FILE NO.: 70-8313
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
POST-EFFECTIVE AMENDMENT NO. 2 TO
FORM U-1
APPLICATION-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 offices)
NEW ENGLAND ELECTRIC SYSTEM
NORTHEAST UTILITIES
(Names of top registered holding companies)
William M. Finn, Esq. Mr. Patrick S. Lydon
Central Maine Power Company Vice President,
83 Edison Drive Finance and Administration
Augusta, Maine 04330 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 notices, orders
and communications in connection with this
Application-Declaration to:
E. Ellsworth McMeen, III, Esq.
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
125 West 55th Street
New York, New York 10019
Item 1 - Description of Proposed Transaction
Scope of Amendment
Maine Yankee Atomic Power Company (the "Company" or
"Maine Yankee"), an indirect subsidiary of Northeast Utilities
and of New England Electric Systems, both registered holding
companies under the Public Utility Holding Company Act of 1935,
as amended (the "Act"), hereby files this Post-Effective
Amendment No. 2 to its Application-Declaration on Form U-1 (File
No. 70-8313) (the "Application") for the purpose of obtaining a
five year extension of authority for the Company to continue the
activities authorized in the Securities and Exchange Commission's
(the "Commission") order dated January 12, 1994 (HCAR 25973; File
No. 70-8313) (the "January 1994 Order"). The Company seeks to
extend this authority to issue and renew, from time to time, but
no later than December 31, 2001, up to an aggregate principal
amount at any time outstanding of $21 million of its short-term
promissory notes issued pursuant to bank lines of credit and
commercial paper maturing twelve months or less after the date of
issuance.<F1>
___________________
<F1> The Company had initially received authorization relating to
its issue and renewal of up to an aggregate principal amount
of $21 million of its short term promissiory notes through
December 31, 1993 pursuant to an order of the Commission
dated January 17, 1991 (HCAR 25244; File No. 70-7783). The
January 1994 Order extended the term of such authorization
through December 31, 1996.
The Company
The Company, incorporated under the laws of Maine,
operates a pressurized-water nuclear-powered electric generating
plant in Wiscasset, Maine, with a net capability of approximately
860 megawatts electric.
Proposed Financing
The securities are or will be unsecured notes or
obligations to commercial banking institutions under lines of
credit (the "Bank Notes") and unsecured notes sold through
dealers to institutional investors (the "Commercial Paper")
maturing twelve months or less from the date of issuance.
The Company currently maintains bank lines of credit
permitting the issuance of Bank Notes aggregating $21 million in
principal amount including $8 million with the Bank of New York
and $13 million with The First National Bank of Boston. As of
September 30, 1996, no amounts were issued and outstanding under
the bank lines of credit and the Company did not have any
unsecured commercial paper obligations. The Company believes
that maintaining these bank lines of credit as well as the
flexibility to issue Commercial Paper will assist it in meeting
its cash requirements over the next five years.
The aggregate face amount of the Bank Notes and the
Commercial Paper does not and will not exceed $21 million in
aggregate principal amount outstanding at any time. These
short-term borrowings could exceed 5 percent of the principal
amount and par value of the other securities of the Company,
which on September 30, 1996 equaled $168.6 million.
The Bank Notes and Commercial Paper are or will be
issued to provide interim financings for the Company's
construction program, for working capital and for other general
corporate purposes.
The Bank Notes are or will be demand or other
short-term obligations under bank lines of credit from time to
time outstanding. The effective interest cost of the Bank Notes
will not exceed the effective interest cost of borrowings at the
prime rate as in effect from time to time at such Banks.
Commitment fees will not exceed 1/2 of 1% of the lines of credit
from such Banks.
The Commercial Paper would be issued through dealers in
commercial paper and sold to institutional investors in
transactions normally associated with securities of this type.
The Commercial Paper may be backed by the Company's available
lines of credit, revolving credit agreements or other liquidity
or credit enhancement devices, including support by a banking
institution for a customary fee.
