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 June 30, 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 June 30, 2004
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(Thousands of
-------------
Dollars) %
-------- ---
Common shareholder's equity:
Common shares $ 60,352 2.0%
Capital surplus, paid in 349,109 11.9
Retained earnings 331,735 11.2
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Total common shareholder's equity 741,196 25.1
Preferred stock 116,200 3.9
Long-term and short-term debt 1,032,383 35.0
Rate reduction bonds 1,060,902 36.0
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$2,950,681 100.0%
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A common dividend of $11,768,649.75 was declared on June 16, 2004, and was
paid to NU on June 30, 2004.
Western Massachusetts Electric Company (WMECO)
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As of June 30, 2004
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(Thousands of
-------------
Dollars) %
-------- ---
Common shareholder's equity:
Common shares $ 10,866 2.3%
Capital surplus, paid in 75,909 16.1
Retained earnings 75,561 16.0
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Total common shareholder's equity 162,336 34.4
Long-term and short-term debt 181,754 38.5
Rate reduction bonds 127,628 27.1
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$ 471,718 100.0%
========== =====
A common dividend of $1,621,255.69 was declared on June 16, 2004, and was
paid to NU on June 30, 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 June 30, 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 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 June 30, 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
Cash Net cash flows Net cash flows flows
beginning provided by (used in) (used in) Cash end
of period operating investing financing of period
04/1/2004 activities activities activities 06/30/2004
--------- ---------- ---------- ---------- ----------
(Thousands of Dollars)
CL&P $ 5,814 $92,311 $ (72,604) $ (19,707) $ 5,814
WMECO 1 20,950 (6,699) (14,251) 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
August 25, 2004