<PAGE 1>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549-1004
Form 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _______________ to _______________
Commission file number 2-7909
CAMBRIDGE ELECTRIC LIGHT COMPANY
(Exact name of registrant as specified in its charter)
Massachusetts 04-1144610
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Main Street, Cambridge, Massachusetts 02142-9150
(Address of principal executive offices) (Zip Code)
(617) 225-4000
(Registrant's telephone number, including area code)
(Former name, address and fiscal year, if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. YES x NO
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Outstanding at
Class of Common Stock November 1, 1994
Common Stock, $25 par value 346,600 shares
The Company meets the conditions set forth in General Instruction H(1)(a) and
(b) of Form 10-K as a wholly-owned subsidiary and is therefore filing this
Form with the reduced disclosure format.
<PAGE 2>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED BALANCE SHEETS
SEPTEMBER 30, 1994 AND DECEMBER 31, 1993
ASSETS
(Unaudited)
September 30, December 31,
1994 1993
(Dollars in Thousands)
PROPERTY, PLANT AND EQUIPMENT, at original cost $146 634 $145 324
Less - Accumulated depreciation 55 087 52 382
91 547 92 942
Add - Construction work in progress 1 918 1 013
93 465 93 955
INVESTMENTS
Equity in nuclear electric power companies 9 366 9 059
Other 5 5
9 371 9 064
CURRENT ASSETS
Cash 540 1 624
Advances to affiliates 125 -
Accounts receivable
Affiliates 601 1 036
Customers 9 863 10 178
Unbilled revenues 4 110 3 835
Prepaid taxes -
Property 2 640 1 600
Income - 423
Inventories and other 1 910 2 289
19 789 20 985
DEFERRED CHARGES
Yankee Atomic purchased power contract 5 872 6 900
Other 6 151 3 084
12 023 9 984
$134 648 $133 988
<PAGE 3>
CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED BALANCE SHEETS
SEPTEMBER 30, 1994 AND DECEMBER 31, 1993
CAPITALIZATION AND LIABILITIES
(Unaudited)
September 30, December 31,
1994 1993
(Dollars in Thousands)
CAPITALIZATION
Common Equity -
Common stock, $25 par value -
Authorized and outstanding -
346,600 shares wholly-owned by
Commonwealth Energy System (Parent) $ 8 665 $ 8 665
Amounts paid in excess of par value 27 953 27 953
Retained earnings 10 013 7 056
46 631 43 674
Long-term debt, including premiums, less
current sinking fund requirements 42 027 42 189
88 658 85 863
CURRENT LIABILITIES
Interim Financing -
Notes payable to banks - 2 000
Advances from affiliates - 1 305
- 3 305
Other Current Liabilities -
Current sinking fund requirements 160 160
Accounts payable
Affiliates 4 310 4 972
Other 4 382 5 187
Accrued taxes -
Local property and other 3 535 1 611
Income 840 97
Accrued interest 1 301 1 003
Other 2 135 2 776
16 663 15 806
16 663 19 111
DEFERRED CREDITS
Accumulated deferred income taxes 12 818 12 189
Unamortized investment tax credits 2 058 2 130
Yankee Atomic purchased power contract 5 872 6 900
Other 8 579 7 795
29 327 29 014
COMMITMENTS AND CONTINGENCIES
$134 648 $133 988
See accompanying notes.
<PAGE 4>
CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1994 AND 1993
(Unaudited)
Three Months Ended Nine Months Ended
1994 1993 1994 1993
(Dollars in Thousands)
ELECTRIC OPERATING REVENUES $34 658 $35 865 $99 538 $93 749
OPERATING EXPENSES
Electricity purchased for
resale, transmission and fuel 21 604 24 379 64 238 62 854
Other operation and maintenance 6 038 6 220 18 137 19 448
Depreciation 1 017 990 3 051 2 970
Taxes -
Income 1 526 834 3 107 909
Local property 799 688 2 237 1 935
Payroll and other 184 184 609 673
31 168 33 295 91 379 88 789
OPERATING INCOME 3 490 2 570 8 159 4 960
OTHER INCOME 120 57 495 289
INCOME BEFORE INTEREST CHARGES 3 610 2 627 8 654 5 249
INTEREST CHARGES
Long-term debt 945 949 2 842 2 848
Other interest charges 37 63 212 134
Allowance for borrowed funds
used during construction (18) (3) (23) (5)
964 1 009 3 031 2 977
NET INCOME 2 646 1 618 5 623 2 272
RETAINED EARNINGS -
Beginning of period 8 061 6 481 7 056 6 156
Dividends on common stock (694) (312) (2 666) (641)
RETAINED EARNINGS -
End of period $10 013 $ 7 787 $10 013 $ 7 787
See accompanying notes.