It is anticipated that one or more nationally
recognized commercial paper dealers selected by the Company to
act as dealers for the Commercial Paper will receive a fee,
currently estimated to be 1/8 of 1% per annum, on a discount
basis, of the amounts borrowed, as compensation for its or their
services with regard to the issuance of the Commercial Paper.
The fee actually paid will be that which the Company believes to
be customarily charged for such services under the circumstances.
The interest rates paid on the Commercial Paper vary or
will vary depending upon the interest rates prevailing in the
relevant market at the time of issuance.
There is no institutional trading of the Bank Notes and
they are not or will not be rated. It is anticipated that the
Commercial Paper will be rated in one of the top three rating
categories by a nationally recognized rating service. Neither
the Bank Notes nor the Commercial Paper are or will be listed on
a stock exchange.
The Company is seeking Commission authorization for
these short-term borrowings (which could exceed 5 percent of the
principal amount and par value of other securities of the
Company), which could be issued or renewed from time to time but
no later than December 31, 2001.<F2>
__________________
<F2> As noted under Item 4 below, the issuance of these short
term securities by the Company does not require the
approval of the Maine Public Utilities Commission and thus
does not satisfy the requirements for the exemption from
prior Commission approval contained in Rule 52 promulgated
under the Act, as recently amended.
Maine Yankee does not presently own any interest in any
"exempt wholesale generator" or "foreign utility company", as
those terms are defined in Sections 32 and 33 of the Act,
respectively, and at the date hereof is not a party to, and does
not have any rights under, a service, sales or construction
agreement with any such entity. Further, neither Maine Yankee,
New England Electric System or Northeast Utilities nor any of
their associates will use the proceeds from any borrowings that
are the subject of this Amendment to acquire such interests or
such rights.
Action Requested
The Company respectfully requests Commission
authorization to extend the date through which the Company may
from time to time issue and renew the Bank Notes and Commercial
Paper maturing twelve months or less after the date of issuance
up to an aggregate amount at any one time outstanding of $21
million through December 31, 2001, under substantially the same
terms and conditions as are currently applicable to the
activities authorized by the Commission's January 1994 Order.
Item 2 - Fees, Commissions and Expenses
No fees (other than legal fees, bank fees relating to
the lines of credit and fees relating to the sale of the
Commercial Paper referred to in Item 3, below) or commissions are
to be paid in connection with the Company's proposed issue and
sale of the Bank Notes and Commercial Paper. The Company's
estimated expenses in this connection are included in Exhibit H
hereto.
Item 3 - Applicable Statutory Provisions
The Company is an indirect subsidiary of two registered
holding companies: New England Electric System and Northeast
Utilities. Therefore, the proposed issuance of up to $[21]
million of the Company's Bank Notes and Commercial Paper (which
amount could exceed five percent of the principal amount and par
value of the other securities of the Company now outstanding) is
subject to the provisions of Section 6(a) and Section 7 of the
Act and regulations thereunder.
Item 4 - Regulatory Approval
The Maine Public Utilities Commission has jurisdiction
over the issuance of securities by the Company. Pursuant to
Section 902 of Title 35-A of the Maine Revised Statutes
Annotated, the authorization of the Maine Public Utilities
Commission is required for the issue of evidences of indebtedness
payable at periods of more than twelve months from the date of
issuance. The Bank Notes and Commercial Paper that are the
subject of this Application will mature within twelve months from
the date of issuance and therefore no authorization of the Maine
Public Utilities Commission is required.
No other state or Federal commission, except the
Commission, has jurisdiction over the proposed transaction.
Item 5 - Procedure
The Company requests that there be no hearing on this
Application 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 Application, the Company hereby
makes the following specifications as 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.
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 the Company as follows:
William M. Finn, Esq. Mr. Patrick S. Lydon
Central Maine Power Company Vice President,
83 Edison Drive Finance and Administration
Augusta, Maine 04330 Maine Yankee Atomic Power
Company
329 Bath Road
Brunswick, Maine 04011
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
Telephone: (212) 424-8083
Item 6 - Exhibits and Financial Statements
(a) Exhibits
A Not applicable.
