UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. __)
Filed by the Registrant ☒ | Filed by a Party other than the Registrant ☐ | ||
Check the appropriate box: | |||
☐ | Preliminary Proxy Statement | ||
☐ | CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2)) | ||
☐ | Definitive Proxy Statement | ||
☐ | Definitive Additional Materials | ||
☒ | Soliciting Material Under Rule 14a-12 | ||
PEPCO HOLDINGS, INC. |
(Name of Registrant as Specified In Its Charter)
|
(Name of Person(s) Filing Proxy Statement, if Other than the Registrant) |
Payment of Filing Fee (Check the appropriate box): | |
☒ | No fee required. |
☐ | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
(1) Title of each class of securities to which transaction applies: | |
(2) Aggregate number of securities to which transaction applies: | |
(3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: | |
(4) Proposed maximum aggregate value of transaction: | |
(5) Total fee paid: | |
☐ | Fee paid previously with preliminary materials. |
☐ | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
(1) Amount Previously Paid: | |
(2) Form, Schedule or Registration Statement No.: | |
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(4) Date Filed: |
Filed by Pepco Holdings, Inc.
Pursuant to Rule 14a-12
Under the Securities Exchange Act of 1934
Subject Company: Pepco Holdings, Inc.
Commission File No.: 001-31403
On May 7, 2014, Pepco Holdings, Inc. issued a news release announcing its operating results for the first quarter of 2014.
FOR IMMEDIATE RELEASE | MAY 7, 2014
Media Contact: Robert Hainey
Office 202-872-2680 | 24/7 Media Hotline 202-872-2680 | rshainey@pepcoholdings.com
Investor Contact: Donna Kinzel
Office 302-429-3004 | donna.kinzel@pepcoholdings.com
|
701 Ninth St., NW
Washington, DC 20068
pepcoholdings.com
NYSE: POM
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Three Months Ended
March 31,
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||||||||
2014
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2013
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|||||||
Net Income (Loss) from Continuing Operations (GAAP)
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||||||||
Net Income (Loss) ($ in millions)
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$ | 75 | $ | (111 | ) | |||
Earnings (Loss) Per Share
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$ | 0.30 | $ | (0.47 | ) | |||
Adjusted Net Income from Continuing Operations (Non-GAAP)
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||||||||
Adjusted Net Income ($ in millions)
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$ | 75 | $ | 56 | ||||
Adjusted Earnings Per Share
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$ | 0.30 | $ | 0.24 |
Net Income (Loss) from Continuing Operations – millions of dollars |
Three Months
Ended
March 31,
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||||||||
2014
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2013
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||||||||
Reported (GAAP) Net Income (Loss) from Continuing Operations
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$ | 75 | $ | (111 | ) | ||||
Adjustments (after-tax): | |||||||||
●
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Interest associated with change in assessment of corporate tax benefits related to the cross-border energy lease investments
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– | 66 | ||||||
●
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Potomac Capital Investment Corporation (PCI) valuation allowances related to certain deferred tax assets
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– | 101 | ||||||
Adjusted Net Income from Continuing Operations (Non-GAAP)
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$ | 75 | $ | 56 |
Earnings (Loss) per Share from Continuing Operations |
Three Months
Ended
March 31,
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||||||||
2014
|
2013
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||||||||
Reported (GAAP) Earnings (Loss) per Share from Continuing Operations
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$ | 0.30 | $ | (0.47 | ) | ||||
Adjustments (after-tax): | |||||||||
●
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Interest associated with change in assessment of corporate tax benefits related to the cross-border energy lease investments
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– | 0.28 | ||||||
●
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PCI valuation allowances related to certain deferred tax assets
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– | 0.43 | ||||||
Adjusted Earnings per Share from Continuing Operations (Non-GAAP)
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$ | 0.30 | $ | 0.24 |
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●
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the results of discontinued operations and the impact of any special, unusual or extraordinary items,
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●
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the effect of adopting new accounting standards,
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●
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the effect of changes in tax law,
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●
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the impairment of assets, and
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●
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any merger and integration costs associated with the planned merger with Exelon.
