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Previous: VANGUARD MORGAN GROWTH FUND INC, NSAR-B/A, 1994-02-25 |
Next: NEW YORK TELEPHONE CO, 8-K, 1994-02-25 |
PAGE 1
File No. 69-122
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
Form U-3A-2
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION
UNDER RULE U-2 FROM THE PROVISIONS OF
THE HOLDING COMPANY ACT OF 1935
For the fiscal year ended December 31, 1993
COMMONWEALTH ENERGY SYSTEM
hereby files with the Securities and Exchange Commission, pursuant to Rule
U-2, its statement claiming exemption as a holding company from the provisions
of the Public Utility Holding Company Act of 1935. In support of such claim
for exemption the following information is submitted:
1. Name, State of organization, location and nature of business of claimant
and every subsidiary thereof.
Claimant
Commonwealth Energy System (the System), a Massachusetts Trust, organized
in the Commonwealth of Massachusetts is located in Cambridge,
Massachusetts. The System owns investments in the following electric and
gas utilities and other subsidiaries all of which are organized in the
Commonwealth of Massachusetts:
Name of Company Location
Electric Utilities
Cambridge Electric Light Company Cambridge, Massachusetts
Canal Electric Company Sandwich, Massachusetts
Commonwealth Electric Company New Bedford, Plymouth,
Martha's Vineyard and
the geographic area
comprising Cape Cod,
Massachusetts
Gas Utility
Commonwealth Gas Company Cambridge, Framingham, New
Bedford, Plymouth, South-
boro, Somerville and
Worcester, Massachusetts
Other Subsidiaries
COM/Energy Acushnet Realty Cambridge, Massachusetts
(Organized as a Trust;
leases land to Hopkinton
LNG Corp.)
COM/Energy Cambridge Realty Cambridge, Massachusetts
(Organized as a Trust to
hold various properties)
COM/Energy Freetown Realty Cambridge, Massachusetts
(Organized as a Trust
to develop a parcel of
land)
PAGE 2
COMMONWEALTH ENERGY SYSTEM
Other Subsidiaries (Continued)
Name of Company Location
COM/Energy Research Park Realty Cambridge, Massachusetts
(Organized as a Trust to
develop a research complex)
COM/Energy Services Company Cambridge, Massachusetts
(Service company)
COM/Energy Steam Company Cambridge, Massachusetts
(Sells steam which is
primarily used for heating
and industrial production)
Darvel Realty Trust Cambridge, Massachusetts
(Owns, develops and operates
real estate)
Hopkinton LNG Corp. Cambridge, Massachusetts
(Operates an LNG facility
with our gas division as its
primary customer)
All of the previously listed subsidiaries are wholly-owned.
2. A brief description of the properties of claimant and each of its
subsidiary public utility companies is included in Exhibit B attached
hereto.
3. Reference is made to Exhibit C attached hereto for a description of sales
and purchases of electricity and gas.
This statement consists of pages numbered 1, 2 and 3 inclusive, together
with the following exhibits:
Exhibit A - Financial Statements (Should be read in conjunction
with the Annual Report on Form 10-K filed with the
Securities and Exchange Commission.)
Exhibit B - Description of Properties
Exhibit C - Sales and Purchases of Electricity and Gas
PAGE 3
COMMONWEALTH ENERGY SYSTEM
SIGNATURES
The above-named claimant has caused this statement to be duly
executed on its behalf by its authorized officer on this 24th day of February,
1994.
COMMONWEALTH ENERGY SYSTEM
By JOHN A. WHALEN
John A. Whalen,
Comptroller
SEAL
Attest
RICHARD J. MORRISON
Richard J. Morrison,
Assistant Secretary
Name, title and address of officer to whom notices and
correspondence concerning this statement should be addressed:
John A. Whalen Comptroller
(Name) (Title)
One Main Street, Cambridge, Massachusetts 02142-9150
(Address)
PAGE 4
INDEX TO
EXHIBIT A
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
INDEX TO FINANCIAL STATEMENTS
Exhibit Description
A - 1 Consolidating Statement of Income for the
Twelve Months Ended December 31, 1993 Pages 1 - 5
A - 2 Eliminations and Reclassifications to
Consolidating Statement of Income for
the Twelve Months Ended December 31, 1993
Summary Pages 1 - 3
Detail Pages 4 - 8
A - 3 Consolidating Statement of Retained
Earnings for the Twelve Months Ended
December 31, 1993 Pages 1 - 3
A - 4 Consolidating Balance Sheet -
December 31, 1993
Assets Pages 1 - 5
Capitalization and Liabilities Pages 6 - 10
Note to Consolidating Balance Sheet Page 11
A - 5 Eliminations and Reclassifications to
Consolidating Balance Sheet -
December 31, 1993
Summary Pages 1 - 2
Detail Pages 3 - 5
PAGE 5
EXHIBIT A-1
PAGE 1 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
Eliminations
and Reclass-
Consolidated ifications Total
OPERATING REVENUES:
Electric $624 020 $135 597 $ 759 617
Gas 302 644 1 485 304 129
Steam 12 615 - 12 615
Other 1 420 47 747 49 167
940 699 184 829 1 125 528
OPERATING EXPENSES:
Fuel used in electric and steam
production, principally oil 90 346 (104) 90 242
Electricity purchased for resale 258 490 128 967 387 457
Cost of gas sold 156 709 10 898 167 607
Other operation 212 817 45 154 257 971
Maintenance 40 574 - 40 574
Depreciation 42 480 - 42 480
Taxes -
Local property 16 350 - 16 350
Federal and state income -
Current 12 130 - 12 130
Deferred 17 059 - 17 059
Investment tax credits, net (1 500) - (1 500)
Payroll and other 8 676 - 8 676
854 131 184 915 1 039 046
OPERATING INCOME (LOSS) 86 568 (86) 86 482
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries - 46 673 46 673
Interest - subsidiaries - 1 671 1 671
Other, net 3 217 569 3 786
3 217 48 913 52 130
TOTAL INCOME 89 785 48 827 138 612
INTEREST CHARGES:
Long-term debt 37 416 - 37 416
Intercompany advances - 2 115 2 115
Other interest charges 6 730 39 6 769
Allowance for borrowed funds used
during construction (195) - (195)
43 951 2 154 46 105
NET INCOME (LOSS) $ 45 834 $ 46 673 $ 92 507
PAGE 6
EXHIBIT A-1
PAGE 2 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
Cambridge
Commonwealth Electric
Energy Subsidiaries Light
System Combined Company
OPERATING REVENUES:
Electric $ - $ 759 617 $126 073
Gas - 304 129 -
Steam - 12 615 -
Other - 49 167 -
- 1 125 528 126 073
OPERATING EXPENSES:
Fuel used in electric and steam
production, principally oil - 90 242 2 376
Electricity purchased for resale - 387 457 74 102
Cost of gas sold - 167 607 -
Other operation 1 288 256 683 30 925
Maintenance - 40 574 2 996
Depreciation - 42 480 3 795
Taxes -
Local property - 16 350 2 683
Federal and state income -
Current (1 869) 13 999 468
Deferred 1 394 15 665 1 080
Investment tax credits, net - (1 500) (96)
Payroll and other (10) 8 686 860
803 1 038 243 119 189
OPERATING INCOME (LOSS) (803) 87 285 6 884
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries 46 673 - -
Interest - subsidiaries 1 671 - -
Other, net 3 811 (25) 251
52 155 (25) 251
TOTAL INCOME 51 352 87 260 7 135
INTEREST CHARGES:
Long-term debt 4 224 33 192 3 797
Intercompany advances - 2 115 23
