ML19220C050

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Application for CP & OL
ML19220C050
Person / Time
Site: Crane Constellation icon.png
Issue date: 04/22/1968
From:
JERSEY CENTRAL POWER & LIGHT CO.
To:
References
NUDOCS 7904280123
Download: ML19220C050 (60)
v • d • e


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I 0 ELECTRIC E POWER A Sadry Of kent ?;;iic Utid es C.r;;ra::s U COMPANIES 86 \\\\6

$,h,hta,.lW/,?,b l. ?

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JERSEY CENTRAL POWER & LIGHT COMPANY A subsidiary of General Public Utihties Corporatien (GPU i N!cRatSicws. NEW JERSEY 0796 h!AOlsoN AVENtE AT PUNCH Bowt Roao DIRECTORS

  • W. G. KruNs. Tenafly. N. J.
  • L. J. NtAcGREGoR. Chatham. N. J.

J. E. LOGAN. Ntountain Lakes. S. J.

"W H. N1cElw Ats. Bask:ng R:dge. N. J.

R. D. N1 AcFEE. Netcong N. J.

F.1. SstITH. Niountain Lakes. S. J.

A. F. TEGEN. New Ycrk. N. Y.

  • E.recutive committee OFFICERS President W. H. NicEtw A:N J. E. log AN

. Vice President. En;tneermg, Cperations and Generation G. H. RITTER.

Vice President R. H. Sists.

Vice President R. D. N1AcFEE Vice President. Accounting F. I. Sst!TH.

Vice President. Sa!es J. S. BURCHELL C0mptroller J. F. FARRELL Asastant Comptreller h

E. C. SCHOENER Treasurer H. S. CLAYToN Assistant Treasurer L. SLcAN Secretary

51. B. PETERS.

Assistant Se:retarv COUNSEL A. A. ROCHESTER General Ccunsel W. T. OssoRNE.

General Attcrney DIVISION MANAGERS C0ast Dmsion E. N1. AstBLER J. V. CARVER Central Division T. R. HEIGHT Scuthern Divisien J. R. NicGALLIARD.

Bay Divisten TRUSTEE - FIRST MORTGAGE BCNDS TRUSTEE - DEBENTURES FIRST N ATIoN AL CITY BOK 1RVING IRtST CONtPANY 55 Wall Street _ New Yerk. N. Y.10015 One Wail Street New Yerk. N. Y. ;C015 TRANSFER AGENT - PREFERRED STCCX REGISTRAR - PREFERRED STCCX

.sIANuracTURERs HANot ER Tats: CchtP ANY CHE5tiCAL BOK NE.v YORK IRL si CONtP ANY 40 Wall Street. New Yerk. N. Y.10015 20 P:ne Street. New Yerk. N. Y. IC015 0

i 17 8O Ii.

(

8

Jersey Central PoweI & Light Company e

O MADISON AVENUE AT PVNCH BCWL ROAD e MO R RISTOWN, N. J.

  • JEff ersari 9-6111 March 25,1968 TO THE STOCKHOLDERS AND EMPLOYEES OF JERSEY CENTRAL POWER 1 LIGHT COMPANY Increases in the number of custcmers in all clas.

1963, after which further tests will be made and if sifications as well as increased use cf electricity by ex-eserything is found to be satisfactory, arrangements istmg customers resulted in new all-time highs in sales can be made for fuel loading. General E!ectric ex-and sa!es revenues as 1967 saw a continuation of pects that the statien will be available for service the Company's growth and pregress of recent years.

by the end of the year.

Electricity sales totaled 4,401,790,000 kilowatt-Early in 1967, the Company announced plans for hours, and sales revenues reached 590.3 mi!!!on, up a second nuclear-fue!cd generating station, and that 3.4 cc and 7.9"c, respectively, over the previous year.

it had ordered the nuclear steam supply system from The average annual use by residential customers Babcock & Wilcox Cempany and the turbine-gener-climbed to 5,044 kilowatt-hours, an increase of 7"c.

ator frem Westinghcuse Electric Carperation. Burns During the year, 2.202 tota!-electric residential and Ree, Inc. has been retained as engineers and customers were added, bringing the number of total-ccnstruction managers for the second nuclear unit.

electric residential customers sened by the Company These steps were taken bercre a location had been to 8,011 Commercial and industrial kilowatt-hour selected because o'f the backlog of orders in the g

sales were up 9"c and 6.1 c, respectisely, oser nuclear industry and because of the length of time

%7 c

those of 1966.

required for fabrication of equipment.

On July 24. 1967, the Company reached a new In February,1963. Oyster Creek was selected as annual houriy peak of 906.000 kilowatts (KW), an the proposed site for the second nuclear unit, which increase of 42,400 KW oser the presious year's would hase a capacity cf about 900.000 KW. It is ex-peak of 863,600 KW, set July 13,1966.

pected that an application for a construction license In 1967, partially as a result of the Companyi will be filed with the U. S. Atomic Energv Com-area deselcpment and industrial sales efforts and its mission in the spring cf 1963.

participation in the GPU ' Site-Service" program, 37 Meanwhile, the new Yards Creek pumped stor-new industrial plants were connected and 36 exist-age station which the Company owns jemtty with ing industrial custemers expanded their operaticns, Public Senice E! ectr:c and Gas Company operated providing jobs for abcut 3.560 persons with payrolls satisfactcrily dering the year and made a substantial aggregating 521.4 million.

contribution to economy and service reliability.

Disappointing delays were experienced during the For some time, the Company and Public Service year in the construction of the Oyster Creek nuclear-have had before the Delaware River Basin Com-fueled generating station at Lacey Township. Origi-mission an application for permissien to bui!d a nally scheduled for completica in 1967, the station 1.300 000-KW companion pumped stcrage station was already seseral menths behind schedule when which. in effect. wculd represent the further pumped cracks were discosered in stub tubes in the bettem storage dese!cpment cf the Kittatinny Mountain of of the reacter sesse!. After several weeks' study, which iards Creek is the first phase. The addi-during which the Atemic Energy Commission was ticnal staticn would be part of a ccmprehensive pian kept informed of dese!cpments General Electric also insoivmg censtruction by the Federal Govern-Company, the general centracter determined and ment cf a fleed contrel water supp'

.nd recreatien informed the Ccmpany that repairs can be effected reservo:r m the Delaware River ne e Delaware by rewelding and pimiding stamiess steel c! adding Water Gap. Hearmgs were held in Aumst en pro-around all tubes. According to General E ectric, the pesed amendments to the comprehensivt plan which repair work is expected to be comp!cted by June 1, would make provision for the proposed pumped fh \\\\

6

e ELECTRIC GENERATION AND SALES STATISTICS O.

1967 1966 196s 1964 1962 GENERATING CAPACITIES AND PEAKS.

Installed Capac:ty - KW 777.400 627.400 607.400 481.600 481.600 Firm Power Purchases - KW

'S.000 28.000 Tetals 777.400 627.4no '

635.400 509.600 481.60-Annual Peak Lead - KW 906.000 863.600 744.400 678.500 622.100 ELECTRICITY GENERATED.

PI:RCHASED AND INTER.

CHANGED (megawatt hours):

Net Generation 2.919.077 2.571.945 2.360.719 2.154.667 1,947.530 Purchased 75.07_

123.579 61.840 36.4S3 3.661 Net Interchange.

-4.788.715 4.434.174 3.9 ! 4.o 7-3.555.075 3.264.074

l. 04.566 1.738.650 1.492.118 1.363.925 1.312.883 Totals STEANI PRODUCTION DATA:

Average BTU (per net KWH) 10.S39 10.627 10.564 10.657 10.554 Fuci Cost t e per million BTC).

30.9 31.0 30 0 30.1 31.5 Cost of Fuel a mills per KWH) 3.35 3.29 31, a.21 3 32 Tetal Produe: ion Costs (mills per KWH) 4.63 4.50 4.52 4.75 5.06 ENERGY SALES imegawatt heurs):

Residential.

1.6:3.47 1.451.389 1.259.346 1.181.001 1.072.097 Commercial.

1.068.747 950.766 872.31S 795.380 708.699 O.

Industrial 1.539.150 1.450.18:

1.243.620 1.141.968 1.053.307 All Others.

170.421 176.139 155.707 136.638 127.470 Totals 4.401.790 4.058.976 3.560.991 3.255.487 2.961.573 Gain Oser Prior Year.

8. 4 "c 14.0"_r__

9 4 "c 9.9 "<

9.09 OPERATING REVENUES:

Residential 542.619.152 538.855.768 5 3 5.15 5.0'V 532.53'.037 529.959.131 Commercia!

25.589.045 23.993.5:t 21.79 3.7 s l 20.021.913 18.124.969 Industr:al 18.089.037 17.138.528 15.125.475 13.912.674 13.0CO.943 Other 3.662.767 3.653.748 3.408.229 3.1 2.154 2.981.453 Tetal. frem KW H Sa'es.

590.260.001 533.641.570 575.432.503 509.043.773 5 64.u96.546 Other Resenues.

1.2 5 3 ~ 64 1.106.504 1.037.164 727.193 776.41:

Totals 591.513 765 5__84.338.074 576.519.727 50.370.91 s ea.3 72.95 3 Gain Over Prior Year.

7.9 c _ _

c 10.9 c

8. ? ~c s5c

.3 9 c

c CUSTOSIERS - YEAR-EN D:

Residential 3 6.14:

312.293 297.68:

284.075 271.733 Commercial 36.537 35.616 34.547 33.22:

32.080 Indus: rial.

1.461 1.4:4 1.33

'.305 1.264 All Others 266 255

53 251 247 Totals 364.250 34R591 133.355 3's.s5:

305.3 4 AVERAGE USE 3ILL AND PRICE Residenual Custerners:

KW H 13e per Cus:cmer 5.042 4.7 ! 4 4.395 4.207 3.98:

Acnual Bill 5132.42 5120.l' 5119 S:

5115.90

$ 111.39 h

Pr:ce per KWH

2. 63 c 1%
2. 3 e
2. 6e 150e o

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.n JERSEY CENTRAL POWER & LIGHT COMPANY O

STATEMENTS OF SOURCE AND APPUCATION OF FUNDS For the Years Ended December 31.1967 and 1966 1967 1964 SOCRCE OF FUNDS:

5 17.':72.516 516.279.137 Net income (see statement on page 5 )

9.762500 S.122.200 Depreciaticn (Note 21 Investment credit, less amortization (Note 4) 1.183.200 517.800 Total 5 2S.o 15.616 524.919.137 Sale of bends and debentures 45.000.000 30.000.000 Cash centributiens frcm General Public Utilities Corporation.

11.000.000 25.500.000 parent company 12.300.000 2.100.000 Bank loans.

158.290 121.300 Price f; ting settlements, net (a).

Other, net 2.021.018 Total Funds Received.

5100.076.906 S S4.661.95 5 APPLICATION OT FUNDS:

Additions to utility plant ta) 5 66.688.264 567.170.325 Investment in nuclear fue!.

S.824.235 128.973 500.000 500.J00 Dividends on preferred stock.

Disidends on common stcck.

16.958.411 15.562.657 Retirement of bonds and debentur es.

3.250.000 1.300.000 3.855.996 Other, net l

Total Funds Applied.

5100.076.906 184.661.955 fa) Plant addit: ens shown are before credits ansmg from price fit:ng (en!e-ems.

The accompanying notes are an integral part oi the financial s:atements.

LYBRAND. RCSS 3RCS. & MONTGCMERY CERTIFIED Pu t uC ACCOUNTANTS To the Board of Directors.

JERSEY CENTRAL POWER 1 LIGHT CONIP-\\NY.

.\\lorristown. New Jersey.

We have examined the balance sheet of Jersey Central Power & Light Company as of December 31.1967 the related statements cf income and unappropriated earned surplus and the statement cf source 2nd applicatien of funds fer the year then ended. Our examinatien was made in accordance with generally accepted auditing standards. and accordingh included such tests cf the acccuntmg records and such other audit:ng precedures as we censidered nec-I essarv in the circumstances. We pre' cudy examined 2nd recorted ucen 'he financ:ai statements fcr the year 1966.

In our cpinion. the aforementiened statements present fa:rn the financ:al pos:::en of Jersey Central Power i L:ght Ccmpany at Decemcer 31.196' and 1960. anc the resuls cf opera-tions and the source and applicatien ef funds fcr 'he years then ended, in confermity w:th gen-erally accepted account:ng ptmc:cies acciied en a censistent bas.s.

1 LY3 ann. Ross Sacs.1 NtasTcosttay h

New Ycrk. N. Y.

Januarv 29.1965.

9 00 l <_ U a

JERSEY CENTRAL POWER & LIGHT COMPANY O

STATEMENTS OF INCOME For the Years Ended December 31.1967 and 1966 1967 1966-OPERATISG REVENCES.

591.513.765 5S4.833.074 OPERATING EXPENSES:

Operation

$ 25.041.165 5:3.451.4 2 Power purchased and interchanged.

12.354.176 10.900.318

\\1aintenance 5.363.989 5.659.831 Depreciation of utility plant t Nere :)

9.762.900 S.122.200 Federal income tax (Note 4).

2.456.361 4.175.325 Amount equivalent to current insestment credit (Note 4) 1.306.000 602.100 Amortization cf accumulated investment credit (Note 4)

(122.S00)

(84.300)

Other taxes 11.234.077 10.165.093 Totals

$67.396.363 562.992.9S4 OPERATING INCONIE

$24.117.39' 521.345.085 OTHER INCONIE 13.515 12.918 GROSS INCON!E.

524.130.912 $ 21.85 3.003 INCONIE DEDUCTIONS:

Interest on first mortgage bonds and debentures.

510.737.859 5 8.393.089 Other interest 790.074 730.175 Interest charg d to construction

( 5.078.37 D (3.560.760)

Other (41.162) 11.36:

Totals 5 6.458.396 5 5.57S.866 NET INCONIE 51.e 2.516 516.279.I3-i > ince.ues red fiore.

