UCCI") under which
EcoElectrica agreed to indemnify UCCI with respect to certain post-closing activities (property damage or
personal injury) and environmental contamination on the plant site. This indemnity obligation was guaranteed by
Enron Power Corp. and Kenetech Energy Systems Inc., ("KES") pursuant to a Guaranty dated November 25, 1997 (the
"UCCI Guaranty").
59
Edison Mission Energy was required to execute a Guarantee Assumption Agreement under which Edison Mission Energy
agreed to assume all of the obligations of KES under the UCCI Guaranty.
(d) Capitalization or total equity = $0
Net income after taxes for 2004 = $24.0 million
(e) Assignment and Assumption Agreement: On October 31, 1997, KES Bermuda, Inc. and EcoElectrica entered into
that certain Administrative Services Agreement pursuant to which KES Bermuda, Inc. receives a fee, plus expense
reimbursement in return for providing advisory services to EcoElectrica. As of December 23, 1998, KES Bermuda,
Inc. assigned its rights, title and interests under said agreement to EME del Caribe. As of December 31, 2004,
EME del Caribe has received $678,000 for providing services to EcoElectrica.
60
EXHIBIT A
A CONSOLIDATING STATEMENT OF INCOME AND SURPLUS OF THE
CLAIMANT AND ITS SUBSIDIARY COMPANIES FOR THE LAST CALENDAR YEAR,
TOGETHER WITH A CONSOLIDATING BALANCE SHEET OF CLAIMANT AND ITS
SUBSIDIARY COMPANIES AS OF THE CLOSE OF SUCH CALENDAR YEAR.
Consolidating statements of income and surplus for the year ended December 31, 2004, and consolidating
balance sheets as of December 31, 2004, for the claimant and its subsidiary companies.
EXHIBIT B
AN ORGANIZATIONAL CHART SHOWING THE RELATIONSHIP OF EACH EWG
OR FOREIGN UTILITY COMPANY TO ASSOCIATE COMPANIES IN THE HOLDING
COMPANY SYSTEM.
The above-named claimant has caused this statement to be duly executed on its behalf by its authorized
officer on this 29th day of March, 2005.
EDISON INTERNATIONAL
By: /s/ Barbara Mathews
------------------------
Barbara E. Mathews
Associate General Counsel
Corporate Seal
Attest:
/s/ Bonita J. Smith
---------------------
Bonita J. Smith
Assistant Secretary
NAME, TITLE AND ADDRESS OF OFFICER TO WHOM NOTICES AND CORRESPONDENCE CONCERNING THIS STATEMENT SHOULD BE
ADDRESSED:
Barbara E. Mathews Associate General Counsel
--------------------------------------------------------------
(Name) (Title)
2244 Walnut Grove Avenue, Post Office Box 999, Rosemead, CA 91770
-----------------------------------------------------------------
(Address)
61
SCHEDULE I
SOUTHERN CALIFORNIA EDISON COMPANY
ELECTRIC GENERATING PROPERTIES
62
SCHEDULE I
SOUTHERN CALIFORNIA EDISON COMPANY
ELECTRIC GENERATING PROPERTIES
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
MAIN SYSTEM - SCE OWNED
COAL:
Four Corners San Juan, NM 4 07/01/1969 818,100
Owned by Others - 52% (425,412)
----------------
Owned by SCE - 48% 392,688
5 07/01/1970 818,100
Owned by Others - 52% (425,412)
----------------
Owned by SCE - 48% 392,688
TOTAL SCE 785,376
================
Mohave Clark, NV 1 04/01/1971 818,100
Owned by Others - 44% (359,964)
----------------
Owned by SCE - 56% 458,136
2 10/01/1971 818,100
Owned by Others - 44% (359,964)
----------------
Owned by SCE - 56% 458,136
TOTAL SCE 916,272
================
TOTAL COAL 1,701,648
================
NUCLEAR:
San Onofre San Diego 1 01/01/1968 0
Owned by Others - 20% 0
----------------
Owned by SCE - 80% 0
2 08/08/1983 1,127,000
Owned by Others - 24.95% (281,185)
----------------
Owned by SCE - 75.05% 845,815
3 04/01/1984 1,127,000
Owned by Others - 24.95% (281,185)
----------------
Owned by SCE - 75.05% 845,815
TOTAL SCE 1,691,630
================
Palo Verde Maricopa, AZ 1 02/01/1986 1,403,100
Owned by Others - 84.2% (1,181,410)
----------------
Owned by SCE - 15.8% 221,690
2 09/19/1986 1,403,100
Owned by Others - 84.2% (1,181,410)
----------------
Owned by SCE - 15.8% 221,690
63
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
3 01/20/1988 1,403,100
Owned by Others - 84.2% (1,181,410)
----------------
Owned by SCE - 15.8% 221,690
TOTAL SCE 665,070
================
TOTAL NUCLEAR: 2,356,700
================
HYDRO:
NORTHERN REGION HYDROELECTRIC PLANTS:
Big Creek #1 Fresno 1 11/08/1913 19,800
2 11/08/1913 15,750
3 07/12/1923 21,600
4 06/08/1925 31,200
----------------- ----------------
TOTAL PLANT 88,350
Big Creek #2 Fresno 3 12/18/1913 15,750
4 01/11/1914 15,750
5 02/01/1921 17,500
6 03/31/1925 17,500
----------------- ----------------
TOTAL PLANT 66,500
Big Creek #2A Fresno 1 08/06/1928 55,000
2 12/21/1928 55,000
----------------- ----------------
TOTAL PLANT 110,000
Big Creek #3 Fresno & Madera 1 10/03/1923 34,000
2 09/30/1923 34,000
3 10/05/1923 34,000
4 04/28/1948 36,000
5 02/24/1980 36,450
----------------- ----------------
TOTAL PLANT 174,450
Big Creek #4 Fresno & Madera 1 06/12/1951 50,000
2 07/02/1951 50,000
----------------- ----------------
TOTAL PLANT 100,000
Big Creek #4 Dam 7 Fresno & Madera 350
(fishwater generator)
Big Creek #8 Fresno 1 08/16/1921 30,000
2 06/08/1929 45,000
----------------- ----------------
TOTAL PLANT 75,000
Mammoth Pool Madera 1 03/28/1960 95,000
2 03/28/1960 95,000
----------------- ----------------
TOTAL PLANT 190,000
64
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
NORTHERN REGION HYDROELECTRIC PLANTS
(continued)
Mammoth Pool - Res. Madera 937
(fishwater generator)
Portal Fresno 1 12/22/1956 10,800
John S. Eastwood Fresno 1 12/01/1987 199,800
TOTAL NORTHERN REGION HYDRO
PLANTS 1,016,187
================
EASTERN REGION HYDROELECTRIC PLANTS:
Fontana San Bernardino 1 12/22/1917 1,475
2 12/22/1917 1,475
----------------- ----------------
TOTAL PLANT 2,950
Kaweah #1 Tulare 1 05/25/1929 2,250
Kaweah #2 Tulare 2 09/13/1929 1,800
Kaweah #3 Tulare 1 05/29/1913 2,400
2 05/29/1913 2,400
----------------- ----------------
TOTAL PLANT 4,800
Kern River #1 Kern 1 05/19/1907 6,570
2 06/07/1907 6,570
3 07/29/1907 6,570
4 06/27/1907 6,570
----------------- ----------------
TOTAL PLANT 26,280
Kern River #3 Kern 1 05/13/1921 20,500
2 03/22/1921 19,675
----------------- ----------------
TOTAL PLANT 40,175
Kern River Borel Kern 1 12/31/1904 3,000
2 12/31/1904 3,000
3 01/23/1932 6,000
----------------- ----------------
TOTAL PLANT 12,000
Lytle Creek San Bernardino 1 10/23/1904 250
2 09/15/1904 250
----------------- ----------------
TOTAL PLANT 500
Ontario #1 Los Angeles 1 12/00/1902 200
2 12/00/1902 200
3 12/00/1902 200
----------------- ----------------
TOTAL PLANT 600
Ontario #2 Los Angeles 1 06/13/1963 320
65
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
EASTERN REGION HYDROELECTRIC PLANTS
(continued)
San Gorgonio #1* Riverside 1 12/05/1923 0
San Gorgonio #2* Riverside 1 12/17/1923 0
(Slated for decommissioning)
Santa Ana #1 San Bernardino 1 02/14/1899 800
2 02/10/1899 800
3 01/09/1899 800
4 01/10/1899 800
----------------- ----------------
TOTAL PLANT 3,200
Santa Ana #3 San Bernardino 1 11/16/1999 3,100
[Santa Ana #2 replaced by new Santa Ana #3 plant]
Sierra Los Angeles 1 01/12/1922 240
2 02/16/1922 240
----------------- ----------------
TOTAL PLANT 480
Tule River Tulare 1 09/14/1909 1,260
2 09/14/1909 1,260
----------------- ----------------
TOTAL PLANT 2,520
Mill Creek #1 San Bernardino 1 09/07/1893 800
Mill Creek #2* San Bernardino 1 08/03/1904 0
Mill Creek #3 San Bernardino 3 03/20/1903 1,000
4 01/23/1904 1,000
5 03/03/1904 1,000
----------------- ----------------
TOTAL PLANT 3,000
Bishop Creek #2 Inyo 1 11/00/1908 2,500
2 11/00/1908 2,500
3 06/00/1911 2,320
----------------- ----------------
TOTAL PLANT 7,320
Bishop Creek #3 Inyo 1 06/12/1913 2,750
2 06/12/1913 2,340
3 06/12/1913 2,750
----------------- ----------------
TOTAL PLANT 7,840
Bishop Creek #4 Inyo 1 09/20/1905 1,000
2 09/20/1905 1,000
3 00/00/1906 1,985
4 10/01/1907 1,985
5 00/00/1909 1,985
----------------- ----------------
TOTAL PLANT 7,955
Bishop Creek #5 Inyo 1 05/30/1943 2,000
2 06/01/1919 2,532
----------------- ----------------
TOTAL PLANT 4,532
*Not operational; currently being decommissioned.
66
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
EASTERN REGION HYDROELECTRIC PLANTS
(continued)
Bishop Creek #6 Inyo 1 03/12/1913 1,600
Lundy Mono 1 12/09/1911 1,500
2 02/02/1912 1,500
----------------- ----------------
TOTAL PLANT 3,000
Poole Mono 1 00/00/1924 11,250
Rush Creek Mono 1 10/17/1916 5,850
2 12/11/1917 7,161
----------------- ----------------
TOTAL PLANT 13,011
TOTAL EASTERN REGION HYDRO
PLANTS 161,283
================
TOTAL HYDRO PLANTS 1,177,470
================
TOTAL SCE OWNED RESOURCES (MAIN SYSTEM)
5,235,818
================
ISOLATED SYSTEMS:
Pebbly Beach (Diesel) Los Angeles 7 07/03/1958 1,000
(Catalina) 8 06/26/1963 1,500
10 07/25/1966 1,125
12 06/18/1976 1,550
14 10/24/1986 1,400
15 12/31/1995 2,800
----------------- ----------------
TOTAL PLANT 9,375
Catalina Hydro Los Angeles 1 05/05/1983 30
2 07/24/1985 22
3 07/24/1985 57
----------------- ----------------
TOTAL PLANT 109
TOTAL SCE OWNED RESOURCES: 9,484
================
TOTAL ISOLATED SYSTEMS RESOURCES
9,484
================
67
EXHIBIT A
CONSOLIDATING STATEMENTS OF INCOME AND SURPLUS
CONSOLIDATING BALANCE SHEETS
68
EXHIBIT A
CONSOLIDATING STATEMENTS OF INCOME AND SURPLUS
CONSOLIDATING BALANCE SHEETS
Attached hereto as Exhibit A are the following financial statements
dated as of December 31, 2004, or for the year then ended:
Consolidating Balance Sheet and Consolidating Statements
of Income and Retained Earnings, unless otherwise noted: PAGES
-------------------------------Part 2------------------------------
Edison International and Subsidiaries 83-94
Southern California Edison Company and Subsidiaries 95-112
Southern California Edison Company and Subsidiaries
Equity Investments 113
Edison Ventures and Subsidiaries [Dissolved] 114-119
Edison Mission Group Inc. and Subsidiaries 120-131
Edison Mission Group Inc. and Subsidiaries
Equity Investments 132
Edison Enterprises and Subsidiaries 133-138
Edison Source and Subsidiaries 139-144
Edison Technology Solutions and Subsidiaries [Dissolved] 145-150
Mission Energy Holding Company and Subsidiaries 151-156
-------------------------------Part 3------------------------------
Edison Capital and Subsidiaries
Consolidating Balance Sheet 157-202
Consolidating Statements of Income and Retained Earnings 203-225
-------------------------------Part 4 -----------------------------
Edison Capital and Subsidiaries
Equity Investments in Real Estate Limited Partnerships
[Based on financial statements as of December 31, 2003] 226-291
Equity Investments
[Based on financial statements as of December 31, 2003 unless otherwise noted] 292-297
Mission Land Company and Subsidiaries 298-312
Mission Power Engineering Company and Subsidiaries 313-318
-------------------------------Part 5 -----------------------------
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet 319-384
Consolidating Statements of Income and Retained Earnings 385-417
Equity Investments 418-424
-------------------------------Part 6------------------------------
Edison Mission Energy Fuel and Subsidiaries 425-433
Edison Mission Holdings Co. and Subsidiaries 434-442
EME CP Holdings Co. and Subsidiaries 443-448
EME Eastern Holdings Co. and Subsidiaries 449-460
Midwest Generation EME, LLC and Subsidiaries 461-472
Mission del Cielo, Inc. and Subsidiaries 473-478
Mission Energy Holdings International, Inc. and Subsidiaries [SEE PART 6A] 479-481
Mission Energy Wales Company and Subsidiaries * 482-487
MEW, Mission Hydro Limited Partnership and Subsidiaries * 488-493
MEW, MHLP, EME Generation Holdings Limited and Subsidiaries * 494-502
MEW, MHLP, EGHI, EME Victoria Generation Limited and Subsidiaries * 503-511
MEW, MHLP, EGHI, FFH No. 1 Limited and Subsidiaries * 512-520
MEW, MHLP, EGHI, Loyvic Pty. Ltd. and Subsidiaries * 521-526
* Sold. Sheets remain but header marked "All assets of Mission Energy Wales Co. were sold or liquidated."
69
Consolidating Balance Sheet and Consolidating Statements
of Income and Retained Earnings, unless otherwise noted: PAGES
-------------------------------Part 6A------------------------------
Mission Energy Holdings International, Inc. and Subsidiaries 527-550
MEHI, Beheer-en Beleggingsmaatschappij Plogema B.V. and Subsidiaries 551-556
MEHI, Plogema, Beheer-en Beleggingsmaatschappij Kameka B.V. and Subsidiaries 557-568
MEHI, Plogema, MEC Esenyurt B.V. and Subsidiaries 569-574
MEHI, Edison First Power Holdings II and Subsidiaries 575-580
MEHI, Maplekey Holdings Limited and Subsidiaries 581-589
MEHI, MEC San Pascual B.V. and Subsidiaries 590-595
-------------------------------Part 7 ------------------------------
MEC International B.V. and Subsidiaries * 596-649
MECI, EcoElectrica S.a.r.l. and Subsidiaries * 650-658
MECI, EMEA, Mission Energy Universal Holdings and Subsidiaries * 659-667
-------------------------------Part 8 ------------------------------
MECI, Hydro Energy B.V. and Subsidiaries * 668-673
MECI, Iberian Hy-Power Amsterdam B.V. and Subsidiaries * 674-685
MECI, Latrobe Power Pty Ltd and Subsidiaries * 686-691
MECI, Latrobe Valley B.V. and Subsidiaries * 692-697
MECI, Loy Yang Holdings Pty Ltd and Subsidiaries * 698-706
MECI, Loy Yang, Edison Mission Energy Holdings Pty Ltd and Subsidiaries * 707-721
MECI, Loy Yang, Latrobe Power Pty Ltd and Subsidiaries * 722-727
MECI, Loy Yang, Mission Energy Ventures Australia Pty Ltd and Subsidiaries * 728-733
MECI, Loy Yang, Traralgon Power Pty. Ltd. and Subsidiaries * 734-739
-------------------------------Part 9 ------------------------------
MECI, Majestic Energy Limited and Subsidiaries * 740-745
MECI, MEC International Holdings B.V. and Subsidiaries * 746-751
MECI, MEC Java B.V. and Subsidiaries * 752-757
MECI, MEC Java, Edison Mission Energy Asia Pte Ltd. and Subsidiaries * 758-766
MECI, MEC Perth B.V. and Subsidiaries * 767-772
MECI, MEC Wales B.V. and Subsidiaries * 773-778
MECI, MEC Wales, Mission Hydro Limited Partnership and Subsidiaries * 779-784
MECI, MEC Wales, MHLP, EME Generation Holdings Limited and Subsidiaries * 785-793
MECI, MEC Wales, MHLP, EGHI, EME Victoria Generation Limited and Subsidiaries * 794-802
MECI, MEC Wales, MHLP, EGHI, FFH No. 1 Limited and Subsidiaries * 803-811
MECI, MEC Wales, MHLP, EGHI, Loyvic Pty. Ltd. and Subsidiaries * 812-817
-------------------------------Part 10------------------------------
MECI, Mission Energy Company (U.K.) Limited and Subsidiaries * 818-823
MECI, MEC(UK), Mission Hydro (UK) Limited and Subsidiaries * 824-829
MECI, MEC(UK), MH(UK), FFH No. 2 Limited and Subsidiaries * 830-838
MECI, MEC(UK), MH(UK), Mission Hydro Limited Partnership and Subsidiaries * 839-844
MECI, MEC(UK), MH(UK), MHLP, EME Generation Holdings Limited and Subsidiaries * 845-853
MECI, MEC(UK), MH(UK), MHLP, EME Gen, EME Victoria Generation Limited and Subsidiaries * 854-862
MECI, MEC(UK), MH(UK), MHLP, EME Gen, FFH No. 1 Limited and Subsidiaries * 863-871
MECI, MEC(UK), MH(UK), MHLP, EME Gen, Loyvic Pty Ltd. and Subsidiaries * 872-877
MECI, Traralgon Power Pty. Ltd. and Subsidiaries * 878-883
MEC International B.V. and Subsidiaries Equity Investments * 884
* Sold. Sheets remain but header marked "ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD."
70
EXHIBIT B
EXEMPT WHOLESALE GENERATORS [EWGs]
AND FOREIGN UTILITY COMPANIES [FUCOs]
71
EXHIBIT B
EXEMPT WHOLESALE GENERATORS [EWGs]
AND FOREIGN UTILITY COMPANIES [FUCOs]
EDISON CAPITAL
4.EC01 ELECTRICIDAD DE LA PAZ S.A. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Edison Capital International (Bermuda) Ltd.
06 Edison Capital Latin American Investments (Bermuda) Ltd.
07 AIG-GE Capital Latin American Infrastructure Fund LP
08 Andes Energy XII Ltd.
09 Paz Holdings Ltd.
10 Electricidad de La Paz S.A.
4.EC02 EMPRESA DE LUZ Y FUERZA ELECTRICA DE ORURO S.A. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Edison Capital International (Bermuda) Ltd.
06 Edison Capital Latin American Investments (Bermuda) Ltd.
07 AIG-GE Capital Latin American Infrastructure Fund LP
08 Andes Energy XII Ltd.
09 Paz Holdings Ltd.
10 Empresa de Luz y Fuerza Electrica de Oruro S.A.
4.EC03 EPZ MISSION FUNDING MU TRUST [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Mission Funding Alpha
06 Mission Funding Mu
07 EPZ Mission Funding Mu Trust
4.EC04 EPZ MISSION FUNDING NU TRUST [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Mission Funding Delta
06 Mission Funding Nu
07 EPZ Mission Funding Nu Trust
4.EC05 LAKOTA RIDGE LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Lakota Ridge LLC 75%
72
4.EC06 SHAOKATAN HILLS LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Shaokatan Hills LLC 75%
4.EC07 WOODSTOCK HILLS LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Woodstock Hills LLC 75%
4.EC08 STORM LAKE POWER PARTNERS I LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Iowa Wind Company
05 Storm Lake Partners I LLC 99%
---
04 Edison Capital Housing Investments
05 Mission Housing Gamma
05 Storm Lake Partners I LLC 1%
4.EC09 BISSON WINDFARM LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 Bisson Windfarm LLC 95%
4.EC10 BOEVE WINDFARM LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 Beove Windfarm LLC 99%
4.EC11 CG WINDFARM LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 CG Windfarm LLC 99%
73
4.EC12 FEY WINDFARM LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 Fey Windfarm LLC 99%
4.EC13 K-BRINK WINDFARM LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 K-Brink Windfarm LLC 99%
4.EC14 TG WINDFARM LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 TG Windfarm LLC 99%
4.EC15 TOFTELAND WINDFARM LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 Tofteland Windfarm LLC 91%
4.EC16 WESTRIDGE WINDFARM LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 Westridge Windfarm LLC 92%
4.EC17 WINDCURRENT WINDFARMS LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 Windcurrent Windfarms LLC 99%
74
4.EC18 CARSTENSEN WIND LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 Carstensen Wind LLC 99%
4.EC19 GREENBACK ENERGY LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 Greenback Energy LLC 99%
4.EC20 LUCKY WIND LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 Lucky Wind LLC 99%
4.EC21 NORTHERN LIGHTS WIND LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 Northern Lights Wind LLC 99%
4.EC 22 STAHL WIND ENERGY LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Mission Minnesota Wind LLC
06 Stahl Wind Energy LLC 99%
EDISON MISSION ENERGY
4.EME01 EME HOMER CITY GENERATION L.P. [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Edison Mission Holdings Co.
05 Chestnut Ridge Energy Company
06 EME Homer City Generation L.P. (99%LP)
75
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Edison Mission Holdings Co.
05 Mission Energy Westside, Inc.
06 EME Homer City Generation L.P. (1%GP)
4.EME02 MIDWEST GENERATION, LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Midwest Generation EME, LLC
05 Edison Mission Midwest Holdings Co.
06 Midwest Generation, LLC
4.EME03 SUNRISE POWER COMPANY LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission del Cielo, Inc.
05 Mission del Sol, LLC
06 Sunrise Power Company, LLC (50%)
4.EME04 BROOKLYN NAVY YARD COGENERATION PARTNERS, LP [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy New York, Inc.
05 Brooklyn Navy Yard Cogeneration Partners, LP (50%)
4.EME05 LOY YANG B JOINT VENTURE [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
---
06A Latrobe Power Pty Ltd (99%)
07A Mission Victoria Partnership (52.31%)
08A Latrobe Power Partnership (99%)
09A Loy Yang B Joint Venture (51%)
---
06B Loy Yang Holdings Pty Ltd
07B Edison Mission Energy Holdings Pty Ltd
08B Edison Mission Energy Australia Ltd
09B Latrobe Power Partnership (1%)
10B Loy Yang B Joint Venture (51%)
---
06C Loy Yang Holdings Pty Ltd
07C Latrobe Power Pty Ltd (1%)
08C Mission Victoria Partnership (52.31%)
09C Latrobe Power Partnership (99%)
10C Loy Yang B Joint Venture (51%)
---
76
06D Loy Yang Holdings Pty Ltd
07D Mission Energy Ventures Australia Pty Ltd
08D Mission Victoria Partnership (1%)
09D Latrobe Power Partnership (99%)
10D Loy Yang B Joint Venture (51%)
---
06E Loy Yang Holdings Pty Ltd
07E Traralgon Power Pty Ltd (1%)
08E Mission Victoria Partnership (46.69%)
09E Latrobe Power Partnership (99%)
10E Loy Yang B Joint Venture (51%)
---
06F Traralgon Power Pty Ltd (99%)
07F Mission Victoria Partnership (46.69%)
08F Latrobe Power Partnership (99%)
09F Loy Yang B Joint Venture (51%)
---
06G Mission Energy Company (UK) Limited
07G Mission Hydro (UK) Ltd
08G Mission Hydro Limited Partnership (1%)
09G EME Generation Holdings Ltd
10G EME Victoria Generation Ltd
11G Mission Energy Development Australia Pty Ltd
12G Gippsland Power Pty Ltd
13G Loy Yang B Joint Venture (49%)
---
06H MEC Wales B.V. (100%)
07H Mission Hydro Limited Partnership (69%)
08H EME Generation Holdings Ltd
09H EME Victoria Generation Ltd
10H Mission Energy Development Australia Pty Ltd
11H Gippsland Power Pty Ltd
12H Loy Yang B Joint Venture (49%)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Wales Company
05 Mission Hydro Limited Partnership (30%)
06 EME Generation Holdings Ltd
07 EME Victoria Generation Ltd
08 Mission Energy Development Australia Pty Ltd
09 Gippsland Power Pty Ltd
10 Loy Yang B Joint Venture (49%)
4.EME06 FIRST HYDRO COMPANY [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
---
06J Mission Energy Company (UK) Limited
07J Mission Hydro (UK) Ltd
08J Mission Hydro Limited Partnership (1%)
09J EME Generation Holdings Ltd
10J FFH No. 1 Limited
11J First Hydro Holdings Company (99%)
12J First Hydro Company (99%)
---
77
12J First Hydro Finance plc
13J First Hydro Company (1%)
---
06K MEC Wales B.V. (100%)
07K Mission Hydro Limited Partnership (69%)
08K EME Generation Holdings Ltd
09K FFH No. 1 Limited
10K First Hydro Holdings Company (99%)
11K First Hydro Company (99%)
---
11K First Hydro Finance plc
12K First Hydro Company (1%)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Wales Company
05 Mission Hydro Limited Partnership (30%)
06 EME Generation Holdings Ltd
07 FFH No. 1 Limited
08 First Hydro Holdings Company (99%)
09 First Hydro Company (99%)
---
09 First Hydro Finance plc
10 First Hydro Company (1%)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Mission Energy Company (UK) Limited
07 Mission Hydro (UK) Ltd
08 FFH No. 1 Limited
09 First Hydro Holdings Company (1%)
10 First Hydro Company (99%)
---
10 First Hydro Finance plc
11 First Hydro Company (1%)
4.EME07 CBK POWER COMPANY LTD. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Edison Mission Millennium B.V.
07 EME Caliraya B.V. (75%)
08 CBK Power Company Ltd. (49%)
---
07 EME Kayalaan B.V.
08 CBK Power Company Ltd. (1%)
4.EME08 KALAYAAN POWER MANAGEMENT CORPORATION [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
78
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Edison Mission Operation and Maintenance Services B.V.
07 Kalayaan Power Management Corporation (50%)
4.EME09 ITALIAN VENTO POWER CORPORATION 4 S.R.L. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Edison Mission Wind Power Italy B.V.
07 Italian Vento Power Corporation 4 S.r.l. (50%)
4.EME10 CONTACT ENERGY LIMITED [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 EME Atlantic Holdings Limited
07 EME Ascot Limited
08 EME Buckingham Limited
09 EME Precision B.V.
10 Mission Energy Universal Holdings
11 Mission Energy Pacific Holdings
12 Contact Energy Limited (50.598%)
---
10 Mission Energy Universal Holdings
11 Contact Energy Limited (0.624%)
4.EME11 TRI ENERGY COMPANY LIMITED [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 EME Tri Gen B.V.
07 Tri Energy Company Limited (25%)
4.EME12 IBERICA DE ENERGIAS, S.A. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Hydro Energy B.V. (10%)
07 Iberica de Energias, S.A. (96.65%)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
79
05 MEC International B.V.
06 Iberian Hy-Power Amsterdam B.V.
07 Hydro Energy B.V. (90%)
08 Iberica de Energias, S.A. (96.65%)
---
07 Iberica de Energias (3.35%)
4.EME13 ELECTROMETALURGICA DEL EBRO, S.A. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Hydro Energy B.V. (10%)
07 Iberica de Energias, S.A. (96.65%)
08 Electrometalurgica del Ebro, S.A. (91.32%)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Iberian Hy-Power Amsterdam B.V.
07 Hydro Energy B.V. (90%)
08 Iberica de Energias, S.A. (96.65%)
09 Electrometalurgica del Ebro, S.A. (91.32%)
--
07 Iberica de Energias, S.A. (3.35%)
08 Electrometalurgica del Ebro, S.A. (91.32%)
4.EME14 PERTH POWER PARTNERSHIP [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Perth B.V. (100%)
07 Kwinana Power Partnership (99%)
08 Perth Power Partnership (70%)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Loy Yang Holdings Pty. Ltd.
07 Edison Mission Energy Holdings Pty. Ltd.
08 Mission Energy (Kwinana) Pty. Ltd.
09 Kwinana Power Partnership (1%)
10 Perth Power Partnership (70%)
4.EME15 DOGA ENERJI URETIM SANAYI VE TICARET L.S. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
80
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Esenyurt B.V. (100%)
07 Doya Enerji Uretim Sanayi ve Ticaret L.S. (80%)
4.EME16 PT. PAITON ENERGY COMPANY [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Indonesia B.V. (99%)
07 P. T. Paiton Energy Company (40%)
---
06 MEC International Holdings B.V.
07 MEC Indonesia B.V. (1%)
08 P. T. Paiton Energy Company (40%)
4.EME17 ISAB ENERGY, S.R.L. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Priolo B.V. (100%)
07 ISAB Energy, s.r.l. (49%)
4.EME18 DERWENT COGENERATION LIMITED [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Mission Energy Company (UK) Limited
07 Derwent Cogeneration Limited (33%)
4.EME19 LAKELAND POWER LIMITED [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Mission Energy Company (UK) Limited
07 Pride Hold Limited (99%)
08 Lakeland Power Limited
---
06 Pride Hold Limited (1%)
07 Lakeland Power Limited
4.EME20 ECOELECTRICA L.P. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
81
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 EcoElectrica S.a.r.l.