Other interest charges 1 294 5 475 223
Allowance for borrowed funds used
during construction - (195) (9)
5 518 40 587 4 034
NET INCOME (LOSS) $ 45 834 $ 46 673 $ 3 101
PAGE 7
EXHIBIT A-1
PAGE 3 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
COM/ COM/ COM/
Canal Energy Energy Energy
Electric Acushnet Cambridge Freetown
Company Realty Realty Realty
OPERATING REVENUES:
Electric $203 060 $ - $ - $ -
Gas - - - -
Steam - - - -
Other - 170 12 37
203 060 170 12 37
OPERATING EXPENSES:
Fuel used in electric and steam
production, principally oil 82 624 - - -
Electricity purchased for resale 27 977 - - -
Cost of gas sold - - - -
Other operation 27 117 36 22 413
Maintenance 14 561 - - 1
Depreciation 13 361 - - -
Taxes -
Local property 2 720 26 4 240
Federal and state income -
Current 8 373 39 (5) (755)
Deferred 1 445 5 1 (749)
Investment tax credits, net (715) - - -
Payroll and other 790 - - -
178 253 106 22 (850)
OPERATING INCOME (LOSS) 24 807 64 (10) 887
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries - - - -
Interest - subsidiaries - - - -
Other, net 510 5 2 (1 974)
510 5 2 (1 974)
TOTAL INCOME 25 317 69 (8) (1 087)
INTEREST CHARGES:
Long-term debt 9 267 - - -
Intercompany advances 135 - - 1 180
Other interest charges 854 - - -
Allowance for borrowed funds used
during construction (61) - - -
10 195 - - 1 180
NET INCOME (LOSS) $ 15 122 $ 69 $ (8) $(2 267)
PAGE 8
EXHIBIT A-1
PAGE 4 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
COM/ COM/ Common-
COM/Energy Energy Energy wealth
Research Services Steam Electric
Park Realty Company Company Company
OPERATING REVENUES:
Electric $ - $ - $ - $430 484
Gas - - - -
Steam - - 12 615 -
Other 820 38 160 - -
820 38 160 12 615 430 484
OPERATING EXPENSES:
Fuel used in electric and steam
production, principally oil - - 5 640 (398)
Electricity purchased for resale - - - 285 378
Cost of gas sold - - - -
Other operation 63 37 034 3 540 77 798
Maintenance - - 373 10 714
Depreciation - - 224 15 032
Taxes -
Local property 192 - 59 5 023
Federal and state income -
Current 155 (71) 1 375 3 197
Deferred 71 8 (267) 4 407
Investment tax credits, net - (1) (5) (446)
Payroll and other - 1 141 33 3 066
481 38 111 10 972 403 771
OPERATING INCOME (LOSS) 339 49 1 643 26 713
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries - - - -
Interest - subsidiaries - - - -
Other, net 12 - 72 249
12 - 72 249
TOTAL INCOME 351 49 1 715 26 962
INTEREST CHARGES:
Long-term debt - - - 13 252
Intercompany advances - - 10 202
Other interest charges 4 - 2 1 536
Allowance for borrowed funds used
during construction - - - (106)
4 - 12 14 884
NET INCOME (LOSS) $ 347 $ 49 $ 1 703 $ 12 078
PAGE 9
EXHIBIT A-1
PAGE 5 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
Common-
wealth Darvel Hopkinton
Gas Realty LNG
Company Trust Corp.
OPERATING REVENUES:
Electric $ - $ - $ -
Gas 304 129 - -
Steam - - -
Other - 381 9 587
304 129 381 9 587
OPERATING EXPENSES:
Fuel used in electric and steam
production, principally oil - - -
Electricity purchased for resale - - -
Cost of gas sold 167 607 - -
Other operation 73 009 644 6 082
Maintenance 11 929 - -
Depreciation 8 939 - 1 129
Taxes -
Local property 4 865 - 538
Federal and state income -
Current 2 035 (1 248) 436
Deferred 8 018 1 562 84
Investment tax credits, net (210) - (27)
Payroll and other 2 779 - 17
278 971 958 8 259
OPERATING INCOME (LOSS) 25 158 (577) 1 328
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries - - -
Interest - subsidiaries - - -
Other, net 637 211 -
637 211 -
TOTAL INCOME 25 795 (366) 1 328
INTEREST CHARGES:
Long-term debt 6 345 - 531
Intercompany advances 455 - 110
Other interest charges 2 715 2 139
Allowance for borrowed funds used
during construction (19) - -
9 496 2 780
NET INCOME (LOSS) $ 16 299 $ (368) $ 548
PAGE 10
EXHIBIT A-2
PAGE 1 of 8
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
SUMMARY OF ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
ENTRY NUMBER (See Pages 4-8 for detail)
TOTAL 1 2 3 4 5
STATEMENT OF INCOME CAPTION
OPERATING REVENUES:
Electric $135 597 $56 147 ($2 037) $31 777 $ 2 006 $45 843
Gas 1 485 - - - - -
Other 47 747 - - - - -
OPERATING EXPENSES:
Fuel used in electric
and steam production (104) - - - - -
Electricity purchased
for resale 128 967 53 174 - 28 238 2 006 45 549
Cost of gas sold 10 898 - - - - -
Other operation 45 154 2 973 (2 037) 3 539 - 294
OTHER INCOME:
Equity in earnings of
subsidiaries 46 673 - - - - -
Interest - subsidiaries 1 671 - - - - -
Other, net 569 - - - - -
INTEREST CHARGES:
Intercompany advances 2 115 - - - - -
Other interest charges 39 - - - - -
NET INCOME $ 46 673
PAGE 11
EXHIBIT A-2
PAGE 2 of 8
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
SUMMARY OF ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
ENTRY NUMBER (See Pages 4-8 for detail)
6 7 8 9 10 11
STATEMENT OF INCOME CAPTION
OPERATING REVENUES:
Electric $ - $ 1 797 $ - $ - $ - $ -
Gas 1 485 - - - - -
Other - - 38 160 - - -
OPERATING EXPENSES:
Fuel used in electric
and steam production 174 - - - - -
Electricity purchased
for resale - - - - - -
Cost of gas sold 1 311 - - - - -
Other operation - 1 797 38 160 - - -
OTHER INCOME:
Equity in earnings of
subsidiaries - - - 46 673 - -
Interest - subsidiaries - - - - 1 671 -
Other, net - - - - - 444
INTEREST CHARGES:
Intercompany advances - - - - 1 671 444
Other interest charges - - - - - -
NET INCOME $46 673
PAGE 12
EXHIBIT A-2
PAGE 3 of 8
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
SUMMARY OF ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
ENTRY NUMBER (See Pages 4-8 for detail)
12 13 14 15 16
STATEMENT OF INCOME CAPTION
OPERATING REVENUES:
Electric $ 64 $ - $ - $ - $ -
Gas - - - - -
Other - - - - 9 587
OPERATING EXPENSES:
Fuel used in electric
and steam production - (278) - - -
Electricity purchased
for resale - - - - -
Cost of gas sold - - - - 9 587
Other operation 64 278 86 - -
OTHER INCOME:
Equity in earnings of
subsidiaries - - - - -
Interest - subsidiaries - - - - -
Other, net - - 86 39 -
INTEREST CHARGES:
Intercompany advances - - - - -
Other interest charges - - - 39 -
NET INCOME
PAGE 13
EXHIBIT A-2
PAGE 4 of 8
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
No. 1
OPERATING REVENUES:
Electric $56 147
OPERATING EXPENSES:
Electricity purchased for resale $53 174
Other operation 2 973
To eliminate intercompany sales of electricity as follows:
OPERATING EXPENSES
OPERATING Electricity
REVENUES Purchased Other
Electric for Resale Operation
Canal Electric Company $53 174 $ - $ -
Cambridge Electric Light Company - 12 637 -
Commonwealth Electric Company - 40 537 -
Commonwealth Electric Company 2 973 - -
Canal Electric Company - - 2 833
Commonwealth Gas Company - - 140
$56 147 $53 174 $ 2 973
No. 2
OPERATING EXPENSES:
Other operation $2 037
OPERATING REVENUES:
Electric $2 037
To eliminate refund relating to intercompany sales of electricity from
Commonwealth Electric Company to Canal Electric Company.
