File No. 70-7627
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
POST-EFFECTIVE AMENDMENT NO. 3 TO
FORM U-1 DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
_____________________
MAINE YANKEE ATOMIC POWER COMPANY
329 Bath Road
Brunswick, Maine 04011
(Name of company filing this statement and
address of principal executive office)
_____________________
NEW ENGLAND ELECTRIC SYSTEM
NORTHEAST UTILITIES
(Name of top registered holding company parent)
_____________________
William M. Finn, Esq.
Secretary
Maine Yankee Atomic Power Company
83 Edison Drive
Augusta, Maine 04330
Patrick S. Lydon
Vice President, Finance and Administration
Maine Yankee Atomic Power Company
329 Bath Road
Brunswick, Maine 04011
(Names and addresses of agents for service)
The Commission is requested to send copies of all orders, notices
and communications to:
E. Ellsworth McMeen, III, Esq.
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
125 West 55th Street
New York, New York 10019-4513
Maine Yankee Atomic Power Company ("Maine Yankee"), a
Maine company that is an indirect subsidiary of Northeast
Utilities and of New England Electric System, both registered
holding companies under the Public Utility Holding Company Act of
1935 (the "Act"), hereby amends its Declaration in File No. 70-
7627 (as previously amended, the "Declaration") in the following
respects.
Item 1. Description of Proposed Transactions.
By order dated July 18, 1989 (HCAR 24925) (the "1989
Order") the Securities and Exchange Commission (the "Commission")
authorized Maine Yankee to enter into, and borrow under, a
revolving credit agreement through August 31, 1992. By order
dated August 20, 1992 (HCAR 25608) (the "1992 Order") the
Commission extended such authority through August 31, 1995.
Pursuant to the 1989 Order, Maine Yankee entered into
the Secured Credit Agreement, dated as of August 15, 1989 (the
"Credit Agreement"), with a syndicate of commercial banks for
which The Bank of New York ("BNY") acts as agent bank, under
which Maine Yankee may issue promissory notes (the "Notes") from
time to time and at any time in an aggregate principal amount of
up to $50,000,000 outstanding at any one time with maturities of
from one day to ten years from the date of issuance (the "BNY
Facility").
As described in the Declaration, the Notes are secured
by a first lien on Maine Yankee's nuclear fuel inventory and its
rights to payment for fuel costs from the electric utility
companies that sponsor Maine Yankee (the "Sponsors") pursuant to
Power Contracts dated as of May 20, 1968, as amended and an
Additional Power Contract dated as of February 1, 1984. The
Notes are also secured by Maine Yankee's rights, subject to
certain conditions, to require the Sponsors to purchase the
common stock of, or contribute capital or make loans or advances
to, Maine Yankee to finance the costs of obtaining and
maintaining an inventory of nuclear fuel pursuant to Capital
Funds Agreements, dated as of May 20, 1968, with each of the
Sponsors.
Pursuant to the 1992 Order, the Credit Agreement was
amended with respect to (a) two of the four interest rate options
available under the Credit Agreement and (b) certain
administrative procedures under the Credit Agreement.
Maine Yankee hereby requests authority pursuant to this
amendment to the Declaration (the "Amended Declaration") to
extend the Commission's authorization for Maine Yankee to issue
promissory notes under the Credit Agreement, as amended, through
August 31, 1998.
Except as contemplated by this Amended Declaration, the
Declaration in this proceeding, as it relates to the Credit
Agreement and the BNY Facility, including, without limitation,
the use of proceeds from the Notes, is affirmed in all respects.
Item 2. Fees, Commissions and Expenses.
Maine Yankee will not incur any fees in connection with
the Credit Agreement, as amended, other than legal fees, bank
fees and the filing fee in respect of this Amended Declaration.
A schedule of Maine Yankee's estimated expenses is set forth in
Exhibit H.
Item 3. Applicable Statutory Provisions.
