FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1994
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number 0-404
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THE CONNECTICUT LIGHT AND POWER COMPANY
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(Exact name of registrant as specified in its charter)
CONNECTICUT 06-0303850
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
SELDEN STREET, BERLIN, CONNECTICUT 06037-1616
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(Address of principal executive offices) (Zip Code)
(203) 665-5000
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former 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.
Class Outstanding at April 29, 1994
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Common Shares, $10.00 par value 12,222,930 shares
THE CONNECTICUT LIGHT AND POWER COMPANY
TABLE OF CONTENTS
Page No.
--------
Part I. Financial Information
Item 1. Financial Statements
Balance Sheets - March 31, 1994
and December 31, 1993 2
Statements of Income - Three
Months Ended March 31, 1994 and 1993 4
Statements of Cash Flows -
Three Months Ended March 31, 1994 and 1993 5
Notes to Financial Statements 6
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 9
Part II. Other Information
Item 1. Legal Proceedings 13
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 14
<PAGE>1
PART I. FINANCIAL INFORMATION
THE CONNECTICUT LIGHT AND POWER COMPANY
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1994 1993
-------------- -------------
(Thousands of Dollars)
<S> <C> <C>
ASSETS
- - ------
Utility Plant, at original cost:
Electric......................................... $ 5,946,519 $ 5,936,344
Less: Accumulated provision for depreciation.. 2,057,944 2,010,962
-------------- -------------
3,888,575 3,925,382
Construction work in progress.................... 132,170 121,177
Nuclear fuel, net................................ 163,041 156,878
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Total net utility plant...................... 4,183,786 4,203,437
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Other Property and Investments:
Nuclear decommissioning trusts, at market in 1994
and at cost in 1993 (Note 2)<F2>................ 161,442 147,657
Investments in regional nuclear generating
companies and subsidiary companies, at equity... 54,276 53,951
Other, at cost................................... 14,177 14,184
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229,895 215,792
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Current Assets:
Cash and special deposits........................ 1,958 2,283
Receivables, net................................. 235,260 210,805
Accounts receivable from affiliated companies.... 4,740 29,687
Accrued utility revenues......................... 76,874 97,662
Fuel, materials, and supplies, at average cost... 63,759 60,247
Recoverable energy costs, net--current portion... 9,494 9,985
Prepayments and other............................ 44,012 33,697
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436,097 444,366
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Deferred Charges:
Regulatory asset--income taxes, net.............. 1,005,040 1,026,046
Deferred costs--nuclear plants................... 165,249 185,909
Unrecovered contract obligation--YAEC............ 81,335 84,526
Deferred conservation and load-management costs.. 108,990 111,442
Deferred DOE assessment.......................... 39,374 39,279
Recoverable energy costs, net.................... 22,336 26,311
Unamortized debt expense......................... 8,788 8,971
Amortizable property investment.................. 5,606 6,228
Other............................................ 61,619 45,073
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1,498,337 1,533,785
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Total Assets................................. $ 6,348,115 $ 6,397,380
============== =============
</TABLE>
See accompanying notes to financial statements.
<PAGE>2
THE CONNECTICUT LIGHT AND POWER COMPANY
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1994 1993
-------------- -------------
(Thousands of Dollars)
<S> <C> <C>
CAPITALIZATION AND LIABILITIES
- - ------------------------------
Capitalization:
Common stock--$10 par value. Authorized
24,500,000 shares; outstanding 12,222,930
shares.......................................... $ 122,229 $ 122,229
Capital surplus, paid in......................... 630,733 630,271
Retained earnings................................ 773,643 750,719
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Total common stockholder's equity....... 1,526,605 1,503,219
Preferred stock not subject to mandatory
redemption...................................... 166,200 166,200
Preferred stock subject to mandatory redemption.. 230,000 230,000
Long-term debt................................... 1,712,682 1,743,260
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Total capitalization.................... 3,635,487 3,642,679
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Obligations Under Capital Leases................... 135,146 121,892
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Current Liabilities:
Notes payable to banks........................... 65,000 95,000
Notes payable to affiliated company.............. 133,750 1,250
Long-term debt and preferred stock--current
portion......................................... 177,020 314,020
Obligations under capital leases--current
portion......................................... 56,799 55,526
Accounts payable................................. 82,216 117,858
Accounts payable to affiliated companies......... 37,995 52,179
Accrued taxes.................................... 85,125 36,114
Accrued interest................................. 26,925 29,669
Other............................................ 26,708 32,287
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691,538 733,903
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Deferred Credits:
Accumulated deferred income taxes................ 1,563,886 1,575,965
Accumulated deferred investment tax credits...... 152,916 154,701
Deferred contract obligation--YAEC............... 81,335 84,526
Deferred DOE obligation.......................... 31,523 31,523
Other............................................ 56,284 52,191
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1,885,944 1,898,906
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Commitments and Contingencies (Note 4)<F4>
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Total Capitalization and Liabilities.... $ 6,348,115 $ 6,397,380
============== =============
</TABLE>
See accompanying notes to financial statements.
