ITEM 1
DESCRIPTION OF PROPOSED TRANSACTIONS
Introduction
1. Northeast Utilities ("NU"), a public utility holding company
registered under the Public Utility Holding Company Act of 1935, as amended
(the "Act"), and The Connecticut Light and Power Company ("CL&P"), Western
Massachusetts Electric Company ("WMECO"), Public Service Company of New
Hampshire ("PSNH"), Holyoke Water Power Company ("HWP"), Northeast Nuclear
Energy Company ("NNECO"), North Atlantic Energy Corporation ("NAEC"), The
Quinnehtuk Company ("Quinnehtuk"), The Rocky River Realty Company ("RRR"),
and HEC Inc. ("HEC"), each of which is a wholly owned subsidiary of NU
(each of NU, CL&P, WMECO, PSNH, HWP, NNECO, NAEC, Quinnehtuk, RRR and HEC
is sometimes herein called an "Applicant" and collectively all such
companies are sometimes herein called "Applicants"), hereby submit this
application/declaration (the "Application") pursuant to Sections 6, 7,
9(a), 10 and 12 of the Act and Rules 43 and 45 thereunder with respect to
the following financial transactions:
(a) proposed short-term borrowings by the Applicants from time to
time after December 31, 1994 and on or before December 31, 1996, evidenced
(i) in the case of NU, CL&P, WMECO, PSNH, HWP, NNECO, and RRR by notes
("Short-Term Notes") issued to banks and non-bank lending institutions
(which are collectively herein called "lending institutions" or "lenders")
through formal and informal credit lines and (ii) in the case of CL&P,
WMECO and NU, by commercial paper ("Commercial Paper"); and
(b) the continued use through December 31, 1996 of a Northeast
Utilities System Money Pool (the "Money Pool"), which is composed of
available funds loaned by the companies participating in the Money Pool and
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borrowed by the participating companies, except NU, to assist in meeting
their respective short-term borrowing needs. Additionally, under the terms
of the Money Pool, NU would be able to borrow funds from lending
institutions solely for the purpose of lending those funds through the
Money Pool to PSNH, NNECO, NAEC, RRR, Quinnehtuk and HEC.
The aggregate amount of each Applicant's short-term borrowings outstanding
at any time will be subject to the limits set forth in the table in
paragraph 4 and more fully described in paragraphs 20 and 21.
2. Except in accordance with the Act, neither NU nor any subsidiary
thereof (a) has acquired an ownership interest in an exempt wholesale
generator ("EWG") or a foreign utility company ("FUCO") as defined in
Sections 32 and 33 of the Act, or (b) now is or as a consequence of the
transactions proposed herein will become a party to, or has or will as a
consequence of the transactions proposed herein have any right under, a
service, sales, or construction contract with an exempt wholesale generator
or a foreign utility company. None of the proceeds from the transactions
proposed herein will be used by the Companies to acquire any securities of,
or any interest in, an exempt wholesale generator or a foreign utility
company.
The NU system is in compliance with Rule 53(a), (b), and (c), as
demonstrated by the following determinations:
(i) NU's aggregate investment in EWGs and FUCOs (i.e., amounts
invested in or committed to be invested in EWGs and FUCOs, for which
there is recourse to NU) does not exceed 50% of the NU system's
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consolidated retained earnings as reported for the four most recent
quarterly periods on NU's Form 10-K and 10-Qs.
(ii) Encoe Partners (NU's only EWG or FUCO at this time) maintains
books and records, and prepares financial statements in accordance
with Rule 53(a)(2). Furthermore, NU has undertaken to provide the
Commission access to such books and records and financial statements,
as it may request.
(iii) No employees of the NU system's public utility companies
have rendered services to Encoe Partners.
(iv) NU has submitted (a) a copy of each Form U-1 and Rule 24
certificate that has been filed with the Commission under Rule 53 and
(b) a copy of Item 9 of Form U5S and Exhibits G and H thereof to each
state regulator having jurisdiction over the retail rates of the NU
system public utility companies.
(v) Neither NU nor any NU subsidiary has been the subject of a
bankruptcy or similar proceeding unless a plan of reorganization has
been confirmed in such proceeding. In addition, NU's average
consolidated retained earnings for the four most recent quarterly
periods has not decreased by 10% or more from the average for the
previous four quarterly periods.
(vi) In the previous fiscal year, NU did not report operating losses
attributable to its investment in Encoe Partners exceeding 5 percent
of NU's consolidated retained earnings.
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Current and Projected Levels of Short-Term Debt
3. The Applicants are currently authorized, by orders of the
Commission dated December 16, 1992, June 25, 1993 and September 13, 1994
(File No. 70-8048, HCA Rel. Nos. 25710, 25836 and 26126, respectively) to
undertake, through December 31, 1994, short-term borrowings in the form of
short-term notes, commercial paper, open account advances by NU to certain
of the other Applicants and Money Pool transactions, subject to limits on
the aggregate amount of short-term borrowings by each Applicant as ordered
therein.
4. The following table sets forth: (i) the outstanding short-term
debt of each Applicant as of June 30, 1994; (ii) the amount of short-term
debt estimated to be outstanding as of September 30, 1994; (iii) the
highest level of short-term debt outstanding for each Applicant during the
period January 1 to June 30, 1994; and (iv) the maximum aggregate amount of
all short-term debt proposed to be outstanding at any one time at or prior
to December 31, 1996:
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<TABLE>
OUTSTANDING SHORT-TERM DEBT
(Thousands of Dollars)
Actual Estimated Highest Level Proposed Maximum
6/30/94 9/30/94 1/1/94-6/30/94 1/1/95-12/31/96 (1)
<S> <C> <C> <C> <C>
NU $ 81,000 $ 92,775 $ 91,500 $ 150,000
CL&P 241,500 205,200 323,750 325,000
WMECO 12,000 0 17,250 60,000
PSNH 0 0 0 175,000
HWP 0 0 0 5,000
NNECO 15,000 12,700 27,000 50,000
NAEC 0 0 20,750 50,000
RRR 16,750 17,100 18,000 22,000
Quinnehtuk 4,750 4,500 4,750 8,000
HEC 2,525 2,075 3,175 11,000
</TABLE>
(1) Includes contingencies associated with such uncertainties as (a)
short-term debt level variances during a given month, (b) the
possibility that CL&P, WMECO and PSNH may be required to incur costs
for replacement power if the operating nuclear units in which they
have interests do not perform as scheduled or budgeted, (c) the
possibility that NNECO and NAEC may be required to provide the
necessary funds to meet the capitalized labor and other cash
disbursements associated with an unplanned outage, and (d) the
possibility that planned long-term financings may not be completed in
the amounts and at the times for which they are projected.
5. Subject to the applicable maximum limits, the Applicants intend
to renew and extend current short-term borrowings as they mature, to refund
such short-term borrowings with other similar short-term borrowings, to
repay such short-term borrowings or to increase the amount of their short-
term borrowings from time to time. As described in more detail in
paragraphs 23 to 29 below, the proceeds of such borrowings will be used to
meet part of the capital requirements of the respective borrowers.
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Money Pool
6. The Applicants propose to continue using the Money Pool, which is
administered on behalf of the Applicants by Northeast Utilities Service
Company ("NUSCO") under the direction of an officer in the NUSCO Treasury
Organization. The Money Pool currently consists principally of surplus
funds that may be available from day to day to the Applicants, including
NU. The funds available to the Money Pool will be loaned on a short-term
basis to those Applicants, other than NU, that have a need for short-term
funds, subject to the limitations described herein. If no such short-term
needs match the amount of funds that are available for the period such
funds are available, the funds in the Money Pool will be invested in:
(1) obligations issued or guaranteed by the United States of America;
(2) obligations issued or guaranteed by any person controlled or
supervised by and acting as an instrumentality of the United
States of America pursuant to authority granted by the Congress
of the United States;
(3) obligations issued or guaranteed by any state or political
subdivision thereof, provided that such obligations are rated for
investment purposes at not less than "A" by Moody's Investors
Service, Inc. ("Moody's") or by Standard & Poors Corporation
("S&P");
(4) commercial paper rated not less than "P-1" by Moody's or not less
than "A-1" by S&P; or
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(5) such other instruments as are permitted by Rule 40(a)(1) under
the Act and approved by the Massachusetts Department of Public
Utilities (the "DPU") pursuant to Massachusetts General Laws
Chapter 164, Section 17A and the regulations thereunder.
7. In addition to surplus funds, another potential component of the
Money Pool is funds borrowed by NU through the issuance of the Short-Term
Notes, by selling commercial paper or by borrowing through loans through
the NU System Facility described in paragraph 22 for the purpose of making
open account advances to certain of its subsidiaries through the Money
Pool. NU requests that its authority for such borrowings be extended
through December 31, 1996. The potential recipients of such open account
advances will be PSNH, NNECO, NAEC, Quinnehtuk, RRR and HEC. Such
arrangements have in the past resulted in a reduction in borrowing costs to
the recipients because NU has access to funds at lower interest rates than
the subsidiaries listed above and/or because the transaction costs of
arranging several small financings to meet the needs of the smaller
subsidiaries are higher than the costs of arranging one larger financing by
NU. The amounts to be borrowed by NU for the purpose of making open
account advances and to be borrowed through the Money Pool by the
recipients set forth above will also be subject to the short-term limits on
the aggregate amount outstanding for which approval is sought in this
filing.
8. NAEC and HEC will be entitled to borrow through the Money Pool
only if and to the extent that funds in the Money Pool attributable to
contributions from NU are available for such borrowings. PSNH will not be
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entitled to borrow funds through the Money Pool that are attributable to
contributions from WMECO unless and until the DPU has issued an order
authorizing WMECO to lend funds to PSNH through the Money Pool. PSNH's
participation in the Money Pool is only expected to be as a back-up to the
PSNH Facility described in more detail in paragraph 22. Since the PSNH
Facility requires PSNH to borrow a minimum of $10 million, PSNH's
participation in the Money Pool permits it to borrow smaller amounts
through the Money Pool and thereby better match its requirements and its
cash resources.
9. The Applicants request that the Commission reserve jurisdiction
over any PSNH borrowings of Money Pool funds attributable to contributions
thereto by WMECO until such time as the DPU has issued an order authorizing
such borrowings. Without such an order, WMECO may not lend money to PSNH
through the Money Pool. In the event that such an order is received from
the DPU, the Applicants will file a post-effective amendment hereto seeking
the necessary Commission approval.
10. Money Pool transactions will be designed to match, on a daily
basis, the available cash and short-term borrowing requirements of the
Applicants, thereby minimizing the need for short-term borrowings to be
made by the Applicants (other than NU) from external sources. To this end,
it is anticipated that the short-term borrowing requirements of the
Applicants (other than NU) will be met, in the first instance, with the
proceeds of borrowings available through the Money Pool, and thereafter, to
the extent necessary, with the proceeds of external short-term borrowings,
as set forth below. Those Applicants without access to the commercial
paper market will have priority as borrowers from the Money Pool, and only
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PSNH, NNECO, NAEC, Quinnehtuk, RRR and HEC will be eligible to borrow
through the Money Pool from the proceeds of external borrowings by NU. If
at any time there are funds remaining in the Money Pool after satisfaction
of the borrowing needs of the Applicants, NUSCO, as agent for the Money
Pool, will invest those funds as described in paragraph 6 and allocate the
earnings on any such investments among those Applicants providing such
excess funds on a pro rata basis according to the amount of the funds so
provided.
11. All borrowings from and contributions to the Money Pool,
including the open account advances, will be documented and will be
evidenced on the books of each Applicant that is borrowing from or
contributing surplus funds to the Money Pool. Any Applicant contributing
funds to the Money Pool may withdraw those funds at any time without notice
to satisfy its daily need for funds. Except for loans from the proceeds of
external borrowings by NU, all loans will be payable on demand, may be
prepaid by any borrowing Applicant at any time without premium or penalty
and will bear interest for both the borrower and lender, payable monthly,
equal to the daily Federal Funds Effective Rate as quoted by the Federal
Reserve Bank of New York. Loans from the proceeds of external borrowings
by NU will bear interest at the same rate paid by NU on its borrowings, and
no such loans may be prepaid unless NU is made whole for any additional
costs that may be incurred because of such prepayment. NU will be fully
reimbursed for all costs that it incurs in relation to loans made to the
other Applicants.
12. The Applicants believe that the cost of the proposed borrowings
through the Money Pool will generally be more favorable to the borrowing
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Applicants than the comparable cost of external short-term borrowings, and
that the yield to the Applicants contributing available funds to the Money
Pool will generally be higher than the typical yield on short-term
investments. However, if on any given day the funds available through the
Money Pool are insufficient to satisfy the short-term borrowing
requirements of an Applicant, such Applicant may effect short-term
borrowings through lending institutions and/or through the sale of
commercial paper, if appropriate, as described below.
Short-Term Notes
13. The Applicants (other than NAEC, HEC and Quinnehtuk) propose to
issue Short-Term Notes pursuant to both formal and informal lines of credit
with lending institutions. Short-Term Notes will be issued both on a
transactional basis, with a separate note evidencing each loan, and on a
so-called "grid note" basis, as described below.
14. Each Short-Term Note issued on a transactional basis will be
dated the date of issue, will have a maximum term of 270 days, and will
bear interest at a fixed or floating rate as described below. Such
Short-Term Notes will be issued no later than December 31, 1996, and will
(except as described below) be subject to prepayment at any time at the
borrower's option. Attached as Exhibits A.1(a) through A.1(g) are typical
forms of Short-Term Notes proposed to be used by NU, CL&P, WMECO, PSNH,
HWP, NNECO and RRR, respectively. From time to time, an Applicant may use
a different form of Short-Term Note containing customary terms to evidence
its borrowings, if necessary, to satisfy the needs of a particular lender.
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15. Short-Term Notes issued on a grid note basis will be issued by an
Applicant to a particular lending institution at or prior to the first
borrowing under the grid note from that lender by the Applicant. Each
repayment and reborrowing subsequent to the first borrowing will be
recorded on a schedule to the note without the necessity of issuing
additional notes. Also recorded on a schedule to the note at the time of a
borrowing will be the date of the borrowing, the maturity (which may not
exceed 270 days from the date of the borrowing), the number of days the
borrowing is outstanding, the interest rate or method of determining the
interest rate, the amount of interest due, and the date of payment. Except
as described below, borrowings on a grid note basis will be subject to
prepayment at any time at the borrower's option. Attached as Exhibits
A.2(a) through A.2(d) are proposed forms of grid notes for NU and certain
Connecticut subsidiaries of NU (CL&P, NNECO and RRR), certain Massachusetts
subsidiaries of NU (WMECO and HWP) and PSNH. Also attached as Exhibit A.3
is a sample form (with attachments) of an informal credit facility with a
non-bank lending institution. The Applicants anticipate that the grid
notes and informal credit facility with lending institutions that are
actually used may vary from the forms submitted to reflect customary terms
or particular lending practices and policies of different lending
institutions but will be similar in substance to the exhibits referenced
above.
16. The interest rate on all Short-Term Notes will be determined on
the basis of competitive quotations from several lending institutions, and
will either be at a fixed interest rate or at a floating interest rate
determined with reference to an agreed-upon index (such as a lending
institution's prime rate, the London InterBank Offered Rate (LIBOR),
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certificate of deposit rates, money market rates or commercial paper
rates). The interest rate in any case will not exceed two percentage
points above the Federal Funds Effective Rate. The Applicants will select
the lending institution(s) from which to make a particular short-term
borrowing and determine whether to borrow at a fixed or a floating rate on
the basis of the lowest expected effective interest cost for borrowings of
comparable sizes and maturities.
17. Borrowings bearing floating interest rates will generally be
subject to prepayment at the borrower's option. The Applicants believe
that many lending institutions lending funds at fixed interest rates are
engaged in "matched funding," i.e., such lenders acquire for comparable
maturities the funds that are lent to their borrowers. Because the lenders
would remain obligated under their own borrowings from others if the
Applicants were to prepay their borrowings in advance of their scheduled
maturities, many lending institutions lending funds at fixed interest rates
stipulate that such borrowings may not be prepaid or may be prepaid only
with a premium that will make the lender whole for any losses (including
lost profits) it may incur. Accordingly, in order to realize the benefits
of fixed interest rates when a fixed-rate borrowing is evaluated to be the
lowest cost borrowing available, the Applicants may from time to time agree
with individual lenders that such borrowings may not be prepaid or may only
be prepaid if the lender is made whole for its losses.
18. The Applicants (other than NAEC, HEC and Quinnehtuk) request
authority to secure both formal and informal credit lines with a number of
lending institutions. Formal credit lines may be subject to compensating
balance and/or fee requirements and will therefore be used only when an
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Applicant determines that such a credit line offers advantages as compared
with other available credit options. Compensating balance requirements
will not exceed 5% of the committed credit line amount, and fees will not
exceed .30% per annum. Each Applicant participating in a credit line would
be able to draw funds to the exclusion of the other Applicants. The
Applicants may change their credit lines and may obtain additional lines
over time. The continued availability of such credit lines is subject to
the continuing review of the lending institutions.
Commercial Paper
19. CL&P, WMECO and NU request authority to continue to sell
Commercial Paper publicly. Such Commercial Paper will be issued through
The Depository Trust Company in the form of book entry notes in
denominations of not less than $50,000, of varying maturities, with no
maturity more than 270 days after the date of issue. The Commercial Paper
will not be repayable prior to maturity. The Commercial Paper will be sold
through a placement agent or agents in a co-managed commercial paper
program pursuant to a placement agent agreement at either the discount rate
per annum or the interest rate per annum prevailing at the date of issuance
for commercial paper of comparable quality and of the particular maturity
sold by public utility issuers thereof. No Commercial Paper will be issued
unless the issuing Applicant believes that the effective interest cost to
the Applicant will be equal to or less than the effective interest rate at
which the applicant could issue Short-Term Notes in an amount at least
equal to the principal amount of such Commercial Paper. The placement
agent or agents will receive a commission for the sale of the Commercial
Paper of not more than 1/8 of 1% per annum, on a discounted basis. CL&P
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and WMECO will publicly issue and sell Commercial Paper without
registration thereof in reliance upon the exemption set forth in Section
3(a)(3) of the Securities Act of 1933 (the "1933 Act"). NU will publicly
issue and sell commercial paper without registration thereof in reliance
upon the exemption set forth in Section 4(2) of the 1933 Act and Regulation
D thereunder. Attached as Exhibit A.4(a) is an example of the placement
agent agreement for Commercial Paper issued by NU, and attached as Exhibit
A.4(b) is an example of the placement agent agreement for Commercial Paper
issued by CL&P and WMECO.
Proposed Limits on Short-Term Debt
20. The aggregate amount of short-term debt that will be outstanding
at any one time, whether evidenced by Short-Term Notes issued to lending
institutions or by Commercial Paper or through borrowings from the Money
Pool pursuant to the authority requested in this Application or through
borrowings through the previously authorized revolving credit facilities
described in paragraph 22, for which Commission authorization is being
sought will not exceed $150 million in the case of NU, $325 million in the
case of CL&P, $60 million in the case of WMECO, $175 million in the case of
PSNH, $5 million in the case of HWP, $50 million in the case of NNECO, $50
million in the case of NAEC, $22 million in the case of RRR, $8 million in
the case of Quinnehtuk, and $11 million in the case of HEC.
21. The aggregate amount of short-term debt that can be incurred by
CL&P and WMECO is further restricted by the provisions of their respective
preferred stocks. CL&P and WMECO each have authorization from the holders
of their respective preferred stocks (through March 31, 2004 in the case of
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CL&P and through February 10, 2004 in the case of WMECO) to issue
securities representing unsecured indebtedness up to a maximum of 20% of
their respective capitalizations. Based on their respective
capitalizations as of June 30, 1994, CL&P is limited to approximately
$675,636,000 of unsecured indebtedness through short-term debt and WMECO is
limited to approximately $153,028,000. See Exhibits J.1 and J.2,
respectively.
Revolving Credit Facilities
22. NU, CL&P, WMECO, HWP, NNECO and RRR are parties to a $360 million
multi-bank revolving credit facility (the "NU System Facility"). The
Commission approved that facility on November 23, 1992 in File No. 70-8052
(HCA Rel. No. 25683). PSNH is a party to a $125 million multi-bank
revolving credit facility (the "PSNH Facility") approved by the Commission
on December 16, 1992 in File No. 70-8048 (HCA Rel. No. 25710). The
Commission approved certain amendments to the PSNH Facility and an
extension of its term to May 14, 1996 on May 5, 1994 in File No. 70-8367
(HCA Rel. No. 26046).
Use of Proceeds
23. During the period from January 1, 1995 through December 31, 1996,
NU expects to use the new funds derived from short-term borrowings
authorized by the Commission pursuant to this Application (i) to make loans
or open account advances, as needed, to its subsidiary companies, (ii) to
supply funds as needed to its subsidiary companies as heretofore or
hereafter authorized by the Commission, (iii) to meet short-term cash needs
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which may arise due to payment timing differences, and (iv) to meet other
corporate needs (including temporary shortfalls in funds to pay NU
dividends attributable to restrictions on the payment of dividends by PSNH
and NAEC to NU). In addition, NU may, in a separate
application/declaration to the Commission, seek authority to use short-term
debt for other corporate purposes. See Exhibit H.1 for additional details.
24. The funds to be derived by CL&P, WMECO and PSNH from short-term
borrowings authorized by the Commission pursuant to this Application will
be applied, together with other funds available to those Applicants, to
provide working capital and to finance their respective construction
expenditures in 1995 and 1996. Such construction expenditures (excluding
Allowance for Funds Used During Construction and nuclear fuel) are
estimated to be $147,254,000, $33,816,000 and $27,787,000 for CL&P, WMECO
and PSNH respectively in 1995 and $140,165,000, $28,993,000 and $34,987,000
for CL&P, WMECO and PSNH respectively in 1996. For CL&P, WMECO and PSNH,
the short-term debt forecast as set forth in the Cash Receipts and
Disbursements projections (see Exhibits H.2, H.3, H.4) assumes performance
of their respective nuclear units at certain levels. However, should the
nuclear plants experience more unplanned outages or outages of longer
durations than are currently anticipated, the purchase of replacement power
may have to be financed on an interim basis with the proceeds from the
issuance of short-term debt. The contingency for a three-month nuclear
outage of each subsidiary is $90 million, $21 million and $22.5 million for
CL&P, WMECO and PSNH, respectively. PSNH may also use the proceeds from
short-term borrowings to finance anticipated settlements with certain small
power producers until such time as permanent financing for those
settlements can be obtained. See Exhibits H.2 through H.4.
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25. NNECO will apply funds derived from short-term borrowings
authorized by the Commission pursuant to this Application and other funds
available to it for operating and maintenance expenses for the Millstone
plants and to meet its obligations with respect to four nuclear plant
control room simulators and the buildings that house them and for a
building that was recently constructed at the Millstone site to accommodate
technical staff. See Exhibit H.6.
