ITEM 1. BUSINESS.
THE COMPANY
Commonwealth Edison Company (Company) is engaged principally in the production, purchase, transmission, distribution and sale of electricity to a diverse base of residential, commercial and industrial customers. The Company was organized in the state of Illinois on October 17, 1913 as a result of the merger of Cosmopolitan Electric Company into the original corporation named Commonwealth Edison Company. The latter had been incorporated on September 17, 1907. The Company's electric service territory has an area of approximately 11,540 square miles and an estimated population of approximately 8.1 million as of December 31, 1991, approximately 8.2 million as of December 31, 1992 and approximately 8.1 million as of December 31, 1993. It includes the city of Chicago, an area of about 225 square miles with an estimated population of three million from which the Company derived approximately one-third of its ultimate consumer revenues in 1993. The Company had approximately 3.3 million electric customers at December 31, 1993. The Company's principal executive offices are located at 10 South Dearborn Street, Post Office Box 767, Chicago, Illinois 60690-0767, and its telephone number is 312/394-4321.
The Company's financial condition is dependent upon its ability to generate revenues to cover its costs. To maintain a satisfactory financial condition, the Company must recover the costs of and a return on completed construction projects, including its three most recently completed generating units, and maintain adequate debt and preferred and preference stock coverages and common stock equity earnings. The Company has no significant revenues other than from the sale of electricity. Under the economic and political conditions prevailing in Illinois, the Company's management recognizes that competitive and regulatory circumstances may limit the Company's ability to raise its rates. Therefore, the Company's financial condition will depend in large measure on the Company's levels of sales, expenses and capital expenditures. See "Rate Proceedings" and "Business and Competition" below.
In response to the adverse regulatory and judicial decisions in the proceedings relating to the level of the Company's rates, the Company implemented a cost reduction plan in 1992 involving various management workforce reductions through early retirement and voluntary and involuntary separations. Such reductions, when combined with other actions, are estimated by the Company to have saved approximately $130 million in operation and maintenance expenses during 1993. The management workforce reduction resulted in a charge to income of approximately $23 million (net of income tax effects) in 1992. In addition, the Company reached agreement in August 1993 with its unions regarding certain cost reduction actions. The agreement provides for a wage freeze until April 1, 1994, changes to reduce health care plan cost, increased use of part-time employment and changes in holiday provisions. The agreement also includes a continuation of negotiations relative to other issues. Further, the Company has reduced planned construction program expenditures by approximately $200 million compared with the common years (1994-95) of the previously approved three-year construction program.
The Company and union representatives reached agreement in February 1994 and announced an offer of a voluntary early retirement program. This program is available to management, non-union and union employees. Participants currently eligible will be given a 45-day period during which to consider and elect to participate in this voluntary program.
In addition, the quarterly common stock dividends, payable on and since November 1, 1992, were reduced by 47% from the seventy-five cents per share amount paid quarterly since 1982 to forty cents per share. Dividends have been declared on the outstanding shares of the Company's preferred and preference stocks at their regular quarterly rates. The Company's Board of Directors will continue to review quarterly the payment of dividends.
See "Fuel Supply," "Regulation" and "Item 3. Legal Proceedings" herein for information concerning administrative and legal proceedings and certain other matters involving the Company, Commonwealth Edison Company of Indiana, Inc. (Indiana Company) and Cotter Corporation, a wholly-owned subsidiary of the Company. The outcome of certain of the proceedings or matters described or referred to therein, if not favorable to the Company and the Indiana Company (companies), could have a material adverse effect on the future business and operating results of the companies.
NET ELECTRIC GENERATING CAPABILITY
The owned (non-summer) generating capability of the companies is considered by the companies to be 22,522,000 kilowatts. After deducting summer limitations of 557,000 kilowatts, the net summer generating capability of the companies is considered by the companies to be 21,965,000 kilowatts. The net generating capability available for operation at any time may be less due to regulatory restrictions, fuel restrictions, efficiency of cooling facilities and to generating units being temporarily out of service for inspection, maintenance, refueling, repairs or modifications required by regulatory authorities. See "Item 2.
ITEM 2. PROPERTIES.