<PAGE>3
THE CONNECTICUT LIGHT AND POWER COMPANY
STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
--------------------------
1994 1993
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(Thousands
<S> <C> <C>
Operating Revenues.................................... $ 619,815 $ 627,134
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Operating Expenses:
Operation --
Fuel, purchased and net interchange power........ 151,129 197,441
Other............................................ 140,203 150,932
Maintenance......................................... 43,896 43,962
Depreciation........................................ 56,896 55,181
Amortization of regulatory assets, net.............. 29,810 27,451
Federal and state income taxes...................... 61,803 38,419
Taxes other than income taxes....................... 47,282 46,547
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Total operating expenses...................... 531,019 559,933
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Operating Income...................................... 88,796 67,201
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Other Income:
Deferred nuclear plants return--other funds......... 3,562 6,545
Equity in earnings of regional nuclear generating
companies......................................... 1,711 1,431
Other, net.......................................... 1,889 113
Income taxes--credit................................ 1,784 1,917
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Other income, net............................. 8,946 10,006
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Income before interest charges................ 97,742 77,207
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Interest Charges:
Interest on long-term debt.......................... 31,021 35,756
Other interest...................................... 236 1,511
Deferred nuclear plants return--borrowed funds...... (2,105) (3,909)
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Interest charges, net......................... 29,152 33,358
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Income before cumulative effect of
accounting change................................... 68,590 43,849
Cumulative effect of accounting change (Note 2)<F2>... - 47,747
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Net Income............................................ $ 68,590 $ 91,596
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>4
THE CONNECTICUT LIGHT and POWER COMPANY
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE> Three Months Ended
<CAPTION> March 31,
--------------------------
1994 1993
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(Thousands of Dollars)
<S> <C> <C>
Cash Flows From Operations:
Net Income ................................................. $ 68,590 $ 91,596
Adjusted for the following:
Depreciation ............................................. 56,896 55,181
Deferred income taxes and investment tax credits, net..... 6,937 (25,321)
Deferred nuclear plants return, net of amortization....... 20,027 9,846
Deferred fuel, net of amortization........................ 4,465 60,524
Deferred conservation and load-management costs,
net of amortization..................................... 2,452 (207)
Other sources of cash..................................... 8,816 46,797
Other uses of cash........................................ (24,317) (2,100)
Changes in working capital:
Receivables and accrued utility revenues................ 21,280 (17,287)
Fuel, materials, and supplies........................... (3,512) 6,025
Accounts payable........................................ (49,826) (46,948)
Accrued taxes........................................... 48,986 5,262
Other working capital (excludes cash)................... (20,459) (8,339)
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Net Cash Flows From Operations................................ 140,335 175,029
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Cash Flows Used For Financing Activities:
Long-term debt.............................................. 280,000 -
Net increase (decrease) in short-term debt.................. 102,500 (80,510)
Reacquisitions and retirements of long-term debt
and preferred stock....................................... (447,011) (10,011)
Cash dividends on preferred stock........................... (5,941) (7,431)
Cash dividends on common stock.............................. (39,726) (40,092)
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Net cash flows used for financing activities.................. (110,178) (138,044)
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Investment Activities:
Investment in plant:
Electric utility plant.................................... (33,490) (32,930)
Nuclear fuel.............................................. 10,255 (8,740)
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Net cash flows used for investments in plant................ (23,235) (41,670)
Other investment activities, net............................ (7,247) (6,213)
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Net cash flows used for investments........................... (30,482) (47,883)
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Net Decrease In Cash for the Period........................... (325) (10,898)
Cash and special deposits-beginning of period................. 2,283 12,104
----------- -----------
Cash and special deposits-end of period....................... $ 1,958 $ 1,206
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>5
THE CONNECTICUT LIGHT AND POWER COMPANY
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
<F1>1. General
The accompanying unaudited financial statements should be read in conjunction
with the Annual Report of The Connecticut Light and Power Company (the
company or CL&P) on Form 10-K for the year ended December 31, 1993 (1993 Form
10-K). In the opinion of the company, the accompanying financial statements
contain all adjustments necessary to present fairly the financial position as
of March 31, 1994, the results of operations for the three months ended March
31, 1994 and 1993, and the statements of cash flows for the three months
ended March 31, 1994 and 1993. The results of operations for the three
months ended March 31, 1994 and 1993 are not necessarily indicative of the
results expected for a full year.