26. HWP, Quinnehtuk and RRR will apply funds derived from short-term
borrowings authorized by the Commission pursuant to this Application and
other funds available to them for operation, maintenance and construction
expenses and to meet cash needs which may arise due to timing differences.
See Exhibits H.5 and H.8.
27. NAEC will apply funds derived from Money Pool borrowings
authorized by the Commission pursuant to this Application and other funds
available to it for operating and maintenance expenses for the Seabrook
nuclear generating unit, to meet short-term cash needs which may arise due
to payment and timing differences and possibly to repurchase or repay high-
cost long-term debt if such Money Pool borrowings would provide more
favorable terms to NAEC. See Exhibit H.7.
28. HEC will apply funds derived from Money Pool borrowings to carry
on its operations as authorized by the Commission (HCA Rel. Nos. 25114A,
25900 and 26108) and as will be requested in applications/declarations to
be filed with the Commission in the future. HEC will not raise funds
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pursuant to this filing for use in future filings before approval for such
future filings is granted. See Exhibit H.9.
29. Except as otherwise described herein and unless otherwise
authorized by the Commission, any short-term borrowings of the Applicants
outstanding at December 31, 1996 will either (i) be repaid from internal
cash resources or from the proceeds of long-term debt or equity financing
or (ii) remain outstanding if the Commission authorizes the Applicants to
continue such short-term borrowings after December 31, 1996. Except as
described herein, no associate company or affiliate of the Applicants or
any affiliate of any such associate company has any material interest,
directly or indirectly, in the proposed transactions.
ITEM 2
FEES, COMMISSIONS AND EXPENSES
30. The fees, commissions and expenses paid or incurred, or to be
paid or incurred, directly or indirectly, by the Applicants are set forth
on Exhibit K hereto (to be filed by amendment).
31. None of such fees, commissions or expenses will be paid to any
associate company or affiliate of the Applicants except for financial and
other services to be performed at cost by NUSCO, an affiliated service
company, and except that C. Duane Blinn, a member of the firm of Day, Berry
& Howard, counsel to the Applicants, is Assistant Secretary of Connecticut
Yankee Atomic Power Company, an affiliate, and the estimate of legal fees
includes payment to be made to that firm for legal services rendered in
connection with the transactions proposed in this Application.
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ITEM 3
APPLICABLE STATUTORY PROVISIONS
32. Sections 6 and 7 of the Act are applicable to the issue and sale
by the Applicants of the Short-Term Notes and Commercial Paper as herein
proposed. Section 12(b) of the Act and Rule 45 thereunder are applicable
to the proposed open account advances to be made by NU to certain of its
subsidiaries, as described above. However, since the receipt by the
subsidiaries and the making by NU of open account advances will not involve
the issuance of any security by a subsidiary of NU, the Applicants do not
consider Sections 6 and 9 of the Act to be applicable to the proposed open
account advances.
33. Borrowings from the Money Pool are subject to the requirements of
Sections 6, 7, 9(a), 10 and 12 of the Act and Rules 43 and 45 thereunder.
Loans to the Money Pool are subject to the requirements of Sections 9(a),
10 and 12 of the Act, but are exempted from Rule 45(a) pursuant to
paragraph (b)(1) of Rule 45. Investments of funds in the Money Pool are
subject to Sections 9(a), 10 and 12 of the Act.
34. Within 45 days after the end of each calendar quarter, the
Applicants will file certificates of partial consummation describing their
borrowings through the Money Pool and the issue and sale of Short-Term
Notes and Commercial Paper during that quarter pursuant to the authority
requested herein. Such certificates will show the names of the borrowers,
the dates and amounts of all new borrowings, the names of the lenders, the
maximum amount of notes outstanding to lending institutions, the Money Pool
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and commercial paper purchasers at any one time, and the total amount of
notes outstanding to lending institutions, the Money Pool and commercial
paper purchasers at the end of the quarter. In addition, the certificates
will include the following information with respect to the issue and sale
of Commercial Paper:
(a) the interest cost for each note issued as Commercial Paper as
compared with the commercial bank prime rate in effect at the
date of issue of such Commercial Paper; and
(b) the dollar saving of each issue and the total dollar saving on
the aggregate notes covered by such certificate computed in each
case on the basis of the difference between the interest cost on
the Commercial Paper and the commercial bank prime rate for bank
loans in effect at the date of issue of the Commercial Paper.
ITEM 4
REGULATORY APPROVALS
35. The approval of the DPU is required pursuant to C.164, Section
17A of the Massachusetts General Laws for the participation of WMECO in the
Money Pool. The DPU granted such approval on October 29, 1986. As
explained in paragraph 8 above, the approval of the DPU will be required
under Massachusetts General Laws C.164A, Section 17A before PSNH can borrow
Money Pool funds attributable to contributions by WMECO. WMECO has not yet
requested that authorization. Until that authorization is granted, PSNH
may not borrow through the Money Pool from funds attributable to WMECO.
36. The New Hampshire Public Utilities Commission (the "NHPUC")
approved the PSNH Facility in an order dated July 20, 1990, and it approved
certain amendments to and an extension of the term of the PSNH Facility in
an order dated April 4, 1994. The NHPUC approved PSNH's and NAEC's
participation in the Money Pool in an order dated March 19, 1992.
<PAGE>
-21-
37. No other state commission or federal commission (other than the
Securities and Exchange Commission) has jurisdiction over the issue and
sale of the Short-Term Notes and Commercial Paper or the borrowings from or
loans to or open account advances through the Money Pool.
ITEM 5
PROCEDURE
38. The authorizations given the Applicants in File No. 70-8048
expire on December 31, 1994, and the Applicants respectfully request that
the Commission permit this Application to become effective prior to that
date. The Applicants request the Commission's approval, pursuant to this
Application, of all transactions described herein, whether under the
sections of the Act and rules thereunder enumerated in Item 2 or otherwise.
The Applicants hereby waive any recommended decision by a hearing officer
or by any other responsible officer of the Commission and waive the 30-day
waiting period between the issuance of the Commission's order and the date
on which it is to become effective, since it is desired that the
Commission's order, when issued, become effective forthwith. The
Applicants consent that the Office of Public Utility Regulation within the
Division of the Investment Management may assist in the preparation of the
Commission's decision and/or order unless the Office opposes the
transactions covered by this Application.
ITEM 6
EXHIBITS AND FINANCIAL STATEMENTS
(a) Exhibits
<PAGE>
-22-
(asterisked (*) items to be filed by amendment)
A.1(a) Current form of Short-Term Note - NU.
A.1(b) Current form of Short-Term Note - CL&P.
A.1(c) Current form of Short-Term Note - WMECO.
A.1(d) Current form of Short-Term Note - PSNH.
A.1(e) Current form of Short-Term Note - HWP.
A.1(f) Current form of Short-Term Note - NNECO.
A.1(g) Current form of Short-Term Note - RRR.
A.2(a) Current form of Grid Note - NU.
A.2(b) Current form of Grid Note - Connecticut subsidiaries of NU.
A.2(c) Current form of Grid Note - Massachusetts subsidiaries of
NU.
A.2(d) Current form of Grid Note - PSNH.
A.3 Example of an informal credit facility with a non-bank lending
institution.
A.4(a) Example of Commercial Paper placement agent agreement - NU.
A.4(b) Example of Commercial Paper placement agent agreement - CL&P
and WMECO.
A.5 Terms of the NU System Money Pool.
D.1 Application to the Massachusetts Department of Public Utilities.
(See File No. 70-7111)
D.2 Certified copy of Order of the Massachusetts Department of Public
Utilities. (See File No. 70-7111)
D.3 Application to the New Hampshire Public Utilities Commission for
approval of the PSNH Facility (See Exhibit No. D.9 in File No.
70-7695).
D.4 Order of the New Hampshire Public Utilities Commission approving
the PSNH Facility (See Exhibit No. D.10 in File No. 70-7695).
D.5 Application to the New Hampshire Public Utilities Commission for
approval of amendments to and extensions of terms of the PSNH
Facility (See Exhibit D.1 in File No. 70-8367).
D.6 Order of the New Hampshire Public Utilities Commission's
approving amendments to and extensions of terms of the PSNH
Facility (See Exhibit D.2 in File No. 70-8367).
<PAGE>
-23-
D.7 Application to the New Hampshire Public Utilities Commission for
approval of participation by PSNH and NAEC in the Money Pool (See
Exhibit No. I-C-2 in File No. 70-7695).
D.8 Order of the New Hampshire Public Utilities Commission approving
participation by PSNH and NAEC in the Money Pool (See Exhibit No.
I-C-3 in File No. 70-7695).
*F. Opinion of Counsel
G. Financial Data Schedules
H.1 Cash Receipts and Disbursements -- NU.
H.2 Cash Receipts and Disbursements -- CL&P.
H.3 Cash Receipts and Disbursements -- WMECO.
H.4 Cash Receipts and Disbursements -- PSNH.
H.5 Cash Receipts and Disbursements -- HWP
H.6 Cash Receipts and Disbursements -- NNECO.
H.7 Cash Receipts and Disbursements -- NAEC.
H.8 Cash Receipts and Disbursements - RRR and Quinnehtuk.
H.9 Cash Receipts and Disbursements - HEC.
I Proposed Form of Notice.
J.1 20% Unsecured Debt Test - CL&P.
J.2 20% Unsecured Debt Test - WMECO.
*K Schedule of Fees, Commissions and Expenses.
(b) Financial Statements
1. Northeast Utilities (parent company only)
1.1 Balance Sheet, per books and pro forma, as of June
30, 1994.
1.2 Statement of Income, per books and pro forma, for 12
months ended June 30, 1994 and capital structure, per
books and pro forma, as of June 30, 1994.
2. The Connecticut Light and Power Company
2.1 Balance Sheet, per books and pro forma, as of June 30,
1994.
<PAGE>
-24-
2.2 Statement of Income, per books and pro forma, for 12
months ended June 30, 1994 and capital structure, per
books and pro forma, as of June 30, 1994.
3. Western Massachusetts Electric Company
3.1 Balance Sheet, per books and pro forma, as of June 30,
1994.
3.2 Statement of Income, per books and pro forma, for 12
months ended June 30, 1994 and capital structure, per
books and pro forma, as of June 30, 1994.
4. Public Service Company of New Hampshire
4.1 Balance Sheet, per books and pro forma as of June 30,
1994.
4.2 Statement of Income per books and pro forma, for 12
months ended June 30, 1994 and capital structure, per
books and pro forma, as of June 30, 1994.
5. Holyoke Water Power Company
5.1 Balance Sheet, per books and pro forma, as of June 30,
1994.
5.2 Statement of Income, per books and pro forma, for 12
months ended June 30, 1994 and capital structure, per
books and pro forma, as of June 30, 1994.
6. Northeast Nuclear Energy Company
6.1 Balance Sheet, per books and pro forma, as of June 30,
1994.
6.2 Statement of Income, per books and pro forma, for 12
months ended June 30, 1994 and capital structure, per
books and pro forma, as of June 30, 1994.
7. North Atlantic Energy Corporation
7.1 Balance Sheet, per books and pro forma, as of June 30,
1994.
7.2 Statement of Income, per books and pro forma, for 12
months ended June 30, 1994 and capital structure, per
books and pro forma, as of June 30, 1994.
<PAGE>
-25-
8. The Rocky River Realty Company
8.1 Balance Sheet, per books and pro forma, as of June 30,
1994.
8.2 Statement of Income, per books and pro forma, for 12
months ended June 30, 1994 and capital structure, per
book and pro forma, as of June 30, 1994.
9. The Quinnehtuk Company
9.1 Balance Sheet, per books and pro forma, as of June 30,
1994.
9.2 Statement of Income, per books and pro forma, for 12
months ended June 30, 1994 and capital structure, per
books and pro forma, as of June 30, 1994.
10. HEC Inc.
10.1 Balance Sheet, per books and pro forma, as of June 30,
1994.
10.2 Statement of Income, per books and pro forma, for 12
months ended June 30, 1994 and capital structure, per
books and pro forma, as of June 30, 1994.
11. Northeast Utilities and Subsidiaries (consolidated)
11.1 Consolidated Balance Sheet, per books and pro forma, as
of
June 30, 1994.
11.2 Consolidated Statement of Income, per books and pro
forma, for 12 months ended June 30, 1994 and capital
structure, per books and pro forma, as of June 30,
1994.
ITEM 7
INFORMATION AS TO ENVIRONMENTAL EFFECTS
(a) The financial transactions described herein do not involve a major
federal action significantly affecting the quality of the human
environment.
(b) No.
<PAGE>
-26-
SIGNATURES
Pursuant to the requirements of the Public Utility Holding Company Act
of 1935, as amended, the undersigned Applicants have duly caused this
Application to be signed on behalf of each of them by the undersigned
thereunto duly authorized.
Dated: September 30, 1994
NORTHEAST UTILITIES
THE CONNECTICUT LIGHT AND POWER COMPANY
WESTERN MASSACHUSETTS ELECTRIC COMPANY
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
HOLYOKE WATER POWER COMPANY
NORTHEAST NUCLEAR ENERGY COMPANY
NORTH ATLANTIC ENERGY CORPORATION
THE ROCKY RIVER REALTY COMPANY
THE QUINNEHTUK COMPANY
By_____________________________/s/John B.
Keane
John B. Keane
Vice President and Treasurer
HEC INC.
By_____________________________/s/John B. Keane
John B. Keane
Director
<PAGE>
INDEX TO EXHIBITS
A.1(a) Current form of Short-Term Note - NU.
A.1(b) Current form of Short-Term Note - CL&P.
A.1(c) Current form of Short-Term Note - WMECO.
A.1(d) Current form of Short-Term Note - PSNH.
A.1(e) Current form of Short-Term Note - HWP.
A.1(f) Current form of Short-Term Note - NNECO.
A.1(g) Current form of Short-Term Note - RRR.
A.2(a) Current form of Grid Note - NU.
A.2(b) Current form of Grid Note - Connecticut subsidiaries of
NU.
A.2(c) Current form of Grid Note - Massachusetts subsidiaries
of NU.
A.2(d) Current form of Grid Note - PSNH.
A.3 Example of an informal credit facility with a non-bank
lending institution.
A.4(a) Example of Commercial Paper placement agent agreement -
NU.
A.4(b) Example of Commercial Paper placement agent agreement -
CL&P and WMECO.
A.5 Terms of the NU System Money Pool.
G. Financial Data Schedules
H.1 Cash Receipts and Disbursements -- NU.
H.2 Cash Receipts and Disbursements -- CL&P.
H.3 Cash Receipts and Disbursements -- WMECO.
H.4 Cash Receipts and Disbursements -- PSNH.
H.5 Cash Receipts and Disbursements -- HWP
H.6 Cash Receipts and Disbursements -- NNECO.
H.7 Cash Receipts and Disbursements -- NAEC.
H.8 Cash Receipts and Disbursements - RRR and Quinnehtuk.
H.9 Cash Receipts and Disbursements - HEC.
<PAGE>
-2-
I Proposed Form of Notice.
J.1 20% Unsecured Debt Test - CL&P.
J.2 20% Unsecured Debt Test - WMECO.
(b) Financial Statements
1. Northeast Utilities (parent company only)
1.1 Balance Sheet, per books and pro forma, as of
June 30, 1994.
1.2 Statement of Income, per books and pro forma, for
12 months ended June 30, 1994 and capital
structure, per books and pro forma, as of June 30,
1994.
2. The Connecticut Light and Power Company
2.1 Balance Sheet, per books and pro forma, as of June
30, 1994.
2.2 Statement of Income, per books and pro forma, for
12 months ended June 30, 1994 and capital
structure, per books and pro forma, as of June 30,
1994.
3. Western Massachusetts Electric Company
3.1 Balance Sheet, per books and pro forma, as of June
30, 1994.
3.2 Statement of Income, per books and pro forma, for
12 months ended June 30, 1994 and capital
structure, per books and pro forma, as of June 30,
1994.
4. Public Service Company of New Hampshire
4.1 Balance Sheet, per books and pro forma as of June
30, 1994.
4.2 Statement of Income per books and pro forma, for
12 months ended June 30, 1994 and capital
structure, per books and pro forma, as of June 30,
1994.
5. Holyoke Water Power Company
5.1 Balance Sheet, per books and pro forma, as of June
30, 1994.
<PAGE>
-3-
5.2 Statement of Income, per books and pro forma, for
12 months ended June 30, 1994 and capital
structure, per books and pro forma, as of June 30,
1994.
6. Northeast Nuclear Energy Company
6.1 Balance Sheet, per books and pro forma, as of June
30, 1994.
6.2 Statement of Income, per books and pro forma, for
12 months ended June 30, 1994 and capital
structure, per books and pro forma, as of June 30,
1994.
7. North Atlantic Energy Corporation
7.1 Balance Sheet, per books and pro forma, as of June
30, 1994.
7.2 Statement of Income, per books and pro forma, for
12 months ended June 30, 1994 and capital
structure, per books and pro forma, as of June 30,
1994.
8. The Rocky River Realty Company
8.1 Balance Sheet, per books and pro forma, as of June
30, 1994.
8.2 Statement of Income, per books and pro forma, for
12 months ended June 30, 1994 and capital
structure, per book and pro forma, as of June 30,
1994.
9. The Quinnehtuk Company
9.1 Balance Sheet, per books and pro forma, as of June
30, 1994.
9.2 Statement of Income, per books and pro forma, for
12 months ended June 30, 1994 and capital
structure, per books and pro forma, as of June 30,
1994.
10. HEC Inc.
10.1 Balance Sheet, per books and pro forma, as of June
30, 1994.
10.2 Statement of Income, per books and pro forma, for
12 months ended June 30, 1994 and capital
structure, per books and pro forma, as of June 30,
1994.
<PAGE>
-4-
11. Northeast Utilities and Subsidiaries (consolidated)
11.1 Consolidated Balance Sheet, per books and pro
forma, as of
June 30, 1994.
11.2 Consolidated Statement of Income, per books and
pro forma, for 12 months ended June 30, 1994 and
capital structure, per books and pro forma, as of
June 30, 1994.
Exhibit A.1 (a)
Bank:
Address:
Attention:
Proceeds to: CL&P
Bank:
Account:
Account No.:
_ _
$
, 19
(New York, NY if a New York
Bank or Berlin, Connecticut)
On , 19__ we Promise to Pay to the order of _______________
EXACTLY __________________ DOLLARS at its office at
________________ with interest at _____ percent per annum payable at
maturity.
The Declaration of Trust of Northeast utilities provides that no
shareholder of Northeast Utilities shall be held to any liability
whatever for the payment of any sum of money, or for damages or
otherwise under any contract, obligation or undertaking made, entered
into or issued by the Trustees of Northeast Utilities or by any officer,
agent or representative elected or appointed by the Trustees and no such
contract, obligation or undertaking shall be enforceable against the
Trustees or any of them in their or his individual capacities or
capacity and all such contracts, obligations and undertaking shall be
enforceable only against the Trustees as such and every person, firm,
association, trust and corporation having any claim or demand arising
out of any such contract, obligation or undertakings shall look only to
the trust estate for the payment or satisfaction thereof.
NORTHEAST UTILITIES
Assistant Treasurer
Note No.:
Due:
_ _
Days:
Interest Rate:
Interest Amount:
{ } Check here if note is a rollover
<PAGE>
Exhibit A.1 (b)
Bank:
Address:
Attention:
Proceeds to: CL&P
Bank:
Account:
Account No.:
_ _
$
, 19
(New York, NY if a New York
Bank or Berlin, Connecticut)
On , 19__ we Promise to Pay to the order of _______________
EXACTLY __________________ DOLLARS at its office at
________________ with interest at _____ percent per annum payable at
maturity.
THE CONNECTICUT LIGHT AND POWER COMPANY
Assistant Treasurer
Note No.:
Due:
_ _
Days:
Interest Rate:
Interest Amount:
{ } Check here if note is a rollover
<PAGE>
Exhibit A.1 (c)
Bank:
Address:
Attention:
Proceeds to: WMECO
Bank:
Account:
Account No.:
_ _
$
, 19
(New York, NY if a New York
Bank or West Springfield, MA)
On , 19__ we Promise to Pay to the order of _______________
EXACTLY __________________ DOLLARS at its office at
________________ with interest at _____ percent per annum payable at
maturity.
WESTERN MASSACHUSETTS ELECTRIC COMPANY
Assistant Treasurer
Note No.:
Due:
_ _
Days:
Interest Rate:
Interest Amount:
{ } Check here if note is a rollover
<PAGE>
Exhibit A.1 (d)
Bank:
Address:
Attention:
Proceeds to: PSNH
Bank:
Account:
Account No.:
_ _
$
, 19
(New York, NY if a New York
Bank or Manchester, NH)
On , 19__ we Promise to Pay to the order of _______________
EXACTLY __________________ DOLLARS at its office at
________________ with interest at _____ percent per annum payable at
maturity.
PUBLIC SERVICE COMPANY OF NEW
HAMPSHIRE
Assistant Treasurer
Note No.:
Due:
_ _
Days:
Interest Rate:
Interest Amount:
{ } Check here if note is a rollover
<PAGE>
Exhibit A.1(e)
Bank:
Address:
Attention:
Proceeds to: HWP
Bank:
Account:
Account No.:
_ _
$
, 19
(New York, NY if a New York
Bank or Holyoke, MA)
On , 19__ we Promise to Pay to the order of _______________
EXACTLY __________________ DOLLARS at its office at
________________ with interest at _____ percent per annum payable at
maturity.
HOLYOKE WATER POWER COMPANY
Assistant Treasurer
Note No.:
Due:
_ _
Days:
Interest Rate:
Interest Amount:
{ } Check here if note is a rollover
<PAGE>
Exhibit A.1 (f)
Bank:
Address:
Attention:
Proceeds to: NNECO
Bank:
Account:
Account No.:
_ _
$
, 19
(New York, NY if a New York
Bank or Berlin, Connecticut)
On , 19__ we Promise to Pay to the order of _______________
EXACTLY __________________ DOLLARS at its office at
________________ with interest at _____ percent per annum payable at
maturity.
NORTHEAST NUCLEAR ENERGY COMPANY
Assistant Treasurer
Note No.:
Due:
_ _
Days:
Interest Rate:
Interest Amount:
{ } Check here if note is a rollover
<PAGE>
Exhibit A.1 (g)
Bank:
Address:
Attention:
Proceeds to: RR
Bank:
Account:
Account No.:
_ _
$
, 19
(New York, NY if a New York
Bank or Berlin, Connecticut)
On , 19__ we Promise to Pay to the order of _______________
EXACTLY __________________ DOLLARS at its office at
________________ with interest at _____ percent per annum payable at
maturity.
THE ROCKY RIVER REALTY COMPANY
Assistant Treasurer
Note No.:
Due:
_ _
Days:
Interest Rate:
Interest Amount:
{ } Check here if note is a rollover
Exhibit A.2(a)
PROMISSORY NOTE
FOR VALUE RECEIVED, Northeast Utilities (NU) promises to pay to the
order of the Bank named below, at such office of the Bank as is set forth
below (or such other office as the Bank may later request in writing), in
lawful money of the United States, the principal amount of each advance
made by the Bank to NU, together with interest on the unpaid principal
balance thereof from the date of the making of each advance to the date
each advance is paid in full, at a rate mutually agreed upon between the
Bank and NU at the time of each advance.
