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 March 31, 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: May 30, 2001
THE AES CORPORATION
SEC FILING PURSUANT TO SECTION 3(a)(5) EXEMPTION ORDER
QUARTER ENDED MARCH 31, 2001
ITEM (1) PER EXEMPTION ORDER (STATEMENTS ATTACHED):
1) Statement of Income of The AES Corporation for the 12 months ended
March 31, 2001
2) Balance Sheet of The AES Corporation at March 31, 2001
3) Statement of Income of IPALCO for the 12 months ended March 31, 2001
4) Statement of Income of IPL for the 12 months ended March 31, 2001
5) Consolidated Balance Sheet of IPALCO at March 31, 2001
6) Consolidated Balance Sheet of IPL at March 31, 2001
7) Statement of Income of CILCORP for the 12 months ended March 31, 2001
8) Statement of Income of CILCO for the 12 months ended March 31, 2001
9) Consolidated Balance Sheet of CILCORP at March 31, 2001
10) Consolidated Balance Sheet of CILCO at March 31, 2001
THE AES CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS (INCLUDES CILCORP AND IPALCO(1))
FOR THE TWELVE MONTHS ENDED MARCH 31, 2001 - PRO RATA BASIS
--------------------------------------------------------------------------------
TWELVE
MONTHS
ENDED
3/31/2001
--------------------------------------------------------------------------------
($ in millions, except per share amounts)
REVENUES:
Sales and services $ 8,421
OPERATING COSTS AND EXPENSES:
Cost of sales and services 6,258
Selling, general and administrative expenses 78
---------------
TOTAL OPERATING COSTS AND EXPENSES 6,336
---------------
OPERATING INCOME 2,085
OTHER INCOME AND (EXPENSE):
Interest expense, net (1,149)
Other income (expense) (173)
Nonrecurring severance and transaction costs (94)
Gain on sale of investment (112)
---------------
INCOME BEFORE INCOME TAXES 557
Income tax provision 77
---------------
NET INCOME $ 480
===============
--------------
(1) IPALCO included only for the first quarter of 2001.
3
THE AES CORPORATION
PRO RATA CONSOLIDATED BALANCE SHEET (INCLUDES CILCORP
AND IPALCO)
MARCH 31, 2001
($ in millions)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,889
Short-term investments 327
Accounts receivable, net 1,677
Inventory 470
Receivable from affiliates 26
Deferred income taxes 189
Prepaid expenses and other current assets 601
--------
TOTAL CURRENT ASSETS 5,179
PROPERTY, PLANT AND EQUIPMENT
Land 582
Electric generation and distribution assets 21,419
Accumulated depreciation and amortization (2,739)
Construction in progress 3,089
--------
PROPERTY, PLANT AND EQUIPMENT, NET 22,351
OTHER ASSETS
Deferred financing costs, net 410
Project development costs 153
Investments in and advances to affiliates 3,865
Debt service reserves and other deposits 725
Excess of Cost over Net Assets Acquired 2,556
Other assets 2,329
--------
TOTAL OTHER ASSETS 10,038
TOTAL $ 37,568
===========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 754
Accrued interest 457
Accrued and other liabilities 1,408
Other notes payable - current portion 301
Project financing debt - current portion 2,415
-----
TOTAL CURRENT LIABILITIES 5,335
LONG-TERM LIABILITIES
Recourse Debt-LT 4,403
Project Financing Debt-LT 13,968
Other notes payable-LT 10
Deferred Tax Liability 2,043
Other long-term liabilities 2,739
--------
TOTAL LONG-TERM LIABILITIES 23,163
TECONS 1,228
STOCKHOLDERS' EQUITY
Common Stock 5
Contributed capital / Additional paid
in capital 5,409
Retained earnings 4,592
Accumulated other comprehensive loss (2,164)
--------
TOTAL STOCKHOLDERS' EQUITY 7,842
TOTAL $ 37,568
===========
4
1ST QUARTER
IPALCO ENTERPRISES, INC. AND SUBSIDIARIES
(Unaudited)
-----------------------------------------------------------------------------------------------------------
STATEMENTS OF CONSOLIDATED INCOME
-----------------------------------------------------------------------------------------------------------
THREE MONTHS ENDED TWELVE MONTHS ENDED
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS) MARCH 31 MARCH 31
2001 2000 2001 2000
-----------------------------------------------------------------------------------------------------------
UTILITY OPERATING REVENUES:
Electric $209,052 $200,528 $839,479 $811,253
Steam 0 10,561 17,019 33,657
-----------------------------------------------------------------------------------------------------------
Total Operating Revenues 209,052 211,089 856,498 844,910
