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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 June 30, 1996
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 August 1, 1996
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
JUNE 30, 1996 AND DECEMBER 31, 1995
ASSETS
(Dollars in thousands)
June 30, December 31,
1996 1995
(Unaudited)
PROPERTY, PLANT AND EQUIPMENT, at original cost $158 509 $156 925
Less - Accumulated depreciation 60 784 58 839
97 725 98 086
Add - Construction work in progress 1 200 1 225
98 925 99 311
INVESTMENTS
Equity in nuclear electric power companies 9 502 9 224
Other 5 5
9 507 9 229
CURRENT ASSETS
Cash 274 239
Accounts receivable
Affiliates 791 2 140
Customers 10 980 10 534
Unbilled revenues 3 014 1 769
Prepaid property taxes - 1 690
Inventories and other 3 035 2 179
18 094 18 551
DEFERRED CHARGES
Yankee Atomic purchased power contract 3 988 4 504
Other 6 281 5 447
10 269 9 951
$136 795 $137 042
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CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED BALANCE SHEETS
JUNE 30, 1996 AND DECEMBER 31, 1995
CAPITALIZATION AND LIABILITIES
(Dollars in thousands)
June 30, December 31,
1996 1995
(Unaudited)
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 8 522 7 561
45 140 44 179
Long-term debt, including premiums, less
maturing debt and current sinking fund
requirements 17 504 21 865
62 644 66 044
CURRENT LIABILITIES
Interim Financing -
Notes payable to banks 12 975 2 675
Advances from affiliates 7 400 2 425
Maturing long-term debt 4 260 20 000
24 635 25 100
Other Current Liabilities -
Current sinking fund requirements 100 160
Accounts payable
Affiliates 2 979 3 787
Other 15 474 8 870
Accrued taxes -
Local property and other 23 1 690
Income 674 731
Accrued interest 484 973
Other 1 548 1 272
21 282 17 483
45 917 42 583
DEFERRED CREDITS
Accumulated deferred income taxes 14 054 13 882
Unamortized investment tax credits 1 895 1 941
Yankee Atomic purchased power contract 3 988 4 504
Other 8 297 8 088
28 234 28 415
COMMITMENTS AND CONTINGENCIES
$136 795 $137 042
See accompanying notes.
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CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Dollars in thousands)
(Unaudited)
Three Months Ended Six Months Ended
1996 1995 1996 1995
ELECTRIC OPERATING REVENUES $28 611 $30 787 $58 088 $61 113
OPERATING EXPENSES
Electricity purchased for resale,
transmission and fuel 18 192 19 217 37 511 40 294
Other operation and maintenance 6 055 6 460 11 961 12 339
Depreciation 1 086 1 038 2 172 2 076
Taxes -
Income 859 677 1 271 772
Local property 744 745 1 501 1 517
Payroll and other 192 205 465 462
27 128 28 342 54 881 57 460
OPERATING INCOME 1 483 2 445 3 207 3 653
OTHER INCOME 1 014 66 1 279 285
INCOME BEFORE INTEREST CHARGES 2 497 2 511 4 486 3 938
INTEREST CHARGES
Long-term debt 435 945 1 378 1 891
Other interest charges 427 219 538 313
Allowance for borrowed funds
used during construction (16) (26) (37) (51)
846 1 138 1 879 2 153
NET INCOME 1 651 1 373 2 607 1 785
RETAINED EARNINGS -
Beginning of period 7 131 6 573 7 561 7 166
Dividends on common stock (260) (399) (1 646) (1 404)
RETAINED EARNINGS -
End of period $ 8 522 $ 7 547 $ 8 522 $ 7 547
See accompanying notes.
