<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 third quarter of 1995:
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 7/1/95 992,835 68,532,198 11,422,034 12,414,869
Additions & Revisions
through 9/30/95 - - - -
--------- ---------- ---------- ----------
Balance 992,835 68,532,198 11,422,034 12,414,869
Production 3rd Qtr.1995(92,737)(3,875,415) (645,903) (738,640)
--------- ---------- ---------- ----------
Balance 9/30/95 900,098 64,656,780 10,776,131 11,676,229
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 0 762
Dorchester 0 51
-- -----
0 813
-- -----
No. of productive wells
Samedan 0 1,139*
Dorchester 0 69*
-- ------
0 1,208*
-- ------
No. of wells drilled 0 2,021
(both exploration and development)-- -----
* Includes depleted/sold wells as follows:
Samedan 0 469
Dorchester 0 69
-- -----
0 538
-- -----
New Program
-----------
None.
INVESTMENT
----------
Budget Authorized
Actual By SEC
---------------------- -----------------
Since
Quarter 1/1/95 1995 - 1998
---------- ---------- -----------------
Samedan $1,260,072 $4,235,895 $30,000,000 (A)
(A) Authorized through December 31, 1998, by Order dated
December 20, 1994 (Release No. 35-26197; 70-7055).
<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.
Quarter Inception
Ended Thru
9/30/95 9/30/95
-------- --------
2.Sales to nonaffiliates
(Exhibit c.):
Equivalent barrels of fuel
produced 738,640 47,677,064
Average price per barrel $ 10.08 $ 14.11
----------- --------------
Sales revenues $ 7,448,834 $ 672,743,835
3.Loss to NEP 11,225,700 319,731,062
4.Flow through of excess deferred1,005,700 80,489,511
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 $19,680,234 $1,109,001,974
----------- --------------
New Program: None.
f. Credits applied to
New England Power Company (NEP):
1.Disposition of proceeds:
Amortization of cost of
fuel reserves $17,255,113 $1,001,275,387
Production costs 1,502,521 76,733,784
State taxes 922,600 8,259,942
Savings to NEP - 8,701,242
Royalty to NEP - 1,099,807
Other - 65,472
----------- --------------
Total $19,680,234 $1,113,390,747
----------- --------------
Net income/(loss)/retained $ - $ (4,388,773)
deficit ----------- --------------
<PAGE>
-4-
f. continued
Quarter Inception
Ended Thru
9/30/95 9/30/95
-------- ---------
2. Royalties prepaid to NEP:
Beginning balance in account$ 342,312$ -
------------------------
Royalties/savings earned - (9,801,049)
Royalties passed on to NEP - 10,143,361 *
------------------------
Ending balance in account$ 342,312$ 342,312
------------------------
3.Losses to be passed on to NEP:
Beginning balance in account$ 23,405,106$ -
------------------------
Losses accrued 11,225,700 319,731,062
Losses passed on to NEP** -(285,100,256)
------------------------
Ending balance in account$ 34,630,806$ 34,630,806
------------------------
* 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.
<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
June 30, 1995 (net)
Subordinated notes 3,827,364 15,643,4911 -
Common stock and premium 250,000 - -
----------- ----------- ------------
Total investment by NEES 4,077,364 15,643,491 -
Investment by NEES-during the
quarter (net)
Subordinated notes (367,521) 100,000 -
Total investment by NEES through
September 30, 1995 (net)
Subordinated notes 3,459,843 15,743,491 -
Common stock and premium 250,000 - -
----------- ----------- ------------
$ 3,709,843 $15,743,491 $ -
----------- ----------- ------------
2. Increase or Reduction in Investment
by NEES:
Date Amount Date AmountDate Amount
---- ------ ---- ---------- ------
Issues of subordinated notes
to NEES during quarter 7/13/95$ 624,0649/6/95$100,000 $ -
ended September 30, 19959/29/95 8,415
Payments of
subordinated notes to NEES
during quarter ended
September 30, 1995 $(1,000,000) $ -
----------- ------- -------
Net change in investment $ (367,521) $100,000 $ -
----------- ------- -------
_______________
(1) Plus any after-tax net loss attributable to the expensing of interest
on up to $37,200,000 of borrowings in connection with the Old Program.
