File No. 70-9839
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Application of Northeast Utilities, ) CERTIFICATE PURSUANT TO RULE 24
The Connecticut Light and Power Company, ) UNDER THE PUBLIC UTILITY HOLDING
Western Massachusetts Electric Company, ) COMPANY ACT OF 1935
on Form U-1 )
Pursuant to the requirements of Rules 42, 43, 44, 46(a)and 54 under the
Public Utility Holding Company Act of 1935, Northeast Utilities ("NU"), a
registered holding company, Western Massachusetts Electric Company ("WMECO"),
an electric utility subsidiary of NU and The Connecticut Light and Power
Company ("CL&P"), an electric utility subsidiary of NU, hereby files this
quarterly report as required by the Securities and Exchange Commission's order
authorizing the repurchase of common stock out of capital or unearned surplus
from parent. (HCAR No. 35-27529, May 16, 2002, File No. 70-9839) ("Order").
For the quarter ended December 31, 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 of
dividends paid to NU and/or the amount of stock repurchased 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 December 31, 2003
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(Thousands of
-------------
Dollars) %
-------- -----
Common shareholders' equity:
Common shares $ 60,352 2.1%
Capital surplus, paid in 326,282 11.4
Retained earnings 311,793 10.9
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Total common shareholders' equity 698,427 24.4
Preferred stock 116,200 4.1
Long-term and short-term debt 921,274 32.2
Rate reduction bonds 1,124,779 39.3
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$2,860,680 100.0%
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A common dividend of $30,055,320.90 was declared on December 17, 2003, and
was paid to NU on December 31, 2003.
Western Massachusetts Electric Company (WMECO)
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As of December 31, 2003
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(Thousands of
-------------
Dollars) %
-------- -----
Common shareholders' equity:
Common shares $ 10,866 2.2%
Capital surplus, paid in 69,460 14.4
Retained earnings 71,677 14.8
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Total common shareholders'equity 152,003 31.4
Long-term and short-term debt 198,602 41.1
Rate reduction bonds 132,960 27.5
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$ 483,565 100.0%
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A common dividend of $4,003,154.13 was declared on December 17, 2003,
and was paid to NU on December 31, 2003.
2) The current senior debt ratings of CL&P and WMECO, including a
representation that such ratings are at or above investment grade.
As of December 31, 2003, the senior secured debt ratings issued by Standard
and Poor's Corporation and Moody's of CL&P are A- and A2, respectively, and
the senior unsecured debt ratings of WMECO are each BBB+ and A3,
respectively. Each of CL&P and WMECO represent that such ratings are
"investment grade" ratings.
3) The Utilities' cash-on-hand both during the quarter and as of the end of
each quarter and 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.
CL&P and WMECO represent that during the quarter ended December 31, 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.
Net cash
Net cash flows flows
Cash Net cash flows provided by/ (used in)/
beginning provided by (used in) provided by Cash end
of period operating investing financing of period
10/1/2003 activities activities activities 12/31/2003
--------- ---------- ---------- ---------- -----------
(Thousands of Dollars)
CL&P $ 7,324 $23,668 $ 35,773 $ (60,951) $ 5,814
WMECO 1 4,906 (8,472) 3,566 1
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of
1935, the undersigned companies have duly caused this certificate to be signed
on their behalf by the undersigned thereunto duly authorized.
NORTHEAST UTILITIES
THE CONNECTICUT LIGHT AND POWER COMPANY
WESTERN MASSACHUSETTS ELECTRIC COMPANY
/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
February 27, 2004