SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U-3A-2
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
PNM RESOURCES, INC.
PNM Resources, Inc. ("PNM Resources") hereby files with the Securities
and Exchange Commission (the "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 (the "Act"), and submits the following
information:
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.
PNM Resources is a holding company organized under the laws of the
State of New Mexico. Upon the completion of a one-for-one share exchange between
Public Service Company of New Mexico, a New Mexico corporation ("PNM"), and PNM
Resources on December 31, 2001, PNM Resources became the parent of PNM. PNM is a
public utility company as defined under Section 2(a)(5) of the Act. PNM
Resources is also the parent of certain non-utility subsidiaries, most of which
were formerly owned, directly or indirectly, by PNM, as identified in the table
below. PNM Resources has its principal offices at Alvarado Square, Albuquerque,
New Mexico 87158.
ACTIVE SUBSIDIARIES
PNM
PNM Resources owns all of the issued and outstanding voting securities
of PNM, a public utility incorporated in 1917 under the laws of the State of New
Mexico with principal offices at Alvarado Square, Albuquerque, New Mexico 87158.
PNM is a public utility primarily engaged in the generation, transmission,
distribution and sale of electricity and the transmission, distribution and sale
of natural gas.
1
The total population of the area served by one or more of PNM's
utility services is estimated to be approximately 1.3 million, of which some 57%
live in the greater Albuquerque area.
Avistar
PNM Resources owns all of the issued and outstanding voting securities
of Avistar, Inc., a New Mexico corporation ("Avistar"). Avistar's principal
offices are at Alvarado Square, Albuquerque, New Mexico, 87158. Avistar is
currently engaged in certain non-utility businesses. Avistar has an investment
in Nth Power Technologies, a venture capital firm focused on high growth
opportunities arising from restructuring of the global energy marketplace. Nth
Power Technologies has invested in a broad range of companies that include
distributed generation and storage, communications, control and information
technology, end-use products, power quality, transmission and distribution
automation, and outsourcing and business services.
Eastern Interconnect Project Lease Interest
On December 20, 2002, PNM Resources acquired the beneficial ownership
of the trust which relates to one of the two leases of a transmission line
connecting the PNM system with the Texas electrical grid to the east. This is a
common law trust which holds legal title to the leased 60% interest, a trust
with no outstanding securities of any sort and no officers, directors or persons
performing similar executive or management functions. PNM Resources paid $6.75
million in cash and assumed $26 million in long-term debt to acquire the
beneficial ownership of the trust which relates to a lease of a majority of the
Eastern Interconnection Project ("EIP") line. PNM operates the line under the
terms of the lease agreement. PNM Resources reports the $26 million of debt on
its balance sheet, and PNM reports the present value of the remaining 40%
interest of the EIP operating lease as off balance sheet debt. Acquiring the
beneficial ownership will allow PNM to buy back legal title to 60% of the EIP,
retire the underlying bonds, reducing net lease payments and the amount of the
company's off-balance sheet debt, and collapse the lease in the second quarter
of 2003. The 216-mile-long EIP runs from near Albuquerque to the Texas-New
Mexico border. The 345-kilovolt line has a capacity of 200 megawatts.
EIP Refunding Corporation
On February 24, 2003, PNM Resources acquired 100% of the outstanding
common stock of EIP Refunding Corporation for $1,000. EIP Refunding Corporation
is a special purpose corporation authorized to hold notes receivable from two
trusts and issue publicly traded bonds in a corresponding amount. PNM Resources
acquired EIP Refunding Corporation to effectuate the retirement of the EIP
Secured Facility Bonds.
2
INACTIVE SUBSIDIARIES
Direct and Indirect Subsidiaries
Related to PNM's Previous Diversification Efforts
PLACE OF
INCORPORATION OR
NAME ORGANIZATION ADDITIONAL INFORMATION
---- ---------------- ----------------------
Meadows Resources, New Mexico Wholly owned subsidiary of PNM;
Inc. (Meadows) formerly developed and conducted
activities unrelated to utility operations.
Bellamah Associates New Mexico Subsidiary of Meadows. Limited
Ltd. (BAL) Partnership with BIL. General
partnership with BCD, BHL, and Meadows.
Bellamah Community New Mexico Subsidiary of Meadows. A general
Development (BCD) partnership among BAL, BHL, and
Meadows.
