CHAIRMAN NASSIKAS' RESPONSE TO SENATOR METCALF REGARDING OPERATING REVENUES, FEDERAL INCOME TAXES, AND NET INCOME OF ELECTRIC UTILITY AND NATURAL GAS PIPELINE COMPANIES FEDERAL POWER COMMISSION, Hon. LEE METCALF, DEAR SENATOR METCALF: This is in further response to your letter of May 9, 1974, requesting data relating to operating revenues, Federal income tax charges, and net income of Class A and B electric utilities and gas pipelines from 1973 annual reports. As discussed in our letter of May 15, 1974, enclosed are tabulations for all Classes A and B interstate natural gas pipeline companies and privately owned electric utilities showing total utility operating revenues, Federal income taxes charged and net income before and after extraordinary items. The Federal income taxes charged and net income before and after extraordinary items are also shown as a percent of total utility operating revenues for each company and national averages for the interstate natural gas companies and for the privately owned electric utilities are included in the tabulations. Following is a brief description of the contents of the accounts used in preparing the tabulations. 1. TOTAL UTILITY OPERATING REVENUES Revenues received from all utility operations such as gas, electric, steam and bus operations, including revenues from utility plant leased to others. 2. FEDERAL INCOME TAXES Account 409.1.-Federal income taxes (both positive and negative) included in this Account relate to all utility operating income. Account 409.1.-Federal income taxes (both positive and negative) in this account relate to Other Income and Deductions. Account 409.3.-Federal income taxes (both positive and negative) in this account relate to extraordinary items. All Federal income taxes on income properly accruable during the period covered by the income statement to meet the actual liability for such taxes. 3. EXTRAORDINARY ITEMS Includes income and deductions that are nontypical, noncustomary and infrequently recurring which would significantly distort the current year's income computed before extraordinary items, if reported other than extraordinary items. Please let us know if we can be of further assistance. Sincerely, JOHN N. NASSIKAS, Chairman. Enclosure No. 084617. (Date from 1973 annual reports.) 53, 555, 970 18,698, 077 368, 876 4, 188, 293 1,525,000 139, 028 241, 841, 706 12, 592, 895 (3, 510, 000). 9,082, 895 5.2 3.8 51,844, 988 21.4 51,844, 988 21.4 (99,600) 264, 376 5.6 4.0 555, 502 8.5 463, 753 7.1 4, 188, 293 8.5 8.5 8,003, 794 16.2 8, 003, 794 16.2 498, 785 1.1 1.1 576, 523 1.1 576, 523 1.1 1,525,000 4.7 4.7 3,651, 740 11.2 3,651, 740 11.2 (2,437)- 136, 591 2.1 2.1 381, 359 5.8 381, 359 5.8 (299,675). 807, 106 4.3 807, 106 4.3 17,949 93, 115 .6 927,063 6.4 927, C63 6.4 |