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●
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On April 29, 2014, Pepco Holdings, Inc. and Exelon entered into an Agreement and Plan of Merger where Exelon will acquire PHI for $27.25 per share in a cash transaction. Upon closing of the transaction, PHI will become a wholly-owned subsidiary of Exelon. The transaction has been unanimously approved by each of PHI’s and Exelon’s board of directors, but is subject to certain conditions, including the approval of PHI’s shareholders, the Department of Justice, and regulators including the Delaware Public Service Commission (DPSC), District of Columbia Public Service Commission (DCPSC), Maryland Public Service Commission, New Jersey Board of Public Utilities, Virginia State Corporation Commission and the Federal Energy Regulatory Commission (FERC). The parties anticipate receiving approvals and closing the transaction in the second or third quarter of 2015.
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●
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In April 2014, Power Delivery modified its capital expenditure forecast for 2014 through 2018 to include $157 million of capital expenditures for certain additional transmission projects. Total Power Delivery capital expenditures for the five-year period are forecast to be $6 billion, with $4.4 billion planned for distribution and other capital expenditures and $1.6 billion planned for transmission capital expenditures.
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●
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Power Delivery electric sales were 12,264 GWh in the first quarter of 2014, compared to 11,905 GWh for the same period in 2013. In the electric service territories, heating degree days increased by 13 percent for the first quarter 2014, compared to the same period in 2013. Weather-adjusted electric sales were 11,809 GWh in the first quarter of 2014, compared to 11,983 GWh for the first quarter of 2013.
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●
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As of March 31, 2014, Delmarva Power’s installation and activation of electric smart meters is underway in its Maryland service territory, and is complete in its Delaware service territory. Pepco’s installation and activation of electric smart meters is complete in both its District of Columbia and Maryland service territories. Recovery of smart meter costs in electric distribution base rates has begun in the District of Columbia and is being phased into electric distribution base rates in Delaware, with a final phase in date of June 2014. Regulatory assets associated with smart meter installation and activation in Maryland have been created.
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●
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For the three months ended March 31, 2014, PES signed $17 million in energy efficiency contracts and $32 million in underground transmission construction contracts. PES signed $1 million in energy efficiency contracts and $11 million in underground transmission contracts for the same period in 2013.
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●
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On May 3, 2014, the $1 billion undergrounding legislation initially recommended by the District of Columbia’s Power Line Undergrounding Task Force became law. Funding for the undergrounding program will be divided evenly between Pepco and the District of Columbia. Pepco’s cost recovery will be through a customer surcharge. DCPSC approval of the financing and surcharge applications associated with the legislation is expected in the fourth quarter of 2014.
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●
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On April 2, 2014, the DPSC approved a $15.1 million annual increase in Delmarva Power’s electric distribution base rates based on a 9.7 percent return on equity. As permitted by Delaware law, Delmarva Power implemented interim rate increases of $2.5 million on June 1, 2013 and $25.1 million on October 22, 2013. Upon DPSC approval of a refund plan, the excess amount collected will be returned to customers. The new rates were effective May 1, 2014.
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●
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On March 26, 2014, the DCPSC approved a $23.4 million annual increase in Pepco’s electric distribution base rates based on a 9.4 percent return on equity. The new rates were effective April 16, 2014.
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●
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On March 14, 2014, Atlantic City Electric filed an electric distribution base rate case in New Jersey. The filing seeks approval of an annual rate increase of $61.7 million, based on a requested return on equity of 10.25 percent. A decision is expected in the case in the first quarter of 2015.
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●
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On February 28, 2014, the FERC issued an order approving the settlement agreement regarding the recovery of Mid-Atlantic Power Pathway (MAPP) abandoned costs. The settlement provides for recovery of $80.5 million of costs over a three-year period and allows Delmarva Power and Pepco to retain title to all real property acquired for the MAPP project.
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●
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On March 18, 2014, Pepco issued $400 million of 10-year first mortgage bonds. The bonds bear interest at a fixed rate of 3.6 percent and are due on March 15, 2024. Pepco used a portion of the net proceeds to repay in full at maturity $175 million of 4.65 percent senior notes secured by a like principal amount of 4.65 percent first mortgage bonds due April 15, 2014. The balance of the proceeds was used to repay Pepco commercial paper and for general corporate purposes.
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Pepco Holdings, Inc.