Bellamah Holding New Mexico Subsidiary of Meadows. Limited
Company (BHC) partnership with BIL.
Bellamah Holding New Mexico Subsidiary of Meadows. General
Ltd. (BHL) partnership with BAL, BCD, and
Meadows.
Bellamah Investors New Mexico Subsidiary of Meadows. Limited
Ltd. (BIL) Partnership with BAL and BHC.
Republic Holding Delaware Subsidiary of Meadows.
Company (RHC)
Sunbelt Mining New Mexico Wholly owned subsidiary of PNM
Company, Inc. Resources; formerly, among other
things, acquired, developed, and
marketed coal.
3
Direct Subsidiaries
Related to PNM's Previous Gas Gathering and Processing Businesses
PLACE OF
INCORPORATION OR ADDITIONAL INFORMATION
NAME ORGANIZATION (IF NEEDED)
---- ---------------- ----------------------
Sunterra Gas New Mexico Subsidiary of PNM Resources. Primary
Gathering Company activities, prior to the June 30, 1995
closing date on which gas gathering and
processing assets were sold, were to
gather and deliver natural gas to
interstate and intrastate pipelines and
to sell natural gas to PNM Gas Services.
Sunterra Gas New Mexico Subsidiary of PNM Resources. Primary
Processing Company activity, prior to the June 30, 1995
closing date on which gas gathering
and processing assets were sold, was to
process natural gas.
Direct and Indirect Subsidiaries
Related to Restructuring
PLACE OF
INCORPORATION OR ADDITIONAL INFORMATION
NAME ORGANIZATION (IF NEEDED)
---- ---------------- ----------------------
PNM Electric and New Mexico Shell subsidiary of PNM Resources
Gas Services formed with an initial equity capital of
$1000; created as part of PNM's plan
to comply with the New Mexico
Electric Utility Industry Restructuring
Act of 1999.
Manzano Energy New Mexico Shell subsidiary of Avistar formed with
Corporation equity capital of $100 to hold the name
"Manzano Energy Corporation."
4
Indirect Subsidiaries
Related to Terminated Transaction With
Western Resources, Inc. (the "Transaction")
PLACE OF
INCORPORATION OR ADDITIONAL INFORMATION
NAME ORGANIZATION (IF NEEDED)
---- ---------------- ----------------------
HVOLT Enterprises, Delaware Shell subsidiary of Avistar formed with
Inc. (HVOLT) equity capital of $1000 to facilitate the
Transaction between PNM Resources
and Western Resources, Inc.
HVNM, Inc. New Mexico Shell subsidiary of HVOLT formed
(HVNM) with equity capital of $1000 to facilitate
the Transaction.
HVK, Inc. Kansas Shell subsidiary of HVOLT formed
(HVK) with equity capital of $1000 to facilitate
the Transaction.
Miscellaneous Inactive Subsidiaries
PLACE OF
INCORPORATION OR ADDITIONAL INFORMATION
NAME ORGANIZATION (IF NEEDED)
---- ---------------- ----------------------
AMDAX.com Nevada 25% owned by Avistar.
Gas Company of New New Mexico Subsidiary of Sunbelt to preserve the
Mexico name "Gas Company of New Mexico."
Reliadigm, Inc. New Mexico Shell subsidiary of Avistar formed with
equity capital of $1000 to preserve the
name "Reliadigm, Inc."
Paragon Resources, New Mexico Wholly owned utility related subsidiary
Inc. of PNM Resources; formerly provided
services to the PNM electric and gas
services operations.
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
5
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.
PNM Resources does not own directly any utility properties or perform
any utility operations. As described above, PNM Resources has acquired the
beneficial ownership in a trust which holds 60% of the EIP transmission line.
PNM Resources' operating subsidiary is PNM and is described in detail below.
PNM provides retail electric service to a large area of north central
New Mexico, including the cities of Albuquerque, Santa Fe, Rio Rancho, Las
Vegas, Belen and Bernalillo. PNM also provides retail electric service to Deming
in southwestern New Mexico and to Clayton in northeastern New Mexico. As of
December 31, 2002, PNM served approximately 388,000 retail electric customers,
the largest of which accounted for approximately 4.7% of PNM's total retail
electric revenues for the year ended December 31, 2002.