B Banks' line of credit letters (previously filed).
C Not Applicable.
D Not Applicable.
E Not Applicable.
F Opinion of William M. Finn, Esq., as to matters
described therein.
G Financial Data Schedule
H Estimated expenses of the Company in connection with
the proposed transactions.
I Form of Notice.
(b) Maine Yankee Atomic Power Company Financial Statements.
1. Balance Sheet and Statement of Capitalization, as of
September 30, 1996.
2. Statement of Income and Statement of Retained Earnings,
twelve months ended September 30, 1996.
3. Statement of Projected Cash Flow for 1997.
4. Statement of Sources and Uses of Funds Projected for
Years 1998-2001.
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, i.e., the issuance of the
Bank Notes and Commercial Paper, will not of itself have any
direct environmental impact and therefore a negative statement by
the Commission is appropriate. The proceeds of the borrowings
will be used to finance capital costs of the Company's
nuclear-powered electric generating plant in Wiscasset, Maine;
the environmental effects of such operation were fully evaluated
and concluded to be acceptable under the National Environmental
Policy Act by the United States Atomic Energy Commission (now the
Nuclear Regulatory Commission) at the time the Company was issued
an operating license in 1973.
SIGNATURE
Pursuant to the requirements of the Public Utility
Holding Company Act of 1935, Maine Yankee has caused this
Application to be signed on its behalf by its undersigned officer
thereunto duly authorized.
MAINE YANKEE ATOMIC POWER COMPANY
By:/s/ Michael E. Thomas
Michael E. Thomas
Treasurer
Date: November 6, 1996
EXHIBIT F
November 5, 1996
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 Post-Effective Amendment No. 2 to
the Declaration on Form U-1 (File 70-8313) of Maine Yankee Atomic
Power Company (the "Company") under the Public Utility Holding
Company Act of 1935 (the "Declaration"). The Declaration
requests that the Commission extend through December 31, 2001 the
Company's authorization to issue and renew, from time to time, up
to an aggregate principal amount at any one time outstanding of
$21 million of short-term promissory notes ("Bank Notes") issued
pursuant to bank lines of credit and commercial paper
("Commercial Paper") maturing twelve months or less after the
date of issuance.
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) 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 Declaration; and any Bank
Notes or Commercial Paper have been issued as described in the
Declaration:
(1) All state laws applicable to the issue and sale by the
Company of the Bank Notes and the Commercial Paper 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 Bank Notes and the Commercial Paper 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 either the Bank Notes or the Commercial
Paper 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 Post Effective Amendment No. 2 to the Application/
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
William M. Finn
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-END> SEP-30-1996 SEP-30-1996
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 223,646 223,646
<OTHER-PROPERTY-AND-INVEST> 262,469 262,469
<TOTAL-CURRENT-ASSETS> 36,134 36,134
<TOTAL-DEFERRED-CHARGES> 57,839 57,839
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 580,088 580,088
<COMMON> 50,000 50,000
<CAPITAL-SURPLUS-PAID-IN> 17,389 17,389
<RETAINED-EARNINGS> 3,797 3,797
<TOTAL-COMMON-STOCKHOLDERS-EQ> 71,186 71,186
