UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
)
The AES Corporation ) File No. 70-9779
)
Certificate Pursuant to Rule 24 and Release No. 35-27363
Under the Public Utility Holding Company Act of 1935
On March 23, 2001, the Securities and Exchange Commission
("SEC") issued an order, Release No. 35-27363 in File No. 70-9779 ("Exemption
Order"), granting an exemption under Section 3(a) of the Public Utility Holding
Company Act of 1935, as amended, to The AES Corporation ("AES") in relation to
its proposed acquisition of IPALCO Enterprises, Inc. ("IPALCO"), which has a
public-utility subsidiary company, Indianapolis Power & Light Company ("IPL").
The Exemption Order required AES to file certain certificates (as described in
the Exemption Order) under Rule 24 within 60 days of the close of each calendar
quarter for a period of two years beginning March 31, 2001 and every six months
thereafter. A certificate complying with the Exemption Order is set forth below
(as an attachment) for the period ending September 30, 2001. AES is separately
filing a certificate in File No. 70-9465 as required by the Commission's order
in Release No. 35-27063 in connection with the AES acquisition of CILCORP Inc.
("CILCORP"), which has a public-utility subsidiary company, Central Illinois
Light Company ("CILCO").
Respectfully submitted,
/s/ Earle H. O'Donnell
----------------------------------
Earle H. O'Donnell
Andrew B. Young
Hugh E. Hilliard
Dewey Ballantine LLP
1775 Pennsylvania Avenue, N.W.
Washington, D.C. 20006
Dated: November 29, 2001
THE AES CORPORATION
SEC FILING PURSUANT TO SECTION 3(a)(5) EXEMPTION ORDER
QUARTER ENDED SEPTEMBER 30, 2001
ITEM (1) PER EXEMPTION ORDER (STATEMENTS ATTACHED):
1) Pro Rata Statement of Income of The AES Corporation for the 12 months
ended September 30, 2001
2) Pro Rata Balance Sheet of The AES Corporation at September 30, 2001
3) Statement of Income of IPALCO for the 12 months ended September 30,
2001
4) Statement of Income of IPL for the 12 months ended September 30, 2001
5) Consolidated Balance Sheet of IPALCO at September 30, 2001
6) Consolidated Balance Sheet of IPL at September 30, 2001
7) Statement of Income of CILCORP for the 12 months ended September 30,
2001
8) Statement of Income of CILCO for the 12 months ended September 30, 2001
9) Consolidated Balance Sheet of CILCORP at September 30, 2001
10) Consolidated Balance Sheet of CILCO at September 30, 2001
2
THE AES CORPORATION
-------------------
CONSOLIDATED STATEMENT OF OPERATIONS
(INCLUDES CILCORP AND IPALCO)
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2001 - PRO RATA BASIS
-------------------------------------------------------------------------------------------------------------
TWELVE
MONTHS
ENDED
9/30/2001
-------------------------------------------------------------------------------------------------------------
($ in millions, except per share amounts)
REVENUES:
Sales and services $ 10,261
OPERATING COSTS AND EXPENSES:
Cost of sales and services 7,725
Selling, general and administrative expenses 107
----------------------------------------
TOTAL OPERATING COSTS AND EXPENSES 7,832
----------------------------------------
OPERATING INCOME 2,429
OTHER INCOME AND (EXPENSE):
Interest expense, net (1,401)
Other income (expense) (212)
Nonrecurring severance and transaction costs (215)
Loss on sale of Power Direct (31)
----------------------------------------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND EXTRAORDINARY ITEM 570
Income tax provision 120
----------------------------------------
INCOME BEFORE EXTRAORDINARY ITEM 450
Extraordinary item 4
----------------------------------------
NET INCOME $ 446
========================================
3
THE AES CORPORATION
-------------------
PRO RATA CONSOLIDATED BALANCE SHEET
(INCLUDES CILCORP AND IPALCO)
SEPTEMBER 30, 2001
($ in millions)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,372
Short-term investments 246
Accounts receivable, net 1,745
Inventory 565
Receivable from affiliates 12
Deferred income taxes 62
Prepaid expenses and other current assets 670
------------
TOTAL CURRENT ASSETS 4,672
PROPERTY, PLANT AND EQUIPMENT
Land 715
Electric generation and distribution assets 22,029
Accumulated depreciation and amortization (3,458)
Construction in progress 4,672
------------
PROPERTY, PLANT AND EQUIPMENT, NET 23,958
OTHER ASSETS
Deferred financing costs, net 424
Project development costs 84
Investments in and advances to affiliates 3,336
Debt service reserves and other deposits 688
Excess of Cost over Net Assets Acquired 2,566
Other assets 2,407
------------
TOTAL OTHER ASSETS 9,505
TOTAL $ 38,135
============
4
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 865
Accrued interest 549
Accrued and other liabilities 1,644
Other notes payable - current portion 814
Project financing debt - current portion 1,798
------------
TOTAL CURRENT LIABILITIES 5,670
LONG-TERM LIABILITIES
Recourse Debt-LT 5,396
Project Financing Debt-LT 14,568
Other notes payable-LT 158
Deferred Tax Liability 2,092
Other long-term liabilities 2,364
------------
TOTAL LONG-TERM LIABILITIES 24,578
TECONS 1,228
STOCKHOLDERS' EQUITY
Common Stock 5
Contributed capital / Additional paid in capital 5,845
Retained earnings 3,650
Accumulated other comprehensive loss (2,841)
------------
TOTAL STOCKHOLDERS' EQUITY 6,659
TOTAL $ 38,135
============
5
IPALCO Enterprises, Inc.