Each advance to NU, the issue date, the amount of the advance, the
interest rate (based on a year of 360 days and calculated for the actual
number of days elapsed) applicable thereto, the maturity date of each
advance (in no case to be later than 270 days after such advance), the
number of days outstanding, the interest due, the date paid, and each
payment of principal and interest shall be recorded by the Bank in the
spaces provided in the Schedule annexed hereto, on the date an advance is
made or payment is received. Amounts not paid when due shall bear interest
at the Bank's prime rate +2.0% per annum.
Unless mutually agreed between NU and the Bank with respect to a
particular advance, each advance may be prepaid at NU's election, together
with accrued but unpaid interest, in whole or in part and at any time or
from time to time.
If the Bank's address set forth below is in New York, this Note shall
be governed by, and construed and enforced in accordance with, the laws of
New York. Otherwise, this Note shall be governed by, and construed and
enforced in accordance with, the laws of Massachusetts. This Note shall be
binding on NU, its successors and assigns.
BANK: NORTHEAST UTILITIES
(Name) (Signature)
(Street) (Typed Name)
(City, State) (Zip Code) (Title)
(Date)
The Declaration of Trust of NU provides that no shareholder of NU shall be
held to any liability whatever for the payment of any sum of money, or for
damages or otherwise under any contract, obligation or undertaking made,
entered into or issued by the Trustees of NU or by any officer, agent or
representative elected or appointed by the Trustees and no such contract,
obligation or undertaking shall be enforceable against the Trustees or any
of them in their or his individual capacities or capacity and all such
contracts, obliga-tions and undertakings shall be enforceable only against
the Trustees as such and every person, firm, association, trust and
corporation having any claim or demand arising out of any such contract,
obligation or undertaking shall look only to the trust estate for the
payment of satisfaction thereof.
(Northeast Utilties - parent company)
<PAGE>
<TABLE>
GRID NOTE SCHEDULE
<S> <S> <S> <S> <S> <S> <S> <S> <S>
ISSUE AMOUNT OF INTEREST MATURITY # OF INTEREST DATE AMOUNT NOTED
DATE PRINCIPAL RATE DATE DAYS DUE PAID PAID BY
</TABLE>
Exhibit A.2 (b)
PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned Company promises to pay to the
order of the Bank named below, at such office of the Bank as is set forth
below (or such other office as the Bank may later request in writing), in
lawful money of the United States, the principal amount of each advance
made by the Bank to the Company together with interest on the unpaid
principal balance thereof from the date of the making of each advance to
the date each advance is paid in full, at a rate mutually agreed upon
between the Bank and the Company at the time of each advance.
Each advance to the Company, the issue date, the amount of the advance,
the interest rate (based on a year of 360 days and calculated for the
actual number of days elapsed) applicable thereto, the maturity date of
each advance (in no case to be later than 270 days after such advance), the
number of days outstanding, the interest due, the date paid, and each
payment of principal and interest shall be recorded by the Bank in the
spaces provided in the Schedule annexed hereto, on the date an advance is
made or payment is received. Amounts not paid when due shall bear interest
at the Bank's prime rate +2.0% per annum.
Unless mutually agreed between the Company and the Bank with respect to
a particular advance, each advance may be prepaid at the Company's
election, together with accrued but unpaid interest, in whole or in part
and at any time or from time to time.
If the Bank's address set forth below is in New York, this Note shall
be governed by, and construed and enforced in accordance with, the laws of
New York. Otherwise, this Note shall be governed by, and construed and
enforced in accordance with, the laws of Connecticut. This Note shall be
binding on the Company, its successors and assigns.
BANK: COMPANY:
Signed By:
(Name) (Signature)
(Street) (Typed Name)
(City, State) (Zip Code) (Title)
(Date)
(Connecticut Subsidiary of Northeast Utilities)
<PAGE>
GRID NOTE SCHEDULE
<TABLE>
<S> <S> <S> <S> <S> <S> <S> <S> <S>
ISSUE AMOUNT OF INTEREST MATURITY # OF INTEREST DATE AMOUNT NOTED
DATE PRINCIPAL RATE DATE DAYS DUE PAID PAID BY
</TABLE>
Exhibit A.2(c)
PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned Company promises to pay to the
order of the Bank named below, at such office of the Bank as is set forth
below (or such other office as the Bank may later request in writing), in
lawful money of the United States, the principal amount of each advance
made by the Bank to WMECO, together with interest on the unpaid principal
balance thereof from the date of the making of each advance to the date
each advance is paid in full, at a rate mutually agreed upon between the
Bank and WMECO at the time of each advance.
Each advance to the Company, the issue date, the amount of the advance,
the interest rate (based on a year of 360 days and calculated for the
actual number of days elapsed) applicable thereto, the maturity date of
each advance (in no case to be later than 270 days after such advance), the
number of days outstanding, the interest due, the date paid, and each
payment of principal and interest shall be recorded by the Bank in the
spaces provided in the Schedule annexed hereto, on the date an advance is
made or payment is received. Amounts not paid when due shall bear interest
at the Bank's prime rate +2.0% per annum.
Unless mutually agreed between the Company and the Bank with respect to
a particular advance, each advance may be prepaid at the Company's
election, together with accrued but unpaid interest, in whole or in part
and at any time or from time to time.
If the Bank's address set forth below is in New York, this Note shall
be governed by, and construed and enforced in accordance with, the laws of
New York. Otherwise, this Note shall be governed by, and construed and
enforced in accordance with, the laws of Massachusetts. This Note shall be
binding on the Company, its successors and assigns.
BANK: COMPANY:
Signed by:
(Name) (Signature)
(Street) (Typed Name)
(City, State) (Zip Code) (Title)
(Date)
(Masschusetts Subsidiary of Northeast Utilities)
<PAGE>
GRID NOTE SCHEDULE
<TABLE>
<S> <S> <S> <S> <S> <S> <S> <S> <S>
ISSUE AMOUNT OF INTEREST MATURITY # OF INTEREST DATE AMOUNT NOTED
DATE PRINCIPAL RATE DATE DAYS DUE PAID PAID BY
</TABLE>
Exhibit A.2(d)
PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned Company promises to pay to the
order of the Bank named below, at such office of the Bank as is set forth
below (or such other office as the Bank may later request in writing), in
lawful money of the United States, the principal amount of each advance
made by the Bank to the Company, together with interest on the unpaid
principal balance thereof from the date of the making of each advance to
the date each advance is paid in full, at a rate mutually agreed upon
between the Bank and the Company at the time of each advance.
Each advance to the Company, the issue date, the amount of the advance,
the interest rate (based on a year of 360 days and calculated for the
actual number of days elapsed) applicable thereto, the maturity date of
each advance (in no case to be later than 270 days after such advance), the
number of days outstanding, the interest due, the date paid, and each
payment of principal and interest shall be recorded by the Bank in the
spaces provided in the Schedule annexed hereto, on the date an advance is
made or payment is received. Amounts not paid when due shall bear interest
at the Bank's prime rate +2.0% per annum.
Unless mutually agreed between the Company and the Bank with respect to
a particular advance, each advance may be prepaid at the Company's
election, together with accrued but unpaid interest, in whole or in part
and at any time or from time to time.
If the Bank's address set forth below is in New York, this Note shall
be governed by, and construed and enforced in accordance with, the laws of
New York. Otherwise, this Note shall be governed by, and construed and
enforced in accordance with, the laws of New Hampshire. This Note shall be
binding on the Company, its successors and assigns.
BANK: COMPANY:
(Name) (Signature)
(Street) (Typed Name)
(City, State) (Zip Code) (Title)
(Date)
(New Hampshire subsidiary of Northeast Utilities)
<PAGE>
GRID NOTE SCHEDULE
<TABLE>
<S> <S> <S> <S> <S> <S> <S> <S> <S>
ISSUE AMOUNT OF INTEREST MATURITY # OF INTEREST DATE AMOUNT NOTED
DATE PRINCIPAL RATE DATE DAYS DUE PAID PAID BY
</TABLE>
Exhibit A.3
SHORT-TERM PROMISSORY NOTE
$ Dated
FOR VALUE RECEIVED, the undersigned (the "Borrower"), HEREBY
PROMISES TO PAY to the order of (the "Lender")
with respect to each Advance (as defined below):
(a) in the case of an Advance made on an interest bearing basis,
the principal amount of such Advance made by the Lender to the
Borrower, on the date mutually agreed to by the Lender and the
Borrower at the time of such Advance as the maturity date thereof,
together with interest (computed on the basis of a year of 360 days
for the actual number of days, including the first day but excluding
the last day, elapsed) on the principal amount of each Advance
outstanding from time to time from and including the date on which
such Advance is made until the maturity date of such Advance, at an
interest rate per annum mutually agreed to by the Lender and the
Borrower at the time of such Advance (the "Quoted Rate"), payable on
the maturity date of such Advance; and
(b) in the case of each Advance made on a discount basis by the
Lender to the Borrower, the stated or face amount of such Advance, on
the date mutually agreed to by the Lender and the Borrower at the time
of such Advance as the maturity date thereof.
Any overdue principal amount and overdue amount of interest, fees or
other amounts payable hereunder or under the Uncommitted Finance
Facility referred to below shall bear interest, payable on demand, at
the fluctuating interest rate per annum equal at all times to
Base Rate + 1%.
The Borrower shall have no right to prepay any unpaid
principal amount of any Advance.
If any of the following events shall occur and be continuing:
(a) the Borrower shall fail to pay any principal of, or any
interest on, any Advance when the same becomes due and payable; or
(b) any representation or warranty made by the Borrower (or any
of its officers) in connection with any Advance or otherwise in
connection with this Promissory Note shall prove to have been
incorrect in any material respect when made; or
(c) the Borrower shall consolidate with or merge into any other
person or permit any other person to consolidate with or merge into
it; provided that the foregoing restriction does not apply to the
merger or consolidation of the Company with another corporation if:
<PAGE>
(i) the corporation which results from such merger or
consolidation (the "surviving corporation") is organized under the
laws of the United State of America or any jurisdiction thereof;
(ii) unless the surviving corporation is the Borrower, the
due and punctual performance and observance of all the covenants in
this Agreement and the Note to be performed or observed by the
Borrower are expressly assumed in writing by the surviving
corporation; and
(iii) immediately after the consummation of the transaction
and after giving effect thereto, no Event of Default or event which
with the giving of notice or passage of time, or both, would become an
Event of Default would exist.
(d) the Borrower shall fail to perform or observe any other
material term, covenant or agreement in connection with any Advance or
otherwise in connection with this Promissory Note on its part to be
performed or observed; or
(e) The Borrower shall fail to pay any principal of or premium or
interest on any indebtedness (excluding indebtedness evidenced by this
Promissory Note), when the same becomes due and payable (whether by
scheduled maturity, required prepayment, acceleration, demand or
otherwise), and such failure shall continue after the applicable grace
period, if any, specified in the agreement or instrument relating to
such indebtedness; or any other event shall occur or condition shall
exist under any agreement or instrument relating to such indebtedness
and shall continue after the applicable grade period, if any,
specified in such agreement or instrument, if the effect of such event
of condition is to accelerate, or to permit the acceleration of, the
maturity of such indebtedness; or any such indebtedness shall be
declared to be due and payable, or required to be prepaid (other than
by a regularly scheduled required prepayment), prior to the stated
maturity thereof; or
(f) the Borrower shall generally not pay its debts as such debts
become due, or shall admit in writing its inability to pay its debts
generally, or shall make a general assignment for the benefit of
creditors; or any proceeding shall be instituted by or against the
Borrower seeking to adjudicate it a bankrupt or insolvent, or seeking
liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief, or composition of it or its debts under any law
relating to bankruptcy, insolvency or reorganization or relief of
debtors, or seeking the entry of an order for relief or the
appointment of a receiver, trustee, custodian or other similar
official for it or any substantial part of its property; or the
Borrower shall take any corporate action to authorize any of the
actions set forth above in this subsection (f);
then, and in any such event, the Lender may declare this Promissory
Note, all interest thereon, and all other amounts payable hereunder to
be forthwith due and payable, whereupon this Promissory Note, such
<PAGE>
interest, and other amounts shall become and be forthwith due and
payable, without presentment, demand, protest or further notice of any
kind all of which the Borrower hereby expressly waives; provided,
however, that in the event of an actual or deemed entry of an order
for relief with respect to the Borrower under the Federal Bankruptcy
Code, this Promissory Note, all such interest, and all such other
amounts shall automatically become and be due and payable, without
presentment, demand, protest or any notice of any kind, all of which
are hereby expressly waived by the Borrower.
The Borrower shall make each payment of principal and
interest hereunder prior to a.m. (New York City time) on the day
when due in lawful money of the United States of America to as at,
, in same day funds. Whenever any payment to be made
hereunder shall be otherwise due on a Saturday, a Sunday or a public
or bank holiday in (a) New York or (b) the city in which the principal
office of the Bank is located (any other day being a "Business Day"),
such payment shall be made on the next succeeding Business Day, and
such extension of time shall in such case be included in the
computation of payment of interest.
The Borrower hereby authorizes the Lender to endorse on the
grid attached hereto the date and amount of each Advance made by the
Lender to the Borrower hereunder, the maturity date thereof, all
payments made on account of principal thereof and the interest rate
applicable thereto, provided that the failure to do so shall not
affect the obligations of the Borrower to the Lender.
The Borrower also agrees to pay on demand all costs and
expenses (including fees and expenses of counsel) incurred by the
Lender in enforcing this Promissory Noted.
THIS PROMISSORY NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF
The Borrower and the Lender hereby irrevocably waive all
right to trial by jury in any action, proceeding or counterclaim
(whether based on contract, tort or otherwise) arising out of or
relating to this Promissory Note or any Advances hereunder.
This Promissory Note is the Note referred to in, and is
entitled to the benefits of, the Finance Facility dated
(the "Uncommitted Finance Facility"), between the Borrower and the
Lender, which Uncommitted Finance Facility, among other things, sets
forth procedures to be used in connection with the Borrower's periodic
requests that the Lender make advances (the "Advances") to it from
time to time in an aggregate amount not to exceed at any time
outstanding the amount first above mentioned.
BORROWER NAME
By:
Name and Title:
<PAGE>
Uncommitted Finance Facility
dated as of
between and
[NAME OF BORROWER]
(i) For the purpose of Sections 1 and 2 of this
Uncommitted Finance Facility:
The "Facility Amount" is .
The "Minimum Advance Amount" is .
The "Maximum Term" is days.
(ii) For the purpose of Section 13 of this Uncommitted
Finance Facility:
The address for written communications to you is:
Attention:
The address for written communications to us is:
(iii) For purposes of this Uncommitted Finance Facility,
instructions for wire transfer of funds are:
Name of Bank:
Bank ABA Number:
Borrower A/C Number:
Reference:
EXHIBIT A.4(a)
PLACEMENT AGREEMENT
LEHMAN BROTHERS
(Division of Shearson Lehman Brothers Inc.)
American Express Tower
World Financial Center
New York, New York 10285-1000
January 1, 1993
Dear Sirs:
NORTHEAST UTILITIES, an unincorporated voluntary business association
organized under the laws of the Commonwealth of Massachusetts (the
"Company") proposes to issue Private Notes (as defined below) from time to
time and, in connection therewith, agrees as follows with you, acting
directly or through one or more of your wholly-owned subsidiaries (you and
any such subsidiary through which you act being referred to collectively as
"Lehman Brothers"):
1. Definitions.
(a) "Issuing and Paying Agency Agreement" shall mean the
agreement, dated as of the date hereof, between the Company and Citibank,
N.A., providing for the issuance and payment of the Private Notes; and
"Issuing and Paying Agent" shall mean Citibank, N.A. in its capacity as
issuing and paying agent under the Issuing and Paying Agency Agreement.
(b) "Private Notes" shall mean promissory notes having
maturities of 270 days or less issued issued by the Issuer from time to
time in the form of either (i) certificated notes in the form attached
hereto as Exhibit A (the "Individual Notes") or (ii) book-entry obligations
represented by master notes in the forms attached as Exhibits B-1 and B-2
hereto (the Universal Notes").
2. Offering of Notes.
The offer and sale of the Private Notes is to be effected pursuant to
the exemption from the registration requirements of the Securities Act of
1933, as amended (the "Act"), provided by Section 4(2) thereof, which
exempts transactions by an issuer not involving any public offering.
Offers and sales of the Private Notes will be made in accordance with the
general provisions of Rule 506 under the Act. Lehman Brothers and the
Company hereby establish the following procedures in connection with the
offer and sale or resale of the Private Notes:
(a) Offers and sales of the Private Notes will be made only to
purchasers which Lehman Brothers reasonably believes qualify as accredited
investors (as defined in Rule 501(a) under the Act) (each such
institutional purchaser being hereinafter called an "accredited investor")
or qualified institutional buyer (as defined in Rule 144A under the Act)
(each such institutional purchaser being hereinafter called a "qualified
institutional buyer.") No Private Notes will be offered to natural
persons.
<PAGE>
-2-
(b) The Private Notes will be offered only by approaching
prospective purchasers on an individual basis. The Private Notes will not
be offered or sold by any means of general solicitation or general
advertising.
(c) In the case of a purchaser which is acting as a fiduciary
for one or more third parties and which is not a bank as defined in Section
3(a)(2) of the Act or a savings and loan association or other institution
as described in Section 3(a)(5) of the Act (each such purchaser, a "non-
bank fiduciary"), each such third party will, in the reasonable belief of
Lehman Brothers or any other placement agent approved by the Company (an
"Authorized Placement Agent"), be an accredited investor or qualified
institutional buyer.
(d) Each Note and the Univeral Notes shall contain the legend
set forth on the forms attached as Exhibit A or Exhibit B-1 or B-2 stating
in effect that such Note has not been registered under the Act and that a
resale or other transfer of such Note or any interest therein shall be made
only to a placement agent authorized by the Company or through a placement
agent authorized by the Company to an institutional investor approved as an
accredited investor (as defined in Regulation D under the Act) or qualified
institutional buyer by a placement agent authorized by the Company. The
purpose of this requirement is to ensure that Private Notes are resold or
otherwise transferred only to accredited investors or qualified
institutional buyers and not in a manner that might call into question the
non-public offering character of the offer and sale of the Private Notes.
Lehman Brothers agrees that (i) it will not effect or approve any such
resale except to itself or to an accredited investor or qualified
institutional buyer and (ii) each such resale shall be made in accordance
with the provisions of this Section 2.
(f) The Private Offering Brochure, initially in the form of
Exhibit C hereto, will be made available to each purchaser or prospective
purchaser together with any supplements to such Private Offering Brochure
which may have been prepared. The Private Offering Brochure will contain a
statement expressly offering an opportunity for each prospective purchaser
to ask questions of, and receive answers from, the Company and Lehman
Brothers concerning the offering of the Private Notes and to obtain
additional relevant information which the Company or Lehman Brothers
possesses or can acquire without unreasonable effort or expense. The
Private Offering Brochure will describe the availability of all documents
filed by the Company pursuant to the Securities Exchange Act of 1934, as
amended (the "Act"). All such documents will be offered to each
prospective purchaser of Private Notes at no charge.
3. Issuance and Purchase of Notes.
While (i) the Company has and shall have no obligation to sell
Private Notes to Lehman Brothers or to permit Lehman Brothers to arrange
any sale of Private Notes for the account of the Company and (ii) Lehman
Brothers has and shall have no obligation to purchase Private notes from
the Company or to arrange any sale of Private Notes for the account of the
Company, the parties hereto agree that any Private Notes which Lehman
Brothers purchases or the sale of which Lehman Brothers arranges will be
purchased or sold by Lehman Brothers in reliance on the representations,
warranties, covenants and agreements of the Company contained herein or
<PAGE>
-3-
made pursuant hereto and on the terms and conditions and in the manner
provided herein.
4. Information to be Furnished to Offeree.
The Company and Lehman Brothers agree that, prior to the sale of
any Private Notes, each offeree thereof will be provided a copy of the
following documents:
(a) The Private Offering Brochure describing the offering of the
Private Notes and the availability of all documents filed by the Company
pursuant to the Act, initially in the form of Exhibit C hereto, as the same
may have been revised from time to time with the written agreement of the
Company and Lehman Brothers; and
(b) Any other materials which the Company may deliver to Lehman
Brothers with written instructions to furnish the same to offerees of the
Private Notes.
The Company will provide Lehman Brothers with copies of the
foregoing documents (including documents referred to in the Private
Offering Brochure) relating to it in such quantities as Lehman Brothers may
reasonably request from time to time. To the extent reasonably requested
by Lehman Brothers or any offeree or purchaser, the Company will provide
such additional material or respond to such questions as may be appropriate
for the purpose of verifying, amplifying or completing the information
contained in the offering documents.
The documents and material provided by the Company pursuant to
this Section 4 (including documents filed by the Company pursuant to the
Act) are referred to herein as the "Offering Documents."
5. Representations and Warranties of the Company.
The Company represents and warrants that:
(a) The Private Notes have been duly authorized and, when issued
and delivered as provided in the Issuing and Paying Agency Agreement and
paid for, will be duly and validly issued and delivered and will constitute
legal, valid and binding obligations of the Company enforceable against the
Company in accordance with their terms subject to applicable bankruptcy,
insolvency and similar laws affecting creditors' rights generally and
subject, as to enforceability, to general principles of equity (regardless
of whether enforcement is sought in a proceeding in equity or at law).
(b) The Company is a voluntary association organized under a
declaration of trust, (i) duly organized, validly existing and in good
standing under the laws of the Commonwealth of Massachusetts, and (ii) has
the requisite power and authority under its declaration of trust to
execute, deliver and perform its obligations under the Private Notes, this
Agreement and the Issuing and Paying Agency Agreement.
(c) This Agreement and the Issuing and Paying Agency Agreement
have been duly authorized, executed and delivered by the Company and
constitute legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms, subject to applicable
<PAGE>
-4-
bankruptcy, insolvency and similar laws affecting creditors' rights
generally and subject, as to enforceability, to general principles of
equity (regardless of whether enforcement is sought in a proceeding in
equity or at law).
(d) There are no consents, authorizations or approvals of, or
filings with, any Federal or state government authority required in
connection with the issuance or sale by the Company of the Private Notes,
except to the extent already obtained and as may be required by state
securities laws.
(e) The execution, delivery and performance by the Company of
this Agreement, the Private Notes and the Issuing and Paying Agency
Agreement will not result in a breach or violation of, conflict with, or
constitute a default under the declaration of trust of the Company or any
law, regulation, order, judgment, agreement or instrument to which the
Company is a party or by which the Company or any of its property is bound.
(f) There is no litigation or governmental proceeding pending,
or to the knowledge of the Company threatened, against or affecting the
Company or any of its subsidiaries which might result in a material adverse
change in the condition (financial or otherwise) of the Company or the
ability of the Company to perform its obligations under this Agreement or
the Private Notes.