Certain amounts in the accompanying financial statements of the company for
the period ended March 31, 1993 have been reclassified to conform with the
March 31, 1994 presentation.
<F2>2. Changes in Accounting Principles
Statement of Financial Accounting Standards No. 115 (SFAS 115): In May 1993,
the Financial Accounting Standards Board (FASB) issued SFAS 115, "Accounting
for Certain Investments in Debt and Equity Securities." SFAS 115 addresses
the accounting and reporting for certain investments in debt and equity
securities, and expands the use of fair value accounting for these
securities. SFAS 115 is applicable to CL&P with respect to its investments
in nuclear decommissioning trusts.
SFAS 115 requires investments in decommissioning trusts to be presented at
fair value and was adopted by CL&P on a prospective basis in the first
quarter of 1994.
As a result of the adoption of SFAS 115, CL&P increased its investment in
nuclear decommissioning trusts by approximately $6.5 million, with a
corresponding offset to the accumulated provision for depreciation. The $6.5
million increase represents the cumulative total gross unrealized holding
gains for 1994. There was no increase in funding of the trusts nor any
impact on earnings as a result of the adoption of SFAS 115.
Property Taxes: CL&P adopted a one-time change in the method of accounting
for municipal property tax expense for their Connecticut properties. Most
municipalities in Connecticut assess property values as of October 1. Prior
to January 1, 1993, CL&P accrued Connecticut property tax expense over the
period October 1 through September 30 based on the lien-date method. In the
first quarter of 1993, CL&P changed its method of accounting for Connecticut
municipal property taxes to recognize the expense from July 1 through June
30, to match the payments and services provided by the municipalities. This
one-
<PAGE>6
time change increased net income by approximately $47.7 million for CL&P in
1993.
<F3>3. Capitalization
On February 17, 1994, CL&P issued $140 million of First and Refunding
Mortgage Bonds, 1994 Series A and $140 million of First and Refunding
Mortgage Bonds, 1994 Series B. The 1994 Series A Bonds bear interest at an
annual rate of 5-1/2 percent, and will mature on February 1, 1999. The 1994
Series B Bonds bear interest at an annual rate of 6-1/8 percent, and will
mature on February 1, 2004.
The net proceeds from the issuance and sale of 1994 Series A Bonds and 1994
Series B Bonds, together with proceeds from the issuance of short-term debt,
were used to redeem at their general redemption prices the following
outstanding CL&P First Mortgage Bonds on March 22, 1994: The 4-1/2 percent
Series 1964 ($12 million), the 5-5/8 percent Series 1967 ($20 million), the
6-1/2 percent Series 1968 ($10 million), the 7-1/8 percent Series 1968 ($25
million), the 7-5/8 percent Series 1971 ($30 million), the 7-1/2 percent
Series 1972 ($35 million), the 7-1/2 percent Series 1973 ($40 million), the 6
percent Series S ($30 million), the 6-7/8 percent Series U ($40 million), the
7-3/8 percent Series X ($30 million), and the 7-5/8 percent Series Z ($50
million).