<PAGE 5>
CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1994 AND 1993
(Unaudited)
1994 1993
(Dollars in Thousands)
OPERATING ACTIVITIES
Net income $ 5 623 $ 2 272
Effects of non-cash items -
Depreciation and amortization 3 270 3 005
Deferred income taxes and investment tax
credits, net 1 137 636
Equity earnings from corporate
joint ventures (894) (761)
Dividends from corporate joint ventures 587 704
Change in working capital, exclusive of cash and
interim financing 1 094 2 151
All other operating items (3 174) (2 392)
Net cash provided by operating activities 7 643 5 615
INVESTING ACTIVITIES
Additions to property, plant and equipment
(exclusive of AFUDC) (2 446) (2 319)
Allowance for borrowed funds used during
construction (23) (5)
Advances to affiliates (125) (615)
Net cash used for investing activities (2 594) (2 939)
FINANCING ACTIVITIES
Payment of dividends (2 666) (641)
Payment of short-term borrowings (2 000) (1 500)
Payment to affiliates (1 305) -
Sinking funds payments (162) (162)
Net cash used for financing activities (6 133) (2 303)
Net increase (decrease) in cash (1 084) 373
Cash at beginning of period 1 624 2
Cash at end of period $ 540 $ 375
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid (received) during the period for:
Interest (net of capitalized amounts) $ 2 507 $ 2 590
Income taxes $ 1 430 $ (204)
See accompanying notes.
<PAGE 6>
CAMBRIDGE ELECTRIC LIGHT COMPANY
NOTES TO CONDENSED FINANCIAL STATEMENTS
(1) Accounting Policies
Cambridge Electric Light Company (the Company) is a wholly-owned subsid-
iary of Commonwealth Energy System. The parent company is referred to in
this report as the "System" and together with its subsidiaries is collec-
tively referred to as "the system."
The Company's significant accounting policies are described in Note 1 of
Notes to Financial Statements included in its 1993 Annual Report on
Form 10-K filed with the Securities and Exchange Commission. For interim
reporting purposes, the Company follows these same basic accounting policies
but considers each interim period as an integral part of an annual period
and makes allocations of certain expenses to interim periods based upon
estimates of such expenses for the year.
The Company has established various regulatory assets in cases where the
Massachusetts Department of Public Utilities (DPU) and/or the Federal Energy
Regulatory Commission have permitted, or are expected to permit, recovery of
specific costs over time. Similarly, certain regulatory liabilities estab-
lished by the Company are required to be refunded to customers over time.
As of September 30, 1994, principal regulatory assets included in deferred
charges were $5.9 million for unrecovered plant and decommissioning costs
for the Yankee Atomic nuclear plant and $2.1 million for postretirement
benefit costs including pensions. The principal regulatory liability,
reflected in deferred credits, was $3.9 million related to income taxes.
Generally, expenses which relate to more than one interim period are
allocated to other periods to more appropriately match revenues and
expenses. Income tax expense is recorded using the statutory rates in
effect applied to book income subject to tax recorded in the interim period.
The unaudited financial statements for the periods ended September 30,
1994 and 1993 reflect, in the opinion of the Company, all adjustments
(consisting of only normal recurring accruals) necessary to summarize fairly
the results for such periods. In addition, certain prior period amounts are
reclassified from time to time to conform with the presentation used in the
current period's financial statements.
The results for interim periods are not necessarily indicative of results
for the entire year because of seasonal variations in the consumption of
energy.
(2) Commitments and Contingencies
(a) Construction and Financing Programs
The Company is engaged in a continuous construction program presently
estimated at $33.1 million for the five-year period 1994 through 1998. Of
that amount, $10.3 million is estimated for 1994. As of September 30, 1994
the Company's actual construction expenditures amounted to $2.5 million,
including an allowance for funds used during construction. The majority of
1994 construction expenditures are anticipated to be incurred during the
fourth quarter of 1994. The Company expects to finance these expenditures
<PAGE 7>
CAMBRIDGE ELECTRIC LIGHT COMPANY
on an interim basis with internally generated funds and short-term borrow-
ings which are ultimately expected to be repaid with the proceeds from sales
of long-term debt and equity securities. The program is subject to periodic
review and revision because of factors such as changes in business condi-
tions, rates of customer growth, effects of inflation, maintenance of
reliable and safe service, equipment delivery schedules, licensing delays,
availability and cost of capital and environmental regulations.
