<PAGE 1>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549-1004
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission File Number 2-7749
COMMONWEALTH ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
Massachusetts 04-1659070
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Main Street, Cambridge, Massachusetts 02142-9150
(Address of principal executive offices) (Zip Code)
(617) 225-4000
(Registrant's telephone number, including area code)
(Former name, address and fiscal year, if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports),and (2) has been subject to such
filing requirements for the past 90 days. YES X NO
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Outstanding at
Class of Common Stock November 1, 1994
Common Stock, $25 par value 2,043,972 shares
The Company meets the conditions set forth in General Instruction H(1)(a) and
(b) of Form 10-Q as a wholly-owned subsidiary and is therefore filing this
Form with the reduced disclosure format.
<PAGE 2>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
COMMONWEALTH ELECTRIC COMPANY
CONDENSED BALANCE SHEETS
SEPTEMBER 30, 1994 AND DECEMBER 31, 1993
ASSETS
(Unaudited)
September 30, December 31,
1994 1993
(Dollars in Thousands)
PROPERTY, PLANT AND EQUIPMENT,
at original cost $489 864 $475 348
Less - Accumulated depreciation 142 032 133 349
347 832 341 999
Add - Construction work in progress 4 387 5 478
352 219 347 477
INVESTMENTS
Equity in nuclear electric power company 638 601
Other 14 14
652 615
CURRENT ASSETS
Cash 1 660 2 794
Advances to affiliates 3 915 4 485
Accounts receivable -
Affiliates 1 544 2 413
Customers 34 473 38 743
Unbilled revenues 8 987 9 332
Prepaid property taxes 4 109 2 538
Inventories and other 6 639 6 787
61 327 67 092
DEFERRED CHARGES 49 178 34 619
$463 376 $449 803
<PAGE 3>
COMMONWEALTH ELECTRIC COMPANY
CONDENSED BALANCE SHEETS
SEPTEMBER 30, 1994 AND DECEMBER 31, 1993
CAPITALIZATION AND LIABILITIES
(Unaudited)
September 30, December 31,
1994 1993
(Dollars in Thousands)
CAPITALIZATION
Common Equity -
Common stock, $25 par value -
Authorized and outstanding -
2,043,972 shares wholly-owned by
Commonwealth Energy System (Parent) $ 51 099 $ 51 099
Amounts paid in excess of par value 97 112 97 112
Retained earnings 19 705 15 118
167 916 163 329
Long-term debt, less current sinking
fund requirements 157 814 158 858
325 730 322 187
CURRENT LIABILITIES
Current sinking fund requirements 1 053 1 053
Accounts payable -
Affiliates 6 851 10 088
Other 26 913 22 044
Accrued taxes -
Local property and other 4 765 3 017
Income 7 301 2 337
Other 12 613 13 125
59 496 51 664
DEFERRED CREDITS
Accumulated deferred income taxes 40 886 39 396
Unamortized investment tax credits 8 098 8 430
Other 29 166 28 126
78 150 75 952
COMMITMENTS AND CONTINGENCIES
$463 376 $449 803
See accompanying notes.
<PAGE 4>
COMMONWEALTH ELECTRIC COMPANY
CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1994 AND 1993
(Unaudited)
Three Months Ended Nine Months Ended
1994 1993 1994 1993
(Dollars in Thousands)
ELECTRIC OPERATING REVENUES $119 559 $114 829 $336 293 $319 146
OPERATING EXPENSES
Electricity purchased for
resale, transmission and fuel 77 372 74 332 222 414 211 385
Other operation and maintenance 20 159 19 546 61 954 65 485
Depreciation 3 999 3 867 11 997 11 583
Taxes -
Income 4 264 4 446 8 285 5 084
Local property 1 388 1 297 3 912 3 732
Payroll and other 595 614 2 223 2 455
107 777 104 102 310 785 299 724
OPERATING INCOME 11 782 10 727 25 508 19 422
OTHER INCOME (EXPENSE)
Allowance for equity funds
used during construction 63 - 192 -
Other, net (1 249) 157 (1 083) 153
(1 186) 157 (891) 153
INCOME BEFORE INTEREST CHARGES 10 596 10 884 24 617 19 575
INTEREST CHARGES
Long-term debt 3 620 3 570 10 710 9 682
Other interest charges 123 200 348 1 123
Allowance for borrowed funds
used during construction (73) (51) (226) (105)
3 670 3 719 10 832 10 700
NET INCOME 6 926 7 165 13 785 8 875
RETAINED EARNINGS -
Beginning of period 14 823 11 291 15 118 14 882
Dividends on common stock (2 044) - (9 198) (5 301)
RETAINED EARNINGS -
End of period $ 19 705 $ 18 456 $ 19 705 $ 18 456
See accompanying notes.