Sections 6(a) and 7 of the Act and Rules 23 and 24,
under the Act are applicable to the issue and sale of the Notes.
Item 4. Regulatory Approval.
The Maine Public Utilities Commission ("Maine PUC") has
jurisdiction over the issuance of up to $50,000,000 in aggregate
principal amount of the Notes outstanding at any one time and the
pledging by Maine Yankee of nuclear fuel and the right to receive
payments with respect to nuclear fuel pursuant to certain Power
Contracts and Capital Funds Agreements, as described under Item 1
hereof (the "Security"), pursuant to Sections 901, 902 and 1101,
Title 35-A, of the Maine Revised Statutes Annotated, 1991. The
Maine PUC has authorized the issuance of the Notes under the
Credit Agreement, as amended, and the pledging of the Security.
No other state or federal commission, other than the Commission,
has jurisdiction over these transactions.
Item 5. Procedure.
Maine Yankee requests that there be no hearing on this
Amended Declaration and that the Commission issue its order as
soon as practicable after the filing hereof.
Without prejudice to its right to modify the same if a
hearing should be ordered on this Amended Declaration, Maine
Yankee hereby makes the following specifications required by
paragraph (b) of Item 5 of Form U-1:
1. There should not be a recommended decision by a
hearing officer or any other responsible officer
of the Commission.
2. The Division of Corporate Regulation may assist in
the preparation of the Commission's decision
and/or order.
3. There should not be a 30-day waiting period
between issuance of the Commission's order and the
date on which the order is to become effective.
It is requested that the Commission send copies of all
communications to Maine Yankee as follows:
William M. Finn, Esq. Mr. Patrick S. Lydon
Secretary Vice President, Finance and
Maine Yankee Atomic Administration
Power Company Maine Yankee Atomic
83 Edison Drive Power Company
Augusta, Maine 04330 329 Bath Road
Telephone: (207) 623-3521 Brunswick, Maine 04011
Telephone: (207) 798-4100
with a copy to:
E. Ellsworth McMeen, III, Esq.
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
125 West 55th Street
New York, New York 10019-4513
Telephone: (212) 424-8083
Item 6. Exhibits and Financial Statements.
(a) Exhibits
A - Not Applicable.
B - Credit Agreement, as amended
(previously filed).
C - Not Applicable.
D - Order of the Maine PUC with respect to
the Credit Agreement, as amended
(previously filed).
E - Not Applicable.
F - Opinion of William M. Finn, Esq., with
respect to the Credit Agreement, as
amended, as to matters described
therein.
G - Financial Data Schedule
H - Estimated expenses of Maine Yankee in
connection with the proposed
transaction.
I - Draft of Notice.
(b) Financial Statements
Maine Yankee Atomic Power Company
(1) Balance Sheet, per books and pro forma, as of
March 31, 1995.
(2) Statement of Income and Statement of Retained
Earnings, per books and pro forma, for twelve
months ended March 31, 1995.
(3) Statement of Cash Flows, per books and pro
forma, for twelve months ended
March 31, 1995.
(4) Statement of Capitalization, as of March 31,
1995
(5) Statement of Sources and Uses of Funds
Projected for years 1996 - 1997
(6) Statement of Projected Cash Flow for 1995
Financial Statements of the top registered holding
companies, New England Electric System and Northeast Utilities,
have been omitted as not being necessary to a consideration of
this Amended Declaration.
There have been no material changes, not in the
ordinary course of business, since the date of the balance sheet.
Item 7. Information as to Environmental Effects.
The proposed transaction does not involve major federal
action having a significant effect on the human environment.
SIGNATURE
Pursuant to the requirements of the Public Utility
Holding Company Act of 1935, the undersigned company has duly
caused this Amended Declaration to be signed on its behalf by the
undersigned thereunto duly authorized.