No. 3
OPERATING REVENUES:
Electric $31 777
OPERATING EXPENSES:
Electricity purchased for resale $28 238
Other operation 3 539
To eliminate electricity purchased from third parties by Canal
Electric Company, acting as agent for Commonwealth Electric
Company and Cambridge Electric Light Company, including related
transmission costs.
No. 4
OPERATING REVENUES:
Electric $ 2 006
OPERATING EXPENSES:
Electricity purchased for resale $ 2 006
To eliminate intercompany charges relating to the abandonment of
Seabrook 2 billed by Canal Electric Company to Commonwealth
Electric Company and Cambridge Electric Light Company.
PAGE 14
EXHIBIT A-2
PAGE 5 of 8
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
No. 5
OPERATING REVENUES:
Electric $45 843
OPERATING EXPENSES:
Electricity purchased for resale $45 549
Other operation 294
To eliminate intercompany sales of electricity, including transmission costs,
by Canal Electric Company to Commonwealth Electric Company
($36,702,000) and Cambridge Electric Light Company ($9,141,000)
from the Seabrook nuclear power plant.
No. 6
OPERATING REVENUES:
Gas $ 1 485
OPERATING EXPENSES:
Fuel used in electric and steam production $ 174
Cost of gas sold 1 311
To eliminate intercompany sales of gas and end-user transportation
charges by Commonwealth Gas Company to Cambridge Electric
Light Company.
No. 7
OPERATING REVENUES:
Electric $ 1 797
OPERATING EXPENSES:
Other operation $ 1 797
To eliminate intercompany rents billed by Commonwealth Electric
Company to Cambridge Electric Light Company and Canal
Electric Company.
No. 8
OPERATING REVENUES:
Other $38 160
OPERATING EXPENSES:
Other operation $38 160
To eliminate intercompany billing by COM/Energy Services Company
to the other subsidiaries.
PAGE 15
EXHIBIT A-2
PAGE 6 of 8
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
No. 9
OTHER INCOME:
Equity in earnings of subsidiaries $46 673
RETAINED EARNINGS $46 673
To eliminate Commonwealth Energy System's equity in 1993
earnings (losses) of subsidiaries as follows:
Cambridge Electric Light Company $ 3 101
Canal Electric Company 15 122
COM/Energy Acushnet Realty 69
COM/Energy Cambridge Realty (8)
COM/Energy Freetown Realty (2 267)
COM/Energy Research Park Realty 347
COM/Energy Services Company 49
COM/Energy Steam Company 1 703
Commonwealth Electric Company 12 078
Commonwealth Gas Company 16 299
Darvel Realty Trust (368)
Hopkinton LNG Corp. 548
$46 673
No. 10
OTHER INCOME:
Interest - subsidiaries $ 1 671
INTEREST CHARGES:
Intercompany advances $ 1 671
To eliminate interest income of Commonwealth Energy System
from subsidiaries as follows:
Cambridge Electric Light Company $ 4
Canal Electric Company 35
COM/Energy Freetown Realty 1 180
Commonwealth Electric Company 168
Commonwealth Gas Company 163
COM/Energy Steam Company 10
Hopkinton LNG Corp. 111
$ 1 671
PAGE 16
EXHIBIT A-2
PAGE 7 of 8
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
No. 11
OTHER INCOME:
Other, net $ 444
INTEREST CHARGES:
Intercompany advances $ 444
To eliminate intercompany interest income and expense as follows:
Income Expense
Cambridge Electric Light Company $ 4 $ 19
Canal Electric Company - 100
COM/Energy Acushnet Realty 4 -
COM/Energy Cambridge Realty 1 -
COM/Energy Freetown Realty 199 -
COM/Energy Research Park Realty 12 -
COM/Energy Steam Company 22 -
Commonwealth Electric Company 202 33
Commonwealth Gas Company - 292
$ 444 $ 444
No. 12
OPERATING REVENUES:
Electric $ 64
OPERATING EXPENSES:
Other operation 64
To eliminate intercompany billing of fixed charges on a transformer
by Canal Electric Company to Commonwealth Electric Company.
No. 13
OPERATING EXPENSES:
Fuel used in electric and steam production $ 278
OPERATING EXPENSES:
Other operation $ 278
To eliminate intercompany billing for operating expenses from
Cambridge Electric Light Company to COM/Energy Steam Company.
PAGE 17
EXHIBIT A-2
PAGE 8 of 8
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
(Dollars in Thousands)
No. 14
OTHER INCOME:
Other, net $ 86
OPERATING EXPENSES:
Other operation $ 86
To eliminate intercompany rent billed by Cambridge Electric Light
Company to COM/Energy Steam Company.
No. 15
INTEREST INCOME:
Other, net $ 39
INTEREST EXPENSES:
Other, interest charges $ 39
To reclassify interest income and expense on contested income tax
issues.
No. 16
OPERATING REVENUES:
Other $ 9 587
OPERATING EXPENSES:
Cost of Gas Sold $ 9 587
To eliminate intercompany billing by Hopkinton LNG Corp. to Commonwealth
Gas Company.