07 EME del Caribe Holding GmbH
08 EME del Caribe
09 EcoElectrica Holdings, Ltd. 50%
10 EcoElectrica Ltd.
11 Ecoelectrica LP (1%)
---
10 Ecoelectrica LP (99%)
* Mission Energy Holdings International, Inc. directly owned 99.97% (100% of the Class A shares) of MEC
International B.V. ("MECI") and indirectly owned 0.02% of MECI through its wholly owned subsidiaries EME UK
International LLC, which owned 0.01% or 100% of the Class B shares of MECI, and EME Southwest Power Corporation,
which owned 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy owned 0.01% (100% of the Class D
shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
82
PART 2
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Southern Edison Mission Edison Ventures
California Edison Group Inc. Consolidated
Company Consolidated [dissolved
Consolidated 03/02/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $122 $2,459
Restricted cash 61 12
Receivables - net 618 612
Accrued unbilled revenue 320
Fuel inventory 8 65
Materials and supplies, at average cost 188 43
Accumulated deferred income taxes - net 134
Trading and price risk management assets 41
Regulatory assets 553
Prepayments 16
Other current assets 72 247
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2,076 3,495
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 583 2,959
Nuclear decommissioning trusts 2,757
Investments in partnerships
and unconsolidated subsidiaries 377 839
Investments in leveraged leases 2,424
Other investments 170
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,887 6,222
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution 15,685
Generation 1,356
Accumulated provision for depreciation (4,506)
Construction work in progress 789
Nuclear fuel, at amortized cost 151
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 13,475
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 155
Regulatory assets - net 3,285
Other deferred charges 567 1,270
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,852 1,425
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $23,290 $11,274
============================================================= ==================== ==================== ====================
83
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Insurance Edison Drives EIX Trust I
Services, Inc. Electric [cancelled
[dissolved 12/20/2004]
10/27/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $3
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 27
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 3
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $33
============================================================= ==================== ==================== ====================
84
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EIX Trust II EIX Trust III Edison
[cancelled (inactive) International
11/30/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $109
Restricted cash
Receivables - net 1,299
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 154
Trading and price risk management assets
Regulatory assets
Prepayments
Other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,560
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 6,893
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 6,894
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $8,455
============================================================= ==================== ==================== ====================
85
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Variable Interest Consolidating Edison
Entities Adjustments International
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1 $2,688
Restricted cash 73
Receivables - net (1,686) 846
Accrued unbilled revenue 320
Fuel inventory 73
Materials and supplies, at average cost 231
Accumulated deferred income taxes - net 288
Trading and price risk management assets 41
Regulatory assets 553
Prepayments 28 44
Other current assets $3 (31) 292
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3 (1,688) 5,449
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 379 3,922
Nuclear decommissioning trusts 2,757
Investments in partnerships
and unconsolidated subsidiaries (231) (7,270) 608
Investments in leveraged leases 2,424
Other investments 197
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 148 (7,270) 9,908
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution 15,685
Generation 1,356
Accumulated provision for depreciation (4,506)
Construction work in progress 789
Nuclear fuel, at amortized cost 151
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 13,475
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 155
Regulatory assets - net 3,288
Other deferred charges 5 (971) 875
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5 (971) 4,315
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations (10) 122
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $156 ($9,939) $33,269
============================================================= ==================== ==================== ====================
86
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Southern Edison Mission Edison Ventures
California Edison Group Inc. Consolidated
Company Consolidated [dissolved
Consolidated 03/02/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $88
Long-term debt due within one year 246 $563
Preferred stock to be redeemed within one year 9
Accounts payable 700 82
Accrued taxes 357 21
Accrued Interest 155 118
Customer deposits 168
Book overdrafts 232
Trading and risk management liabilities 31
Regulatory liabilities 490
Other current liabilities 643 278
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3,048 1,093
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 5,225 4,641
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,865 2,439
Accumulated deferred investment tax credits 126 12
Customer advances and other deferred credits 510 599
Power-purchase contracts 130
Preferred securities subject to mandatory redemption 139
Accumulated provision for pensions and benefits 417 27
Asset retirement obligations 2,183 5
Regulatory liabilities 3,356
Other long-term liabilities 232
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 9,958 3,084
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 18,231 8,825
------------------------------------------------------------- -------------------- -------------------- --------------------
Commitments and contingencies
Minority Interest 409 107
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption 129
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,518 2,990
Accumulated other comprehensive loss (17) 17
Retained earnings 2,020 (665)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4,521 2,342
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $23,290 $11,274
============================================================= ==================== ==================== ====================
87
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Insurance Edison Drives EIX Trust I
Services, Inc. Electric [cancelled
[dissolved 12/20/2004]
10/27/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $3
Accrued taxes
Accrued Interest
Customer deposits
Book overdrafts
Trading and risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Commitments and contingencies
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2
Accumulated other comprehensive loss
Retained earnings 28
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 30
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $33
============================================================= ==================== ==================== ====================
88
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EIX Trust II EIX Trust III Edison
[cancelled (inactive) International
11/30/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $3
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable 1,656
Accrued taxes (152)
Accrued Interest
Customer deposits
Book overdrafts
Trading and risk management liabilities
Regulatory liabilities
Other current liabilities 82
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,589
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 812
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (71)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits 79
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 2,409
------------------------------------------------------------- -------------------- -------------------- --------------------
Commitments and contingencies
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,975
Accumulated other comprehensive loss (5)
Retained earnings 4,078
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 6,048
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $8,457
============================================================= ==================== ==================== ====================
89
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Variable Interest Consolidating Edison
Entities Adjustments International
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt ($3) $88
Long-term debt due within one year 809
Preferred stock to be redeemed within one year 9
Accounts payable (1,692) 749
Accrued taxes 226
Accrued Interest 233
Customer deposits 168
Book overdrafts 232
Trading and risk management liabilities 31
Regulatory liabilities 490
Other current liabilities $2 (3) 1,002
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2 (1,698) 4,037
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 27 (1,019) 9,678
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (27) 5,233
Accumulated deferred investment tax credits 138
Customer advances and other deferred credits 1,109
Power-purchase contracts 130
Preferred securities subject to mandatory redemption 139
Accumulated provision for pensions and benefits 523
Asset retirement obligations 2,188
Regulatory liabilities 3,356
Other long-term liabilities 232
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (27) 13,048
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 26,778
------------------------------------------------------------- -------------------- -------------------- --------------------
Commitments and contingencies
Minority Interest 205 (408) 313
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption 129
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (5,510) 1,975
Accumulated other comprehensive loss 1 (4)
Retained earnings (1,383) 4,078
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (6,892) 6,049
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $234 ($10,017) $33,269
============================================================= ==================== ==================== ====================
90
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Southern Edison Mission Edison Ventures
California Edison Group Inc. Consolidated
Company Consolidated [dissolved
Consolidated 03/02/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility $8,448
Nonutility power generation $1,639
Financial services and other 112
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 8,448 1,751
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 810 619
Purchased power 2,332
Provisions for regulatory adjustment clauses - net (201)
Other operation and maintenance 2,457 856
Asset impairment and loss on lease termination 989
Depreciation, decommissioning and amortization 860 163
Property and other taxes 177 9
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 6,435 2,626
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 2,013 (886)
Interest and dividend income 20 21
Equity in income from partnerships and
unconsolidated subsidiaries - net 227
Other nonoperating income 84 51
Interest expense - net of amounts capitalized (409) (483)
Other nonoperating deductions (69) (9)
Dividends on preferred securities
subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax 1,639 (1,079)
Income tax (benefit) 438 (474)
Dividends on utility preferred stock
not subject to mandatory redemption (6)
Minority interest 280 (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations 915 (606)
Income from discontinued operations - net of tax 690
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 915 84
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 915 84
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 1,868 (748)
Dividends declared on common stock (750)
Shares purchased for stock-based compensation (43)
Proceeds from stock option exercises 29
Capital stock expense and other 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $2,020 ($664)
============================================================== ==================== ===================== ====================
91
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Insurance Edison Drives EIX Trust I
Services, Inc. Electric [dissolved [cancelled
10/27/2004] 12/20/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 6
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net ($13)
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax 6 (13)
Income tax (benefit) 2
Dividends on utility preferred stock
not subject to mandatory redemption
Minority interest
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations 4 (13)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 4 (13)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 4 (13)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 25 (3)
Dividends declared on common stock
Shares purchased for stock-based compensation
Proceeds from stock option exercises
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $29 ($16)
============================================================== ==================== ===================== ====================
92
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
EIX Trust II EIX Trust III Edison
[cancelled (inactive) International
11/30/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $50
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 50
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 36
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes 48
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 84
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (34)
Interest and dividend income 11
Equity in income from partnerships and
unconsolidated subsidiaries - net ($8)
Other nonoperating income
Interest expense - net of amounts capitalized (97)
Other nonoperating deductions (2)
Dividends on preferred securities
subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax (8) (122)
Income tax (benefit) (56)
Dividends on utility preferred stock
not subject to mandatory redemption
Minority interest
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations (8) (65)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change (8) (65)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (8) (65)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Equity in earnings of subsidiaries 981
Retained earnings - beginning of year (2) 3,466
Dividends declared on common stock (277)
Shares purchased for stock-based compensation (75)
Proceeds from stock option exercises 48
Capital stock expense and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($10) $4,078
============================================================== ==================== ===================== ====================
93
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Variable Interest Consolidating Edison
Entities Adjustments International
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility $8,448
Nonutility power generation 1,639
Financial services and other ($56) 112
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue (56) 10,199
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 1,429
Purchased power 2,332
Provisions for regulatory adjustment clauses - net (201)
Other operation and maintenance (7) 3,342
Asset impairment and loss on lease termination 989
Depreciation, decommissioning and amortization (1) 1,022
Property and other taxes (48) 186
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses (56) 9,099
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 1,100
Interest and dividend income ($2) (4) 46
Equity in income from partnerships and
unconsolidated subsidiaries - net (139) (1) 66
Other nonoperating income 135
Interest expense - net of amounts capitalized 4 (985)
Other nonoperating deductions (80)
Dividends on preferred securities
subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax (141) 282
Income tax (benefit) (92)
Dividends on utility preferred stock
not subject to mandatory redemption (6)
Minority interest $141 ($278) 142
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations 226
Income from discontinued operations - net of tax 690
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 916
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 916
-------------------------------------------------------------- -------------------- --------------------- --------------------
Equity in earnings of subsidiaries (981)
Retained earnings - beginning of year (1,140) 3,466
Dividends declared on common stock 750 (277)
Shares purchased for stock-based compensation 43 (75)
Proceeds from stock option exercises (29) 48
Capital stock expense and other (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($1,359) $4,078
============================================================== ==================== ===================== ====================
94
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Conservation Edison ESI Edison Material
Financing Supply LLC
Corporation
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4
Restricted cash
Receivables - net $1 2 $32
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost 120
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments and other current assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 9 152
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 151
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 151
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $152 $9 $152
============================================================= ==================== ==================== ====================
95
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mono Power Company Mountainview Power SCE Capital
(inactive) Company LLC Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net $18
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 18
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 470
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 470
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 19
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 19
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1 $507
============================================================= ==================== ==================== ====================
96
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
SCE Funding LLC SCE Trust I SCE Trust II
(inactive) (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Restricted cash 61
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 63
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 739
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 739
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $802
============================================================= ==================== ==================== ====================
97
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
SCE Trust III SCE UK Services Southern States
(inactive) Limited [cancelled Realty
06/29/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
98
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Variable Interest Southern Consolidating
Entities California Edison Adjustments
Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $91 $24
Restricted cash
Receivables - net 118 602 ($155)
Accrued unbilled revenue 320
Fuel inventory 8
Materials and supplies, at average cost 15 82 (29)
Accumulated deferred income taxes - net 134
Trading and price risk management assets
Regulatory assets 553
Prepayments and other current assets 3 66
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 227 1,789 (184)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 113
Nuclear decommissioning trusts 2,757
Investments in partnerships
and unconsolidated subsidiaries 377
Investments in leveraged leases
Other investments 170
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 377 3,040
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution 15,685
Generation 1,356
Accumulated provision for depreciation (4,506)
Construction work in progress 789
Nuclear fuel, at amortized cost 151
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 13,475
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net 3,285
Other deferred charges 5 445 (792)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5 3,730 (792)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $609 $22,034 ($976)
============================================================= ==================== ==================== ====================
99
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Southern
California Edison
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $122
Restricted cash 61
Receivables - net 618
Accrued unbilled revenue 320
Fuel inventory 8
Materials and supplies, at average cost 188
Accumulated deferred income taxes - net 134
Trading and price risk management assets
Regulatory assets 553
Prepayments and other current assets 72
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2,076
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 583
Nuclear decommissioning trusts 2,757
Investments in partnerships
and unconsolidated subsidiaries 377
Investments in leveraged leases
Other investments 170
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,887
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution 15,685
Generation 1,356
Accumulated provision for depreciation (4,506)
Construction work in progress 789
Nuclear fuel, at amortized cost 151
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 13,475
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net 3,285
Other deferred charges 567
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,852
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $23,290
============================================================= ==================== ==================== ====================
100
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Conservation Edison ESI Edison Material
Financing Supply LLC
Corporation
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1 $1 $66
Accrued taxes
Accrued Interest
Customer deposits
Book overdrafts
Trading and risk management liabilities
Regulatory liabilities
Other current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 1 93
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (45) 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits 54 1
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities 49
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 58 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 59 3 93
------------------------------------------------------------- -------------------- -------------------- --------------------
Commitments and contingencies
Minority Interest 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 63 50
Accumulated other comprehensive loss
Retained earnings 29 7 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 92 7 58
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $152 $10 $151
============================================================= ==================== ==================== ====================
101
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mono Power Company Mountainview Power SCE Capital
(inactive) Company LLC Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1 $3
Accrued taxes
Accrued Interest
Customer deposits
Book overdrafts
Trading and risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 4 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Commitments and contingencies
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $3 498
Accumulated other comprehensive loss
Retained earnings (2) 4 (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1 502 ($3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1 $506
============================================================= ==================== ==================== ====================
102
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
SCE Funding LLC SCE Trust I SCE Trust II
(inactive) (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $246
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable 30
Accrued taxes
Accrued Interest 1
Customer deposits
Book overdrafts
Trading and risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 277
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 492
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 769
------------------------------------------------------------- -------------------- -------------------- --------------------
Commitments and contingencies
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 47
Accumulated other comprehensive loss
Retained earnings (15)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $802
============================================================= ==================== ==================== ====================
103
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
SCE Trust III SCE UK Services Southern States
(inactive) Limited [cancelled Realty
06/29/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Accrued Interest
Customer deposits
Book overdrafts
Trading and risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Commitments and contingencies
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
104
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Variable Interest Southern Consolidating
Entities California Edison Adjustments
Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $88
Long-term debt due within one year
Preferred stock to be redeemed within one year 9
Accounts payable $62 628 ($92)
Accrued taxes 357
Accrued Interest 114
Customer deposits 168
Book overdrafts 323
Trading and risk management liabilities
Regulatory liabilities 490
Other current liabilities 3 618 (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 65 2,704 (97)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 54 5,417 (738)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (8) 2,914
Accumulated deferred investment tax credits 126
Customer advances and other deferred credits 12 515 (72)
Power-purchase contracts 130
Preferred securities subject to mandatory redemption 139
Accumulated provision for pensions and benefits 417
Asset retirement obligations 2,183
Regulatory liabilities 3,356
Other long-term liabilities 183
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 4 9,963 (72)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 123 18,084 (907)
------------------------------------------------------------- -------------------- -------------------- --------------------
Commitments and contingencies
Minority Interest 408
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption 129
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,518 (661)
Accumulated other comprehensive loss (17)
Retained earnings 2,015 (24)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4,516 (685)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $531 $22,729 ($1,592)
============================================================= ==================== ==================== ====================
105
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Southern
California Edison
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $88
Long-term debt due within one year 246
Preferred stock to be redeemed within one year 9
Accounts payable 700
Accrued taxes 357
Accrued Interest 115
Customer deposits 168
Book overdrafts 232
Trading and risk management liabilities
Regulatory liabilities 400
Other current liabilities 643
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3,048
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 5,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,865
Accumulated deferred investment tax credits 126
Customer advances and other deferred credits 510
Power-purchase contracts 130
Preferred securities subject to mandatory redemption 139
Accumulated provision for pensions and benefits 417
Asset retirement obligations 2,183
Regulatory liabilities 3,356
Other long-term liabilities 232
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 9,958
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 18,231
------------------------------------------------------------- -------------------- -------------------- --------------------
Commitments and contingencies
Minority Interest 409
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption 129
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,518
Accumulated other comprehensive loss (17)
Retained earnings 2,020
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4,521
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $23,290
============================================================= ==================== ==================== ====================
106
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Conservation Edison ESI Edison Material
Financing Supply LLC
Corporation
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility $13 $533
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 13 533
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net 1
Other operation and maintenance 11 533
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 12 532
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 1 1
Interest and dividend income $5 3
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax 5 1 3
Income tax (benefit) 2
Dividends on utility preferred stock
not subject to mandatory redemption
Minority interest
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations 3 1 3
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 3 1 3
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 3 1 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 27 6 5
Dividends declared on common stock
Shares purchased for stock-based compensation
Proceeds from stock option exercises
Capital stock expense and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $30 $7 $8
============================================================== ==================== ===================== ====================
107
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mono Power Company Mountainview Power SCE Capital
(inactive) Company LLC Company (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized 8
Other nonoperating deductions
Dividends on preferred securities
subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax 7
Income tax (benefit) 3
Dividends on utility preferred stock
not subject to mandatory redemption
Minority interest
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations 4
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 4
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($2) ($3)
Dividends declared on common stock
Shares purchased for stock-based compensation
Proceeds from stock option exercises
Capital stock expense and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($2) $4 ($3)
============================================================== ==================== ===================== ====================
108
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
SCE Funding LLC SCE Trust I SCE Trust II
(inactive) (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility $59
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 59
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 56
Interest and dividend income 1
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59)
Other nonoperating deductions
Dividends on preferred securities
subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax (2)
Income tax (benefit)
Dividends on utility preferred stock
not subject to mandatory redemption
Minority interest
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations (2)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change (2)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (2)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (13)
Dividends declared on common stock
Shares purchased for stock-based compensation
Proceeds from stock option exercises
Capital stock expense and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($15)
============================================================== ==================== ===================== ====================
109
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
SCE Trust III SCE UK Services Southern States
(inactive) Limited [cancelled Realty
06/29/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax
Income tax (benefit)
Dividends on utility preferred stock
not subject to mandatory redemption
Minority interest
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Shares purchased for stock-based compensation
Proceeds from stock option exercises
Capital stock expense and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
110
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ENvestSCE Edison Carrier Southern
Solutions California Edison
Company
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility $32 $8,117
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 32 8,117
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 232
Purchased power 3,001
Provisions for regulatory adjustment clauses - net (201)
Other operation and maintenance 12 2,366
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 10 822
Property and other taxes 177
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 22 6,397
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 10 1,720
Interest and dividend income 14
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 87
Interest expense - net of amounts capitalized (420)
Other nonoperating deductions (69)
Dividends on preferred securities
subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax 10 1,332
Income tax (benefit) 2 431
Dividends on utility preferred stock
not subject to mandatory redemption (6)
Minority interest
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations 8 895
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 8 895
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 8 895
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 1,868
Dividends declared on common stock (750)
Shares purchased for stock-based compensation (43)
Proceeds from stock option exercises 29
Capital stock expense and other 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $8 $2,020
============================================================== ==================== ===================== ====================
111
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Variable Interest Consolidating Southern
Entities Adjustments California Edison
Company
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility $285 ($591) $8,448
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 285 (591) 8,448
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 578 819
Purchased power (669) 2,332
Provisions for regulatory adjustment clauses - net (201)
Other operation and maintenance 67 (536) 2,457
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 28 860
Property and other taxes 177
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 4 (536) 6,435
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 281 (55) 2,013
Interest and dividend income (3) 20
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (3) 84
Interest expense - net of amounts capitalized 62 (409)
Other nonoperating deductions (69)
Dividends on preferred securities
subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax 281 2 1,639
Income tax (benefit) 438
Dividends on utility preferred stock
not subject to mandatory redemption (6)
Minority interest 280 280
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations 1 2 915
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 1 2 915
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) $1 $2 915
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 1,868
Dividends declared on common stock (750)
Shares purchased for stock-based compensation (43)
Proceeds from stock option exercises 29
Capital stock expense and other 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
$2,020
112
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries
Equity Investments
December 31, 2004
(In millions)
Bear Creek Uranium
Name of Entity: Company (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets
Revenues
Net Income (Loss)
Nature/Purpose of Business: To develop and operate an
integrated uranium mining
complex in Wyoming.
Ownership Interest(s): 50% by Mono Power Company
113
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Ventures Edison TransEnergy Consolidating
[dissolved [dissolved Adjustments
03/02/2004] 03/02/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
114
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Ventures
Consolidated
[dissolved
03/02/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
115
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Ventures Edison TransEnergy Consolidating
[dissolved [dissolved Adjustments
03/02/2004] 03/02/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
116
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Ventures
Consolidated
[dissolved
03/02/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
117
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Ventures Edison TransEnergy Consolidating
[dissolved [dissolved Adjustments
03/02/2004] 03/02/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
118
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Ventures
Consolidated
[dissolved
03/02/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
119
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Capital Edison Enterprises
Group Inc. Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $179 $3
Restricted cash 12
Receivables - net 349 2
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost 1
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments 2
Other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 543 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 175
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 384
Investments in leveraged leases 2,424
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,983
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges $820 11 2
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 11 2
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 21
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,587 $29
============================================================= ==================== ==================== ====================
120
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison OandM Edison Technology Mission Energy
Services (inactive) Solutions Holding Company
Consolidated Consolidated
[dissolved
10/06/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $5 $2,272
Restricted cash
Receivables - net 263
Accrued unbilled revenue
Fuel inventory 65
Materials and supplies, at average cost 42
Accumulated deferred income taxes - net
Trading and price risk management assets 41
Regulatory assets
Prepayments 14
Other current assets 240
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5 2,937
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,784
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 454
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,238
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 155
Regulatory assets - net
Other deferred charges 447
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 602
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 111
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5 $6,888
============================================================= ==================== ==================== ====================
121
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Land Mission Power Consolidating
Company Engineering Adjustments
Consolidated Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $4 ($6)
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments
Other current assets 6
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1
Investments in leveraged leases
Other investments 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1 $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6
============================================================= ==================== ==================== ====================
122
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission
Group Inc.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2,459
Restricted cash 12
Receivables - net 612
Accrued unbilled revenue
Fuel inventory 65
Materials and supplies, at average cost 43
Accumulated deferred income taxes - net
Trading and price risk management assets 41
Regulatory assets
Prepayments 16
Other current assets 247
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,495
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,959
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 839
Investments in leveraged leases 2,424
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 6,222
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 155
Regulatory assets - net
Other deferred charges 1,270
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,425
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $11,274
============================================================= ==================== ==================== ====================
123
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Capital Edison Enterprises
Group Inc. Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $66
Preferred stock to be redeemed within one year
Accounts payable 4
Accrued taxes
Accrued interest 7
Trading and risk management liabilities
Regulatory liabilities - net
Other current liabilities 28 $4
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 105 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 340
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,242 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits 128
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits 8
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,378 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 2,823 21
------------------------------------------------------------- -------------------- -------------------- --------------------
107
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $2,990 82 315
Accumulated other comprehensive loss
Retained earnings (749) 525 (307)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,241 607 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,241 $3,537 $29
============================================================= ==================== ==================== ====================
124
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison OandM Edison Technology Mission Energy
Services (inactive) Solutions Holding Company
Consolidated Consolidated
[dissolved
10/06/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $496
Preferred stock to be redeemed within one year
Accounts payable $2 76
Accrued taxes 21
Accrued interest 111
Trading and risk management liabilities 31
Regulatory liabilities - net
Other current liabilities 247
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2 982
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 4,293
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 192
Accumulated deferred investment tax credits 12
Customer advances and other deferred credits 470
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits 17
Asset retirement obligations 5
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 696
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 2 5,976
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $4 2,223
Accumulated other comprehensive loss 17
Retained earnings 3 ($4) (1,328)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3 912
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5 $6,888
============================================================= ==================== ==================== ====================
125
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Land Mission Power Consolidating
Company Engineering Adjustments
Consolidated Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $1
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Accrued interest
Trading and risk management liabilities
Regulatory liabilities - net
Other current liabilities $1 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits 1
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits 2
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities $9 (9)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2 (8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 3 9 (9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3 (2,627)
Accumulated other comprehensive loss
Retained earnings 3 (12) 1,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3 ($9) (1,423)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6 ($1,432
============================================================= ==================== ==================== ====================
126
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission
Group Inc.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $563
Preferred stock to be redeemed within one year
Accounts payable 82
Accrued taxes 21
Accrued interest 118
Trading and risk management liabilities 31
Regulatory liabilities - net
Other current liabilities 278
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,093
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 4,633
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,441
Accumulated deferred investment tax credits 12
Customer advances and other deferred credits 599
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits 27
Asset retirement obligations 5
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3,084
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 8,825
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 107
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,990
Accumulated other comprehensive loss 17
Retained earnings (665)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,342
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $11,274
============================================================= ==================== ==================== ====================
127
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission Edison Capital Edison Enterprises
Group Inc. Consolidated Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $102 $8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 102 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 24 10
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 19
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 43 10
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 59 (2)
Interest and dividend income 10
Equity in income from partnerships and
unconsolidated subsidiaries - net 12
Other nonoperating income
Interest expense - net of amounts capitalized (32)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax 49 (2)
Income tax (benefit) (11) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations 60 (1)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 60 (1)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 60 (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 465 (306)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $525 ($307)
============================================================== ==================== ===================== ====================
128
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison OandM Edison Technology Mission Energy
Services (inactive) Solutions Holding Company
Consolidated Consolidated
[dissolved
10/06/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1,639
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1,639
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 619
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($1) 822
Asset impairment and loss on lease termination 989
Depreciation, decommissioning and amortization 144
Property and other taxes 9
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses (1) 2,583
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 1 (944)
Interest and dividend income 10
Equity in income from partnerships and
unconsolidated subsidiaries - net 215
Other nonoperating income 43
Interest expense - net of amounts capitalized (451)
Other nonoperating deductions
Minority interest (1)
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax 1 (1,128)
Income tax (benefit) (462)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations 1 (666)
Income from discontinued operations - net of tax 690
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 1 24
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 1 24
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $3 (5) (1,344)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation (8)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $3 ($4) ($1,328)
============================================================== ==================== ===================== ====================
129
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission Land Mission Power Consolidating
Company Engineering Company Adjustments
Consolidated Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1) 1
Interest and dividend income 1
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 8
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 3 436
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $3
============================================================== ==================== ===================== ====================
$444
130
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission
Group Inc.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1,639
Financial services and other 112
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1,751
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 619
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 856
Asset impairment and loss on lease termination 989
Depreciation, decommissioning and amortization 163
Property and other taxes 9
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 2,636
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (886)
Interest and dividend income 21
Equity in income from partnerships and
unconsolidated subsidiaries - net 227
Other nonoperating income 51
Interest expense - net of amounts capitalized (483)
Other nonoperating deductions (9)
Minority interest (1)
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax 1,080
Income tax (benefit) (474)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations (606)
Income from discontinued operations - net of tax 690
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 84
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 84
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (748)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($664)
============================================================== ==================== ===================== ====================
131
EDISON MISSION GROUP INC. and Subsidiaries
Equity Investments
December 31, 2004
(In millions)
Name of Entity: Facilichem, Inc.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets
Revenues
Net Income (Loss)
Nature/Purpose of Business: Research, development and
commercialization of
liquid membrane
technologies
Ownership Interest(s): 10% by Edison Mission
Group Inc.
132
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Enterprises Edison Source Consolidating
Consolidated Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3
Restricted cash
Receivables - net 2
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost 1
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments $7 ($7)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 7 (7)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 12 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $19 $16 ($6)
============================================================= ==================== ==================== ====================
133
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Enterprises
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3
Restricted cash
Receivables - net 2
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost 1
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 21
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $29
============================================================= ==================== ==================== ====================
134
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Enterprises Edison Source Consolidating
Consolidated Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and risk management liabilities
Regulatory liabilities - net
Other current liabilities $2 $1 $1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 9 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 11 9 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 315 91 (91)
Accumulated other comprehensive loss
Retained earnings (307) (84) 84
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 8 7 (7)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $19 $16 ($6)
============================================================= ==================== ==================== ====================
135
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Enterprises
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and risk management liabilities
Regulatory liabilities - net
Other current liabilities $4
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 21
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 315
Accumulated other comprehensive loss
Retained earnings (307)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $29
============================================================= ==================== ==================== ====================
136
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Enterprises Edison Source Consolidating
Consolidated Adjustments
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $2 8
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 2 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (2)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax (2)
Income tax (benefit) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations (1)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (308) 2
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($309) $2
============================================================== ==================== ===================== ====================
137
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Enterprises
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 10
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 10
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (2)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax (2)
Income tax (benefit) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations (1)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (306)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($307)
============================================================== ==================== ===================== ====================
138
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Source Edison Source G.H.V.
Norvik Company Refrigeration,
Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3
Restricted cash
Receivables - net 2
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost $1
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $15 $1
============================================================= ==================== ==================== ====================
139
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Consolidating Edison Source
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3
Restricted cash
Receivables - net 2
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost 1
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments
Other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $16
============================================================= ==================== ==================== ====================
140
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Source Edison Source G.H.V.
Norvik Company Refrigeration,
Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and risk management liabilities
Regulatory liabilities - net
Other current liabilities $1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 91
Accumulated other comprehensive loss
Retained earnings (84)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $16
============================================================= ==================== ==================== ====================
141
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Consolidating Edison Source
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and risk management liabilities
Regulatory liabilities - net
Other current liabilities $1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 91
Accumulated other comprehensive loss
Retained earnings (84)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $16
============================================================= ==================== ==================== ====================
142
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Source Edison Source G.H.V.
Norvik Company Refrigeration,
Inc. (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 8
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 2
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $2
============================================================== ==================== ===================== ====================
143
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Consolidating Edison Source
Adjustments Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 8
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 2
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $2
============================================================== ==================== ===================== ====================
144
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Technology Edison EV Consolidating
Solutions [conditionally Adjustments
[dissolved dissolved
10/06/2004] 10/26/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
145
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Technology
Solutions
Consolidated
[dissolved
10/06/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
146
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Technology Edison EV Consolidating
Solutions [conditionally Adjustments
[dissolved dissolved
10/06/2004] 10/26/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $3 $1
Accumulated other comprehensive loss
Retained earnings ($3) ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
147
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Technology
Solutions
Consolidated
[dissolved
10/06/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $4
Accumulated other comprehensive loss
Retained earnings ($4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
148
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Technology Edison EV Consolidating
Solutions [conditionally Adjustments
[dissolved dissolved
10/06/2004] 10/26/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($1)
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 1
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax 1
Income tax (benefit) ($1) $1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations 1
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 1
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (5)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
($4)
149
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Technology
Solutions
Consolidated
[dissolved
10/06/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($1)
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 1
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax 1
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations 1
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 1
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (5)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($4)
============================================================== ==================== ===================== ====================
150
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Mission Energy Consolidating
Energy Consolidated Holding Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2,270 $2
Restricted cash
Receivables - net 220 348 ($305)
Accrued unbilled revenue
Fuel inventory 65
Materials and supplies, at average cost 42
Accumulated deferred income taxes - net
Trading and price risk management assets 41
Regulatory assets
Prepayments 14
Other current assets 240
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2,892 350 (305)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,784
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 454 1,542 (1,542)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,238 1,542 (1,542)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 155
Regulatory assets - net
Other deferred charges 432 16 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 587 16 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 111
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6,828 $1,908 ($1,848)
============================================================= ==================== ==================== ====================
151
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Energy
Holding Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2,272
Restricted cash
Receivables - net 263
Accrued unbilled revenue
Fuel inventory 65
Materials and supplies, at average cost 42
Accumulated deferred income taxes - net
Trading and price risk management assets 41
Regulatory assets
Prepayments 14
Other current assets 240
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2,937
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,784
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 454
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,238
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 155
Regulatory assets - net
Other deferred charges 447
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 602
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 111
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6,888
============================================================= ==================== ==================== ====================
152
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Mission Energy Consolidating
Energy Consolidated Holding Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $211 $285
Preferred stock to be redeemed within one year
Accounts payable 74 2
Accrued taxes 21
Trading and risk management liabilities 31
Regulatory liabilities - net
Other current liabilities 607 56 ($305)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 944 343 (305)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 3,507 786
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 186 6
Accumulated deferred investment tax credits 12
Customer advances and other deferred credits 470
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits 17
Asset retirement obligations 5
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 690 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 5,146 1,135 (305)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,323 2,560 (2,660)
Accumulated other comprehensive loss 17
Retained earnings (658) (1,787) 1,117
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,682 773 (1,543)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6,828 $1,908 ($1,848)
============================================================= ==================== ==================== ====================
153
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Energy
Holding Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $496
Preferred stock to be redeemed within one year
Accounts payable 76
Accrued taxes 21
Trading and risk management liabilities 31
Regulatory liabilities - net
Other current liabilities 358
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 982
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 4,293
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 192
Accumulated deferred investment tax credits 12
Customer advances and other deferred credits 470
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits 17
Asset retirement obligations 5
Regulatory liabilities
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 696
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 5,976
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,223
Accumulated other comprehensive loss 17
Retained earnings (1,328)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 912
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6,888
============================================================= ==================== ==================== ====================
154
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission Mission Energy Consolidating
Energy Consolidated Holding Company Adjustments
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1,639
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1,639
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 619
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 820 $2
Asset impairment and loss on lease termination 989
Depreciation, decommissioning and amortization 144
Property and other taxes 9
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 2,581 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (942) (2)
Interest and dividend income 9 1
Equity in income from partnerships and
unconsolidated subsidiaries - net 215
Other nonoperating income 43
Interest expense - net of amounts capitalized (293) (158)
Other nonoperating deductions
Minority interest (1)
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax (969) (159)
Income tax (benefit) (401) (61)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations (568) (98)
Income from discontinued operations - net of tax 690
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 122 (98)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 122 (98)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (772) (1,680) $1,108
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation (8) (9) 9
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($658) ($1,787) $1,117
============================================================== ==================== ===================== ====================
155
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission Energy
Holding Company
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1,639
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1,639
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 619
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 822
Asset impairment and loss on lease termination 989
Depreciation, decommissioning and amortization 144
Property and other taxes 9
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 2,583
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (944)
Interest and dividend income 10
Equity in income from partnerships and
unconsolidated subsidiaries - net 215
Other nonoperating income 43
Interest expense - net of amounts capitalized (451)
Other nonoperating deductions
Minority interest (1)
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations before tax (1,128)
Income tax (benefit) (462)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income from continuing operations (666)
Income from discontinued operations - net of tax 690
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income before accounting change 24
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 24
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (1,344)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation (8)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($1,328)
============================================================== ==================== ===================== ====================
156
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
PART 3
Burlington Edison Capital Edison Funding
Apartments, Inc. Europe Limited Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $178
Restricted cash 11
Receivables - net 349
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments 2
Other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 541
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 176
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 387
Investments in leveraged leases 2,422
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,985
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,537
============================================================= ==================== ==================== ====================
157
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Consolidating Edison Capital
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1 $179
Restricted cash 1 12
Receivables - net ($5) 5 349
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments 2
Other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (5) 7 543
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net (1) 175
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 127 (130) 384
Investments in leveraged leases 2 2,424
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 127 (129) 2,983
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $122 ($122) $3,537
============================================================= ==================== ==================== ====================
158
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Mission Funding Mission Funding
Housing Beta Epsilon
Investments Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2 $146
Restricted cash
Receivables - net ($1) 33
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 70
Trading and price risk management assets
Prepayments 1
Other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 74 (1) 179
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 23
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 176 543
Investments in leveraged leases 566 973
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 199 566 1,516
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $276 $565 $1,695
============================================================= ==================== ==================== ====================
159
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Funding Mission Funding Mission Funding
Gamma Kappa Zeta
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $8 $2
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $2 47
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2 55 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts 53
Investments in partnerships
and unconsolidated subsidiaries 29
Investments in leveraged leases 282 601
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 282 601 82
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $284 $656 $87
============================================================= ==================== ==================== ====================
160
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Iowa Wind Edison Funding Consolidating
Company Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $20
Restricted cash $6 5
Receivables - net 72 131 ($4)
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments 1
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 79 156 (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 100
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,360 (1,721)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 100 1,360 (1,721)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 2 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $181 $1,519 ($1,725)
============================================================= ==================== ==================== ====================
161
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Funding
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $178
Restricted cash 11
Receivables - net 349
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments 2
Other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 541
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 176
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 387
Investments in leveraged leases 2,422
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,985
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,537
============================================================= ==================== ==================== ====================
162
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
EC Asset Services, EC Properties, Inc. EC Properties III,
Inc. Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
163
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
EC-SLP, Inc. ECHP Investment Edison Capital
Company Housing Delaware
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 4
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5
============================================================= ==================== ==================== ====================
164
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Edison Capital Edison Capital
Housing Management Housing New Jersey Housing
[dissolved] Pennsylvania
[dissolved]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $4 $4
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4 $4
============================================================= ==================== ==================== ====================
165
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Funding Edison Funding Edison Housing
Omicron Inc. Olive Court [6] North Carolina
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $19
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $3
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 55 $2
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 55 3 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $74 $3 $2
============================================================= ==================== ==================== ====================
166
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Housing EHI Development EHI Development
South Carolina Company Fund
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3
============================================================= ==================== ==================== ====================
167
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
MHICAL 94 Company MHICAL 95 Company Edison Housing
Consolidation Co.
(6)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($1) ($2) $15
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (1) (2) 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($1) ($2) $15
============================================================= ==================== ==================== ====================
168
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
MHICAL 96 Company MHICAL 97 Company Mission Housing
Alpha
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $1 $1
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2 1
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3 $2
============================================================= ==================== ==================== ====================
169
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Housing Mission Housing Mission Housing
Beta Delta Denver [dissolved]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
170
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Housing Mission Housing Mission Housing
Epsilon Gamma Holdings
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $1 $3
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1 $3
============================================================= ==================== ==================== ====================
171
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Housing Mission Funding Mission Housing
Theta Theta [6] Zeta [dissolved]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships $4
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4
============================================================= ==================== ==================== ====================
172
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Consolidating Edison Capital
Housing Investments Adjustments Housing
Investments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Restricted cash
Receivables - net $49 70
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments 1 1
Other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 50 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 16 23
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 316 ($229) 176
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 332 (229) 199
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 3 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $385 ($229) $276
============================================================= ==================== ==================== ====================
173
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
55 (Bermuda), Ltd. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $146
Restricted cash
Receivables - net (7)
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 139
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (13)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (13)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $126
============================================================= ==================== ==================== ====================
174
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Edison Capital Edison Capital
International Latin American (Netherlands)
(Bermuda) Ltd. Investments Holdings Company
Holding Company B.V. 110
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net ($3)
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $35 169 $5
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 35 169 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $35 $166 $5
============================================================= ==================== ==================== ====================
175
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Mission Funding Mission Funding Mu
(Netherlands) Alpha [6]
Investments B.V.
[6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $4 $2
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases 676 27
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 676 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $680 $29
============================================================= ==================== ==================== ====================
176
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Funding Mission Funding Nu Mission
Delta [6] Investments, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $3
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases 64
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 64
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $67
============================================================= ==================== ==================== ====================
177
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission (Bermuda) Mission Funding Consolidating
Investments, Ltd. Epsilon Adjustments
28
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $1 $33
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 347
Investments in leveraged leases 206
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 553
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1 $586
============================================================= ==================== ==================== ====================
178
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Funding
Epsilon
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $146
Restricted cash
Receivables - net 33
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 179
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 543
Investments in leveraged leases 973
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,516
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,695
============================================================= ==================== ==================== ====================
179
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Burlington Edison Capital Edison Funding
Apartments, Inc. Europe Limited Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $67
Preferred stock to be redeemed within one year
Accounts payable (170)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (84)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 339
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,274
Accumulated deferred investment tax credits
Customer advances and other deferred credits 124
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,398
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 108
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 27
Accumulated other comprehensive loss
Retained earnings 650
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 777
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,538
============================================================= ==================== ==================== ====================
180
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Consolidating Edison Capital
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($1) $66
Preferred stock to be redeemed within one year
Accounts payable $169 5 4
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 12 4 35
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 181 8 105
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1 340
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (32) 2,242
Accumulated deferred investment tax credits
Customer advances and other deferred credits 5 (1) 128
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits 8 8
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (19) (1) 2,378
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (1) 107
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 82 (127) 82
Accumulated other comprehensive loss (1) 1
Retained earnings (121) (4) 525
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (40) (130) 607
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $122 ($123) $3,537
============================================================= ==================== ==================== ====================
181
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Mission Funding Mission Funding
Housing Beta Epsilon
Investments Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($231) ($173) ($803)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 9 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (222) (173) (797)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 22
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 22 577 1,066
Accumulated deferred investment tax credits
Customer advances and other deferred credits 11 (1)
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 33 577 1,065
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 103
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 47 115 1,225
Accumulated other comprehensive loss
Retained earnings 293 46 202
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 340 161 1,427
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $276 $565 $1,695
============================================================= ==================== ==================== ====================
182
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Funding Mission Funding Mission Funding
Gamma Kappa Zeta
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $2
Preferred stock to be redeemed within one year
Accounts payable ($102) $64 (46)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (102) 64 (44)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281 269 31
Accumulated deferred investment tax credits
Customer advances and other deferred credits 9
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 281 269 40
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 75 116 49
Accumulated other comprehensive loss
Retained earnings 30 207 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 105 323 63
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $284 $656 $87
============================================================= ==================== ==================== ====================
183
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Iowa Wind Edison Funding Consolidating
Company Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $40 $25
Preferred stock to be redeemed within one year
Accounts payable (53) 1,179 ($5)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13) 1,208 (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 294
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 41 (13)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 37 68
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 78 55
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 93 127 (1,720)
Accumulated other comprehensive loss
Retained earnings 23 (165)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 116 (38) (1,720)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $181 $1,519 ($1,725)
============================================================= ==================== ==================== ====================
184
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Funding
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $67
Preferred stock to be redeemed within one year
Accounts payable (170)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (84)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 339
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,274
Accumulated deferred investment tax credits
Customer advances and other deferred credits 124
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,396
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 108
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 127
Accumulated other comprehensive loss
Retained earnings 650
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 777
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,538
============================================================= ==================== ==================== ====================
185
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
EC Asset Services, EC Properties, Inc. EC Properties III,
Inc. Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1) ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1 $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
186
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
EC SLP, Inc. ECHP Investment Edison Capital
Company Housing Delaware
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($2)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt $5
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5
============================================================= ==================== ==================== ====================
187
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Edison Capital Edison Capital
Housing Management Housing New Jersey Housing
[dissolved] Pennsylvania
[dissolved]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($4) ($5) ($5)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (4) (5) (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4 9 9
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $4 9 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4 $4
============================================================= ==================== ==================== ====================
188
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Funding Edison Funding Edison Housing
Omicron Inc. Olive Court [6] North Carolina
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($73) ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (73) 1 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (11)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (11)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 13 2
Accumulated other comprehensive loss
Retained earnings 145 (1) 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 158 (1) 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $74 $3 $2
============================================================= ==================== ==================== ====================
189
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Housing EHI Development EHI Development
South Carolina Company Fund
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($2) ($1) ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2) (1) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2 1 5
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $2 $1 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3
============================================================= ==================== ==================== ====================
190
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
MHICAL 94 Company MHICAL 95 Company Edison Housing
Consolidation Co.
(6)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($41) ($56) ($8)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (41) (56) (8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 30 44 15
Accumulated other comprehensive loss
Retained earnings 10 10 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 40 54 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1) ($2) $15
============================================================= ==================== ==================== ====================
191
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
MHICAL 96 Company MHICAL 97 Company Mission Housing
Alpha
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($37) ($12) ($4)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (37) (12) (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 26 4 3
Accumulated other comprehensive loss
Retained earnings 14 10 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 40 14 $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3 $2
============================================================= ==================== ==================== ====================
192
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Housing Mission Housing Mission Housing
Beta Delta Denver [dissolved]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($7) ($16) ($11)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (7) (16) (11)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4 10 8
Accumulated other comprehensive loss
Retained earnings 3 5 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $7 $15 $11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
193
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Housing Mission Housing Mission Housing
Epsilon Gamma Holdings
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($5) ($18)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (5) (18)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $1 3 18
Accumulated other comprehensive loss
Retained earnings 2 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1 $5 21
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1 $3
============================================================= ==================== ==================== ====================
194
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Housing Mission Funding Mission Housing
Theta Theta [6] Zeta [dissolved]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($3) ($9)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3) (9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1 13
Accumulated other comprehensive loss
Retained earnings 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $3 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4
============================================================= ==================== ==================== ====================
195
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Consolidating Edison Capital
Housing Investments Adjustments Housing
Investments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $94 ($2) ($231)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 9 (1) 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 103 (3) (222)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 16 (1) 22
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 33 22
Accumulated deferred investment tax credits
Customer advances and other deferred credits 11 11
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 44 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 102 103
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 47 (225) 47
Accumulated other comprehensive loss
Retained earnings 73 293
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 120 (225) 340
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $385 ($229) $276
============================================================= ==================== ==================== ====================
196
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
(Bermuda), Ltd. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $93
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 93
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 19
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 7
Accumulated other comprehensive loss
Retained earnings 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $126
============================================================= ==================== ==================== ====================
197
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Edison Capital Edison Capital
International Latin American (Netherlands)
(Bermuda) Ltd. Investments Holdings Company
Holding Company B.V.
110
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $4 $10 $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 4 16 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (3)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 29 124 5
Accumulated other comprehensive loss
Retained earnings 2 29 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 31 153 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $35 $166 $5
============================================================= ==================== ==================== ====================
198
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Capital Mission Funding Mission Funding Mu
(Netherlands) Alpha [6]
Investments B.V.