MAINE YANKEE ATOMIC POWER COMPANY
By: /s/ Patrick S. Lydon
____________________________
Patrick S. Lydon
Vice President, Finance and
Administration
Date: May 26, 1995
EXHIBIT F
May 26, 1995
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Gentlemen:
This opinion is furnished to the Securities and
Exchange Commission (the "Commission") in connection with the
filing with the Commission of Amendment No. 3 (Post-Effective) to
the Declaration on Form U-1 (File 70-7627) of Maine Yankee Atomic
Power Company (the "Company") under the Public Utility Holding
Company Act of 1935 (the "Amended Declaration"). The Amended
Declaration requests that the Commission extend through August
31, 1998 its approval of the issue by the Company of up to
$50,000,000 in aggregate principal amount outstanding at any one
time of promissory notes pursuant to the Secured Credit
Agreement, dated as of August 15, 1989, among the Company, the
banks named therein and The Bank of New York, as agent bank, as
described in the Amended Declaration (the Secured Credit
Agreement hereinafter referred to as the "BNY Facility"; the
promissory notes to be issued pursuant to such BNY Facility
hereinafter referred to as the "Facility Notes").
I have acted as counsel for the Company and in
connection with this opinion I have examined originals or copies
certified or otherwise identified to my satisfaction of:
(1) the charter documents and by-laws of the Company,
as amended to date;
(2) minutes of meetings of the Company's shareholders
and directors, as kept in its minute books; and
(3) the documents and agreements pertaining to the BNY
Facility and such other certificates, documents and papers
as I deemed necessary or appropriate for the purpose of
rendering this opinion.
In such examination, I have assumed the genuineness of
all signatures, the authenticity of all documents submitted to me
as originals and the conformity to the original documents of all
documents submitted to me as copies. As to any facts material to
my opinion, I have, when relevant facts were not independently
established, relied upon the aforesaid agreements, instruments,
certificates and documents. In addition, I have examined such
questions of law as I have considered necessary or appropriate
for the purpose of rendering this opinion.
Based on the foregoing, and subject to the final
paragraph hereof, I am of the opinion that when the Commission
has taken the action requested in the Amended Declaration with
respect to the BNY Facility and the Facility Notes; and any
Facility Notes have been issued as described in the Amended
Declaration:
(1) All state laws applicable to the issue and sale by the
Company of the Facility Notes will have been complied
with;
(2) The Company is a corporation duly organized, validly
existing and in good standing in the State of Maine;
(3) The Facility Notes issued and sold by the Company will
be valid and binding obligations of the Company and,
subject to laws of general application affecting the
rights and remedies of creditors, will be enforceable
in accordance with their terms; and
(4) Consummation of the aforesaid issue and sale by the
Company of the Facility Notes will not violate the
legal rights of the holders of any securities issued by
the Company.
I hereby consent to the use of this opinion as an
exhibit to the Amended Declaration on Form U-1 of Maine Yankee
Atomic Power Company.
I am not, in this opinion, opining on laws other than
the laws of the State of Maine and the federal laws of the United
States.