(b) Decommissioning of Nuclear Power Plants
The Company has equity ownership interests in four nuclear generating
facilities in New England and is obligated to pay its proportionate share of
the capacity and energy costs associated with these units, which include
depreciation, operations and maintenance, a return on invested capital and
the estimated cost of decommissioning the nuclear plants at the end of their
estimated service lives. Pertinent information with respect to projected
decommissioning costs, in 1994 dollars, resulting from life-of-the-unit
contracts from those units still operating is as follows:
Connecticut Maine Vermont
Yankee Yankee Yankee
(Dollars in Millions)
Equity ownership (%) 4.50 4.00 2.50
Plant entitlement (%) 4.50 3.59 2.25
Plant capability (MW) 560.0 870.0 496.0
Company entitlement (MW) 25.2 31.2 11.2
Contract expiration date 1998 2008 2012
Decommissioning cost estimate (100%) ($) 356.5 338.2 325.3
Company's decommissioning cost ($) 16.0 12.1 7.3
Market value of assets (100%) ($) 145.5 74.3 111.1
Company's market value of assets ($) 6.5 2.7 2.5
In February 1992, the Board of Directors of Yankee Atomic Electric Company
(Yankee Atomic) agreed to permanently discontinue power operation and
decommission the Yankee Nuclear Power Station (the plant). At September 30,
1994, the Company's 2% investment in the plant is approximately $506,000.
The estimated decommissioning costs include its unrecovered share of all
costs associated with the shutdown of the plant, recovery of its plant
investment, and decommissioning and closing the plant. The amount currently
reflected in the accompanying Balance Sheets as a liability and a corre-
sponding regulatory asset is $5.9 million. The market value of the Com-
pany's share of assets in the plant's decommissioning fund at September 30,
1994 is approximately $2.1 million.
On October 26, 1994, Yankee Atomic filed with the Nuclear Regulatory
Commission a revised estimate to decommission the plant of $370 million (in
1994 dollars). The total cost to permanently shut down the plant is
approximately $438.6 million. The Company's share of this liability is
approximately $8.8 million. The Company is reviewing Yankee Atomic's filing
and adjustments to the liability and regulatory asset accounts will be made
as appropriate during the fourth quarter of 1994.
<PAGE 8>
CAMBRIDGE ELECTRIC LIGHT COMPANY
Item 2. Management's Discussion and Analysis of Results of Operations
The following is a discussion of certain significant factors which have
affected operating revenues, expenses and net income during the periods
included in the accompanying condensed statements of income. This discussion
should be read in conjunction with the Notes to Condensed Financial Statements
appearing elsewhere in this report.
A summary of the period to period changes in the principal items included in
the condensed statements of income for the three and nine months ended
September 30, 1994 and 1993 is shown below:
Three Months Nine Months
Ended September 30, Ended September 30,
1994 and 1993 1994 and 1993
Increase (Decrease)
(Dollars in Thousands)
Electric Operating Revenues $(1 207) (3.4)% $5 789 6.2%
Operating Expenses
Electricity purchased for
resale, transmission and fuel (2 775) (11.4) 1 384 2.2
Other operation and maintenance (182) (2.9) (1 311) (6.7)
Depreciation 27 2.7 81 2.7
Taxes -
Federal and state income 692 83.0 2 198 241.8
Local property and other 111 12.7 238 9.1
(2 127) (6.4) 2 590 2.9
Operating Income 920 35.8 3 199 64.5
Other Income 63 110.5 206 71.3
Income Before Interest Charges 983 37.4 3 405 64.9
Interest Charges (45) (4.5) 54 1.8
Net Income $ 1 028 63.5 $3 351 147.5
Retail Unit Sales MWH
Increase (Decrease) 769 .2 (5 433) (.5)
The following is a summary of unit sales for the periods indicated:
Unit Sales (MWH)
Three Months Nine Months
Period Ended Total Retail Wholesale Total Retail Wholesale
September 30, 1994 409 495 357 598 51 897 1 255 986 1 007 377 248 609
September 30, 1993 432 759 356 829 75 930 1 200 808 1 012 810 187 998
<PAGE 9>
CAMBRIDGE ELECTRIC LIGHT COMPANY
Operating Revenues
Operating revenues increased by $5.8 million, or 6.2%, during the first
nine months of 1994 due primarily to new base rates that became effective June
1, 1993, higher unit sales and an increase in electricity purchased for
resale, transmission and fuel costs offset, in part, by a lower level of
conservation and load management (C&LM) costs ($1.1 million). Despite
slightly higher retail unit sales, operating revenues decreased $1.2 million,
or 3.4%, during the current three-month period due to lower unit sales to
wholesale customers, a decline in electricity purchased for resale, transmis-
sion and fuel costs and a lower level of C&LM charges ($200,000). For the
current three and nine-month periods, operating revenues also include an over-
collection of $1.1 and $2.6 million, respectively, of capacity-related costs
associated with certain purchased power contracts. For the same periods in
1993, approximately $805,000 and $1.5 million of these costs were not recov-
ered in revenues due to the recovery mechanism established by the Massachu-
setts Department of Public Utilities (DPU). The impact of this recovery
mechanism on net income was $700,000 and $1.6 million in the current three and
nine-month periods compared to net losses of $490,000 and $884,000 for the
same periods in 1993. The improved recovery of these capacity-related costs
in the current period was due to the previously mentioned new base rates.
