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 March 31, 2004, 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 March 31, 2004
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(Thousands of
-------------
Dollars) %
-------- ---
Common shareholders' equity:
Common shares $ 60,352 2.1%
Capital surplus, paid in 331,238 11.3
Retained earnings 326,248 11.2
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Total common shareholders' equity 717,838 24.6
Preferred stock 116,200 4.0
Long-term and short-term debt 991,169 34.0
Rate reduction bonds 1,090,277 37.4
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$2,915,484 100.0%
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A common dividend of $11,768,649.75 was declared on March 17, 2004, and
was paid to NU on March 31, 2004.
Western Massachusetts Electric Company (WMECO)
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As of March 31, 2004
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(Thousands of
-------------
Dollars) %
-------- ---
Common shareholders' equity:
Common shares $ 10,866 2.3%
Capital surplus, paid in 75,944 15.8
Retained earnings 73,602 15.3
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Total common shareholders' equity 160,412 33.4
Long-term and short-term debt 189,726 39.5
Rate reduction bonds 130,248 27.1
-------- -----
$480,386 100.0%
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A common dividend of $1,621,255.69 was declared on March 17, 2004, and
was paid to NU on March 31, 2004.
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 March 31, 2004, 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 March 31, 2004,
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
flows
Cash Net cash flows Net cash flows (used in)/
beginning provided by (used in) provided by Cash end
of period operating investing financing of period
01/1/2004 activities activities activities 03/31/2004
--------- ---------- ---------- ---------- ----------
(Thousands of Dollars)
CL&P $5,814 $48,467 $(11,449) $(42,831) $1
WMECO 1 14,136 (16,294) 2,158 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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Vice President - Accounting and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
May 27, 2004