|
|
|
|
|
|
|
|
|
|
|
|
|
<PAGE>
File No. 70-8671
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, N.W.
Washington, D.C. 20549
AMENDMENT NO. 1
TO
FORM U-1
APPLICATION/DECLARATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
NARRAGANSETT ENERGY RESOURCES COMPANY
280 Melrose Street
Providence, Rhode Island 02901
NEW ENGLAND ELECTRIC SYSTEM
25 Research Drive
Westborough, MA 01582
(Name of companies filing this statement and
addresses of principal executive offices)
NEW ENGLAND ELECTRIC SYSTEM
(Name of top registered holding company parent of applicant)
Michael E. Jesanis Kirk L. Ramsauer
Treasurer Assistant General Counsel
25 Research Drive 25 Research Drive
Westborough, MA 01582 Westborough, MA 01582
(Name and address of agents for service)
<PAGE>
Form U-1 Application/Declaration dated August 10, 1995
(Commission's File No. 70-8671), relating to the issue and sale of
one or more notes and the pledge of collateral, is hereby amended
as follows:
1. By supplying the following Financial Statements:
1-a Balance sheet of Narragansett Energy Resources
Company as of June 30, 1995, actual and pro forma.
1-b Balance sheet of NEES and subsidiaries consolidated
as of June 30, 1995, actual and pro forma.
2-a Statement of Income and Retained Earnings of
Narragansett Energy Resources Company for the
twelve months ended June 30, 1995, actual and pro
forma.
2-b Statement of Income and Retained Earnings of NEES
and subsidiaries consolidated for the twelve months
ended June 30, 1995, actual and pro forma.
2. By supplying the following Financial Data Schedules:
1 Financial Data Schedule for the Company as of
June 30, 1995
2 Financial Data Schedule for NEES as of June 30,
1995
<PAGE>
SIGNATURES
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, each undersigned company has duly caused this
Amendment No. 1 to Form U-1 (Commission's File No. 70-8671) to be
signed on its behalf, as indicated, by the undersigned officer
thereunto duly authorized by each such company.
NARRAGANSETT ENERGY RESOURCES COMPANY
s/John G. Cochrane
By:_________________________________
John G. Cochrane
Treasurer
NEW ENGLAND ELECTRIC SYSTEM
s/Michael E. Jesanis
By:_________________________________
Michael E. Jesanis
Treasurer
Date: August 16, 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-1 Proposed Draft Terms and To be filed by
Conditions of Note Agreement amendment
A-2 Proposed Draft Assignment and To be filed by
Security Agreement amendment
A-3 Proposed Draft Pledge To be filed by
Agreement amendment
F Opinion of Counsel To be filed by
amendment
G Schedule of Estimated Fees Previously filed
and Expenses
H Proposed Form of Notice Previously filed
Financial
Statement No. Description Page
------------- ----------- ----
1-a Balance sheet of Narragansett Filed herewith
Energy Resources Company as
of June 30, 1995, actual and
pro forma
1-b Balance sheet of NEES and Filed herewith
subsidiaries consolidated as
of June 30, 1995, actual and
pro forma
2-a Statement of Income and Filed herewith
Retained Earnings of
Narragansett Energy Resources
Company for the twelve months
ended June 30, 1995, actual
and pro forma
2-b Statement of Income and Filed herewith
Retained Earnings of NEES and
subsidiaries consolidated for
the twelve months ended
June 30, 1995, actual and
pro forma
<PAGE>
EXHIBIT INDEX
Financial
Data Schedules Description Page
-------------- ----------- ----
1 Financial Data Schedule for Filed herewith
the Company as of June 30,
1995
2 Financial Data Schedule for Filed herewith
NEES as of June 30, 1995
<PAGE>
<TABLE>
Exhibit 1-a
Page 1 of 2
NARRAGANSETT ENERGY RESOURCES COMPANY
Balance Sheet
At June 30, 1995
(Actual and Pro Forma)
(Unaudited)
ASSETS
------
<CAPTION>
Actual Adjustments Pro Forma
------ ----------- ---------
(In Thousands)
<S> <C> <C> <C>
Equity investments $37,210 $37,210
------- -------- -------
Current assets:
Cash 12 12
Temporary cash investments - affiliated companies 2,375 2,375
Interest and dividends receivable (including $12,000
from affiliates) 13 13
Prepayments 8 8
------- -------- -------
Total current assets 2,408 2,408
------- -------- -------
$39,618 $39,618
======= ======== =======
CAPITALIZATION AND LIABILITIES
------------------------------
Capitalization:
Common stock and related premium, par value $1 per share,
authorized 8,000 shares, outstanding $25 shares $ 25 $ 25
Other paid-in capital 33,140 $(33,000) 140
Retained earnings 446 446
------- -------- -------
Total common equity 33,611 (33,000) 611
Long-term notes 33,000 33,000
------- -------- -------
Total capitalization 33,611 $ -0- 33,611
------- -------- -------
Current liabilities:
Accrued taxes 142 142
Dividends payable 1,250 1,250
------- -------- -------
Total current liabilities 1,392 1,392
------- -------- -------
Deferred federal income taxes 1,512 1,512
Unamortized investment tax credits 2,017 2,017
Other deferred credits 1,086 1,086
------- -------- -------
$39,618 $39,618
======= ======== =======
</TABLE>
<PAGE>
Exhibit 1-a
Page 2 of 2
NARRAGANSETT ENERGY RESOURCES COMPANY
The pro forma adjustments to show the estimated effect of the proposed
transactions on the foregoing Balance Sheet at June 30, 1995 are as follows:
Debit - Other paid-in capital $33,000,000
Credit - Long-term notes $33,000,000
To reflect (1) the proposed issue and sale of New Notes, and (2) the
utilization of the proceeds from the New Note issue for the return of capital
to the parent company.