PNM owns or leases and operates facilities for the generation and
transmission of electric energy. PNM's transmission facilities consist primarily
of 345 kV, 230 kV and 115 kV transmission lines extending through much of the
State of New Mexico. PNM also owns partial interests in certain 500 kV and 345
kV transmission lines in the State of Arizona. PNM owns or leases interests in
electric generation plants representing a total PNM net generation capacity of
1,736 MW. The facilities comprising such interests in generation include: a
nuclear plant, Palo Verde Nuclear Generating Station, located in Arizona; two
coal-fired plants, San Juan Generating Station and Four Corners Power Plant,
located in northwest New Mexico; two gas/oil-fired plants, Las Vegas, located in
Las Vegas, New Mexico, and Reeves, located in Albuquerque, New Mexico; and two
gas-fired peaking plants, Lordsburg Generating Station, in Lordsburg, New Mexico
and Afton Generating Station, located adjacent to the Afton Compression Station
of El Paso Natural Gas Company, about 12.5 miles southwest of Las Cruces, New
Mexico. The two gas-fired peaking plants were added in 2002 and began commercial
operation on June 14 and November 27, respectively. PNM also has approximately
132 MW of additional unit contingent peaking capacity through a 20-year power
purchase agreement with Delta-Person Limited Partnership, owner of a gas turbine
generating unit near Albuquerque, New Mexico. This brings PNM's total net
generating capacity, consisting of both internal and external contracted
capacity, to 1,868 MW.
In addition to generation capacity, PNM purchases power in the
wholesale market. PNM has two power purchase agreements with Southwestern Public
Service Company: a long-term power purchase agreement (which expires in May,
2011) under which PNM presently receives 150 MW of interruptible power, and an
intermediate-term agreement (through December 2005) under which PNM receives 72
MW of firm power. PNM also has a long-term power purchase agreement (through
June 2010) with Tri-State Generation and Transmission Association, Inc., under
which PNM receives 50 MW of firm power. Additionally, PNM has 70 MW of
contingent capacity it obtains from El Paso Electric Company ("EPE") under a
transmission-capacity-for-generation-capacity trade arrangement that runs
through September 2004. Beginning in October 2004 and continuing through June
2005, the contingent capacity amount under the EPE trade arrangement will be
reduced to 39 MW.
6
As of December 31, 2002, PNM owned, jointly owned or leased
approximately 2897 circuit miles of electric transmission lines, located in New
Mexico and Arizona. Included in this total is approximately 165 miles of 500 kV
transmission lines associated with PNM's interest in Palo Verde. PNM also owns
approximately 4284 miles of overhead distribution lines, 3969 miles of
underground distribution lines, and 247 energized and de-energized transformers
within switching stations and substations, all located in New Mexico.
PNM, distributing natural gas to most of the major communities in New
Mexico, including Albuquerque and Santa Fe, served approximately 450,000 natural
gas customers as of December 31, 2002. The Albuquerque metropolitan area
accounts for approximately 50% of the total sales-service customers. PNM obtains
its supply of natural gas primarily from sources within New Mexico pursuant to
contracts with producers and marketers. These contracts are generally sufficient
to meet PNM's peak-day demand. PNM provides distribution service within certain
cities that depend on El Paso Natural Gas Company or Transwestern Pipeline
Company for transportation of the gas supplies. Because these cities are not
directly connected to PNM transmission facilities, gas transported by these
companies is the sole supply source for those cities.
PNM's natural gas properties, as of December 31, 2002, consisted
primarily of natural gas storage, transmission and distribution systems.
Provisions for storage made by PNM include ownership and operation of an
underground storage facility located near Albuquerque, New Mexico. The
transmission systems consisted of approximately 1,600 miles of pipe with
appurtenant compression facilities. The distribution systems consisted of
approximately 11,400 miles of pipe.
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.
Units Sold
----------
Electric Energy 9,450,154,594 kWh (Wholesale)
7,706,506 (Retail)
Natural or
Manufactured Gas 90,039,700 Mcf
b) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas distributed at retail outside the State in
which each such company is organized.
7
Units Sold
----------
Electric Energy 0 kWh
Natural or
Manufactured Gas 0 Mcf
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.
Units Sold
----------
Electric Energy 6,523,786,000 kWh
(Wholesale only)
Natural or
Manufactured Gas 0 Mcf
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.
Units Purchased
---------------
Electric Energy 4,150,900,000 kWh
(Wholesale only)
Natural or
Manufactured Gas 11,953,040 Mcf
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.