The Company's electric properties are located in Illinois and the Indiana Company's electric facilities are located in Indiana. In management's opinion, the companies' operating properties are adequately maintained and are substantially in good operating condition. The electric generating, transmission, distribution and general facilities of the companies represent approximately 69%, 9%, 19% and 3%, respectively, of their gross investment in electric plant and equipment in service.
The electric generating stations, substations and a portion of the transmission rights of way of the companies are owned in fee. A significant portion of the electric transmission and distribution facilities are located over or under highways, streets, other public places or property owned by others, for which permits, grants, easements or licenses (deemed satisfactory by the Company, but without examination of underlying land titles) have been obtained. The principal plants and properties of the Company are subject to the lien of the Company's Mortgage dated July 1, 1923, as amended and supplemented, under which the Company's first mortgage bonds are issued.
The net generating capability of the Company and the Indiana Company is derived from the following electric generating facilities:
- -------- (1) Excludes the 25% undivided interest of Iowa-Illinois Gas and Electric Company in the Quad-Cities station. (2) Generating units normally designed for use only during the maximum load period of a designated time interval. Such units are capable of starting and coming on-line quickly.
Major electric transmission lines owned and in service are as follows:
The Company's electric distribution system includes 37,275 pole line miles of overhead lines and 29,666 cable miles of underground lines. A total of approximately 1,315,024 poles are included in the Company's distribution system, of which about 589,957 are owned jointly with telephone companies.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS.
During 1989 and 1991, actions were brought in federal and state courts in Colorado against the Company and its subsidiary, Cotter Corporation (Cotter), alleging that Cotter has permitted radioactive and other hazardous material to be released from its mill into areas owned or occupied by the plaintiffs resulting in property damage and potential adverse health effects. The plaintiffs seek from Cotter and the Company unspecified compensatory, exemplary and medical monitoring fund damages, unspecified response costs under CERCLA, and temporary and permanent injunctive relief. Although the cases will necessarily involve the resolution of numerous contested issues of fact and law, the Company's determination is that these actions will not have a material adverse impact on the Company's financial statements.
In October 1990, the Company filed a complaint in the Circuit Court of Cook County, Illinois (Circuit Court), against Westinghouse Electric Corporation (Westinghouse) and certain of its employees. The complaint alleges that the defendants knowingly concealed information regarding the durability of the metal used in the steam generators (a major component of the nuclear steam supply systems) at the Zion, Byron and Braidwood stations. The complaint further alleges that the defects in the steam generators will prevent the plants from maintaining their full power output through their forty year design life without costly remanufacture or replacement of the steam generators. Damages, including punitive damages, in an unspecified amount are claimed. Westinghouse has filed a counterclaim against the Company which seeks recovery of Westinghouse's costs of defense and damages of approximately $13 million.
Shareholder derivative lawsuits were filed on October 1, 1992 and on April 14, 1993 in the Circuit Court against current and former directors of the Company alleging that they breached their fiduciary duty and duty of care to the Company in connection with the management of the activities associated with the construction of the Company's four most recently completed nuclear generating units. The lawsuits sought restitution to the Company by the defendants for unquantified and undefined losses and costs alleged to have been incurred by the Company. Both lawsuits were dismissed by the Circuit Court; however, appeals are pending before the Illinois Appellate Court.
A number of complaints have been filed by former employees with the Equal Employment Opportunity Commission, and several lawsuits have been filed by former employees in the United States District Court, alleging that the employees' terminations (which occurred as part of the Company's management workforce reductions that were implemented in the second half of 1992) involved discrimination on the basis of age, race, sex, national origin and/or disabilities, in violation of applicable law. The complainants are seeking, among other things, awards of back pay and lost benefits, reinstatement, pecuniary damages, and costs and attorneys' fees.
See "Item 1. Business," subcaptions "Construction Program," "Rate Proceedings," "Fuel Supply" and "Regulation" above for information concerning legal proceedings involving various regulatory agencies.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
PART II
ITEM 5.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
The current ratings of the Company's securities by three principal securities rating agencies are as follows:
The foregoing ratings reflect downgradings during 1992 and in January 1993 as a result of developments in the proceedings leading to, and the issuance of, the Remand Order. In December 1993, Standard & Poor's affirmed its ratings of the Company's debt, although on October 27, 1993, it changed its "outlook" on the Company's ratings from stable to negative as part of its larger assessment of the electric utility industry. In December 1993, Moody's and Duff & Phelps affirmed their ratings of the Company's securities, and Moody's rating outlook on the Company remained stable.
