Commission
|
Exact name of registrant as
specified in its charter and
|
State of
|
I.R.S.
|
|||
File Number | principal office address and telephone number | Incorporation | Employer Identification No. | |||
|
||||||
1-16163
|
WGL Holdings, Inc.
101 Constitution Ave., N.W. Washington, D.C. 20080 (703) 750-2000 |
Virginia | 52-2210912 | |||
|
||||||
0-49807
|
Washington Gas Light Company
101 Constitution Ave., N.W. Washington, D.C. 20080 (703) 750-4440 |
District of
Columbia and Virginia |
53-0162882 |
Securities registered pursuant to Section 12(b) of the
Act (as of September 30, 2009):
|
|||
Title of each class
|
Name of each exchange on which registered | ||
WGL Holdings, Inc. common
stock, no par value
|
New York Stock Exchange | ||
Securities registered pursuant to Section 12(g) of the
Act (as of September 30, 2009):
|
|||
Title of each class
|
Name of each exchange on which registered | ||
Washington Gas Light Company
preferred stock,
cumulative, without par value: |
|||
$4.25 Series
|
Over-the-Counter Bulletin Board | ||
$4.80 Series
|
Over-the-Counter Bulletin Board | ||
$5.00 Series
|
Over-the-Counter Bulletin Board | ||
WGL Holdings, Inc.
|
Yes [X] No [ ] | |
Washington Gas Light Company
|
Yes [ ] No [ X] |
Large Accelerated Filer [X] | Accelerated Filer [ ] | Non-Accelerated Filer [ ] | Smaller Reporting Company [ ] |
Large Accelerated Filer [ ] | Accelerated Filer [ ] | Non-Accelerated Filer [X] | Smaller Reporting Company [ ] |
i
| the level and rate at which costs and expenses are incurred and the extent to which they are allowed to be recovered from customers through the regulatory process in connection with constructing, operating and maintaining Washington Gass natural gas distribution system; | |
| the ability to implement successful approaches to modify the current or future composition of gas delivered to customers or to remediate the effects of the current or future composition of gas delivered to customers, as a result of the introduction of gas from the Dominion Cove Point or Elba Island facility to Washington Gass natural gas distribution system; | |
| the availability of natural gas supply and interstate pipeline transportation and storage capacity; | |
| the ability of natural gas producers, pipeline gatherers and natural gas processors to deliver natural gas into interstate pipelines for delivery by those interstate pipelines to the entrance points of Washington Gass natural gas distribution system as a result of factors beyond our control; | |
| changes and developments in economic, competitive, political and regulatory conditions; | |
| changes in capital and energy commodity market conditions; | |
| changes in credit ratings of debt securities of WGL Holdings or Washington Gas that may affect access to capital or the cost of debt; | |
| changes in credit market conditions and creditworthiness of customers and suppliers; | |
| changes in relevant laws and regulations, including tax, environmental and employment laws and regulations; | |
| legislative, regulatory and judicial mandates or decisions affecting business operations or the timing of recovery of costs and expenses; | |
| the timing and success of business and product development efforts and technological improvements; | |
| the pace of deregulation efforts and the availability of other competitive alternatives to our products and services; | |
| changes in accounting principles; | |
| new commodity purchase and sales contracts or financial contracts and modifications in the terms of existing contracts that may materially affect fair value calculations under derivative accounting requirements; |
1
| the ability to manage the outsourcing of several business processes; | |
| acts of nature; | |
| terrorist activities and | |
| other uncertainties. |
2
3
4
ITEM 1. | BUSINESS |
5
Active Customer Meters and Therms Delivered by Jurisdiction | ||||||||||||||||
Millions of Therms
|
Millions of Therms
|
|||||||||||||||
Active Customer
|
Delivered
|
Active Customer
|
Delivered
|
|||||||||||||
Meters as of
|
Fiscal Year Ended
|
Meters as of
|
Fiscal Year Ended
|
|||||||||||||
Jurisdiction | September 30, 2009 | September 30, 2009 | September 30, 2008 | September 30, 2008 | ||||||||||||
District of Columbia
|
151,922 | 321.4 | 151,514 | 306.4 | ||||||||||||
Maryland
|
431,840 | 791.8 | 427,554 | 732.1 | ||||||||||||
Virginia
|
480,309 | 621.8 | 473,964 | 577.7 | ||||||||||||
|
||||||||||||||||
Total
|
1,064,071 | 1,735.0 | 1,053,032 | 1,616.2 | ||||||||||||
|
6
7
(a) | Supplier delivers the stored natural gas directly to Washington Gass distribution system using the capabilities of the Columbia Gas Transmission system. | |
(b) | Washington Gas converted 600,000 therms of firm transportation capacity into firm storage capacity in FY 2009. |
8
9
Sources of Delivery for Annual Sendout | ||||||||||||
(In millions of therms) | Fiscal Year | |||||||||||
Sources of Delivery | Actual 2008 | Actual 2009 | Projected 2010 | |||||||||
Firm Transportation
|
588 | 695 | 508 | |||||||||
Transportation Storage
|
262 | 228 | 443 | |||||||||
Hampshire Storage, Company-Owned Propane-Air Plants, and other
Peak-Shaving Resources
|
20 | 24 | 74 | |||||||||
Unregulated Third Party Marketers
|
740 | 769 | 601 | |||||||||
|
||||||||||||
Total
|
1,610 | 1,716 | 1,626 | |||||||||
|
Projected Sources of Delivery for Design Day Sendout | ||||||||
(In millions of therms) | Fiscal Year 2010 | |||||||
Sources of Delivery | Volumes | Percent | ||||||
Firm Transportation
|
5.2 | 27 | % | |||||
Transportation Storage
|
7.3 | 37 | % | |||||
Hampshire Storage, Company-Owned Propane-Air Plants, and other
Peak- Shaving Resources
|
6.8 | 35 | % | |||||
Unregulated Third Party Marketers
|
0.1 | 1 | % | |||||
|
||||||||
Total
|
19.4 | 100 | % | |||||
|
10
Status of Customer Choice Programs
|
||||||||||||
At September 30, 2009 | ||||||||||||
Jurisdiction | Customer Class | Eligible Customers | ||||||||||
Total | % Participating | |||||||||||
District of Columbia
|
Firm: | |||||||||||
Residential | 138,863 | 9 | % | |||||||||
Commercial | 12,838 | 36 | % | |||||||||
Interruptible | 221 | 91 | % | |||||||||
Maryland
|
Firm: | |||||||||||
Residential | 402,227 | 16 | % | |||||||||
Commercial | 29,349 | 41 | % | |||||||||
Interruptible | 264 | 100 | % | |||||||||
Virginia
|
Firm: | |||||||||||
Residential | 452,467 | 11 | % | |||||||||
Commercial | 27,633 | 31 | % | |||||||||
Interruptible | 209 | 97 | % | |||||||||
|
||||||||||||
Total
|
1,064,071 | 14 | % | |||||||||
|
11
12
13
| the complexity of the site; | |
| changes in environmental laws and regulations at the federal, state and local levels; | |
| the number of regulatory agencies or other parties involved; | |
| new technology that renders previous technology obsolete or experience with existing technology that proves ineffective; | |
| the level of remediation required and | |
| variations between the estimated and actual period of time that must be dedicated to respond to an environmentally contaminated site. |
14
15
ITEM 1A. | RISK FACTORS |
16
17
| increase utility costs related to operations, energy efficiency activities and compliance; | |
| affect the demand for natural gas and | |
| increase the prices we charge our utility customers. |
18
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
19
ITEM 2. | PROPERTIES |
20
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
21
Executive Officers | ||
Date Elected or
|
||
Name, Age and Position with the registrants | Appointed | |
Vincent L. Ammann, Jr.,
Age 50 (1)
|
||
Vice President and Chief Financial Officer
|
September 30, 2006 | |
Vice President and Chief Financial Officer of WGL Holdings,
Inc.
|
September 30, 2006 | |
Vice PresidentFinance
|
October 1, 2005 | |
Vice PresidentFinance of WGL Holdings, Inc.
|
October 1, 2005 | |
Assistant to the Chief Financial Officer
|
March 29, 2004 | |
Beverly J. Burke,
Age 58 (1)
|
||
Vice President and General Counsel
|
July 1, 2001 | |
Vice President and General Counsel of WGL Holdings, Inc.
|
July 1, 2001 | |
Gautam Chandra,
Age 43 (1)
|
||
Vice PresidentBusiness Development, Strategy and Business
Process Outsourcing
|
October 1, 2009 | |
Vice PresidentBusiness Development, Strategy, Business
Process Outsourcing and Non-Utility Operations of WGL Holdings,
Inc.
|
October 1, 2009 | |
Vice PresidentBusiness Process Outsourcing
|
July 2, 2007 | |
Vice PresidentBusiness Process Outsourcing and Non-Utility
Operations of WGL Holdings, Inc.
|
July 2, 2007 | |
Vice PresidentPerformance Improvement
|
October 1, 2005 | |
Vice PresidentPerformance Improvement and Non-Utility
Operations of WGL Holdings, Inc.
|
October 1, 2005 | |
Division HeadFinance Support and Non-Utility
Businesses
|
January 5, 2004 | |
Division HeadAchieving Operational Excellence
|
December 12, 2002 | |
Adrian P. Chapman,
Age 52 (1)
|
||
President and Chief Operating Officer
|
October 1, 2009 | |
President and Chief Operating Officer of WGL Holdings, Inc.
|
October 1, 2009 | |
Vice PresidentOperations, Regulatory Affairs and Energy
Acquisition
|
October 1, 2005 | |
Vice PresidentRegulatory Affairs and Energy Acquisition
|
March 31, 1999 | |
Marcellous P. Frye, Jr.,
Age 42 (2)
|
||
Vice PresidentSupport Services
|
March 21, 2008 | |
Division HeadInformation Technology
|
July 2, 2007 | |
DirectorDevelopment and ITS Engineering
|
August 15, 2005 | |
Eric C. Grant,
Age 52 (3)
|
||
Vice PresidentCorporate Relations
|
October 1, 2009 | |
DirectorCorporate Communications
|
September 4, 2007 | |
Terry D. McCallister,
Age 53 (1)
|
||
Chairman of the Board and Chief Executive Officer
|
October 1, 2009 | |
Chairman of the Board and Chief Executive Officer of WGL
Holdings, Inc.
|
October 1, 2009 | |
President and Chief Operating Officer
|
October 1, 2001 | |
President and Chief Operating Officer of WGL Holdings, Inc.
|
October 1, 2001 |
22
Executive Officers | ||
Date Elected or
|
||
Name, Age and Position with the registrants | Appointed | |
Anthony M. Nee,
Age 53 (1,4)
|
||
Treasurer
|
February 14, 2009 | |
Treasurer of WGL Holdings, Inc.
|
February 14, 2009 | |
Division HeadRisk Management
|
December 8, 2003 | |
Department HeadRisk Management
|
February 10, 2003 | |
Mark P. OFlynn,
Age 59 (1)
|
||
Controller
|
February 18, 2002 | |
Controller of WGL Holdings, Inc.
|
February 18, 2002 | |
Douglas V. Pope,
Age 64 (1)
|
||
Secretary of WGL Holdings, Inc.
|
January 13, 2000 | |
Secretary
|
July 25, 1979 | |
Roberta W. Sims,
Age 55
|
||
Vice PresidentRegulatory Affairs and Energy Acquisition
|
October 1, 2009 | |
Vice PresidentCorporate Relations and Communication
|
January 31, 1996 | |
Douglas A. Staebler,
Age 49 (5)
|
||
Vice PresidentEngineering and Construction
|
October 31, 2006 | |
Division HeadEngineering
|
July 25, 2005 | |
William Zeigler, Jr.,
Age 64
|
||
Vice PresidentHuman Resources and Organizational
Development
|
February 1, 2004 | |
Division HeadOrganizational Development
|
February 10, 2003 | |
(1) | Executive Officer of both WGL Holdings, Inc. and Washington Gas Light Company. |
(2) | Mr. Frye was previously employed by Global eXchange Services (formerly known as GE Global eXchange Services) based in Gaithersburg, Maryland, where he served as Vice President for Global Application Development. Mr. Frye also held various leadership positions for General Electric Information Services in Rockville, Maryland. |
(3) | Mr. Grant was previously employed by The Washington Post newspaper where he served as the Director of Communications, Public Relations and Corporate Philanthropy and the newspapers primary spokesperson. |
(4) | Mr. Nee joined Washington Gas in 2003, overseeing compliance with Sarbanes-Oxley requirements and the energy risk management function. He has over 20 years of experience in various finance positions in the natural gas and electric power industries. Mr. Nee started his career as a CPA, spending 10 years in public accounting with the Pittsburgh office of Arthur Young. |
(5) | Mr. Staebler was previously employed by NUI CorporationElizabethtown Gas where he held various positions in engineering, operations and construction and maintenance. |
23
Common Stock Price Range and Dividends Paid | ||||||||||||||||||||
High | Low | Dividends Paid Per Share | Dividend Payment Date | |||||||||||||||||
Fiscal Year 2009
|
||||||||||||||||||||
Fourth quarter
|
$ | 34.39 | $ | 30.37 | $ | 0.3675 | 8/1/2009 | |||||||||||||
Third quarter
|
33.29 | 28.59 | 0.3675 | 5/1/2009 | ||||||||||||||||
Second quarter
|
35.52 | 28.89 | 0.3550 | 2/1/2009 | ||||||||||||||||
First quarter
|
37.08 | 22.40 | 0.3550 | 11/1/2008 | ||||||||||||||||
Fiscal Year 2008
|
||||||||||||||||||||
Fourth quarter
|
$ | 36.04 | $ | 31.10 | $ | 0.3550 | 8/1/2008 | |||||||||||||
Third quarter
|
36.22 | 31.84 | 0.3550 | 5/1/2008 | ||||||||||||||||
Second quarter
|
34.62 | 30.26 | 0.3425 | 2/1/2008 | ||||||||||||||||
First quarter
|
35.08 | 31.82 | 0.3425 | 11/1/2007 | ||||||||||||||||
24
(In thousands, except per share data) | ||||||||||||||||||||
Years Ended September 30, | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
SUMMARY OF EARNINGS
|
||||||||||||||||||||
Operating Revenues
|
||||||||||||||||||||
Utility
|
$ | 1,481,089 | $ | 1,536,443 | $ | 1,497,274 | $ | 1,622,510 | $ | 1,379,390 | ||||||||||
Non-utility
|
1,225,767 | 1,091,751 | 1,148,734 | 1,015,373 | 783,953 | |||||||||||||||
|
||||||||||||||||||||
Total operating revenues
|
$ | 2,706,856 | $ | 2,628,194 | $ | 2,646,008 | $ | 2,637,883 | $ | 2,163,343 | ||||||||||
|
||||||||||||||||||||
Income from continuing operations
|
$ | 120,373 | $ | 116,523 | $ | 107,900 | $ | 94,694 | $ | 106,072 | ||||||||||
Net income applicable to common stock
|
$ | 120,373 | $ | 116,523 | $ | 107,900 | $ | 87,578 | $ | 103,493 | ||||||||||
Earnings per average common share
|
||||||||||||||||||||
Basic:
|
||||||||||||||||||||
Income from continuing operations
|
$ | 2.40 | $ | 2.35 | $ | 2.19 | $ | 1.94 | $ | 2.18 | ||||||||||
Net income applicable to common stock
|
$ | 2.40 | $ | 2.35 | $ | 2.19 | $ | 1.80 | $ | 2.13 | ||||||||||
Diluted:
|
||||||||||||||||||||
Income from continuing operations
|
$ | 2.39 | $ | 2.33 | $ | 2.19 | $ | 1.94 | $ | 2.16 | ||||||||||
Net income applicable to common stock
|
$ | 2.39 | $ | 2.33 | $ | 2.19 | $ | 1.79 | $ | 2.11 | ||||||||||
CAPITALIZATION-YEAR END
|
||||||||||||||||||||
Common shareholders equity
|
$ | 1,097,698 | $ | 1,047,564 | $ | 980,767 | $ | 921,807 | $ | 893,992 | ||||||||||
Washington Gas Light Company preferred stock
|
28,173 | 28,173 | 28,173 | 28,173 | 28,173 | |||||||||||||||
Long-term debt, excluding maturities
|
561,830 | 603,738 | 616,419 | 576,139 | 584,150 | |||||||||||||||
|
||||||||||||||||||||
Total capitalization
|
$ | 1,687,701 | $ | 1,679,475 | $ | 1,625,359 | $ | 1,526,119 | $ | 1,506,315 | ||||||||||
|
||||||||||||||||||||
OTHER FINANCIAL DATA
|
||||||||||||||||||||
Total assetsyear-end
|
$ | 3,349,890 | $ | 3,243,543 | $ | 3,046,361 | $ | 2,791,406 | $ | 2,601,081 | ||||||||||
Property, plant and
equipment-netyear-end
|
$ | 2,269,141 | $ | 2,208,302 | $ | 2,150,441 | $ | 2,067,895 | $ | 1,969,016 | ||||||||||
Capital expenditures
|
||||||||||||||||||||
Accrual basis
(a)
|
$ | 137,505 | $ | 131,433 | $ | 158,101 | $ | 161,496 | $ | 124,014 | ||||||||||
Cash basis adjustments
|
1,403 | 3,528 | 6,430 | (1,739 | ) | (11,246 | ) | |||||||||||||
|
||||||||||||||||||||
Cash basis
|
$ | 138,908 | $ | 134,961 | $ | 164,531 | $ | 159,757 | $ | 112,768 | ||||||||||
|
||||||||||||||||||||
Long-term obligationsyear-end
|
$ | 561,830 | $ | 603,738 | $ | 616,419 | $ | 576,139 | $ | 584,150 | ||||||||||
COMMON STOCK DATA
|
||||||||||||||||||||
Annualized dividends per share
|
$ | 1.47 | $ | 1.42 | $ | 1.37 | $ | 1.35 | $ | 1.33 | ||||||||||
Dividends declared per share
|
$ | 1.4575 | $ | 1.4075 | $ | 1.3650 | $ | 1.3450 | $ | 1.3225 | ||||||||||
Closing price
|
$ | 33.14 | $ | 32.45 | $ | 33.89 | $ | 31.34 | $ | 32.13 | ||||||||||
Book value per shareyear-end
|
$ | 21.89 | $ | 20.99 | $ | 19.89 | $ | 18.86 | $ | 18.36 | ||||||||||
Return on average common equity
|
11.2 | % | 11.5 | % | 11.3 | % | 9.6 | % | 11.8 | % | ||||||||||
Dividend yield on book value
|
6.7 | % | 6.8 | % | 6.9 | % | 7.2 | % | 7.2 | % | ||||||||||
Dividend payout ratio
|
60.7 | % | 59.9 | % | 62.3 | % | 74.7 | % | 62.1 | % | ||||||||||
Shares outstandingyear-end
(thousands)
|
50,143 | 49,917 | 49,316 | 48,878 | 48,704 | |||||||||||||||
UTILITY GAS SALES AND DELIVERIES
(thousands of
therms)
|
||||||||||||||||||||
Gas sold and delivered
|
||||||||||||||||||||
Residential firm
|
689,986 | 627,527 | 648,701 | 593,594 | 625,251 | |||||||||||||||
Commercial and industrial
|
||||||||||||||||||||
Firm
|
203,039 | 199,363 | 203,962 | 213,997 | 222,587 | |||||||||||||||
Interruptible
|
3,377 | 6,543 | 5,275 | 6,185 | 7,809 | |||||||||||||||
|
||||||||||||||||||||
Total gas sold and delivered
|
896,402 | 833,433 | 857,938 | 813,776 | 855,647 | |||||||||||||||
|
||||||||||||||||||||
Gas delivered for others
|
||||||||||||||||||||
Firm
|
462,051 | 433,991 | 433,420 | 403,812 | 434,099 | |||||||||||||||
Interruptible
|
273,820 | 256,626 | 267,305 | 251,003 | 279,924 | |||||||||||||||
Electric generation
|
102,759 | 92,176 | 111,950 | 108,315 | 73,874 | |||||||||||||||
|
||||||||||||||||||||
Total gas delivered for others
|
838,630 | 782,793 | 812,675 | 763,130 | 787,897 | |||||||||||||||
|
||||||||||||||||||||
Total utility gas sales and deliveries
|
1,735,032 | 1,616,226 | 1,670,613 | 1,576,906 | 1,643,544 | |||||||||||||||
|
||||||||||||||||||||
OTHER STATISTICS
|
||||||||||||||||||||
Active customer metersyear-end
|
1,064,071 | 1,053,032 | 1,046,201 | 1,031,916 | 1,012,105 | |||||||||||||||
New customer meters added
|
11,011 | 12,962 | 19,373 | 24,693 | 26,682 | |||||||||||||||
Heating degree daysactual
|
4,211 | 3,458 | 3,955 | 3,710 | 4,023 | |||||||||||||||
Weather percent colder (warmer) than normal
|
11.6 | % | (8.7 | )% | 3.7 | % | (2.5 | )% | 5.9 | % | ||||||||||
|
(a) | Excludes Allowance for Funds Used During Construction and prepayments associated with capital projects. Includes accruals for capital expenditures and other non-cash additions. |
25
| WGL Holdings This section describes the financial condition and results of operations of WGL Holdings and its subsidiaries on a consolidated basis. It includes discussions of our regulated and unregulated operations. WGL Holdings operations are derived from the results of Washington Gas Light Company (Washington Gas) and Hampshire Gas Company and the results of our non-utility operations. | |
| Washington Gas This section describes the financial condition and results of operations of Washington Gas, a wholly owned subsidiary that comprises the majority of our regulated utility segment. |
26
Page | ||||
27 | ||||
28 | ||||
33 | ||||
36 | ||||
37 | ||||
45 | ||||
51 | ||||
56 | ||||
57 | ||||
63 | ||||
65 | ||||
65 |
| regulated utility; | |
| retail energy-marketing and | |
| design-build energy systems. |
27
28
29
30
31
32
33
34
| Discount rate, | |
| Expected long-term return on plan assets, | |
| Rate of compensation increase and | |
| Healthcare cost trend rate. |
Effect of Changing Critical Actuarial Assumptions | ||||||||||
(In millions) | Pension Benefits | Health and Life Benefits | ||||||||
Increase
|
Increase
|
|||||||||
Percentage-Point
|
(Decrease)
|
Increase
|
(Decrease) in
|
Increase
|
||||||
Change in
|
in Ending
|
(Decrease) in
|
Ending
|
(Decrease) in
|
||||||
Actuarial Assumptions | Assumption | Obligation | Annual Cost | Obligation | Annual Cost | |||||
Expected long-term return on plan assets
|
+/− 1.00 pt. | n/a | $(6.2) / $6.2 | n/a | $(2.7) / $2.7 | |||||
Discount rate
|
+/− 0.25 pt. | $(17.7) / $18.5 | $(0.1) / $0.1 | $(12.4) / $13.1 | $(0.9) / $1.0 | |||||
Rate of compensation increase
|
+/− 0.25 pt. | $2.7 / $(2.6) | $0.3 / $(0.3) | n/a | n/a | |||||
Healthcare cost trend rate
|
+/− 1.00 pt. | n/a | n/a | $54.1 / $(44.3) | $7.7 / $(6.3) | |||||
35
36
Net Income (Loss) by Operating Segment | ||||||||||||||||||||
Years Ended September 30, | Increase (Decrease) | |||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||
(In millions) | 2009 | 2008 | 2007 | vs. 2008 | vs. 2007 | |||||||||||||||
Regulated Utility
|
$ | 106.0 | $ | 113.7 | $ | 89.9 | $ | (7.7 | ) | $ | 23.8 | |||||||||
Non-utility operations:
|
||||||||||||||||||||
Retail energy-marketing
|
15.0 | 4.8 | 22.4 | 10.2 | (17.6 | ) | ||||||||||||||
Design-Build Energy Systems
|
3.1 | 1.8 | 0.4 | 1.3 | 1.4 | |||||||||||||||
Other, principally non-utility activities
|
(3.7 | ) | (3.8 | ) | (4.8 | ) | 0.1 | 1.0 | ||||||||||||
|
||||||||||||||||||||
Total non-utility
|
14.4 | 2.8 | 18.0 | 11.6 | (15.2 | ) | ||||||||||||||
|
||||||||||||||||||||
Net income
|
$ | 120.4 | $ | 116.5 | $ | 107.9 | $ | 3.9 | $ | 8.6 | ||||||||||
|
||||||||||||||||||||
Earnings per average common share
|
||||||||||||||||||||
Basic
|
$ | 2.40 | $ | 2.35 | $ | 2.19 | $ | 0.05 | $ | 0.16 | ||||||||||
Diluted
|
$ | 2.39 | $ | 2.33 | $ | 2.19 | $ | 0.06 | $ | 0.14 | ||||||||||
|
37
Regulated Utility Operating Results | ||||||||||||||||||||
Years Ended September 30, | Increase (Decrease) | |||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||
(In millions) | 2009 | 2008 | 2007 | vs. 2008 | vs. 2007 | |||||||||||||||
Utility net revenues:
|
||||||||||||||||||||
Operating revenues
|
$ | 1,505.9 | $ | 1,552.3 | $ | 1,513.8 | $ | (46.4 | ) | $ | 38.5 | |||||||||
Less: Cost of gas
|
829.9 | 885.2 | 892.4 | (55.3 | ) | (7.2 | ) | |||||||||||||
Revenue taxes
|
61.1 | 55.3 | 55.9 | 5.8 | (0.6 | ) | ||||||||||||||
|
||||||||||||||||||||
Total utility net revenues
|
614.9 | 611.8 | 565.5 | 3.1 | 46.3 | |||||||||||||||
Operation and maintenance
|
255.5 | 250.1 | 246.3 | 5.4 | 3.8 | |||||||||||||||
Depreciation and amortization
|
94.5 | 94.2 | 89.9 | 0.3 | 4.3 | |||||||||||||||
General taxes and other assessmentsother
|
48.7 | 43.7 | 40.6 | 5.0 | 3.1 | |||||||||||||||
|
||||||||||||||||||||
Operating income
|
216.2 | 223.8 | 188.7 | (7.6 | ) | 35.1 | ||||||||||||||
Interest expense
|
44.1 | 45.4 | 45.2 | (1.3 | ) | 0.2 | ||||||||||||||
Other (income)
expenses-net,
including preferred stock dividends
|
(0.3 | ) | (0.6 | ) | (1.3 | ) | 0.3 | 0.7 | ||||||||||||
Income tax expense
|
66.4 | 65.3 | 54.9 | 1.1 | 10.4 | |||||||||||||||
|
||||||||||||||||||||
Net income
|
$ | 106.0 | $ | 113.7 | $ | 89.9 | $ | (7.7 | ) | $ | 23.8 | |||||||||
|
38
Composition of Changes in Utility Net Revenues | ||||||||
Increase (Decrease) | ||||||||
2009
|
2008
|
|||||||
(In millions) | vs. 2008 | vs. 2007 | ||||||
Customer growth
|
$ | 5.1 | $ | 5.0 | ||||
Estimated Weather effects:
|
||||||||
Increase (decrease) in
colder-than-normal
weather effects
|
| (5.4 | ) | |||||
Offset by weather insurance and derivative products
|
7.5 | (4.6 | ) | |||||
Estimated change in natural gas consumption patterns
|
(16.1 | ) | 10.3 | |||||
Impact of rate cases