</TABLE>
<PAGE>
-6-
h.Financial Statements:
Exhibit h-1 Balance Sheet of NEEI at September 30, 1995, (unaudited,
subject to adjustment)
Exhibit h-2 Statement of Income and Retained Deficit of NEEI for the
quarter ended September 30, 1995 (unaudited, subject to adjustment)
Exhibit h-3 Statement of Cash Flows of NEEI for the quarter ended
September 30, 1995 (unaudited, subject to adjustment)
Exhibit h-4 Computation of Bank Interest for the quarter ended
September 30, 1995
i.Fuel purchased during quarter for NEP:
(Summary: See Exhibit i for detail.)
1. From proceeds from sale of NEEI Old Program production
Date purchased (delivered) 3rd Quarter
Quantity of fuel (equiv. bbl) -
Average net price (per equiv. bbl)$ -
-------------
Cost to NEEI $ -
Loss from NEEI fuel
exploration activities -
-------------
Cost to NEP -
Adjustments, inspection charges, etc. 35,905 *
------------- -----------
Total $ 35,905
===========
*Reflects adjustment to second quarter fuel purchase.
j. Copies of filings on Form 429 related to the above sales are attached.
(See Exhibits j-1 through j-6.)
k. Use of Proceeds from Sales of NEEI New Program Production:
None.
<PAGE>
-7-
Sale of NEEI Wells
------------------
Old Program
- -----------
During the period from July 1, 1995 through September 30, 1995, NEEI did
not dispose of its interest in Existing (Old) Program wells containing proved
or probable reserves.
The order of the Securities and Exchange Commission dated October 22,
1985 (Release No. 23873) requires NEEI to include the reserves associated with
the above wells as production upon which royalties would be payable to NEP,
but authorizes NEEI to defer such inclusion to coincide with the estimated
production cycle for each well. However, in light of the particularly small
quantities of reserves represented in the table above, NEEI will include the
total 0 barrels of remaining reserves in the calculation of the royalty for
1995. Due to operating losses, no royalty has been paid since 1985.
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 1993 totalling $245,028,708 which were passed on to NEP in 1988
through 1994. NEEI's Old Program loss of $39,793,816, incurred in 1994, was
passed on to NEP in 1995.
<PAGE>
-8-
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: November 9, 1995
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 herewith
(Old Program)
c Production and net revenue (Old Program)Filed herewith
h-1 Balance Sheet at September 30, 1995 Filed herewith
(Unaudited, Subject to Adjustment)
h-2 Statement of Income and Retained Filed herewith
Deficit for the Quarter Ended
September 30, 1995 (Unaudited,
Subject to Adjustment)
h-3 Statement of Cash Flows for the QuarterFiled herewith
Ended September 30, 1995 (Unaudited,
Subject to Adjustment)
h-4 Computation of Bank Interest for the Filed herewith
Quarter Ended September 30, 1995
i Fuel Purchased for NEP for the QuarterFiled herewith
Ended September 30 1995
j-1 Monthly Report of Cost and Quality Filed herewith
of Fuels for Electric Plants
July 1995 (Brayton Point)
j-2 Monthly Report of Cost and Quality Filed herewith
of Fuels for Electric Plants
July 1995 (Salem Harbor)
j-3 Monthly Report of Cost and Quality Filed herewith
of Fuels for Electric Plants
August 1995 (Brayton Point)
j-4 Monthly Report of Cost and Quality Filed herewith
of Fuels for Electric Plants
August 1995 (Salem Harbor)
j-5 Monthly Report of Cost and Quality Filed herewith
of Fuels for Electric Plants
September 1995 (Brayton Point)
j-6 Monthly Report of Cost and Quality Filed herewith