Statement of Consolidated Income
Period ending September 30, 2001
(Unaudited)
12 Months Ended
9/30/2001
OPERATING REVENUES:
Electric 853,332,807
Steam 4,179,239
------------
Gross Operating Revenues 857,512,046
------------
OPERATING EXPENSES AND TAXES:
Production - Fuel 191,579,394
Production - Other 85,964,091
Power Purchased 17,233,405
Purchased Steam 789,876
------------
Total 295,566,766
Transmission 5,010,544
Distribution - Electric 31,933,422
Customer and Distribution - Steam 407,918
Customer Accounts 16,202,217
Customer Service and Informational 8,334,297
Administrative and General 222,382,727
------------
Total 579,837,891
Depreciation 109,529,399
Amortization of Regulatory Deferrals 1,054,476
Income Taxes - Net 40,370,214
Taxes Other than Income Taxes 38,098,280
Disposition of Allowances - Net (4,560,024)
------------
Total Operating Expenses and Taxes 764,330,236
------------
OPERATING INCOME 93,181,810
------------
OTHER INCOME AND DEDUCTIONS:
Allowance for Funds During Construction 861,664
Carrying Charges on Regulatory Assets 77,043
IPL Miscellaneous Income & Deductions - Net (24,552,091)
IPL Income Taxes - Net 9,736,911
IPALCO Enterprises, Inc. - Parent Co. (10,723,850)
Mid-America Capital Resources, Inc. 2,687,625
Mid-America Energy Resources, Inc. 25,320,822
------------
Total Other Income and Deductions 3,408,124
------------
TOTAL INCOME 96,589,934
------------
INTEREST CHARGES:
Interest on Long-Term Debt 38,563,722
Allowance for Funds During Const-Credit (402,872)
Deferred Return on Regulatory Assets (21,199)
Other Interest Charges 590,635
Amortization - Debt Discount & Expense 2,019,082
Preferred Stock Transactions 3,213,312
------------
Total Interest and Other Charges - Net 43,962,680
------------
CUM. ACCOUNTING CHANGE - Net of Taxes 0
------------
NET INCOME 52,627,254
============
6
IPL
Statement of Income
Period ending September 30, 2001
(Unaudited)
12 Months Ended
9/30/2001
OPERATING REVENUES:
Electric 853,332,807
Steam 4,179,239
------------
Gross Operating Revenues 857,512,046
------------
OPERATING EXPENSES AND TAXES:
Production - Fuel 191,579,394
Production - Other 85,964,091
Power Purchased 17,233,405
Purchased Steam 789,876
------------
Total 295,566,766
Transmission 5,010,544
Distribution - Electric 31,933,422
Customer and Distribution - Steam 407,918
Customer Accounts 16,202,217
Customer Service and Informational 8,334,297
Administrative and General 222,382,727
------------
Total 579,837,891
Depreciation 109,529,399
Amortization of Regulatory Deferrals 1,054,476
Income Taxes - Net 40,370,214
Taxes Other than Income Taxes 38,098,280
Disposition of Allowances - Net (4,560,024)
------------
Total Operating Expenses and Taxes 764,330,236
------------
OPERATING INCOME 93,181,810
------------
OTHER INCOME AND DEDUCTIONS:
Allowance for Other Funds During Construction 861,664
Carrying Charges on Regulatory Assets 77,043
Miscellaneous Income and Deductions - Net (4,911,607)
Income Taxes - Net 3,572,616
------------
Total Other Income and Deductions (400,284)
------------
TOTAL INCOME 92,781,526
------------
INTEREST CHARGES:
Interest on Long-Term Debt 38,563,722
Allowance for Borrowed Funds Used During Const (402,872)
Deferred Return on Regulatory Assets - Borrowed (21,199)
Other Interest Charges 590,635
Amortization - Debt Discount & Expense 2,019,082
------------
Total Interest and Other Charges - Net 40,749,368
------------
INCOME BEFORE EXTRAORDINARY ITEMS
AND CUMULATIVE ACCOUNTING CHANGE 52,032,158
Less Preferred Stock Transactions 3,213,312
------------
INCOME APPLICABLE TO COMMON STOCK 48,818,846
============
OPERATION 504,860,265
MAINTENANCE 74,977,628
7
IPALCO Enterprises, Inc. and Subsidiaries
Balance Sheet
Period Ending Sep. 30, 2001
(Unaudited)
ASSETS:
PROPERTY, PLANT AND EQUIPMENT:
Utility Plant, at Original Cost 3,054,276,801
Less: Accum. Prov. for Deprec. & Amort. 1,418,768,440
----------------
Total Utility Plant - Net 1,635,508,361
----------------
OTHER PROPERTY, INVESTMENTS
AND OTHER ASSETS:
Nonutility Property 2,474,502
Less Accumulated Provision for Depreciation 715,306
----------------
Total Nonutility Property - Net 1,759,196
Other Investments 50,083,455
----------------
Total 51,842,651
----------------
CURRENT ASSETS:
Cash 2,337,288
Special Deposits 0
Working Funds 11,075,875
Temporary Cash Investments 53,398,684
Accounts Receivable - Associated Companies 3
Accounts Receivable:
Customers 45,965,778
Miscellaneous 9,455,073
Less: Reserve for Uncollectible Accounts (1,250,451)
Interest Receivable 351,481
Notes Receivable 0
Fuel 25,417,602
Materials and Supplies - Net 46,754,599
Other Current Assets 1,678,130
Def. Fed. & St. Tax on Fuel Costs-Due w/i 1 Yr.
