APPENDIX B Comparison of value of Federal utility properties with private utility properties Total 1. Private utility properties (summary of total property accounts, as adjusted, including construction work in progress, of 8 major utility companies in the Pacific Northwest as of Dec. 31, 1941: Puget Sound Power & Light Co., Washington Water Power Co., Portland General Electric Co., Pacific Power & Light Co. (including Inland Power & Light Co.), Northwestern Electric Co., Mountain States Power Co., California-Oregon Power Co., Eastern Oregon Light & Power Co.) 2.. $334, 263, 078 Total work in progress.. Total utility properties (Dec. 31, 1941). NOTE.-Above figures do not include small isolated properties of Federal Government. Figures, which were obtained from books and records kept by agencies concerned, were adjusted by addition of interest during construction. They do not show present or proposed allocation of joint costs. Estimated eventual total investment when projects completed... $19, 860, 197 $16, 550, 308 $20,089, 092 38, 242, 603 | 134, 447, 939 56, 499, 597 5,781, 691 172,690, 542 33, 882, 244 6,239 7, 280, 663 1,916, 045 63, 884, 491 150, 998, 247 20, 089,092 234, 971, 830 6, 921, 088 1,957, 429 6, 239 7,280, 663 355, 849 1,560, 196 7,283, 176 10,798, 288 71, 167, 667 161,796, 535 25, 003, 727 3. Public bodies (book value electric utility plants of principal cities, utility districts, and cooperatives as of Dec. 31, 1941. Does not include construction work in progress of approximately $20,000,000). 1 As of Dec. 31, 1940. 117,653, 694 2 Property account as adjusted by Federal Power Commission, and where Federal Power Commission study not complete, as reclassified by the companies. Figures derived from companies' statements to regulatory bodies. (Statement and table subsequently submitted by Senator Bone:) APPENDIX C Neither the Tennessee Valley Authority, the Bonneville Power Administration under the present Bonneville Act, nor the Bureau of Reclamation in its operation of the Boulder Dam power facilities and of its other power projects, makes any payments to the Federal Government in lieu of Federal taxes. Nor are such payments to the Federal Government made by municipalities or other public power agencies. Municipalities and public power districts in the Northwest ordinarily include allowances for State and local taxes in determining their rates but do not include any allowance for Federal taxes, and this is the practice of many municipalities and other public power agencies throughout the United States. However, the taxes, cash contributions, and free services paid and supplied by public power agencies compare favorably with the total taxes-Federal, State, and local-paid by privately owned utilities, as is shown by the Federal Power Commission's study entitled "Rates, Taxes, and Consumers' Savings" (1939, pp. 40, 41): Comparison of taxes, cash contributions, and free services—privately and publicly owned utilities, Washington, Oregon, and the United States, for the year 1936 Gross revenues includes all operating revenues of the electric departments. Taxes includes all taxesFederal, State, and local-paid by the private utilities, and tax equivalents voluntarily paid and compulsory payments by publicly owned utilities. Net cash contributions includes all transfers of cash other than taxes by utilities to governments less cash contributions by governments to utilities. Contributions include payments to municipal general and special funds, and payments on interest or principal of municipal debts not contracted for the benefit of the utility. Free services means services furnished by a publicly owned utility to a government at no charge or at rates lower than the average charge per kilowatt-hour for similar services furnished governments by privately owned utilities in the same State. In the case of a privately owned utility, free services means only those services furnished at no charge. Figures for 1936 are shown since they are the only ones available on the basis shown above for any 1 year covering all Pacific Northwest publicly owned utilities. However, the over-all picture has not changed substantially since that time. A recent study of the results of municipal electric systems contains the following comments with respect to payments in lieu of taxes by publicly owned utilities: "A review of the combined total amount of taxes, net cash contributions, and free service during the fiscal year of 1940 was approximately 26 percent of the gross revenues. The Federal Power Commission reports that 13.2 percent of gross revenues were paid in taxes by the privately owned utilities. Thus it will be seen that approximately twice as much in the form of taxes or free service is paid by the municipalities as compared with the private utilities. "Taxes based upon 'base revenues' of privately owned utilities show that they have paid 14.4 percent of the revenues for taxes and net contributions, and the publicly owned paid 18 percent of their 'base revenues.' In addition, the publicly owned utilities furnished a free service estimated at 8.8 percent of their base revenues. Thus, it will be seen that the total taxes, net cash contributions, and free services, as measured by 'base revenues,' is 14.4 percent for the privately owned utilties and 26.8 percent for the publicly owned utilities." Burns & McDonnell, Results of Municipal Electric Systems (1941). APPENDIX D Earnings comparison of private utility companies with those of public bodies, year ended Dec. 31, 1941 1 15 public bodies including 7 cities, 6 utility districts and 2 cooperatives connected with the Bonneville transmission system and on which figures are available. NOTE.-Grand total of all savings and economies from elimination of duplication and other economies, annual average, first 5 years, $3,020,866.81. APPENDIX F MAJOR ELECTRIC UTILITIES IN THE PACIFIC NORTHWEST NUMBER OF SECURITY HOLDERS The following statement lists the outstanding securities of the principal privately owned electric utility systems serving the Pacific Northwest, and shows, insofar as possible, the number of holders of each. These data were obtained from each company's report for the year ended December 31, 1941, as submitted to the regulatory commissions of the States of Oregon and Washington. Mountain States Power Co. has not yet filed its 1941 report; therefore, data as of December 31, 1940, were obtained. Where segregation of the number of holders of each class of stock was not obtainable, they are grouped together. Directors' holdings are included with those of the parent company. For example, except for directors' qualifying shares, all of the common stock of California Oregon Power Co. is registered in the name of the Standard Gas & Electric Co., the parent company. In this and similar cases we show only one holder. Except for Mountain States Power Co. and Northwestern Electric Co., neither the companies' reports to the State commission nor Moody's Public Utility Manual or other publication show the number of holders of bonds or notes. Moody's is the source of the footnoted information in regard to these two companies. Number of holders of bonds and stocks as of Dec. 31, 1940 Held by Chase National Bank. 46.5 percent of voting control held by Standard Gas & Electric Co. Held by American Power & Light Co. (parent). '4, 690 4, 690 4 1 2, 697 1 2,798 |