N/A. The claimant holds no interest, directly or indirectly,
in an EWG or a foreign utility company.
b) Name of each system company that holds an interest in such
EWG or foreign utility company and description of the
interest held.
N/A
8
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.
N/A
d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
N/A
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).
N/A
9
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.
10
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF EARNINGS AND SURPLUS
YEAR ENDED DECEMBER 31, 2002
PNM PNM SUNBELT PARAGON
RESOURCES CONSOLIDATED AVISTAR MINING RESOURCES
----------- ----------- ----------- ----------- -----------
(In thousands)
OPERATING REVENUES:
Electric ...................................... $ -- $ 895,474 $ -- $ -- $ --
Gas ........................................... -- 272,118 -- -- --
Non-Utility ................................... 161 -- 1,243 -- --
----------- ----------- ----------- ----------- -----------
Total operating revenues ................... 161 1,167,592 1,243 -- --
----------- ----------- ----------- ----------- -----------
OPERATING EXPENSES:
Cost of energy sold ........................... -- 549,242 811 -- --
Administrative and general .................... 76,071 140,501 2,455 -- --
Energy production costs ....................... -- 149,528 -- -- --
Depreciation and amortization ................. 715 101,689 5 -- --
Transmission and distribution costs ........... -- 63,869 -- -- --
Taxes, other than income taxes ................ 2,758 31,333 152 -- --
Income taxes .................................. (31,205) 22,775 (863) -- --
----------- ----------- ----------- ----------- -----------
Total operating expenses ................... 48,339 1,058,937 2,560 -- --
----------- ----------- ----------- ----------- -----------
Operating income (Loss) .................... (48,178) 108,655 (1,317) -- --
----------- ----------- ----------- ----------- -----------
OTHER INCOME AND DEDUCTIONS:
Equity in earnings from subsidiaries .......... 61,041 -- -- -- --
Other ......................................... 83,454 25,387 42 2 2
Income tax expense ............................ (32,135) (10,096) (17) (1) (1)
----------- ----------- ----------- ----------- -----------
Net other income and deductions ............ 112,360 15,291 25 1 1
----------- ----------- ----------- ----------- -----------
Income loss before interest charges ........ 64,182 123,946 (1,292) 1 1
----------- ----------- ----------- ----------- -----------
INTEREST CHARGES:
Interest on long-term debt .................... -- 56,409 -- -- --
Other interest charges ........................ (90) 5,321 1 -- --
----------- ----------- ----------- ----------- -----------
Net interest charges ....................... (90) 61,730 1 -- --
----------- ----------- ----------- ----------- -----------
NET EARNINGS (LOSS) ............................. 64,272 62,216 (1,292) 1 1
Preferred stock dividend requirements ...... -- 586 -- -- --
----------- ----------- ----------- ----------- -----------
Net Earnings (Loss) Applicable
to Common Stock ........................ 64,272 61,630 (1,292) 1 1
Retained earnings at beginning of year .... -- 288,388 (19,501) (18,300) (1,528)
Common stock dividends .................... (34,423) -- -- -- --
Dividends to parent ....................... -- (93,861) -- -- --
----------- ----------- ----------- ----------- -----------
RETAINED EARNINGS AT END OF YEAR ................ $ 29,849 $ 256,157 $ (20,793) $ (18,299) $ (1,527)
=========== =========== =========== =========== ===========
11
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF EARNINGS AND SURPLUS (CONTINUED)
YEAR ENDED DECEMBER 31, 2002
SUNTERRA GAS SUNTERRA GAS PNM RESOURCES
GATHERING PROCESSING ELIMINATIONS CONSOLIDATED
------------ ------------ ------------ -------------
(In thousands)
OPERATING REVENUES:
Electric ...................................... $ -- $ -- $ -- $ 895,474
Gas ........................................... -- -- -- 272,118
Non-Utility ................................... -- -- -- 1,404
----------- ----------- ----------- -----------
Total operating revenues ................... -- -- -- 1,168,996
----------- ----------- ----------- -----------
OPERATING EXPENSES:
Cost of energy sold ........................... -- -- -- 550,053
Administrative and general .................... -- -- (72,794) 146,233
Energy production costs ....................... -- -- -- 149,528
Depreciation and amortization ................. -- -- -- 102,409
