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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 September 30, 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 November 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
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
ASSETS
(Unaudited)
September 30, December 31,
1995 1994
(Dollars in Thousands)
PROPERTY, PLANT AND EQUIPMENT, at original cost $153 844 $148 855
Less - Accumulated depreciation 58 423 55 618
95 421 93 237
Add - Construction work in progress 2 612 3 541
98 033 96 778
INVESTMENTS
Equity in nuclear electric power companies 9 419 9 164
Other 5 5
9 424 9 169
CURRENT ASSETS
Cash 334 376
Accounts receivable -
Affiliates 649 917
Customers 10 853 9 835
Unbilled revenues 2 113 3 088
Prepaid property taxes 2 644 1 702
Inventories and other 1 840 2 111
18 433 18 029
DEFERRED CHARGES
Yankee Atomic power contract 7 050 8 163
Other 4 933 5 570
11 983 13 733
$137 873 $137 709
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CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED BALANCE SHEETS
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
CAPITALIZATION AND LIABILITIES
(Unaudited)
September 30, 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 8 779 7 166
45 397 43 784
Long-term debt, including premiums, less
current sinking fund requirements and
maturing debt 21 865 42 027
67 262 85 811
CURRENT LIABILITIES
Interim Financing -
Notes payable to banks 500 2 175
Maturing long-term debt 20 000 -
Advances from affiliates 2 525 550
23 025 2 725
Other Current Liabilities -
Current sinking fund requirements 160 160
Accounts payable -
Affiliates 3 680 4 212
Other 6 288 8 359
Accrued taxes -
Local property and other 3 540 1 711
Income 407 667
Accrued interest 1 305 994
Other 2 660 1 878
18 040 17 981
41 065 20 706
DEFERRED CREDITS
Accumulated deferred income taxes 13 035 12 639
Unamortized investment tax credits 1 963 2 035
Yankee Atomic power contract 7 050 8 163
Other 7 498 8 355
29 546 31 192
COMMITMENTS AND CONTINGENCIES
$137 873 $137 709
See accompanying notes.
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CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
Three Months Ended Nine Months Ended
1995 1994 1995 1994
(Dollars in Thousands)
ELECTRIC OPERATING REVENUES $34 453 $34 658 $95 566 $99 538
OPERATING EXPENSES
Electricity purchased for
resale, transmission and fuel 22 049 21 604 62 343 64 238
Other operation and maintenance 5 984 6 038 18 323 18 137
Depreciation 1 038 1 017 3 114 3 051
Taxes -
Income 1 270 1 526 2 042 3 107
Local property 793 799 2 310 2 237
Payroll and other 195 184 657 609
31 329 31 168 88 789 91 379
OPERATING INCOME 3 124 3 490 6 777 8 159
OTHER INCOME 176 120 461 495
INCOME BEFORE INTEREST CHARGES 3 300 3 610 7 238 8 654
INTEREST CHARGES
Long-term debt 943 945 2 834 2 842
Other interest charges 119 37 432 212
Allowance for borrowed funds
used during construction (33) (18) (84) (23)
1 029 964 3 182 3 031
NET INCOME 2 271 2 646 4 056 5 623
RETAINED EARNINGS -
Beginning of period 7 547 8 061 7 166 7 056
Dividends on common stock (1 039) (694) (2 443) (2 666)
RETAINED EARNINGS -
End of period $ 8 779 $10 013 $ 8 779 $10 013
See accompanying notes.