<PAGE>
<TABLE>
Exhibit 1-b
Page 1 of 2
NEW ENGLAND ELECTRIC SYSTEM AND SUBSIDIARIES
Consolidated Balance Sheet
At June 30, 1995
(Actual and Pro Forma)
(Unaudited)
<CAPTION>
ASSETS
------
Actual Adjustments Pro Forma
------ ----------- ---------
(In Thousands)
<S> <C> <C> <C>
Utility plant, at original cost $5,007,112 $5,007,112
Less accumulated provisions for depreciation
and amortization 1,672,143 1,672,143
---------- -------- ----------
3,334,969 3,334,969
Net investment in Seabrook 1 under rate settlement 22,814 22,814
Construction work in progress 450,375 450,375
---------- -------- ----------
Net utility plant 3,808,158 3,808,158
---------- -------- ----------
Oil and gas properties, at full cost 1,257,126 1,257,126
Less accumulated provision for amortization 1,001,275 1,001,275
---------- -------- ----------
Net oil and gas properties 255,851 255,851
---------- -------- ----------
Investments:
Nuclear power companies, at equity 46,669 46,669
Other subsidiaries, at equity 41,070 41,070
Other investments, at cost 53,476 53,476
---------- -------- ----------
Total investments 141,215 141,215
---------- -------- ----------
Current assets:
Cash 4,103 4,103
Accounts receivable, less reserves of $17,716,000 258,587 258,587
Unbilled revenues 46,900 46,900
Fuel, materials, and supplies, at average cost 107,734 107,734
Prepaid and other current assets 77,649 77,649
---------- -------- ----------
Total current assets 494,973 494,973
---------- -------- ----------
Accrued Yankee Atomic costs 107,769 107,769
Deferred charges and other assets 319,251 319,251
---------- -------- ----------
$5,127,217 $5,127,217
========== ======== ==========
CAPITALIZATION AND LIABILITIES
------------------------------
Capitalization:
Common share equity:
Common shares, par value $1 per share:
Authorized - 150,000,000 shares
Outstanding - 64,969,652 shares $ 64,970 $ 64,970
Paid-in capital 736,823 736,823
Retained earnings 784,549 784,549
---------- -------- ----------
1,586,342 1,586,342
Less 44,448 shares of treasury stock, at cost 1,490 1,490
---------- -------- ----------
Total common share equity 1,584,852 1,584,852
Minority interests in consolidated subsidiaries 52,357 52,357
Cumulative preferred stock of subsidiaries 147,016 147,016
Long-term debt 1,630,248 $ 33,000 1,663,248
---------- -------- ----------
Total capitalization 3,414,473 33,000 3,447,473
---------- -------- ----------
Current liabilities:
Long-term debt due within one year 32,520 32,520
Short-term debt 226,180 (33,000) 193,180
Accounts payable 130,665 130,665
Accrued taxes 13,118 13,118
Accrued interest 28,453 28,453
Dividends payable 38,435 38,435
Other current liabilities 95,525 95,525
---------- -------- ----------
Total current liabilities 564,896 $(33,000) 531,896
---------- -------- ----------
Deferred federal and state income taxes 749,811 749,811
Unamortized investment tax credits 93,583 93,583
Accrued Yankee Atomic costs 107,769 107,769
Other reserves and deferred credits 196,685 196,685
---------- -------- ----------
$5,127,217 $5,127,217
========== ======== ==========
</TABLE>
<PAGE>
Exhibit 1-b
Page 2 of 2
NEW ENGLAND ELECTRIC SYSTEM AND SUBSIDIARIES
The pro forma adjustments to show the estimated effect of the proposed
transactions on the foregoing Balance Sheet at June 30, 1995 are as follows:
Debit - Short-term debt $33,000,000
Credit - Long-term debt $33,000,000
To reflect (1) the proposed issue and sale of New Notes, and (2) the
utilization of the proceeds from the New Note issue to reduce short-term debt.