18,000 18,000
0 0
<LONG-TERM-DEBT-NET> 88,332 88,332
<SHORT-TERM-NOTES> 0 0
<LONG-TERM-NOTES-PAYABLE> 5,000 5,000
<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> 390,303 390,303
<TOT-CAPITALIZATION-AND-LIAB> 580,088 580,088
<GROSS-OPERATING-REVENUE> 181,667 181,667
<INCOME-TAX-EXPENSE> (1,533) (1,533)
<OTHER-OPERATING-EXPENSES> 165,638 165,638
<TOTAL-OPERATING-EXPENSES> 164,105 164,105
<OPERATING-INCOME-LOSS> 17,562 17,562
<OTHER-INCOME-NET> 5,513 5,513
<INCOME-BEFORE-INTEREST-EXPEN> 23,075 23,075
<TOTAL-INTEREST-EXPENSE> 14,806 14,806
<NET-INCOME> 8,269 8,269
1,481 1,481
<EARNINGS-AVAILABLE-FOR-COMM> 6,788 6,788
<COMMON-STOCK-DIVIDENDS> 5,175 5,175
<TOTAL-INTEREST-ON-BONDS> 7,487 7,487
<CASH-FLOW-OPERATIONS> 55,020 55,020
<EPS-PRIMARY> 13.57 13.57
<EPS-DILUTED> 13.57 13.57
</TABLE>
EXHIBIT H
ESTIMATED EXPENSES OF
MAINE YANKEE ATOMIC POWER COMPANY
A. Holding Company Act Filing Fee $ 2,000.00<F*>
B. Services of LeBoeuf, Lamb, Greene
& MacRae, L.L.P. in connection
with this filing 2,000.00<F**>
C.1. Commitment fees on available
amount of short-term promissory
notes available through bank lines
of credit 52,500.00<F*>
C.2. Expenditures (at cost) of Company
in connection with the issue of
the Bank Notes and Commercial
Paper - Professional, clerical,
stenographic, supplies, travel
expenses 5,000.00<F**>
____________________
<F*> Actual amount.
<F**> 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. 70-8813)
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
No. 2 to its Application/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 December 31, 2001 its existing
authorization to issue and sell, no later than December 31, 2001,
short-term notes ("Notes") under bank lines of credit, and/or
commercial paper ("Commercial Paper") up to an aggregate amount
at any one time outstanding of $21 million. As of September 30,
1996, Maine Yankee did not have any amounts issued and
outstanding under these credit lines nor did it have any
Commercial Paper obligations outstanding. Maine Yankee believes
maintaining these lines of credit and the flexibility to issue
Commercial Paper will assist it in meeting its cash requirements
over the next five years.
The Notes will mature in twelve months or less from the
date of issuance and will have an effective interest cost not
exceeding the effective interest cost of borrowings at the prime
rate, as in effect from time-to-time at the banks. Commitment
fees will not exceed 1/2 of 1% of the lines of credit from such
banks.
The Commercial Paper will mature in twelve months or
less from the date of issuance and will be issued pursuant to an
exception from competitive bidding through dealers in commercial
paper and sold to institutional investors. The Commercial Paper
may be backed by Maine Yankee's available lines of credit,
revolving credit agreements or other liquidity or credit
enhancement devices, including credit support by a banking
institution for customary fees. Maine Yankee will pay a fee to
the dealers in the Commercial Paper, estimated to be 1/8 of 1%
per annum, on a discount basis, of the amounts borrowed, as
compensation for their services with regard to the issuance of
the Commercial Paper. The interest rate on the Commercial Paper
will vary depending upon the interest rates prevailing in the
relevant market at the time of issuance.
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 Final
Showing Pro
Effect of Forma
9/30/96 STD Issues 9/30/96
ELECTRIC PROPERTY, at
