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
--------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
------ ------
Commission File Number 1-6392
------
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
---------------------------------------
(Exact name of registrant as specified in its charter)
NEW HAMPSHIRE 02-0181050
------------- ----------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1000 ELM STREET, MANCHESTER, NEW HAMPSHIRE 03105
- - -------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(603) 649-4000
--------------
(Registrant's telephone number, including area code)
Not Applicable
--------------
(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
----- -----------------------------
Common Shares, $1.00 par value 1,000 shares
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
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 8
Part II. Other Information
Item 1. Legal Proceedings 12
Item 6. Exhibits and Reports on Form 8-K 12
Signatures 13
<PAGE>1
PART I. FINANCIAL INFORMATION
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1994 1993
-------------- -------------
(Thousands of Dollars)
<S> <C> <C>
ASSETS
- - ------
Utility Plant, at original cost:
Electric......................................... $ 2,000,003 $ 1,980,050
Less: Accumulated provision for depreciation.. 448,808 441,076
-------------- -------------
1,551,195 1,538,974
Construction work in progress.................... 6,365 8,573
Nuclear fuel, net................................ 1,844 2,107
-------------- -------------
Total net utility plant...................... 1,559,404 1,549,654
-------------- -------------
Other Property and Investments:
Nuclear decommissioning trusts, at market in 1994
and at cost in 1993 (Note 2)<F2>................ 1,631 1,486
Investments in regional nuclear generating
companies and subsidiary company, at equity..... 19,526 19,816
Other, at cost................................... 428 429
-------------- -------------
21,585 21,731
-------------- -------------
Current Assets:
Cash and special deposits........................ 1,598 5,995
Notes receivable from affiliated companies....... 44,500 -
Receivables, net................................. 86,795 76,665
Accounts receivable from affiliated companies.... 1,247 859
Accrued utility revenues......................... 32,725 35,770
Fuel, materials, and supplies, at average cost... 40,271 41,187
Prepayments and other............................ 4,672 10,429
-------------- -------------
211,808 170,905
-------------- -------------
Deferred Charges:
Regulatory asset--rate agreement................. 746,976 769,498
Regulatory asset--income taxes, net.............. 58,539 54,250
Unrecovered contract obligation--YAEC............ 22,002 24,150
Energy adjustment clause......................... 130,591 122,478
Unamortized debt expense......................... 19,086 19,643
Deferred receivable from affiliated company...... 33,284 33,284
Other............................................ 8,398 8,918
-------------- -------------
1,018,876 1,032,221
-------------- -------------
Total Assets................................. $ 2,811,673 $ 2,774,511
============== =============
</TABLE>
See accompanying notes to financial statements.
<PAGE>2
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1994 1993
-------------- -------------
(Thousands of Dollars)
<S> <C> <C>
CAPITALIZATION AND LIABILITIES
- - ------------------------------
Capitalization:
Common stock--$1 par value.
Authorized and outstanding 1,000 shares......... $ 1 $ 1
Capital surplus, paid in......................... 421,376 421,245
Retained earnings................................ 81,806 60,840
-------------- -------------
Total common stockholder's equity....... 503,183 482,086
Preferred stock subject to mandatory redemption.. 125,000 125,000
Long-term debt................................... 976,485 999,985
-------------- -------------
Total capitalization.................... 1,604,668 1,607,071
-------------- -------------
Obligations Under Seabrook Power Contract
and Other Capital Leases.......................... 830,739 815,553
-------------- -------------
Current Liabilities:
Notes payable to affiliated company.............. - 2,500
Long-term debt--current portion.................. 94,000 94,000
Obligations under Seabrook Power Contract and
other capital leases--current portion........... 40,137 41,006
Accounts payable................................. 26,877 27,119
Accounts payable to affiliated companies......... 15,449 17,576
Accrued taxes.................................... 1,478 122
Accrued interest................................. 23,966 11,142
Accrued pension benefits......................... 32,915 31,890
Other............................................ 23,312 22,014
-------------- -------------
258,134 247,369
-------------- -------------
Deferred Credits:
Accumulated deferred income taxes................ 34,927 18,076
Accumulated deferred investment tax credits...... 6,034 6,174
Deferred contract obligation--YAEC............... 22,002 24,150
Deferred revenue from affiliated company......... 33,284 33,284
Other............................................ 21,885 22,834
-------------- -------------
118,132 104,518
-------------- -------------
Commitments and Contingencies (Note 3)<F3>
-------------- -------------
Total Capitalization and Liabilities.... $ 2,811,673 $ 2,774,511
============== =============
</TABLE>
See accompanying notes to financial statements.