<PAGE>
<TABLE>
Exhibit 2-a
Page 1 of 2
NARRAGANSETT ENERGY RESOURCES COMPANY
Statement of Income
Twelve Months Ended June 30, 1995
(Actual and Pro Forma)
(Unaudited)
<CAPTION>
Actual Adjustments Pro Forma
------ ----------- ---------
(In Thousands)
<S> <C> <C> <C>
Income:
Equity in income of generating companies $ 7,233 $ 7,233
Other income (expenses) - net 85 85
------- ------- -------
Total income 7,318 7,318
------- ------- -------
Expenses:
Operation expenses 73 73
Interest on long-term notes $ 2,640 2,640
Taxes, other than income 26 26
Income taxes 2,384 (924) 1,460
------- ------- -------
Total expenses 2,483 1,716 4,199
------- ------- -------
Net income $ 4,835 $(1,716) $ 3,119
======= ======= =======
Statement of Retained Earnings
(Actual and Pro Forma)
Retained earnings at beginning of period $ 361 $ 361
Net income 4,835 $(1,716) 3,119
Dividends declared on common stock (4,750) (4,750)
------- ------- -------
Retained earnings at end of period $ 446 $(1,716) $(1,270)
======= ======= =======
</TABLE>
<PAGE>
Exhibit 2-a
Page 2 of 2
NARRAGANSETT ENERGY RESOURCES COMPANY
The pro forma adjustments to show the estimated effect of the proposed
transactions as applied to the foregoing Statement of Income for the twelve
months ended June 30, 1995 are as follows:
Increase - Interest on long-term notes $2,640,000
Interest calculated on $33,000,000 principal amount of New Note issue at
assumed interest rate of 8 percent.
Decrease - Income taxes - federal $ 924,000
To reflect the tax effect as a result of the above adjustment.
<PAGE>
<TABLE>
Exhibit 2-b
Page 1 of 2
NEW ENGLAND ELECTRIC SYSTEM AND SUBSIDIARIES
Statement of Consolidated Income
Twelve Months Ended June 30, 1995
(Actual and Pro Forma)
(Unaudited)
<CAPTION>
Actual Adjustments Pro Forma
------ ----------- ---------
(In Thousands)
<S> <C> <C> <C>
Operating revenue $2,240,908 $2,240,908
---------- ------- ----------
Operating expenses:
Fuel for generation 212,605 212,605
Purchased electric energy 559,903 559,903
Other operation 500,030 500,030
Maintenance 164,546 164,546
Depreciation and amortization 285,712 285,712
Taxes, other than income 126,884 126,884
Income taxes 111,044 $ (924) 110,120
---------- ------- ----------
Total operating expenses 1,960,724 (924) 1,959,800
---------- ------- ----------
Operating income 280,184 924 281,108
Other income:
Allowance for equity funds used during
construction 10,869 10,869
Equity in income of generating companies 9,826 9,826
Other income (expense) - net (1,849) (1,849)
---------- ------- ----------
Operating and other income 299,030 924 299,954
---------- ------- ----------
Interest
Interest on long-term debt 101,411 2,640 104,051
Other interest 15,069 15,069
Allowance for borrowed funds used during
construction (11,574) (11,574)
---------- ------- ----------
Total interest 104,906 2,640 107,546
---------- ------- ----------
Income after interest 194,124 (1,716) 192,408
Preferred dividends of subsidiaries 8,689 8,689
Minority interests 7,673 7,673
---------- ------- ----------
Net income $ 177,762 $(1,716) $ 176,046
========== ======= ==========
Average common shares 64,966,945 64,966,945
Net income per average common share $2.74 $(0.03) $2.71
Dividends declared per share $2.315 $2.315
Statement of Retained Earnings
(Actual and Pro Forma)
Retained earnings at beginning of period $ 757,192 $ 757,192
Net income 177,762 $(1,716) 176,046
Dividends declared on common shares (150,405) (150,405)
--------- ------- ----------
Retained earnings at end of period $ 784,549 $(1,716) $ 782,833
========= ======= ==========
</TABLE>
<PAGE>
Exhibit 2-b
Page 2 of 2
NEW ENGLAND ELECTRIC SYSTEM AND SUBSIDIARIES
The pro forma adjustments to show the estimated effect of the proposed
transactions as applied to the foregoing Statement of Income for the twelve
months ended June 30, 1995 are as follows:
Increase - Interest on long-term notes $2,640,000
Interest calculated on $33,000,000 principal amount of a New Note issue at
assumed interest rate of 8 percent.