. O The accom;cnying notes are an integral part or the financ:al surements O/

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JERSEY CENTRAL POWER & LIGHT COMPANY t

O BALANCE SHEETS December 31.1967 and 1966 A55ET5 1967 1964 PROPERTY. PLANT AND EQUIP.\\1ENT.

Utility plant in sersic and under construction ( Note 1 )

54S9,717.198 $428.3:4.249 Less. Reserve for depreciation (Note 2) 51.074.300 45.951.051 Net property plant and equipment.

5438.642.S98 5382.373.19S INVESTNIENT IN NUCLEAR FUEL 5 S.953.208 5 128,973 INVESTN1ENTS:

Other physical property 5

255.927 5 255.927 h

Other.

146.263 186.361 Totals s

4r.190 5 442.2S8 CURRENT ASSETS:

Cas::

5 3.132.750 5 2.234.5 s Accounts receivable. less reserse.

9.126.117 7.S01.So 3 Nf aterials and supplies t including construct:en materials ), at aserage cost or !ess.

6.707.580 5.554.45:

Other 434.334 446.337 Totals 5 19.400.731 5 16.037.209 DEFERRED DEBITS:

Unamcrtized premium en bends redeemed.

5 114.3 w $

139.199 Char;es related to preposed ccnstruct:en projects and other werk

!.0 4.10:

-.993 Other 3 3. : <

65.94n Tetais 5

1.211.509 5 493.143 TOTAL ASSETS 54-8.6I0.896 5309.4e4411 The accom anyine -cres re an integral par ar :he inanc:at statement:

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TERSEY CENTRAL POWER & LIGHT COMPANY O

BALANCE SHEETS December 31.1967 and 1966 LI A BILITIES AND CAPITAL 1967 1966 LONG-TERN 1 DEBT. CAPITAL STOCK AND SURPLUS (see page 8 ):

First mertcace bends and debentures.

5:56.025.000 $212.925.000 Notes payabie to banks due within ene year to be refinanced.

19.400.000 7.100.000 Totals 5275.425.000 5:20.025.000 Cumulative preferred stock.

5 12.500.000 $ 12.500.000 Premium on cumulatise pref:rred stock.

148.750 148 750 Totals 5 12.64S.750 5 12.648.750 Common stock and surplus:

Ccmmen stock 5 69.787.700 5 69.787.700 Capital surplus a parent made capital contributions cf

$14.000.000 in 1967 and $25.500.000 in 1966) 80.389.323 66.389.323 Unappropriated earned surplus (see statement on page S and Note 3) 8.797.142 S.533.037 g

Totals 5153.974.165 5144.760.060 Totals

$447.047.915 5377.433.810 CURRENT LIABILITIES:

First mortgace bonds and debentures due within ene year.

5 100.000 $ !.450.000 Accounts payable 5.976.537 7.595.686 Diudend payable on common stock.

348.938 Customer depesits.

1.167.696 1.096.119 Taxes accrued.

1.135.405 2.430.869 Interest accrued.

3.579.578 2.532.275 Other 2.114.70:

1.615.101 Totals 5 14.422.550 5 16.720.050 DEFERRED CREDITS:

Unamertized premium v,. debt.

5 1.469.37 5 1.106.529 Other 517.933 291.387 Totals 5

1.987.S05 5 1.397.9;6 RESERVE FOR UNANIORTIZED INVESTMENT CREDIT t N cte 4 )

5 4.050.700 5

2. S ~ 6.5 00 CONTRIBUTIONS IN AID OF CONSTRUCTION 5

1.09:.510 5 1.036 335 TOTAL LIABILITIES AND CAPITAL 5463.610.386 5300.464.S11 Q

The accompanying notes are an :nte ral part or ti:e inanc:a! statemen::.

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JERSEY CENTRAL POWER & LIGHT COMPANY STATEMENTS OF UNAPPROPRIATED EARNED SURPLUS For the Years Ended December 31.1967 and 1966 19e7 1964 BALANCE, be2innine of sear.

S S.5 33.037 5 S.366.557 ADD. Net inco:he (se~e statenent on page 5 )

17.672.516 16.279.137 i

Totals 526.255.553 5:4.645.694 l

l DEDUCT:

Dividends on capital stoek:

4rc Series cumulative preferred stock.

S 500.000 5 500.000 Commen stock.

I6.953.411 15.562.657 Totals s 17.45 d.411 516.062.o57 BALANCE end of year (Note 3) 5 S.797.14: 5 S.5S3.037 The accompanymg notes are an intepal par

  • o.1 the financwl statements.

LONG. TERM DEBT AND CAPITAL STOCK December 31.1967 LONG-TER.\\1 DEBT OUTSTANDING IN HANDS OF PUBLIC (excluding sinking fund req.iirements due within one year):

First mortgage bonds (a):

Q.'

?' c~c Series due 1976.

$ 34.500.000 s

3.-s (~c Series due 1978 3.500.000 31a c'c Series due 1984.

6.000.000 3% c'c Series due 1985 20.000.000 s c Series due 1986.

10.000.000 41 c

5

(~c Series due 1987 15.000.000 5% "c Series due 1989 5.770.000 438 '~c Series due 1992 11.000.000 4% c~c Series due 1993 1S.525.000 45s(~c Series due 1994 1S.000.000 45 s c Ser:es due 1495 20.000.000 c~

6t s, Series due 1996.

29.010.000 e-6's "c Series due 1997 28.S60.000 Debentures (a):

4's ~c Series due 1935 8.100.000 c

45s ~c Series due 19S9 4.600.000 5ts <~c Series due 1990.

S.460.000 6

<~c Series due 1992 14.700.000 Total 5:56.025.000 Notes payab!c to banks. 51:'~c and 6c'c. due within one year to be re:inanced 5 10.200.000 CAPITAL STOCK:

Cumulante preferred steck. par salue 5100 a share. 175.000 shares author:re 4 ~c Series. 125.000 shares outstanding. callable at $106.50 a share 5 12.5" '.CCO Commen stock. car value 510 a share. ~.0C0.000 shares author ::i 6.973.~70 shares cutstanding.

5 ^4.~ S ~ 'N

' ai At Deismeer 31,19$7. annual unk:ng rund receirements amounted :o $1.900.000 of whwn 51.500.000 were reaccurrec m

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l-TES TO FINANCIAL STATEMENTS >

1.

UTILITY PLANT:

and revenues. 'akmg :nto ende2 tion this ugect of the Utility plant is stated at ongmal cost. In pner ycars the rate-making process. In recent years. the appheation of Company followed the policy at capitahang (by charges this prine: pie nas had particular significance in connec I

to utility plant) the direct payroll costs and certam a so-tion wah certain reductions in mcome tn. As set farth crated costs of Company personnei engaged in the con-be!a*. the rate-makmg treatment accerced to inese items l

O' s:ruction of such plant, but did not so capitalize the cost has ditfered and consequent!) the manner m which :hese of certain employee benefits Isuch as penuona. hic in-

.tems haq been reflected in such imane:al statements has surance and hospitalicanon L The Company changed this also dittered policy effec:ne as of January 1.1967 so that the cost of tj,ra,i:ed Deprec: anon and Gmdennes and RWes.

such benents apphcable to such personnel is be:n; cap-The regulators agene:es hasma.urndiction over the italized for all penods suoseauent to 1%6. As a resuit of CompanyN rates tonow the po'hes at aMowmg oniy this change net income for the year 1%7 was increased the estimated tu actuall) payaEie for the permd by approumately $%0 C90.

after estag effect to the reduction in meome in On Januzn 20.19% the Federal Power Commrssion attributable to the empioyment of hberahzed de-issued a Notice of Proposed Ru!cmaking relanng to the prec: anon and the " Guide!ines and R;!es.~ and, determination or the " net mvestment* of hydroelectnc therefore. the promions for income in in the ac-projec:s hcensed by tne Federal Power Comrnisuon. and companung meeme statements were directh re-a heanng thereen was held on Lccemeer 18.19e7. The duced bE amounts ecuai to the reJuctions ;n income Company has jomed 42 other companies m sucmitting tn atinoutacie to these items.

omments on this proposed rule urgmg that it not be Irn enment Tax C clir. The Board of Puc..oe Unhty adcoted. The cuent to which anv sucn rule as mav be Commruoners of the State of New Jerse) nas de-adcpted would affect the Company's investment in its termined that for rate-makmg purposes,it *W per-licensed project is not presentiv ascerta nacle.

nut enarges t inc me in an am unt equal : the 2.

DEPRECIATION:

3cc msestment credit :.nsing durmg the pened with Fcr rate makmg and financ:al accountmg purposes the concurrent credits in that amount to a reserve and Company provides for deprecianon at annual rates deter-the amortization of that resene oser the esumsted m:ned and revised penodically on the basis of studies by senice lnes of the related fac:hnes with the un-mdependent eng:neers to be sufficient to amortize the amortized balance being appi:ed as a reduction of ongmal cost of ceprec:able property on a systemanc rate base. The Revenue Ac: of 1964 pronicits FeJ-basis over esumated service hves. *hich (nes are gen-eral rate re2ulatorv acenc:es from requinne recce-eraHv ;on;er than those employed for ta purposes. The nin n at the credit for rate-makmg purposes more i

Com'pany uses deprec:aaon rates based on functional ac-rapidly than oser the esumated senice ines or the 1

count groups which. on an aggrezate composite basis. re-re ated fadun L.@ dese mmvanus. W

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and 2.7 'c suited m approumate annual rates of 2.9cc

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  • fer the years 1967 and 19eo. These aggregate rates re-reee. Nwem m acodam wn & t m,h flect the fact that, ef fectne as of January 1.1967. the Sy stems t Acccunts f the Board of Pubiic Lolity Company mereased its depreciation rates with the ap-Commnsioners of the State of New Jeney and the proval of the Board of Putne Unlity Ccmmissioners of Federal Power Commission, the accumulated un-the State of New Jersev resulting m an mcrease in 1967 investment credit has been classif;ed as a amonize of approximately 5700.'000 m the provision for deprecia-

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tion and a corr:sponding decrease m net mcome.

! COMMITSIENTS AND CONTINGENT 3.

UNAPPROPRIATED EARNED SURPLUS:

U^ CW Certam hmitanons on the declaranon at cash dnidenJs on common stock are centa ned m the Company's mort.

The Compans esoects to make espenditares or ar-gage and decenture mdentures and cenificate of'incorpo, proumate!y 56d.000.000 ter plant addinens Junng 1%9 and m that connecuen had incurred mos: ant:al commit-rat:on. the most restr:ctne presentiv be:ng that contamed

n such mdentures. under tne terms of which S L729.! f a ments at Decemeer 31. 1997 The Cornpany plans to of the balance of unappregnated earned surplus at De.

issue secunnes to pania!) fmance such constructon cemoer 31.1%7 are so reu nc:ed.

The Compans is part.e:panng m the guarantees ci anam W e en be:ng mmd 5 a nomaEate m 4

FEDERAL INCOSIE TAX:

emcon wim the deseWment of mmes for coal W The Campan) ; oms with its parent and othen.n fihne

'".C F ' ' h' k ' Y "' "'"' ' * h i'"' T 2 "" ? 5 3' I

The returS consondated Federal ncome tu eturns.

wnien the Company is 2 co-owner. It is acuc: pated that through 19f 9 hase been audited and all defic: enc:es base the t tai amount guaranteed by the Csmpany may ulu-been paid. The completion or the audits for 1%0 through match 9e now M J00 W 19e :s anne: pated shortly. and ;t is the opmion of tat counse! to the Company that the dis =osition of such au-6 PENSION PLAN:

dits fer inose years w:il not result in any matenal defi The Company has estaceshed a penuen plan for its c: enc:es. The consolidated Federal meome tu hab:hty em pio> ees and has made premion to fund the cest et n ailocated among the part:c: pants in :he consolidated re-sucn rian in accordance *'th :Pe recommencations of turns pursuant to azreements ;enerails designed :o auc-indereNent actuanal constirams. e::ec:ne n of Jan-care such liabihti in proponien to :he partic: pants' re-uary 1 19^7 me Company modified :r e ac:uanai as-spectne contr bunens to <uch :iacilits 3umpoons re!ating 'o the p;an to gne recogninon to in-As a pucac utiht). :he resenues at ine Cemeans m any c: ased fencesin and higne tarnings espectat: ens !ar the pened are decendent to a ugnincant euent upon :he runds wd o ;nm re tne amornzanon et nreahzed were-costs Amen are recognizec and 2: lowed m :nat pened fo-c:anen at secunnes 'e:d :n ?.e pension :unds As a to rate-maimg purposet it s me poucv of :ne Compans.,

3uit. me annual ces: of :he pian 42s reduceo v arrrou-connecnon with tne tmanc:al statements contamed in rec maten 540090 and met mcomei eased 5 appreu-

stration statemems par uant to wriich secunnes are ot-maten 52020. The pa: senice et is at the pun re fered and m rerorts at :manc:ai concinon and at tre fully :uneec. The annuai current senice costs :cr the S car rewits of ocerat ons to the hoide s at such secuntes. :o M7 and he contnbut: ens 5 :he Compant for sucn fcuow me basic accounting prmc:pe of matching costs

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i GENERAL P U B LIC UT ILITIE S C O R P O R ATIO N 1,

0 AND S U B SIDI A R Y ELECTRIC POWER COMPANIES Telephone : Whitehall 3-5600 30 Pine Street, New York N. Y.10005 i

Board of Directors J. LEE BACSHER - - - - - - - - - President, Infants Socks Inc., Reading, Pa.

l HO31ER N. CHAPIN - - - - - - - - Executive Vice President 31assachusetts 31utual Life i

Insurance Company, Spring ield. 3Iass.

}

JOHN H. DtVITT - - - - - - - - President. Hammermill Paper Company, Erie, Pa.

1 DONALD A. HENDERSON - - - - Financial Vice President. Twentieth Century-Fox Film

}

Corporation. New York. N. Y.