[6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($6) ($226) ($17)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (6) (226) (17)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 683 20
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 683 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 5 158 15
Accumulated other comprehensive loss
Retained earnings 1 65 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $6 223 26
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $680 $29
============================================================= ==================== ==================== ====================
199
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Funding Mission Funding Nu Mission
Delta [6] Investments, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($20) ($36)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (20) (36)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 46 ($1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 46 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 14 33
Accumulated other comprehensive loss
Retained earnings 6 24 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $20 57 $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $67
============================================================= ==================== ==================== ====================
200
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission (Bermuda) Mission Funding Consolidating
Investments, Ltd. Epsilon Adjustments
28
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($606)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (606)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 302
Accumulated deferred investment tax credits
Customer advances and other deferred credits (1)
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 301
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $1 834
Accumulated other comprehensive loss
Retained earnings 57
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1 891
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1 $586
============================================================= ==================== ==================== ====================
201
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Funding
Epsilon
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($803)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (797)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,066
Accumulated deferred investment tax credits
Customer advances and other deferred credits (1)
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,065
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,225
Accumulated other comprehensive loss
Retained earnings 202
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,427
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,695
============================================================= ==================== ==================== ====================
202
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Burlington Edison Capital Edison Funding
Apartments, Inc. Europe Limited Company
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $102
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 102
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 5
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 19
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 24
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 78
Interest and dividend income 9
Equity in income from partnerships and 14
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (32)
Other nonoperating deductions
Minority interest (1)
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 68
Income tax (benefit) (2)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 70
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 70
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 580
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $650
============================================================== ==================== ===================== ====================
203
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Edison Capital Consolidating Edison Capital
Adjustments Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $102
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 102
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $20 25
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 19
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 20 44
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (20) 58
Interest and dividend income 75 ($76) 8
Equity in income from partnerships and
unconsolidated subsidiaries - net (2) 12
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions (32)
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 55 (78) 46
Income tax (benefit) (9) (3) (14)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 64 (75) 60
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 64 (75) 60
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (185) 71 465
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($121) ($4) $525
============================================================== ==================== ===================== ====================
204
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Edison Capital Mission Funding Beta Mission Funding
Housing Epsilon
Investments Consolidated
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $4 $3 $13
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 4 3 13
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 14
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (10) 3 13
Interest and dividend income 6
Equity in income from partnerships and
unconsolidated subsidiaries - net (14) 37
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest 1
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (25) 3 56
Income tax (benefit) (29) 2 16
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 4 1 40
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 4 40
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 289 45 162
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $293 $46 $202
============================================================== ==================== ===================== ====================
205
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Mission Funding Mission Funding Mission Funding
Gamma Kappa Zeta
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $1 $64 $4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1 64 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 3
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 1 64
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net 2
Other nonoperating income
Interest expense - net of amounts capitalized 2
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 1 64
Income tax (benefit) 1 26
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 38
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 38
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 30 169 14
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $30 $207 $14
============================================================== ==================== ===================== ====================
206
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Mission Iowa Wind Edison Funding Consolidating
Company Company Adjustments
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $11 $2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 11 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 5 2
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 5
Interest and dividend income $3
Equity in income from partnerships and
unconsolidated subsidiaries - net 1 (10) ($2)
Other nonoperating income
Interest expense - net of amounts capitalized 3 27
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 3 (34)
Income tax (benefit) (4) (14)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 7 (20)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 7 (20)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 16 (145)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $23 ($165)
============================================================== ==================== ===================== ====================
207
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Edison Funding
Company
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $102
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 102
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 5
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 19
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 24
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 76
Interest and dividend income 9
Equity in income from partnerships and
unconsolidated subsidiaries - net 14
Other nonoperating income
Interest expense - net of amounts capitalized (32)
Other nonoperating deductions
Minority interest 1
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 68
Income tax (benefit) (2)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 70
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 70
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 580
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $650
============================================================== ==================== ===================== ====================
208
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
EC Asset Services, EC Properties, Inc. EC Properties III,
Inc. Inc.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $1 $1
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $1 $1
============================================================== ==================== ===================== ====================
209
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
EC-SLP, Inc. ECHP Investment Edison Capital
Company Housing Delaware
Inc.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses $1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $2
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $2
============================================================== ==================== ===================== ====================
210
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Edison Capital Edison Capital Edison Capital
Housing Management Housing New Jersey Housing
[dissolved] Pennsylvania
[dissolved]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($1)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($1)
============================================================== ==================== ===================== ====================
211
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Edison Funding Edison Funding Edison Housing
Omicron Inc. Olive Court [6] North Carolina
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization $3
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 3 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (3)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net (4)
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (7)
Income tax (benefit) (14)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 7
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 7
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 138 (1) $1
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $145 ($1) $1
============================================================== ==================== ===================== ====================
212
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Edison Housing EHI Development EHI Development
South Carolina Company Fund
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
213
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
MHICAL 94 Company MHICAL 95 Company Edison Housing
Consolidation Co.
[6]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $10 $10 $8
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $10 $10 $8
============================================================== ==================== ===================== ====================
214
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
MHICAL 96 Company MHICAL 97 Company Mission Housing
Alpha
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $14 $10 $1
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $14 $10 $1
============================================================== ==================== ===================== ====================
215
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Mission Housing Mission Housing Mission Housing
Beta Delta Denver [dissolved]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $3 $5 $3
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $3 $5 $3
============================================================== ==================== ===================== ====================
216
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Mission Housing Mission Housing Mission Housing
Epsilon Gamma Holdings
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $2 $3
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $2 $3
============================================================== ==================== ===================== ====================
217
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Mission Housing Mission Funding Mission Housing
Theta Theta [6] Zeta [dissolved]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $2
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $2
============================================================== ==================== ===================== ====================
218
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Edison Capital Consolidating Edison Capital
Housing Investments Adjustments Housing
Investments
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $2 $4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 2 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1 3
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 8 11
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 9 14
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (7) (10)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net (10) (14)
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest 1 1
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (18) (25)
Income tax (benefit) (15) (29)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (3) 4
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (3) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 76 289
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $73 $293
============================================================== ==================== ===================== ====================
219
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
(Bermuda), Ltd. [6]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income $6
Equity in income from partnerships and
unconsolidated subsidiaries - net 8
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 14
Income tax (benefit) 13
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 1
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 6
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $7
============================================================== ==================== ===================== ====================
220
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Edison Capital Edison Capital Edison Capital
International Latin American (Netherlands)
(Bermuda) Ltd. Investments Holding Holdings Company
Company B.V.
110
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $29
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 29
Income tax (benefit) 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 26
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 26
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $2 3 ($1)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $2 $29 ($1)
============================================================== ==================== ===================== ====================
221
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Edison Capital Mission Funding Mission Funding Mu
(Netherlands) Alpha [6]
Investments B.V.
[6]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $6 $1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 6 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 6 1
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 6 1
Income tax (benefit) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 4 1
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 4 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $1 61 10
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $1 $65 $11
============================================================== ==================== ===================== ====================
222
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Mission Funding Mission Funding Nu Mission
Delta [6] Investments, Inc.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $2 $4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 2 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 2 4
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 2 4
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 2 4
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 2 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $6 22 (3)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $6 $24 $1
============================================================== ==================== ===================== ====================
223
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Mission (Bermuda) Mission Funding Consolidating
Investments, Ltd. Epsilon Adjustments
28
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $4 $4 ($8)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 4 4 (8)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 8 (8)
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 4 (4)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net 7 (7)
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 4 3 (7)
Income tax (benefit) (2)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 4 5 (7)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 4 5 (7)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($4) 52 $7
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $57
============================================================== ==================== ===================== ====================
224
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2004
(In millions)
Mission Funding
Epsilon
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $13
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 13
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 13
Interest and dividend income 6
Equity in income from partnerships and
unconsolidated subsidiaries - net 37
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 56
Income tax (benefit) 16
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 40
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 40
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 162
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $202
============================================================== ==================== ===================== ====================
225
Part 4
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: 1st Time Homebuyer
Opportunities LP
(Chester County Homes) 1010 SVN Assoc LP 1028 Howard St Assoc LP
--------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.9% by Edison Capital 99.00% by Mission Housing
Housing Investments Housing Partners IX LP Investors Partnership
Name of Entity: 1101 Howard St Assoc LP 1475 167th Ave Assoc LP 16th and Church St Assoc
(Bermuda Gardens Apts) LP
--------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 95 LP 99.90% by Edison Capital 99.00% by Edison Funding
Housing Partners XI LP Omicron Inc.
226
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: 1732 Champa LP (Buerger 18303 Kittridge Assoc-39 1856 Wells Court Partners
Brothers Lofts) LP (Kittridge) LP (Wells Court)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $6 $2 $2
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Funding
Housing Investments Housing Investments Omicron Inc.
Name of Entity: 210 Washington Ave Assoc 2400 Locust Assoc LP 2601 North Broad St Assoc
(Renaissance Plaza) (Locust on the Park) LP (Station House)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $21 $0
Revenues $1 $3 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Investments Housing Investments for Affordable Housing LP
II
227
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: 2814 Fifth St Assoc LP 3790 Wisconsin Street 5363 Dent Ave Assoc LP
(Land Park Woods) Partners LP (Wisconsin
III) [SOLD]
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by MH II LP
Housing Partners IX LP Housing Investments
Name of Entity: 708 Pico LP (Wavecrest Aaron Michael Assoc LP Abby Assoc LP (Windmere)
Housing)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $4
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.9% by Edison Capital 99.9% by Edison Capital 99.00% by MHICAL 95 LP
Housing Partners XV LP Housing Investments
228
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Admiralty Heights Assoc AE Assoc LP (Avenida Affordable/Citrus Glenn
II 1995 LP (Kent Manor) Espana) Phase II, Ltd (Citrus
Glenn Apts Phase II)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $7 $2
Revenues $0 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Capital
Housing Partners VI LP Omicron Inc. Housing Partners VI LP
Name of Entity: Agape Housing LP Alhambra Apts LP Alma Place Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners XIII LP Housing Partners IX LP
229
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Altamont Hotel Assoc LP AMCAL Santa Barbara Fund Antelope Assoc LP
XXXVI LP (Positano)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $1 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners VI LP Housing Partners V LP Housing Partners XVII LP
Name of Entity: Apollo Development Assoc Arbor Lane Assoc Phase II Argyle Redevelopment
LP (Apollo Hotel) LP (Timberwood) Partnership LP (The
Argyle)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Corporations 99.00% by Edison Capital
Housing Partners XIV LP for Affordable Housing LP Housing Investments
230
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Arroyo Vista Assoc LP Artloft Assoc LP Auburn Manor Apts LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 35.60% by Corporations 99.00% by Edison Capital
for Affordable Housing LP for Affordable Housing LP Housing Partners XI LP
53.39% by Corporations
for Affordable Housing LP
II
Name of Entity: Auburn Manor LLC Avalon Courtyard LP B.A.I. Edison Ravenwood
(Carson Senior Housing) LP (Ravenwood)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 50.00% by Edison Capital 99.00% by MHIFED 95 LP 90.00% by Edison Capital
Housing Investments Housing Delaware, Inc.
231
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Baker Park Assoc LP Barnsdall Court LP (Villa Bartlett Hill Assoc LP
Mariposa)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $4
Revenues $0 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XVII LP Housing Partners XI LP Housing Investments
Name of Entity: Beacon Manor Assoc LP Benton Green LP Berry Ave Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by MHIFED 94 LP
Housing Partners X LP Housing Partners XV LP
232
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Bodega Hills Investors LP Borregas Court LP Boulder Creek Apartments
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $2 $4
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.90% by Edison Capital
Housing Partners V LP Housing Partners XI LP Housing Partners X LP
Name of Entity: Bouquet Canyon Seniors LP Bracher Assoc LP Bradley Manor Senior
Apartments LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners XVI LP Housing Partners XVIII LP Housing Partners VI LP
233
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Brantwood II Assoc LP Brookline Housing Assoc Brooks School Assoc LP
LLC (Bridgewater)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Corporations 99.00% by Edison Funding
Omicron Inc. for Affordable Housing LP Omicron Inc.
II
Name of Entity: Bryn Mawr - Belle Shore Bryson Family Apts LP Burlington Senior Housing
LP (The) LLC
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $22 $2 $1
Revenues $3 $0 $0
Net Income (Loss) ($1) $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.90% by Edison Capital
Omicron Inc. Housing Partners XI LP Housing Partners X LP
234
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Bush Hotel LP Caleb Affordable Housing California Park Apts LP
Assoc LP
(Ledges/Pinebrook)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $10 $0 $3
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Corporations 99.00% by MH I LP
Omicron Inc. for Affordable Housing LP
Name of Entity: Carlin LP (The) Carlton Way Apts LP Carson Housing LP (Carson
Street)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by MHIFED 94 LP 98.00% by Edison Capital
for Affordable Housing LP Housing Partners XI LP
235
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Carson Terrace LP Casa Rampart LP (Rampart C-Court LP (Cawelti Court)
Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XIV LP Housing Partners XI LP Housing Partners VII LP
Name of Entity: CCS/Bellingham LP CCS/Mount Vernon Housing CCS/Renton Housing LP
(Washington Grocery LP (La Venture) (Renton)
Building)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Investments Housing Partners XIX LP Housing Partners X LP
236
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: CDR Senior Housing Assoc Catalonia Assoc LP Cedarshores Limited
LP (Casa del Rio) Dividend Housing
Association LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.00% by Edison Capital 99.99% by Edison Capital
Housing Partners VIII LP Housing Partners XII LP
0.01% by Mission Funding
Theta LP Syndicated in
2002
Name of Entity: Centennial Place LP Centertown Assoc LP Centro Partners LP (El
Centro)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $7 $6 $5
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MH V LP 99.00% by Edison Funding 99.00% by Edison Funding
Omicron Inc. Omicron Inc.
237
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Cincinnati Ravenwood Apts Chamber Apts LP (The Cochrane Village Apts LP
LP (Ravenwood) Chamber Bldg)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $1 $0
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners XIII LP Housing Partners XIX LP
0.95%% by B.A.I. Edison
Ravenwood LP (Ravenwood)
Name of Entity: Colina Vista LP Conejo Valley Community Coolidge Station Apts LLC
Housing Assoc (Community
House Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHICAL 95 LP 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Partners X LP
238
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Corporations for Corporations for Corporations for
Affordable Housing LP Affordable Housing LP II Affordable Housing LP III
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 1.00% by EC Properties, 1.00% by EC Properties, 1.00% by EC Properties
Inc. Inc. III, Inc.
Name of Entity: Corona Ely/Ranch Assoc LP Cottonwood Affordable Coyote Springs Apts Assoc
Housing LP (Verde Vista) LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $10
Revenues $0 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.00% by Edison Capital 99.00% by Edison Funding
Housing Partners VII LP Omicron Inc.
239
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Cypress Cove Assoc Davis MHA Twin Pines Del Carlo Court Assoc LP
Community Assoc LP
(Northstar Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $1 $5
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.00% by Edison Funding
Omicron Inc. Housing Partners XI LP Omicron Inc.
Name of Entity: Delta Plaza Apts LP DeRose Housing Assoc LP Diamond Creek Apts LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $4 $0
Revenues $0 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by MH III LP 99.90% by Edison Capital
Omicron Inc. Housing Investments
240
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Diamond Phase III Venture Don Avante Assoc I LP Don Avante Assoc II LP
LP (Don de Dios) (Village Avante)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.90% by Edison Capital 99.90% by Edison Capital
for Affordable Housing LP Housing Partners XV LP Housing Partners XIV LP
Name of Entity: Double X Assoc 1995 LP EAH Larkspur Creekside East Cotati Ave Partners
(Terrace Manor) Assoc LP LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $2 $5
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Funding
Housing Partners VI LP Omicron Inc. Omicron Inc.
241
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Eastwood Homes LP ECH/HFC GP Partnership ECH/HFC GP Partnership
No. 1 No. 2
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $15 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 34.90% by Edison Capital 56.70% by Edison Capital
Housing Partners XI LP Housing Investments Housing Investments
50.44% by GP MHICAL 96 LP 43.30% GP by MHICAL 95
Company
14.66% by GP MHICAL 97 LP
Name of Entity: ECH Investor Partners ECH Investor Partners ECHP LLC
VI-A LP VI-B LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4 $0 $12
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 15.3877% by Edison 99% by Edison Capital 99.999% by ECHP
Capital Contributions VI Contributions VI Partners Investment Company
Partners
1% GP by Edison Capital 1% GP by Edison Capital
Housing Investments Housing Investments
242
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: EDA LP (Eagle's Nest) Edison Capital Affordable Edison Capital Affordable
Housing 99A G.P. Housing 99B G.P.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $6 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 48.00% by Corporations 27.69% by Edison Capital 99.99% by Edison Capital
for Affordable Housing LP Housing Investments Housing Investments
II
36.47% GP by MHICAL 96 LP
33.05% by MHICAL 97 LP 0.01% by Mission Funding
Theta
2.78% by Mission Housing
Epsilon
0.01% by Mission Funding
Theta
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners V LP Partners VI LP Partners VII LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $7 $4
Revenues $0 $0 $0
Net Income (Loss) $0 ($1) $0
Ownership Interest(s): 16.18% by Edison Capital 61.8166% by ECH Investor 19.4187% GP by ECH/HFC GP
Housing Investments Partners VI-A LP Partnership No. 1
37.1834% by ECH Investor
Partners VI-B LP
1% GP by Edison Capital
Housing Investments
243
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners VIII LP Partners IX LP Partners X LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $7 $9
Revenues $0 $0 $0
Net Income (Loss) $0 $0 ($1)
Ownership Interest(s): 18.54% by ECH/HFC GP 13.5533% GP by Edison 19.3952% by Edison
Partnership No. 2 Capital Affordable Capital Affordable
Housing 99A G.P. Housing 99B GP
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners XI LP Partners XII LP Partners XIII LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $4 $1
Revenues $0 $0 $0
Net Income (Loss) ($1) $0 $0
Ownership Interest(s): 18.62486% by Edison 13.73759% by Edison 17.03513% by Edison
Capital Affordable Capital Affordable Capital Affordable
Housing 99B GP Housing 99B GP Housing 99B GP
244
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners XIV LP Partners XV LP Partners XVI LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 7.6118% by Edison Capital 9.567% by Edison Capital 0.01% by ECHP LLC
Affordable Housing 99B GP Affordable Housing 99B GP
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners XVII LP Partners XVIII LP Partners XIX LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $22
Revenues $0 $0 $0
Net Income (Loss) $0 $0 ($3)
Ownership Interest(s): 0.01% by ECHP LLC 0.01% by ECHP LLC 0.01% by ECHP LLC
245
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Edison Capital Edgewood Manor Assoc II LP Edmundson Assoc LP (The
Contributions VI Partners Willows)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $18 $0 $3
Revenues $0 $0 $0
Net Income (Loss) ($2) $0 $0
Ownership Interest(s): 91.77% by Edison Capital 99.00% by Corporations 99.00% by Edison Funding
Housing Investments for Affordable Housing LP Omicron Inc.
II
4.03% GP by Edison
Housing North Carolina
4.20% GP by Edison
Housing South Carolina
Name of Entity: El Barrio Academy Urban Electra Arms Senior Assoc Elizabeth West and East LP
Renewal Assoc LP (Academy LP
Street)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $3 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by Edison Funding
Omicron Inc. Housing Partners XI LP Omicron Inc.
246
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Emanuel Grant Company LLC Eugene Hotel LP Fairmont Hotel Urban
(Capitol Heights) Renewal Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by Corporations
Housing Partners XV LP Housing Partners XVI LP for Affordable Housing LP
Name of Entity: Fairview Village Assoc LP Farm (The) Assoc LP Fell St Housing Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $6 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.00% by Edison Funding 99.00% by MHIFED 94 LP
Omicron Inc.
247
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Fifth and Wilshire Apts LP Flagstaff Affordable Florence Apts LLC
Housing II LP (Forest
View Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners VII LP Housing Partners VII LP Housing Investments
Name of Entity: Florin Woods Assoc LP Forest Winds Assoc LP Fremont Building LP
(Crescent Arms)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Mission Housing 99.00% by Edison Capital
Housing Partners XVIII LP Investors Partnership Housing Partners XVII LP
248
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Garnet Housing Assoc LP Gateway Housing LP Gilroy Redwood Assoc LP
(Garnet Lane Apts) (Gateway Plaza) (Redwoods)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHICAL 97 LP 99.00% by Corporations 99.00% by Edison Funding
for Affordable Housing LP Omicron Inc.
II
Name of Entity: Ginzton Assoc LP Glen Eden Assoc LP (A Good Samaritan Assoc LP
Street)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $9 $0 $0
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Mission Housing 99.00% by MHIFED 96A LP
Omicron Inc. Investors Partnership
249
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Grace Housing LP (Grace Gray's Meadows Investors Greenway Village Assoc LP
Street) LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Mission Housing 99.00% by MHICAL 96 LP
Housing Partners XI LP Investors Partnership
Name of Entity: Grossman Apts Investors LP Hamilton Place Apts LP Hamilton Place Senior
(Larkin Place) Living LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $3 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners VI LP Housing Partners VI LP
250
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Hearthstone Group 3 LP Heather Glen Assoc LP Hercules Senior Housing
(Evergreen Court) Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $4 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.90% by Edison Capital
Housing Partners VI LP Omicron Inc. Housing Partners XVII LP
Name of Entity: Heritage Partners LP Highland Village Partners Hilltop Farms LP
(Heritage Villas) LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $1 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Partners XII LP Housing Partners XV LP Housing Partners XVI LP
251
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: HMB-Atlanta I LP (Spring Hollywood El Centro LP Holy Family Assoc LP
Branch)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $1 $8
Revenues $1 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by MHIFED 95 LP 99.00% by Edison Funding
Omicron Inc. Omicron Inc.
Name of Entity: Homestead Village Assoc LP Hope West Apts LP Hotel Elkhart LLC (The
Cornerstone)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by MHIFED 94 LP 99.00% by Mission Housing
for Affordable Housing LP Epsilon
II
252
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Huff Ave Assoc LP I.G. Partners LP (Island Josephinum Assoc LP (The)
Gardens)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $1 $7
Revenues $0 $0 $1
Net Income (Loss) $0 $0 ($1)
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners VII LP Housing Partners XV LP Housing Investments
Name of Entity: Junction City Apts LP Karen Partners LP KDF Malabar LP (Malabar
(Green Park) Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $4
Revenues $0 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.90% by Edison Capital 99.00% by Edison Capital
for Affordable Housing LP Housing Partners XV LP Housing Partners VI LP
II
253
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: KDF Park Glenn LP (Park KDF Park Glenn Seniors LP KDF Santa Paula LP (Santa
Glenn Apartments) (Park Glenn Senior Apts Paula)
II)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XVI LP Housing Partners XVI LP Housing Partners XIX LP
Name of Entity: Kennedy Court Partners LP Kennedy Lofts Assoc LP King Road Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $14 $0
Revenues $0 $2 $0
Net Income (Loss) $0 ($2) $0
Ownership Interest(s): 99.00% by MHICAL 96 LP 99.00% by Edison Capital 99.90% by Edison Capital
Housing Investments Housing Partners XVI LP
254
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Klamath Assoc LP Knolls Community Assoc LP La Brea/Franklin LP
(The Knolls)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHICAL 96 LP 99.90% by Edison Capital 99.00% by MHIFED 95 LP
Housing Partners IX LP
Name of Entity: Lackawana Housing Assoc Lark Ellen LP Larkin Pine LP
(Goodwill)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by MHIFED 95 LP
Omicron Inc. Housing Partners X LP
255
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: La Terraza Assoc LP Laurel Lakes LP Lavell Village Assoc LP
(Villa Loma)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 1.0% by LL Housing LLC 99.00% by MHIFED 96 LP
Housing Partners XVII LP
Name of Entity: LL Housing LLC Liberty House Assoc LP Lilac Estates LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 24.50% by Mission Housing 99.00% by Corporations 99.90% by Edison Capital
Alpha for Affordable Housing LP Housing Partners XV LP
II
256
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: LINC-Bristol Assoc I, LP Lovejoy Station LP Mackenzie Park Assoc LP
(City Gardens)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $7 $0 $0
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Corporations
Housing Partners VI LP Housing Investments for Affordable Housing LP
Name of Entity: Madison/Mollison LP (Park Maple Ridge Development Maplewood Housing
Mollison) Assoc LP Associates LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $6 $0 $5
Revenues $1 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Corporations 99.90% by Edison Capital
Housing Investments for Affordable Housing LP Housing Investments
II
257
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Maplewood School Apts LP Mar Assoc LP (Frank Mar) MAS-WT LP (Washington
Terrace)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $9 $5
Revenues $0 $1 $1
Net Income (Loss) $0 ($1) $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.00% by Edison Capital
Omicron Inc. Omicron Inc. Housing Partners VI LP
Name of Entity: Mayacamas Village Assoc LP McFarland Press Assoc LP Mercantile Housing LLC
(Mercantile Square)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $6 $6 $17
Revenues $0 $0 $2
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHICAL 94 LP 99.00% by Edison Funding 99.00% by Edison Funding
Omicron Inc. Omicron Inc.
258
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Mercy Housing California Mercy Housing California Mercy Housing California
III LP (3rd and Reed) IV LP (Vista Grande) VI LP (205 Jones)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 95 LP 99.00% by Edison Capital 99.00% by MHICAL 95 LP
Housing Partners V LP
Name of Entity: Mercy Housing California Merrill Road Assoc LP Metro Senior Assoc LP
IX LP (Sycamore)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $3 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 99.00% by MHIFED 96A LP
Housing Partners X LP Omicron Inc.
259
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: MH I LP MH II LP MH III LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 ($1)
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 1.00% by Edison Capital 1.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
99.00% by Edison Funding 99.00% by Mission Housing 99.00% by Mission Housing
Omicron Inc. Delta Delta
Name of Entity: MH IV LP MH V LP MHIFED 94 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets ($2) $0 $25
Revenues $0 $0 $0
Net Income (Loss) $0 $0 ($3)
Ownership Interest(s): 1.00% by Edison Capital 1.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
99.00% by Mission Housing 99.00% by Mission Housing
Delta Delta
260
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: MHICAL 94 LP MHIFED 95 LP MHICAL 95 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $21 $0
Revenues $0 $0 $0
Net Income (Loss) $0 ($3) $0
Ownership Interest(s): 1.00% by Edison Capital 1.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
99.00% by Edison Funding 99.00% by Edison Funding
Omicron Inc. Omicron Inc.
Name of Entity: MHIFED 96 LP MHIFED 96A LP MHICAL 96 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $22 $3
Revenues $0 $0 $0
Net Income (Loss) $0 ($2) ($1)
Ownership Interest(s): 5.00% by Edison Capital 1.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
99.00% by MHICAL 96
Company
261
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: MHICAL 97 LP Mid-Peninsula Century Mid-Peninsula Sharmon
Village Assoc LP (Century Palms Assoc LP (Sharmon
Village) Palms)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $7 $2
Revenues $0 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 1.00% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Capital
Housing Investments Omicron Inc. Housing Investments
99.00% by MHICAL 97
Company
Name of Entity: Mission Capp LP Mission Housing Investors Mission Housing
Partnership Partnership 1996 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4 $16 $0
Revenues $1 $0 $0
Net Income (Loss) $0 ($2) $0
Ownership Interest(s): 99.00% by Edison Funding 5.00% by Mission Housing 1.00% by Edison Capital
Omicron Inc. Theta Housing Investments
99.00% by Edison Funding
Omicron Inc.
262
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Mission Minnesota Wind, Monterra Village Assoc LP Morgan Hill Ranch Housing
LLC LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 100% by Mission Funding 99.00% by Edison Capital 99.00% by Edison Capital
Zeta Housing Partners IX LP Housing Partners X LP
Name of Entity: Morrone Gardens Assoc LP Mountainlands Housing Mountain View Townhomes
Partners LP (Holiday Assoc LP
Village Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XV LP Housing Partners VII LP
263
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: MPT Apts LP (MacArthur NAHF Brockton LP National Boston Lofts
Park) (Southfield Gardens) Assoc LLLP (Boston Lofts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $1 $20
Revenues $1 $0 $2
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MH IV LP 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XV LP Housing Investments
Name of Entity: Neary Lagoon Partners LP Northern Senior Housing North Park Village LLC
LP (St. Johnsbury)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $8 $0 $2
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.9% by Edison Capital 99.00% by Edison Funding
Omicron Inc. Housing Partners XV LP Omicron Inc.
264
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: North Town Housing Northwood Manor Assoc LP Oak Forest Assoc LP
Partners LP (Villa del
Norte Village)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 96 LP 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners VI LP Housing Partners VII LP
Name of Entity: Oakdale Terrace Leased Oceanside Gardens LP Ohlone Housing Assoc LP
Housing Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $2 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 98.99% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Capital
Housing Investments Omicron Inc. Housing Partners VIII LP
0.01% by Mission Funding
Theta
265
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Olive Court Housing OL Hope LP (Olympic Hope) Omaha Amber Ridge LP
Associates LP (Amber Ridge)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $0 $7
Revenues $0 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 98.90% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Funding
Housing Investments Housing Investments Omicron Inc.
1.10% by Edison Funding
Olive Court
Name of Entity: Ontario Senior Housing LP Open Door Assoc LP Osage Terrace LP
(Ontario Plaza)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $7 $0
Revenues $0 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 98.90% by Edison Capital 99.00% by Edison Funding 99.89% by Edison Capital
Housing Partners XIX LP Omicron Inc. Housing Partners XII LP
266
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Oxnard Housing Assoc LP Pacific Terrace Assoc LP Pacifica Community Assoc
LP (Villa Pacifica)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 96A LP 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners IX LP Housing Partners X LP
Name of Entity: Pacific Vista Las Flores Pajaro Court Assoc LP Palmer Heights, LLC
LP (Vista Las Flores)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by MHIFED 94 LP 99.90% by Edison Capital
Housing Investments Housing Investments
267
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Palmer House LP Paradise Road Partners LP Park Land Senior Apts
(Gateway Village) Investors LP (Banducci)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.90% by Edison Capital
Omicron Inc. Housing Partners VII LP Housing Partners XIII LP
Name of Entity: Park Place Terrace LP Park Place 1998, LLC Park Williams Partners LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Partners V LP Housing Partners XV LP Housing Partners XV LP
268
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Parkside Assoc LP Parkview Apts Assoc LP Parsonage Cottage Senior
(Parkside Senior) (Parkview/Sunburst) Residence LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.90% by Edison Capital 99.00% by Corporations
for Affordable Housing LP Housing Partners XVII LP for Affordable Housing LP
II
Name of Entity: Patriots Pointe at Pecan Court Assoc LP Pellettieri Homes Urban
Colonial Hills LP Renewal Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.9% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XV LP Housing Partners XIX LP Housing Partners XIX LP
269
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Persimmon Assoc LP Piedmont Housing Assoc Pilot Grove LP
(Persimmon Tree)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $5
Revenues $0 $0 $1
Net Income (Loss) $0 $0 ($1)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Corporations 99.00% by Edison Capital
Housing Partners X LP for Affordable Housing LP Housing Investments
III
Name of Entity: Pines Housing LP Pines Housing II LP Pines Housing III LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by Corporations 99.00% by Corporations
for Affordable Housing LP for Affordable Housing LP for Affordable Housing LP
III
270
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Pinmore Assoc LP Pinole Grove Assoc LP PlumTree Preservation LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by MHIFED 95 LP 99.9% by Edison Capital
Housing Partners XVIII LP Housing Partners XV LP
Name of Entity: Poco Way Assoc LP Poinsettia Housing Post Office Plaza LP
Associates
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1 $46
Revenues $0 $0 $6
Net Income (Loss) $0 $0 ($3)
Ownership Interest(s): 99.00% by MHIFED 96 LP 99.9% by Edison Capital 99.00% by Edison Capital
Housing Partners XV LP Housing Investments
271
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Preservation Properties I Preservation Properties Preservation Properties
LP II LP III LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Partners XIV LP Housing Partners XIV LP Housing Partners XIV LP
Name of Entity: Preservation Properties Preservation Properties V President John Adams
IV LP LP Manor Apts LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Partners XIV LP Housing Partners XIV LP Housing Partners XIII LP
272
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Prince Bozzuto LP Project Home I LLC Providence-Brown St
(Fairground Commons) Housing LP (Brown St)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Mission Housing 99.99% by Edison Capital 99.90% by Edison Capital
Investors Partnership Housing Partners XV LP Housing Partners X LP
Name of Entity: PVA LP (Park Victoria) Quebec Arms Apartments LP Rancho Park Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.9% by Edison Capital 99.00% by Mission Housing
Housing Partners IX LP Housing Partners XVII LP Investors Partnership
0.05% by Mission Housing
Alpha
273
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Red Lake LP #1 Reseda Village LP Richmond City Center
Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $6
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by MHIFED 96A LP 99.00% by Edison Funding
Housing Partners XVI LP Omicron Inc.
Name of Entity: Rincon De Los Esteros Rittenhouse School LP Riverside/Liebrandt
Assoc LP Partners LP (La Playa)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Corporations 99.00% by Edison Funding
Housing Partners XIX LP for Affordable Housing LP Omicron Inc.
II
274
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: River Walk Apts Homes LP Riverwalk Apts, Ltd Roebling Village Inn
(Colorado) Urban Renewal LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.80% by Edison Capital 99.00% by Edison Funding
Housing Partners V LP Housing Partners XIII LP Omicron Inc.
Name of Entity: Rosebloom Assoc LP Rosecreek Senior Living LP Round Walk Village Apts LP
(Oakshade)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $1 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.00% by MHIFED 96A LP
Omicron Inc. Housing Partners XIII LP
275
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Rowland Heights Rustic Gardens Assoc LP Salem Lafayette Urban
Preservation LP Renewal Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.9% by Edison Capital 99.00% by Mission Housing 99.00% by Corporations
Housing Partners XIV LP Investors Partnership for Affordable Housing LP
III
Name of Entity: San Diego Golden Villa San Juan Commons 1996 LP San Martin de Porres LP
Partners LP (Golden Villa)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 98.90% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Partners V LP Housing Partners X LP Housing Investments
276
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: San Pablo Senior Housing San Pedro Gardens Assoc LP Santa Alicia Family
Assoc LP Housing Assoc
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.00% by MHIFED 96A LP
Omicron Inc. Omicron Inc.
Name of Entity: Santa Alicia Gardens Santa Paulan Senior Apts Saratoga Vacaville LP
Townhomes LP (Gardens Assoc LP (The Paulan) (Saratoga Senior)
Townhomes)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $8 $1
Revenues $0 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.90% by Edison Capital
Housing Partners V LP Omicron Inc. Housing Partners XV LP
277
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Schoolhouse Court Housing SD Regency Centre LP Sea Ranch Apts LP
Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by Mission Housing
Housing Partners XIX LP Housing Partners XVIII LP Investors Partnership
Name of Entity: Seasons Affordable Senior Second St Center LP Serena Sunbow LP (Villa
Housing LP Serena)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 96 LP 99.00% by MHIFED 95 LP 99.90% by Edison Capital
Housing Partners XV LP
278
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Sherman Glen, LLC Silver City Housing LP Silver Lake Properties LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Corporations 99.00% by Edison Capital
Housing Partners IX LP for Affordable Housing LP Housing Partners VI LP
II
Name of Entity: Sky Parkway Housing Assoc Smyrna Gardens Assoc LP Solinas Village Partners
LP LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Corporations 99.00% by MHIFED 95 LP
Housing Partners XVII LP for Affordable Housing LP
279
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: South 55th St LP South Beach Housing Assoc South Winery Assoc LP
LP (Steamboat Point) (The Winery Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $11 $7
Revenues $0 $1 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 49.5% by Corporations for 99.00% by Edison Funding 99.00% by Edison Funding
Affordable Housing LP II Omicron Inc. Omicron Inc.
Name of Entity: Southern Hotel LP Springdale Kresson Assoc Springdale Preservation
LP (Jewish Federation) LP (Springdale West)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Mission Housing 99.90% by Edison Capital
Housing Partners XVI LP Investors Partnership Housing Partners XIV LP
280
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Spring Valley Commons Stevenson Housing Assoc St. Hedwig's Gardens
(Park Vista)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by Corporations 99.00% by Edison Capital
for Affordable Housing LP for Affordable Housing LP Housing Partners V LP
III III
Name of Entity: St. Regis Park LP (Pear Stoney Creek Assoc LP Stony Point Apt Investors
Tree) LP (Panas Place)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $8 $2
Revenues $0 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.9% by Edison Capital 99.00% by Edison Funding 99.90% by Edison Capital
Housing Partners XV LP Omicron Inc. Housing Partners XI LP
281
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Strobridge Housing Assoc Studebaker Building LP Sultana Acres Assoc LP
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Funding
Housing Partners IX LP Omicron Inc. Omicron Inc.
Name of Entity: Sunset Creek Partners LP Sunshine Terrace LP Tabor Grand LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners XVII LP Housing Partners V LP Housing Investments
282
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Terra Cotta Housing Assoc Thomson Rental Housing LP Three Oaks Housing LP
LP (Washington Place)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 99.00% by MHIFED 95 LP
Housing Investments Omicron Inc.
Name of Entity: Tierra Linda Assoc LP Timber Sound, Ltd Timber Sound II, Ltd
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners X LP Housing Partners X LP
283
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Tioga Gardens LP Tlaquepaque Housing Assoc Trinity Park Apts LP
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by MHIFED 94 LP 99.90% by Edison Capital
for Affordable Housing LP Housing Partners X LP
Name of Entity: Trolley Terrace Townhomes Tuscany Assoc LP (Tuscany Twin Ponds Apts LP
LP Villa)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $3 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 99.90% by Edison Capital
Housing Partners IX LP Omicron Inc. Housing Partners XIII LP
284
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Union Meadows Apts University Manor University Park
Apartments LP Properties LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.9% by Edison Capital 99.00% by Edison Capital
Housing Partners V LP Housing Partners XVII LP Housing Partners VI LP
0.05% by Mission Housing
Alpha
Name of Entity: Upland Senior Housing LP Venbury Trail LP Villa Maria Housing
(Coy D. Estes) Partnership
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $1 $4
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Funding
Housing Partners VI LP Housing Partners X LP Omicron Inc.
285
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Vine St Court LP Vine St Court LP II Virginia Lane LP
(Maplewood/Golden Glenn)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 96A LP 99.00% by MHIFED 96A LP 99.90% by Edison Capital
Housing Partners XIX LP
Name of Entity: Vista Properties LLC Vista Sonoma Senior Vista Verde Housing
(Vista View) Living LP Associates LP (California)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.9% by Edison Capital
Housing Partners VI LP Housing Partners XV LP Housing Partners XVII LP
286
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Vista Verde Townhomes II W.M. Housing Assoc LP Walden Pond Ltd LP
LLC (Colorado) (Williamsport Manor) (Hamlet)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Corporations 99.00% by Corporations
Housing Partners VI LP for Affordable Housing LP for Affordable Housing LP
II
Name of Entity: Wall Street Palmer House Walnut Ave Partnership LP Washington Creek Assoc LP
LP (Palmer Hotel)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Funding
Housing Partners XI LP Housing Partners IX LP Omicron Inc.
287
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: West Capital Courtyard LP Westfair LLC (Cedar Ridge) Westfield Condominium
Investment LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHICAL 94 LP 99.90% by Edison Capital 98.99% by Edison Capital
Housing Partners XV LP Housing Investments
0.01% by Mission Funding
Theta
Name of Entity: Westgate Townhomes Assoc West Oaks Apts LP Westport Village Homes
LP Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4 $1 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHICAL 96 LP 99.90% by Edison Capital 99.00% by Edison Funding
Housing Partners XII LP Omicron Inc.
