Annual Report
Table of Contents

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

 

FORM U5S/A

 

ANNUAL REPORT

 

For the Fiscal Year Ended March 31, 2003

 

Filed pursuant to the Public Utility Holding Company Act of 1935

 

by

 

Scottish Power plc

 

1 Atlantic Quay

Glasgow G2 8SP

Scotland UK

 

 

1

Table of Contents

Scottish Power plc

FORM U5S/A

2003

 

TABLE OF CONTENTS

 

ITEM

    PAGE
NUMBER

1.

  

System Companies and Investments Therein as of March 31, 2003

    3

2.

  

Acquisitions or Sales of Utility Assets

    20

3.

  

Issue, Sale, Pledge, Guarantee or Assumptions of System Securities

    21

4.

  

Acquisition, Redemption or Retirement of System Securities

    21

5.

  

Investments in Securities of Nonsystem Companies

    21

6.

  

Officers and Directors

    22

7.

  

Contributions and Public Relations

    33

8.

  

Service, Sales and Construction Contracts

    34

9.

  

Wholesale Generators and Foreign Utility Companies

    34

10.

  

Financial Statements and Exhibits

   40

 

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Table of Contents

ITEMS

 

ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF March 31, 2003.

 

Name of Company

         Percentage of
Voting Power
(100% unless
otherwise
noted)
   

Type of
Business/

Description of
Business

    Number of
Common Shares
Owned
   

Issuer

Book Value

$ 000s

   

Owner’s

Book Value

$ 000s

Scottish Power plc

              HC               

SP Finance * (FN 1)

   

Ordinary £0.01 Shares

Unsecured Int. Debt

BR + 1% No Arrears

         FE    10,025    #    #
1,206,788

SP Finance 2 Limited *

(FN 2)

    Ordinary £1 Shares         FE    10,750    18    1,200,016

PacifiCorp UK Limited *

(FN 3)

   

A-F Nonvoting Shares

Voting Share

         FE    1,250,000
1		    750
#		    2,404,808
#

ScottishPower Overseas

Holdings Limited

   

Ordinary £1 Shares

Unsecured Int. Debt

BR + 1% No Arrears

         FE    100    #    11,821
19,687

PacifiCorp Energy Canada

Ltd.

    Class A Voting Shares         Gas Storage
i		    17,000    11,821    11,821

Venus 2 Limited * (FN 4)

    Ordinary £1 Shares         FE    10,000    16    16

Venus 3 Limited * (FN5)

    Ordinary £1 Shares         FE    10,000    16    16

Venus 4 Limited * (FN 6)

    Ordinary £1 Shares         FE    10,000    16    16

Venus 5 Limited * (FN 7)

    Ordinary £1 Shares         FE    10,000    16    16

Scottish Power UK Holdings

Limited (FN 8)

   

Ordinary Shares £0.5

Unsecured Int. Debt

BR + 1% No Arrears

         FUCO    1,183,983,102    953,120    947,187
85,358

 

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ScottishPower Energy Trading (Agency) Limited

    Ordinary £1 Shares         FRB    4,000,001    6,400    6,400

ScottishPower Energy Trading Limited

    Ordinary £1 Shares         FRB    50,000,000    80,000    80,000

Scottish Power UK plc (SPUK)

   

Ordinary Shares £0.5

Unsecured Ex. Debt – AIR 6.8% No Arrears

         FUCO    1,183,983,102    947,365    947,187
3,438,000

Aspen 1 Limited *

    Ordinary £1 Shares         FRB    1    #    #

Caledonian Gas Limited *

    Ordinary £1 Shares         FRB    250,000    250    400

ScottishPower Group Money Purchase Pension Scheme Limited

    Ordinary £1 Shares         FRB    100    N/A    N/A

ScottishPower Inc. *

    Common Stock         FRB    100    #    #

Manweb Limited *

    Ordinary £1 Shares         FRB    1    #    #

RoboScot (38) Limited *

    B Ordinary £1 Shares    50    FRB    7,999,999    12,800    5,862

SaBRe Water Limited *

    Ordinary £1 Shares         FRB    2    #    #

Scottish Power Trustees Limited *

    Ordinary £1 Shares         FRB    2    #    #

Scottish Utility Services Limited *

    Ordinary £1 Shares         FRB    2    3    3

Camjar plc *

    Ordinary £1 Shares         FRB    284,060    454    8,195

Spotlight Trading Limited *

    Ordinary £1 Shares         FRB    2    #    #

Telephone Information Services plc *

    Ordinary £1 Shares         FRB    350,000    560    2,048

ScottishPower Energy Retail Limited

    Ordinary £1 Shares         FRB    55,407,000    88,651    88,561

Manweb Energy Consultants Limited *

    Ordinary £1 Shares         FRB    75,000    120    120

N.E.S.T.MAKERS Limited

    Ordinary £1 Shares    50    FRB    22,500    37    23

ScottishPower Generation Limited

   

Ordinary £1 Shares

Unsecured Int. Debt

BR + 1% No Arrears

         FRB    130,700,000    209,120    209,120
784,077

Beaufort Energy Limited

    Ordinary £1 Shares         FRB    2    #    #

 

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CRE Energy Limited

    Ordinary £1 Shares         FRB    2    #    #

Wind Resources Limited

    B Ordinary £1 Shares    45    FRB    1,738,419    2,781    2,781

Carland Cross Limited

    Ordinary £1 Shares         FRB
T		    1,433,155    2,293    2,293

Coal Clough Limited

    Ordinary £1 Shares         FRB    242,002    3,872    3,872

CeltPower Limited

    B Ordinary £1 Shares    50    FRB    500    2    46

Emerald Power Generation Limited

    Ordinary £1 Shares         FRB    1    #    22

Manweb Generation Holdings Limited

    Ordinary £1 Shares         FRB    2,100,000    3,360    3,360

Manweb Generation (Winnington) Limited *

    Ordinary £1 Shares         FRB    1    #    #

Winnington Combined Heat and Power Ltd.

    Ordinary £1 Shares    33.33    FRB    1    #    #

Winnington Combined Heat and Power Developments Limited *

    Ordinary £1 Shares    33.33    FRB    1    #    #

Winnington Combined Heat and Power Operations Limited *

    Ordinary £1 Shares    33.33    FRB    1    #    #

Scotash Limited

    B Ordinary £1 Shares    50    FRB    500    2    5,842

Shoreham Operations Company Limited

    B Ordinary £1 Shares    50    FRB    1    #    #

SMW Limited

    Ordinary £1 Shares         FRB    2    #    #

South Coast Power Limited

    B Ordinary £1 Shares    50    FRB    1,900,001    3,040    20,400

ScottishPower Share Scheme Trustees Limited

    Ordinary £1 Shares         FRB    2    #    #

 

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ScottishPower Sharesave Trustees

    Ordinary £1 Shares         FRB    2    #    #

Limited

                              

Selectusonline Limited

    A Ordinary £1 Shares    25    FRB    25    #    #

SP Dataserve Limited

    Ordinary £1 Shares         FRB    17,608,000    28,173    28,173

SP Distribution Limited

   

Ordinary £1 Shares

Unsecured Ex. Debt

AIR 5.6% No Arrears

Unsecured Int. Debt

BR + 1% No Arrears

         FRB    109,600,000    175,360    175,360
156,800
678,651

Dynamic Power Limited *

    A Ordinary £1 Shares    50    FRB    25    #    #

Scottish Electricity Settlements

    Ordinary £1 Shares    50    FRB    1    3    #

Limited

                              

SP Gas Limited

    Ordinary £1 Shares         FRB    2    3    3

SP Power Systems Limited

   

Ordinary £1 Shares

Unsecured Int. Debt

BR + 1% No Arrears

         FRB
.		    11,247,000    17,995    17,995
17,478

Core Utility Solutions Limited

    A Ordinary £1 Shares    50    FRB    1,000,000    1,600    1,600

SP Transmission Limited

   

Ordinary £1 Shares

Unsecured Ex. Debt

AIR 6.3% No Arrears

Unsecured Int. Debt

Base Rate + 1%

         FRB    9,000,000    14,400    14,400
79,100
241,492

GBSO Limited * (FN 9)

    Ordinary £1 Shares         FRB    1    #    #

Teledata (Holdings) Limited *

   

Ordinary £1 Shares

Unsecured Int. Debt

BR + 1% No Arrears

         FRB    30,000    48    17,392
948

Teledata (Outsourcing)

Limited *

    Ordinary £1 Shares         FRB    100    #    #

The CallCentre Service

   

Ordinary £.50 Shares

         FRB    4,464,036    3,571    773

Limited*

                              

Teledata Scotland Limited *

    Ordinary £1 Shares         FRB    2    #    #

 

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The Information Service Limited *

    Ordinary £1 Shares         FRB    4,073,100    6,517    2,466

Clubcall Telephone Services Limited *

    Ordinary £1 Shares         FRB    2,067,702    3,309    3,309

Clubline Services Limited *

    Ordinary £1 Shares         FRB    2    #    #

Telephone International Media Holdings Limited *

    Ordinary £1 Shares         FRB    106,250    170    2,510

Copperteam Limited *

    Ordinary £1 Shares         FRB    2    #    #

Telephone International Media Limited *

    Ordinary £1 Shares         FRB    650,000    1,040    1,040

TIM Limited *

    Ordinary £1 Shares         FRB    2    #    #

ScottishPower Investments Limited

   

Ordinary £1 Shares

Unsecured Int. Debt

BR + 1% No Arrears

         FRB    100,000,000    160,000    160,000
1,352,141

Caledonian Communications Limited *

   