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||||||||||||||||||||
Earnings Per Share Variance
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||||||||||||||||||||
2014 / 2013
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Three Months Ended March 31, | |||||||||||||||||||
Pepco
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|||||||||||||||||||
Power
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Energy
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Corporate
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Total
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||||||||||||||||
Delivery
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Services
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and Other
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PHI
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||||||||||||||||
2013 Earnings (loss) per share from Continuing Operations (GAAP) (1)
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$ | 0.24 | $ | 0.01 | $ | (0.72 | ) | $ | (0.47 | ) | |||||||||
2013 Adjustments (2)
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|||||||||||||||||||
● |
Interest associated with change in assessment of corporate tax benefits related to the cross-border energy lease investments
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– | – | 0.28 | 0.28 | ||||||||||||||
● |
PCI valuation allowances related to certain deferred tax assets
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– | – | 0.43 | 0.43 | ||||||||||||||
2013 Adjusted earnings (loss) per share from Continuing Operations (Non-GAAP)
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0.24 | 0.01 | (0.01 | ) | 0.24 | ||||||||||||||
Change from 2013 Adjusted earnings (loss) per share from Continuing Operations
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|||||||||||||||||||
Regulated Operations
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|||||||||||||||||||
● |
Distribution Revenue
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||||||||||||||||||
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-
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Weather (estimate) (3)
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0.03 | - | - | 0.03 | |||||||||||||
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-
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Rate Increases
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0.06 | - | - | 0.06 | |||||||||||||
-
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Other Distribution Revenue
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0.02 | - | - | 0.02 | ||||||||||||||
● |
Transmission Revenue
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0.01 | - | - | 0.01 | ||||||||||||||
● |
ACE Basic Generation Service (primarily unbilled revenue)
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(0.01 | ) | – | – | (0.01 | ) | ||||||||||||
● |
Operation & Maintenance
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0.04 | - | - | 0.04 | ||||||||||||||
● |
Depreciation & Amortization
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(0.03 | ) | - | - | (0.03 | ) | ||||||||||||
● |
Other, net
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0.02 | - | - | 0.02 | ||||||||||||||
Pepco Energy Services
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– | (0.01 | ) | - | (0.01 | ) | |||||||||||||
Corporate and Other
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– | - | - | - | |||||||||||||||
Income Tax Adjustments
|
(0.05 | ) | - | - | (0.05 | ) | |||||||||||||
Dilution
|
(0.02 | ) | - | - | (0.02 | ) | |||||||||||||
2014 Earnings (loss) per share from Continuing Operations (GAAP) (4)
|
$ | 0.31 | $ | – | $ | (0.01 | ) | $ | 0.30 |
(1)
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The weighted average number of diluted shares outstanding for the 2013 period was 237 million.
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(2)
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Management believes the adjusted items are not representative of the Company's ongoing business operations. The presentation of this Non-GAAP financial information is intended to complement, and should not be considered an alternative to, the GAAP information.
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(3)
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The effect of weather compared to the 20-year average weather is estimated to have increased earnings by $0.03 per share.
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(4)
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The weighted average number of diluted shares outstanding for the 2014 period was 251 million.
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Three Months Ended March 31, 2014
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||||||||||||||||
Power
Delivery
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Pepco
Energy
Services
|
Corporate
and
Other (a)
|
PHI
Consolidated
|
|||||||||||||
(millions of dollars)
|
||||||||||||||||
Operating Revenue
|
$ | 1,272 | $ | 60 | $ | (2 | ) | $ | 1,330 | |||||||
Operating Expenses (b)
|
1,103 | 60 | (6 | ) | 1,157 | |||||||||||
Operating Income
|
169 | – | 4 | 173 | ||||||||||||
Interest Expense
|
55 | – | 10 | 65 | ||||||||||||
Other Income
|
12 | – | 1 | 13 | ||||||||||||
Income Tax Expense (Benefit)
|
47 | – | (1 | ) | 46 | |||||||||||
Net Income (Loss) from Continuing Operations
|
79 | – | (4 | ) | 75 | |||||||||||
Total Assets (excluding Assets Held for Disposition)
|
13,438 | 286 | 1,279 | 15,003 | ||||||||||||
Construction Expenditures
|
$ | 264 | $ | – | $ | 18 | $ | 282 |
(a)
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Total Assets in this column includes Pepco Holdings’ goodwill balance of $1.4 billion, all of which is allocated to Power Delivery for purposes of assessing impairment. Total assets also include capital expenditures related to certain hardware and software expenditures which primarily benefit Power Delivery. These expenditures are recorded as incurred in Corporate and Other and are allocated to Power Delivery once the assets are placed in service. Corporate and Other includes intercompany amounts of $(2) million for Operating Revenue, $(1) million for Operating Expenses, and $(1) million for Interest Expense.
|
(b)
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Includes depreciation and amortization expense of $133 million, consisting of $124 million for Power Delivery, $2 million for Pepco Energy Services and $7 million for Corporate and Other.