(Refer to the "Power Contracts" section to follow.)
The Company received approval from the DPU to recover in revenues current
costs associated with C&LM programs through the operation of a Conservation
Charge decimal on a dollar-for-dollar basis. To the extent that these
expenses increase or decrease from period to period based on customer partici-
pation, a corresponding change will occur in revenues. Current three and
nine-month C&LM costs were $500,000 and $1.1 million, respectively, compared
to $700,000 and $2.2 million for the same periods in 1993.
Despite higher retail unit sales to the residential, commercial and
industrial sectors during the current three and nine-month periods, reflecting
more extreme weather conditions during the winter and summer periods, total
unit sales were virtually unchanged for the current three-month period and
decreased slightly in the nine-month period due to a decline in sales to a
large municipal customer. The fluctuating level of wholesale sales, primarily
sales to the New England Power Pool (NEPOOL), reflects changes in the Com-
pany's capacity needs and have little, if any, impact on net income.
Electricity Purchased For Resale, Transmission and Fuel
Electricity purchased for resale, transmission and fuel costs decreased
by $2.8 million in the current quarter due primarily to a decline in purchases
from NEPOOL and lower costs from three nuclear generating facilities offset,
in part, by power purchased from a higher-cost non-utility generator that came
on-line in September 1993. For the first nine months of 1994, electricity
purchased for resale, transmission and fuel costs increased by $1.4 million
due primarily to the aforementioned power purchased from the non-utility
generator offset, in part, by the lower level of purchases from NEPOOL and the
decline in costs from the nuclear generating facilities. During the current
quarter and first nine months of 1994, electricity purchased for resale,
transmission and fuel costs averaged 5.3 cents and 5.1 cents per KWH compared
to 5.6 cents and 5.2 cents per KWH for the same periods in 1993.
<PAGE 10>
CAMBRIDGE ELECTRIC LIGHT COMPANY
Other Operation and Maintenance
Other operation and maintenance expense decreased $182,000 and $1.3
million in the current quarter and nine-month periods. The decline for the
nine-month period reflects a lower level of current and amortized C&LM costs
($1.1 million), declines in payroll costs ($377,000) and affiliated services
company charges ($204,000) that reflect the impact of a second quarter 1993
work force reduction, and a decrease in the provision for bad debts ($99,000)
due to improved payment experience offset, in part, by higher insurance and
benefit costs ($253,000).
Depreciation and Taxes
Depreciation expense increased due to a higher level of depreciable
property, plant and equipment. For the nine-month period the increase in
federal and state income taxes reflects a greater level of pretax income. The
increase for the current quarter is due to a greater level of pretax income
and, to a lesser extent, a retroactive adjustment made in the third quarter of
1993 to reflect the increase in the federal tax rate to 35%. Local property
and other taxes increased due primarily to higher tax rates, offset, in part,
by lower assessments to the Company's property in the City of Cambridge.
Other Income and Interest Charges
Other income increased $63,000 and $206,000 for the current quarter and
nine-month period due primarily to higher equity earnings from the Company's
investment in nuclear generating companies. In addition, other income for the
current nine-month period increased due to interest income ($79,000) recorded
in the first quarter related to a Massachusetts sales tax abatement and the
absence in 1994 of a loss recorded in January 1993 ($33,000) in connection
with the Company's equity investment in Yankee Atomic Electric Company.
The increase in interest charges ($54,000) in the current nine-month
period primarily reflects interest to be refunded to the Company's customers
in connection with the aforementioned sales tax abatement and higher short-
term interest rates offset, in part, by a lower level of short-term borrow-
ings. For the current quarter, interest charges decreased $45,000 compared to
the same period in 1993 due primarily to lower short-term borrowings offset,
in part, by higher short-term interest rates. Interest rates on bank borrow-
ings averaged 4.5% and 3.8% for the current three and nine-month periods
compared to 3.3% and 3.4% for the same periods in 1993.