4i KENNETH L. ISAACS - - - - - Chairman of 3Iassachusetts Investors Trust and Chair-1 man of 3Lusachusetts Investors Growth Stock Fund.

Boston, 3Iass.

WILLI.DI G. KUHNS - - - - - - - President, General Public Utilities Corporation, New j

York, N. Y.

GEORGE H. LANIER, JR. - - - - President of Turner Halsey Company Inc.. New York.

N. Y. and President of 3Iount Vernen SIi!!s, Inc., Balti-i more, 3Id.

CHARLES B. STAUFFACHER - - Executive Vice President, Finsnee and Adn2inistration.

Continental Can Ccmpavy, Inc., New York. N. Y.

L ALBERT F. TEGEN - - - - - - - - Chai-man of the Board, General Public Utilities Cor-paration New York, N. Y.

y HAROLD V. BOZELL - - - - - - - Retired. Larchmont, N.

Y., Director Emeritus of General Public Utilities Corporation. Ne,v York, N. Y.

is Officers WILLI OI G. KUHNS. President EDWARD J. HOLCO31B2, Comptrsilcr 4

GEORGE J. SCHNEIDER. Vice President ROY P. 3IILLER assistant Co,nptroller i

ROBERT H. SCHUTT, Treasurer HELEN 3I. WETHERELL. Assistant Secretary J A31ES B. LIBER 3 TAN, General Counul LILLIAN 3I. NICKL, assistant Treaswer i

Chief Executives of Subsidiary Operating Companies

}

WILLIA 3I H. 3IcELWAIN ( Jersey Central Power & Light Company } ##"N "'Y l New Jersey Pow.- & Light Company

)

RALPH F. BOVIER, Pennsylvania E'ectric Company, Johnstaten, Pa.

' WILLIA 3I R. SNYDER, SIe repolite.n Edison Company, Reading, Pz.

l Transfer Agent Registrar 1

J First National City Bank Reeistrar & Transfer Company i

55 Wall Street 140 Cedar Street i

New York, N. Y.10015 Nm York, N. Y.10006 4

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0 1967 ANNUAL REPORT Fe bruary 16,1968 r

CONTENTS G a scry,c P powey U coursures Orlieers and Diretters Jersey Central Power & Light Company 10-11 Analys:s of Earnings New Jersey Power & Light Company 12-13 System Map Pennsylvania Electric Company 5

Ele:trie Generativa anil Sales Statistics h

Metropolitan Edison Company 16-21 Financial Statement 3 and Auditors' Report The Annua! 3 fee::ng M Sncshmden if G*nera! P a we C:

as Corporst: ort :ll ba he d in the iadeonum. crond Mr. One a ng 3fannattar ? 2:2. New York. N. Y. on 31on 12.v. A pr:) 1. Is' - 2:

2:00 felou in the afterscoa.

n-190 00 Ic/

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9 GENERAL PUBLIC UTILITIES C O R P O R ATION O

AND S U BSIDI A RY ELECTRIC POWER COMPANIES a

Telephone: Wilitehall 3-5600 80 Pine Street. New York. N. Y.10005 To Our Shareholders 1967 was a year in which the GPU System continued to progre3s it was also a year in which several new problems were encountered. Over all it demonstrated anew the dynamic charac:er of the electric utility business.

POINTS OF PROGRESS

  • Gross Revenues passed the 5300 million mark-a gain of 7: 2 9 over 1966.
  • Sales exceeded 16.9 billion kilowatt-hours-a gain of 79 over 1966.

. Average use per residential customer was 5.100 KWH-a gain of almost 7h 9 over 1966.

  • Net Income was 551.9 million-approximately a 6% Q gain oser 1966.
  • Per Share Net Income reached 52.09--a gain of 5c per share oser 1966 despi:e the dilution resulting from the sale in December 1966 of almost a million GPU shares.
  • fividends were increased to $1.56 per share, a 60G increase during the past decade.

~

  • Plant Additions (plus 53.8 mi!! ion in nuc! ear fuel) amounted to S176 million-mere than double those made only dve years ago.

h

. Consolidated Assets passed the $1.5 billion mark.

Research Projec:s. insolving coal-tired and nuclear generation and underground distribution facilities, were expanded.

PROBLEMS ENCOUNTERED

  • Power Costs were high. principally a3 a result of the delays in the completion of new ;enerat-ing capacity.
  • Interes: Costs on utility borrowings reached the highest lese! in more than 30 years
  • Wages and Related Costs rose sharply.
  • A Maior Service Interruption occurred in the power pool of which the GPU System is a part.

givmg greater emphasis to the steps being taken to achieve an even higher lesel of sersice reliability.

  • Community Rela: ions are increa3ingly atfe::ing :he in3tallation. operation and cost of facili:les.

. Increased Competition for :he energy market is being experienced from gas and eil suppliers.

These deve!cpment3 are discussed m the following pages of this report, wmeh centains a map shewing the location ot :he service areas and major generaung and transmisson facilit:e3 and also contains the GPU System :inancial statements and s:atis:ics.

i 86 1,00 i

I 4

a

h 1967 SAlfS AND REVENUES The Board of Directors increased the fcurth qu rter dividend to 39c per share from the During the past decade, the GPU System has achieved an average growth rate of about 37 :c Per share paid in the previous four 7H Tc in annual KWH sales and about 6Fc in quarters, so that the present annual dividend r te is $1.56,er share. The record, at 5-year revenues. In 1967, while KWH sales increased intervals, of earnings and dividends over the about 7Fc and thus fell slightly below the ten-past 20 vears, giving retroactive etIect to the year trend, revenues increased 7H c'c and were 1959 stock split and the 1962 stock dividend, above that trend. This result was attributable is shown below:

to the sienincant increase in the residential and Per GPU Share commercial KWH sales and also to the fact essa Y"

"W 5 U*d"#

that in 1967 we began receiving payments im S.59 5m from other utilities for the transmission service 1952

.57

.70 provided by our share of the 500,000 volt 1937 1,39

,93 transmission system referred to below.

1962 1.71 1.15 1967 2.09 1.52 Average use per residential customer main-tained its steady upward progress, and the PLANT ADDirrONS price per KWH to residential customers con-In 1967, the GPU, subsidiaries spent S176 tinued to decline. This increase in averaze

~

million for plant additions including nuclear O

usage which redects the fact that we have W

fuel. This represents an all-time high and yet 25,000 all-electric homes in our territory, is appreciably below the amounts to be spent coupled with the addition of more than 26,000 in 1968, and in each of the succeedine several new customers during 1967, indicates the satis-vears. The 1967 expenditures were directed factory crowth potential of the area we serve-to a wide variety, of projects, indicatinc the

~~

a potential which should be even mere fully breadth ci cur constant etIert to achieve better realized as new hichways under construction

~

~

and more economical e!ectric service. For ex-are completed.

ample, upon completien of the mine-mouth and nuclear generating capacity additions now EARNINGS AND DIVIDENDS under way, wh n are discussed below, cur ac2:ecate capacity will increase 120c'c from Common stock earnings in 1967 amcunted 3.0 million KW at the end of 1967 to 6.6 to about $51.9 million, an increase of a.3.1 mil-million KW bv the end of 1973.

h.on er approximately 6H Fc over the earnmgs for 19e6. On a per share basis earnings were The projects en which these 1967 expendi-S2.09 for 1967 as compared with 1966 results tures were made included the foilawing:

of $2.04 on average shares outstanding and 1/imma. Cra!.Flic./ Semicns

$1.9~ on shares outstanding at year-end. re.

Secting the snie of about ene nullion additional The nrst 9C0.000 KW unit of the Keystone snares in December,1966.

station in which we are participating with six 3

/

171 O

IJ-f

1-i s

1 1

1 other utilities was completed and placed in has advised us that it now expects that the hI i

service last August; the second 900.000 KW unit will be available for sen-ice by the end ij unit at that station is scheduled for completion of 1968.

1 this summer.

5j We have two other large nuclear units under Substantial progress was made on the contract which are to be added to our system.

1.2S0,000 KW Homer City station in which The drst of these is an 840,000 KW unit being we are participating with another utility and built in Pennsylvania. It is scheduled for which is scheduled for completion in 1969-70.

completion in 1971, and construction work 1

Construction was begun on the 1,800,000 for the unit began in 1967. A similar 840.000 s

J KW Conemaugh station in which we are par-KW unit is to be constructed in New Jersey and ticipating with eight other utilities; this statien is schedajed for completion in 1973. Substan-is scheduled for completion in 1970-71.

tial progress was made in 1967 in the planning and desian work for this unit.

Our aggregate share of the capacity of

~

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these new coal-tired mine-mouth stations is

}

approximately 1.250,000 KW. Since we have Pamped Storage Staticnr in addition 750,000 KW of relatively mcdern The new 330.000 KW Yards Creek pumped mine-mouth capacity, when these three stations storage station which we own jointly with an-are competed, our aggregate mine mouth other utility operated satisfactorily in 1967 q

capacity will be brought to 2,000,000 KW.

and is making a substantial contribution to i

service reliability. % e and the other participat-Nuc! car Stations ing utility have had pending for some time an e

Disappointing delays were experienced in pplic ti n t the Delaware River Basin Com-mission for permission to build a 1.300.000 the construction of the Oyster Creek 640,000 j

KW nuclear unit which was orizinally sched.

KW c mp ni n pumped storage station which, j

uled for service in 1967. Primablv as a result in etYect, represents a further development

)

of such delays, it was necessary for us to pur-f the Yards Creek project. This additional chase abou.15Fc of our electric energy re-st ti n w uld be part of a comprehensive N}

pl n which also involves the construction quirements from neichboring utilities at costs

[

appreciably above the ecst of our own genera-by me Fedeml Gomnment of a doed con-tion when it is available to meet our load and tr 1, w ter supply and recreation reservoir in the Delaware Riser near the Delaware Water reserve requirements. For this reason, the GPU system spent just over $23 millica for Gap. Hearings were held in August,1967 en

'i purchased power in 1907, compared with the prepcsed amendments to the comprenensive 513 millica expended fer the same purpose in pian which would mak: provisien for our pre-g 1966. The General Eectric Company which Foded pumped storage prcject and the matter

'j is the constructica contractor as weil as the is awaiting decision 'cy the De! aware River

,d pnncipal supplier for the Oyster Creek unit, Basin Commissica.

1 4

4 86 132 a

=.i4

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In northwest Pennsylvania. we are con-Dorribarion Fac!!!nc3 struc:ing with another v:ility the 400.000 KW The load growth of cur 3ervice arca ne.esw Seneca pumped s:orage station which will ta:es a continuing program of strengthening utilize the Federal Government's Allegheny our distribution network. This invohe3 not River reservoir. Substantial progress en that only overhead and underground distribution statien was made during 1967 and it is lines but additions of transformers, lines scheduled to be placed in service in 1969.

directly to customer's premises, meters and pro-We are also participating with the City of tec:ive equipment. Oser all we spent more Jersey City, d. J., in a combination potable than $68 millien on this prcgram in 19o7.

water supply and pumped storage development which will provide 130.000 KW of generating RESEARCH AND DEVFLOPMENT capacity. Plant designs were completed in In 196e, we entered in:o an agreement with 1967 and it is expec:ed that cons:ruction will the Atomics in:ernational D...ivision et

.N. orth be initiated as socn as the requisite Federal Power Commission licenses are received.

American Rockwe!! Corporation for a joint research and development program l coking Maior Transmisswn our system a 350,000-500,000 KW sodium-We completed durinc 1967 our portion of cooled fast breemer nuc! ear reac:cr. The fast a

the Keystone 500.000 volt transmission system breeder reactor represents a particularly attrac-which is being constructed by the companies tive source of electric generation since it has the comprising the Pennsylvania-New Jersey-pctential of utilizing approximately 70cc of h!aryland ("PJht") interconnection. Our seg-the mherent energy in natural uranium as ment of this :ransmission system involves an against the approximately 2Cc which can be investment of more than 550.000.000 and utilized by present day nuclear generators. On covers approximately 316 circuit miles of the othe hand, it poses a number of challeng-transmission lines. Other segments cf the ing tect nical and economic problem 3 and i:

500.000 volt sys:em were also comple: d in is the func:icn of the research and dese!cp-1967 and early 1968 by cther participating ment program to identify these problems in companies, so tha: it is now used to deliver detail and provide satisfactory solutions fer power from the Keystene s:ation as far eas: as them.

Ioad centers near Newark and Philade!phia as well as to increase power exchanges with other Our 5.000 KW Saxton research and exred-neighboring utilities. Further addit: ens are mental nuc. ear unit, which was scheduleu :e te being made to the 500.000 vcit sys:em by shut down in 1907, has continued to ce 30 rar-icipa:ing utilities and when these facilities valuable as a research and : raining facility are ccmple:ed, the 500.000 volt sys:em cf the that we have made arra'1gements to continue PJ.\\1 companies will embrace apprcximareg its epera:icn through 1965. The major casts

$75 circui: miles.

asscciated with the continued opera:icn cf this 5

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- wgig gg u2 1--

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'.4i unit are now being borne by Westinghouse many of the economic barriers to underground h

Electric Corporation, which has been a par-installation can be osercome.

1 ticipant in this project since it was undertaken in 1959.

1967 FINANCING To provide the new funds for the 1967 ex-At our Portland Station, we and the Mon-Eansion program descr:. bed above, the sub-santo Company have been conducting a re-sidiary companies sold a total of 5111 m;1! ion search project directed to the elimination of

~

of lanc-term debt securities and GPU made sulfur smoke emissions from coal nred 2ener-9 cash capital contributions to the subsidiaries of fs atine stations. The initial tests of this project H

533.5 million. The balance of the funds were L

were completed in 1967 and were encourag-obtained from short-term bank loans and cash d

inz. Equipment modincations are beine made cenerated from operations.

A S

and additional tests will be made in 1968.