<PAGE 5>
COMMONWEALTH ELECTRIC COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1994 AND 1993
(Unaudited)
1994 1993
(Dollars in Thousands)
OPERATING ACTIVITIES
Net income $ 13 785 $ 8 875
Effects of non-cash items -
Depreciation and amortization 13 790 12 644
Deferred income taxes and investment
tax credits, net (1 053) 1 303
Allowance for equity funds used
during construction (192) -
Change in working capital, exclusive of cash
and advances to affiliates 11 893 24 125
Fuel charge stabilization deferral (11 470) -
All other operating items (3 314) (10 458)
Net cash provided by operating activities 23 439 36 489
INVESTING ACTIVITIES
Additions to property, plant and equipment
(exclusive of AFUDC) (14 675) (12 230)
Allowance for borrowed funds used during
construction (226) (105)
Payments from (advances to) affiliates 570 (15 580)
Net cash used for investing activities (14 331) (27 915)
FINANCING ACTIVITIES
Long-term debt issues - 65 000
Sale of common stock - 35 000
Payment of short-term borrowings - (67 275)
Payment to affiliates - (11 840)
Long-term debt issues refunded - (21 300)
Payment of dividends (9 198) (5 301)
Sinking funds payments (1 044) (1 058)
Net cash used for financing activities (10 242) (6 774)
Net increase (decrease) in cash (1 134) 1 800
Cash at beginning of period 2 794 507
Cash at end of period $ 1 660 $ 2 307
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest (net of capitalized amounts) $ 11 759 $ 10 906
Income taxes $ 2 163 $ 947
See accompanying notes.
<PAGE 6>
COMMONWEALTH ELECTRIC COMPANY
NOTES TO CONDENSED FINANCIAL STATEMENTS
(1) Accounting Policies
Commonwealth Electric Company (the Company) is a wholly-owned
subsidiary of Commonwealth Energy System. The parent company is referred
to in this report as the "System" and, together with its subsidiaries, is
collectively referred to as "the system."
The Company's significant accounting policies are described in Note
1 of Notes to Financial Statements included in its 1993 Annual Report on
Form 10-K filed with the Securities and Exchange Commission. For interim
reporting purposes, the Company follows these same basic accounting
policies but considers each interim period as an integral part of an
annual period and makes allocations of certain expenses to interim
periods based upon estimates of such expenses for the year.
The Company has established various regulatory assets in cases where
the Massachusetts Department of Public Utilities (DPU) and/or the Federal
Energy Regulatory Commission have permitted, or are expected to permit,
recovery of specific costs over time. Similarly, certain regulatory
liabilities established by the Company are required to be refunded to
customers over time. As of September 30, 1994, principal regulatory
assets included in deferred charges were $11.5 million associated with a
rate stabilization plan, $10 million for postretirement benefits costs
including pensions, $7.3 million for unrecovered plant and decommission-
ing costs for the Yankee Atomic nuclear plant, $7.1 million in litigation
costs associated with a settlement agreement with Boston Edison Company
relative to the Pilgrim nuclear power plant, $4 million for unrecovered
costs associated with a conservation and load management program and
$4.4 million in abandonment costs for the Cannon Street generating
station. The principal regulatory liability, reflected in deferred
credits, was $4 million related to income taxes.
Generally, expenses which relate to more than one interim period are
allocated to other periods to more appropriately match revenues and
expenses. Income tax expense is recorded using the statutory rates in
effect applied to book income subject to tax recorded in the interim
period.
