<PAGE>
File Nos. 70-5543/70-6958
70-7055/70-6513
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report
Pursuant to Rule 24 under the
Public Utility Holding Company Act of 1935
NEW ENGLAND ELECTRIC SYSTEM (NEES)
NEW ENGLAND ENERGY INCORPORATED (NEEI)
In accordance with the Orders of the Securities and Exchange Commission
dated July 19, 1978, October 22, 1985, October 3, 1991 and December 8, 1987,
following is a report for the fourth quarter of 1993:
For the purpose of this report and following the Commission's Order dated
October 22, 1985 (Release No. 23873), references herein to "Old Program"
relate to that portion of the NEEI oil and gas exploration and development
program which consists of prospects entered into through December 31, 1983.
Likewise, references to "New Program" relate to prospects entered into since
December 31, 1983. In 1991, NEEI sold substantially all of the properties in
the New Program. No new prospects have been acquired since December 31, 1986.
a. Investment in partnerships by prospect: See Exhibit a.
b. Summary statement of proved and probable reserves:
Old Program
-----------
Natural Gas
Oil and ----------- Total
Condensate Equivalent Equivalent
Bbl. MCF Bbl. Bbl.
---------- ---------- ---------- ----------
Balance 10/1/93 1,261,080 84,215,573 14,035,929 15,297,009
Additions & Revisions
through 12/31/93 99,107 2,704,077 450,680 549,787
-------------------- ---------- ----------
Balance 1,360,187 86,919,650 14,486,609 15,846,796
Production 4th Qtr. 1993(113,211)(3,892,328)(648,721) (761,932)
-------------------- ---------- ----------
Balance 12/31/93 1,246,976 83,027,322 13,837,887 15,084,863
-------------------- ---------- ----------
New Program
-----------
None.
<PAGE>
-2-
c. Production and revenue by prospect: See Exhibit c.
d. Description of Operations:
NEEI has participated through its partnership with Samedan Oil
Corporation (Samedan) in drilling operations with the results as
summarized below. Also shown are activities on properties acquired
from a former partner, Dorchester Exploration, Inc. (Dorchester),
prior to termination of that partnership. NEEI sold its remaining
interests in "Dorchester" properties as of June 1, 1988.
Old Program
-----------
Since
Quarter Inception
------- ---------
No. of dry holes
Samedan 4 726
Dorchester 0 51
-- -----
4 777
-- -----
No. of productive wells
Samedan (1) 1,161*
Dorchester 0 69*
-- ------
(1) 1,230*
-- ------
No. of wells drilled 3 2,007
(both exploration and development)-- -----
* Includes depleted/sold wells as follows:
Samedan 1 465
Dorchester 0 69
-- -----
1 534
-- -----
New Program
-----------
None.
INVESTMENT
----------
Budget Authorized
Actual By SEC
-----------------------------------------------------
Since
Quarter Year 1/1/92 1992 - 1993
---------- ---------- ---------- -----------------
Samedan $2,991,493 $8,571,022 $14,949,509 $30,000,000 (A)
(A) Authorized through December 31, 1993, by Order dated October 3,
1991 (Release No. 35-25390).
<PAGE>
-3-
e. Fuel Production, Sales and Other Income:
Old Program:
1. Sales to affiliates:
There have been no direct sales of NEEI oil and gas production
to affiliates.
<TABLE>
<CAPTION>
Quarter Year Inception
Ended Ended Thru
12/31/93 12/31/93 12/31/93
-------- -------- ---------
<S> <C> <C> <C>
2.Sales to nonaffiliates
(Exhibit c.):
Equivalent barrels of fuel
produced 761,932 3,760,369 41,941,408
Average price per barrel $ 11.87 $ 12.41 $ 14.53
----------- ----------- ------------
Sales revenues $ 9,043,092 $46,675,013 $609,268,987
3.Loss to NEP 10,404,396 46,354,838 245,306,440
4.Flow through of excess deferred1,227,064 5,966,389 71,874,289
taxes
5.Investment tax credit - - 13,817,248
6.Depletion - - 6,740,318
7.Deferred tax related to reserve - - 9,080,000
addition
8.Transfer of reserve (net) from - - 6,400,000
NEES
----------- ----------- ------------
Total $20,674,552 $98,996,240 $962,487,282
----------- ----------- ------------
New Program: None.