The above ratings reflect only the views of such rating agencies and each rating should be evaluated independently of any other rating. Generally, rating agencies base their ratings on information furnished to them by the issuing company and on investigations, studies and assumptions by the rating agencies. There is no assurance that any particular rating will continue for any given period of time or that it will not be changed or withdrawn entirely if in the judgment of the rating agency circumstances so warrant. Such ratings are not a recommendation to buy, sell or hold securities.
The following is a brief summary of the meanings of the above ratings and the relative rank of the above ratings within each rating agency's classification system.
Moody's top four long-term debt ratings (Aaa, Aa, A and Baa) are generally considered "investment grade." Obligations rated Baa are considered as medium grade obligations, neither highly protected nor poorly secured. Such obligations lack outstanding investment characteristics and in fact have speculative characteristics. (A numerical modifier in Moody's system shows relative standing within the principal rating category, with 1 indicating the high end of that category, 2 the mid-range and 3 the low end.) Standard & Poor's top four bond ratings (AAA, AA, A and BBB) are generally considered to describe obligations in which investment characteristics predominate. Obligations rated BBB are regarded as having an adequate capacity to pay interest and repay principal. It normally exhibits adequate protection parameters, but adverse economic conditions or changing circumstances are more likely to lead to weakened capacity to pay. (A plus or minus sign in Standard & Poor's system shows relative standing within the major rating categories.)
Both Moody's and Standard & Poor's preferred stock ratings represent relative security of dividends. Moody's top four preferred stock ratings (aaa, aa, a and baa) are generally considered "investment grade." Moody's baa rating describes a medium grade preferred stock, neither highly protected nor poorly secured. Standard & Poor's top four preferred stock ratings (AAA, AA, A and BBB) are generally considered "investment grade." Standard & Poor's BBB rating applies to medium grade preferred stock which is below A ("sound") and above BB ("lower grade").
Duff & Phelps' credit rating scale has 17 alphabetical categories, of which ratings AAA through BBB (with AAA being the highest rating) represent investment grade securities. Ratings of BBB+, BBB and BBB- represent the lowest category of "investment grade" rating. This category describes securities with below average protection factors but which are considered sufficient for institutional investment. Considerable variability in risk occurs during economic cycles. Ratings of BB+, BB and BB- describe below investment grade securities which are deemed likely to meet obligations when due. Present or prospective financial protection factors of these securities fluctuate according to industry conditions or company fortunes.
Moody's Prime-2 (P-2) rating of commercial paper is the second highest of three possible ratings; P-2 describes a strong capacity for repayment of short- term promissory obligations. Standard & Poor's rates commercial paper in four basic categories with A-2 being the second highest category. Duff & Phelps rates commercial paper in three basic categories, with Duff 2 indicating the middle category.
Further explanations of the significance of ratings may be obtained from the rating agencies.
Additional information required by Item 5 is incorporated herein by reference to the "Price Range and Dividends Paid Per Share of Common Stock" on page 26 of the January 28, 1994 Form 8-K/A-1 Report.
ITEM 6.
ITEM 6. SELECTED FINANCIAL DATA.
ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
The information required by Items 6, 7 and 8 is incorporated herein by reference to the "Summary of Selected Consolidated Financial Data" on page 26, "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 10 through 22, and the audited consolidated financial statements and notes thereto on pages 25 and 27 through 51 of the January 28, 1994 Form 8-K/A-1 Report.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
None.
PART III
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
The information required by Item 10 relating to directors and nominees for election as directors at the Company's Annual Meeting of shareholders to be held on May 10, 1994 is incorporated herein by reference to pages 12 through 14 of the Company's definitive Proxy Statement (1994 Proxy Statement) filed with the Securities and Exchange Commission pursuant to Regulation 14A under the Securities Exchange Act of 1934. The information required by Item 10 relating to executive officers is set forth in Part I of this Annual Report on Form 10-K under "Item 1. Business," subcaption "Executive Officers of the Registrant."
ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION.
The information required by Item 11 is incorporated herein by reference to the paragraph labelled "Compensation of Directors" on page 14, under the heading "Executive Compensation--Summary Compensation Table" on page 16 and under the heading "Executive Compensation--Service Annuity System Plan" on page 17 of the 1994 Proxy Statement.
ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
The information required by Item 12 is incorporated herein by reference to the stock ownership information under the heading "Security Ownership of Certain Beneficial Owners and Management" on pages 10 and 11 of the 1994 Proxy Statement.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
None.
PART IV
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.
(a)FINANCIAL STATEMENTS, FINANCIAL STATEMENT SCHEDULES AND EXHIBITS:
The following schedules are omitted as not applicable or not required under rules of Regulation S-X: I, II, III, IV, XI, XII, XIII and XIV. Significant information required by Schedule X--Supplementary Income Statement Information is included as Note 15 of Notes to Financial Statements incorporated herein by reference to the January 28, 1994 Form 8-K/A-1 Report.
Individual financial statements and schedules of the Company have been omitted because it is primarily an operating company and all subsidiaries included in the consolidated financial statements are totally-held subsidiaries.
Financial statements and schedules of the Company's nonconsolidated subsidiaries have been omitted because the investments are not material in relation to the Company's financial position and results of operations. As of December 31, 1993, the assets of the nonconsolidated subsidiaries in the aggregate approximated 1% of the Company's consolidated assets and for the year 1993 annual revenues of the nonconsolidated subsidiaries in the aggregate were less than 1% of the Company's consolidated annual revenues.
The following exhibits are filed herewith or incorporated herein by reference. Documents indicated by an asterisk (*) are incorporated herein by reference to the File No. indicated.
Pursuant to Item 601(b)(4)(iii) of Regulation S-K, the Company hereby agrees to furnish to the Securities and Exchange Commission, upon request, any instrument defining the rights of holders of long-term debt of the Company not filed as an exhibit herein. No such instrument authorizes securities in excess of 10% of the total assets of the Company.
(B) REPORTS ON FORM 8-K:
None.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON SUPPLEMENTAL SCHEDULES
To Commonwealth Edison Company:
We have audited in accordance with generally accepted auditing standards, the consolidated financial statements of Commonwealth Edison Company and subsidiary companies incorporated by reference in this Annual Report on Form 10-K, and have issued our report thereon dated March 18, 1994. Our report on the financial statements includes an explanatory paragraph that describes the Company's change in its method of accounting for postretirement health care benefits and income taxes as discussed in Notes 13 and 14, respectively, to the financial statements.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules listed on page 23, Item 14.(a), are presented for purposes of complying with the Securities and Exchange Commission's rules and are not part of the basic financial statements. These schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, fairly state in all material respects the financial data required to be set forth therein in relation to the basic financial statements taken as a whole.
Arthur Andersen & Co. Chicago, Illinois March 18, 1994
SCHEDULE V (PAGE 1 OF 2)
COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES SCHEDULE V--PROPERTY, PLANT AND EQUIPMENT (a) --THOUSANDS OF DOLLARS-- - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
See Notes on Page 2 of 2.