-----------------------------------------------------------------------------------------------------------
UTILITY OPERATING EXPENSES:
Operation:
Fuel 46,283 47,577 189,409 175,535
Other 93,723 35,839 212,359 142,430
Power purchased 574 502 13,279 29,609
Purchased steam 0 1,674 3,585 6,370
Maintenance 19,578 17,262 81,753 71,918
Voluntary Early Retirement Program Benefit Costs 0 0 62,007 0
Depreciation and amortization 27,571 27,555 111,061 108,445
Taxes other than income taxes 10,358 9,300 38,405 34,555
Income taxes - net 645 23,210 46,267 87,627
-----------------------------------------------------------------------------------------------------------
Total Operating Expenses 198,732 162,919 758,125 656,489
-----------------------------------------------------------------------------------------------------------
UTILITY OPERATING INCOME 10,320 48,170 98,373 188,421
-----------------------------------------------------------------------------------------------------------
OTHER INCOME AND (DEDUCTIONS):
Allowance for equity funds used during construction 110 681 1,502 1,701
Other - net (11,585) (3,841) (18,943) (223)
Gain on sale of thermal assets 0 0 30,583 0
Gain on sale of available for sale securities, 0 101,634 632 101,634
net of expenses
Income taxes - net 2,293 (39,216) (3,313) (35,585)
-----------------------------------------------------------------------------------------------------------
Total Other Income (Deductions) - Net (9,182) 59,258 10,461 67,527
-----------------------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST AND OTHER CHARGES 1,138 107,428 108,834 255,948
-----------------------------------------------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest 10,030 14,631 49,429 62,000
Allowance for borrowed funds used during construction (55) (333) (683) (942)
Preferred stock transactions 803 803 3,213 3,213
-----------------------------------------------------------------------------------------------------------
Total Interest and Other Charges - Net 10,778 15,101 51,959 64,271
-----------------------------------------------------------------------------------------------------------
INCOME BEFORE EXTRAORDINARY LOSS ON EARLY (9,640) 92,327 56,875 191,677
RETIREMENT OF DEBT
-----------------------------------------------------------------------------------------------------------
EXTRAORDINARY LOSS ON EARLY RETIREMENT OF DEBT 0 0 (4,259) 0
- NET OF TAXES
-----------------------------------------------------------------------------------------------------------
NET INCOME ($9,640) $92,327 $52,616 $191,677
===========================================================================================================
===========================================================================================================
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING N/A 85,702 N/A 85,717
===========================================================================================================
BASIC EARNINGS PER SHARE N/A $1.08 N/A $2.24
===========================================================================================================
===========================================================================================================
WEIGHTED AVERAGE COMMON AND INCREMENTAL SHARES N/A 86,260 N/A 86,327
===========================================================================================================
DILUTED EARNINGS PER SHARE N/A $1.07 N/A $2.22
===========================================================================================================
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $0.1625 $0.1625 $0.6500 $0.6125
===========================================================================================================
5
1ST QUARTER
INDIANAPOLIS POWER & LIGHT COMPANY
(Unaudited)
-----------------------------------------------------------------------------------------------
STATEMENTS OF CONSOLIDATED INCOME
-----------------------------------------------------------------------------------------------
12 MOS ENDED
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS) MARCH 31
2001
-----------------------------------------------------------------------------------------------
UTILITY OPERATING REVENUES:
Electric $839,479
Steam 17,019
-----------------------------------------------------------------------------------------------