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Three Months Ended March 31, 2013
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||||||||||||||||
Power
Delivery
|
Pepco
Energy
Services
|
Corporate
and
Other (a)
|
PHI
Consolidated
|
|||||||||||||
(millions of dollars)
|
||||||||||||||||
Operating Revenue
|
$ | 1,124 | $ | 56 | $ | – | $ | 1,180 | ||||||||
Operating Expenses (b)
|
1,001 | 54 | (8 | ) | 1,047 | |||||||||||
Operating Income
|
123 | 2 | 8 | 133 | ||||||||||||
Interest Expense
|
56 | – | 11 | 67 | ||||||||||||
Other Income
|
6 | 1 | 1 | 8 | ||||||||||||
Income Tax Expense (c)
|
15 | 1 | 169 | (d) | 185 | |||||||||||
Net Income (Loss) from Continuing Operations
|
58 | 2 | (171 | ) | (111 | ) | ||||||||||
Total Assets (excluding Assets Held for Disposition)
|
12,453 | 346 | 1,965 | 14,764 | ||||||||||||
Construction Expenditures
|
$ | 282 | $ | 1 | $ | 13 | $ | 296 |
(a)
|
Total Assets in this column includes Pepco Holdings’ goodwill balance of $1.4 billion, all of which is allocated to Power Delivery for purposes of assessing impairment. Total assets also include capital expenditures related to certain hardware and software expenditures which primarily benefit Power Delivery. These expenditures are recorded as incurred in Corporate and Other and are allocated to Power Delivery once the assets are placed in service. Corporate and Other includes intercompany amounts of zero for Operating Revenue, $(1) million for Operating Expenses and $(4) million for Interest Expense.
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(b)
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Includes depreciation and amortization expense of $112 million, consisting of $104 million for Power Delivery, $2 million for Pepco Energy Services and $6 million for Corporate and Other.
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(c)
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Includes after-tax interest associated with uncertain and effectively settled tax positions allocated to each member of the consolidated group, including a $12 million interest benefit for Power Delivery and interest expense of $66 million for Corporate and Other.
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(d)
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Includes non-cash charges of $101 million representing the establishment of valuation allowances against certain deferred tax assets of PCI included in Corporate and Other.
|
PEPCO HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
|
Three Months Ended
March 31,
|
||||||||
2014
|
2013
|
|||||||
(millions of dollars,
except per share data)
|
||||||||
Operating Revenue
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$ | 1,330 | $ | 1,180 | ||||
Operating Expenses
|
||||||||
Fuel and purchased energy
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614 | 562 | ||||||
Other services cost of sales
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46 | 40 | ||||||
Other operation and maintenance
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216 | 227 | ||||||
Depreciation and amortization
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133 | 112 | ||||||
Other taxes
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104 | 105 | ||||||
Deferred electric service costs
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44 | 1 | ||||||
Total Operating Expenses
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1,157 | 1,047 | ||||||
Operating Income
|
173 | 133 | ||||||
Other Income (Expenses)
|
||||||||
Interest expense
|
(65 | ) | (67 | ) | ||||
Other income
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13 | 8 | ||||||
Total Other Expenses