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SCHEDULE V (PAGE 2 OF 2)
COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES SCHEDULE V--PROPERTY, PLANT AND EQUIPMENT--CONCLUDED (a) --THOUSANDS OF DOLLARS-- - ------------------------------------------------------------------------------- - -------------------------------------------------------------------------------
Notes: (a) Reference is made to Note 1 of Notes to Financial Statements in the Current Report on Form 8-K/A-1 dated January 28, 1994, incorporated herein by reference, for information relating to the accounting policies for depreciation of plant and equipment and amortization of nuclear fuel. (b) The 1991 balance includes a reduction of $733,759 from plant in service reflecting the write-offs in March and November 1991 of disallowed plant costs relating to Byron Unit 2 and Braidwood Units 1 and 2. (c) Transfers to and from nonutility property and between other plant and equipment accounts. (d) Includes plant and equipment under capital leases of $11,266, $6,877 and $10,639 at December 31, 1991, 1992 and 1993, respectively. (e) Leased plant and equipment capitalized net of amortization. (f) Net of transfers to plant in service and to nonutility property. (g) Includes investment in coal reserves of $78,678, $79,961 and $43 during the years 1991, 1992 and 1993, respectively. (h) Net of transfers of property to construction work in progress. (i) Coal reserves transferred to fuel inventory. (j) Excludes nuclear fuel expenditures related to nonutility property of $2,470, $2,473 and $667 for 1991, 1992 and 1993, respectively, for uranium exploration and mine development. (k) Includes additions of $148,652, $230,454 and $286,977 for discharged nuclear fuel assemblies previously leased during the years 1991, 1992 and 1993, respectively. (l) Includes reductions for nuclear fuel sold and leased back to the Company of $240,263, $190,830 and $204,254 for the years 1991, 1992 and 1993, respectively. (m) Includes net additions/(reductions) for leased nuclear fuel capitalized of $94,880, $(37,145) and $(81,508) for the years 1991, 1992 and 1993, respectively. (n) Charged to expense for writedowns of $3,300 and $9,241 for the years 1991 and 1992, respectively, to reflect the decline in realizable value of uranium ore inventory. (o) Includes leased nuclear fuel capitalized of $1,362,433, $1,325,287 and $1,243,779 at December 31, 1991, 1992 and 1993, respectively. (p) Write-off of expenditures for preliminary engineering and analysis deemed to be not useful.
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SCHEDULE VI (PAGE 1 OF 2)
COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES
SCHEDULE VI--ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION OF PROPERTY, PLANT AND EQUIPMENT (a) --THOUSANDS OF DOLLARS-- - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
See Notes on Page 2 of 2.
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SCHEDULE VI (PAGE 2 OF 2)
COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES
SCHEDULE VI--ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION OF PROPERTY, PLANT AND EQUIPMENT--CONCLUDED (a) --THOUSANDS OF DOLLARS-- - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Notes:
(a) Reference is made to Note 1 of Notes to Financial Statements in the Current Report on Form 8-K/A-1 dated January 28, 1994, incorporated herein by reference, for information relating to the accounting policies for depreciation of plant and equipment, nuclear plant decommissioning and amortization of nuclear fuel.
(b) The year 1991 includes reversal of prior years' depreciation on disallowed plant costs recorded in March and November 1991 discussed on page 30 note (b). The year 1993 includes net adjustments of prior years' provisions relating to additional disallowed plant costs recorded in October 1989 and May 1990 for Byron Unit 1.
(c) Transfers between reserves for plant and equipment and to and from nonutility property. Also includes a reclassification, in 1991, of nuclear chemical cleaning from accumulated provision for depreciation of plant and equipment for years prior to 1991 of $48,373, to other noncurrent liabilities.
(d) Reimbursements for highway relocations.
(e) Includes removal costs, less salvage, of plant and equipment retired.
(f) Includes discharged nuclear fuel assemblies previously leased of $148,652, $230,454 and $286,977 for the years 1991, 1992 and 1993, respectively.
(g) Includes net additions/(reductions) for accumulated amortization for leased nuclear fuel capitalized of $80,012, $13,018 and $(39,602) for the years 1991, 1992 and 1993, respectively.
(h) Includes accumulated amortization for leased nuclear fuel capitalized of $793,973, $806,991 and $767,389 for the years 1991, 1992 and 1993, respectively.