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CAMBRIDGE ELECTRIC LIGHT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Dollars in thousands)
(Unaudited)
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 2 607 $ 1 785
Effects of noncash items -
Depreciation and amortization 2 172 2 202
Deferred income taxes and investment tax
credits, net 91 7
Earnings from corporate joint ventures (611) (542)
Dividends from corporate joint ventures 333 402
Change in working capital, exclusive of cash and
interim financing 4 291 (2 970)
All other operating items (682) (1 202)
Net cash provided by (used for)
operating activities 8 201 (318)
CASH FLOWS FOR INVESTING ACTIVITIES
Additions to property, plant and equipment
(exclusive of AFUDC) (1 658) (2 720)
Allowance for borrowed funds used during
construction (37) (51)
Net cash used for investing activities (1 695) (2 771)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of dividends (1 646) (1 404)
Proceeds from (Payment of) short-term borrowings 10 300 (2 175)
Advances from affiliates 4 975 6 725
Long-term debt issues refunded (20 000) -
Sinking funds payments (100) (161)
Net cash provided by (used for)
financing activities (6 471) 2 985
Net increase (decrease) in cash 35 (104)
Cash at beginning of period 239 376
Cash at end of period $ 274 $ 272
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest (net of capitalized amounts) $ 2 201 $ 2 016
Income taxes $ 2 246 $ 1 492
See accompanying notes.
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CAMBRIDGE ELECTRIC LIGHT COMPANY
NOTES TO CONDENSED FINANCIAL STATEMENTS
(1) General Information
Cambridge Electric Light Company (the Company) is a wholly-owned
subsidiary of Commonwealth Energy System (the System). The System is the
parent company and, together with its subsidiaries, is collectively referred
to as "the system." The System is an exempt public utility holding company
under the provisions of the Public Utility Holding Company Act of 1935 with
investments in four operating public utility companies located in central,
eastern and southeastern Massachusetts and several non-regulated companies.
The Company has 154 regular employees including 114 (74%) represented by
a collective bargaining unit. The existing collective bargaining agreement
remains in effect until September 1, 1998.
(2) Significant Accounting Policies
(a) Principles of Accounting
The Company's significant accounting policies are described in Note 2 of
Notes to Financial Statements included in its 1995 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 unaudited financial statements for the periods ended June 30, 1996
and 1995 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.
Income tax expense is recorded using the statutory rates in effect
applied to book income subject to tax recorded in the interim period.
The results for interim periods are not necessarily indicative of
results for the entire year because of seasonal variations in the
consumption of energy.
(b) Regulatory Assets and Liabilities
The Company is regulated as to rates, accounting and other matters by
various authorities including the Federal Energy Regulatory Commission
(FERC) and the Massachusetts Department of Public Utilities (DPU).
Based on the current regulatory framework, the Company accounts for the
economic effects of regulation in accordance with the provisions of
Statement of Financial Accounting Standards (SFAS) No. 71, "Accounting for
the Effects of Certain Types of Regulation." The Company has established
various regulatory assets in cases where the DPU and/or the FERC have
permitted or are expected to permit recovery of specific costs over time.
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CAMBRIDGE ELECTRIC LIGHT COMPANY
Similarly, the regulatory liabilities established by the Company are
required to be refunded to customers over time. On January 1, 1996, the
Company adopted SFAS No. 121, "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to be Disposed Of." SFAS No. 121 imposes
stricter criteria for regulatory assets by requiring that such assets be
probable of future recovery at each balance sheet date. As of June 30,
1996, SFAS No. 121 did not have an impact on its financial position or
results of operations. However, this result may change as modifications are
made in the current regulatory framework pursuant to electric utility
restructuring orders issued by the DPU including a final order that is
expected to be issued by the end of 1996. For additional discussion of
electric industry restructuring activities, see Management's Discussion and
Analysis of Results of Operations.
The principal regulatory assets included in deferred charges were as
follows:
June 30, December 31,
1996 1995
(Dollars in thousands)
Yankee Atomic unrecovered plant
and decommissioning costs $ 3 988 $ 4 504
Postretirement benefit costs
including pensions 2 988 2 807
Other 473 498
$ 7 449 $ 7 809
The regulatory liabilities, reflected in the accompanying balance sheets
and related to deferred income taxes, were $3.2 million at June 30, 1996 and
December 31, 1995.