PAGE 18
EXHIBIT A-3
PAGE 1 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
(Dollars in Thousands)
Eliminations
and Reclass-
Consolidated ifications Total
Balance at December 31, 1992 $186 500 $ 77 698 $264 198
Add-
Net income for the year 39 897 46 673 92 507
232 334 124 371 356 705
Deduct-
Cash dividends-
System-
Common shares 29 871 - 29 871
Preferred shares 1 230 - 1 230
Subsidiaries-
Common stock - 64 302 64 302
31 101 64 302 95 403
Balance at December 31, 1993 $201 233 $ 60 069 $261 302
PAGE 19
EXHIBIT A-3
PAGE 2 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
(Dollars in Thousands)
Cambridge
Commonwealth Electric
Energy Subsidiaries Light
System Combined Company
Balance at December 31, 1992 $186 500 $ 77 698 $ 6 156
Add-
Net income for the year 45 834 46 673 3 101
232 334 124 371 9 257
Deduct-
Cash dividends-
System-
Common shares 29 871 - -
Preferred shares 1 230 - -
Subsidiaries-
Common stock - 64 302 2 201
31 101 64 302 2 201
Balance at December 31, 1993 $201 233 $ 60 069 $ 7 056
PAGE 20
EXHIBIT A-3
PAGE 3 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
(Dollars in Thousands)
Canal COM/Energy COM/Energy COM/Energy
Electric Acushnet Cambridge Freetown
Company Realty Realty Realty
Balance at December 31, 1992 $ 64 498 $ 235 $ 132 $(17 565)
Add-
Net income for the year 15 122 69 (8) (2 267)
79 620 304 124 (19 832)
Deduct-
Cash dividends-
System-
Common shares - - - -
Preferred shares - - - -
Subsidiaries-
Common stock 31 469 71 75 -
31 469 71 75 -
Balance at December 31, 1993 $ 48 151 $ 233 $ 49 $(19 832)
PAGE 21
EXHIBIT A-3
PAGE 4 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
(Dollars in Thousands)
Common-
COM/Energy COM/Energy COM/Energy wealth
Research Services Steam Electric
Park Realty Company Company Company
Balance at December 31, 1992 $ 535 $ 12 $ 563 $14 882
Add-
Net income for the year 347 49 1 703 12 078
882 61 2 266 26 960
Deduct-
Cash dividends-
System-
Common shares - - - -
Preferred shares - - - -
Subsidiaries-
Common stock 187 49 1 495 11 842
187 49 1 495 11 842
Balance at December 31, 1993 $ 695 $ 12 $ 771 $15 118
PAGE 22
EXHIBIT A-3
PAGE 5 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
(Dollars in Thousands)
Common-
wealth Darvel Hopkinton
Gas Realty LNG
Company Trust Corp.
Balance at December 31, 1992 $ 6 994 $ (175) $ 1 431
Add-
Net income for the year 16 299 (368) 548
23 293 (543) 1 979
Deduct-
Cash dividends-
System-
Common shares - - -
Preferred shares - - -
Subsidiaries-
Common stock 15 453 - 1 460
15 453 - 1 460
Balance at December 31, 1993 $ 7 840 $ (543) $ 519
PAGE 23
EXHIBIT A-4
PAGE 1 of 11
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1993
(Dollars in Thousands)
Eliminations
and Reclass-
Consolidated ifications Total
PROPERTY, PLANT AND EQUIPMENT,
at original cost:
Electric $1 028 754 $ - $1 028 754
Gas 322 714 - 322 714
Other 58 529 286 58 815
Leased property, net 16 150 - 16 150
1 426 147 286 1 426 433
Less: Accumulated depreciation
and amortization 425 483 - 425 483
Net Property, Plant and Equipment 1 000 664 286 1 000 950
INVESTMENTS:
Equity in common stock and earnings
of subsidiary companies - 399 840 399 840
Advances to associate companies - 39 950 39 950
Equity in corporate joint ventures-
Nuclear electric power companies
(2.5% to 4.5%) 9 660 - 9 660
Other, at cost 3 889 - 3 889
13 549 439 790 453 339
CURRENT ASSETS:
Cash 6 007 - 6 007
Accounts receivable:
Affiliated companies - 20 092 20 092
Other 101 424 - 101 424
Reserve for uncollectible accounts (7 761) - (7 761)
Unbilled revenues 43 279 - 43 279
Inventories, at average cost-
Materials and supplies 8 852 - 8 852
Natural gas 25 810 - 25 810
Electric production fuel oil 1 440 - 1 440
Prepaid property taxes 8 220 - 8 220
Prepaid income taxes 362 3 421 3 783
Other 6 649 51 6 700
Total Current Assets 194 282 23 564 217 846
DEFERRED CHARGES 106 668 7 349 114 017
TOTAL $1 315 163 $ 470 989 $1 786 152
PAGE 24
EXHIBIT A-4
PAGE 2 of 11
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1993
(Dollars in Thousands)
Cambridge
Commonwealth Electric
Energy Subsidiaries Light
System Combined Company
PROPERTY, PLANT AND EQUIPMENT,
at original cost:
Electric $ - $1 028 754 $ 140 827
Gas - 322 714 -
Other - 58 815 5 510
Leased property, net - 16 150 -
- 1 426 433 146 337
Less: Accumulated depreciation
and amortization - 425 483 52 382
Net Property, Plant and Equipment - 1 000 950 93 955
INVESTMENTS:
Equity in common stock and earnings
of subsidiary companies 399 840 - -
Advances to associate companies 27 855 12 095 -
Equity in corporate joint ventures-
Nuclear electric power companies
(2.5% to 4.5%) - 9 660 9 059
Other, at cost - 3 889 5
427 695 25 644 9 064
CURRENT ASSETS:
Cash 68 5 939 1 624
Accounts receivable:
Affiliated companies 199 19 893 1 036
Other - 101 424 10 669
Reserve for uncollectible accounts - (7 761) (491)
Unbilled revenues - 43 279 3 835
Inventories, at average cost-
Materials and supplies - 8 852 738
Natural gas - 25 810 -
Electric production fuel oil - 1 440 575
Prepaid property taxes - 8 220 1 600
Prepaid income taxes - 3 783 423
Other 52 6 648 976
Total Current Assets 319 217 527 20 985
DEFERRED CHARGES 301 113 716 9 984
TOTAL $ 428 315 $1 357 837 $ 133 988
PAGE 25
EXHIBIT A-4
PAGE 3 of 11
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1993
(Dollars in Thousands)
COM/ COM/ COM/
Canal Energy Energy Energy
Electric Acushnet Cambridge Freetown
Company Realty Realty Realty
PROPERTY, PLANT AND EQUIPMENT,
at original cost:
Electric $408 910 $ - $ - $ -
Gas - - - -
Other - 498 21 2 980
Leased property, net 14 150 - - -
423 060 498 21 2 980
Less: Accumulated depreciation
and amortization 137 720 - - -
Net Property, Plant and Equipment 285 340 498 21 2 980
INVESTMENTS:
Equity in common stock and earnings
of subsidiary companies - - - -
Advances to associate companies - 85 35 -
Equity in corporate joint ventures-
Nuclear electric power companies
(2.5% to 4.5%) - - - -
Other, at cost 3 861 - - -
3 861 85 35 -
CURRENT ASSETS:
Cash 12 9 5 9
Accounts receivable:
Affiliated companies 12 215 - - -
Other 9 549 30 12 -
Reserve for uncollectible accounts - - - -
Unbilled revenues 659 - - -
Inventories, at average cost-
Materials and supplies 1 471 - - -
Natural gas - - - -
Electric production fuel oil 663 - - -
Prepaid property taxes 891 12 2 114
Prepaid income taxes 720 4 2 221
Other 1 472 - - 18
Total Current Assets 27 652 55 21 362
DEFERRED CHARGES 27 448 23 - 4 579
TOTAL $344 301 $ 661 $ 77 $ 7 921
PAGE 26
EXHIBIT A-4
PAGE 4 of 11
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1993
(Dollars in Thousands)
COM/ COM/ COM/ Common-
Energy Energy Energy wealth
Research Services Steam Electric
Park Realty Company Company Company
PROPERTY, PLANT AND EQUIPMENT,
at original cost:
Electric $ - $ - $ - $479 017
Gas - - - -
Other 384 251 6 594 1 809
Leased property, net - 2 000 - -
384 2 251 6 594 480 826
Less: Accumulated depreciation
and amortization 125 251 3 539 133 349
Net Property, Plant and Equipment 259 2 000 3 055 347 477
INVESTMENTS:
Equity in common stock and earnings
of subsidiary companies - - - -
Advances to associate companies 525 - - 4 485
Equity in corporate joint ventures-
Nuclear electric power companies
(2.5% to 4.5%) - - - 601
Other, at cost - - - 14
525 - - 5 100
CURRENT ASSETS:
Cash 24 138 13 2 794
Accounts receivable:
Affiliated companies 18 2 835 - 2 413
Other 16 188 1 858 42 011
Reserve for uncollectible accounts - - - (3 268)
Unbilled revenues - - 385 9 332
Inventories, at average cost-
Materials and supplies - - 6 4 658
Natural gas - - - -
Electric production fuel oil - - - 202
Prepaid property taxes 108 - 26 2 538
Prepaid income taxes 11 206 - -
Other 5 794 185 1 927
Total Current Assets 182 4 161 2 473 62 607
DEFERRED CHARGES 381 3 529 17 34 619
TOTAL $ 1 347 $ 9 690 $ 5 545 $449 803
PAGE 27
EXHIBIT A-4
PAGE 5 of 11
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1993
(Dollars in Thousands)
Common-
wealth Darvel Hopkinton
Gas Realty LNG
Company Trust Corp.