f. Credits applied to
New England Power Company (NEP):
1.Disposition of proceeds:
Amortization of cost of
fuel reserves $18,646,690 $90,399,274 $884,836,810
Production costs 1,497,862 6,266,966 68,160,224
State taxes 530,000 2,330,000 4,012,500
Savings to NEP - - 8,701,242
Royalty to NEP - - 1,099,807
Other - - 65,472
----------- ----------- ------------
Total $20,674,552 $98,996,240 $966,876,055
----------- ----------- ------------
Net income/(loss)/retained $ - - $ (4,388,773)
deficit ----------- ----------- ------------
</TABLE>
<PAGE>
-4-
f. continued
<TABLE>
<CAPTION>
Quarter Year Inception
Ended Ended Thru
12/31/93 12/31/93 12/31/93
-------- -------- ---------
<S> <C> <C> <C>
2. Royalties prepaid to NEP:
Beginning balance in account$ 342,312$ 342,312 $ -
------------------------ ------------
Royalties/savings earned - (9,801,049)
Royalties passed on to NEP - 10,143,361**
------------------------ ------------
Ending balance in account$ 342,312$ 342,312 $ 342,312
------------------------ ------------
3.Losses to be passed on to NEP:
Beginning balance in account$ 50,319,732$ 54,606,641$ -
------------------------ ------------
Losses accrued 10,404,396 46,354,838 245,306,440
Losses passed on to NEP** (14,369,290)(54,606,641) (198,951,602)
------------------------ ------------
Ending balance in account$ 46,354,838$ 46,354,838 $ 46,354,838
------------------------ ------------
* Includes $8,701,242 savings passed on to NEP for sales prior to 1/1/84
pursuant to Commission Order File No. 70-5543.
**Consistent with pricing policy approved in Release No. 23873, current
year losses cannot be recovered until the following year.
</TABLE>
<PAGE>
-5-
g. Investment by NEES compared with Commission Authorization:
<TABLE>
<CAPTION>
Release No./Date
--------------------------------------
25129 24847 24847
----- ----- -----
8/8/90 3/29/89 3/29/89
------ ------- -------
<S> <C> <C> <C>
Maximum NEES Investment authorized: $45,000,000(1)$75,000,000$400,000,000
----------- ----------- ------------
1. Investments by NEES-inception through
September 30, 1993 (net)
Subordinated notes 21,052,500 19,517,691 -
Common stock and premium 250,000 - -
----------- ----------- ------------
Total investment by NEES 21,302,500 19,517,691 -
Investment by NEES-during the
quarter (net)
Subordinated notes (10,862,435) - -
Total investment by NEES through
December 31, 1993 (net)
Subordinated notes 10,190,065 19,517,691 -
Common stock and premium 250,000 - -
----------- ----------- ------------
$10,440,065 $19,517,691 $ -
----------- ----------- ------------
2. Increase or Reduction in Investment
by NEES:
Date Amount Date Amount Date Amount
---- ------ ---- ------ ---- ------
Issues of subordinated notes
to NEES during quarter 10/1/93$ 4,792$ - $ -
ended December 31, 1993 10/4/9343,516
11/4/9379,760
12/31/93 9,497
Payments of
subordinated notes to NEES
during quarter ended
December 31, 1993 10/4/93$ 11,000,000$ - $ -
------------------- -------
Net change in investment $(10,862,435) $ - $ -
------------------- -------
_______________
(1) Plus any after-tax net loss attributable to the expensing of interest
on up to $37,200,000 of borrowings in connection with the Old Program.
</TABLE>
<PAGE>
-6-
h.Financial Statements:
Exhibit h-1 Balance Sheet of NEEI at December 31, 1993, (unaudited,
subject to adjustment)
Exhibit h-2 Statements of Income and Retained Deficit of NEEI for the
periods ended December 31, 1993 (unaudited, subject to adjustment)
Exhibit h-3 Statements of Cash Flows of NEEI for the periods ended
December 31, 1993 (unaudited, subject to adjustment)
Exhibit h-4 Computation of Bank Interest for the quarter ended
December 31, 1993
i.Fuel purchased during quarter for NEP:
(Summary: See Exhibit i for detail.)