Very truly yours,
/s/
William M. Finn
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1995
<PERIOD-END> MAR-31-1995 MAR-31-1995
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 254,098 254,098
<OTHER-PROPERTY-AND-INVEST> 212,622 212,622
<TOTAL-CURRENT-ASSETS> 48,326 48,326
<TOTAL-DEFERRED-CHARGES> 53,741 53,741
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 568,787 568,787
<COMMON> 50,000 50,000
<CAPITAL-SURPLUS-PAID-IN> 17,390 17,390
<RETAINED-EARNINGS> 144 144
<TOTAL-COMMON-STOCKHOLDERS-EQ> 67,534 67,534
18,600 18,600
0 0
<LONG-TERM-DEBT-NET> 96,666 96,666
<SHORT-TERM-NOTES> 0 0
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 6,667 6,667
600 600
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 378,720 378,720
<TOT-CAPITALIZATION-AND-LIAB> 568,787 568,787
<GROSS-OPERATING-REVENUE> 197,203 197,203
<INCOME-TAX-EXPENSE> (125) (125)
<OTHER-OPERATING-EXPENSES> 180,288 180,288
<TOTAL-OPERATING-EXPENSES> 180,163 180,163
<OPERATING-INCOME-LOSS> 17,040 17,040
<OTHER-INCOME-NET> 5,475 5,475
<INCOME-BEFORE-INTEREST-EXPEN> 22,515 22,515
<TOTAL-INTEREST-EXPENSE> 13,945 13,945
<NET-INCOME> 8,570 8,570
1,547 1,547
<EARNINGS-AVAILABLE-FOR-COMM> 7,023 7,023
<COMMON-STOCK-DIVIDENDS> 7,175 7,175
<TOTAL-INTEREST-ON-BONDS> 8,320 8,320
<CASH-FLOW-OPERATIONS> 54,888 54,888
<EPS-PRIMARY> 14.05 14.05
<EPS-DILUTED> 14.05 14.05
</TABLE>
EXHIBIT H
ESTIMATED EXPENSES OF
MAINE YANKEE ATOMIC POWER COMPANY
A. Holding Company Act Filing Fee. $ 2,000.00<F1>
B. Services of LeBoeuf, Lamb, Greene &
MacRae, L.L.P. in connection with this $ 2,000.00<F2>
filing.
C. Bank Fees:
1. Annual administrative fee payable
to The Bank of New York $ 20,000.00<F1>
2. Commitment fees on the unused
amount of the facility provided by
the Credit Agreement, as amended,
and on the aggregate principal
amount of outstanding bid loans
under the Credit Agreement, as
amended. $130,000.00<F2>
D. Expenditures (at cost) of Maine Yankee. $ 1,000.00<F2>
____________________
<F1> Actual amount.
<F2> Estimated. An accurate cost is not available, but is not
expected to exceed the estimated amount.
EXHIBIT I
PROPOSED FORM OF NOTICE
SECURITIES AND EXCHANGE COMMISSION
(Release No. 35- )
Filing Under the Public Utility Holding Company Act of 1935
_______________, 1995
Maine Yankee Atomic Power Company (File No. 70-7627)
Maine Yankee Atomic Power Company (the "Company"), 329
Bath Road, Brunswick, Maine 04011, an indirect subsidiary of
Northeast Utilities and New England Electric System, both
registered holding companies, has filed post-effective amendment
number three to its Declaration on Form U-1 filed under
Sections 6(a) and 7 of the Public Utility Holding Company Act of
1935, seeking to extend through August 31, 1998 its authorization
to issue promissory notes under a Revolving Credit Facility in an
aggregate principal amount not exceeding $50,000,000 at any one
time. The Maine Public Utilities Commission has authorized the
issuance of the Notes under the Credit Agreement, as amended.
It is stated that no other state or federal commission, other
than this Commission, has jurisdiction over the proposed
transactions. The Declaration and any amendments thereto are
available for public inspection through the Commission's Office
of Public reference.
Interested persons wishing to comment or request a
hearing should submit their views in writing by
_____________________, 1995, to the Secretary, Securities and
Exchange Commission, Washington, D.C. 20549, and serve a copy on
the Company at the address specified above to the attention of
William M. Finn, Esq., Secretary. Proof of service (by
affidavit, or in the case of an attorney at law, by certificate)
should be filed with the request. Any request for hearing shall
identify specifically the issues of fact or law that are
disputed. Any person who so requests will be notified of a
hearing, if ordered, and will receive a copy of any notice or
order issued in this matter. After said date, the post-effective
amendment to the Declaration, as filed or as it may be further
amended, may be granted.
For the Commission, by the Office of Public Utility
Regulation, pursuant to delegated authority.