Ordinary £1 Shares

Unsecured Int. Debt

BR + 1% No Arrears

         FRB    2    #    #
5,820

Genscot Limited

    Ordinary £1 Shares         FRB    100,00    160    160

Manweb Holdings Limited *

    Ordinary £1 Shares         FRB    12,500,000    20,000    20,000

Manweb Contracting Services Limited *

    Ordinary £1 Shares         FRB    1,000,000    #    #

Manweb Gas Limited *

    Ordinary £1 Shares         FRB    150,000    240    240

Manweb Pensions Trustee Limited *

    Ordinary £1 Shares         FRB    2    #    #

Mawlaw 526 Limited *

    Ordinary £1 Shares         FRB    1    #    #

SSEB Limited *

    Ordinary £1 Shares         FRB    2    #    #

ScotPower Limited *

    Ordinary £1 Shares         FRB    2    #    #

Scotsgrid Limited *

    Ordinary £1 Shares         FRB    2    #    #

ScottishPower

Finance Limited *

    Ordinary £1 Shares         FRB    2    #    #

Scotspower Limited *

    Ordinary £1 Shares         FRB    2    #    #

 

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ScottishPower Insurance Limited

    Ordinary £1 Shares         FRB    9,750,000    15,600    23,200

ScottishPower Leasing Limited

    Ordinary £1 Shares         FRB    2    #    #

ScottishPower Securities Limited *

    Ordinary £1 Shares         FRB    2    #    #

ScottishPower Telecommunications Limited *

    Ordinary £1 Shares         FRB    15,000,000    21,000    21,000

Demon Internet Limited *

    Ordinary £1 Shares         FRB    1,533,330    245    108,160

Cityscape Global Media Limited *

    Ordinary £1 Shares         FRB    2    #    #

Cityscape Internet Services Limited *

    Ordinary £1 Shares         FRB    1,000    #    #

Cityscape Limited *

    Ordinary £1 Shares         FRB    2    #    #

Demon Limited *

    Ordinary £1 Shares         FRB    2    #    #

Dispatch Publishing Limited *

    Ordinary £1 Shares         FRB    100    141    141

Locomotive Software Group Limited *

    Ordinary £1 Shares         FRB    200    #    #

Locomotive Software Developments Limited *

    Ordinary £1 Shares         FRB    100    #    #

Turnpike 1996 Limited*

    Ordinary £1 Shares         FRB    100    #    #

Turnpike Limited *

    Ordinary £1 Shares         FRB    100    #    #

The IP Systems Operation Limited *

    Ordinary £1 Shares         FRB    2    #    #

Lancastrian Holdings Limited *

    Ordinary £1 Shares         FRB    220,022    352    9,472

Megafone (UK) Limited *

    Ordinary £1 Shares         FRB    2    #    #

Psychic Companions Limited *

    Ordinary £1 Shares         FRB    2    #    #

 

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Table of Contents

SPPT Limited *

    Ordinary £1 Shares         FRB    2      #    #

Watermark Games Limited *

    Ordinary £0.01 Shares         FRB    3,024,249      48    4,944

SP Manweb plc

   

Ordinary £0.50 Shares

Unsecured Ex Debt

AIR 5.8% No Arrears

         FUCO    108,458,370      86,766    1,431,806
79,100

Manweb Nominees Limited *

    Ordinary £1 Shares         FRB    100      #    #

Manweb Services Limited *

    Ordinary £1 Shares         FRB    75,000      120    120

Manweb Share Scheme Trustees Limited *

    Ordinary £1 Shares         FRB    2      #    #

St Clements Services Ltd

    Ordinary £1 Shares    13    FRB    5      £5    £5

Electralink Ltd

    Ordinary £0.10 Shares    13    FRB    1336    £ 133.60    £133.60

 

Name of Company

        Percentage of
Voting
Power (100%
unless
otherwise
noted)
    Type of
Business
    Number of
Common Shares
Owned
   

Issuer

Book Value

$ 000s

   

Owner’s

Book Value

$ 000s

ScottishPower NA 1 Limited

    Ordinary £1 Shares
Unsecured Int.
Debt
BR + 1% No Arrears		        HC    158,499,452    253,598    418,484
15,858

NA General Partnership
(FN 10)

    LP Interest        HC    N/A    4,173,551    4,173,551

ScottishPower NA 2 Limited

    Ordinary £1 Shares
Unsecured Int.
Debt
BR + 1% No Arrears		        HC    1,426,495,072    2,282,392    3,766,371
142,729

NA General Partnership (FN 10)

    LP Interest        HC    N/A    4,173,551    4,173,551

PacifiCorp Holdings, Inc. (PHI)

    Common        HC
I		    10,000    4,173,551    4,173,551

Pacific Klamath Energy, Inc.

    Common        SPS    50    6,599    6,599

 

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PacifiCorp (FN 11)

   

Common, No Par

Secured Debt

         Public Utility    312,176,089    3,198,049    3,198,049
3,077,963
    

AIR 6.6%

No Arrears

              15,169,633         450,700
     Unsecured Ex. Debt                         
    

AIR 2.0 % No Arrears

Pref (mult Series)

                        449,855

Centralia Mining Co.

    Common, No Par         Coal Mining Business    100    1    1

Energy West Mining Company

    Common, No Par         Coal Mining Business    100    1    1

Glenrock Coal Co.

    Common, No Par         Coal Mining Business    100    .001    .001

Interwest Mining Co.

    Common, No Par         Coal Mining Business    100    1    1

Pacific Minerals,

Inc.

    Common, No Par         Coal Mining Business    500    54,455    54,455

Bridger Coal Co. (FN 12)

    Joint Venture Interest    66.67    Coal Mining Business         N/A    N/A

PacifiCorp Environmental Remediation Co. (FN 13)

    Common, No Par    89.90    Rain Forest Carbon    8,900    5,864    5,864

PacifiCorp Future Generations, Inc.

    Common         SPS- Rain Forest Carbon    10    -4    -4

Canopy Botanicals, Inc.

(Delaware) (77.85%) (FN 14)

    Common    77.85    Rain Forest Carbon    25,102    -3.6    -3.6

Canopy Botanicals, S.R.L. (49%) (FN 15)

    Member Interest    49    Rain Forest Carbon    N/A    N/A    N/A

PacifiCorp

Investment

Management, Inc.

    Common, No Par         Non-utility Holding Company    100    0    0

PacifiCorp Group Holdings Co.

   

Common

Unsecured Debt-

$960,750.72

Int. Rate – 1.9725%

        

Non-utility Holding Company

s.

    100    277,367    277,367

New Energy Holdings I, Inc. *

    Common, No Par         FRB    100    0    0

EnergyWorks Holdings I *

    Common         FRB    2    0    0

 

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New IndiaPower Company One *

    Common         FRB    50    N/A    N/A

Energy- Works India Co. Pvt. Ltd. *

    Common         FRB    1    N/A    N/A

New IndiaPower Company Two *

    Common         FRB    1    N/A    N/A

PacifiCorp Trans, Inc. *

    Common         Corporate Aircraft Scheduling    100    262    262

PACE Group, Inc.

    Common, No Par         SPS    100    1,683    1,683

Pacific Kinston Energy, Inc. *

    Common         Power Management    10    0    0

PacifiCorp Development Company *

    Common, No Par         SPS    10    0    0

PacifiCorp Generation International, BV

    1,000 NLG         SPS    40    0    0

Pacific Bakun Energy BV

    NLG         SPS         0    0

PacifiCorp Energy Services, Inc.

    Common, No Par         SPS    10    0    0

PacifiCorp Energy Ventures, Inc.

    Common, No Par         SPS    10    0    0

Nth Power Management, L.P. (FN 16)

    Limited Partnership Interest    18.8    Energy-related    N/A    0    0

 

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PacifiCorp Financial Services, Inc.

    Common         SPS Non-utility Holding Company    179,005    42,165    42,165

Birmingham Syn Fuel I, Inc. *

    Common         Synthetic Fuel Company    100    28,843    28,843

CS Holdings, Inc.*

    Common, No Par         Leverage Leasing Activity    1,000    -7,564    -7,564

Koala FSC, Ltd. *

    Common         Leverage Leasing Activity    1,200    -29,089    -29,089

Leblon Sales Corporation

    Common, No Par         Leverage Leasing Activity    1,000    -37,598    -37,598

Pacific Development (Property), Inc.

    Common, No Par         SPS    1    -3,484    -3,484

Pacific Harbor Capital, Inc.

    Common         Leverage Leasing Activity    407    22,870    22,870

PFI International, Inc.*

    Common         Leverage Leasing Activity    1,000    768    768

PHC Properties Corporation

    Common         Affordable Housing    100    -16.7    -16.7

PCC Holdings, Inc.

   

Common

Preferred

         SPS   

1

0

    -8,370    -8,370

PacifiCorp Capital, Inc. *

    Common         SPS    4,743,735    -7    -7

Hillsborough Leasing Services, Inc. *

    Common         SPS    1    0    0

PNF Holdings, Inc. *

    Common, No Par         SPS    100    795    795

VCI Acquisition Co. *

   

Common

Preferred

         SPS   

100

0

    0    0

 

Name of Company

         Percentage
of Voting
Power
(100%
unless
otherwise
noted)
    Type of
Business
    Number
of
Common
Shares
Owned
   

Issuer

Book
Value

$
000s

   

Owner’s

Book
Value

$ 000s

PacifiCorp International

Group Holdings Company

    Common, No Par         FRB    100    0    0

PacifiCorp Hazelwood Pty. Ltd. *

    Member Interest         FRB    100    0    0

Hazelwood Australia, Inc. *

    Common         FRB    100    0    0

Hazelwood Ventures, Inc. *

    Common         FRB    100    0    0

Hazelwood Finance LP (12.55%) (FN 17) *

    Limited Partnership Interest    12.55    FRB    N/A    0    0

 

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Name of Company

         Percentage
of Voting
Power
(100%
unless
otherwise
noted)
    Type of Business
    Number of
Common
Shares Owned
   

Issuer

Book Value

$ 000s

   

Owner’s

Book Value

$ 000s

PPM ENERGY, INC.