1. From proceeds from sale of NEEI Old Program production
Date purchased (delivered) 4th Quarter
Quantity of fuel (equiv. bbl) 1,076,844.44
Average net price (per equiv. bbl)$ 11.66
-------------
Cost to NEEI $ 12,561,382
Loss from NEEI fuel
exploration activities 14,369,290
-------------
Cost to NEP 26,930,672
Adjustments, inspection charges, etc. 41,124
-------------
Total Cost to NEP $26,971,796
2. For fuel procurement and inventory activities
Date purchased (delivered) 4th Quarter
Quantity of fuel (equiv. bbl) 90,234.10
Average net price (per equiv. bbl)$ 11.82
-------------
Cost to NEEI and NEP $ 1,067,018
Adjustments, inspection charges, etc. 451
-------------
Total Cost to NEEI and NEP 1,067,469
-----------
Total $28,039,265
===========
j. Copies of filings on Form 423 related to the above sales are
attached. (See Exhibits j-1 through j-4.)
k. Use of Proceeds from Sales of NEEI New Program Production:
None.
<PAGE>
-7-
Sale of NEEI Wells
------------------
Old Program
- -----------
During the period from October 1, 1993 through December 31, 1993, NEEI
did not dispose of its interest in Existing (Old) Program wells containing
proved or probable reserves.
<PAGE>
-8-
Losses Passed to NEP
--------------------
Through December 31, 1985, NEEI's Old Program generated customer savings.
Due to precipitous declines in oil and gas market prices, the Old Program
generated operating losses for the first time during 1986. As a result of the
losses during 1986, the crossover reserve, which was $24.1 MM at December 31,
1985, was exhausted. NEEI passed its 1986 losses in excess of the reserve,
$277,732, on to NEP in 1987. NEEI's Old Program incurred losses in 1987
through 1992 totalling $198,673,870 which were passed on to NEP in 1988
through 1993.
<PAGE>
-9-
SIGNATURES
Pursuant to the requirements of the Public Utility Holding Company Act of
1935, each undersigned company has duly caused this report (Commission's File
Nos. 70-5543, 70-6513, 70-6958, and 70-7055) to be signed on its behalf, as
indicated, by the undersigned officer thereunto duly authorized by each such
company.
NEW ENGLAND ELECTRIC SYSTEM
s/Michael E. Jesanis
Michael E. Jesanis, Treasurer
NEW ENGLAND ENERGY INCORPORATED
s/John G. Cochrane
John G. Cochrane, Treasurer
Date: February 14, 1994
The name "New England Electric System" means the trustee or trustees for the
time being (as trustee or trustees but not personally) under an agreement and
declaration of trust dated January 2, 1926, as amended, which is hereby
referred to, and a copy of which as amended has been filed with the Secretary
of the Commonwealth of Massachusetts. Any agreement, obligation or liability
made, entered into or incurred by or on behalf of New England Electric System
binds only its trust estate, and no shareholder, director, trustee, officer or
agent thereof assumes or shall be held to any liability therefor.