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The feasibility of an expanded version of The recent rapid rise in the interest costs of p

this project at our Seward Station is being debt securities is illustrated in the table below I

investigated.

which summarizes the securities issued by the H

subsidiaries.

d};

For the past two years, one of our sub-h sidiaries has been engaged in a program 1963 FINANCING f

to find means to reduce the cost, and thereby We anticipate construction expenditures of g

-j increase the feasibility, of installing elec-approximately $205 million in 1963 and an i'

tric distnbution facilities under round. In aegregate of about $450 million for 1969 and y

the process, new machinery has been de-1970. We expect to meet a part of the 1963 veloped, new uses have been found for existing capital requirements through the sale of ap-

{

N equipment and new materials have been em-proximately $100 million of additional long-C ployed. Other utilities in other parts of the term debt securities by the subsidiaries and

)

country are engaged in similar efforts and, as the sale by GPU of abcut $30 to 535 million this experience is pooled, we are hopeful that of additional Common Stock. The balance is cy E.

s h1 SECURITIES ISSUED IN 1967 AND RELATED INTEREST COSTS y

j Desenption Years Net g.

Pnne: pat ut to I.::erest

-4 1967 Company A: ount 30cds Matunt7 cos-January Jersey Central 913.000.000 Debantura 25 530 c'c

(

April New Jersey Power 10.000.000 First Erwage 00 3Fc June Penelee 26.9H WO First Ertgage 30 6.15 cc

~

Septernber Jeney Central 30.000.000 Firs: Ertgage 30 6 ~2c Oct;ber Mc Li 20 000j00 D+nture 23 633C k

October Penelee 19.000.000 Dabemure 23

6. 5 3 .

(

6 W-

y (9

m O

g (O

v expe :ed to be obtained from short-term loans December 26. 1967, the PJN! member com-and funds provided from operations. De:ini-panies joined in a new ele.:ric sem : reiiabili.

tive plans have not been ecmpleted with lespe::

compac: under the terms of ie N!!d-At! ann:

to this sale of GPU Common Stock, but it is Area Coordination Agreement ( "51 A AC").

expected that we will sell about 1% millien The SIAAC agreemem will set up an area

rdination committee :o review on a continu-shares through a 1-20 oderine of richts to

~

stockholders about We middle of 1963.

ing basis the,rinciples, precedures and s:and-t ards relating to mat:ers atfec:ing the reliability of the bulk transmission of energy within its SERVlCE INTERR UPTION area and to review and evaluate the planning On the morning of June 5,1967, a major of generation and transmission facilities rela-interruption in e!ectric service occurred in a tive to the bulk ele::ric supply sys:cm of the large part of the PJ51 service area. About 45c~c member ecmpanies.

of the customers served by the GPU System were arTe::ed. Within three hours after the in-FORMATION OF SERVICE COMPANY terruption service had been restored to about After leng:hy study, we have concluded that 50rc of the atlected GPU Sys:em customers it is desirable to form a service company to and within five hours all service had been sene as a corpcra:e vehicle to take over some restored. The interruption occurred on the eve of the technical func:io"s now being provided of energizing a par: of the 500,000 vol: system by coordinating committees of the subsidiaries and the initial operation of the first Keystone and the GPU stad. The service company will unit. which are referred to above. It is believed provide a means for achieving even more e:I -

that if those facilities had been in service, the tive use of our persennel, as weil as modern interruption would not have occurred.

equipment which can be best employed on a system-wide basis. It is expe :ed that the The Federal Power Commissica has e,nar-companv wul be cr;anized during se m ce a::erized de elec:ric utility service provided 1968 and 6at it will be a subsidiar of GPU.

in the United States as being the best in 6e It is also exce::ed tha: the senice ecmpany wor!d, but :here is sti!! room for improvement wul have om'

~

ces m 3 ferris:own, S. J.. Readiac.

aliouch comcletelv uninterrupted service

~

Pa. and Johnstown. Pa.. as we!! as S.ew Yorx.

cannot be achieved. A number of corrective and that many measures have been taken or are in process

- of its tun nons wu,l tus be carr:ed out at existin:

and it is believed dat dese measures. :oge$er

- locations.

wi$ additional generatica and transmission COMMUNITY RELATIONS facili::es now being built by cur system ecm-e wan: :

e; d citizens cf he :om-panies and other PJh1 companies, will reduce the possibili:y cf another such in:errup:icn.

rnunities in which our facilites are leca:ed and which we sene. To dat end. we are constamh In dat connection and to augmen: the striving to take environmental and aesdenc (g

policies and procedures already in efect en considerations in:o accoun:in We pian':ing and 7

80 13J j

k Ender F

M

."JD we.

a1

,___mm,,,

i operation of our facilities. As noted above, w e tional 1.300.000 KW of pumped s:orage l

are engaged in resear;h projet:s designed to capacity on the Delaware River referred to reduce the sulfur-smoke emissions to the at-above.

mosphere and to facilitate the underground in-stallation of dis:ribution facilities. The prob-coupg7,7;ou lem, however, is to achieve environmental improvement in an order!v fashion, so as to A1: hough there.is lit:!e direct competition avoid compromising reliability of senice or between e!ee:ric utilities, since the duplica:icn et fac:.h..t:es mvohed in such competition wcu!d our ability to obtain the fu:.ds continuously re-quired to meet uur increasine loads.

be wasteful, the compe:: tion be:uen electric utilities. on the one hand. and gas utilities and In the past year, de subject of environ-oil suppliers, on the other, for the ener2v mar-menta! considerations has par:icularly enzaced ket is becoming much more vigorous. Investi-

~. ~

~

eations have been initiated by Congressional the public interest. Federal and State le2:sla-tion and regulatory codes have been proposed committees and by the Federal Trade Commis-sion with respect to the prac: ices beinz em-or adopted with the c,oj.et:1ve of reducm.~2 sharply the emission to de atmosphere of pol-ployed in this competition. We have reviewed lutants from combus: ion of coal and ou.. bv all our own pra:: ices in this respect and are

~

satis 5ed that thev are sound and well-justified industrial boilers, m. eluding those at clear:.c

~ceneratin2 stations. Compliance with such re-and in keeping with the standard of vigorous

~

~

quirements will, in some cases, require more but fair compe:itien. We tre also convinced costly fuels and, in others, will require capital that ele :ricity is the most useful form of ex;:nditures for plant modifications. Ulti-energy and tb,t the underlying economic ma:ely,it will be possible to meer de obje :ives charac: eristics of the ele :ric utility industry et such legislation and codes, but a reasonable will enable it to achieve a larger share of the

tal energy market. For this reason, we view period for orderly transition is required.

the ccmpetition for de energy market as an Recreational interests are also receiving in_

epper: unity to achieve improved performance cre: sed attention. We are working closely with and the resulting benetits to our custcmers various govemmental agencies that are in, and stockhciders.

volved in such activities. We recently received the approval of the Federal Power Commis.

ACCOUNTING MATTERS sica of the recrea:ica plan submit:ed for the Consolidated ne: income for de year 1967 Yards Creek 330,000 KW pumped storage was it. creased by app cximately 51.2 millica plant. and we are participa:ing w!:h the Dela-as a result of (l>

de initia:ica cf de ware River Basin Comm:ssion in a resear:h capita!izatica of the : cst cf cer:ain employee study related to de impact en tisherv resources bene:its for Sys:em persenne! engaged en con-of de preposed mu!n-purpose comprehensise stru:: ion work, which increased ne: income by plan which we anticipate will inc!vde an addi-approxima:ely 52.1 millica, (2 ) the increase Q

86 1%

E rm- - - - < - - -- --

(0 in the depreciation rates of the New Jersey MANAGEMENT CHANGES subsidiaries which decreased net income by

$1r. W. R. Snyder retired as President of about S1.1 million, and (3) a change in the Aletropolitan Edison Company on January 31.

actuarial assumptions for the System pension 1968. Sir, Snsder served the GPU System for funds which increased net income by about 43 years and had been President of Alanila S200.000. These matters are more fully dis.

Electric Company for 9 years before becoming cussed in We notes to the tinancial statements.

President of Afet-Ed.

31r. G. R. Parry has been made Chairman We have also concluded that it would be of the Board and Afr. Frederic Cox President appropriate to increase the rate employed for and chief executive edicer of Niet-Ed.

the accrual of interest during construction in THE FUTURE order to give recognition to the higher costs of capital now being experienced. However, Our large constructica program for 1968 this increase should be redected in the accounts and subsequent years will require our utmost only to the extent that it is recognized for rate.

edorts to dnance and complete. Nevertheless, making purposes and we, therefere, initiated we are confident that by pursuing this program steps to review the matter with 6e State and we will have provided the opportunity for con-Federal regulatory agencies. As this report tinuing both to serve our customers with in-goes to press, the regulatory agencies have not creasing amounts of dependable low-cost power h

completed their review, but we anticipate that and to achieve a full and fair return on the an increase in this interest during construction steckholders' investment.

accrual rate, which will correspondingly in-

/

) '[ /

crease earnings, will become efective during 1968.

President It is with deep sadness that we repcrt the death on November 17,1967. of Str. William E. Warner Secretary of GPU. Sir Warner served GPU and predecessor ccmpanies faidful!> ict 35 years. His competence and personal cualities are sorely missed.

9 86 137

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W ANALYSIS OF EARNINGS 0

(IN THOUSANDS) 1967 1966 1965 OPERATING REVENUES Electrie

-3f ei.911

+253.312

+26'i. N2 '

Steam and Water 1.074 1.045 1.002 Totals

+::10.9 -5 4299.360 5270.094 OPERATING EXPENSES Operation

  • 124.994

+111.i94

'Ino 710 Maintenance 24.10" "5.097 24.7s7 Depreciation 37.500 34.055 02.371 Federal Income Tax 13.652 16.314 15.104 Investment Credit,less Amortization.

3.452 1.576 2.226 Other Taxes 23.232 20.574 19.272 Totals

'227.093

+211.507

+ 1'7. 470 OPERATING INCOME i 50.692 S 77.553 9 72.614 Other Income 176 101 200 GROSS INCOME

+ 43.569 9 77.654 s 72.514 INCOME DEDUCTIONS Interest on First Mort ace Dond.s and Debentures.

A 31.'i25

+ 25.500

$ 21.9, Other Interest 2.431 2.251 1 :-

Interest Char:ed to Construction 7.945-(5.776)

(3.425' Prefarred Dividends 3.165 3.190 3.416 Other 94 121 343 Totals

+ 2" ;; ;

4 25.';36 3 23.610 2.' l '

t 0.272

+ 2.7 3d EXPENSES, TAXES AND INTEREST, NET-GPU 51.97'i

- 4 ;.74*i

? 45.454 BALANCE FOR C05DION STOCK

'7.5 ?0 9 30.Mi i 32.6.~.6 CASH DIVIDENDS PAID DURING YEAR RETAINED EARNINGS

- 14.296 9 14.7'o 9 13.799 SHARES OUTSTANDING (thousands)

Accrage During Year 21.S0:

23.323 22.SJG 1*ca r End 24,305 24.305 23.SJG PER SHARE Earnings 1

Average Siiares.

32.90 32.%

n.::

Tv:ar End SItarC3 S2.%

SI.X

?.!]

Diricends Paid.

S.3J o.. J

^ :.J '

I: Lea:es ed :gure i

h 4

s a

86 138 l

L k

u

i.

1904 1963 1962 1961 1960 1959 1953

+252.266

$235.927 1226.170

$213.247 5203.7J4

$194.963 9151.479 1,019 1.061 1.061 1.069 1.079 1.065 1.064 233.235 5239.9s:

-227.201 S214.316

>294. 513 i196.031

?152 ~)43 e 59.'PJ9 5 54."40 9 52.600 i' 74.634

+ 70.33J s 69.611

$ 64.6 99 22.505 22.325 23,757 20.749 20.492

's.963 19.972 29.997 25.229 26.405 22.505 22.515 21.252 15.925 21.505 20.307 16.995 23.757 23.074 23.172 21.954 1.435 1.770 1.42S IS.267 16.429 15.067 14,714 13.419 12.504 12.250 41s4.014 9174.006 9166.252 S156.659 5130.136 9145.502 S137.520

$ 69.271 s 65.952 5 60.949

$ 57,657

.- 54.677 S 50.229

$ 44.723 119 105 34 55 76 79 94 S 69.399

$ 66.957 8 60,950 S 57.745 9 54.753 4 50.005

$ 44.517

  • go.236 8 15.333 9 17,177

$ 16.655

+ 13.501

$ 14.055

$ 12.355 v 1.576 1.179 920 1.094 197 559 506

( 2.2'14 (1.213; (2.474)

(1.956)

<1.494; (2.511)

(3.305i 3,450 J.450 3.450 3.4 ~0 3,450 3.450 3.450 493 520 435 242 323 195 232 22.? 5

  • 22.274 e 19.511 9 19.455 4 15.277

+ 15.451 9 13.465 5

y 2.411 x 2.219 9

771

$ 1.777 9 1.335 s 1 705 5 1.639 44.10-

$ 41.603 40.701 9 36.493 9 15.13?

e.33.119 3 29.71'l 4

- 30.9-7

-< 29.Ur0

  • 27.504

$ 26.769 25.507 5 23.694

$ 21.010

  • 13.121 12.523 8 10.197 9 9.714 9.001 s 9.421 9 5.700 23,SJ6 2.1.316 JJ,SJG 23,70s 2J,752 22.611 21,70G JJ,SJG JJ,3.]G 22.3JG 22,336 2J,752 22,611 22,311 31.35

$1.75

$1.71

$1.5J

$1.13

$1.4 3 51.17 51.55 51 75 31.71

$1.5J

$1.4 3 31.sd

$1.12

$1.Ju 21.22 51.13 31.1.1

$1.Ou

$1.05 3.Ji h--

u 1 t c, bo iJe i1 e

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a yl-Princ::a1 Intere:nnect: ens jg) n,y s t:n,

F jersey Central P:eer & Light Ccm:any

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O 'roia C and New.'ersey P wer & L:gnt Ccmpany "C* * ' C

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/ O ne"*'e sene sect: ens Of New Jersey with a ;0pulatien of accut P.ttscurgn se ars ek

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1.4 millicn ceccle and c:mprising acercximateiy 3.3C0 square miles er a0 cut 43 Of the t tal area of the State.