    Common, No Par         Non-utility
Holding Company		    100    161,723    161,723

Phoenix Wind Power LLC

    LLC Interest         EWG    N/A    539    539

Klamath Energy, LLC

    LLC Interest         EWG    N/A    -1,046    -1,046

Klamath Generation, LLC

    LLC Interest         SPS    N/A    -5.9    -5.9

West Valley Leasing LLC

    LLC Interest         Non-utility Generation
Company		    N/A    8,142    8,142

Klondike Wind Power LLC

    LLC Interest         EWG    N/A    183    183

Moraine Wind LLC

    LLC Interest         EWG    N/A    -2.2    -2.2

Moraine Wind II LLC

    LLC Interest         SPS/FE    N/A    0    0

Heartland Wind LLC

    LLC Interest         SPS    N/A    0    0

Flying Cloud Power

Partners, LLC (FN 18)

    LLC Interest         EWG    N/A    0    0

Pacific Wind Development

LLC

    LLC Interest         SPS    N/A    -.025    -.025

Arlington Wind LLC (FN19)

    LLC Interest         SPS/FE    N/A    -7.7    -7.7

Scenic Vista Wind Power

(FN 20)

    LLC Interest         Wind Facility    N/A    0    0

Enstor, Inc.

    Common         Energy Related Holding
Company		    1,000    2,212    2,212

Katy Storage &

Transportation,

LP

    Limited
Partnership
Interest		         Gas Storage    N/A    1,919    1,919

City Gate Gas Storage

LLC

    LLC Interest         Gas Storage    N/A    -6    -6

Columbia Gas Storage

LLC

    LLC Interest         Gas Storage    N/A    -36    -36

Delta Gas Storage LLC

    LLC Interest         Gas Storage    N/A    -2.3    -2.3

Enstor Louisiana LLC

(FN 21)

    LLC Interest         Gas Storage    N/A    -.40    -.40

Brentwood Gas Storage

LLC

    LLC Interest         Gas Storage    N/A    -.15    -.15

Enstor Operating Co.,

LLC (FN 22)

    LLC Interest         Gas Storage    N/A    499    499

Katy Storage &

Transportation,

LP (FN 23)

    General
Partnership
Interest		         Gas Storage    N/A    1,919    1,919

 

Footnotes

 

(FN 1) Formed 11/12/02 – Incorporated in England – FE – inactive/dormant entity

 

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(FN 2) Formed 9/26/02 – Incorporated in Scotland - FE – inactive/dormant entity

 

(FN 3) Formed 12/2/02 – Incorporated in England – FE – inactive/dormant entity

 

(FN 4) Formed 9/24/02 – Renamed SP Finance 3 on 12/12/02 – Incorporated in Scotland – FE – inactive/dormant entity

 

(FN 5) Formed 9/24/02 – Renamed SP Finance 4 on 5/16/02 – Incorporated in Scotland – FE – inactive/dormant entity

 

(FN 6) Formed 9/24/02 – Renamed SP Finance 5 on 5/16/02 – Incorporated in Scotland – FE – inactive/dormant entity

 

(FN 7) Formed 9/24/02 – Incorporated in Scotland – FE – inactive/dormant entity

 

(FN 8) Formed 6/18/02 – Incorporated in Scotland – FUCO – holds securities and assets of SPUK

 

(FN 9) Formed 8/9/02 – Incorporated in Scotland – SPS/FRB – inactive/dormant entity

 

(FN 10) Partnership – cash investment – ScottishPower NA 1 Limited (10%); ScottishPower NA2 Limited (90%)

 

(FN 11) Inter company loans – PacifiCorp and certain affiliates currently participate in an intercompany loan agreement (“PacifiCorp Loan Agreement”) allowing PacifiCorp to loan up to $200 million and allowing these affiliates to loan unlimited amounts to PacifiCorp. The PacifiCorp Loan Agreement was approved by the Oregon Public Utility Commission. Loans made under the PacifiCorp Loan Agreement are payable on demand, are evidenced by notes and bear interest at PacifiCorp’s short term borrowing rate whether the loan is to or from PacifiCorp. PacifiCorp Group Holdings Company (“PGHC”) also participates in an intercompany borrowing agreement (“PGHC Loan Agreement,” and collectively, “Loan Agreements”) allowing up to $350 million in loans to be made among PGHC and its subsidiaries, and among PGHC and certain other subsidiaries of PacifiCorp, including PacifiCorp Environmental Remediation Company, PacifiCorp Minerals, Inc. and PacifiCorp Investment Management, Inc.

 

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Loans made under the PGHC Loan Agreement are payable on demand and if from PGHC, bear interest at a negotiated rate or at PGHC’s short-term borrowing rate if the borrower is PGHC. Descriptions of the terms and conditions of the Loan Agreements are incorporated by reference to Scottish Power Certificates of Notification under File No. 040- 00485.

 

(FN 12) Pacific Minerals, Inc. (66.66%); Idaho Power (33.34%) (nonassociate)

 

(FN 13) PacifiCorp (89.90%); CH2M Hill (10.10%) (nonassociate)

 

(FN 14) PacifiCorp Future Generations, Inc. (77.85%); BP America, Inc. (22.15%) (nonassociate)

 

(FN 15) Fundacion Amigos de la Naturaleza (51%) (nonassociate); Canopy Botanicals, Inc. (49%)

 

(FN 16) Partnership – cash investment

 

(FN 17) Partnership – cash investment – National Power (87.5%); PacifiCorp Hazelwood Pty Ltd. (12.5%)

 

(FN 18) Acquired 3/31/03 – Oregon Corporation- Wind Facility/EWG.

 

(FN 19) Formed 10/21/02 – Oregon LLC – SPS/FE shell to develop future Oregon wind projects

 

(FN 20) Formed 10/9/02 – Delaware LLC – SPS/FE shell to develop in the future Scenic Vista wind project

 

(FN 21) Formed 4/18/02 – Oregon LLC – SPS/FE shell to hold interest in Rule 58 gas storage facility

 

(FN 22) Formed 9/19/02 – Oregon LLC – SPS/FE – operating Rule 58 gas storage facility operations and GP of Katy Storage and Transportation LP.

 

(FN 23) Partnership – cash investment- Acquired 12/02 – Texas LP- Rule 58 entity that holds gas storage assets –Enstor Inc. 99%; Enstor Operating Company 1%

 

# Less than $2,000.00

 

* Inactive/Dormant - An inactive or dormant company refers to a company that does not engage in trading or conduct or solicit business and has no material revenues or income. Inactive or dormant companies are often held until the resolution of contingent liabilities, to maintain certain rights or as a shell to be used in a future transaction.

 

(HC) holding company

 

(FE) finance entity

 

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(FUCO) foreign utility company

 

(EWG) exempt wholesale generator

 

(FRB) fuco-related business

 

(SPS) special purpose subsidiary

 

(AIR) weighted average interest rate

 

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Status of PHI Nonutility Subsidiaries Existing as of 11/29/99

 

Name of Company

   

Org.

   

State/Country

   

Status

Biodiversidad Sostenible    Business Arrangement    Bolivia    This business arrangement is still active, however, it is not a statutory subsidiary. The statutory subsidiary that owns this project is Canopy Botanicals, S.R.L.
Rio Bravo Carbon Sequestration Pilot Project    Business Arrangement    Belize    This business arrangement is still active, however, it is not a statutory subsidiary. The statutory subsidiary that owns this project is Canopy Botanicals, S.R.L.
PACORP    Corp.    OR    Dissolved on 7/28/00 because the business operations were no longer required in the system.
Orcom System, Inc.    Corp.    OR    PacifiCorp affiliate owned 50% of Orcom and sold to Livewire Utilities on 1/27/00.
Inspect LLC    L.L.C.    OR    Dissolved 12/29/99 because the business operations were no longer required in the system.
Pacific Generation Int’l Ltd.    Corp.    Cayman Islands    Dissolved 10/31/97 because the business operations were no longer required in the system.
PacGen SMHPC Ltd.    Corp.    Mauritius    Dissolved 9/28/00 because the business operations were no longer required in the system.
PacifiCorp Australian Gas Project    Corp.    Cayman Islands    Dissolved 3/31/00 – Sold all Australian FUCOs and no longer looking to develop international projects.
PacifiCorp Brazil Development Corp.    Corp.    Cayman Islands    Dissolved 3/31/00 – No longer looking to bid on or develop projects in Brazil
PacifiCorp International Development Corp.    Corp.    Cayman Islands    Dissolved 12/29/00 – No longer looking to bid on or develop foreign utility businesses.
PacifiCorp Ismir Development Corp.    Corp.    Cayman Islands    Dissolved 2/21/02 – No longer looking to bid on or develop projects in Turkey.
PacifiCorp Turkey Holding Co.    Corp.    OR    Dissolved 3/31/00 – No longer looking to bid on or develop utility projects in Turkey.

PacifiCorp Turkey Generation

Development Corp.

    Corp.    Cayman Islands    Dissolved 3/31/00 – No longer looking to bid on or develop projects in Turkey.