PROPERTY, PLANT AND EQUIPMENT,
at original cost:
Electric $ - $ - $ -
Gas 322 714 - -
Other 1 293 1 778 37 697
Leased property, net - - -
324 007 1 778 37 697
Less: Accumulated depreciation
and amortization 77 155 - 20 962
Net Property, Plant and Equipment 246 852 1 778 16 735
INVESTMENTS:
Equity in common stock and earnings
of subsidiary companies - - -
Advances to associate companies - 6 965 -
Equity in corporate joint ventures-
Nuclear electric power companies
(2.5% to 4.5%) - - -
Other, at cost 9 - -
9 6 965 -
CURRENT ASSETS:
Cash 1 297 6 8
Accounts receivable:
Affiliated companies 173 - 1 203
Other 36 228 852 11
Reserve for uncollectible accounts (3 162) (840) -
Unbilled revenues 29 068 - -
Inventories, at average cost-
Materials and supplies 1 979 - -
Natural gas 25 810 - -
Electric production fuel oil - - -
Prepaid property taxes 2 629 - 300
Prepaid income taxes 1 812 351 33
Other 992 31 248
Total Current Assets 96 826 400 1 803
DEFERRED CHARGES 32 996 107 33
TOTAL $376 683 $ 9 250 $ 18 571
PAGE 28
EXHIBIT A-4
PAGE 6 of 11
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET - CAPITALIZATION AND LIABILITIES
DECEMBER 31, 1993
(Dollars in Thousands)
Eliminations
and Reclass-
Consolidated ifications Total
CAPITALIZATION:
Common Shares - Commonwealth Energy
System $4 par value, 10,295,077
shares outstanding (153,402 shares
issued during 1993) $ 41 180 $ - $ 41 180
Subsidiaries - 175 594 175 594
Amounts paid in excess of par value 94 657 164 575 259 232
Retained earnings 201 233 60 069 261 302
Total Common Share Equity 337 070 400 238 737 308
Redeemable Preferred Shares, $100 par
value, less current sinking fund
requirements:
Series A, 4.80%, 30,000 shares
authorized and outstanding 2 880 - 2 880
Series B, 8.10%, 44,800 shares
authorized and outstanding 4 320 - 4 320
Series C, 7 3/4%, 88,200 shares
authorized and outstanding 8 280 - 8 280
Long-Term Debt, including premiums,
less current sinking fund require-
ments and maturities 448 893 - 448 893
Total Capitalization 801 443 400 238 1 201 681
Capital Lease Obligations-Non Current 14 456 - 14 456
CURRENT LIABILITIES:
Interim Financing -
Notes payable to banks 71 975 - 71 975
Advances from affiliates - 39 950 39 950
Maturing long-term debt 10 000 - 10 000
Total Interim Financing 81 975 39 950 121 925
Other Current Liabilities -
Current sinking fund requirements 6 793 - 6 793
Accounts payable -
Affiliates - 20 092 20 092
Other 90 006 - 90 006
Dividends declared 7 544 - 7 544
Customers' deposits 5 550 - 5 550
Accrued taxes -
Income - 3 421 3 421
Local property and other 9 090 - 9 090
Accrued interest 7 325 51 7 376
Capital lease obligations 1 694 - 1 694
Other 15 209 - 15 209
Total Other Current Liabilities 143 211 23 564 166 775
Total Current Liabilities 225 186 63 514 288 700
DEFERRED CREDITS AND RESERVES:
Accumulated deferred income taxes 156 851 7 237 164 088
Unamortized investment tax credits 30 774 - 30 774
Other 86 453 - 86 453
Total Deferred Credits and Reserves 274 078 7 237 281 315
TOTAL $1 315 163 $ 470 989 $1 786 152
PAGE 29
EXHIBIT A-4
PAGE 7 of 11
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET - CAPITALIZATION AND LIABILITIES
DECEMBER 31, 1993
(Dollars in Thousands)
Cambridge
Commonwealth Electric
Energy Subsidiaries Light
System Combined Company
CAPITALIZATION:
Common Shares - Commonwealth Energy
System $4 par value, 10,295,077
shares outstanding (153,402 shares
issued during 1993) $ 41 180 $ - $ -
Subsidiaries - 175 594 8 665
Amounts paid in excess of par value 94 657 164 575 27 953
Retained earnings 201 233 60 069 7 056
Total Common Share Equity 337 070 400 238 43 674
Redeemable Preferred Shares, $100 par
value, less current sinking fund
requirements:
Series A, 4.80%, 30,000 shares
authorized and outstanding 2 880 - -
Series B, 8.10%, 44,800 shares
authorized and outstanding 4 320 - -
Series C, 7 3/4%, 88,200 shares
authorized and outstanding 8 280 - -
Long-Term Debt, including premiums,
less current sinking fund require-
ments and maturities 55 000 393 893 42 189
Total Capitalization 407 550 794 131 85 863
Capital Lease Obligations-Non Current - 14 456 -
CURRENT LIABILITIES:
Interim Financing -
Notes payable to banks 1 000 70 975 2 000
Advances from affiliates - 39 950 1 305
Maturing long-term debt 10 000 - -
Total Interim Financing 11 000 110 925 3 305
Other Current Liabilities -
Current sinking fund requirements 820 5 973 160
Accounts payable -
Affiliates 51 20 041 4 972
Other 448 89 558 5 187
Dividends declared 7 544 - -
Customers' deposits - 5 550 1 697
Accrued taxes -
Income 413 3 008 97
Local property and other - 9 090 1 611
Accrued interest 35 7 341 1 003
Capital lease obligations - 1 694 -
Other - 15 209 1 079
Total Other Current Liabilities 9 311 157 464 15 806
Total Current Liabilities 20 311 268 389 19 111
DEFERRED CREDITS AND RESERVES:
Accumulated deferred income taxes - 164 088 12 189
Unamortized investment tax credits - 30 774 2 130
Other 454 85 999 14 695
Total Deferred Credits and Reserves 454 280 861 29 014
TOTAL $ 428 315 $1 357 837 $ 133 988
PAGE 30
EXHIBIT A-4
PAGE 8 of 11
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET - CAPITALIZATION AND LIABILITIES
DECEMBER 31, 1993
(Dollars in Thousands)
COM/ COM/ COM/
Canal Energy Energy Energy
Electric Acushnet Cambridge Freetown
Company Realty Realty Realty
CAPITALIZATION:
Common Shares - Commonwealth Energy
System $4 par value, 10,295,077
shares outstanding (153,402 shares
issued during 1993) $ - $ - $ - $ -
Subsidiaries 38 080 325 25 1 000
Amounts paid in excess of par value 8 321 - - -
Retained earnings 48 151 233 49 (19 832)
Total Common Share Equity 94 552 558 74 (18 832)
Redeemable Preferred Shares, $100 par
value, less current sinking fund
requirements:
Series A, 4.80%, 30,000 shares
authorized and outstanding - - - -
Series B, 8.10%, 44,800 shares