Transmission and distribution costs ........... -- -- -- 63,869
Taxes, other than income taxes ................ -- -- -- 34,243
Income taxes .................................. -- -- 30,180 20,887
----------- ----------- ----------- -----------
Total operating expenses ................... -- -- (42,614) 1,067,222
----------- ----------- ----------- -----------
Operating income ........................... -- -- 42,614 101,774
----------- ----------- ----------- -----------
OTHER INCOME AND DEDUCTIONS:
Equity in earnings from subsidiaries .......... -- -- (61,041) --
Other ......................................... 190 -- (73,022) 36,055
Income tax expense ............................ (75) -- 30,180 (12,145)
----------- ----------- ----------- -----------
Net other income and deductions ............ 115 -- (42,842) 23,910
----------- ----------- ----------- -----------
Income before interest charges ............. 115 -- (228) 125,684
----------- ----------- ----------- -----------
INTEREST CHARGES:
Interest on long-term debt .................... -- -- -- 56,409
Other interest charges ........................ -- -- (228) 5,003
----------- ----------- ----------- -----------
Net interest charges ....................... -- -- (228) 61,412
----------- ----------- ----------- -----------
NET EARNINGS .................................... 115 -- (61,041) 64,272
Preferred stock dividend requirements ...... -- -- -- 586
----------- ----------- ----------- -----------
Net Earnings Applicable
to Common Stock ........................ 115 -- (61,041) 63,686
Retained earnings at beginning of year .... 1,808 1,086 165,435 415,388
Common stock dividends .................... -- -- -- (34,423)
Dividends to parent ....................... -- -- 93,861 --
----------- ----------- ----------- -----------
RETAINED EARNINGS AT END OF YEAR ................ $ 1,923 $ 1,086 $ 196,255 $ 444,651
=========== =========== =========== ===========
12
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
ASSETS
AS OF DECEMBER 31, 2002
PNM PNM SUNBELT PARAGON
RESOURCES CONSOLIDATED AVISTAR MINING RESOURCES
----------- ------------ ----------- ----------- -----------
(In thousands)
UTILITY PLANT, AT ORIGINAL COST EXCEPT
PVNGS:
Electric plant in service .................... $ 625 $ 2,301,048 $ -- $ -- $ --
Gas plant in service ......................... -- 615,907 -- -- --
Common plant in service and plant
held for future use ....................... 61,850 18,137 -- -- --
----------- ----------- ----------- ----------- -----------
62,475 2,935,092 -- -- --
Less accumulated depreciation and
amortization .............................. 4,089 1,326,286 -- -- --
----------- ----------- ----------- ----------- -----------
Construction work in progress ................ 13,813 159,435 -- -- --
Nuclear fuel, net of accumulated
amortization of $16,568 ................... -- 26,832 -- -- --
----------- ----------- ----------- ----------- -----------
Net utility plant ......................... 72,199 1,795,073 -- -- --
----------- ----------- ----------- ----------- -----------
OTHER PROPERTY AND INVESTMENTS:
Investment in Subsidiaries ................... 864,737 -- -- --
Other investments ............................ 12,106 428,823 1,777 -- --
Non-utility property, net of accumulated
depreciation of $1,750 .................... 494 966 -- -- 68
----------- ----------- ----------- ----------- -----------
Total other property and investments ...... 877,337 429,789 1,777 -- 68
----------- ----------- ----------- ----------- -----------
CURRENT ASSETS:
Cash and cash equivalents .................... (265) 3,094 220 318 317
Accounts receivable, net of allowance for
uncollectible accounts of $15,575 ......... -- 76,850 -- -- --
Unbilled revenues ............................ -- 49,078 -- -- --
Intercompany ................................. 44,236 19,238 (567) 704 (11)
Other receivables ............................ 222 46,853 24 21 2
Inventories .................................. 2 37,227 -- -- --
Regulatory assets ............................ -- 24,027 -- -- --
Short-term investments ....................... 79,630 -- -- -- --
Other current assets ......................... 9,867 22,872 13 -- --
----------- ----------- ----------- ----------- -----------
Total current assets ...................... 133,692 279,239 (310) 1,043 308
----------- ----------- ----------- ----------- -----------
DEFERRED CHARGES:
Regulatory assets ............................ -- 196,242 -- -- --
Prepaid pension cost ......................... -- 39,665 -- -- --