(g) The Company is not an "investment company" or a company
"controlled by an investment company" within the meaning of the Investment
Company Act of 1940, as amended.
(i) Each delivery of Private Notes to Lehman Brothers shall be
deemed a representation and warranty by the Company, as of the date
thereof, that (i) the Private Notes issued on such date have been duly
authorized, issued and delivered and, upon payment therefor, will
constitute legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors' rights
generally and subject, as to enforceability, to general principles of
equity (regardless of whether enforcement is sought in a proceeding in
equity or at law), (ii) the representations and warranties of the Company
set forth in paragraphs (b) through (g) of this Section 5 are true and
correct as if made on such date and (iii) the Company has complied at all
times with the provisions of Section 6(a) hereof.
6. Covenants and Agreements of the Company.
The Company covenants and agrees that:
(a) The Company will not offer, offer for sale, offer to sell or
sell any securities of the Company other than Private Notes offered or sold
hereunder (whether upon the initial issuance of such securities or after
any repurchase thereof by or on behalf of the Company) under circumstances
which would require the registration of any of such Private Notes under the
Securities Act of 1933.
<PAGE>
-5-
(b) For the benefit of Lehman Brothers and the holders of the
Private Notes, the Company will not permit to become effective any
amendment to or modification of the Issuing and Paying Agency Agreement
which might adversely affect the interests of the holder of any Private
Notes then outstanding. The Company will give Lehman Brothers notice of
any proposed amendment to or modification of the Issuing and Paying Agency
Agreement at least ten days prior to the effective date thereof.
7. Indemnification.
(a) The Company shall indemnify and hold harmless Lehman
Brothers, its officers, directors and employees and each person, if any,
who controls Lehman Brothers within the meaning of the Securities Act of
1933 or the Securities Exchange Act of 1934 from and against any loss,
claim, damage or liability, joint or several, and any action in respect
thereof, to which Lehman Brothers or any of them may become subject, under
the Securities Act of 1933, the Securities Exchange Act of 1934 or
otherwise, insofar as such loss, claim, damage, liability or action arises
out of or is based upon any untrue statement or alleged untrue statement of
a material fact contained in any of the offering documents, or the omission
or alleged omission to state therein a material fact necessary to make the
statements therein not misleading, and shall reimburse Lehman Brothers and
each such indemnified party for any legal or other expenses reasonably
incurred by Lehman Brothers or such indemnified party in connection with
investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the Company will not be liable in any such
case to the extent that any such loss, claim, damage, liability, or action
arises out of or is based upon any untrue statement or alleged untrue
statement or omission or alleged omission contained in any of the offering
documents relating to Lehman Brothers or its activities hereunder. The
foregoing indemnity agreement is in addition to any liability which the
Company may otherwise have to Lehman Brothers or any such indemnified
party.
(b) Lehman Brothers shall indemnify and hold harmless the
Company, its officers, directors and employees and any person who controls
the Company within the meaning of the Securities Act of 1933 or the
Securities Exchange Act of 1934 from and against any loss, claim, damage or
liability, joint or several, or any action in respect thereof, to which the
Company or any of them may become subject under the Securities Act of 1933,
the Securities Exchange Act of 1934 or otherwise, insofar as such loss,
claim, damage, liability or action arises out of or is based upon any
untrue statement or alleged untrue statement of a material fact that
relates to Lehman Brothers or its activities hereunder contained in the
offering documents or the omission or alleged omission to state therein a
material fact that relates to Lehman Brothers or its activities hereunder
necessary to make the statements therein not misleading, and Lehman
Brothers shall reimburse the Company and each such indemnified party for
any legal or other expenses reasonably incurred by the Company or such
indemnified party in connection with investigating or defending any such
loss, claim, damage, liability or action. The foregoing indemnity
agreement is in addition to any liability which Lehman Brothers may
otherwise have to the Company or any such indemnified party.
<PAGE>
-6-
(c) Promptly after receipt by an indemnified party under this
Section 7 of Notice of any claim or the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made
against any indemnifying party under this Section 7, notify such
indemnifying party in writing of the claim or the commencement of that
action provided that the failure to notify the indemnifying party will not
relieve it from any liability which it may have to an indemnified party
otherwise than under this Section 7. If any such claim or action is
brought against any indemnified party, and it shall notify an indemnifying
party thereof, the indemnifying party shall be entitled to participate
therein, and, to the extent that it wishes, jointly with any other
similarly notified party, to assume the defense thereof, with counsel
reasonably satisfactory to the indemnified party (which shall not, except
with the consent of the indemnified party, be counsel to the indemnifying
party). After notice from the indemnifying party to the indemnified party
of its election to assume the defense of such claim or action, the
indemnifying party shall not be liable to the indemnified party under this
Section 7 for any legal or other expenses subsequently incurred by the
indemnified party in connection with the defense thereof other than
reasonable costs of investigation. With respect to any such claim or
action, the indemnifying party shall not be obligated to pay the fees and
expenses of more than one counsel in addition to counsel for the
indemnifying party.
(d) If the indemnification provided for in this Section 7 shall
for any reason be unavailable to an indemnified party under Section 7(a) or
7(b) hereof in respect of any loss, claim, damage or liability, or any
action in respect thereof, referred to therein, then the indemnifying party
shall, in lieu of indemnifying such indemnified party, contribute to the
amount paid or payable by such indemnified party as a result of such loss,
claim, damage or liability, or action in respect thereof, (i) in such
proportion as shall be appropriate to reflect the relative benefits
received by the Company on the one hand and Lehman Brothers on the other
from the offering of the Private Notes or (ii) if the allocation by clause
(i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of the Company on the one hand and
Lehman Brothers on the other with respect to the statements or omissions
which resulted in such loss, claim, damage or liability, or action in
respect thereof, as well as any other relevant equitable considerations.
The relative benefits received by the Company on the one hand and Lehman
Brothers on the other with respect to such offering shall be deemed to be
in the same proportion as the average face amount of the Private Notes
bears to the average compensation received by Lehman Brothers with respect
to the Private Notes. The relative fault shall be determined by reference
to whether the untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact relates to
information supplied by the Company on the one hand or Lehman Brothers on
the other, the intent of the parties and their relative knowledge, access
to information and opportunity to correct or prevent such statement or
omission. The parties agree that it would not be just and equitable if
contributions pursuant to this Section 7(d) were to be determined by pro
rata allocation or by any other method of allocation which does not take
into account the equitable consideration referred to herein. The amount
paid or payable by any indemnified party as a result of the loss, claim,
damage or liability, or action in respect thereof, referred to above in
<PAGE>
-7-
this Section 7(d), shall be deemed to include, for purposes of this Section
7(d), any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or
claim.
8. General
(a) The indemnity agreements contained in Section 7 and the
representations and warranties of the company contained herein shall
survive the delivery of the Private Notes and shall remain in full force
and effect, regardless of any termination or cancellation of this Agreement
or any investigation made by or on behalf of any indemnified party.
(b) The Company will promptly pay, or reimburse Lehman Brothers
on demand for, all reasonable out-of-pocket costs and expenses (including
fees and disbursements of counsel to Lehman Brothers) incurred by Lehman
Brothers in connection with the preparation of this Agreement, the
negotiation of the transactions contemplated hereby and any amendments
thereto.
(c) All notices required under the terms and provisions hereof
shall be in writing, given in person, by mail (postage prepaid), or by
telex, telecopier or telegram (charges prepaid), promptly confirmed by
letter, and any such notice shall be in effect when received at the address
specified below (or at such other address as such recipient may designate
from time to time by notice to the other party):
If to the Company:
Northeast Utilities
P.O. Box 270
Hartford, Connecticut 06101
Attention: Treasurer
Telephone No: (203) 665-3248
Facsimile No: (203) 665-5457
If to Lehman Brothers:
LEHMAN BROTHERS
(Division of Shearson Lehman Brothers Inc.)
American Express Tower
World Financial Center
New York, New York 10285-1000
Attention: Commercial Paper Product Management
Telephone No: (212) 640-0262
Facsimile No: (212) 528-6925
(d) This Agreement shall be governed by and construed in
accordance with the laws of the State of New York.
(e) The terms of this Agreement shall not be waived, altered,
modified, amended or supplemented in any manner whatsoever except by
written instrument signed by each of the parties hereto.
<PAGE>
-8-
9. Limitation of Liability. No shareholder or trustee of the
Company shall be held to any liability whatever for the payment of any sum
of money or for damages or otherwise under this Agreement or the Private
Notes, and this Agreement and such Private Notes shall not be enforceable
against any such trustee in their or his or her individual capacities or
capacity and this Agreement and such Private Notes shall be enforceable
against the trustee of the Company only as such, and every person, firm,
association, trust or corporation having any claim or demand arising under
this Agreement or such Private Notes and relating to the Company, its
shareholders or trustees shall look solely to the trust estate of the
Company for the payment or satisfaction thereof.
<PAGE>
-9-
If you agree with the foregoing, please indicate your acceptance
below, whereupon this letter shall become a binding agreement between
Lehman Brothers and the Company as of the day and year first above written.
Very truly yours,
NORTHEAST UTILITIES
By
Accepted and Agreed:
LEHMAN BROTHERS
By
[EXHIBITS INTENTIONALLY OMITTED]
EXHIBIT A.4(b)
January 1, 1993
LEHMAN COMMERCIAL PAPER, INC.
American Express Tower
World Financial Center
New York, New York 10285-1000
Dear Sirs:
The Connecticut Light and Power Company, a Connecticut
corporation (the "Company") proposes to issue Notes (as defined
below) from time to time and, in connection therewith, agrees as
follows with you ("Lehman"):
1. Definitions.
(a) "Issuing and Paying Agency Agreement" shall mean the
agreement, dated January 1, 1993, between the Company
and Citibank, N.A., providing for the issuance and
payment of the Notes; and "Issuing and Paying Agent"
shall mean Citibank, N.A., in its capacity as issuing
and paying agent under the Issuing and Paying Agency
Agreement.
(b) "Notes" shall mean promissory notes having maturities
of 270 days or less issued by the Company from time to
time in denominations of at least $100,000 and in the
form of either (i) certificated notes in the form of
Exhibit A to the Issuing and Paying Agency Agreement
or (ii) book-entry obligations represented by a master
note payable to The Depository Trust Company or its
nominee.
(c) "Offering Documents" shall mean the Offering
Memorandum, initially in the form of Exhibit A hereto,
as the same may be revised from time to time with the
written agreement of the Company and Lehman, and any
other materials which the Company may deliver to
Lehman with written instructions to furnish the same
to offerees of the Notes.
2. Issuance and Purchase of Notes.
(a) While (i) the Company has and shall have no obligation
to sell Notes to Lehman or to permit Lehman to arrange
any sale of Notes for the account of the Company and
(ii) Lehman has and shall have no obligation to
purchase Notes from the Company or to arrange any sale
of Notes for the account of the Company, the parties
hereto agree that any such Notes will be purchased or
<PAGE>
LEHMAN COMMERCIAL PAPER, INC.
sold by Lehman in reliance on the representations,
warranties, covenants and agreements of the Company
contained herein or made pursuant hereto and on the
terms and conditions and in the manner provided
herein.
(b) If the Company and Lehman shall agree on the terms of
the purchase of any Note by Lehman (including
agreement with respect to the date of issue, principal
amount, purchase price, maturity and interest or
discount) the Company shall cause such Note to be
issued and delivered in accordance with the terms of
the Issuing and Paying Agency Agreement.
3. Representations and Warranties of the Company.
The Company represents and warrants that:
(a) The Notes have been duly authorized and, when issued
and delivered as provided in the Issuing and Paying
Agency Agreement and paid for, will be duly and
validly issued and delivered and will constitute
legal, valid and binding obligations of the Company
enforceable against the Company in accordance with
their terms subject to applicable bankruptcy,
insolvency and similar laws affecting creditors'
rights generally and subject, as to enforceability, to
general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at
law).
(b) The Company is a corporation duly organized, validly
existing and in good standing under the laws of the
jurisdiction of its incorporation and has all
requisite power and authority to execute, deliver and
perform its obligations under the Notes, this
Agreement and the Issuing and Paying Agency Agreement.
(c) This Agreement and the Issuing and Paying Agency
Agreement have been duly authorized, executed and
delivered by the Company and constitute legal, valid
and binding obligations of the Company, enforceable
against the Company in accordance with their terms,
subject to applicable bankruptcy, insolvency and
similar laws affecting creditors' rights generally and
subject, as to enforceability, to general principles
of equity (regardless of whether enforcement is sought
in a proceeding in equity or at law).
(d) Except to the extent already obtained or completed,
there are no consents, authorizations or approvals of,
or filings with, any Federal or state government
authority required in connection with the issuance or
sale by the Company of the Notes or the performance of
its obligations thereunder.
<PAGE>
LEHMAN COMMERCIAL PAPER, INC.
(e) The execution, delivery and performance by the Company
of this Agreement, the Notes and the Issuing and
Paying Agency Agreement will not result in a breach or
violation of, conflict with, or constitute a default
under the charter or by-laws of the Company or any
law, regulation, order, judgment, agreement or
instrument to which the Company is a party or by which
the Company or any of its property is bound.
(f) There is no litigation or governmental proceeding
pending, or to the knowledge of the Company
threatened, against or affecting the Company or any of
its subsidiaries which would result in a material
adverse change in the condition (financial or
otherwise) of the Company or the ability of the
Company to perform its obligations under this
Agreement or the Notes.
(g) The Company is not an "investment company" or
"controlled by an investment company" within the
meaning of the Investment Company Act of 1940, as
amended.
(h) Each delivery of Notes to Lehman shall be deemed a
representation and warranty by the Company, as of the
date thereof, that (i) the Notes issued on such date
have been duly authorized, issued and delivered and,
upon payment therefor, will constitute legal, valid
and binding obligations of the Company, enforceable
against the Company in accordance with their terms,
subject to applicable bankruptcy, insolvency and
similar laws affecting creditors' rights generally and
subject, as to enforceability, to general principles
of equity (regardless of whether enforcement is sought
in a proceeding in equity or at law), (ii) the
representations and warranties of the Company set
forth in paragraphs (b) through (g) of this Section 3
are true and correct as if made on such date and (iii)
the Company has complied at all times with the
provisions of Section 4(a) hereof.
4. Covenants and Agreements of the Company.
The Company covenants and agrees that:
(a) The Company will use the proceeds of the sale of the
Notes for "current transactions" within the meaning of
Section 3(a)(3) of the Securities Act of 1933.
(b) The Company will not permit to become effective any
amendment to or modification of the Issuing and Paying
Agency Agreement which might adversely affect the
interests of the holder of any Notes then outstanding.
The Company will give Lehman notice of any proposed
<PAGE>
LEHMAN COMMERCIAL PAPER, INC.
amendment to or modification of the Issuing and Paying
Agency Agreement at least ten days prior to the
effective date thereof.
5. Indemnification.
The Company will indemnify and hold harmless Lehman against
any loss, claim, damages, liability or expense (including
reasonable costs of investigation and defense) arising out
of or based upon any untrue statement or alleged untrue
statement of a material fact contained in the Offering
Documents (except to the extent the same relates to Lehman
or its activities hereunder), or the omission or alleged
omission to state therein such a material fact necessary to
make the statements therein, in light of the circumstances
under which they were made, not misleading. The
obligations of the Company to Lehman under this Section 5
shall survive the termination of this Agreement.
6. General
(a) All notices required under the terms and provisions
hereof shall be in writing, given in person, by mail
(postage prepaid), or by telex, telecopier or telegram
(charges prepaid), promptly confirmed by letter, and
any such notice shall be effective when received at
the address specified below (or at such other address
as such recipient may designate from time to time by
notice to the other party):
If to the Company:
The Connecticut Light and Power Company
P.O. Box 270
Hartford, Connecticut 06101
Attention: Treasurer
Telephone No: (203) 665-3248
Facsimile No: (203) 665-5457
If to Lehman Brothers:
Lehman Commercial Paper, Inc.
American Express Tower
World Financial Center
New York, New York 10285-1000
Attention: ______________________
Telephone No: (212) _____________
Facsimile No: (212) _____________
(b) The Company will promptly pay, or reimburse Lehman on
demand for, all reasonable out-of-pocket costs and
expenses (including fees and disbursements of counsel
to Lehman) incurred by Lehman in connection with the
preparation and negotiation of this Agreement.
<PAGE>
LEHMAN COMMERCIAL PAPER, INC.
(c) This Agreement shall be governed by and construed in
accordance with the laws of the State of New York.
(d) The terms of this Agreement shall not be waived,
altered, modified, amended or supplemented in any
manner whatsoever except by written instrument signed
by each of the parties hereto.
If you agree with the foregoing, please indicate your
acceptance below, whereupon this letter shall become a binding
agreement between Lehman and the Company as of the date and year
first above written.
Very truly yours,
THE CONNECTICUT LIGHT
AND POWER COMPANY
By
Accepted and agreed:
LEHMAN COMMERCIAL PAPER, INC.
By
<PAGE>
EXHIBIT A
FORM OF
OFFERING DOCUMENTS
[INTENIONALLY OMITTED]
EXHIBIT A.5
PROPOSED TERMS OF THE NU MONEY POOL
(Revised , 1993)
GENERAL
1. The members of the Money Pool (the Pool) are Northeast
Utilities (NU), The Connecticut Light and Power Company
(CL&P), Western Massachusetts Electric Company (WMECO),
Northeast Nuclear Energy Company (NNECO), Northeast Utilities
Service Company (NUSCO), Holyoke Water Power Company (HWP),
The Rocky River Realty Company (RRR), The Quinnehtuk Company
(Quinnehtuk), Public Service Company of New Hampshire (PSNH),
North Atlantic Energy Corporation (North Atlantic) and HEC
Inc. (HEC).
2. The Pool will be administered by NUSCO (Agent).
3. Each member will determine each day, on the basis of cash
flow projections, the amount of surplus funds it has
available for contribution to the Pool (Surplus Funds). In
addition to its own Surplus Funds, NU may borrow funds from
third party lenders (Excess Funds) in order to make these
Excess Funds available to meet the borrowing needs of NNECO,
NUSCO, RRR, Quinnehtuk, PSNH, North Atlantic and HEC.
CONTRIBUTIONS TO THE POOL
4. Each member will contribute its surplus funds to the Pool.
NU will contribute any Excess Funds to the Pool.
5. Each member will receive as interest with respect to its
Surplus Funds that fraction of the total interest received by
the Pool equal to the ratio of the Surplus Funds the member
has contributed, times the period in which such Surplus Funds
were available, to the total Surplus Funds in the Pool, times
the period in which all Surplus Funds were in the Pool. NU
will receive the same interest with respect to its Excess
Funds that it pays for its Excess Funds. Such interest will
be computed on a daily basis and settled once per month.
6. Each member may withdraw any of its Surplus Funds at any time
without notice. NU may withdraw its Excess Funds at any time
without notice.
BORROWINGS FROM THE POOL
7. NU shall not be entitled to borrow from the Pool.
<PAGE>
8. North Atlantic and HEC shall be entitled to borrow only to
the extent that Excess Funds, or Surplus Funds that are
attributable to contributions from NU, are available for such
borrowings. PSNH shall not be entitled to borrow Surplus
Funds that are attributable to contributions from WMECO until
the Massachusetts Department of Public Utilities has issued
an order authorizing WMECO to lend funds to PSNH through the
Pool.
9. All short-term borrowing needs of members other than NU,
which shall not be entitled to borrow from the Pool and PSNH,
HEC and North Atlantic, which may borrow only subject to the
conditions set forth in paragraph 8, will be met by Surplus
Funds in the Pool to the extent such funds are available.
NNECO, NUSCO, RRR, Quinnehtuk, PSNH, North Atlantic and HEC
may meet their short-term borrowing needs through Excess
Funds made available from NU.
10. Loans will be made first to borrowers that cannot access the
commercial paper market.
11. Members borrowing Surplus Funds will pay interest at a rate
equal to the daily composite Federal Funds rate. The rate to
be used for weekends and holidays will be the prior business
day's rate. Members borrowing Excess Funds will pay interest
at the same rate that NU pays for those Excess Funds.
12. Loans made by the Pool will be open account advances for
periods of less than 12 months, although the Agent may
receive upon demand a promissory note evidencing the
transaction.
13. All loans made by the Pool from Surplus Funds are payable on
demand by the Agent.
14. All loans made by the Pool from Surplus Funds may be prepaid
by the borrower without penalty. No loans from Excess Funds
shall be prepaid prior to the maturity of the NU borrowing
that resulted in the Excess Funds, unless the prepayment can
be made without NU incurring additional costs or unless the
prepayment is accompanied by payment of any additional costs
incurred by NU as a result of such prepayment.
15. If there are more Surplus Funds in the Pool than are
necessary to meet the borrowing needs of the members, the
Agent will use the Surplus Funds to meet the NU system's
compensating balance requirements or invest them on behalf of
the Pool in one of the following instruments:
(1) obligations issued or guaranteed by the United States of
America;
<PAGE>
(2) obligations issued or guaranteed by any person
controlled or supervised by and acting as an
instrumentality of the United States of America pursuant
to authority granted by the Congress of the United
States;
(3) obligations issued or guaranteed by any state or
political subdivision thereof, provided that such
obligations are rated for investment purposes at not
less than "A" by Moody's Investors Service, Inc., or by
Standard & Poor's Corporation;
(4) commercial paper rated not less than "P-1" by Moody's
Investors Service, Inc., or not less than "A-1" by
Standard & Poor's Corporation;
(5) such other instruments as are permitted by Rule 40(a)(1)
under the Public Utility Holding Company Act of 1935 and
approved by the Massachusetts Department of Public
Utilities pursuant to Massachusetts General Laws Chapter
164, Section 17A and regulations thereunder.