authorized and outstanding - - - -
Series C, 7 3/4%, 88,200 shares
authorized and outstanding - - - -
Long-Term Debt, including premiums,
less current sinking fund require-
ments and maturities 88 446 - - -
Total Capitalization 182 998 558 74 (18 832)
Capital Lease Obligations-Non Current 13 575 - - -
CURRENT LIABILITIES:
Interim Financing -
Notes payable to banks 28 000 - - -
Advances from affiliates 8 310 - - 26 480
Maturing long-term debt - - - -
Total Interim Financing 36 310 - - 26 480
Other Current Liabilities -
Current sinking fund requirements 1 110 - - -
Accounts payable -
Affiliates 1 829 2 1 158
Other 15 244 81 - -
Dividends declared - - - -
Customers' deposits - - - -
Accrued taxes -
Income 460 2 - -
Local property and other 923 13 2 115
Accrued interest 1 534 - - -
Capital lease obligations 575 - - -
Other 2 013 1 - -
Total Other Current Liabilities 23 688 99 3 273
Total Current Liabilities 59 998 99 3 26 753
DEFERRED CREDITS AND RESERVES:
Accumulated deferred income taxes 70 854 4 - -
Unamortized investment tax credits 13 360 - - -
Other 3 516 - - -
Total Deferred Credits and Reserves 87 730 4 - -
TOTAL $344 301 $ 661 $ 77 $ 7 921
PAGE 31
EXHIBIT A-4
PAGE 9 of 11
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET - CAPITALIZATION AND LIABILITIES
DECEMBER 31, 1993
(Dollars in Thousands)
COM/ COM/ COM/ Common-
Energy Energy Energy wealth
Research Services Steam Electric
Park Realty Company Company Company
CAPITALIZATION:
Common Shares - Commonwealth Energy
System $4 par value, 10,295,077
shares outstanding (153,402 shares
issued during 1993) $ - $ - $ - $ -
Subsidiaries 350 325 2 550 51 099
Amounts paid in excess of par value - - - 97 112
Retained earnings 695 12 771 15 118
Total Common Share Equity 1 045 337 3 321 163 329
Redeemable Preferred Shares, $100 par
value, less current sinking fund
requirements:
Series A, 4.80%, 30,000 shares
authorized and outstanding - - - -
Series B, 8.10%, 44,800 shares
authorized and outstanding - - - -
Series C, 7 3/4%, 88,200 shares
authorized and outstanding - - - -
Long-Term Debt, including premiums,
less current sinking fund require-
ments and maturities - - - 158 858
Total Capitalization 1 045 337 3 321 322 187
Capital Lease Obligations-Non Current - 881 - -
CURRENT LIABILITIES:
Interim Financing -
Notes payable to banks - - - -
Advances from affiliates - - 830 -
Maturing long-term debt - - - -
Total Interim Financing - - 830 -
Other Current Liabilities -
Current sinking fund requirements - - - 1 053
Accounts payable -
Affiliates 3 91 943 10 088
Other 31 54 84 22 044
Dividends declared - - - -
Customers' deposits - - - 2 413
Accrued taxes -
Income 14 - 98 2 337
Local property and other 104 53 26 3 017
Accrued interest - - - 4 027
Capital lease obligations - 1 119 - -
Other 21 446 4 6 685
Total Other Current Liabilities 173 1 763 1 155 51 664
Total Current Liabilities 173 1 763 1 985 51 664
DEFERRED CREDITS AND RESERVES:
Accumulated deferred income taxes 129 - 2 39 396
Unamortized investment tax credits - - 48 8 430
Other - 6 709 189 28 126
Total Deferred Credits and Reserves 129 6 709 239 75 952
TOTAL $ 1 347 $ 9 690 $ 5 545 $449 803
PAGE 32
EXHIBIT A-4
PAGE 10 of 11
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEET - CAPITALIZATION AND LIABILITIES
DECEMBER 31, 1993
(Dollars in Thousands)
Common-
wealth Darvel Hopkinton
Gas Realty LNG
Company Trust Corp.
CAPITALIZATION:
Common Shares - Commonwealth Energy
System $4 par value, 10,295,077
shares outstanding (153,402 shares
issued during 1993) $ - $ - $ -
Subsidiaries 71 425 1 700 50
Amounts paid in excess of par value 27 739 - 3 450
Retained earnings 7 840 (543) 519
Total Common Share Equity 107 004 1 157 4 019
Redeemable Preferred Shares, $100 par
value, less current sinking fund
requirements:
Series A, 4.80%, 30,000 shares
authorized and outstanding - - -
Series B, 8.10%, 44,800 shares
authorized and outstanding - - -
Series C, 7 3/4%, 88,200 shares
authorized and outstanding - - -
Long-Term Debt, including premiums,
less current sinking fund require-
ments and maturities 95 400 - 9 000
Total Capitalization 202 404 1 157 13 019
Capital Lease Obligations-Non Current - - -
CURRENT LIABILITIES:
Interim Financing -
Notes payable to banks 40 975 - -
Advances from affiliates 2 835 - 190
Maturing long-term debt - - -
Total Interim Financing 43 810 - 190
Other Current Liabilities -
Current sinking fund requirements 3 650 - -
Accounts payable -
Affiliates 1 811 15 128
Other 46 197 247 389
Dividends declared - - -
Customers' deposits 1 440 - -
Accrued taxes -
Income - - -
Local property and other 2 940 - 286
Accrued interest 774 - 3
Capital lease obligations - - -
Other 4 447 - 513
Total Other Current Liabilities 61 259 262 1 319
Total Current Liabilities 105 069 262 1 509
DEFERRED CREDITS AND RESERVES:
Accumulated deferred income taxes 30 176 7 831 3 507
Unamortized investment tax credits 6 270 - 536
Other 32 764 - -
Total Deferred Credits and Reserves 69 210 7 831 4 043
TOTAL $376 683 $ 9 250 $ 18 571
PAGE 33
EXHIBIT A-4
PAGE 11 of 11
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
NOTE TO CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1993
(Dollars in Thousands)
Consolidated long-term debt, including Less Current
premiums, at December 31, 1993 is Sinking Fund
summarized as follows: Requirements
Amount and Current
Bonds, Mortgages and Similar Debt - Outstanding Maturities Net
Commonwealth Energy System -
6-Year 10.39% Senior Notes, Due 6/28/95 $ 10 000
8-Year 10.48% Senior Notes, Due 6/28/97 10 000
9-Year 10.45% Senior Notes, Due 6/28/98 10 000
10-Year 10.58% Senior Notes, Due 6/28/99 10 000
Term Loan, 4.7%, Due 11/22/95 25 000
65 000 $10 000 $55 000
Cambridge Electric Light Company -
30-Year 6 1/4% Notes, Series C, Due 6/1/97 4 445
30-Year 7 3/4% Notes, Series D, Due 6/1/02 2 904
7-Year 9.97% Notes, Series F, Due 4/1/96 20 000
