<PAGE>
File No. 70-8897
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
AMENDMENT NO. 1
TO
FORM U-1
APPLICATION/DECLARATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
NEW ENGLAND ELECTRIC SYSTEM
and
NEW ENGLAND ELECTRIC RESOURCES, INC.
(Name of company filing this statement)
25 Research Drive, Westborough, Massachusetts 01582
(Address of principal executive offices)
NEW ENGLAND ELECTRIC SYSTEM
(Name of top registered holding company parent in system)
Michael E. Jesanis Kirk L. Ramsauer
Treasurer Associate General Counsel
25 Research Drive 25 Research Drive
Westborough, Massachusetts 01582 Westborough, Massachusetts 01582
(Names and addresses of agents for service)
<PAGE>
1. Item 3 is hereby amended to read in its entirety as follows:
"Item 3. Applicable Statutory Provisions
----------------------------------------
The sections of the Act and rules or exemptions thereunder that are
believed to be applicable to the transactions are: Section 13 and Rules 90,
and 91, all relating to the authority requested by NEES and NEERI herein."
2. Item 6(a) is hereby amended by supplying the following exhibits:
Exhibit G-1 Financial Data Schedule for NEERI
Exhibit G-2 Financial Data Schedule for NEES (Parent Company Only)
Exhibit G-3 Financial Data Schedule for NEES (Consolidated)
<PAGE>
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act
of 1935, the undersigned companies have duly caused this Amendment No. 1 to
their Application/ Declaration on Form U-1 to be signed on their behalf, as
indicated by the undersigned officers thereunto duly authorized by such
companies.
NEW ENGLAND ELECTRIC SYSTEM
s/Michael E. Jesanis
___________________________________________
Michael E. Jesanis, Treasurer
NEW ENGLAND ELECTRIC RESOURCES, INC.
s/John G. Cochrane
___________________________________________
John G. Cochrane, Treasurer
Dated: September 25, 1996
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 assumed or shall be held to any liability therefore.
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. Description Page
- ----------- ----------------------------- --------------
G-1 Financial Data Schedule Filed herewith
for NEERI
G-2 Financial Data Schedule Filed herewith
for NEES (Parent Company Only)
G-3 Financial Data Schedule Filed herewith
for NEES (Consolidated)
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> UT
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, AND
RETAINED EARNINGS OF NEW ENGLAND ELECTRIC RESOURCES, INC., AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 1,000
<TOTAL-CURRENT-ASSETS> 1,157
<TOTAL-DEFERRED-CHARGES> 50 <F1>
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 2,207
<COMMON> 1
<CAPITAL-SURPLUS-PAID-IN> 0
<RETAINED-EARNINGS> (2,322)
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,878 <F2>
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 329
<TOT-CAPITALIZATION-AND-LIAB> 2,207
<GROSS-OPERATING-REVENUE> 0
<INCOME-TAX-EXPENSE> 0
<OTHER-OPERATING-EXPENSES> 0
<TOTAL-OPERATING-EXPENSES> 0
<OPERATING-INCOME-LOSS> 0
<OTHER-INCOME-NET> (1,483)
<INCOME-BEFORE-INTEREST-EXPEN> (1,483)
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> (1,483)
0
<EARNINGS-AVAILABLE-FOR-COMM> 0
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 0
<EPS-PRIMARY> 0 <F3>
<EPS-DILUTED> 0 <F3>
<FN>
<F1> Total deferred charges includes other assets.
<F2> Total common stockholders equity includes subordinated notes payable to
the parent.
<F3> Per share data is not relevant because the Company's common stock is
wholly-owned by New England Electric System.
</FN>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> UT
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, AND
RETAINED EARNINGS OF NEW ENGLAND ELECTRIC SYSTEM (PARENT
COMPANY), AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 1,649,242
<TOTAL-CURRENT-ASSETS> 44,431
<TOTAL-DEFERRED-CHARGES> 2,845
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 1,696,518
<COMMON> 64,970
<CAPITAL-SURPLUS-PAID-IN> 736,566
<RETAINED-EARNINGS> 851,389
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,652,925
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 43,593
<TOT-CAPITALIZATION-AND-LIAB> 1,696,518
<GROSS-OPERATING-REVENUE> 0
<INCOME-TAX-EXPENSE> (533)
<OTHER-OPERATING-EXPENSES> 4,303
<TOTAL-OPERATING-EXPENSES> 3,770
<OPERATING-INCOME-LOSS> (3,770)
<OTHER-INCOME-NET> 224,271
<INCOME-BEFORE-INTEREST-EXPEN> 220,501
<TOTAL-INTEREST-EXPENSE> 333
<NET-INCOME> 220,168
0
<EARNINGS-AVAILABLE-FOR-COMM> 220,168
<COMMON-STOCK-DIVIDENDS> 153,328
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<TABLE> <S> <C>
<PAGE>
<ARTICLE> UT
<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 SUBSIDIARIES, AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 3,889,104
<OTHER-PROPERTY-AND-INVEST> 384,926
<TOTAL-CURRENT-ASSETS> 483,007
<TOTAL-DEFERRED-CHARGES> 389,639 <F1>
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 5,146,676
<COMMON> 64,970
<CAPITAL-SURPLUS-PAID-IN> 736,814
<RETAINED-EARNINGS> 850,939
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,650,222 <F3>
0
132,016 <F2>
<LONG-TERM-DEBT-NET> 1,609,179
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 195,902
<LONG-TERM-DEBT-CURRENT-PORT> 52,585
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,506,772
<TOT-CAPITALIZATION-AND-LIAB> 5,146,676
<GROSS-OPERATING-REVENUE> 2,317,179
<INCOME-TAX-EXPENSE> 139,481
<OTHER-OPERATING-EXPENSES> 1,823,448
<TOTAL-OPERATING-EXPENSES> 1,962,929
<OPERATING-INCOME-LOSS> 354,250
<OTHER-INCOME-NET> 5,891
<INCOME-BEFORE-INTEREST-EXPEN> 360,141
<TOTAL-INTEREST-EXPENSE> 124,013
<NET-INCOME> 220,061
8,510 <F2>
<EARNINGS-AVAILABLE-FOR-COMM> 220,061
<COMMON-STOCK-DIVIDENDS> 153,221
<TOTAL-INTEREST-ON-BONDS> 110,343
<CASH-FLOW-OPERATIONS> 538,698
<EPS-PRIMARY> $3.39
<EPS-DILUTED> $3.39
<FN>
<F1> Total deferred charges includes other assets.
<F2> Preferred stock reflects preferred stock of subsidiaries. Preferred
stock dividends reflect preferred stock dividends of subsidiaries.
<F3> Total common stockholders equity is reflected net of treasury stock at
cost.
</FN>