|
(4.3 | ) | 22.8 | |||||
Gas administrative charge (GAC)
|
1.1 | 3.1 | ||||||
Asset optimization:
|
||||||||
Realized margins
|
0.9 | 13.2 | ||||||
Unrealized mark-to-market valuations
|
4.6 | (0.2 | ) | |||||
Lower of cost or market adjustment
|
(5.9 | ) | (2.5 | ) | ||||
Storage carrying costs
|
| 4.8 | ||||||
ESM
|
5.6 | (4.8 | ) | |||||
Regulatory adjustment
|
(1.1 | ) | 1.1 | |||||
Reserve for disallowance of natural gas costs
|
4.6 | | ||||||
Other
|
1.1 | 3.5 | ||||||
|
||||||||
Total
|
$ | 3.1 | $ | 46.3 | ||||
|
39
40
Composition of Changes in Operation and Maintenance Expenses | ||||||||
Increase (Decrease) | ||||||||
(In millions) | 2009 vs. 2008 | 2008 vs. 2007 | ||||||
Weather insurance and derivative benefits:
|
||||||||
(Benefit)/Loss
|
$ | 7.5 | $ | (4.6 | ) | |||
Decrease in premium costs
|
(3.1 | ) | | |||||
Business Process Outsourcing (BPO)
|
5.0 | (0.6 | ) | |||||
Labor and incentive plans
|
(1.5 | ) | 3.2 | |||||
Employee benefits
|
(3.8 | ) | (2.6 | ) | ||||
Uncollectible accounts
|
1.8 | 8.8 | ||||||
Other operating expenses
|
(0.5 | ) | (0.4 | ) | ||||
|
||||||||
Total
|
$ | 5.4 | $ | 3.8 | ||||
|
41
Composition of Changes in Depreciation and Amortization | ||||||||
Increase (Decrease) | ||||||||
2009
|
2008
|
|||||||
(In millions) | vs. 2008 | vs. 2007 | ||||||
Retroactive depreciation expense adjustment
|
$ | | $ | 3.9 | ||||
New depreciation ratesDistrict of Columbia
|
| (2.5 | ) | |||||
Increase (decrease) in property, plant & equipment
|
1.0 | 3.4 | ||||||
Other
|
(0.7 | ) | (0.5 | ) | ||||
|
||||||||
Total
|
$ | 0.3 | $ | 4.3 | ||||
|
Non-Utility Operating Results |
42
Retail-Energy Marketing Financial and Statistical Data | ||||||||||||||||||||
Years Ended September 30, | Increase (Decrease) | |||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||
2009 | 2008 | 2007 | vs. 2008 | vs. 2007 | ||||||||||||||||
Operating Results
(In millions)
|
||||||||||||||||||||
Gross margins:
|
||||||||||||||||||||
Operating revenues
|
$ | 1,192.0 | $ | 1,062.7 | $ | 1,138.4 | $ | 129.3 | $ | (75.7 | ) | |||||||||
Less: Cost of energy
|
1,127.4 | 1,023.3 | 1,071.6 | 104.1 | (48.3 | ) | ||||||||||||||
Revenue taxes
|
1.1 | 0.6 | 0.7 | 0.5 | (0.1 | ) | ||||||||||||||
|
||||||||||||||||||||
Total gross margins
|
63.5 | 38.8 | 66.1 | 24.7 | (27.3 | ) | ||||||||||||||
Operation expenses
|
35.0 | 26.5 | 23.3 | 8.5 | 3.2 | |||||||||||||||
Depreciation and amortization
|
0.8 | 0.8 | 0.7 | | 0.1 | |||||||||||||||
General taxes and other assessmentsother
|
3.0 | 2.8 | 2.5 | 0.2 | 0.3 | |||||||||||||||
|
||||||||||||||||||||
Operating Income
|
24.7 | 8.7 | 39.6 | 16.0 | (30.9 | ) | ||||||||||||||
Other income (expenses)-net
|
0.1 | 0.1 | | | 0.1 | |||||||||||||||
Interest expense
|
0.6 | 1.1 | 2.9 | (0.5 | ) | (1.8 | ) | |||||||||||||
Income tax expense
|
9.2 | 2.9 | 14.3 | 6.3 | (11.4 | ) | ||||||||||||||
|
||||||||||||||||||||
Net income
|
$ | 15.0 | $ | 4.8 | $ | 22.4 | $ | 10.2 | $ | (17.6 | ) | |||||||||
|
||||||||||||||||||||
Analysis of gross margins
(In millions)
|
||||||||||||||||||||
Natural gas
|
||||||||||||||||||||
Realized margins
|
$ | 45.7 | $ | 26.6 | $ | 23.1 | $ | 19.1 | $ | 3.5 | ||||||||||
Unrealized
mark-to-market
gains (losses)
|
0.3 | (1.7 | ) | (1.4 | ) | 2.0 | (0.3 | ) | ||||||||||||
|
||||||||||||||||||||
Total gross marginsnatural gas
|
46.0 | 24.9 | 21.7 | 21.1 | 3.2 | |||||||||||||||
|
||||||||||||||||||||
Electricity
|
||||||||||||||||||||
Realized margins
|
$ | 37.3 | $ | 24.7 | $ | 35.9 | $ | 12.6 | $ | (11.2 | ) | |||||||||
Unrealized
mark-to-market
gains (losses)
|
(19.8 | ) | (10.8 | ) | 8.5 | (9.0 | ) | (19.3 | ) | |||||||||||
|
||||||||||||||||||||
Total gross marginselectricity
|
17.5 | 13.9 | 44.4 | 3.6 | (30.5 | ) | ||||||||||||||
|
||||||||||||||||||||
Total gross margins
|
$ | 63.5 | $ | 38.8 | $ | 66.1 | $ | 24.7 | $ | (27.3 | ) | |||||||||
|
||||||||||||||||||||
Other Retail-Energy Marketing Statistics
|
||||||||||||||||||||
Natural gas
|
||||||||||||||||||||
Therm sales
(millions of therms)
|
627.4 | 635.0 | 725.5 | (7.6 | ) | (90.5 | ) | |||||||||||||
Number of customers
(end of period)
|
151,500 | 133,300 | 140,700 | 18,200 | (7,400 | ) | ||||||||||||||
Electricity
|
||||||||||||||||||||
Electricity sales
(millions of kWhs)
|
5,269.0 | 3,607.6 | 3,943.8 | 1,661.4 | (336.2 | ) | ||||||||||||||
Number of accounts
(end of period)
|
113,000 | 61,800 | 65,900 | 51,200 | (4,100 | ) | ||||||||||||||
|
43
Other Income (Expenses)Net |
Interest Expense |
44
Composition of Interest Expense Changes | ||||||||
Increase (Decrease) | ||||||||
(In millions) | 2009 vs. 2008 | 2008 vs. 2007 | ||||||
Long-term debt
|
$ | 0.5 | $ | (0.1 | ) | |||
Short-term debt
|
(3.1 | ) | (1.1 | ) | ||||
Other (includes
AFUDC
(a)
)
|
0.7 | (0.9 | ) | |||||
|
||||||||
Total
|
$ | (1.9 | ) | $ | (2.1 | ) | ||
|
(a) | Represents Allowance for Funds Used During Construction. |
LIQUIDITY AND CAPITAL RESOURCES |
General Factors Affecting Liquidity |
45
Short-Term Cash Requirements and Related Financing |
46
Committed Credit Available (In millions) | ||||||||
WGL Holdings | Washington Gas | |||||||
Committed credit agreements
|
||||||||
|
||||||||
Unsecured revolving credit facility, expires August 3,
2012
(a)
|
$ | 400.0 | $ | 300.0 | ||||
|
||||||||
Total committed credit agreements
|
400.0 | 300.0 | ||||||
Less: Commercial Paper
|
(59.0 | ) | (124.8 | ) | ||||
|
||||||||
Net committed credit available
|
$ | 341.0 | $ | 175.2 | ||||
|
(a) | Both WGL Holdings and Washington Gas have the right to request extensions with the banks approval. WGL Holdings revolving credit facility permits it to borrow an additional $50 million, with the banks approval, for a total of $450 million. Washington Gass revolving credit facility permits it to borrow an additional $100 million, with the banks approval, for a total of $400 million. |
Long-Term Cash Requirements and Related Financing |
47
Security Ratings |
WGL Holdings | Washington Gas | |||||||
Unsecured
|
Unsecured
|
|||||||
Medium-Term Notes
|
Commercial
|
Medium-Term
|
Commercial
|
|||||
Rating Service | (Indicative) (a) | Paper | Notes | Paper | ||||
|
||||||||
Fitch Ratings
|
A+ | F1 | AA− | F1+ | ||||
Moodys Investors Service
|
Not Rated | Not Prime | A2 | P-1 | ||||
Standard & Poors Ratings
Services
(b)
|
AA− | A-1 | AA− | A-1 | ||||
|
(a) | Indicates the ratings that may be applicable if WGL Holdings were to issue unsecured MTNs. | |
(b) | The long-term debt rating issued by Standard & Poors Rating Services for WGL Holdings and Washington Gas is stable. |
Ratings Triggers and Certain Debt Covenants |
48
Cash Flows Provided by Operating Activities |
| Accounts receivable and unbilled revenues increased $30.6 million from September 30, 2008 primarily due to increased sales volumes associated with Washington Gass asset optimization program. | |
| Storage gas inventory cost levels decreased $168.9 million from September 30, 2008 primarily due to lower gas prices of volumes in storage. | |
| Gas costs and other regulatory assets increased $48.0 million from September 30, 2008 due to an increase in under-collection of gas costs during the year and an increase in unbilled gas costs. | |
| Accounts payable and other accrued liabilities decreased $34.5 million, largely attributable to a decrease in the cost of the natural gas purchased. | |
| Other prepayments increased $52.5 million from September 30, 2008 due to an increase in collateral receivables for transactions with wholesale counterparties for the purchase of energy for our retail-energy marketing segment. This increase in collateral reflects lower market prices for energy, compared to the contracted purchase price of energy supplies. | |
| Other current liabilities decreased $24.7 million primarily due to unrealized fair value gains associated with energy-related derivatives for both Washington Gas and WGEServices. | |
| Deferred purchased gas costsnet decreased $36.8 million primarily due to a decrease in the under-collection of gas costs from September 30, 2008. |
49
Cash Flows Provided by (Used in) Financing Activities |
Long-Term Debt Activity | ||||||||||||||||||||||||
2009 | 2008 | 2007 | ||||||||||||||||||||||
(In millions) | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | Amount | ||||||||||||||||||
Medium-term notes
|
||||||||||||||||||||||||
Issued
(a)
|
7.46 | % | $ | 50.0 | 3.61 | % | $ | 50.0 | | $ | | |||||||||||||
Retired
|
5.49 6.92 | % | (75.0 | ) | 6.51 6.61 | % | (20.1 | ) | | | ||||||||||||||
Other financing
|
||||||||||||||||||||||||
Issued
(b)
|
5.95 6.98 | % | 15.3 | 5.63 | % | 13.3 | 5.57 | % | 1.4 | |||||||||||||||
Retired
(c)
|
4.76 7.53 | % | (25.5 | ) | 4.76 9.00 | % | (1.0 | ) | 4.76 9.00 | % | (1.0 | ) | ||||||||||||
Other activity
|
| (0.1 | ) | | | | | |||||||||||||||||
|
||||||||||||||||||||||||
Total
|
$ | (35.3 | ) | $ | 42.2 | $ | 0.4 | |||||||||||||||||
|
(a) | Interest rate resets quarterly on November, February, May, and August 26 of each year until maturity. | |
(b) | Includes the non-cash issuances of project debt financing of $1.4 million, $13.3 million, and $14.9 million for fiscal years 2007, 2008 and 2009, respectively. | |
(c) | Includes the non-cash extinguishments of project debt financing of $24.5 million for fiscal year 2009. |
Cash Flows Used in Investing Activities |
50
Capital Expenditures |
Capital Expenditures | ||||||||||||||||||||||||||||||||||||
Actual | Projected | |||||||||||||||||||||||||||||||||||
(In millions) | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | Total | |||||||||||||||||||||||||||
New business
|
$ | 44.9 | $ | 45.8 | $ | 28.8 | $ | 48.2 | $ | 51.4 | $ | 55.4 | $ | 62.5 | $ | 67.7 | $ | 285.2 | ||||||||||||||||||
Replacements
|
||||||||||||||||||||||||||||||||||||
Rehabilitation project
|
30.8 | 8.1 | | | | | | | | |||||||||||||||||||||||||||
Other
|
33.8 | 38.0 | 57.4 | 45.0 | 41.6 | 41.3 | 43.2 | 42.7 | 213.8 | |||||||||||||||||||||||||||
LNG storage facility
|
0.3 | 0.1 | 0.1 | 8.6 | 56.9 | 48.7 | 35.8 | 0.7 | 150.7 | |||||||||||||||||||||||||||
SOC redevelopment project
|
| | | 13.5 | 34.1 | 30.7 | | | 78.3 | |||||||||||||||||||||||||||
Other
|
48.3 | 39.4 | 51.2 | 47.2 | 36.9 | 26.1 | 33.3 | 24.8 | 168.3 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total-accrual
basis
(a)
|
$ | 158.1 | $ | 131.4 | $ | 137.5 | $ | 162.5 | $ | 220.9 | $ | 202.2 | $ | 174.8 | $ | 135.9 | $ | 896.3 | ||||||||||||||||||
Cash basis adjustments
|
6.4 | 3.6 | 1.4 | | | | | | | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total-cash basis
|
$ | 164.5 | $ | 135.0 | $ | 138.9 | $ | 162.5 | $ | 220.9 | $ | 202.2 | $ | 174.8 | $ | 135.9 | $ | 896.3 | ||||||||||||||||||
|
(a) | Excludes Allowance for Funds Used During Construction and prepayments associated with capital projects. Includes accruals for capital expenditures and other non-cash additions. |
CONTRACTUAL OBLIGATIONS, OFF-BALANCE SHEET ARRANGEMENTS AND OTHER COMMERCIAL COMMITMENTS |
Contractual Obligations |
51
Estimated Contractual Obligations and Commercial Commitments | ||||||||||||||||||||||||||||
Years Ended September 30, | ||||||||||||||||||||||||||||
(In millions) | Total | 2010 | 2011 | 2012 | 2013 | 2014 | Thereafter | |||||||||||||||||||||
Pipeline and storage
contracts
(a)
|
$ | 2,402.7 | $ | 162.1 | $ | 159.8 | $ | 159.7 | $ | 161.8 | $ | 183.6 | $ | 1,575.7 | ||||||||||||||
Medium-term
notes
(b)
|
639.0 | 82.5 | 30.0 | 77.0 | | 67.0 | 382.5 | |||||||||||||||||||||
Other long-term
debt
(b)
|
0.3 | 0.1 | 0.1 | 0.1 | | | | |||||||||||||||||||||
Interest
expense
(c)
|
415.7 | 36.2 | 32.7 | 29.3 | 27.5 | 25.8 | 264.2 | |||||||||||||||||||||
Gas purchase commitmentsWashington
Gas
(d)
|
497.9 | 113.6 | 40.7 | 55.3 | 55.2 | 55.7 | 177.4 | |||||||||||||||||||||
Gas purchase
commitmentsWGEServices
(e)
|
536.8 | 306.4 | 152.5 | 69.8 | 8.1 | | | |||||||||||||||||||||
Electric purchase
commitments
(f)
|
885.8 | 474.7 | 273.0 | 116.3 | 21.1 | 0.7 | | |||||||||||||||||||||
Operating leases
|
36.7 | 4.2 | 4.3 | 4.4 | 4.4 | 4.2 | 15.2 | |||||||||||||||||||||
Business Process
Outsourcing
(g)
|
259.5 | 40.8 | 34.8 | 33.9 | 30.8 | 30.5 | 88.7 | |||||||||||||||||||||
Other long-term
commitments
(h)
|
10.4 | 5.2 | 4.0 | 0.3 | 0.3 | 0.1 | 0.5 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total
|
$ | 5,684.8 | $ | 1,225.8 | $ | 731.9 | $ | 546.1 | $ | 309.2 | $ | 367.6 | $ | 2,504.2 | ||||||||||||||
|
(a) | Represents minimum payments under natural gas transportation, storage and peaking contracts which have expiration dates through fiscal year 2029. Additionally, includes minimum payments for WGEServices pipeline contracts. |
(b) | Represents scheduled repayment of principal including the assumed exercise of a put option by the debt holders of $8.5 million in 2010. Excludes $5.1 million in debt that is anticipated to be a non-cash extinguishment of project debt financing (refer to the section entitled Construction Project Financing). |
(c) | Represents the scheduled interest payments associated with MTNs and other long-term debt. |
(d) | Includes short-term commitments to purchase fixed volumes of natural gas, as well as long-term gas purchase commitments that contain fixed volume purchase requirements. Cost estimates are based on both forward market prices and option premiums for fixed volume purchases under these purchase commitments. |
(e) | Represents commitments based on a combination of market prices at September 30, 2009 and fixed price as well as index priced contract commitments for natural gas delivered to various city gate stations, including the cost of transportation to that point, which is bundled in the purchase price. | |
(f) | Represents electric purchase commitments which are based on existing fixed price and fixed volume contracts. Also includes $6.5 million related to renewable energy credits. | |
(g) | Represents fixed costs to the service provider related to the 10-year contract for business process outsourcing. These payments do not reflect potential inflationary adjustments included in the contract. Including these inflationary adjustments, required payments to the service provider could total $306.5 million. |
(h) | Includes certain information technology service contracts and committed payments related to certain environmental response costs. |
Construction Project Financing |
52
Financial Guarantees |
Chillum LNG Facility |
Operating Issues Related To Cove Point Natural Gas Supply |
53
54
55
Additional LNG Supply from the Elba Island Expansion |
CREDIT RISK |
Wholesale Credit Risk |
56
Credit Exposure to Wholesale Counterparties (In millions ) | ||||||||||||||||||||
Exposure
|
Offsetting
|
Number of
|
Net Exposure of
|
|||||||||||||||||
Before Credit
|
Credit Collateral
|
Net
|
Counterparties
|
Counterparties
|
||||||||||||||||
Rating (a) | Collateral (b) | Held (c) | Exposure | Greater Than 10% (d) | Greater Than 10% | |||||||||||||||
Washington Gas
|
||||||||||||||||||||
Investment Grade
|
$ | 17.7 | $ | | $ | 17.7 | 4 | $ | 12.1 | |||||||||||
Non-Investment Grade
|
| | | | | |||||||||||||||
No External Ratings
|
3.0 | 0.4 | 2.6 | | | |||||||||||||||
|
||||||||||||||||||||
WGEServices
|
||||||||||||||||||||
Investment Grade
|
$ | 0.4 | $ | | $ | 0.4 | 1 | $ | 0.4 | |||||||||||
Non-Investment Grade
|
| | | | | |||||||||||||||
No External Ratings
|
0.4 | | 0.4 | 1 | | |||||||||||||||
|
(a) | Included in Investment Grade are counterparties with a minimum Standard & Poors or Moodys Investor Service rating of BBB- or Baa3, respectively. If a counterparty has provided a guarantee by a higher-rated entity (e.g., its parent), the guarantors rating is used in this table. |
(b) | Includes the net of all open positions on energy-related derivatives subject to mark-to-market accounting requirements, the net receivable/payable for realized transactions and net open positions for contracts designated as normal purchases and normal sales and not recorded on our balance sheet. Amounts due from counterparties are offset by liabilities payable to those counterparties to the extent that legally enforceable netting arrangements are in place. |
(c) | Represents cash deposits and letters of credit received from counterparties, not adjusted for probability of default. |
(d) | Using a percentage of the net exposure. |
Retail Credit Risk |
MARKET RISK |
Price Risk Related to the Regulated Utility Segment |
57
Regulated Utility Segment
|
||||
Changes in Fair Value of Energy-Related Derivatives | ||||
(In millions) | ||||
Net assets (liabilities) at September 30, 2008
|
$ | (35.6 | ) | |
Net fair value of contracts entered into during the period
|
4.5 | |||
Other changes in net fair value
|
12.4 | |||
Realized net settlement of derivatives
|
24.3 | |||
|
||||
Net assets (liabilities) at September 30, 2009
|
$ | 5.6 | ||
|
Regulated Utility Segment
|
||||
Roll Forward of Energy-Related Derivatives | ||||
(In millions) | ||||
Net assets (liabilities) at September 30, 2008
|
$ | (35.6 | ) | |
Recorded to income
|
12.1 | |||
Recorded to regulatory assets/liabilities
|
3.2 | |||
Net option premium payments
|
1.6 | |||
Realized net settlement of derivatives
|
24.3 | |||
|
||||
Net assets (liabilities) at September 30, 2009
|
$ | 5.6 | ||
|
58
Regulated Utility Segment
|
||||||||||||||||||||||||||||
Maturity of Net Assets (Liabilities) Associated with our Energy-Related Derivatives | ||||||||||||||||||||||||||||
Years Ended September 30, | ||||||||||||||||||||||||||||
(In millions) | Total | 2010 | 2011 | 2012 | 2013 | 2014 | Thereafter | |||||||||||||||||||||
Level 1Quoted prices in active markets
|
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
Level 2Significant other observable inputs
|
11.9 | 10.0 | 0.5 | | 0.2 | 0.1 | 1.1 | |||||||||||||||||||||
Level 3Significant unobservable inputs
|
(6.3 | ) | (3.4 | ) | (1.7 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.9 | ) | ||||||||||||||
|
||||||||||||||||||||||||||||
Total net assets (liabilities) associated with our
energy-related derivatives
|
$ | 5.6 | $ | 6.6 | $ | (1.2 | ) | $ | (0.1 | ) | $ | 0.1 | $ | | $ | 0.2 | ||||||||||||
|
59
Retail Energy-Marketing
Segment
|
||||
Changes in Fair Value of Energy-Related Derivatives | ||||
(In millions) | ||||
Net assets (liabilities) at September 30, 2008
|
$ | (3.4 | ) | |
Net fair value of contracts entered into during the period
|
(18.3 | ) | ||
Other changes in net fair value
|
(22.2 | ) | ||
Realized net settlement of derivatives
|
18.4 | |||
|
||||
Net assets (liabilities) at September 30, 2009
|
$ | (25.5 | ) | |
|
Retail Energy-Marketing
Segment
|
||||
Roll Forward of Energy-Related Derivatives | ||||
(In millions) | ||||
Net assets (liabilities) at September 30, 2008
|
$ | (3.4 | ) | |
Recorded to income
|
(38.3 | ) | ||
Recorded to accounts payable
(a)
|
(4.4 | ) | ||
Recorded to retained earnings
(b)
|
1.7 | |||
Net option premium payments
|
0.5 | |||
Realized net settlement of derivatives
|
18.4 | |||
|
||||
Net assets (liabilities) at September 30, 2009
|
$ | (25.5 | ) | |
|
Retail Energy Marketing Segment
|
||||||||||||||||||||||||||||
Maturity of Net Assets (Liabilities) Associated with our Energy-Related Derivatives | ||||||||||||||||||||||||||||
Years Ended September 30, | ||||||||||||||||||||||||||||
(In millions) | Total | 2010 | 2011 | 2012 | 2013 | 2014 | Thereafter | |||||||||||||||||||||
Level 1Quoted prices in active markets
|
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
Level 2Significant other observable inputs
|
(4.2 | ) | (2.5 | ) | (0.3 | ) | (0.5 | ) | (0.8 | ) | (0.1 | ) | | |||||||||||||||
Level 3Significant unobservable inputs
|
(21.3 | ) | (8.2 | ) | (9.0 | ) | (3.6 | ) | (0.5 | ) | | | ||||||||||||||||
|
||||||||||||||||||||||||||||
Total net assets (liabilities) associated with our
energy-related derivatives
|
$ | (25.5 | ) | $ | (10.7 | ) | $ | (9.3 | ) | $ | (4.1 | ) | $ | (1.3 | ) | $ | (0.1 | ) | $ | | ||||||||
|
60
61
62
Gas Deliveries, Weather and Meter Statistics | ||||||||||||||||||||
Years Ended September 30, | Increase (decrease) | |||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||
2009 | 2008 | 2007 | vs. 2008 | vs. 2007 | ||||||||||||||||
Gas Sales and Deliveries
(millions of therms)
|
||||||||||||||||||||
Firm
|
||||||||||||||||||||
Gas sold and delivered
|
893.0 | 826.9 | 852.7 | 66.1 | (25.8 | ) | ||||||||||||||
Gas delivered for others
|
462.1 | 434.0 | 433.4 | 28.1 | 0.6 | |||||||||||||||
|
||||||||||||||||||||
Total firm
|
1,355.1 | 1,260.9 | 1,286.1 | 94.2 | (25.2 | ) | ||||||||||||||
|
||||||||||||||||||||
Interruptible
|
||||||||||||||||||||
Gas sold and delivered
|
3.4 | 6.5 | 5.3 | (3.1 | ) | 1.2 | ||||||||||||||
Gas delivered for others
|
273.8 | 256.7 | 267.3 | 17.1 | (10.6 | ) | ||||||||||||||
|
||||||||||||||||||||
Total interruptible
|
277.2 | 263.2 | 272.6 | 14.0 | (9.4 | ) | ||||||||||||||
|
||||||||||||||||||||
Electric generationdelivered for others
|
102.8 | 92.1 | 111.9 | 10.7 | (19.8 | ) | ||||||||||||||
|
||||||||||||||||||||
Total deliveries
|
1,735.1 | 1,616.2 | 1,670.6 | 118.9 | (54.4 | ) | ||||||||||||||
|
||||||||||||||||||||
Degree Days
|
||||||||||||||||||||
Actual
|
4,211 | 3,458 | 3,955 | 753 | (497 | ) | ||||||||||||||
Normal
|
3,773 | 3,788 | 3,815 | (15 | ) | (27 | ) | |||||||||||||
Percent colder (warmer) than normal
|
11.6 | % | (8.7 | )% | 3.7 | % | n/a | n/a | ||||||||||||
Average active customer meters
|
1,065,573 | 1,055,396 | 1,045,709 | 10,177 | 9,687 | |||||||||||||||
New customer meters added
|
11,011 | 12,962 | 19,373 | (1,951 | ) | (6,411 | ) | |||||||||||||
|
63
64
65
Summary of Major Rate Increase Applications and Results | ||||||||||||||||||||||||||||||||||||||
Test Year
|
||||||||||||||||||||||||||||||||||||||
Application
|
Effective
|
12 Months
|
Increase in Annual
|
Allowed
|
||||||||||||||||||||||||||||||||||
Jurisdiction | Filed | Date | Ended | Revenues (Millions) | Rate of Return | |||||||||||||||||||||||||||||||||
Requested | Granted | Overall | Equity | |||||||||||||||||||||||||||||||||||
District of
Columbia
(a)
|
12/21/06 | 12/31/07 | 06/30/06 | $ | 20.0 | 7.7 | % | $ | 1.4 | 0.5 | % | 8.12 | % | 10.00 | % | |||||||||||||||||||||||
District of
Columbia
(b)
|
02/07/03 | 11/24/03 | 09/30/02 | 18.8 | 9.7 | % | 5.4 | 2.8 | % | 8.42 | % | 10.60 | % | |||||||||||||||||||||||||
District of Columbia
|
06/19/01 | 04/09/03 | 12/31/00 | 16.3 | 6.8 | % | (5.4 | ) | (2.2 | )% | 8.83 | % | 10.60 | % | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
Maryland
|
04/20/07 | 11/27/07 | 12/31/06 | 33.8 | 5.8 | % | 20.6 | 3.6 | % | 8.20 | % | 10.00 | % | |||||||||||||||||||||||||
Maryland
|
03/31/03 | 11/06/03 | 12/31/02 | 27.2 | 6.8 | % | 2.9 | 0.7 | % | 8.61 | % | 10.75 | % | |||||||||||||||||||||||||
Maryland
(c)
|
03/28/02 | 09/30/02 | 12/31/01 | 31.4 | 9.3 | % | 9.3 | 2.8 | % | | | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
Virginia
(d)
|
09/15/06 | 02/13/07 | 12/31/05 | 17.2 | 2.7 | % | 3.9 | 0.6 | % | 8.41 | % | 10.00 | % | |||||||||||||||||||||||||