Maine Yankee Atomic Power Company
BALANCE SHEET
(Unaudited)
(Dollars in Thousands)
ASSETS
Pro Forma
Adjustments
Showing Effect Final Pro
of Nuclear Forma
3/31/95 Fuel Financing 3/31/95
_______ ______________ _________
ELECTRIC PROPERTY, at Original Cost $404,158 $ $404,158
Less: Accumulated Depreciation and
Amortization 196,658 196,658
_______ _______ _______
207,500 0 207,500
Construction Work in Progress 6,856 6,856
_______ _______ _______
Net Electric Property 214,356 0 214,356
_______ _______ _______
NUCLEAR FUEL, at Original Cost
Nuclear Fuel in Reactor - -
Nuclear Fuel - Spent 396,570 396,570
Nuclear Fuel - Stock 81,969 81,969
_______ _______ _______
478,539 0 478,539
Less: Accumulated Amortization 438,985 438,985
_______ _______ _______
39,554 0 39,554
Nuclear Fuel in Process 188 188
_______ _______ _______
Net Nuclear Fuel 39,742 0 39,742
_______ _______ _______
Net Electric Property and
Nuclear Fuel 254,098 0 254,098
_______ _______ _______
CURRENT ASSETS
Cash and Cash Equivalents 3,622 3,622
Restricted Cash 11 11
Accounts Receivable 27,920 27,920
Material and Supplies, at Average Cost 12,126 12,126
Prepayments 4,647 4,647
_______ _______ _______
Total Current Assets 48,326 0 48,326
_______ _______ _______
DEFERRED CHARGES AND OTHER ASSETS
Trust Funds
Fuel Disposal 95,399 95,399
Plant Decommissioning 117,223 117,223
Regulatory Assets
Accumulated Deferred Income Tax Assets 28,021 28,021
DOE Decontamination
and Decommissioning Fee 20,383 20,383
Other 5,020 5,020
Other Deferred Charges and Other Assets 317 317
_______ _______ _______
Total Deferred Charges and
Other Assets 266,363 0 266,363
_______ _______ _______
$568,787 $ 0 $568,787
_______ _______ _______
Maine Yankee Atomic Power Company
BALANCE SHEET
(Unaudited)
(Dollars in Thousands)
STOCKHOLDERS' INVESTMENT AND LIABILITIES
Pro Forma
Adjustments
Showing Effect Final Pro
of Nuclear Forma
3/31/95 Fuel Financing 3/31/95
_______ ______________ _________
CAPITALIZATION
Common Stock Investment $ 67,534 $ $ 67,534
Redeemable Preferred Stock 18,600 18,600
Long-Term Debt 96,666 96,666
_______ _______ _______
Total Capitalization 182,800 0 182,800
_______ _______ _______
LONG-TERM FUEL DISPOSAL LIABILITY 109,429 0 109,429
_______ _______ _______
NUCLEAR FUEL FINANCING NOTES 18,500 0 18,500
_______ _______ _______
CURRENT LIABILITIES
Notes Payable to Banks - -
Current Sinking Fund Requirements 7,267 7,267
Accounts Payable 25,258 25,258
Fuel Disposal Cost Payable 188 188
Dividends Payable 2,054 2,054
Accrued Interest and Taxes 4,573 4,573
Other Current Liabilities 2,390 2,390
_______ _______ _______
Total Current Liabilities 41,730 0 41,730
_______ _______ _______
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Plant Decommissioning Reserve 118,973 118,973
Deferred Credits
Accumulated Deferred Income Tax
Liabilities 56,876 56,876
DOE Decontamination and
Decommissioning Fee 17,703 17,703
Regulatory Liability - Income Taxes 11,209 11,209
Unamoritized Investment Tax Credits 6,618 6,618
Unamortized Gains on Reacquired Debt 2,948 2,948
Other Deferred Credits 2,001 2,001
_______ _______ _______
Total Reserves and
Deferred Credits 216,328 0 216,328
_______ _______ _______
$568,787 $ 0 $568,787
_______ _______ _______
Maine Yankee Atomic Power Company
STATEMENT OF INCOME AND RETAINED EARNINGS
(Unaudited)
(Dollars in Thousands)
