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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 March 31, 1995
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 May 1, 1995
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.
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED BALANCE SHEETS
MARCH 31, 1995 AND DECEMBER 31, 1994
ASSETS
(Unaudited)
March 31, December 31,
1995 1994
(Dollars in Thousands)
PROPERTY, PLANT AND EQUIPMENT, at original cost $151 083 $148 855
Less - Accumulated depreciation 56 572 55 618
94 511 93 237
Add - Construction work in progress 2 217 3 541
96 728 96 778
INVESTMENTS
Equity in nuclear electric power companies 9 270 9 164
Other 5 5
9 275 9 169
CURRENT ASSETS
Cash 318 376
Accounts receivable -
Affiliate companies 1 151 917
Customers 9 661 9 835
Unbilled revenues 3 787 3 088
Prepaid property taxes 851 1 702
Inventories and other 1 925 2 111
17 693 18 029
DEFERRED CHARGES
Yankee Atomic purchased power contract 7 952 8 163
Other 5 725 5 570
13 677 13 733
$137 373 $137 709
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CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED BALANCE SHEETS
MARCH 31, 1995 AND DECEMBER 31, 1994
CAPITALIZATION AND LIABILITIES
(Unaudited)
March 31, December 31,
1995 1994
(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 6 573 7 166
43 191 43 784
Long-term debt, including premiums, less
current sinking fund requirements 42 026 42 027
85 217 85 811
CURRENT LIABILITIES
Interim Financing -
Notes payable to banks - 2 175
Advances from affiliates 5 220 550
5 220 2 725
Other Current Liabilities -
Current sinking fund requirements 160 160
Accounts payable
Affiliate companies 4 610 4 212
Other 6 002 8 359
Accrued taxes -
Local property and other 1 758 1 711
Income 2 667
Accrued interest 1 306 994
Other 2 090 1 878
15 928 17 981
21 148 20 706
DEFERRED CREDITS
Accumulated deferred income taxes 12 792 12 639
Unamortized investment tax credits 2 011 2 035
Yankee Atomic purchased power contract 7 952 8 163
Other 8 253 8 355
31 008 31 192
COMMITMENTS AND CONTINGENCIES
$137 373 $137 709
See accompanying notes.
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CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
(Dollars in Thousands)
ELECTRIC OPERATING REVENUES $30 326 $33 221
OPERATING EXPENSES
Electricity purchased for resale,
transmission and fuel 21 077 22 182
Other operation and maintenance 5 879 5 936
Depreciation 1 038 1 017
Taxes -
Income 95 825
Local property 772 725
Payroll and other 257 242
29 118 30 927
OPERATING INCOME 1 208 2 294
OTHER INCOME 219 330
INCOME BEFORE INTEREST CHARGES 1 427 2 624
INTEREST CHARGES
Long-term debt 946 949
Other interest charges 94 113
Allowance for borrowed funds
used during construction (25) 8
1 015 1 070
NET INCOME 412 1 554
RETAINED EARNINGS -
Beginning of period 7 166 7 056
Dividends on common stock (1 005) (898)
End of period $ 6 573 $ 7 712
See accompanying notes.
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CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
(Dollars in Thousands)
OPERATING ACTIVITIES
Net income $ 412 $ 1 554
Effects of noncash items -
Depreciation and amortization 1 111 1 091
Deferred income taxes and investment tax
credits, net 47 150
Earnings from corporate joint ventures (222) (262)
Dividends from corporate joint ventures 116 62
Change in working capital, exclusive of cash
and interim financing (1 775) 1 574
All other operating items (284) 237
Net cash provided by (used for)
operating activities (595) 4 406
INVESTING ACTIVITIES
Additions to property, plant and equipment
(exclusive of AFUDC) (928) (488)
Allowance for borrowed funds used during
construction (25) 8
Advances to affiliates - (850)
Net cash used for investing activities (953) (1 330)
FINANCING ACTIVITIES
Payment of dividends (1 005) (898)
Payment of short-term borrowings (2 175) (2 000)
Advances from (payments to) affiliates 4 670 (1 305)
Net cash provided by (used for)
financing activities 1 490 (4 203)
Net decrease in cash (58) (1 127)
Cash at beginning of period 376 1 624
Cash at end of period $ 318 $ 497
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid (received) during the period for
Interest (net of capitalized amounts) $ 648 $ 639
Income taxes $ 658 $ (67)
See accompanying notes.