Original Cost $409,553 $ $409,553
Less: Accumulated
Depreciation and
Amortization 221,954 221,954
_______ ________ _______
187,599 0 187,599
Construction Work in
Progress 4,628 4,628
_______ ________ _______
Net Electric Property 192,227 0 192,227
_______ ________ _______
NUCLEAR FUEL, at Original
Cost
Nuclear Fuel in Reactor 78,037 78,037
Nuclear Fuel - Spent 391,803 391,803
Nuclear Fuel - Stock 8,657 8,657
_______ ________ _______
478,497 0 478,497
Less: Accumulated
Amortization 450,500 450,500
_______ ________ _______
27,997 0 27,997
Nuclear Fuel in Process 3,422 3,422
_______ ________ _______
Net Nuclear Fuel 31,419 0 31,419
_______ ________ _______
Net Electric Property
and Nuclear Fuel 223,646 0 223,646
_______ ________ _______
CURRENT ASSETS
Cash and Cash Equivalents 8,482 8,482
Restricted Cash 12 12
Accounts Receivable 15,441 15,441
Materials and Supplies, at
Average Cost 10,911 10,911
Prepayments 1,288 1,288
_______ ________ _______
Total Current Assets 36,134 0 36,134
_______ ________ _______
DEFERRED CHARGES AND OTHER
ASSETS
Trust Funds
Fuel Disposal 108,777 108,777
Plant Decommissioning 153,692 153,692
Regulatory Assets
Accumulated Deferred
Income
Tax Assets 32,991 32,991
DOE Decontamination and
Decommissioning Fee 18,309 18,309
Other 6,342 6,342
Other Deferred Charges and
Other
Assets 197 197
_______ ________ _______
Total Deferred Charges
and
Other Assets 320,308 0 320,308
_______ ________ _______
$580,088 $ 0 $580,088
_______ ________ _______
Maine Yankee Atomic Power Company
BALANCE SHEET
(Unaudited)
(Dollars in Thousands)
STOCKHOLDERS' INVESTMENT AND LIABILITIES
Pro Forma
Adjustments Final
Showing Pro
Effect of Forma
9/30/96 STD Issues 9/30/96
CAPITALIZATION
Common Stock Investment $ 71,186 $ $ 71,186
Redeemable Preferred Stock 18,000 18,000
Long-Term Debt 88,332 88,332
_______ ________ _______
Total Capitalization 177,518 0 177,518
_______ ________ _______
LONG-TERM FUEL DISPOSAL
LIABILITY 118,715 0 118,715
_______ ________ _______
NUCLEAR FUEL FINANCING NOTES 5,000 0 5,000
_______ ________ _______
CURRENT LIABILITIES
Notes Payable to Banks - -
Current Sinking Fund
Requirements 7,267 7,267
Accounts Payable 12,067 12,067
Fuel Disposal Cost Payable 814 814
Dividends Payable 1,867 1,867
Accrued Interest and Taxes 11,260 11,260
Other Current Liabilities 2,217 2,217
_______ ________ _______
Total Current Liabilities 35,492 0 35,492
_______ ________ _______
COMMITMENTS AND CONTINGENCIES
RESERVES AND DEFERRED CREDITS
Plant Decommissioning
Reserve 155,092 155,092
Deferred Credits
Accumulated Deferred
Income
Tax Liabilities 53,074 53,074
DOE Decontamination and
Decommissioning Fee 16,520 16,520
Regulatory Liability -
Income Taxes 9,857 9,857
Unamortized Investment
Tax
Credits 6,496 6,496
Unamortized Gains on
Reacquired Debt 2,324 2,324
_______ ________ _______
Total Reserves and
Deferred Credits 243,363 0 243,363
_______ ________ _______
$580,088 $ 0 $580,088
_______ ________ _______
Maine Yankee Atomic Power Company
STATEMENT OF CAPITALIZATION
(Unaudited)
(Dollars in Thousands)
September 30,
1996
COMMON STOCK INVESTMENT
Common Stock, $100 Par Value, 500,000 Shares
Authorized and Outstanding $ 50,000
Other Paid-in Capital 16,580
Capital Stock Expense (369)
Gain on Cancellation of Preferred Stock 1,125
Premiums on Preferred Stock 53
Retained Earnings 3,797
_______
71,186
_______
REDEEMABLE PREFERRED STOCK
7.48% SERIES, $100 Par Value
Authorized 60,000 Shares
Outstanding 36,000 3,600
8.00% Series, $100 Par Value
Authorized 200,000 Shares