<F4>4. Commitments and Contingencies
Construction Program: For information regarding CL&P's construction program,
see the Notes to Financial Statements in CL&P's 1993 Form 10-K.
Nuclear Performance: For information regarding nuclear performance and the
recovery of replacement power costs, see the Notes to Financial Statements in
CL&P's 1993 Form 10-K.
Environmental Matters: For information regarding Environmental Matters, see
the Notes to Financial Statements in CL&P's 1993 Form 10-K.
Nuclear Insurance Contingencies: For information regarding Nuclear Insurance
Contingencies, see the Notes to Financial Statements in CL&P's 1993 Form 10-
K.
Financing Arrangements for the Regional Nuclear Generating Companies: For
information regarding Financing Arrangements for the Regional Nuclear
Generating Companies, see the Notes to Financial Statements in CL&P's 1993
Form 10-K.
Purchased Power Arrangements: For information regarding Purchased Power
Arrangements, see the Notes to Financial Statements in CL&P's 1993 Form 10-K.
Hydro-Quebec: For information regarding Hydro-Quebec, see the Notes to
Financial Statements in CL&P's 1993 Form 10-K.
<PAGE>7
Great Bay Power Corporation (GBPC): For information regarding GBPC, see the
Notes to Financial Statements in CL&P's 1993 Form 10-K.
Property Taxes: For information regarding Property Taxes, see the Notes to
Financial Statements in CL&P's 1993 Form 10-K.
<PAGE>8
THE CONNECTICUT LIGHT AND POWER COMPANY
Management's Discussion and Analysis of Financial
Condition and Results of Operations
This section contains management's assessment of The Connecticut Light and
Power Company's (CL&P or the company) financial condition and the principal
factors having an impact on the results of operations. The company is a
wholly owned subsidiary of Northeast Utilities (NU). This discussion should
be read in conjunction with the company's financial statements and footnotes
and the 1993 Form 10-K.
FINANCIAL CONDITION
Overview
The company's net income decreased to $68.6 million for the three months
ended March 31, 1994, from $91.6 million for the same period in 1993. Net
income in 1993 reflects the cumulative effect of a change in accounting for
Connecticut municipal property taxes. The company adopted a one-time change
in the method of accounting for municipal property tax expense in the first
quarter of 1993. This change resulted in a one-time contribution to net
income of $47.7 million.
Net income before the cumulative effect of the change in accounting for
property taxes was $43.8 million in 1993. The increase in net income from
1993, excluding the one-time accounting change, is primarily attributable to
higher retail sales in 1994 due primarily to a cold winter, increased
revenues from the July 1993 retail rate increase, lower operation and
maintenance expenses and lower interest costs. These increases were
partially offset by lower 1994 revenues from sales to other utilities.
Accounting Standards
In 1994, the company adopted Statement of Financial Accounting Standards
(SFAS) No. 115, "Accounting for Certain Investments in Debt and Equity
Securities." SFAS No. 115 supersedes or amends other accounting
pronouncements related to the accounting for marketable securities. As a
result of the adoption of SFAS No. 115, the company increased its investment
in nuclear decommissioning trusts by approximately $6.5 million with a
corresponding offset to the accumulated provision for depreciation. The
increase represents the cumulative unrealized gains on the investments in the
nuclear decommissioning trusts. The adoption of SFAS No. 115 has had no
impact on net income.
See the "Notes to Financial Statements" for additional information on this
new accounting standard.
<PAGE>9
Rate Matters
The ability of retail customers to select an electricity supplier other than
a local electric company and then force the local electric utility to
transmit the power to the customer's site is known as "retail wheeling."
While wholesale wheeling is mandated by the Energy Policy Act of 1992 under
certain circumstances, retail wheeling is not required in the company's
jurisdiction.
The Connecticut Department of Public Utility Control (DPUC) has established a
docket which is investigating whether retail wheeling should be permitted in
the state. The DPUC docket is intended as a follow-up and an update to a
1987 report by the DPUC to the Legislature, which concluded that retail
wheeling was not in the best interest of Connecticut at the time. A draft
decision is scheduled for late June 1994.