----------------
Total Current Assets 195,184,062
----------------
DEFERRED DEBITS:
Unamortized Petersburg Unit 4 Carrying Charges 16,842,350
Unamort. Def. Return-Pete Unit 4 Carrying Chgs. 9,431,544
Unamort. Reacquisition Premium on Debt 20,106,519
Other Regulatory Assets 29,625,812
Miscellaneous 4,217,967
Unamortized Debt Expense 5,541,725
----------------
Total Deferred Debits 85,765,917
----------------
TOTAL ASSETS 1,968,300,991
================
8
LIABILITIES:
CAPITALIZATION:
Common Shareholder's Equity:
Common Stock 0
Unearned Compensation - Restricted Stock 0
Premium and Net Gain on Preferred Stock 648,700
Retained Earnings 674,497,943
Accumulated Other Comprehensive Income (5,135,684)
Common Stock held by Treasury 0
----------------
Total 670,010,959
----------------
Non-Redeemable Cumulative Preferred Stock 59,135,300
----------------
Long-Term Debt 622,650,000
Unamort. Premium on LT Debt - Net (736,373)
----------------
Total Long-Term Debt 621,913,627
----------------
Total Capitalization 1,351,059,886
----------------
CURRENT LIABILITIES:
Notes Payable 0
Accounts Payable 49,838,327
Dividends Payable 919,090
Customer Deposits 8,673,585
Accrued Liabilities:
Interest on Long-Term Debt 9,245,574
Interest on Customer Deposits, etc. 1,909,932
Taxes:
Federal Taxes on Income 33,631,692
State Taxes on Income 1,866,423
Real Estate and Personal Property 14,400,164
Miscellaneous 836,267
Def. Fed. & St. Tax on Fuel Costs-Due w/i 1 Yr. 299,831
Deferred Fuel Expense 8,557,402
Accounts Payable - Associated Companies 1
Miscellaneous 193,175
----------------
Total 130,371,463
Current Maturity of Long Term Debt 74,300,000
----------------
Total Current Liabilities 204,671,463
----------------
DEFERRED CREDITS:
FAS109 Net Deferred Income Tax - Credit 29,407,143
Accumulated Deferred Income Tax - Net 223,967,974
Unamortized Investment Tax Credit 34,382,336
Accrued Postretirement Benefits 9,635,900
Accrued Pension Benefits 109,375,116
Miscellaneous 5,801,173
----------------
Total Deferred Credits 412,569,642
----------------
TOTAL LIABILITIES 1,968,300,991
================
9
IPL
Balance Sheet
Period ending Sep. 30, 2001
(Unaudited)
ASSETS:
PROPERTY, PLANT AND EQUIPMENT
Utility Plant, at Original Cost 3,054,276,801
Less: Accum. Prov. for Deprec. & Amort. 1,418,768,440
---------------
Total Utility Plant - Net 1,635,508,361
---------------
OTHER PROPERTY, INVESTMENTS
AND OTHER ASSETS:
Nonutility Property 2,474,502
Less Accumulated Provision for Depreciation 724,300
---------------
Total Nonutility Property - Net 1,750,202
Other Investments 3,671,919
---------------
Total 5,422,121
---------------
CURRENT ASSETS:
Cash 2,261,953
Special Deposits 0
Working Funds 11,075,875
Temporary Cash Investments 43,600,080
Accounts Receivable - Associated Companies 132,139
Accounts Receivable:
Customers 45,953,318
Miscellaneous 9,228,596
Less: Reserve for Uncollectible Accounts (1,220,526)
Interest Receivable 280,127
Notes Receivable 0
Fuel 25,417,602
Materials and Supplies - Net 46,758,275
Other Current Assets 1,678,130
Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr.