(2) Commitments and Contingencies
The Company is engaged in a continuous construction program presently
estimated at $27.2 million for the five-year period 1996 through 2000. Of
that amount, $6.3 million is estimated for 1996, the majority of which is
scheduled to be expended during the second half of the year. As of June 30,
1996 the Company's actual construction expenditures amounted to $1.7
million, 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.
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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 six months ended June 30,
1996 and 1995 and unit sales for these periods is shown below:
Three Months Six Months
Ended June 30, Ended June 30,
1996 and 1995 1996 and 1995
Increase (Decrease)
(Dollars in thousands)
Electric Operating Revenues $(2 176) (7.1)% $(3 025) (4.9)%
Operating Expenses -
Electricity purchased for
resale, transmission and fuel (1 025) (5.3) (2 783) (6.9)
Other operation and maintenance (405) (6.3) (378) (3.1)
Depreciation 48 4.6 96 4.6
Taxes -
Federal and state income 182 26.9 499 64.6
Local property and other (14) (1.5) (13) (0.7)
(1 214) (4.3) (2 579) (4.5)
Operating Income (962) (39.3) (446) (12.2)
Other Income 948 1 436.4 994 348.8
Income Before Interest Charges (14) (0.6) 548 13.9
Interest Charges (292) (25.7) (274) (12.7)
Net Income $ 278 20.2 $ 822 46.1
Unit Sales (MWH)
Retail (23 916) (7.3) (44 290) (6.7)
Wholesale 11 542 43.7 43 913 72.7
Total unit sales (12 374) (3.5) (377) (0.1)
The following is a summary of unit sales for the periods indicated:
Unit Sales (MWH)
Three Months Six Months
Period Ended Total Retail Wholesale Total Retail Wholesale
June 30, 1996 339 551 301 591 37 960 722 360 618 021 104 339
June 30, 1995 351 925 325 507 26 418 722 737 662 311 60 426
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CAMBRIDGE ELECTRIC LIGHT COMPANY
Operating Revenues, Electricity Purchased For Resale, Transmission and Fuel
Operating revenues for the first half of 1996 declined approximately $3
million or 4.9% due primarily to a decrease in electricity purchased for
resale, transmission and fuel ($2.8 million) and slightly lower unit sales.
The Company's total unit sales for the current six-month period were
virtually unchanged from last year as significantly higher wholesale sales to
the New England Power Pool and the Town of Belmont were offset by lower retail
unit sales which reflect a significant decline in sales to the Massachusetts
Institute of Technology, a large commercial customer which has constructed its
own cogeneration facility and has elected to receive standby service only (re-
fer to Part II, Item 1 for additional information pertaining to this issue).
For the current quarter and first six months of 1996, electricity
purchased for resale, transmission and fuel costs decreased $1 million (5.3%)
and $2.8 million (6.9%), respectively due to lower costs for nuclear power and
affiliate Canal Electric Company's (Canal) Unit 2 which was out of service for
the entire second quarter due to scheduled maintenance. Unit 2 is also
undergoing a fueling conversion to burn natural gas in addition to oil. This
reduction was offset, in part, by an increase in power purchased from Canal
Unit 1 which was out of service for the first half of 1995 due to a
combination of scheduled maintenance and unscheduled extensive repairs to the
turbine.
Other Operation and Maintenance
For the current quarter and first half of 1996, operation and maintenance
decreased $405,000 or 6.3% and $378,000 or 3.1%, respectively due primarily to
the absence of legal fees associated with the cancellation of a power contract
in 1995 and slightly lower costs in 1996 relating to marketing, customer
operations, conservation and load management and buildings and grounds
maintenance. These reductions were offset, in part, by higher insurance and
benefit costs ($323,000) and higher maintenance costs relating primarily to
the Kendall and Blackstone generating stations ($174,000).
Depreciation and Taxes
For the current quarter and six-month period, depreciation expense
increased 4.6% due to a higher level of depreciable plant. The significant
increases in federal and state income taxes for the current quarter and six-
month period of 26.9% and 64.6%, respectively were due to a higher level of
pretax income. There were no significant changes to local property and
payroll-related taxes.