288
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: West Valley Hart LP (Hart Wheeler Manor Assoc LP White Mountain Apache
and Alabama) Housing
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $10 $2
Revenues $0 $1 $0
Net Income (Loss) $0 ($1) $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Capital
Housing Investments Omicron Inc. Housing Investments
Name of Entity: Wilmington Housing Assoc Windrush Apartments of Winfield Hill Assoc LP
LP (New Harbor Vista) Statesville LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.9% by Edison Capital 99.00% by Edison Capital
Housing Partners XI LP Housing Partners XV LP Housing Partners XIX LP
289
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Wingate LLC (Regency Park) Winnsboro Apts LP (Deer Women's Westlake LP
Wood) (Dorothy Day)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.9% by Edison Capital 99.00% by Corporations 99.90% by Edison Capital
Housing Partners XV LP for Affordable Housing LP Housing Partners XIII LP
II
Name of Entity: Woodland Arms Apts, Ltd Woodleaf Village LP Yale Street LP
(Willow Creek)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Partners VII LP Housing Partners XIII LP Housing Partners XII LP
290
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: YWCA Villa Nueva Partners
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $7
Revenues $0
Net Income (Loss) $0
Ownership Interest(s): 99.00% by Edison Funding
Omicron Inc.
Name of Entity:
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets
Revenues
Net Income (Loss)
Ownership Interest(s):
291
EDISON CAPITAL
Equity Investments
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: AIG Asian Infrastructure AIG Emerging Europe AIG Emerging Europe
Fund II LP Infrastructure Fund LP Infrastructure Management
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $630 $337 $1
Revenues $9 $10 $11
Net Income (Loss) ($9) $1 $1
Ownership Interest(s): 5.80% by Edison Capital 22.70% by Edison Capital 18.05% by Edison Capital
Latin American Latin American Latin American
Investments (Bermuda) Ltd. Investments (Bermuda) Ltd. Investments (Bermuda) Ltd.
Name of Entity: AIG-GE Capital Latin Bisson Windfarm LLC Boeve Windfarm LLC
American Infrastructure
Fund LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Based on financial state- Based on financial state-
ments as of 12/31/2004 ments as of 12/31/2004
Equity Interest:
Assets $12 $2 $2
Revenues $12 $0 $0
Net Income (Loss) $1 $0 $0
Ownership Interest(s): 8.00% by Edison Capital 95% by Mission Minnesota 99% by Mission Minnesota
Latin American Wind LLC Wind LLC
Investments (Bermuda) Ltd.
292
EDISON CAPITAL
Equity Investments
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: CG Windfarm LLC Carstensen Wind LLC Compania Adminstradora de
Empresas Bolivia SA (Cade)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Based on financial state- Based on financial state-
ments as of 12/31/2004 ments as of 12/31/2004
Equity Interest:
Assets $2 $2 $6
Revenues $0 $0 $4
Net Income (Loss) $0 $0 $1
Ownership Interest(s): 99% by Mission Minnesota 99% by Mission Minnesota 12.55% by Edison Capital
Wind LLC Wind LLC International (Bermuda)
Ltd.
Name of Entity: DanMar Transmission LLC Electricidad de La Paz, Empresa de Servicios
S.A. (Electropaz) Edeser S.A. (Edesar)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Based on financial state-
ments as of 12/31/2004
Equity Interest:
Assets $0 $95 $3
Revenues $0 $54 $3
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 0.5% by Mission Minnesota 10% by Edison Capital 12.55% by Edison Capital
Wind LLC International (Bermuda) International (Bermuda)
Ltd. Ltd.
19.9% each by Bisson
Windfarm LLC, CG Windfarm
LLC, TG Windfarm LLC,
Tofteland Windfarm LLC
and Westridge Windfarm LLC
293
EDISON CAPITAL
Equity Investments
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Empresa de Luz y Fuerza Fey Windfarm LLC Greenback Energy LLC
Electrica de Oruro SA
(Elfeo)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Based on financial state- Based on financial state-
ments as of 12/31/2004 ments as of 12/31/2004
Equity Interest:
Assets $14 $2 $2
Revenues $10 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 12.55% by Edison Capital 99% by Mission Minnesota 99% by Mission Minnesota
International (Bermuda) Wind LLC Wind LLC
Ltd.
Name of Equity Huntington LP K-Brink Windfarm LLC Lakota Ridge LLC
---------------------------------------- --------------------------- --------------------------- ---------------------------
Based on financial state- Based on financial state- Based on financial state-
ments as of 12/31/2004 ments as of 12/31/2004 ments as of 12/31/2004
Equity Interest:
Assets $0 $2 $12
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 37.707% by Mission 99% by Mission Minnesota 75.00% by Mission Funding
Funding Zeta Wind LLC Zeta
294
EDISON CAPITAL
Equity Investments
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Lucky Wind LLC Northern Lights LLC Olmeca Cable Investments
Ltd.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Based on financial state- Based on financial state- Based on financial state-
ments as of 12/31/2004 ments as of 12/31/2004 ments as of 12/31/2001
Equity Interest:
Assets $2 $2 $18
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99% by Mission Minnesota 99% by Mission Minnesota 21.7% by Edison Capital
Wind LLC Wind LLC International (Bermuda)
Ltd.
Name of Equity Shaokatan Hills LLC Stahl Wind Energy LLC Storm Lake Power Partners
---------------------------------------- --------------------------- --------------------------- ---------------------------
Based on financial state- Based on financial state- Based on financial state-
ments as of 12/31/2004 ments as of 12/31/2004 ments as of 12/31/2004
Equity Interest:
Assets $14 $2 $157
Revenues $0 $0 $10
Net Income (Loss) $0 $0 $2
Ownership Interest(s): 75.00% by Mission Funding 99% by Mission Minnesota 99.00% by Mission Iowa
Zeta Wind LLC Wind Company
295
EDISON CAPITAL
Equity Investments
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: TG Windfarm LLC Tofteland Windfarm LLC Trinidad and Tobago
Methanol Company Limited
---------------------------------------- --------------------------- --------------------------- ---------------------------
Based on financial state- Based on financial state-
ments as of 12/31/2004 ments as of 12/31/2004
Equity Interest:
Assets $2 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99% by Mission Minnesota 91% by Mission Minnesota 1.0% by Edison Capital
Wind LLC Wind LLC LAI (Bermuda) Ltd.
Name of Equity West Pipestone Westridge Windfarm LLC Windcurrent Farms LLC
Transmission LLC
---------------------------------------- --------------------------- --------------------------- ---------------------------
Based on financial state- Based on financial state- Based on financial state-
ments as of 12/31/2004 ments as of 12/31/2004 ments as of 12/31/2004
Equity Interest:
Assets $1 $2 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 0.5% by Mission Minnesota 92% by Mission Minnesota 99% by Mission Minnesota
Wind LLC Wind LLC Wind LLC
19.9% each by Carstensen
Wind LLC, Greenback
Energy LLC, Lucky Wind
LLC, Northern Lights LLC
and Stahl Wind LLC
296
EDISON CAPITAL
Equity Investments
December 31, 2004 - Based on financial statements as of December 31, 2003
(In millions)
Name of Entity: Woodstock Hills LLC
---------------------------------------- --------------------------- --------------------------- ---------------------------
Based on financial state-
ments as of 12/31/2004
Equity Interest:
Assets $10
Revenues $0
Net Income (Loss) $0
Ownership Interest(s): 75.00% by Mission Funding
Zeta
Name of Equity
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets
Revenues
Net Income (Loss)
Ownership Interest(s):
297
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Associated Calabasas Carol Stream
Southern Palatino, Inc. Developers G.P.
Investment Company (inactive) (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
298
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Centrelake Irwindale Land Mission Airport
Partners LP Company (inactive) Park Development
(inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
299
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Industrial Mission-Oceangate Mission/Ontario,
Constructors, Inc. (inactive) Inc. (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
300
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission South Bay Mission Texas Mission Vacaville
Company (inactive) Property Holdings, LP (inactive)
Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
301
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $4 $4
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 1 1
Trading and price risk management assets
Prepayments
Other current assets 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6 $6
============================================================= ==================== ==================== ====================
302
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Associated Calabasas Carol Stream
Southern Palatino, Inc. Developers G.P.
Investment Company (inactive) (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
303
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Centrelake Irwindale Land Mission Airport
Partners LP Company (inactive) Park Development
(inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
304
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Industrial Mission-Oceangate Mission/Ontario,
Constructors, Inc. (inactive) Inc. (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
305
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission South Bay Mission Texas Mission Vacaville
Company (inactive) Property Holdings, LP (inactive)
Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
306
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities $1 $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits 2 2
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 3 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings 3 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6 $6
============================================================= ==================== ==================== ====================
307
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Associated Calabasas Palatino, Carol Stream
Southern Inc. (inactive) Developers G.P.
Investment Company (inactive)
(inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
308
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Centrelake Irwindale Land Mission Airport
Partners LP Company (inactive) Park Development
(inactive) Company (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
309
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission Industrial Mission-Oceangate Mission/Ontario,
Constructors, Inc. (inactive) Inc. (inactive)
(inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
310
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission South Bay Mission Texas Mission Vacaville
Company (inactive) Property Holdings, LP (inactive)
Inc. (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
311
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 $1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1) (1)
Interest and dividend income 1
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (1)
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 3 3
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $3 $3
============================================================== ==================== ===================== ====================
312
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Associated Mission Power Consolidating
Southern Engineering Adjustments
Engineering Company (inactive)
Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
313
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Power
Engineering
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
314
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Associated Mission Power Consolidating
Southern Engineering Adjustments
Engineering Company (inactive)
Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities $9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3
Accumulated other comprehensive loss
Retained earnings (12)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
315
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Power
Engineering
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities $9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3
Accumulated other comprehensive loss
Retained earnings (12)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
316
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Associated Mission Power Consolidating
Southern Engineering Company Adjustments
Engineering (inactive)
Company (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
317
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission Power
Engineering
Company
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
Income tax benefit on discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
318
Part 5
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $16
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 16
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $16
============================================================= ==================== ==================== ====================
319
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Balboa Energy Blue Ridge Energy Bretton Woods
Company (inactive) Company (inactive) Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
320
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Camino Energy Centerport Energy Chesapeake Bay
Company Company (inactive) Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 88
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 88
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $89
============================================================= ==================== ==================== ====================
321
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Chester Energy Clayville Energy Colonial Energy
Company (inactive) Company (inactive) Company [Dissolved
06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
322
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Coronado Energy Crescent Valley Del Mar Energy
Company (inactive) Energy Company Company
[Dissolved
10/26/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $5
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5
============================================================= ==================== ==================== ====================
323
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Delaware Energy Desert Sunrise Devereaux Energy
Conservers, Inc. Energy Company Company [Dissolved
[Dissolved (inactive) 06/08/2004]
06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
324
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
East Maine Energy Edison Alabama Edison Mission
Company [Dissolved Generating Company Development, Inc.
06/08/2004] [Dissolved
10/26/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
325
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Funding Energy Interface
Consolidated Corp. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash $36
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 36
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $36
============================================================= ==================== ==================== ====================
326
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Services, Fuel Resources, Fuel
Inc. Inc. Transportation,
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
327
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Midwest Generation Edison Mission
Marketing and Energy Services, Holdings Co.
Trading, Inc. LLC [5] Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $47 $74
Restricted cash
Receivables - net 118 2
Accrued unbilled revenue
Fuel inventory 25
Materials and supplies, at average cost 24
Accumulated deferred income taxes - net
Trading and price risk management assets 36 8
Prepayments 3 2
Other current assets 43 44
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 247 179
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 6 452
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 6 452
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 47
Regulatory assets - net
Other deferred charges 2 196
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2 243
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $255 $874
============================================================= ==================== ==================== ====================
328
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission El Dorado Energy
Operation and Project Co. Company [Dissolved
Maintenance, Inc. 06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4
Restricted cash
Receivables - net 6
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $10
============================================================= ==================== ==================== ====================
329
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EME CP Holdings EME Eastern EMOM Services, Inc.
Co. Consolidated Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net 1
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets 2
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $10
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 94
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 94
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $98 $10
============================================================= ==================== ==================== ====================
330
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EMP, Inc. Four Counties Gas Global Power
(inactive) Company (inactive) Investors, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
331
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Hancock Generation Holtsville Energy Indian Bay Energy
LLC (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
332
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Jefferson Energy Kings Canyon Kingspark Energy
Company [Dissolved Energy Company Company (inactive)
10/26/2004] [Dissolved
06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
333
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Laguna Energy La Jolla Energy Lakeview Energy
Company (inactive) Company [Dissolved Company (inactive)
06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
334
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Lehigh River Longview Madera Energy
Energy Company Cogeneration Company (inactive)
(inactive) Company [Dissolved
10/26/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
335
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Madison Energy Midwest Generation Midwest Peaker
Company (inactive) EME, LLC Holdings, Inc.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $157
Restricted cash
Receivables - net 34
Accrued unbilled revenue
Fuel inventory 40
Materials and supplies, at average cost 18
Accumulated deferred income taxes - net
Trading and price risk management assets 20
Prepayments 7
Other current assets 21
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 297
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,319
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,319
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 14
Regulatory assets - net
Other deferred charges 165
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 179
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,795
============================================================= ==================== ==================== ====================
336
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Capital LP Mission Del Cielo, Mission/Eagle
Inc. Consolidated Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments $1
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (80)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (80)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($79)
============================================================= ==================== ==================== ====================
337
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Energy Mission Energy Mission Energy
Construction Generation, Inc. Holdings, Inc.
Services, Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4
============================================================= ==================== ==================== ====================
338
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico [Dissolved
International Inc. [Dissolved 06/08/2004]
Consolidated 06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7
Restricted cash
Receivables - net 2
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 49
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 49
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $59
============================================================= ==================== ==================== ====================
339
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Energy New Mission Energy Mission Triple
York, Inc. Wales Company Cycle Systems
Consolidated Company (inactive)
(inactive; all
assets sold)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
340
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
North Jackson Northern Sierra Ortega Energy
Energy Company Energy Company Company (inactive)
[Dissolved (inactive)
10/26/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
341
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Panther Timber Paradise Energy Pleasant Valley
Company (inactive) Company (inactive) Energy Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
342
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Quartz Peak Energy Rapid Energy Edison Mission
Company [Dissolved Limited [SOLD Services Limited
10/26/2004] 12/16/2004] [5] [SOLD
12/16/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
343
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
344
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company (inactive) Company (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
345
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $51 $64
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 51 64
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $51 $64
============================================================= ==================== ==================== ====================
346
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Santa Ana Energy Santa Clara Energy Silverado Energy
Company (inactive) Company (inactive) Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $14
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $14
============================================================= ==================== ==================== ====================
347
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company [Dissolved Company [Dissolved
(inactive) 06/09/2004] 06/09/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
348
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (inactive) Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $37 $16
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 37 16
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $37 $16
============================================================= ==================== ==================== ====================
349
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Vista Energy Western Sierra Edison Mission
Company (inactive) Energy Company Energy
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2,096
Restricted cash
Receivables - net 60
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments $1 2
Other current assets 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 2,171
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 48 6,217
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 48 6,224
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 6
Regulatory assets - net
Other deferred charges 26
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $49 $8,427
============================================================= ==================== ==================== ====================
350
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Consolidating Edison Mission
Adjustments Energy Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents ($117) $2,270
Restricted cash
Receivables - net (3) 220
Accrued unbilled revenue
Fuel inventory 65
Materials and supplies, at average cost 42
Accumulated deferred income taxes - net
Trading and price risk management assets (25) 41
Prepayments (2) 14
Other current assets 119 240
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (28) 2,892
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,784
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (6,081) 454
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (6,081) 3,238
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 52 155
Regulatory assets - net
Other deferred charges (56) 432
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (4) 587
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 111 111
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($6,002) $6,828
============================================================= ==================== ==================== ====================
351
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($30) ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (29) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 29 4
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 29 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 8 9
Accumulated other comprehensive loss 2
Retained earnings ($8) 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $16
============================================================= ==================== ==================== ====================
352
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Balboa Energy Blue Ridge Energy Bretton Woods
Company (inactive) Company (inactive) Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
353
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Camino Energy Centerport Energy Chesapeake Bay
Company Company (inactive) Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($9)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 15
Accumulated deferred investment tax credits 5
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 48 $1
Accumulated other comprehensive loss
Retained earnings 30 ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 78
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $89
============================================================= ==================== ==================== ====================
354
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Chester Energy Clayville Energy Colonial Energy
Company (inactive) Company (inactive) Company [Dissolved
06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
355
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Coronado Energy Crescent Valley Del Mar Energy
Company (inactive) Energy Company Company
[Dissolved
10/26/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5
============================================================= ==================== ==================== ====================
356
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Delaware Energy Desert Sunrise Devereaux Energy
Conservers, Inc. Energy Company Company [Dissolved
[Dissolved (inactive) 06/08/2004]
06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
357
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
East Maine Energy Edison Alabama Edison Mission
Company [Dissolved Generating Company Development, Inc.
06/08/2004] [Dissolved
10/26/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($70)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (70)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (70)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 84
Accumulated other comprehensive loss
Retained earnings (14)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $70
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
358
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Funding Energy Interface
Consolidated Corp. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $47
Preferred stock to be redeemed within one year
Accounts payable $24 (105)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 24 (55)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 91
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 23 36
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 24
Accumulated other comprehensive loss
Retained earnings (47)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($23)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $36
============================================================= ==================== ==================== ====================
359
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Services, Fuel Resources, Fuel
Inc. Inc. Transportation,
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
360
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Midwest Generation Edison Mission
Marketing and Energy Services, Holdings Co.
Trading, Inc. LLC [5] Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $175 $34
Accrued taxes
Trading and price risk management liabilities 39 3
Regulatory liabilities - net
Other current liabilities 3 29
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 217 66
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (7) 48
Accumulated deferred investment tax credits
Customer advances and other deferred credits 1 29
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (6) 77
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 211 143
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 61 594
Accumulated other comprehensive loss 5
Retained earnings (17) 132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 44 731
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $255 $874
============================================================= ==================== ==================== ====================
361
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission El Dorado Energy
Operation and Project Co. Company [Dissolved
Maintenance, Inc. 06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($18) ($413)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (6) (413)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (4) (4)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (4) (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (10) (417)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 14 287
Accumulated other comprehensive loss
Retained earnings 6 130
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 20 $417
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $10
============================================================= ==================== ==================== ====================
362
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EME CP Holdings EME Eastern EMOM Services, Inc.
Co. Consolidated Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $2
Preferred stock to be redeemed within one year
Accounts payable (5) ($2)
Accrued taxes
Trading and price risk management liabilities 4
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 79
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 12 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 12 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 92 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 14
Accumulated other comprehensive loss
Retained earnings 6 (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 6 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $98 $10
============================================================= ==================== ==================== ====================
363
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EMP, Inc. Four Counties Gas Global Power
(inactive) Company (inactive) Investors, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($7)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (7)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (7)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 9
Accumulated other comprehensive loss
Retained earnings (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
364
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Hancock Generation Holtsville Energy Indian Bay Energy
LLC (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $1
Accumulated other comprehensive loss
Retained earnings ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
365
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Jefferson Energy Kings Canyon Kingspark Energy
Company [Dissolved Energy Company Company (inactive)
10/26/2004] [Dissolved
06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
366
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Laguna Energy La Jolla Energy Lakeview Energy
Company (inactive) Company [Dissolved Company (inactive)
06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2
Accumulated other comprehensive loss
Retained earnings (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
367
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Lehigh River Longview Madera Energy
Energy Company Cogeneration Company (inactive)
(inactive) Company [Dissolved
10/26/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $10
Accumulated other comprehensive loss
Retained earnings ($10)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
368
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Madison Energy Midwest Generation Midwest Peaker
Company (inactive) EME, LLC Holdings, Inc.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $7
Preferred stock to be redeemed within one year
Accounts payable ($27) (1,905) ($253)
Accrued taxes
Trading and price risk management liabilities 16
Regulatory liabilities - net
Other current liabilities 96
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (27) (1,786) (253)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,660
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) 117
Accumulated deferred investment tax credits
Customer advances and other deferred credits 163
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1) 280
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (28) 154 (253)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 22 3,091 249
Accumulated other comprehensive loss 5
Retained earnings 6 (455) 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $28 2,641 $253
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,795
============================================================= ==================== ==================== ====================
369
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Capital LP Mission Del Cielo, Mission/Eagle
Inc. Consolidated Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($39)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (39)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 8
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (31)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (92)
Accumulated other comprehensive loss
Retained earnings 44
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (48)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($79)
============================================================= ==================== ==================== ====================
370
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Energy Mission Energy Mission Energy
Construction Generation, Inc. Holdings, Inc.
Services, Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($2)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (2) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 5 6
Accumulated other comprehensive loss
Retained earnings (3) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $2 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4
============================================================= ==================== ==================== ====================
371
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico [Dissolved
International Inc. [Dissolved 06/08/2004]
Consolidated 06/08/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,396)
Accrued taxes 16
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,378)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 9
Accumulated deferred investment tax credits
Customer advances and other deferred credits 91
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 100
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (1,278)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,320
Accumulated other comprehensive loss (7)
Retained earnings (1,976)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,337
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $59
============================================================= ==================== ==================== ====================
372
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)7
Mission Energy New Mission Energy Mission Triple
York, Inc. Wales Company Cycle Systems
Consolidated Company (inactive)
(inactive; all
assets sold)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
373
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
North Jackson Northern Sierra Ortega Energy
Energy Company Energy Company Company (inactive)
[Dissolved (inactive)
10/26/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
374
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Panther Timber Paradise Energy Pleasant Valley
Company (inactive) Company (inactive) Energy Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($4) ($2)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (4) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 4 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities $4 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3
Accumulated other comprehensive loss
Retained earnings (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
375
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Quartz Peak Energy Rapid Energy Edison Mission
Company [Dissolved Limited [SOLD Services Limited
10/26/2004] 12/16/2004] [5] [SOLD
12/16/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
376
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4
Accumulated other comprehensive loss
Retained earnings (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
377
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company (inactive) Company (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($6)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2
Accumulated other comprehensive loss
Retained earnings 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
378
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $12 $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 12 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 6 14
Accumulated deferred investment tax credits 2
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 8 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 20 16
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 10 (2)
Accumulated other comprehensive loss 9
Retained earnings 21 41
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 31 48
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $51 $64
============================================================= ==================== ==================== ====================
379
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Santa Ana Energy Santa Clara Energy Silverado Energy
Company (inactive) Company (inactive) Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($2)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 4
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 8
Accumulated other comprehensive loss 2
Retained earnings 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $14
============================================================= ==================== ==================== ====================
380
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company [Dissolved Company [Dissolved
(inactive) 06/09/2004] 06/09/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
381
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (inactive) Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($41) ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (41) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5 4
Accumulated deferred investment tax credits 2
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 7 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (34) 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 44 8
Accumulated other comprehensive loss 2
Retained earnings 27 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 71 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $37 $16
============================================================= ==================== ==================== ====================
382
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Vista Energy Western Sierra Edison Mission
Company (inactive) Energy Company Energy
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1) ($39) $4,292
Accrued taxes 2
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 463
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1) (39) 4,757
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,676
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) 9 (7)
Accumulated deferred investment tax credits 2
Customer advances and other deferred credits 40
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits 17
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1) 11 50
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (2) (28) 6,483
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1 51 2,322
Accumulated other comprehensive loss (1)
Retained earnings 1 26 (377)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $2 77 1,944
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $49 $8,427
============================================================= ==================== ==================== ====================
383
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Consolidating Edison Mission
Adjustments Energy Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $155 $211
Preferred stock to be redeemed within one year
Accounts payable (87) 74
Accrued taxes 3 21
Trading and price risk management liabilities (31) 31
Regulatory liabilities - net
Other current liabilities (2) 607
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 38 944
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1 3,507
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (80) 186
Accumulated deferred investment tax credits 1 12
Customer advances and other deferred credits 146 470
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits 17
Asset retirement obligations 5 5
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 72 690
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 5 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 116 5,146
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (7,897) 2,323
Accumulated other comprehensive loss 17
Retained earnings 1,779 (658)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (6,118) 1,682
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($6,002) $6,828
============================================================= ==================== ==================== ====================
384
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company
(inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $1 $2
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 1 2
Income tax (benefit) 4 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (3) 1
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (3) 1
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (3) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (5) 1
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($8) $2
============================================================== ==================== ===================== ====================
385
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Balboa Energy Blue Ridge Energy Bretton Woods
Company (inactive) Company (inactive) Energy Company
(inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
386
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Camino Energy Centerport Energy Chesapeake Bay
Company Company (inactive) Energy Company
(inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net 49
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 48
Income tax (benefit) 18
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 30
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 30
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 30
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 52 ($1)
Dividends declared on common stock (52)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $30 ($1)
============================================================== ==================== ===================== ====================
387
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Chester Energy Clayville Energy Colonial Energy
Company (inactive) Company (inactive) Company [Dissolved
06/08/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
388
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Coronado Energy Crescent Valley Del Mar Energy
Company (inactive) Energy Company Company
[Dissolved
10/26/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
389
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Delaware Energy Desert Sunrise Devereaux Energy
Conservers, Inc. Energy Company Company [Dissolved
[Dissolved (inactive) 06/08/2004]
06/08/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($2)
Dividends declared on common stock $2
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
390
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
East Maine Energy Edison Alabama Edison Mission
Company [Dissolved Generating Company Development, Inc.
06/08/2004] [Dissolved
10/26/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($14)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($14)
============================================================== ==================== ===================== ====================
391
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Funding Corp. Energy Interface
Consolidated Ltd
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income $1 $12
Equity in income from partnerships and
unconsolidated subsidiaries - net (2)
Other nonoperating income 47
Interest expense - net of amounts capitalized ($12)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 46
Income tax (benefit) 18
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 28
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 28
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 28
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 25
Dividends declared on common stock (100)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($47)
============================================================== ==================== ===================== ====================
392
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission Edison Mission Fuel Edison Mission
Energy Services, Resources, Inc. Fuel
Inc. Transportation,
Inc.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
393
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission Midwest Generation Edison Mission
Marketing and Energy Services, Holdings Co.
Trading, Inc. LLC [5] Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $22 $497
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 22 497
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 215
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 22 188
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 2 16
Property and other taxes 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 24 422
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (2) 75
Interest and dividend income (7) 4
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (1)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (9) 78
Income tax (benefit) (4) 31
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (5) 47
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (5) 47
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (5) 47
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (12) 102
Dividends declared on common stock (17)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($17) $132
============================================================== ==================== ===================== ====================
394
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission Edison Mission El Dorado Energy
Operation and Project Co. Company [Dissolved
Maintenance, Inc. 06/08/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $23
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 23
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 21
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 21
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 2
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income $211
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 2 211
Income tax (benefit) 1 81
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 1 130
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 1 130
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 1 130
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 5 ($9)
Dividends declared on common stock $9
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $6 $130
============================================================== ==================== ===================== ====================
395
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
EME CP Holdings EME Eastern EMOM Services, Inc.
Co. Consolidated Holdings Co.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $7 $1
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 7 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses $1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 7
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $1
Other nonoperating income (6)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 1 1
Income tax (benefit) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 1
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 1
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 7 (3)
Dividends declared on common stock (1) (1)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $6 ($3)
============================================================== ==================== ===================== ====================
396
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
EMP, Inc. Four Counties Gas Global Power
(inactive) Company (inactive) Investors, Inc.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit) $1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (1)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (1)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (1)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($2)
============================================================== ==================== ===================== ====================
397
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Hancock Generation Holtsville Energy Indian Bay Energy
LLC (inactive) Company (inactive) Company (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($1)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($1)
============================================================== ==================== ===================== ====================
398
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Jefferson Energy Kings Canyon Energy Kingspark Energy
Company [Dissolved Company [Dissolved Company (inactive)
10/26/2004] 06/08/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $1
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $1
============================================================== ==================== ===================== ====================
399
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Laguna Energy La Jolla Energy Lakeview Energy
Company (inactive) Company [Dissolved Company (inactive)
06/08/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($1)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($1)
============================================================== ==================== ===================== ====================
400
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Lehigh River Longview Madera Energy
Energy Company Cogeneration Company (inactive)
(inactive) Company [Dissolved
10/26/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($10)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($10)
============================================================== ==================== ===================== ====================
401
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Madison Energy Midwest Generation Midwest Peaker
Company (inactive) EME, LLC Holdings, Inc.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1,058
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1,058
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 381
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 482
Asset impairment and loss on lease termination 990
Depreciation, decommissioning and amortization 118
Property and other taxes 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1,977
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (919)
Interest and dividend income 114
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1
Interest expense - net of amounts capitalized (102)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (906)
Income tax (benefit) (348)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (558)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (558)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (558)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $7 (15) $4
Dividends declared on common stock (1) 118
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $6 ($455) $4
============================================================== ==================== ===================== ====================
402
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission Capital LP Mission Del Cielo, Mission/Eagle
Inc. Consolidated Energy Company
(inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income $14
Equity in income from partnerships and
unconsolidated subsidiaries - net $29
Other nonoperating income
Interest expense - net of amounts capitalized ($14)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 29
Income tax (benefit) 10
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 19
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 19
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 19
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 25
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $44
============================================================== ==================== ===================== ====================
403
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission Energy Mission Energy Mission Energy
Construction Generation, Inc. Holdings, Inc.
Services, Inc. (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income ($4)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (4)
Income tax (benefit) (2) ($2)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (2) 2
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (2) 2
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (2) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (2) (3)
Dividends declared on common stock 1
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($3) ($1)
============================================================== ==================== ===================== ====================
404
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico [Dissolved
International Inc. [Dissolved 06/08/2004]
Consolidated 06/08/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $8
Asset impairment and loss on lease termination 5
Depreciation, decommissioning and amortization 4
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (17)
Interest and dividend income 14
Equity in income from partnerships and
unconsolidated subsidiaries - net 15
Other nonoperating income 878
Interest expense - net of amounts capitalized (69)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 821
Income tax (benefit) 273
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 548
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 548
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 548
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (1,438) ($1)
Dividends declared on common stock (1,086) $1
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($1,976)
============================================================== ==================== ===================== ====================
405
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission Energy New Mission Energy Mission Triple
York, Inc. Wales Company Cycle Systems
Consolidated Company (inactive)
(inactive; all
assets sold)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 25
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 121
Interest and dividend income 161
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 641
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest (12)
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 679
Income tax (benefit) ($21) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 21 675
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 21 675
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 21 675
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (140) 515
Dividends declared on common stock $119 ($1,190)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
406
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
North Jackson Northern Sierra Ortega Energy
Energy Company Energy Company Company (inactive)
[Dissolved (inactive)
10/26/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
407
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Panther Timber Paradise Energy Pleasant Valley
Company (inactive) Company (inactive) Energy Company
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit) $1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (1)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (1)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (1)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($2)
============================================================== ==================== ===================== ====================
408
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Quartz Peak Energy Rapid Energy Edison Mission
Company [Dissolved Limited [SOLD Services Limited
10/26/2004] 12/16/2004] [5] [SOLD
12/16/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($8)
Dividends declared on common stock $8
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
409
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company (inactive) Company (inactive) Company (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($5)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($5)
============================================================== ==================== ===================== ====================
410
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company (inactive) Company (inactive)
(inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $4
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $4
============================================================== ==================== ===================== ====================
411
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization ($1)
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 1
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $20 15
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 20 16
Income tax (benefit) 8 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 12 11
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 12 11
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 12 11
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 23 30
Dividends declared on common stock (14)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $21 $41
============================================================== ==================== ===================== ====================
412
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Santa Ana Energy Santa Clara Energy Silverado Energy
Company (inactive) Company (inactive) Company
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $4
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 4
Income tax (benefit) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 2
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 2
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 2
Dividends declared on common stock (2)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $2
============================================================== ==================== ===================== ====================
413
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company [Dissolved Company [Dissolved
(inactive) 06/09/2004] 06/09/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($4) ($6)
Dividends declared on common stock $4 $6
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
414
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (inactive) Company
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income ($1)
Equity in income from partnerships and
unconsolidated subsidiaries - net 45 $4
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 44 4
Income tax (benefit) 17 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 27 2
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 27 2
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 27 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 35 1
Dividends declared on common stock (35)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $27 $3
============================================================== ==================== ===================== ====================
415
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Vista Energy Western Sierra Edison Mission
Company (inactive) Energy Company Energy
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation ($26)
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue (26)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 5
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 126
Asset impairment and loss on lease termination 1
Depreciation, decommissioning and amortization 6
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 138
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (164)
Interest and dividend income $1 (142)
Equity in income from partnerships and
unconsolidated subsidiaries - net 42 1
Other nonoperating income (95)
Interest expense - net of amounts capitalized (152)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 43 (552)
Income tax (benefit) 16 (322)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 27 (230)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 27 (230)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 27 (230)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $1 42 (500)
Dividends declared on common stock (43) 353
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $1 $26 ($377)
============================================================== ==================== ===================== ====================
416
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Consolidating Edison Mission
Adjustments Energy Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation ($423) $1,639
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue (423) 1,639
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel (209) 619
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (119) 820
Asset impairment and loss on lease termination (7) 989
Depreciation, decommissioning and amortization (26) 144
Property and other taxes (17) 9
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses (378) 2,581
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (45) (942)
Interest and dividend income (162) 9
Equity in income from partnerships and
unconsolidated subsidiaries - net (11) 215
Other nonoperating income (1,630) 43
Interest expense - net of amounts capitalized 289 (293)
Other nonoperating deductions
Minority interest 11 (1)
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (1,548) (969)
Income tax (benefit) (196) (401)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (1,352) (568)
Income from discontinued operations - net of tax 690 690
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (662) 122
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (662) 122
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 528 (772)
Dividends declared on common stock 1,921
Dividends declared on preferred stock
Stock option appreciation (8) (8)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $1,779 ($658)
============================================================== ==================== ===================== ====================
417
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2004
(In millions)
Name of Entity: American Bituminous Power American Kiln Partners, Bretton Woods
Partners, LP LP (inactive) Cogeneration, LP
(inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $61 $ $
Revenues $15 $ $
Net Income (Loss) $1 $ $
Nature/Purpose of Business: To own an 80MW Currently inactive. To own and operate power
cogeneration facility in production facilities.
Grant Town, WV.
Ownership Interest(s): 49.5% LP by Aguila Energy 2% GP by Panther Timber 50% GP by Blue Ridge
Company Company Energy Company
0.5% GP by Pleasant 49.5% of 53% LP by Aguila 50% GP and LP by Bretton
Valley Energy Co. Energy Company Woods Energy Company
0.5% of 53% GP by
Pleasant Valley Energy
Company
Name of Entity: Brookhaven Cogeneration Brooklyn Navy Yard CL Power Sales One,
LP (inactive) Cogeneration Partners, LP L.L.C. [6]
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $ $242 $9
Revenues $ $31 $1
Net Income (Loss) $ $(2) $1
Nature/Purpose of Business: To own and operate power To own and operate a To own and operate power
production facilities. 286MW power production production facilities.
facility near the
Brooklyn Bridge, NY.
Ownership Interest(s): 50% GP and LP by 50% GP and LP by Mission 25% by Citizens Power
Holtsville Energy Company Energy New York, Inc. Holdings One, LLC
50% GP by Madera Energy
Company
418
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2004
(In millions)
Name of Entity: CL Power Sales Two, CL Power Sales Seven, CL Power Sales Eight,
L.L.C. [6] L.L.C. [6] L.L.C. [6]
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $7 $7 $19
Revenues $4 $3 $6
Net Income (Loss) $ $ $3
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate power
production facilities. production facilities. production facilities.
Ownership Interest(s): 25% by Citizens Power 25% by Citizens Power 25% by Citizens Power
Holdings One, LLC Holdings One, LLC Holdings One, LLC
Name of Entity: CL Power Sales Nine, CL Power Sales Ten, Coalinga Cogeneration
L.L.C. [6] L.L.C. [6] Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $ $5 $15
Revenues $1 $ $18
Net Income (Loss) $ $ $4
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate a 38MW
production facilities. production facilities. cogeneration facility in
Fresno County, CA.
Ownership Interest(s): 25% by Citizens Power 25% by Citizens Power 50% GP by Silverado
Holdings One, LLC Holdings One, LLC Energy Company
419
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2004
(In millions)
Name of Entity: Delaware Clean Energy Four Star Oil and Gas Georgia Peaker, LP
Project (inactive) Company [SOLD 01/072004] (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $ $
Revenues $ $
Net Income (Loss) $ $
Nature/Purpose of Business: To own and operate power To own an interest in To own and operate power
production facilities. common stock of domestic production facilities.
oil and gas exploration
and production co.
Ownership Interest(s): 50% GP by Chesapeake Bay 35.84% by Edison Mission 50% by Lakeview Energy
Energy Company Energy Oil and Gas [sold Company
01/07/2004]
50% by Silver Springs
Energy Company
Name of Entity: Kern River Cogeneration March Point Cogeneration Mid-Set Cogeneration
Company Company Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $63 $73 $7
Revenues $149 $38 $16
Net Income (Loss) $45 $15 $
Nature/Purpose of Business: To own and operate a To own and operate a To own and operate a 38MW
300MW Kern River (Omar 140MW cogeneration cogeneration facility in
Hill) cogeneration facility in Anacortes, WA. Kern Co., CA
facility at Texaco's Kern
River Oil Field near
Bakersfield, CA.
Ownership Interest(s): 50% GP by Southern Sierra 50% GP by San Juan Energy 50% GP by Del Mar Energy
Energy Company Company Company
420
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2004
(In millions)
Name of Entity: Midway-Sunset Mission Interface North Shore Energy, LP
Cogeneration Company Partnership (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $78
Revenues $100
Net Income (Loss) $19
Nature/Purpose of Business: To own and operate a To own and operate power To own and operate power
225MW cogeneration production facilities. production facilities.
facility near Taft in
Kern County, CA.
Ownership Interest(s): 50% GP by San Joaquin 50% by Edison Mission 50% GP and LP by Reeves
Energy Company Energy Interface, Ltd Bay Energy Company
50% GP by Santa Clara
Energy Company
Name of Entity: Northville Energy Oconee Energy, LP Riverhead Cogeneration I,
Corporation (inactive) (inactive) LP (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $ $ $
Revenues $ $ $
Net Income (Loss) $ $ $
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate power
production facilities. production facilities. production facilities.