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CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
(Dollars in Thousands)
OPERATING ACTIVITIES
Net income $ 4 056 $ 5 623
Effects of noncash items -
Depreciation and amortization 3 244 3 270
Deferred income taxes and investment tax
credits, net 232 1 137
Equity earnings from corporate
joint ventures (830) (894)
Dividends from corporate joint ventures 575 587
Change in working capital, exclusive of cash and
interim financing (387) 1 094
All other operating items (183) (3 174)
Net cash provided by operating activities 6 707 7 643
INVESTING ACTIVITIES
Additions to property, plant and equipment
(exclusive of AFUDC) (4 360) (2 446)
Allowance for borrowed funds used during
construction (84) (23)
Advances to affiliates - (125)
Net cash used for investing activities (4 444) (2 594)
FINANCING ACTIVITIES
Payment of dividends (2 443) (2 666)
Payment of short-term borrowings (1 675) (2 000)
Advances from (payments to) affiliates 1 975 (1 305)
Sinking funds payments (162) (162)
Net cash used for financing activities (2 305) (6 133)
Net decrease in cash (42) (1 084)
Cash at beginning of period 376 1 624
Cash at end of period $ 334 $ 540
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest (net of capitalized amounts) $ 2 707 $ 2 507
Income taxes $ 2 057 $ 1 430
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 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 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 (FERC) have permitted or are expected to permit
recovery of specific costs over time. Similarly, certain regulatory
liabilities established 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 No. 121,
"Accounting for the Impairment of Long-Lived Assets and for 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 will 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 changes are made in the current regulatory framework
or as competitive factors influence wholesale and retail pricing in this
industry. The principal regulatory assets included in deferred charges at
September 30, 1995 and December 31, 1994 were as follows:
September 30, December 31,
1995 1994
(Dollars in Thousands)
Yankee Atomic unrecovered plant and
decommissioning costs $ 7 050 $ 8 163
Postretirement benefit costs including
pensions 2 724 2 304
Other 603 763
Total regulatory assets $10 377 $11 230
The principal regulatory liabilities, reflected in the accompanying
balance sheets and relating to deferred income taxes were $3.6 million at
September 30, 1995 and $3.7 million at December 31, 1994.
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CAMBRIDGE ELECTRIC LIGHT COMPANY
The unaudited financial statements for the periods ended September 30,
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
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 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.
Approximately $9.3 million of that amount was estimated for 1995. As of
September 30, 1995 the Company's actual construction expenditures amounted
to $4.4 million, including an allowance for funds used during construction.
The latest estimate of expenditures for 1995 is approximately $8.1 million.
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 Yankee Atomic. 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 $350
million. The Company's share of this liability is $7.1 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
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CAMBRIDGE ELECTRIC LIGHT COMPANY
with contract expiration dates ranging from 2007 to 2012. The Company 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 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.
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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 and nine months ended
September 30, 1995 and 1994 and unit sales for these periods is shown below:
Three Months Nine Months
Ended September 30, Ended September 30,
1995 and 1994 1995 and 1994
Increase (Decrease)
(Dollars in Thousands)
Electric Operating Revenues $ (205) (0.6)% $(3 972) (4.0)%
Operating Expenses
Electricity purchased for
resale, transmission and fuel 445 2.1 (1 895) (2.9)
Other operation and maintenance (54) (0.9) 186 1.0
Depreciation 21 2.1 63 2.1
Taxes -
Federal and state income (256) (16.8) (1 065) (34.3)
Local property and other 5 0.5 121 4.3
161 0.5 (2 590) (2.8)
Operating Income (366) (10.5) (1 382) (16.9)
Other Income 56 46.7 (34) (6.9)
Income Before Interest Charges (310) (8.6) (1 416) (16.4)
Interest Charges 65 6.7 151 5.0
Net Income $ (375) (14.2) $(1 567) (27.9)
Unit Sales (MWH)
Retail 632 0.2 13 165 1.3
Sales for resale (17 078) (32.9) (153 365) (61.7)
Total unit sales (16 446) (4.0) (140 200) (11.2)
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, 1995 393 049 358 231 34 818 1 115 786 1 020 542 95 244
September 30, 1994 409 495 357 599 51 896 1 255 986 1 007 377 248 609
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CAMBRIDGE ELECTRIC LIGHT COMPANY
Operating Revenues, Electricity Purchased For Resale, Transmission and Fuel
Through the nine months ended September 30, 1995, operating revenues
declined approximately $4 million or 4% due primarily to decreases in
wholesale sales, electricity purchased for resale, transmission charges,
conservation and load management (C&LM) charges and fuel costs which reflect
the implementation of a rate refund pursuant to the settlement agreement
discussed below offset, in part, by higher retail unit sales.
The DPU has granted approval for the Company to recover in revenues
certain current costs associated with the C&LM programs through 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. Through
September 30, 1995, revenues associated with C&LM charges declined
approximately 67% or $755,000.