 

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PacifiCorp Energy, Inc.    Corp.    OR    Dissolved 2/20/03 because the business operations were no longer required in the system.
Farnham Gas Storage LLC    L.L.C.    DE    Sold to Enstor, L.P.(now known as ENX, L.P.), a non-associate company, 10/12/01
Jefferson Gas Storage LLC    L.L.C.    DE    Dissolved 10/15/99 because the business operations were no longer required in the system.
Moab Gas Storage LLC    L.L.C.    DE    Dissolved in 2001 because the business operations were no longer required in the system.
PacifiCorp Kentucky Energy Co.    Corp.    OR    Dissolved 12/20/99 because the business operations were no longer required in the system.
PacifiCorp EnergyCo Holdings LLC    L.L.C.    England/ Wales    Dissolved 9/12/00 because the business operations were no longer required in the system.
PacifiCorp Powercoal LLC    L.L.C.    OR    Dissolved 12/16/99 because the business operations were no longer required in the system.
Birmingham Syn Fuel, LLC    L.L.C.    OR    Sold to Marriott International on 10/15/01.
PacifiCorp Syn Fuel, LLC    L.L.C.    OR    Sold to Marriott International on 10/15/01.
Birmingham Syn Fuel II, LLC    Corp.    OR    Sold to Marriott International on 10/15/01.
Covol Technologies, Inc.    Business Arrangement    DE    Terminated and interests dissolved in 10/2001.
PFI Lakewood Limited, Inc.    Corp.    OR    Passive tax exempt. This entity was merged with Pacific Harbor Capital on 1/20/00.
Pacific Harbor Capital, Inc.    Corp.    DE    Manages passive leverage leasing portfolio and holds notes to misc. asset recovery
Stanan Computer Leasing, Inc.    Corp.    DE    Dissolved on 3/26/01 pursuant to contract expiration.
Demand Side Receivables, Inc.    Corp.    OR    Dissolved 1/18/2000 because business operations no longer required in the system.
PacifiCorp Netherland Holdings BV    Corp.    Netherlands    Entity was formed in relation to Philippines bidding – scheduled to be dissolved within the next 12 months

 

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Table of Contents

PacifiCorp Philippines

Development

Corporation

    Corp.   Cayman Islands    Dissolved 3/31/03 – No longer bidding on or developing projects in the Philippines.
Ambuklao Power, Inc.    Corp.   Philippines    PacifiCorp no longer has any interest in Ambuklao which was part of the Philippines bidding process.
PacifiCorp Turkey Development Corporation    Corp.   Cayman Islands    Dissolved 3/31/00 – No longer bidding on or developing projects in Turkey.
PacifiCorp UK Development Corporation    Corp.   Cayman Islands    Dissolved 5/31/03 – No longer bidding on or developing projects in the UK under PacifiCorp.
PacifiCorp Services Limited    Corp.   England/Wales    Dissolved 9/12/00 because the business operations were no longer required in the system.
PacifiCorp Finance (UK) Limited    Corp.   England/Wales    Dissolved 9/12/00 because the business operations were no longer required in the system.
PacifiCorp Acquisitions    Corp.   England/Wales    Dissolved 9/12/00 because the business operations were no longer required in the system.
PacifiCorp Investments (Middle East) Int’l Holding Co. Limited    Corp.   United Kingdom    Dissolved 9/12/00 because the business operations were no longer required in the system.
PacifiCorp – Enstor Gas Storage Co.    Corp. (JV)   DE    Dissolved 12/31/02 because joint venture terminated.
PacGen Co., Ltd.    Corp.   Cayman Islands    Dissolved on 3/30/01 because the business operations were no longer required in the system.
Paccom Leasing    Corp.   OR    Merged into Pacific Financial Services 2/3/00
Pacific Generation (Cayman), Inc.    Corp.   Cayman Islands    Dissolved 9/12/00 because the business operations were no longer required in the system.
Lakewood Properties    Corp.   DE    Passive real estate investment merged into Pacific Harbor Capital 1/20/00
Eastern Investment Company    Corp.   OR    Sold to CKI/HEI Electricity Distribution PTY Ltd and Cheung Kong Infrastructure Holdings Limited Hongkong Electric Holdings Limited on 9/3/00 as part of Powercor Sales Transaction
PacifiCorp Australia LLC    Corp.   OR    Sold to CKI/HEI Electricity Distribution PTY Ltd and Cheung Kong Infrastructure Holdings Limited Hongkong Electric Holdings Limited on 9/3/00 as part of Powercor Sales Transaction
PacifiCorp Australia Holdings Pty Ltd.    Corp.   Australia    Sold to National Power Australia Holdings Pty Ltd on 11/17/00 as part of Hazelwood Sales Transaction.
PacifiCorp Australia Limited    Corp.   OR    Sold to CKI/HEI Electricity Distribution PTY Ltd and Cheung Kong Infrastructure Holdings Limited Hongkong Electric Holdings Limited on 9/3/00 as part of Powercor Sales Transaction

 

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Table of Contents
Hazelwood Holdings, Inc.    Corp.    Cayman Islands    Sold to National Power Australia Holdings Pty Ltd on 11/17/00 as part of Hazelwood Sales Transaction.
Australia Ombudsman Limited    Corp.    Australia    Sold to National Power Australia Holdings Pty Ltd on 11/17/00 as part of Hazelwood Sales Transaction.
PacifiCorp Global, Inc.    Corp.    Cayman Islands    Sold to CKI/HEI Electricity Distribution PTY Ltd and Cheung Kong Infrastructure Holdings Limited Hongkong Electric Holdings Limited on 9/3/00 as part of Powercor Sales Transaction
Hazelwood Pacific Pty Ltd.    Corp.    Australia    Sold to National Power Australia Holdings Pty Ltd on 11/17/00 as part of Hazelwood Sales Transaction.
Pan-Pacific Global Corp.    Corp.    OR    Sold to CKI/HEI Electricity Distribution PTY Ltd and Cheung Kong Infrastructure Holdings Limited Hongkong Electric Holdings Limited on 9/3/00 as part of Powercor Sales Transaction
PPM 1 LLC    Corp.    OR    Formed on 7/18/97 and was inactive until changed its name to Phoenix Wind Power LLC on 11/13/01.
PPM 2 LLC    Corp.    OR    Formed on 7/18/97 and was inactive until dissolved on 12/29/99.
PPM 3 LLC    Corp.    OR    Formed on 7/18/97 and was inactive until it changed its name to Klamath Energy LLC on 8/20/01.
PPM 4 LLC    Corp.    OR    Formed on 7/18/97 and was inactive until it changed its name to Klamath Generation LLC on 10/22/01.
PPM 5 LLC    Corp.    OR    Formed on 7/18/97 and was inactive until it changed its name to West Valley Leasing Company LLC on 2/20/02.
PPM 6 LLC    Corp.    OR    Formed on 7/18/97 and was inactive until it changed its name to West Valley Generation LLC on 7/25/01 and then Klondike Wind Power LLC 12/19/01.
MAIN Wind I LLC    Corp.    OR    Sold to Navitas Energy, Inc. on June 17, 2002.
Enstor California LLC    Corp.    OR    Name changed to Brentwood Gas Storage LLC on May 16, 2002.

 

ITEM 2. ACQUISITION OR SALES OF UTILITY ASSETS.

 

Excluding transactions reported in a certificate filed pursuant to Rule 24, provide a brief description of acquisitions or sales, if any, by each system company, of utility plant in service or under construction of any electric utility company or retail gas utility company for the production, transmission or distribution of electric energy or distribution of natural or manufactured gas, stating the name of the system company (both system companies if the transfer is within the system), the consideration, a brief description of the transaction, the location and the exemption claimed for transactions which have the effect of adding or disposing of a discrete territory separately served or to be served at retail by another utility company, cooperative or government (as defined in Section 2(c) of the Act), and transactions which involve a consideration of more than one million dollars including reasonably

 

20

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estimated completion costs incurred or eliminated by transfer of facilities under construction. Other transactions need not be identified.

 

None

 

ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES.

 

On December 19, 2002, PacifiCorp issued 14,851,485 shares of its common stock to PacifiCorp Holdings, Inc., an intermediary holding company, at a total price of $150 million or $10.10 per share.

 

See also Rule 24 Certificates of notifications filed on 11/29/02 and 6/30/2003 SEC File No. 70-9669.

 

ITEM 4. ACQUISITION, REDEMPTION, OR RETIREMENT OF SYSTEM SECURITIES.

 

Numbers in Thousands

 

Fiscal Year 2003

 

Investment

    Name of
Acquiring/
Redeeming
Company
    No. of
Shares
    Consider.
Principal
Amount
£ or $
    %
voting
    Book Value
£ - $
   

Author./

Exemption

PacifiCorp $7.48 No Par Serial Preferred Stock Preferred Stock

    PacifiCorp    75,000    $ 7,500,000    N/A    $ 7,500,000    Rule 42

 

ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES.

 

Category 1: There were no investments during the reporting period made in persons that are customers of ScottishPower’s utility subsidiary.

 

Category 2:

 

Name of Owner

    Name of Issuer
    Description of
Securities
   

Number of
Shares/

Principal
Amount
Owned

    General
Nature of
Issuers
Business
    Book Value
($000s)
    Percentage
of Voting
Power
  

PacifiCorp Environmental Remediation Co. (90% Ownership interest)

    Columbia
Short-Term
Bond Fund		    Fund Units    2,499,976    Financial
Institution		    30,422,519    Less than 1 %

PacifiCorp (SERP Trust)

    Bankers Trust    EAFE Equity
Index Fund		    13.39    Financial
Institution		    86,042    Less than 1 %

PacifiCorp (SERP Trust)

    Bankers Trust    Equity 500
Index Fund		    168.50    Financial
Institution		    204,425    Less than 1 %

Bridger Coal Company Reclamation Trust (2/3 Ownership interest)

    Bankers Trust    Various    Various    Financial
Institution		    68,712,930    Less than 1 %

 

21

Table of Contents

Scottish Power U.K.