Ownership Interest(s): 100% by North Shore 50% by Clayville Energy 50% GP and LP by
Energy LP Company Centerport Energy Company
50% by Coronado Energy 50% GP by Ridgecrest
Company Energy Company
421
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2004
(In millions)
Name of Entity: Riverhead Cogeneration Riverhead Cogeneration Salinas River
II, LP (inactive) III, LP (inactive) Cogeneration Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $ $ $18
Revenues $ $ $16
Net Income (Loss) $ $ $2
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate a 38MW
production facilities. production facilities. cogeneration facility in
Monterey Co., CA.
Ownership Interest(s): 50% GP and LP by 50% GP and LP by Indian 50% GP by Anacapa Energy
Riverport Energy Company Bay Energy Company Company
50% GP by San Pedro 50% GP by Santa Ana
Energy Company Energy Company
Name of Entity: Sargent Canyon Smithtown Cogeneration, Sobel Cogeneration
Cogeneration Company LP (inactive) Company (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $18 $ $
Revenues $16 $ $
Net Income (Loss) $4 $ $
Nature/Purpose of Business: To own and operate a 38MW To own and operate power Currently is inactive.
cogeneration facility in production facilities.
Monterey Co, CA
Ownership Interest(s): 50% GP by Viejo Energy 50% GP by Balboa Energy 50% GP by Northern Sierra
Company Company Energy Company
50% GP and LP by
Kingspark Energy Company
422
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2004
(In millions)
Name of Entity: Sunrise Power Company, LLC Sycamore Cogeneration TM Star Fuel Company
Company [Cancelled 01/16/2004]
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $234 $76 $
Revenues $59 $154 $
Net Income (Loss) $28 $43 $
Nature/Purpose of Business: To own and operate a To own and operate a To own a 50% interest in
320MW power production 300MW cogeneration a domestic oil and gas
facility in Fellows, CA. facility at Texaco's Kern exploration and
River Oil Field near production company.
Bakersfield, CA.
Ownership Interest(s): 50% GP by Mission del 50% GP by Western Sierra Merged into March Point
Sol, LLC Energy Co. Cogeneration Company
01/16/2004
Name of Entity: Triple Cycle Partnership Watson Cogeneration
(inactive) Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $ $103
Revenues $ $17
Net Income (Loss) $ $3
Nature/Purpose of Business: To own 25% interest in To own and operate a
partnership that has 385MW cogeneration
rights to a proprietary facility at ARCO's LA
technology. Refinery in Carson, CA
Ownership Interest(s): 50% GP by Mission Triple 49% GP by Camino Energy
Cycle Systems Company Company
423
EDISON MISSION ENERGY [Tier 5]
Equity Investments [INTERNATIONAL]
December 31, 2004
(In millions)
Name of Entity: CBK Power Company Ltd. San Pascual Cogeneration Tri Energy Company Limited
[SOLD 01/10/2005] Company (Philippines) Ltd.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $281 $9 $98
Revenues $57 $4 $59
Net Income (Loss) $21 $(2) $7
Nature/Purpose of Business: To own and operate a 728 To develope a 300 MW To own and operate a 700
MW hydroelectric power combined cycle MW combined cycle
plant in the Philippines. cogeneration facility cogeneration facility
located in Philippines. located in Thailand.
Ownership Interest(s): 49% LP by EME Caliraya 1% GP and 74% LP by San 25% by EME Tri Gen B.V.
B.V. Pascual Cogeneration
Company International B.V.
1% GP by EME Kayalaan B.V.
Name of Entity:
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets
Revenues
Net Income (Loss)
Nature/Purpose of Business:
Ownership Interest(s):
424
Part 6
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil and Gas Energy Petroleum
[sold 01/07/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($15)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (15)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($15)
============================================================= ==================== ==================== ====================
425
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Pocono Fuels Southern Sierra Consolidating
Company (inactive) Gas Company Adjustments
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $15
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $15
============================================================= ==================== ==================== ====================
426
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission
Energy Fuel
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
427
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil and Gas Energy Petroleum
[sold 01/07/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $25
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (39)
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (39)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($15)
============================================================= ==================== ==================== ====================
428
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Pocono Fuels Southern Sierra Consolidating
Company (inactive) Gas Company Adjustments
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $9 $54
Accumulated other comprehensive loss
Retained earnings 1 ($9) (39)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $15
============================================================= ==================== ==================== ====================
429
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission
Energy Fuel
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $24
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 24
Accumulated other comprehensive loss
Retained earnings (47)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($23)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
430
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil and Gas Energy Petroleum
[sold 01/07/2004]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income $1
Equity in income from partnerships and
Unconsolidated subsidiaries - net
Other nonoperating income 47
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 48
Income tax (benefit) 18
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 30
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 30
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 30
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 16 $40
Dividends declared on common stock ($46) ($40)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
431
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Pocono Fuels Southern Sierra Gas Consolidating
Company (inactive) Company (inactive) Adjustments
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net ($2)
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (2)
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (2)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (2)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (2)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $1 (7) ($25)
Dividends declared on common stock (14)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $1 ($9) ($39)
============================================================== ==================== ===================== ====================
432
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission
Energy Fuel
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income $1
Equity in income from partnerships and
unconsolidated subsidiaries - net (2)
Other nonoperating income 47
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 46
Income tax (benefit) 18
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 28
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 28
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 28
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 25
Dividends declared on common stock (100)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($47)
============================================================== ==================== ===================== ====================
433
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Chestnut Ridge EME Homer City Edison Mission
Energy Company Generation LP [6] Finance Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $74
Restricted cash
Receivables - net 2
Accrued unbilled revenue
Fuel inventory 25
Materials and supplies, at average cost 24
Accumulated deferred income taxes - net
Trading and price risk management assets 8
Prepayments 2
Other current assets 44
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 179
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,898
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $53
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 53 1,898
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 47
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 47
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $53 $2,124
============================================================= ==================== ==================== ====================
434
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Homer City Mission Energy EME Homer City
Property Holdings, Westside, Inc. Generation LP [6]
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $1
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1
============================================================= ==================== ==================== ====================
435
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Consolidating Edison Mission
Holdings Co. Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $74
Restricted cash
Receivables - net 2
Accrued unbilled revenue
Fuel inventory 25
Materials and supplies, at average cost 24
Accumulated deferred income taxes - net
Trading and price risk management assets 8
Prepayments 2
Other current assets 44
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 179
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net ($1,446) 452
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $624 (678)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 624 (2,124) 452
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 47
Regulatory assets - net
Other deferred charges 196 196
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 196 243
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $624 ($1,928) $874
============================================================= ==================== ==================== ====================
436
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Chestnut Ridge EME Homer City Edison Mission
Energy Company Generation LP [6] Finance Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $41
Preferred stock to be redeemed within one year
Accounts payable ($1) 602 ($567)
Accrued taxes
Trading and price risk management liabilities 1
Regulatory liabilities - net
Other current liabilities 66
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1) 710 (567)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,357
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (34) (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities 29
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (5) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (1) 2,062 (568)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 64 63 538
Accumulated other comprehensive loss 5
Retained earnings (10) (8) 30
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 54 60 $568
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $53 $2,122
============================================================= ==================== ==================== ====================
437
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Homer City Mission Energy EME Homer City
Property Holdings, Westside, Inc. Generation LP [6]
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $1
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1
============================================================= ==================== ==================== ====================
438
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Consolidating Edison Mission
Holdings Co. Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($41)
Preferred stock to be redeemed within one year
Accounts payable $34
Accrued taxes
Trading and price risk management liabilities 2
Regulatory liabilities - net
Other current liabilities (37) 29
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (78) 66
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (1,357)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 83 48
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities 29
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 83 77
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (1,352) 143
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $593 (665) 594
Accumulated other comprehensive loss 5
Retained earnings 14 89 132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 607 (576) 731
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $607 ($1,928) $874
============================================================= ==================== ==================== ====================
439
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Chestnut Ridge EME Homer City Edison Mission
Energy Company Generation LP [6] Finance Co.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $497
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 497
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 215
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 87
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 63
Property and other taxes 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 368
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 129
Interest and dividend income (36) $40
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (112)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (19) 40
Income tax (benefit) ($3) (9) 15
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 3 (10) 25
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 3 (10) 25
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 3 (10) 25
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (2) 2 5
Dividends declared on common stock (11)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($10) ($8) $30
============================================================== ==================== ===================== ====================
440
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Homer City Mission Energy EME Homer City
Property Holdings, Westside, Inc. Generation LP [6]
Inc.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
441
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission Consolidating Edison Mission
Holdings Co. Adjustments Holdings Co.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $497
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 497
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 215
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $101 188
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization (47) 16
Property and other taxes 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 54 422
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (54) 75
Interest and dividend income 4
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized 111 (1)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 57 78
Income tax (benefit) 28 31
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 29 47
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 29 47
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 29 47
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $31 66 102
Dividends declared on common stock (6) (17)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $31 $89 $132
============================================================== ==================== ===================== ====================
442
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
CP Power Sales CP Power Sales CP Power Sales
Seventeen, L.L.C. Nineteen, L.L.C. Twenty, L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net 1
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets 2
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 94
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 94
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $98
============================================================= ==================== ==================== ====================
443
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EME CP Holdings Co. Consolidating EME CP Holdings
Adjustments Co. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net 1
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets 2
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $15 ($15)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 15 (15)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 94
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 94
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $15 ($15) $98
============================================================= ==================== ==================== ====================
444
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
CP Power Sales CP Power Sales CP Power Sales
Seventeen, L.L.C. Nineteen, L.L.C. Twenty, L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $2
Preferred stock to be redeemed within one year
Accounts payable (1)
Accrued taxes
Trading and price risk management liabilities 4
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 79
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 86
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $98
============================================================= ==================== ==================== ====================
445
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EME CP Holdings Co. Consolidating EME CP Holdings
Adjustments Co. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $2
Preferred stock to be redeemed within one year
Accounts payable ($4) (5)
Accrued taxes
Trading and price risk management liabilities 4
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (4) 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 79
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 10 12
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 10 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 6 92
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings 9 ($15) 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 9 (15) 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $15 ($15) $98
============================================================= ==================== ==================== ====================
446
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
CP Power Sales CP Power Sales CP Power Sales
Seventeen, L.L.C. Nineteen, L.L.C. Twenty, L.L.C.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $7
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 7
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 7
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (6)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 1
Income tax (benefit) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 13
Dividends declared on common stock (1)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $12
============================================================== ==================== ===================== ====================
447
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
EME CP Holdings Co. Consolidating EME CP Holdings
Adjustments Co. Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $7
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 7
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 7
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (6)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 1
Income tax (benefit) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $9 ($15) 7
Dividends declared on common stock (1)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $9 ($15) $6
============================================================== ==================== ===================== ====================
448
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Athens Funding, Citizens Power CP Power Sales
L.L.C. Holdings One, LLC One, L.L.C. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $2
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2
============================================================= ==================== ==================== ====================
449
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
CP Power Sales CP Power Sales CP Power Sales
Two, L.L.C. [6] Seven, L.L.C. [6] Eight, L.L.C. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
450
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
CP Power Sales CP Power Sales CP Power Sales
Nine, L.L.C. [6] Ten, L.L.C. [6] Twelve, L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
451
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EME Eastern Consolidating EME Eastern
Holdings Co. Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $2 $6 $10
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2 6 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2 $6 $10
============================================================= ==================== ==================== ====================
452
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Athens Funding, Citizens Power CP Power Sales
L.L.C. Holdings One, LLC One, L.L.C. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 5
Accumulated other comprehensive loss
Retained earnings (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2
============================================================= ==================== ==================== ====================
453
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
CP Power Sales CP Power Sales CP Power Sales
Two, L.L.C. [6] Seven, L.L.C. [6] Eight, L.L.C. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
454
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
CP Power Sales CP Power Sales CP Power Sales
Nine, L.L.C. [6] Ten, L.L.C. [6] Twelve, L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
455
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EME Eastern Consolidating EME Eastern
Holdings Co. Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1) ($2)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (1) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 6 $3 14
Accumulated other comprehensive loss
Retained earnings (3) 3 (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3 6 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2 $6 $10
============================================================= ==================== ==================== ====================
456
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Athens Funding, Citizens Power CP Power Sales
L.L.C. Holdings One, LLC One, L.L.C. [6]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $1
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 1
Income tax (benefit) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (3)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($3)
============================================================== ==================== ===================== ====================
457
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
CP Power Sales CP Power Sales CP Power Sales
Two, L.L.C. [6] Seven, L.L.C. [6] Eight, L.L.C. [6]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
458
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
CP Power Sales CP Power Sales Ten, CP Power Sales
Nine, L.L.C. [6] L.L.C. [6] Twelve, L.L.C.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
459
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
EME Eastern Consolidating EME Eastern
Holdings Co. Adjustments Holdings Co.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $1
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 1
Income tax (benefit) ($1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 1 1
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 1 1
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 1 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (3) $3 (3)
Dividends declared on common stock (1) (1)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($3) $3 ($3)
============================================================== ==================== ===================== ====================
460
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Midwest Generation Collins Holdings Edison Mission
EME, LLC EME, LLC Midwest Holdings
Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $4
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,405 2,351
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,409 2,351
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 53
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 53
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,462 $2,352
============================================================= ==================== ==================== ====================
461
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Overseas Co. [6] Overseas Ltd. [6]
Services, LLC [6] [Merged into
Edison Mission
Midwest Holdings
Co. 04/27/04]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
462
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Midwest Generation Midwest Finance Consolidating
LLC [6] Corp. [7] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $156
Restricted cash
Receivables - net 34
Accrued unbilled revenue
Fuel inventory 40
Materials and supplies, at average cost 18
Accumulated deferred income taxes - net
Trading and price risk management assets 20
Prepayments 7
Other current assets 21
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 296
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 3,469 ($1,154)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (4,756)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,469 (5,910)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 14
Regulatory assets - net
Other deferred charges 31 81
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 45 81
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,810 ($5,829)
============================================================= ==================== ==================== ====================
463
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Midwest Generation
EME, LLC
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $157
Restricted cash
Receivables - net 34
Accrued unbilled revenue
Fuel inventory 40
Materials and supplies, at average cost 18
Accumulated deferred income taxes - net
Trading and price risk management assets 20
Prepayments 7
Other current assets 21
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 297
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,319
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,319
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash 14
Regulatory assets - net
Other deferred charges 165
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 179
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,795
============================================================= ==================== ==================== ====================
464
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Midwest Generation Collins Holdings Edison Mission
EME, LLC EME, LLC Midwest Holdings
Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($12) ($52)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (11) (52)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1 (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (10) (53)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,091 2,975
Accumulated other comprehensive loss
Retained earnings (619) (570)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,472 2,405
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,462 $2,352
============================================================= ==================== ==================== ====================
465
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Overseas Co. [6] Overseas Ltd. [7]
Services, LLC [6] [Merged into
Edison Mission
Midwest Holdings
Co. 04/27/04]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
466
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Midwest Generation Midwest Finance Consolidating
LLC [6] Corp. [7] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $62 ($55)
Preferred stock to be redeemed within one year
Accounts payable (1,841)
Accrued taxes
Trading and price risk management liabilities 16
Regulatory liabilities - net
Other current liabilities 138 (43)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,625) (98)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,905 (1,245)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 10 107
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities 163
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173 107
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 1,453 (1,236)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,391 (6,366)
Accumulated other comprehensive loss 5
Retained earnings (1,039) 1,773
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,357 (4,593)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,810 ($5,829)
============================================================= ==================== ==================== ====================
467
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Midwest Generation
EME, LLC
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $7
Preferred stock to be redeemed within one year
Accounts payable (1,905)
Accrued taxes
Trading and price risk management liabilities 16
Regulatory liabilities - net
Other current liabilities 96
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,786)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,660
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 117
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities 163
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 280
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 154
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,091
Accumulated other comprehensive loss 5
Retained earnings (455)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,641
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,795
============================================================= ==================== ==================== ====================
468
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Midwest Generation Collins Holdings Edison Mission
EME, LLC EME, LLC Midwest Holdings
Co.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $4 $18 $4
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 2
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 6 18 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (6) (18) (4)
Interest and dividend income (1) 67
Equity in income from partnerships and
Unconsolidated subsidiaries - net
Other nonoperating income 4 $8
Interest expense - net of amounts capitalized (15)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (3) (10) 48
Income tax (benefit) (1) 19
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (2) (10) 29
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (2) (10) 29
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (2) (10) 29
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (565) (517)
Dividends declared on common stock (52) (82)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($619) ($570)
============================================================== ==================== ===================== ====================
469
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Overseas Co. [6] Overseas Ltd. [7]
Services, LLC [6] [Merged into Edison
Mission Midwest
Holdings Co.
04/27/04]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $88
Dividends declared on common stock ($88)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
470
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Midwest Generation Midwest Finance Consolidating
LLC [6] Corp. [7] Adjustments
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1,058
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1,058
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 381
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 390 $66
Asset impairment and loss on lease termination 105 885
Depreciation, decommissioning and amortization 170 (54)
Property and other taxes 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1,052 897
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 6 (897)
Interest and dividend income 48
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (3) (18)
Interest expense - net of amounts capitalized (184) 97
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (133) (818)
Income tax (benefit) (51) (315)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (82) (503)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (82) (503)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (82) (503)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (870) 1,849
Dividends declared on common stock (87) 427
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($1,039) $1,773
============================================================== ==================== ===================== ====================
471
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Midwest Generation
EME, LLC
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1,058
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1,058
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 381
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 482
Asset impairment and loss on lease termination 990
Depreciation, decommissioning and amortization 118
Property and other taxes 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1,977
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (919)
Interest and dividend income 114
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (9)
Interest expense - net of amounts capitalized (102)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (906)
Income tax (benefit) (348)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (558)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (558)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (558)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (15)
Dividends declared on common stock 118
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($455)
============================================================== ==================== ===================== ====================
472
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission del Cielo Mission del Sol LLC Sunrise Power
Inc. Company, LLC [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments $1
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $117 85
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 117 85
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $117 $86
============================================================= ==================== ==================== ====================
473
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission De Las Consolidating Mission del Cielo
Estrellas LLC [7] Adjustments Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments $1
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($282) (80)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (282) (80)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($282) ($79)
============================================================= ==================== ==================== ====================
474
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission del Cielo Mission del Sol LLC Sunrise Power
Inc. Company, LLC [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($39)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (39)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 8
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (31)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $72 94
Accumulated other comprehensive loss
Retained earnings 45 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 117 117
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $117 $86
============================================================= ==================== ==================== ====================
475
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission De Las Consolidating Mission del Cielo,
Estrellas, LLC [7] Adjustments Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($39)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (39)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 8
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (31)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($258) (92)
Accumulated other comprehensive loss
Retained earnings (24) 44
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (282) (48)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($282) ($79)
============================================================= ==================== ==================== ====================
476
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission del Cielo Mission del Sol LLC Sunrise Power
Inc. Company, LLC [6]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $32
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 32
Income tax (benefit) 12
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 20
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 20
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 20
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $45 3
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $45 $23
============================================================== ==================== ===================== ====================
477
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission De Las Consolidating Mission del Cielo
Estrellas, LLC [7] Adjustments Inc. Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net ($3) $29
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (3) 29
Income tax (benefit) (2) 10
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (1) 19
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (1) 19
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (1) 19
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (23) 25
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($24) $44
============================================================== ==================== ===================== ====================
478
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
SEE PART 6A
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
479
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
SEE PART 6A
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
480
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
SEE PART 6A
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
481
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Mission Hydro Mission Energy Consolidating
Limited Wales Company Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
482
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Mission Energy
Wales Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
483
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Mission Hydro Mission Energy Consolidating
Limited Wales Company Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
484
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Mission Energy
Wales Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
485
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Mission Hydro Mission Energy Consolidating
Limited Wales Company Adjustments
Partnership
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 25
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 121
Interest and dividend income 156 $5
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1 $640
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest (12)
Dividends on preferred securities
subject to mandatory redemption 13 (13)
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 59 5 615
Income tax (benefit) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 55 5 615
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 55 5 615
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 55 5 615
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 200 119 196
Dividends declared on common stock ($255) ($124) ($811)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
486
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Mission Energy
Wales Company
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 25
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 121
Interest and dividend income 161
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 641
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest (12)
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 679
Income tax (benefit) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 675
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 675
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 675
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 515
Dividends declared on common stock ($1,190)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
487
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
488
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
489
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
490
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
491
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 25
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 121
Interest and dividend income 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 13
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 59
Income tax (benefit) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 55
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 55
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 55
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 202 ($2)
Dividends declared on common stock ($257) $2
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
492
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Mission Hydro
Limited
Partnership
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 25
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 121
Interest and dividend income 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 13
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 59
Income tax (benefit) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 55
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 55
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 55
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 200
Dividends declared on common stock ($255)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
493
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Edison Mission EME Victoria Energy Capital
Operation and Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
494
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Enerloy Pty Ltd [8] FHH No. 1 Limited Loyvic Pty. Ltd.
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
495
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
496
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
497
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Enerloy Pty Ltd [8] FHH No. 1 Limited Loyvic Pty. Ltd.
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
498
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
499
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $82
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 82
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 13
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 19
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 13
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 45
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 37
Interest and dividend income 39 $56
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (57) (56)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 18
Income tax (benefit) 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 12
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 12
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 12
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($2) (356)
Dividends declared on common stock $2 ($12) $356
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
500
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Enerloy Pty Ltd [8] FHH No. 1 Limited Loyvic Pty. Ltd.
Consolidated Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $398
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 398
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes 16
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 300
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 98
Interest and dividend income 3
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 38
Income tax (benefit) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 39
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 39
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 39
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($356) 74
Dividends declared on common stock $356 ($113)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
501
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $12 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 1 25
Property and other taxes 1 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 14 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (14) 121
Interest and dividend income $1 57 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 2 1
Interest expense - net of amounts capitalized (56) (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 13 13
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 16 (13) 59
Income tax (benefit) (1) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 16 (12) 55
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 16 (12) 55
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 16 (12) 55
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 15 827 202
Dividends declared on common stock ($31) ($815) ($257)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
502
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Energy Capital Enerloy Pty Ltd [9] Mission Energy
Partnership Development
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
503
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [9] Venture [10] Generation Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
504
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
505
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Energy Capital Enerloy Pty Ltd [9] Mission Energy
Partnership Development
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
506
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [9] Venture [10] Generation Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
507
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
508
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Energy Capital Enerloy Pty Ltd [9] Mission Energy
Partnership Development
Australia Pty Ltd
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income $56
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($56)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (56) 56
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (56) 56
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (56) 56
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (56) 56
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (356) 356
Dividends declared on common stock $412 ($412)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
509
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [9] Venture [10] Generation Limited
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $82
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 82
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 13
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 19
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 14
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 46
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 36
Interest and dividend income (18)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (1)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 16
Income tax (benefit) 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 11
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 11
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 11
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 109 ($20)
Dividends declared on common stock ($120) $20
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
510
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $82
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 82
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 13
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 19
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization ($1) 13
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses (1) 45
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 1 37
Interest and dividend income 1 39
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (57)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 2 18
Income tax (benefit) 1 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 1 12
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 1 12
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 1 12
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (89)
Dividends declared on common stock $88 ($12)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
511
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
First Hydro First Hydro First Hydro
Holdings Company Company [9] Finance plc [9]
[8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
512
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
First Hydro FFH No. 1 Limited Consolidating
Company [10] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
513
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
FFH No. 1 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
---------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
514
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
First Hydro First Hydro First Hydro
Holdings Company Company [9] Finance plc [9]
[8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
515
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
First Hydro FFH No. 1 Limited Consolidating
Company [10] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
516
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
FFH No. 1 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
517
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
First Hydro First Hydro Company First Hydro
Holdings Company [9] Finance plc [9]
[8]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $392
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 392
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 58
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 12
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 301
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 91
Interest and dividend income ($63) 2 $64
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 79 (121) 1
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 16 (28) 2
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 16 (28) 2
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 16 (28) 2
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 16 (28) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 5 193 9
Dividends declared on common stock ($21) ($165) ($11)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
518
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
First Hydro FFH No. 1 Limited Consolidating
Company [10] Adjustments
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $392 ($386)
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 392 (386)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214 (214)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 58 (57)
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 12 (13)
Property and other taxes 17 (18)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 301 (302)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 91 (84)
Interest and dividend income 2 (2)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption (121) 162
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (28) 76
Income tax (benefit) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (28) 77
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (28) 77
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (28) 77
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 193 (326)
Dividends declared on common stock ($165) $249
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
519
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
FFH No. 1 Limited
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $398
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 398
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes 16
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 300
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 98
Interest and dividend income 3
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 38
Income tax (benefit) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 39
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 39
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 39
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 74
Dividends declared on common stock ($113)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
520
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [8] [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
521
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
522
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [8] [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
523
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
524
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Energy Capital Enerloy Pty Ltd. [9] Loyvic Pty. Ltd.
Partnership [8]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income $56
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($56)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (56) 56
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (56) 56
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (56) 56
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (56) 56
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (356) 356
Dividends declared on common stock $412 ($412)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
525
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ASSETS OF MISSION ENERGY WALES CO. WERE SOLD OR LIQUIDATED.
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income ($56)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized $56
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
526
Part 6A
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Beheer-en Belegg Beheer-en Belegg Caresale Services
ingsmaatschappij ingsmaatschappij Limited
Pego B.V. Plogema B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 121
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 121
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $134
============================================================= ==================== ==================== ====================
527
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison First Power EME Finance UK EME Investments,
Holdings II Limited LLC (inactive)
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
528
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EME Investments EME Southwest EME UK
II, LL (inactive) Power Corporation International LLC
(inactive) (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
529
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
First Hydro First Hydro Lakeland Power
Renewables Limited Renewables Number Limited (inactive)
(inactive) 2 Limited
(inactive) [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1
============================================================= ==================== ==================== ====================
530
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Maplekey Holdings MEC San Pascual Pego Limited
Limited B.V. Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
531
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Pride Hold Limited Lakeland Power Redbill Contracts
Development Limited
Company Limited
(inactive) [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $1
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1
============================================================= ==================== ==================== ====================
532
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
MEC International Mission Energy Consolidating
B.V. Consolidated Holdings Adjustments
[SOLD 12/16/2004] International, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $5 $1
Restricted cash
Receivables - net 1
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,108 (1,180)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,108 (1,180)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 70 (81)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 70 (81)
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,184 ($1,261)
============================================================= ==================== ==================== ====================
533
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Mission Energy
Holdings
International,
Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7
Restricted cash
Receivables - net 2
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 49
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 49
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $59
============================================================= ==================== ==================== ====================
534
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004 (In millions)
Beheer-en Belegg Beheer-en Belegg Caresale Services
ingsmaatschappij ingsmaatschappij Limited
Pego B.V. Plogema B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $208
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 208
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 208
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 9 $560
Accumulated other comprehensive loss (7)
Retained earnings (76) ($560)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (74)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $134
============================================================= ==================== ==================== ====================
535
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004 (In millions)
Edison First Power EME Finance UK EME Investments,
Holdings II Limited LLC (inactive)
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,261
Accumulated other comprehensive loss
Retained earnings (1,260)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
536
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004 (In millions)
EME Investments EME Southwest EME UK
II, LL (inactive) Power Corporation International LLC
(inactive) (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($555) ($728)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (555) (728)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (5) 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (5) 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (560) (727)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 385 719
Accumulated other comprehensive loss
Retained earnings 175 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $560 $727
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
537
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004 (In millions)
First Hydro First Hydro Lakeland Power
Renewables Limited Renewables Number Limited (inactive)
(inactive) 2 Limited
(inactive) [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings $1 (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1 ($4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1
============================================================= ==================== ==================== ====================
538
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Maplekey Holdings MEC San Pascual Pego Limited
Limited B.V. Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($3)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $1,301 $2 3
Accumulated other comprehensive loss
Retained earnings ($1,301) ($2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
539
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004 (In millions)
Pride Hold Limited Lakeland Power Redbill Contracts
Development Limited
Company Limited
(inactive) [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($18)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (18)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (18)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1
============================================================= ==================== ==================== ====================
540
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004 (In millions)
MEC International Mission Energy Consolidating
B.V. Consolidated Holdings Adjustments
[SOLD 12/16/2004] International, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($280) ($19)
Accrued taxes 16
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (264) (17)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (55) 68
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities 86 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 31 69
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (233) 52
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,894 (2,814)
Accumulated other comprehensive loss
Retained earnings (477) 1,501
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,417 (1,313)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,184 ($1,261)
============================================================= ==================== ==================== ====================
541
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2004 (In millions)
Mission Energy
Holdings
International,
Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,396)
Accrued taxes 16
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,378)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 9
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities 91
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 100
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (1,278)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,320
Accumulated other comprehensive loss (7)
Retained earnings (1,976)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,337
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $59
============================================================= ==================== ==================== ====================
542
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Beheer-en Belegg Beheer-en Belegg Caresale Services
ingsmaatschappij ingsmaatschappij Limited
Pego B.V. Plogema B.V.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2
Asset impairment and loss on lease termination 5
Depreciation, decommissioning and amortization 3
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 10
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (9)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net 15
Other nonoperating income (71) $1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (65) 1
Income tax (benefit) (4)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (61) 1
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (61) 1
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (61) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (15) (561)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($76) ($560)
============================================================== ==================== ===================== ====================
543
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison First Power EME Finance UK EME Investments,
Holdings II Limited LLC (inactive)
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $5 $660
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 2
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 7 660
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (7) (660)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (31) $660
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (38)
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (38)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (38)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (38)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (1,222)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($1,260)
============================================================== ==================== ===================== ====================
544
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
EME Investments EME Southwest Power EME UK
II, LL (inactive) Corporation International LLC
(inactive) (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income $4
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income $284 (19)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 284 (15)
Income tax (benefit) 110 (18)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 174 3
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 174 3
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 174 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 1 5
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $175 $8
============================================================== ==================== ===================== ====================
545
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
First Hydro First Hydro Lakeland Power
Renewables Limited Renewables Number 2 Limited (inactive)
(inactive) Limited (inactive)
[6]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income $1 $3
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 1 3
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 1 3
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 1 3
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 1 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (7)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $1 ($4)
============================================================== ==================== ===================== ====================
546
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Maplekey Holdings MEC San Pascual Pego Limited
Limited B.V. Consolidated
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income $601
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 601
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 601
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 601
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 601
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (2,663) ($2)
Dividends declared on common stock 761
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($1,301) ($2)
============================================================== ==================== ===================== ====================
547
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Pride Hold Limited Lakeland Power Redbill Contracts
Development Company Limited
Limited (inactive)
[6]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income $15
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 15
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 15
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 15
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 15
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 4
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $19
============================================================== ==================== ===================== ====================
548
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
MEC International Mission Energy Consolidating
B.V. Consolidated Holdings Adjustments
[SOLD 12/16/2004] International, Inc.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $2,711 ($2,712)
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 2,711 (2,712)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 729 (729)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 683 (1,342)
Asset impairment and loss on lease termination 16 (16)
Depreciation, decommissioning and amortization 211 (212)
Property and other taxes 34 (34)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1,673 (2,333)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 1,038 (379)
Interest and dividend income 353 $9 (352)
Equity in income from partnerships and
unconsolidated subsidiaries - net 177 (177)
Other nonoperating income 327 130 (1,023)
Interest expense - net of amounts capitalized (836) (69) 836
Other nonoperating deductions
Minority interest (64) 64
Dividends on preferred securities
subject to mandatory redemption 13 (13)
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 1,008 70 (1,044)
Income tax (benefit) 177 129 (121)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 831 (59) (923)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 831 (59) (923)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 831 (59) (923)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (468) (1,140) 4,630
Dividends declared on common stock ($363) 722 (2,206)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($477) $1,501
============================================================== ==================== ===================== ====================
549
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Mission Energy
Holdings
International,
Inc. Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $8
Asset impairment and loss on lease termination 5
Depreciation, decommissioning and amortization 4
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (17)
Interest and dividend income 14
Equity in income from partnerships and
unconsolidated subsidiaries - net 15
Other nonoperating income 878
Interest expense - net of amounts capitalized (69)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 821
Income tax (benefit) 273
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 548
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 548
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 548
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (1,438)
Dividends declared on common stock (1,086)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($1,976)
============================================================== ==================== ===================== ====================
550
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Beheer-en Belegg EME Tri Gen B.V. MEC Esenyurt B.V.
ingsmaatschappij Consolidated
Kameka B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 86 $20 $15
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 86 20 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $99 $20 $15
============================================================= ==================== ==================== ====================
551
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Beheer-en Belegg Consolidating Beheer-en Belegg
ingsmaatschappij Adjustments ingsmaatschappij
Plogema B.V. Plogema B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $42 ($42) 121
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 42 (42) 121
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 70 (70) 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 70 (70) 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $112 ($112) $134
============================================================= ==================== ==================== ====================
552
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Beheer-en Belegg EME Tri Gen B.V. MEC Esenyurt B.V.
ingsmaatschappij Consolidated
Kameka B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $105 ($2) $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 105 (2) 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 105 (2) 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 24 37
Accumulated other comprehensive loss (7)
Retained earnings 1 (2) (23)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (6) 22 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $99 $20 $15
============================================================= ==================== ==================== ====================
553
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Beheer-en Belegg Consolidating Beheer-en Belegg
ingsmaatschappij Adjustments ingsmaatschappij
Plogema B.V. Plogema B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $103 $1 $208
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 103 1 208
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 103 1 208
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 9 (61) 9
Accumulated other comprehensive loss (7)
Retained earnings (52) (76)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 9 (113) (74)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $112 ($112) $134
============================================================= ==================== ==================== ====================
554
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Beheer-en Belegg EME Tri Gen B.V. MEC Esenyurt B.V.
ingsmaatschappij Consolidated
Kameka B.V.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2
Asset impairment and loss on lease termination $5
Depreciation, decommissioning and amortization $2
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 2 5 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1) (5) (2)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net 7 4 4
Other nonoperating income (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 6 (1) 1
Income tax (benefit) (3)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 6 (1) 4
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 6 (1) 4
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 6 (1) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (5) (1) 26
Dividends declared on common stock (53)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $1 ($2) ($23)
============================================================== ==================== ===================== ====================
555
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Beheer-en Belegg Consolidating Beheer-en Belegg
ingsmaatschappij Adjustments ingsmaatschappij
Plogema B.V. Plogema B.V.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2
Asset impairment and loss on lease termination 5
Depreciation, decommissioning and amortization $1 3
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1 10
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1) (9)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net 15
Other nonoperating income (70) (71)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (71) (65)
Income tax (benefit) (1) (4)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (70) (61)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (70) (61)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (70) (61)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (35) (15)
Dividends declared on common stock 53
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($52) ($76)
============================================================== ==================== ===================== ====================
556
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission EME Caliraya B.V. EME Kayalaan B.V.
Millennium B.V. [8] [SOLD [SOLD 01/10/2005]
[SOLD 01/10/2005] 01/10/2005]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $86
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 86
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $86
============================================================= ==================== ==================== ====================
557
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission EME Philippines
Operation and Operation and Services
Maintenance Maintenance Corporation [8]
Services B.V. (Thailand) Company [SOLD 01/10/2005]
[SOLD 01/10/2005] Limited [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
558
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Kalayaan Power Beheer-en Belegg Consolidating
Management ingsmaatschappij Adjustment
Corporation [SOLD Kameka B.V.
01/10/2005]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments $1
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $93 (93)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 93 (93)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 11 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 11 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $104 ($91)
============================================================= ==================== ==================== ====================
559
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Beheer-en Belegg
ingsmaatschappij
Kameka B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments $1
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 86
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 86
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $99
============================================================= ==================== ==================== ====================
560
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission EME Caliraya B.V. EME Kayalaan B.V.
Millennium B.V. [8] [SOLD [8] [SOLD
[SOLD 01/10/2005] 01/10/2005] 01/10/2005]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $79
Accumulated other comprehensive loss (7)
Retained earnings 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 86
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $86
============================================================= ==================== ==================== ====================
561
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison Mission Edison Mission EME Philippines
Operation and Operation and Services
Maintenance Maintenance Corporation [8]
Services B.V. (Thailand) Company [SOLD 01/10/2005]
[SOLD 01/10/2005] Limited [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
562
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Kalayaan Power Beheer-en Belegg Consolidating
Management ingsmaatschappij Adjustment
Corporation [SOLD Kameka B.V.
01/10/2005]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $104
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 104
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 104
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($79)
Accumulated other comprehensive loss
Retained earnings (12)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (91)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $104 ($91)
============================================================= ==================== ==================== ====================
563
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Beheer-en Belegg
ingsmaatschappij
Kameka B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $105
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 105
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 105
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss (7)
Retained earnings 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $99
============================================================= ==================== ==================== ====================
564
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission EME Caliraya B.V. EME Kayalaan B.V.
Millennium B.V. [8] [SOLD [8] [SOLD
[SOLD 01/10/2005] 01/10/2005] 01/10/2005]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $6 $5
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 6 5
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 6 5
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 6 5
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 6 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 8 ($5)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $14
============================================================== ==================== ===================== ====================
565
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison Mission Edison Mission EME Philippines
Operation and Operation and Services
Maintenance Maintenance Corporation [8]
Services B.V. (Thailand) Company [SOLD 01/10/2005]
[SOLD 01/10/2005] Limited [8]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (1)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($1)
============================================================== ==================== ===================== ====================
566
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Kalayaan Power Beheer-en Belegg Consolidating
Management ingsmaatschappij Adjustment
Corporation [SOLD Kameka B.V.