Tax Refund Receivable 39,794
---------------
Total Current Assets 185,205,363
---------------
DEFERRED DEBITS:
Unamortized Petersburg Unit 4 Carrying Charges 16,842,350
Unamort. Def. Return-Pete Unit 4 Carrying Chgs. 9,431,544
Unamort. Reacquisition Premium on Debt 20,106,519
Other Regulatory Assets 29,625,812
Miscellaneous 3,825,336
Unamortized Debt Expense 5,448,188
---------------
Total Deferred Debits 85,279,749
---------------
TOTAL ASSETS 1,911,415,594
===============
10
LIABILITIES:
CAPITALIZATION:
Common Shareholder's Equity:
Common Stock 324,536,675
Premium and Net Gain on Preferred Stock 2,642,134
Retained Earnings 355,365,457
Accumulated Other Comprehensive Income (5,133,296)
---------------
Total 677,410,970
---------------
Non-Redeemable Cumulative Preferred Stock 59,135,300
---------------
Long-Term Debt 622,650,000
Unamort. Premium on LT Debt - Net (736,373)
---------------
Total Long-Term Debt 621,913,627
---------------
Total Capitalization 1,358,459,897
---------------
CURRENT LIABILITIES:
Accounts Payable 48,675,476
Dividends Payable 805,409
Customer Deposits 8,673,585
Accrued Liabilities:
Interest on Long-Term Debt 9,185,102
Interest on Customer Deposits, etc. 1,523,488
Taxes:
Federal Taxes on Income 47,104,589
State Taxes on Income (240,284)
Real Estate and Personal Property 14,398,444
Miscellaneous 828,935
Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr. 299,831
Deferred Fuel Expense 8,557,402
Miscellaneous 193,175
---------------
Total 140,005,152
---------------
Total Current Liabilities 140,005,152
---------------
DEFERRED CREDITS:
FAS109 Net Deferred Income Tax - Credit 29,407,143
Accumulated Deferred Income Tax - Net 224,348,892
Unamortized Investment Tax Credit 34,382,336
Accrued Postretirement Benefits 9,635,900
Accrued Pension Benefits 109,375,116
Miscellaneous 5,801,158
---------------
Total Deferred Credits 412,950,545
---------------
TOTAL LIABILITIES 1,911,415,594
===============
11
CILCORP CONSOLIDATED
INCOME STATEMENT
TWELVE MONTHS ENDED 9/30/2001
(UNAUDITED)
REVENUE:
CILCO ELECTRIC $ 394,181
CILCO GAS 330,995
CILCO OTHER 87,791
OTHER BUSINESSES 59,262
--------------------------
TOTAL 872,229
---------------------------
OPERATING EXPENSES:
FUEL FOR GENERATION AND PURCHASED POWER 228,381
GAS PURCHASED FOR RESALE 284,484
OTHER OPERATIONS AND MAINTENANCE 124,562
DEPRECIATION AND AMORTIZATION 87,412
TAXES, OTHER THAN INCOME TAXES 40,120
--------------------------
TOTAL 764,959
--------------------------
FIXED CHARGES AND OTHER:
INTEREST EXPENSE 71,969
PREFERRED STOCK DIVIDENDS OF SUBSIDIARY 2,159
ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION (253)
OTHER 1,404
--------------------------
TOTAL 75,279
--------------------------
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES 31,991
INCOME TAXES 15,634
NET INCOME (LOSS) FROM CONTINUING OPERATIONS 16,357
INCOME (LOSS) FROM OPERATIONS OF DISCONTINUED
BUSINESS, NET OF TAXES (4,278)
EXTRAORDINARY ITEM -
NET INCOME (LOSS) BEFORE MINORITY INTEREST 12,079
MINORITY INTEREST -
--------------------------
NET INCOME (LOSS) 12,079
OTHER COMPREHENSIVE INCOME (13,147)
--------------------------
COMPREHENSIVE INCOME (LOSS) $ (1,068)
==========================
12
CENTRAL ILLINOIS LIGHT COMPANY
CONSOLIDATED STATEMENT OF INCOME
(unaudited)
Twelve Months Ended
9/30/2001
Operating Revenues:
Electric $ 394,181
Gas 330,995
------------------
725,176
------------------
Operating Expenses:
Cost of Fuel 139,771
Cost of Gas 242,912
Purchased Power 40,506
Other Operation & Maintenance Expenses 119,667
Depreciation and Amortization 68,184
Income Taxes 19,791
Other Taxes 40,016
------------------
Total Operating Expenses 670,847
------------------
Operating Income 54,329
Other Income and Deductions
CILCO Owned Life Insurance (1,404)
Other, Net 7,888
------------------
Total other income and (deductions) 6,484
------------------
Income Before Interest Expenses 60,813
Interest Expenses:
Interest on Long-Term Debt 17,627
Cost of Borrowed Funds Capitalized (253)
Other 6,915
------------------
Total interest expense 24,289
------------------
Net (loss) Income Before Preferred Dividends 36,524
------------------
Preferred Stock Dividends 2,159
------------------
Net Inc Available for Common Stock $ 34,365
==================
13
CILCORP INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
(Unaudited)
September 30, 2001
ASSETS
Current assets:
Cash and temporary cash investments $ 11,223
Receivables, less reserves of
$1,221 and $1,343 70,420
Accrued unbilled revenue 19,846
Fuel, at average cost 14,933