<PAGE>3
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
--------------------------
1994 1993
----------- -----------
(Thousands of Dollars)
<S> <C> <C>
Operating Revenues.................................... $ 249,279 $ 224,705
----------- -----------
Operating Expenses:
Operation --
Fuel, purchased and net interchange power........ 68,925 60,060
Other............................................ 71,357 69,743
Maintenance......................................... 11,756 6,705
Depreciation........................................ 9,950 9,592
Amortization of regulatory assets, net.............. 14,308 22,647
Federal and state income taxes...................... 19,246 18,108
Taxes other than income taxes....................... 10,296 7,439
----------- -----------
Total operating expenses...................... 205,838 194,294
----------- -----------
Operating Income...................................... 43,441 30,411
----------- -----------
Other Income:
Equity in earnings of regional nuclear generating
companies and subsidiary company.................. 332 276
Other, net.......................................... 371 259
Income taxes--credit................................ (1,357) 5,043
----------- -----------
Other income, net............................. (654) 5,578
----------- -----------
Income before interest charges................ 42,787 35,989
----------- -----------
Interest Charges:
Interest on long-term debt.......................... 18,382 20,126
Other interest...................................... 127 305
----------- -----------
Interest charges, net......................... 18,509 20,431
----------- -----------
Net Income............................................ $ 24,278 $ 15,558
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>4
<PAGE>6
PUBLIC SERVICE COMPANY of NEW HAMPSHIRE
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE> Three Months Ended
<CAPTION> March 31,
-----------------------
1994 1993
----------- -----------
(Thousands of Dollars)
<C> <C>
Cash Flows From Operations:
Net Income ................................................$ 24,278 $ 15,558
Adjusted for the following:
Depreciation............................................. 9,950 9,592
Deferred income taxes and investment tax credits, net.... 19,374 13,022
Deferred energy costs, net of amortization............... (4,915) (2,355)
Amortization of regulatory asset......................... 22,522 22,647
Other sources of cash.................................... 2,070 6,561
Other uses of cash....................................... (11,217) (7,456)
Changes in working capital:
Receivables and accrued utility revenues................. (7,473) (3,353)
Fuel, materials, and supplies............................ 916 (197)
Accounts payable......................................... (2,369) 9,878
Accrued taxes............................................ 1,356 (1,285)
Other working capital (excludes cash).................... 20,403 21,166
----------- -----------
Net Cash Flows From Operations............................... 74,895 83,778
----------- -----------
Cash Flows Used For Financing Activities:
Net decrease in short-term debt............................ (2,500) (43,500)
Reacquisitions and retirements of long-term debt .......... (23,500) (23,500)
Cash dividends on preferred stock.......................... (3,313) (3,313)
----------- -----------
Net cash flows used for financing activities................. (29,313) (70,313)
----------- -----------
Investment Activities:
Investment in plant:
Electric utility plant..................................... (5,392) (7,327)
Nuclear fuel............................................... 0 (618)
----------- -----------
Net cash flows used for investments in plant............... (5,392) (7,945)
NU System Money Pool, net.................................. (44,500) (6,000)
Other investment activities, net........................... (87) (88)
----------- -----------
Net cash flows used for investments.......................... (49,979) (14,033)
----------- -----------
Net Decrease in Cash for the Period.......................... (4,397) (568)
Cash and special deposits - beginning of period.............. 5,995 2,328
----------- -----------
Cash and special deposits - end of period....................$ 1,598 $ 1,760
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>5
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
<F1>1. General
The accompanying unaudited financial statements should be read in conjunction
with the Annual Report of Public Service Company of New Hampshire (the
company or PSNH) 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 PSNH 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 PSNH on a prospective basis in the first
quarter of 1994.
