SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
|
(Mark One) |
|
|
ý |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
For the quarterly period ended September 30, 2003 |
|
|
|
|
|
OR |
|
|
|
|
|
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
For the transition period from to |
|
|
|
|
|
Commission file number 333-89725 |
|
AES Eastern Energy, L.P.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
54-1920088 |
|
(State or other jurisdiction of |
|
(I.R.S.
Employer |
|
|
|
|
|
1001 N. 19th Street, Arlington, Va. |
|
22209 |
|
(Address of principal executive offices) |
|
(Zip Code) |
|
|
||
|
Registrant’s telephone number, including area code (703) 522-1315 |
||
|
|
||
|
N/A |
||
|
Former name, former address and former fiscal year, if changed since last report. |
||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act)
Yes o No ý
Registrant is a wholly owned subsidiary of The AES Corporation. Registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is filing this Quarterly Report on Form 10-Q with the reduced disclosure format authorized by General Instruction H.
TABLE OF CONTENTS
|
|
||
|
|
||
|
|
||
|
Condensed Consolidated Financial Statements: |
||
|
|
||
|
|
||
|
|
||
|
|
Consolidated Balance Sheets as of September 30, 2003 and December 31, 2002 |
|
|
|
||
|
|
Statement of Changes in Partners’ Capital
for the nine months ended |
|
|
|
||
|
|
||
|
AES NY, L.L.C. (General Partner of AES Eastern Energy, L.P.)* |
||
|
|
||
|
Condensed Consolidated Financial Statements: |
||
|
|
||
|
|
Consolidated Balance Sheets as of September 30, 2003 and December 31, 2002 |
|
|
|
||
|
* |
The condensed consolidated balance sheets of AES NY, L.L.C. contained in this Quarterly Report on Form 10-Q should be considered only in connection with its status as the general partner of AES Eastern Energy, L.P. |
||
|
|
|||
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|||
|
|
|||
|
|
|||
|
|
|
||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|
||
|
|
|||
2
PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Condensed Consolidated Statements of Income
For the three months ended September 30, 2003 and September 30, 2002
(Amounts in Thousands)
|
Three months ended September 30, |
|
2003 |
|
2002 |
|
||
|
|
|
|
|
|
|
||
|
Operating Revenues |
|
|
|
|
|
||
|
Energy |
|
$ |
109,302 |
|
$ |
87,241 |
|
|
Capacity |
|
7,420 |
|
11,829 |
|
||
|
Transmission congestion contract |
|
1,061 |
|
(14,730 |
) |
||
|
Other |
|
349 |
|
1,448 |
|
||
|
Total operating revenues |
|
118,132 |
|
85,788 |
|
||
|
|
|
|
|
|
|
||
|
Operating Expenses |
|
|
|
|
|
||
|
Fuel |
|
41,597 |
|
36,833 |
|
||
|
Operations and maintenance |
|
4,861 |
|
4,037 |
|
||
|
General and administrative |
|
14,694 |
|
17,123 |
|
||
|
Depreciation and amortization |
|
9,032 |
|
9,040 |
|
||
|
Total operating expenses |
|
70,184 |
|
67,033 |
|
||
|
|
|
|
|
|
|
||
|
Operating Income |
|
47,948 |
|
18,755 |
|
||
|
|
|
|
|
|
|
||
|
Other Income/(Expense) |
|
|
|
|
|
||
|
Interest expense |
|
(14,903 |
) |
(15,596 |
) |
||
|
Interest income |
|
456 |
|
482 |
|
||
|
Loss on derivative valuation |
|
(9 |
) |
(362 |
) |
||
|
Net Income |
|
$ |
33,492 |
|
$ |
3,279 |
|
The notes are an integral part of the condensed consolidated financial statements.
3
AES Eastern Energy, L.P.
Condensed Consolidated Statements of Income
For the nine months ended September 30, 2003 and September 30, 2002
(Amounts in Thousands)
|
Nine months ended September 30, |
|
2003 |
|
2002 |
|
||
|
|
|
|
|
|
|
||
|
Operating Revenues |
|
|
|
|
|
||
|
Energy |
|
$ |
303,692 |
|
$ |
222,356 |
|
|
Capacity |
|
23,817 |
|
26,954 |
|
||
|
Transmission congestion contract |
|
(5,364 |
) |
4,239 |
|
||
|
Other |
|
1,707 |
|
6,141 |
|
||
|
Total operating revenues |
|
323,852 |
|
259,690 |
|
||
|
|
|
|
|
|
|
||
|
Operating Expenses |
|
|
|
|
|
||
|
Fuel |
|
112,471 |
|
100,833 |
|
||
|
Operations and maintenance |
|
14,628 |
|
12,375 |
|
||
|
General and administrative |
|
42,604 |
|
43,898 |
|
||
|
Depreciation and amortization |
|
27,031 |
|
26,411 |
|
||
|
Total Operating Expenses |
|
196,734 |
|
183,517 |
|
||
|
|
|
|
|
|
|
||
|
Operating Income |
|
127,118 |
|
76,173 |
|
||
|
|
|
|
|
|
|
||
|
Other Income/(Expense) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Interest expense |
|
(44,436 |
) |
(44,398 |
) |
||
|
Interest income |
|
1,538 |
|
1,552 |
|
||
|
Gain(loss) on derivative valuation |
|
179 |
|
(277 |
) |
||
|
Net income before cumulative effect of change in accounting principle |
|
84,399 |
|
33,050 |
|
||
|
|
|
|
|
|
|
||
|
Cumulative effect of change in accounting principle |
|
(1,656 |
) |
— |
|
||
|
Net Income |
|
$ |
82,743 |
|
$ |
33,050 |
|
The notes are an integral part of the condensed consolidated financial statements.
4
AES Eastern Energy, L.P.
Condensed Consolidated Balance Sheets
September 30, 2003 and December 31, 2002
(Amounts in Thousands)
|
|
|
Sept. 30, |
|
Dec. 31, |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Current Assets |
|
|
|
|
|
||
|
Restricted cash: |
|
|
|
|
|
||
|
Operating - cash and cash equivalents |
|
$ |
20,288 |
|
$ |
4,605 |
|
|
Revenue account |
|
47,107 |
|
76,566 |
|
||
|
Accounts receivable - trade |
|
36,051 |
|
35,233 |
|
||
|
Accounts receivable - affiliates |
|
259 |
|
— |
|
||
|
Accounts receivable - other |
|
1,198 |
|
1,235 |
|
||
|
Inventory |
|
27,111 |
|
26,982 |
|
||
|
Prepaid expenses |
|
7,752 |
|
7,617 |
|
||
|
Total Current Assets |
|
139,766 |
|
152,238 |
|
||
|
Property, Plant, Equipment and Related Assets Land |
|
7,011 |
|
7,011 |
|
||
|
Electric generation assets (net of accumulated depreciation of $147,289 and $117,222) |
|
||||||