of Fuels for Electric Plants
September 1995 (Salem Harbor)
<PAGE>
<TABLE>
Exhibit a
NEW ENGLAND ENERGY INCORPORATED
INVESTMENT IN PARTNERSHIPS BY PROSPECT - OLD PROGRAM
SEPTEMBER 30, 1995
<CAPTION>
ESTIMATED TOTAL COST
---------------------------------------------------
Samedan Prospect Name Exploration Development* Total
- ------- ------------- ----------- ------------ ---------
<S> <C> <C> <C> <C>
62583 Brazo 50-54/37&8/65-7 17,314,752.93 48,996,152.17 66,310,905.10
62436 Eugene Island 247/8/9 8,839,623.51 19,803,244.45 28,642,867.96
61402 Northeast Chevron 2,564,439.34 23,294,434.19 25,858,873.53
62493 Eugene Island Blk 208 1,581,077.54 18,841,421.00 20,422,498.54
62559 West Delta 18/33 8,370,144.99 10,919,707.94 19,289,852.93
62479 Main Pass 90/93+4/102+5 3,853,774.09 14,652,231.86 18,506,005.95
62367 Hl 21/22/22L/34/50/51 3,949,618.42 14,235,459.86 18,185,078.28
61998 High Island A365/A376 0.00 12,078,999.06 12,078,999.06
62282 West Cameron b131/132 4,678,480.72 7,201,838.28 11,880,319.00
62289 Main Pass 107/108 1,449,294.47 7,902,445.96 9,351,740.43
62468 Vermilion 114/109 1,914,848.45 5,375,635.48 7,290,483.93
61898 Eugene Island B 24&27 2,966,098.22 4,029,359.99 6,995,458.21
62331 West Delta 27/28/48 2,746,928.39 3,881,364.84 6,628,293.23
21494 Banner 325,294.98 5,282,658.66 5,607,953.64
62554 Eugene Island 28 1,739,766.26 3,779,167.57 5,518,933.83
62366 Brazos 400.12.13.435 1,778,642.70 3,606,320.10 5,384,962.80
61501 Vermilion 241/261 (EC) 2,221,789.49 3,078,482.35 5,300,271.84
62365 Matagorda Is B 586/87 2,151,279.02 2,517,546.64 4,668,825.66
53330 Derrick Draw/ PDR RIV 2,235,170.64 1,321,151.52 3,556,322.16
42017 Kildare Smackover T 975,610.29 2,580,069.15 3,555,679.44
62558 South Timbalier 197 2,307,523.54 531,746.95 2,839,270.49
62543 West Cameron 433/457 1,812,354.16 834,848.86 2,647,203.02
51673 Williston 0.00 2,641,589.99 2,641,589.99
62377 Vermilion Block 76 945,194.48 1,652,785.69 2,597,980.17
62284 Vermilion Blk 167 924,493.21 1,513,541.36 2,438,034.57
62322 West Cameron Blk 67 0.00 2,420,322.67 2,420,322.67
51947 Powder River Basin 2,415,992.12 0.00 2,415,992.12
21617 Fort Cobb 405,558.73 1,717,478.66 2,123,037.39
42004 Provident City/Speaks 0.00 2,041,621.10 2,041,621.10
Other 15,862,472.01 22,914,165.06 38,776,637.07
-------------- -------------- --------------
Total Productive Samedan 96,330,222.70 249,645,791.41 345,976,014.11
-------------- -------------- --------------
Dry Holes
Samedan (including depleted wells)397,875,858.34 397,875,858.34
Work in Process
Samedan 2,944,415.13 2,944,415.13
Dorchester (terminated investment)67,401,440.17 67,401,440.17
-------------- -------------- --------------
Grand Total 564,551,936.34 249,645,791.41 814,197,727.75
============== ============== ==============
*Includes Lease Acquisition
</TABLE>
<PAGE>
<PAGE>
<TABLE>
Exhibit c
NEW ENGLAND ENERGY INCORPORATED
PRODUCTION AND NET REVENUE - OLD PROGRAM
FOR THE QUARTER ENDED SEPTEMBER 30, 1995
<CAPTION>
Production Revenue
----------------------------------------------------------------
Oil and
Prospect Condensate Gas Oil and
No. Prospect Name Bbls. MCF Condensate Gas Total
- -------- ------------- ---------- ----- ---------- ----- -------
<S> <C> <C> <C> <C> <C> <C>
62583 Brazo 50-54/37&8/65-7 4,700.88 1,395,115.92 83,549.28 2,211,995.742,295,545.02
62479 Main Pass 90/93+4/102+5 301.28 649,335.96 4,279.44 1,068,285.671,072,565.11
62367 Hl 21/22/22L/34/50/51 879.82 272,913.00 15,192.00 452,281.15 467,473.15