Other deferred charges ....................... 13 129,083 7 -- (18)
----------- ----------- ----------- ----------- -----------
Total deferred charges .................... 13 364,990 7 -- (18)
----------- ----------- ----------- ----------- -----------
$ 1,083,241 $ 2,869,091 $ 1,474 $ 1,043 $ 358
=========== =========== =========== =========== ===========
13
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
ASSETS (CONTINUED)
AS OF DECEMBER 31, 2002
SUNTERRA GAS SUNTERRA GAS PNM RESOURCES
GATHERING PROCESSING ELIMINATIONS CONSOLIDATED
------------ ------------ ------------ -------------
(In thousands)
UTILITY PLANT, AT ORIGINAL COST EXCEPT
PVNGS:
Electric plant in service .................... $ -- $ -- $ -- $ 2,301,673
Gas plant in service ......................... -- -- -- 615,907
Common plant in service and plant
held for future use ....................... -- -- -- 79,987
----------- ----------- ----------- -----------
-- -- -- 2,997,567
Less accumulated depreciation and
amortization .............................. -- -- -- 1,330,375
----------- ----------- ----------- -----------
-- -- -- 1,667,192
Construction work in progress ................ -- -- -- 173,248
Nuclear fuel, net of accumulated
amortization of $16,568 ................... -- -- -- 26,832
----------- ----------- ----------- -----------
Net utility plant ......................... -- -- -- 1,867,272
----------- ----------- ----------- -----------
OTHER PROPERTY AND INVESTMENTS:
Investment in Subsidiaries ................... -- -- (864,737) --
Other investments ............................ -- -- -- 442,706
Non-utility property, net of accumulated
depreciation of $1,750 .................... -- -- -- 1,528
----------- ----------- ----------- -----------
Total other property and investments ...... -- -- (864,737) 444,234
----------- ----------- ----------- -----------
CURRENT ASSETS:
Cash and cash equivalents .................... 8 10 -- 3,702
Accounts receivable, net of allowance for
uncollectible accounts of $15,575 ......... -- -- -- 76,850
Unbilled revenues ............................ -- -- -- 49,078
Intercompany ................................. 9,426 190 (73,216) --
Other receivables ............................ -- -- -- 47,122
Inventories .................................. -- -- -- 37,229
Regulatory assets ............................ -- -- -- 24,027
Short-term investments ....................... -- -- -- 79,630
Other current assets ......................... -- -- -- 32,752
----------- ----------- ----------- -----------
Total current assets ...................... 9,434 200 (73,216) 350,390
----------- ----------- ----------- -----------
DEFERRED CHARGES:
Regulatory assets ............................ -- -- -- 196,242
Prepaid pension cost ......................... -- -- -- 39,665
Other deferred charges ....................... -- -- -- 129,103
----------- ----------- ----------- -----------
Total deferred charges .................... -- -- -- 365,010
----------- ----------- ----------- -----------
$ 9,434 $ 200 $ (937,935) $ 3,026,906
=========== =========== =========== ===========
14
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
CAPITALIZATION AND LIABILITIES
AS OF DECEMBER 31, 2002
PNM PNM SUNBELT PARAGON
RESOURCES CONSOLIDATED AVISTAR MINING RESOURCES
----------- ------------ ----------- ----------- -----------
(In thousands)
CAPITALIZATION: (NOTE 3)
Common stock equity:
Common stock outstanding - 39,118 shares ...... $ 1,010,510 $ 195,589 $ -- $ -- $ --
Additional paid-in capital .................... -- 430,043 22,001 18,527 1,816
Accumulated other comprehensive income,
net of tax ................................... (591) (94,130) -- -- --
Retained earnings ............................. 29,849 256,157 (20,793) (18,299) (1,527)
----------- ----------- ----------- ----------- -----------
Total common stock equity .................. 1,039,768 787,659 1,208 228 289
Minority interest ............................... -- 11,760 -- -- --
Cumulative preferred stock without
mandatory redemption requirements ............ -- 12,800 -- -- --
Long-term debt, less current maturities ......... 26,152 953,940 -- -- --
----------- ----------- ----------- ----------- -----------
Total capitalization ....................... 1,065,920 1,766,159 1,208 228 289
----------- ----------- ----------- ----------- -----------
CURRENT LIABILITIES:
Short-term debt ................................. (4,500) 150,000 -- -- --
Accounts payable ................................ 2,315 95,714 24 -- --
Intercompany accounts payable ................... 83 77,547 -- -- --