<F3>3. Commitments and Contingencies
Construction Program: For information regarding PSNH's construction program,
see the Notes to Financial Statements in PSNH's 1993 Form 10-K.
PSNH Rate Agreement: For information regarding the PSNH Rate Agreement, see
the Notes to Financial Statements in PSNH's 1993 Form 10-K.
Environmental Matters: For information regarding Environmental Matters, see
the Notes to Financial Statements in PSNH's 1993 Form 10-K.
Nuclear Insurance Contingencies: For information regarding Nuclear Insurance
Contingencies, see the Notes to Financial Statements in PSNH'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 PSNH's 1993
Form 10-K.
Purchased Power Arrangements: For information regarding Purchased Power
Arrangements, see Part II, Item 1 - Legal Proceedings in this Form 10-Q and
the Notes to Financial Statements in PSNH's 1993 Form 10-K.
<PAGE>6
Hydro-Quebec: For information regarding Hydro-Quebec, see the Notes to
Financial Statements in PSNH's 1993 Form 10-K.
Property Taxes: For information regarding Property Taxes, see the Notes to
Financial Statements in PSNH's 1993 Form 10-K.
<PAGE>7
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
Management's Discussion and Analysis of Financial
Condition and Results of Operations
This section contains management's assessment of Public Service Company of
New Hampshire's (PSNH 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 increased to $24.3 million for the three months
ended March 31, 1994, from $15.6 million for the same period in 1993. The
earnings increase is primarily attributable to increased revenues from the
June 1993 increase under the rate agreement, the amortization of the
regulatory liability for previously incurred net operating losses as allowed
under a global settlement approved by the NHPUC in January 1994 and higher
retail sales due primarily to a cold winter. These increases were partially
offset by higher other operation and maintenance expenses.
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. The
adoption of SFAS No. 115 has had no material impact on the financial
condition or results of operations.
See the "Notes to Financial Statements" for additional information on this
new accounting standard.
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 generally not required. In New
Hampshire, there has been no legislative proposals on retail wheeling to
date. An existing New Hampshire statute currently allows "limited electrical
producers" (i.e., up to five megawatts in size), to sell output to as many as
three retail customers.
PSNH rates are determined under a rate agreement executed by the Governor and
the Attorney General of New Hampshire in 1989 and subsequently approved by
the New Hampshire Public Utilities Commission (NHPUC) (the Rate Agreement).
The Rate Agreement sets out a comprehensive plan of rates for PSNH, providing
for seven base rate increases of 5.5 percent per year (the fixed-rate period)
and a comprehensive fuel and purchased power adjustment clause (FPPAC). The
base rate increases are effective annually on each June 1. The fifth base
rate increase will go into effect on June 1, 1994. On March 15, PSNH filed
testimony and exhibits in support of a FPPAC rate increase over the currently
<PAGE>8
effective rate. The proposed FPPAC rate, when combined with the fifth base
rate increase scheduled for June 1, 1994, will result in an overall average
increase of 5.5 percent when compared to PSNH's current rate level. On May
15, 1994, PSNH filed testimony and exhibits in support of a FPPAC rate
increase over the currently effective rate. The FPPAC rate is slightly
higher due to an unplanned January 1994 outage at Seabrook. The proposed
rate, when combined with the June 1 scheduled base rate increase, will limit
the total rate change to 5.5 percent when compared to PSNH's current rate
level. Hearings on a proposed FPPAC rate will be held in May 1994.