01/10/2005]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (4)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (5)
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (5)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (5)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (5)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (7)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($12)
============================================================== ==================== ===================== ====================
567
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ KAMEKA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Beheer-en Belegg
ingsmaatschappij
Kameka B.V.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $1
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net 7
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 6
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 6
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 6
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (5)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year $1
============================================================== ==================== ===================== ====================
568
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hismetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
569
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $15 $15
Investments in leveraged leases
Other investments
------------------------------------------------------------ -------------------- -------------------- --------------------
Total investment and other assets 15 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $15 $15
============================================================= ==================== ==================== ====================
570
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hismetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
571
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1 $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 37 37
Accumulated other comprehensive loss
Retained earnings (23) (23)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 14 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $15 $15
============================================================= ==================== ==================== ====================
572
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hismetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $109 $1
Dividends declared on common stock ($109) ($1)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
573
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
BEHEER-EN BELEGGINGSMAATSCHAPPIJ PLOGEMA B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization $2 $2
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 2 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (2) (2)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net 4 4
Other nonoperating income (1) (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 1 1
Income tax (benefit) (4) $1 (3)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 5 (1) 4
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 5 (1) 4
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 5 (1) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (3) (81) 26
Dividends declared on common stock (25) $82 (53)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($23) ($23)
============================================================== ==================== ===================== ====================
574
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison First Power Caresale Services Energy Generation
Holdings I Limited [7] Finance UK Plc [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
575
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison First Power Consolidating Edison First Power
Holdings II Adjustments Holdings II
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
576
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison First Power Caresale Services Energy Generation
Holdings I Limited [7] Finance UK Plc [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $215
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 215
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities 215
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,099
Accumulated other comprehensive loss
Retained earnings (2,314)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($215)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
577
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Edison First Power Consolidating Edison First Power
Holdings II Adjustments Holdings II
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($217) $1 ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (217) 1 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities (217) 1 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 986 (1,824) 1,261
Accumulated other comprehensive loss
Retained earnings (769) 1,823 (1,260)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $217 ($1) $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
578
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison First Power Caresale Services Energy Generation
Holdings I Limited [7] Finance UK Plc [7]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $4
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 3
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 7
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (7)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (49) $1
Interest expense - net of amounts capitalized (1)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (57) 1
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (57) 1
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (57) 1
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (57) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (2,257) (560)
Dividends declared on common stock $559
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($2,314)
============================================================== ==================== ===================== ====================
579
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Edison First Power Consolidating Edison First Power
Holdings II Adjustments Holdings II
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 $5
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization (1) 2
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 7
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (7)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income $22 (5) (31)
Interest expense - net of amounts capitalized 1
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 22 (4) (38)
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 22 (4) (38)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 22 (4) (38)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 22 (4) (38)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (791) 2,386 (1,222)
Dividends declared on common stock (559)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($769) $1,823 ($1,260)
============================================================== ==================== ===================== ====================
580
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EME Atlantic EME Ascot Limited EME Buckingham
Holdings Limited [7] Limited [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
581
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Maplekey UK Maplekey UK Edison First Power
Finance Limited Limited [7] Limited [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
582
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Maplekey Holdings Consolidating Maplekey Holdings
Limited Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
583
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
EME Atlantic EME Ascot Limited EME Buckingham
Holdings Limited [7] Limited [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
584
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Maplekey UK Maplekey UK Edison First Power
Finance Limited Limited [7] Limited [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $867
Accumulated other comprehensive loss
Retained earnings ($867)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
585
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Maplekey Holdings Consolidating Maplekey Holdings
Limited Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $434 $1,301
Accumulated other comprehensive loss
Retained earnings ($434) ($1,301)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
586
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
EME Atlantic EME Ascot Limited EME Buckingham
Holdings Limited [7] Limited [8]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income $599
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 599
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 599
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 599
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 599
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 39
Dividends declared on common stock ($638)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
587
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Maplekey UK Maplekey UK Limited Edison First Power
Finance Limited [7] Limited [8]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income $2
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 2
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 2
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 2
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (867) ($1,359)
Dividends declared on common stock (2) $1,359
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($867)
============================================================== ==================== ===================== ====================
588
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Maplekey Holdings Consolidating Maplekey Holdings
Limited Adjustments Limited
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income $601
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 601
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 601
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 601
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 601
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($434) ($42) (2,663)
Dividends declared on common stock $42 761
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($434) ($1,301)
============================================================== ==================== ===================== ====================
589
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
590
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
591
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $2
Accumulated other comprehensive loss
Retained earnings ($2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
592
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $2
Accumulated other comprehensive loss
Retained earnings ($2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
593
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($2)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($2)
============================================================== ==================== ===================== ====================
594
MISSION ENERGY HOLDINGS INTERNATIONAL, INC.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($2)
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year ($2)
============================================================== ==================== ===================== ====================
595
MEC INTERNATIONAL B.V. and Subsidiaries [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Beheer-en Vindoor Coaltrade Services
BeleggingsmaatschappiInvestments International Pte
Jydeno B.V. Mauritius Limited Ltd. [8]
[7]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
596
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EcoElectrica Edison Mission Edison Mission LYB
S.a.r.l. Advantage B.V. PEDS Pty Ltd. [7]
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
597
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Edison Mission Edison Mission
Ausone Pty. Ltd. Energy Energy Services
(inactive) International B.V. B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
598
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Australia Edison Mission Edison Mission
Capital Pty. Ltd. Retail Pty. Ltd. Utilities Pty.
[7] (inactive) Ltd. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
599
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Italian Vento Edison Mission
Wind Power Italy Power Corporation Vendesi Pty Ltd.
B.V. 4 S.r.l. [7] (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
600
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Precision B.V. EME Victoria B.V. Global Generation
Consolidated (Inactive) B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
601
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Hydro Energy B.V Iberian Latrobe Power Pty.
Consolidated Hy-Power Amsterdam Ltd. Consolidated
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
602
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Latrobe Valley B.V. Valley Power Pty Loy Yang Holdings
Ltd. [7] Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
603
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Majestic Energy MEC IES ISAB Energy
Limited B.V. Services s.r.l. [7]
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
604
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Indo Coal B.V. MEC Indonesia B.V. Edison Mission
Energy Power
(inactive) [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
605
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC International MEC Java B.V. MEC Laguna Power
Holdings B.V. Consolidated B.V. (inactive)
Consolidated
[Dissolved
----------]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
606
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Perth B.V. MEC Priolo B.V. MEC Sidi Krir B.V.
Consolidated (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
607
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Sumatra B.V. MEC Wales B.V. Mission Energy
(inactive) Consolidated Company (UK)
Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
608
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Mission NZ Southwestern
Italia s.r.l. Operations B.V. Generation B.V.
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
609
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power MEC International Consolidating
Pty. Ltd. B.V. Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
610
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC International
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
611
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Beheer-en Vindoor Coaltrade Services
BeleggingsmaatschappiInvestments International Pte
Jydeno B.V. (Mauritius) Ltd. [8]
Limited [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
612
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EcoElectrica Edison Mission Edison Mission LYB
S.a.r.l. Advantage B.V. PEDS Pty Ltd. [7]
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
613
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Edison Mission Edison Mission
Ausone Pty Ltd. Energy Energy Services
(inactive) International B.V. B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
614
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Australia Edison Mission Edison Mission
Capital Pty. Ltd. Millennium B.V. Operation and
[7] Consolidated Maintenance
Services B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
615
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Edison Mission Edison Mission
Retail Pty. Ltd. Utilities Pty. Wind Power Italy
(inactive) Ltd. (inactive) B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
616
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Italian Vento Edison Mission EME Atlantic
Power Corporation Vendesi Pty Ltd. Holdings Limited
4 S.r.l. [7] (inactive) Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
617
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Tri Gen B.V. EME Victoria B.V. First Hydro
[Inactive] Renewables Limited
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
618
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro Global Generation Hydro Energy B.V.
Renewables Number B.V. Consolidated Consolidated
2 Limited
(inactive) [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
----------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
619
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Iberian Latrobe Power Pty. Latrobe Valley B.V.
HyPower Amsterdam Ltd. Consolidated
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------ -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
620
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Valley Power Pty Loy Yang Holdings Majestic Energy
Ltd. [7] Pty Ltd. Limited
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
621
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Esenyurt B.V. MEC IES B.V. ISAB Energy
Consolidated Services s.r.l. [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
622
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Indo Coal B.V. MEC Indonesia B.V. Edison Mission
Energy Power
(inactive) [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
623
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC International MEC Java B.V. MEC Laguna Power
Holdings B.V. Consolidated B.V. (inactive)
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
624
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Gulf Power MEC Perth B.V. MEC Priolo B.V.
Generation Co. Consolidated
Ltd. [7] [sold
12/12/2003]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
625
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V. Consolidated (inactive) (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
626
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Wales B.V. Mission Energy Mission Energy
Consolidated Company (UK) Italia s.r.l.
Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
627
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission NZ Pride Hold Limited Southwestern
Operations B.V. Consolidated Generation B.V.
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
628
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power MEC International Consolidating
Pty. Ltd. B.V. Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
629
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC International
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
630
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Beheer-en Vindoor Investments Coaltrade Services
Beleggingsmaatschappi(Mauritius) Limited International Pte
Jydeno B.V. [7] Ltd [8]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
631
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EcoElectrica Edison Mission Edison Mission LYB
S.a.r.l. Advantage B.V. PEDS Pty Ltd [7]
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization $6
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (6)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net 24
Other nonoperating income 29
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 47
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 47
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 47
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 47
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock ($47)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
632
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Edison Mission Edison Mission
Ausone Pty. Ltd. Energy Energy Services
(inactive) International B.V. B.V.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
633
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Australia Edison Mission Edison Mission
Capital Pty. Ltd. Millennium B.V. Operation and
[7] Consolidated Maintenance
Services B.V.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
634
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Edison Mission Edison Mission
Retail Pty. Ltd. Utilities Pty. Ltd. Wind Power Italy
(inactive) (inactive) B.V.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $13
Other nonoperating income (2)
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 9
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 9
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 9
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 9
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 9
Dividends declared on common stock ($18)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
635
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Italian Vento Edison Mission EME Atlantic
Power Corporation Vendesi Pty Ltd. Holdings Limited
4 S.r.l. [7] (inactive) Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
636
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Tri Gen B.V. EME Victoria B.V. First Hydro
(Inactive) Renewables Limited
(inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
637
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro Global Generation Hydro Energy B.V.
Renewables Number B.V. Consolidated Consolidated
2 Limited
(inactive) [7]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $24
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 24
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 5
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 3
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 16
Interest and dividend income ($34)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (24)
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (58) 10
Income tax (benefit) 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (58) 7
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (58) 7
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (58) 7
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (1,920) 8
Dividends declared on common stock $1,978 ($15)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
638
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Iberian Latrobe Power Pty. Latrobe Valley B.V.
Hy-Power Amsterdam Ltd. Consolidated
B.V. Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $24 $194
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 24 194
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 27
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 5 36
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 3 19
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 8 82
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 16 112
Interest and dividend income 11
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1) (2)
Interest expense - net of amounts capitalized (6) (57)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 9 64
Income tax (benefit) 4 18
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 5 46
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 5 46
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 5 46
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 9 188
Dividends declared on common stock ($14) ($234)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
639
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Valley Power Pty Loy Yang Holdings Majestic Energy
Ltd. [7] Pty. Ltd. Limited
Consolidated Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $18 $16
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 18 16
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1 23
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 2 1
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 3 24
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 15 (8)
Interest and dividend income 1
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 11
Interest expense - net of amounts capitalized (5)
Other nonoperating deductions (6)
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 4 4
Income tax (benefit) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 4 3
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 4 3
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 4 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 9 516 ($305)
Dividends declared on common stock ($13) ($519) $305
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
640
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Esenyurt B.V. MEC IES B.V. ISAB Energy
Consolidated Services s.r.l. [7]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
Unconsolidated subsidiaries - net $2
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 2
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 2
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 2
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 4
Dividends declared on common stock ($6)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
641
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Indo Coal B.V. MEC Indonesia B.V. Edison Mission
Energy Power
(inactive) [7]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $37
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 37
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 37
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 37
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 37
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock ($37)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
642
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC International MEC Java B.V. MEC Laguna Power
Holdings B.V. Consolidated B.V. (inactive)
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $15 $16
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 15 16
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 13 5
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 13 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 2 11
Interest and dividend income 3
Equity in income from partnerships and
unconsolidated subsidiaries - net 37 28
Other nonoperating income 1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 39 43
Income tax (benefit) 9
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 39 34
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 39 34
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 39 34
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 50 60 $2
Dividends declared on common stock ($89) ($94) ($2)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
643
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Perth B.V. MEC Priolo B.V.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $43
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 43
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 23
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 6
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 5 $1
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 34 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 9 (1)
Interest and dividend income 2
Equity in income from partnerships and
unconsolidated subsidiaries - net 37
Other nonoperating income
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 5 36
Income tax (benefit) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 4 36
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 4 36
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 4 36
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 29 44
Dividends declared on common stock ($33) ($80)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
644
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V. Consolidated (inactive) (inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
645
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Wales B.V. Mission Energy Mission Energy
Consolidated Company (UK) Italia s.r.l.
Limited Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480 $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90 96
Asset impairment and loss on lease termination 8
Depreciation, decommissioning and amortization 25 26
Property and other taxes 17 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 359 374
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 121 106
Interest and dividend income 161 156
Equity in income from partnerships and
unconsolidated subsidiaries - net 2
Other nonoperating income 641 67
Interest expense - net of amounts capitalized (232) (232)
Other nonoperating deductions
Minority interest (12)
Dividends on preferred securities
subject to mandatory redemption 13
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 679 112
Income tax (benefit) 4 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 675 108
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 675 108
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 675 108
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 515 263
Dividends declared on common stock ($1,190) ($371)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
646
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission NZ Pride Hold Limited Southwestern
Operations B.V. Consolidated Generation B.V.
(Inactive)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
647
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power MEC International Consolidating
Pty. Ltd. B.V. Adjustments
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $103 $1,298
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 103 1,298
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 14 211
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18 $1 384
Asset impairment and loss on lease termination 8
Depreciation, decommissioning and amortization 11 3 106
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 43 4 709
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 60 (4) 589
Interest and dividend income (27) 80
Equity in income from partnerships and
unconsolidated subsidiaries - net (3)
Other nonoperating income (1) (73) (317)
Interest expense - net of amounts capitalized (12) (280)
Other nonoperating deductions 6
Minority interest (52)
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 32 (89) 23
Income tax (benefit) 10 1 122
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 22 (90) (99)
1Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 22 (90) (99)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 22 (90) (99)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 208 (60) (60)
Dividends declared on common stock ($230) $150 $159
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
648
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC International
B.V. Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $2,711
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 2,711
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 729
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 683
Asset impairment and loss on lease termination 16
Depreciation, decommissioning and amortization 211
Property and other taxes 34
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1,673
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 1,038
Interest and dividend income 353
Equity in income from partnerships and
unconsolidated subsidiaries - net 177
Other nonoperating income 329
Interest expense - net of amounts capitalized (838)
Other nonoperating deductions
Minority interest (64)
Dividends on preferred securities
subject to mandatory redemption 13
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 1,008
Income tax (benefit) 177
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 831
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 831
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 831
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (431)
Dividends declared on common stock ($400)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
649
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME del Caribe EME del Caribe [8] EcoElectrica
Holding GmbH Holdings, Ltd. [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
650
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EcoElectrica Ltd. EcoElectrica Consolidating
[10] S.a.r.l. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
651
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EcoElectrica
S.a.r.l.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
652
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME del Caribe EME del Caribe [8] EcoElectrica
Holding GmbH Holdings, Ltd. [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
653
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EcoElectrica Ltd. EcoElectrica Consolidating
[10] S.a.r.l. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
654
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EcoElectrica
S.a.r.l.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
655
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME del Caribe EME del Caribe [8] EcoElectrica
Holding GmbH Holdings, Ltd. [9]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization $6
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (6)
Interest and dividend income
Equity in income from partnerships and
Unconsolidated subsidiaries - net 24
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 18
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 18
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 18
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 18
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $1
Dividends declared on common stock ($19)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
656
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EcoElectrica Ltd. EcoElectrica Consolidating
[10] S.a.r.l. Adjustments
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income $30 ($1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 30 (1)
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 30 (1)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 30 (1)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 30 (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (1)
Dividends declared on common stock ($30) $2
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
657
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EcoElectrica
S.a.r.l.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization $6
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (6)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net 24
Other nonoperating income 29
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 47
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 47
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 47
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 47
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock ($47)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
658
MEC INTERNATIONAL B.V.
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Contact Energy Mission Contact Mission Energy
Limited Finance Limited Five Star
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
659
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Contact Energy Mission Energy
Pacific Holdings Limited [9] Universal Holdings
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
660
MEC INTERNATIONAL B.V.
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Mission Energy
Adjustments Universal Holdings
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
661
MEC INTERNATIONAL B.V.
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Contact Energy Mission Contact Mission Energy
Limited Finance Limited Five Star
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
662
MEC INTERNATIONAL B.V.
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Contact Energy Mission Energy
Pacific Holdings Limited [9] Universal Holdings
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
663
MEC INTERNATIONAL B.V.
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Mission Energy
Adjustments Universal Holdings
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
664
MEC INTERNATIONAL B.V.
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Contact Energy Mission Contact Mission Energy
Limited Finance Limited Five Star
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $634
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 634
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 115
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 290
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 60
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 465
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 169
Interest and dividend income 2
Equity in income from partnerships and
unconsolidated subsidiaries - net (1)
Other nonoperating income
Interest expense - net of amounts capitalized (43)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 127
Income tax (benefit) 52
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 75
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 75
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 75
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 28 ($1)
Dividends declared on common stock ($103) $1
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
665
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Contact Energy Mission Energy
Pacific Holdings Limited [9] Universal Holdings
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $634
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 634
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 115
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 290
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 60
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 465
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 169
Interest and dividend income 2
Equity in income from partnerships and
unconsolidated subsidiaries - net (1)
Other nonoperating income
Interest expense - net of amounts capitalized ($20) (43)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 48 $28
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 28 127 28
Income tax (benefit) 20 52 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 8 75 22
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 8 75 22
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 8 75 22
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 13 28 (3)
Dividends declared on common stock ($21) ($103) ($19)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
666
MEC INTERNATIONAL B.V.
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Mission Energy
Adjustments Universal Holdings
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation ($628) $640
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue (628) 640
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel (116) 114
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (289) 291
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization (75) 45
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses (480) 450
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (148) 190
Interest and dividend income (1) 3
Equity in income from partnerships and
unconsolidated subsidiaries - net 4 2
Other nonoperating income
Interest expense - net of amounts capitalized 42 (64)
Other nonoperating deductions
Minority interest (48) (48)
Dividends on preferred securities
subject to mandatory redemption (76)
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (227) 83
Income tax (benefit) (75) 55
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (152) 28
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (152) 28
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (152) 28
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (75) (10)
Dividends declared on common stock $227 ($18)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
667
Part 8
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Iberica de Electrometalurgica Hydro Energy B.V
Energias S.L. del Ebro, S.L. [8]
---------------------------------------------------------------------------------------------------------------------------
ASSETS
---------------------------------------------------------------------------------------------------------------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
668
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V.AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Hydro Energy B.V.
Adjustments Consolidated
---------------------------------------------------------------------------------------------------------------------------
ASSETS
---------------------------------------------------------------------------------------------------------------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
669
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V.AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Iberica de Electrometalurgica Hydro Energy B.V
Energias S.L. del Ebro, S.L. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
670
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Hydro Energy B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
671
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Iberica de Electrometalurgica Hydro Energy B.V
Energias S.L. del Ebro, S.L. [8]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $11
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 11
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 2
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 6
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (3)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 3
Income tax (benefit) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 2
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 2
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 22 ($11)
Dividends declared on common stock ($24) $11
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
672
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Hydro Energy B.V.
Adjustments Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $13 $24
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 13 24
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2 5
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 1 3
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 3 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 10 16
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (3) (6)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 7 10
Income tax (benefit) 2 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 5 7
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 5 7
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 5 7
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (3) 8
Dividends declared on common stock ($2) ($15)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
673
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Hydro Energy B.V. Iberica de
Energy Desarrollos Energias, S.L. [8]
Espana, S.L.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
674
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Electrometalurgica Monasterio de Iberica de
del Ebro, S.L. [9] Rueda, S.L. [10] Energias S.L.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
675
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Electrometalurgica Monasterio de Iberian Hy-Power
del Ebro, S.L. [8] Rueda, S.L. [9] Amsterdam B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
676
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Iberian Hy-Power
Adjustments Amsterdam B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
677
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Hydro Energy B.V. Iberica de
Energy Desarrollos Energias, S.L. [8]
Espana, S.L.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
678
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Electrometalurgica Monasterio de Iberica de
del Ebro, S.L. [9] Rueda, S.L. [10] Energias S.L.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
679
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Electrometalurgica Monasterio de Iberian Hy-Power
del Ebro, S.L. [8] Rueda, S.L. [9] Amsterdam B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
680
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Iberian Hy-Power
Adjustments Amsterdam B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
681
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Hydro Energy B.V. Iberica de
Energy Desarrollos Energias, S.L. [8]
Espana, S.L.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $11
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 11
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 2
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 6
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (3)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 3
Income tax (benefit) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 2
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 2
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($1) ($11) 22
Dividends declared on common stock $1 $11 ($24)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
682
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Electrometalurgica Monasterio de Iberica de
del Ebro, S.L. [9] Rueda, S.L. [10] Energias S.L.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $11
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 11
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 2
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 6
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (3)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 3
Income tax (benefit) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 2
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 2
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 22
Dividends declared on common stock ($24)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
683
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Electrometalurgica Monasterio de Iberian Hy-Power
del Ebro, S.L. [8] Rueda, S.L. [9] Amsterdam B.V.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income ($1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (1)
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (1)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (1)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (11)
Dividends declared on common stock $12
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
684
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Iberian Hy-Power
Adjustments Amsterdam B.V.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $2 $24
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 2 24
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (1) 5
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization (1) 3
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses (2) 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 4 16
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 4 9
Income tax (benefit) 2 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 2 5
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 2 5
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 2 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (12) 9
Dividends declared on common stock $10 ($14)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
685
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
686
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
687
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
688
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
689
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $102
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 102
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 14
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 17
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 17
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 48
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 54
Interest and dividend income (28)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 25
Income tax (benefit) 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 17
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 17
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $192 186
Dividends declared on common stock ($192) ($203)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
690
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $92 $194
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 92 194
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 13 27
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 18 36
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 2 19
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1 33 82
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1) 59 112
Interest and dividend income 1 38 11
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1) (2)
Interest expense - net of amounts capitalized (57) (57)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 39 64
Income tax (benefit) 10 18
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 29 46
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 29 46
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 29 46
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 22 (212) 188
Dividends declared on common stock ($22) $183 ($234)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
691
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Valley Power Pty Latrobe Valley B.V. Consolidating
Ltd. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
692
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Latrobe Valley
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
693
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Valley Power Pty Latrobe Valley B.V. Consolidating
Ltd. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
694
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Latrobe Valley
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
695
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Valley Power Pty Latrobe Valley B.V. Consolidating
Ltd. Adjustments
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $18 ($18)
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 18 (18)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1 (1)
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 2 (1)
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 3 (2)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 15 (16)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (5) 5
Other nonoperating deductions (6) 6
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 4 (5)
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 4 (5)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 4 (5)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 4 (5)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 9 (8)
Dividends declared on common stock ($13) $13
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
696
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Latrobe Valley
B.V. Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization $1
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (1)
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (1)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (1)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $1
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
697
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Latrobe Power Pty. Mission Energy
Energy Holdings Ltd. Consolidated Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
698
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power Loy Yang Holdings Consolidating
Pty. Ltd. Pty. Ltd. Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
699
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Loy Yang Holdings
Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
700
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Latrobe Power Pty. Mission Energy
Energy Holdings Ltd. Consolidated Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
701
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power Loy Yang Holdings Consolidating
Pty. Ltd. Pty. Ltd. Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
702
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Loy Yang Holdings
Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
703
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Latrobe Power Pty. Mission Energy
Energy Holdings Ltd. Consolidated Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $16 $194 $194
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 16 194 194
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 27 27
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 24 36 35
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 19 19
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 24 82 81
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (8) 112 113
Interest and dividend income 1 11 10
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 11 (2) (2)
Interest expense - net of amounts capitalized (57) (57)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 4 64 64
Income tax (benefit) 1 18 18
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 3 46 46
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 3 46 46
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 3 46 46
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 101 188 188
Dividends declared on common stock ($104) ($234) ($234)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
704
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power Loy Yang Holdings Consolidating
Pty. Ltd. Pty. Ltd. Adjustments
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $103 ($491)
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 103 (491)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 14 (68)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18 (90)
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11 (48)
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 43 (206)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 60 (285)
Interest and dividend income (27) 6
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1) 5
Interest expense - net of amounts capitalized 114
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 32 (160)
Income tax (benefit) 10 (46)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 22 (114)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 22 (114)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 22 (114)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 209 (170)
Dividends declared on common stock ($231) $284
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
705
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Loy Yang Holdings
Pty. Ltd.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $16
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 16
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 23
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 1
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 24
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (8)
Interest and dividend income 1
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 11
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 4
Income tax (benefit) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 3
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 3
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 516
Dividends declared on common stock ($519)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
706
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Latrobe Power Loy Yang B Joint
Energy Australia Partnership [9] Venture [10]
Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
707
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Edison Mission Edison Mission
Energy Australia Operation and Operation and
Pilbara Power Pty. Maintenance Maintenance Loy
Ltd. (inactive) Kwinana Pty. Ltd. Yang Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
708
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty. Ltd. Partnership [9]
Superannuation
Fund Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
709
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Perth Power Edison Mission Consolidating
Partnership [10] Energy Holdings Adjustments
Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
710
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission
Energy Holdings
Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
711
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Latrobe Power Loy Yang B Joint
Energy Australia Partnership [9] Venture [10]
Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
712
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Edison Mission Edison Mission
Energy Australia Operation and Operation and
Pilbara Power Pty. Maintenance Maintenance Loy
Ltd. (inactive) Kwinana Pty. Ltd. Yang Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
713
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty. Ltd. Partnership [9]
Superannuation
Fund Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
714
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Perth Power Edison Mission Consolidating
Partnership [10] Energy Holdings Adjustments
Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
715
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission
Energy Holdings
Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
716
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Latrobe Power Loy Yang B Joint
Energy Australia Partnership [9] Venture [10]
Limited
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $102
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 102
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 14
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 17
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 17
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1 48
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1) 54
Interest and dividend income (28)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1 (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 25
Income tax (benefit) 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 17
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 17
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (1) 186
Dividends declared on common stock $1 ($203)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
717
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Edison Mission Edison Mission
Energy Australia Operation and Operation and
Pilbara Power Pty. Maintenance Kwinana Maintenance Loy
Ltd. (inactive) Pty. Ltd. Yang Pty. Ltd.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $2 $13
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 2 13
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2 13
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 2 $13
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 2
Dividends declared on common stock ($2)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
718
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty. Ltd. Partnership [9]
Superannuation
Fund Pty. Ltd.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $46
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 46
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 23
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 5
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 31
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 15
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 15
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 15
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 15
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 15
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 44
Dividends declared on common stock ($59)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
719
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Perth Power Edison Mission Consolidating
Partnership [10] Energy Holdings Adjustments
Pty. Ltd.
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation ($3) ($144)
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue (3) (144)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel (37)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2 $8 (22)
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization (22)
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 2 8 (81)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (5) (8) (63)
Interest and dividend income 29
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 11
Interest expense - net of amounts capitalized (6) 6
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (11) 3 (28)
Income tax (benefit) 1 (8)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (11) 2 (20)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (11) 2 (20)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (11) 2 (20)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (57) 15 (88)
Dividends declared on common stock $68 ($17) $108
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
720
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission
Energy Holdings
Pty. Ltd.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $16
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 16
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 24
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 24
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (8)
Interest and dividend income 1
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 11
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 4
Income tax (benefit) 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 3
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 3
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 3
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 101
Dividends declared on common stock ($104)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
721
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
722
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
723
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
724
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
725
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $102
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 102
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 14
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 17
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 17
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 48
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 54
Interest and dividend income (28)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 25
Income tax (benefit) 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 17
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 17
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $192 186
Dividends declared on common stock ($192) ($203)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
726
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $92 $194
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 92 194
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 13 27
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 18 36
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 2 19
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1 33 82
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1) 59 112
Interest and dividend income 39 11
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1 (2) (2)
Interest expense - net of amounts capitalized (57) (57)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 39 64
Income tax (benefit) 10 18
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 29 46
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 29 46
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 29 46
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 22 (212) 188
Dividends declared on common stock ($22) $183 ($234)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
727
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
728
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
729
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
730
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
731
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $102
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 102
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 14
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 17
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 17
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 48
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 54
Interest and dividend income (28)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 25
Income tax (benefit) 8
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 17
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 17
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $192 186
Dividends declared on common stock ($192) ($203)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
732
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $92 $194
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 92 194
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 13 27
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18 35
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 2 19
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 33 81
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 59 113
Interest and dividend income 38 10
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1) (2)
Interest expense - net of amounts capitalized (57) (57)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 39 64
Income tax (benefit) 10 18
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 29 46
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 29 46
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 29 46
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (190) 188
Dividends declared on common stock $161 ($234)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
733
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
734
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
735
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
736
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
737
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $103
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 103
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 14
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 17
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 42
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 61
Interest and dividend income (28)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 32
Income tax (benefit) 10
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 22
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 22
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 22
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $192 186
Dividends declared on common stock ($192) ($208)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
738
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $103
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 103
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 14
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 18
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1 43
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1) 60
Interest and dividend income 1 (27)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 32
Income tax (benefit) 10
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 22
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 22
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 22
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 22 ($191) 209
Dividends declared on common stock ($22) $191 ($231)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
739
Part 9
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Majestic Energy EME Royale Edison Mission
Limited Energy Taupo
Limited (inactive)
[8]
-------------------------------------------- -------------------- --------------- --------------------
ASSETS
-------------------------------------------- -------------------- --------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
-------------------------------------------- -------------------- --------------- --------------------
Total current assets
-------------------------------------------- -------------------- --------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
-------------------------------------------- -------------------- --------------- --------------------
Total investment and other assets
-------------------------------------------- -------------------- --------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
-------------------------------------------- -------------------- --------------- --------------------
Total utility plant
-------------------------------------------- -------------------- --------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
-------------------------------------------- -------------------- --------------- --------------------
Total deferred charges
-------------------------------------------- -------------------- --------------- --------------------
Assets of discontinued operations
-------------------------------------------- -------------------- --------------- --------------------
Total assets
============================================ ==================== =============== ====================
740
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Majestic Energy
Adjustments Limited
Consolidated
----------------------------------------------------- -------------------- -------------------- ---------------
ASSETS
----------------------------------------------------- -------------------- -------------------- ---------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
----------------------------------------------------- -------------------- -------------------- ---------------
Total current assets
----------------------------------------------------- -------------------- -------------------- ---------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
----------------------------------------------------- -------------------- -------------------- ---------------
Total investment and other assets
----------------------------------------------------- -------------------- -------------------- ---------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------- -------------------- -------------------- ---------------
Total utility plant
----------------------------------------------------- -------------------- -------------------- ---------------
Restricted cash
Regulatory assets - net
Other deferred charges
----------------------------------------------------- -------------------- -------------------- ---------------
Total deferred charges
----------------------------------------------------- -------------------- -------------------- ---------------
Assets of discontinued operations
----------------------------------------------------- -------------------- -------------------- ---------------
Total assets
===================================================== ==================== ==================== ===============
741
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Majestic Energy EME Royale Edison Mission
Limited Energy Taupo
Limited (inactive)
[8]
------------------------------------------------------- -------------------- --------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------- -------------------- --------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------- -------------------- --------------- --------------------
Total current liabilities
------------------------------------------------------- -------------------- --------------- --------------------
Long-term debt
------------------------------------------------------- -------------------- --------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------- -------------------- --------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------- -------------------- --------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------- -------------------- --------------- --------------------
Total Liabilities
------------------------------------------------------- -------------------- --------------- --------------------
Minority Interest
------------------------------------------------------- -------------------- --------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------- -------------------- --------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------- -------------------- --------------- --------------------
Total common shareholders' equity
------------------------------------------------------- -------------------- --------------- --------------------
Total liabilities and shareholders' equity
======================================================= ==================== =============== ====================
742
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Majestic Energy
Adjustments Limited
Consolidated
------------------------------------------------------- -------------------- -------------------- ---------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------- -------------------- -------------------- ---------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------- -------------------- -------------------- ---------------
Total current liabilities
------------------------------------------------------- -------------------- -------------------- ---------------
Long-term debt
------------------------------------------------------- -------------------- -------------------- ---------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------- -------------------- -------------------- ---------------
Total deferred credits and other liabilities
------------------------------------------------------- -------------------- -------------------- ---------------
Liabilities of discontinued operations
------------------------------------------------------- -------------------- -------------------- ---------------
Total Liabilities
------------------------------------------------------- -------------------- -------------------- ---------------
Minority Interest
------------------------------------------------------- -------------------- -------------------- ---------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------- -------------------- -------------------- ---------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------- -------------------- -------------------- --------------
Total common shareholders' equity
------------------------------------------------------- -------------------- -------------------- --------------
Total liabilities and shareholders' equity
======================================================= ==================== ==================== ==============
743
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Majestic Energy EME Royale Edison Mission
Limited Energy Taupo
Limited (inactive)[8]
-------------------------------------------------------- -------------------- ------------------ --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------- -------------------- ------------------ --------------------
Total operating revenue
-------------------------------------------------------- -------------------- ------------------ --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination $305
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------- -------------------- ------------------ --------------------
Total operating expenses 305
-------------------------------------------------------- -------------------- ------------------ --------------------
Operating income (loss) (305)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------- -------------------- ------------------ --------------------
Income (loss) from continuing operations before tax (305)
Income tax (benefit)
-------------------------------------------------------- -------------------- ------------------ --------------------
Income (loss) from continuing operations (305)
Income from discontinued operations - net of tax
-------------------------------------------------------- -------------------- ------------------ --------------------
Income (loss) before accounting change (305)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------- -------------------- ------------------ --------------------
Net income (loss) (305)
-------------------------------------------------------- -------------------- ------------------ --------------------
Retained earnings - beginning of year ($207) ($302)
Dividends declared on common stock $305 $207 $302
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------- -------------------- ------------------ --------------------
Retained earnings - end of year
======================================================== ==================== ================== ====================
744
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Majestic Energy
Adjustments Limited Consolidated
-------------------------------------------------------- -------------------- --------------------- ----------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------- -------------------- --------------------- ----------------
Total operating revenue
-------------------------------------------------------- -------------------- --------------------- ----------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination ($305)
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------- -------------------- --------------------- ----------------
Total operating expenses (305)
-------------------------------------------------------- -------------------- --------------------- ----------------
Operating income (loss) 305
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------- -------------------- --------------------- ----------------
Income (loss) from continuing operations before tax 305
Income tax (benefit)
-------------------------------------------------------- -------------------- --------------------- ----------------
Income (loss) from continuing operations 305
Income from discontinued operations - net of tax
-------------------------------------------------------- -------------------- --------------------- ----------------
Income (loss) before accounting change 305
Cumulative effect of accounting change - net of tax
-------------------------------------------------------- -------------------- --------------------- ----------------
Net income (loss) 305
-------------------------------------------------------- -------------------- --------------------- ----------------
Retained earnings - beginning of year 204 ($305)
Dividends declared on common stock ($509) $305
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------- -------------------- --------------------- ----------------
Retained earnings - end of year
======================================================== ==================== ===================== ================
745
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Indonesia B.V. Edison Mission P.T. Edison
Energy Power [8] Mission Operation
and Maintenance
Indonesia
------------------------------------------------------- -------------------- ----------------- --------------------
ASSETS
------------------------------------------------------- -------------------- ----------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------- -------------------- ----------------- --------------------
Total current assets
------------------------------------------------------- -------------------- ----------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------- -------------------- ----------------- --------------------
Total investment and other assets
------------------------------------------------------- -------------------- ----------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------- -------------------- ----------------- --------------------
Total utility plant
------------------------------------------------------- -------------------- ----------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------- -------------------- ----------------- --------------------
Total deferred charges
------------------------------------------------------- -------------------- ----------------- --------------------
Assets of discontinued operations
------------------------------------------------------- -------------------- ----------------- --------------------
Total assets
======================================================= ==================== ================= ====================
746
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
---------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
---------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
---------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
---------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
---------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
---------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
---------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
---------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
---------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
---------------------------------------------------- -------------------- -------------------- --------------------
Total assets
==================================================== ==================== ==================== ====================
747
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Indonesia B.V. Edison Mission P.T. Edison
Energy Power [8] Mission Operation
and Maintenance
Indonesia
--------------------------------------------------------- -------------------- ----------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
--------------------------------------------------------- -------------------- ----------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
--------------------------------------------------------- -------------------- ----------------- --------------------
Total current liabilities
--------------------------------------------------------- -------------------- ----------------- --------------------
Long-term debt
--------------------------------------------------------- -------------------- ----------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
--------------------------------------------------------- -------------------- ----------------- --------------------
Total deferred credits and other liabilities
--------------------------------------------------------- -------------------- ----------------- --------------------
Liabilities of discontinued operations
--------------------------------------------------------- -------------------- ----------------- --------------------
Total Liabilities
--------------------------------------------------------- -------------------- ----------------- --------------------
Minority Interest
--------------------------------------------------------- -------------------- ----------------- --------------------
Preferred stock not subject to mandatory redemption
--------------------------------------------------------- -------------------- ----------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
--------------------------------------------------------- -------------------- ----------------- --------------------
Total common shareholders' equity
--------------------------------------------------------- -------------------- ----------------- --------------------
Total liabilities and shareholders' equity
========================================================= ==================== ================= ====================
748
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
-------------------------------------------------------- -------------------- ---------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
-------------------------------------------------------- -------------------- ---------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
-------------------------------------------------------- -------------------- ---------------- --------------------
Total current liabilities
-------------------------------------------------------- -------------------- ---------------- --------------------
Long-term debt
-------------------------------------------------------- -------------------- ---------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
-------------------------------------------------------- -------------------- ---------------- --------------------
Total deferred credits and other liabilities
-------------------------------------------------------- -------------------- ---------------- --------------------
Liabilities of discontinued operations
-------------------------------------------------------- -------------------- ---------------- --------------------
Total Liabilities
-------------------------------------------------------- -------------------- ---------------- --------------------
Minority Interest
-------------------------------------------------------- -------------------- ---------------- --------------------
Preferred stock not subject to mandatory redemption
-------------------------------------------------------- -------------------- ---------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
-------------------------------------------------------- -------------------- ---------------- --------------------
Total common shareholders' equity
-------------------------------------------------------- -------------------- ---------------- --------------------
Total liabilities and shareholders' equity
======================================================== ==================== ================ ====================
749
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Indonesia B.V. Edison Mission P.T. Edison
Energy Power [8] Mission Operation
and Maintenance
Indonesia
------------------------------------------------------ -------------------- ----------------- --------------------
Electric utility
Nonutility power generation $15
Financial services and other
------------------------------------------------------ -------------------- ----------------- --------------------
Total operating revenue 15
------------------------------------------------------ -------------------- ----------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 13
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
------------------------------------------------------ -------------------- ----------------- --------------------
Total operating expenses 13
------------------------------------------------------ -------------------- ----------------- --------------------
Operating income (loss) 2
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net $37
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------ -------------------- ----------------- --------------------
Income (loss) from continuing operations before tax 37 2
Income tax (benefit)
------------------------------------------------------ -------------------- ----------------- --------------------
Income (loss) from continuing operations 37 2
Income from discontinued operations - net of tax
------------------------------------------------------ -------------------- ----------------- --------------------
Income (loss) before accounting change 37 2
Cumulative effect of accounting change - net of tax
------------------------------------------------------ -------------------- ----------------- --------------------
Net income (loss) 37 2
------------------------------------------------------ -------------------- ----------------- --------------------
Retained earnings - beginning of year 53 3
Dividends declared on common stock ($90) ($5)
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------ -------------------- ----------------- --------------------
Retained earnings - end of year
====================================================== ==================== ================= ====================
750
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
-------------------------------------------------------- -------------------- ------------------ --------------------
Electric utility
Nonutility power generation $15
Financial services and other
-------------------------------------------------------- -------------------- ------------------ --------------------
Total operating revenue 15
-------------------------------------------------------- -------------------- ------------------ --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 13
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------- -------------------- ------------------ --------------------
Total operating expenses 13
-------------------------------------------------------- -------------------- ------------------ --------------------
Operating income (loss) 2
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net 37
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------- -------------------- ------------------ --------------------
Income (loss) from continuing operations before tax 39
Income tax (benefit)
-------------------------------------------------------- -------------------- ------------------ --------------------
Income (loss) from continuing operations 39
Income from discontinued operations - net of tax
-------------------------------------------------------- -------------------- ------------------ --------------------
Income (loss) before accounting change 39
Cumulative effect of accounting change - net of tax
-------------------------------------------------------- -------------------- ------------------ --------------------
Net income (loss) 39
-------------------------------------------------------- -------------------- ------------------ --------------------
Retained earnings - beginning of year ($6) 50
Dividends declared on common stock $6 ($89)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------- -------------------- ------------------ --------------------
Retained earnings - end of year
======================================================== ==================== ================== ====================
751
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Island Capital Edison Mission MEC Java B.V.