TERMINATION
16. Any member may terminate its participation in the Pool at any
time without notice.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> JUN-30-1994 JUN-30-1994
<PERIOD-END> JUN-30-1994 JUN-30-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 0 0
<OTHER-PROPERTY-AND-INVEST> 2,610,003 2,610,003
<TOTAL-CURRENT-ASSETS> 6,571 75,571
<TOTAL-DEFERRED-CHARGES> 6,805 6,805
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 2,623,379 2,692,379
<COMMON> 671,048 671,048
<CAPITAL-SURPLUS-PAID-IN> 903,137 903,137
<RETAINED-EARNINGS> 927,032 923,556
<TOTAL-COMMON-STOCKHOLDERS-EQ> 2,280,170 2,276,694
0 0
0 0
<LONG-TERM-DEBT-NET> 230,000 230,000
<SHORT-TERM-NOTES> 81,000 150,000
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 9,000 9,000
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 23,209 26,685
<TOT-CAPITALIZATION-AND-LIAB> 2,623,379 2,692,379
<GROSS-OPERATING-REVENUE> 0 0
<INCOME-TAX-EXPENSE> (8,200) (10,072)
<OTHER-OPERATING-EXPENSES> 8,206 8,206
<TOTAL-OPERATING-EXPENSES> 6 (1,866)
<OPERATING-INCOME-LOSS> (6) 1,866
<OTHER-INCOME-NET> 303,654 303,654
<INCOME-BEFORE-INTEREST-EXPEN> 303,648 305,520
<TOTAL-INTEREST-EXPENSE> 23,868 29,216
<NET-INCOME> 279,780 276,304
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 279,780 276,304
<COMMON-STOCK-DIVIDENDS> 218,822 218,822
<TOTAL-INTEREST-ON-BONDS> 20,740 20,740
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 2.25 2.25
<EPS-DILUTED> 2.25 2.25
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 1
<NAME> CONNECTICUT LIGHT AND POWER COMPANY
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> JUN-30-1994 JUN-30-1994
<PERIOD-END> JUN-30-1994 JUN-30-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 4,165,577 4,165,577
<OTHER-PROPERTY-AND-INVEST> 232,808 232,808
<TOTAL-CURRENT-ASSETS> 387,882 471,382
<TOTAL-DEFERRED-CHARGES> 1,463,097 1,463,097
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 6,249,364 6,332,864
<COMMON> 122,229 122,229
<CAPITAL-SURPLUS-PAID-IN> 631,213 631,213
<RETAINED-EARNINGS> 767,051 763,329
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,520,493 1,516,771
230,000 230,000
166,200 166,200
<LONG-TERM-DEBT-NET> 1,676,083 1,676,083
<SHORT-TERM-NOTES> 172,000 255,500
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 69,500 69,500
<LONG-TERM-DEBT-CURRENT-PORT> 177,546 177,546
0 0
<CAPITAL-LEASE-OBLIGATIONS> 129,293 129,293
<LEASES-CURRENT> 55,037 55,037
<OTHER-ITEMS-CAPITAL-AND-LIAB> 2,053,212 2,056,934
<TOT-CAPITALIZATION-AND-LIAB> 6,249,364 6,332,864
<GROSS-OPERATING-REVENUE> 2,349,971 2,349,971
<INCOME-TAX-EXPENSE> 178,337 175,588
<OTHER-OPERATING-EXPENSES> 1,899,530 1,899,530
<TOTAL-OPERATING-EXPENSES> 2,077,867 2,075,118
<OPERATING-INCOME-LOSS> 272,104 274,853
<OTHER-INCOME-NET> 43,459 43,459
<INCOME-BEFORE-INTEREST-EXPEN> 315,563 318,312
<TOTAL-INTEREST-EXPENSE> 121,733 128,204
<NET-INCOME> 193,830 190,108
26,371 26,371
<EARNINGS-AVAILABLE-FOR-COMM> 167,459 163,737
<COMMON-STOCK-DIVIDENDS> 159,631 159,631
<TOTAL-INTEREST-ON-BONDS> 126,369 126,369
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0.00 0.00
<EPS-DILUTED> 0.00 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 9
<NAME> HEC INCORPORATED
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> JUN-30-1994 JUN-30-1994
<PERIOD-END> JUN-30-1994 JUN-30-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 2,511 2,511
<OTHER-PROPERTY-AND-INVEST> 0 0
<TOTAL-CURRENT-ASSETS> 3,060 11,535
<TOTAL-DEFERRED-CHARGES> 1,804 1,804
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 7,375 15,850
<COMMON> 0 0
<CAPITAL-SURPLUS-PAID-IN> 4,316 4,316
<RETAINED-EARNINGS> (1,039) (1,425)
<TOTAL-COMMON-STOCKHOLDERS-EQ> 3,277 2,891
0 0
0 0
<LONG-TERM-DEBT-NET> 0 0
<SHORT-TERM-NOTES> 2,525 11,000
<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> 1,573 1,959
<TOT-CAPITALIZATION-AND-LIAB> 7,375 15,850
<GROSS-OPERATING-REVENUE> 15,463 15,463
<INCOME-TAX-EXPENSE> 140 (131)
<OTHER-OPERATING-EXPENSES> 15,111 15,111
<TOTAL-OPERATING-EXPENSES> 15,251 14,980
<OPERATING-INCOME-LOSS> 212 483
<OTHER-INCOME-NET> 113 113
<INCOME-BEFORE-INTEREST-EXPEN> 325 596
<TOTAL-INTEREST-EXPENSE> 169 826
<NET-INCOME> 156 (230)
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 156 (230)
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 66 66
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0.00 0.00
<EPS-DILUTED> 0.00 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 4
<NAME> HOLYOKE WATER POWER COMPANY
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> JUN-30-1994 JUN-30-1994
<PERIOD-END> JUN-30-1994 JUN-30-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 56,425 56,425
<OTHER-PROPERTY-AND-INVEST> 3,483 3,483
<TOTAL-CURRENT-ASSETS> 16,817 21,817
<TOTAL-DEFERRED-CHARGES> 4,584 4,584
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 81,309 86,309
<COMMON> 2,400 2,400
<CAPITAL-SURPLUS-PAID-IN> 6,000 6,000
<RETAINED-EARNINGS> 13,392 13,164
<TOTAL-COMMON-STOCKHOLDERS-EQ> 21,792 21,564
0 0
0 0
<LONG-TERM-DEBT-NET> 38,300 38,300
<SHORT-TERM-NOTES> 0 5,000
<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> 21,217 21,445
<TOT-CAPITALIZATION-AND-LIAB> 81,309 86,309
<GROSS-OPERATING-REVENUE> 39,685 39,685
<INCOME-TAX-EXPENSE> 343 183
<OTHER-OPERATING-EXPENSES> 36,650 36,650
<TOTAL-OPERATING-EXPENSES> 36,993 36,833
<OPERATING-INCOME-LOSS> 2,692 2,852
<OTHER-INCOME-NET> (59) (59)
<INCOME-BEFORE-INTEREST-EXPEN> 2,633 2,793
<TOTAL-INTEREST-EXPENSE> 1,102 1,490
<NET-INCOME> 1,531 1,303
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 1,531 1,303
<COMMON-STOCK-DIVIDENDS> 576 576
<TOTAL-INTEREST-ON-BONDS> 1,165 1,165
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0.00 0.00
<EPS-DILUTED> 0.00 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 6
<NAME> NORTH ATLANTIC ENERGY CORPORATION
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> JUN-30-1994 JUN-30-1994
<PERIOD-END> JUN-30-1994 JUN-30-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 731,556 731,556
<OTHER-PROPERTY-AND-INVEST> 9,294 9,294
<TOTAL-CURRENT-ASSETS> 50,555 100,555
<TOTAL-DEFERRED-CHARGES> 146,046 146,046
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 937,451 987,451
<COMMON> 1 1
<CAPITAL-SURPLUS-PAID-IN> 160,999 160,999
<RETAINED-EARNINGS> 52,070 49,728
<TOTAL-COMMON-STOCKHOLDERS-EQ> 213,070 210,728
0 0
0 0
<LONG-TERM-DEBT-NET> 560,000 560,000
<SHORT-TERM-NOTES> 0 50,000
<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> 164,381 166,723
<TOT-CAPITALIZATION-AND-LIAB> 937,451 987,451
<GROSS-OPERATING-REVENUE> 138,525 138,525
<INCOME-TAX-EXPENSE> 6,984 5,451
<OTHER-OPERATING-EXPENSES> 93,139 93,139
<TOTAL-OPERATING-EXPENSES> 100,123 98,590
<OPERATING-INCOME-LOSS> 38,402 39,935
<OTHER-INCOME-NET> 16,848 16,848
<INCOME-BEFORE-INTEREST-EXPEN> 55,250 56,783
<TOTAL-INTEREST-EXPENSE> 25,510 29,385
<NET-INCOME> 29,740 27,398
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 29,740 27,398
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 64,022 64,022
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0.00 0.00
<EPS-DILUTED> 0.00 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 5
<NAME> NORTHEAST NUCLEAR ENERGY COMPANY
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> JUN-30-1994 JUN-30-1994
<PERIOD-END> JUN-30-1994 JUN-30-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 52,548 52,548
<OTHER-PROPERTY-AND-INVEST> 0 0
<TOTAL-CURRENT-ASSETS> 111,956 146,956
<TOTAL-DEFERRED-CHARGES> 5,791 5,791
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 170,295 205,295
<COMMON> 15 15
<CAPITAL-SURPLUS-PAID-IN> 15,350 15,350
<RETAINED-EARNINGS> 998 (563)
<TOTAL-COMMON-STOCKHOLDERS-EQ> 16,363 14,802
0 0
0 0
<LONG-TERM-DEBT-NET> 24,714 24,714
<SHORT-TERM-NOTES> 15,000 50,000
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 286 286
0 0
<CAPITAL-LEASE-OBLIGATIONS> 18,197 18,197
<LEASES-CURRENT> 2,329 2,329
<OTHER-ITEMS-CAPITAL-AND-LIAB> 93,406 94,967
<TOT-CAPITALIZATION-AND-LIAB> 170,295 205,295
<GROSS-OPERATING-REVENUE> 397,580 397,580
<INCOME-TAX-EXPENSE> 1,086 (66)
<OTHER-OPERATING-EXPENSES> 392,516 392,516
<TOTAL-OPERATING-EXPENSES> 393,602 392,450
<OPERATING-INCOME-LOSS> 3,978 5,130
<OTHER-INCOME-NET> (1,040) (1,040)
<INCOME-BEFORE-INTEREST-EXPEN> 2,938 4,090
<TOTAL-INTEREST-EXPENSE> 920 3,633
<NET-INCOME> 2,018 457
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 2,018 457
<COMMON-STOCK-DIVIDENDS> 2,037 2,037
<TOTAL-INTEREST-ON-BONDS> 420 420
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0.00 0.00
<EPS-DILUTED> 0.00 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 3
<NAME> PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> JUN-30-1994 JUN-30-1994
<PERIOD-END> JUN-30-1994 JUN-30-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 1,564,711 1,564,711
<OTHER-PROPERTY-AND-INVEST> 21,544 21,544
<TOTAL-CURRENT-ASSETS> 224,219 399,219
<TOTAL-DEFERRED-CHARGES> 1,004,711 1,004,711
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 2,815,185 2,990,185
<COMMON> 1 1
<CAPITAL-SURPLUS-PAID-IN> 421,507 421,507
<RETAINED-EARNINGS> 92,494 84,295
<TOTAL-COMMON-STOCKHOLDERS-EQ> 514,002 505,803
125,000 125,000
0 0
<LONG-TERM-DEBT-NET> 952,985 952,985
<SHORT-TERM-NOTES> 0 175,000
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 94,000 94,000
0 0
<CAPITAL-LEASE-OBLIGATIONS> 840,963 840,963
<LEASES-CURRENT> 38,851 38,851
<OTHER-ITEMS-CAPITAL-AND-LIAB> 249,384 257,583
<TOT-CAPITALIZATION-AND-LIAB> 2,815,185 2,990,185
<GROSS-OPERATING-REVENUE> 907,504 907,504
<INCOME-TAX-EXPENSE> 75,296 69,932
<OTHER-OPERATING-EXPENSES> 698,388 698,388
<TOTAL-OPERATING-EXPENSES> 773,684 768,320
<OPERATING-INCOME-LOSS> 133,820 139,184
<OTHER-INCOME-NET> 14,329 14,329
<INCOME-BEFORE-INTEREST-EXPEN> 148,149 153,513
<TOTAL-INTEREST-EXPENSE> 76,186 89,749
<NET-INCOME> 71,963 63,764
13,250 13,250
<EARNINGS-AVAILABLE-FOR-COMM> 58,713 50,514
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 75,675 75,675
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0.00 0.00
<EPS-DILUTED> 0.00 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 8
<NAME> THE QUINNEHTUK COMPANY
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> JUN-30-1994 JUN-30-1994
<PERIOD-END> JUN-30-1994 JUN-30-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 1,114 1,114
<OTHER-PROPERTY-AND-INVEST> 2,626 2,626
<TOTAL-CURRENT-ASSETS> 318 3,568
<TOTAL-DEFERRED-CHARGES> 15 15
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 4,073 7,323
<COMMON> 350 350
<CAPITAL-SURPLUS-PAID-IN> 155 155
<RETAINED-EARNINGS> (1,450) (1,603)
<TOTAL-COMMON-STOCKHOLDERS-EQ> (945) (1,098)
0 0
0 0
<LONG-TERM-DEBT-NET> 0 0
<SHORT-TERM-NOTES> 4,750 8,000
<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> 268 421
<TOT-CAPITALIZATION-AND-LIAB> 4,073 7,323
<GROSS-OPERATING-REVENUE> 207 207
<INCOME-TAX-EXPENSE> (120) (219)
<OTHER-OPERATING-EXPENSES> 367 367
<TOTAL-OPERATING-EXPENSES> 247 148
<OPERATING-INCOME-LOSS> (40) 59
<OTHER-INCOME-NET> (19) (19)
<INCOME-BEFORE-INTEREST-EXPEN> (59) 40
<TOTAL-INTEREST-EXPENSE> 144 396
<NET-INCOME> (203) (356)
0 0
<EARNINGS-AVAILABLE-FOR-COMM> (203) (356)
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0.00 0.00
<EPS-DILUTED> 0.00 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 7
<NAME> ROCKY RIVER REALTY COMPANY
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> JUN-30-1994 JUN-30-1994
<PERIOD-END> JUN-30-1994 JUN-30-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 65,520 65,520
<OTHER-PROPERTY-AND-INVEST> 2,488 2,488
<TOTAL-CURRENT-ASSETS> 1,987 7,237
<TOTAL-DEFERRED-CHARGES> 324 324
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 70,319 75,569
<COMMON> 10 10
<CAPITAL-SURPLUS-PAID-IN> 0 0
<RETAINED-EARNINGS> 674 440
<TOTAL-COMMON-STOCKHOLDERS-EQ> 684 450
0 0
0 0
<LONG-TERM-DEBT-NET> 48,827 48,827
<SHORT-TERM-NOTES> 16,750 22,000
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 1,696 1,696
0 0
<CAPITAL-LEASE-OBLIGATIONS> 140 140
<LEASES-CURRENT> 162 162
<OTHER-ITEMS-CAPITAL-AND-LIAB> 2,060 2,294
<TOT-CAPITALIZATION-AND-LIAB> 70,319 75,569
<GROSS-OPERATING-REVENUE> 9,649 9,649
<INCOME-TAX-EXPENSE> 0 (173)
<OTHER-OPERATING-EXPENSES> 4,623 4,623
<TOTAL-OPERATING-EXPENSES> 4,623 4,450
<OPERATING-INCOME-LOSS> 5,026 5,199
<OTHER-INCOME-NET> 13 13
<INCOME-BEFORE-INTEREST-EXPEN> 5,039 5,212
<TOTAL-INTEREST-EXPENSE> 5,039 5,446
<NET-INCOME> 0 (234)
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 0 (234)
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 4,444 4,444
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0.00 0.00
<EPS-DILUTED> 0.00 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 2
<NAME> WESTERN MASSACHUSETTS ELECTRIC COMPANY
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> JUN-30-1994 JUN-30-1994
<PERIOD-END> JUN-30-1994 JUN-30-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 845,034 845,034
<OTHER-PROPERTY-AND-INVEST> 72,961 72,961
<TOTAL-CURRENT-ASSETS> 75,786 123,786
<TOTAL-DEFERRED-CHARGES> 198,792 198,792
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 1,192,573 1,240,573
<COMMON> 26,812 26,812
<CAPITAL-SURPLUS-PAID-IN> 149,464 149,464
<RETAINED-EARNINGS> 110,110 107,849
<TOTAL-COMMON-STOCKHOLDERS-EQ> 286,386 284,125
24,000 24,000
73,500 73,500
<LONG-TERM-DEBT-NET> 379,752 379,752
<SHORT-TERM-NOTES> 12,000 60,000
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 0 0
1,500 1,500
<CAPITAL-LEASE-OBLIGATIONS> 25,832 25,832
<LEASES-CURRENT> 12,781 12,781
<OTHER-ITEMS-CAPITAL-AND-LIAB> 376,822 379,083
<TOT-CAPITALIZATION-AND-LIAB> 1,192,573 1,240,573
<GROSS-OPERATING-REVENUE> 427,894 427,894
<INCOME-TAX-EXPENSE> 35,984 34,525
<OTHER-OPERATING-EXPENSES> 322,295 322,295
<TOTAL-OPERATING-EXPENSES> 358,279 356,820
<OPERATING-INCOME-LOSS> 69,615 71,074
<OTHER-INCOME-NET> 6,378 6,378
<INCOME-BEFORE-INTEREST-EXPEN> 75,993 77,452
<TOTAL-INTEREST-EXPENSE> 28,069 31,789
<NET-INCOME> 47,924 45,663
5,297 5,297
<EARNINGS-AVAILABLE-FOR-COMM> 42,627 40,366
<COMMON-STOCK-DIVIDENDS> 29,107 29,107
<TOTAL-INTEREST-ON-BONDS> 28,585 28,585
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0.00 0.00
<EPS-DILUTED> 0.00 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 10
<NAME> NORTHEAST UTILITIES AND SUBSIDIARIES
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> JUN-30-1994 JUN-30-1994
<PERIOD-END> JUN-30-1994 JUN-30-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 6,632,609 6,632,609
<OTHER-PROPERTY-AND-INVEST> 372,384 372,384
<TOTAL-CURRENT-ASSETS> 779,871 1,264,371
<TOTAL-DEFERRED-CHARGES> 2,792,852 2,792,852
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 10,577,716 11,062,216
<COMMON> 671,048 671,048
<CAPITAL-SURPLUS-PAID-IN> 903,137 903,137
<RETAINED-EARNINGS> 927,032 904,503
<TOTAL-COMMON-STOCKHOLDERS-EQ> 2,280,170 2,257,641
379,000 379,000
239,700 239,700
<LONG-TERM-DEBT-NET> 3,910,661 3,910,661
<SHORT-TERM-NOTES> 233,000 717,500
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 69,500 69,500
<LONG-TERM-DEBT-CURRENT-PORT> 282,527 282,527
1,500 1,500
<CAPITAL-LEASE-OBLIGATIONS> 179,224 179,224
<LEASES-CURRENT> 72,388 72,388
<OTHER-ITEMS-CAPITAL-AND-LIAB> 2,930,046 2,952,575
<TOT-CAPITALIZATION-AND-LIAB> 10,577,716 11,062,216
<GROSS-OPERATING-REVENUE> 3,637,933 3,637,933
<INCOME-TAX-EXPENSE> 286,791 271,771
<OTHER-OPERATING-EXPENSES> 2,830,932 2,830,932
<TOTAL-OPERATING-EXPENSES> 3,117,723 3,102,703
<OPERATING-INCOME-LOSS> 520,210 535,230
<OTHER-INCOME-NET> 84,061 84,061
<INCOME-BEFORE-INTEREST-EXPEN> 604,271 619,291
<TOTAL-INTEREST-EXPENSE> 279,573 317,122
<NET-INCOME> 324,698 302,169
44,918 44,918
<EARNINGS-AVAILABLE-FOR-COMM> 279,780 257,251
<COMMON-STOCK-DIVIDENDS> 218,822 218,822
<TOTAL-INTEREST-ON-BONDS> 321,066 321,066
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 2.25 2.25
<EPS-DILUTED> 2.25 2.25
</TABLE>
<TABLE>
NORTHEAST UTILITIES PARENT CO. EXHIBIT H.1
PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL
(THOUSANDS OF DOLLARS)
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT (a) $80,334 $78,876 $77,192 $68,504 $67,004 $64,416 $68,527 $67,028 $55,958 $50,932 $49,368 $76,405
CONTINGENCY:
(b) 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300
(c) 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
(d) - - 10,000 - - 20,000 - - 30,000 - - 40,000
-----------------------------------------------------------------------------------------------------------------------
$109,634 $108,176 $116,492 $97,804 $96,304 $113,716 $97,827 $96,328 $115,258 $80,232 $78,668 $145,705
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT (a) $72,237 $69,214 $65,367 $55,977 $52,904 $49,516 $52,425 $49,339 $37,499 $31,023 $27,871 $55,832
CONTINGENCY:
(b) 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300
(c) 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
-----------------------------------------------------------------------------------------------------------------------
$101,537 $98,514 $94,667 $85,277 $82,204 $78,816 $81,725 $78,639 $66,799 $60,323 $57,171 $85,132
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached).
(b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
(c) Additional investments by Charter Oak Energy not contained in the forecast.
(d) Provides for the continuation of the policy that PSNH does not contribute to the common stock dividend in 1995.
This is not reflected in the forecast.
</TABLE>
<PAGE>
Friday, May 13, 1994
<TABLE>
NORTHEAST UTILITIES PARENT CO.
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL
WHOLESALE
ESOP RECEIPTS 1,317 1,317 1,317 1,317 1,317 1,317 1,317 1,317
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED 5,614 46,651 19,993 46,651 19,993
OTHER RECEIPTS 114 114 114 114 114 114 114 114
PAYMENTS FROM ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 7,045 1,431 48,082 21,424 1,431 48,082 21,424 1,431
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES
FEDERAL INCOME TAX -682 (3,698) -319
STATE INCOME TAX
O&M LABOR 109 109 110 109 107 138 110 108
O&M NON-LABOR 312 254 254 256 254 251 323 256
INTEREST ON SHORT-TERM DEBT 290 286 281 275 244 239 230 243
INTEREST ON LONG-TERM DEBT 2,682 7,379
PREFERRED DIVIDEND
COMMON DIVIDEND 5,482 38,429 16,469 38,481 16,492
MISC DISBURSEMENTS
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 6,193 649 41,073 13,411 606 46,169 17,154 607
CASH GENERATION BEFORE CONST 853 782 7,009 8,013 825 1,912 4,270 824
CONST EXP - LABOR
CONST EXP - NON-LABOR
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES
INTERNAL CASH BEFORE FINANCINGS 853 1,282 7,509 8,513 1,325 2,412 4,770 824
<CAPTION>
Sep Oct Nov Dec Year
<PAGE>
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL
WHOLESALE
ESOP RECEIPTS 1,317 1,317 1,317 1,317 15,804
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED 46,651 19,993 59,980 265,526
OTHER RECEIPTS 114 114 114 114 1,368
PAYMENTS FROM ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 48,082 21,424 1,431 61,411 282,698
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES
FEDERAL INCOME TAX (3,876) (1,186) (9,761)
STATE INCOME TAX
O&M LABOR 107 108 107 109 1,332
O&M NON-LABOR 253 251 252 251 3,165
INTEREST ON SHORT-TERM DEBT 239 200 182 177 2,886
INTEREST ON LONG-TERM DEBT 2,430 7,379 19,869
PREFERRED DIVIDEND
COMMON DIVIDEND 38,534 16,514 49,611 220,013
MISC DISBURSEMENTS
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 37,688 17,073 542 56,340 237,505
CASH GENERATION BEFORE CONST 10,394 4,351 889 5,071 45,193
CONST EXP - LABOR
CONST EXP - NON-LABOR
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES
INTERNAL CASH BEFORE FINANCINGS 10,894 4,851 1,389 5,571 45,193
</TABLE>
<PAGE>
Friday, May 13, 1994
<TABLE>
NORTHEAST UTILITIES PARENT CO.