Virginia
(e)
|
01/27/04 | 10/04/04 | 06/30/03 | 19.6 | 4.7 | % | | | 8.44 | % | 10.50 | % | ||||||||||||||||||||||||||
Virginia
(f)
|
06/14/02 | 11/12/02 | 12/31/01 | 23.8 | 6.6 | % | 9.9 | 2.7 | % | 8.44 | % | 10.50 | % | |||||||||||||||||||||||||
|
(a) | The final order includes (i) a rate case filing moratorium until January 1, 2011. Any new rates may not go into effect prior to October 1, 2011; (ii) a reduction in depreciation rates for all fixed assets and (iii) amortization accounting, over a ten-year period, for initial implementation costs allocable to the District of Columbia related to our BPO plan. | |
(b) | The revenue increase includes a reduction for the effect of a $6.5 million lower level of pension and other post-retirement benefit costs that had been previously deferred on the balance sheet of Washington Gas as a regulatory liability. This deferral mechanism ensures that the variation in these annual costs, when compared to the levels collected from customers, does not affect net income. Additionally, the $5.4 million annual revenue increase includes an $800,000 per year increase in certain expenses that are also subject to the regulatory deferral mechanism treatment. Accordingly, the total annual effect of the Final Order on Washington Gass pre-tax income results in an annual increase of $11.1 million. | |
(c) | Application was settled without stipulating the return on common equity. | |
(d) | New depreciation rates were effective January 1, 2006. The new base rates went into effect subject to refund on February 13, 2007. Stipulation agreement settling the case was approved September 19, 2007. The approved Stipulation includes, among other rate design mechanisms, a PBR plan which includes: (i) a four-year delivery service base rate freeze; (ii) an earnings sharing mechanism that enables Washington Gas to share with shareholders and Virginia customers the earnings that exceed a target of 10.5% return on equity and (iii) recovery of initial implementation costs associated with achieving Washington Gass business processing outsourcing initiatives. | |
(e) | Rates went into effect, subject to refund, on February 26, 2004 under an expedited rate application. As the result of the approval of a Stipulation that resolved all issues related to this expedited rate case, Washington Gas adjusted its billing rates commencing October 4, 2004 to reflect the level of annual revenues as determined in the previous Final Order issued on December 18, 2003 and noted in (e) below. | |
(f) | New depreciation rates effective January 1, 2002. New base rates went into effect subject to refund on November 12, 2002. Final Order released on December 18, 2003. |
66
(i) | approves the recovery of hexane commodity costs incurred after September 30, 2009 from sales and delivery service customers, subject to review as a component of the Companys cost of gas; | |
(ii) | establishes the implementation of a coupling replacement and encapsulation program (program), wherein the Company will replace or encapsulate a portion of its mechanically coupled pipe in the District of Columbia. The program is expected to conclude in approximately seven years with total spending not to exceed $28 million; | |
(iii) | provides for the cost of the program to be recovered through an annual surcharge based on actual expenditures for coupling replacement and encapsulation that will become effective at the end of the existing base rate freeze (October 1, 2011). The cost will include both a return of and return on the cost of coupling replacement and encapsulation, computed in accordance with the terms of the rates currently in effect and | |
(iv) | establishes periodic reporting on the level of hexane injected at each of the Companys hexane facilities with the associated commodity costs, and continued filing of leak-related information with the PSC of DC. |
67
68
69
70
| Price Risk Related to the Regulated Utility Segment | |
| Price Risk Related to the Retail Energy-Marketing Segment | |
| Weather Risk | |
| Interest-Rate Risk |
71
September 30, | ||||||||
(In thousands) | 2009 | 2008 | ||||||
ASSETS
|
||||||||
Property, Plant and Equipment
|
||||||||
At original cost
|
$ | 3,242,413 | $ | 3,184,247 | ||||
Accumulated depreciation and amortization
|
(973,272 | ) | (975,945 | ) | ||||
|
||||||||
Net property, plant and equipment
|
2,269,141 | 2,208,302 | ||||||
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
7,845 | 6,164 | ||||||
Receivables
|
||||||||
Accounts receivable
|
172,117 | 190,589 | ||||||
Gas costs and other regulatory assets
|
77,173 | 26,543 | ||||||
Unbilled revenues
|
80,594 | 50,134 | ||||||
Allowance for doubtful accounts
|
(20,969 | ) | (17,101 | ) | ||||
|
||||||||
Net receivables
|
308,915 | 250,165 | ||||||
|
||||||||
Materials and suppliesprincipally at average cost
|
23,626 | 21,117 | ||||||
Storage gasat cost
(first-in,
first-out)
|
237,681 | 406,629 | ||||||
Deferred income taxes
|
| 7,616 | ||||||
Other prepayments
|
82,415 | 32,290 | ||||||
Other
|
23,032 | 18,368 | ||||||
|
||||||||
Total current assets
|
683,514 | 742,349 | ||||||
|
||||||||
Deferred Charges and Other Assets
|
||||||||
Regulatory assets
|
||||||||
Gas costs
|
13,996 | 50,797 | ||||||
Pension and other post-retirement benefits
|
308,544 | 133,989 | ||||||
Other
|
53,904 | 58,417 | ||||||
Prepaid qualified pension benefits
|
| 24,683 | ||||||
Other
|
20,791 | 25,006 | ||||||
|
||||||||
Total deferred charges and other assets
|
397,235 | 292,892 | ||||||
|
||||||||
Total Assets
|
$ | 3,349,890 | $ | 3,243,543 | ||||
|
||||||||
CAPITALIZATION AND LIABILITIES
|
||||||||
Capitalization
|
||||||||
Common shareholders equity
|
$ | 1,097,698 | $ | 1,047,564 | ||||
Washington Gas Light Company preferred stock
|
28,173 | 28,173 | ||||||
Long-term debt
|
561,830 | 603,738 | ||||||
|
||||||||
Total capitalization
|
1,687,701 | 1,679,475 | ||||||
|
||||||||
Current Liabilities
|
||||||||
Current maturities of long-term debt
|
82,592 | 75,994 | ||||||
Notes payable
|
183,851 | 270,955 | ||||||
Accounts payable and other accrued liabilities
|
213,529 | 243,123 | ||||||
Wages payable
|
15,294 | 14,106 | ||||||
Accrued interest
|
3,598 | 4,200 | ||||||
Dividends declared
|
18,758 | 18,070 | ||||||
Customer deposits and advance payments
|
52,908 | 46,074 | ||||||
Gas costs and other regulatory liabilities
|
14,842 | 12,180 | ||||||
Deferred income taxes
|
5,155 | | ||||||
Accrued taxes
|
17,119 | 12,129 | ||||||
Other
|
26,970 | 51,648 | ||||||
|
||||||||
Total current liabilities
|
634,616 | 748,479 | ||||||
|
||||||||
Deferred Credits
|
||||||||
Unamortized investment tax credits
|
10,761 | 11,360 | ||||||
Deferred income taxes
|
323,505 | 272,227 | ||||||
Accrued pensions and benefits
|
273,289 | 131,097 | ||||||
Asset retirement obligations
|
32,641 | 30,388 | ||||||
Regulatory liabilities
|
||||||||
Accrued asset removal costs
|
319,173 | 306,014 | ||||||
Other
|
14,310 | 14,974 | ||||||
Other
|
53,894 | 49,529 | ||||||
|
||||||||
Total deferred credits
|
1,027,573 | 815,589 | ||||||
|
||||||||
Commitments and Contingencies (Note 13)
|
||||||||
|
||||||||
Total Capitalization and Liabilities
|
$ | 3,349,890 | $ | 3,243,543 | ||||
|
72
Years Ended September 30, | ||||||||||||
(In thousands, except per share data) | 2009 | 2008 | 2007 | |||||||||
OPERATING REVENUES
|
||||||||||||
Utility
|
$ | 1,481,089 | $ | 1,536,443 | $ | 1,497,274 | ||||||
Non-utility
|
1,225,767 | 1,091,751 | 1,148,734 | |||||||||
|
||||||||||||
Total Operating Revenues
|
2,706,856 | 2,628,194 | 2,646,008 | |||||||||
|
||||||||||||
OPERATING EXPENSES
|
||||||||||||
Utility cost of gas
|
805,119 | 869,333 | 875,811 | |||||||||
Non-utility cost of energy-related sales
|
1,153,166 | 1,047,146 | 1,079,378 | |||||||||
Operation and maintenance
|
297,471 | 282,558 | 275,344 | |||||||||
Depreciation and amortization
|
95,357 | 95,007 | 90,605 | |||||||||
General taxes and other assessments
|
114,054 | 102,544 | 100,023 | |||||||||
|
||||||||||||
Total Operating Expenses
|
2,465,167 | 2,396,588 | 2,421,161 | |||||||||
|
||||||||||||
OPERATING INCOME
|
241,689 | 231,606 | 224,847 | |||||||||
Other IncomeNet
|
2,181 | 2,525 | 3,378 | |||||||||
Interest Expense
|
||||||||||||
Interest on long-term debt
|
40,432 | 39,930 | 40,047 | |||||||||
Othernet
|
4,471 | 6,867 | 8,821 | |||||||||
|
||||||||||||
Total Interest Expense
|
44,903 | 46,797 | 48,868 | |||||||||
Dividends on Washington Gas preferred stock
|
1,320 | 1,320 | 1,320 | |||||||||
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
197,647 | 186,014 | 178,037 | |||||||||
INCOME TAX EXPENSE
|
77,274 | 69,491 | 70,137 | |||||||||
|
||||||||||||
NET INCOME APPLICABLE TO COMMON STOCK
|
$ | 120,373 | $ | 116,523 | $ | 107,900 | ||||||
|
||||||||||||
AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||
Basic
|
50,104 | 49,607 | 49,172 | |||||||||
Diluted
|
50,382 | 49,912 | 49,377 | |||||||||
|
||||||||||||
EARNINGS PER AVERAGE COMMON SHARE
|
||||||||||||
Basic
|
$ | 2.40 | $ | 2.35 | $ | 2.19 | ||||||
Diluted
|
$ | 2.39 | $ | 2.33 | $ | 2.19 | ||||||
|
||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE
|
$ | 1.4575 | $ | 1.4075 | $ | 1.3650 | ||||||
|
73
Years Ended September 30, | ||||||||||||
(In thousands) | 2009 | 2008 | 2007 | |||||||||
OPERATING ACTIVITIES
|
||||||||||||
Net income applicable to common stock
|
$ | 120,373 | $ | 116,523 | $ | 107,900 | ||||||
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED
BY OPERATING ACTIVITIES |
||||||||||||
Depreciation and amortization
|
95,357 | 95,007 | 90,605 | |||||||||
Amortization of:
|
||||||||||||
Other regulatory assets and liabilitiesnet
|
3,350 | 2,666 | 1,613 | |||||||||
Debt related costs
|
785 | 925 | 1,038 | |||||||||
Deferred income taxesnet
|
67,401 | 5,863 | 6,866 | |||||||||
Accrued/deferred pension cost
|
(2,204 | ) | (4,219 | ) | 1,517 | |||||||
Compensation expense related to equity awards
|
2,160 | 4,111 | 5,370 | |||||||||
Provision for doubtful accounts
|
22,435 | 19,958 | 9,645 | |||||||||
Other non-cash creditsnet
|
(125 | ) | (1,894 | ) | (1,766 | ) | ||||||
CHANGES IN ASSETS AND LIABILITIES
|
||||||||||||
Accounts receivable and unbilled revenues
|
(30,555 | ) | (65,019 | ) | (5,082 | ) | ||||||
Gas costs and other regulatory assets/liabilitiesnet
|
(47,968 | ) | (19,093 | ) | 5,127 | |||||||
Storage gas
|
168,948 | (111,740 | ) | 1,172 | ||||||||
Other prepayments
|
(52,513 | ) | (4,379 | ) | (12,506 | ) | ||||||
Accounts payable and other accrued liabilities
|
(34,505 | ) | 33,479 | 18,862 | ||||||||
Wages payable
|
1,188 | 629 | (284 | ) | ||||||||
Customer deposits and advance payments
|
6,834 | (3,172 | ) | (349 | ) | |||||||
Accrued taxes
|
4,990 | 356 | 391 | |||||||||
Accrued interest
|
(602 | ) | (16 | ) | 918 | |||||||
Other current assets
|
(7,173 | ) | 350 | 475 | ||||||||
Other current liabilities
|
(24,678 | ) | 28,498 | 8,734 | ||||||||
Deferred gas costsnet
|
36,801 | (24,556 | ) | (14,291 | ) | |||||||
Deferred assetsother
|
(18,662 | ) | (10,808 | ) | (8,175 | ) | ||||||
Deferred liabilitiesother
|
(7,466 | ) | (2,385 | ) | (4,535 | ) | ||||||
Othernet
|
2,916 | 878 | 53 | |||||||||
|
||||||||||||
Net Cash Provided by Operating Activities
|
307,087 | 61,962 | 213,298 | |||||||||
|
||||||||||||
FINANCING ACTIVITIES
|
||||||||||||
Common stock issued
|
5,131 | 14,064 | 11,659 | |||||||||
Long-term debt issued
|
64,875 | 63,285 | 1,446 | |||||||||
Long-term debt retired
|
(76,012 | ) | (21,110 | ) | (1,009 | ) | ||||||
Debt issuance costs
|
(181 | ) | | (16 | ) | |||||||
Notes payable issued (retired)net
|
(87,104 | ) | 86,708 | 6,871 | ||||||||
Dividends on common stock
|
(72,387 | ) | (69,136 | ) | (66,818 | ) | ||||||
Other financing activitiesnet
|
(820 | ) | 482 | 681 | ||||||||
|
||||||||||||
Net Cash Provided by (Used in) Financing Activities
|
(166,498 | ) | 74,293 | (47,186 | ) | |||||||
|
||||||||||||
INVESTING ACTIVITIES
|
||||||||||||
Capital expenditures (excluding Allowance for Funds Used During
Construction)
|
(138,908 | ) | (134,961 | ) | (164,531 | ) | ||||||
Other investing activitiesnet
|
| | (1,061 | ) | ||||||||
|
||||||||||||
Net Cash Used in Investing Activities
|
(138,908 | ) | (134,961 | ) | (165,592 | ) | ||||||
|
||||||||||||
INCREASE IN CASH AND CASH EQUIVALENTS
|
1,681 | 1,294 | 520 | |||||||||
Cash and Cash Equivalents at Beginning of Year
|
6,164 | 4,870 | 4,350 | |||||||||
|
||||||||||||
Cash and Cash Equivalents at End of Period
|
$ | 7,845 | $ | 6,164 | $ | 4,870 | ||||||
|
||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||||||
Income taxes paid
|
$ | 41,294 | $ | 67,086 | $ | 69,976 | ||||||
Interest paid
|
$ | 44,378 | $ | 46,850 | $ | 47,541 | ||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING
ACTIVITIES
|
||||||||||||
Retirement of debt related to project financing
|
$ | 24,494 | $ | | $ | | ||||||
Capital Expenditures included in accounts payable and other
accrued liabilities
|
$ | (3,791 | ) | $ | (7,217 | ) | $ | (1,069 | ) |
74
September 30, | ||||||||||||||||
(In thousands, except shares) | 2009 | 2008 | ||||||||||||||
Common Shareholders Equity
|
||||||||||||||||
Common stock, no par value, 120,000,000 shares authorized,
50,143,484 and 49,916,883 shares issued, respectively
|
$ | 514,501 | $ | 507,105 | ||||||||||||
Paid-in capital
|
13,516 | 14,398 | ||||||||||||||
Retained Earnings
|
576,122 | 527,812 | ||||||||||||||
Accumulated other comprehensive loss, net of taxes
|
(6,441 | ) | (1,751 | ) | ||||||||||||
|
||||||||||||||||
Total Common Shareholders Equity
|
1,097,698 | 65.0% | 1,047,564 | 62.4 | % | |||||||||||
|
||||||||||||||||
Preferred Stock
|
||||||||||||||||
WGL Holdings, Inc., without par value, 3,000,000 shares
authorized, none issued
|
| | ||||||||||||||
Washington Gas Light Company, without par value, 1,500,000
shares authorizedissued and outstanding:
|
||||||||||||||||
$4.80 series, 150,000 shares
|
15,000 | 15,000 | ||||||||||||||
$4.25 series, 70,600 shares
|
7,173 | 7,173 | ||||||||||||||
$5.00 series, 60,000 shares
|
6,000 | 6,000 | ||||||||||||||
|
||||||||||||||||
Total Preferred Stock
|
28,173 | 1.7% | 28,173 | 1.7 | % | |||||||||||
|
||||||||||||||||
Long-Term Debt
|
||||||||||||||||
Washington Gas Light Company Unsecured Medium-Term Notes
|
||||||||||||||||
Due fiscal year 2009, 5.49% to 6.92%
|
| 75,000 | ||||||||||||||
Due fiscal year 2010, 1.19% and 3.61%
|
50,000 | 50,000 | ||||||||||||||
Due fiscal year 2010, 7.70%
|
24,000 | 24,000 | ||||||||||||||
Due fiscal year 2011, 6.64%
|
30,000 | 30,000 | ||||||||||||||
Due fiscal year 2012, 5.90% to 6.05%
|
77,000 | 77,000 | ||||||||||||||
Due fiscal year 2014, 4.88% to 5.17%
|
67,000 | 67,000 | ||||||||||||||
Due fiscal year 2015, 4.83%
|
20,000 | 20,000 | ||||||||||||||
Due fiscal year 2016, 5.17%
|
25,000 | 25,000 | ||||||||||||||
Due fiscal year 2019, 7.46%
|
50,000 | | ||||||||||||||
Due fiscal year 2023, 6.65%
|
20,000 | 20,000 | ||||||||||||||
Due fiscal year 2025, 5.44%
|
40,500 | 40,500 | ||||||||||||||
Due fiscal year 2027, 6.40% to 6.82%
|
125,000 | 125,000 | ||||||||||||||
Due fiscal year 2028, 6.57% to 6.85%
|
52,000 | 52,000 | ||||||||||||||
Due fiscal year 2030, 7.50%
|
8,500 | 8,500 | ||||||||||||||
Due fiscal year 2036, 5.70% to 5.78%
|
50,000 | 50,000 | ||||||||||||||
|
||||||||||||||||
Total Unsecured Medium Term-Notes
|
639,000 | 664,000 | ||||||||||||||
Other long-term debt
|
5,465 | 15,785 | ||||||||||||||
Unamortized discount
|
(43 | ) | (53 | ) | ||||||||||||
Lesscurrent maturities
|
82,592 | 75,994 | ||||||||||||||
|
||||||||||||||||
Total Long-Term Debt
|
561,830 | 33.3% | 603,738 | 35.9 | % | |||||||||||
|
||||||||||||||||
Total Capitalization
|
$ | 1,687,701 | 100.00% | $ | 1,679,475 | 100.00 | % | |||||||||
|
75
Accumulated
|
||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||
Comprehensive
|
||||||||||||||||||||||||
Common Stock |
Paid-In
|
Retained
|
Loss, Net of
|
|||||||||||||||||||||
(In thousands, except shares) | Shares | Amount | Capital | Earnings | Taxes | Total | ||||||||||||||||||
Balance at September 30, 2006
|
48,878,499 | $ | 477,671 | $ | 8,178 | $ | 440,587 | $ | (4,629 | ) | $ | 921,807 | ||||||||||||
Net income
|
| | | 107,900 | | 107,900 | ||||||||||||||||||
Minimum pension liability adjustment, net of taxes
|
| | | | 1,230 | 1,230 | ||||||||||||||||||
|
||||||||||||||||||||||||
Comprehensive income
|
109,130 | |||||||||||||||||||||||
Impact of initially applying SFAS No. 158 (ASC Topic 715), net
of taxes
|
| | | | 207 | 207 | ||||||||||||||||||
Stock-based compensation
|
437,712 | 12,586 | 4,250 | | | 16,836 | ||||||||||||||||||
Dividends declared on common stock ($1.3650 per share)
|
| | | (67,213 | ) | | (67,213 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Balance at September 30, 2007
|
49,316,211 | 490,257 | 12,428 | 481,274 | (3,192 | ) | 980,767 | |||||||||||||||||
Net income
|
| | | 116,523 | | 116,523 | ||||||||||||||||||
Post-retirement benefits adjustment, net of taxes
|
| | | | 1,441 | 1,441 | ||||||||||||||||||
|
||||||||||||||||||||||||
Comprehensive income
|
117,964 | |||||||||||||||||||||||
Stock-based compensation
|
600,672 | 16,848 | 1,970 | | | 18,818 | ||||||||||||||||||
Dividends declared on common stock ($1.4075 per share)
|
| | | (69,985 | ) | | (69,985 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Balance at September 30, 2008
|
49,916,883 | 507,105 | 14,398 | 527,812 | (1,751 | ) | 1,047,564 | |||||||||||||||||
Net income
|
| | | 120,373 | | 120,373 | ||||||||||||||||||
Post-retirement benefits adjustment, net of taxes
|
| | | | (4,690 | ) | (4,690 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Comprehensive income
|
115,683 | |||||||||||||||||||||||
Impact of applying SFAS No. 157 (ASC Topic 820) adjustment, net
of taxes
|
| | | 1,012 | | 1,012 | ||||||||||||||||||
Stock-based compensation
|
226,601 | 7,396 | (882 | ) | | | 6,514 | |||||||||||||||||
Dividends declared on common stock ($1.4575 per share)
|
| | | (73,075 | ) | | (73,075 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Balance at September 30, 2009
|
50,143,484 | $ | 514,501 | $ | 13,516 | $ | 576,122 | $ | (6,441 | ) | $ | 1,097,698 | ||||||||||||
|
76
September 30, | ||||||||
(In thousands) | 2009 | 2008 | ||||||
ASSETS
|
||||||||
Property, Plant and Equipment
|
||||||||
At original cost
|
$ | 3,206,576 | $ | 3,152,259 | ||||
Accumulated depreciation and amortization
|
(950,706 | ) | (954,974 | ) | ||||
|
||||||||
Net property, plant and equipment
|
2,255,870 | 2,197,285 | ||||||
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
5,160 | 3,680 | ||||||
Receivables
|
||||||||
Accounts receivable
|
70,382 | 105,132 | ||||||
Gas costs and other regulatory assets
|
77,173 | 26,543 | ||||||
Unbilled revenues
|
20,905 | 18,584 | ||||||
Allowance for doubtful accounts
|
(18,617 | ) | (15,736 | ) | ||||
|
||||||||
Net receivables
|
149,843 | 134,523 | ||||||
|
||||||||
Materials and suppliesprincipally at average cost
|
23,573 | 21,065 | ||||||
Storage gasat cost
(first-in,
first-out)
|
168,800 | 322,617 | ||||||
Deferred income taxes
|
| 8,429 | ||||||
Other prepayments
|
39,690 | 34,375 | ||||||
Receivables from associated companies
|
10,441 | 4,636 | ||||||
Other
|
11,531 | 4,833 | ||||||
|
||||||||
Total current assets
|
409,038 | 534,158 | ||||||
|
||||||||
Deferred Charges and Other Assets
|
||||||||
Regulatory assets
|
||||||||
Gas costs
|
13,996 | 50,797 | ||||||
Pension and other post-retirement benefits
|
306,918 | 133,326 | ||||||
Other
|
53,904 | 58,400 | ||||||
Prepaid qualified pension benefits
|
| 24,612 | ||||||
Other
|
11,846 | 24,188 | ||||||
|
||||||||
Total deferred charges and other assets
|
386,664 | 291,323 | ||||||
|
||||||||
Total Assets
|
$ | 3,051,572 | $ | 3,022,766 | ||||
|
||||||||
CAPITALIZATION AND LIABILITIES
|
||||||||
Capitalization
|
||||||||
Common shareholders equity
|
$ | 966,439 | $ | 935,049 | ||||
Preferred stock
|
28,173 | 28,173 | ||||||
Long-term debt
|
561,830 | 603,745 | ||||||
|
||||||||
Total capitalization
|
1,556,442 | 1,566,967 | ||||||
|
||||||||
Current Liabilities
|
||||||||
Current maturities of long-term debt
|
82,592 | 75,000 | ||||||
Notes payable
|
124,811 | 231,013 | ||||||
Accounts payable and other accrued liabilities
|
125,295 | 166,060 | ||||||
Wages payable
|
14,622 | 13,638 | ||||||
Accrued interest
|
3,598 | 4,200 | ||||||
Dividends declared
|
18,008 | 17,695 | ||||||
Customer deposits and advance payments
|
52,908 | 46,074 | ||||||
Gas costs and other regulatory liabilities
|
14,842 | 12,180 | ||||||
Deferred income taxes
|
9,285 | | ||||||
Accrued taxes
|
15,434 | 11,281 | ||||||
Payables to associated companies
|
11,390 | 22,746 | ||||||
Other
|
12,929 | 38,249 | ||||||
|
||||||||
Total current liabilities
|
485,714 | 638,136 | ||||||
|
||||||||
Deferred Credits
|
||||||||
Unamortized investment tax credits
|
10,462 | 11,355 | ||||||
Deferred income taxes
|
326,921 | 279,818 | ||||||
Accrued pensions and benefits
|
271,859 | 130,478 | ||||||
Asset retirement obligations
|
31,627 | 29,469 | ||||||
Regulatory liabilities
|
||||||||
Accrued asset removal costs
|
319,173 | 306,014 | ||||||
Other
|
14,307 | 14,973 | ||||||
Other
|
35,067 | 45,556 | ||||||
|
||||||||
Total deferred credits
|
1,009,416 | 817,663 | ||||||
|
||||||||
Commitments and Contingencies (Note 13)
|
||||||||
|
||||||||
Total Capitalization and Liabilities
|
$ | 3,051,572 | $ | 3,022,766 | ||||
|
77
Years Ended September 30, | ||||||||||||
(In thousands) | 2009 | 2008 | 2007 | |||||||||
OPERATING REVENUES
|
||||||||||||
Utility
|
$ | 1,505,875 | $ | 1,552,344 | $ | 1,513,839 | ||||||
Non-utility
|
41 | 66 | 242 | |||||||||
|
||||||||||||
Total Operating Revenues
|
1,505,916 | 1,552,410 | 1,514,081 | |||||||||
|
||||||||||||
OPERATING EXPENSES
|
||||||||||||
Utility cost of gas
|
829,905 | 885,234 | 892,376 | |||||||||
Operation and maintenance
|
257,874 | 252,915 | 248,817 | |||||||||
Depreciation and amortization
|
93,562 | 93,189 | 88,893 | |||||||||
General taxes and other assessments
|
109,522 | 98,721 | 96,493 | |||||||||
|
||||||||||||
Total Operating Expenses
|
1,290,863 | 1,330,059 | 1,326,579 | |||||||||
|
||||||||||||
OPERATING INCOME
|
215,053 | 222,351 | 187,502 | |||||||||
Other IncomeNet
|
1,683 | 1,894 | 2,560 | |||||||||
Interest Expense
|
||||||||||||
Interest on long-term debt
|
40,425 | 39,890 | 39,956 | |||||||||
Othernet
|
3,708 | 5,466 | 5,109 | |||||||||
|
||||||||||||
Total Interest Expense
|
44,133 | 45,356 | 45,065 | |||||||||
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
172,603 | 178,889 | 144,997 | |||||||||
INCOME TAX EXPENSE
|
66,018 | 64,707 | 54,497 | |||||||||
|
||||||||||||
NET INCOME BEFORE PREFERRED STOCK DIVIDENDS
|
$ | 106,585 | $ | 114,182 | $ | 90,500 | ||||||
Dividends on preferred stock
|
1,320 | 1,320 | 1,320 | |||||||||
|
||||||||||||
NET INCOME APPLICABLE TO COMMON STOCK
|
