File No. 70-9541
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Application of Northeast Utilities, )
The Connecticut Light and Power Company, )
Public Service Company of New Hampshire, ) CERTIFICATE PURSUANT TO
Western Massachusetts Electric Company, ) RULE 24 UNDER THE PUBLIC
North Atlantic Energy Corporation, NU ) UTILITY HOLDING COMPANY
Enterprises, Inc., Northeast Generation ) ACT OF 1935
Company, Northeast Generation Services )
Company, Select Energy, Inc., Select )
Energy Portland Pipeline, Inc., )
HEC Inc., Select Energy Contracting, Inc.,)
Reeds Ferry Supply Co., Inc., )
HEC Energy Consulting Canada, Inc. )
on Form U-1 )
Pursuant to the requirements of Rule 24 under the Public Utility Holding
Company Act of 1935, Northeast Utilities ("NU"), a registered holding company,
hereby files this quarterly report as required by the Securities and Exchange
Commission's order authorizing payment of dividends, share repurchases and
share issuance in connection with restructuring by NU and certain subsidiaries
(HCAR. No. 27147, March 7, 2000, File No. 70-9541) ("Order").
For the quarter ended December 31, 2000, the following information is
reported pursuant to the Order.
1) A total capitalization calculation to include a breakdown of the common
stock equity account and by percentage for each equity and debt category
for the period ending for each Applicant that indicates the amount, if
any, of dividends paid to NU and/or the amount of repurchased stock from
NU during the quarter; total capitalization is to include all short-term
debt and current maturities.
The Connecticut Light and Power Company (CL&P)
As of December 31, 2000
-----------------------
(thousands
of dollars) %
----------- ----
Common shareholders' equity:
Common shares $ 75,849 3.3%
Capital surplus, paid in 413,698 18.0
Retained earnings 243,197 10.6
---------- -----
Total Common shareholders' equity 732,744 31.9
Preferred stock 216,200 9.4
Long-term and short-term debt 1,347,688 58.7
---------- -----
$2,296,632 100.0%
========== =====
A common dividend of $37,014,233.92 was declared on December 13, 2000 and
was paid to NU on December 31, 2000.
Western Massachusetts Electric Company (WMECO)
As of December 31, 2000
-----------------------
(thousands
of dollars) %
----------- ----
Common shareholders' equity:
Common shares $ 14,752 2.9%
Capital surplus, paid in 94,192 18.2
Retained earnings 62,952 12.1
----------- -----
Total Common shareholders' equity 171,896 33.2
Preferred stock 36,500 7.0
Long-term and short-term debt 310,025 59.8
----------- -----
$ 518,421 100.0%
=========== =====
A common dividend of $4,000,830.54 was declared on December 14, 2000 and was
paid to NU on December 31, 2000.
North Atlantic Energy Corporation (NAEC)
As of December 31, 2000
-----------------------
(thousands
of dollars) %
----------- ----
Common shareholders' equity:
Common shares $ 1 0.0%
Capital surplus, paid in 160,999 32.5
Retained earnings (41) 0.0
----------- -----
Total Common shareholders' equity 160,959 32.5
Long-term and short-term debt 335,000 67.5
----------- -----
$ 495,959 100.0%
=========== =====
A common dividend of $7,000,000.00 was declared on December 13, 2000 and was
paid to NU on December 31, 2000.
A common dividend of $1,999,995.00 was declared on December 13, 2000 and paid
to NU on December 31, 2000 by Northeast Nuclear Energy Company (NNECO). There
were no other dividends paid to NU and/or repurchased stock from NU for the
other applicants during this quarter.
2) The current senior debt rating of each Applicant to include a
representation that the rating is at or above investment grade.
As of December 31, 2000 the senior debt ratings issued by Standard and
Poor's Corporation of CL&P, WMECO and PSNH are each BBB-, which is an
investment grade rating. None of the other applicants have senior debt
ratings. In January of 2001, the senior debt ratings issued by Standard
and Poor's Corporation of CL&P, WMECO and PSNH increased to BBB+.
3) The amount of cash-on-hand both during the quarter and as of the end of
each quarter for CL&P, PSNH, WMECO, and NAEC to include a representation as
to whether internal cash funds available during the quarter were sufficient
to fund each company's normal business operations or had to be supplemented
with borrowings.
NU represents that during the quarter ended December 31, 2000 internal cash
funds available during the quarter, confirmed with financing activities set
forth below, were sufficient to fund each company's normal business
operations.
Internal cash funds available during the quarter were not supplemented with
external borrowings during the quarter.
Net cash flows Net cash flows Net cash flows
Cash provided by/ (used in)/ provided by/
beginning (used in) provided by (used in) Cash end
of period operating investing financing of period
07/01/2000 activities activities activities 09/30/2000
---------- -------------- -------------- ------------- ----------
(Thousands of Dollars)
CL&P $ 5,242 $82,362 $(48,739) $ (33,404) $ 5,461
PSNH 170,638 76,461 (14,086) (109,863) 170,638
WMECO 112 33,894 (12,321) (20,700) 985
NAEC 44 8,526 (1,452) (7,000) 118
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of
1935, the undersigned company has duly caused this Certificate to be signed on
its behalf by the undersigned thereunto duly authorized.
/s/ John J. Roman
----------------------------------
John J. Roman
Vice President and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
February 27, 2001