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, ) CERTIFICATE PURSUANT TO RULE 24
North Atlantic Energy Corporation, ) UNDER THE PUBLIC UTILITY HOLDING
NU Enterprises, Inc., ) COMPANY ACT OF 1935
Northeast Generation Company, )
Northeast Generation Services Company, )
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 transaction for
investment in Exempt Wholesale Generators. (HCAR No. 35-27147, March 7, 2000,
File No. 70-9541) ("Order").
For the quarter ended September 30, 2002, 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 September 30, 2002
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(Thousands
of Dollars) %
----------- -----
Common shareholders' equity
Common shares $ 68,120 2.3%
Capital surplus, paid in 369,414 12.6
Retained earnings 301,775 10.2
---------- -----
Total common shareholder's equity 739,309 25.1
Preferred stock 116,200 3.9
Long-term and short-term debt 827,071 28.0
Rate reduction bonds 1,271,834 43.0
---------- -----
$2,954,414 100.0%
========== =====
A common dividend of $15,054,506.74 was declared on September 20, 2002,
and was paid to NU on September 27, 2002.
Western Massachusetts Electric Company (WMECO)
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As of September 30, 2002
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(Thousands
of Dollars) %
----------- -----
Common shareholders' equity
Common shares $ 10,866 2.3%
Capital surplus, paid in 69,715 14.4
Retained earnings 70,739 14.7
-------- -----
Total common shareholders' equity 151,320 31.4
Long-term and short-term debt 186,505 38.6
Rate reduction bonds 144,980 30.0
-------- -----
$482,805 100.0%
======== =====
A common dividend of $4,003,154.13 was declared on September 26,
2002 and was paid to NU on September 30, 2002.
Public Service Company of New Hampshire (PSNH)
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As of September 30, 2002
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(Thousands
of Dollars) %
----------- -----
Common shareholders' equity
Common shares $ - - %
Capital surplus, paid in 163,869 12.0
Retained earnings 199,044 14.7
---------- -----
Total common shareholders' equity 362,913 26.7
Long-term and short-term debt 479,485 35.2
Rate reduction bonds 518,654 38.1
---------- -----
$1,361,052 100.0%
========== =====
No common dividend was paid to NU.
2) The current senior debt rating of each Applicant to include a
representation that the rating is at or above investment grade.
As of September 30, 2002, 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 September 30, 2002,
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 CL&P, PSNH and WMECO.
Net cash
Net cash Net cash flows
Cash flows flows (used in)/
beginning provided by used in provided by Cash end
of period operating investing financing of period
7/1/2002 activities activities activities 9/30/2002
--------- ----------- ---------- ----------- ---------
(Thousands of Dollars)
CL&P $2,477 $141,349 $(65,400) $(70,599) $7,827
PSNH 700 56,136 (45,968) (10,150) 718
WMECO 1 7,053 (10,839) 3,786 1
NAEC 53 9,755 (9,767) - 41
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
------------------------------------------
John P. Stack
Vice President - Accounting and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
November 26, 2002