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(52 | ) | (59 | ) | ||||
Income from Continuing Operations Before Income Tax Expense
|
121 | 74 | ||||||
Income Tax Expense Related to Continuing Operations
|
46 | 185 | ||||||
Net Income (Loss) from Continuing Operations
|
75 | (111 | ) | |||||
Loss from Discontinued Operations, Net of Income Taxes
|
– | (319 | ) | |||||
Net Income (Loss)
|
$ | 75 | $ | (430 | ) | |||
Basic and Diluted Share Information
|
||||||||
Weighted average shares outstanding – Basic (millions)
|
251
|
237
|
||||||
Weighted average shares outstanding – Diluted (millions)
|
251
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237
|
||||||
Earnings (loss) per share of common stock from Continuing Operations – Basic and Diluted
|
$
|
0.30
|
$
|
(0.47
|
) | |||
Earnings (loss) per share of common stock from Discontinued Operations – Basic and Diluted
|
–
|
(1.35
|
) | |||||
Basic and Diluted earnings (loss) per share
|
$
|
0.30
|
$
|
(1.82
|
) |
PEPCO HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
March 31,
2014
|
December 31,
2013
|
|||||||
(millions of dollars)
|
||||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 122 | $ | 23 | ||||
Restricted cash equivalents
|
202 | 13 | ||||||
Accounts receivable, less allowance for uncollectible accounts of $43 million and $38 million, respectively
|
872 | 835 | ||||||
Inventories
|
142 | 148 | ||||||
Deferred income tax assets, net
|
56 | 51 | ||||||
Income taxes and related accrued interest receivable
|
8 | 274 | ||||||
Prepaid expenses and other
|
62 | 54 | ||||||
Total Current Assets
|
1,464 | 1,398 | ||||||
OTHER ASSETS
|
||||||||
Goodwill
|
1,407 | 1,407 | ||||||
Regulatory assets
|
1,990 | 2,087 | ||||||
Income taxes and related accrued interest receivable
|
58 | 75 | ||||||
Restricted cash equivalents
|
13 | 14 | ||||||
Other
|
166 | 163 | ||||||
Total Other Assets
|
3,634 | 3,746 | ||||||
PROPERTY, PLANT AND EQUIPMENT
|
||||||||
Property, plant and equipment
|
14,803 | 14,567 | ||||||
Accumulated depreciation
|
(4,897 | ) | (4,863 | ) | ||||
Net Property, Plant and Equipment
|
9,906 | 9,704 | ||||||
TOTAL ASSETS
|
$ | 15,004 | $ | 14,848 |
PEPCO HOLDINGS, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
March 31,
2014
|
December 31,
2013
|
|||||||
(millions of dollars, except shares)
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Short-term debt
|
$ | 509 | $ | 565 | ||||
Current portion of long-term debt and project funding
|
449 | 446 | ||||||
Accounts payable
|
187 | 215 | ||||||
Accrued liabilities
|
319 | 301 | ||||||
Capital lease obligations due within one year
|
9 | 9 | ||||||
Taxes accrued
|
49 | 56 | ||||||
Interest accrued
|
81 | 47 | ||||||
Liabilities and accrued interest related to uncertain tax positions
|
6 | 397 | ||||||
Other
|
303 | 277 | ||||||
Total Current Liabilities
|
1,912 | 2,313 | ||||||
DEFERRED CREDITS
|
||||||||
Regulatory liabilities
|
383 | 399 | ||||||
Deferred income tax liabilities, net
|
3,118 | 2,928 | ||||||
Investment tax credits
|
17 | 17 | ||||||
Pension benefit obligation
|
118 | 116 | ||||||
Other postretirement benefit obligations
|
203 | 206 | ||||||
Liabilities and accrued interest related to uncertain tax positions
|
6 | 28 | ||||||
Other
|
185 | 189 | ||||||
Total Deferred Credits
|
4,030 | 3,883 | ||||||
OTHER LONG-TERM LIABILITIES
|
||||||||
Long-term debt
|
4,452 | 4,053 | ||||||
Transition bonds issued by ACE Funding
|
204 | 214 | ||||||
Long-term project funding
|
10 | 10 | ||||||
Capital lease obligations
|
60 | 60 | ||||||
Total Other Long-Term Liabilities
|
4,726 | 4,337 | ||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
EQUITY
|
||||||||
Common stock, $.01 par value, 400,000,000 shares authorized, 250,982,923 and 250,324,898 shares outstanding, respectively