Total Operating Revenues 856,498
-----------------------------------------------------------------------------------------------
UTILITY OPERATING EXPENSES:
Operation:
Fuel 189,409
Other 212,359
Power purchased 13,279
Purchased steam 3,585
Maintenance 81,753
Voluntary Early Retirement Program Benefit Costs 62,007
Depreciation and amortization 111,061
Taxes other than income taxes 38,405
Income taxes - net 46,267
-----------------------------------------------------------------------------------------------
Total Operating Expenses 758,125
-----------------------------------------------------------------------------------------------
UTILITY OPERATING INCOME 98,373
-----------------------------------------------------------------------------------------------
OTHER INCOME AND (DEDUCTIONS):
Allowance for equity funds used during construction 1,502
Other - net (3,824)
Gain on sale of thermal assets (21,172)
Income taxes - net 9,750
-----------------------------------------------------------------------------------------------
Total Other Income (Deductions) - Net (13,744)
-----------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST AND OTHER CHARGES 84,629
-----------------------------------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest 41,002
Allowance for borrowed funds used during construction (683)
-----------------------------------------------------------------------------------------------
Total Interest and Other Charges - Net 40,319
-----------------------------------------------------------------------------------------------
NET INCOME 44,310
-----------------------------------------------------------------------------------------------
Preferred stock transactions 3,213
-----------------------------------------------------------------------------------------------
INCOME APPLICABLE TO COMMON STOCK $41,097
===============================================================================================
6
IPALCO ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
MARCH 31 DECEMBER 31
ASSETS 2001 2000
------ ---- ----
UTILITY PLANT:
Utility plant in service $ 2,905,775 $ 2,897,399
Less accumulated depreciation 1,367,514 1,344,403
--------------- ------------------
Utility plant in service - net 1,538,261 1,552,996
Construction work in progress 91,751 84,146
Property held for future use 10,731 10,692
--------------- ------------------
Utility plant - net 1,640,743 1,647,834
--------------- ------------------
OTHER ASSETS:
Nonutility property - at cost, less accumulated depreciation 12,254 12,378
Available-for-sale securities 11 17
Other investments 8,240 9,360
--------------- ------------------
Other assets - net 20,505 21,755
--------------- ------------------
CURRENT ASSETS:
Cash and cash equivalents 46,207 68,652
Accounts receivable and unbilled revenue (less
allowance for doubtful accounts 2001, $2,010 and 2000, $1,794) 47,954 66,565
Fuel - at average cost 21,149 23,648
Materials and supplies - at average cost 48,094 48,791
Prepayments and other current assets 1,954 1,985
--------------- ------------------
Total current assets 165,358 209,641
--------------- ------------------
DEFERRED DEBITS:
Regulatory assets 96,995 92,826
Miscellaneous 10,724 11,220
--------------- ------------------
Total deferred debits 107,719 104,046
--------------- ------------------
TOTAL $ 1,934,325 $ 1,983,276
=============== ==================
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholders' equity:
Common stock $ 459,786 $ 449,987
Unearned compensation - restricted stock awards (5,741) -
Premium on 4% cumulative preferred stock 649 649
Retained earnings 764,227 788,441
Accumulated other comprehensive income (4,656) (1,813)
Treasury stock, at cost (500,552) (507,116)
--------------- ---------------
Total common shareholders' equity 713,713 730,148
Cumulative preferred stock of subsidiary 59,135 59,135
Long-term debt (less current maturities and sinking fund
requirements) 621,880 621,863
--------------- ---------------
Total capitalization 1,394,728 1,411,146
--------------- ---------------
CURRENT LIABILITIES:
Current maturities and sinking fund requirements 300 6,450
Accounts payable and accrued expenses 52,406 58,179
Dividends payable 15,516 15,364
Taxes accrued 21,430 49,477
Interest accrued 9,665 13,051
Other current liabilities 16,572 14,444