7-Year 8.04% Notes, Series G, Due 3/1/99 10 000
15-Year 8.7% Notes, Series H, Due 3/1/07 5 000
42 349 160 42 189
Canal Electric Company -
First Mortgage Bonds, Series A,
7%, Due 10/1/96 5 322
First and General Mortgage Bonds:
Series B, 8.85%, Due 9/1/06 35 008
Series E, 7 3/8%, Due 12/1/20 9 955
Series F, 9 7/8%, Due 12/1/20 39 271
89 556 1 110 88 446
Commonwealth Gas Company -
First Mortgage Bonds:
Series H, 8.99%, Due 10/1/96 10 000
Series I, 8.99%, Due 12/1/01 29 050
Series J, 9.95%, Due 12/1/20 25 000
Series D, 7.11%, Due 12/30/33 35 000
99 050 3 650 95 400
Commonwealth Electric Company -
Notes:
15-Year, 9.50%, Due 12/1/04 15 000
18-Year, 9.55%, Due 12/1/07 10 000
25-Year, 9.53%, Due 12/1/14 10 000
30-Year, 9.60%, Due 12/1/19 10 000
10-Year, 7.43%, Due 1/1/03 15 000
15-Year, 7.70%, Due 1/1/08 10 000
20-Year, 7.98%, Due 1/1/13 25 000
30-Year, 8.47%, Due 1/1/23 15 000
Term Loans:
15-Year 9.30%, Due 1/1/02 29 911
25-Year 9.37%, Due 1/1/12 20 000
159 911 1 053 158 858
Hopkinton LNG Corp. -
5-Year Term Loan, variable rate,
4.03% in 1993, Due 12/29/98 9 000 - 9 000
$464 866 $15 973 $448 893
PAGE 34
EXHIBIT A-5
PAGE 1 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
SUMMARY OF ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1993
(Dollars in Thousands)
ENTRY NUMBER
(See Pages 3, 4, and 5)
ASSETS Total 1 2
PROPERTY, PLANT AND EQUIPMENT:
Other $ 286 $ - $ -
INVESTMENTS:
Equity in common stock and earnings of
subsidiary companies 399 840 399 840 -
Advances to associate companies 39 950 - 39 950
439 790 399 840 39 950
CURRENT ASSETS:
Accounts receivable -
affiliated companies 20 092 - 20 092
Prepaid income taxes 3 421 - -
Other 51 - -
23 564 - 20 092
DEFERRED CHARGES 7 349 - -
$470 989 $399 840 $ 60 042
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common Shares -
Subsidiaries $175 594 $175 594 $ -
Amounts paid in excess of par value 164 575 164 575 -
Retained earnings 60 069 59 671 -
Total Common Share Equity 400 238 399 840 -
CURRENT LIABILITIES:
Interim Financing -
Notes payable to parent 39 950 - 39 950
Other Current Liabilities -
Accounts payable - affiliated companies 20 092 - 20 092
Accrued taxes - income 3 421 - -
Accrued interest 51 - -
23 564 - 20 092
DEFERRED CREDITS AND RESERVES:
Accumulated deferred income taxes 7 237 - -
$470 989 $399 840 $ 60 042
PAGE 35
EXHIBIT A-5
PAGE 2 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
SUMMARY OF ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1993
(Dollars in Thousands)
ENTRY NUMBER
(See Pages 3, 4, and 5)
ASSETS 3 4 5
PROPERTY, PLANT AND EQUIPMENT:
Other $ 286 $ - $ -
INVESTMENTS:
Equity in common stock and earnings of
subsidiary companies - - -
Advances to associate companies - - -
- - -
CURRENT ASSETS:
Accounts receivable -
affiliated companies - - -
Prepaid income taxes - 3 421 -
Other - - 51
- 3 421 51
DEFERRED CHARGES - 7 349 -
$ 286 $10 770 $ 51
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common Shares -
Subsidiaries $ - $ - $ -
Amounts paid in excess of par value - - -
Retained earnings 398 - -
Total Common Share Equity 398 - -
CURRENT LIABILITIES:
Interim Financing -
Notes payable to parent - - -
Other Current Liabilities -
Accounts payable - affiliated companies - - -
Accrued taxes - income - 3 421 -
Accrued interest - - 51
- 3 421 51
DEFERRED CREDITS AND RESERVES:
Accumulated deferred income taxes (112) 7 349 -
$ 286 $10 770 $ 51
PAGE 36
EXHIBIT A-5
PAGE 3 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1993
(Dollars in Thousands)
No. 1
Common shares - subsidiaries $175 594
Amounts paid in excess of par value 164 575
Retained Earnings 59 671
INVESTMENTS - Equity in common stock and earnings
of subsidiaries $399 840
To eliminate Parent company investment in common stock and
earnings of subsidiary companies. Income of subsidiaries
recorded on equity accounting basis on Parent company
statements.
Common
Shares Amounts Paid System's
Par in Excess of Retained Equity in
Value Par Value Earnings Subsidiaries
Cambridge Electric Light Company $ 8 665 $ 27 953 $ 7 056 $ 43 674
Canal Electric Company 38 080 8 321 48 151 94 552
COM/Energy Acushnet Realty 325 - 233 558
COM/Energy Cambridge Realty 25 - 49 74
COM/Energy Freetown Realty 1 000 - (19 832) (18 832)
COM/Energy Research Park Realty 350 - 695 1 045
COM/Energy Services Company 325 - 12 337
COM/Energy Steam Company 2 550 - 771 3 321
Commonwealth Electric Company 51 099 97 112 15 118 163 329
Commonwealth Gas Company 71 425 27 739 7 840 107 004
Darvel Realty Trust 1 700 - (941) 759
Hopkinton LNG Corp. 50 3 450 519 4 019
$175 594 $164 575 $ 59 671 $399 840
No. 2
Advances from affiliates $39 950
Accounts payable - Affiliates 20 092
INVESTMENTS - Advances to affiliates $39 950
Accounts receivable - Affiliates 20 092
To eliminate intercompany accounts as follows:
PAGE 37
EXHIBIT A-5
PAGE 4 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1993
(Dollars in Thousands)
Investments- Accounts Advances Accounts
Advances to Receivable- from Payable-
Affiliates Affiliates Affiliates Affiliates
Cambridge Electric Light Company $ - $ 1 036 $ 1 305 $ 4 972
Canal Electric Company - 12 215 8 310 1 829
COM/Energy Acushnet Realty 85 - - 2
COM/Energy Freetown Realty - - 26 480 158
COM/Energy Cambridge Realty 35 - - 1
COM/Energy Research Park Realty 525 18 - 3
COM/Energy Services Company - 2 835 - 91
COM/Energy Steam Company - - 830 943
Commonwealth Electric Company 4 485 2 413 - 10 088
Commonwealth Energy System 27 855 199 - 51
Commonwealth Gas Company - 173 2 835 1 811
Darvel Realty Trust 6 965 - - 15
Hopkinton LNG Corp. - 1 203 190 128
$39 950 $20 092 $39 950 $20 092
No. 3
Retained earnings $ 398
PROPERTY, PLANT AND EQUIPMENT:
Other $ 286
DEFERRED CREDITS AND RESERVES:
Accumulated deferred income taxes 112
To eliminate intercompany interest capitalized by Darvel
Realty Trust.