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page
- ----------- ----------- ----
a Investment in partnerships by prospectFiled under
(Old Program) cover of
Form SE
c Production and net revenue (Old Program)Filed under
cover of
Form SE
h-1 Balance Sheet at December 31, 1993 Filed herewith
(Unaudited, Subject to Adjustment)
h-2 Statements of Income and Retained Filed herewith
Deficit for the Periods Ended
December 31, 1993 (Unaudited,
Subject to Adjustment)
h-3 Statements of Cash Flows for the PeriodsFiled herewith
Ended December 31, 1993 (Unaudited,
Subject to Adjustment)
h-4 Computation of Bank Interest for the Filed herewith
Quarter Ended December 31, 1993
i Fuel Purchased for NEP for the QuarterFiled herewith
Ended December 31, 1993
j-1 Monthly Report of Cost and Quality Filed under
of Fuels for Electric Plants cover of
October 1993 (Salem Harbor) Form SE
j-2 Monthly Report of Cost and Quality Filed under
of Fuels for Electric Plants cover of
October 1993 (Brayton Point) Form SE
j-3 Monthly Report of Cost and Quality Filed under
of Fuels for Electric Plants cover of
November 1993 (Salem Harbor) Form SE
j-4 Monthly Report of Cost and Quality Filed under
of Fuels for Electric Plants cover of
November 1993 (Brayton Point) Form SE
<PAGE>
<TABLE>
Exhibit h-1
NEW ENGLAND ENERGY INCORPORATED
Balance Sheet
December 31, 1993
(Unaudited, Subject to Adjustment)
<CAPTION>
ASSETS
- ------
Old Program New Program Combined
----------- ----------- --------
<S> <C> <C> <C>
Current assets:
Cash, including temporary cash investments
of $1,975,000 with affiliated companies$ 1,320,395$ 700,232$ 2,020,627
Accounts receivable:
Affiliated companies:
- accrued loss to be passed
on to affiliate 46,354,838 - 46,354,838
- from sales of oil - - -
- other 14,302 1,897 16,199
Prepaid expenses 342,312 - 342,312
----------------------------------------
Total current assets 48,031,847 702,129 48,733,976
----------------------------------------
Property at cost:
Cost of fuel reserves:
Exploration and development costs:
Samedan 728,328,403 - 728,328,403
Dorchester 67,401,440 - 67,401,440
Cost of capital 424,302,554 - 424,302,554
Other 27,389,806 - 27,389,806
----------------------------------------
1,247,422,203 - 1,247,422,203
Less-accumulated amortization (884,836,810) - (884,836,810)
----------------------------------------
Net cost of fuel reserves 362,585,393 - 362,585,393
Work in process - Samedan 2,236,949 - 2,236,949
----------------------------------------
Total property 364,822,342 - 364,822,342
----------------------------------------
$ 412,854,189$ 702,129$ 413,556,318
========================================
LIABILITIES AND PARENT COMPANY'S INVESTMENT
- -------------------------------------------
Current liabilities:
Accrued exploration and development costs$ 29,549,720$ -$ 29,549,720*
Accounts payable 1,785,377 353,743 2,139,120
Accrued interest 559,892 - 559,892
Accrued taxes 3,826,715(1,797,400) 2,029,315
----------------------------------------
Total current liabilities 35,721,704(1,443,657) 34,278,047
----------------------------------------
Deferred income taxes 121,187,728 36,100 121,223,828
----------------------------------------
Deferred credit 10,530,946 - 10,530,946
----------------------------------------
Notes payable to banks under credit agreement238,000,000 - 238,000,000
----------------------------------------
Parent company's investment:
Subordinated notes payable to parent 11,810,06517,897,691 29,707,756
Common stock, par value $1 per share 2,500 - 2,500
Paid-in capital 247,500 - 247,500
Retained deficit (4,646,254)(15,788,005)(20,434,259)
----------------------------------------
Total parent company's investment 7,413,811 2,109,686 9,523,497
----------------------------------------
$ 412,854,189$ 702,129$ 413,556,318
========================================
*Accrued exploration and development costs:
Total
(All Samedan)