--------------- ---------------
Total current liabilities 115,889 156,965
--------------- ---------------
DEFERRED CREDITS AND OTHER LONG-TERM LIABILITIES:
Accumulated deferred income taxes - net 284,095 275,171
Unamortized investment tax credit 35,766 36,458
Accrued postretirement benefits 5,323 5,237
Accrued pension benefits 88,657 91,191
Miscellaneous 9,867 7,108
--------------- ---------------
Total deferred credits and other long-term liabilities 423,708 415,165
--------------- ---------------
COMMITMENTS AND CONTINGENCIES TOTAL $ 1,934,325 $ 1,983,276
=============== ===============
7
INDIANAPOLIS POWER & LIGHT COMPANY
BALANCE SHEETS
(In Thousands)
(Unaudited)
MARCH 31 DECEMBER 31
2001 2000
--------------- ---------------
ASSETS
UTILITY PLANT:
Utility plant in service $ 2,905,775 $ 2,897,399
Less accumulated depreciation 1,367,514 1,344,403
--------------- ---------------
Utility plant in service - net 1,538,261 1,552,996
Construction work in progress 91,751 84,146
Property held for future use 10,731 10,692
--------------- ---------------
Utility plant - net 1,640,743 1,647,834
--------------- ---------------
OTHER PROPERTY -
At cost, less accumulated depreciation 5,654 5,719
--------------- ---------------
CURRENT ASSETS:
Cash and cash equivalents 42,015 13,938
Accounts receivable and unbilled revenue (less allowance for 63,192 112,775
doubtful accounts 2001, $1,952 and 2000, $1,608)
Fuel - at average cost 20,751 23,196
Materials and supplies - at average cost 47,732 48,246
Tax refund receivable 40 40
Prepayments and other current assets 1,548 1,807
--------------- ---------------
Total current assets 175,278 200,002
--------------- ---------------
DEFERRED DEBITS:
Regulatory assets 96,995 92,826
Miscellaneous 8,196 8,829
--------------- ---------------
Total deferred debits 105,191 101,655
--------------- ---------------
TOTAL $ 1,926,866 $ 1,955,210
=============== ===============
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholder's equity:
Common stock $ 324,537 $ 324,537
Premium and net gain on preferred stock 2,642 2,642
Retained earnings 380,762 397,032
Accumulated other comprehensive income (3,997) (1,820)
--------------- ---------------
Total common shareholder's equity 703,944 722,391
Cumulative preferred stock 59,135 59,135
Long-term debt (less current maturities
and sinking fund requirements) 621,880 621,863
--------------- ---------------
Total capitalization 1,384,959 1,403,389
--------------- ---------------
CURRENT LIABILITIES:
Current maturities and sinking fund requirements - 6,150
Accounts payable and accrued expenses 49,568 52,456
Dividends payable 15,379 15,240
Taxes accrued 24,607 30,225
Interest accrued 9,608 13,037
Other current liabilities 16,572 14,444
--------------- ---------------
Total current liabilities 115,734 131,552
--------------- ---------------
DEFERRED CREDITS AND OTHER LONG-TERM LIABILITIES:
Accumulated deferred income taxes - net 292,301 284,340
Unamortized investment tax credit 35,766 36,458
Accrued postretirement benefits 5,323 5,237
Accrued pension benefits 88,657 91,191
Miscellaneous 4,126 3,043
--------------- ---------------
Total deferred credits and other long-term liabilities 426,173 420,269
--------------- ---------------
COMMITMENTS AND CONTINGENCIES TOTAL $ 1,926,866 $ 1,955,210
=============== ===============
8
CILCORP CONSOLIDATED
INCOME STATEMENT
TWELVE MONTHS ENDED 3/31/2001
Revenue:
CILCO Electric $401,510
CILCO Gas 326,459
CILCO Other 52,924
Other Businesses 48,361
-------------------
Total 829,254
-------------------
Operating expenses:
Fuel for generation and purchased power 216,261
Gas purchased for resale 272,402
Other operations and maintenance 119,783
Depreciation and amortization 86,879
Taxes, other than income taxes 40,360
-------------------
Total 735,685
-------------------
Fixed charges and other:
Interest expense 72,318
Preferred stock dividends of subsidiary 2,677
Allowance for funds used during construction (536)
Other 1,248
-------------------
Total 75,707
-------------------
Income from continuing operations before income taxes 17,862
Income taxes 8,961
-------------------
Net income (loss) from continuing operations 8,901
Income (Loss) from operations of discontinued
business, net of taxes -
Extraordinary item -
-------------------
Net income (loss) before minority interest 8,901
Minority Interest -