The unaudited financial statements for the periods ended September
30, 1994 and 1993 reflect, in the opinion of the Company, all adjustments
(consisting of only normal recurring accruals) necessary to summarize
fairly the results for such periods. In addition, certain prior period
amounts are reclassified from time to time to conform with the presenta-
tion used in the current period's financial statements.
The results for interim periods are not necessarily indicative of
results for the entire year because of seasonal variations in the con-
sumption of energy.
<PAGE 7>
COMMONWEALTH ELECTRIC COMPANY
(2) Commitments and Contingencies
(a) Construction and Financing Programs
The Company is engaged in a continuous construction program present-
ly estimated at $141 million for the five-year period 1994 through 1998.
Of that amount, $24.8 million is estimated for 1994. As of September 30,
1994, the Company's construction expenditures amounted to approximately
$15.1 million, including an allowance for funds used during construction.
The Company expects to finance these expenditures on an interim basis
with internally-generated funds and short-term borrowings which are
ultimately expected to be repaid with the proceeds from sales of long-
term debt and equity securities.
The program is subject to periodic review and revision due to
factors such as changes in business conditions, rates of customer growth,
effects of inflation, maintenance of reliable and safe service, equipment
delivery schedules, licensing delays, availability and cost of capital
and environmental regulations.
(b) Rate Stabilization Plan
The Company implemented a Fuel Charge (FC) rate settlement on April
1, 1994 that will stabilize its quarterly FC rate during the years 1994
through 1996 at 6.5 cents per KWH and no greater than 6.7 cents per KWH
during 1997. The settlement results in billings at a significantly lower
rate than would have otherwise been in effect and could save customers
between 1.75% and 5% on their annual electric bills from 1994 through
1997. This rate stabilization results from the use of a cost deferral
mechanism that was sponsored jointly by the Company and the Massachusetts
Attorney General and approved by the DPU. The deferred costs are being
reflected as a regulatory asset to be recovered, with carrying charges,
over the subsequent six-year period beginning in 1998 pursuant to a
recovery schedule subject to DPU review. The deferred amount, excluding
carrying charges, is restricted to a maximum of $40 million during the
settlement period (1994 through 1997) and is further limited to an annual
cost deferral of $16 million which is the amount the Company anticipates
will be deferred in 1994. As of September 30, 1994, the Company has
deferred $11.5 million, including carrying charges.
The rate stabilization mechanism is part of a long-term plan to con-
trol the Company's retail rates. This plan will help to eliminate the
disincentive for economic development resulting from a volatile and
unpredictable FC rate. The stabilized FC rate will enable current and
prospective customers to better plan their business and personal finances
in a more efficient and effective manner. In addition to the Massachu-
setts Attorney General, this proposal has been widely supported by
various business and customer groups and other political interests.
(c) Decommissioning of Yankee Atomic Nuclear Power Plant
In February 1992, the Board of Directors of Yankee Atomic Electric
Company (Yankee Atomic) agreed to permanently discontinue power operation
and decommission the Yankee Nuclear Power Station (the plant). At
September 30, 1994, the Company's 2.5% investment in the plant is approx-
<PAGE 8>
COMMONWEALTH ELECTRIC COMPANY
imately $638,000. The estimated decommissioning costs include its
unrecovered share of all costs associated with the shutdown of the plant,
recovery of its plant investment, and decommissioning and closing the
plant. The amount currently reflected in the accompanying Balance Sheets
as a liability and a corresponding regulatory asset is $7.3 million. The
market value of the Company's share of assets in the plant's decommis-
sioning fund at September 30, 1994 is approximately $2.6 million.
On October 26, 1994, Yankee Atomic filed with the Nuclear Regulatory
Commission a revised estimate to decommission the plant of $370 million
(in 1994 dollars). The total cost to permanently shut down the plant is
approximately $438.6 million. The Company's share of this liability is
approximately $11 million. The Company is reviewing Yankee Atomic's
filing and adjustments to the liability and regulatory asset accounts
will be made as appropriate during the fourth quarter of 1994.
<PAGE 9>
COMMONWEALTH ELECTRIC COMPANY
Item 2. Management's Discussion and Analysis of Results of Operations
The following is a discussion of certain significant factors which have
affected operating revenues, expenses and net income during the periods
included in the accompanying condensed statements of income. This discussion
should be read in conjunction with the Notes to Condensed Financial Statements
appearing elsewhere in this report.