Power Contracts
The Company has long-term contracts for the purchase of electricity from
various sources. Generally, these contracts are for fixed periods and require
that the Company pay a demand charge for its capacity entitlement in each unit
and an energy charge to cover the cost of fuel. The Company collects a
portion of its capacity-related purchased power costs associated with certain
long-term power arrangements through its base rates. The recovery mechanism
for these costs uses a per KWH factor which is calculated using historical
(test-period) capacity costs and unit sales. This factor is then applied to
current monthly KWH sales. When current period capacity costs and/or unit
sales vary from test-period levels, the Company experiences a revenue excess
<PAGE 11>
CAMBRIDGE ELECTRIC LIGHT COMPANY
or shortfall. All other capacity and energy-related purchased power costs are
recovered through the Company's Fuel Charge.
Power Contract Negotiations
On May 2, 1994, the Company and its affiliate Commonwealth Electric
Company (Commonwealth Electric) gave notice of termination of power purchase
agreements with Eastern Energy Corp. (Eastern), the developer of a proposed
300 MW coal-fired plant in New Bedford, Massachusetts. In June 1989, in order
to meet rising energy requirements, the Company and Commonwealth Electric
agreed to buy 27% (33 MW and 50 MW, respectively) of the power to be produced
by the proposed plant, originally scheduled to begin operation in January
1992. That date and later revised scheduled operating dates have not been
achieved, and the proposed plant has still not received the necessary permits.
Efforts to reshape the Eastern power purchase agreements to provide a satis-
factory arrangement were unsuccessful. The companies' actions are based on
Eastern's failure to meet its contractual obligations. In a letter dated June
30, 1994, Eastern objected to the notice of termination and provided to
Commonwealth Electric and the Company written notice of arbitration and its
designation of an arbitrator pursuant to the 1989 agreements. The companies
responded by designating their arbitrator, and the parties are now in the
process of selecting a third, neutral arbitrator through the Boston, Massachu-
setts office of the American Arbitration Association. An arbitrator decision
on the legality of the companies' termination action is expected in 1995.
Environmental Matters
The Company is subject to laws and regulations administered by federal,
state and local authorities relating to the quality of the environment. These
laws and regulations affect, among other things, the siting and operation of
generating facilities, and will continue to impact future operations, capital
costs and construction schedules. Air emission regulations require the use of
more costly lower-sulphur content fuels (0.5% maximum in the case of the
Company's facilities, which are located in a populated urban area) in electric
generating facilities. The amendments to the federal Clean Air Act enacted in
1990 will impose restrictions on air emissions, and have a particular impact
on the cost of electric generating operations. Regulations enacted by the
state of Massachusetts will require a reduction in sulphur dioxide emission
rates effective December 31, 1994. A plan to meet this target date was
developed and submitted to the state in compliance with applicable regula-
tions. These regulations may also result in an increase in the cost of power
purchased from others. The Company recovers its cost of fuel and purchased
power through its Fuel Charge or base rates.
<PAGE 12>
CAMBRIDGE ELECTRIC LIGHT COMPANY
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company is not a party to any pending material legal proceeding.
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Incorporated herein by reference:
Exhibit 10 Material Contracts.
10.2 Other Agreements.
10.2.3.10 Twenty-Eighth Agreement Amending New England Power Pool
Agreement dated September 1, 1971, as amended September
15, 1992 (Exhibit 1 to Commonwealth Energy System's Form
10-Q (September 1994), File No. 1-7316).
10.2.3.11 Twenty-Ninth Agreement Amending New England Power Pool
Agreement dated September 1, 1971, as amended May 1,
1993 (Exhibit 2 to Commonwealth Energy System's Form
10-Q (September 1994), File No. 1-7316).
Filed herewith:
Exhibit 27 Financial Data Schedule for the nine months ended
September 30, 1994 (Filed herewith as Exhibit 1).
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the three months ended
September 30, 1994.
<PAGE 13>
CAMBRIDGE ELECTRIC LIGHT COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CAMBRIDGE ELECTRIC LIGHT COMPANY
(Registrant)
Principal Financial Officer:
JAMES D. RAPPOLI
James D. Rappoli,
Financial Vice President
and Treasurer
Principal Accounting Officer:
JOHN A. WHALEN
John A. Whalen,
Comptroller
Date: November 14, 1994
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
This schedule contains summary financial information extracted from the
balance sheet, statement of income and statement of cash flows contained in
Form 10-Q of Cambridge Electric Light Company for the six months ended June
30, 1994 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000016573
<NAME> CAMBRIDGE ELECTRIC LIGHT COMPANY
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