-------------------
Net income (loss) 8,901
Other comprehensive income (699)
-------------------
Comprehensive income (loss) $ 8,202
===================
9
CENTRAL ILLINOIS LIGHT COMPANY
CONSOLIDATED STATEMENT OF INCOME
Twelve Months Ended
3/31/2001
Operating Revenues:
Electric $ 401,510
Gas 326,459
-------------------
727,969
-------------------
Operating Expenses:
Cost of Fuel 115,571
Cost of Gas 238,654
Purchased Power 54,601
Other Operation & Maintenance Expenses 112,746
Depreciation and Amortization 69,221
Income Taxes 27,952
Other Taxes 40,283
-------------------
Total Operating Expenses 659,028
-------------------
Operating Income 68,941
Other Income and Deductions
CILCO Owned Life Insurance (1,248)
Other, Net 1,225
-------------------
Total other income and (deductions) (23)
-------------------
Income Before Interest Expenses 68,918
Interest Expenses:
Interest on Long-Term Debt 17,313
Cost of Borrowed Funds Capitalized (536)
Other 6,876
-------------------
Total interest expense 23,653
-------------------
Net (loss) Income Before Preferred Dividends 45,265
-------------------
Preferred Stock Dividends 2,677
-------------------
Net Inc Available for Common Stock $ 42,588
===================
10
CILCORP INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
March 31, 2001
ASSETS (Unaudited)
Current assets:
Cash and temporary cash investments $ 33,473
Receivables, less reserves of $1,432 116,160
Accrued unbilled revenue 32,768
Fuel, at average cost 13,137
Materials and supplies, at average cost 16,247
Gas in underground storage, at average cost 9,894
FAC/PGA underrecoveries 3,209
Prepayments and other 4,771
----------
Total current assets 229,659
----------
Investments and other property:
Investment in leveraged leases 136,606
Other investments 21,611
----------
Total investments and other property 158,217
----------
Property, plant and equipment:
Utility plant, at original cost
Electric 700,528
Gas 220,279
----------
920,807
Less - accumulated provision for depreciation 82,943
----------
837,864
Construction work in progress 32,222
Other, net of depreciation 112
----------
Total property, plant and equipment 870,198
----------
Other assets:
Goodwill, net of accumulated amortization of $22,255 590,711
Other 54,829
----------
Total other assets 645,540
----------
Total assets $1,903,614
==========
11
CILCORP INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
March 31, 2001
LIABILITIES AND STOCKHOLDER'S EQUITY (Unaudited)
Current liabilities:
Current portion of long-term debt $ 18,900
Notes payable 108,200
Accounts payable 62,215
Accrued taxes 28,197
Accrued interest 27,023
FAC/PGA overrecoveries 2,504
Other 5,877
----------
Total current liabilities 252,916
----------
Long-term debt 719,093
----------
Deferred credits and other liabilities:
Deferred income taxes 194,203
Regulatory liability of regulated subsidiary 42,949
Deferred investment tax credits 15,757
Freeman contract liability 87,049
Other 77,828
----------
Total deferred credits and other liabilities 417,786
----------
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 4,565
Accumulated other comprehensive income (699)
----------
Total stockholder's equity 472,699
----------
Total liabilities and Stockholder's equity $1,903,614
==========
12
CENTRAL ILLINOIS LIGHT COMPANY
Consolidated Balance Sheets
(In thousands)
March 31, 2001
ASSETS (Unaudited)
Utility plant, at original cost:
Electric $1,310,423
Gas 443,645
----------
1,754,068
Less - accumulated provision for depreciation 942,906
----------
811,162
Construction work in progress 32,223
----------
Total utility plant 843,385
----------
Other property and investments:
Cash surrender value of company-owned life insurance
(net of related policy loans of $59,292) 4,372
Other 1,162
----------
Total other property and investments 5,534
----------
Current assets:
Cash and temporary cash investments 29,819
Receivables, less reserves of $1,432 101,416
Accrued unbilled revenue 29,037
Fuel, at average cost 13,137
Materials and supplies, at average cost 15,212
Gas in underground storage, at average cost 9,894
Prepaid taxes 5,393
FAC/PGA underrecoveries 3,209
Other 4,709
----------
Total current assets 211,826
----------
Deferred debits:
Unamortized loss on reacquired debt 2,631
Unamortized debt expense 1,396
Prepaid pension cost 229
Other 24,734
----------
Total deferred debits 28,990