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 costs, and provide a fair
return on capital invested in the business. However, as a result of a DPU-
mandated recovery mechanism for capacity-related costs associated with certain
long-term purchased power contracts, the Company has experienced a revenue
excess or shortfall when unit sales and/or the costs recoverable in base rates
vary from test-period levels. This issue, which has had a significant impact
on net income, was addressed in a settlement agreement approved by the DPU in
May 1995. (Refer to the "Rate Settlement Agreement" section for additional
details.) During the current three-month period, an overcollection of
approximately $1.4 million associated with these capacity-related costs was
deferred pursuant to the settlement agreement. For the same period in 1994,
revenues included approximately $1.1 million in excess of such capacity-
related costs as a result of the recovery mechanism. During the current nine-
month period, in accordance with the settlement agreement, a net
overcollection of $787,000 was deferred compared to a $2.6 million
overcollection recognized for the same period in 1994. There was no net
income impact for the current quarter and nine-month periods due to the
deferral mechanism established in the settlement. However, for the same
periods in 1994, the overcollections resulted in a $691,000 and $1.6 million
after-tax impact on net income, respectively.
For the current nine-month period, retail unit sales increased 1.3%
despite a decline in the residential sector that reflects the extremely mild
weather conditions during the first quarter compared to a colder than normal
first quarter in 1994. Retail unit sales for the third quarter showed a
slight increase and reflect improvements in the residential (2%) and
commercial (1.7%) sectors. The significant decrease in wholesale sales for
the current quarter (33%) and nine-month period (61.7%) reflects a lower level
of sales to the New England Power Pool (NEPOOL) due to changes in the
Company's capacity needs. Fluctuations in the level of wholesale sales have
little, if any, impact on net income.
For the current nine-month period ended September 30, 1995, electricity
purchased for resale, transmission and fuel costs declined by $1.9 million or
2.9% due to scheduled maintenance and other repairs at affiliate Canal
Electric Company's (Canal) Unit 1 which returned to full service in early
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CAMBRIDGE ELECTRIC LIGHT COMPANY
August, expiration of a purchase power contract in 1994 and the unscheduled
outage at Maine Yankee. In contrast, purchased power costs increased by 2.1%
during the third quarter due primarily to higher purchases from NEPOOL.
Other Operation and Maintenance
Through September 30, 1995, other operation and maintenance expenses
increased slightly and reflected higher labor costs ($621,000) and employee
benefit costs ($332,000) offset, in part, by lower C&LM charges ($755,000).
Depreciation and Taxes
For the current quarter and nine-month period, depreciation expense
increased 2.1%, respectively, due to higher levels of depreciable plant.
Federal and state income taxes decreased $256,000 and $1.1 million for the
current quarter and nine-month period, respectively, due to a lower level of
pretax income. The 4.3% increase in local property and other taxes during the
current nine-month period was due to higher rates and assessments ($73,000)
and an increase in payroll-related taxes ($48,000).
Other Income and Interest Charges
For the current nine-month period, other income decreased $34,000 due
primarily to the absence of interest income ($79,000) relating to a
Massachusetts sales tax abatement recorded during the first quarter of 1994, a
reduced level of non-operating rental income ($25,000) and the absence in 1995
of interest income ($13,000) from loans to affiliates during 1994. These
decreases were offset, in part, by the reversal of a reserve which had been
established by the Company in December 1994 which related to a settlement
negotiated with an outside party for certain costs associated with the
Company's C&LM programs ($47,000) and the absence in 1995 of a Massachusetts
sales tax adjustment recorded as a reduction to other income in August 1994
($32,000).
For the current quarter, other income increased $56,000 due to the absence
of the aforementioned Massachusetts sales tax adjustment and the lower level
of equity earnings and the timing of dividend payments relating to the
Company's equity investment in its nuclear generating units ($25,000).
Interest charges through September 30, 1995 increased 5% due to a higher
level of short-term borrowings from associated companies and higher interest
rates ($221,000) offset, somewhat, by an increase in the debt component of
allowance for funds used during construction ($60,000) due to a greater level
of construction activity.
