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, )
Western Massachusetts Electric Company, )
North Atlantic Energy Corporation, )
NU Enterprises, Inc., ) CERTIFICATE PURSUANT TO RULE 24
Northeast Generation Company, ) UNDER THE PUBLIC UTILITY HOLDING
Northeast Generation Services Company, ) COMPANY ACT OF 1935
Select Energy, Inc., )
Select Energy Services, Inc., )
Select Energy Contracting, Inc., )
Reeds Ferry Supply Co., 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 the use of proceeds of financing transactions
for investment in Exempt Wholesale Generators. (HCAR No. 35-27147, March 7,
2000, File No. 70-9541) ("Order").
For the quarter ended June 30, 2003, 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)
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As of June 30, 2003
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(Thousands of
-------------
Dollars) %
-------- -----
Common shareholders' equity:
Common shares $ 60,352 2.1%
Capital surplus, paid in 326,568 11.4
Retained earnings 318,524 11.2
---------- -----
Total common shareholders' equity 705,444 24.7
Preferred stock 116,200 4.1
Long-term and short-term debt 844,415 29.6
Rate reduction bonds 1,186,218 41.6
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$2,852,277 100.0%
========== =====
A common dividend of $10,018,440.30 was declared on June 18, 2003, and
was paid to NU on June 30, 2003.
Public Service Company of New Hampshire (PSNH)
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As of June 30, 2003
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(Thousands of
-------------
Dollars) %
-------- -----
Common shareholders' equity:
Common shares $ - - %
Capital surplus, paid in 126,623 9.7
Retained earnings 211,279 16.3
---------- -----
Total common shareholders' equity 337,902 26.0
Long-term and short-term debt 471,085 36.1
Rate reduction bonds 493,011 37.9
---------- -----
$1,301,998 100.0%
========== =====
A common dividend of $5,600,002.66 was declared on June 18, 2003, and
was paid on June 30, 2003.
Western Massachusetts Electric Company (WMECO)
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As of June 30, 2003
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(Thousands of
-------------
Dollars) %
-------- -----
Common shareholders' equity:
Common shares $ 10,866 2.3%
Capital surplus, paid in 69,530 14.6
Retained earnings 78,124 16.3
---------- -----
Total common shareholders' equity 158,520 33.2
Long-term and short-term debt 181,682 38.0
Rate reduction bonds 137,769 28.8
---------- -----
$ 477,971 100.0%
========== =====
A common dividend of $4,003,154.13 was declared on June 18, 2003, and was
paid to NU on June 30, 2003.
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 June 30, 2003, 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.
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 from working capital facilities.
NU represents that during the quarter ended June 30, 2003, 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 supplemented with
external borrowings for PSNH and WMECO.
Net cash Net cash
flows flows Net cash
Cash provided by/ (used in)/ flows
beginning (used in) provided by used in Cash end
of period operating investing financing of period
4/1/2003 activities activities activities 6/30/2003
--------- ------------ ----------- ---------- ---------
(Thousands of Dollars)
CL&P $7,214 $72,223 $(37,945) $(38,883) $2,609
PSNH 4,425 2,475 24,794 (30,289) 1,405
WMECO 1 13,939 2,522 (16,461) 1
NAEC 29 (1,676) 1,660 - 13
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.
NORTHEAST UTILITIES
/s/ John P. Stack
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John P. Stack
Vice President - Accounting and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
August 26, 2003