S.a.r.l. Energy Asia Pte.
Ltd. Consolidated
[8]
------------------------------------------------------ -------------------- -------------------- --------------
ASSETS
------------------------------------------------------ -------------------- -------------------- --------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------ -------------------- -------------------- --------------
Total current assets
------------------------------------------------------ -------------------- -------------------- --------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------ -------------------- -------------------- --------------
Total investment and other assets
------------------------------------------------------ -------------------- -------------------- --------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------ -------------------- -------------------- --------------
Total utility plant
------------------------------------------------------ -------------------- -------------------- --------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------ -------------------- -------------------- --------------
Total deferred charges
------------------------------------------------------ -------------------- -------------------- --------------
Assets of discontinued operations
------------------------------------------------------ -------------------- -------------------- --------------
Total assets
====================================================== ==================== ==================== ==============
752
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating MEC Java B.V.
Adjustments Consolidated
-------------------------------------------------- -------------------- -------------------- ---------------
ASSETS
-------------------------------------------------- -------------------- -------------------- ---------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
-------------------------------------------------- -------------------- -------------------- ---------------
Total current assets
-------------------------------------------------- -------------------- -------------------- ---------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
-------------------------------------------------- -------------------- -------------------- ---------------
Total investment and other assets
-------------------------------------------------- -------------------- -------------------- ---------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
-------------------------------------------------- -------------------- -------------------- ---------------
Total utility plant
-------------------------------------------------- -------------------- -------------------- ---------------
Restricted cash
Regulatory assets - net
Other deferred charges
-------------------------------------------------- -------------------- -------------------- ---------------
Total deferred charges
-------------------------------------------------- -------------------- -------------------- ---------------
Assets of discontinued operations
-------------------------------------------------- -------------------- -------------------- ---------------
Total assets
================================================== ==================== ==================== ===============
753
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Island Capital Edison Mission MEC Java B.V.
S.a.r.l. Energy Asia Pte.
Ltd. Consolidated
[8]
------------------------------------------------------ -------------------- -------------------- ---------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- -------------------- ---------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Total current liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Long-term debt
------------------------------------------------------ -------------------- -------------------- ---------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- -------------------- ---------------
Total Liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Minority Interest
------------------------------------------------------ -------------------- -------------------- ---------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- -------------------- ---------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- -------------------- ---------------
Total common shareholders' equity
------------------------------------------------------ -------------------- -------------------- ---------------
Total liabilities and shareholders' equity
====================================================== ==================== ==================== ===============
754
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating MEC Java B.V.
Adjustments Consolidated
------------------------------------------------------ -------------------- -------------------- ----------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- -------------------- ----------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- -------------------- ----------------
Total current liabilities
------------------------------------------------------ -------------------- -------------------- ----------------
Long-term debt
------------------------------------------------------ -------------------- -------------------- ----------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- -------------------- ----------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- -------------------- ----------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- -------------------- ----------------
Total Liabilities
------------------------------------------------------ -------------------- -------------------- ----------------
Minority Interest
------------------------------------------------------ -------------------- -------------------- ----------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- -------------------- ----------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- -------------------- ----------------
Total common shareholders' equity
------------------------------------------------------ -------------------- -------------------- ----------------
Total liabilities and shareholders' equity
====================================================== ==================== ==================== ================
755
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Island Capital Edison Mission MEC Java B.V.
S.a.r.l. Energy Asia Pte.
Ltd. Consolidated
[8]
--------------------------------------------------------- -------------------- --------------------- --------------
Electric utility
Nonutility power generation $16
Financial services and other
--------------------------------------------------------- -------------------- --------------------- --------------
Total operating revenue 16
--------------------------------------------------------- -------------------- --------------------- --------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 5
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
--------------------------------------------------------- -------------------- --------------------- --------------
Total operating expenses 5
--------------------------------------------------------- -------------------- --------------------- --------------
Operating income (loss) 11
Interest and dividend income 3
Equity in income from partnerships and
unconsolidated subsidiaries - net 28
Other nonoperating income 1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
--------------------------------------------------------- -------------------- --------------------- --------------
Income (loss) from continuing operations before tax 43
Income tax (benefit) 5
--------------------------------------------------------- -------------------- --------------------- --------------
Income (loss) from continuing operations 38
Income from discontinued operations - net of tax
--------------------------------------------------------- -------------------- --------------------- --------------
Income (loss) before accounting change 38
Cumulative effect of accounting change - net of tax
--------------------------------------------------------- -------------------- --------------------- --------------
Net income (loss) 38
--------------------------------------------------------- -------------------- --------------------- --------------
Retained earnings - beginning of year 64
Dividends declared on common stock ($102)
Dividends declared on preferred stock
Stock option appreciation
--------------------------------------------------------- -------------------- --------------------- --------------
Retained earnings - end of year
========================================================= ==================== ===================== ==============
756
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating MEC Java B.V.
Adjustments Consolidated
------------------------------------------------------ -------------------- --------------------- --------------
Electric utility
Nonutility power generation $16
Financial services and other
------------------------------------------------------ -------------------- --------------------- --------------
Total operating revenue 16
------------------------------------------------------ -------------------- --------------------- --------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 5
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
------------------------------------------------------ -------------------- --------------------- --------------
Total operating expenses 5
------------------------------------------------------ -------------------- --------------------- --------------
Operating income (loss) 11
Interest and dividend income 3
Equity in income from partnerships and
unconsolidated subsidiaries - net 28
Other nonoperating income 1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------ -------------------- --------------------- --------------
Income (loss) from continuing operations before tax 43
Income tax (benefit) $4 9
------------------------------------------------------ -------------------- --------------------- --------------
Income (loss) from continuing operations (4) 34
Income from discontinued operations - net of tax
------------------------------------------------------ -------------------- --------------------- --------------
Income (loss) before accounting change (4) 34
Cumulative effect of accounting change - net of tax
------------------------------------------------------ -------------------- --------------------- --------------
Net income (loss) (4) 34
------------------------------------------------------ -------------------- --------------------- --------------
Retained earnings - beginning of year (4) 60
Dividends declared on common stock $8 ($94)
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------ -------------------- --------------------- --------------
Retained earnings - end of year
====================================================== ==================== ===================== ==============
757
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Operation and
Pacific Pte. Ltd. Company Pte. Ltd. Maintenance
Services Pte. Ltd.
---------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
---------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
---------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
---------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
---------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
---------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
---------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
---------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
---------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
---------------------------------------------------- -------------------- -------------------- --------------------
Total assets
==================================================== ==================== ==================== ====================
758
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte. Adjustments
and Maintenance Ltd.
Indonesia
------------------------------------------------------ -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------ -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------ -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------ -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------ -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------ -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------ -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------ -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------ -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------ -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------ -------------------- -------------------- --------------------
Total assets
====================================================== ==================== ==================== ====================
759
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission
Energy Asia Pte.
Ltd. Consolidated
----------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
----------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
----------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
----------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
----------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
----------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
----------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
----------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
----------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
----------------------------------------------------- -------------------- -------------------- --------------------
Total assets
===================================================== ==================== ==================== ====================
760
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Operation and
Pacific Pte. Ltd. Company Pte. Ltd. Maintenance
Services Pte. Ltd.
------------------------------------------------------ ------------------ -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ ------------------ -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ ------------------ -------------------- --------------------
Total current liabilities
------------------------------------------------------ ------------------ -------------------- --------------------
Long-term debt
------------------------------------------------------ ------------------ -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ ------------------ -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------ ------------------ -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------ ------------------ -------------------- --------------------
Total Liabilities
------------------------------------------------------ ------------------ -------------------- --------------------
Minority Interest
------------------------------------------------------ ------------------ -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ ------------------ -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ ------------------ -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------ ------------------ -------------------- --------------------
Total liabilities and shareholders' equity
====================================================== ================== ==================== ====================
761
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte. Adjustments
and Maintenance Ltd.
Indonesia
------------------------------------------------------ -------------------- -------------------- ---------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- -------------------- ---------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Total current liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Long-term debt
------------------------------------------------------ -------------------- -------------------- ---------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- -------------------- ---------------
Total Liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Minority Interest
------------------------------------------------------ -------------------- -------------------- ---------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- -------------------- ---------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- -------------------- ---------------
Total common shareholders' equity
------------------------------------------------------ -------------------- -------------------- ---------------
Total liabilities and shareholders' equity
====================================================== ==================== ==================== ===============
762
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission
Energy Asia Pte.
Ltd. Consolidated
-------------------------------------------------------- -------------------- -------------------- ---------------
LIABILITIES AND SHAREHOLDERS' EQUITY
-------------------------------------------------------- -------------------- -------------------- ---------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
-------------------------------------------------------- -------------------- -------------------- ---------------
Total current liabilities
-------------------------------------------------------- -------------------- -------------------- ---------------
Long-term debt
-------------------------------------------------------- -------------------- -------------------- ---------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
-------------------------------------------------------- -------------------- -------------------- ---------------
Total deferred credits and other liabilities
-------------------------------------------------------- -------------------- -------------------- ---------------
Liabilities of discontinued operations
-------------------------------------------------------- -------------------- -------------------- ---------------
Total Liabilities
-------------------------------------------------------- -------------------- -------------------- ---------------
Minority Interest
-------------------------------------------------------- -------------------- -------------------- ---------------
Preferred stock not subject to mandatory redemption
-------------------------------------------------------- -------------------- -------------------- ---------------
Common stock
Accumulated other comprehensive loss
Retained earnings
-------------------------------------------------------- -------------------- -------------------- ---------------
Total common shareholders' equity
-------------------------------------------------------- -------------------- -------------------- ---------------
Total liabilities and shareholders' equity
======================================================== ==================== ==================== ===============
763
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Company Operation and
Pacific Pte. Ltd. Pte. Ltd. Maintenance
Services Pte. Ltd.
------------------------------------------------------ ------------------ --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
------------------------------------------------------ ------------------ --------------------- --------------------
Total operating revenue
------------------------------------------------------ ------------------ --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $3
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
------------------------------------------------------ ------------------ --------------------- --------------------
Total operating expenses 3
------------------------------------------------------ ------------------ --------------------- --------------------
Operating income (loss) (3)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 9
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------ ------------------ --------------------- --------------------
Income (loss) from continuing operations before tax 6
Income tax (benefit) 1
------------------------------------------------------ ------------------ --------------------- --------------------
Income (loss) from continuing operations 5
Income from discontinued operations - net of tax
------------------------------------------------------ ------------------ --------------------- --------------------
Income (loss) before accounting change 5
Cumulative effect of accounting change - net of tax
------------------------------------------------------ ------------------ --------------------- --------------------
Net income (loss) 5
------------------------------------------------------ ------------------ --------------------- --------------------
Retained earnings - beginning of year 7
Dividends declared on common stock ($12)
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------ ------------------ --------------------- --------------------
Retained earnings - end of year
====================================================== ================== ===================== ====================
764
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte. Adjustments
and Maintenance Ltd.
Indonesia
------------------------------------------------------ -------------------- ------------------- --------------------
Electric utility
Nonutility power generation $15 $1
Financial services and other
------------------------------------------------------ -------------------- ------------------- --------------------
Total operating revenue 15 1
------------------------------------------------------ -------------------- ------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 13 ($2) (9)
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
------------------------------------------------------ -------------------- ------------------- --------------------
Total operating expenses 13 (2) (9)
------------------------------------------------------ -------------------- ------------------- --------------------
Operating income (loss) 2 2 10
Interest and dividend income 31 (28)
Equity in income from partnerships and
unconsolidated subsidiaries - net 28
Other nonoperating income (8)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------ -------------------- ------------------- --------------------
Income (loss) from continuing operations before tax 2 33 2
Income tax (benefit) 3 1
------------------------------------------------------ -------------------- ------------------- --------------------
Income (loss) from continuing operations 2 30 1
Income from discontinued operations - net of tax
------------------------------------------------------ -------------------- ------------------- --------------------
Income (loss) before accounting change 2 30 1
Cumulative effect of accounting change - net of tax
------------------------------------------------------ -------------------- ------------------- --------------------
Net income (loss) 2 30 1
------------------------------------------------------ -------------------- ------------------- --------------------
Retained earnings - beginning of year 3 50 4
Dividends declared on common stock ($5) ($80) ($5)
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------ -------------------- ------------------- --------------------
Retained earnings - end of year
====================================================== ==================== =================== ====================
765
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission
Energy Asia Pte.
Ltd. Consolidated
------------------------------------------------------- -------------------- ----------------- ----------------
Electric utility
Nonutility power generation $16
Financial services and other
------------------------------------------------------- -------------------- ----------------- ----------------
Total operating revenue 16
------------------------------------------------------- -------------------- ----------------- ----------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 5
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
------------------------------------------------------- -------------------- ----------------- ----------------
Total operating expenses 5
------------------------------------------------------- -------------------- ----------------- ----------------
Operating income (loss) 11
Interest and dividend income 3
Equity in income from partnerships and
unconsolidated subsidiaries - net 28
Other nonoperating income 1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) from continuing operations before tax 43
Income tax (benefit) 5
------------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) from continuing operations 38
Income from discontinued operations - net of tax
------------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) before accounting change 38
Cumulative effect of accounting change - net of tax
------------------------------------------------------- -------------------- ----------------- ----------------
Net income (loss) 38
------------------------------------------------------- -------------------- ----------------- ----------------
Retained earnings - beginning of year 64
Dividends declared on common stock ($102)
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------- -------------------- ----------------- ----------------
Retained earnings - end of year
======================================================= ==================== ================= ================
766
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [8]
---------------------------------------------------- -------------------- -------------------- ---------------
ASSETS
---------------------------------------------------- -------------------- -------------------- ---------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
---------------------------------------------------- -------------------- -------------------- ---------------
Total current assets
---------------------------------------------------- -------------------- -------------------- ---------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
---------------------------------------------------- -------------------- -------------------- ---------------
Total investment and other assets
---------------------------------------------------- -------------------- -------------------- ---------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------- -------------------- -------------------- ---------------
Total utility plant
---------------------------------------------------- -------------------- -------------------- ---------------
Restricted cash
Regulatory assets - net
Other deferred charges
---------------------------------------------------- -------------------- -------------------- ---------------
Total deferred charges
---------------------------------------------------- -------------------- -------------------- ---------------
Assets of discontinued operations
---------------------------------------------------- -------------------- -------------------- ---------------
Total assets
==================================================== ==================== ==================== ===============
767
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating MEC Perth B.V.
Adjustments Consolidated
----------------------------------------------------- -------------------- -------------------- ----------------
ASSETS
----------------------------------------------------- -------------------- -------------------- ----------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
----------------------------------------------------- -------------------- -------------------- ----------------
Total current assets
----------------------------------------------------- -------------------- -------------------- ----------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
----------------------------------------------------- -------------------- -------------------- ----------------
Total investment and other assets
----------------------------------------------------- -------------------- -------------------- ----------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------- -------------------- -------------------- ----------------
Total utility plant
----------------------------------------------------- -------------------- -------------------- ----------------
Restricted cash
Regulatory assets - net
Other deferred charges
----------------------------------------------------- -------------------- -------------------- ----------------
Total deferred charges
----------------------------------------------------- -------------------- -------------------- ----------------
Assets of discontinued operations
----------------------------------------------------- -------------------- -------------------- ----------------
Total assets
===================================================== ==================== ==================== ================
768
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [8]
------------------------------------------------------ -------------------- -------------------- ---------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- -------------------- ---------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Total current liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Long-term debt
------------------------------------------------------ -------------------- -------------------- ---------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- -------------------- ---------------
Total Liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Minority Interest
------------------------------------------------------ -------------------- -------------------- ---------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- -------------------- ---------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- -------------------- ---------------
Total common shareholders' equity
------------------------------------------------------ -------------------- -------------------- ---------------
Total liabilities and shareholders' equity
====================================================== ==================== ==================== ===============
769
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating MEC Perth B.V.
Adjustments Consolidated
------------------------------------------------------ -------------------- -------------------- --------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- -------------------- --------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- -------------------- --------------
Total current liabilities
------------------------------------------------------ -------------------- -------------------- --------------
Long-term debt
------------------------------------------------------ -------------------- -------------------- --------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- -------------------- --------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- -------------------- --------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- -------------------- --------------
Total Liabilities
------------------------------------------------------ -------------------- -------------------- --------------
Minority Interest
------------------------------------------------------ -------------------- -------------------- --------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- -------------------- --------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- -------------------- --------------
Total common shareholders' equity
------------------------------------------------------ -------------------- -------------------- --------------
Total liabilities and shareholders' equity
====================================================== ==================== ==================== ==============
770
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [8]
----------------------------------------------------- -------------------- --------------------- --------------
Electric utility
Nonutility power generation $46 ($3)
Financial services and other
----------------------------------------------------- -------------------- --------------------- --------------
Total operating revenue 46 (3)
----------------------------------------------------- -------------------- --------------------- --------------
Fuel 23
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3 2 $1
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 5
Property and other taxes
----------------------------------------------------- -------------------- --------------------- --------------
Total operating expenses 31 2 1
----------------------------------------------------- -------------------- --------------------- --------------
Operating income (loss) 15 (5) (1)
Interest and dividend income 2
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
----------------------------------------------------- -------------------- --------------------- --------------
Income (loss) from continuing operations before tax 15 (11) 1
Income tax (benefit) 1
----------------------------------------------------- -------------------- --------------------- --------------
Income (loss) from continuing operations 15 (11)
Income from discontinued operations - net of tax
----------------------------------------------------- -------------------- --------------------- --------------
Income (loss) before accounting change 15 (11)
Cumulative effect of accounting change - net of tax
----------------------------------------------------- -------------------- --------------------- --------------
Net income (loss) 15 (11)
----------------------------------------------------- -------------------- --------------------- --------------
Retained earnings - beginning of year 44 (57) 29
Dividends declared on common stock ($59) $68 ($29)
Dividends declared on preferred stock
Stock option appreciation
----------------------------------------------------- -------------------- --------------------- --------------
Retained earnings - end of year
===================================================== ==================== ===================== ==============
771
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating MEC Perth B.V.
Adjustments Consolidated
------------------------------------------------------ -------------------- --------------------- --------------
Electric utility
Nonutility power generation $43
Financial services and other
------------------------------------------------------ -------------------- --------------------- --------------
Total operating revenue 43
------------------------------------------------------ -------------------- --------------------- --------------
Fuel 23
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 6
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 5
Property and other taxes
------------------------------------------------------ -------------------- --------------------- --------------
Total operating expenses 34
------------------------------------------------------ -------------------- --------------------- --------------
Operating income (loss) 9
Interest and dividend income 2
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------ -------------------- --------------------- --------------
Income (loss) from continuing operations before tax 5
Income tax (benefit) 1
------------------------------------------------------ -------------------- --------------------- --------------
Income (loss) from continuing operations 4
Income from discontinued operations - net of tax
------------------------------------------------------ -------------------- --------------------- --------------
Income (loss) before accounting change 4
Cumulative effect of accounting change - net of tax
------------------------------------------------------ -------------------- --------------------- --------------
Net income (loss) 4
------------------------------------------------------ -------------------- --------------------- --------------
Retained earnings - beginning of year $13 29
Dividends declared on common stock ($13) ($33)
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------ -------------------- --------------------- --------------
Retained earnings - end of year
====================================================== ==================== ===================== ==============
772
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
---------------------------------------------------- -------------------- --------------- --------------------
ASSETS
---------------------------------------------------- -------------------- --------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
---------------------------------------------------- -------------------- --------------- --------------------
Total current assets
---------------------------------------------------- -------------------- --------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
---------------------------------------------------- -------------------- --------------- --------------------
Total investment and other assets
---------------------------------------------------- -------------------- --------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------- -------------------- --------------- --------------------
Total utility plant
---------------------------------------------------- -------------------- --------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
---------------------------------------------------- -------------------- --------------- --------------------
Total deferred charges
---------------------------------------------------- -------------------- --------------- --------------------
Assets of discontinued operations
---------------------------------------------------- -------------------- --------------- --------------------
Total assets
==================================================== ==================== =============== ====================
773
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Wales B.V.
Consolidated
---------------------------------------------------- -------------------- -------------------- ---------------
ASSETS
---------------------------------------------------- -------------------- -------------------- ---------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
---------------------------------------------------- -------------------- -------------------- ---------------
Total current assets
---------------------------------------------------- -------------------- -------------------- ---------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
---------------------------------------------------- -------------------- -------------------- ---------------
Total investment and other assets
---------------------------------------------------- -------------------- -------------------- ---------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------- -------------------- -------------------- ---------------
Total utility plant
---------------------------------------------------- -------------------- -------------------- ---------------
Restricted cash
Regulatory assets - net
Other deferred charges
---------------------------------------------------- -------------------- -------------------- ---------------
Total deferred charges
---------------------------------------------------- -------------------- -------------------- ---------------
Assets of discontinued operations
---------------------------------------------------- -------------------- -------------------- ---------------
Total assets
==================================================== ==================== ==================== ===============
774
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
------------------------------------------------------ -------------------- -------------------- --------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- -------------------- --------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- -------------------- --------------
Total current liabilities
------------------------------------------------------ -------------------- -------------------- --------------
Long-term debt
------------------------------------------------------ -------------------- -------------------- --------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- -------------------- --------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- -------------------- --------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- -------------------- --------------
Total Liabilities
------------------------------------------------------ -------------------- -------------------- --------------
Minority Interest
------------------------------------------------------ -------------------- -------------------- --------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- -------------------- --------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- -------------------- --------------
Total common shareholders' equity
------------------------------------------------------ -------------------- -------------------- --------------
Total liabilities and shareholders' equity
====================================================== ==================== ==================== ==============
775
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Wales B.V.
Consolidated
------------------------------------------------------ -------------------- ---------------- ----------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- ---------------- ----------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- ---------------- ----------------
Total current liabilities
------------------------------------------------------ -------------------- ---------------- ----------------
Long-term debt
------------------------------------------------------ -------------------- ---------------- ----------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- ---------------- ----------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- ---------------- ----------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- ---------------- ----------------
Total Liabilities
------------------------------------------------------ -------------------- ---------------- ----------------
Minority Interest
------------------------------------------------------ -------------------- ---------------- ----------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- ---------------- ----------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- ---------------- ----------------
Total common shareholders' equity
------------------------------------------------------ -------------------- ---------------- ----------------
Total liabilities and shareholders' equity
====================================================== ==================== ================ ================
776
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
-------------------------------------------------------- -------------------- ---------------- ----------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------- -------------------- ---------------- ----------------
Total operating revenue 480
-------------------------------------------------------- -------------------- ---------------- ----------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 25
Property and other taxes 17
-------------------------------------------------------- -------------------- ---------------- ----------------
Total operating expenses 359
-------------------------------------------------------- -------------------- ---------------- ----------------
Operating income (loss) 121
Interest and dividend income 156 $5
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1 $640
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest (12)
Dividends on preferred securities
subject to mandatory redemption 13 (13)
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------- -------------------- ---------------- ----------------
Income (loss) from continuing operations before tax 59 5 615
Income tax (benefit) 4
-------------------------------------------------------- -------------------- ---------------- ----------------
Income (loss) from continuing operations 55 5 615
Income from discontinued operations - net of tax
-------------------------------------------------------- -------------------- ---------------- ----------------
Income (loss) before accounting change 55 5 615
Cumulative effect of accounting change - net of tax
-------------------------------------------------------- -------------------- ---------------- ----------------
Net income (loss) 55 5 615
-------------------------------------------------------- -------------------- ---------------- ----------------
Retained earnings - beginning of year 200 119 196
Dividends declared on common stock ($255) ($124) ($811)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------- -------------------- ---------------- ----------------
Retained earnings - end of year
======================================================== ==================== ================ ================
777
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
MEC Wales B.V.
Consolidated
------------------------------------------------------- -------------------- ----------------- ----------------
Electric utility
Nonutility power generation $480
Financial services and other
------------------------------------------------------- -------------------- ----------------- ----------------
Total operating revenue 480
------------------------------------------------------- -------------------- ----------------- ----------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 25
Property and other taxes 17
------------------------------------------------------- -------------------- ----------------- ----------------
Total operating expenses 359
------------------------------------------------------- -------------------- ----------------- ----------------
Operating income (loss) 121
Interest and dividend income 161
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 641
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest (12)
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) from continuing operations before tax 679
Income tax (benefit) 4
------------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) from continuing operations 675
Income from discontinued operations - net of tax
------------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) before accounting change 675
Cumulative effect of accounting change - net of tax
------------------------------------------------------- -------------------- --------------------- ------------
Net income (loss) 675
------------------------------------------------------- -------------------- --------------------- ------------
Retained earnings - beginning of year 515
Dividends declared on common stock ($1,190)
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------- -------------------- --------------------- ------------
Retained earnings - end of year
======================================================= ==================== ===================== ============
778
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------ -------------------- -------------------- ---------------
ASSETS
------------------------------------------------------ -------------------- -------------------- ---------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------ -------------------- -------------------- ---------------
Total current assets
------------------------------------------------------ -------------------- -------------------- ---------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
----------------------------------------------------- -------------------- -------------------- ---------------
------------------------------------------------------ -------------------- -------------------- ---------------
Total investment and other assets
------------------------------------------------------ -------------------- -------------------- ---------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------ -------------------- -------------------- ---------------
Total utility plant
------------------------------------------------------ -------------------- -------------------- ---------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------ -------------------- -------------------- ---------------
Total deferred charges
------------------------------------------------------ -------------------- -------------------- ---------------
Assets of discontinued operations
------------------------------------------------------ -------------------- -------------------- ---------------
Total assets
====================================================== ==================== ==================== ===============
779
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Hydro
Limited
Partnership
Consolidated
---------------------------------------------------- -------------------- ---------------- ---------------
ASSETS
---------------------------------------------------- -------------------- ---------------- ---------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
---------------------------------------------------- -------------------- ---------------- ---------------
Total current assets
---------------------------------------------------- -------------------- ---------------- ---------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
---------------------------------------------------- -------------------- ---------------- ---------------
Total investment and other assets
---------------------------------------------------- -------------------- ---------------- ---------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------- -------------------- ---------------- ---------------
Total utility plant
---------------------------------------------------- -------------------- ---------------- ---------------
Restricted cash
Regulatory assets - net
Other deferred charges
---------------------------------------------------- -------------------- ---------------- ---------------
Total deferred charges
---------------------------------------------------- -------------------- ---------------- ---------------
Assets of discontinued operations
---------------------------------------------------- -------------------- ---------------- ---------------
Total assets
==================================================== ==================== ================ ===============
780
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------ -------------------- -------------------- ---------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- -------------------- ---------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Total current liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Long-term debt
------------------------------------------------------ -------------------- -------------------- ---------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- -------------------- ---------------
Total Liabilities
------------------------------------------------------ -------------------- -------------------- ---------------
Minority Interest
------------------------------------------------------ -------------------- -------------------- ---------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- -------------------- ---------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- -------------------- ---------------
Total common shareholders' equity
------------------------------------------------------ -------------------- -------------------- ---------------
Total liabilities and shareholders' equity
====================================================== ==================== ==================== ===============
781
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------ -------------------- ---------------- ----------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- ---------------- ----------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- ---------------- ----------------
Total current liabilities
------------------------------------------------------ -------------------- ---------------- ----------------
Long-term debt
------------------------------------------------------ -------------------- ---------------- ----------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- ---------------- ----------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- ---------------- ----------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- ---------------- ----------------
Total Liabilities
------------------------------------------------------ -------------------- ---------------- ----------------
Minority Interest
------------------------------------------------------ -------------------- ---------------- ----------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- ---------------- ----------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- ---------------- ----------------
Total common shareholders' equity
------------------------------------------------------ -------------------- ---------------- ----------------
Total liabilities and shareholders' equity
====================================================== ==================== ================ ================
782
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
----------------------------------------------------- -------------------- --------------------- ---------------
Electric utility
Nonutility power generation $480
Financial services and other
----------------------------------------------------- -------------------- --------------------- ---------------
Total operating revenue 480
----------------------------------------------------- -------------------- --------------------- ---------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 25
Property and other taxes 17
----------------------------------------------------- -------------------- --------------------- ---------------
Total operating expenses 359
----------------------------------------------------- -------------------- --------------------- ---------------
Operating income (loss) 121
Interest and dividend income 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 13 $2 ($2)
Dividends on utility preferred stock
not subject to mandatory redemption
----------------------------------------------------- -------------------- --------------------- ---------------
Income (loss) from continuing operations before tax 59 2 (2)
Income tax (benefit) 4
----------------------------------------------------- -------------------- --------------------- ---------------
Income (loss) from continuing operations 55 2 (2)
Income from discontinued operations - net of tax
----------------------------------------------------- -------------------- --------------------- ---------------
Income (loss) before accounting change 55 2 (2)
Cumulative effect of accounting change - net of tax
----------------------------------------------------- -------------------- --------------------- ---------------
Net income (loss) 55 2 (2)
----------------------------------------------------- -------------------- --------------------- ---------------
Retained earnings - beginning of year 202 ($2)
Dividends declared on common stock ($257) $2
Dividends declared on preferred stock
Stock option appreciation
----------------------------------------------------- -------------------- --------------------- ---------------
Retained earnings - end of year
===================================================== ==================== ===================== ===============
783
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------- -------------------- ----------------- ----------------
Electric utility
Nonutility power generation $480
Financial services and other
------------------------------------------------------- -------------------- ----------------- ----------------
Total operating revenue 480
------------------------------------------------------- -------------------- ----------------- ----------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 25
Property and other taxes 17
------------------------------------------------------- -------------------- ----------------- ----------------
Total operating expenses 359
------------------------------------------------------- -------------------- ----------------- ----------------
Operating income (loss) 121
Interest and dividend income 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 13
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) from continuing operations before tax 59
Income tax (benefit) 4
------------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) from continuing operations 55
Income from discontinued operations - net of tax
------------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) before accounting change 55
Cumulative effect of accounting change - net of tax
------------------------------------------------------- -------------------- ----------------- ----------------
Net income (loss) 55
------------------------------------------------------- -------------------- ----------------- ----------------
Retained earnings - beginning of year 200
Dividends declared on common stock ($255)
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------- -------------------- ----------------- ----------------
Retained earnings - end of year
======================================================= ==================== ================= ================
784
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------ -------------------- -------------------- --------------------
ASSETS
------------------------------------------------ -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------ -------------------- -------------------- --------------------
Total current assets
------------------------------------------------ -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------ -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------ -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------ -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------ -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------ -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------ -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------ -------------------- -------------------- --------------------
Total assets
================================================ ==================== ==================== ====================
785
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[10] Consolidated Consolidated
------------------------------------------------------ -------------------- -------------------- ----------------
ASSETS
------------------------------------------------------ -------------------- -------------------- ----------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------ -------------------- -------------------- ----------------
Total current assets
------------------------------------------------------ -------------------- -------------------- ----------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------ -------------------- -------------------- ----------------
Total investment and other assets
------------------------------------------------------ -------------------- -------------------- ----------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------ -------------------- -------------------- ----------------
Total utility plant
------------------------------------------------------ -------------------- -------------------- ----------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------ -------------------- -------------------- ----------------
Total deferred charges
------------------------------------------------------ -------------------- -------------------- ----------------
Assets of discontinued operations
------------------------------------------------------ -------------------- -------------------- ----------------
Total assets
====================================================== ==================== ==================== ================
786787
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
----------------------------------------------------- ----------------- -------------------- -----------------
ASSETS
----------------------------------------------------- ----------------- -------------------- -----------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
----------------------------------------------------- ----------------- -------------------- -----------------
Total current assets
----------------------------------------------------- ----------------- -------------------- -----------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
----------------------------------------------------- ----------------- -------------------- -----------------
Total investment and other assets
----------------------------------------------------- ----------------- -------------------- -----------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------- ----------------- -------------------- -----------------
Total utility plant
----------------------------------------------------- ----------------- -------------------- -----------------
Restricted cash
Regulatory assets - net
Other deferred charges
----------------------------------------------------- ----------------- -------------------- -----------------
Total deferred charges
----------------------------------------------------- ----------------- -------------------- -----------------
Assets of discontinued operations
----------------------------------------------------- ----------------- -------------------- -----------------
Total assets
===================================================== ================= ==================== =================
Page
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
----------------------------------------------------- -------------------- -------------------- ---------------
LIABILITIES AND SHAREHOLDERS' EQUITY
----------------------------------------------------- -------------------- -------------------- ---------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
----------------------------------------------------- -------------------- -------------------- ---------------
Total current liabilities
----------------------------------------------------- -------------------- -------------------- ---------------
Long-term debt
----------------------------------------------------- -------------------- -------------------- ---------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
----------------------------------------------------- -------------------- -------------------- ---------------
Total deferred credits and other liabilities
----------------------------------------------------- -------------------- -------------------- ---------------
Liabilities of discontinued operations
----------------------------------------------------- -------------------- -------------------- ---------------
Total Liabilities
----------------------------------------------------- -------------------- -------------------- ---------------
Minority Interest
----------------------------------------------------- -------------------- -------------------- ---------------
Preferred stock not subject to mandatory redemption
----------------------------------------------------- -------------------- -------------------- ---------------
Common stock
Accumulated other comprehensive loss
Retained earnings
----------------------------------------------------- -------------------- -------------------- ---------------
Total common shareholders' equity
----------------------------------------------------- -------------------- -------------------- ---------------
Total liabilities and shareholders' equity
===================================================== ==================== ==================== ===============
788
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[10] Consolidated Consolidated
----------------------------------------------------- -------------------- -------------------- ----------------
LIABILITIES AND SHAREHOLDERS' EQUITY
----------------------------------------------------- -------------------- -------------------- ----------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
----------------------------------------------------- -------------------- -------------------- ----------------
Total current liabilities
----------------------------------------------------- -------------------- -------------------- ----------------
Long-term debt
----------------------------------------------------- -------------------- -------------------- ----------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
----------------------------------------------------- -------------------- -------------------- ----------------
Total deferred credits and other liabilities
----------------------------------------------------- -------------------- -------------------- ----------------
Liabilities of discontinued operations
----------------------------------------------------- -------------------- -------------------- ----------------
Total Liabilities
----------------------------------------------------- -------------------- -------------------- ----------------
Minority Interest
----------------------------------------------------- -------------------- -------------------- ----------------
Preferred stock not subject to mandatory redemption
----------------------------------------------------- -------------------- -------------------- ----------------
Common stock
Accumulated other comprehensive loss
Retained earnings
----------------------------------------------------- -------------------- -------------------- ----------------
Total common shareholders' equity
----------------------------------------------------- -------------------- -------------------- ----------------
Total liabilities and shareholders' equity
===================================================== ==================== ==================== ================
789
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------ -------------------- ---------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- ---------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- ---------------- --------------------
Total current liabilities
------------------------------------------------------ -------------------- ---------------- --------------------
Long-term debt
------------------------------------------------------ -------------------- ---------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- ---------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- ---------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- ---------------- --------------------
Total Liabilities
------------------------------------------------------ -------------------- ---------------- --------------------
Minority Interest
------------------------------------------------------ -------------------- ---------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- ---------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- ---------------- --------------------
Total common shareholders' equity
------------------------------------------------------ -------------------- ---------------- --------------------
Total liabilities and shareholders' equity
====================================================== ==================== ================ ====================
790
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------------ -------------------- --------------------- ----------------
Electric utility
Nonutility power generation $82
Financial services and other
------------------------------------------------------ -------------------- --------------------- ----------------
Total operating revenue 82
------------------------------------------------------ -------------------- --------------------- ----------------
Fuel 13
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 19
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 13
Property and other taxes
------------------------------------------------------ -------------------- --------------------- ----------------
Total operating expenses 45
------------------------------------------------------ -------------------- --------------------- ----------------
Operating income (loss) 37
Interest and dividend income 39 $56
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (57) (56)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------ -------------------- --------------------- ----------------
Income (loss) from continuing operations before tax 18
Income tax (benefit) 6
------------------------------------------------------ -------------------- --------------------- ----------------
Income (loss) from continuing operations 12
Income from discontinued operations - net of tax
------------------------------------------------------ -------------------- --------------------- ----------------
Income (loss) before accounting change 12
Cumulative effect of accounting change - net of tax
------------------------------------------------------ -------------------- --------------------- ----------------
Net income (loss) 12
------------------------------------------------------ -------------------- --------------------- ----------------
Retained earnings - beginning of year ($2) (356)
Dividends declared on common stock $2 ($12) $356
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------ -------------------- --------------------- ----------------
Retained earnings - end of year
====================================================== ==================== ===================== ================
791
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[10] Consolidated Consolidated
------------------------------------------------------- ------------------ --------------------- ----------------
Electric utility
Nonutility power generation $398
Financial services and other
------------------------------------------------------- ------------------ --------------------- ----------------
Total operating revenue 398
------------------------------------------------------- ------------------ --------------------- ----------------
Fuel 214
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes 16
------------------------------------------------------- ------------------ --------------------- ----------------
Total operating expenses 300
------------------------------------------------------- ------------------ --------------------- ----------------
Operating income (loss) 98
Interest and dividend income 3
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------- ------------------ --------------------- ----------------
Income (loss) from continuing operations before tax 38
Income tax (benefit) (1)
------------------------------------------------------- ------------------ --------------------- ----------------
Income (loss) from continuing operations 39
Income from discontinued operations - net of tax
------------------------------------------------------- ------------------ --------------------- ----------------
Income (loss) before accounting change 39
Cumulative effect of accounting change - net of tax
------------------------------------------------------- ------------------ --------------------- ----------------
Net income (loss) 39
------------------------------------------------------- ------------------ --------------------- ----------------
Retained earnings - beginning of year ($356) 74
Dividends declared on common stock $356 ($113)
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------- ------------------ --------------------- ----------------
Retained earnings - end of year
======================================================= ================== ===================== ================
792
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------ -------------------- --------------------- ----------------
Electric utility
Nonutility power generation $480
Financial services and other
------------------------------------------------------ -------------------- --------------------- ----------------
Total operating revenue 480
------------------------------------------------------ -------------------- --------------------- ----------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $12 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 1 25
Property and other taxes 1 17
------------------------------------------------------ -------------------- --------------------- ----------------
Total operating expenses 14 359
------------------------------------------------------ -------------------- --------------------- ----------------
Operating income (loss) (14) 121
Interest and dividend income $1 57 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 2 1
Interest expense - net of amounts capitalized (56) (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 13 13
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------ -------------------- --------------------- ----------------
Income (loss) from continuing operations before tax 16 (13) 59
Income tax (benefit) (1) 4
------------------------------------------------------ -------------------- --------------------- ----------------
Income (loss) from continuing operations 16 (12) 55
Income from discontinued operations - net of tax
------------------------------------------------------ -------------------- --------------------- ----------------
Income (loss) before accounting change 16 (12) 55
Cumulative effect of accounting change - net of tax
------------------------------------------------------ -------------------- --------------------- ----------------
Net income (loss) 16 (12) 55
------------------------------------------------------ -------------------- --------------------- ----------------
Retained earnings - beginning of year 15 827 202