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CAMBRIDGE ELECTRIC LIGHT COMPANY
NOTES TO CONDENSED FINANCIAL STATEMENTS
(1) Accounting Policies
Cambridge Electric Light Company (the Company) is a wholly-owned
subsidiary of Commonwealth Energy System. The parent company is referred to
in this report as the "System" and together with its subsidiaries is
collectively referred to as "the system."
The Company's significant accounting policies are described in Note 1 of
Notes to Financial Statements included in its 1994 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 its customers over
time. In March 1995, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards (SFAS) No. 121, "Accounting for
the Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed Of"
(SFAS 121). SFAS 121 imposes stricter criteria for regulatory assets by
requiring that such assets be probable of future recovery at each balance
sheet date. Based on the current regulatory framework, the Company accounts
for the economic effects of regulation in accordance with the provisions of
SFAS No. 71, "Accounting for the Effects of Certain Types of Regulation" and
does not expect that SFAS 121, which the Company expects to adopt on January
1, 1996, will have a material impact on its financial position or results of
operations. However, this conclusion may change in the future as competi-
tive factors influence wholesale and retail pricing in this industry. The
principal regulatory assets included in deferred charges at March 31, 1995
and December 31, 1994 were as follows:
March 31, December 31,
1995 1994
(Dollars in Thousands)
Yankee Atomic unrecovered plant and
decommissioning costs $ 7 952 $ 8 163
Postretirement benefit costs including
pensions 2 560 2 304
Other 702 763
Total regulatory assets $11 214 $11 230
The principal regulatory liabilities, reflected in deferred credits-
other and relating to income taxes, were $3.7 million at March 31, 1995 and
December 31, 1994.
Generally, expenses which relate to more than one interim period are
allocated to other periods to more appropriately match revenues and
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CAMBRIDGE ELECTRIC LIGHT COMPANY
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 March 31, 1995
and 1994 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 reclass-
ified 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 consump-
tion of energy.
(2) Commitments and Contingencies
(a) Construction Program
The Company is engaged in a continuous construction program presently
estimated at $33.7 million for the five-year period 1995 through 1999. Of
that amount, $9.3 million is estimated for 1995. As of March 31, 1995 the
Company's actual construction expenditures amounted to $953,000, including
an allowance for funds used during construction. The Company expects to
finance these expenditures on an interim basis with internally generated
funds and short-term borrowings 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 conditions, 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
Yankee Atomic Nuclear Power Plant
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). The Company
has a 2% ownership interest in the Plant, which provided less than 1% of the
Company's capacity. Presently, purchased power costs, which include a
provision for ultimate decommissioning of the unit, are billed to the
Company and collected from customers. The most recent cost estimate to
permanently shut down the Plant is approximately $396 million. The
Company's share of this liability is approximately $8 million and is
currently reflected in the accompanying balance sheets as a liability and
corresponding regulatory asset. The market value of the Company's share of
assets in the Plant's decommissioning fund is approximately $2.2 million.
Other Nuclear Plants
The Company also has equity ownership interests ranging from 2.5% to
4.5% in three operating nuclear generating facilities located in New England
with contract expiration dates ranging from 2007 to 2012. The Company is
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CAMBRIDGE ELECTRIC LIGHT COMPANY
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. The Company's estimated total decommissioning cost and associated
market value share of decommissioning trust assets for these units is
approximately $36 million and $13.3 million, respectively.
(c) Maine Yankee Nuclear Power Plant
One of the operating nuclear generating facilities that the Company has
an equity ownership interest in, the Maine Yankee Nuclear Power Plant,
operated by Maine Yankee Atomic Power Company (Maine Yankee), has been
experiencing degradation of its steam generator tubes, principally in the
form of circumferential cracking, which until early 1995 was believed to be
limited to a relatively small number of tubes. During a refueling and
maintenance outage that began in early February 1995, Maine Yankee, through
the use of new inspection methods, detected increased degradation involving
approximately 60% of the tubes which was well beyond Maine Yankee's
expectations.