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SCHEDULE VII
COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES SCHEDULE VII--GUARANTEES OF SECURITIES OF OTHER ISSUERS DECEMBER 31, 1993 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Notes: (a) Edison Development Company is a wholly-owned subsidiary which owns coal land, land rights, and mineral rights to low-sulfur coal, owns certain other real estate investments, and has an interest in uranium ore deposits for the purpose of furnishing Commonwealth Edison Company with a future source of fuel for electric generation. (b) Represents portion of purchase cost of coal land. (c) Excludes interest, which is at a rate of prime plus 1%. (d) Cotter Corporation is a wholly-owned subsidiary which owns uranium mining properties in Colorado and other Western states and a mineral processing plant to furnish a supply of uranium concentrate for Commonwealth Edison Company's nuclear fuel requirements. (e) Cotter Corporation received from the state of Colorado the renewal and amendment of its existing license to operate its uranium mill and associated tailings impoundment at its Canon City uranium mill by obtaining a $10,500,000 Performance Bond. An insurance company agreed to provide Cotter Corporation with the required bond for a premium of $65,625 per year. In addition, Cotter Corporation obtained Performance Bonds principally for the reclamation of certain Western Slope mines and the Charlie Orebody mine, and other related facilities. An insurance company agreed to provide Cotter Corporation with Performance Bonds in the amount of $3,981,825 for premiums of $25,779 per year. Commonwealth Edison Company guaranteed payment of these premiums and any losses sustained by the insurance company under the bonds. (f) CommEd Fuel Company, Inc. (CommEd Fuel Company) is a non-affiliated company established to lease nuclear fuel materials to the Company under a nuclear fuel lease agreement. CommEd Fuel Company owns the nuclear fuel materials and finances the purchase of such materials through its sale of commercial paper and intermediate term notes, and bank borrowings. (g) A maximum of $700,000,000 of obligations may be incurred, consisting of $300,000,000 of commercial paper or bank borrowings and $400,000,000 of intermediate term notes. (h) The Company has agreed in its nuclear fuel lease agreement with CommEd Fuel Company to make rent payments thereunder in amounts sufficient to cover the principal, interest and other financing costs of CommEd Fuel Company incurred in connection with its purchase and lease of nuclear fuel materials to the Company. (i) Northwind Inc. is an indirect, wholly-owned subsidiary which has been formed to provide energy-related services to the Company's customers and others.
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SCHEDULE VIII
COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES
SCHEDULE VIII--VALUATION AND QUALIFYING ACCOUNTS --THOUSANDS OF DOLLARS-- - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Notes:
(a) Bad debt losses, net of recoveries, and provisions for uncollectible accounts were charged to operating expense and amounted to $27,541, $33,708 and $28,867 in 1991, 1992 and 1993, respectively.
(b) Transfer to Reserve for Depreciation of Electric Plant in Service.
(c) Expenditures for site investigation and cleanup costs.
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SCHEDULE IX
COMMONWEALTH EDISON COMPANY AND SUBSIDIARY COMPANIES SCHEDULE IX--SHORT-TERM BORROWINGS --THOUSANDS OF DOLLARS-- - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Notes: (a) Maximum amount outstanding at any month end during the year. (b) Computed by dividing the sum of the daily ending balances by the number of days in the year. (c) Computed by dividing the interest expense for the year by the average amount outstanding during the year. (d) Unsecured promissory notes with terms of nine months or less. (e) Unsecured promissory notes with various banks which mature within twelve months and which can be renegotiated at maturity.
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SIGNATURES
PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED, IN THE CITY OF CHICAGO AND STATE OF ILLINOIS ON THE 28TH DAY OF MARCH 1994. COMMONWEALTH EDISON COMPANY /s/ James J. O'Connor By_____________________________ James J. O'Connor, Chairman
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THIS REPORT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS ON BEHALF OF THE REGISTRANT AND IN THE CAPACITIES INDICATED ON THE 28TH DAY OF MARCH 1994.
SIGNATURE TITLE - ---------------------------- --------------------- /s/ James J. O'Connor - ---------------------------- Chairman and Director James J. O'Connor (principal executive officer) /s/ John C. Bukovski - ---------------------------- Vice President (principal John C. Bukovski financial officer)
/s/ Roger F. Kovack - ---------------------------- Comptroller (principal Roger F. Kovack accounting officer)
Jean Allard* Director James W. Compton* Director Sue L. Gin* Director Donald P. Jacobs* Director George E. Johnson* Director Harvey Kapnick* Director Byron Lee, Jr.* Director Edward A. Mason* Director Frank A. Olson* Director Samuel K. Skinner* President and Director Lando W. Zech, Jr.* Director
/s/ David A. Scholz *By____________________________ David A. Scholz, Attorney-in- fact
EXHIBIT INDEX
The following exhibits are filed herewith or incorporated herein by reference. Documents indicated by an asterisk (*) are incorporated herein by reference to the File No. indicated.