-------------
Exploration $10,072,397
Development 20,314,043
Work in process 376,059
Advance (1,212,779)
-----------
$29,549,720
===========
</TABLE>
<PAGE>
<TABLE>
Exhibit h-2
Page 1 of 2
NEW ENGLAND ENERGY INCORPORATED
Statements of Income and Retained Deficit
For the Quarter Ended December 31, 1993
(Unaudited, Subject to Adjustment)
<CAPTION>
Old Program New Program Combined
----------- ----------- --------
<S> <C> <C> <C>
Operating revenue:
Sales of fuel to an affiliate $ 28,039,264$ -$ 28,039,264
Loss passed on to an affiliate (14,369,290) - (14,369,290)
Accrued loss to be passed on to an affiliate10,404,396 - 10,404,396
Sales to nonaffiliates:
Oil 1,782,957 3,906 1,786,863
Gas 7,260,135 5,972 7,266,107
------------------------------------
Total operating revenue 33,117,462 9,878 33,127,340
------------------------------------
Operating expenses:
Purchases of fuel for an affiliate 13,669,975 - 13,669,975
Amortization of cost of fuel reserves 18,646,690 - 18,646,690
Production costs 1,497,862 2,833 1,500,695
General and administrative expense - 1,544 1,544
------------------------------------
Total operating expenses 33,814,527 4,377 33,818,904
------------------------------------
Operating income/(loss) (697,065) 5,501 (691,564)
Other income/(expense):
Interest income - 5,353 5,353
Interest expense (254,639) - (254,639)
State taxes (530,000) (2,600) (532,600)
------------------------------------
Operating and other income/(loss) (1,481,704) 8,254 (1,473,450)
------------------------------------
Federal income taxes:
Current federal income taxes 5,460,500 (39,100) 5,421,400
Deferred federal income taxes (6,777,065) 36,100 (6,740,965)
------------------------------------
Net federal income taxes (1,316,565) (3,000) (1,319,565)
------------------------------------
Net income (165,139) 11,254 (153,885)
Retained deficit at beginning of period (4,481,115)(15,799,259)(20,280,374)
------------------------------------
Retained deficit at end of period $ (4,646,254)$(15,788,005)$(20,434,259)
============ ========================
</TABLE>
<PAGE>
<TABLE>
Exhibit h-2
Page 2 of 2
NEW ENGLAND ENERGY INCORPORATED
Statements of Income and Retained Deficit
For the Year Ended December 31, 1993
(Unaudited, Subject to Adjustment)
<CAPTION>
Old Program New Program Combined
----------- ----------- --------
<S> <C> <C> <C>
Operating revenue:
Sales of fuel to an affiliate $107,239,714$ -$107,239,714
Loss passed on to an affiliate (54,606,641) - (54,606,641)
Accrued loss to be passed on to an affiliate46,354,838 - 46,354,838
Sales to nonaffiliates:
Oil 8,142,634 135,350 8,277,984
Gas 38,532,379 127,699 38,660,078
------------------------------------
Total operating revenue 145,662,924 263,049 145,925,973
------------------------------------
Operating expenses:
Purchases of fuel for an affiliate 52,633,073 - 52,633,073
Amortization of cost of fuel reserves 90,399,274 - 90,399,274
Production costs 6,266,966 109,779 6,376,745
General and administrative expense - 8,582 8,582
------------------------------------
Total operating expenses 149,299,313 118,361 149,417,674
------------------------------------
Operating income/(loss) (3,636,389) 144,688 (3,491,701)
Other income/(expense):
Interest income - 21,941 21,941
Interest expense (396,681) - (396,681)
State taxes (2,330,000) (2,600) (2,332,600)
------------------------------------
Operating and other income/(loss) (6,363,070) 164,029 (6,199,041)
------------------------------------
Federal income taxes:
Current federal income taxes 23,389,600 15,400 23,405,000
Deferred federal income taxes (29,495,189) 36,100 (29,459,089)
------------------------------------
Net federal income taxes (6,105,589) 51,500 (6,054,089)
------------------------------------
Net income (257,481) 112,529 (144,952)
Retained deficit at beginning of period (4,388,773)(15,900,534)(20,289,307)
------------------------------------