No. 4
CURRENT LIABILITIES:
Accrued income taxes $3 421
DEFERRED CREDITS AND RESERVES:
Accumulated deferred income taxes 7 349
CURRENT ASSETS:
Prepaid income taxes $3 421
DEFERRED CHARGES 7 349
To reclassify income taxes.
PAGE 38
EXHIBIT A-5
PAGE 5 of 5
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
ELIMINATIONS AND RECLASSIFICATIONS
TO
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1993
(Dollars in Thousands)
No. 5
CURRENT LIABILITIES:
Accrued interest $ 51
CURRENT ASSETS:
Other $ 51
To eliminate intercompany interest receivable and
payable on money pool transactions as follows:
Receivable Payable
Cambridge Electric Light Company $ - $ 4
Darvel Realty Trust 19 -
Canal Electric Company - 17
Commonwealth Gas Company - 30
Commonwealth Electric Company 31 -
COM/Energy Freetown Realty - -
COM/Energy Research Park Realty 1 -
$51 $51
PAGE 39
EXHIBIT B
PAGE 1 of 2
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
DESCRIPTION OF PROPERTIES - ITEM 2 OF FORM U-3A-2
DECEMBER 31, 1993
ELECTRIC Generating Stations
Rated KW
Company and Generating Station Locations Type Capacity (a)
Cambridge Electric Light Company
Kendall Square, Cambridge, Massachusetts Steam 67 500
Kendall Square, Cambridge, Massachusetts Jets 46 600
*Blackstone Street, Cambridge, Massachusetts Steam 15 000
129 100
Canal Electric Company (d)
Sandwich, Massachusetts Steam 542 500
Sandwich, Massachusetts Steam 529 600(b)
1 072 100
Commonwealth Electric Company (c)
**Cannon Street, New Bedford, Massachusetts Steam 63 100
Oak Bluffs, Massachusetts Internal
Comb. 8 300
West Tisbury, Massachusetts Internal
Comb. 5 500
76 900
(a) Manufacturer's maximum name plate rating of generating units as
reported in Schedule 1, F.E.R.C. Power System Statement Form No. 12.
(b) Represents the entire capacity of Canal Unit No. 2 in which Canal
Electric Company and Montaup Electric Company each own an undivided
one-half joint-ownership interest. Canal is operator of the unit.
(c) Commonwealth Electric Company is a joint-owner, together with several
other New England utility companies, of the Wyman Unit #4 which is
located in Yarmouth, Maine. The Company has a 1.4325% interest in this
oil-fired 600,000 KW steam type unit, with an entitlement of
approximately 9 MW of power. The unit is 60% owned by Central Maine
Power Company.
(d) Canal Electric Company is a joint-owner, together with several other
New England utility companies, of the Seabrook 1 nuclear power plant
which is located in Seabrook, New Hampshire. The Company has a 3.52%
interest in this 1,150,000 KW unit, with an entitlement of
approximately 40 MW of power.
** Cannon Street #1 and #2 - deactivated reserve units
October 1992
Notes: (1) Neither the System nor any of the "Other Subsidiaries" shown on
the cover of this report own any properties for the generation,
transmission or distribution of electricity or gas.
(2) None of the subsidiary companies owns any transmission lines or
pipelines which deliver or receive electric energy or gas at the
borders of The Commonwealth of Massachusetts with the exception of
a 20% undivided joint interest in a transmission line from the
Massachusetts border to a point in the Boston Edison Company
system in the vicinity of West Medway, Massachusetts and a 3.8%
interest in the Hydro-Quebec Phase II transmission facilities from
Monroe, New Hampshire to West Medway, Massachusetts.
PAGE 40
EXHIBIT B
PAGE 2 of 2
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
DESCRIPTION OF PROPERTIES - ITEM 2 OF FORM U-3A-2
DECEMBER 31, 1993
(3) In addition to the above generating stations, in order to provide
service to customers, each electric company maintains
substations, transmission and distribution lines. The gas
company maintains high and low pressure gas mains for
distribution of natural gas to customers. All of such property,
plant and equipment of each of the companies except as noted in
item (c) and (d) above is located within franchise areas located
in The Commonwealth of Massachusetts.
PAGE 41
EXHIBIT C
PAGE 1 of 2
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
SALES AND PURCHASES OF ELECTRICITY AND GAS - ITEM 3 OF FORM U-3A-2
FOR THE YEAR ENDED DECEMBER 31, 1993
Sales at Retail or Wholesale
Electricity Gas
(KWH) (MMBTU-1000 BTU)
Cambridge Electric Light Company 1 638 839 813
Canal Electric Company 4 430 278 067
Commonwealth Gas Company 41 678 016.4
Commonwealth Electric Company 4 488 921 858
Total 10 558 039 738 41 678 016.4
Elimination (Detailed below) 2 336 926 740 562 822.1
Consolidated 8 221 112 998 41 115 194.3
Detail of Intercompany Sales
Commonwealth Electric Company Sales -
To: Canal Electric Company 8 989 500
Commonwealth Gas Company 1 271 154
10 260 654
Commonwealth Gas Company Sales -
To: Cambridge Electric Light Company 562 822.1
Canal Electric Company Sales -
To: Cambridge Electric Light Company 543 550 721
Commonwealth Electric Company 1 783 115 365
2 326 666 086
Total Elimination 2 336 926 740 562 822.1
Distributed at Retail Outside State
Electricity Gas
(KWH) (MMBTU-1000 BTU)
Cambridge Electric Light Company None None
Canal Electric Company None None
Commonwealth Gas Company None None
Commonwealth Electric Company None None
Sales at Wholesale Outside
State or at State Line
Electricity Gas
(KWH) (MMBTU-1000 BTU)
Cambridge Electric Light Company None None
Canal Electric Company None None
Commonwealth Gas Company None None
Commonwealth Electric Company None None
PAGE 42
EXHIBIT C
PAGE 2 of 2
COMMONWEALTH ENERGY SYSTEM AND SUBSIDIARY COMPANIES
SALES AND PURCHASES OF ELECTRICITY AND GAS - ITEM 3 OF FORM U-3A-2
FOR THE YEAR ENDED DECEMBER 31, 1993
Purchases Outside State
or at State Line
Electricity Gas
(KWH) (MMBTU-1000 BTU)
Cambridge Electric Light Company 450 219 062 None
Canal Electric Company 453 506 304 None
Commonwealth Gas Company None None
Commonwealth Electric Company None None
Total 903 725 366
Elimination -
Consolidated 903 725 366 (A)
(A) Excluding power interchanged in the New England Power Pool (Pool) of
(441,614,000) KWH. Power is supplied to the Pool by companies in the six-
state New England region. No determination is made as to the state of
origin of the power which is distributed.
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