    Electricity
Association
Limited		   Ordinary
Shares		    100    Trade Association (Association of UK Power Companies)    £ 1.00    9

Scottish Power U.K.

    Eutilia   Ordinary
Shares		    9038    Utility Procurement (Association of European Power Companies)     
 
 		 Written
down to
nil		    9.7

SP Manweb

SP Distribution

SPERL

    Gemserv
Limited		   Ordinary
Shares		    3   

UK Utility Market Governance Arrangements

(Association of UK Power Companies)

    £ 3.00    5

ScottishPower

    Lothian Fifty
(916) plc (in
liquidation)		   Ordinary
Shares		    200,000    Distance Learning Education    £ 56,000.00    7

SPERL

    NFPA
Holdings
Limited		   Ordinary
Shares		    50   

Non-Fossil Fuel

(Association of UK Power Companies)

    £ 50.00    8

SP Manweb

    The Barrage
Company
Limited		   Ordinary
Shares		    667   

Development of Tidal Power Proposals

(Association of UK Companies)

    £ 67.00    6

 

None of the affiliates are public utility companies or other nonsystem or system owners.

 

ITEM 6. OFFICERS AND DIRECTORS.

 

PART I.

 

The following are the abbreviations to be used for principal business address and positions.

 

Principal Business Address

    N/A

Position

   

Code

Director

    D

President

    P

Chief Executive Officer

    CEO

Chief Financial Officer

    CFO

Chief Accounting Officer

    CAO

Chief Information Officer

    ClO

Chief Production Officer

    CPO

Senior Executive Vice President

    SEVP

Executive Vice President

    EVP

Senior Vice President

    SVP

Financial Vice President

    FVP

Vice President

    VP

Controller/Comptroller

    C

Counsel

    L

Secretary

    S

Assistant Secretary

    AS

Treasurer

    T

Assistant Treasurer

    AT

General Manager

    GM

Managing Director

    MD

Commissioner

    M

 

Name and Principal Address

  

Title

  

Code

EXECUTIVE DIRECTORS

        

Ian Russell

1 Atlantic Quay

Glasgow G2 8SP

   Chief Executive   CEO

Charles Berry

1 Atlantic Quay

Glasgow G2 8SP

   Executive Director UK   D

David Nish

1 Atlantic Quay

Glasgow G2 8SP

   Finance Director   CFO

Richard Peach

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Chief Financial Officer - PacifiCorp   CFO

William D. Landels

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Executive Vice President - PacifiCorp   EVP

 

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Table of Contents

Name and Principal Address

  

Title

  

Code

Andrew N. MacRitchie

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Executive Vice President - PacifiCorp   EVP

Matthew Wright

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Executive Vice President - PacifiCorp   EVP

Michael Pittman

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Senior Vice President - PacifiCorp   SVP

Donald N. Furman

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Senior Vice President - PacifiCorp   SVP

Andrew P. Haller

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

  

Senior Vice President, General

Counsel and Corporate Secretary - PacifiCorp

   SVP-L-S

Robert A. Klein

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Senior Vice President - PacifiCorp   SVP

Robert A. Moir

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Senior Vice President - PacifiCorp   SVP

A. Richard Walje

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Senior Vice President - PacifiCorp   SVP

Barry G. Cunningham

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Senior Vice President - PacifiCorp   SVP

Stan K. Watters

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Senior Vice President - PacifiCorp   SVP

Jeffrey K. Larsen

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Vice President - PacifiCorp   VP

Donald D. Larson

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Vice President - PacifiCorp   VP

 

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Table of Contents

Name and Principal Address

  

Title

  

Code

Ernest E. Wessman

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Vice President - PacifiCorp   VP

Bruce N. Williams

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Treasurer - PacifiCorp   T

Michael G. Jenkins

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Assistant Secretary - PacifiCorp   AS

Alexander D. Tait

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Assistant Secretary - PacifiCorp   AS

Larry O. Martin

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Assistant Secretary - PacifiCorp   AS

Jeffery B. Erb

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Assistant Secretary - PacifiCorp   AS

Tanya S. Sacks

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Assistant Treasurer - PacifiCorp   AT

 

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Table of Contents

Name and Principal Address

  

Title

  

Code

NON-EXECUTIVE DIRECTORS

        

CHARLES MILLER SMITH

1 Atlantic Quay

Glasgow G2 8SP

   Chairman   D

EUAN BAIRD

1 Atlantic Quay

Glasgow G2 8SP

   Non-executive Director   D

MAIR BARNES

1 Atlantic Quay

Glasgow G2 8SP

   Non-executive Director   D

PHILIP CARROLL

1 Atlantic Quay

Glasgow G2 8SP

   Non-executive Director   D

SIR PETER GREGSON

1 Atlantic Quay

Glasgow G2 8SP

   Non-executive Director   D

NOLAN KARRAS

1 Atlantic Quay

Glasgow G2 8SP

   Non-executive Director   D

NICK ROSE

1 Atlantic Quay

Glasgow G2 8SP

   Non-executive Director   D

EWEN MAC PHERSON

1 Atlantic Quay

Glasgow G2 8SP

   Non-executive Director   D

OFFICERS

        

JULIAN BROWN

1 Atlantic Quay

Glasgow G2 8SP

   Group Director, Strategy   —

DOMINIC FRY

1 Atlantic Quay

Glasgow G2 8SP

   Group Director, Corporate Communications   —

JUDITH A. JOHANSEN

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   President and CEO - PacifiCorp   P

 

25

Table of Contents

Name and Principal Address

  

Title

  

Code

TERRY HUDGENS

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Chief Executive Officer - PacifiCorp Power Marketing Inc.   —

RONNIE MERCER

1 Atlantic Quay

Glasgow G2 8SP

   Group Director, Infrastructure   —

ANDREW MITCHELL

1 Atlantic Quay

Glasgow G2 8SP

   Company Secretary   S

MICHAEL J. PITTMAN

825 NE Multnomah

Suite 2000

Portland

Oregon 97232

   Group Director, Human Resources /SVP PacifiCorp   —

JAMES STANLEY

1 Atlantic Quay

Glasgow G2 8SP

   Group Director, Legal   L

 

See also Attachment 1 filed on Form SE.

 

Part II. Financial Connections.

 

Name

   

Name and Location of

Financial Institution

    Position held in Financial
Institution
    Applicable
Exemption
Rule

Charles Miller Smith

    Goldman Sachs    Non-executive Director    Rule 70

Nolan Karras

    Beneficial Life Insurance Company and American General Savings Bank, both of USA    Non-executive Director    Rule 70

Ewen Macpherson

   

Merrill Lynch New Energy Technology plc, UK

 

Foreign & Colonial Investment Trust plc, Pantheon International Participations plc, and Sussex Place Investment Management Limited, all of the UK

    Chairman
Non-executive Director		    Rule 70

 

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Table of Contents
ITEM 6. EXECUTIVE COMPENSATION—PART III.

 

(a) Summary Compensation Tables. The following tables set forth information concerning any Chief Executive Officer and the four most highly compensated executive officers for ScottishPower and PacifiCorp as of March 31, 2003, as defined by the Securities and Exchange Commission.

 

Key terms used in this Item will have the following meanings:-

 

ESP

    Employee Savings Plan

ESOP

    Employee Stock Ownership Plan

SBP

    Supplemental Benefit Plan

ERISA

    Employee Retirement Income S.A

 

EXECUTIVE COMPENSATION

 

The following table sets forth information concerning compensation for services in all capacities to the Company for the years ended March 31, 2003, 2002 and 2001 of those persons who were the Chief Executive Officer of the Company during any portion of the year ended March 31, 2003 and the four other most highly compensated executive officers of the Company who were serving as executive officers at the end of the last completed fiscal year.

 

Summary Compensation Table

 

                    Long-Term Compensation
          
     Year
    Annual Compensation (a)
   

Restricted

Stock

Awards (d)

   

Securities

Underlying

Options (e)

    LTIP
Payout (f)
   

ScottishPower

Performance

Shares (g)

   

All Other

Compensation (h)

Name and Principal Position

       Salary
    Bonus (c)
               

Judith A. Johansen

    2003    $ 492,444    $ 149,767    $ —      61,825    $ —      9,199    $ 32,657

President and Chief

    2002      360,501      12,902      141,683    57,350      —      —        11,707

Executive Officer

    2001      110,834      150,000      131,138    57,350      —      —        3,169

William D. Landels (b)

    2003      431,890      116,141      —      79,433      —      31,773      85,462

Executive Vice President

    2002      424,409      61,818      —      39,855      —      25,781      126,471
     2001      323,899      80,570      —      —        —      14,408      107,030

Andrew P. Haller

    2003      310,930      132,020      —      19,165      23,069    5,069      32,650

Senior Vice President,

    2002      299,425      8,392      112,768    56,800      23,644    —        10,524

General Counsel and

    2001      86,042      110,000      104,375    56,800      —      —        2,917

Corporate Secretary

                                                  

Michael J. Pittman

    2003      300,000      47,057      —      50,954      —      7,581      28,310

Senior Vice President

    2002      275,167      150,008      53,203    13,500      —      —        20,449
     2001      249,749      —        —      —        —      —        12,813

A. Richard Walje

    2003      275,500      95,550      —      24,840      —      6,570      29,183

Senior Vice President

    2002      240,375      128,854      53,203    14,000      12,222    —        19,606
     2001      214,002      —        —      —        13,729    —        15,724

 

(a) May include amounts deferred pursuant to the Compensation Reduction Plan, under which key executives and directors may defer receipt of cash compensation until retirement or a preset future date. Amounts deferred are invested in ScottishPower ADS or a cash account on which interest is paid at a rate equal to the Moody’s Intermediate Corporate Bond Yield for AA-rated Public Utility Bonds.