CL&P has a mechanism that has been in operation since 1979 that was designed
to recover or to refund certain fuel costs if the nuclear units do not
operate at a predetermined capacity factor (the Generation Utilization
Adjustment Clause (GUAC)). In January 1994, the DPUC issued a decision
ordering CL&P not to include a GUAC amount in customers' bills through August
1994. The DPUC found that CL&P overrecovered its fuel costs during the
1992-1993 GUAC period and offset the amount of the overrecovery against the
unrecovered GUAC balance. The effect of the order was a disallowance of $7.9
million. The DPUC further ordered that any GUAC deferred charges subsequent
to July 1993 will be offset by any fuel overrecoveries. The DPUC's decision
creates some uncertainty about the future operation of the GUAC. CL&P has
requested further clarification of the decision and has appealed it in court.
CL&P does not expect that the decision will have a material adverse effect on
future results of operations.
Outages that occurred over the period October 1990 through February 1992 at
the Millstone nuclear units have been the subject of five ongoing prudence
reviews in Connecticut. CL&P has received final decisions from the DPUC on
four of the reviews. The Connecticut Office of Consumer Counsel (OCC) has
appealed decisions favorable to the company in two dockets. The exposure
under these two dockets is approximately $66 million. The DPUC has suspended
a third docket, pending the outcome of one of the appeals. The exposure
under this docket is $26 million. An additional nuclear outage prudence
docket before the DPUC is the docket established to review the 1992 outage at
Millstone 2 to replace the steam generators. CL&P has requested the DPUC to
terminate the docket without hearings for the reason that no party has
claimed that CL&P acted imprudently. Management believes that its actions
with respect to all of these outages have been prudent, and it does not
expect the outcome of the prudence reviews to result in material
disallowances.
In December 1993, CL&P filed a proposed settlement for the conservation
adjustment mechanism with the DPUC. The settlement proposed 1994 conservation
and load management (C&LM) expenditures of $39 million, reduction in the
recovery period from 8 to 3.85 years and other changes in program designs,
performance incentives, and cost
<PAGE>10
recovery. The company also requested an additional $1 million for state-
mandated energy efficiency programs for state buildings. The DPUC has issued
a draft decision which accepts CL&P's proposed accelerated recovery period
for 1994 programs. Unrecovered C&LM costs at March 31, 1994 were $109.0
million.
LIQUIDITY AND CAPITAL RESOURCES
Cash provided from operations decreased $34.6 million for the first three
months of 1994, compared with the same period in 1993, primarily due to
decreased revenues from replacement power cost recoveries under the GUAC.
Cash used for financing activities was $27.9 million lower in 1994, as
compared with 1993, primarily due to a net increase in short-term debt,
partially offset by higher reacquisitions and retirements of long-term debt
from refinancing activity. Cash used for investments was $17.4 million lower
in 1994, as compared with 1993, primarily due to nuclear fuel purchases in
December 1993 that were not transferred to the nuclear fuel trust until
January 1994.
The company and Western Massachusetts Electric Company (WMECO) utilize a
nuclear fuel trust to finance nuclear fuel requirements for Millstone 1, 2,
and 3. The company's nuclear fuel expenditures amounted to $6.7 million for
the three months ended March 31, 1994 as compared to $11.0 million for the
same period in 1993.
The company's construction program expenditures, including allowance for
funds used during construction (AFUDC), amounted to $33.5 million for the
first three months of 1994 as compared to $32.9 million during the same
period in 1993. The construction program's main focus is maintaining and
upgrading the existing transmission and distribution system as well as
nuclear and fossil-generating facilities. The company does not foresee the
need for new major generating facilities at least until the year 2007.