Regulatory Matters
Electric Industry Restructuring
On August 16, 1995, the DPU issued an order calling for the restructuring
of the electric utility industry in Massachusetts. The stated purpose of the
restructuring effort is to allow customers more flexibility in choosing their
electric service provider and to develop an efficient industry structure and
regulatory framework that minimizes long-term costs to consumers while
maintaining the safety and reliability of electric services with minimum
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CAMBRIDGE ELECTRIC LIGHT COMPANY
impact on the environment. The electric utility industry will ultimately be
functionally separated into three segments to help meet this objective:
generation, distribution and transmission. A coalition of state agencies,
businesses, environmental groups and utility companies, including the Company,
worked together sharing ideas and opinions and proposed eighteen principles
for a restructured electric utility industry. The DPU agreed with several of
the coalition's suggestions and, in its order, identified the following seven
principles:
(1) provide the broadest possible customer choice;
(2) provide all customers with an opportunity to share in the benefits of
increased competition;
(3) ensure full and fair competition in power generation markets;
(4) functionally separate generation, transmission and distribution
services;
(5) ensure electric service to all customers, including low-income
customers;
(6) support and further the goals of environmental regulation; and
(7) provide incentives for better utility performance.
Also, five principles to guide the transition from a regulated to a
competitive industry structure were established in the order. These
principles are:
(1) honor existing commitments;
(2) separate component costs of electricity on customer bills;
(3) seek to provide near-term rate relief;
(4) maintain conservation programs; and
(5) ensure that the transition is orderly and expeditious while
minimizing customer confusion.
In addition, the order cites that utilities should have a reasonable
opportunity to recover stranded costs associated with commitments previously
incurred to provide reliable electric service.
All utilities are required to submit proposals detailing how they plan to
move into a competitive market structure. The Company's proposal is due by
August 16, 1996.
Stranded Investment Charge Approved
On September 29, 1995, the DPU issued a ruling largely approving four rate
tariffs, including a Customer Transition Charge (CTC), that were filed by the
Company on March 15, 1995. The CTC will protect remaining customers from
paying certain costs, often referred to as stranded investment costs, that
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CAMBRIDGE ELECTRIC LIGHT COMPANY
were incurred to provide electric service to large customers that meet certain
usage requirements and remain within the Company's service area but decide to
purchase their power from another source or generate their own power. 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. This
ruling is believed to be the first retail stranded cost charge approved
nationally and follows the aforementioned restructuring order which endorsed,
in principle, the recovery of stranded investment costs.
Through the CTC, the Company will initially recover 75% of net stranded
investment costs as calculated by the Company in its proposal. The Company's
other rates include the Supplemental Service Rate, the Standby Service Rate
and the Maintenance Service Rate each of which were approved with only minor
changes. The Company is encouraged by the DPU's position on recovery of
stranded investment costs and expects to address recovery of the remaining 25%
in its restructuring filing.
Rate Settlement Agreement
In May 1995, the DPU approved a settlement proposal sponsored jointly by
the Company and the Attorney General of Massachusetts which resolved issues
related to cost of service, rates, accounting matters and generating unit
performance reviews. The Company's agreement:
(1) implements a $1.5 million refund to the Company's 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 1 refunded in May 1995 to the Company by Canal;
(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 case;
(3) prohibits the Company from seeking recovery of costs it incurred in
obtaining cost savings through a 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, the settlement is in the best interest
of the Company and its customers.
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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.
Item 5. Other Information
Effective October 1, 1995, John A. Whalen, formerly the Company's
Comptroller, was appointed Vice President and General Manager of
COM/Energy Services Company, an affiliate of the Company. James D.
Rappoli, the Company's Financial Vice President and Treasurer,
assumed Mr. Whalen's former duties as Comptroller.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Filed herewith:
Exhibit 27 Financial Data Schedule for the nine months ended
September 30, 1995 (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, 1995.
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CAMBRIDGE ELECTRIC LIGHT COMPANY
SIGNATURE
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 and
Accounting Officer:
JAMES D. RAPPOLI
James D. Rappoli,
Financial Vice President
and Treasurer
Date: November 13, 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 nine months ended
September 30, 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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