 

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(b) Salary includes foreign housing benefits paid to Mr. Landels. These amounts were $99,285.00, $126,610.58 and $66,322.75 for the years ended March 31, 2003, 2002 and 2001, respectively.

 

(c) Amounts in this column for the year ended March 31, 2003 include a promotion bonus in the amount of $41,556 for Ms. Johansen. Amounts in this column for the year ended March 31, 2002 include a retention bonus in the amount of $125,610 and $104,000 for Messrs. Pittman and Walje, respectively. Amounts in this column for the year ended March 31, 2001 include special bonuses and hire-on bonuses. These amounts are $150,000 and $110,000 for Ms. Johansen and Mr. Haller, respectively.

 

(d) On March 31, 2003, the aggregate value of all restricted stock holdings, based on the market value of ScottishPower ADS at March 31, 2003, without giving effect to the diminution of value attributed to the restrictions on such stock, was $146,939, $116,951, $46,900 and $46,900, for Ms. Johansen and Messrs. Haller, Pittman and Walje, respectively. The aggregate number of restricted share holdings was 6,125, 4,875, 1,955 and 1,955 for Ms. Johansen and Messrs. Haller, Pittman and Walje, respectively. Regular quarterly dividends are paid on the restricted stock. Participants may defer receipt of restricted stock awards to their stock accounts under the Compensation Reduction Plan.

 

(e) Amounts for the year ended March 31, 2003 represent the number of ADS option shares awarded under the ScottishPower ExSOP during the year ended March 31, 2003, except for Mr. Landels’ options, which are for ScottishPower Ordinary Shares. Amounts shown for the years ended March 31, 2002 and 2001 represent the number of ADS options awarded under the PacifiCorp Stock Incentive Plan.

 

(f) Represents the dollar value of restricted stock shares awarded under the PacifiCorp Stock Incentive Plan that vested and were distributed to the named officer.

 

(g) Represents the number of ScottishPower ADS, except for Mr. Landels, which are Ordinary Shares, contingently granted in 2003, 2002 and 2001 that can be earned under the terms of the ScottishPower LTIP.

 

(h) Amounts shown for the year ended March 31, 2003 include:

 

  (i) Company contributions to the PacifiCorp K Plus Employee Savings and Stock Ownership Plan for each of Ms. Johansen and Messrs. Haller, Pittman and Walje were $11,487, $11,613, $9,450 and $9,905, respectively.

 

  (ii) Portions of premiums on term life insurance policies that PacifiCorp paid for Ms. Johansen and Messrs. Haller, Pittman and Walje in the amounts of $683, $425, $410 and $373, respectively. These benefits are available to all employees.

 

  (iii) This column also includes vehicle allowances paid to Ms. Johansen and Messrs. Landels, Haller, Pittman and Walje in the amounts of $9,000, $12,000, $9,000, $9,000, and $9,000, respectively.

 

  (iv) During each of the years ended March 31, 2003, 2002 and 2001, Mr. Landels purchased 411 shares under the ScottishPower Employee Share Ownership Plan. Under the terms of the plan, ScottishPower matches the number of shares bought by the individual. The value of the 411 shares bought by ScottishPower for Mr. Landels was $2,321 for each of the years ended March 31, 2003, 2002 and 2001.

 

  (v) Includes additional international assignment payments of $71,141, $112,150 and $92,709 for the years ended March 31, 2003, 2002 and 2001, respectively, for cost of living and foreign service premium, according to the terms of Mr. Landels’ contract.

 

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Option Grants in Last Fiscal Year

 

     Individual Grants(a)
     Number of
Securities
Underlying
Options
Granted (b)
    % of Total
Options
Granted to
Employees in
Fiscal Year
     Exercise or
Base Price
£ or $/Sh
    Expiration
Date
   

Potential Realizable

Value at Assumed

Annual Rates of

Stock Price Appreciation
for Option Term

Name

               5%
    10%

William D. Landels

    79,433    2.33 %   £ 4.06    May 2, 2012    £ 202,817    £ 405,634

Judith A. Johansen

    61,825    6.32     $ 23.55    May 2, 2012    $ 915,658    $ 2,320,455

Andrew P. Haller

    19,165    1.95       23.55    May 2, 2012      283,842      719,312

Michael J. Pittman

    50,954    5.20       23.55    May 2, 2012      754,653      1,912,438

A. Richard Walje

    24,840    2.54       23.55    May 2, 2012      367,892      932,310

 

(a) All options are for ScottishPower ADS, except Mr. Landels’ options, which are for ScottishPower Ordinary Shares. One ScottishPower ADS is equal to four ScottishPower Ordinary Shares. All options awarded were ScottishPower ExSOP grants, dated May 2, 2002.

 

(b) All standard options become exercisable for one-third of the shares covered by the option on each of the first three anniversaries of the grant date and all enhanced options become exercisable after the third anniversary of the grant date. Mr. Landels’ options can be exercised only between the third and tenth anniversaries of the date of the grant, and exercise is subject to the satisfaction of a performance condition, that being a predetermined level of EPS growth over a maximum of a three-year performance period from the date of the grant.

 

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Aggregated Option Exercises in 2003 and Year-End Option Values

 

     Shares
Acquired
on
Exercise
    Value
Realized
    Number of Securities
Underlying Unexercised
Options at March 31, 2003
(a)
    Value of Unexercised In-
the-Money Options at
March 31, 2003

Name

          Exercisable
    Unexercisable
    Exercisable
    Unexercisable

William D. Landels

    £ —      £ —      —      119,288    £ —      £ —  

Judith A. Johansen

    $ —      $ —      57,349    119,176    $ —      $ 27,203

Andrew P. Haller

      —        —      56,799    75,966      —        8,433

Michael J. Pittman

      —        —      121,983    114,058      —        22,420

A. Richard Walje

      —        —      97,070    81,839      —        10,930

 

(a) All options are for ScottishPower ADS, except Mr. Landels’ options, which were for ScottishPower Ordinary Shares, and include options granted under the PacifiCorp Stock Incentive Plan and the ExSOP.

 

Severance Arrangements

 

The Company’s Executive Severance Plan provides severance benefits to certain executive-level employees who are designated by the Board, including the executive officers named in the Summary Compensation Table (other than Mr. Landels). Severance benefits are payable for voluntary terminations as a result of a “material alteration in position” that has a detrimental impact on the executive’s employment or involuntary terminations (including a Company-initiated resignation) for reasons other than cause. A “material alteration in position” includes:

 

  • a material reduction in the scope of the executive’s duties and responsibilities or authority; or

 

  • any reduction in base pay or a reduction in annualized base salary and target annual bonus of at least 15.0%, if the change is not due to a general reduction unrelated to the change in assignment.

 

The Executive Severance Plan also provides enhanced severance benefits in the event of certain terminations during the 24-month period following a qualifying change-in-control transaction. Executives designated by the Board are eligible for change-in-control benefits resulting from either a Company-initiated termination without “cause” or a resignation generally within two months after a “material alteration in position.” For this purpose, “cause” means the executive’s gross misconduct or gross negligence or conduct that indicates a reckless disregard for the consequences and has a material adverse effect on the Company or its affiliates, and “material alteration in position” means:

 

  • a change in reporting relationship to a lower level;

 

  • a material reduction in the scope of duties and responsibilities or in authority;

 

  • relocation of work location to an office more than 100 miles from the executive’s office or more than 60 miles from the executive’s home; or

 

  • a “material reduction in compensation,” which includes any reduction in annualized base salary or a reduction in the annualized base salary and target bonus opportunity combined of at least 15.0%, if the change is not due to a general reduction unrelated to the change in assignment.

 

If qualified for the enhanced severance benefits, an executive would receive severance pay in an amount equal to either two, two and one-half or three times the “annual cash compensation” of such executive, depending on the level set by the Board. “Annual cash compensation” is defined as annualized base salary, target annual incentive opportunity and annualized auto allowance in effect on the earlier of a material alteration or termination, whichever is greater. The Company is required to make an additional payment to compensate the executive for the effect of any excise tax. The executive would also receive continuation of subsidized health insurance from six to 24 months depending on length of service and a minimum of 12 months’ executive-level outplacement services.

 

The Executive Severance Plan does not apply to a termination for reasons of normal retirement, death or total disability or to a termination for cause or a voluntary termination other than as specified above. Except in the event of a change-in-control, the definition of cause is determined by the Company in its discretion and by the Board in the event of an appeal by the employee.

 

Other than in connection with a change in control, executives named in the Summary Compensation Table (other than Mr. Landels) are eligible for a severance payment equal to one or two times the executive’s total cash compensation, six months of health insurance benefits and outplacement benefits. For this purpose,

 

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total cash compensation includes annualized base salary, the target annual incentive opportunity and the annualized auto allowance in effect on the earlier of a material alteration or termination.