Materials and supplies,
at average cost 18,632
Gas in underground storage,
at average cost 31,405
FAC/PGA underrecoveries 2,284
Prepayments and other 5,936
----------
Total current assets 174,679
----------
Investments and other property:
Investment in leveraged leases 135,889
Other investments 19,649
----------
Total investments and other
property 155,538
----------
Property, plant and equipment:
Utility plant, at original cost
Electric 712,100
Gas 225,299
----------
937,399
Less - accumulated provision for
depreciation 113,881
----------
823,518
Construction work in progress 40,142
Other, net of depreciation 47
----------
Total property, plant and
equipment 863,707
----------
Other assets:
Goodwill, net of accumulated
amortization of $29,920 and $18,422 583,044
Other 80,930
----------
Total other assets 663,974
----------
Total assets $1,857,898
==========
14
CILCORP INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
(Unaudited)
September 30, 2001
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current portion of long-term debt $ 11,800
Notes payable 89,000
Accounts payable 72,256
Accrued taxes 13,275
Accrued interest 24,785
FAC/PGA overrecoveries 311
Other 27,112
----------
Total current liabilities 238,539
----------
Long-term debt 717,718
----------
Deferred credits and other liabilities:
Deferred income taxes 195,369
Regulatory liability of regulated
subsidiary 57,985
Deferred investment tax credits 14,955
Provision for out-of-market contract 62,000
Other 79,938
----------
Total deferred credits and
other liabilities 410,247
----------
Preferred stock of subsidiary without
mandatory redemption 19,120
Preferred stock of subsidiary with
mandatory redemption 22,000
----------
Total preferred stock of subsidiary 41,120
----------
Stockholder's equity:
Common stock, no par value;
authorized 10,000 shares -
outstanding 1,000 shares --
Additional paid-in capital 468,833
Retained earnings (deficit) (5,412)
Accumulated other comprehensive income (loss) (13,147)
----------
Total stockholder's equity 450,274
----------
Total liabilities and
stockholder's equity $1,857,898
==========
15
CENTRAL ILLINOIS LIGHT COMPANY
Consolidated Balance Sheets
(In thousands)
(Unaudited)
September 30, 2001
ASSETS
Utility plant, at original cost:
Electric $1,321,995
Gas 448,666
----------
1,770,661
Less - accumulated provision
for depreciation 972,780
----------
797,881
Construction work in progress 40,142
----------
Total utility plant 838,023
----------
Other property and investments:
Cash surrender value of company-owned
life insurance (net of related
policy loans of $65,207 and $59,292) 3,128
Other 1,133
----------
Total other property and
investments 4,261
----------
Current assets:
Cash and temporary cash investments 8,091
Receivables, less reserves of
$1,221 and $1,343 68,350
Accrued unbilled revenue 17,529
Fuel, at average cost 14,933
Materials and supplies,
at average cost 16,687
Gas in underground storage,
at average cost 31,405
Prepaid taxes 4,851
FAC/PGA underrecoveries 2,284
Other 5,916
----------
Total current assets 170,046
----------
Deferred debits:
Unamortized loss on reacquired debt 2,509
Unamortized debt expense 1,336
Prepaid pension cost 229
Other 53,762
----------
Total deferred debits 57,836
----------
Total assets $1,070,166
==========
16
CENTRAL ILLINOIS LIGHT COMPANY
Consolidated Balance Sheets
(In thousands)
(Unaudited)
September 30, 2001
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stockholder's equity:
Common stock, no par value;
authorized 20,000,000 shares;
outstanding 13,563,871 shares $ 185,661
Additional paid-in capital 27,000
Retained earnings 133,788
Accumulated other comprehensive income (loss) (13,672)
----------
Total common stockholder's equity 332,777
Preferred stock without mandatory
redemption 19,120
Preferred stock with mandatory redemption 22,000
Long-term debt 242,718
----------
Total capitalization 616,615
----------
Current liabilities:
Current maturities of long-term debt 2,800
Notes payable 58,000
Accounts payable 68,696
Accrued taxes 25,500
Accrued interest 4,920
FAC/PGA overrecoveries 311
Other 27,112
----------
Total current liabilities 187,339
----------
Deferred credits and other liabilities:
Deferred income taxes 107,626
Regulatory liability 57,985
Deferred investment tax credit 14,954
Capital lease obligation 159
Other 85,488
----------
Total deferred credits and
other liabilities 266,212
----------
Total capitalization and
liabilities $1,070,166
==========
17
ITEM (2) PER EXEMPTION ORDER (INCOME STATEMENT AMOUNTS ARE 12 MONTHS ENDED):