Maine Yankee is currently evaluating alternative courses of action to
remedy this situation including sleeving all 17,000 steam generator tubes,
which could result in significant capital expenditures and an extended
outage period. Maine Yankee estimates that it could take approximately six
months and cost about $40 million to sleeve the tubes. At this time,
Company cannot predict what action will be taken to resolve the situation.
The Board of Directors of Maine Yankee will meet in late May 1995 to
consider various options.
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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 months ended March 31,
1995 and 1994 is shown below:
Three Months Ended
March 31,
1995 and 1994
Increase (Decrease)
(Dollars in Thousands)
Electric Operating Revenues $(2 895) (8.7)%
Operating Expenses -
Electricity purchased for resale,
transmission and fuel (1 105) (5.0)
Other operation and maintenance (57) (1.0)
Depreciation 21 2.1
Taxes -
Federal and state income (730) (88.5)
Local property and other 62 6.4
(1 809) (5.8)
Operating Income (1 086) (47.3)
Other Income (111) (33.6)
Income Before Interest Charges (1 197) (45.6)
Interest Charges (55) (5.1)
Net Income $(1 142) (73.5)
Retail Unit Sales MWH Increase 5 051 1.5
The following is a summary of unit sales for the periods indicated:
Unit Sales (MWH)
Three Months Ended Total Retail Wholesale
March 31, 1995 370 812 336 804 34 008
March 31, 1994 453 550 331 753 121 797
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CAMBRIDGE ELECTRIC LIGHT COMPANY
Operating Revenues and Electricity Purchased for Resale, Transmission and Fuel
Operating revenues decreased nearly $2.9 million (8.7%) as a result of a
significantly lower level of unit sales due to extremely mild weather
conditions during the current period as compared to a colder than normal first
quarter in 1994. This decline in revenues also reflects lower electricity
purchased for resale, transmission and fuel costs ($1.1 million) that was
mainly attributed to the lower demand for power, and a lower level of conser-
vation and load management (C&LM) program costs ($255,000).
The Company has 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
participation, a corresponding change will occur in revenues.
Retail unit sales increased slightly during the current three-month period
compared to the same period in 1994. The increase was due primarily to an
increase in the level of sales to commercial and municipal customers. The
increase in wholesale sales reflects the changing capacity needs of non-
affiliated utilities and the New England Power Pool. Fluctuations in the
level of wholesale sales have little, if any, impact on earnings.
The $1.1 million or 5% decline in electricity purchased for resale,
transmission and fuel costs was mainly attributed to the previously noted
lower level of unit sales. The current quarter also includes reduced power
purchases due to a combination of both scheduled and unscheduled maintenance
at affiliate Canal Electric Company's (Canal) Unit 1 and an unscheduled outage
at an equity-owned nuclear power plant (refer to the "Maine Yankee" section
filed under Item 1 of this report). In addition, both three-month periods
reflect additional power purchases from a higher-cost non-utility generator
offset somewhat by reduced generation from Canal Unit 2 and lower Seabrook 1
costs.
Historically, revenues collected through base rates have been designed to
reimburse the Company for all costs of operation other than fuel, the energy
portion of purchased power, transmission and C&LM program costs, and provide a
fair return on capital invested in the business. However, as a result of a
DPU-approved recovery mechanism for capacity-related costs associated with
certain long-term purchased power contracts, the Company experiences a revenue
excess or shortfall to the extent that unit sales and/or the costs recoverable
in base rates vary from test-period levels. During the first quarter, as a
result of this recovery mechanism, the Company's revenues reflect an
underrecovery of $634,000 of these capacity-related costs; however, revenues
for 1994 included the recovery of approximately $1.1 million in excess of such
capacity-related costs due to the recovery mechanism. This method of recovery
decreased net income by approximately $385,000 in 1995 while increasing net
income by $650,000 in 1994. This issue was addressed in a settlement
agreement approved by the DPU in May 1995 whereby the Company will be allowed
to defer for future recovery the capacity-related costs in excess of such
costs currently included in the Company's retail base rates. (Refer to the
"Rate Settlement Agreement" section for additional details.)