 

Retirement Plans

 

The Company has adopted noncontributory defined benefit retirement plans for its employees, other than employees subject to collective bargaining agreements that do not provide for coverage. Certain executive officers, including the executive officers named in the Summary Compensation Table, other than Mr. Landels, are also eligible to participate in the Company’s nonqualified supplemental executive retirement plan. The following description assumes participation in both the retirement plans and the supplemental plan. Participants receive benefits at retirement payable for life based on length of service with the Company and average pay in the 60 consecutive months of highest pay out of the last 120 months, and pay for this purpose would include salary and annual incentive plan payments reflected in the Summary Compensation Table above. Benefits are based on 50.0% of final average pay plus up to an additional 15.0% of final average pay depending upon whether the Company meets certain performance goals set for each fiscal year by the Board. Participants may also elect actuarially equivalent alternative forms of benefits. Retirement benefits are reduced to reflect Social Security benefits as well as certain prior employer retirement benefits. Participants are entitled to receive full benefits upon retirement after age 60 with at least 15 years of service. Participants are also entitled to receive reduced benefits upon early retirement after age 55 or after age 50 with at least 15 years of service and five years of participation in the supplemental plan.

 

The following table shows the estimated annual retirement benefit payable upon retirement at age 60 as of March 31, 2003. Amounts in the table reflect payments from the retirement plan and the supplemental plan combined.

 

Estimated Annual Pension At Retirement (a)

 

     Years of Service (b)

Annual Pay at Retirement Date

    5
    15
    25
    30

$200,000

    $ 43,333    $ 130,000    $ 130,000    $ 130,000

400,000

      86,667      260,000      260,000      260,000

600,000

      130,000      390,000      390,000      390,000

800,000

      173,333      520,000      520,000      520,000

1,000,000

      216,667      650,000      650,000      650,000

 

(a) The benefits shown in this table assume that the individual will remain in the employ of the Company until retirement at age 60, that the plans will continue in their present form and that the Company achieves its performance goals under the supplemental plan in all years.

 

(b) The number of credited years of service used to compute benefits under the plans for Ms. Johansen and Messrs. Haller, Walje and Pittman are two, two, 17 and 23, respectively.

 

Retention Agreements

 

To retain executives who would otherwise have had the right to resign for any reason between 12 and 14 months following the ScottishPower Merger and qualify for the enhanced change-in-control supplemental retirement benefits, the Company entered into retention agreements with qualifying executives (Messrs. Pittman and Walje). Those retention agreements provided for the same enhanced supplemental retirement benefits if the qualifying executives satisfied the retention criteria. Qualifying executives were required to waive their rights to unilaterally resign and receive the enhanced supplemental retirement benefits, but they are now eligible to receive these same enhancements since they have continued employment through the established retention date of December 1, 2002.

 

These retention agreements also require qualifying executives to waive any rights to executive severance benefits, which they may have otherwise claimed due to

 

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material alterations in their positions as of the date of the retention agreement. Unless there is a subsequent “involuntarily termination” or “material alteration” in position as defined in the Severance Plan, this waiver of severance benefits applies to these executives through November 28, 2004. The executives’ waiver of severance benefits was in exchange for the enhanced supplemental retirement benefits described above, retention bonuses determined individually in the Company’s discretion for each executive and special stock option awards that vest over a three-year retention period at 25.0% for each of the first two years and 50.0% in the third year.

 

See also Attachment 2 filed on Form SE.

 

ITEM 6. OFFICERS AND DIRECTORS.

 

PART III.

 

(b) Stock Ownership.

 

The following table sets forth certain information as of March 31, 2003 regarding the beneficial ownership of ordinary shares of ScottishPower by (1) each of the executive officers, (2) each director and (3) all executive officers and directors as a group. As of March 31, 2003, each of the directors and executive officers identified above and all directors and executive officers of the Company as a group owned less than 1% of the outstanding Ordinary Shares of ScottishPower.

 

Beneficial Owner

    Number of shares at
March 31, 2003 (a)(b)

Judith A. Johansen

    69,631

William D. Landels

    12,667

Andrew P. Haller

    54,664

Michael J. Pittman

    123,584

A. Richard Walje

    54,022

Barry G. Cunningham

    53,435

Nolan E. Karras

    30,650

Andrew N. MacRitchie

    15,802

Ian M. Russell

    87,741

Matthew R. Wright

    6,415

All executive officers and directors as a group (15 persons)

    618,097

 

(a) Includes ownership of (i) shares held by family members even though beneficial ownership of such shares may be disclaimed, (ii) shares held for the account of such persons pursuant to the Company’s Compensation Reduction Plan and the Company’s K Plus Savings and Stock Ownership Plan and (iii) shares granted and vested or unvested shares for which the individual has voting but not investment power under the Company’s Stock Incentive Plan.

 

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(b) Options granted in ScottishPower ADS under the Company’s Stock Incentive Plan have been converted into options in Ordinary Shares in the above table. One ADS equates to four Ordinary Shares.

 

On May 10, 2003, LTIP awards in the amount of 49,833, 34,971, 21,936, 31,395 and 28,779 were awarded to Ms. Johansen and Messrs. Landels, Haller, Pittman and Walje, respectively. Options under the ExSOP in the amount of 61,475, 58,285, 13,530, 38,729 and 17,751 were awarded to Ms. Johansen and Messrs. Landels, Haller, Pittman and Walje, respectively. All awards were for ADS, except for Mr. Landels, which were for Ordinary Shares.

 

See also Attachment 2 filed on Form SE.

 

ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS.

 

The PacifiCorp Foundation for Learning is a qualified 501(c)(3) non-profit foundation created in 1988 and originally endowed by contributions from PacifiCorp and its subsidiaries. More recently, PacifiCorp made contributions of $3 million in March 2003 and $1 million in May 2004. Administrative expenses incurred by the Foundation, including salaries, travel expenses, supplies, etc., are charged to corporate cost center 11758. Each month the Foundation receives an invoice from PacifiCorp for all charges to CC11758, and payment is made to PacifiCorp from the Foundation’s checking account at Wells Fargo Bank. However, the Foundation is NOT charged “rent” for use of space and computer equipment. The Foundation IS charged for time spent by PacifiCorp personnel in accounting, the tax department and occasional administrative assistance.

 

For fiscal year 2003, the Foundation was charged and paid PacifiCorp for the following:

 

Labor

    –    $ 198,207

Legal fees

    –    $ 14,369

Prof. fees

    –    $ 80,183

Depreciation

    –    $ 108

Travel/meetings

    –    $ 11,140

Imaging services

    –    $ 9,296

Books/subscrip.

    –    $ 2,631

Postage/freight

    –    $ 1,636

Computer systems

    –    $ 6,586

Office supplies

    –    $ 531

Membership fees

    –    $ 3,255

Total

         $ 328,032

 

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Table of Contents
Item 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS

 

Excluding (i) transactions included in the annual report on Form U-13-60 of a service company, (ii) the sharing of costs of jointly owned facilities or jointly employed personnel, (iii) contracts for the purchase, sale or interchange of electricity or gas, and (iv) contracts between an exempt wholesale generator or a foreign utility company and a system company, as reported under Item 9, infra, provide the following information:

 

Part I. Furnish the information required by the following table as to contracts for services, including engineering or construction services, or goods supplied or sold by a system company to another system company, and state, in the tabulation or by footnote, the date of the contract and whether it remained in effect at year end.

 

See Attachment 3 filed on Form SE.

 

Part II. Does any system company have a contract to purchase services or goods from any affiliate (other than a system company), or from a company in which any officer or director of the receiving company is a partner or owns 5% or more of any class of equity securities?

 

No

 

If the answer to Part II is yes, and the contract has not already been reported in Item 6, report such contracts in substantially the same detail as specified for Part I, also describing the affiliation.

 

Part III. Does any system company employ any other person for the performance on a continuing basis of management, supervisory or financial advisory services?

 

No

 

If the answer to Part III is yes, state the name of each such person, describe the contract, and the scope of the services and the annual consideration.

 

ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES.

 

ScottishPower UK Holdings Limited, a company organized under the laws of Scotland, whose location and business address is 1 Atlantic Quay Glasgow G2 8SP Scotland UK, is a foreign utility company, which is an intermediate holding company for Scottish Power plc’s U.K. interest in the generation, transmission and distribution business and associated services. Listed below are also the other FUCOs held under ScottishPower UK Holdings Limited, and EWGs in the ScottishPower System.

 

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Table of Contents

Part I(a)

 

Name of Company and
Location

   

Holds Interest in
Company

   

Descrip. of Facilities

   

Aggregate Investment
Amount £-$

   

Earnings as of 3/31/03

   

Company Debt/Eq.

Ratio 3/31/03

ScottishPower UK Holdings Limited (FUCO) - 1 Atlantic Quay Glasgow G2 8SP Scotland UK   

Scottish

Power plc

    See Form 6K filed 7-25-03   

£596 million

$954 million

    See SEC File No. 001-14676 and Exhibit F    See SEC File No. 001-14676 and Exhibit F
Scottish Power UK plc (FUCO) - 1 Atlantic Quay Glasgow G2 8SP Scotland UK    Scottish Power plc    See Form 6K filed 7-25-03   

£592 million

$947 million

    See SEC File No. 001-14676 and Exhibit F    See SEC File No. 001-14676 and Exhibit F

SP Manweb plc England and Wales (FUCO) -

3 Prenton Way Prenton

United Kingdom CH43 3ET

    Genscot Limited    See Form 6K filed 7-25-03   

£895 million

$1,432 million

    See SEC File No. 001-14676 and Exhibit F    See SEC File No. 001-14676 and Exhibit F

Flying Cloud Power Partners, LLC – Iowa (EWG)-

825 Multnomah Street, Portland OR 97232

    PPM Energy, Inc    44 MW wind generation project –(UC)    $1 million    N/A    100% Debt

 

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Klamath Energy LLC Oregon (EWG)-

825 Multnomah Street, Portland OR 97232

    PPM Energy, Inc    100 MW gas fired peaking plan    $ 51 million      ($1 million )   100 % Debt

Klondike Wind Power LLC- Oregon (EWG)-

825 Multnomah Street, Portland OR 97232

    PPM Energy, Inc    24 MW wind generation project    $ 16.9 million    $ .02 million     100 % Debt

Moraine Wind LLC

Minnesota (EWG)-

825 Multnomah Street, Portland OR 97232

    PPM Energy, Inc    51 MW wind generation project - (UC)    $ 11.3 million      N/A     100 % Debt

Phoenix Wind Power LLC

California (EWG)-

825 Multnomah Street, Portland OR 97232

    PPM Energy, Inc    2.1 MW wind generation project    $ 1.8 million    $ .01 million     3.2  

 

Part I (b)

 

As of March 31, 2003, the aggregate capital invested directly or indirectly by ScottishPower plc in SPUK Holdings, SPUK or SP Manweb is set forth below. ScottishPower plc does not have aggregate capital invested in the EWGs.