Accrued interest and taxes ...................... 9,446 36,450 (590) 815 69
Other current liabilities ....................... 11,191 87,701 126 -- --
----------- ----------- ----------- ----------- -----------
Total current liabilities .................. 18,535 447,412 (440) 815 69
----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS:
Accumulated deferred income taxes ............... (2,950) 128,383 144 -- 18
Accumulated deferred investment
tax credits .................................. -- 41,583 -- -- --
Regulatory liabilities .......................... -- 52,019 -- -- --
Regulatory liabilities related to accumulated
deferred income tax .......................... -- 14,137 -- -- --
Accrued postretirement benefits cost ............ -- 17,335 -- -- --
Other deferred credits .......................... -- 402,063 562 -- --
----------- ----------- ----------- ----------- -----------
Total deferred credits ..................... 1,736 655,520 706 -- --
----------- ----------- ----------- ----------- -----------
Commitments and Contingencies ..................... (1,214) -- -- -- --
----------- ----------- ----------- ----------- -----------
$ 1,083,241 $ 2,869,091 $ 1,474 $ 1,043 $ 358
=========== =========== =========== =========== ===========
15
PNM RESOURCES AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
CAPITALIZATION AND LIABILITIES (CONTINUED)
AS OF DECEMBER 31, 2002
SUNTERRA GAS SUNTERRA GAS PNM RESOURCES
GATHERING PROCESSING ELIMINATIONS CONSOLIDATED
------------ ----------- ------------ -------------
(In thousands)
CAPITALIZATION:
Common stock equity:
Common stock outstanding - 39,118 .............. $ -- $ -- $ (581,980) $ 624,119
Additional paid-in capital ..................... 7,511 (886) (479,012) --
Accumulated other comprehensive income,
net of tax .................................... -- -- -- (94,721)
Retained earnings .............................. 1,923 1,086 196,255 444,651
----------- ----------- ----------- -----------
Total common stock equity ................... 9,434 200 (864,737) 974,049
Minority interest ................................ -- -- -- 11,760
Cumulative preferred stock without
mandatory redemption requirements ............. -- -- -- 12,800
Long-term debt, less current maturities .......... -- -- -- 980,092
----------- ----------- ----------- -----------
Total capitalization ........................ 9,434 200 (864,737) 1,978,701
----------- ----------- ----------- -----------
CURRENT LIABILITIES:
Short-term debt .................................. -- -- 4,500 150,000
Accounts payable ................................. -- -- (86) 97,967
Intercompany accounts payable .................... -- -- (77,630) --
Accrued interest and taxes ....................... -- -- -- 46,190
Other current liabilities ........................ -- -- -- 99,018
----------- ----------- ----------- -----------
Total current liabilities ................... -- -- (73,216) 393,175
----------- ----------- ----------- -----------
DEFERRED CREDITS:
Accumulated deferred income taxes ................ -- -- 18 125,595
Accumulated deferred investment
tax credits ................................... -- -- -- 41,583
Regulatory liabilities ........................... -- -- -- 52,019
Regulatory liabilities related to accumulated
deferred income tax ........................... -- -- -- 14,137
Accrued postretirement benefits cost ............. -- -- -- 17,335
Other deferred credits ........................... -- -- -- 404,361
----------- ----------- ----------- -----------
Total deferred charges ...................... -- -- 18 655,03
----------- ----------- ----------- -----------
Commitments and Contingencies ...................... -- -- -- --
----------- ----------- ----------- -----------
$ 9,434 $ 200 $ (937,935) $ 3,026,906
=========== =========== =========== ===========
16
EXHIBIT B
An organizational chart showing the relationship of each EWG or
foreign utility company to associate companies in the holding-company system.
N/A
The above-named claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 28th day of February, 2003.
PNM RESOURCES, INC.
By: /s/ Terry R. Horn
-------------------
Terry R. Horn
Vice President and
Treasurer
CORPORATE SEAL
Attest:
/s/ Jim Acosta
--------------------------------------------
Jim Acosta, Assistant Secretary
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
T. R. Horn, Vice President and Treasurer
--------------------------------------------
(Name) (Title)
PNM, Alvarado Square, Albuquerque, NM 87158
--------------------------------------------
(Address)