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M N y L Metrecclitan E:isen Ccm;any ennst:wn s

provides semice !3 tne eastern ard central secticns y

70 santon cf Pennsylvania with a ;cculat:en of accut 300.0C0 w r'en e

pe:cie and c:racr: sing a::remmatelt 3.300 scuare N.*fe'c O sorrenet males er accut 7'. cf :ne area Of the State.

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senes a ;crt:cn Of Pennsyiwaria extending fr:m the b

Vary!and-Pennsylvania state iire Nrtherly to the New

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Yerk State line, ine!ccing a ::culat:en cf a:Or:.imate!/

,3 1.5 mmien ce:cte and aggregatirg ac creximate:y 17,500 square mues, :r accut 39*. of the area Of the S tate.

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LYBRAND, ROSS BROS. & MONTGOMERY CERTIFIED PueuC ACCOUNTANTS To the Board of Direc: ors and Stockholders, GENnAL Pt;sL:c UT!* ! TIES CORPORATION, New York, New Ycrk.

We have examined the balan:: sheet of General Public Utilities Corpcration and the consolidated balance sheet of the Corporatien and Subsidiary Ccmpanies as cf De: mber 31, 1967, the related statements of income and unappropriated earned surplus and the conscii-dated statement cf source and applicadon cf funds for the year then ended. O;r examinatien was made in accordance with generally sce pted auditing standards, and acccrdingly included such tests of the acecunting re:crds and such other auditing procedures as we considered necessary in the circumstances. We previously examined and reported upon the financial statements for the year 1966 and the consciidated statements of scurce and application of funds fer the years 1963 through 1966.

h In our opinica the a: Companying statements (pages 17 through 21) present fairly the financial position cf Ge.ieral Pub!ic Util: ties Corpcration and of the Corporatica and Subsidiary Companies conschdated at Dee mber 31,1967 and 1966, and the related re<ults cf cperations for the years then ended and the censelidat:d scur:: and application of funds for the years 1963 through 1967, in ccaformity with generally ac p ed accounting principles applied on a connstent basis.

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New Ycrk, N. Y.

February 5,1963.

O 86 142 8

9 CONsoL'oa7ED soVRCE AND APpUC A7 ton oF FUNCs 0

GENERAL P U B LIC UTILITIES CORPOR ATION AND SU BSIDI ARY COMPANIES CONSOLIDATED STATEMENTS OF SOURCE AND APPLICATION OF FUNDS Years SOURCE OF FUNDS:

1967 1966 1965 1964 1963 Consolidated net inecme (see page 22)

S 51.576,074 S 45,745.552 S 46,454.295 S 44.107.971 S 41.602,763 Depreciation (Note 2).

37.519.963 34,057,451 32.371,055 29,996,771 25.229,119 Investment credit, less amortization (Note 4) 3.451.400 1.57';.3 2.225.900 1.435.000 1,769,500 Total S 93.147,437 5 54,675,733 $ 51,051.250 i 75.542.742 5 71.601.352 Sale of bonds and debentures 111,000,000 70,000,000 72,000,000 49,000,000 19,000.000 Sale of common stock of the Corporation 27,327,204 Bank loans 27,750,000 10.350,000 20,720.000 Installment proceeds from sale of Manila Electric Company (Note 5) 5,624,317 5,615,147 5,595.350 5,624.121 5,622,024 Price fixing settlements, net (a) 935.417 519,762 145,001 4,227,456 h

Proceeds from sale of plant (a) 11.703,317 5,000.000 Other, net 5,057.515 4.063,355 3.255,704 Total Funds Received $235.460,171 $206.5 51.661 S174.561.363 S142,650.023 S116,943,406 APPLICATION OF FUNDS:

Additions to utility plant (a)

S167,641,531 $162.65 4,096 $126,703.75 ' 5 95.263,516 5 79.507,311 Investment in nuclear fuel 5,521,235 125,973 Cash dividends on the Corpo-ration's common stock 37.550.140 33.966,407 32.655.564 30,957,317 29,050.405 Payment of bank loans 4.400,000 9.340,000 Payment of serial bank loans (Note 5),

5.555.556 5,555,555 5.555.556 5,555.555 5.555,556 Retirement of long. term debt (sinking fund requirements )

4.265,000 2.447.000 1.350,000 1,070.000 540,000 Reacquisition and cancella.

tien of preferred stock.

1.799,630 3,566.155 463,635 Loans to non-a2iliated coal minine ecmpanies (Note 7) 950.000 Other, net 13.640.409 2,630,134 Total Funds Applied 9235.460.171 5206.591.661 S174.561.363 5142,690.023 5116.343.406 (a) ?' ant additions shown are beDre ereji:s arising f em pr:ce drug sett'ements and the sale of interests in certun pro.'ects.

The zeecmpanyt.ng notes are an integral part of tse dnancial statements.

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ai 00NPCE ATE $7 ATEMENTS CF INCO VE AND EARNED $URPLUS AC i

I GENER AL PUBLIC UTILITIES CORPOR ATION STATEMENTS OF INCOME AND UNAPPROPRIATED i

EARNED SURPLUS

'1, For the Years Ended December 31,1967 and 1966 4

1967 1966 INCOME:

.f Dividends : rom subsidiaries s 54.529.161 S 52.272,797 g

Interest on letters of credit (Note 5; 659.607 s23,704 f

Totals s 55.4ss.76i S 53,096.501 EXPENSES, TAXES AND INTEREST:

General expecs s

$ 1,676,145

$ 1,593.5 s s Taxes (Note 4).

(44,525) 75.733 q

Interest on serial bank loans (Note 5) 1.225.266 1,501.215

[

Other interest, net 421,539 625.309 Totals S 3.275.75s 3 4.095.545 NET INCOME S 52.209.950 S 49,000,65J

-s UNAPPROPRIATFD EARNED SURPLUS:

Balance, beginning of year 155.450.271 140.446.025 Tctals s297.690.251 9159,446 675 Dividends on common stves 37.550.140 33.966.407 l

Balance. end of year

$170.110.111 5:55.450,271

( ) Indicates red dine

~j The accompanying notes are in ultegral part af : e inancial s:a:emen's.

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GENERA 1.

't2 U B L I C U T I L I T I E S CORPOR ATION BALANCE SHEETS December 31,1967 and 1066

,, SETS:

1967 1966 INVESTMENTS:

Common steek. ab udiaries t 4 70. loo. -5 4 1436.606.'54 Letters of credit (Note 5; 16.443.440 21.912.075 0ther

^0.000 Totals 4446.550.294 543i13s.929 CURRENT ASSETS:

Cash S 5.203.569 5 4.470.210 Letters of credit (Note 5',

6.116.]93 6.272.675 Dividend receivable from subsidiary 345.935 Other 29.:'06 29.993 Totals S 11.699.446 9 10.772.774 DEFERRED DEBITS:

Capital stock expense v 2.410.41 s i 2.405.365 Other 315.991 320.234 Totals s 2.726.409 9 2.725.602 Total Assets

$500.J76.14')

S472.037.309 s

LIABILITIES AND CAPITAL:

LONG. TERM DEBT, CAPITAL STOCK AND SURPLUS:

Serial bank loans (Note 5) s 16.6F6.667 s 22.022.222 Notes payable to banks due within one year to be rednanced s 00.000.000 Common stock (Note 3)

$ 62.125.795 s 62.12:.!J' 5 Capital surplus 225.655.059 225.655.059 Unappropriated earned surplu.s (see statement on pa:re li, 170.110.111 155.4i0.271 Totals

$457.596.965 5443 267.125 Less. Reacquired common stock < Note 3:

116.05-116.055 Totals

$457.730.910

$443.151.070 Totals

$494.447.577 946 u T3.092 CURRENT LIABILITIES:

Serial bank loans ;Nute 5 ;

s 5.555.555 5

5..~/;5.5 3 6 Ta s acerued 414.700 527.201 Other 55' 257 3s1260 Totals s 6.523.572 s 6.664.017 Total Liabilit'.es and Cap..al 5500.976.;49 s472.A7 79 ne 2e:omp2 r:ug sores re 2:,aregra: par: <d % d22ac21 c2:e:: cati.

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1 CON 5CL13ATED B ALANCE shEtt3 i

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GENER AL PUBLIC UTILITIES CORPOR ATION 1

i AND SUBSIDI ARY COMPANIES

}

CONSOLIDATED BALANCE SHEETS j

5 December 31,1967 and 1966 i

t ASSETS:

_1967 1966 PROPERTY, PLANT AND EQUIPMENT:

i

)

Utility plant in service and under construction (Note 1)

+ 1.65 '.4o1. 311

$1,507.752.440 i

Less Reserve for depreciation (Note 2 259.456.950 265.504.522 Net property, plant and equipment 91.365.944.361 91.241.947.914 1l INVESTMENT IN NUCLEAR FUEL 5.953.20s 10s.973 J

EXCESS of investments H subidiarie3 over 1

related net assets S 30.635.159 9 30.635.159 q

1 INVESTMENTS:

g Letters of credit (Note 5)

$ 16.443.440

$ 21.912.075 Other physical property, less reserve 1.065.752 1.125.335 3

'y Other 2.141.059 1.266.s65 Totais v 19.630.251 9 24.304.275 CURRENT ASSETS:

Cash v 19.315.066 9

14.'165.035

}

Letters of credit (Note 5) 6.116.993 6.272.675 j

Temporary eash investment.

750.000 I

Accounts receivable, less reserve.

27.050.797 23.ls s.236 Materials and supplies iincluding construction materials), at average cost or less.

29.505.721 16.317.16 9

Other 1.505.525 1.647.331 62.393.46-Totals

  • 75.377.405 5

1 DEFERRED DEBITS:

3' j

Capital stock expen.,e of de Corporat:on 3

2.410.415 3

2.405 36 l

Other 3.620.357 3.124.01*i Totals 9

6.030.775 5

5.529.954 Tntal Assets S I.5W.59 4.129 S1.364.342.777

-6 Ihe Jecompau} U:( 30tes # 33.atCUll pdf! d the lUllr.C121 Sta!cmen!5.

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GENER AL PUBLIC UTILITIES CORPOR ATION AND SUBSIDI ARY COMPANIES CONSOLIDATED BALANCE SHEETS December 31,1967 and 1966 LIABILITIES AND CAPITAL:

1967 Ig LONG.TER31 DE3T, CAPITAL STOCK AND SURPLUS:

Subsidiary companies:

First morteace bonds and debentures S 7ss.h9.000

$ 650.509,000 Notes payable to banks due within one year to be rednanced 37.000.000 29.250.000 Totals S s25.329.000

$ 710.059.000 Cumulative preferred stock

$ 76.591.000 5 76.s91.200 Premium on cumulative preferred stock.

654.596 654.596 Totals S 77.545.796

$ 77.545.796 General Public Utilities Corporation:

Serial bank loans (Note 5).

$ 16.666.667

$ 22.2a2.222 Notes payable to banks due within one year to be rednanced

$ 20.000.000 Capital stock and consolidated surplus:

Common stoes (Note 3)

Consolidated capital surplus

. S 62.125.795 S 62.125.795 226.193.420 226,193,420

' nsolidated unappropriatad earned surplus (see statement on page 23) 203.275.721 155.979.787

)

~

Totals s 491.597.936

$ 477.302.002 Less. Reacquired common stock (Note 3) 116.055 116.055 Totals

$ 491.451.551 3 477.155.947 Tota!s

$1.431.023.344

$1.257.012.965 CURRENT LIABILITIES:

First mortgage bonds and debentures due within one year (sink:ng fun 1 requirementsj S

1.475.000 2.263.000 Serial bank loans (Note 5) 5.555.555 5.555.556 Accounts payable 17.104.296 15.451.097 Customer deposits 2.014.335 1.920.043 Taxes accrued 9.095.962 13.763.797 Interest accrued.

9.041.514 7.255.655 Other 6.342.179 4.946.095 Totals s 50.629.141 9 54.163.449 DEFERRED CREDITS:

Unamorti:ed premium on debt.

S 3.462.542 S

2.524.304 Other 550.47s 564.09s Tota's

. i 4.313.320 S

3.3i s.402 RESERVES :

Future income ta:res ' Note 4',

S 6.623.930 9

7.079.530 Unamortized investment credit (Note 4, 12.155.200 5,736.sf 0 Other 100.675 91.475 Totals I 1s.912.505 9 15.90s.205 CONTRIBUTIONS IN AID OF CONSTRUCIION i

4.715.579 9

4.447 7.;6 Total Liabilities and Capital 31.509.594.159 91.364.942.777

, h ne acecepanrsg notes are as.stegral par: at :he :i:2ne:21 su:ements.

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CON 10L:D ATE 3 INCCME STATEVENT5 i

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GENERAL P U B LIC UTILITIES CORPOR ATION j

AND SUBSIDIARY COMPANIES i

STATEMENTS OF CONSOLIDATED INCOME For the Years Ended December 31,1967 and 1966 I

l 1967 1966 j

OPERATING REVENUES:

{

Electrie (Note 6)

$309.911.256

$255.311.996 Steam heating and water.

1.073.794 1.045.234

)

Totals f 310.955.050

$259.360.230 t

8 OPERATING EXPENSES of Subsidiaries:

l Operation 5101.573.390

$ 95.550257 j

Power purchased and interchanged 23.124.642 13,047.532 Maintenance 24.109.304 25.097.357 Depreciation of utility plant (Note 2) 37.519.963 31.057.431 Federal income tax (Note 4) 14,094.716 15.770.010 Deferred ineotne taxes (Nate 4)

(435.600)

(455,600)

Amount equivalent to current investment I

credit (Note 4) 3.536,900 2,140.900 i

Amortization of accumulated investment credit (Note 4)

Other taxes (355.500)

(265.200) 23.274.673 20.574.250 l

Totals

$227.232.655

$211.507.647 j

OPERATING INCOME

$ 53.692.392

$ 77,552.553 h

OTHER INCOME of Subsidiaries 176.057 101.353 GROSS INCOME 9 i3.565.449 9 77.653 966 INCOME DEDUCTIONS of Subsidiaries:

t Interest ou first mortgage bonds an 1 debentures

$ 31.525.401 S 25.519.749

)

t Ither intarost.