The costs associated with purchases from certain independent-power producers
(IPPs) over the level assumed in the Rate Agreement are deferred and
recovered over ten-year periods through the FPPAC. At March 31, 1994, IPP
deferrals, which are included in the energy adjustment clause deferrals net
of the balance sheet, are approximately $114.5 million. Most of these
purchases are under long-term rate orders (20-30 years) at prices
significantly higher than PSNH's current or projected avoided costs. PSNH
has been attempting to renegotiate these rate orders and must report to the
NHPUC on the results of the negotiations.
On May 6, 1994, PSNH filed agreements reached with two of the eight wood-
fired IPPs with the NHPUC, which call for PSNH to pay the IPPs a total of
$41.5 million. In return, PSNH would no longer be required to buy power from
the two IPPs, and the IPPs are barred from providing service to any customers
currently on the PSNH or NU initial systems. If approved by the NHPUC, the
agreements will provide benefits to ratepayers over the terms of the IPP rate
orders. Hearings on these proposed agreements are scheduled for early
August. Management expects to recover any payments from customers.
On April 19, 1994, the NHPUC approved the settlement agreements that PSNH
negotiated with five hydro-electric IPPs. PSNH and the owners of the five
hydro plants filed the negotiated settlements with the NHPUC in November
1993. The settlements establish new rate terms effective January 1993,
representing significant savings to PSNH for the power that it buys from the
plants. Each of the hydro projects will continue to operate and deliver
power solely to PSNH. The initial annual savings to PSNH as a result of the
rate reductions are estimated to be $1.4 million.
See Part II. - Other Information, Item 1. Legal Proceedings, for further
information on these new purchase power agreements.
As prescribed by the Rate Agreement, NAEC is phasing in its $700-million
initial investment in Seabrook 1. As of March 31, 1994, NAEC has included in
rates $385 million of its Seabrook investment. The remaining investment
($315 million) will be phased into rates over the next three years beginning
May, 1994. The deferred return associated with the amount of investment that
has not been included in rates is $149.1 million through March 31, 1994
including $50.9 million which is recorded as utility plant. This amount and
the additional deferred amounts associated with the remaining phase-in will
be recovered from PSNH over the period May 1997 through 2001.
Seabrook Performance
In the first quarter of 1994, Seabrook operated at a capacity factor of 73.6
percent as compared to 90.9 percent for the same period in 1993. The unit
was shutdown on January 25, 1994 for an unplanned outage and returned to
service on February 18, 1994. The unit began its scheduled 56-day refueling
and maintenance outage on April 9, 1994.
<PAGE>9
Liquidity and Capital Resources
Cash provided from operations decreased $8.9 million for the first three
months of 1994, compared with the same period in 1993. Cash used for
financing activities was $41 million lower in 1994, compared with the same
period in 1993, primarily due to a lower repayment of short-term debt. Cash
used for investments was $35.9 million higher in 1994, as compared with 1993,
primarily due to an increase in short-term loans to other NU system companies
under the NU system money pool.
The company's construction program expenditures, including allowance for
funds used during construction (AFUDC), amounted to $5.4 million for the
first three months of 1994 as compared to $7.3 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 fossil-
generating facilities. The company does not foresee the need for new major
generating facilities at least until the year 2007.
Management believes that, as a result of the annual rate increases provided
for by the Rate Agreement and the FPPAC, cash flow from operations should be
sufficient to cover its cash requirements including the repayment of the Term
Loan. The company's Term Loan must be repaid in 16 quarterly installments of
$23.5 million that commenced in August 1992. The company expects to meet
cash flow requirements not covered by cash from operations through borrowings
under the Revolving Credit Facility and/or the NU system Money Pool. The
Revolving Credit Facility's final maturity was May 14, 1994 but on April 4,
1994, the NHPUC approved a two-year extension of the maturity. At March 31,
1994, there were no borrowings under the Revolving Credit Facility and no
borrowings outstanding under the Money Pool. The company may need to issue
new debt in 1994 to finance a buyout of some of its arrangements with the
IPPs.