 

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Table of Contents

Name of Company

   

Common stock
investment

   

Loans £-$

    Guarantees
£-$

Scottish Power UK Holdings Limited (FUCO)

   

£596 million

$954 million

    N/A    N/A

Scottish Power UK plc (FUCO) Scotland

   

£592 million

$947 million

   

£496 million

$795 million

    N/A

SP Manweb plc England and Wales (FUCO)

   

£895 million

$1,432 million

    N/A    £50 million
$80 million

 

As of March 31, 2003, there was no debt or other financial obligations of an affiliate EWG, SPUK Holdings, SPUK or SP Manweb for which there is recourse, directly or indirectly to Scottish Power plc or another system company (other than an EWG or FUCO).

 

During the reporting period there were no transfers of assets from any system company (other that an EWG or FUCO) to an affiliate EWG, SPUK Holdings, SPUK or SP Manweb.

 

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Table of Contents

Part 1(c)

 

The ratio of debt to common equity for the affiliate EWGs, SPUK Holdings, SPUK and SP Manweb is set forth below.

 

Name of Company

    DEBT
    Equity
    Ratio of debt to
equity
   Earnings

ScottishPower UK Holdings Limited

    See SEC File
No. 001-14676
and Exhibit F		    See SEC File
No. 001-14676
and Exhibit F		    See SEC File
No. 001- 14676
and Exhibit F		   See SEC File
No. 001-14676
and Exhibit F

Scottish Power UK plc

    See SEC File
No. 001-14676
and Exhibit F		    See SEC File
No. 001-14676
and Exhibit F		    See SEC File
No. 001-14676
and Exhibit F		   See SEC File
No. 001-14676
and Exhibit F

SP Manweb plc

    See SEC File
No. 001-14676
and Exhibit F		    See SEC File
No. 001-14676
and Exhibit F		    See SEC File
No. 001-14676
and Exhibit F		   See SEC File
No. 001-14676
and Exhibit F

Flying Cloud Power Partners, LLC

    $1 million    N/A    100% Debt   N/A

Klamath Energy LLC

    $51 million    N/A    100% Debt   $1 million

Klondike Wind Power LLC

    $16.9 million    N/A    100% Debt   $.02 million

Moraine Wind LLC

    $11.3 million    N/A    100% Debt   N/A

Phoenix Wind Power LLC

    $1.37 million    $.43 million    3.2   $.01 million

 

Key terms: FUCO means Foreign Utility Company - EWG means Exempt Wholesale Generator

 

Part I (d) As of the end of the reporting period there were no service contracts.

 

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Part II Organization chart showing relationship of each EWG and FUCO to other system companies.

 

FUCOs

 

ScottishPower plc

Scottish Power UK Holdings Limited

Scottish Power UK plc

ScottishPower Investments Limited

SP Manweb plc

 

EWGs

 

ScottishPower plc

PPM Energy, Inc.

Flying Cloud Power Partners, LLC

Klamath Energy LLC

Klondike Wind Power LLC

Moraine Wind LLC

Phoenix Wind Power LLC

 

Part III State aggregate investment in EWGs and FUCOS, respectively. Also state ratio of aggregate investment to the aggregate capital investment of the Scottish Power plc in PacifiCorp. ScottishPower’s consolidated retained earnings as of March 31, 2003 were $2,945 million.

 

Investment in EWGs (USD $82 million)

Investment in FUCOS (USD $2,379 million)

 

Aggregate Investment in EWGs and FUCOs - USD $2,461 million

 

Aggregate Capital Investment in PacifiCorp - USD $3,035 million

 

$2,461 million    =    Ratio 81.1%
$3,035 million      

 

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Item 10 Financial Statements and Exhibits

 

Exhibit A

Annual Report Form 20-F – See SEC File No. 001-14676 Dated 6/27/2003.

 

Exhibit B

Articles of organization and bylaws for each subsidiary

See Exhibit B of Form U5S filed 7-31-2001 File No. 001-14676

 

Exhibit C

Indenture relating to funded debt.

See Exhibit C of Form U5S filed 7-31-2001 File No. 001-14676

 

Exhibit D

Copy of tax allocation agreement

See Exhibit D of Form U5S filed 7-31-2001 File No. 001-14676

 

Exhibit E

Documents requested pursuant to Financing Order

 

See Attachment 3 filed on Form SE.

 

Copies of other documents prescribed by rule or order, such as Rule 48(b), for incorporation into the annual report; provided that any reports to State Commissions included as an exhibit shall be filed in paper, even if submitted by an electronic filer.

 

Exhibit F

Financial Statements – filed on Form SE

 

See also Form 20F – SEC File No. 001-14676 Dated 6/27/2003 and Form 10K filed on 6/3/2003 SEC File No. 001-5152.

 

Exhibit G

Financial Data Schedule

Financial Data Schedules no longer required

 

If, at the time an annual report on this form is filed, the registrant is required to submit this report and any amendments thereto electronically via EDGAR, the registrant shall furnish Financial Data Schedules. The Schedule shall set forth the financial and other data specified below that are applicable to the registrant, each subsidiary and the consolidated system.

 

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Item No.

   

Caption Heading

1

   

Total Net Utility Plant

2

   

Other Property and Investments

3

   

Total Current Assets

4

   

Total Deferred Charges

5

   

Balancing amount for Total Assets

6

   

Total Assets

7

   

Common Stock

8

   

Capital Surplus, Paid In

9

   

Retained Earnings

10

   

Total Common Stockholders Equity

11

   

Preferred Stock Subject to Mandatory Redemption

12

   

Preferred Stock Not Subject to Mandatory Redemption

13

   

Long Term Debt, Net

14

   

Short Term Notes

15

   

Notes Payable

16

   

Commercial Paper

17

   

Long Term Debt – Current Portion

18

   

Preferred Stock – Current Portion

19

   

Obligations Under Capital Leases

20

   

Obligations Under Capital Leases – Current Portion

21

   

Balancing amount for Capitalization and Liabilities

22

   

Total Capitalization and Liabilities

23

   

Gross Operating Revenue

24

   

Federal and State Income Taxes Expense

25

   

Other Operating Expenses

26

   

Total Operating Expenses

27

   

Operating Income (Loss)

28

   

Other Income (Loss), Net

29

   

Income Before Interest Charges

30

   

Total Interest Charges

31

   

Net Income

32

   

Preferred Stock Dividends

33

   

Earnings Available For Common Stock

34

   

Common Stock Dividends

35

   

Total Annual Interest Charges on All Bonds

36

   

Cash Flow From Operations

37

   

Earnings Per Share – Primary

38

   

Earnings Per Share – Fully Diluted

 

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Table of Contents

Exhibit H

Organizational Chart

 

Exhibit I

Separate Financials for EWGs and FUCOs – filed on Form SE

 

See Exhibit F filed on Form SE

See also Form 20F – SEC File No. 001-14676 Dated 6/27/2003 and Form 10K filed on 6/3/2003 SEC File No. 001-5152.

 

If the EWG or foreign utility company is a “majority-owned associate company,” as defined in rule 53(a)(2)(ii), submit the most recently available audited balance sheet (including a capitalization table), income statement and cash flow statement of such EWG or foreign utility company. For all other EWG or foreign utility company subsidiaries of the registered holding company, submit either an audited (if available) or an unaudited balance sheet (including a capitalization table), income statement and cash flow statement of such EWG or foreign utility company. Submit a summary of any analytical reviews and conclusions drawn therefrom of majority-held EWG or foreign utility company subsidiaries performed in the ordinary course of an audit of the registered holding company.

 

See Form 20F – SEC File No. 001-14676 Dated 6/27/2003.

 

SIGNATURE

 

Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the registrant has caused this annual report to be duly signed on its behalf in the City of Glasgow and Country of Scotland on the 15th day of July, 2004.

 

ScottishPower plc
By  

/s/    David T. Nish

   

David T. Nish

Finance Director

 

Attest:

/s/    Donald McPherson

Donald McPherson

Assistant Secretary

 

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Verification

 

The undersigned, being duly sworn, deposes and says that he has duly executed the attached annual report dated July 15, 2004, for and on behalf of ScottishPower; that he is the Finance Director of such company; and that all action by stockholders, directors, and other bodies necessary to authorize deponent to execute and file such instrument has been taken. Deponent further says that he is familiar with such instrument and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.

 

/s/    David T. Nish

David T. Nish

Finance Director

 

Subscribed and sworn to before me

this 15th day of July, 2004

 

/s/    Donald McPherson

My commission expires: N/A

 

43