62365 Matagora Is B 586/87 74.17 251,995.02 1,311.95 349,472.71 350,784.66
62289 Main Pass 107/108 2,797.28 243,991.98 48,134.44 286,097.91 334,232.35
62366 Brazos 400.12.13.435 426.23 165,370.98 4,928.31 245,565.55 250,493.86
53330 Derrick Draw/PDR RIV 13,836.38 2,242.98 225,289.91 1,160.59 226,450.50
62554 Eugene Island 28 3,799.17 104,611.98 66,666.39 150,923.36 217,589.75
61898 Eugene Island B 24&27 4,223.92 82,506.06 72,919.46 136,667.84 209,587.30
62288 West Cameron Blk 290 317.53 128,137.98 5,135.87 201,553.31 206,689.18
62493 Eugene Island Blk 20810,290.28 4,348.02 174,777.34 7,424.51 182,201.85
62331 West Delta 27/28/48 9,562.82 3,378.00 156,358.59 3,197.18 159,555.77
42017 Kildare Smackover T 8,792.28 8,407.92 145,293.26 11,718.15 157,011.41
62284 Vermilion Blk 167 6,184.18 8,248.98 108,344.30 14,761.40 123,105.70
62582 Brazos 476/491/449 152.76 75,547.02 2,685.13 110,328.65 113,013.78
62436 Eugene Island 247/8/9 1.06 35,656.02 17.57 60,113.51 60,131.08
62468 Vermilion 114/109 254.35 41,805.00 3,304.27 40,905.36 44,209.63
62282 West Cameron B131/132 101.46 21,033.00 1,773.65 34,160.28 35,933.93
Other 10,811.59 273,736.80 176,790.29 342,488.92 519,279.21
--------- ------------ ------------------------ ------------
Totals 92,736.51 3,875,414.581,556,805.62 5,892,028.247,448,833.86
========= ============ ======================== ============
</TABLE>
<PAGE>
<PAGE>
<TABLE>
Exhibit h-1
NEW ENGLAND ENERGY INCORPORATED
Balance Sheet
September 30, 1995
(Unaudited, Subject to Adjustment)
<CAPTION>
ASSETS
- ------
Old Program New Program Combined
----------- ----------- --------
<S> <C> <C> <C>
Current assets:
Cash, including temporary cash investments
of $2,075,000 with affiliated companies$ 2,097,990$ 20,442$ 2,118,432
Accounts receivable:
Affiliated companies:
- accrued loss to be passed
on to affiliate 34,630,806 - 34,630,806
- from sales of oil 7,960 - 7,960
- other 10,811 613 11,424
Prepaid expenses 342,312 - 342,312
----------------------------------------
Total current assets 37,089,879 21,055 37,110,934
----------------------------------------
Property at cost:
Cost of fuel reserves:
Exploration and development costs:
Samedan 743,851,872 - 743,851,872
Dorchester 67,401,440 - 67,401,440
Cost of capital 441,804,160 - 441,804,160
Other 33,530,597 - 33,530,597
----------------------------------------
1,286,588,069 - 1,286,588,069
Less-accumulated amortization (1,018,530,500) -(1,018,530,500)
----------------------------------------
Net cost of fuel reserves 268,057,569 - 268,057,569
Work in process - Samedan 2,944,414 - 2,944,414
----------------------------------------
Total property 271,001,983 - 271,001,983
----------------------------------------
$ 308,091,862$ 21,055$ 308,112,917
========================================
LIABILITIES AND PARENT COMPANY'S INVESTMENT
- -------------------------------------------
Current liabilities:
Accrued exploration and development costs$ 28,605,671$ -$ 28,605,671*
Accounts payable 1,768,560 259,150 2,027,710
Accrued interest 1,179,258 - 1,179,258
Accrued taxes payable 5,103,567 (79,100) 5,024,467
----------------------------------------
Total current liabilities 36,657,056 180,050 36,837,106
----------------------------------------
Deferred income taxes 89,392,952 (50,900) 89,342,052
----------------------------------------
Deferred credit 5,525,022 - 5,525,022
----------------------------------------
Notes payable to banks under credit agreement180,000,000 - 180,000,000
----------------------------------------
Parent company's investment:
