SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of the
Securities Exchange Act of 1934
Date of Earliest Event Reported: February 25, 2000
NEW ENGLAND ELECTRIC SYSTEM
(exact name of registrant as specified in charter)
Massachusetts 1-3446 04-1663060
(state or other (Commission (I.R.S. Employer
jurisdiction of File No.) Identification No.)
incorporation)
25 Research Drive, Westborough, Massachusetts 01582
(Address of principal executive offices)
(508) 389-2000
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events
- ---------------------
On February 25, 2000 the U.S. Nuclear Regulatory
Commission (NRC) approved the proposed merger between New England
Electric System (NEES) and Eastern Utilities Associates (EUA).
Item 7. Financial Statements and Exhibits
- ------------------------------------------
(c) Exhibits
1. Press Release of New England Electric System
issued February 28, 2000.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this Current Report on
Form 8-K to be signed on its behalf by the undersigned thereunto
duly authorized.
NEW ENGLAND ELECTRIC SYSTEM
s/John G. Cochrane
By
John G. Cochrane,
Vice President and Treasurer
Authorized Officer, and
Chief Accounting Officer
Date: February 29, 2000
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.
PRESS RELEASE
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page
- ----------- ----------- ----
1 Press Release of New Filed
England Electric System herewith
issued February 28, 2000
<PAGE>
FOR IMMEDIATE RELEASE
Jackie Barry Bob Seega
NEES NEES
(508) 389-3298 (508) 389-2178
David Jacobs
EUA
(508) 559-2000 x3655
NRC APPROVES NEES/EUA MERGER
WESTBOROUGH, Mass., Feb. 28, 2000 The U.S. Nuclear
Regulatory Commission (NRC) has approved the proposed merger
between New England Electric System (NEES) and Eastern Utilities
Associates (EUA), according to NEES President and Chief Executive
Officer Rick Sergel.
"We continue our progress toward completing this merger
early this year, and look forward to delivering to customers the
savings it will provide," Sergel said.
The NRC approval was necessary because Montaup Electric
Company, a subsidiary of EUA, holds a minority ownership interest
in the Millstone 3 nuclear unit, Vermont Yankee, and the
following permanently retired units: Connecticut Yankee, Maine
Yankee, and Yankee Atomic.
On February 1, 1999, NEES announced its intention to acquire
EUA. Since then, the proposed merger has been approved by the
Federal Energy Regulatory Commission, and has received
Hart-Scott-Rodino clearance from the Department of Justice and
the Federal Trade Commission. The merger also must be approved
by the Securities and Exchange Commission and regulators in
Massachusetts and Rhode Island. Merger rate settlements are
pending approval by regulators in both states. The settlements,
which will take effect after the NEES/EUA merger is complete,
provide substantial savings for Massachusetts and Rhode Island
customers through multi-year rate reductions and rate freezes.
<PAGE>
Once complete, the merger will result in a combined company
that serves 1.6 million customers in 228 communities throughout
Massachusetts, Rhode Island, and New Hampshire.
On December 14, 1998, NEES announced that it would merge
with The National Grid Group plc (LSE, NYSE:NGG), the world's
largest independent electricity transmission company, based in
Coventry, England. Upon completion of that merger, NEES will
become a wholly owned subsidiary of National Grid Group. The
NEES/EUA merger is not contingent upon the NEES/National Grid
merger.
NEES (NYSE:NES), a public utility holding company based in
Westborough, Massachusetts, serves approximately 1.3 million
customers through its subsidiaries Massachusetts Electric
Company, Narragansett Electric Company, Granite State Electric
Company, and Nantucket Electric Company.
EUA (NYSE:EUA) is a public utility holding company based in
West Bridgewater, Massachusetts. Subsidiaries Eastern Edison
Company, Blackstone Valley Electric Company, and Newport Electric
Corporation deliver electricity to more than 300,000 customers in
southeastern Massachusetts and Rhode Island.