A summary of the period to period changes in the principal items included
in the condensed statements of income for the three and nine months ended
September 30, 1994 and 1993 is shown below:
Three Months Ended Nine Months Ended
September 30, September 30,
1994 and 1993 1994 and 1993
Increase (Decrease)
(Dollars in Thousands)
Electric Operating Revenues $ 4 730 4.1% $ 17 147 5.4%
Operating Expenses
Electricity purchased for resale,
transmission and fuel 3 040 4.1 11 029 5.2
Other operation and maintenance 613 3.1 (3 531) (5.4)
Depreciation 132 3.4 414 3.6
Taxes -
Federal and state income (182) (4.1) 3 201 63.0
Local property and other 72 3.8 (52) (0.8)
3 675 3.5 11 061 3.7
Operating Income 1 055 9.8 6 086 31.3
Other Income (1 343)(855.4) (1 044) (682.4)
Income Before Interest Charges (288) (2.6) 5 042 25.8
Interest Charges (49) (1.3) 132 1.2
Net Income $ (239) (3.3) $ 4 910 55.3
Retail Unit Sales MWH Increase 36 712 4.2 99 548 4.1
The following is a summary of unit sales for the periods indicated:
Unit Sales (MWH)
Three Months Nine Months
Period Ended Total Retail Wholesale Total Retail Wholesale
September 30,
1994 1 130 798 907 842 222 956 3 501 018 2 529 024 971 994
September 30,
1993 1 228 566 871 130 357 436 3 274 444 2 429 476 844 968
<PAGE 10>
COMMONWEALTH ELECTRIC COMPANY
Operating Revenues
Operating revenues for the first nine months of 1994 increased by $17.1
million or 5.4% from the corresponding period in 1993 due to the higher cost
of electricity purchased for resale, transmission and fuel ($11 million), a
4.1% increase in retail unit sales ($3.6 million), greater recovery of
capacity-related costs associated with certain purchased power contracts ($1.9
million) and a higher level of lost base revenues related to conservation and
load management (C&LM) programs ($720,000). The recovery of lost base
revenues is allowed by the Massachusetts Department of Public Utilities (DPU)
to encourage effective implementation of C&LM programs. To the extent that
current costs associated with C&LM programs increase or decrease from period
to period based on customer participation, a corresponding change will occur
in revenues. Current three and nine-month C&LM costs were higher by $151,000
and $139,000, respectively, when compared with the corresponding periods of
the prior year.
For the current quarter, operating revenues increased $4.7 million or 4.1%
when compared to the same period in 1993 due to an increase in the cost of
electricity purchased for resale, transmission and fuel ($3 million), a 4.2%
increase in retail unit sales ($1.3 million) and increased recovery of lost
base revenues related to C&LM programs ($313,000).
Also included in revenues for the three and nine-month periods ended
September 30, 1994 were wholesale sales to NEPOOL and to non-associate utili-
ties of $4.4 million and $19.7 million, respectively, a $3.3 million decrease
and a $900,000 increase from the corresponding periods of 1993 reflecting the
changing capacity needs of non-affiliated utilities and the New England Power
Pool. Increasingly, the Company is able to sell its excess capacity at
competitive terms and rates to satisfy various short-term requests for power
from other regional utilities. Increased emphasis on the marketing of excess
power supplies yielded estimated savings of $157,000 and $958,000 for the
three and nine months ended September 30, 1994 as compared to $131,000 and
$267,000 for the respective periods last year. Fluctuations in the level of
wholesale electric sales have no impact on net income.