Other Income and Interest Charges
The significant increase in other income for the current quarter was due
to the recognition of a gain relating to the sale of parcels of land
($664,000-pretax), a higher rate of return relative to steam production for an
affiliate steam company ($196,000), an increase in non-operating rental income
($55,000) and the timing of dividend payments (offset by lower equity
earnings) associated with the Company's investment in nuclear generating
companies ($31,000).
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CAMBRIDGE ELECTRIC LIGHT COMPANY
Interest charges for the current three-month period declined by nearly 26%
due primarily to a $510,000 decrease in interest on long-term debt resulting
from the repayment of a $20 million long-term debt issue and to a lesser
extent, normal sinking fund payments. This overall decline was partially
offset by higher short-term interest costs ($208,000) due to a significantly
higher average level of short-term bank borrowings that reflect the use of
short-term funds to repay maturing long-term debt. The weighted average
short-term interest rate dropped during the current quarter to 5.5% compared
to 6.3% for the same period in 1995 and had only a minimal impact on interest
costs.
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 DPU's intent is to
reduce electric costs to consumers by providing customers with the opportunity
to choose their electric power provider while retail electric companies such
as the Company and affiliate Commonwealth Electric Company (the Companies)
continue to provide transmission and distribution services. On May 1, 1996,
the DPU issued an order containing proposed rules for implementing electric
industry restructuring.
The proposed rules, which were the subject of public comment and hearings
during June and July 1996, provide for:
(1) the establishment of an independent system operator to operate the
regional transmission system;
(2) a power exchange to manage a competitive bidding pool for short-
term power sales;
(3) functional separation of electric companies into generation, trans-
mission and distribution corporate entities;
(4) preservation of discounts for low-income customers, shut-off
protections and provision of service to all customers;
(5) registration requirements for generation suppliers;
(6) options for phased incentives for electric companies to divest
their generation assets;
(7) promotion of environmental goals;
(8) support for energy efficiency and renewable energy resources;
(9) a price cap system of incentive regulation for the remaining
distribution and transmission functions;
(10) unbundling of rates on bills into separate components of transmis-
sion, distribution and energy, and implementation of a competitive
generation market by January 1, 1998; and
(11) a reasonable opportunity for recovery of stranded cost.
On August 9, 1996, the DPU issued an order delaying the issuance of final
rules until the end of 1996. The DPU also stated that it will soon issue a
revised schedule for electric companies to make company-specific unbundled
rate filings.
Although the DPU has not yet issued its revised rate filing schedule, the
Companies anticipate filing their revenue-neutral, unbundled rates in early
1997 after the issuance of the DPU's final rules. Also, during 1997, the
Companies will file their comprehensive restructuring plan. One element of
the Companies' plan (announced on February 15, 1996) calls for the auctioning,
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CAMBRIDGE ELECTRIC LIGHT COMPANY
in a competitive market, of their capacity entitlement (1,140 MW) in all of
their twenty-one power contracts in an effort to develop a competitive market
whereby customers would have the flexibility of choosing their electric
supplier. The entitlements include contracts for power from Canal Units 1 and
2 and Seabrook Unit 1, which are owned or jointly owned by the System's
generating subsidiary Canal Electric Company. The Companies' plan provides
for total recovery of the difference between the current market value of the
Companies' power contracts and their unavoidable costs. Under the Companies'
plan, this difference, a component of what is often referred to as stranded
cost, would be recovered through a non-bypassable access charge paid over an
appropriate time period by all customers in the Companies' service areas.
The DPU's May 1 order reaffirmed that one of its transition principles is
to seek near-term rate relief for electric customers. Also, the DPU's
proposed rules would limit the period for recovery of net, non-mitigable
stranded cost to a ten-year period (January 1, 1998 through December 31,
2007.) Recovery of stranded cost depends upon the timing, nature, and degree
of competition that may result from future changes in regulatory policies
governing the Companies' activities and prices, as well as future power costs
and market prices of power. The Companies' single largest component of
stranded cost relates to their purchased power contracts with non-utility
generators. Based on their analyses of the DPU's effort, the Companies would
be unable to recover a substantial portion of their stranded cost within the
ten-year period without rate increases.