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE 1,079 1,079 1,079 1,079 1,079 1,079 1,079 1,079
CAPITAL CONTR TO SUBS 404 404 404 404 404 404 9,460 404
CASH RETIREMENTS-LTD 6,000
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING 675 675 (5,325) 675 675 675 (8,381) 675
CASH BEFORE AUTOMATIC FINANCINGS 1,528 1,957 2,184 9,188 2,000 3,088 (3,611) 1,499
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED 3,611
SHORT-TERM DEBT REPAID 1,028 1,457 1,684 8,688 1,500 2,588 999
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS (1,028) (1,457) (1,684) (8,688) (1,500) (2,588) 3,611 -999
ENDING CASH BALANCE 500 500 500 500 500 500 () 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500 500 500 500
TEMP CASH INVESTMENTS
SHORT TERM DEBT 80,834 79,376 77,692 69,004 67,504 64,916 68,527 67,528
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD (80,334) (78,876) (77,192) (68,504) (67,004) (64,416) (68,527) (67,028)
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE 1,079 1,079 1,079 1,079 12,950
CAPITAL CONTR TO SUBS 404 404 404 27,187 40,687
CASH RETIREMENTS-LTD 6,000 12,000
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING 675 675 675 (32,108) (39,737)
CASH BEFORE AUTOMATIC FINANCINGS 11,569 5,526 2,064 (26,537) 5,457
SHORT-TERM DEBT BORROWED 26,537 30,148
SHORT-TERM DEBT REPAID 11,069 5,026 1,564 35,605
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS (11,069) (5,026) (1,564) 26,537 (5,457)
ENDING CASH BALANCE 500 500 500 () ()
ENDING BALANCES:
- ---------------
CASH 500 500 500
TEMP CASH INVESTMENTS
SHORT TERM DEBT 56,458 51,432 49,868 76,405 76,405
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD (55,958) (50,932) (49,368) (76,405) (76,405)
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
NORTHEAST UTILITIES PARENT CO.
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL
WHOLESALE
ESOP RECEIPTS 1,415 1,415 1,415 1,415 1,415 1,415 1,415 1,415
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED 6,664 47,441 20,332 47,441 20,332
OTHER RECEIPTS 118 118 118 118 118 118 118 118
PAYMENTS FROM ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 8,197 1,533 48,974 21,865 1,533 48,974 21,865 1,533
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES
FEDERAL INCOME TAX (1,324) (2,951) 438
STATE INCOME TAX
O&M LABOR 111 111 111 111 111 111 111 111
O&M NON-LABOR 254 259 259 259 259 259 259 259
INTEREST ON SHORT-TERM DEBT 239 227 218 206 176 167 156 164
INTEREST ON LONG-TERM DEBT 2,430 7,121
PREFERRED DIVIDEND
COMMON DIVIDEND 5,512 39,519 16,937 39,577 16,962
MISC DISBURSEMENTS
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 6,116 598 41,214 14,562 547 47,673 17,488 534
CASH GENERATION BEFORECONST 2,081 935 7,760 7,303 986 1,301 4,377 999
CONST EXP - LABOR
CONST EXP - NON-LABOR
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES
INTERNAL CASH BEFORE FINANCINGS 2,081 1,435 8,260 7,803 1,486 1,801 4,877 999
<PAGE>
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL
WHOLESALE
ESOP RECEIPTS 1,415 1,415 1,415 1,415 16,980
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED 47,441 20,332 60,996 270,979
OTHER RECEIPTS 118 118 118 118 1,416
PAYMENTS FROM ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 48,974 21,865 1,533 62,529 289,375
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES
FEDERAL INCOME TAX (3,118) -411 (7,367)
STATE INCOME TAX
O&M LABOR 111 111 111 111 1,333
O&M NON-LABOR 259 259 259 259 3,105
INTEREST ON SHORT-TERM DEBT 156 119 99 89 2,015
INTEREST ON LONG-TERM DEBT 2,179 7,121 18,852
PREFERRED DIVIDEND
COMMON DIVIDEND 39,635 16,986 51,033 226,162
MISC DISBURSEMENTS
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 39,221 17,475 469 58,202 244,099
CASH GENERATION BEFORE CONST 9,753 4,390 1,064 4,327 45,276
CONST EXP - LABOR
CONST EXP - NON-LABOR
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES
INTERNAL CASH BEFORE FINANCINGS 10,253 4,890 1,564 4,827 45,276
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
NORTHEAST UTILITIES PARENT CO.
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1996 1996 1996 1996 1996 1996 1996 1996
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE 1,159 1,159 1,159 1,159 1,159 1,159 1,159 1,159
CAPITAL CONTR TO SUBS -928 -928 -928 -928 -928 -928 8,445 -928
CASH RETIREMENTS-LTD 6,000
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING 2,087 2,087 (3,913) 2,087 2,087 2,087 (7,286) 2,087
CASH BEFORE AUTOMATIC FINANCINGS 4,168 3,522 4,347 9,890 3,573 3,888 (2,409) 3,086
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED 2,409
SHORT-TERM DEBT REPAID 3,668 3,022 3,847 9,390 3,073 3,388 2,586
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS (3,668) (3,022) (3,847) (9,390) (3,073) (3,388) 2,409 (2,586)
ENDING CASH BALANCE 500 500 500 500 500 500 () 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500 500 500 500
TEMP CASH INVESTMENTS
SHORT TERM DEBT 72,737 69,714 65,867 56,477 53,404 50,016 52,425 49,839
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD (72,237) (69,214) (65,367) (55,977) (52,904) (49,516) (52,425) (49,339)
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE 1,159 1,159 1,159 1,159 13,908
CAPITAL CONTR TO SUBS -928 -928 -928 25,447 24,612
CASH RETIREMENTS-LTD 8,000 14,000
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING 2,087 2,087 2,087 (32,288) (24,704)
CASH BEFORE AUTOMATIC FINANCINGS 12,340 6,977 3,651 (27,461) 20,572
SHORT-TERM DEBT BORROWED 27,461 29,870
SHORT-TERM DEBT REPAID 11,840 6,477 3,151 50,443
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
<PAGE>
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS (11,840) (6,477) (3,151) 27,461 (20,572)
ENDING CASH BALANCE 500 500 500 () ()
ENDING BALANCES:
- ---------------
CASH 500 500 500 () ()
TEMP CASH INVESTMENTS
SHORT TERM DEBT 37,999 31,523 28,371 55,832 55,832
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD (37,499) (31,023) (27,871) (55,832) (55,832)
</TABLE>
<TABLE>
CONNECTICUT LIGHT & POWER EXHIBIT H.2
PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL
(THOUSANDS OF DOLLARS)
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT(a) $119,875 $51,809 ($3,470) $57,245 ($7,163) $14,579 $40,331 $5,639 ($872) ($4,247) ($70,684) $45,654
CONTINGENCIES:
(b) 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600
(c) 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000
-----------------------------------------------------------------------------------------------------------------------
$284,475 $216,409 $161,130 $221,845 $157,437 $179,179 $204,931 $170,239 $163,728 $160,353 $93,916 $210,254
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT(a) $35,509 ($27,750) ($65,170) ($4,050) ($82,788) ($46,195) ($8,588) ($43,132) ($43,814) ($36,562) ($47,353) ($24,849)
CONTINGENCIES:
(b) 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600
(c) 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000
-----------------------------------------------------------------------------------------------------------------------
$200,109 $136,850 $99,430 $160,550 $81,812 $118,405 $156,012 $121,468 $120,786 $128,038 $117,247 $139,751
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached).
(b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
(c) Risk of being required to purchase replacement fuel over a three month period should an unplanned
nuclear outage occur.
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
CONNECTICUT LIGHT & POWER
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL 93,707 97,575 95,339 88,483 79,114 73,984 76,292 79,381
COMMERCIAL 68,790 68,868 68,363 66,648 64,325 65,265 69,167 71,522
INDUSTRIAL 25,572 27,606 26,878 28,089 27,471 27,551 30,110 30,017
OTHER RETAIL 3,173 3,111 3,072 3,025 2,981 2,925 2,962 3,065
WHOLESALE 3,220 3,344 3,204 3,344 3,064 3,169 3,337 3,322
ADDITIONAL REQUIRED
OTHER REVENUE 9,220 8,609 8,585 8,574 8,513 8,520 8,540 8,564
INTEREST INCOME 9 21
DIVIDENDS RECEIVED 197 1,384 231 197 1,384 231 197
OTHER RECEIPTS () () () () () ()
PAYMENTS FROM ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 203,681 209,310 206,825 198,403 185,664 182,819 190,639 196,069
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL 17,181 17,490 5,991 8,082 5,655 12,345 18,130 19,175
NUCLEAR FUEL 18,052 1,041 1,152 17,002 795 769 13,735 1,151
PURCHASED POWER 34,021 29,646 28,459 30,995 32,022 31,530 30,805 32,530
INTERCOMPANY BILLINGS - NUGT 5,173 5,108 5,055 5,103 6,728 6,260 6,716 5,814
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 34,618 17,395 1,963 28,449 1,770 2,181 38,810 19,090
FEDERAL INCOME TAX 2,940 50,970 20,281
STATE INCOME TAX 5,621 16,889 6,885
O&M LABOR 13,143 14,937 16,635 16,982 18,237 17,655 17,434 16,798
O&M NON-LABOR 41,755 29,248 33,437 37,395 38,207 41,136 41,063 40,645
INTEREST ON SHORT-TERM DEBT 431 426 185 203 52 143
INTEREST ON LONG-TERM DEBT 15,943 9,385 4,567 16,427 1,258 10,231 15,759 9,395
PREFERRED DIVIDEND 3,393 847 1,815 3,122 1,138 1,524 3,414 847
COMMON DIVIDEND 4,009 28,064 12,027 28,064 12,027
MISC DISBURSEMENTS 387 387 388 388 389 389 390 390
NUCLEAR DECOMMISSIONING 2,061 2,061 2,061 2,061 2,061 2,061 2,061 2,061
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 1,217 1,217 1,217 1,217 1,217 1,217 1,217 1,217
ADVANCE PAYMENTS TO EUA
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 191,385 129,188 139,550 247,110 109,680 182,528 201,613 149,256
CASH GENERATION BEFORE CONST 12,297 80,122 67,275 (48,706) 75,985 291 (10,974) 46,812
CONST EXP - LABOR 1,116 1,109 1,117 1,050 1,278 1,391 1,132 1,019
CONST EXP - NON-LABOR 9,232 10,948 10,878 10,959 10,298 12,541 13,647 11,102
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 10,348 12,057 11,996 12,009 11,576 13,932 14,778 12,121
INTERNAL CASH BEFORE FINANCINGS 1,949 68,566 55,779 (60,215) 64,408 (13,142) (25,752) 34,692
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
<PAGE>
BEGINNING CASH BALANCE 500 500 500 500
CASH RECEIPTS:
RESIDENTIAL 79,175 73,954 73,636 82,970 993,609
COMMERCIAL 72,157 68,820 66,069 67,079 817,074
INDUSTRIAL 29,005 30,683 27,646 27,875 338,505
OTHER RETAIL 3,012 2,986 3,057 3,091 36,459
WHOLESALE 3,460 3,222 3,318 3,270 39,274
ADDITIONAL REQUIRED
OTHER REVENUE 8,559 8,534 8,508 8,371 103,095
INTEREST INCOME 1 12 219 262
DIVIDENDS RECEIVED 1,384 231 1,812 7,248
OTHER RECEIPTS ()
PAYMENTS FROM ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 196,752 188,431 182,245 194,688 2,335,526
CASH DISBURSEMENTS:
FOSSIL FUEL 13,447 3,574 7,977 9,510 138,556
NUCLEAR FUEL 1,087 16,580 1,115 1,152 73,632
PURCHASED POWER 29,139 28,601 28,360 28,549 364,658
INTERCOMPANY BILLINGS - NUGT 5,361 4,643 4,727 6,247 66,936
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 1,675 26,510 1,617 2,201 176,278
FEDERAL INCOME TAX 25,837 30,538 130,565
STATE INCOME TAX 8,710 10,227 48,333
O&M LABOR 16,691 16,482 16,720 18,450 200,164
O&M NON-LABOR 39,163 38,910 38,426 38,983 458,368
INTEREST ON SHORT-TERM DEBT 22 1,462
INTEREST ON LONG-TERM DEBT 4,567 16,427 1,258 9,961 115,178
PREFERRED DIVIDEND 1,815 3,122 1,138 1,524 23,700
COMMON DIVIDEND 28,064 12,027 36,082 160,364
MISC DISBURSEMENTS 391 391 392 392 4,672
NUCLEAR DECOMMISSIONING 2,061 2,061 2,061 2,061 24,732
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 1,217 1,217 1,217 1,217 14,604
ADVANCE PAYMENTS TO EUA
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 179,247 170,546 105,007 197,093 2,002,202
CASH GENERATION BEFORE CONST 17,505 17,885 77,238 (2,405) 333,324
CONST EXP - LABOR 995 999 1,002 1,414 13,621
CONST EXP - NON-LABOR 9,999 9,761 9,800 9,826 128,991
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 10,994 10,760 10,801 11,240 142,612
INTERNAL CASH BEFORE FINANCINGS 7,012 7,625 66,937 (13,145) 190,713
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
CONNECTICUT LIGHT & POWER
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 8,100
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING (8,100)
CASH BEFORE AUTOMATIC FINANCINGS 1,949 68,566 55,779 (60,215) 64,408 (21,242) (25,752) 34,692
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED 57,245 14,579 25,752
SHORT-TERM DEBT REPAID 1,449 68,066 52,309 57,245 34,192
TEMP CASH INV PURCHASED 2,970 6,663
TEMP CASH INV SOLD 2,970 6,663
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS (1,449) (68,066) (55,279) 60,215 (63,908) 21,242 25,752 (34,192)
ENDING CASH BALANCE 500 500 500 () 500 () () 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500 500
TEMP CASH INVESTMENTS 2,970 6,663
SHORT TERM DEBT 120,375 52,309 57,245 14,579 40,331 6,139
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD (119,875) (51,809) 3,470 (57,245) 7,163 (14,579) (40,331) (5,639)
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 8,100
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK 3,750 3,750
CASH RETIREMENTS-PRIOR SPENT F 102,694 102,694
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING (3,750) (102,694) (114,544)
CASH BEFORE AUTOMATIC FINANCINGS 7,012 3,875 66,937 (115,839) 76,169
SHORT-TERM DEBT BORROWED 45,654 143,230
SHORT-TERM DEBT REPAID 6,139 219,399
TEMP CASH INV PURCHASED 372 3,375 66,437 79,818
TEMP CASH INV SOLD 70,184 79,818
+ ________ ________ ________ ________ _________
<PAGE>
NET AUTOMATIC FINANCINGS (6,512) (3,375) (66,437) 115,839 (76,169)
ENDING CASH BALANCE 500 500 500 () ()
ENDING BALANCES:
- ---------------
CASH 500 500 500
TEMP CASH INVESTMENTS 372 3,747 70,184
SHORT TERM DEBT 45,654 45,654
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD 872 4,247 70,684 (45,654) (45,654)
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
CONNECTICUT LIGHT & POWER
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL 99,889 107,165 102,747 94,394 83,888 75,867 76,943 81,955
COMMERCIAL 72,398 74,026 71,757 69,632 67,582 67,055 70,457 75,216
INDUSTRIAL 27,026 28,169 28,397 26,649 28,626 28,383 28,517 29,650
OTHER RETAIL 3,792 3,709 3,617 3,559 3,463 3,334 3,408 3,653
WHOLESALE 3,387 982 960 1,016 957 1,045 1,036 936
ADDITIONAL REQUIRED
OTHER REVENUE 9,122 10,416 10,456 10,461 10,406 8,668 8,693 8,714
INTEREST INCOME 74 175 11 223 125 23
DIVIDENDS RECEIVED 198 1,688 231 198 1,688 231 198
OTHER RECEIPTS
PAYMENTS FROM ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 215,614 224,664 219,696 206,116 195,131 186,263 189,410 200,345
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL 15,601 21,555 15,350 8,842 1,917 15,365 20,795 19,197
NUCLEAR FUEL 17,185 771 1,068 13,788 773 735 13,523 1,171
PURCHASED POWER 28,908 30,008 32,165 30,241 29,116 31,005 40,084 35,144
INTERCOMPANY BILLINGS - NUGT 6,346 6,029 5,966 5,704 5,585 4,884 6,618 5,952
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 34,449 17,657 2,151 29,616 1,948 2,362 39,133 19,313
FEDERAL INCOME TAX 7,943 54,689 32,187
STATE INCOME TAX 7,619 17,481 10,330
O&M LABOR 17,943 17,943 17,943 17,943 17,943 17,943 17,943 17,943
O&M NON-LABOR 43,026 41,877 41,879 41,875 41,877 41,880 40,982 41,637
INTEREST ON SHORT-TERM DEBT 143 113
INTEREST ON LONG-TERM DEBT 15,759 9,245 4,427 16,286 1,086 10,133 15,245 9,223
PREFERRED DIVIDEND 3,330 847 1,774 3,038 1,097 1,524 3,288 847
COMMON DIVIDEND 4,009 28,694 12,297 28,694 12,297
MISC DISBURSEMENTS 408 408 409 409 410 410 411 411
NUCLEAR DECOMMISSIONING 2,203 2,203 2,203 2,203 2,203 2,203 2,203 2,203
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 1,217 1,217 1,217 1,217 1,217 1,217 1,217 1,217
ADVANCE PAYMENTS TO EUA
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 190,526 149,871 170,806 255,629 105,171 200,869 213,739 154,258
CASH GENERATION BEFORECONST 25,088 74,793 48,890 (49,513) 89,960 (14,606) (24,329) 46,087
CONST EXP - LABOR 1,068 1,059 1,079 1,026 1,160 1,244 1,074 1,006
CONST EXP - NON-LABOR 13,874 10,475 10,392 10,581 10,062 11,381 12,205 10,536
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 14,942 11,534 11,470 11,607 11,222 12,625 13,279 11,543
INTERNAL CASH BEFORE FINANCINGS 10,146 63,759 37,919 (60,620) 78,738 (26,732) (37,607) 34,544
<CAPTION>
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
<PAGE>
BEGINNING CASH BALANCE 500 500 500
CASH RECEIPTS:
RESIDENTIAL 81,524 74,762 73,712 85,572 1,038,418
COMMERCIAL 76,191 71,334 67,209 69,157 852,012
INDUSTRIAL 30,900 30,613 27,634 27,663 342,227
OTHER RETAIL 3,501 3,470 3,602 3,718 42,824
WHOLESALE 1,104 1,028 1,043 951 14,445
ADDITIONAL REQUIRED
OTHER REVENUE 8,707 8,684 8,656 8,755 111,740
INTEREST INCOME 115 117 99 127 1,090
DIVIDENDS RECEIVED 1,688 231 2,117 8,468
OTHER RECEIPTS
PAYMENTS FROM ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 203,730 190,240 181,956 198,060 2,411,225
CASH DISBURSEMENTS:
FOSSIL FUEL 14,799 5,807 8,419 8,904 156,550
NUCLEAR FUEL 1,132 17,177 1,132 1,171 69,627
PURCHASED POWER 30,937 32,843 30,686 30,153 381,288
INTERCOMPANY BILLINGS - NUGT 6,101 5,445 5,754 6,365 70,748
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 1,825 26,726 1,769 2,373 179,321
FEDERAL INCOME TAX 29,581 36,862 161,262
STATE INCOME TAX 9,501 11,815 56,746
O&M LABOR 17,943 17,943 17,943 17,943 215,314
O&M NON-LABOR 41,639 41,635 41,638 41,640 501,585
INTEREST ON SHORT-TERM DEBT 255
INTEREST ON LONG-TERM DEBT 4,427 16,286 1,086 9,821 113,024
PREFERRED DIVIDEND 1,774 3,038 1,097 1,524 23,175
COMMON DIVIDEND 28,694 12,297 36,892 163,874
MISC DISBURSEMENTS 412 412 413 413 4,926
NUCLEAR DECOMMISSIONING 2,203 2,203 2,203 2,203 26,436
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 1,217 1,217 1,217 1,217 14,604
ADVANCE PAYMENTS TO EUA
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 192,186 183,030 113,355 209,295 2,138,736
CASH GENERATION BEFORE CONST 11,544 7,210 68,600 (11,235) 272,489
CONST EXP - LABOR 990 995 1,002 1,263 12,965
CONST EXP - NON-LABOR 9,872 9,716 9,760 9,832 128,687
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 10,863 10,711 10,762 11,094 141,652
INTERNAL CASH BEFORE FINANCINGS 1,181 (3,001) 57,838 (21,829) 130,837
</TABLE>
<TABLE>
Friday, May 13, 1994
CONNECTICUT LIGHT & POWER
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 9,361
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING (9,361)
CASH BEFORE AUTOMATIC FINANCINGS 10,146 63,759 37,919 (60,620) 78,738 (36,093) (37,607) 34,544
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID 9,646 36,009
TEMP CASH INV PURCHASED 27,250 37,419 78,238 34,044
TEMP CASH INV SOLD 60,620 36,093 37,607
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS (9,646) (63,259) (37,419) 60,620 (78,238) 36,093 37,607 (34,044)
ENDING CASH BALANCE 500 500 500 () 500 () () 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500 500
TEMP CASH INVESTMENTS 27,250 64,670 4,050 82,288 46,195 8,588 42,632
SHORT TERM DEBT 36,009
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD (35,509) 27,750 65,170 4,050 82,788 46,195 8,588 43,132
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 9,361
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK 3,750 3,750
CASH RETIREMENTS-PRIOR SPENT F 47,048 174 47,222
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING (3,750) (47,048) -174 (60,333)
CASH BEFORE AUTOMATIC FINANCINGS 1,181 (6,751) 10,791 (22,004) 70,504
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID 45,654
TEMP CASH INV PURCHASED 681 10,291 187,924
TEMP CASH INV SOLD 6,751 22,004 163,075
+ ________ ________ ________ ________ _________
<PAGE>
NET AUTOMATIC FINANCINGS -681 6,751 (10,291) 22,004 (70,504)
ENDING CASH BALANCE 500 () 500 () ()
ENDING BALANCES:
- ---------------
CASH 500 500
TEMP CASH INVESTMENTS 43,314 36,562 46,853 24,849 24,849
SHORT TERM DEBT
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD 43,814 36,562 47,353 24,849 24,849
</TABLE>
<TABLE>
WESTERN MASSACHUSETTS ELECTRIC COMPANY EXHIBIT H.3
PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL
(THOUSANDS OF DOLLARS)
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT (a) ($9,759) ($23,050) ($28,015) ($20,195) ($31,257) ($27,315) ($30,049) ($36,516) $2,840 $4,112 ($3,979) $24,392
CONTINGENCIES:
(b) 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600
(c) 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000
-----------------------------------------------------------------------------------------------------------------------
$25,841 $12,550 $7,585 $15,405 $4,343 $8,285 $5,551 ($916) $38,440 $39,712 $31,621 $59,992
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT (a) $18,149 $7,905 $3,889 $13,141 $3,241 $8,847 $10,439 $6,126 $10,171 $14,704 $18,773 $23,239
CONTINGENCIES:
(b) 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600
(c) 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000
-----------------------------------------------------------------------------------------------------------------------
$53,749 $43,505 $39,489 $48,741 $38,841 $44,447 $46,039 $41,726 $45,771 $50,304 $54,373 $58,839
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached).