Subordinated notes payable to parent 3,459,84315,743,491 19,203,334
Common stock, par value $1 per share 2,500 - 2,500
Paid-in capital 247,500 - 247,500
Retained deficit (7,193,011)(15,851,586)(23,044,597)
----------------------------------------
Total parent company's investment (3,483,168) (108,095) (3,591,263)
----------------------------------------
$ 308,091,862$ 21,055$ 308,112,917
========================================
*Accrued exploration and development costs:
Total
(All Samedan)
-------------
Exploration $10,500,018
Development 17,581,486
Work in process 222,714
Advance 301,453
-----------
$28,605,671
===========
</TABLE>
<PAGE>
<TABLE>
Exhibit h-2
NEW ENGLAND ENERGY INCORPORATED
Statements of Income and Retained Deficit
For the Quarter Ended September 30, 1995
(Unaudited, Subject to Adjustment)
<CAPTION>
Old Program New Program Combined
----------- ----------- --------
<S> <C> <C> <C>
Operating revenue:
Sales of fuel to an affiliate $ 35,905$ -$ 35,905
Loss passed on to an affiliate - - -
Accrued loss to be passed on to an affiliate11,225,700 - 11,225,700
Sales to nonaffiliates:
Oil 1,556,806 - 1,556,806
Gas 5,892,028 3,830 5,895,858
------------------------------------
Total operating revenue 18,710,439 3,830 18,714,269
------------------------------------
Operating expenses:
Purchases of fuel for an affiliate 35,905 - 35,905
Amortization of cost of fuel reserves 17,255,113 - 17,255,113
Production costs 1,502,521 1,031 1,503,552
------------------------------------
Total operating expenses 18,793,539 1,031 18,794,570
------------------------------------
Operating income/(loss) (83,100) 2,799 (80,301)
Other income/(expense):
Interest income - 613 613
Interest expense (640,261) - (640,261)
Other expense - - -
State taxes (904,000) - (904,000)
------------------------------------
Operating and other income/(loss) (1,627,361) 3,412 (1,623,949)
------------------------------------
Federal income taxes:
Current federal income taxes (343,900) 1,100 (342,800)
Deferred federal income taxes (879,500) - (879,500)
------------------------------------
Net federal income taxes (1,223,400) 1,100 (1,222,300)
------------------------------------
Net income (403,961) 2,312 (401,649)
Retained deficit at beginning of period (6,789,050)(15,853,898)(22,642,948)
------------------------------------
Retained deficit at end of period $ (7,193,011)$(15,851,586)$(23,044,597)
============ ========================
</TABLE>
<PAGE>
<PAGE>
<TABLE>
Exhibit h-3
NEW ENGLAND ENERGY INCORPORATED
Statements of Cash Flows
For the Quarter Ended September 30, 1995
(Unaudited, Subject to Adjustment)
<CAPTION>
Old Program New Program Combined
----------- ----------- --------
<S> <C> <C> <C>
Operating Activities:
Net income $ (403,961) $ 2,312$ (401,649)
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization of cost of fuel reserves 17,255,113 - 17,255,113
Loss passed on to an affiliate - - -
Accrued loss to be passed on to an affiliate(11,225,700) - (11,225,700)
Deferred income taxes (556,800) _ (556,800)
(Increase)/decrease in accounts receivable
(excluding loss to be passed on to affiliate) 7,646,829(409) 7,646,420
Increase/(decrease) in accrued exploration
and development costs 221,985 - 221,985
Increase/(decrease) in accounts payable (3,195,477) (82,561) (3,278,038)
Increase/(decrease) in accrued interest payable(671,946) - (671,946)
Increase/(decrease) in accrued taxes payable(2,487,594)1,100 (2,486,494)
------------ ---------------------
Net cash provided by operating activities$ 6,582,449$ (79,558)$ 6,502,891