----------
Total assets $1,089,735
==========
13
CENTRAL ILLINOIS LIGHT COMPANY
Consolidated Balance Sheets
(In thousands)
March 31,
CAPITALIZATION AND LIABILITIES 2001
(Unaudited)
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 152,155
Accumulated other comprehensive income (1,224)
----------
Total common stockholder's equity 363,592
Preferred stock without mandatory redemption 19,120
Preferred stock with mandatory redemption 22,000
Long-term debt 244,095
----------
Total capitalization 648,807
----------
Current liabilities:
Current maturities of long-term debt 1,400
Notes payable 75,700
Accounts payable 49,804
Accrued taxes 36,166
Accrued interest 7,144
FAC/PGA overrecoveries 2,504
Other 5,805
----------
Total current liabilities 178,523
----------
Deferred credits and other liabilities:
Accumulated deferred income taxes 120,902
Regulatory liability 42,949
Deferred investment tax credit 15,757
Capital lease obligation 467
Other 82,330
----------
Total deferred credits and other liabilities 262,405
----------
Total capitalization and liabilities $1,089,735
==========
14
ITEM (2) PER EXEMPTION ORDER (INCOME STATEMENT AMOUNTS ARE 12 MONTHS ENDED):
CILCO AND IPL CONTRIBUTIONS TO
AES/CILCORP/IPALCO(1) CONSOLIDATED HOLDING COMPANY
(PRO RATA CONSOLIDATION BASIS)
($MM)
-----------------------------------------------------------------------------------------------------------
12 MOS. ENDED 12/31/00 12 MOS. ENDED 3/31/01
-----------------------------------------------------------------------------------------------------------
GROSS REVENUES(2) 16.94% 17.88%
CILCO 636 781
CILCORP (excluding CILCO) 87 48
IPL 831 840
IPALCO (excluding IPL) 28 17
AES (excluding CILCORP and IPALCO) 7,079 7,382
AES/CILCORP/IPALCO 8,661 9,068
-----------------------------------------------------------------------------------------------------------
OPERATING INCOME 14.20% 11.90%
CILCO 97 97
CILCORP (excluding CILCO) 12 3
IPL 205 129
IPALCO (excluding IPL) (36) 1
AES (excluding CILCORP and IPALCO) 1,849 1,669
AES/CILCORP/IPALCO 2,127 1,900
-----------------------------------------------------------------------------------------------------------
NET INCOME 15.99% 14.82%
CILCO 45 43
CILCORP (excluding CILCO) (33) (34)
IPL 82 29
IPALCO (excluding IPL) 73 14
AES (excluding CILCORP and IPALCO) 629 431
AES/CILCORP/IPALCO 797 483
-----------------------------------------------------------------------------------------------------------
NET ASSETS 8.49% 5.91%
CILCO 1,107 311
CILCORP (excluding CILCO) 841 1,124
IPL 1,905 1,909
IPALCO (excluding IPL) - (5)
AES (excluding CILCORP and IPALCO) 31,326 34,229
AES/CILCORP/IPALCO 35,479 37,568
-----------------------------------------------------------------------------------------------------------
--------------------
(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 CILCOPRP/CILCO, utility and non-utility) of AES.
15
IPL CONTRIBUTIONS TO
AES/IPALCO(1) CONSOLIDATED HOLDING COMPANY
(PRO RATA CONSOLIDATION BASIS)
($MM)
-----------------------------------------------------------------------------------------------------------
12 MOS. ENDED 12/31/00 12 MOS. ENDED 3/31/01
-----------------------------------------------------------------------------------------------------------
GROSS REVENUES(2) 10.06% 9.64%
IPL 831 840
IPALCO (excluding IPL) 28 17
AES (excluding CILCO jurisdictional activities) 7,404 7,854
AES/IPALCO 8,263 8,711
-----------------------------------------------------------------------------------------------------------
OPERATING INCOME 10.73% 6.00%
IPL 205 129
IPALCO (excluding IPL) (36) 1
AES (excluding CILCO jurisdictional activities) 1,741 2,018
AES/IPALCO 1,910 2,149
-----------------------------------------------------------------------------------------------------------
NET INCOME 10.91% 6.58%
IPL 82 29
IPALCO (excluding IPL) 73 14
AES (excluding CILCO jurisdictional activities) 600 391
AES/IPALCO 755 433
-----------------------------------------------------------------------------------------------------------
NET ASSETS 5.49% 5.19%
IPL 1,905 1,909
IPALCO (excluding IPL) - (5)
AES (excluding CILCO jurisdictional activities) 32,781 34,902
AES/IPALCO 34,686 36,806
-----------------------------------------------------------------------------------------------------------
--------------------
(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.