Retained deficit at end of period $ (4,646,254)$(15,788,005)$(20,434,259)
============ ========================
</TABLE>
<PAGE>
<TABLE>
Exhibit h-3
Page 1 of 2
NEW ENGLAND ENERGY INCORPORATED
Statements of Cash Flows
For the Quarter Ended December 31, 1993
(Unaudited, Subject to Adjustment)
<CAPTION>
Old Program New Program Combined
----------- ----------- --------
<S> <C> <C> <C>
Operating Activities:
Net income $ (165,139)$ 11,254$ (153,885)
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization of cost of fuel reserves 18,646,690 - 18,646,690
Loss passed on to an affiliate 14,369,290 - 14,369,290
Accrued loss to be passed on to an affiliate(10,404,396) - (10,404,396)
Deferred federal income taxes (6,777,065) 36,100 (6,740,965)
(Increase)/decrease in accounts receivable
(excluding loss to be passed on to affiliate)2,735,393(152) 2,735,241
Increase/(decrease) in accrued exploration
and development costs 5,223,755 - 5,223,755
Increase/(decrease) in accounts payable (826,895) 35,333 (791,562)
Increase/(decrease) in accrued interest payable157,881 - 157,881
Increase/(decrease) in income taxes payable(1,048,641)(53,400)(1,102,041)
------------ ---------------------
Net cash provided by operating activities$ 21,910,873$ 29,135$ 21,940,008
------------ ---------------------
Investing Activities:
Investment in property - Samedan:
Exploration (also includes dry holes, depleted
wells and work in process)$ 4,635,804$ -$ 4,635,804
Development (also reflects transfer of
depleted wells) (12,538,551) - (12,538,551)
Capital costs (2,133,444) - (2,133,444)
Other (1,224,117) - (1,224,117)
------------ ---------------------
Net cash used in investing activities $(11,260,308)$ -$(11,260,308)
------------ ---------------------
Financing Activities:
Subordinated notes payable to parent-issues$ 137,565$ -$ 137,565
Subordinated notes payable to parent-retirements(11,000,000) - (11,000,000)
Changes in notes payable to bank under
credit agreement - - -
------------ ---------------------
Net cash used in financing activities$(10,862,435)$ -$(10,862,435)
------------ ---------------------
Net increase/(decrease) in cash and cash equivalents$ (211,870) $ 29,135$ (182,735)
Cash and cash equivalents at beginning of period1,532,265 671,097 2,203,362
------------ ---------------------
Cash and cash equivalents at end of period $ 1,320,395 $ 700,232$ 2,020,627
------------ ---------------------
</TABLE>
<PAGE>
<TABLE>
Exhibit h-3
Page 2 of 2
NEW ENGLAND ENERGY INCORPORATED
Statements of Cash Flows
For the Year Ended December 31, 1993
(Unaudited, Subject to Adjustment)
<CAPTION>
Old Program New Program Combined
----------- ----------- --------
<S> <C> <C> <C>
Operating Activities:
Net income $ (257,481)$ 112,529$ (144,952)
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization of cost of fuel reserves 90,399,274 - 90,399,274
Loss passed on to an affiliate 54,606,641 - 54,606,641
Accrued loss to be passed on to an affiliate(46,354,838) - (46,354,838)
Deferred federal income taxes (29,495,189) 36,100 (29,459,089)
(Increase)/decrease in accounts receivable
(excluding loss to be passed on to affiliate)1,859 596 2,455
Increase/(decrease) in accrued exploration
and development costs 5,680,046 - 5,680,046
Increase/(decrease) in accounts payable 744,731 (368,588) 376,143
Increase/(decrease) in accrued interest payable(387,709) - (387,709)
Increase/(decrease) in income taxes payable1,467,359 1,100 1,468,459
------------ ---------------------
Net cash provided by operating activities$ 76,404,693$(218,263)$ 76,186,430
------------ ---------------------
Investing Activities:
Investment in property - Samedan:
Exploration (also includes dry holes, depleted
wells and work in process)$ (3,845,943)$ -$ (3,845,943)
Development (also reflects transfer of
depleted wells) (8,723,064) - (8,723,064)
Capital costs (9,132,308) - (9,132,308)
Other (2,943,449) - (2,943,449)