$ | 105,265 | $ | 112,862 | $ | 89,180 | ||||||
|
78
Year Ended September 30, | ||||||||||||
(In thousands) | 2009 | 2008 | 2007 | |||||||||
OPERATING ACTIVITIES
|
||||||||||||
Net income before preferred stock dividends
|
$ | 106,585 | $ | 114,182 | $ | 90,500 | ||||||
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED
BY OPERATING ACTIVITIES |
||||||||||||
Depreciation and amortization
|
93,562 | 93,189 | 88,893 | |||||||||
Amortization of:
|
||||||||||||
Other regulatory assets and liabilitiesnet
|
3,350 | 2,666 | 1,613 | |||||||||
Debt related costs
|
785 | 885 | 947 | |||||||||
Deferred income taxesnet
|
69,009 | 13,559 | 4,249 | |||||||||
Accrued/deferred pension cost
|
(2,198 | ) | (4,199 | ) | 1,488 | |||||||
Compensation expense related to equity awards
|
2,052 | 3,547 | 4,827 | |||||||||
Provision for doubtful accounts
|
18,567 | 16,761 | 7,884 | |||||||||
Other non-cash creditsnet
|
(419 | ) | (1,892 | ) | (1,762 | ) | ||||||
CHANGES IN ASSETS AND LIABILITIES
|
||||||||||||
Accounts receivable, unbilled revenues and receivables from
associated companies
|
10,938 | (66,381 | ) | (12,389 | ) | |||||||
Gas costs and other regulatory assets/liabilitiesnet
|
(47,968 | ) | (19,093 | ) | 5,127 | |||||||
Storage gas
|
153,817 | (106,846 | ) | 1,471 | ||||||||
Other prepayments
|
(8,070 | ) | (5,188 | ) | (14,595 | ) | ||||||
Accounts payable and other accrued liabilities and payables to
associated companies
|
(57,350 | ) | 34,387 | 14,654 | ||||||||
Wages payable
|
984 | 255 | (150 | ) | ||||||||
Customer deposits and advance payments
|
6,834 | (3,072 | ) | (349 | ) | |||||||
Accrued taxes
|
4,153 | 260 | (74 | ) | ||||||||
Accrued interest
|
(602 | ) | (16 | ) | 918 | |||||||
Other current assets
|
(9,206 | ) | 611 | 2,553 | ||||||||
Other current liabilities
|
(25,320 | ) | 19,055 | 9,831 | ||||||||
Deferred gas costsnet
|
36,801 | (24,556 | ) | (14,291 | ) | |||||||
Deferred assetsother
|
(10,505 | ) | (13,872 | ) | (5,210 | ) | ||||||
Deferred liabilitiesother
|
(24,241 | ) | (4,871 | ) | (5,261 | ) | ||||||
Othernet
|
3,893 | 850 | (924 | ) | ||||||||
|
||||||||||||
Net Cash Provided by Operating Activities
|
325,451 | 50,221 | 179,950 | |||||||||
|
||||||||||||
FINANCING ACTIVITIES
|
||||||||||||
Long-term debt issued
|
64,875 | 63,285 | 1,446 | |||||||||
Long-term debt retired
|
(76,011 | ) | (20,117 | ) | (15 | ) | ||||||
Debt issuance costs
|
(181 | ) | | (16 | ) | |||||||
Notes payable issued (retired)net
|
(106,202 | ) | 108,965 | 49,273 | ||||||||
Dividends on common stock and preferred stock
|
(71,457 | ) | (69,711 | ) | (68,138 | ) | ||||||
Other financing activitiesnet
|
(830 | ) | 513 | 681 | ||||||||
|
||||||||||||
Net Cash Provided by (Used in) Financing Activities
|
(189,806 | ) | 82,935 | (16,769 | ) | |||||||
|
||||||||||||
INVESTING ACTIVITIES
|
||||||||||||
Capital expenditures (excluding Allowance for Funds Used During
Construction)
|
(134,165 | ) | (133,633 | ) | (162,049 | ) | ||||||
Other investing activitiesnet
|
| | (1,061 | ) | ||||||||
|
||||||||||||
Net Cash Used in Investing Activities
|
(134,165 | ) | (133,633 | ) | (163,110 | ) | ||||||
|
||||||||||||
INCREASE IN CASH AND CASH EQUIVALENTS
|
1,480 | (477 | ) | 71 | ||||||||
Cash and Cash Equivalents at Beginning of Year
|
3,680 | 4,157 | 4,086 | |||||||||
|
||||||||||||
Cash and Cash Equivalents at End of Period
|
$ | 5,160 | $ | 3,680 | $ | 4,157 | ||||||
|
||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||||||
Income taxes paid
|
$ | 26,897 | $ | 59,108 | $ | 56,619 | ||||||
Interest paid
|
$ | 43,615 | $ | 45,449 | $ | 43,829 | ||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING
ACTIVITIES
|
||||||||||||
Retirement of debt related to project financing
|
$ | 24,494 | $ | | $ | | ||||||
Capital Expenditures included in accounts payable and other
accrued liabilities
|
$ | (3,473 | ) | $ | (7,532 | ) | $ | (1,007 | ) |
79
September 30, | ||||||||||||||||
(In thousands, except shares) | 2009 | 2008 | ||||||||||||||
Common Shareholders Equity
|
||||||||||||||||
Common stock, $1 par value, 80,000,000 shares
authorized, 46,479,536 shares issued, respectively
|
$ | 46,479 | $ | 46,479 | ||||||||||||
Paid-in capital
|
469,026 | 467,761 | ||||||||||||||
Retained Earnings
|
457,375 | 422,560 | ||||||||||||||
Accumulated other comprehensive loss, net of taxes
|
(6,441 | ) | (1,751 | ) | ||||||||||||
|
||||||||||||||||
Total Common Shareholders Equity
|
966,439 | 62.1 | % | 935,049 | 59.7 | % | ||||||||||
|
||||||||||||||||
Preferred Stock
|
||||||||||||||||
Washington Gas Light Company, without par value, 1,500,000
shares authorizedissued and outstanding:
|
||||||||||||||||
$4.80 series, 150,000 shares
|
15,000 | 15,000 | ||||||||||||||
$4.25 series, 70,600 shares
|
7,173 | 7,173 | ||||||||||||||
$5.00 series, 60,000 shares
|
6,000 | 6,000 | ||||||||||||||
|
||||||||||||||||
Total Preferred Stock
|
28,173 | 1.8 | % | 28,173 | 1.8 | % | ||||||||||
|
||||||||||||||||
Long-Term Debt
|
||||||||||||||||
Washington Gas Light Company Unsecured Medium-Term Notes
|
||||||||||||||||
Due fiscal year 2009, 5.49% to 6.92%
|
| 75,000 | ||||||||||||||
Due fiscal year 2010, 1.19% and 3.61%
|
50,000 | 50,000 | ||||||||||||||
Due fiscal year 2010, 7.70%
|
24,000 | 24,000 | ||||||||||||||
Due fiscal year 2011, 6.64%
|
30,000 | 30,000 | ||||||||||||||
Due fiscal year 2012, 5.90% to 6.05%
|
77,000 | 77,000 | ||||||||||||||
Due fiscal year 2014, 4.88% to 5.17%
|
67,000 | 67,000 | ||||||||||||||
Due fiscal year 2015, 4.83%
|
20,000 | 20,000 | ||||||||||||||
Due fiscal year 2016, 5.17%
|
25,000 | 25,000 | ||||||||||||||
Due fiscal year 2019, 7.46%
|
50,000 | | ||||||||||||||
Due fiscal year 2023, 6.65%
|
20,000 | 20,000 | ||||||||||||||
Due fiscal year 2025, 5.44%
|
40,500 | 40,500 | ||||||||||||||
Due fiscal year 2027, 6.40% to 6.82%
|
125,000 | 125,000 | ||||||||||||||
Due fiscal year 2028, 6.57% to 6.85%
|
52,000 | 52,000 | ||||||||||||||
Due fiscal year 2030, 7.50%
|
8,500 | 8,500 | ||||||||||||||
Due fiscal year 2036, 5.70% to 5.78%
|
50,000 | 50,000 | ||||||||||||||
|
||||||||||||||||
Total Unsecured Medium Term-Notes
|
639,000 | 664,000 | ||||||||||||||
Other long-term debt
|
5,465 | 14,791 | ||||||||||||||
Unamortized discount
|
(43 | ) | (46 | ) | ||||||||||||
Lesscurrent maturities
|
82,592 | 75,000 | ||||||||||||||
|
||||||||||||||||
Total Long-Term Debt
|
561,830 | 36.1 | % | 603,745 | 38.5 | % | ||||||||||
|
||||||||||||||||
Total Capitalization
|
$ | 1,556,442 | 100.00 | % | $ | 1,566,967 | 100.00 | % | ||||||||
|
80
Accumulated
|
||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||
Comprehensive
|
||||||||||||||||||||||||
Common Stock |
Paid-In
|
Retained
|
Loss,
|
|||||||||||||||||||||
(In thousands, except shares) | Shares | Amount | Capital | Earnings | Net of Taxes | Total | ||||||||||||||||||
Balance at September 30, 2006
|
46,479,536 | $ | 46,479 | $ | 458,907 | $ | 356,596 | $ | (4,629 | ) | $ | 857,353 | ||||||||||||
Net income
|
| | | 90,500 | | 90,500 | ||||||||||||||||||
Minimum pension liability adjustment, net of taxes
|
| | | | 1,230 | 1,230 | ||||||||||||||||||
|
||||||||||||||||||||||||
Comprehensive income
|
91,730 | |||||||||||||||||||||||
Impact of initially applying SFAS No. 158 (ASC Topic
715), net of taxes
|
| | | | 207 | 207 | ||||||||||||||||||
Stock-based
compensation
(a)
|
| | 4,633 | | | 4,633 | ||||||||||||||||||
Dividends declared:
|
||||||||||||||||||||||||
Common stock
|
| | | (67,213 | ) | | (67,213 | ) | ||||||||||||||||
Preferred stock
|
| | | (1,320 | ) | | (1,320 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Balance at September 30, 2007
|
46,479,536 | 46,479 | 463,540 | 378,563 | (3,192 | ) | 885,390 | |||||||||||||||||
Net income
|
| | | 114,182 | | 114,182 | ||||||||||||||||||
Post-retirement benefits adjustment, net of taxes
|
| | | | 1,441 | 1,441 | ||||||||||||||||||
|
||||||||||||||||||||||||
Comprehensive income
|
115,623 | |||||||||||||||||||||||
Stock-based
compensation
(a)
|
| | 4,221 | | | 4,221 | ||||||||||||||||||
Dividends declared:
|
||||||||||||||||||||||||
Common stock
|
| | | (68,865 | ) | | (68,865 | ) | ||||||||||||||||
Preferred stock
|
| | | (1,320 | ) | | (1,320 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Balance at September 30, 2008
|
46,479,536 | 46,479 | 467,761 | 422,560 | (1,751 | ) | 935,049 | |||||||||||||||||
Net income
|
| | | 106,585 | | 106,585 | ||||||||||||||||||
Post-retirement benefits adjustment, net of taxes
|
| | | | (4,690 | ) | (4,690 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Comprehensive income
|
101,895 | |||||||||||||||||||||||
Stock-based
compensation
(a)
|
| | 1,265 | | | 1,265 | ||||||||||||||||||
Dividends declared:
|
||||||||||||||||||||||||
Common stock
|
| | | (70,450 | ) | | (70,450 | ) | ||||||||||||||||
Preferred stock
|
| | | (1,320 | ) | | (1,320 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Balance at September 30, 2009
|
46,479,536 | $ | 46,479 | $ | 469,026 | $ | 457,375 | $ | (6,441 | ) | $ | 966,439 | ||||||||||||
|
(a)
|
Stock-based compensation is based on the stock awards of WGL Holdings that are allocated to Washington Gas Light Company for its pro-rata share. |
81
1. | ACCOUNTING POLICIES |
82
Property, Plant and Equipment at Original Cost | ||||||||||||||||
At September 30, | 2009 | 2008 | ||||||||||||||
(In millions) | Dollars | % | Dollars | % | ||||||||||||
Regulated utility segment
|
||||||||||||||||
Distribution, transmission and storage
|
$ | 2,890.6 | 89.2 | $ | 2,791.2 | 87.7 | ||||||||||
General, miscellaneous and intangibles
|
293.1 | 9.0 | 314.1 | 9.9 | ||||||||||||
Construction work in progress (CWIP)
|
49.4 | 1.5 | 71.8 | 2.2 | ||||||||||||
|
||||||||||||||||
Total regulated utility segment
|
3,233.1 | 99.7 | 3,177.1 | 99.8 | ||||||||||||
Unregulated segments
|
9.3 | 0.3 | 7.1 | 0.2 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 3,242.4 | 100.0 | $ | 3,184.2 | 100.0 | ||||||||||
|
83
Regulatory Assets and Liabilities | ||||||||||||||||||
Regulatory
|
Regulatory
|
|||||||||||||||||
(In millions) | Assets | Liabilities | ||||||||||||||||
At September 30, | 2009 | 2008 | 2009 | 2008 | ||||||||||||||
Current:
|
||||||||||||||||||
Gas costs due from/to customers
|
$ | 71.7 | $ | 19.2 | $ | 7.0 | $ | 7.4 | ||||||||||
Interruptible sharing
|
3.8 | 5.3 | 4.1 | | ||||||||||||||
Earnings Sharing Mechanism
(ESM)
(a)(b)
|
| | 3.3 | 4.8 | ||||||||||||||
Weather Normalization Adjustment (WNA) billing
mechanism
(b)
|
| 2.0 | | | ||||||||||||||
Capacity Allocation Charge
|
1.7 | | | | ||||||||||||||
Revenues Normalization Adjustment (RNA) billing
mechanism
(c)
|
| | 0.4 | | ||||||||||||||
|
||||||||||||||||||
Total current
|
77.2 | 26.5 | 14.8 | 12.2 | ||||||||||||||
|
||||||||||||||||||
Deferred:
|
||||||||||||||||||
Accrued asset removal costs
|
| | 319.2 | 306.0 | ||||||||||||||
Deferred gas costs
|
14.0 | 50.8 | | | ||||||||||||||
Pension and other post-retirement benefits
|
||||||||||||||||||
Other post-retirement benefit
coststrackers
(d)
|
6.1 | 8.7 | | | ||||||||||||||
Deferred pension
costs/incometrackers
(d)
|
20.2 | 13.9 | | | ||||||||||||||
ASC Topic 715 unrecognized
costs/income
(e)
|
||||||||||||||||||
Pensions
|
173.5 | 52.6 | | | ||||||||||||||
Other post-retirement benefits
|
106.7 | 56.3 | | | ||||||||||||||
Other curtailment costs for pensions & other
|
||||||||||||||||||
post-retirement
benefits
(f)
|
2.0 | 2.5 | | | ||||||||||||||
|
||||||||||||||||||
Total pension and other post-retirement benefits
|
308.5 | 134.0 | | | ||||||||||||||
Other
|
||||||||||||||||||
Income tax-related amounts due from/to customers
|
22.8 | 26.4 | 9.3 | 9.7 | ||||||||||||||
Losses/gains on issuance and extinguishments of debt and
interest-rate derivative
instruments
(g)
|
8.3 | 8.2 | 1.7 | 1.6 | ||||||||||||||
Deferred gain on sale of assets
|
| | 3.0 | 3.2 | ||||||||||||||
Environmental response costs
|
2.8 | 2.8 | | | ||||||||||||||
Rights-of-way
fees
|
0.5 | 1.1 | | | ||||||||||||||
Other costsBusiness Process Outsourcing (BPO)
|
13.2 | 12.6 | | | ||||||||||||||
Sabbatical leave and other similar benefits
|
3.1 | 6.1 | | | ||||||||||||||
Other regulatory expenses
|
3.2 | 1.2 | 0.3 | 0.5 | ||||||||||||||
|
||||||||||||||||||
Total other
|
53.9 | 58.4 | 14.3 | 15.0 | ||||||||||||||
|
||||||||||||||||||
Total deferred
|
376.4 | 243.2 | 333.5 | 321.0 | ||||||||||||||
|
||||||||||||||||||
Total
|
$ | 453.6 | $ | 269.7 | $ | 348.3 | $ | 333.2 | ||||||||||
|
84
(b) | Relates to the Virginia jurisdiction. |
(c) | Relates to the Maryland jurisdiction. |
(d) | Relates to the District of Columbia. |
(e) | Refer to Note 10Pension and Other Post-Retirement Benefit Plans for a further discussion of these amounts. |
(f) | Represents curtailment costs related to Virginia and Maryland associated with our BPO plan. Curtailment costs related to the District of Columbia are included in Other post-retirement benefitstrackers and Deferred pension costs/incometrackers. |
(g) | The losses or gains on the issuance and extinguishment of debt and interest-rate derivative instruments include unamortized balances from transactions executed in prior fiscal years. These transactions create gains and losses that are amortized over the remaining life of the debt as prescribed by regulatory accounting requirements. |
85
86
87
88
Incremental Effects of Adopting SFAS No. 158 | ||||||||||||||
Before
|
After
|
|||||||||||||
application of
|
SFAS No. 158
|
Application of
|
||||||||||||
(In thousands) | SFAS No. 158 | Adjustments | SFAS No. 158 | |||||||||||
Assets:
|
||||||||||||||
Regulatory assetsPension and other post-retirement benefits
|
$ | 21,683 | $ | 119,480 | $ | 141,163 | ||||||||
Prepaid qualified pension benefits
|
70,612 | 19,413 | 90,025 | |||||||||||
Liabilities:
|
||||||||||||||
Deferred income taxes
|
298,401 | (34,001 | ) | 264,400 | ||||||||||
Accrued pensions and benefits
|
46,150 | 153,682 | 199,832 | |||||||||||
Regulatory liabilitiesPension and other post-retirement
benefits
|
| 19,005 | 19,005 | |||||||||||
Common shareholders equity:
|
||||||||||||||
Accumulated other comprehensive loss, net of taxes
|
(3,399 | ) | 207 | (3,192 | ) | |||||||||
|
89
90
2. | ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES |
WGL Holdings, Inc. | ||||||||||
September 30, | ||||||||||
(In thousands) | 2009 | 2008 | ||||||||
Accounts payabletrade
|
$ | 174,098 | $ | 204,283 | ||||||
Employee benefits and payroll accruals
|
28,813 | 22,823 | ||||||||
Other accrued liabilities
|
10,618 | 16,017 | ||||||||
|
||||||||||
Total
|
$ | 213,529 | $ | 243,123 | ||||||
|
91
Washington Gas Light Company | ||||||||||
September 30, | ||||||||||
(In thousands) | 2009 | 2008 | ||||||||
Accounts payabletrade
|
$ | 90,630 | $ | 131,630 | ||||||
Employee benefits and payroll accruals
|
26,530 | 20,631 | ||||||||
Other accrued liabilities
|
8,135 | 13,799 | ||||||||
|
||||||||||
Total
|
$ | 125,295 | $ | 166,060 | ||||||
|
3. | SHORT-TERM DEBT |
(a) | Both WGL Holdings and Washington Gas have the right to request extensions with the banks approval. WGL Holdings revolving credit facility permits it to borrow an additional $50 million, with the banks approval, for a total of $450 million. Washington Gass revolving credit facility permits it to borrow an additional $100 million, with the banks approval, for a total of $400 million. |
92
4. | LONG-TERM DEBT |
93
MTN Issuances and Retirements
|
||||||||||||||
Interest
|
Nominal
|
|||||||||||||
(In millions) | Principal | Rate | Maturity Date | |||||||||||
Year Ended September 30, 2009
|
||||||||||||||
|
||||||||||||||
Issuances:
|
||||||||||||||
12/5/2008
|
$ | 50.0 | 7.46% | 12/5/2018 | ||||||||||
|
||||||||||||||
Total
|
$ | 50.0 | ||||||||||||
|
||||||||||||||
Retirements:
|
||||||||||||||
10/21/2008
|
$ | 5.0 | 5.49% | 10/21/2008 | ||||||||||
10/21/2008
|
20.0 | 5.49% | 10/21/2008 | |||||||||||
7/9/2009
|
10.0 | 6.92% | 7/9/2009 | |||||||||||
7/9/2009
|
10.0 | 6.92% | 7/9/2009 | |||||||||||
7/9/2009
|
10.0 | 6.92% | 7/9/2009 | |||||||||||
7/9/2009
|
7.2 | 6.92% | 7/9/2009 | |||||||||||
7/9/2009
|
12.8 | 6.92% | 7/9/2009 | |||||||||||
|
||||||||||||||
Total
|
$ | 75.0 | ||||||||||||
|
Interest
|
Nominal
|
|||||||||||||
(In millions) | Principal | Rate | Maturity Date | |||||||||||
Year Ended September 30, 2008
|
||||||||||||||
|
||||||||||||||
Issuances:
|
||||||||||||||
8/26/2008
|
$ | 50.0 | 3.61% | 08/26/2010 (a | ) | |||||||||
|
||||||||||||||
Total
|
$ | 50.0 | ||||||||||||
|
||||||||||||||
Retirements:
|
||||||||||||||
8/11/2008
|
$ | 12.1 | 6.60% | 8/11/2008 | ||||||||||
8/12/2008
|
3.0 | 6.61% | 8/12/2008 | |||||||||||
8/18/2008
|
3.5 | 6.55% | 8/18/2008 | |||||||||||
8/18/2008
|
1.5 | 6.51% | 8/18/2008 | |||||||||||
|
||||||||||||||
Total
|
$ | 20.1 | ||||||||||||
|
(a) | Floating rate MTN at 80 basis points over the 3-month LIBOR with a call option at 100 percent of par value to redeem the MTNs on or after February 26, 2009. Interest rate resets quarterly on November, February, May, and August 26 of each year until maturity. |
94
Long-Term Debt Maturities (a) | ||||||||||||
(In millions) | MTNs | Other (b) | Total | |||||||||
2010
(c)
|
$ | 82.5 | $ | 0.1 | $ | 82.6 | ||||||
2011
|
30.0 | 0.1 | 30.1 | |||||||||
2012
|
77.0 | 0.1 | 77.1 | |||||||||
2013
|
| | | |||||||||
2014
|
67.0 | | 67.0 | |||||||||
Thereafter
|
382.5 | | 382.5 | |||||||||
|
||||||||||||
Total (before project debt financing)
|
639.0 | 0.3 | 639.3 | |||||||||
Project debt
financing
(d)
|
| 5.1 | 5.1 | |||||||||
|
||||||||||||
Total
|
639.0 | 5.4 | 644.4 | |||||||||
Less: current maturities
|
82.5 | 0.1 | 82.6 | |||||||||
|
||||||||||||
Total non-current
|
$ | 556.5 | $ | 5.3 | $ | 561.8 | ||||||
|
(a) | Excludes unamortized discounts of $43 thousand at September 30, 2009. | |
(b) | Includes the current portion of capital lease obligations. |
(c) | Assumes the exercise of a put option by the MTN debt holders of $8.5 million in 2010. |
(d) | Project debt financing is anticipated to be a non-cash extinguishment. Refer to Note 13Commitments and Contingencies for a further discussion of this construction project financing. |
5. | DERIVATIVE AND WEATHER-RELATED INSTRUMENTS |
95
96
WGL Holdings, Inc.
|
||||||||||||||||||
Balance Sheet Classification of Derivative Instruments
|
||||||||||||||||||
As of September 30, 2009 | ||||||||||||||||||
(In millions) | ||||||||||||||||||
Derivative
|
Derivative
|
Netting of
|
||||||||||||||||
Balance Sheet location | Assets | Liabilities | Collateral | Total | ||||||||||||||
Other current assets
|
$ | 23.6 | $ | (7.8 | ) | $ | | $ | 15.8 | |||||||||
Deferred charges and other assetsother
|
13.2 | (5.4 | ) | | 7.8 | |||||||||||||
Other current
liabilities
(a)
|
5.4 | (26.0 | ) | 1.4 | (19.2 | ) | ||||||||||||
Deferred creditsother
|
24.4 | (48.0 | ) | 3.7 | (19.9 | ) | ||||||||||||
|
||||||||||||||||||
Total
|
$ | 66.6 | $ | (87.2 | ) | $ | 5.1 | $ | (15.5 | ) | ||||||||
|
Washington Gas Light Company
|
||||||||||||||||||
Balance Sheet Classification of Derivative Instruments
|
||||||||||||||||||
As of September 30, 2009 | ||||||||||||||||||
(In millions) | ||||||||||||||||||
Derivative
|
Derivative
|
Netting of
|
||||||||||||||||
Balance Sheet location | Assets | Liabilities | Collateral | Total | ||||||||||||||
Other current assets
|
$ | 19.1 | $ | (7.6 | ) | $ | | $ | 11.5 | |||||||||
Deferred charges and other assetsother
|
8.0 | (5.4 | ) | | 2.6 | |||||||||||||
Other current
liabilities
(a)
|
2.9 | (8.5 | ) | | (5.6 | ) | ||||||||||||
Deferred creditsother
|
23.9 | (27.5 | ) | | (3.6 | ) | ||||||||||||
|
||||||||||||||||||
Total
|
$ | 53.9 | $ | (49.0 | ) | $ | | $ | 4.9 | |||||||||
|
(a) | Includes liability for interest rate swaps of $0.7 million. |
(a) | Represents net loss from interest rate swaps |
97
Potential Collateral Requirements for Derivative
Liabilities
|
||||||||
with Credit-risk-Contingent Features | ||||||||
(In millions) | WGL Holdings | Washington Gas | ||||||
Derivative liabilities with credit-risk-contingent features
|
$ | 67.5 | $ | 38.9 | ||||
Maximum potential collateral requirements
|
29.0 | 3.1 | ||||||
|
98
6. | COMMON STOCK WGL HOLDINGS |
Common Stock Reserves | ||||||
Reserve for: | Number of Shares | |||||
1999 Incentive compensation
plan
(a)
|
426,061 | |||||
Omnibus incentive compensation
plan
(b)
|
1,700,000 | |||||
Dividend reinvestment and common stock purchase plan
|
607,830 | |||||
Employee savings plans
|
637,196 | |||||
Directors stock compensation plan
|
19,583 | |||||
|
||||||
Total common stock reserves
|
3,390,670 | |||||
|
(a) | Included are shares that potentially could be issued and that would reduce the 1999 Incentive Compensation Plan shares authorized. These shares include 846,207 shares dedicated to stock options issued but not exercised, and 91,171 shares dedicated to performance shares granted but not vested. If stock options exercised or performance shares vested under this Plan exceed amounts in reserve, WGL Holdings may settle these obligations in cash. Effective March 1, 2007, no further awards will be granted under the 1999 Plan. | |
(b) | Effective March 1, 2007, WGL Holdings adopted a shareholder-approved Omnibus Incentive Compensation Plan to replace on a prospective basis the 1999 Plan. Included are shares that potentially could be issued and that would reduce the Omnibus Incentive Compensation Plan shares authorized. These shares include 186,725 shares dedicated to performance shares granted but not vested. |
7. | PREFERRED STOCK |
Preferred Stock | ||||||||||||||||||
Preferred
|
Liquidation Preference
|
|||||||||||||||||
Series
|
Shares
|
Per Share |
Call Price
|
|||||||||||||||
Outstanding | Outstanding | Involuntary | Voluntary | Per Share | ||||||||||||||
$4.80
|
150,000 | $ | 100 | $ | 101 | $ | 101 | |||||||||||
$4.25
|
70,600 | $ | 100 | $ | 105 | $ | 105 | |||||||||||
$5.00
|
60,000 | $ | 100 | $ | 102 | $ | 102 | |||||||||||
|
99
8. | EARNINGS PER SHARE |
Basic and Diluted EPS | ||||||||||||
Years Ended September 30, | ||||||||||||
(In thousands, except per share data) | 2009 | 2008 | 2007 | |||||||||
Basic earnings per average common share:
|
||||||||||||
Net Income applicable to common stock
|
$ | 120,373 | $ | 116,523 | $ | 107,900 | ||||||
Average common shares outstandingbasic
|
50,104 | 49,607 | 49,172 | |||||||||
|
||||||||||||
Basic earnings per average common share
|
$ | 2.40 | $ | 2.35 | $ | 2.19 | ||||||
|
||||||||||||
Diluted earnings per average common share:
|
||||||||||||
Net Income applicable to common stock
|
$ | 120,373 | $ | 116,523 | $ | 107,900 | ||||||
|
||||||||||||
Average common shares outstandingbasic
|
50,104 | 49,607 | 49,172 | |||||||||
Stock-based compensation plans
|
278 | 305 | 205 | |||||||||
|
||||||||||||
Total average common shares outstandingdiluted
|
50,382 | 49,912 | 49,377 | |||||||||
|
||||||||||||
Diluted earnings per average common share
|
$ | 2.39 | $ | 2.33 | $ | 2.19 | ||||||
|
9. | INCOME TAXES |
100
WGL Holdings, Inc.