Generally accepted accounting principles require that losses be accrued
in full when costs to complete a contract are expected to exceed related
revenues expected to be realized. To the extent that the Companies determine
that they will be unable to recover costs associated with their purchased
power contracts, the Companies would be required to take an immediate charge
against earnings when such a loss is probable and estimable. 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 No. 121)
which became effective for 1996, requires impairment losses on long-lived
assets to be recognized when the book value of an asset exceeds its expected
future cash flows. This standard also imposes stricter criteria for the
retention of regulatory-created assets by requiring that such assets be
probable of future recovery at each balance sheet date. To the extent such
recovery is not probable at the balance sheet date, the Companies would be
required to take a charge against earnings in that period.
The Companies currently account for the economic effects of regulation in
accordance with the provisions of Statement of Financial Accounting Standards
No. 71 - "Accounting for the Effects of Certain Types of Regulation" (SFAS No.
71) based on the cost-of-service regulatory framework in which they operate.
The DPU has proposed that the distribution and transmission functions of their
businesses be regulated under a form of price capped incentive regulation.
In the event that recovery of specific costs through rates becomes
unlikely or uncertain for all or a portion of the Companies' utility opera-
tions, whether resulting from the expanding effects of competition or specific
regulatory actions which move the Companies away from cost-of-service rate-
making, SFAS No. 71 would no longer apply. While the Companies are unable to
predict the final rules which may be adopted by the DPU in its restructuring
proposal, the Companies could be required to discontinue the application of
SFAS No. 71. Discontinuance of SFAS No. 71 would cause the write-off of the
applicable portions of their regulatory assets which would have an adverse
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CAMBRIDGE ELECTRIC LIGHT COMPANY
impact on the Companies' financial position and results of operations. The
Companies will challenge any order that would have a significant adverse
impact on them, including attempts to limit their recovery of stranded cost.
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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 including involvement in two court actions filed
by the Massachusetts Institute of Technology (MIT) relating to a
September 1995 decision of the DPU approving the Company's customer
transition charge (CTC) for the recovery of stranded cost. The
first proceeding is an appeal by MIT of the DPU decision to the
Massachusetts Supreme Judicial Court (SJC). The Company is an
intervenor in this proceeding. The SJC has not yet established a
schedule for submitting briefs. This issue is discussed more fully
in the Company's 1995 Annual Report on Form 10-K. At this time,
management is unable to predict the outcome of this proceeding.
The second proceeding involves a complaint filed by MIT in May 1996
with the United States District Court alleging that the CTC is
inconsistent with the provisions of the Public Utility Regulatory
Policies Act of 1978 (PURPA), discriminates against qualifying
facilities, and is inconsistent with the policies of the Federal
Energy Regulatory Commission (FERC) regarding stranded cost
recovery. MIT named both the DPU and the Company as parties to the
complaint. In June 1996, the Company filed a Motion to Dismiss
MIT's complaint arguing that the Court lacks jurisdiction over the
matter, the CTC is wholly consistent with PURPA, and, in the
alternative, the Court must abstain from considering the case to
avoid interfering with the SJC proceeding. The Company also noted
that MIT's complaint is virtually identical to a complaint filed
earlier by MIT at the FERC that the FERC dismissed. A hearing on
the Motion to Dismiss was held in July 1996. The Court has taken
the matter under advisement, and, at this time, management is unable
to predict the outcome of this proceeding.
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
six months ended June 30, 1996.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the three months ended
June 30, 1996.
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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 and
Accounting Officer:
JAMES D. RAPPOLI
James D. Rappoli,
Financial Vice President
and Treasurer
Date: August 14, 1996
<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, 1996 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000016573
<NAME> CAMBRIDGE ELECTRIC LIGHT COMPANY
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