16
ITEM (3) PER EXEMPTION ORDER - GENERATION INFORMATION:
AES Generating Plants in Operation at March 31, 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
DOMESTIC SUBTOTAL: 6,473 6,473
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
---- ------- ---- --- ---- ------
AES Kingston Canada 110 50% 55 EWG
AES San Nicholas Argentina 650 69% 449 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 98% 980 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
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
17
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 (1st Unit) 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 Power Ltd. 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 44% 1,166 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 (KMR) Columbia 90 62% 56 FUCO
AES Termo Candelaria (KMR) Columbia 314 100% 314 FUCO
AES Centrogener (Gener - 8 Chile 756 96% 726 FUCO
plants)
AES Chivor (Gener) Columbia 1,000 96% 960 FUCO
AES Electrica de Santiago (Gener) Chile 379 72% 273 FUCO
AES Energia Verde (Gener - 2 Chile 17 96% 16 FUCO
plants)
AES Guacolda (Gener) Chile 304 48% 146 FUCO
AES Norgener (Gener - 2 plants) Chile 276 96% 265 FUCO
Itabo (Gener - 7 plants) Dom. Rep. 587 24% 141 FUCO
18
FOREIGN SUBTOTAL: 39,317 28,297
TOTAL - March 31, 2001 45,790 34,770
Foreign Generation as a 86% 81%
Percentage of Total:
CILCORP Generating Plants at March 31, 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 - March 31, 2001 1,172 1,172
IPALCO Generating Plants at March 31, 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 - March 31, 2001 3,363 3,363
Revenues from electric generation capacity - 12 months ended March 31, 2001
(millions of dollars):
IPALCO 184 5%
CILCORP 161 4%
AES (excluding CILCORP and IPALCO) 3,362 91%
----- ---
Total 3,707 100%
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.
19
There has been no change in the amount of generation capacity owned by CILCORP
or IPALCO and a 544 MW increase in the amount of generation capacity owned by
AES (excluding CILCORP and IPALCO) from 34,226 to 34,770 MW since December 31,
2000. There has been a 23% decrease in the total revenues earned from the
capacity owned by AES, IPALCO and CILCORP in the twelve-month period ended March
31, 2001 compared with the twelve-month period ended December 31, 2000. The
percentage of total revenues derived from the generation capacity owned by
CILCORP has increased from 3% to 4%. IPALCO's total generation capacity for the
twelve months ended March 31, 2001 was 3,363 MW, which comprises 9% of total AES
generation capacity. The revenues generated from IPALCO's generation capacity
for the twelve months ended March 31, 2001 were $184 million, which comprises 5%
of total AES generation revenues.
The physical location of the MW capacity added by AES since December 31, 2000 is
in Kazakhstan, Panama, China, and Italy.
ITEM (4) PER EXEMPTION ORDER - ELECTRIC TRANSMISSION AND DISTRIBUTION AND GAS
DISTRIBUTION:
Electric transmission and distribution and gas distribution assets owned as of
March 31, 2001 (millions of dollars):
IPALCO 1,011
CILCORP 780
Total AES (excluding CILCORP and IPALCO) 4,943
-----
Total 6,734
Electric transmission and distribution and gas distribution revenues for 12
months ending March 31, 2001 (millions of dollars):
IPALCO 654
CILCORP 567
AES (excluding CILCORP and IPALCO) 3,493
-----
Total 4,714
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.
20
The total transmission and distribution assets owned by AES and CILCORP has not
changed significantly since December 31, 2000; however, the calculation of total
transmission and distribution assets owned by AES has decreased due to an
improvement in the method for calculating these revenues (namely, subtracting
the generation-related assets owned by such transmission and distribution
companies). CILCORP's transmission and distribution assets have decreased
slightly while the revenues derived from such assets have increased
significantly since December 31, 2000. AES' transmission and distribution assets
have been restated to be lower due to the recalculation to subtract
generation-related assets owned by such transmission and distribution companies,
and the revenues derived from such assets have increased significantly since
December 31, 2000. CILCORP's percentage of the total transmission and
distribution assets is now estimated at 12% based on the improved calculation
method, and CILCORP's percentage of the total revenues from such assets has
decreased slightly from 13% to 12% for the twelve-month period ending March 31,
2001 compared to the twelve-month period ending December 31, 2000. IPALCO's
total transmission and distribution assets for the twelve months ended March 31,
2001 are $1,011 million, which comprises 15% of total AES transmission and
distribution assets. The revenues generated from IPALCO's transmission and
distribution assets for the twelve months ended March 31, 2001 were $654 million
which comprises 14% of total AES transmission and generation revenues for that
period.
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 first quarter of 2001.
ITEM (6) PER EXEMPTION ORDER:
During the first 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 first 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.
ITEM (7) PER EXEMPTION ORDER:
During the first quarter of 2001, AES has taken no action regarding the
divestiture of the jurisdictional business of CILCO.
21
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 30th day of May, 2001 by the undersigned thereunto duly authorized.
The AES Corporation
By: /s/ WILLIAM R. LURASCHI
------------------------------
William R. Luraschi
General Counsel and Secretary