2.431.202 2.251.661 j

Interest charged to construction (7 545.643)

(5.776.166; Dividends on cumulative preferred stock 3.165.293 3.190.162

',f Other 93.935 120.534 Totals s 29.373.194 5 25.636.240 BALANCE 5 54.495.255 S 52.017.726 EXPENSES, TAXES AND INTEREST of the Corporation (see statement on page 15):

4, General expenses S 1.676.145 S 1.593.555

{

Taxes (Note 4 )

(44.525) 75.733

.i Interest on serial bank loans, net (Note 5) 565.659 677.514 Other interest. net 421.999 625309 Totals s 2.619.151 s 3.272.144

.j NET INCOME 9 51.576.074 9 45.745 552

)

EARNINGS PER SHAEE:

Averace number of shares outstandine iur:n; year 24.505 096 23.329.009 I

Earnin:rs per shara 90.09 50.04 I

t

) Indicnes red fgure The accompany:ng notes are an integral part M the ::.::ssci21 sta:en:ents.

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cesseucatum su te.rs er cm.co sumus aso seus G EN ER AL PUBLIC UTILITIES CORPO R ATION AND S UBSIDI ARY COMPANIES STATEMI:NTS CJ' CONSOLIDATED UNAPPROPRIATED SARNED SURPLUS For the Years 2'nded Decemoer 31,1967 and 1966 1967 1966 BALANCE. Beginning of year

$15 5,979,757 S174.200.612 ADD, Net ine me 6ee statement on pa::e 22; 51.576.074 49,745.552 Totals

$240.555.s61

$222.946.194 DEDUCT, Dividends on common stock 37.550.140 33.966.407 BALANCE, End of year

$203.275.721

$155,979,757 1

NOTES TO FINANCIAL STATEMENTS L Utility ?! ant account groups which, on an aggre g2te compos;te basis, resulted in approximate annual rates of OJ3"e Utility plant is stated at origmal cost. In prior and 0. 76 ~c for the y*2rs 1967 and 1966. These years tne Corporation's subs:da r:es fallowed the aggregate rates red *c he fact that, er!ect:re as of policy of capit2;iz:=g (by charges to utdity plant)

January 1, 1967, the New Jersey su bsidu ries La -

the direet payro:1 costs and certain assoc:sted costs creased' their depree:2t:ca rates with the approvai of of company personsei engued in the construction of the New Jersev Board of the Pub;ie Ut.::ty Commis-sucit p;a n t, but did not so capita;;ze the cost of sioners resua:Eig in an meresse in 1967 of appror:-

certain empiovee benents ; suc h as penstens. life matelv $1.1 M 000 n the pror:ston f ar depree: anon msurance and hospitalization ).

The su bstliar:e s and 2 corresponding decrease in net inecce.

cha'iged this policy effeettre as of January 1,1967 so that the cost of such benedts applicabie to s2ch 1 Capital Stoco personnel is, bemg capitalized for 2;! per:cds sutse-Of the 30.MO.000 authorize 1 shares of $2.20 par quent to 1999. As 2 resu;t of,.ats change conso:1 dated ra!ue common stock, 24,30

  • 96 shares were issar i net :ncome, for t..e year

.90.

was ineressed by ani outstandag at Decembe r 31, 1967 2ni ' 6, approzuiste.y f 2,100.000, exe!ustre of 46.402 reacqu: rad snares recor&d as On January 29,106o. tne Federal Power Cecris_

reacqu: red coc: mon stock at f 2.20 per snare.

sion issuel 2 Notice of Proposel Ralemak;ag reistinz g

g, 3,g to the det e rmma t.o n of the " net wrestment of hydroeleet :e proj.ets licensed by the Federal Power The Corporation and its subsidiar:es h:e conso;:

Commission, and a hear:ng thereon was he!d on 1:ted Federal income tax returns. The returns throuzh December IL 1967 The Corporat:on's subsidiaries 197 have been audited and all dede:encies bare been have Jo:ned 40 other companies :n submitnng com-paid. The complet;on af the aud ts for 1360 ihmugn ments on this proposed ru;e urg:ng that

o t be 1962 :s anticipated short!y,2nd it vi the opinion af tax adopted. The extent ta Th.ch any such ru:e as may counsel to the Carporst:en. hat the disrcsitm of such be a dopted wou:d afect the substdar:es' :nrestment in 3 2dits for tho** years will not r*9ait in any mater:21 their btensed pro;eets :s not presently ascertactal,;e.

ie de te n cies. The conschdated Fe ier21 ;ccome tax

12bdity is si'oca'el among the partte: pants In the 2.

Deprecut en-consolidated returns pursuant to agree:nents ganer.

Fo

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the u,r rate-making 2n i dnane:21 acceuntin'- nur2 eses ta th* participants' respective contribu' ons to such r

rporancn's suts: diar:es prov:de f ar ie; ree:2 tan M b Ci* y.

at annual ates ietermine 1 2nd et sed er:odicai'y on the bas.s of studies by independent enmeets to As pubiie uti;1t:es, the rar*=ues cf the Corpora-be suic:en to a mort:ze tae or:::.n2i cost of depre-ann substilar:es m any per:od 2re dependent ta 2 c;2 tie property n a systcm:tt:c tasis aver est mr.tes sign &:nt exte:: upon 't.e os's e:ch are remmze l t

serr:ce ;2res, which lives are generally :eue' than and adowel :n ' hat permd f 3r rate-mahnz purpmes.

those *mpioyed far tax purposas. The suusidiary It :s the policy of 'he Cer;cratan an i.ts s u tr

[

compa.n:es use leptenst:an rates based on funenonal stdiar:es in conneencn w:th :ne dnane:2i str.tementa 86 WD n

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t NOTES TO FINANCIAL STATEMENTS-(Continued) h contained in reg:straton statements pursuant to 6.

Ope 2 tag Revenues:

wruch secunties are ofered 2nd in reports of inaneral It is t' e eueral po!!cv of the subcd. aries of t.e a

condition and of the results of operanons to the Corpor2no n to :ne:ude $3 o pc2 t.n g toenues ou v ho4ders of sach secur. ties, to f ollow the basic account-those sa,e s recor ici by meters ;-a i.iu nn g t h a't ing principle of matching costs and revenues, takmg period. Meters are :ead and s2;es are bi;!ed gener2Jy e

mto consideranon this aspect of the rate maning

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proca s.

In recent years, the app;ication of th.s prae:ple has had part:cular sign. !ca; ice in connection 7 Commitments and Contangent Liabil.it:es:

with certain reductions in mecnie taxes. As set fort.4 belo w, the rate-a:2 king tnatment accoried to these The subsidiar:es expe to make expenditue9 of items has difered si.d consequently the manner :n approx:mately $24W,m for plant additwus daraig which these items have been re:lected in suca dnancial 196 and :n that connect:on had.ncurred sdstant:ai autements has a so difered.

commitments at December 31, 1967 The satasid:ar:es I

I.iberalized Deprectanos nd Gwdelines aad Raies.

plan m usue sear:nes to parnaHy dme s udi l

The regn:2 tory ageneses havin g ;ur:sdiction over constructiou.

the sabsidiaries' rates follow the poiley of 2;lowmg In or ter to obta;n *he uccessa rv connat of th on:7 the estimated t.2.x e s actua ly pay 2We for Export Import Bank of Washing Ea to ae saic the per:od after giving efect to the reducta,n in the Corporat.on of its investment in Man::a E; ectr.c income urcs attnSataW * ) the emplo: stent of company. refsrel to a k., 3, the Corporation vras 1

therahzed depreciation and the "G aide'* nes 21.d requ red ts guarantee the p ay
nent of :he insta;;ments Ru:es", and, therefore, the prov:sions for.neome of pr:ncipa; ar.1 mterest of :oans (paysa:e througn taxes in the sacompanying income statercents were 1970) made b-that back to Mani;2 Eceric Cam-directly redaced by amounts equal to the redue p 23 7, gg pec,mber 31, l#7, the outstanding bala::t e tions in income t.22es attributable to these items.

of such loans was approximately G,400,09a Intest m st Taz Credit and Jccelerated Jmorth subsidiary of the Cnpor2non is parnc p2W m

ation. The State regulatorv commissions have de guarantees f ma:n :nMtedse em moral by a non-a."inate a connectwn withgt.;e ieselopmen determined that, for rate-mixing purposes, they will perruit charges to income in an amount equal of mus fu coal to supp;y the heystene m.n e-to the 7M investment credit 2 r:s:ng d arin g the mouth gener2nn g stauou in which such su t swia ry d

period mth concurrent credits in that amount to a 18 *

  • II 's anne:patd that *be total amou the estimated service hves of the related facilities guaranteed ** "' y l

reserte and the amortization of that reserve over b the substiary may umma'eq x about 41,300,v00. In addition, anot her subsmary 1

with the unamortized balance be:ng app;ted as a reduction of rate base. The Revenue Act of 19 4 tggedu w:2 2 noma ihated co owner of the Dmer a

tity genersta g statio n, which :s under ec cstrue prohibits Feietal rate regula tory agencies from requ:r:ng recognition of the credd for rate-making tion,.are aped w:th nomamated mmmg empeata to ass;st them with the dnancing required.or the purposes more rapid v than over the estimated sertwe lives of the reisted facilines. Under these deMopment and equpment of the mines wtic% are

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circumstances, the subsidiaries are c:assifying suca

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o e.

ance with the L,ts as 2 reserve. However,.n accord-concurrent cred:

niform dystems of Accounts of the have entered'into agre,ements with the mining cm-panies whics prov:de.ar inter:m : 2ns by the sta-S tate re gu.a t orv commissions and the Federal Power Commission, the accumuistel ;tnamort: zed

. ton owners, from t;me to time torough.JN. to the investment creilt has been classdel as a leferred m:nmg compaan Sics atenm bans are to matm :s 19.2 and be mmmu amount of such intenm :om 1

crelit in reports to those Commusicas.

which may be made or the sabsid:ary :s $13.M W' Essentia'ly the sante treatment has been accorded Saca Io.as are to ir an =terest rate wa:ca 1.

3 to de redoetions in income tax attnbutable to 11, c above the pr:me rate for commereal borrowmg 4

accelera ted amortization (w hich ended in 1G) and are to be prepavaMe by the m.nm g companies and to the remaming balance of credus rescitmg at any nme witnout p'remum'. L 2rr2::gements have therefrom.

yet been =21e for the permanent :inancag of dese 5.

Letters of Crett and Sertal 34:2 ! c ans t The Letters of Credit aggregating $21560,133 at 3.

Pensten Plans:

Decem ber 31, 1967 represent the balance of the The Corporation ani each of its subsidiar:es have

$34,f13,000 of proceeds (.n the form af Letters of estab.ished pens en p;ans for their employaes and Cr* cit) f ro:n the sie by de Corporation af

.t3 hve We provam to f ad Se ost of MI sua investment in Manda,yectne Oct=pany a o anuary, plans. Is accoriacca with de recom mendano ns af r

j 1H2., Phappue banks. and con rmed by 2 N Letters af tredit

.s s ue i by a syndicate

ndependent actuana! consu; tan ts,

'"ecnve is f

of 19 syndin*e

.T2nuary 1 M67 de Corperstwn and :ts subs.d.ar:-s y

of ten C. 5 banks. prov:de 2:t payment 3f tais moddEi the actuar:21 24 sum puct s elanng to h-j

= ace a four approx:=2te!y eq2al annua.;2m, balance, p!us int erest at 3 ~c per 2na s mall be pg g g.y,., gg g m,,3

,y,my gg mata:hnenta gg

,,y.

,, g,n fx de N ds Ei o through 1371

nit. ate de amor izanon of unresit:el app eem!mu The serial bank loans outstan Enir at Decem *r 31, of secur: nes he.1 in the peusica funds. As 2 re u.t 1967 aggreganng f 22.222 22 rer rese:it th? Sala: ice the inc*ial Sst af ' he plans was raiucel by apprcx:-

)

of horrow:ngs from 2 group of U. S. baus i2 DC2 mately ?W3M an i ::et tneome :nere ne i Dy apprm.

under 2n agreement whereby queh borrutngs mante mate:y !290 _@.

The past,*rt:ce "osts M the pians sena.ly m (our annual ins aibents tar %gn. '% and are f ady funded. The annual current sertue e rats for are secured by drafts drari under the L t'ers )f

'he year M67 ani de contnhunons by the Cxtora-Credi:, in an aggragate amount substanua2y +quir hon 2nd subsid;2 ras f: such !>67 osts vere *C eN e

ent to the borrowi.:1gs.

20d i4,300,)VO, r?sp*cI'.ve!?-

l 86 @

4 a

[

I t

~ G GENERAL PUBLIC UTILITIES CORPORATION AND SUBSIDIARY ELECTRIC POWER COMPAN!ES Supplement to 1967 Annual Repor:

CONTENTS I,

e.

(

i 1

' O i

I a6 09 Consolidating Balance Sheet 30-31 Consolidating Income State:nent 32 Long. Term Debt 33 Preferre 15 toc:c and Capital of the System

~

34 Earnings and Dividends 35 System Capital Requirements and Common Shareholders 36 Industrial Revenues e

86 151 e.

9 M

-[g

_a g

-A L' 1,

w.-_,-

GENERAL PUBLIC UT AND SUBSO a CONSOLIDATING Decembe A SSETS:

The Corporatior Eliminations and Subsidiaries and Consolidated Adjustments PROPERTY, PLANT AND EQUIPMENT:

L'tility plant in service and under construction (Note 1) 51.655.401.311 Less, Reserves for depreciation ( Note 2T 239.456.950 Net property, plant and equipment S1.365344.061 INVESTMENT IN NUCLEAR FUEL S

s,953.205 EXCESS of investments in subsidiaries over related net assets S 30.635.15]

5(30.635.J 59)

INVESTMENTS :

Common stocks of subsidiaries.