CILCO AND IPL CONTRIBUTIONS TO
AES/CILCORP/IPALCO(1) CONSOLIDATED HOLDING COMPANY
(PRO RATA CONSOLIDATION BASIS)
($MM)
-------------------------------------------------- ----------------------------- --------------------------
12 MOS. ENDED 12/31/00 12 MOS. ENDED 9/30/01
-------------------------------------------------- ----------------------------- --------------------------
-------------------------------------------------- ----------------------------- --------------------------
GROSS REVENUES(2) 16.94% 16.24%
CILCO 636 813
CILCORP (excluding CILCO) 87 59
IPL 831 853
IPALCO (excluding IPL) 28 4
AES (excluding CILCORP and IPALCO) 7,079 8,532
AES/CILCORP/IPALCO 8,661 10,261
-------------------------------------------------- ----------------------------- --------------------------
-------------------------------------------------- ----------------------------- --------------------------
OPERATING INCOME 14.20% 12.84%
CILCO 97 83
CILCORP (excluding CILCO) 12 24
IPL 205 229
IPALCO (excluding IPL) (36) 0
AES (excluding CILCORP and IPALCO) 1,849 2,093
AES/CILCORP/IPALCO 2,127 2,429
-------------------------------------------------- ----------------------------- --------------------------
-------------------------------------------------- ----------------------------- --------------------------
NET INCOME 15.99% 18.61%
CILCO 45 34
CILCORP (excluding CILCO) (33) (22)
IPL 82 49
IPALCO (excluding IPL) 73 4
AES (excluding CILCORP and IPALCO) 629 381
AES/CILCORP/IPALCO 797 446
-------------------------------------------------- ----------------------------- --------------------------
-------------------------------------------------- ----------------------------- --------------------------
NET ASSETS 8.49% 7.82%
CILCO 1,107 1,070
CILCORP (excluding CILCO) 841 788
IPL 1,905 1,911
IPALCO (excluding IPL) - 57
AES (excluding CILCORP and IPALCO) 31,326 34,309
AES/CILCORP/IPALCO 35,479 38,135
-------------------------------------------------- ----------------------------- --------------------------
--------
(1) As a result of AES' acquisition of IPALCO, the results of
AES/CILCORP/IPALCO for the twelve-month periods have been restated to include
IPALCO.
(2) Gross business revenues (utility and non-utility) of IPALCO and CILCO
combined as a percentage of total gross business revenues (including
IPALCO/IPL and CILCORP/CILCO, utility and non-utility) of AES.
18
IPL CONTRIBUTIONS TO
AES/IPALCO(1) CONSOLIDATED HOLDING COMPANY
(PRO RATA CONSOLIDATION BASIS)
($MM)
---------------------------------------------------- --------------------------- --------------------------
12 MOS. ENDED 12/31/00 12 MOS. ENDED 9/30/01
---------------------------------------------------- --------------------------- --------------------------
---------------------------------------------------- --------------------------- --------------------------
GROSS REVENUES(2) 10.06% 8.80%
IPL 831 853
IPALCO (excluding IPL) 28 4
AES (excluding CILCO jurisdictional activities) 7,404 8,836
AES/IPALCO 8,263 9,693
---------------------------------------------------- --------------------------- --------------------------
---------------------------------------------------- --------------------------- --------------------------
OPERATING INCOME 10.73% 9.67%
IPL 205 229
IPALCO (excluding IPL) (36) 0
AES (excluding CILCO jurisdictional activities) 1,741 2,139
AES/IPALCO 1,910 2,368
---------------------------------------------------- --------------------------- --------------------------
---------------------------------------------------- --------------------------- --------------------------
NET INCOME 10.91% 11.95%
IPL 82 49
IPALCO (excluding IPL) 73 4
AES (excluding CILCO jurisdictional activities) 600 357
AES/IPALCO 755 410
---------------------------------------------------- --------------------------- --------------------------
---------------------------------------------------- --------------------------- --------------------------
NET ASSETS 5.49% 5.11%
IPL 1,905 1,911
IPALCO (excluding IPL) - 57
AES (excluding CILCO jurisdictional activities) 32,781 35,401
AES/IPALCO 34,686 37,369
---------------------------------------------------- --------------------------- --------------------------
--------
(1) As a result of AES' acquisition of IPALCO, the results of
AES/CILCORP/IPALCO for the twelve-month periods have been restated to include
IPALCO.
(2) Gross business revenues (utility and non-utility) of IPL as a percentage
of total gross business revenues (including IPALCO/IPL utility and
non-utility) of AES.