------------ ---------------------
Investing Activities:
Investment in property - Samedan:
Exploration (also includes dry holes, depleted
wells and work in process)$ (1,216,705)$ -$ (1,216,705)
Development (also reflects transfer of
depleted wells) (197,351) - (197,351)
Capital costs (2,109,383) - (2,109,383)
Other (499,348) - (499,348)
------------ ---------------------
Net cash used in investing activities $ (4,022,787)$ -$ (4,022,787)
------------ ---------------------
Financing Activities:
Subordinated notes payable to parent-issues$ 632,479$ 100,000$ 732,479
Subordinated notes payable to parent-retirements(1,000,000) - (1,000,000)
Changes in notes payable to bank under
credit agreement (13,000,000) - (13,000,000)
------------ ---------------------
Net cash used in financing activities$(13,367,521)$ 100,000$(13,267,521)
------------ ---------------------
Net increase/(decrease) in cash and cash equivalents$(10,807,859) $ 20,442$ (10,787,417)
Cash and cash equivalents at beginning of period12,905,849 - 12,905,849
------------ ---------------------
Cash and cash equivalents at end of period $ 2,097,990 $ 20,442$ 2,118,432
------------ ---------------------
</TABLE>
<PAGE>
<PAGE>
Exhibit h-4
NEW ENGLAND ENERGY INCORPORATED
Computation of Bank Interest
Quarter Ended September 30, 1995
--------------------------------
Cost of Notes Payable to Banks Under Credit Agreement
- -----------------------------------------------------
Date Paid
Date or Maturity Annual
Amount Issued Date Rate % Total
------ ------ ----------- ------ -----
Old Program
-----------
$ 50,000,000 04/13/95 07/13/95 6.4850 $ 108,083.33
37,000,000 04/13/95 10/13/95 6.6725 630,921.94
61,000,000 05/15/95 08/15/95 6.3600 484,950.00
30,000,000 06/13/95 07/28/95 6.2000 139,500.00
15,000,000 06/13/95 07/13/95 6.2975 31,487.50
53,000,000 07/13/95 09/13/95 6.1100 557,707.22
28,000,000 07/28/95 08/29/95 6.1100 152,071.11
30,000,000 08/15/95 11/15/95 6.0900 238,525.00
12,000,000 08/15/95 11/15/95 6.0300 94,470.00
19,000,000 08/15/95 11/15/95 6.1100 151,561.94
28,000,000 08/29/95 09/29/95 6.1725 148,825.83
28,000,000 09/29/95 12/29/95 6.1100 9504.44
54,000,000 09/13/95 12/13/95 6.1100 164,970.00
---------------
2,912,578.31
Interest Rate Swap (219,650.54)
Fees (Primarily facility) 56,713.10
---------------
Total Old Program $2,749,640.87
---------------
<PAGE>
Exhibit i
NEW ENGLAND ENERGY INCORPORATED
Fuel Purchased for NEP
for the Quarter Ended September 30, 1995
-----------------------------------------
No fuel purchased for NEP during the quarter.
<PAGE>
<TABLE>
Exhibit j-1
<CAPTION>
Monthly Cost and Quality of Fuels for Electric Plants
FERC 429 Facsimile
<S> <C> <C>
01 Company-Plant Code 13433-1619
02 Month & Year of Report 07/95
03 Reporting Company New England Electric
04 Page Number 1
05 Plant Name Brayton Point
06 Plant Location Brayton Point Road, Somerset, MA 02726
07 Person to be Contacted Fuel Dept.
Concerning Data Coal Group
Entered on this Form 25 Research Drive, Westboro, MA 01582
08 Telephone Number 508-389-3029 / 508-389-3227
09 Signature of Official
Submitting this Report s/ Mary E. O'Neil
10 Title Senior Fuel Analyst
11 Date Report Completed August 30, 1995
<CAPTION>
Purchases Coal Mines Only Source Data
--------- -------------------------- -------------------------------------------------------
Quality as Received
Cont Fuel Coal State County Originating Quantity ------------------- Purch Price
Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT
(1) (2) (3) (4)