$ 170,106.554 Letters of credit (Note 5)

S 16.443.440 Other physical property, less reserves 1.065.752

-Q Other 2.141.059 Totals 5 19.650.251 S470.106.554 CURRENT ASSETS:

Cash 9 19.315 Letters of credit (Note 5) 6.116 Temporary cash investment,

750.000 Accounts receivable. less reserves.

27.0s2.797 f 2.076.666 Materials and supplies (iceluding construction materials), at average cost or less.

20.605.721 Other 1.505.525 Totals S 75.377.405 5 2.076.6'6 DEFERRED DEBITS:

Capital stock expense of the Corporation s

2.410.415 Other 3.620.357 Totals s

6...N.775 1

Total Asset..

915m! 534.15, 94:1. 5 4 3. ;,;1 ai

( ) Is.iicates red dg:re i

Nota refe? c ces are to ?

26 0/

1rq UD IJL 5

1 0

LtTIES CORPORATION RNh: OMPANIES BALANCE SHEET 35,1967 Pennsylvania Jersey Central Me;ropolitan New Jersey Electric The Power & Light Edison Power & Light Company and Corporation Comtany Company Comnany Subsidiaries

$459.717,195

$396.341.161 3127.212.255 3645.100.N4 51.074.300 93,651.612 22.416.645 122.314.300

$435.642.599 S302.659.549 S104.795.640 5522.516.274 S 5.953.005 S470.106.554 10,443.440 c

255.927 15.567 395.095 S

396.160 t'

146.263 551,509 4.004 1.439,013 S456.550.294 9

400.190 570,376 S

399.102 S 1.535.173 S 5.203.559 3 3,132.750 S 1.912.500 550,042 S 5,155365 6,116.993

~, 50.000 361.607 9.125.117 6.611.535 3.362.464 9.695.740 6.707.550 5.714.524 2.195.492 5.955.125 17.237 434.004 472.420 165.950 415a37

$ 11.699.446 S 19.40d.751 S 14.711.299

$ 6.606.975 s 25.035.567 3 2.410.415 315.991

$ 1.211.509

?

455.502 9

120.352 3 1.456.373 9 2.726.409

? I "' 40 c

455.532 5

120.352 s 1.456.37; 4 7 976.149 9465.6103-6 9319 4571~M 3111.000.072 55.31.173.3-7 I*.r 216:ezents, pages 23 a.::d 24.

27 86 153

  • y, Y_ - h -

6 L

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6 e

GENERAL PUBLIC UT AND SUBSO ~

CONSOLIDATINC-Decembt LIABILITIES AND CAPITAL:

The Corporation Iliminations and Subsidiaries and Consolidated Adjustt::ents LONG-TERM DEBT, CAPITAL STOCK AND SURPLUS:

Subsidiary companies (see paces 32 and 33):

First mortcage bonds and debantures S 759.329.000 Notes payable to banks due within one year to be rednanced 37.000.000 Cumulative preferred stock 76.591.200 Premium on cumulative preferred stock.

654.596 Common stoci:

S275.195,000 General Public Utilities Corporation:

Serial bank loans (Note 5) 16.666.667 Notes payable to banks due within one year to be rednanced 20.000.000 Capital stock and consolidated surplus:

Common stock (Note 3) 62.125.795 Consolidated capital surplus 226.193.420 150,739,725 Consolidated unappropriated earned surplus (see state =ent on pages 30 and 31) 203.275.721 13.494.905 Totals 51,431.139,339

$43U,422,6%

Less. Reacquired common stock V

(Note '"

116.055 Tot.a

$1.431.023.344 5433.422.660 CURRENT LIABILITIES:

First mortgage bonds and debentures due within one year 'sinkin2 fund requirements >

9 1.475.000 Serial bank loans (Note 5) 5.555.555 Accounts payable 17.104.206 S 2.076.666 Customer deposits 2.014.335 Tazes accrued 9.095.962 Interest accrued.

9.041.s14 i

Other 6.342.179 Totals s 50.623.141 s 2.076.666 DEFERRED CREDITS:

Unamort: zed premium on debt.

S 3.462.542 Other 550.47s s

46.035 Totals i

4.313.320 i

46.035 RESERVES :

'l Future income taxes (Note 4'-

5 6.623.930 j

Unamort::ed investment 2redit i Note O 12.lsi.200 Other 100.iT5 Totals 9 l u 12.rui l

CONTRIBUTIONS IN AID OF CONSTRUCTION 9

4.~ 15.579 H.5o.5.4.15 9441 043 l

Total Liabilities and Caeital o

1 1

Lte references are to 1

C j's Q

23 h(i)

Jc q

N d

id a

e 6

LITitiS CORPORATION Rh0MPANIES BALANCE SHEET 31, 1967 Pennsylvania Jersey Central Metropolitan New Jersey Electric The Power & Light Edison Power & Light Company and Corporation Company Company Company Subsidiar:es

$256.025.000 S163,790.000 S 59.900.000

$303.594.000 19.400.000 6.000.000 3.700.000

,vv0 12.500.000 23.391.200 4,500.000 3u.a00.000 145.750 206.009 22.450 277.157 69,757,700 66.273,400 33.325,000 105.511.920

$ 16.666,667 20,000,000 62.123.795 225.655,059 50.359,323 23.323.611 559.067 16.673,095 170.110.111 5.797.142 13.7?7.596 3.525.123 20.600.654 4,563,630

$447,047,915

$301.7 '2.010 S105,561,670 5521,356,326 116.055

$494.447.577

$447.047.915

$301.712.016 S105.661.670 S521.356.626 100.000 520.000 S

120,000 3

735.000 5 5.555.555 22.605 6.325.475 6.227.159 2.101.541 4.504.152 1.167.696 254.994 311.240 250.405 414.700 1,135.405 2.214.155 605.670 4.695.972 449.576 3.579.575 1.416.259 602.175 2.994.226 s6.106 2.114.702 1.115.945 540.527 2.154.s99

$ 6.525.572

$ 14.422.5 3 11.77.572 S 4.611.133 5 15.364.654 S 1.469.572 S

171.160 S

151.426 3 1.670.394 517.933 207.046 63 165 10s.369 S 1.u 57.:05 375.206 s

214.591 S 1.779.753

! 6.623.930 S 4.059,7C0 S 2.5s1.900 S 1.026,500 4.519.500 100.675 S 4.059.700 3 0.6s2.575 3

1.'J26.:00 S 11.143.700 S 1.092.610 S 1.905.657 S

157.555 S 1.329.424 55CO.076.143 3462.611 :56 i31:.45 7.C6 S;11.322.072 3551.173.3s?

N:

21 St.2:e=ents, pages 031::,106.

29 e

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A

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9 9

GENER AL PUBLIC tit 1 A N D S U B d il t.

CONSOLIDATING STAT:

UNA.PPROPRIATE For the Year End:

The Corporation Eliminations and Subsidiaries and Consolidated Adjustments OPERATING REVENUES:

Electric t Note 6)

$309.911.256 s 655.390 Steam heating and water 1.073.794 Totals

$310.9 55.0-0 s 655.390 OPERATING EXPENSES of Subsidiaries:

Operation

$101.573.590 5 655.390 Power purchased and interchanged 23.121.640 Maintenance 24.109.304 Depreciation of utility plant (Note 2) 37,519.963 Federalincome tax (Note 4) 14.094.716 Deferred income taxes (Note 4)

(455,600)

Amount equivalent to current investment credit (Note 4) 3,536.900 Amortization of accumulated investment credit (Note 4)

(355.500)

Other taxes 23.274.673 Totals

$227.292.655 3 655.390 OPERATING INCOME,

S 53.692.392 OTHER INCOME of Subsidiaries 176.057 GROSS INCOME

$ 53.565.449 INCOME DEDUCTIONS of Subsidiaries:

Interest on tirst mortgage bonds and debentures

$ 31,525,401 Other interest.

2,431.202 Interest charged to construction (7.545.643)

Dividends on cumulative preferred stocic.

3.165,299

$(3,165,299)

Other 93.935 Totals s 29.373.194 s t 3.16 5.299)

BALANCE s 54.495.255 5 3.165.299 DIVIDENDS from subsidiaries 54.529.161 i BALANCE

$ 54.495.255 S57,997.460 EXPENSES, TAXES AND INTEREST of the Cor-poration (see statement on page 15) :

General expenses S 1,676.145 Taxes (Note 4)

(44,525)

Interest on serial bank loans. net (Note 5) 565.659 Other interest, net 421.599 Totals s 2.619.151 NET INCOME S 51.576,074

$572R,460 UNAPPROPRIATED ZARNED SURPLUS:

Balance. beginning of year 158.979.757 13.194.905 Totals S240.555.461 571. 4 - 2.J d 5 Deduct Dividends on preferred stocic S 3.163.299 Dividends on common stock s 37.550.140 34.5291 J 1 Totals S 37.360.140 157 /M.8 Balance. end of year

$203.275.721 513.454.f,

Indicates -4 :! pre Lte references 2re :o Ltes :s T 30 bQ e

9 9

ILITIES C O RPO R ATIO N A R'h 0 0 M P A N I E S CEMENT OF INCOME AND D E ARNED SURPLUS ted December 31,19C7 Pennsylvania Jersey Central Metropolitan New Jersey Ele::tric The Power & Light Edison Power & Light Company.ind Corporation Company Company Company Subsidiar.es

$91,513.765

$76.053.291

$33.915,537

$109.050.753 421.252 652.542

$31.513.765

$76.504.543

$33.915.537

$109.703.325

$25.041,165 531.103.442

$ 9.026.421 3 37.357.952 12.354.176 3.335.771 5.474.650 (1,042.955) 5.363.959 6.334.052 1.967.255 10.443.945 9.762,900 9.251.000 3.190.600 15 615.463 2,456,561 3.333.520 1.026.39, s.277.635 (455.600) 1.306,000 554.100 232,400 1,444,400 (102.500)

(79,700)

(32.300)

(150,700) 11.234.077 3.024.720 3.506.235 5.009.641

$67.396.366

$57.360.235

$27.691.691

$ 75.499.7e4

$24.117,397

$19.144.305

$ S.227,146

$ 34.203.541 13.515 61.512 26.520 74.210

$24.130.912

$19.006.120

$ 6.253.666

$ 34.277.751

$10,757.559

$ 6.311,797

$ 2.253.490

$ 12.142.255 700.074 655.201 146.000 536.925 (5,075,373)

(915,250)

(50,951)

(1.765,069)

(41.164) 69.250 7.943 57.576

$ 6.455.396

$ 6.121.025

$ 2.356.464

$ 11.265.957 j

$17,672,516

$13,055,092

$ 3.597.152

$ 23.005,764 i

S 54.529.161

$ 54.s29.161

$17.672.516

$13.065.092 1 3.537.152 S 23.00s.764 S 1.676.145 (44.525) 565.659 421.599

.i 2.619.151 5 32.209.9s0

$ 17.672.516 S13.055.092

$ 3.537.152

$ 23,003.764 155.450.271 5.593.037 14.156.032 3.379.605 20.535.724 5207.690.251

$26.255.553 S27.271.'44 i 7.076.790

$ 43.544.4ss

$ 500.000 S 943.54;

  • 150.917 3 1.543.534

$ 37.550.140 16.955.411 12.600.000 3.570.750 21.700.000

$ 37.5:0.140 917.45s.411 313.543.54s S 3.751.667 9 23.243.:34 5170.110.111 9 s.797.142 S13.727.596 S 3.525.123 S 20.600.654

,0 86 B7 m m _ 1 m _ _.. - " "

e B

LONG-TERM DEBT OF SUBSIDIARY COMPANIES OUTSTANDING IN HANDS OF PUBLIC

()

(excluding Sinking fund requirement.; d:e within one year)

At December 31, 1967

~

Jersey Central Power & Light Company:

F;rst Lrtg2ge Bonh-Senes u oted:

0%% due 1976.

234J00,300 4% % due 1956.

410,000 ]00 4%rc due 1993 814 525,000 3 % ~e dae 1973.

3J00.000 5 % due 1937 13,000.000 4 %"e due 1914 13,000J00 3%% due 1994 6,000,000 5%% due 1959.

5,770,000 4 N "< lue 1990 29,000J00 3%% due 1995,

00,000,000 4 % c", d ue 1932 11.300,000 i2, ~c due 1999 09,010,000

% he l' 97 23,560,000 8000,165,]00 9

Dhm 4%% Series due 1953 3,100,000 i

4 % c*, Senes due 1949 4.600 C00 5%% Senes due 1990 9,460,000 6 % Senes due 1992 14,700,000 l

Metropolitan Edison Company:

I hrst Er g2ge Bonds-Ser:es u noted:

0%% due 1974.

404400.000 3%% due IMO

. $ 7 500.000 4 %% lue 19?:

415,000.300 3 % due 1977 4,500,]C0 35% due 19s4 -

15,000.000 4 % ~c f ue 1995 10,000,000 j

3 % due 1973.

3J00,000 4 % c*c due 1937 19,300.000 5 % ~c lue 1996 15,000,000 143,550,000 l

0%% due 1950.

10,050,000 5 % due 1990.

15,000,000 i

Debentures :

I 4%% Series due 1990 5,640,000 l

6%% Senes due 1992 19,600,000 New Jersey Power & Light Company:

First Lrtgage Bonds-Senes 2a noted:

3 % due 1974., 8 9,300,000 09% due 1979.

$ 3,500,000 4%% due 1953

$ 7,500,000 l

3 % due 1973.

6,000,000 3%% due 1934.

5,700,000 473 % due 1990.