|
||||||||||||
Components of Income Tax Expense | ||||||||||||
Years Ended September 30, | ||||||||||||
(In thousands) | 2009 | 2008 | 2007 | |||||||||
INCOME TAX EXPENSE
|
||||||||||||
Current:
|
||||||||||||
Federal
|
$ | 4,637 | $ | 54,683 | $ | 53,915 | ||||||
State
|
6,142 | 9,840 | 10,252 | |||||||||
|
||||||||||||
Total current
|
10,779 | 64,523 | 64,167 | |||||||||
|
||||||||||||
Deferred:
|
||||||||||||
Federal
|
||||||||||||
Accelerated depreciation
|
46,331 | 5,574 | 4,529 | |||||||||
Other
|
14,280 | (3,823 | ) | (3,155 | ) | |||||||
State
|
||||||||||||
Accelerated depreciation
|
3,880 | 2,357 | 2,302 | |||||||||
Other
|
2,910 | 1,755 | 3,190 | |||||||||
|
||||||||||||
Total deferred
|
67,401 | 5,863 | 6,866 | |||||||||
|
||||||||||||
Amortization of investment tax credits
|
(906 | ) | (895 | ) | (896 | ) | ||||||
|
||||||||||||
Total income tax expense
|
$ | 77,274 | $ | 69,491 | $ | 70,137 | ||||||
|
WGL Holdings, Inc.
|
||||||||||||||||||||||||
Reconciliation Between the Statutory Federal Income Tax Rate and Effective Tax Rate | ||||||||||||||||||||||||
Years Ended September 30, | ||||||||||||||||||||||||
(In thousands) | 2009 | 2008 | 2007 | |||||||||||||||||||||
Income taxes at statutory federal income tax rate
|
$ | 69,638 | 35.00 | % | $ | 65,567 | 35.00 | % | $ | 62,775 | 35.00 | % | ||||||||||||
Increase (decrease) in income taxes resulting from:
|
||||||||||||||||||||||||
Accelerated depreciation less amount deferred
|
2,511 | 1.26 | 2,032 | 1.08 | 2,422 | 1.35 | ||||||||||||||||||
Amortization of investment tax credits
|
(906 | ) | (0.46 | ) | (895 | ) | (0.48 | ) | (896 | ) | (0.50 | ) | ||||||||||||
Cost of removal
|
(747 | ) | (0.38 | ) | (176 | ) | (0.09 | ) | (319 | ) | (0.18 | ) | ||||||||||||
State income
taxes-net
of
federal benefit
|
8,497 | 4.27 | 8,013 | 4.28 | 7,970 | 4.44 | ||||||||||||||||||
Medicare D subsidy
|
(1,872 | ) | (0.94 | ) | (2,109 | ) | (1.13 | ) | (2,060 | ) | (1.15 | ) | ||||||||||||
Other
items-net
|
153 | 0.08 | (2,941 | ) | (1.57 | ) | 245 | 0.14 | ||||||||||||||||
|
||||||||||||||||||||||||
Total income tax expense and effective tax rate
|
$ | 77,274 | 38.83 | % | $ | 69,491 | 37.09 | % | $ | 70,137 | 39.10 | % | ||||||||||||
|
101
WGL Holdings, Inc.
|
||||||||||||||||
Components of Deferred Income Tax Assets (Liabilities) | ||||||||||||||||
September 30, | ||||||||||||||||
(In thousands) | 2009 | 2008 | ||||||||||||||
ACCUMULATED DEFERRED INCOME TAXES | Current | Non-current | Current | Non-current | ||||||||||||
Deferred Income Tax Assets:
|
||||||||||||||||
Pensions and other post-retirement benefits
|
$ | | $ | 123,164 | $ | | $ | 63,489 | ||||||||
Uncollectible accounts
|
8,283 | | 6,809 | | ||||||||||||
Inventory overheads
|
6,648 | | 4,611 | | ||||||||||||
Capital gains/losses-net
|
1,968 | | 1,966 | | ||||||||||||
Valuation allowance
|
(1,968 | ) | | (1,966 | ) | | ||||||||||
Employee compensation and benefits
|
5,256 | 26,707 | 4,960 | 22,769 | ||||||||||||
Customer advances
|
| 3,763 | | 4,274 | ||||||||||||
Other
|
2,477 | 464 | | | ||||||||||||
|
||||||||||||||||
Total assets
|
22,664 | 154,098 | 16,380 | 90,532 | ||||||||||||
|
||||||||||||||||
Deferred Income Tax Liabilities:
|
||||||||||||||||
Accelerated depreciation and other plant related items
|
| 332,553 | | 281,800 | ||||||||||||
Losses/gains on reacquired debt
|
| 2,287 | | 2,496 | ||||||||||||
Income taxes recoverable through future rates
|
| 139,733 | | 72,880 | ||||||||||||
Deferred gas costs
|
27,819 | 3,030 | 8,135 | 3,772 | ||||||||||||
Other
|
| | 629 | 1,811 | ||||||||||||
|
||||||||||||||||
Total liabilities
|
27,819 | 477,603 | 8,764 | 362,759 | ||||||||||||
|
||||||||||||||||
Net accumulated deferred income tax assets (liabilities)
|
$ | (5,155 | ) | $ | (323,505 | ) | $ | 7,616 | $ | (272,227 | ) | |||||
|
Washington Gas Light Company
|
||||||||||||||||
Components of Income Tax Expense | ||||||||||||||||
Years Ended September 30, | ||||||||||||||||
(In thousands) | 2009 | 2008 | 2007 | |||||||||||||
INCOME TAX EXPENSE
|
||||||||||||||||
Current:
|
||||||||||||||||
Federal
|
$ | (4,966 | ) | $ | 45,662 | $ | 44,942 | |||||||||
State
|
2,868 | 6,379 | 6,199 | |||||||||||||
|
||||||||||||||||
Total current
|
(2,098 | ) | 52,041 | 51,141 | ||||||||||||
|
||||||||||||||||
Deferred:
|
||||||||||||||||
Federal
|
||||||||||||||||
Accelerated depreciation
|
46,018 | 5,544 | 4,523 | |||||||||||||
Other
|
15,823 | 2,314 | (5,196 | ) | ||||||||||||
State
|
||||||||||||||||
Accelerated depreciation
|
3,879 | 2,357 | 2,302 | |||||||||||||
Other
|
3,289 | 3,344 | 2,620 | |||||||||||||
|
||||||||||||||||
Total deferred
|
69,009 | 13,559 | 4,249 | |||||||||||||
|
||||||||||||||||
Amortization of investment tax credits
|
(893 | ) | (893 | ) | (893 | ) | ||||||||||
|
||||||||||||||||
Total income tax expense
|
$ | 66,018 | $ | 64,707 | $ | 54,497 | ||||||||||
|
102
Washington Gas Light Company
|
||||||||||||||||||||||||
Reconciliation Between the Statutory Federal Income Tax Rate and Effective Tax Rate | ||||||||||||||||||||||||
Years Ended September 30, | ||||||||||||||||||||||||
(In thousands) | 2009 | 2008 | 2007 | |||||||||||||||||||||
Income taxes at statutory federal income tax rate
|
$ | 60,411 | 35.00 | % | $ | 62,611 | 35.00 | % | $ | 50,749 | 35.00 | % | ||||||||||||
Increase (decrease) in income taxes resulting from:
|
||||||||||||||||||||||||
Accelerated depreciation less amount deferred
|
2,511 | 1.45 | 2,032 | 1.13 | 2,422 | 1.67 | ||||||||||||||||||
Amortization of investment tax credits
|
(893 | ) | (0.52 | ) | (893 | ) | (0.50 | ) | (893 | ) | (0.62 | ) | ||||||||||||
Cost of removal
|
(747 | ) | (0.43 | ) | (176 | ) | (0.10 | ) | (319 | ) | (0.22 | ) | ||||||||||||
State income
taxes-net
of
federal benefit
|
7,010 | 4.06 | 7,546 | 4.22 | 6,119 | 4.22 | ||||||||||||||||||
Consolidated tax sharing allocation
|
(534 | ) | (0.31 | ) | (1,196 | ) | (0.67 | ) | (1,485 | ) | (1.02 | ) | ||||||||||||
Medicare D subsidy
|
(1,865 | ) | (1.08 | ) | (2,101 | ) | (1.17 | ) | (2,038 | ) | (1.41 | ) | ||||||||||||
Other
items-net
|
125 | 0.07 | (3,116 | ) | (1.74 | ) | (58 | ) | (0.04 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Total income tax expense and effective tax rate
|
$ | 66,018 | 38.24 | % | $ | 64,707 | 36.17 | % | $ | 54,497 | 37.58 | % | ||||||||||||
|
Washington Gas Light Company
|
||||||||||||||||
Components of Deferred Income Tax Assets (Liabilities) | ||||||||||||||||
September 30, | ||||||||||||||||
(In thousands) | 2009 | 2008 | ||||||||||||||
ACCUMULATED DEFERRED INCOME TAXES | Current | Non-current | Current | Non-current | ||||||||||||
Deferred Income Tax Assets:
|
||||||||||||||||
Pensions and other post-retirement benefits
|
$ | | $ | 122,415 | $ | | $ | 63,076 | ||||||||
Uncollectible accounts
|
7,339 | | 6,248 | | ||||||||||||
Inventory overheads
|
6,648 | | 4,610 | | ||||||||||||
Employee compensation and benefits
|
5,165 | 23,262 | 4,934 | 15,917 | ||||||||||||
Customer advances
|
| 3,763 | | 4,274 | ||||||||||||
Other
|
| | 772 | | ||||||||||||
|
||||||||||||||||
Total assets
|
19,152 | 149,440 | 16,564 | 83,267 | ||||||||||||
|
||||||||||||||||
Deferred Income Tax Liabilities:
|
||||||||||||||||
Accelerated depreciation and other plant related items
|
| 331,824 | | 281,926 | ||||||||||||
Losses/gains on reacquired debt
|
| 2,287 | | 2,495 | ||||||||||||
Income taxes recoverable through future rates
|
| 139,193 | | 72,609 | ||||||||||||
Deferred gas costs
|
27,819 | 3,030 | 8,135 | 3,772 | ||||||||||||
Other
|
618 | 27 | | 2,283 | ||||||||||||
|
||||||||||||||||
Total liabilities
|
28,437 | 476,361 | 8,135 | 363,085 | ||||||||||||
|
||||||||||||||||
Net accumulated deferred income tax assets (liabilities)
|
$ | (9,285 | ) | $ | (326,921 | ) | $ | 8,429 | $ | (279,818 | ) | |||||
|
103
104
Post-Retirement Benefits | ||||||||||||||||
Health and Life
|
||||||||||||||||
(In millions) | Pension Benefits | Benefits | ||||||||||||||
Year Ended September 30, | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Change in projected benefit obligation
|
||||||||||||||||
Benefit obligation at beginning of year
|
$ | 590.5 | $ | 680.3 | $ | 343.9 | $ | 426.6 | ||||||||
Service cost
|
8.4 | 9.8 | 5.1 | 8.8 | ||||||||||||
Interest cost
|
42.7 | 39.7 | 25.0 | 25.0 | ||||||||||||
Change in plan benefits
|
1.7 | | | (43.8 | ) | |||||||||||
Actuarial (gain) loss
|
76.4 | (99.3 | ) | 43.7 | (52.2 | ) | ||||||||||
Retiree contributions
|
| | 1.0 | 1.0 | ||||||||||||
Medicare part D reimbursements
|
| | 0.7 | 1.3 | ||||||||||||
Benefits paid
|
(41.6 | ) | (40.0 | ) | (20.1 | ) | (22.8 | ) | ||||||||
|
||||||||||||||||
Projected benefit obligation at end of year
|
$ | 678.1 | $ | 590.5 | $ | 399.3 | $ | 343.9 | ||||||||
|
||||||||||||||||
Change in plan assets
|
||||||||||||||||
Fair value of plan assets at beginning of year
|
$ | 588.2 | $ | 740.7 | $ | 241.9 | $ | 258.1 | ||||||||
Actual return on plan assets
|
3.4 | (114.4 | ) | 9.1 | (22.1 | ) | ||||||||||
Company contributions
|
2.4 | 1.9 | 15.7 | 26.3 | ||||||||||||
Retiree contributions
|
| | 1.0 | 1.1 | ||||||||||||
Medicare part D reimbursements
|
| | 0.7 | 1.3 | ||||||||||||
Expenses
|
(2.4 | ) | | | | |||||||||||
Benefits paid
|
(41.6 | ) | (40.0 | ) | (20.1 | ) | (22.8 | ) | ||||||||
|
||||||||||||||||
Fair value of plan assets at end of year
|
$ | 550.0 | $ | 588.2 | $ | 248.3 | $ | 241.9 | ||||||||
|
||||||||||||||||
Funded status at end of year
|
(128.1 | ) | (2.3 | ) | (151.0 | ) | (102.0 | ) | ||||||||
|
||||||||||||||||
Total amounts recognized on balance sheet
|
||||||||||||||||
Prepaid benefit cost
|
| 24.7 | | | ||||||||||||
Current liability
|
(10.2 | ) | (1.5 | ) | | | ||||||||||
Accrued benefit liability
|
(117.9 | ) | (25.5 | ) | (151.0 | ) | (102.0 | ) | ||||||||
|
||||||||||||||||
Total recognized
|
(128.1 | ) | (2.3 | ) | (151.0 | ) | (102.0 | ) | ||||||||
|
105
Unrecognized Costs/Income Recorded on the Balance Sheet | ||||||||||||||||
(In millions) | Pension Benefits | Health and Life Benefits | ||||||||||||||
September 30, | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Unrecognized actuarial net (gain)/loss
|
$ | 175.9 | $ | 49.4 | $ | 170.2 | $ | 122.6 | ||||||||
Unrecognized prior service cost (credit)
|
5.3 | 5.4 | (39.4 | ) | (43.4 | ) | ||||||||||
Unrecognized transition obligation
|
| | 4.3 | 5.4 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 181.2 | $ | 54.8 | $ | 135.1 | $ | 84.6 | ||||||||
|
||||||||||||||||
Regulatory asset
|
$ | 173.5 | $ | 52.6 | $ | 106.7 | $ | 56.3 | ||||||||
Deferred income tax benefit
|
| | 25.0 | 25.7 | ||||||||||||
Accumulated other comprehensive loss
(pre-tax)
(a)
|
7.7 | 2.2 | 3.4 | 2.6 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 181.2 | $ | 54.8 | $ | 135.1 | $ | 84.6 | ||||||||
|
(a) | The total amount of accumulated other comprehensive loss recorded on our balance sheets at September 30, 2009 and 2008 is net of an income tax benefit of $4.7 million and $3.0 million, respectively. |
Amounts Recognized During Fiscal Year 2009 | ||||||||||||||||
Accumulated other
|
||||||||||||||||
Regulatory assets/liabilities | comprehensive loss | |||||||||||||||
Health and
|
Health and
|
|||||||||||||||
(In millions) | Pension Benefits | Life Benefits | Pension Benefits | Life Benefits | ||||||||||||
Actuarial net loss
|
$ | 0.3 | $ | 4.8 | $ | 0.1 | $ | 0.1 | ||||||||
Prior service cost
|
1.7 | (3.9 | ) | | (0.1 | ) | ||||||||||
Transition obligation
|
| 0.9 | | 0.2 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 2.0 | $ | 1.8 | $ | 0.1 | $ | 0.2 | ||||||||
|
Amounts to be Recognized During Fiscal Year 2010 | ||||||||||||||||
Accumulated other
|
||||||||||||||||
Regulatory assets/liabilities | comprehensive loss | |||||||||||||||
Health and
|
Health and
|
|||||||||||||||
(In millions) | Pension Benefits | Life Benefits | Pension Benefits | Life Benefits | ||||||||||||
Actuarial net loss
|
$ | 6.1 | $ | 4.8 | $ | 1.2 | $ | 0.1 | ||||||||
Prior service cost (credit)
|
1.1 | (3.9 | ) | | (0.1 | ) | ||||||||||
Transition obligation
|
| 0.8 | | 0.2 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 7.2 | $ | 1.7 | $ | 1.2 | $ | 0.2 | ||||||||
|
106
(a) | None of WGL Holdings common stock is included in these plans. |
Expected Benefit Payments | ||||||||
Pension
|
Health and Life
|
|||||||
(In millions) | Benefits | Benefits | ||||||
2010
|
$ | 50.9 | $ | 19.5 | ||||
2011
|
44.0 | 20.7 | ||||||
2012
|
45.3 | 22.1 | ||||||
2013
|
47.0 | 23.4 | ||||||
2014
|
48.3 | 24.7 | ||||||
20152019
|
258.8 | 137.8 | ||||||
|
107
Components of Net Periodic Benefit Costs (Income) | ||||||||||||||||||||||||
(In millions) | Pension Benefits | Health and Life Benefits | ||||||||||||||||||||||
Year Ended September 30, | 2009 | 2008 | 2007 | 2009 | 2008 | 2007 | ||||||||||||||||||
Components of net periodic benefit costs (income)
|
||||||||||||||||||||||||
Service cost
|
$ | 8.4 | $ | 9.8 | $ | 11.9 | $ | 5.1 | $ | 8.8 | $ | 10.6 | ||||||||||||
Interest cost
|
42.7 | 39.7 | 39.0 | 25.0 | 25.0 | 25.2 | ||||||||||||||||||
Expected return on plan assets
|
(51.5 | ) | (52.9 | ) | (50.7 | ) | (17.9 | ) | (17.4 | ) | (15.4 | ) | ||||||||||||
Recognized prior service cost
|
1.7 | 1.7 | 2.3 | (4.0 | ) | | | |||||||||||||||||
Recognized actuarial loss
|
0.4 | 1.0 | 3.7 | 4.9 | 7.9 | 11.5 | ||||||||||||||||||
Amortization of transition obligation
|
| | | 1.1 | 1.2 | 1.5 | ||||||||||||||||||
Curtailment loss
|
| | 2.4 | | | 1.6 | ||||||||||||||||||
|
||||||||||||||||||||||||
Net periodic benefit cost (income)
|
1.7 | (0.7 | ) | 8.6 | 14.2 | 25.5 | 35.0 | |||||||||||||||||
|
||||||||||||||||||||||||
Amount allocated to construction projects
|
0.2 | 0.4 | (0.4 | ) | (2.3 | ) | (3.4 | ) | (4.2 | ) | ||||||||||||||
Amount deferred as regulatory asset (liability)-net
|
(3.9 | ) | (3.5 | ) | (4.7 | ) | 2.8 | 1.5 | 0.3 | |||||||||||||||
|
||||||||||||||||||||||||
Amount charged (credited) to expense
|
($ | 2.0 | ) | $ | (3.8 | ) | $ | 3.5 | $ | 14.7 | $ | 23.6 | $ | 31.1 | ||||||||||
|
Medicare Subsidy Receipts | ||||
Health and Life
|
||||
(In millions) | Benefits | |||
2010
|
$ | 1.5 | ||
2011
|
1.7 | |||
2012
|
1.9 | |||
2013
|
2.1 | |||
2014
|
2.3 | |||
20152019
|
14.3 | |||
|
Benefit Obligations Assumptions | ||||||||||||||||
Health and Life
|
||||||||||||||||
Pension Benefits | Benefits | |||||||||||||||
September 30, | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Discount
rate
(a)
|
6.50 | % | 7.50 | % | 6.50 | % | 7.50 | % | ||||||||
Rate of compensation
increase
(b)
|
3.00 | % | 4.00 | % | 3.00 | % | 4.00 | % | ||||||||
|
(a) | The decrease in the discount rate at September 30, 2009 compared to 2008 primarily reflects the decrease in long-term interest rates. |
108
(b) | The decrease in the rate of compensation increase from September 30, 2009 compared to 2008 primarily reflects the decrease in inflation rates in fiscal year 2009. |
Net Periodic Benefit Cost Assumptions | ||||||||||||||||||||||||
Pension Benefits | Health and Life Benefits | |||||||||||||||||||||||
Years Ended September 30, | 2009 | 2008 | 2007 | 2009 | 2008 | 2007 | ||||||||||||||||||
Discount
rate
(a)
|
7.50 | % | 6.00 | % | 5.75 | % | 7.50 | % | 6.00 | % | 5.75 | % | ||||||||||||
Expected long-term return on plan
assets
(b)
|
8.25 | % | 8.25 | % | 8.25 | % | 7.25 | % | 7.25 | % | 7.25 | % | ||||||||||||
Rate of compensation increase
|
4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | ||||||||||||
|
(a) | The increase in the discount rate in 2009 from 2008 primarily reflects the increase in long-term interest rates primarily due to the tightening of the credit markets in fiscal year 2008. |
(b) | For health and life benefits, the expected returns for certain funds may be lower due to certain portions of income that are subject to taxes. |
Healthcare Trends | ||||||||
One
|
One
|
|||||||
Percentage-Point
|
Percentage-Point
|
|||||||
(In millions) | Increase | Decrease | ||||||
Increase (decrease) total service and interest cost components
|
$ | 4.5 | $ | (3.6 | ) | |||
Increase (decrease) post-retirement benefit obligation
|
$ | 54.1 | $ | (44.3 | ) | |||
|
109
11. | STOCK-BASED COMPENSATION |
110
Performance Share Activity | ||||||||
Year Ended
|
||||||||
September 30, 2009 | ||||||||
Weighted
|
||||||||
Average
|
||||||||
Number of
|
Grant-Date
|
|||||||
Shares (a) | Fair Value | |||||||
Non-vested and outstanding, beginning of year
|
274,258 | $ | 32.06 | |||||
Granted
|
101,781 | $ | 32.71 | |||||
Vested
|
(82,223 | ) | $ | 32.62 | ||||
Cancelled/forfeited
|
(15,920 | ) | $ | 32.09 | ||||
|
||||||||
Non-vested and outstanding, end of year
|
277,896 | $ | 32.13 | |||||
|
(a) | The number of common shares issued related to performance shares may range from zero to 200 percent of the number of shares shown in the table above based on our achievement of performance goals for total shareholder return relative to a selected peer group of companies. |
111
Fair Value Assumptions | ||||||||||||
Years Ended September 30, | 2009 | 2008 | 2007 | |||||||||
Expected stock-price volatility
|
21.40 | % | 17.70 | % | 15.70 | % | ||||||
Dividend yield
|
4.38 | % | 4.00 | % | 4.30 | % | ||||||
Risk-free interest rate
|
2.27 | % | 4.00 | % | 4.60 | % | ||||||
Weighted average fair value of performance shares granted during
the year
|
$ | 32.71 | $ | 34.01 | $ | 29.68 | ||||||
|
Performance Unit Activity | ||||
Year Ended
|
||||
September 30, 2009 | ||||
Number of Units | ||||
Non-vested and outstanding, beginning of year
|
3,218,580 | |||
Granted
|
3,302,792 | |||
Vested
|
| |||
Cancelled/forfeited
|
(334,359 | ) | ||
|
||||
Non-vested and outstanding, end of year
|
6,187,013 | |||
|
Fair Value Assumptions | ||||||||
September 30, | 2009 | |||||||
10/1/2008 Grant | 10/1/2007 Grant | |||||||
Expected stock-price volatility
|
33.37 | % | 39.54 | % | ||||
Risk free interest rate
|
0.71 | % | 0.44 | % | ||||
|
112
Stock Option Activity | ||||||||||||||||
Weighted
|
||||||||||||||||
Weighted
|
Average
|
|||||||||||||||
Number
|
Average
|
Remaining
|
Aggregate
|
|||||||||||||
of
|
Exercise
|
Contractual
|
Intrinsic Value
|
|||||||||||||
Options | Price | Term (In years) | (In thousands) | |||||||||||||
Outstanding at September 30, 2008
|
1,017,177 | $ | 30.57 | 6.87 | $ | 1,913 | ||||||||||
Granted
|
| |||||||||||||||
Exercised
|
(159,270 | ) | 29.63 | |||||||||||||
Cancelled/forfeited
|
(11,700 | ) | 31.34 | |||||||||||||
|
||||||||||||||||
Outstanding at September 30, 2009
|
846,207 | 30.74 | 5.77 | $ | 2,035 | |||||||||||
|
||||||||||||||||
Exercisable at September 30, 2009
|
459,006 | 30.23 | 4.73 | $ | 1,338 | |||||||||||
|
12. | ENVIRONMENTAL MATTERS |
113
| the complexity of the site; | |
| changes in environmental laws and regulations at the federal, state and local levels; | |
| the number of regulatory agencies or other parties involved; | |
| new technology that renders previous technology obsolete or experience with existing technology that proves ineffective; | |
| the level of remediation required and | |
| variations between the estimated and actual period of time that must be dedicated to respond to an environmentally-contaminated site. |
114
13. | COMMITMENTS AND CONTINGENCIES |
Minimum Payments Under Operating Leases | ||||||
(In millions) | ||||||
2010
|
$ | 4.2 | ||||
2011
|
4.3 | |||||
2012
|
4.4 | |||||
2013
|
4.4 | |||||
2014
|
4.2 | |||||
Thereafter
|
15.2 | |||||
|
||||||
Total
|
$ | 36.7 | ||||
|
Washington Gas Contract Minimums | ||||||
(In millions) | Pipeline Contracts | |||||
2010
|
$ | 159.2 | ||||
2011
|
158.5 | |||||
2012
|
158.6 | |||||
2013
|
161.1 | |||||
2014
|
183.2 | |||||
Thereafter
|
1,573.8 | |||||
|
||||||
Total
|
$ | 2,394.4 | ||||
|
115
(i) | approves the recovery of hexane commodity costs incurred after September 30, 2009 from sales and delivery service customers, subject to review as a component of the Companys cost of gas; |
116
(ii) | establishes the implementation of a coupling replacement and encapsulation program (program), wherein the Company will replace or encapsulate a portion of its mechanically coupled pipe in the District of Columbia. The program is expected to conclude in approximately seven years with total spending not to exceed $28 million; | |
(iii) | provides for the cost of the program to be recovered through an annual surcharge based on actual expenditures for coupling replacement and encapsulation that will become effective at the end of the existing base rate freeze (October 1, 2011). The cost will include both a return of and return on the cost of coupling replacement and encapsulation, computed in accordance with the terms of the rates currently in effect and | |
(iv) | establishes periodic reporting on the level of hexane injected at each of the Companys hexane facilities with the associated commodity costs, and continued filing of leak-related information with the PSC of DC. |
117
118
WGEServices Contract Minimums | ||||||||||||||||
Gas Purchase
|
Pipeline
|
Electric Purchase
|
||||||||||||||
(In millions) | Commitments (a) | Contracts | Commitments (b) | Total | ||||||||||||
2010
|
$ | 306.4 | $ | 2.9 | $ | 474.7 | $ | 784.0 | ||||||||
2011
|
152.5 | 1.3 | 273.0 | 426.8 | ||||||||||||
2012
|
69.8 | 1.1 | 116.3 | 187.2 | ||||||||||||
2013
|
8.1 | 0.8 | 21.1 | 30.0 | ||||||||||||
2014
|
| 0.4 | 0.7 | 1.1 | ||||||||||||
Thereafter
|
| 1.9 | | 1.9 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 536.8 | $ | 8.4 | $ | 885.8 | $ | 1,431.0 | ||||||||
|
(a) | Represents fixed price commitments with city gate equivalent deliveries. |
(b) | Includes $6.5 million of commitments related to renewable energy credits. |
119
14. | FAIR VALUE OF FINANCIAL INSTRUMENTS |
120
Fair Value Measurements Under the Fair Value Hierarchy at September 30, 2009 | ||||||||||||||||
WGL Holdings | Washington Gas | |||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | ||||||||||||
Level 1
|
$ | | $ | | $ | | $ | | ||||||||
Level 2
|
31.4 | (26.5 | ) | 28.9 | (19.8 | ) | ||||||||||
Level 3
|
35.2 | (62.8 | ) | 25.0 | (31.3 | ) | ||||||||||
Counterparty and cash collateral netting
|
(43.0 | ) | 48.1 | (39.8 | ) | 39.8 | ||||||||||
|
||||||||||||||||
Total
|
$ | 23.6 | $ | (41.2 | ) | $ | 14.1 | $ | (11.3 | ) | ||||||
|
Reconciliation of Fair Value Measurements Using Significant Level 3 Inputs | ||||||||
(In millions) | WGL Holdings | Washington Gas | ||||||
Balance at October 1, 2008
|
$ | (9.1 | ) | $ | (17.0 | ) | ||
Realized and unrealized gains (losses)
|
||||||||
Recorded to income
|
(54.1 | ) | (1.4 | ) | ||||
Recorded to regulatory assetsgas costs
|
2.1 | 2.1 | ||||||
Transfers in and/or out of Level 3
|
| | ||||||
Purchases and settlements, net
|
33.5 | 10.0 | ||||||
|
||||||||
Balance at September 30, 2009
|
$ | (27.6 | ) | $ | (6.3 | ) | ||
|
121
Unrealized Gains (Losses) Recorded for Level 3 Measurements | ||||||||
Year Ended
|
||||||||
September 30, 2009 | ||||||||
(In millions) | WGL Holdings | Washington Gas | ||||||
Recorded to income
|
||||||||
Operating revenuesnon-utility
|
$ | 8.1 | $ | | ||||
Utility cost of gas
|
3.4 | 3.4 | ||||||
Non-utility cost of energy-related sales
|
(26.7 | ) | | |||||
Recorded to regulatory assetsgas costs
|
(4.0 | ) | (4.0 | ) | ||||
|
||||||||
Total
|
$ | (19.2 | ) | $ | (0.6 | ) | ||
|
Fair Value of Financial Instruments | ||||||||||||||||
At September 30, | 2009 | 2008 | ||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
(In millions) | Amount | Value | Amount | Value | ||||||||||||
Long-term
debt
(a)
|
$ | 561.8 | $ | 627.8 | $ | 603.8 | $ | 564.6 | ||||||||
|
(a) | Excludes current maturities and unamortized discounts. |
122
Operating Segment Financial Information | ||||||||||||||||||||||||
Non-Utility Operations | ||||||||||||||||||||||||
Retail
|
||||||||||||||||||||||||
Regulated
|
Energy-
|
Design-Build
|
Other
|
|||||||||||||||||||||
(In thousands) | Utility | Marketing | Energy Systems | Activities | Eliminations | Consolidated | ||||||||||||||||||
Year Ended September 30, 2009
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Operating Revenues
|