---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
12 C 12/95 BIT U 08 WV 059 ASHLAND 40.4 13161 0.64 8.33 164.04
13 C 05/95 BIT U 45 999 999 CDC LAJAGUA 25.5 12421 0.59 4.42 145.25
14 C 12/95 BIT U 45 IM 999 CERREJON 11.6 12175 0.58 5.04 138.28
15 C 12/95 BIT U 8 WV 045 RUM CREEK 61.4 12569 0.71 10.91 167.65
16 C 06/97 BIT U 8 WV 045 RUM CREEK 15.6 12356 0.74 12.02 167.84
17 C 12/97 BIT U 8 WV 059 SPROUSE CREEK 38.8 12471 0.68 9.55 180.66
18 S 08/95 BIT U 8 KY 195 WHITES CLOUD 2.8 12517 0.67 9.97 155.03
<FN>
(1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent
Oil = 1,000 bbls Oil per gal
Gas = 1,000 Mcf Gas per cu ft
</FN>
</TABLE>
<PAGE>
<TABLE>
Exhibit j-2
<CAPTION>
Monthly Cost and Quality of Fuels for Electric Plants
FERC 429 Facsimile
<S> <C> <C>
01 Company-Plant Code 13433-1626
02 Month & Year of Report 07/95
03 Reporting Company New England Electric
04 Page Number 1
05 Plant Name Salem Harbor
06 Plant Location 24 Fort Ave., Salem, MA 01970
07 Person to be Contacted Fuel Dept.
Concerning Data Coal Group
Entered on this Form 25 Research Drive, Westboro, MA 01582
08 Telephone Number 508-389-3029 / 508-389-3227
09 Signature of Official
Submitting this Report s/ Mary E. O'Neil
10 Title Senior Fuel Analyst
11 Date Report Completed August 30, 1995
<CAPTION>
Purchases Coal Mines Only Source Data
--------- -------------------------- -------------------------------------------------------
Quality as Received
Cont Fuel Coal State County Originating Quantity ------------------- Purch Price
Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT
(1) (2) (3) (4)
---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
12 C 12/95 BIT U 45 IM 999 CERREJON 43.7 12175 0.58 5.04 138.28
13 C 12/95 BIT S 50 IM 999 DIABLO PASO 39.9 12692 0.67 6.71 198.90
<FN>
(1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent
Oil = 1,000 bbls Oil per gal
Gas = 1,000 Mcf Gas per cu ft
</FN>
</TABLE>
<PAGE>
<TABLE>
Exhibit j-3
<CAPTION>
Monthly Cost and Quality of Fuels for Electric Plants
FERC 429 Facsimile
<S> <C> <C>
01 Company-Plant Code 13433-1619
02 Month & Year of Report 08/95
03 Reporting Company New England Electric
04 Page Number 1
05 Plant Name Brayton Point
06 Plant Location Brayton Point Road, Somerset, MA 02726
07 Person to be Contacted Fuel Dept.
Concerning Data Coal Group
Entered on this Form 25 Research Drive, Westboro, MA 01582
08 Telephone Number 508-389-3029 / 508-389-3227
09 Signature of Official
Submitting this Report s/ Mary E. O'Neil
10 Title Senior Fuel Analyst
11 Date Report Completed October 13, 1995
<CAPTION>
Purchases Coal Mines Only Source Data
--------- -------------------------- -------------------------------------------------------
Quality as Received
Cont Fuel Coal State County Originating Quantity ------------------- Purch Price
Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT
(1) (2) (3) (4)