|
3 | 3 | ||||||
Premium on stock and other capital contributions
|
3,764 | 3,751 | ||||||
Accumulated other comprehensive loss
|
(33 | ) | (34 | ) | ||||
Retained earnings
|
602 | 595 | ||||||
Total Equity
|
4,336 | 4,315 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 15,004 | $ | 14,848 |
POWER DELIVERY SALES AND REVENUE
|
Three Months Ended
March 31,
|
||||||||
Power Delivery Sales (Gigawatt Hours)
|
2014
|
2013
|
||||||
Regulated T&D Electric Sales
|
||||||||
Residential
|
5,056 | 4,715 | ||||||
Commercial and industrial
|
7,139 | 7,120 | ||||||
Transmission and other
|
69 | 70 | ||||||
Total Regulated T&D Electric Sales
|
12,264 | 11,905 | ||||||
Default Electricity Supply Sales
|
||||||||
Residential
|
4,054 | 3,818 | ||||||
Commercial and industrial
|
1,308 | 1,255 | ||||||
Other
|
11 | 20 | ||||||
Total Default Electricity Supply Sales
|
5,373 | 5,093 | ||||||
Power Delivery Electric Revenue (Millions of dollars)
|
||||||||
Regulated T&D Electric Revenue
|
||||||||
Residential
|
$ | 204 | $ | 184 | ||||
Commercial and industrial
|
226 | 216 | ||||||
Transmission and other
|
109 | 91 | ||||||
Total Regulated T&D Electric Revenue
|
$ | 539 | $ | 491 | ||||
Default Electricity Supply Revenue
|
||||||||
Residential
|
$ | 383 | $ | 375 | ||||
Commercial and industrial
|
141 | 124 | ||||||
Other
|
95 | 32 | ||||||
Total Default Electricity Supply Revenue
|
$ | 619 | $ | 531 | ||||
Other Electric Revenue
|
$ | 17 | $ | 17 | ||||
Total Electric Operating Revenue
|
$ | 1,175 | $ | 1,039 |
Power Delivery Gas Sales and Revenue
|
||||||||
Regulated Gas Sales (Mcf)
|
||||||||
Residential
|
4,773 | 4,072 | ||||||
Commercial and industrial
|
2,633 | 2,061 | ||||||
Transportation and other
|
2,380 | 2,432 | ||||||
Total Regulated Gas Sales
|
9,786 | 8,565 | ||||||
Regulated Gas Revenue (Millions of dollars)
|
||||||||
Residential
|
$ | 54 | $ | 48 | ||||
Commercial and industrial
|
29 | 22 | ||||||
Transportation and other
|
4 | 3 | ||||||
Total Regulated Gas Revenue
|
$ | 87 | $ | 73 | ||||
Other Gas Revenue
|
$ | 10 | $ | 12 | ||||
Total Gas Operating Revenue
|
$ | 97 | $ | 85 | ||||
Total Power Delivery Operating Revenue
|
$ | 1,272 | $ | 1,124 |
POWER DELIVERY – CUSTOMERS
|
||||||||
March 31, 2014
|
March 31, 2013
|
|||||||
Regulated T&D Electric Customers (in thousands)
|
||||||||
Residential
|
1,654 | 1,643 | ||||||
Commercial and industrial
|
200 | 198 | ||||||
Transmission and other
|
2 | 2 | ||||||
Total Regulated T&D Electric Customers
|
1,856 | 1,843 | ||||||
Regulated Gas Customers (in thousands)
|
||||||||
Residential
|
117 | 115 | ||||||
Commercial and industrial
|
10 | 10 | ||||||
Transportation and other
|
– | – | ||||||
Total Regulated Gas Customers
|
127 | 125 |
Three Months Ended
March 31, |
||||||||
2014
|
2013
|
|||||||
Heating Degree Days
|
2,628 | 2,319 | ||||||
20 Year Average
|
2,291 | 2,299 | ||||||
Percentage Difference from Average
|
15 | % | 1 | % | ||||
Percentage Difference from Prior Year
|
13 | % | ||||||
Cooling Degree Days
|
– | – | ||||||
20 Year Average
|
2 | 2 | ||||||
Percentage Difference from Average
|
(100 | %) | (100 | %) | ||||
Percentage Difference from Prior Year
|
– |
(Millions of Dollars)
|
Three Months Ended
March 31, |
|||||||
2014
|
2013
|
|||||||
Operating Revenues
|
$ | 60 | $ | 56 | ||||
Cost of Goods Sold
|
47 | 40 | ||||||
Gross Margin
|
13 | 16 | ||||||
Other Operation and Maintenance Expenses
|
11 | 12 | ||||||
Depreciation and Amortization
|
2 | 2 | ||||||
Operating Income
|
− | 2 | ||||||
Other Income
|
− | 1 | ||||||
Income Before Income Taxes
|
− | 3 | ||||||
Income Tax Expense
|
− | 1 | ||||||
Net Income from Continuing Operations (GAAP)
|
$ | − | $ | 2 |