5,000,000 l

6 % he 1997 10,200,000 49,700,000 l

Debentures :

4%% Serien due 1999 5420.000 5 % Series due 1990 4,700,000 Pennsylvania Electric Company:

First br*g2ge Bends--Ser es 2.s noted:

3%% dae 1970

$30,500,000 3%% due 1990

$ 9J00.000 5 ~ due 1999 1: J 0 ),000 c

3%% due 1973 4,200,000 4%% due 1H3 10.5C0,000 5 % due 1990.

.2.000,000 0%% due 1976.

23,500,000 3 % ~c due 1984.

12,000,000 4% % due 1991 1),000,000 0%% due 1979 11,000,000 3 9 "c due IM6 10,500.000 4 %% jue 1994.

00 J00,000 3%% due 1951.

5,000,000 4 % due 1955 29.000,000 6%% dne 1996 25,000,000 6 % % due 1997 06,000,000 259400J00 5%% Series due 1956 10,;03.000 5 % Series due 1990

!!,300.000 7 % Senes due 1992 9,500,300 Divuional Liens:

Ene County Elect.c Company (assumed by the Company, nones::2ble),6% Ning mortgsge go:d betds due 1950 74,200 Nor*hern I emuyiruia Power Comp 1sy f assumed by the Company) 0% ~, due 1975 drst mortgage bond; tJ00.M0 Ove due 1990, irst scr gsge bonds 5 m 00 Ta4 4753.009.200 l

Notes Payable to banks to be Rednanced:

l Jersey Ce:tnl Power i Light Ccepany 35c nd i~c, due vaha cne year 3 19,400. )C 0 c

New Jerscy Pawer i L:g:t Co=p2:7-5 % % 1:1 i~c, due v.th= one y=ar 3_70n ;00 Pen:sytrama E:ectne Co=pany

.5 %%, iue w.this 2ne yaar 7,9C0 000 mtropolitia Edison Co=pasy-5%% and 6%, ice v.tr.is ose year 6.000.0Cro Iml

$ 2 7..MO.C 00 a

32 n/

r 00 J

i 1

a

9 9

CUMULATIVE PREFERRED STOCK OF SUBSIDIARY COMPANIES h

~

At December 31, 1967 Shares Aulhor.

O ut-Current 10ed standing Call Pnce Par Value Jersey Central Power & Light Company Caznu;ative preferred stock, ecc Ser:es 173,000 105,200 3106 50

$ 10,300,300 Metropolitan Edison Company:

Camu;at:re preferrM stact:

400,000

3. 30"e ser:es 117.709 105.625 11,770,900 4.35 c Ser:es 33,049 104.05 3,30s,300 s

3,95ec Series 09,1 5 104.00 0,317,500

3. i d e*c Senes 15.100 104.70 1,310,000
4. 4 : '~t Ser:es 35,637 104.05 3,563,700 New Jersey Power & Light Company:

Cumulattre preferred stack:

60,999 4 % Ser:es 06 US 105.00 0,563.500 4.03 F Series 19.343 103.05 1,334,500 e

Pennsylvania Electric Company:

Cumulative preferred stock:

433.000

4. ' 0"c Series B

$ 6,310 103.05 5,631,000 3.7 0 e~c Series C 97,054 105.00 9,703,400 4.0 5 e Ser:es D 63,696 104.53 6,369,600

4. 70 r*c Series E 08.739 105.05 0,573,]00

(

4.*00, Series F 40,968 la.07 4,096.300 4.6G e'.

Senes G 75,732 104.05 7.573,000 Ta ta.1 376,591,200 CAPITAL OF THE SYSTEM At December 31, 1967 1966 1965 1964 1963 1962 Amount A=ount First Mot gage 3onds and Debentures 5 ~ 3 s.3 09,000 55.7"c 8 650,509.000 5J 3 "*<

JJ. 7 "c 5l.J ~e 43.6"c 43 4'~c Notes Payable to be Reina::ced 3 57.30].000 f.]

09,030,000 JJ

.J J

f3 Preferred Stock (inc!nding pre =nnt )

~7,543,796 JJ

$ ~ 7,345,796 4J

?.3 7)

JJ 1.7 Cm: nan Stock 62,]12,740 '

8 60,012,740 '.

Capital Surplus-Cansolida:e1 00s,193,4;], 34J 006.193.400 37 -

n 33J 33.3 4 ]. ?

Earne 1 Surp 'a-Cansolida te i 223.07: 701 153,37).73-Cm:non Stock and Supins e 4 31,4 51,3 5.

343 p 47 1 :,947

i.

f). i f? >

4 ?.7 T3tal Capital (1)

< :. 414.3: 6.6 ~ ~.:T:r-t 1.064,7 30.7 4 3 c-

. : r*

m

.., : <~c

7. 2 "-

c c

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Ob O

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. h N).

s 33 1 I '/

p/

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  • s

9 9

EARNINGS AFD DIVIDENDS O

EARNINGSm Quarter Ending 1967 1M 1965 1964 1963 1962 1961 19C0 March

? 23

? 23

?.33

?.s?

i.47

!.47 i.34 9.41 Jne

.50

.31

.4 )

.46

.40 40

.37

.36 September

.30 21

.44

.46

.43

.41

.29

.34 Decem ber

.34

.47

.47

.44 43

.41

.O

.37 Tear

$ 2. ;9

$ 0.04

!1.93

$ 1. v

  • 11.73 11.71 81 3

$ 1.4 3 DIVIDENDS Quarter Ending 1J67 1966 1965 1964 1963 1962 1961 E

March 8.37 4.33

$.3 4 3.30

$.30

$.29 8.03

$.07 J une

.39

.33

.34

.30

.33

.29

.04

.07 September

.33

.33

.34

.30

.30

.09

.03 07 December

.39

.37

.33

.34

.30

.09

.03 03 Year

$120

$ 1.42

$ 1.37

$ 1.3 0

$1.22 41.13 81.13 81 39

% EARNINGS PAID OUT(1)

Quarter Ending 1967 1966 1965 1964 1963 1962 1961 1960 M1rch 6)Fc 63.5"e 64 Fe 63re 63Fe 33 6"c 73.7 "o 63Fe June 76.)

63.6 6? 4 63 $

ri.4

63. ]

75.7 75.2 September 73.2 is 6 73.3 63.6 63 3 72.7 73.7 72.4 December

?!.!

73.7 74 2

? ?.3 74.4 70.7 722 75.7 Tear

~rre

e3r, 72 ro 73.3 %

63ra 67.:n 7src 7:.s ~.

BOOK VALUEm Quarter Ending 1967 1966 1965 1964 1963 1962 1961 1960 March 51).39

$15.43

!!* !2 117.26 t16 73 f 16.13

!!3.i?

!!3.67 Jne 1922 13 60 17.)s 17.41 16.56 14.32 13.37

3.37 September 13.66 13.76 19.10 17.33 li.J9 1
.47 14.11 13.63 December 13.91 19 24 19.00 17 63 17.04 16.36 14.23 13.77 Tear t 19.51 819.04 413.00 417.53

$ 17.03 41626 314.03 413.7*

% EARNED ON BOOK VALUE(12 0)

Quarter Ending 1967 1966 1965 1964 1963 1962 1961 1960 March

. :r-

3 ~ ~c

. ^ rc

J :~,

. ).in

. 'n

r.

...: n Ja:e L' *

  • 13
'?

.22

).

..J

. 7.3 S*prember

.IJ

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.3

.:3 2.3

.:i

.22 December

.31

?d

.:J l 2.2 Te1r

2. i ~c

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. s.a c

. L.:"a

...; ~-

., Fe

.~c 11; Ex:.udas he f.e per:,. is ;r;ur to 7 -2 "-?

w a. >f *he 2 2d ra. le app.:cabia 3 'he.nT*stme.:.n Ma;:a E:ee" Campu? ::d <2rn.ngs 2p;. case : ore.,

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M r g

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(2) EJr*.12(3 I0r MeiTe 20C:f S ende'i-Q.

34 86 160

6 SYSTEM CAPITAL REQUIREMENTS (millions)

New Construction New Capital Generation Transmission Distribution Other Total Raised i

1955 S 43.1 S 14.5 5 32.1 S 3.3 S 930 S S0.4 1959 20.0 15.5 32.9 4.5 72.9 31.0 1960 17.3 10.7 37.7 6.0 71.7 41.5 1961 17.6 13.3 39.0 7.7 77.S 12.7 1962 10.1 15.5 40.7 S.1 74.7 75.2 1903 11.3 15.2 43.2 i6 Tis li2 1964 17.3 19.0 45.3 E7 90.3 47.9 1965 25.9 29.6 49.6 9.9 115.0 70.6 1966*

41.2 53.S 55.1 9.7 160.5 94.9 1967' 64 5 35.0 65.3 12 176.5 106.7 Totals

$2691 S222.3 S446.9

$74.7

$1,013.5 5579.4 1965 (est.) *

$ 95.0 S 35.0 S i6 0

$ S.0 S 207.0 S134.0 1969 (est.)*

109.0 45.0 70.0 12.0 236.0 104.0 1970 (est.)

  • 121.0 2i0 65.0 11.0 20i0 106.0
  • Inelades inmtment in suele2r tsel COMMON SHAREHOLDERS AT DECEMBER 31, 1967 Size of Holdinzs No. of Holders k

No. of Shares o;

o 1 to 20 shares 1.059 22 153.775 1

21 to 60 shares 17,3"i 679.113 3

61 to 100 shares 11.152 14 949.203 4

101 to 300 shares 23.500 30 4.072.560 16 301 to 1.000 shares 7.469 10 3.650.096 15 1.001 shares and over 1.553 2

15.270.349 61 Total 75.711 1.:0 24.505.096 1@

'.O 86 161 33 R

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DIVERSIFICATION OF INDUSTRIAL REVENUES 4

f

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1067 Industrial Revenues of Subsidiaries Percentage Amount of Total Pr:r ary metal pr:cucts.

.54.6"c from : Bethlehem St el Corp. (20043I1, I

Carpenter Steel Co. t 11143I), Baldwin Locomottve Worss (102631;

-j Erie For:ra & Steel Co. (75131), Sylvania E'eetr:e Products Corp.

17073I;, National Forge i Steel Co. (5s031)

S13.244.221 15.1 %

P3:er an: ame: ;r::u::3.

.60.3% from: Whippany Paper Board Co.

j

< 102631), Kimbrr!y. Clark Corp. (92731,. Riegel Paper Corp. < 7943I),

P. H. Glatfelter Co. 169031), Hammermill Paper Co. t6413I,, D. 3L i

Bare Paper Co. ; 51931) 7.626.395 9.7

{

S::ne. ::a/ and g' ass 7::,::ts.

.37.09 from: Hercules Cement Co.

J (5s53I),.illentown Portlund Cement Co. (5733IT, Keystone Port-land Cement Co. r 4773Ii, 3Iedusa Portland Cement Co. (14531),

j Bethlehem Steel Corp. < 37531), Brockway Glass Co. t 3633I;

.,611.450 9.7 E!e::ncal ma:nmery.

.31.h% from : Bell Telephone Laboratories, Inc.

l (14063I), W, stern Electr:e Co. (6113I; 6.456.434 7.3 1'

N n-e!e:tt::ai ma nmery.

.36.7G from : Ingersoll. Rand C:. (79031),

Caterpillar Traetor Co. (4ss3I). Textile 3Iaehine Wor,ts < 3s931),

j Borg Warner Co. e 3503I), Birdsboro Corp. (3663I; 6.233,193 7.1 2

CPem:ca:s an: 31 e pre:; cts.

.39.0G from: Hercules Corp. (50731),

F3IC Corp. (4443I, Toms River Chemical Corp. ' 4243I, Warner.

8I Lambert Pharmaceutical Co. (29931;, Kaweeki Chemical Co. (29731),

Allied Chemical Corp. (2393I) 5.66s,111 6.4 fa r::ated meta l ;r: ducts exce:: Ordnance, machinery an: trans::rtat.cn e:ui -

ment!

33.6"c from: Bethlehem Steel Co. (100531), U. S. Steel th J

Corp. (50631T. American Can Co. (2513I) 5.337,326 6.1 j

F: d and x;ncred pr:::::s.

.13.3G from : 3Iars. Inc. ' 3533I), Drew Chemical Co. (23631), Sunshine Biscuits. Inc. (1393!;

5.253.494 6.0 2

Ccal mining.

.44.37 from: Bethlehem 3Iines Corp. < 93231). Barnes

& Tucker Coal Co. < 44331i, Rechester i Pitt: burgh Coal Co. (30731;,

3.793.647 4.3 Ru::er anc piast:c cr u::s 2.919.223 3.3 "I

Ma tary estadsnments 2.594.595 13 Textile mi:1 prc:uc:s 2.107.962 il i

Trans:cruten e:aWen:

.43.6G from : Pennsylvania Railrcad Co.

I

( 3763Ii, Puish Pr-d Steel Co. ( 3933I) 1,764.672 20 j

Petrofeum an: c:al pr::u::s.

.29.2G t' rom : Quaker State Oil Re:inin.-

Co. (27931) Penn: oil Co. < 2003I

~

1.745.593 10

%n:ng and : arry:rg Of n n-metade mmera!s exce:t fue0 1.630.s56 1.3 Pr:nt:ng. ;u:Usn ng at: ail:ed industries.

1.197.406 1.1

-l 4:arel and all.ec pr: ue:s.

1.137.650 1.3 instruments. r;t: cal g:::s. e::..

1.125.304 1.J Lum:er and w cd Or:cu::s :except furn.ture) 929.935

.1 Furnit;te and txtures 5s2.564 10 t

Ye:al inng.

73.5; f-em : Bethlahem 3Iines Corp. 4013Ii The a

Glidden Co. (14s3I 747,049 3

Cruce od and natura! gas extra::.:n a

Lea:ner and :eait.er :r::::n Wa'er ;ur':.ng 7,304,374 7;

Or: nance an: 2::ess: es i

V.s edane:Ls Total 5 57.s64.7 s7

  • ui7 i

I, IV i

86 162 i

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