(b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
(c) Risk of being required to purchase replacement fuel over a three month period should an unplanned
nuclear outage occur.
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
WESTERN MASSACHUSETTS ELECTRIC COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL 16,299 17,233 16,889 15,626 13,811 12,602 12,356 12,356
COMMERCIAL 11,708 11,918 11,768 11,248 10,679 10,770 11,269 11,612
INDUSTRIAL 7,162 7,452 7,026 7,414 7,337 7,327 8,132 7,419
OTHER RETAIL 480 470 459 454 443 447 458 447
WHOLESALE 273 277 207 215 196 214 222 209
ADDITIONAL REQUIRED -157 -304 -371 -369 -351 -346 -357 -371
OTHER REVENUE 1,416 1,200 1,197 1,216 1,181 1,183 1,208 1,193
INTEREST INCOME 7 29 70 86 63 96 85 92
DIVIDENDS RECEIVED 52 381 58 52 381 58 52
OTHER RECEIPTS
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 37,187 38,327 37,628 35,948 33,411 32,674 33,431 33,010
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL 82 1,777 712 749 541 609 1,288 1,633
NUCLEAR FUEL 4,097 231 256 3,858 172 167 3,091 256
PURCHASED POWER 7,920 6,660 6,334 6,983 7,222 7,054 6,868 7,273
INTERCOMPANY BILLINGS - NUGT (2,297) (2,566) (2,377) (3,021) (3,967) (3,204) (3,783) (2,964)
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 507 2,812 450 5,082 403 377 356 2,830
FEDERAL INCOME TAX -23 9,391 4,287
STATE INCOME TAX 645 1,726 814
O&M LABOR 2,907 3,447 3,758 3,858 4,154 4,050 3,974 3,802
O&M NON-LABOR 9,702 6,952 8,211 8,935 9,169 9,860 9,618 9,440
INTEREST ON SHORT-TERM DEBT
INTEREST ON LONG-TERM DEBT 2,208 168 5,727 168 168 3,462 2,231 168
PREFERRED DIVIDEND 676 484 312 386 768 698 456
COMMON DIVIDEND 723 5,060 2,168 5,060 2,168
MISC DISBURSEMENTS 81 81 81 81 81 81 81 81
NUCLEAR DECOMMISSIONING 533 533 533 533 533 533 533 533
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 267 267 267 267 267 267 267 267
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 27,406 20,847 29,945 41,163 19,510 33,417 27,390 23,775
CASH GENERATION BEFORE CONST 9,781 17,480 7,682 (5,216) 13,900 -743 6,041 9,236
CONST EXP - LABOR 248 253 239 259 294 311 259 232
CONST EXP - NON-LABOR 2,016 2,437 2,478 2,344 2,544 2,889 3,048 2,537
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 2,265 2,690 2,717 2,604 2,839 3,199 3,307 2,769
INTERNAL CASH BEFORE FINANCINGS 7,516 15,290 5,465 (7,319) 11,062 (3,442) 2,734 6,966
<PAGE>
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 () 500
CASH RECEIPTS:
RESIDENTIAL 12,075 11,495 11,868 13,715 166,325
COMMERCIAL 11,560 10,973 10,623 10,968 135,097
INDUSTRIAL 7,737 7,653 7,471 7,436 89,565
OTHER RETAIL 455 460 464 474 5,510
WHOLESALE 233 218 237 229 2,730
ADDITIONAL REQUIRED -358 -357 -364 -386 (4,090)
OTHER REVENUE 1,192 1,207 1,180 1,198 14,569
INTEREST INCOME 113 11 653
DIVIDENDS RECEIVED 381 58 491 1,964
OTHER RECEIPTS
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 33,386 31,706 31,479 34,136 412,324
CASH DISBURSEMENTS:
FOSSIL FUEL 1,153 890 293 1,430 11,158
NUCLEAR FUEL 248 3,764 247 256 16,642
PURCHASED POWER 6,478 6,390 6,343 6,362 81,886
INTERCOMPANY BILLINGS - NUGT (3,021) (2,370) (2,406) (3,238) (35,213)
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 364 5,281 365 373 19,201
FEDERAL INCOME TAX 4,820 4,075 22,550
STATE INCOME TAX 827 717 4,730
O&M LABOR 3,703 4,217 4,242 4,548 46,660
O&M NON-LABOR 9,041 8,808 10,008 10,066 109,810
INTEREST ON SHORT-TERM DEBT 10 15 25
INTEREST ON LONG-TERM DEBT 5,727 168 168 3,462 23,825
PREFERRED DIVIDEND 312 386 768 5,247
COMMON DIVIDEND 5,060 2,168 6,505 28,912
MISC DISBURSEMENTS 81 82 82 82 976
NUCLEAR DECOMMISSIONING 533 533 533 533 6,396
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 267 267 267 267 3,200
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 35,593 30,595 20,925 35,438 346,005
CASH GENERATION BEFORE CONST (2,207) 1,112 10,554 (1,302) 66,319
CONST EXP - LABOR 220 223 272 318 3,128
CONST EXP - NON-LABOR 2,278 2,161 2,192 2,664 29,589
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 2,498 2,384 2,463 2,981 32,717
INTERNAL CASH BEFORE FINANCINGS (4,205) (1,273) 8,091 (3,783) 33,602
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
WESTERN MASSACHUSETTS ELECTRIC COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK 1,500
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING (1,500)
CASH BEFORE AUTOMATIC FINANCINGS 7,516 13,790 5,465 (7,319) 11,062 (3,442) 2,734 6,966
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID
TEMP CASH INV PURCHASED 7,016 13,290 4,965 10,562 2,234 6,466
TEMP CASH INV SOLD 7,319 3,442
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS (7,016) (13,290) (4,965) 7,319 (10,562) 3,442 (2,234) (6,466)
ENDING CASH BALANCE 500 500 500 () 500 () 500 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500 500 500
TEMP CASH INVESTMENTS 9,259 22,550 27,515 20,195 30,757 27,315 29,549 36,016
SHORT TERM DEBT
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD 9,759 23,050 28,015 20,195 31,257 27,315 30,049 36,516
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 34,650 34,650
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK 1,500
CASH RETIREMENTS-PRIOR SPENT F 24,088 24,088
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING (34,650) (24,088) (60,238)
CASH BEFORE AUTOMATIC FINANCINGS (38,855) (1,273) 8,091 (27,871) (26,636)
SHORT-TERM DEBT BORROWED 2,840 1,273 24,392 28,505
SHORT-TERM DEBT REPAID 4,112 4,112
TEMP CASH INV PURCHASED 3,479 48,012
TEMP CASH INV SOLD 36,016 3,479 50,256
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS 38,855 1,273 (7,591) 27,871 26,636
ENDING CASH BALANCE () () 500 () ()
ENDING BALANCES:
- ---------------
CASH () 500
TEMP CASH INVESTMENTS 3,479
SHORT TERM DEBT 2,840 4,112 24,392 24,392
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD (2,840) (4,112) 3,979 (24,392) (24,392)
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
WESTERN MASSACHUSETTS ELECTRIC COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL 16,694 18,121 17,430 15,924 13,971 12,445 12,125 12,460
COMMERCIAL 11,987 12,509 12,129 11,526 11,025 10,965 11,390 12,055
INDUSTRIAL 7,399 7,704 7,576 7,176 7,651 7,607 7,984 7,549
OTHER RETAIL 478 469 458 452 442 448 460 450
WHOLESALE 240 270 263 274 259 277 278 260
ADDITIONAL REQUIRED (1,030) (1,585) (1,795) (1,724) (1,627) (1,602) (1,657) (1,715)
OTHER REVENUE 1,391 1,212 1,209 1,228 1,193 1,183 1,209 1,193
INTEREST INCOME
DIVIDENDS RECEIVED 52 465 58 52 465 58 52
OTHER RECEIPTS
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 37,159 38,751 37,735 34,913 32,966 31,788 31,847 32,305
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL 190 2,343 1,529 831 259 795 1,420 1,702
NUCLEAR FUEL 3,904 171 237 3,139 171 163 3,081 260
PURCHASED POWER 6,451 6,644 7,148 6,697 6,437 6,876 9,207 8,132
INTERCOMPANY BILLINGS - NUGT (3,083) (2,907) (2,993) (3,284) (2,508) (2,899) (3,401) (2,880)
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 545 2,880 495 5,297 447 417 393 2,903
FEDERAL INCOME TAX -118 9,767 4,972
STATE INCOME TAX 589 1,759 902
O&M LABOR 4,136 4,136 4,136 4,136 4,136 4,136 4,136 4,136
O&M NON-LABOR 10,780 9,819 9,819 9,818 9,819 9,819 9,818 9,819
INTEREST ON SHORT-TERM DEBT 76 58 26 14 41 12 28 33
INTEREST ON LONG-TERM DEBT 2,231 146 4,102 146 146 3,439 2,208 146
PREFERRED DIVIDEND 698 456 267 386 695 653 427
COMMON DIVIDEND 723 5,200 2,228 5,200 2,228
MISC DISBURSEMENTS 85 85 85 85 85 85 85 85
NUCLEAR DECOMMISSIONING 583 583 583 583 583 583 583 583
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 267 267 267 267 267 267 267 267
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 27,585 24,680 31,372 41,870 20,577 34,766 30,708 25,613
CASH GENERATION BEFORECONST 9,574 14,071 6,362 (6,957) 12,389 (2,978) 1,139 6,691
CONST EXP - LABOR 215 218 211 229 242 256 221 206
CONST EXP - NON-LABOR 3,116 2,110 2,135 2,066 2,247 2,372 2,510 2,172
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 3,331 2,327 2,346 2,295 2,489 2,628 2,731 2,378
INTERNAL CASH BEFORE FINANCINGS 6,243 12,244 4,516 (8,752) 9,900 (5,106) (1,592) 4,313
<PAGE>
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500
CASH RECEIPTS:
RESIDENTIAL 12,104 11,242 11,468 13,541 167,525
COMMERCIAL 11,970 11,164 10,660 11,044 138,424
INDUSTRIAL 8,380 7,603 7,408 7,356 91,393
OTHER RETAIL 453 458 462 469 5,499
WHOLESALE 293 274 277 259 3,224
ADDITIONAL REQUIRED (1,647) (1,626) (1,660) (1,758) (19,426)
OTHER REVENUE 1,191 1,207 1,179 1,196 14,589
INTEREST INCOME
DIVIDENDS RECEIVED 465 58 575 2,300
OTHER RECEIPTS
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 33,209 30,380 29,794 32,682 403,528
CASH DISBURSEMENTS:
FOSSIL FUEL 1,201 1,014 314 1,378 12,977
NUCLEAR FUEL 252 3,902 252 260 15,791
PURCHASED POWER 6,902 7,415 6,856 6,698 85,463
INTERCOMPANY BILLINGS - NUGT (3,353) (2,812) (2,980) (3,140) (36,240)
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 400 5,554 405 416 20,151
FEDERAL INCOME TAX 4,505 3,174 22,300
STATE INCOME TAX 646 753 4,649
O&M LABOR 4,136 4,136 4,136 4,136 49,634
O&M NON-LABOR 9,819 9,818 9,819 9,819 118,787
INTEREST ON SHORT-TERM DEBT 21 32 46 59 445
INTEREST ON LONG-TERM DEBT 4,102 146 146 3,439 20,396
PREFERRED DIVIDEND 267 386 695 4,932
COMMON DIVIDEND 5,200 2,228 6,685 29,692
MISC DISBURSEMENTS 85 85 85 86 1,023
NUCLEAR DECOMMISSIONING 583 583 583 583 6,996
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 267 267 267 267 3,200
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 35,032 32,756 20,623 34,613 360,195
CASH GENERATION BEFORE CONST (1,823) (2,376) 9,171 (1,931) 43,333
CONST EXP - LABOR 199 201 228 255 2,682
CONST EXP - NON-LABOR 2,022 1,956 1,976 2,239 26,921
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 2,221 2,157 2,204 2,494 29,603
INTERNAL CASH BEFORE FINANCINGS (3,544) (4,533) 6,967 (4,425) 13,730
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
WESTERN MASSACHUSETTS ELECTRIC COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK 1,500
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING (1,500)
CASH BEFORE AUTOMATIC FINANCINGS 6,243 10,744 4,516 (8,752) 9,900 (5,106) (1,592) 4,313
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED 8,752 5,106 1,592
SHORT-TERM DEBT REPAID 5,743 10,244 4,016 9,400 3,813
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS (5,743) (10,244) (4,016) 8,752 (9,400) 5,106 1,592 (3,813)
ENDING CASH BALANCE 500 500 500 () 500 () () 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500 500
TEMP CASH INVESTMENTS
SHORT TERM DEBT 18,649 8,405 4,389 13,141 3,741 8,847 10,439 6,626
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD (18,149) (7,905) (3,889) (13,141) (3,241) (8,847) (10,439) (6,126)
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK 1,500
CASH RETIREMENTS-PRIOR SPENT F 11,036 41 11,077
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING (11,036) -41 (12,577)
CASH BEFORE AUTOMATIC FINANCINGS (3,544) (4,533) (4,069) (4,466) 1,153
SHORT-TERM DEBT BORROWED 3,544 4,533 4,069 4,466 32,063
SHORT-TERM DEBT REPAID 33,216
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
<PAGE>
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS 3,544 4,533 4,069 4,466 (1,153)
ENDING CASH BALANCE () () () () ()
ENDING BALANCES:
- ---------------
CASH
TEMP CASH INVESTMENTS
SHORT TERM DEBT 10,171 14,704 18,773 23,239 23,239
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD (10,171) (14,704) (18,773) (23,239) (23,239)
</TABLE>
<TABLE>
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE EXHIBIT H.4
PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL
(THOUSANDS OF DOLLARS)
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT(a) ($36,816) ($40,105) ($61,206) ($75,453) ($35,079) ($36,395) ($49,910) ($48,334) ($61,737) ($75,001) ($22,293) ($31,523)
CONTINGENCIES:
(b) 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000
(c) 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500
(d) 90,000 102,000 114,000 126,000 138,000 150,000 - - - - - -
------------------------------------------------------------------------------------------------------------------------
$106,684 $115,395 $106,294 $104,047 $156,421 $167,105 $3,590 $5,166 ($8,237) ($21,501) $31,207 $21,977
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT(a) ($54,296) ($59,608) ($81,207) ($99,584) $107,233 $105,327 $90,648 $71,940 $60,550 $44,929 $59,901 $49,948
CONTINGENCIES:
(b) 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000
(c) 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500
----------------------------------------------------------------------------------------------------------------------
($796) ($6,108) ($27,707) ($46,084) $160,733 $158,827 $144,148 $125,440 $114,050 $98,429 $113,401 $103,448
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached).
(b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
(c) Risk of being required to purchase replacement fuel over a three month period should an unplanned
nuclear outage occur.
(d) Reflects settlements with some of the small power producers prior to issuance of permanent financing.
These payments were not reflected in the forecast.
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500 500 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL 30,633 32,592 32,520 30,600 27,730 25,221 25,005 25,926
COMMERCIAL 23,316 24,567 24,622 23,859 22,972 22,538 23,685 25,043
INDUSTRIAL 11,823 12,523 12,388 12,865 13,193 13,691 14,036 14,868
OTHER RETAIL 495 498 495 496 492 515 524 438
WHOLESALE 4,377 5,154 5,511 5,440 5,308 4,653 4,225 4,157
ADDITIONAL REQUIRED
OTHER REVENUE 3,361 3,232 3,232 3,230 3,230 3,257 3,257 3,257
INTEREST INCOME 56 113 124 190 234 110 112 154
DIVIDENDS RECEIVED 83 201 96 83 201 96 83
OTHER RECEIPTS -818 264 131 216 150 71 21 63
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 73,243 79,027 79,224 76,991 73,393 70,257 70,961 73,990
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL 5,088 6,491 5,494 5,374 3,858 3,252 4,289 4,964
NUCLEAR FUEL 1,095 972 775
PURCHASED POWER 6,740 6,279 6,138 7,165 7,093 5,676 5,362 5,801
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO 12,688 11,571 11,803 12,553 11,953 13,230 13,849 13,626
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 1,113 491 550 2,754 2,893 11,147 883 533
FEDERAL INCOME TAX 271 1,000 399
STATE INCOME TAX -893 1,142
O&M LABOR 4,000 3,918 4,215 5,777 4,178 4,437 3,957 4,079
O&M NON-LABOR 9,218 9,334 9,141 9,836 13,480 9,748 10,353 9,234
INTEREST ON SHORT-TERM DEBT
INTEREST ON LONG-TERM DEBT 3,481 339 234 234 30,953 234 2,749 339
PREFERRED DIVIDEND 3,312 3,312 3,312
COMMON DIVIDEND 638 9,100 3,900 9,100 3,900
MISC DISBURSEMENTS 235 233 234 235 236 237 238 238
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT 167 167 167 167 167 167 167 167
SPP SETTLEMENT 8,148 8,070 9,618 9,575 9,332 8,268 7,665 7,217
COST OF REMOVAL 117 117 117 117 117 117 117 117
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 52,728 50,322 56,190 60,801 87,572 66,012 54,303 49,627
CASH GENERATION BEFORE CONST 20,515 28,705 23,034 16,191 (14,179) 4,245 16,658 24,363
CONST EXP - LABOR 177 179 173 247 268 297 226 225
CONST EXP - NON-LABOR 1,925 1,737 1,760 1,696 2,427 2,631 2,917 2,214
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 2,102 1,916 1,933 1,943 2,695 2,929 3,143 2,439
INTERNAL CASH BEFORE FINANCINGS 18,914 27,289 21,601 14,747 (16,375) 1,316 14,015 22,424
<PAGE>
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500
CASH RECEIPTS:
RESIDENTIAL 26,150 25,679 26,632 29,515 338,204
COMMERCIAL 25,486 24,677 24,501 24,841 290,107
INDUSTRIAL 15,293 14,001 14,391 13,578 162,650
OTHER RETAIL 590 549 530 532 6,155
WHOLESALE 4,123 4,064 4,048 4,276 55,336
ADDITIONAL REQUIRED
OTHER REVENUE 3,257 3,257 3,257 3,155 38,982
INTEREST INCOME 151 191 233 70 1,738
DIVIDENDS RECEIVED 201 96 380 1,520
OTHER RECEIPTS 61 161 51 61 432
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 75,312 72,675 73,645 76,408 895,125
CASH DISBURSEMENTS:
FOSSIL FUEL 5,065 9,288 8,998 4,721 66,882
NUCLEAR FUEL 1,112 3,954
PURCHASED POWER 6,657 6,371 6,149 6,081 75,512
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO 14,245 14,498 16,846 15,378 162,240
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 2,387 1,122 12,990 4,434 41,298
FEDERAL INCOME TAX 479 789 2,938
STATE INCOME TAX 249
O&M LABOR 3,963 3,834 3,904 4,191 50,452
O&M NON-LABOR 9,517 9,248 8,945 9,110 117,165
INTEREST ON SHORT-TERM DEBT
INTEREST ON LONG-TERM DEBT 234 234 31,132 234 70,400
PREFERRED DIVIDEND 3,312 13,250
COMMON DIVIDEND 9,100 3,900 11,700 51,336
MISC DISBURSEMENTS 239 240 241 241 2,848
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT 167 167 167 167 2,000
SPP SETTLEMENT 7,307 6,823 7,806 7,951 97,780
COST OF REMOVAL 117 117 117 117 1,400
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 59,477 56,952 100,607 65,114 759,704
CASH GENERATION BEFORE CONST 15,835 15,723 (26,962) 11,294 135,420
CONST EXP - LABOR 229 209 194 164 2,589
CONST EXP - NON-LABOR 2,203 2,249 2,052 1,899 25,711
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 2,432 2,458 2,246 2,063 28,300
INTERNAL CASH BEFORE FINANCINGS 13,403 13,764 (28,708) 9,231 107,620
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 23,500 23,500 23,500
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING (23,500) (23,500) (23,500)
CASH BEFORE AUTOMATIC FINANCINGS 18,914 3,789 21,601 14,747 (39,875) 1,316 14,015 (1,076)
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID
TEMP CASH INV PURCHASED 18,414 3,289 21,101 14,247 816 13,515
TEMP CASH INV SOLD 39,875 1,076
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS (18,414) (3,289) (21,101) (14,247) 39,875 -816 (13,515) 1,076
ENDING CASH BALANCE 500 500 500 500 () 500 500 0
ENDING BALANCES:
- ---------------
CASH 500 500 500 500 500 500
TEMP CASH INVESTMENTS 36,316 39,605 60,706 74,953 35,079 35,895 49,410 48,334
SHORT TERM DEBT
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD 36,816 40,105 61,206 75,453 35,079 36,395 49,910 48,334
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 23,500 94,000
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING (23,500) (94,000)
CASH BEFORE AUTOMATIC FINANCINGS 13,403 13,764 (52,208) 9,231 13,620
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID
TEMP CASH INV PURCHASED 12,903 13,264 8,731 106,279
TEMP CASH INV SOLD 52,208 93,159
+ ________ ________ ________ ________ _________
<PAGE>
NET AUTOMATIC FINANCINGS (12,903) (13,264) 52,208 (8,731) (13,120)
ENDING CASH BALANCE 500 500 () 500 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500
TEMP CASH INVESTMENTS 61,237 74,501 22,293 31,023 31,023
SHORT TERM DEBT
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD 61,737 75,001 22,293 31,523 31,523
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500 500 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL 33,175 35,100 34,564 32,256 29,219 26,526 25,804 26,414
COMMERCIAL 26,008 27,262 26,991 25,951 25,001 24,521 25,310 26,456
INDUSTRIAL 12,712 13,470 12,914 13,461 13,895 14,297 14,096 15,025
OTHER RETAIL 651 582 557 483 439 417 440 487
WHOLESALE 4,722 5,540 5,939 5,830 5,624 4,914 4,420 4,349
ADDITIONAL REQUIRED
OTHER REVENUE 3,172 3,114 3,114 3,112 3,112 3,108 3,108 3,108
INTEREST INCOME 84 146 160 219 268
DIVIDENDS RECEIVED 83 245 96 83 245 96 83
OTHER RECEIPTS 36 36 36 36 36 36 36 36
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 80,560 85,334 84,520 81,445 77,680 74,064 73,311 75,958
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL 6,006 7,183 6,276 5,443 4,289 3,379 4,493 5,695
NUCLEAR FUEL 1,178 1,183 1,125
PURCHASED POWER 6,152 5,740 5,953 6,220 5,701 5,013 6,489 6,764
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO 14,445 13,686 13,584 13,695 13,717 14,980 14,955 14,987
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 1,228 556 625 2,980 3,033 11,601 956 606
FEDERAL INCOME TAX 255 1,234 795
STATE INCOME TAX 398 1,861 597
O&M LABOR 4,196 4,196 4,196 4,196 4,196 4,196 4,196 4,196
O&M NON-LABOR 9,771 9,792 9,792 9,792 9,792 9,792 9,792 9,792
INTEREST ON SHORT-TERM DEBT 357 353 304
INTEREST ON LONG-TERM DEBT 1,492 294 203 203 30,687 203 203 203
PREFERRED DIVIDEND 3,312 3,312 3,312
COMMON DIVIDEND 1,300 9,100 3,900 9,100 3,900
MISC DISBURSEMENTS 247 247 248 248 249 249 250 250
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT 167 167 167 167 167 167 167 167
SPP SETTLEMENT 9,678 9,062 9,687 9,375 9,687 7,450 7,698 7,698
COST OF REMOVAL 117 117 117 117 117 117 117 117
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 55,976 54,352 60,599 60,614 84,946 67,996 54,693 54,091
CASH GENERATION BEFORECONST 24,584 30,982 23,920 20,831 (7,267) 6,068 18,618 21,867
CONST EXP - LABOR 199 215 217 322 386 372 293 284
CONST EXP - NON-LABOR 1,612 1,956 2,104 2,131 3,164 3,791 3,645 2,875
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 1,811 2,170 2,322 2,454 3,550 4,162 3,939 3,159
INTERNAL CASH BEFORE FINANCINGS 23,273 29,312 22,099 18,877 (10,317) 1,906 15,179 19,208
<PAGE>
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500
CASH RECEIPTS:
RESIDENTIAL 26,584 26,355 26,933 29,957 352,885
COMMERCIAL 26,926 26,346 25,763 26,139 312,674
INDUSTRIAL 15,519 14,454 14,090 13,882 167,817
OTHER RETAIL 534 616 658 710 6,574
WHOLESALE 4,314 4,249 4,225 4,473 58,600
ADDITIONAL REQUIRED
OTHER REVENUE 3,108 3,085 3,085 3,258 37,489
INTEREST INCOME 877
DIVIDENDS RECEIVED 245 96 424 1,696
OTHER RECEIPTS 36 36 36 36 432
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 77,267 75,238 74,791 78,879 939,045
CASH DISBURSEMENTS:
FOSSIL FUEL 5,397 4,914 4,900 5,179 63,154
NUCLEAR FUEL 896 4,382
PURCHASED POWER 6,983 8,207 6,753 6,246 76,221
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO 14,978 14,935 14,073 14,169 172,204
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 2,526 1,205 13,426 4,583 43,325
FEDERAL INCOME TAX 795 904 3,982
STATE INCOME TAX 621 966 4,442
O&M LABOR 4,196 4,196 4,196 4,196 50,356
O&M NON-LABOR 9,792 9,792 9,792 9,792 117,479
INTEREST ON SHORT-TERM DEBT 241 204 151 200 1,810
INTEREST ON LONG-TERM DEBT 203 203 22,488 203 56,586
PREFERRED DIVIDEND 3,312 13,250
COMMON DIVIDEND 9,100 3,900 11,700 51,998
MISC DISBURSEMENTS 251 252 252 253 2,996
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT 167 167 167 167 2,000
SPP SETTLEMENT 7,450 7,698 7,450 7,698 100,631
COST OF REMOVAL 117 117 117 117 1,400
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 62,817 56,685 87,078 66,370 766,217
CASH GENERATION BEFORE CONST 14,450 18,553 (12,287) 12,508 172,828
CONST EXP - LABOR 273 249 242 182 3,235
CONST EXP - NON-LABOR 2,787 2,683 2,443 2,373 31,564
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 3,061 2,932 2,685 2,556 34,800
INTERNAL CASH BEFORE FINANCINGS 11,890 16,121 (14,472) 9,953 138,529
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 23,500 196,000
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING (23,500) (196,000)
CASH BEFORE AUTOMATIC FINANCINGS 23,273 5,812 22,099 18,877 (206,317) 1,906 15,179 19,208
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED 107,233
SHORT-TERM DEBT REPAID 1,406 14,679 18,708
TEMP CASH INV PURCHASED 22,773 5,312 21,599 18,377
TEMP CASH INV SOLD 99,084
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS (22,773) (5,312) (21,599) (18,377) 206,317 (1,406) (14,679) (18,708)
ENDING CASH BALANCE 500 500 500 500 0 500 500 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500 500 500 500
TEMP CASH INVESTMENTS 53,796 59,108 80,707 99,084
SHORT TERM DEBT 107,233 105,827 91,148 72,440
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD 54,296 59,608 81,207 99,584 (107,233)(105,327) (90,648) (71,940)
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 219,500
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING (219,500)
CASH BEFORE AUTOMATIC FINANCINGS 11,890 16,121 (14,472) 9,953 (80,971)
SHORT-TERM DEBT BORROWED 14,472 121,705
SHORT-TERM DEBT REPAID 11,390 15,621 9,453 71,257
TEMP CASH INV PURCHASED 68,061
TEMP CASH INV SOLD 99,084
<PAGE>
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS (11,390) (15,621) 14,472 (9,453) 81,471
ENDING CASH BALANCE 500 500 () 500 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500
TEMP CASH INVESTMENTS
SHORT TERM DEBT 61,050 45,429 59,901 50,448 50,448
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD (60,550) (44,929) (59,901) (49,948) (49,948)
</TABLE>
<TABLE>
HOLYOKE WATER POWER COMPANY EXHIBIT H.5
PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL
(THOUSANDS OF DOLLARS)
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT(a) ($1,716) ($3,356) ($3,341) ($2,327) ($3,376) ($3,438) ($3,276) ($3,556) ($2,912) ($2,667) ($2,043) ($2,262)
CONTINGENCIES:
(b) 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
------------------------------------------------------------------------------------------------------------------------
$1,284 ($356) ($341) $673 ($376) ($438) ($276) ($556) $88 $333 $957 $738
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT(a) ($1,662) ($3,831) ($3,669) ($2,877) ($3,881) ($2,685) ($3,819) ($4,120) ($3,685) ($3,408) ($2,911) ($2,997)
CONTINGENCIES:
(b) 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
----------------------------------------------------------------------------------------------------------------------
$1,338 ($831) ($669) $123 ($881) $315 ($819) ($1,120) ($685) ($408) $89 $3
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached).
