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File No. 33-59145
Rule 424(b)(2)
PRICING SUPPLEMENT NO. 1 Dated November 15, 1996
(To Prospectus Dated June 13, 1995)
MASSACHUSETTS ELECTRIC COMPANY
(A SUBSIDIARY OF NEW ENGLAND ELECTRIC SYSTEM)
SECURED MEDIUM-TERM NOTES
(First Mortgage Bonds, Series V)
Issue 96-1
Interest Rate: 6.78%
Maturity Date: November 20, 2006
Principal Amount: $20,000,000
Acceptance Date: November 14, 1996
Original Issue Date: November 19, 1996
Form of Delivery: Book-entry only
Depositary: The Depository Trust Company
55 Water Street
New York, New York
Issue: 96-1
Original Issue
Discount New Bond: No
Price of New Bonds:
Initial
Price to Underwriting Proceeds to
Public Discounts Company
----------- ------------ -----------
Per New Bond 100.00% 0.625% 99.375%
Total $20,000,000 $125,000 $19,875,000
DISTRIBUTION OF THE NEW BONDS
The New Bonds were sold in the amount of $10,000,000 to CS First Boston
Corporation and $10,000,000 to Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as Agents in connection with the offering of the New Bonds
described in this Pricing Supplement.