------------ ---------------------
Net cash used in investing activities $(24,644,764)$ -$(24,644,764)
------------ ---------------------
Financing Activities:
Subordinated notes payable to parent-issues$ 235,065$ -$ 235,065
Subordinated notes payable to parent-retirements(26,025,000) - (26,025,000)
Changes in notes payable to bank under
credit agreement (27,000,000) - (27,000,000)
------------ ---------------------
Net cash used in financing activities$(52,789,935)$ -$(52,789,935)
------------ ---------------------
Net increase/(decrease) in cash and cash equivalents$ (1,030,006) $(218,263)$ (1,248,269)
Cash and cash equivalents at beginning of period2,350,401 918,495 3,268,896
------------ ---------------------
Cash and cash equivalents at end of period $ 1,320,395 $ 700,232$ 2,020,627
------------ ---------------------
</TABLE>
<PAGE>
Exhibit h-4
NEW ENGLAND ENERGY INCORPORATED
Computation of Bank Interest
Quarter Ended December 31, 1993
--------------------------------
Cost of Notes Payable to Banks Under Credit Agreement
- -----------------------------------------------------
Date Paid
Date or Maturity Annual
Amount Issued Date Rate % Total
------ ------ ----------- ------ -----
Old Program
-----------
$ 20,000,000 08/16/93 11/16/93 3.4500 $ 88,166.67
15,000,000 09/02/93 10/04/93 3.5625 4,453.12
49,000,000 09/20/93 10/20/93 3.5625 92,130.21
117,000,000 09/16/93 10/18/93 3.5000 193,375.00
13,000,000 09/13/93 10/13/93 3.5000 15,166.67
24,000,000 09/30/93 10/29/93 3.5625 66,500.00
26,000,000 10/04/93 11/04/93 3.5625 79,760.42
13,000,000 10/13/93 11/16/93 3.5625 43,739.58
115,000,000 10/18/93 11/18/93 3.5625 352,786.46
49,000,000 10/20/93 11/22/93 3.5625 160,015.63
20,000,000 10/29/93 11/29/93 3.5625 61,354.17
26,000,000 11/04/93 01/04/94 3.8750 162,319.44
113,000,000 11/18/93 12/20/93 3.5000 351,555.56
20,000,000 11/16/93 02/16/94 3.7200 95,066.67
10,000,000 11/16/93 02/16/94 3.8000 48,555.56
49,000,000 11/22/93 12/22/93 3.5000 142,916.67
20,000,000 11/29/93 12/29/93 3.5000 58,333.33
113,000,000 12/20/93 01/20/94 3.6250 136,541.67
49,000,000 12/22/93 01/24/94 3.5625 48,489.58
20,000,000 12/29/93 01/31/94 3.6250 6,041.67
-------------
2,207,268.08
Interest Rate Swap 73,447.91
Fees (Primarily facility) 108,757.24
-------------
Total Old Program $2,389,473.23
-------------
<PAGE>
<TABLE>
Exhibit i
NEW ENGLAND ENERGY INCORPORATED
Fuel Purchased for NEP
for the Quarter Ended December 31, 1993
-----------------------------------------
<CAPTION>
Exploration (and Procurement*)
- ------------------------------
Date purchased (delivered)
Oct. 3, 1993Oct. 12, 1993Oct. 14, 1993
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<S> <C> <C> <C>
Quantity of fuel (bbl) 206,539.89 102,800.01 210,132.00
Average net price (per bbl)$ 11.65$ 11.80$ 11.84
---------------------------------------
Cost to NEEI $2,407,208.34$1,212,526.12$2,488,695.20
Loss from NEEI fuel
exploration activities 2,756,044.65 1,371,751.56 2,803,977.35
---------------------------------------
Cost to NEP $5,163,252.99$2,584,277.68$5,292,672.55
------------------------------------------
Date purchased (delivered) Nov. 4, 1993Nov. 15, 1993
------------- --------------
Quantity of fuel (bbl) 179,885.75 222,657.23
Average net price (per equiv.bbl)$ 11.49$ 11.48
--------------------------
Cost to NEEI $2,065,987.84$2,556,105.09
Loss from NEEI fuel
exploration activities 2,400,374.85 2,971,112.59
--------------------------
Cost to NEP $4,466,362.69$5,527,217.68
--------------------------
Date purchased (delivered) Dec. 4, 1993 Dec. 4, 1993
------------- -------------
Quantity of fuel (bbl) 154,829.56 90,234.10
Average net price (per bbl)$ 11.82$ 11.82
--------------------------
Cost to NEEI $1,830,859.54$1,067,018.23
Loss from NEEI fuel
exploration activities 2,066,028.73 *
--------------------------
Cost to NEP $3,896,888.27$1,067,018.23
--------------------------
</TABLE>