RESULTS OF OPERATIONS
Comparison of the First Quarter of 1994 with the First Quarter of 1993
- - ----------------------------------------------------------------------
Operating revenues decreased $7.3 million in the first quarter of 1994
compared with the same period in 1993. The components of the change in
operating revenues are as follows:
Changes in Operating Revenues Increase/(Decrease)
- - ----------------------------- -------------------
(Millions of Dollars)
Regulatory decisions $ 13.6
Fuel and purchased power cost recoveries (15.9)
Sales volume 18.7
Other revenues (23.7)
------
Total revenue change $(7.3)
======
<PAGE>11
Revenues related to regulatory decisions increased primarily because of the
retail rate increase in July 1993. Fuel and purchased power cost recoveries
decreased in the first quarter of 1994 primarily due to lower GUAC recoveries
in 1994. Sales volume revenue increased primarily as a result of higher
retail sales in 1994. Retail sales increased 9.2 percent for the first
quarter of 1994 compared to 1993 primarily because the first quarter of 1994
was much colder. Other revenues decreased primarily because of lower 1994
sales to other utilities.
Fuel, purchased, and net interchange power expense decreased $46.3 million in
1994, as compared to 1993 primarily because of previously deferred
replacement-power costs that were determined to be not recoverable in 1993 as
a result of regulatory reviews and the timing in the recognition of fuel
expenses under the provisions of CL&P's GUAC mechanism, partially offset by a
higher level of energy purchases from other utilities.
Other operation and maintenance expenses decreased $10.8 million in 1994, as
compared to 1993, primarily due to the establishment of a reserve for
obsolete inventory in 1993, lower 1994 costs for inspection and overhauls at
various fossil generating units, lower 1994 payroll and benefit costs and
lower 1994 storm costs, partially offset by higher 1994 costs for nuclear
outages.
Amortization of regulatory assets, net increased $2.4 million in 1994, as
compared to 1993, primarily because the amortization in 1994 of costs paid by
CL&P to the developers of two wood-to-energy plants in July 1993 and higher
1994 amortization of Millstone 3 and Seabrook 1 phase-in costs, partially
offset by lower 1994 expenses associated with the recovery of Hydro-Quebec
transmission support payments.
Deferred nuclear plants return decreased $4.8 million in 1994, as compared to
1993, primarily because additional Millstone 3 investment was phased into
rates on January 1, 1994.
Interest on long-term debt decreased $4.7 million in 1994, as compared to
1993, primarily because of lower average interest rates as a result of the
company's refinancing activities.
Federal and state income taxes increased $23.5 million in 1994, as compared
to 1993, primarily because of higher book taxable income.
The cumulative effect of the accounting change of $47.7 million in 1993
represents the one-time change in the method of accounting for Connecticut
municipal property tax expense recognized in the first quarter of 1993.
<PAGE>12
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
1. On September 30, 1993, 29 participants in the New England
Power Pool (NEPOOL) (including CL&P) filed the 30th Amendment to the NEPOOL
Agreement (Amendment) at the Federal Energy Regulatory Commission (FERC).
The Amendment establishes a minimum size for generating units to be
considered for designation as "Pool-Planned Units." Such designation
entitles the owners of an interest in a unit to have their shares of the
output of the unit transmitted to them under a transmission rate that is
generally more favorable than the rates that would be available in the
absence of such a designation. Massachusetts Municipal Wholesale Electric
Company and several other municipal electric utilities moved to intervene and
protest the Amendment, claiming that it discriminates against transmission
dependent utilities.
On April 11, 1994, the FERC issued an Order setting the
Amendment for a "paper hearing" in May 1994. FERC intends to address whether
the Amendment eliminates transmission access and the discounted rates for
Pool-Planned Units. FERC has also broadened the proceeding to consider
whether NEPOOL's activities in this are consistent with the standards of the
Federal Power Act.
Item 6. Exhibits and Reports on Form 8-K
(b) Reports on Form 8-K:
No reports on Form 8-K have been filed during this
reporting period.
<PAGE>13
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 hereunto duly authorized.
THE CONNECTICUT LIGHT AND POWER COMPANY
---------------------------------------
Registrant
Date May 9, 1994 By /s/ Bernard M. Fox
-------------------- ------------------------------
Bernard M. Fox
Vice Chairman and Director
Date May 9, 1994 By /s/ John W. Noyes
-------------------- -----------------------------
John W. Noyes
Vice President and
Controller
<PAGE>14