Pro Forma Final Pro
Adjustments Forma
12 Mos. Showing Effect 12 Mos.
Ended of Nuclear Ended
3/31/95 Fuel Financing 3/31/95
_______ ______________ _________
ELECTRIC OPERATING REVENUES $197,203 $ 0 $197,203
_______ _______ _______
OPERATING EXPENSES
Fuel
Amortization 15,831 15,831
Disposal Cost 6,828 6,828
Operation 77,096 77,096
Maintenance 36,231 36,231
Depreciation and Amortization 17,484 17,484
Decommissioning 14,901 14,901
Taxes
Federal and State Income (125) (125)
Local Property 11,917 11,917
_______ _______ _______
Total Operating Expenses 180,163 0 180,163
_______ _______ _______
OPERATING INCOME 17,040 0 17,040
OTHER INCOME (EXPENSES)
Allowance for Equity Funds Used
During Construction 84 84
For Nuclear Fuel - -
Other, Net 5,391 5,391
_______ _______ _______
INCOME BEFORE INTEREST CHARGES 22,515 0 22,515
_______ _______ _______
INTEREST CHARGES
Long-Term Debt 8,320 8,320
Fuel Disposal Liability 5,104 5,104
Fuel Financing Notes 546 546
Other Interest Charges 162 162
Allowance for Borrowed Funds Used
During Construction (104) (104)
For Nuclear Fuel (83) (83)
______ _______ _______
Total Interest Charges 13,945 0 13,945
_______ _______ _______
NET INCOME 8,570 8,570
RETAINED EARNINGS - BEGINNING OF PERIOD 96 96
PREFERRED DIVIDENDS DECLARED 1,547 1,547
COMMON DIVIDENDS DECLARED 6,975 6,975
_______ _______ _______
RETAINED EARNINGS - END OF PERIOD $ 144 $ 0 $ 144
_______ _______ _______
Maine Yankee Atomic Power Company
STATEMENT OF CASH FLOWS
(Unaudited)
(Dollars in Thousands)
Pro Forma Final Pro
Adjustments Forma
12 Mos. Showing Effect 12 Mos.
Ended of Nuclear Ended
3/31/95 Fuel Financing 3/31/95
_______ ______________ _________
OPERATING ACTIVITIES
Net Income $ 8,570 $ $ 8,570
Items Not Requiring (Providing) Cash
Fuel Amortization 15,831 15,831
Depreciation and Decommissioning 32,385 32,385
Deferred Income Taxes and
Investment Tax Credits, Net (5,436) (5,436)
Allowance for Equity Funds Used for
Nuclear Fuel and During Construction (84) (84)
Long-Term Fuel Disposal Interest,
Net of AFN 5,024 5,024
Other, Net 1,231 1,231
Changes in Certain Assets and Liabilities
Accounts Receivable (13,619) (13,619)
Other Current Assets 778 778
Accounts Payable 12,012 12,012
Accrued Interest and Taxes (1,804) (1,804)
_______ _______ _______
Net Cash Provided by
Operating Activities 54,888 0 54,888
_______ _______ _______
INVESTING ACTIVITIES
Acquisition of Nuclear Fuel (20,954) (20,954)
Construction of Electric Property (12,169) (12,169)
Changes in Accounts Payable -
Investing Activities
Nuclear Fuel 148 148
Construction of Electric Property 2,205 2,205
Investment Income in Decommissioning Trust 5,007 5,007
Trust Fund Investments
Fuel Disposal (7,337) (7,337)
Plant Decommissioning (19,058) (19,058)
_______ _______ _______
Net Cash Used by
Investing Activities (52,158) 0 (52,158)
_______ _______ _______
FINANCING ACTIVITIES
Issuances (Redemptions)
Bank Notes, Net (1,635) (1,635)
Fuel Financing Notes, Net 18,500 18,500