$ | 1,505,875 | $ | 1,192,022 | $ | 33,735 | $ | 10 | $ | (24,786 | ) | $ | 2,706,856 | |||||||||||
|
||||||||||||||||||||||||
Operating Expenses:
|
||||||||||||||||||||||||
Cost of Energy-Related Sales
|
829,905 | 1,127,409 | 25,757 | | (24,786 | ) | 1,958,285 | |||||||||||||||||
Operation
|
211,772 | 35,041 | 2,835 | 4,149 | | 253,797 | ||||||||||||||||||
Maintenance
|
43,674 | | | | | 43,674 | ||||||||||||||||||
Depreciation and Amortization
|
94,545 | 753 | 59 | | | 95,357 | ||||||||||||||||||
General Taxes and Other Assessments:
|
||||||||||||||||||||||||
Revenue Taxes
|
61,051 | 1,074 | | | | 62,125 | ||||||||||||||||||
Other
|
48,736 | 3,025 | 141 | 27 | | 51,929 | ||||||||||||||||||
|
||||||||||||||||||||||||
Total Operating Expenses
|
1,289,683 | 1,167,302 | 28,792 | 4,176 | (24,786 | ) | 2,465,167 | |||||||||||||||||
|
||||||||||||||||||||||||
Operating Income (Loss)
|
216,192 | 24,720 | 4,943 | (4,166 | ) | | 241,689 | |||||||||||||||||
Other IncomeNet
|
1,662 | 101 | 142 | 918 | (642 | ) | 2,181 | |||||||||||||||||
Interest Expense
|
44,140 | 654 | 1 | 750 | (642 | ) | 44,903 | |||||||||||||||||
Dividends on Washington Gas Preferred Stock
|
1,320 | | | | | 1,320 | ||||||||||||||||||
Income Tax Expense (Benefit)
|
66,442 | 9,192 | 1,930 | (290 | ) | | 77,274 | |||||||||||||||||
|
||||||||||||||||||||||||
Net Income (Loss) Applicable to Common Stock
|
$ | 105,952 | $ | 14,975 | $ | 3,154 | $ | (3,708 | ) | $ | | $ | 120,373 | |||||||||||
|
||||||||||||||||||||||||
Total Assets
|
$ | 3,059,838 | $ | 300,491 | $ | 21,517 | $ | 83,260 | $ | (115,216 | ) | $ | 3,349,890 | |||||||||||
|
||||||||||||||||||||||||
Capital Expenditures/Investments
|
$ | 136,483 | $ | 2,393 | $ | 32 | $ | | $ | | $ | 138,908 | ||||||||||||
|
123
Operating Segment Financial Information | ||||||||||||||||||||||||
Non-Utility Operations | ||||||||||||||||||||||||
Retail
|
||||||||||||||||||||||||
Regulated
|
Energy-
|
Design-Build
|
Other
|
|||||||||||||||||||||
(In thousands) | Utility | Marketing | Energy Systems | Activities | Eliminations | Consolidated | ||||||||||||||||||
Year Ended September 30, 2008
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Operating Revenues
|
$ | 1,552,344 | $ | 1,062,692 | $ | 29,051 | $ | 8 | $ | (15,901 | ) | $ | 2,628,194 | |||||||||||
|
||||||||||||||||||||||||
Operating Expenses:
|
||||||||||||||||||||||||
Cost of Energy-Related Sales
|
885,234 | 1,023,297 | 23,849 | | (15,901 | ) | 1,916,479 | |||||||||||||||||
Operation
|
205,311 | 26,531 | 2,621 | 3,276 | | 237,739 | ||||||||||||||||||
Maintenance
|
44,819 | | | | | 44,819 | ||||||||||||||||||
Depreciation and Amortization
|
94,156 | 803 | 48 | | | 95,007 | ||||||||||||||||||
General Taxes and Other Assessments:
|
| |||||||||||||||||||||||
Revenue Taxes
|
55,349 | 548 | | | | 55,897 | ||||||||||||||||||
Other
|
43,685 | 2,841 | 92 | 29 | | 46,647 | ||||||||||||||||||
|
||||||||||||||||||||||||
Total Operating Expenses
|
1,328,554 | 1,054,020 | 26,610 | 3,305 | (15,901 | ) | 2,396,588 | |||||||||||||||||
|
||||||||||||||||||||||||
Operating Income (Loss)
|
223,790 | 8,672 | 2,441 | (3,297 | ) | | 231,606 | |||||||||||||||||
Other IncomeNet
|
1,910 | 93 | 388 | 1,254 | (1,120 | ) | 2,525 | |||||||||||||||||
Interest Expense
|
45,397 | 1,139 | | 1,381 | (1,120 | ) | 46,797 | |||||||||||||||||
Dividends on Washington Gas Preferred Stock
|
1,320 | | | | | 1,320 | ||||||||||||||||||
Income Tax Expense
|
65,260 | 2,813 | 1,038 | 380 | | 69,491 | ||||||||||||||||||
|
||||||||||||||||||||||||
Net Income (Loss) Applicable to Common Stock
|
$ | 113,723 | $ | 4,813 | $ | 1,791 | $ | (3,804 | ) | $ | | $ | 116,523 | |||||||||||
|
||||||||||||||||||||||||
Total Assets
|
$ | 3,020,471 | $ | 231,839 | $ | 21,647 | $ | 60,462 | $ | (90,876 | ) | $ | 3,243,543 | |||||||||||
|
||||||||||||||||||||||||
Capital Expenditures/Investments
|
$ | 134,570 | $ | 231 | $ | 160 | $ | | $ | | $ | 134,961 | ||||||||||||
|
||||||||||||||||||||||||
Year Ended September 30, 2007
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Operating Revenues
|
$ | 1,513,839 | $ | 1,138,440 | $ | 10,175 | $ | 119 | $ | (16,565 | ) | $ | 2,646,008 | |||||||||||
|
||||||||||||||||||||||||
Operating Expenses:
|
||||||||||||||||||||||||
Cost of Energy-Related Sales
|
892,376 | 1,071,563 | 7,815 | | (16,565 | ) | 1,955,189 | |||||||||||||||||
Operation
|
206,623 | 23,253 | 2,053 | 3,730 | | 235,659 | ||||||||||||||||||
Maintenance
|
39,685 | | | | | 39,685 | ||||||||||||||||||
Depreciation and Amortization
|
89,907 | 674 | 24 | | | 90,605 | ||||||||||||||||||
General Taxes and Other Assessments:
|
||||||||||||||||||||||||
Revenue Taxes
|
55,949 | 753 | | | | 56,702 | ||||||||||||||||||
Other
|
40,648 | 2,561 | 87 | 25 | | 43,321 | ||||||||||||||||||
|
||||||||||||||||||||||||
Total Operating Expenses
|
1,325,188 | 1,098,804 | 9,979 | 3,755 | (16,565 | ) | 2,421,161 | |||||||||||||||||
|
||||||||||||||||||||||||
Operating Income (Loss)
|
188,651 | 39,636 | 196 | (3,636 | ) | | 224,847 | |||||||||||||||||
Other IncomeNet
|
2,615 | 39 | 446 | 3,220 | (2,942 | ) | 3,378 | |||||||||||||||||
Interest Expense
|
45,157 | 2,930 | | 3,723 | (2,942 | ) | 48,868 | |||||||||||||||||
Dividends on Washington Gas Preferred Stock
|
1,320 | | | | | 1,320 | ||||||||||||||||||
Income Tax Expense
|
54,900 | 14,319 | 275 | 643 | | 70,137 | ||||||||||||||||||
|
||||||||||||||||||||||||
Net Income (Loss) Applicable to Common Stock
|
$ | 89,889 | $ | 22,426 | $ | 367 | $ | (4,782 | ) | $ | | $ | 107,900 | |||||||||||
|
||||||||||||||||||||||||
Total Assets
|
$ | 2,836,492 | $ | 224,150 | $ | 12,475 | $ | 70,329 | $ | (97,085 | ) | $ | 3,046,361 | |||||||||||
|
||||||||||||||||||||||||
Capital Expenditures/Investments
|
$ | 162,561 | $ | 1,885 | $ | 85 | $ | | $ | | $ | 164,531 | ||||||||||||
|
124
125
126
127
Quarter Ended | ||||||||||||||||
(In thousands, except per share data) | December 31 (a) | March 31 (b) | June 30 (b) | September 30 (b) | ||||||||||||
Fiscal Year 2009
|
||||||||||||||||
Operating revenues
|
$ | 826,088 | $ | 1,040,888 | $ | 427,036 | $ | 412,844 | ||||||||
Operating income (loss)
|
102,224 | 134,732 | 12,223 | (7,490 | ) | |||||||||||
Net income (loss) applicable to common stock
|
54,625 | 75,070 | 1,807 | (11,129 | ) | |||||||||||
Earnings (loss) per average share of common stock:
|
||||||||||||||||
Basic
(c)
|
1.09 | 1.50 | 0.04 | (0.22 | ) | |||||||||||
Diluted
(c)
|
1.09 | 1.49 | 0.04 | (0.22 | ) | |||||||||||
Fiscal Year 2008
|
||||||||||||||||
Operating revenues
|
$ | 751,626 | $ | 1,020,037 | $ | 464,649 | $ | 391,882 | ||||||||
Operating income (loss)
|
89,935 | 145,009 | 9,502 | (12,840 | ) | |||||||||||
Net income (loss) applicable to common stock
|
47,197 | 81,038 | (492 | ) | (11,220 | ) | ||||||||||
Earnings (loss) per average share of common stock:
|
||||||||||||||||
Basic
(c)
|
0.96 | 1.64 | (0.01 | ) | (0.22 | ) | ||||||||||
Diluted
(c)
|
0.95 | 1.63 | (0.01 | ) | (0.22 | ) | ||||||||||
(a) | Earnings for the regulated utility segment for the quarter ended December 31, 2008 included reversal of a previously proposed disallowance of purchased gas charges as a result of a review from the PSC of MD Hearing Examiner. This reversal resulted in income of $4.6 million (pre-tax) to Operating revenues-utility. | |
(b) | Earnings for the regulated utility segment for the quarters ended March 31, 2009 and June 30, 2009 included accruals related to the Virginia ESM of $4.3 million and $1.5 million, respectively. Management identified and reversed these accruals in the fourth quarter of 2009 to correct for an error in the calculation. Management does not believe the effects of these prior period corrections are material either to the current period financial statements or any prior period financial statements. | |
(c) | The sum of quarterly per share amounts may not equal annual per share amounts as quarterly calculations are based on varying numbers of common shares. |
128
ITEM 9A. | CONTROLS AND PROCEDURES |
129
130
131
133
Schedule/
|
||
Exhibit | Description | |
II
|
Valuation and Qualifying Accounts and Reserves for the years ended September 30, 2009, 2008 and 2007WGL Holdings, Inc. | |
Valuation and Qualifying Accounts and Reserves for the years ended September 30, 2009, 2008 and 2007Washington Gas Light Company. | ||
(a)(3)
|
Exhibits | |
Exhibits Filed Herewith: | ||
10.1
|
Amended Service Agreement, effective October 31, 2008, with Columbia Gas Transmission Company related to Firm Transportation Service. | |
10.2
|
Amended Service Agreement, effective October 31, 2008, with Columbia Gas Transmission Company related to Firm Transportation Service. | |
12.1
|
Computation of Ratio of Earnings to Fixed ChargesWGL Holdings, Inc. | |
12.2
|
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock DividendsWGL Holdings, Inc. | |
12.3
|
Computation of Ratio of Earnings to Fixed ChargesWashington Gas Light Company. | |
12.4
|
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock DividendsWashington Gas Light Company. | |
21
|
Subsidiaries of WGL Holdings, Inc. | |
23
|
Consent of Deloitte & Touche LLP. | |
24
|
Power of Attorney | |
31.1
|
Certification of Terry D. McCallister, the Chairman and Chief Executive Officer of WGL Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2
|
Certification of Vincent L. Ammann, Jr., the Vice President and Chief Financial Officer of WGL Holdings, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.3
|
Certification of Terry D. McCallister, the Chairman and Chief Executive Officer of Washington Gas Light Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.4
|
Certification of Vincent L. Ammann, Jr., the Vice President and Chief Financial Officer of Washington Gas Light Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32
|
Certification of Terry D. McCallister, the Chairman and Chief Executive Officer, and Vincent L. Ammann, Jr., the Vice President and Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Exhibits Incorporated by Reference: | ||
2
|
Plan of Merger between WGL Holdings, Inc. and Washington Gas Light Company, filed on Form S-4 dated February 2, 2000. | |
3
|
Articles of Incorporation & Bylaws: | |
Washington Gas Light Company Charter, filed on Form S-3 dated July 21, 1995. |
134
Schedule/
|
||
Exhibit | Description | |
(a)(3)
|
Exhibits (continued) | |
WGL Holdings, Inc. Charter, filed on Form S-4 dated February 2, 2000. | ||
Bylaws of WGL Holdings, Inc. as amended on March 5, 2009, filed as Exhibit 3(ii) to Form 8-K on March 6, 2009. | ||
Bylaws of Washington Gas Light Company as amended on September 23, 2009, filed as Exhibit 3(ii) to Form 8-K on September 25, 2009. | ||
Code of Conduct of WGL Holdings, Inc. as amended on September 23, 2009, filed as Exhibit 14.1 to Form 8-K on September 25, 2009. | ||
Code of Conduct of Washington Gas Light Company as amended on September 23, 2009, filed as Exhibit 14.1 to Form 8-K on September 25, 2009. | ||
4
|
Instruments Defining the Rights of Security Holders including Indentures: | |
Indenture, dated September 1, 1991 between Washington Gas Light Company and The Bank of New York, as Trustee, regarding issuance of unsecured notes, filed as an exhibit to Form 8-K on September 19, 1991. | ||
Supplemental Indenture, dated September 1, 1993 between Washington Gas Light Company and The Bank of New York, as Trustee, regarding the addition of a new section to the Indenture dated September 1, 1991, filed as an exhibit to Form 8-K on September 10, 1993. | ||
10
|
Material Contracts | |
Other Services Contracts | ||
Master Services Agreement, effective June 19, 2007, with Accenture LLP, related to business process outsourcing, and service technology enhancements, filed as Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2007. Portions of this exhibit were omitted pursuant to a request for confidential treatment submitted to the Securities and Exchange Commission. | ||
Gas transportation and storage contracts | ||
Service Agreement, effective October 31, 2008, with Columbia Gas Transmission Company related to Firm Storage Service, filed as Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2009. | ||
Service Agreement, effective October 31, 2008, with Columbia Gas Transmission Company related to Firm Transportation Service, filed as Exhibit 10.2 to Form 10-Q for the quarter ended June 30, 2009. | ||
Service Agreement, effective October 31, 2008, with Columbia Gas Transmission Company related to Firm Transportation Service, filed as Exhibit 10.3 to Form 10-Q for the quarter ended June 30, 2009. | ||
Service Agreement, effective October 31, 2008, with Columbia Gas Transmission Company related to Firm Transportation Service, filed as Exhibit 10.4 to Form 10-Q for the quarter ended June 30, 2009. | ||
Service Agreement, effective April 1, 2007, with Hardy Storage Company related to Firm Storage Service, filed as Exhibit 10.1 to Form 10-K for the fiscal year ended September 30, 2007. | ||
Service Agreement, effective November 1, 2007, with Columbia Gas Transmission Company related to Firm Transportation Service, filed as Exhibit 10.2 to Form 10-K for the fiscal year ended September 30, 2007. | ||
Service Agreement, effective November 1, 2007, with Transcontinental Gas Pipe Line Corporation related to Firm Transportation Service, filed as Exhibit 10.3 to Form 10-K for the fiscal year ended September 30, 2007. | ||
Service Agreement, effective November 1, 2005, with Columbia Gulf Transmission Company related to Firm Transportation Service, filed as Exhibit 10.1 to Form 10-K for the fiscal year ended September 30, 2005. | ||
Service Agreement, effective November 1, 2005, with Columbia Gas Transmission Corporation related to Firm Storage Service (Agreement 85037), filed as Exhibit 10.2 to Form 10-K for the fiscal year ended September 30, 2005. |
135
Schedule/
|
||
Exhibit | Description | |
(a)(3)
|
Exhibits (continued) | |
Service Agreement, effective November 1, 2005, with Columbia Gas Transmission Corporation related to Storage Service (Agreement 85038), filed as Exhibit 10.3 to Form 10-K for the fiscal year ended September 30, 2005. | ||
Service Agreement, effective November 1, 2005, with Columbia Gas Transmission Corporation related to Firm Transportation Service (Agreement 85036), filed as Exhibit 10.4 to Form 10-K for the fiscal year ended September 30, 2005. | ||
Service Agreement, effective November 1, 2005, with Cove Point LNG FPS2 related to Peaking Service, filed as Exhibit 10.5 to Form 10-K for the fiscal year ended September 30, 2005. | ||
Service Agreement, effective November 1, 2005, with Cove Point LNG FPS3 related to Peaking Service, filed as Exhibit 10.6 to Form 10-K for the fiscal year ended September 30, 2005. | ||
Service Agreement, effective May 1, 2005, as amended, with Dominion Cove Point LNG, LP related to Firm Transportation Service, filed as Exhibit 10.2 to Form 10-K for the fiscal year ended September 30, 2004. | ||
Service Agreement, effective November 1, 2004, with Dominion Transmission Inc. related to Firm Transportation Service from the Mid Atlantic project, filed as Exhibit 10.5 to Form 10-K for the fiscal year ended September 30, 2004. | ||
Service Agreement, renegotiated and effective June 1, 2004, as amended, with Columbia Gas Transmission Corporation related to Firm Storage Service, filed as Exhibit 10.7 to Form 10-K for the fiscal year ended September 30, 2004. (Agreement 78844) | ||
Service Agreement, renegotiated and effective June 1, 2004, as amended, with Columbia Gas Transmission Corporation related to Firm Storage Service, filed as Exhibit 10.7 to Form 10-K for the fiscal year ended September 30, 2004. (Agreement 78845) | ||
Service Agreement, renegotiated and effective June 1, 2004, as amended, with Columbia Gas Transmission Corporation related to Firm Storage Service, filed as Exhibit 10.7 to Form 10-K for the fiscal year ended September 30, 2004. (Agreement 78846) | ||
Service Agreement, renegotiated and effective June 1, 2004, as amended, with Columbia Gas Transmission Corporation related to Storage Service filed as Exhibit 10.8 to Form 10-K for the fiscal year ended September 30, 2004. (Agreement 78838) | ||
Service Agreement, renegotiated and effective June 1, 2004, as amended, with Columbia Gas Transmission Corporation related to Storage Service filed as Exhibit 10.8 to Form 10-K for the fiscal year ended September 30, 2004. (Agreement 78839) | ||
Service Agreement, renegotiated and effective June 1, 2004, as amended, with Columbia Gas Transmission Corporation related to Storage Service filed as Exhibit 10.8 to Form 10-K for the fiscal year ended September 30, 2004. (Agreement 78840) | ||
Service Agreement, renegotiated and effective June 1, 2004, as amended, with Columbia Gas Transmission Corporation related to Firm Transportation Service, filed as Exhibit 10.9 to Form 10-K for the fiscal year ended September 30, 2004. (Agreement 78834) | ||
Service Agreement, renegotiated and effective June 1, 2004, as amended, with Columbia Gas Transmission Corporation related to Firm Transportation Service, filed as Exhibit 10.9 to Form 10-K for the fiscal year ended September 30, 2004. (Agreement 78835) | ||
Service Agreement, renegotiated and effective June 1, 2004, as amended, with Columbia Gas Transmission Corporation related to Firm Transportation Service, filed as Exhibit 10.9 to Form 10-K for the fiscal year ended September 30, 2004. (Agreement 78836) | ||
Service Agreement, effective January 1, 1996, with Transcontinental Gas Pipe Line Corporation related to Firm Transportation Service, filed as Exhibit 10.11 to Form 10-K for the fiscal year ended September 30, 2004. |
136
Schedule/
|
||
Exhibit | Description | |
(a)(3)
|
Exhibits (continued) | |
Service Agreement effective November 1, 2002 with the Transcontinental Gas Pipe Line Corporation for the MarketLink Firm Transportation Capacity, filed as Exhibit 10.1 to Form 10-K for the fiscal year ended September 30, 2003. | ||
Service Agreement effective October 1, 1993 with Transcontinental Gas Pipe Line Corporation related to General Storage Service filed as Exhibit 10.3 to Form 10-K for the fiscal year ended September 30, 1993. | ||
Service Agreement effective October 1, 1993 with Dominion Transmission, Inc. related to Firm Transportation Service, filed as Exhibit 10.11 to Form 10-K for the fiscal year ended September 30, 1993. | ||
Service Agreement effective October 1, 1993 with Dominion Transmission, Inc. related to General Storage Service, filed as Exhibit 10.13 to Form 10-K for the fiscal year ended September 30, 1993. | ||
Service Agreement effective August 1, 1991 with Transcontinental Gas Pipe Line Corporation related to Washington Storage Service, filed as Exhibit 10.16 to Form 10-K for the fiscal year ended September 30, 1993. | ||
Management Contracts, Compensatory Plans or Arrangements with Executive Officers and Directors | ||
WGL Holdings, Inc. and Washington Gas Light Company Change in Control Severance Plan for Certain Executives, as amended on September 24, 2008, filed as Exhibit 10.1 to Form 10-K for the fiscal year ended September 30, 2008.* | ||
WGL Holdings, Inc. and Washington Gas Light Company Deferred Compensation Plan for Outside Directors, amended and restated effective January 1, 2005, as further amended on September 24, 2008, filed as Exhibit 10.1 to Form 10-K for the fiscal year ended September 30, 2008.* | ||
Washington Gas Light Company Supplemental Executive Retirement Plan, amended and restated effective January 1, 2005, as further amended on September 24, 2008, filed as Exhibit 10.1 to Form 10-K for the fiscal year ended September 30, 2008.* | ||
WGL Holdings, Inc. Omnibus Incentive Compensation Plan, filed as Exhibit 10.2 to form 8-K dated December 21, 2006.* | ||
WGL Holdings, Inc. 1999 Incentive Compensation Plan, as amended and restated as of March 5, 2003, filed as Exhibit 10.15 to Form 10-K for the fiscal year ended September 30, 2004.* | ||
Form of Nonqualified Stock Option Award Agreement, filed as Exhibit 10.01 to Form 8-K dated October 5, 2004.* | ||
Form of Performance Share Award Agreement, filed as Exhibit 10.01 to Form 10-Q dated February 11, 2008.* | ||
Form of Performance Units Award Agreement, filed as Exhibit 10.02 to Form 10-Q dated February 11, 2008.* | ||
WGL Holdings, Inc. and Washington Gas Light Company Deferred Compensation Plan for Outside Directors, adopted December 18, 1985, and amended as of November 1, 2000, filed as Exhibit 10.2 to Form 10-K in the fiscal year ended September 30, 2001.* | ||
Debt and Credit Agreements | ||
Form of Note Purchase Agreement dated November 2, 2009, entered into by and among Washington Gas Light Company and certain purchasers, for the issuance and sale by Washington Gas Light Company of $50 million of unsecured fixed rate notes due November 1, 2019. Filed as Exhibit 4.1 to Form 8-K dated November 5, 2009. | ||
Form of Note issued in connection with the Note Purchase Agreement dated November 2, 2009, by and among Washington Gas Light Company and certain purchasers, regarding the issuance and sale by Washington Gas Light Company of $50 million of unsecured fixed rate notes due November 1, 2019. Filed as Exhibit 4.2 to Form 8-K dated November 5, 2009. |
137
Schedule/
|
||
Exhibit | Description | |
(a)(3)
|
Exhibits (continued) | |
Form of Distribution Agreement, dated June 3, 2009, entered into by and among Washington Gas Light Company and Wachovia Capital Markets, LLC., BB&T Capital Markets, a division of Scott & Stringfellow, LLC., J.P. Morgan Securities Inc., Mitsubishi UFJ Securities (USA), Inc., and The Williams Capital Group, L.P. regarding the issuance and sale by Washington Gas Light Company of up to $450 million of Medium-Term Notes, Series I. Filed as Exhibit 1.1 to Form 8-K dated June 4, 2009. | ||
Amended and Restated Credit Agreement dated as of August 3, 2007 among WGL Holdings, Inc., the Lenders, Wachovia Bank, National Association, as administrative agent; Bank of Tokyo-Mitsubishi Trust Company, as syndication agent; Citibank, N.A., SunTrust Bank and Wells Fargo Bank, National Association, as documentation agents; and Wachovia Capital Markets, LLC, as lead arranger and book runner, filed as Exhibit 10.2 to Form 10-Q for the quarter ended June 30, 2007. | ||
Amended and Restated Credit Agreement dated as of August 3, 2007 among Washington Gas Light Company, the Lenders, Wachovia Bank, National Association, as administrative agent; Bank of Tokyo-Mitsubishi Trust Company, as syndication agent; Citibank, N.A., SunTrust Bank, and Wells Fargo Bank, National Association, as documentation agents; and Wachovia Capital Markets, LLC, as lead arranger and book runner, filed as Exhibit 10.3 to Form 10-Q for the quarter ended June 30, 2007. | ||
Form of Distribution Agreement dated June 14, 2006 among Washington Gas Light Company and Citigroup Global Markets Inc., Banc of America Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Capital Markets, Inc., The Williams Capital Group, L.P. and Wachovia Capital Markets, LLC regarding the issuance and sale by Washington Gas Light Company of up to $300 million of Medium-Term Notes, Series H under an Indenture dated as of September 1, 1991. Filed as Exhibit 1.1 to Form 8-K dated June 15, 2006. | ||
* This asterisk designates an agreement that is a compensatory plan or arrangement. |
138
139
140
Signature
Title
Date
Chairman of the Board and Chief Executive Officer
November 25, 2009
President and Chief Operating Officer
November 25, 2009
Vice President and Chief Financial Officer (Principal Financial
Officer)
November 25, 2009
Controller
(Principal Accounting Officer)
November 25, 2009
Director
November 25, 2009
Director
November 25, 2009
Director
November 25, 2009
Director
November 25, 2009
Director
November 25, 2009
Director
November 25, 2009
Director
November 25, 2009
*By:
Attorney-in-Fact
November 25, 2009
141
Description
10
.1
Amended Service Agreement, effective October 31, 2008, with
Columbia Gas Transmission Company related to Firm Transportation
Service.
