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: November 15, 2000
NEW ENGLAND POWER COMPANY
(exact name of registrant as specified in charter)
Massachusetts 1-6564 04-1663070
(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)
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Item 5. Other Events
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New England Power Company (the Company) has a 22.5%
ownership interest in the Vermont Yankee Nuclear Power
Corporation (Vermont Yankee). In November 1999, Vermont
Yankee entered into an agreement with AmerGen Energy Company
(AmerGen), a joint venture between PECO Energy and British
Energy, to sell the assets of Vermont Yankee. The sale was
pending due to the need for several regulatory approvals. On
November 15, 2000, the Vermont Yankee Board of Directors
approved revised terms for the sale of Vermont Yankee assets
to AmerGen.
Under the revised terms the net present value of the
sale has improved by a total of approximately $9 million for
the Company assuming a June 2001 closing date. These
improvements are reflected through a higher purchase price,
reduced buyout costs and a shifting of additional
decommissioning costs from Vermont Yankee's current owners to
AmerGen. Under the terms of the agreement, after a Vermont
Yankee contribution toward the plant's decommissioning trust
fund, AmerGen would take over the fund and assume
responsibility for the actual cost of decommissioning the
plant. Under the revised terms, the Company's contribution
to the fund would be reduced by approximately $4 million. As
under the original offer, the Company had to continue to
purchase the output of the Vermont Yankee plant or buy out of
the obligation. The Company will buy out of its obligation,
requiring future payments which would be recovered through
the Company's CTC. The sale is contingent upon regulatory
approvals by the Securities and Exchange Commission under the
Public Utility Holding Company Act of 1935, the Vermont
Public Service Board, the Nuclear Regulatory Commission, and
the Federal Energy Regulatory Commission.
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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 POWER COMPANY
s/Cheryl A. LaFleur
By
Cheryl A. LaFleur
Vice President
Date: November 21, 2000