Long-Term Debt (6,667) (6,667)
Preferred Stock (600) (600)
Dividend Payments
Common Stock (7,175) (7,175)
Preferred Stock (1,559) (1,559)
_______ _______ _______
Net Cash Provided
by Financing Activities 864 0 864
_______ _______ _______
Net Increase in Cash and Cash Equivalents 3,594 3,594
Cash and Cash Equivalents
at Beginning of Year 28 28
_______ _______ _______
Cash and Cash Equivalents
at End of Year $ 3,622 $ 0 $ 3,622
_______ _______ _______
Maine Yankee Atomic Power Company
STATEMENT OF CAPITALIZATION
(Unaudited)
(Dollars in Thousands)
March 31,
1995
________
COMMON STOCK INVESTMENT
Common Stock, $100 Par Value,
Authorized and Outstanding 500,000 Shares $ 50,000
Other Paid-in Capital 16,633
Capital Stock Expense (423)
Gain on Cancellation of Preferred Stock 1,118
Premiums on Preferred Stock 62
Retained Earnings 144
_______
67,534
_______
REDEEMABLE PREFERRED STOCK
7.48% SERIES, $100 Par Value
Authorized 60,000 Shares
Outstanding 42,000 4,200
8.00% SERIES, $100 Par Value
Authorized 200,000 Shares
Outstanding 150,000 15,000
Less: Current Sinking Fund Requirements 600
_______
18,600
_______
LONG-TERM DEBT
First and General Mortgage Bonds
Series D - 8.79% due May 1, 2002 40,000
Series E - 8.13% due May 1, 2008 40,000
Series F - 6.89% due May 1, 2008 23,333
Less: Current Sinking Fund Requirements 6,667
_______
96,666
_______
Total Capitalization $182,800
_______
MAINE YANKEE ATOMIC POWER COMPANY
STATEMENT OF SOURCES AND USES OF FUNDS
Projected for years 1996-1997
(Dollars in Thousands)
1996 1997
____ ____
Beginning STD & Fuel Fin. Notes Outstanding $36,922 $38,492
Funds Provided:
From Operations 50,376 51,609
Funds Used:
Construction 4,200 5,800
Fuel 11,891 13,980
Sinking Funds 7,267 7,267
Dividends 8,931 8,935
Spent Fuel Disposal Trust 4,152 4,152
Working Capital 15,505 13,888
______ ______
Total Funds Used 51,946 54,022
______ ______
Sources Less Uses (1,570) (2,413)
______ ______
Ending STD & Fuel Fin. Notes Outstanding $38,492 $40,905
______ ______
MAINE YANKEE ATOMIC POWER COMPANY
STATEMENT OF PROJECTED CASH FLOW FOR 1995<F1>
(Dollars in Thousands)
(Unaudited)
CASH SOURCES TOTAL
Net Income $ 7,643
Fuel Amortization 7,759
Depreciation 18,064
______
TOTAL SOURCES 33,466
______
CASH USES
Repurchase - LTD 6,667
Repurchase - Preferred Stock 600
Nuclear Fuel Purchases 1,111
Spent Fuel Disposal Trust 4,152
Common Dividends 7,294
Preferred Dividends 1,527
Construction Expenditures 13,500
Working Capital 11,827
______
TOTAL USES 46,678
______
CASH SURPLUS (NEEDS) $(13,212)
______
BORROWINGS<F2>
Beginning Balance $23,710
Add (Sub.) to Balance 13,212
______
$36,922
______
<F1>Abbreviated Statement, net of most working capital items normally included
in a Source and Use Statement, as prescribed for Form 10-K at year end by the
SEC.
<F2>Borrowings include use of the Secured Eurodollar Facility, the Secured
Credit Agreement (Bank of New York Facility) and the Unsecured Bank Lines of
Credit.