10
.2
Amended Service Agreement, effective October 31, 2008, with
Columbia Gas Transmission Company related to Firm Transportation
Service.
12
.1
Computation of Ratio of Earnings to Fixed ChargesWGL
Holdings, Inc.
12
.2
Computation of Ratio of Earnings to Fixed Charges and Preferred
Stock DividendsWGL Holdings, Inc.
12
.3
Computation of Ratio of Earnings to Fixed
ChargesWashington Gas Light Company.
12
.4
Computation of Ratio of Earnings to Fixed Charges and Preferred
Stock DividendsWashington Gas Light Company.
21
Subsidiaries of WGL Holdings, Inc.
23
Consent of Deloitte & Touche LLP.
24
Power of Attorney
31
.1
Certification of Terry D. McCallister, the Chairman and Chief
Executive Officer of WGL Holdings, Inc., pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
31
.2
Certification of Vincent L. Ammann, Jr., the Vice President and
Chief Financial Officer of WGL Holdings, Inc., pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
31
.3
Certification of Terry D. McCallister, the Chairman and Chief
Executive Officer of Washington Gas Light Company, pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
31
.4
Certification of Vincent L. Ammann, Jr., the Vice President and
Chief Financial Officer of Washington Gas Light Company,
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32
Certification of Terry D. McCallister, the Chairman and Chief
Executive Officer, and Vincent L. Ammann, Jr., the
Vice President and Chief Financial Officer, pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
142
5151 San Felipe, Suite 2500
Houston, Texas 77056 |
Re:
|
Revision No. 2 to FTS Service Agreement 4484 | |
|
Revision No. 1 to SST Service Agreement 100303 |
100303
Revision No. 1
SST
Columbia Gas Transmission, LLC
Washington Gas Light Company
Begin Date
End Date
Transportation Demand Dth/day
Recurrence Interval
March 31, 2009
396,650
10/1 - 3/31
April 23, 2009
198,325
4/1 - 9/30
September 30, 2009
198,325
4/1 - 9/30
March 31, 2010
396,650
10/1 - 3/31
September 30, 2010
198,325
4/1 - 9/30
March 31, 2011
396,650
10/1 - 3/31
September 30, 2011
198,325
4/1 - 9/30
March 31, 2012
396,650
10/1 - 3/31
September 30, 2012
198,325
4/1 - 9/30
March 31, 2013
396,650
10/1 - 3/31
September 30, 2013
198,325
4/1 - 9/30
March 31, 2014
396,650
10/1 - 3/31
September 30, 2014
198,325
4/1 - 9/30
March 31, 2015
396,650
10/1 - 3/31
September 30, 2015
198,325
4/1 - 9/30
March 31, 2016
396,650
10/1 - 3/31
September 30, 2016
148,744
4/1 - 9/30
March 31, 2017
297,488
10/1 - 3/31
September 30, 2017
148,744
4/1 - 9/30
March 31, 2018
297,488
10/1 - 3/31
September 30, 2018
99,163
4/1 - 9/30
March 31, 2019
198,326
10/1 - 3/31
Appendix A to Service Agreement No.
|
100303 | Revision No. 1 | ||
Under Rate Schedule
|
SST | |||
Between (Transporter)
|
Columbia Gas Transmission, LLC | |||
and (Shipper)
|
Washington Gas Light Company |
Begin Date | End Date | Transportation Demand Dth/day | Recurrence Interval | |||||
April 1, 2019
|
September 30, 2019 | 99,163 | 4/1 - 9/30 | |||||
October 1, 2019
|
March 31, 2020 | 198,326 | 10/1 - 3/31 | |||||
April 1, 2020
|
September 30, 2020 | 49,582 | 4/1 - 9/30 | |||||
October 1, 2020
|
March 31, 2021 | 99,164 | 10/1 - 3/31 | |||||
April 1, 2021
|
September 30, 2021 | 49,582 | 4/1 - 9/30 | |||||
October 1, 2021
|
March 31, 2022 | 99,164 | 10/1 - 3/31 |
Scheduling | Scheduling | Maximum Daily | ||||||||||
Begin | End | Point | Point | Quantity | Recurrence | |||||||
Date | Date | No. | Name | (Dth/Day) 1/ | Interval | |||||||
November 1, 2008
|
March 31, 2009 | STOR | RP Storage Point TCO | 396,650 | 10/1 - 3/31 | |||||||
April 1, 2009
|
April 23, 2009 | STOR | RP Storage Point TCO | 198,325 | 4/1 - 9/30 | |||||||
April 24, 2009
|
September 30, 2009 | STOR | RP Storage Point TCO | 198,325 | 4/1 - 9/30 | |||||||
October 1, 2009
|
March 31, 2010 | STOR | RP Storage Point TCO | 396,650 | 10/1 - 3/31 | |||||||
April 1, 2010
|
September 30, 2010 | STOR | RP Storage Point TCO | 198,325 | 4/1 - 9/30 | |||||||
October 1, 2010
|
March 31, 2011 | STOR | RP Storage Point TCO | 396,650 | 10/1 - 3/31 | |||||||
April 1, 2011
|
September 30, 2011 | STOR | RP Storage Point TCO | 198,325 | 4/1 - 9/30 | |||||||
October 1, 2011
|
March 31, 2012 | STOR | RP Storage Point TCO | 396,650 | 10/1 - 3/31 | |||||||
April 1, 2012
|
September 30, 2012 | STOR | RP Storage Point TCO | 198,325 | 4/1 - 9/30 | |||||||
October 1, 2012
|
March 31, 2013 | STOR | RP Storage Point TCO | 396,650 | 10/1 - 3/31 | |||||||
April 1, 2013
|
September 30, 2013 | STOR | RP Storage Point TCO | 198,325 | 4/1 - 9/30 | |||||||
October 1, 2013
|
March 31, 2014 | STOR | RP Storage Point TCO | 396,650 | 10/1 - 3/31 | |||||||
April 1, 2014
|
September 30, 2014 | STOR | RP Storage Point TCO | 198,325 | 4/1 - 9/30 | |||||||
October 1, 2014
|
March 31, 2015 | STOR | RP Storage Point TCO | 396,650 | 10/1 - 3/31 |
Appendix A to Service Agreement No.
|
100303 | Revision No. 1 | ||
Under Rate Schedule
|
SST | |||
Between (Transporter)
|
Columbia Gas Transmission, LLC | |||
and (Shipper)
|
Washington Gas Light Company |
Scheduling | Scheduling | Maximum Daily | ||||||||||
Begin | End | Point | Point | Quantity | Recurrence | |||||||
Date | Date | No. | Name | (Dth/Day) 1/ | Interval | |||||||
April 1, 2015
|
September 30, 2015 | STOR | RP Storage Point TCO | 198,325 | 4/1 - 9/30 | |||||||
October 1, 2015
|
March 31, 2016 | STOR | RP Storage Point TCO | 396,650 | 10/1 - 3/31 | |||||||
April 1, 2016
|
September 30, 2016 | STOR | RP Storage Point TCO | 148,744 | 4/1 - 9/30 | |||||||
October 1, 2016
|
March 31, 2017 | STOR | RP Storage Point TCO | 297,488 | 10/1 - 3/31 | |||||||
April 1, 2017
|
September 30, 2017 | STOR | RP Storage Point TCO | 148,744 | 4/1 - 9/30 | |||||||
October 1, 2017
|
March 31, 2018 | STOR | RP Storage Point TCO | 297,488 | 10/1 - 3/31 | |||||||
April 1, 2018
|
September 30, 2018 | STOR | RP Storage Point TCO | 99,163 | 4/1 - 9/30 | |||||||
October 1, 2018
|
March 31, 2019 | STOR | RP Storage Point TCO | 198,326 | 10/1 - 03/31 | |||||||
April 1, 2019
|
September 30, 2019 | STOR | RP Storage Point TCO | 99,163 | 4/1 - 9/30 | |||||||
October 1, 2019
|
March 31, 2020 | STOR | RP Storage Point TCO | 198,326 | 10/1 - 03/31 | |||||||
April 1, 2020
|
September 30, 2020 | STOR | RP Storage Point TCO | 49,582 | 4/1 - 9/30 | |||||||
October 1, 2020
|
March 31, 2021 | STOR | RP Storage Point TCO | 99,164 | 10/1 - 3/31 | |||||||
April 1, 2021
|
September 30, 2021 | STOR | RP Storage Point TCO | 49,582 | 4/1 - 9/30 | |||||||
October 1, 2021
|
March 31, 2022 | STOR | RP Storage Point TCO | 99,164 | 10/1 - 3/31 |
Minimum | ||||||||||||||||||||||||||||||
Maximum | Design | Delivery | ||||||||||||||||||||||||||||
Scheduling | Scheduling | Measuring | Measuring | Daily Delivery | Daily | Aggregate | Pressure | Hourly | ||||||||||||||||||||||
Begin | End | Point | Point | Point | Point | Obligation | Quantity | Daily | Obligation | Flowrate | Recurrence | |||||||||||||||||||
Date | Date | No. | Name | No. | Name | (Dth/Day) 1/ | (Dth/Day) 1/ | Quantity 1/ | (psig) 1/ | (Dth/hour) 1/ | Interval | |||||||||||||||||||
November 1, 2008
|
March 31, 2016 | 78-28 | WASHINGTON GAS-28 | 805458 | BRINK | 46,002 | 300 | 2,300.10 | 10/1 - 3/31 | |||||||||||||||||||||
November 1, 2008
|
March 31, 2016 | 78-28 | WASHINGTON GAS-28 | 805458 | BRINK | 33,581 | 300 | 1,679.05 | 4/1 - 9/30 | |||||||||||||||||||||
November 1, 2008
|
March 31, 2016 | 78-28 | WASHINGTON GAS-28 | 835175 | WGL POOLESVILLE | 2,400 | 120.00 | 10/1 - 3/31 | ||||||||||||||||||||||
November 1, 2008
|
March 31, 2016 | 78-28 | WASHINGTON GAS-28 | 835175 | WGL POOLESVILLE | 1,752 | 87.60 | 4/1 - 9/30 | ||||||||||||||||||||||
April 24
,
2009
|
March 31, 2016 | 78-28 | WASHINGTON GAS-28 | 805458 | BRINK | 46,002 | 300 | 2,300.10 | 10/1 - 3/31 |
100303
Revision No. 1
SST
Columbia Gas Transmission, LLC
Washington Gas Light Company
Minimum
Maximum
Design
Delivery
Scheduling
Scheduling
Measuring
Measuring
Daily Delivery
Daily
Aggregate
Pressure
Hourly
Begin
End
Point
Point
Point
Point
Obligation
Quantity
Daily
Obligation
Flowrate
Recurrence
Date
Date
No.
Name
No.
Name
(Dth/Day) 1/
(Dth/Day) 1/
Quantity 1/
(psig) 1/
(Dth/hour) 1/
Interval
March 31, 2016
78-28
WASHINGTON GAS-28
805458
BRINK
33,581
300
1,679.05
4/1 - 9/30
March 31, 2016
78-28
WASHINGTON GAS-28
835175
WGL POOLESVILLE
2,400
120.00
10/1 - 3/31
March 31, 2016
78-28
WASHINGTON GAS-28
835175
WGL POOLESVILLE
1,752
87.60
4/1 - 9/30
March 31, 2018
78-28
WASHINGTON GAS-28
805458
BRINK
34,502
300
1,725,10
10/1 - 3/31
March 31, 2018
78-28
WASHINGTON GAS-28
805458
BRINK
26,221
300
1,311.05
4/1 - 9/30
March 31, 2018
78-28
WASHINGTON GAS-28
835175
WGL POOLESVILLE
1,800
90.00
10/1 - 3/31
March 31, 2018
78-28
WASHINGTON GAS-28
835175
WGL POOLESVILLE
1,368
68.40
4/1 - 9/30
March 31, 2020
78-28
WASHINGTON GAS-28
805458
BRINK
23,001
300
1,150.05
10/1 - 3/31
March 31, 2020
78-28
WASHINGTON GAS-28
805458
BRINK
18,631
300
931.55
4/1 - 9/30
March 31, 2020
78-28
WASHINGTON GAS-28
835175
WGL POOLESVILLE
1,200
60.00
10/1 - 3/31
March 31, 2020
78-28
WASHINGTON GAS-28
835175
WGL POOLESVILLE
972
48.60
4/1 - 9/30
March 31, 2022
78-28
WASHINGTON GAS-28
805458
BRINK
11,501
300
575.05
10/1 - 3/31
March 31, 2022
78-28
WASHINGTON GAS-28
805458
BRINK
10,120
300
506.00
4/1 - 9/30
March 31, 2022
78-28
WASHINGTON GAS-28
835175
WGL POOLESVILLE
600
30.00
10/1 - 3/31
March 31, 2022
78-28
WASHINGTON GAS-28
835175
WGL POOLESVILLE
528
26.40
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
802675
WGL Dranesville
135,303
300
6,765.15
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
802675
WGL Dranesville
98,771
300
4,938.55
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
802677
ROCKVILLE
488,585
300
24,429.25
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
802677
ROCKVILLE
356,667
300
17,833.35
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
803276
WGL Cedar Creek
12,509
500
625.45
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
803276
WGL Cedar Creek
9,132
500
456.60
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
804581
MANASSAS
0
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
804581
MANASSAS
0
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
805007
STRASBURG
1,700
300
85.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
805007
STRASBURG
1,241
300
62.05
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
805181
New Market
750
300
37.50
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
805181
New Market
548
300
27.40
4/1 - 9/30
100303
Revision No. 1
SST
Columbia Gas Transmission, LLC
Washington Gas Light Company
Minimum
Maximum
Design
Delivery
Scheduling
Scheduling
Measuring
Measuring
Daily Delivery
Daily
Aggregate
Pressure
Hourly
Begin
End
Point
Point
Point
Point
Obligation
Quantity
Daily
Obligation
Flowrate
Recurrence
Date
Date
No.
Name
No.
Name
(Dth/Day) 1/
(Dth/Day) 1/
Quantity 1/
(psig) 1/
(Dth/hour) 1/
Interval
March 31, 2016
78-30
WASHINGTON GAS-30
805268
Howell Metal Co.
372
50
18.60
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
805268
Howell Metal Co.
272
50
13.60
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
805439
NINEVEH
16,712
500
835.60
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
805439
NINEVEH
12,200
500
610.00
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
807000
MAIN LINE CUSTOMER
710
35.50
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
807000
MAIN LINE CUSTOMER
518
25.90
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
819683
WOODSTOCK
4,400
300
220.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
819683
WOODSTOCK
3,212
300
160.60
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
828715
WGL Mt Jackson
400
300
20.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
828715
WGL Mt Jackson
292
300
14.60
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
831526
ROCKVILLE HEATER F
0
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
831526
ROCKVILLE HEATER F
0
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
831527
ROCKVILLE HEATER F
0
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
831527
ROCKVILLE HEATER F
0
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
832737
Mt. View Rendering Co,
1,350
67.50
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
832737
Mt. View Rendering Co.
986
49.30
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
832797
MT. VIEW HTR FUEL RE
0
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
832797
MT. VIEW HTR FUEL RE
0
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
834217
ASPHALT
0
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
834217
ASPHALT
0
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
834308
MIDDLEBURG
960
48.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
834308
MIDDLEBURG
701
35.05
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
835804
WGL Linton Hall
7,200
360.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
835804
WGL Linton Hall
5,256
262.80
4/1
-
9/30
March 31, 2016
78-30
WASHINGTON GAS-30
835865
LAKE MANASSAS
1,440
72.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
835865
LAKE MANASSAS
1,051
52.55
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
836717
WGL-CHANTILLY
21,645
300
1,082.25
10/1 - 3/31
100303
Revision No. 1
SST
Columbia Gas Transmission, LLC
Washington Gas Light Company
Minimum
Maximum
Design
Delivery
Scheduling
Scheduling
Measuring
Measuring
Daily Delivery
Daily
Aggregate
Pressure
Hourly
Begin
End
Point
Point
Point
Point
Obligation
Quantity
Daily
Obligation
Flowrate
Recurrence
Date
Date
No.
Name
No.
Name
(Dth/Day) 1/
(Dth/Day) 1/
Quantity 1/
(psig) 1/
(Dth/hour) 1/
Interval
March 31, 2016
78-30
WASHINGTON GAS-30
836717
WGL-CHANTILLY
15,801
300
790.05
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
890191
SHENANDOAH VALLEY
48
300
2.40
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
890191
SHENANDOAH VALLEY
35
300
1.75
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
802675
WGL Dranesville
135,303
300
6,765.15
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
802675
WGL Dranesville
98,771
300
4,938.55
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
802677
ROCKVlLLE
428,585
300
21,429.25
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
802677
ROCKVILLE
326,667
300
16,333.35
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
803276
WGL Cedar Creek
12,509
500
625.45
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
803276
WGL Cedar Creek
9,132
500
456,60
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
804581
MANASSAS
0
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
804581
MANASSAS
0
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
805007
STRASBURG
1,700
300
85.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
805007
STRASBURG
1,241
300
62.05
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
805181
New Market
750
300
37.50
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
805181
New Market
548
300
27.40
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
805268
Howell Metal Co,
372
50
18.60
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
805268
Howell Metal Co.
272
50
13.60
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
805439
NINEVEH
16,712
500
835.60
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
805439
NINEVEH
12,200
500
610,00
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
807000
MAIN LINE CUSTOMER
710
35.50
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
807000
MAIN LINE CUSTOMER
518
25.90
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
819683
WOODSTOCK
4,400
300
220.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
819683
WOODSTOCK
3,212
300
160.60
4/1 - 9/30
March 31 ,2016
78-30
WASHINGTON GAS-30
828715
WGL Mt. Jackson
400
300
20.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
828715
WGL Mt. Jackson
292
300
14.60
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
831526
ROCKVILLE HEATER F
0
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
831526
ROCKVILLE HEATER F
0
4/1 - 9/30
100303
Revision No. 1
SST
Columbia Gas Transmission, LLC
Washington Gas Light Company
Minimum
Maximum
Design
Delivery
Scheduling
Scheduling
Measuring
Measuring
Daily Delivery
Daily
Aggregate
Pressure
Hourly
Begin
End
Point
Point
Point
Point
Obligation
Quantity
Daily
Obligation
Flowrate
Recurrence
Date
Date
No.
Name
No.
Name
(Dth/Day) 1/
(Dth/Day) 1/
Quantity 1/
(psig) 1/
(Dth/hour) 1/
Interval
March 31, 2016
78-30
WASHINGTON GAS-30
831527
ROCKVILLE HEATER F
0
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
831527
ROCKVILLE HEATER F
0
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
832737
Mt. View Rendering Co.
1,350
67.50
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
832737
Mt. View Rendering Co.
986
49.30
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
832797
MT. VIEW HTR FUEL RE
0
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
832797
MT. VIEW HTR FUEL RE
0
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
834217
ASPHALT
0
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
834217
ASPHALT
0
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
834308
MIDDLEBURG
960
48.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
834308
MIDDLEBURG
701
35.05
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
835804
WGL Linton Hall
7,200
360.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
835804
WGL Linton Hall
5,256
262.80
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
835865
LAKE MANASSAS
1,440
72.00
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
835865
LAKE MANASSAS
1,051
52.55
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
836717
WGL-CHANTILLY
21,645
300
1,082.25
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
836717
WGL-CHANTILLY
15,801
300
790.05
4/1 - 9/30
March 31, 2016
78-30
WASHINGTON GAS-30
890191
SHENANDOAH VALLEY
48
300
2.40
10/1 - 3/31
March 31, 2016
78-30
WASHINGTON GAS-30
890191
SHENANDOAH VALLEY
35
300
1.75
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
802675
WGL Dranesville
101,477
300
5,073.85
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
802675
WGL Dranesville
77,123
300
3,856.15
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
802677
ROCKVILLE
306,439
300
15,321.95
10/1 -3/31
March 31, 2018
78-30
WASHINGTON GAS-30
802677
ROCKVILLE
248,493
300
12,424.65
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
803276
WGL Cedar Creek
9,382
500
469.10
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
803276
WGL Cedar Creek
7,130
500
356.50
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
804581
MANASSAS
0
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
804581
MANASSAS
0
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
805007
STRASBURG
1,275
300
63.75
10/1 - 3/31
100303
Revision No. 1
SST
Columbia Gas Transmission, LLC
Washington Gas Light Company
Minimum
Maximum
Design
Delivery
Scheduling
Scheduling
Measuring
Measuring
Daily Delivery
Daily
Aggregate
Pressure
Hourly
Begin
End
Point
Point
Point
Point
Obligation
Quantity
Daily
Obligation
Flowrate
Recurrence
Date
Date
No.
Name
No.
Name
(Dth/Day) 1/
(Dth/Day) 1/
Quantity 1/
(psig) 1/
(Dth/hour) 1/
Interval
March 31, 2018
78-30
WASHINGTON GAS-30
805007
STRASBURG
969
300
48.45
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
805181
New Market
563
300
28.15
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
805181
New Market
428
300
21.40
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
805268
Howell Metal Co.
279
50
13.95
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
805268
Howell Metal Co.
212
50
10.60
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
805439
NINEVEH
12,534
500
626.70
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
805439
NINEVEH
9,526
500
476.30
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
807000
MAIN LINE CUSTOMER
533
26.65
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
807000
MAIN LINE CUSTOMER
405
20.25
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
819683
WOODSTOCK
3,300
300
165.00
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
819683
WOODSTOCK
2,508
300
125.40
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
828715
WGL Mt Jackson
300
300
15.00
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
828715
WGL Mt Jackson
228
300
11.40
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
831526
ROCKVILLE HEATER F
0
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
831526
ROCKVILLE HEATER F
0
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
831527
ROCKVILLE HEATER F
0
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
831527
ROCKVILLE HEATER F
0
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
832737
Mt. View Rendering Co.
1,013
50.65
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
832737
Mt. View Rendering Co.
770
38.50
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
832797
MT. VIEW HTR FUEL RE
0
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
832797
MT. VIEW HTR FUEL RE
0
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
834217
ASPHALT
0
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
834217
ASPHALT
0
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
834308
MIDDLEBURG
720
36.00
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
834308
MIDDLEBURG
547
27.35
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
835804
WGL Linton Hall
5,400
270.00
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
835804
WGL Linton Hall
4,104
205.20
4/1 - 9/30
100303
Revision No. 1
SST
Columbia Gas Transmission, LLC
Washington Gas Light Company
Minimum
Maximum
Design
Delivery
Scheduling
Scheduling
Measuring
Measuring
Daily Delivery
Daily
Aggregate
Pressure
Hourly
Begin
End
Point
Point
Point
Point
Obligation
Quantity
Daily
Obligation
Flowrate
Recurrence
Date
Date
No.
Name
No.
Name
(Dth/Day) 1/
(Dth/Day) 1/
Quantity 1/
(psig) 1/
(Dth/hour) 1/
Interval
March 31, 2018
78-30
WASHINGTON GAS-30
835865
LAKE MANASSAS
1,080
54.00
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
835865
LAKE MANASSAS
821
41.05
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
836717
WGL-CHANTILLY
16,234
300
811.70
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
836717
WGL-CHANTILLY
12,338
300
616.90
4/1 - 9/30
March 31, 2018
78-30
WASHINGTON GAS-30
890191
SHENANDOAH VALLEY
36
300
1.80
10/1 - 3/31
March 31, 2018
78-30
WASHINGTON GAS-30
890191
SHENANDOAH VALLEY
27
300
1.35
4/1 - 9/30
March 31, 2020
78-30
WASHINGTON GAS-30
802675
WGL Dranesville
67,652
300
3,382.60
10/1 - 3/31
March 31, 2020
78-30
WASHINGTON GAS-30
802675
WGL Dranesville
54,798
300
2,739.90
4/1 - 9/30
March 31, 2020
78-30
WASHINGTON GAS-30
802677
ROCKVILLE
184,293
300
9,214.65
10/1 - 3/31
March 31,2020
78-30
WASHINGTON GAS-30
802677
ROCKVILLE
167,877
300
8,393.85
4/1 - 9/30
March 31, 2020
78-30
WASHINGTON GAS-30
803276
WGL Cedar Creek
6,255
500
312.75
10/1 - 3/31
March 31, 2020
78-30
WASHINGTON GAS-30
803276
WGL Cedar Creek
5,066
500
253.30
4/1 - 9/30
March 31, 2020
78-30
WASHINGTON GAS-30
804581
MANASSAS
0
10/1 - 3/31
March 31, 2020
78-30
WASHINGTON GAS-30
804581
MANASSAS
0
4/1 - 9/30
March 31, 2020
78-30
WASHINGTON GAS-30
805007
STRASBURG
850
300
42,50
10/1 - 3/31
March 31, 2020
78-30
WASHINGTON GAS-30
805007
STRASBURG
689
300
34.45
4/1 - 9/30
March 31, 2020
78-30
WASHINGTON GAS-30
805181
New Market
375
300
18.75
10/1 - 3/31
March 31, 2020
78-30
WASHINGTON GAS-30
805181
New Market
304
300
15.20
4/1 - 9/30
March 31, 2020
78-30
WASHINGTON GAS-30
805268
Howell Metal Co.
186
50
9.30
10/1 - 3/31
March 31, 2020
78-30
WASHINGTON GAS-30
80526B
Howell Metal Co.
151
50
7.55
4/1 - 9/30
March 31, 2020
78-30
WASHINGTON GAS-30
805439
NINEVEH
8,356
500
417,80
10/1 - 3/31
March 31, 2020
78-30
WASHINGTON GAS-30
805439
NINEVEH
6,768
500
338.40
4/1 - 9/30
March 31, 2020
78-30
WASHINGTON GAS-30
807000
MAIN LINE CUSTOMER
355
17.75
10/1 - 3/31
March 31, 2020
78-30
WASHINGTON GAS-30
807000
MAIN LINE CUSTOMER
288
14.40
4/1
-
9/30
March 31, 2020
78-30
WASHINGTON GAS-30
819683
WOODSTOCK
2,200
300
110.00
10/1 - 3/31
March 31, 2020
78-30
WASHINGTON GAS-30
819683
WOODSTOCK
1,782
300
89.10
4/1 - 9/30
March 31, 2020
78-30
WASHINGTON GAS-30
828715
WGL Mt Jackson
200
300
10.00
10/1 - 3/31
100303
Revision No. 1
SST
Columbia Gas Transmission, LLC
Washington Gas Light Company
Minimum
Maximum
Design
Delivery
Scheduling
Scheduling
Measuring
Measuring
Daily Delivery
Daily
Aggregate
Pressure
Hourly
Begin
End
Point
Point
Point
Point
Obligation
Quantity
Daily
Obligation
Flowrate
Recurrence
Date
Date
No.