Decrease - Income taxes - federal $ 924,000
To reflect the tax effect as a result of the above adjustment.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE BALANCE SHEET AND RELATED STATEMENTS OF
INCOME, RETAINED EARNINGS AND CASH FLOWS OF NARRAGANSETT
ENERGY RESOURCES COMPANY, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SUBSIDIARY>
<NAME> Narragansett Energy Resources Company
<NUMBER> 8
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1995
<PERIOD-END> JUN-30-1995 JUN-30-1995
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 0 0
<OTHER-PROPERTY-AND-INVEST> 37,210 37,210
<TOTAL-CURRENT-ASSETS> 2,408 2,408
<TOTAL-DEFERRED-CHARGES> 0 0
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 39,618 39,618
<COMMON> 0 0
<CAPITAL-SURPLUS-PAID-IN> 33,140 140
<RETAINED-EARNINGS> 446 446
<TOTAL-COMMON-STOCKHOLDERS-EQ> 33,611 611
0 0
0 0
<LONG-TERM-DEBT-NET> 0 33,000
<SHORT-TERM-NOTES> 0 0
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 0 0
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 6,007 6,007
<TOT-CAPITALIZATION-AND-LIAB> 39,618 39,618
<GROSS-OPERATING-REVENUE> 0 0
<INCOME-TAX-EXPENSE> 0 0
<OTHER-OPERATING-EXPENSES> 99 99
<TOTAL-OPERATING-EXPENSES> 99 99
<OPERATING-INCOME-LOSS> (99) (99)
<OTHER-INCOME-NET> 4,934 5,858
<INCOME-BEFORE-INTEREST-EXPEN> 4,835 5,759
<TOTAL-INTEREST-EXPENSE> 0 2,640
<NET-INCOME> 4,835 3,119
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 4,835 3,119
<COMMON-STOCK-DIVIDENDS> 4,750 4,750
<TOTAL-INTEREST-ON-BONDS> 0 2,640
<CASH-FLOW-OPERATIONS> 4,314 2,598
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> OPUR1
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CONSOLIDATED BALANCE SHEET AND RELATED CONSOLIDATED
STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH FLOWS OF NEW
ENGLAND ELECTRIC SYSTEM, AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1995
<PERIOD-END> JUN-30-1995 JUN-30-1995
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 3,808,158 3,808,158
<OTHER-PROPERTY-AND-INVEST> 397,066 397,066
<TOTAL-CURRENT-ASSETS> 494,973 494,973
<TOTAL-DEFERRED-CHARGES> 427,020 <F1> 427,020 <F1>
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 5,127,217 5,127,217
<COMMON> 64,970 64,970
<CAPITAL-SURPLUS-PAID-IN> 736,823 736,823
<RETAINED-EARNINGS> 784,549 784,549
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,584,852 1,584,852
0 0
147,016 <F2> 147,016 <F2>
<LONG-TERM-DEBT-NET> 1,630,248 1,663,248
<SHORT-TERM-NOTES> 226,180 <F3> 193,180 <F3>
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 32,520 32,520
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,504,911 1,504,911
<TOT-CAPITALIZATION-AND-LIAB> 5,127,217 5,127,217
<GROSS-OPERATING-REVENUE> 2,240,908 2,240,908
<INCOME-TAX-EXPENSE> 111,044 110,120
<OTHER-OPERATING-EXPENSES> 1,849,680 1,849,680
<TOTAL-OPERATING-EXPENSES> 1,960,724 1,959,800
<OPERATING-INCOME-LOSS> 280,184 281,108
<OTHER-INCOME-NET> 18,846 18,846
<INCOME-BEFORE-INTEREST-EXPEN> 299,030 299,954
<TOTAL-INTEREST-EXPENSE> 104,906 107,546
<NET-INCOME> 177,762 176,046
8,689 <F2> 8,689 <F2>
<EARNINGS-AVAILABLE-FOR-COMM> 177,762 176,046
<COMMON-STOCK-DIVIDENDS> 150,405 150,405
<TOTAL-INTEREST-ON-BONDS> 101,411 104,051
<CASH-FLOW-OPERATIONS> 355,062 353,346
<EPS-PRIMARY> $2.74 $2.71
<EPS-DILUTED> $2.74 $2.71
<FN>
<F1> Total deferred charges includes other assets and accrued Yankee Atomic
costs.
<F2> Preferred stock reflects preferred stock of subsidiaries. Preferred
stock dividends reflect preferred stock dividends of subsidiaries.
<F3> Short-term notes includes commercial paper obligations.
</FN>
|
|