Dividends declared on common stock ($31) ($815) ($257)
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------ -------------------- --------------------- ----------------
Retained earnings - end of year
====================================================== ==================== ===================== ================
793
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [11] Development
Australia Pty Ltd
------------------------------------------------ -------------------- ---------------- ---------------------
ASSETS
------------------------------------------------ -------------------- ---------------- ---------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------ -------------------- ---------------- ---------------------
Total current assets
------------------------------------------------ -------------------- ---------------- ---------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------ -------------------- ---------------- ---------------------
Total investment and other assets
------------------------------------------------ -------------------- ---------------- ---------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------ -------------------- ---------------- ---------------------
Total utility plant
------------------------------------------------ -------------------- ---------------- ---------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------ -------------------- ---------------- ---------------------
Total deferred charges
------------------------------------------------ -------------------- ---------------- ---------------------
Assets of discontinued operations
------------------------------------------------ -------------------- ---------------- ---------------------
Total assets
================================================ ==================== ================ =====================
794
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
---------------------------------------------------- -------------------- ---------------- --------------------
ASSETS
---------------------------------------------------- -------------------- ---------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
---------------------------------------------------- -------------------- ---------------- --------------------
Total current assets
---------------------------------------------------- -------------------- ---------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
---------------------------------------------------- -------------------- ---------------- --------------------
Total investment and other assets
---------------------------------------------------- -------------------- ---------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------- -------------------- ---------------- --------------------
Total utility plant
---------------------------------------------------- -------------------- ---------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
---------------------------------------------------- -------------------- ---------------- --------------------
Total deferred charges
---------------------------------------------------- -------------------- ---------------- --------------------
Assets of discontinued operations
---------------------------------------------------- -------------------- ---------------- --------------------
Total assets
==================================================== ==================== ================ ====================
795
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
-------------------------------------------------- -------------------- -------------------- ---------------
ASSETS
-------------------------------------------------- -------------------- -------------------- ---------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
-------------------------------------------------- -------------------- -------------------- ---------------
Total current assets
-------------------------------------------------- -------------------- -------------------- ---------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
-------------------------------------------------- -------------------- -------------------- ---------------
Total investment and other assets
-------------------------------------------------- -------------------- -------------------- ---------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
-------------------------------------------------- -------------------- -------------------- ---------------
Total utility plant
-------------------------------------------------- -------------------- -------------------- ---------------
Restricted cash
Regulatory assets - net
Other deferred charges
-------------------------------------------------- -------------------- -------------------- ---------------
Total deferred charges
-------------------------------------------------- -------------------- -------------------- ---------------
Assets of discontinued operations
-------------------------------------------------- -------------------- -------------------- ---------------
Total assets
================================================== ==================== ==================== ===============
796
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [11] Development
Australia Pty Ltd
------------------------------------------------------ ---------------- ----------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ ---------------- ----------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ ---------------- ----------------- --------------------
Total current liabilities
------------------------------------------------------ ---------------- ----------------- --------------------
Long-term debt
------------------------------------------------------ ---------------- ----------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ ---------------- ----------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------ ---------------- ----------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------ ---------------- ----------------- --------------------
Total Liabilities
------------------------------------------------------ ---------------- ----------------- --------------------
Minority Interest
------------------------------------------------------ ---------------- ----------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ ---------------- ----------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ ---------------- ----------------- --------------------
Total common shareholders' equity
------------------------------------------------------ ---------------- ----------------- --------------------
Total liabilities and shareholders' equity
====================================================== ================ ================= ====================
797
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
------------------------------------------------------- ----------------- ----------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------- ----------------- ----------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------- ----------------- ----------------- --------------------
Total current liabilities
------------------------------------------------------- ----------------- ----------------- --------------------
Long-term debt
------------------------------------------------------- ----------------- ----------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------- ----------------- ----------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------- ----------------- ----------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------- ----------------- ----------------- --------------------
Total Liabilities
------------------------------------------------------- ----------------- ----------------- --------------------
Minority Interest
------------------------------------------------------- ----------------- ----------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------- ----------------- ----------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------- ----------------- ----------------- --------------------
Total common shareholders' equity
------------------------------------------------------- ----------------- ----------------- --------------------
Total liabilities and shareholders' equity
======================================================= ================= ================= ====================
798
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
-------------------------------------------------------- ---------------- -------------------- ----------------
LIABILITIES AND SHAREHOLDERS' EQUITY
-------------------------------------------------------- ---------------- -------------------- ----------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
-------------------------------------------------------- ---------------- -------------------- ----------------
Total current liabilities
-------------------------------------------------------- ---------------- -------------------- ----------------
Long-term debt
-------------------------------------------------------- ---------------- -------------------- ----------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
-------------------------------------------------------- ---------------- -------------------- ----------------
Total deferred credits and other liabilities
-------------------------------------------------------- ---------------- -------------------- ----------------
Liabilities of discontinued operations
-------------------------------------------------------- ---------------- -------------------- ----------------
Total Liabilities
-------------------------------------------------------- ---------------- -------------------- ----------------
Minority Interest
-------------------------------------------------------- ---------------- -------------------- ----------------
Preferred stock not subject to mandatory redemption
-------------------------------------------------------- ---------------- -------------------- ----------------
Common stock
Accumulated other comprehensive loss
Retained earnings
-------------------------------------------------------- ---------------- -------------------- ----------------
Total common shareholders' equity
-------------------------------------------------------- ---------------- -------------------- ----------------
Total liabilities and shareholders' equity
======================================================== ================ ==================== ================
799
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd [11] Mission Energy
Partnership Development
Australia Pty Ltd
----------------------------------------------------- ----------------- --------------------- ------------------
Electric utility
Nonutility power generation
Financial services and other
----------------------------------------------------- ----------------- --------------------- ------------------
Total operating revenue
----------------------------------------------------- ----------------- --------------------- ------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
----------------------------------------------------- ----------------- --------------------- ------------------
Total operating expenses
----------------------------------------------------- ----------------- --------------------- ------------------
Operating income (loss)
Interest and dividend income $56 $1
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($56)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
----------------------------------------------------- ----------------- --------------------- ------------------
Income (loss) from continuing operations before tax (56) 56 1
Income tax (benefit)
----------------------------------------------------- ----------------- --------------------- ------------------
Income (loss) from continuing operations (56) 56 1
Income from discontinued operations - net of tax
----------------------------------------------------- ----------------- --------------------- ------------------
Income (loss) before accounting change (56) 56 1
Cumulative effect of accounting change - net of tax
----------------------------------------------------- ----------------- --------------------- ------------------
Net income (loss) (56) 56 1
----------------------------------------------------- ----------------- --------------------- ------------------
Retained earnings - beginning of year (356) (356)
Dividends declared on common stock $412 $300 ($1)
Dividends declared on preferred stock
Stock option appreciation
----------------------------------------------------- ----------------- --------------------- ------------------
Retained earnings - end of year
===================================================== ================= ===================== ==================
800
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
------------------------------------------------------- -------------------- ---------------- ------------------
Electric utility
Nonutility power generation $82
Financial services and other
------------------------------------------------------- -------------------- ---------------- ------------------
Total operating revenue 82
------------------------------------------------------- -------------------- ---------------- ------------------
Fuel 13
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 19
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 14
Property and other taxes
------------------------------------------------------- -------------------- ---------------- ------------------
Total operating expenses 46
------------------------------------------------------- -------------------- ---------------- ------------------
Operating income (loss) 36
Interest and dividend income (18)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (1)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------- -------------------- ---------------- ------------------
Income (loss) from continuing operations before tax 16
Income tax (benefit) 5
------------------------------------------------------- -------------------- ---------------- ------------------
Income (loss) from continuing operations 11
Income from discontinued operations - net of tax
------------------------------------------------------- -------------------- ---------------- ------------------
Income (loss) before accounting change 11
Cumulative effect of accounting change - net of tax
------------------------------------------------------- -------------------- ---------------- ------------------
Net income (loss) 11
------------------------------------------------------- -------------------- ---------------- ------------------
Retained earnings - beginning of year 109 ($20)
Dividends declared on common stock ($120) $20
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------- -------------------- ---------------- ------------------
Retained earnings - end of year
======================================================= ==================== ================ ==================
801
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
------------------------------------------------------ ----------------- --------------------- ---------------
Electric utility
Nonutility power generation $82
Financial services and other
------------------------------------------------------ ----------------- --------------------- ---------------
Total operating revenue 82
------------------------------------------------------ ----------------- --------------------- ---------------
Fuel 13
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 19
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 14
Property and other taxes
------------------------------------------------------ ----------------- --------------------- ---------------
Total operating expenses 46
------------------------------------------------------ ----------------- --------------------- ---------------
Operating income (loss) 36
Interest and dividend income 39
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (57)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
------------------------------------------------------ ----------------- --------------------- ---------------
Income (loss) from continuing operations before tax 17
Income tax (benefit) 5
------------------------------------------------------ ----------------- --------------------- ---------------
Income (loss) from continuing operations 12
Income from discontinued operations - net of tax
------------------------------------------------------ ----------------- --------------------- ---------------
Income (loss) before accounting change 12
Cumulative effect of accounting change - net of tax
------------------------------------------------------ ----------------- --------------------- ---------------
Net income (loss) 12
------------------------------------------------------ ----------------- --------------------- ---------------
Retained earnings - beginning of year $623
Dividends declared on common stock ($623) ($12)
Dividends declared on preferred stock
Stock option appreciation
------------------------------------------------------ ----------------- --------------------- ---------------
Retained earnings - end of year
====================================================== ================= ===================== ===============
802
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro First Hydro First Hydro
Holdings Company Company [11] Finance plc [11]
---------------------------------------------------- ------------------ ---------------- --------------------
ASSETS
---------------------------------------------------- ------------------ ---------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
---------------------------------------------------- ------------------ ---------------- --------------------
Total current assets
---------------------------------------------------- ------------------ ---------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
---------------------------------------------------- ------------------ ---------------- --------------------
Total investment and other assets
---------------------------------------------------- ------------------ ---------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------- ------------------ ---------------- --------------------
Total utility plant
---------------------------------------------------- ------------------ ---------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
---------------------------------------------------- ------------------ ---------------- --------------------
Total deferred charges
---------------------------------------------------- ------------------ ---------------- --------------------
Assets of discontinued operations
---------------------------------------------------- ------------------ ---------------- --------------------
Total assets
==================================================== ================== ================ ====================
803
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro FFH No. 1 Limited Consolidating
Company [12] Adjustments
----------------------------------------------------- -------------------- -------------------- -------------
ASSETS
----------------------------------------------------- -------------------- -------------------- -------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
----------------------------------------------------- -------------------- -------------------- -------------
Total current assets
----------------------------------------------------- -------------------- -------------------- -------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
----------------------------------------------------- -------------------- -------------------- -------------
Total investment and other assets
----------------------------------------------------- -------------------- -------------------- -------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------- -------------------- -------------------- -------------
Total utility plant
----------------------------------------------------- -------------------- -------------------- -------------
Restricted cash
Regulatory assets - net
Other deferred charges
----------------------------------------------------- -------------------- -------------------- -------------
Total deferred charges
----------------------------------------------------- -------------------- -------------------- -------------
Assets of discontinued operations
----------------------------------------------------- -------------------- -------------------- -------------
Total assets
===================================================== ==================== ==================== =============
804
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FFH No. 1 Limited
Consolidated
----------------------------------------------------- -------------------- ---------------- ---------------
ASSETS
----------------------------------------------------- -------------------- ---------------- ---------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
----------------------------------------------------- -------------------- ---------------- ---------------
Total current assets
----------------------------------------------------- -------------------- ---------------- ---------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
----------------------------------------------------- -------------------- ---------------- ---------------
Total investment and other assets
----------------------------------------------------- -------------------- ---------------- ---------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------------- -------------------- ---------------- ---------------
Total utility plant
----------------------------------------------------- -------------------- ---------------- ---------------
Restricted cash
Regulatory assets - net
Other deferred charges
----------------------------------------------------- -------------------- ---------------- ---------------
Total deferred charges
----------------------------------------------------- -------------------- ---------------- ---------------
Assets of discontinued operations
----------------------------------------------------- -------------------- ---------------- ---------------
Total assets
===================================================== ==================== ================ ===============
805
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro First Hydro First Hydro
Holdings Company Company [11] Finance plc [11]
------------------------------------------------------ -------------------- -------------------- ----------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- -------------------- ----------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- -------------------- ----------------
Total current liabilities
------------------------------------------------------ -------------------- -------------------- ----------------
Long-term debt
------------------------------------------------------ -------------------- -------------------- ----------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- -------------------- ----------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- -------------------- ----------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- -------------------- ----------------
Total Liabilities
------------------------------------------------------ -------------------- -------------------- ----------------
Minority Interest
------------------------------------------------------ -------------------- -------------------- ----------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- -------------------- ----------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- -------------------- ----------------
Total common shareholders' equity
------------------------------------------------------ -------------------- -------------------- ----------------
Total liabilities and shareholders' equity
====================================================== ==================== ==================== ================
806
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro FFH No. 1 Limited Consolidating
Company [12] Adjustments
----------------------------------------------------- -------------------- -------------------- -------------
LIABILITIES AND SHAREHOLDERS' EQUITY
----------------------------------------------------- -------------------- -------------------- -------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
----------------------------------------------------- -------------------- -------------------- -------------
Total current liabilities
----------------------------------------------------- -------------------- -------------------- -------------
Long-term debt
----------------------------------------------------- -------------------- -------------------- -------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
----------------------------------------------------- -------------------- -------------------- -------------
Total deferred credits and other liabilities
----------------------------------------------------- -------------------- -------------------- -------------
Liabilities of discontinued operations
----------------------------------------------------- -------------------- -------------------- -------------
Total Liabilities
----------------------------------------------------- -------------------- -------------------- -------------
Minority Interest
----------------------------------------------------- -------------------- -------------------- -------------
Preferred stock not subject to mandatory redemption
----------------------------------------------------- -------------------- -------------------- -------------
Common stock
Accumulated other comprehensive loss
Retained earnings
----------------------------------------------------- -------------------- -------------------- -------------
Total common shareholders' equity
----------------------------------------------------- -------------------- -------------------- -------------
Total liabilities and shareholders' equity
===================================================== ==================== ==================== =============
807
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FFH No. 1 Limited
Consolidated
------------------------------------------------------ -------------------- ---------------- ---------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------ -------------------- ---------------- ---------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------ -------------------- ---------------- ---------------
Total current liabilities
------------------------------------------------------ -------------------- ---------------- ---------------
Long-term debt
------------------------------------------------------ -------------------- ---------------- ---------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------ -------------------- ---------------- ---------------
Total deferred credits and other liabilities
------------------------------------------------------ -------------------- ---------------- ---------------
Liabilities of discontinued operations
------------------------------------------------------ -------------------- ---------------- ---------------
Total Liabilities
------------------------------------------------------ -------------------- ---------------- ---------------
Minority Interest
------------------------------------------------------ -------------------- ---------------- ---------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------ -------------------- ---------------- ---------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------ -------------------- ---------------- ---------------
Total common shareholders' equity
------------------------------------------------------ -------------------- ---------------- ---------------
Total liabilities and shareholders' equity
====================================================== ==================== ================ ===============
808
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro First Hydro Company First Hydro
Holdings Company [11] Finance plc [11]
----------------------------------------------------- ----------------- --------------------- -----------------
Electric utility
Nonutility power generation $392
Financial services and other
----------------------------------------------------- ----------------- --------------------- -----------------
Total operating revenue 392
----------------------------------------------------- ----------------- --------------------- -----------------
Fuel 214
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 58
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 12
Property and other taxes 17
----------------------------------------------------- ----------------- --------------------- -----------------
Total operating expenses 301
----------------------------------------------------- ----------------- --------------------- -----------------
Operating income (loss) 91
Interest and dividend income ($63) 2 $64
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 79 (121) 1
Dividends on utility preferred stock
not subject to mandatory redemption
----------------------------------------------------- ----------------- --------------------- -----------------
Income (loss) from continuing operations before tax 16 (28) 2
Income tax (benefit)
----------------------------------------------------- ----------------- --------------------- -----------------
Income (loss) from continuing operations 16 (28) 2
Income from discontinued operations - net of tax
----------------------------------------------------- ----------------- --------------------- -----------------
Income (loss) before accounting change 16 (28) 2
Cumulative effect of accounting change - net of tax
----------------------------------------------------- ----------------- --------------------- -----------------
Net income (loss) 16 (28) 2
----------------------------------------------------- ----------------- --------------------- -----------------
Retained earnings - beginning of year 5 193 9
Dividends declared on common stock ($21) ($165) ($11)
Dividends declared on preferred stock
Stock option appreciation
----------------------------------------------------- ----------------- --------------------- -----------------
Retained earnings - end of year
===================================================== ================= ===================== =================
809
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro FFH No. 1 Limited Consolidating
Company [12] Adjustments
----------------------------------------------------- -------------------- ----------------- ----------------
Electric utility
Nonutility power generation $392 ($386)
Financial services and other
----------------------------------------------------- -------------------- ----------------- ----------------
Total operating revenue 392 (386)
----------------------------------------------------- -------------------- ----------------- ----------------
Fuel 214 (214)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 58 (57)
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 12 (13)
Property and other taxes 17 (18)
----------------------------------------------------- -------------------- ----------------- ----------------
Total operating expenses 301 (302)
----------------------------------------------------- -------------------- ----------------- ----------------
Operating income (loss) 91 (84)
Interest and dividend income 2 (2)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption (121) 162
Dividends on utility preferred stock
not subject to mandatory redemption
----------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) from continuing operations before tax (28) 76
Income tax (benefit) (1)
----------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) from continuing operations (28) 77
Income from discontinued operations - net of tax
----------------------------------------------------- -------------------- ----------------- ----------------
Income (loss) before accounting change (28) 77
Cumulative effect of accounting change - net of tax
----------------------------------------------------- -------------------- ----------------- ----------------
Net income (loss) (28) 77
----------------------------------------------------- -------------------- ----------------- ----------------
Retained earnings - beginning of year 193 (326)
Dividends declared on common stock ($165) $249
Dividends declared on preferred stock
Stock option appreciation
----------------------------------------------------- -------------------- ----------------- ----------------
Retained earnings - end of year
===================================================== ==================== ================= ================
810
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FFH No. 1 Limited
Consolidated
----------------------------------------------------- -------------------- ---------------- ---------------
Electric utility
Nonutility power generation $398
Financial services and other
----------------------------------------------------- -------------------- ---------------- ---------------
Total operating revenue 398
----------------------------------------------------- -------------------- ---------------- ---------------
Fuel 214
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes 16
----------------------------------------------------- -------------------- ---------------- ---------------
Total operating expenses 300
----------------------------------------------------- -------------------- ---------------- ---------------
Operating income (loss) 98
Interest and dividend income 3
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
----------------------------------------------------- -------------------- ---------------- ---------------
Income (loss) from continuing operations before tax 38
Income tax (benefit) (1)
----------------------------------------------------- -------------------- ---------------- ---------------
Income (loss) from continuing operations 39
Income from discontinued operations - net of tax
----------------------------------------------------- -------------------- ---------------- ---------------
Income (loss) before accounting change 39
Cumulative effect of accounting change - net of tax
----------------------------------------------------- -------------------- ---------------- ---------------
Net income (loss) 39
----------------------------------------------------- -------------------- ---------------- ---------------
Retained earnings - beginning of year 74
Dividends declared on common stock ($113)
Dividends declared on preferred stock
Stock option appreciation
----------------------------------------------------- -------------------- ---------------- ---------------
Retained earnings - end of year
===================================================== ==================== ================ ===============
811
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [11]
----------------------------------------------- -------------------- -------------------- ----------------
ASSETS
----------------------------------------------- -------------------- -------------------- ----------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
----------------------------------------------- -------------------- -------------------- ----------------
Total current assets
----------------------------------------------- -------------------- -------------------- ----------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
----------------------------------------------- -------------------- -------------------- ----------------
Total investment and other assets
----------------------------------------------- -------------------- -------------------- ----------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
----------------------------------------------- -------------------- -------------------- ----------------
Total utility plant
----------------------------------------------- -------------------- -------------------- ----------------
Restricted cash
Regulatory assets - net
Other deferred charges
----------------------------------------------- -------------------- -------------------- ----------------
Total deferred charges
----------------------------------------------- -------------------- -------------------- ----------------
Assets of discontinued operations
----------------------------------------------- -------------------- -------------------- ----------------
Total assets
=============================================== ==================== ==================== ================
812
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
---------------------------------------------- -------------------- -------------------- --------------------
ASSETS
---------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
---------------------------------------------- -------------------- -------------------- --------------------
Total current assets
---------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
---------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
---------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
---------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
---------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
---------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
---------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================== ==================== ==================== ====================
813
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd Loyvic Pty. Ltd.
Partnership [11]
------------------------------------------------------- -------------------- ---------------- ----------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------- -------------------- ---------------- ----------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------- -------------------- ---------------- ----------------
Total current liabilities
------------------------------------------------------- -------------------- ---------------- ----------------
Long-term debt
------------------------------------------------------- -------------------- ---------------- ----------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------- -------------------- ---------------- ----------------
Total deferred credits and other liabilities
------------------------------------------------------- -------------------- ---------------- ----------------
Liabilities of discontinued operations
------------------------------------------------------- -------------------- ---------------- ----------------
Total Liabilities
------------------------------------------------------- -------------------- ---------------- ----------------
Minority Interest
------------------------------------------------------- -------------------- ---------------- ----------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------- -------------------- ---------------- ----------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------- -------------------- ---------------- ----------------
Total common shareholders' equity
------------------------------------------------------- -------------------- ---------------- ----------------
Total liabilities and shareholders' equity
======================================================= ==================== ================ ================
814
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
----------------------------------------------------- -------------------- -------------------- --------------
LIABILITIES AND SHAREHOLDERS' EQUITY
----------------------------------------------------- -------------------- -------------------- --------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
----------------------------------------------------- -------------------- -------------------- --------------
Total current liabilities
----------------------------------------------------- -------------------- -------------------- --------------
Long-term debt
----------------------------------------------------- -------------------- -------------------- --------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
----------------------------------------------------- -------------------- -------------------- --------------
Total deferred credits and other liabilities
----------------------------------------------------- -------------------- -------------------- --------------
Liabilities of discontinued operations
----------------------------------------------------- -------------------- -------------------- --------------
Total Liabilities
----------------------------------------------------- -------------------- -------------------- --------------
Minority Interest
----------------------------------------------------- -------------------- -------------------- --------------
Preferred stock not subject to mandatory redemption
----------------------------------------------------- -------------------- -------------------- --------------
Common stock
Accumulated other comprehensive loss
Retained earnings
----------------------------------------------------- -------------------- -------------------- --------------
Total common shareholders' equity
----------------------------------------------------- -------------------- -------------------- --------------
Total liabilities and shareholders' equity
===================================================== ==================== ==================== ==============
815
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [11]
----------------------------------------------------- -------------------- --------------------- ----------------
Electric utility
Nonutility power generation
Financial services and other
----------------------------------------------------- -------------------- --------------------- ----------------
Total operating revenue
----------------------------------------------------- -------------------- --------------------- ----------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
----------------------------------------------------- -------------------- --------------------- ----------------
Total operating expenses
----------------------------------------------------- -------------------- --------------------- ----------------
Operating income (loss)
Interest and dividend income $56
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($56)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
----------------------------------------------------- -------------------- --------------------- ----------------
Income (loss) from continuing operations before tax (56) 56
Income tax (benefit)
----------------------------------------------------- -------------------- --------------------- ----------------
Income (loss) from continuing operations (56) 56
Income from discontinued operations - net of tax
----------------------------------------------------- -------------------- --------------------- ----------------
Income (loss) before accounting change (56) 56
Cumulative effect of accounting change - net of tax
----------------------------------------------------- -------------------- --------------------- ----------------
Net income (loss) (56) 56
----------------------------------------------------- -------------------- --------------------- ----------------
Retained earnings - beginning of year (356) 356
Dividends declared on common stock $412 ($412)
Dividends declared on preferred stock
Stock option appreciation
----------------------------------------------------- -------------------- --------------------- ----------------
Retained earnings - end of year
===================================================== ==================== ===================== ================
816
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
----------------------------------------------------- -------------------- ----------------- --------------
Electric utility
Nonutility power generation
Financial services and other
----------------------------------------------------- -------------------- ----------------- --------------
Total operating revenue
----------------------------------------------------- -------------------- ----------------- --------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
----------------------------------------------------- -------------------- ----------------- --------------
Total operating expenses
----------------------------------------------------- -------------------- ----------------- --------------
Operating income (loss)
Interest and dividend income ($56)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized $56
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
----------------------------------------------------- -------------------- ----------------- --------------
Income (loss) from continuing operations before tax
Income tax (benefit)
----------------------------------------------------- -------------------- ----------------- --------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
----------------------------------------------------- -------------------- ----------------- --------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
----------------------------------------------------- -------------------- ----------------- --------------
Net income (loss)
----------------------------------------------------- -------------------- ----------------- --------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
----------------------------------------------------- -------------------- ----------------- --------------
Retained earnings - end of year
===================================================== ==================== ================= ==============
817
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Mission Hydro (UK) Pride Hold Limited
Energy Limited Limited Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
818
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Consolidating Mission Energy
Company (UK) Adjustments Company (UK)
Limited Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
819
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Mission Hydro (UK) Pride Hold Limited
Energy Limited Limited Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
820
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Consolidating Mission Energy
Company (UK) Adjustments Company (UK)
Limited Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
821
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission Mission Hydro (UK) Pride Hold Limited
Energy Limited Limited Consolidated Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $14 82
Asset impairment and loss on lease termination 8
Depreciation, decommissioning and amortization 1 25
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 15 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (15) 121
Interest and dividend income 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 9
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 6
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (6) 51
Income tax (benefit) 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (6) 46
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (6) 46
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (6) 46
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $6 282 ($18)
Dividends declared on common stock ($328) $18
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
822
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Energy Consolidating Mission Energy
Company (UK) Adjustments Company (UK)
Limited Limited
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 96
Asset impairment and loss on lease termination 8
Depreciation, decommissioning and amortization 26
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 374
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 106
Interest and dividend income 156
Equity in income from partnerships and
unconsolidated subsidiaries - net $2 2
Other nonoperating income $33 25 67
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 7 13
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 40 27 112
Income tax (benefit) (1) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 40 28 108
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 40 28 108
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 40 28 108
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (23) 16 263
Dividends declared on common stock ($17) ($44) ($371)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
823
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FHH No. 2 Limited Mission Hydro Mission Hydro (UK)
Consolidated Limited Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
824
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Mission Hydro (UK)
Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
825
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FHH No. 2 Limited Mission Hydro Mission Hydro (UK)
Consolidated Limited Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
828
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Mission Hydro (UK)
Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
827
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FHH No. 2 Limited Mission Hydro Mission Hydro (UK)
Consolidated Limited Partnership Limited
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $398 $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 398 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11 25
Property and other taxes 16 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 300 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 98 121
Interest and dividend income 3 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1 ($1)
Interest expense - net of amounts capitalized (63) (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 13 (7)
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 38 59 (8)
Income tax (benefit) (1) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 39 55 (8)
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 39 55 (8)
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 39 55 (8)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 74 200 $8
Dividends declared on common stock ($113) ($255)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
828
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Mission Hydro (UK)
Adjustments Limited Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation ($398) $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue (398) 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel (214) 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (67) 82
Asset impairment and loss on lease termination 8 8
Depreciation, decommissioning and amortization (11) 25
Property and other taxes (16) 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses (300) 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (98) 121
Interest and dividend income (3) 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized 63 (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 6
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (38) 51
Income tax (benefit) 2 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (40) 46
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (40) 46
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (40) 46
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 282
Dividends declared on common stock $40 ($328)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
829
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro First Hydro First Hydro
Holdings Company Company [10] Finance plc [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
830
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro FFH No. 2 Limited Consolidating
Company [10] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
831
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FFH No. 2 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
832
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro First Hydro First Hydro
Holdings Company Company [10] Finance plc [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
833
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro FFH No. 2 Limited Consolidating
Company [10] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
834
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FFH No. 2 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
835
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro First Hydro Company First Hydro
Holdings Company [10] Finance plc [10]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $392
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 392
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 58
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 12
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 301
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 91
Interest and dividend income ($63) 2 $64
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 79 (121) 1
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 16 (28) 2
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 16 (28) 2
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 16 (28) 2
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 16 (28) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 5 193 9
Dividends declared on common stock ($21) ($165) ($11)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
836
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro FFH No. 2 Limited Consolidating
Company [10] Adjustments
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $392 ($386)
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 392 (386)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214 (214)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 58 (57)
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 12 (13)
Property and other taxes 17 (18)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 301 (302)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 91 (84)
Interest and dividend income 2 (2)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption (121) 162
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (28) 76
Income tax (benefit) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (28) 77
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (28) 77
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (28) 77
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 193 (326)
Dividends declared on common stock ($165) $249
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
837
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FFH No. 2 Limited
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $398
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 398
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes 16
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 300
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 98
Interest and dividend income 3
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 38
Income tax (benefit) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 39
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 39
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 39
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 74
Dividends declared on common stock ($113)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
838
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
839
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
840
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
841
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
842
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 25
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 121
Interest and dividend income 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 13
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 59
Income tax (benefit) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 55
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 55
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 55
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 202 ($2)
Dividends declared on common stock ($257) $2
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
843
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Hydro
Limited
Partnership
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 25
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 121
Interest and dividend income 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 1
Interest expense - net of amounts capitalized (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 13
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 59
Income tax (benefit) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 55
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 55
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 55
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 200
Dividends declared on common stock ($255)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
844
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
845
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[11] Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
846
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
847
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
848
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[11] Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
849
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
850
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $82
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 82
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 13
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 19
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 13
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 45
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 37
Interest and dividend income 39 $56
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (57) (56)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 18
Income tax (benefit) 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 12
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 12
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 12
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($2) (356)
Dividends declared on common stock $2 ($12) $356
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
851
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[11] Consolidated Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $398
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 398
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes 16
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 300
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 98
Interest and dividend income 3
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 38
Income tax (benefit) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 39
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 39
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 39
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year ($356) 74
Dividends declared on common stock $356 ($113)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
852
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $480
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 480
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 227
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $12 90
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 1 25
Property and other taxes 1 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 14 359
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (14) 121
Interest and dividend income $1 57 156
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 2 1
Interest expense - net of amounts capitalized (56) (232)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 13 13
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 16 (13) 59
Income tax (benefit) (1) 4
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 16 (12) 55
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 16 (12) 55
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 16 (12) 55
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 15 827 202
Dividends declared on common stock ($31) ($815) ($257)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
853
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [12] Development
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
854
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [12] Venture [13] Generation Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
855
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
856
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [12] Development
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
857
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [12] Venture [13] Generation Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
858
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
859
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd [12] Mission Energy
Partnership Development
Australia Pty Ltd
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income $56
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($56)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (56) 56
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (56) 56
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (56) 56
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (56) 56
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (356) (356)
Dividends declared on common stock $412 $300
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
860
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [12] Venture [13] Generation Limited
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $82
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 82
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 13
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 19
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 14
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 46
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 36
Interest and dividend income (18)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (1)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 16
Income tax (benefit) 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 11
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 11
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 11
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 109 ($20)
Dividends declared on common stock ($120) $20
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
861
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $82
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 82
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 13
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 19
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization ($1) 13
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses (1) 45
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 1 37
Interest and dividend income 1 39
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (57)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 2 18
Income tax (benefit) 1 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 1 12
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 1 12
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 1 12
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 623
Dividends declared on common stock ($624) ($12)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
862
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro First Hydro First Hydro
Holdings Company Company [12] Finance plc [12]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
863
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro FFH No. 1 Limited Consolidating
Company [13] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
864
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FFH No. 1 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
865
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro First Hydro First Hydro
Holdings Company Company [12] Finance plc [12]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
866
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro FFH No. 1 Limited Consolidating
Company [13] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
867
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FFH No. 1 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
868
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro First Hydro Company First Hydro
Holdings Company [12] Finance plc [12]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $392
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 392
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 58
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 12
Property and other taxes 17
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 301
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 91
Interest and dividend income ($63) 2 $64
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption 79 (121) 1
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 16 (28) 2
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 16 (28) 2
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 16 (28) 2
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 16 (28) 2
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 5 193 9
Dividends declared on common stock ($21) ($165) ($11)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
869
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
First Hydro FFH No. 1 Limited Consolidating
Company [13] Adjustments
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $392 ($386)
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 392 (386)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214 (214)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 58 (57)
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 12 (13)
Property and other taxes 17 (18)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 301 (302)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 91 (84)
Interest and dividend income 2 (2)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption (121) 162
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (28) 76
Income tax (benefit) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (28) 77
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (28) 77
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (28) 77
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 193 (326)
Dividends declared on common stock ($165) $249
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
870
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
FFH No. 1 Limited
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $398
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 398
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 214
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes 16
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 300
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 98
Interest and dividend income 3
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 38
Income tax (benefit) (1)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 39
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 39
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 39
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 74
Dividends declared on common stock ($113)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
871
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [12]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
872
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
873
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [12]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
874
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
875
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [12]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income $56
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($56)
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax (56) 56
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations (56) 56
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change (56) 56
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) (56) 56
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year (356) 356
Dividends declared on common stock $412 ($412)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
876
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss)
Interest and dividend income ($56)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized $56
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax
Income tax (benefit)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss)
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
877
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
878
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments
Other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
879
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
880
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities - net
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Preferred securities subject to mandatory redemption
Accumulated provision for pensions and benefits
Asset retirement obligations
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total Liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock not subject to mandatory redemption
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
881
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $103
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 103
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 14
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 17
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 42
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) 61
Interest and dividend income (28)
Equity in income from partnerships and
unconsolidated subsidiaries - net (1)
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 32
Income tax (benefit) 10
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 22
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 22
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 22
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year $192 186
Dividends declared on common stock ($192) ($208)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
882
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
Electric utility
Nonutility power generation $103
Financial services and other
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating revenue 103
-------------------------------------------------------------- -------------------- --------------------- --------------------
Fuel 14
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 18
Asset impairment and loss on lease termination
Depreciation, decommissioning and amortization 11
Property and other taxes
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total operating expenses 1 43
-------------------------------------------------------------- -------------------- --------------------- --------------------
Operating income (loss) (1) 60
Interest and dividend income 1 (27)
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Minority interest
Dividends on preferred securities
subject to mandatory redemption
Dividends on utility preferred stock
not subject to mandatory redemption
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations before tax 32
Income tax (benefit) 10
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) from continuing operations 22
Income from discontinued operations - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Income (loss) before accounting change 22
Cumulative effect of accounting change - net of tax
-------------------------------------------------------------- -------------------- --------------------- --------------------
Net income (loss) 22
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - beginning of year 22 ($191) 209
Dividends declared on common stock ($22) $191 ($231)
Dividends declared on preferred stock
Stock option appreciation
-------------------------------------------------------------- -------------------- --------------------- --------------------
Retained earnings - end of year
============================================================== ==================== ===================== ====================
883
MEC INTERNATIONAL B.V.
Equity Investments
December 31, 2004
(In millions)
ALL ENTITIES IN THESE SHEETS HAVE BEEN SOLD.
Name of Entity: Derwent Cogeneration EcoElectrica, L.P. ISAB Energy s.r.l.
Limited
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $ $ $
Revenues $ $ $
Net Income (Loss) $ $ $
Nature/Purpose of Business: To own and operate a 214 To own and operate a 540 To own and operate a 518
MW gas-fired, combined MW gas-fired, combined MW cogeneration facility
cycle cogeneration cycle cogeneration located in Sicily, Italy
facility in the United facility in Puerto Rico
Kingdom.
Ownership Interest(s) 33% by Mission Energy 99.0% of 50% by 99% of 49% by MEC Priolo
Company (UK) Limited EcoElectrica Holdings, B.V.
Ltd.
1.0% of 50% by
EcoElectrica Ltd., which
is owned by EcoElectrica
Holdings, Ltd.
Name of Entity: I.V.P.C. 4 S.r.1 P.T. Adaro Indonesia P.T. Paiton Energy
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $ $ $
Revenues $ $ $
Net Income (Loss) $ $ $
Nature/Purpose of Business: To own and operate Fuel supplier for P.T. To own and operate a
facilites which use wind Paiton Energy Company 1,230 MW cogeneration
to generate electricity. located in Indonesia facility located in
Indonesia.
Ownership Interest(s) 50% by Edison Mission 8.17% MEC Indo Coal B.V. 40% by MEC Indonesia B.V.
Wind Power Italy B.V.
884