---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
12 C 12/95 BIT U 8 WV 059 ASHLAND 81.2 13015 0.74 8.82 172.27
13 C 06/98 BIT S 8 WV 045 DALTEX 32.8 12313 0.74 11.75 168.32
14 C 06/98 BIT S 8 WV 045 HOBET 6.1 123130.79 11.75 169.09
15 C 02/96 BIT U 50 IM 999 NORTE DE SANTAN 57.3 12437 0.67 7.18 153.23
16 C 12/95 BIT U 8 WV 045 RUM CREEK 81.1 12501 0.69 10.34 168.29
17 C 12/97 BIT U 8 WV 059 SPROUSE CREEK 38.9 12598 0.72 8.39 131.90
<FN>
(1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent
Oil = 1,000 bbls Oil per gal
Gas = 1,000 Mcf Gas per cu ft
</FN>
</TABLE>
<PAGE>
<TABLE>
Exhibit j-4
<CAPTION>
Monthly Cost and Quality of Fuels for Electric Plants
FERC 429 Facsimile
<S> <C> <C>
01 Company-Plant Code 13433-1626
02 Month & Year of Report 08/95
03 Reporting Company New England Electric
04 Page Number 1
05 Plant Name Salem Harbor
06 Plant Location 24 Fort Ave., Salem, MA 01970
07 Person to be Contacted Fuel Dept.
Concerning Data Coal Group
Entered on this Form 25 Research Drive, Westboro, MA 01582
08 Telephone Number 508-389-3029 / 508-389-3227
09 Signature of Official
Submitting this Report s/ Mary E. O'Neil
10 Title Senior Fuel Analyst
11 Date Report Completed October 13, 1995
<CAPTION>
Purchases Coal Mines Only Source Data
--------- -------------------------- -------------------------------------------------------
Quality as Received
Cont Fuel Coal State County Originating Quantity ------------------- Purch Price
Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT
(1) (2) (3) (4)
---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
12 C 12/98 BIT S 45 IMP 999 EL CERREJON 37.2 12090 0.55 5.64 140.41
<FN>
(1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent
Oil = 1,000 bbls Oil per gal
Gas = 1,000 Mcf Gas per cu ft
</FN>
</TABLE>
<PAGE>
<TABLE>
Exhibit j-5
<CAPTION>
Monthly Cost and Quality of Fuels for Electric Plants
FERC 429 Facsimile
<S> <C> <C>
01 Company-Plant Code 13433-1619
02 Month & Year of Report 09/95
03 Reporting Company New England Electric
04 Page Number 1
05 Plant Name Brayton Point
06 Plant Location Brayton Point Road, Somerset, MA 02726
07 Person to be Contacted Fuel Dept.
Concerning Data Coal Group
Entered on this Form 25 Research Drive, Westboro, MA 01582
08 Telephone Number 508-389-3029 / 508-389-3227
09 Signature of Official
Submitting this Report s/ Mary E. O'Neil
10 Title Senior Fuel Analyst
11 Date Report Completed November 2, 1995
<CAPTION>
Purchases Coal Mines Only Source Data
--------- -------------------------- -------------------------------------------------------
Quality as Received
Cont Fuel Coal State County Originating Quantity ------------------- Purch Price
Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT
(1) (2) (3) (4)
---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
12 C 12/95 BIT U 8 WV 059 ASHLAND 43.6 12967 0.74 8.64 168.14
13 C 12/98 BIT S 45 IMP 999 EL CERREJON 40.0 12023 0.63 5.96 179.62
14 C 03/98 BIT U 8 KY 159 MARTIKI 20.4 126200.76 7.46 176.25
15 C 02/96 BIT U 50 IM 999 NORTE DE SANTAN 28.4 12445 0.69 7.21 153.08
16 C 03/98 BIT U 8 KY 159 PONTIKI 19.6 12620 0.76 7.46 176.25
17 C 12/95 BIT U 8 WV 045 RUM CREEK 61.5 12536 0.72 10.54 168.56
18 C 06/96 BIT U 8 WV 045 RUM CREEK 24.7 12486 0.71 11.19 169.73
19 S 06/95 BIT U 8 WV 045 RUM CREEK 1.0 11070 0.51 13.39 163.60
20 C 05/98 BIT S 8 WV 39 SAMPLES 29.6 12527 0.70 11.33 167.07
21 C 12/97 BIT U 8 WV 059 SPROUSE CREEK 36.3 12715 0.70 9.10 176.49
22 C 11/95 BIT U 8 KY 195 WHITES CLOUD 4.0 12718 0.71 8.58 149.12
<FN>
(1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent
Oil = 1,000 bbls Oil per gal
Gas = 1,000 Mcf Gas per cu ft
</FN>
</TABLE>
<PAGE>
<TABLE>
Exhibit j-6
<CAPTION>
Monthly Cost and Quality of Fuels for Electric Plants
FERC 429 Facsimile
<S> <C> <C>
01 Company-Plant Code 13433-1626
02 Month & Year of Report 09/95
03 Reporting Company New England Electric
04 Page Number 1
05 Plant Name Salem Harbor
06 Plant Location 24 Fort Ave., Salem, MA 01970
07 Person to be Contacted Fuel Dept.
Concerning Data Coal Group
Entered on this Form 25 Research Drive, Westboro, MA 01582
08 Telephone Number 508-389-3029 / 508-389-3227
09 Signature of Official
Submitting this Report s/ Mary E. O'Neil
10 Title Senior Fuel Analyst
11 Date Report Completed November 2, 1995
<CAPTION>
Purchases Coal Mines Only Source Data
--------- -------------------------- -------------------------------------------------------
Quality as Received
Cont Fuel Coal State County Originating Quantity ------------------- Purch Price
Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT
(1) (2) (3) (4)
---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
12 C 12/95 BIT S 50 IM 999 DIABLO PASO 36.8 12953 0.66 5.88 147.40
<FN>
(1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent
Oil = 1,000 bbls Oil per gal
Gas = 1,000 Mcf Gas per cu ft
</FN>
</TABLE>