19
ITEM (3) PER EXEMPTION ORDER - GENERATION INFORMATION:
AES Generating Plants in Operation at September 30, 2001 (excluding CILCORP and
IPALCO):
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
------- ---- --- ---- ------
AES Deepwater USA 143 100 143 QF
AES Beaver Valley USA 125 100 125 QF
AES Placerita USA 120 100 120 QF
AES Thames USA 181 100 181 QF
AES Shady Point USA 320 100 320 QF
AES Hawaii USA 180 100 180 QF
AES Warrior Run USA 180 100 180 QF
AES Somerset USA 675 100 675 EWG
AES Cayuga USA 306 100 306 EWG
AES Greenidge USA 161 100 161 EWG
AES Westover USA 126 100 126 EWG
AES Alamitos USA 2,083 100 2,083 EWG
AES Redondo Beach USA 1,310 100 1,310 EWG
AES Huntington Beach USA 563 100 563 EWG
AES Thermo Ecotek - Hemphill USA 14 67 9 QF
AES Thermo Ecotek - Whitefield USA 14 100 14 QF
AES Thermo Ecotek - Mendota USA 25 100 25 QF
AES Delano USA 50 100 50 QF
AES Riverside USA 154 100 154 EWG
AES Mountainview USA 126 100 126 EWG
DOMESTIC SUBTOTAL: 6,856 6,851
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
------- ---- --- ---- ------
AES Kingston Canada 110 50 55 EWG
AES San Nicholas Argentina 650 88 572 EWG
AES Cabra Corral Argentina 102 98 100 FUCO
AES El Tunal Argentina 10 98 10 FUCO
AES Sarmiento Argentina 33 98 32 FUCO
AES Ullum Argentina 45 98 44 FUCO
AES Quebrada de Ullum Argentina 45 100 45 FUCO
AES Alicura Argentina 1,000 100 1,000 FUCO
Fontes Nova - Light Brazil 144 21 30 FUCO
Ilha dos Pombos - Light Brazil 164 21 34 FUCO
Nilo Pecanha - Light Brazil 380 21 80 FUCO
Pereira Passos - Light Brazil 100 21 21 FUCO
CEMIG - Miranda Brazil 390 9 35 FUCO
CEMIG - Igarapava Brazil 210 1 2 FUCO
20
CEMIG (35 plants) Brazil 5,068 9 441 FUCO
AES Bayano Panama 150 49 74 FUCO
AES Panama Panama 42 49 21 FUCO
AES Chiriqui - La Estrella Panama 42 49 21 FUCO
AES Chiriqui - Los Valles Panama 48 49 24 FUCO
AES Los Mina Dom. Rep. 210 100 210 EWG
AES Yarra Australia 510 100 510 FUCO
AES Jeeralang Australia 449 100 449 FUCO
AES Mt. Stuart Australia 288 100 288 FUCO
AES Xiangci - Cili China 26 51 13 FUCO
Wuhu Grassy Lake China 250 25 63 FUCO
Yangchun China 15 25 4 FUCO
Chengdu Lotus City China 48 35 17 FUCO
AES Jiaozuo China 250 70 175 FUCO
AES Hefei China 76 70 53 FUCO
AES Hefei II China 39 70 27 FUCO
AES Chongqing Nanchuan China 50 70 35 FUCO
Yangcheng China 350 25 88 FUCO
AES Ekibastuz Kazakhstan 4,000 100 4,000 FUCO
AES Ust-Kamenogorsk GES Kazakhstan 331 100 331 FUCO
AES Shulbinsk GES Kazakhstan 702 100 702 FUCO
AES Ust-Kamenogorsk TETS Kazakhstan 1,464 100 1,464 FUCO
AES Leninogorsk TETS Kazakhstan 418 100 418 FUCO
AES Sogrinsk TETS Kazakhstan 349 100 349 FUCO
AES Semipalatinsk TETS Kazakhstan 840 100 840 FUCO
AES Ust-Kamenogorsk Heat Nets Kazakhstan 310 Mgmt. 0 FUCO
OPGC India 420 49 206 FUCO
AES Lal Pir Pakistan 351 90 316 FUCO
AES PakGen Pakistan 344 90 310 FUCO
AES Borsod Hungary 171 100 171 FUCO
AES Tisza II Hungary 860 100 860 FUCO
AES Tiszapalkonya Hungary 250 100 250 FUCO
AES Elsta Netherlands 405 50 203 FUCO
Medway U.K. 688 25 172 FUCO
AES Indian Queens U.K. 140 100 140 EWG
AES Kilroot U.K. 520 97 504 FUCO
AES Belfast West U.K. 120 97 116 FUCO
AES Barry U.K. 230 100 230 FUCO
AES Drax U.K. 4,065 100 4,065 FUCO
AES Fifoots Point U.K. 360 100 360 FUCO
AES Uruguaiana Brazil 600 100 600 FUCO
AES Tiete (10 plants) Brazil 2,650 53 1,405 FUCO
EDC (4 plants) Venezuela 2,265 87 1,971 FUCO
AES Merida III Mexico 484 55 266 FUCO
AES Mtkvari Georgia 600 100 600 FUCO
AES Khrami I Georgia 113 100 113 FUCO
AES Khrami II Georgia 110 100 110 FUCO
AES Ottana Italy 140 100 140 FUCO
AES Mamonal Columbia 90 62 56 FUCO
AES Centrogener (Gener - 8 Chile 756 99 748 FUCO
plants)
21
AES Chivor (Gener) Columbia 1,000 96 960 FUCO
AES Electrica de Santiago (Gener) Chile 379 74 280 FUCO
AES Energia Verde (Gener - 2 Chile 17 99 17 FUCO
plants)
AES Guacolda (Gener) Chile 304 49 149 FUCO
AES Norgener (Gener - 2 plants) Chile 277 99 274 FUCO
Itabo (Gener - 7 plants) Dom. Rep. 587 24 141 FUCO
AES Bohemia Czech Rep. 50 83 42 FUCO
AES Premnitz Germany 58 65 38 FUCO
AES SONEL Cameroon 800 56 560 FUCO
Central Dique Argentina 68 51 35 FUCO
FOREIGN SUBTOTAL: 39,980 29,085
TOTAL - September 30, 2001 46,836 35,936
Foreign Generation as a
Percentage of Total: 85% 81%
CILCORP Generating Plants at September 30, 2001:
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
------- ---- --- ---- ------
Edwards (3 units) USA 740 100 740 IL PUC
Duck Creek USA 366 100 366 IL PUC
Indian Trails USA 10 100 10 IL PUC
Sterling Avenue USA 30 100 30 IL PUC
Hallock Power Modules USA 13 100 13 IL PUC
Kickapoo Power Modules USA 13 100 13 IL PUC
TOTAL - September 30, 2001 1,172 1,172
IPALCO Generating Plants at September 30, 2001:
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
------- ---- --- ---- ------
Petersburg USA 1,873 100 1,873 IN PUC
H.T. Pritchard USA 393 100 393 IN PUC
E.W. Stout USA 1,017 100 1,017 IN PUC
Georgetown USA 80 100 80 IN PUC
TOTAL - September 30, 2001 3,363 3,363
22
Revenues from electric generation capacity - 12 months ended September 30, 2001
(millions of dollars):
IPALCO 185 4%
CILCORP 158 4%
AES (excluding CILCORP and IPALCO) 3,814 92%
----------- -----------
Total 4,157 100%
IPALCO's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. CILCORP's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. AES generation revenues are derived from the total generation revenues
earned by AES subsidiaries times the percentage ownership interest of AES in
those subsidiaries.