Name
No.
Name
(Dth/Day) 1/
(Dth/Day) 1/
Quantity 1/
(psig) 1/
{Dth/hour) 1/
Interval
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
828715
WGL Mt Jackson
162
300
8.10
4/1 - 9/30
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
831526
ROCKVILLE HEATER F
0
10/1 - 3/31
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
831526
ROCKVILLE HEATER F
0
4/1 - 9/30
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
831527
ROCKVILLE HEATER F
0
10/1 - 3/31
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
831527
ROCKVILLE HEATER F
0
4/1 - 9/30
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
832737
Mt. View Rendering Co.
675
33.75
10/1 - 3/31
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
832737
Mt View Rendering Co.
547
27.35
4/1 - 9/30
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
832797
MT.VIEW HTR FUEL RE
0
10/1 - 3/31
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
832797
MT.VIEW HTR FUEL RE
0
4/1 - 3/31
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
834217
ASPHALT
0
10/1 - 3/31
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
834217
ASPHALT
0
4/1 - 9/30
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
834308
MIDDLEBURG
480
24.00
10/1 - 3/31
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
834308
MIDDLEBURG
389
19.45
4/1 - 9/30
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
835804
WGL Linton Hall
3,600
180.00
10/1 - 3/31
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
835804
WGL Linton Hall
2,916
145.80
4/1 - 9/30
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
835865
LAKE MANASSAS
720
36.00
10/1 - 3/31
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
835865
LAKE MANASSAS
583
29.15
4/1 - 9/30
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
836717
WGL-CHANTILLY
10,823
300
541.15
10/1 - 3/31
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
836717
WGL-CHANTILLY
8,766
300
438,30
4/1 - 9/30
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
890191
SHENANDOAH VALLEY
24
300
1.20
10/1 - 3/31
April 1, 2018
March 31, 2020
78-30
WASHINGTON GAS-30
890191
SHENANDOAH VALLEY
19
300
0.95
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
802675
WGL DranesvilIe
33,826
300
1,691.30
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
802675
WGL Dranesville
29,767
300
1,488.35
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
802677
ROCKVILLE
62,146
300
3,107.30
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
802677
ROCKVILLE
77,489
300
3,874,45
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
803276
WGL Cedar Creek
3,127
500
156.35
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
803276
WGL Cedar Creek
2,752
500
137.60
4/1 - 9/30
100303
Revision No. 1
SST
Columbia Gas Transmission, LLC
Washington Gas Light Company
Minimum
Maximum
Design
Delivery
Scheduling
Scheduling
Measuring
Measuring
Daily Delivery
Daily
Aggregate
Pressure
Hourly
Begin
End
Point
Point
Point
Point
Obligation
Quantity
Daily
Obligation
Flowrate
Recurrence
Date
Date
No,
Name
No.
Name
(Dth/Day) 1/
(Dth/Day) 1/
Quantity 1/
(psig) 1/
(Dth/hour) 1/
Interval
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
804581
MANASSAS
0
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
804581
MANASSAS
0
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
805007
STRASBURG
425
300
21.25
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
805007
STRASBURG
374
300
18.70
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
805181
New Market
188
300
9.40
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
805181
New Market
165
300
8.25
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
805268
Howell Metal Co.
93
50
4.65
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
805268
Howell Metal Co.
82
50
4.10
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
805439
NINEVEH
4,178
500
208.90
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
805439
NINEVEH
3,677
500
183.85
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
807000
MAIN LINE CUSTOMER
178
8.90
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
807000
MAIN LINE CUSTOMER
156
7.80
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
819683
WOODSTOCK
1,100
300
55.00
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
819683
WOODSTOCK
968
300
48.40
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
828715
WGL Mt Jackson
100
300
5.00
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
828715
WGL Mt Jackson
88
300
4.40
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
831526
ROCKVILLE HEATER F
0
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
831526
ROCKVILLE HEATER F
0
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
831527
ROCKVILLE HEATER F
0
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
831527
ROCKVILLE HEATER F
0
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
832737
Mt. View Rendering Co.
338
16.90
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
832737
Mt. View Rendering Co.
297
14.85
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
832797
MT.VIEW HTR FUEL RE
0
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
832797
MT.VIEW HTR FUEL RE
0
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
834217
ASPHALT
0
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
834217
ASPHALT
0
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
834308
MIDDLEBURG
240
12.00
10/1 - 3/31
100303
Revision No. 1
SST
Columbia Gas Transmission, LLC
Washington Gas Light Company
Minimum
Maximum
Design
Delivery
Scheduling
Scheduling
Measuring
Measuring
Daily Delivery
Daily
Aggregate
Pressure
Hourly
Begin
End
Point
Point
Point
Point
Obligation
Quantity
Daily
Obligation
Flowrate
Recurrence
Date
Date
No.
Name
No.
Name
(Dth/Day) 1/
(Dth/Day) 1/
Quantity 1/
(psig) 1/
(Dth/hour) 1/
Interval
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
834308
MIDDLEBURG
211
10.55
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
835804
WGL Linton Hall
1,800
90.00
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
835804
WGL Linton Hall
1,584
79.20
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
835865
LAKE MANASSAS
360
18.00
10/1 - 3/31
April 1.2020
March 31, 2022
78-30
WASHINGTON GAS-30
835865
LAKE MANASSAS
317
15.85
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
836717
WGL-CHANTILLY
5,411
300
270.55
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
836717
WGL-CHANTILLY
4,762
300
238.10
4/1 - 9/30
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
890191
SHENANDOAH VALLEY
12
300
0.60
10/1 - 3/31
April 1, 2020
March 31, 2022
78-30
WASHINGTON GAS-30
890191
SHENANDOAH VALLEY
11
300
0.55
4/1 - 9/30
November 1, 2008
March 31, 2009
LOSTRI
Lost River
LOSTRI
Lost River
30,000
1,500.00
10/1 - 3/31
April 1, 2009
April 23, 2009
LOSTRI
Lost River
LOSTRI
Lost River
21,900
1,095.00
4/1 - 9/30
April 24, 2009
September 30, 2009
LOSTRI
Lost River
LOSTRI
Lost River
21,900
1,095.00
4/1 - 9/30
October 1, 2009
March 31, 2010
LOSTRI
Lost River
LOSTRI
Lost River
30,000
1,500.00
10/1 - 3/31
April 1, 2010
September 30, 2010
LOSTRI
Lost River
LOSTRI
Lost River
21,900
1,095.00
4/1 - 9/30
October 1, 2010
March 31, 2011
LOSTRI
Lost River
LOSTRI
Lost River
30.000
1,500.00
10/1 - 3/31
April 1, 2011
September 30, 2011
LOSTRI
Lost River
LOSTRI
Lost River
21,900
1,095.00
4/1 - 9/30
October 1, 2011
March 31, 2012
LOSTRI
Lost River
LOSTRI
Lost River
30,000
1,500.00
10/1 - 3/31
April 1, 2012
September 30, 2012
LOSTRI
Lost River
LOSTRI
Lost River
21,900
1,095.00
4/1 - 9/30
October 1, 2012
March 31, 2013
LOSTRI
Lost River
LOSTRI
Lost River
30.000
1,500.00
10/1 - 3/31
April 1, 2013
September 30, 2013
LOSTRI
Lost River
LOSTRI
Lost River
21,900
1,095.00
4/1 - 9/30
October 1, 2013
March 31, 2014
LOSTRI
Lost River
LOSTRI
Lost River
30,000
1,500.00
10/1 - 3/31
April 1, 2014
September 30, 2014
LOSTRI
Lost River
LOSTRI
Lost River
21,900
1,095.00
4/1 - 9/30
October 1, 2014
March 31, 2015
LOSTRI
Lost River
LOSTRI
Lost River
30,000
1,500.00
10/1 - 3/31
April 1, 2015
September 30, 2015
LOSTRI
Lost River
LOSTRI
Lost River
21,900
1,095.00
4/1 - 9/30
October 1, 2015
March 31, 2016
LOSTRI
Lost River
LOSTRI
Lost River
30,000
1,500.00
10/1 - 3/31
April 1, 2016
September 30, 2016
LOSTRI
Lost River
LOSTRI
Lost River
17,100
855.00
4/1 - 9/30
October 1, 2016
March 31, 2017
LOSTRI
Lost River
LOSTRI
Lost River
22,500
1,125.00
10/1 - 3/31
100303
Revision No. 1
SST
Columbia Gas Transmission, LLC
Washington Gas Light Company
Minimum
Maximum
Design
Delivery
Scheduling
Scheduling
Measuring
Measuring
Daily Delivery
Daily
Aggregate
Pressure
Hourly
Begin
End
Point
Point
Point
Point
Obligation
Quantity
Daily
Obligation
Flowrate
Recurrence
Date
Date
No.
Name
No.
Name
(Dth/Day) 1/
(Dth/Day) 1/
Quantity 1/
(psig) 1/
(Dth/hour) 1/
Interval
April 1, 2017
September 30, 2017
LOSTRI
Lost River
LOSTRI
Lost River
17,100
855.00
4/1 - 9/30
October 1, 2017
March 31, 2018
LOSTRI
Lost River
LOSTRI
Lost River
22,500
1,125.00
10/1 - 3/31
April 1, 2018
September 30,2018
LOSTRI
Lost River
LOSTRI
Lost River
12,150
607.50
4/1 - 9/30
October 1, 2018
March 31, 2019
LOSTRI
Lost River
LOSTRI
Lost River
15,000
750.00
10/1 - 3/31
April 1, 2019
September 30, 2019
LOSTRI
Lost River
LOSTRI
Lost River
12,150
607.50
4/1 - 9/30
October 1, 2019
March 31, 2020
LOSTRI
Lost River
LOSTRI
Lost River
15,000
750.00
10/1 - 3/31
April 1, 2020
September 30, 2020
LOSTRI
Lost River
LOSTRI
Lost River
6,600
330.00
4/1 - 9/30
October 1, 2020
March 31, 2021
LOSTRI
Lost River
LOSTRI
Lost River
7,500
375.00
10/1 - 3/31
April 1, 2021
September 30, 2021
LOSTRI
Lost River
LOSTRI
Lost River
6,600
330.00
4/1 - 9/30
October 1, 2021
March 31, 2022
LOSTRI
Lost River
LOSTRI
Lost River
7,500
375.00
10/1 - 3/31
November 1, 2008
March 31, 2016
LOUDOUN
LOUDOUN LNG
837337
LOUDOUN
101,363
300
5,068.15
10/1 - 3/31
November 1, 2008
March 31, 2016
LOUDOUN
LOUDOUN LNG
837337
LOUDOUN
73,995
300
3,699.75
4/1 - 9/30
April 24, 2009
March 31, 2016
LOUDOUN
LOUDOUN LNG
837337
LOUDOUN
101,363
300
5,068.15
10/1 - 3/31
April 24, 2009
March 31, 2016
LOUDOUN
LOUDOUN LNG
837337
LOUDOUN
73,995
300
3,699.75
4/1 - 9/30
April 1, 2016
March 31, 2018
LOUDOUN
LOUDOUN LNG
837337
LOUDOUN
76,022
300
3,801.10
10/1 - 3/31
April 1, 2016
March 31, 2018
LOUDOUN
LOUDOUN LNG
837337
LOUDOUN
57,777
300
2,888.85
4/1 - 9/30
April 1, 2018
March 31, 2020
LOUDOUN
LOUDOUN LNG
837337
LOUDOUN
50,682
300
2,534.10
10/1 - 3/31
April 1, 2018
March 31, 2020
LOUDOUN
LOUDOUN LNG
837337
LOUDOUN
41,052
300
2,052.60
4/1 - 9/30
April 1, 2020
March 31, 2022
LOUDOUN
LOUDOUN LNG
837337
LOUDOUN
25,341
300
1,267.05
10/1 - 3/31
April 1,2020
March 31,2022
LOUDOUN
LOUDOUN LNG
837337
LOUDOUN
22,300
300
1,115.00
4/1 - 9/30
Appendix A to Service Agreement No.
|
100303 | Revision No. 1 | ||
|
||||
Under Rate Schedule
|
SST | |||
|
||||
Between (Transporter)
|
Columbia Gas Transmission, LLC | |||
|
||||
and (Shipper)
|
Washington Gas Light Company |
1/ | Application of MDDOs, DDQs and ADQs and/or minimum pressure and/or hourly flowrate shall be as follows: |
Appendix A to Service Agreement No.
|
100303 | Revision No. 1 | ||
|
||||
Under Rate Schedule
|
SST | |||
|
||||
Between (Transporter)
|
Columbia Gas Transmission, LLC | |||
|
||||
and (Shipper)
|
Washington Gas Light Company |
Appendix A to Service Agreement No.
|
100303 | Revision No. 1 | ||
|
||||
Under Rate Schedule
|
SST | |||
|
||||
Between (Transporter)
|
Columbia Gas Transmission, LLC | |||
|
||||
and (Shipper)
|
Washington Gas Light Company |
Appendix A to Service Agreement No.
|
100303 | Revision No. 1 | ||
|
||||
Under Rate Schedule
|
SST | |||
|
||||
Between (Transporter)
|
Columbia Gas Transmission, LLC | |||
|
||||
and (Shipper)
|
Washington Gas light Company |
|
Washington Gas Light Company | Columbia Gas Transmission, LLC | ||||||||
|
||||||||||
By:
Its: |
/s/ Terry D. McCallister
|
By:
Its: |
/s/ Mark S. Wilke
|
|||||||
|
President & COO | Director, Commercial Services | ||||||||
Date:
|
|
Date: |
|
WASHINGTON GAS LIGHT COMPANY
|
COLUMBIA GAS TRANSMISSION, LLC | |||||
|
||||||
By /s/ Terry D. McCallister
President & COO |
By /s/ Mark S. Wilke
|
5151 San Felipe, Suite 2500
Houston, Texas 77056 |
Re: |
Revision No. 2 to FTS Service Agreement 4484
Revision No. 1 to SST Service Agreement 100303 |
4484
Revision No. 2
FTS
Columbia Gas Transmission, LLC
Washington Gas Light Company
Transportation
Begin Date
End Date
Demand Dth/day
Recurrence Interval
January 28, 2009
277,806
1/1 - 12/31
April 23, 2009
277,806
1/1 - 12/31
March 31, 2016
217,806
1/1 - 12/31
March 31, 2018
148,355
1/1 - 12/31
March 31, 2020
78,904
1/1 - 12/31
March 31, 2022
9,453
1/1 - 12/31
Minimum
Receipt
Scheduling
Scheduling
Measuring
Measuring
Maximum Daily
Pressure
Hourly
Begin
End
Point
Point
Point
Point
Quantity
Obligation
Flowrate
Recurrence
Date
Date
No.
Name
No.
Name
(Dth/Day) 1/
(psig) 1/
(Dth/hour) 1/
Interval
January 28, 2009
801
TCO-LEACH
272,294
1/1 - 12/31
April 23, 2009
801
TCO-LEACH
272,294
1/1 - 12/31
March 31, 2016
801
TCO-LEACH
212,294
1/1 - 12/31
March 31, 2018
801
TCO-LEACH
142,843
1/1 - 12/31
March 31, 2020
801
TCO-LEACH
73,392
1/1 - 12/31
March 31, 2022
801
TCO-LEACH
3,941
1/1 - 12/31
January 28, 2009
A01
KENOVA AGG POINT 0
12
1/1 - 12/31
April 23, 2009
A01
KENOVA AGG POINT 0
12
1/1 - 12/31
March 31, 2022
A01
KENOVA AGG POINT 0
12
1/1 - 12/31
January 28, 2009
CNR02
BOLDMAN-16
4,100
1/1 - 12/31
April 23, 2009
CNR02
BOLDMAN-16
4,100
1/1 - 12/31
Appendix A to Service Agreement No.
|
4484 | Revision No. 2 | ||
|
||||
Under Rate Schedule
|
FTS | |||
|
||||
Between (Transporter)
|
Columbia Gas Transmission, LLC | |||
|
||||
and (Shipper)
|
Washington Gas Light Company |
Minimum | ||||||||||||||||||||
Receipt | ||||||||||||||||||||
Scheduling | Scheduling | Measuring | Measuring | Maximum Daily | Pressure | Hourly | ||||||||||||||
Begin | End | Point | Point | Point | Point | Quantity | Obligation | Flowrate | Recurrence | |||||||||||
Date | Date | No. | Name | No. | Name | (Dth/Day) 1/ | (psig) 1/ | (Dth/hour) 1/ | Interval | |||||||||||
April 24, 2009
|
March 31, 2022 | CNR 02 | BOLDMAN-16 | 4,100 | 1/1 - 12/31 | |||||||||||||||
November 1, 2008
|
January 28, 2009 | CNR 14 | HUFF CREEK-16 | 1,400 | 1/1 - 12/31 | |||||||||||||||
January 29, 2009
|
April 23, 2009 | CNR 14 | HUFF CREEK-16 | 1,400 | 1/1 - 12/31 | |||||||||||||||
April 24, 2009
|
March 31, 2022 | CNR 14 | HUFF CREEK-16 | 1,400 | 1/1 - 12/31 |
Minimum | ||||||||||||||||||||||||
Maximum | Design | Delivery | ||||||||||||||||||||||
Scheduling | Scheduling | Measuring | Measuring | Daily Delivery | Daily | Aggregate | Pressure | Hourly | ||||||||||||||||
Begin | End | Point | Point | Point | Point | Obligation | Quantity | Daily | Obligation | Flowrate | Recurrence | |||||||||||||
Date | Date | No. | Name | No. | Name | (Dth/Day) 1/ | (Dth/Day) 1/ | Quantity 1/ | (psig) 1/ | (Dth/hour) 1/ | Interval | |||||||||||||
November 1, 2008
|
January 28, 2009 | 78-28 | WASHINGTON GAS-28 | 45,902 | 1/1 - 12/31 | |||||||||||||||||||
January 29, 2009
|
April 23, 2009 | 78-28 | WASHINGTON GAS-28 | 45,902 | 1/1 - 12/31 | |||||||||||||||||||
April 24, 2009
|
March 31, 2016 | 78-28 | WASHINGTON GAS-28 | 45,902 | 1/1 - 12/31 | |||||||||||||||||||
April 1, 2016
|
March 31, 2018 | 78-28 | WASHINGTON GAS-28 | 34,427 | 1/1 - 12/31 | |||||||||||||||||||
April 1, 2018
|
March 31, 2020 | 78-28 | WASHINGTON GAS-28 | 22,951 | 1/1 - 12/31 | |||||||||||||||||||
April 1, 2020
|
March 31, 2022 | 78-28 | WASHINGTON GAS-28 | 11,476 | 1/1 - 12/31 | |||||||||||||||||||
November 1, 2008
|
January 28, 2009 | 78-30 | WASHINGTON GAS-30 | 276,804 | 1/1 - 12/31 | |||||||||||||||||||
January 29, 2009
|
April 23, 2009 | 78-30 | WASHINGTON GAS-30 | 276.804 | 1/1 - 12/31 | |||||||||||||||||||
April 24, 2009
|
March 31, 2016 | 78-30 | WASHINGTON GAS-30 | 216,804 | 1/1 - 12/31 | |||||||||||||||||||
April 1, 2016
|
March 31, 2018 | 78-30 | WASHINGTON GAS-30 | 147,603 | 1/1 - 12/31 | |||||||||||||||||||
April 1, 2018
|
March 31, 2020 | 78-30 | WASHINGTON GAS-30 | 78,402 | 1/1 - 12/31 | |||||||||||||||||||
April 1, 2020
|
March 31, 2022 | 78-30 | WASHINGTON GAS-30 | 9,201 | 1/1 - 12/31 | |||||||||||||||||||
November 1, 2008
|
January 28. 2009 | LOUDOUN | LOUDOUN LNG | 92,363 | 1/1 - 12/31 | |||||||||||||||||||
January 29, 2009
|
April 23, 2009 | LOUDOUN | LOUDOUN LNG | 92,383 | 1/1 - 12/31 | |||||||||||||||||||
April 24, 2009
|
March 31, 2016 | LOUDOUN | LOUDOUN LNG | 92,363 | 1/1 - 12/31 |
Appendix A to Service Agreement No.
|
4484 | Revision No. 2 | ||
|
||||
Under Rate Schedule
|
FTS | |||
|
||||
Between (Transporter)
|
Columbia Gas Transmission, LLC | |||
|
||||
and (Shipper)
|
Washington Gas Light Company |
Minimum | ||||||||||||||||||||||||
Maximum | Design | Delivery | ||||||||||||||||||||||
Scheduling | Scheduling | Measuring | Measuring | Daily Delivery | Daily | Aggregate | Pressure | Hourly | ||||||||||||||||
Begin | End | Point | Point | Point | Point | Obligation | Quantity | Daily | Obligation | Flowrate | Recurrence | |||||||||||||
Date | Date | No. | Name | No. | Name | (Dth/Day) 1/ | (Dth/Day) 1/ | Quantity 1/ | (psig) 1/ | (Dth/hour) 1/ | Interval | |||||||||||||
April 1, 2016
|
March 31, 2018 | LOUDOUN | LOUDOUN LNG | 69,272 | 1/1 - 12/31 | |||||||||||||||||||
April 1, 2018
|
March 31, 2020 | LOUDOUN | LOUDOUN LNG | 46,182 | 1/1 - 12/31 | |||||||||||||||||||
April 1, 2020
|
March 31, 2022 | LOUDOUN | LOUDOUN LNG | 23,091 | 1/1 - 12/31 |
1/ | Application of MDDOs, DDQs and ADQs and/or minimum pressure and/or hourly flowrate shall be as follows: |
|
Washington Gas Light Company | |||
|
||||
By:
|
/s/ Terry D. McCallister | |||
Name:
|
|
|||
Title:
|
President & COO | |||
Date:
|
||||
|
||||
|
Columbia Gas Transmission, LLC | |||
|
||||
By:
Name: |
/s/ Mark S. Wilke
|
|||
Title:
|
Director, Commercial Services | |||
Date:
|
|
Service Agreement No. 4484 | |
|
Control No. |
|
Service Agreement No. 4484 | |
|
Control No. |
WASHINGTON GAS LIGHT COMPANY | COLUMBIA GAS TRANSMISSION, LLC | |||||||||
|
||||||||||
By
Name: Title: |
/s/ Terry D. McCallister
President & COO |
By
Name: Title: |
/s/ Mark S. Wilke
Director, Commercial Services |
($ in thousands) | ||||||||||||||||||||
Twelve Months Ended September 30, | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
FIXED CHARGES:
|
||||||||||||||||||||
Interest Expense
|
$ | 43,649 | $ | 46,707 | $ | 48,333 | $ | 47,593 | $ | 42,021 | ||||||||||
Amortization of Debt Premium, Discount and Expense
|
413 | 450 | 562 | 578 | 821 | |||||||||||||||
Interest Component of Rentals
|
1,539 | 1,609 | 1,600 | 1,429 | 1,506 | |||||||||||||||
Total Fixed Charges
|
$ | 45,601 | $ | 48,766 | $ | 50,495 | $ | 49,600 | $ | 44,348 | ||||||||||
EARNINGS:
|
||||||||||||||||||||
Income from Continuing Operations before Dividends on
Preferred Stock
|
$ | 121,693 | $ | 117,843 | $ | 109,220 | $ | 96,014 | $ | 107,392 | ||||||||||
Add:
|
||||||||||||||||||||
Income Taxes
|
77,274 | 69,491 | 70,137 | 61,313 | 62,761 | |||||||||||||||
Total Fixed Charges
|
45,601 | 48,766 | 50,495 | 49,600 | 44,348 | |||||||||||||||
Total Earnings
|
$ | 244,568 | $ | 236,100 | $ | 229,852 | $ | 206,927 | $ | 214,501 | ||||||||||
Ratio of Earnings to Fixed Charges
|
5.4 | 4.8 | 4.6 | 4.2 | 4.8 | |||||||||||||||
($ in thousands) | ||||||||||||||||||||
Twelve Months Ended September 30, | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
FIXED CHARGES:
|
||||||||||||||||||||
Interest Expense
|
$ | 42,887 | $ | 45,307 | $ | 44,621 | $ | 43,316 | $ | 40,319 | ||||||||||
Amortization of Debt Premium, Discount and Expense
|
406 | 410 | 471 | 566 | 821 | |||||||||||||||
Interest Component of Rentals
|
1,239 | 1,290 | 1,288 | 1,185 | 1,266 | |||||||||||||||
Total Fixed Charges
|
$ | 44,532 | $ | 47,007 | $ | 46,380 | $ | 45,067 | $ | 42,406 | ||||||||||
EARNINGS:
|
||||||||||||||||||||
Net Income before Dividends on Preferred Stock
|
$ | 106,585 | $ | 114,182 | $ | 90,500 | $ | 85,841 | $ | 89,213 | ||||||||||
Add:
|
||||||||||||||||||||
Income Taxes
|
66,018 | 64,707 | 54,497 | 51,902 | 47,393 | |||||||||||||||
Total Fixed Charges
|
44,532 | 47,007 | 46,380 | 45,067 | 42,406 | |||||||||||||||
Total Earnings
|
$ | 217,135 | $ | 225,896 | $ | 191,377 | $ | 182,810 | $ | 179,012 | ||||||||||
Ratio of Earnings to Fixed Charges
|
4.9 | 4.8 | 4.1 | 4.1 | 4.2 | |||||||||||||||
Percent of
|
||||||
Voting
|
||||||
Securities
|
||||||
Subsidiary Relationship Denoted by Indentation
|
Owned | State of Incorporation | ||||
WGL Holdings, Inc. (Parent)
|
Virginia | |||||
Washington Gas Light Company
|
100 | % | Virginia and the District of Columbia | |||
Hampshire Gas Company
|
100 | % | West Virginia | |||
Crab Run Gas Company
|
100 | % | Virginia | |||
Washington Gas Resources Corp.
|
100 | % | Delaware | |||
Washington Gas Credit Corporation
|
100 | % | Delaware | |||
Washington Gas Energy Services, Inc.
|
100 | % | Delaware | |||
Washington Gas Energy Systems, Inc.
|
100 | % | Delaware |
Form S-3
|
No. 333-126620 | |
Form S-8
|
No. 333-104571 | |
Form S-8
|
No. 333-104572 | |
Form S-8
|
No. 333-104573 | |
Form S-8
|
No. 333-142983 |
Form S-3
|
No. 333-159243 |
Name
|
Title
|
Date
|
||||
/s/ Michael
D. Barnes
|
Director | November 23, 2009 | ||||
/s/ George
P. Clancy, Jr.
|
Director | November 23, 2009 | ||||
/s/ James
W. Dyke, Jr.
|
Director | November 23, 2009 | ||||
/s/ Melvyn
J. Estrin
|
Director | November 23, 2009 | ||||
/s/ James
F. Lafond
|
Director | November 23, 2009 | ||||
/s/ Debra
L. Lee
|
Director | November 23, 2009 | ||||
/s/ Karen
Hastie Williams
|
Director | November 23, 2009 |
1. | I have reviewed this annual report on Form 10-K of WGL Holdings, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
1. | I have reviewed this annual report on Form 10-K of WGL Holdings, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
1. | I have reviewed this annual report on Form 10-K of Washington Gas Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
1. | I have reviewed this annual report on Form 10-K of Washington Gas Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
(1) | The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and | |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Companies. |