Outstanding 150,000 15,000
Less: Current Sinking Fund Requirements 600
_______
18,000
_______
LONG-TERM DEBT
First Mortgage Bonds
Series D - 8.79% due May 1, 2002 35,000
Series E - 8.13% due May 1, 2008 40,000
Series F - 6.89% due May 1, 2008 19,999
Less: Current Sinking Fund Requirements 6,667
_______
88,332
_______
Total Capitalization $177,518
_______
Maine Yankee Atomic Power Company
STATEMENT OF INCOME AND RETAINED EARNINGS
(Unaudited)
(Dollars in Thousands)
Pro Forma Final
Adjustments Pro
Showing Forma
12 MTD Effect of 12 MTD
9/30/96 STD Issues 9/30/96
ELECTRIC OPERATING REVENUES $181,667 $ 0 $181,667
_______ ________ _______
OPERATING EXPENSE
Fuel
Amortization 10,976 10,976
Disposal Cost 5,398 5,398
Operation 74,744 74,744
Maintenance 29,722 29,722
Depreciation 17,957 17,957
Decommissioning 14,900 14,900
Taxes
Federal and State
Income (1,533) (1,533)
Local Property 11,941 11,941
_______ ________ _______
Total Operating
Expenses 164,105 0 164,105
_______ ________ _______
OPERATING INCOME 17,562 0 17,562
OTHER INCOME (EXPENSE)
Allowance for Equity Funds
Used
During Construction 151 151
For Nuclear Fuel - -
Other, Net 5,362 5,362
_______ ________ _______
INCOME BEFORE INTEREST
CHARGES 23,075 0 23,075
_______ ________ _______
INTEREST CHARGES
Long-Term Debt 7,487 7,487
Fuel Disposal Liability 6,078 6,078
Fuel Financing Notes 1,083 1,083
Other Interest Charges 396 396
Allowance for Borrowed
Funds
Used During Construction (176) (176)
For Nuclear Fuel (62) (62)
_______ ________ _______
Total Interest
Charges 14,806 0 14,806
_______ ________ _______
NET INCOME 8,269 8,269
RETAINED EARNINGS - BEGINNING
OF PERIOD 3,684 3,684
PREFERRED DIVIDENDS DECLARED 1,481 1,481
COMMON DIVIDENDS DECLARED 6,675 6,675
_______ ________ _______
RETAINED EARNINGS - END OF
PERIOD $ 3,797 $ 0 $ 3,797
_______ ________ _______
Maine Yankee Atomic Power Company
STATEMENT OF PROJECTED CASH FLOW FOR 1997<F1>
(Dollars in Thousands)
(Unaudited)
CASH SOURCES TOTAL
Net Income $ 7,929
Fuel Amortization 22,878
Depreciation 19,124
_______
TOTAL SOURCES 49,931
_______
CASH USES
Repurchase - LTD 6,667
Repurchase - Preferred Stock 600
Nuclear Fuel Purchases 28,227
Spent Fuel Disposal Trust 6,290
Common Dividends 7,183
Preferred Dividends 1,424
Construction Expenditures 10,000
Working Capital and Change in A/P Activity 13,942
_______
TOTAL USES 74,333
_______
CASH SURPLUS (NEEDS) $(24,402)
_______
BORROWINGS<F2>
Beginning Balance $ 19,346
Add (Sub.) to Balance 24,402
_______
$ 43,748
_______
____________________
<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.
Maine Yankee Atomic Power Company
STATEMENT OF SOURCES AND USES OF FUNDS
Projected for years 1998-2001
(Dollars in Thousands)
1998 1999 2000 2001
Beginning STD & Fuel Fin.
Notes Outstanding $43,748 $(2,995) $14,316 $32,130
Fund Provided:
From Operations 58,006 57,046 58,915 64,838
From External Long-Term
Financing 40,000 0 0 0
______ ______ ______ ______
Total Funds Provided 98,006 57,046 58,915 64,838
______ ______ ______ ______
Fund Used:
Construction 5,200 10,000 10,000 5,000
Fuel 672 24,293 30,967 5,555
Sinking Funds 7,267 11,267 11,267 11,267
Dividends 8,563 8,518 8,473 8,428
Working Capital 29,561 20,279 16,022 16,789
______ ______ ______ ______
Total Funds Used 51,263 74,357 76,729 47,039
______ ______ ______ ______
Sources Less Uses 46,743 (17,311) (17,814) 17,799
______ ______ ______ ______
Ending STD & Fuel Fin.
Notes Outstanding $(2,995) $14,316 $32,130 $14,331
______ ______ ______ ______