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CAMBRIDGE ELECTRIC LIGHT COMPANY
Other Operating Expenses
Other operation and maintenance expense declined slightly during the
current three-month period reflecting a lower level of C&LM program costs
($255,000), the absence of a reserve ($100,000) recorded in 1994 for the
Company's anticipated share of site clean-up costs that were associated with
certain hazardous wastes. These declines were offset by a higher level of
maintenance costs ($187,000) and an increase in insurance and benefit costs
($200,000). In addition, the decline in 1995 was also attributed to a lower
level of affiliated services company charges and continued savings from cost
containment measures.
Depreciation and Taxes
Depreciation expense increased slightly in 1994 due to a higher level of
depreciable property, plant and equipment. The $730,000 decrease in federal
and state income taxes was attributed to a lower level of pretax income.
Local property and other taxes increased 6.4% reflecting higher tax rates
offset, in part, by lower assessments in the City of Cambridge.
Other Income and Interest Charges
Other income decreased $111,000 or nearly 34% in the current three-month
period due primarily to a lower level of equity earnings and the timing of
dividend payments from the Company's investment in nuclear generating compa-
nies ($94,000) and a decrease in miscellaneous interest income ($60,000)
reflecting a lower level of interest related to Massachusetts sales tax
abatements. These decreases were offset, in part, by the partial reversal of
a reserve that had been established by the Company in December 1994 related to
a settlement negotiated with an outside party for certain costs associated
with the Company's C&LM programs ($47,000), the recovery of which has since
been approved by the DPU.
The lower level of interest charges in the current three-month period is
primarily due to a decline in miscellaneous interest charges ($60,000)
reflecting the aforementioned sales tax abatement interest and an increase in
the equity component of allowance for funds used during construction due to a
greater level of construction activity. These decreases were offset somewhat
by higher short-term interest costs reflecting a higher average level of
borrowings and higher interest rates.
Regulatory Matters
(a) Rate Settlement Agreement
On May 3, 1995, the DPU approved a settlement proposal sponsored jointly
by the Company and the Attorney General of Massachusetts. This joint petition
included the resolution of issues related to cost of service, rates,
accounting and generating unit performance reviews. The Company's settlement:
(1) implements a $1.5 million refund to customers through the Fuel Charge
during the third and fourth quarters of 1995 including its share of
excess deferred tax reserves related to Seabrook Unit No. 1 to be
refunded to the Company by Canal;
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CAMBRIDGE ELECTRIC LIGHT COMPANY
(2) allows the Company to defer certain long-term purchased power and
transmission capacity costs in excess of the amount of such capacity
costs currently included in the Company's base rates up to an annual
amount of $2 million for recovery in its next general retail base rate
proceeding;
(3) prohibits the Company from seeking recovery of costs it incurred in
realizing costs savings through a 1993 work force reduction and
restructuring, totaling approximately $400,000; and
(4) includes the DPU's withdrawal of all related requests, appeals,
motions or other issues raised by parties regarding certain generating
unit performance reviews.
The Company's management is encouraged by the support provided through the
Office of the Attorney General and believes that this settlement will
eliminate the need for potentially costly litigation and regulatory
proceedings and, by moderating rate impacts and enabling the Company to remain
competitive in a changing environment, is in the best interest of the Company
and its customers.
(b) Rate Tariff Filing
On March 15, 1995, the Company filed four rate tariffs with the DPU to
establish rates for its largest customers should they decide to generate their
own power or purchase from another source while remaining in Cambridge. In an
effort to protect its other customers from increased costs, the Company is
requesting that these large customers pay their share of the costs that were
incurred on their behalf to ensure that their energy needs will be met at all
times. These costs include long-term power contracts entered into to meet
projected energy requirements, investments in substations, underground and
overhead lines and current and future decommissioning costs associated with
nuclear plants. A ruling is expected from the DPU in 1995.
<PAGE 13>
CAMBRIDGE ELECTRIC LIGHT COMPANY
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company is subject to legal claims and matters arising from
its course of business, including its participation in power
contract arbitrations involving the termination of a power purchase
agreement with Eastern Energy Corporation as discussed more fully in
the Company's 1994 Form 10-K.
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule
Filed herewith as Exhibit 1 is the Financial Data Schedule for the
three months ended March 31, 1995.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the three months ended
March 31, 1995.
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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: May 15, 1995
<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 three months ended March
31, 1995 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000016573
<NAME> CAMBRIDGE ELECTRIC LIGHT COMPANY
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