Electricity Purchased for Resale, Transmission and Fuel
Electricity purchased for resale, transmission and fuel costs per KWH sold
was slightly lower in the current nine-month period (6.4 cents) than the same
period of a year ago (6.5 cents) reflecting the moderating impact of the
deferral of $11.1 million of costs due to the Company's rate stabilization
mechanism that was implemented on April 1, 1994. The cost per KWH would have
been 6.7 cents in the current nine-month period if the rate stabilization
mechanism was not in effect. Electricity purchased for resale reflects
continuing contractual obligations to purchase higher-cost power procured in
the 1980s when the Company's customer base grew dramatically and forecasts
predicted continued growth and, to a lesser extent, higher fuel costs at Canal
Electric Company. The Company is currently involved in the renegotiation of
various power contracts which include price restructuring, buy-outs and/or
generating unit shutdowns that could also reduce its cost of power. For the
three months ended September 30, 1994 and 1993, the per KWH cost was 6.8 cents
and 6.1 cents, respectively, primarily reflecting the higher fuel costs at
Canal.
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COMMONWEALTH ELECTRIC COMPANY
The cost of electricity purchased for resale for the nine-month periods
ended September 30, 1994 and 1993 also included $1.5 million and $3.4 million
of capacity-related costs associated with certain purchased power contracts
that were not recovered in revenues due to the recovery mechanism established
by the DPU. The impact of this under-recovery reduced net income by $922,000
and $2.1 million for the respective nine-month periods. For the three-month
periods ended September 30, 1994 and 1993, the Company overcollected its costs
by $798,000 and $772,000 resulting in higher net income of $485,000 and
$469,000, respectively. (Refer to the "Power Contracts" section to follow.)
For the current nine-month period, retail energy unit sales for each
customer segment showed improvement due to the first quarter's colder than
normal weather conditions, an improving economy and a 1.2% increase in the
number of customers.
Other Operation and Maintenance
Other operation and maintenance declined by $3.5 million or 5.4% in the
first nine months of 1994 primarily due to savings of approximately $1.5
million that resulted from a second quarter 1993 work force reduction and the
absence of $1.8 million of severance pay incurred in 1993. Other factors
contributing to the decrease included lower affiliate services company charges
($1.1 million) also due to the work force reduction, and a decline in the
provision for bad debts ($1.2 million) due to improved collection experience.
Maintenance costs decreased $732,000 primarily due to a reduction in outside
contractor charges for tree trimming and maintenance-related projects.
The $613,000 increase in other operation and maintenance for the three
months ended September 30, 1994 was due to increases in payroll costs
($620,000) and insurance and benefits costs ($474,000) offset in part, by a
decline in the provision for bad debts ($451,000).
Depreciation and Taxes
Depreciation expense increased due to a higher level of depreciable
property, plant and equipment. The change in local property and other taxes
for the three and nine-month periods reflects higher property tax rates
($90,000 and $180,000) offset by a reduction in payroll taxes of $18,000 and
$231,000. The change in federal and state income taxes for the current nine-
month period reflects the level of pretax income. The decrease in the current
quarter is primarily due to the absence of a retroactive adjustment made in
the third quarter of 1993 to reflect the increase in the federal tax rate to
35% and, to a lesser extent, the level of pretax income.
Other Income and Interest Charges
The decrease in other income in both the three and nine-month periods was
primarily due to a reserve related to a settlement negotiated with an outside
party for certain costs associated with the Company's energy conservation
program. Somewhat moderating the overall decrease in other income during the
current three and nine-month periods were carrying costs ($237,000 and
$346,000, respectively) on the fuel charge stabilization deferral and an
allowance for funds used during construction ($63,000 and $192,000). In
addition, for the nine-month period, other income reflects a higher level of
interest on advances to affiliated companies ($51,000) and increased income
<PAGE 12>
COMMONWEALTH ELECTRIC COMPANY
from non-utility operations ($70,000) primarily reflecting the absence in 1994
of losses ($48,000 recorded in January 1993) associated with the Company's
equity investment in Yankee Atomic Electric Company and the disposition of the
Cannon Street Generating Station oil inventory ($28,000).
Total interest charges increased slightly for the current nine-month
period reflecting the issuance of $65 million in long-term debt in late March
1993 ($1 million) offset by a $774,000 decline in short-term interest costs
primarily reflecting the absence of short-term bank borrowings this year
compared to an average level of $21 million for the first nine months of 1993.
For the current quarter, total interest charges decreased due primarily to a
decline in short-term expense ($77,000), somewhat offset by a $50,000 increase
in long-term expense due to the aforementioned financing activity.