There has been no change in the amount of generation capacity owned by CILCORP
or IPALCO and a 994 MW increase in the amount of generation capacity owned by
AES (excluding CILCORP and IPALCO) from 34,942 to 35,936 MW since June 30, 2001.
There has been a 5.5% increase in the total revenues earned from the capacity
owned by AES, IPALCO and CILCORP in the twelve-month period ended September 30,
2001 compared with the twelve-month period ended June 30, 2001. The percentage
of total revenues derived from the generation capacity owned by CILCORP has
remained the same at 4%. The percentage of total revenues derived from the
generation capacity owned by IPALCO has decreased from 5% to 4%.
The physical location of the MW capacity added by AES since June 30, 2001 is in
the United States, Argentina and Cameroon.
ITEM (4) PER EXEMPTION ORDER - ELECTRIC TRANSMISSION AND DISTRIBUTION AND GAS
DISTRIBUTION:
Electric transmission and distribution and gas distribution assets owned as of
September 30, 2001 (millions of dollars):
IPALCO 1,013
CILCORP 766
Total AES (excluding CILCORP and IPALCO) 4,961
-------------
Total 6,740
23
Electric transmission and distribution and gas distribution revenues for 12
months ending September 30, 2001 (millions of dollars):
IPALCO 802
CILCORP 568
Total AES (excluding CILCORP and IPALCO) 4,734
-------------
Total 6,104
IPALCO's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. CILCORP's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. AES transmission and distribution revenues are derived from the total
revenues earned by AES transmission and distribution subsidiaries by multiplying
these revenues by the percentage ownership interest of AES in those
subsidiaries.
The total transmission and distribution assets owned by AES, CILCORP and IPALCO
have decreased since June 30, 2001. CILCORP's transmission and distribution
assets have increased slightly while the revenues derived from such assets have
decreased slightly since June 30, 2001. IPALCO's transmission and distribution
assets have remained almost the same while the revenues derived from such assets
have increased since June 30, 2001. AES' transmission and distribution assets
have decreased slightly, and the revenues derived from such assets have
increased since June 30, 2001. CILCORP's percentage of the total transmission
and distribution assets has remained the same at 11%, and CILCORP's percentage
of the total revenues from such assets has decreased from 10% to 9% for the
twelve-month period ending September 30, 2001 compared to the twelve-month
period ending June 30, 2001. IPALCO's percentage of the total transmission and
distribution assets has remained the same at 15%, and IPALCO's percentage of the
total revenues from such assets has increased from 12% to 13% for the
twelve-month period ending September 30, 2001 compared to the twelve-month
period ending June 30, 2001.
ITEM (5) PER EXEMPTION ORDER:
Neither CILCO nor IPL has sold or transferred any electric and/or gas utility
assets to any affiliate company of the AES consolidated holding company system
during the third quarter of 2001.
ITEM (6) PER EXEMPTION ORDER:
During the third quarter of 2001, no application has been made to nor has any
order been received from the Illinois Commerce Commission that involves AES'
ownership position or AES' oversight over the operations of CILCO or CILCORP.
During the third quarter of 2001, no application has been made to nor has any
order been received from the Indiana Utility Regulatory Commission that
involves AES' ownership position or AES' oversight over the operations of
IPL or IPALCO.
24
ITEM (7) PER EXEMPTION ORDER:
During the third quarter of 2001, AES has taken no action regarding the
divestiture of the jurisdictional business of CILCO.
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of 1935,
as amended, AES has duly caused this certificate to be signed on its behalf on
this 29th day of November, 2001 by the undersigned thereunto duly authorized.
The AES Corporation
By: /s/ Erik Luckau
----------------------------
Erik Luckau
Associate General Counsel
25