RESULTS OF OPERATIONS
Comparison of the First Quarter of 1994 with the First Quarter of 1993
- - --------------------------------------------------------------------------
Operating revenues increased $24.6 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:
Increases in Operating Revenues Increase
- - ----------------------------- -------------------
(Millions of Dollars)
Regulatory decisions $ 5.7
Fuel, purchased power, and FPPAC cost recoveries 14.4
Sales volume 3.4
Other revenues 1.1
-----
Total revenue change $24.6
=====
Revenues related to regulatory decisions increased primarily because of the
fourth base rate increase under the Rate Agreement effective in June 1993.
Fuel, purchased power and FPPAC cost recoveries increased in the first
quarter of 1994 primarily due to increased base rate recovery of energy costs
as a result of the June 1993 rate increase and higher energy sales to outside
utilities. Sales volume revenue increased primarily as a result of higher
<PAGE>10
retail sales in 1994. Retail sales increased 2.6 percent for the first
quarter of 1994 compared to 1993 because the first quarter of 1994 was much
colder. Other revenues increased primarily because of higher 1994 revenues
from sales to wholesale customers.
Fuel, purchased, and net interchange power expense increased $8.9 million in
1994, as compared to 1993 primarily because of higher energy costs in 1994
associated with sales to other utilities and higher requirements from a cold
winter.
Other operation and maintenance expenses increased $6.7 million in 1994, as
compared to 1993, primarily due to higher storm-related expenses in 1994 and
higher costs under the Seabrook Power Contract as a result of maintenance
work during an unplanned outage in the first quarter of 1994.
Amortization of regulatory assets, net decreased $8.3 million in 1994, as
compared to 1993, primarily because of the amortization in 1994 of the
company's regulatory liability for net operating losses.
Taxes other than income taxes increased $2.9 million in 1994, as compared to
1993, because of higher New Hampshire gross receipt taxes in 1994 on a higher
revenue base.
Interest on long-term debt decreased $1.7 million in 1994, as compared to
1993, primarily because of the $94 million repayment of PSNH Term Loan in
1993.
Federal and state income taxes increased $7.5 million in 1994 as compared to
1993, primarily because of higher book taxable income.
<PAGE>11
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
1. On April 19, 1994, the New Hampshire Public Utilities
Commission (NHPUC) approved new purchase power agreements with five
hydroelectric small power producers (SPPs). These five SPPs, along with
eight wood-fired SPPs, were identified in the Rate Agreement as having high
cost rate orders, which PSNH was to make its best efforts to renegotiate.
The NHPUC found the new purchase power agreements to be in the public
interest under the special legislation that approved the Rate Agreement. The
NHPUC also found that the agreements furthered the interests of a diversified
generating mix under the New Hampshire Limited Electric Energy Producers Act
and conformed to least cost planning principles.
The NHPUC deferred action on whether PSNH had exercised its
best efforts to renegotiate the rate orders as that issue was not tried at
the hearing. The NHPUC also deferred the issue of how the savings from
reduced purchased power costs would be treated. Unless otherwise ordered,
PSNH will flow these savings through the fuel and purchase power adjustment
clause to its customers.
These agreements are effective retroactively to January 1993.
Management anticipates that the initial decrease in payments to these SPPs
during a year with normal water flow will average approximately 14 percent or
$1.4 million per year. The hydro producers will now receive minimum payments
equal to 85 percent of what would be paid in an average water flow year in
years when river flows are low. The agreements also extend the terms of the
power purchases for an average of five years beyond the terms of the existing
rate orders. The first of these new purchase power agreements will expire in
2022.
2. On September 30, 1993, 29 participants in the New England
Power Pool (NEPOOL) (including PSNH) 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>12
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.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
---------------------------------------
Registrant
Date May 9, 1994 By /s/ Bernard M. Fox
-------------------- -----------------------------
Bernard M. Fox
Vice Chairman, Chief
Executive Officer,
and Director
Date May 9, 1994 By /s/ John W. Noyes
-------------------- -----------------------------
John W. Noyes
Vice President and
Controller
<PAGE>13