Power Contracts
The Company has long-term contracts for the purchase of electricity from
various sources. Generally, these contracts are for fixed periods and require
that the Company pay a demand charge for its capacity entitlement in each unit
and an energy charge to cover the cost of fuel. The Company collects a
portion of its capacity-related purchased power costs associated with certain
long-term power arrangements through its base rates. The recovery mechanism
for these costs uses a per KWH factor which is calculated using historical
(test-period) capacity costs and unit sales. This factor is then applied to
current monthly KWH sales. When current period capacity costs and/or unit
sales vary from test-period levels, the Company experiences a revenue excess
or shortfall. All other capacity and energy-related purchased power costs are
recovered through the Company's Fuel Charge.
Power Contract Negotiations
On May 2, 1994, the Company and its affiliate Cambridge Electric Light
Company (Cambridge Electric) gave notice of termination of power purchase
agreements with Eastern Energy Corp. (Eastern), the developer of a proposed
300 MW coal-fired plant in New Bedford, Massachusetts. In June 1989, in order
to meet rising energy requirements, the Company and Cambridge Electric agreed
to buy 27% (50 MW and 33 MW, respectively) of the power to be produced by the
proposed plant, originally scheduled to begin operation in January 1992. That
date and later revised scheduled operating dates have not been achieved, and
the proposed plant has still not received the necessary permits. Efforts to
reshape the Eastern power purchase agreements to provide a satisfactory
arrangement were unsuccessful. The companies' actions are based on Eastern's
failure to meet its contractual obligations. In a letter dated June 30, 1994,
Eastern objected to the notice of termination and provided to the Company and
Cambridge Electric written notice of arbitration and its designation of an
arbitrator pursuant to the 1989 agreements. The companies responded by
designating their arbitrator, and the parties are now in the process of
selecting a third, neutral arbitrator through the Boston, Massachusetts office
of the American Arbitration Association. An arbitrator decision on the
legality of the companies' termination action is expected in 1995.
The Company has filed for regulatory approval of restructured power sale
agreements with two other non-utility generators allowing the Company to
eliminate or reduce purchased power from the units. Also, the Company has
reached an agreement in principle on an innovative power contract with another
<PAGE 13>
COMMONWEALTH ELECTRIC COMPANY
New England utility that is expected to produce long-term customer savings
beginning in 1995. This agreement will allow the Company to purchase peaking
unit capacity during the periods when it might otherwise have incurred
deficiency charges from the New England Power Pool, or have been required to
purchase capacity from other regional utilities at much higher prices. This
contract provides for cost-effective resources to cover power needs in a
changing environment.
<PAGE 14>
COMMONWEALTH ELECTRIC COMPANY
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company is not a party to any pending material legal proceeding.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Incorporated herein by reference:
Exhibit 10 Material Contracts.
10.2 Other Agreements.
10.2.3.10 Twenty-Eighth Agreement Amending New England Power Pool
Agreement dated September 1, 1971, as amended September
15, 1992 (Exhibit 1 to Commonwealth Energy System's Form
10-Q (September 1994), File No. 1-7316).
10.2.3.11 Twenty-Ninth Agreement Amending New England Power Pool
Agreement dated September 1, 1971, as amended May 1,
1993 (Exhibit 2 to Commonwealth Energy System's Form
10-Q (September 1994), File No. 1-7316).
Filed herewith:
Exhibit 27 Financial Data Schedule for the nine months ended
September 30, 1994 (Filed herewith as Exhibit 1)
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the three months ended
September 30, 1994.
<PAGE 15>
COMMONWEALTH ELECTRIC COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COMMONWEALTH ELECTRIC COMPANY
(Registrant)
Principal Financial Officer:
JAMES D. RAPPOLI
James D. Rappoli,
Financial Vice President
and Treasurer
Principal Accounting Officer:
JOHN A. WHALEN
John A. Whalen,
Comptroller
Date: November 14, 1994
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
This schedule contains summary financial information extracted from the
balance sheet, statement of income and statement of cash flows contained in
Form 10-Q of Commonwealth Electric Company for the nine months ended September
30, 1994 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
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<NAME> COMMONWEALTH ELECTRIC COMPANY
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