(b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
HOLYOKE WATER POWER COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 485 500 500 338
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL 673 737 687 721 749 685 779 749
OTHER RETAIL
WHOLESALE 226 226 217 226 223 226 223 226
ADDITIONAL REQUIRED
OTHER REVENUE 67 67 67 67 67 67 67 67
INTEREST INCOME 8 5 9 9 7 9 9 9
DIVIDENDS RECEIVED
OTHER RECEIPTS
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 973 1,036 980 1,023 1,046 987 1,078 1,051
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL 2,542 262 1,729 1,902 867 2,044 1,989 1,995
NUCLEAR FUEL
PURCHASED POWER -15 -15 -15 -12 -11 -13 -14 -14
INTERCOMPANY BILLINGS - NUGT (2,876) (2,543) (2,678) (2,082) (2,771) (3,066) (2,933) (2,860)
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 411 56 57 411 50 47 400 54
FEDERAL INCOME TAX -64 -22 -48
STATE INCOME TAX 20 13
O&M LABOR 377 360 369 493 363 451 384 394
O&M NON-LABOR 939 880 841 861 1,151 848 1,053 895
INTEREST ON SHORT-TERM DEBT
INTEREST ON LONG-TERM DEBT 37 102 162 41 106 165 41 106
PREFERRED DIVIDEND
COMMON DIVIDEND 284 122 284 122
MISC DISBURSEMENTS -6 -6 -6 -6 -6 -6 -6 -6
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 15 15 15 15 15 15 15 15
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 1,425 -888 694 1,745 -235 735 1,050 580
CASH GENERATION BEFORE CONST -451 1,924 286 -722 1,281 252 28 471
CONST EXP - LABOR 26 28 28 22 18 18 18 18
CONST EXP - NON-LABOR 232 256 274 270 214 173 173 173
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 258 284 301 292 232 190 190 191
INTERNAL CASH BEFORE FINANCINGS -709 1,640 485 -529 1,050 562 338 618
<PAGE>
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL 669 726 756 672 8,602
OTHER RETAIL
WHOLESALE 226 223 226 223 2,691
ADDITIONAL REQUIRED
OTHER REVENUE 67 67 67 67 804
INTEREST INCOME 10 9 8 6 99
DIVIDENDS RECEIVED
OTHER RECEIPTS
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 971 1,025 1,058 968 12,196
CASH DISBURSEMENTS:
FOSSIL FUEL 1,953 1,509 2,413 1,713 20,918
NUCLEAR FUEL
PURCHASED POWER -12 -13 -15 -15 -166
INTERCOMPANY BILLINGS - NUGT (2,341) (2,274) (2,331) (3,019) (31,773)
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 46 423 46 47 2,048
FEDERAL INCOME TAX -6 6 -134
STATE INCOME TAX 25 28 86
O&M LABOR 376 384 366 403 4,722
O&M NON-LABOR 920 878 897 855 11,018
INTEREST ON SHORT-TERM DEBT
INTEREST ON LONG-TERM DEBT 165 41 106 165 1,235
PREFERRED DIVIDEND
COMMON DIVIDEND 284 122 366 1,585
MISC DISBURSEMENTS -6 -6 -6 -6 -69
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 15 15 15 15 185
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 1,420 1,080 1,491 558 9,654
CASH GENERATION BEFORE CONST -449 -55 -433 410 2,542
CONST EXP - LABOR 18 18 18 19 246
CONST EXP - NON-LABOR 177 173 173 173 2,459
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 195 190 190 191 2,705
INTERNAL CASH BEFORE FINANCINGS -144 -246 -624 219 -163
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
HOLYOKE WATER POWER COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING
CASH BEFORE AUTOMATIC FINANCINGS -709 1,640 485 -529 1,050 562 338 618
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID
TEMP CASH INV PURCHASED 1,140 550 62 118
TEMP CASH INV SOLD 709 529
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS 709 (1,140) 529 -550 -62 -118
ENDING CASH BALANCE () 500 485 () 500 500 338 500
ENDING BALANCES:
- ---------------
CASH 500 485 500 500 338 500
TEMP CASH INVESTMENTS 1,716 2,856 2,856 2,327 2,876 2,938 2,938 3,056
SHORT TERM DEBT
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD 1,716 3,356 3,341 2,327 3,376 3,438 3,276 3,556
<CAPTION> SEP OCT NOV DEC Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING
CASH BEFORE AUTOMATIC FINANCINGS -144 -246 -624 219 -163
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID
TEMP CASH INV PURCHASED 1,869
TEMP CASH INV SOLD 144 246 624 2,251
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS 144 246 624 382
ENDING CASH BALANCE () () () 219 219
<PAGE>
ENDING BALANCES:
- ---------------
CASH 219 219
TEMP CASH INVESTMENTS 2,912 2,667 2,043 2,043 2,043
SHORT TERM DEBT
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD 2,912 2,667 2,043 2,262 2,262
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
HOLYOKE WATER POWER COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 219 500 338 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL 670 782 760 742 729 713 851 762
OTHER RETAIL
WHOLESALE 226 226 220 226 223 226 223 226
ADDITIONAL REQUIRED -72 -143 -176 -183 -183 -193 -199 -193
OTHER REVENUE 67 67 67 67 67 67 67 67
INTEREST INCOME 6 5 9 9 8 9 7 9
DIVIDENDS RECEIVED
OTHER RECEIPTS
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 896 937 881 861 844 823 949 871
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL 2,727 208 1,974 1,806 1,282 1,992 948 2,037
NUCLEAR FUEL
PURCHASED POWER -16 -16 -16 -12 -11 -13 -14 -14
INTERCOMPANY BILLINGS - NUGT (3,263) (3,122) (2,973) (2,420) (3,076) (1,984) (3,218) (3,072)
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 419 57 58 421 51 48 469 55
FEDERAL INCOME TAX 14 123 62
STATE INCOME TAX 33 17
O&M LABOR 395 395 395 395 395 395 395 395
O&M NON-LABOR 939 921 921 921 921 921 921 921
INTEREST ON SHORT-TERM DEBT
INTEREST ON LONG-TERM DEBT 41 96 146 34 89 140 34 89
PREFERRED DIVIDEND
COMMON DIVIDEND 41 283 121 283 121
MISC DISBURSEMENTS -6 -6 -6 -6 -6 -6 -6 -6
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 15 15 15 15 15 15 15 15
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 1,292 (1,451) 811 1,432 -340 1,870 -334 420
CASH GENERATION BEFORECONST -396 2,388 70 -571 1,184 (1,047) 1,284 451
CONST EXP - LABOR 20 21 21 17 14 14 14 14
CONST EXP - NON-LABOR 183 198 211 204 166 136 136 136
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 204 219 232 221 180 150 150 150
INTERNAL CASH BEFORE FINANCINGS -381 2,168 338 -454 1,004 -696 1,134 801
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
<PAGE>
BEGINNING CASH BALANCE 500 65 219
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL 707 766 785 697 8,965
OTHER RETAIL
WHOLESALE 226 223 226 223 2,694
ADDITIONAL REQUIRED -191 -194 -191 -186 (2,105)
OTHER REVENUE 67 67 67 67 804
INTEREST INCOME 10 10 9 8 98
DIVIDENDS RECEIVED
OTHER RECEIPTS
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 818 871 896 809 10,456
CASH DISBURSEMENTS:
FOSSIL FUEL 1,962 1,673 2,571 1,848 21,028
NUCLEAR FUEL
PURCHASED POWER -12 -13 -16 -16 -169
INTERCOMPANY BILLINGS - NUGT (2,748) (2,634) (2,774) (3,225) (34,509)
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 47 492 47 48 2,209
FEDERAL INCOME TAX 84 73 356
STATE INCOME TAX 23 16 89
O&M LABOR 395 395 395 395 4,738
O&M NON-LABOR 921 921 921 921 11,073
INTEREST ON SHORT-TERM DEBT
INTEREST ON LONG-TERM DEBT 140 34 89 140 1,073
PREFERRED DIVIDEND
COMMON DIVIDEND 283 121 364 1,618
MISC DISBURSEMENTS -6 -6 -6 -6 -72
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL 15 15 15 15 185
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 1,103 999 1,243 574 7,619
CASH GENERATION BEFORE CONST -285 -128 -347 236 2,838
CONST EXP - LABOR 14 14 14 14 190
CONST EXP - NON-LABOR 136 136 136 136 1,912
INV NOT INCLUDED IN CONST
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 150 150 150 150 2,102
INTERNAL CASH BEFORE FINANCINGS 65 -212 -496 86 954
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
HOLYOKE WATER POWER COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING
CASH BEFORE AUTOMATIC FINANCINGS -381 2,168 338 -454 1,004 -696 1,134 801
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID
TEMP CASH INV PURCHASED 1,668 504 634 301
TEMP CASH INV SOLD 381 454 696
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS 381 (1,668) 454 -504 696 -634 -301
ENDING CASH BALANCE () 500 338 () 500 () 500 500
ENDING BALANCES:
- ---------------
CASH 500 338 500 500 500
TEMP CASH INVESTMENTS 1,662 3,331 3,331 2,877 3,381 2,685 3,319 3,620
SHORT TERM DEBT
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD 1,662 3,831 3,669 2,877 3,881 2,685 3,819 4,120
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING
CASH BEFORE AUTOMATIC FINANCINGS 65 -212 -496 86 954
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID
TEMP CASH INV PURCHASED 3,108
TEMP CASH INV SOLD 212 496 2,240
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS 212 496 -869
<PAGE>
ENDING CASH BALANCE 65 () () 86 86
ENDING BALANCES:
- ---------------
CASH 65 86 86
TEMP CASH INVESTMENTS 3,620 3,408 2,911 2,911 2,911
SHORT TERM DEBT
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD 3,685 3,408 2,911 2,997 2,997
</TABLE>
<TABLE>
NORTHEAST NUCLEAR ENERGY COMPANY EXHIBIT H.6
PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL
(THOUSANDS OF DOLLARS)
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT (a) $10,198 $10,215 $10,175 $9,935 $9,528 $9,468 $9,190 $9,305 $9,226 $8,925 $8,494 $8,506
CONTINGENCIES:
(b) 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500
(c) 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
----------------------------------------------------------------------------------------------------------------------
$43,698 $43,715 $43,675 $43,435 $43,028 $42,968 $42,690 $42,805 $42,726 $42,425 $41,994 $42,006
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT (a) $8,118 $8,230 $8,117 $7,980 $7,546 $7,591 $7,285 $7,436 $7,474 $7,159 $6,713 $6,843
CONTINGENCIES:
(b) 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500
(c) 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
----------------------------------------------------------------------------------------------------------------------
$41,618 $41,730 $41,617 $41,480 $41,046 $41,091 $40,785 $40,936 $40,974 $40,659 $40,213 $40,343
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached).
(b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
(c) Risk of not being able to provide the necessary funds over a three month period should and unplanned
nuclear outage occur. If an outage were to occur, the Company would need the ability to secure funds
to meet labor and other costs associated with the outage.
</TABLE>
<PAGE>
<TABLE>
Friday, September 16, 1994
NORTHEAST NUCLEAR ENERGY COMPANY
RECEIPTS AND DISBURSEMENTS
1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 40 280 500 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL 24,815 24,413 22,476 26,664 31,696 36,899 35,135 30,399
WHOLESALE
ADDITIONAL REQUIRED
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS RECEIVED _ ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 24,815 24,413 22,476 26,664 31,696 36,899 35,135 30,399
CASH DISBURSEMENTS
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 359 1,305 857 929 768 777 892 1,268
FEDERAL INCOME TAX 29 28 28
STATE INCOME TAX 25 8 8
O&M LABOR 7,260 5,906 7,151 8,359 10,739 10,378 9,338 7,184
O&M NON-LABOR 16,521 16,941 13,782 16,687 19,505 25,057 24,216 21,788
INSURANCE
INTEREST ON SHORT-TERM DEBT 33 36 36 36 36 36 35 34
INTEREST ON LONG-TERM DEBT 144 144 143 143 143 143 143 143
PREFERRED DIVIDEND
COMMON DIVIDEND 45 315 135 315 135
MISC DISBURSEMENTS 45 45 45 45 45 45 45 45
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
ADVANCE PAYMENTS TO EUA
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DIBURSEMENTS 24,407 24,376 22,383 26,370 31,236 36,786 34,804 30,462
CASH GENERATION BEFORE CONST 408 36 92 294 460 112 331 -62
CONST EXP - LABOR 2 2 2 2 2 2 2 2
CONST EXP - NON-LABOR 1,169 22 22 22 22 22 22 22
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 1,171 24 24 24 24 24 24 24
INTERNAL CASH BEFORE FINANCINGS -763 12 68 309 716 588 807 413
<PAGE>
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 385 464 500 500
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL 25,133 24,335 23,978 24,594 330,537
WHOLESALE
ADDITIONAL REQUIRED
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS RECEIVED _ ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 25,133 24,335 23,978 24,594 330,537
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 765 713 619 585 9,836
FEDERAL INCOME TAX 30 32 147
STATE INCOME TAX 9 9 59
O&M LABOR 6,898 6,816 6,751 7,551 94,332
O&M NON-LABOR 16,762 16,096 15,903 15,752 219,010
INSURANCE
INTEREST ON SHORT-TERM DEBT 34 34 33 32 417
INTEREST ON LONG-TERM DEBT 142 142 142 142 1,714
PREFERRED DIVIDEND
COMMON DIVIDEND 315 135 405 1,800
MISC DISBURSEMENTS 45 45 45 45 540
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
ADVANCE PAYMENTS TO EUA
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL OPERATING DIBURSEMENTS 25,001 23,982 23,494 24,553 327,855
CASH GENERATION BEFORE CONST 132 354 484 41 2,682
CONST EXP - LABOR 2 2 2 3 27
CONST EXP - NON-LABOR 22 22 22 22 1,411
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 24 24 24 24 1,438
INTERNAL CASH BEFORE FINANCINGS 492 793 960 516 1,244
</TABLE>
<PAGE>
<TABLE>
Friday, September 16, 1994
NORTHEAST NUCLEAR ENERGY COMPANY
RECEIPTS AND DISBURSEMENTS
1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 29 29 29 29 29 29 29 29
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING -29 -29 -29 -29 -29 -29 -29 -29
CASH BEFORE AUTOMATIC FINANCINGS -792 -17 40 280 688 559 778 385
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED 792 17
SHORT-TERM DEBT REPAID 188 59 278
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS 792 17 -188 -59 -278
ENDING CASH BALANCE () () 40 280 500 500 500 385
ENDING BALANCES:
- ---------------
CASH 40 280 500 500 500 385
TEMP CASH INVESTMENTS
SHORT TERM DEBT 10,198 10,215 10,215 10,215 10,028 9,968 9,690 9,690
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD (10,198) (10,215) (10,175) (9,935) (9,528) (9,468) (9,190) (9,305)
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 29 29 29 29 343
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING -29 -29 -29 -29 -343
CASH BEFORE AUTOMATIC FINANCINGS 464 765 932 488 901
SHORT-TERM DEBT BORROWED 808
SHORT-TERM DEBT REPAID 265 432 1,221
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS -265 -432 -413
<PAGE>
ENDING CASH BALANCE 464 500 500 488 488
ENDING BALANCES:
- ---------------
CASH 464 500 500 488 488
TEMP CASH INVESTMENTS
SHORT TERM DEBT 9,690 9,425 8,994 8,994 8,994
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD (9,226) (8,925) (8,494) (8,506) (8,506)
</TABLE>
<TABLE>
Friday, September 16, 1994
NORTHEAST NUCLEAR ENERGY COMPANY
RECEIPTS AND DISBURSEMENTS
1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 488 500 388 500 500 500 455 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL 27,235 30,099 30,075 30,147 29,980 29,989 30,107 29,941
WHOLESALE
ADDITIONAL REQUIRED
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS RECEIVED _ ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 27,235 30,099 30,075 30,147 29,980 29,989 30,107 29,941
CASH DISBURSEMENTS
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
<PAGE>
OTHER TAXES 357 1,430 858 927 765 773 887 1,314
FEDERAL INCOME TAX 4 131 131
STATE INCOME TAX 5 37 37
O&M LABOR 8,552 8,552 8,552 8,552 8,552 8,552 8,552 8,552
O&M NON-LABOR 17,619 19,955 19,955 19,955 19,955 19,955 19,955 19,955
INSURANCE
INTEREST ON SHORT-TERM DEBT 28 27 27 27 27 25 25 24
INTEREST ON LONG-TERM DEBT 142 142 141 141 141 141 141 141
PREFERRED DIVIDEND
COMMON DIVIDEND 45 315 135 315 135
MISC DISBURSEMENTS 46 46 46 46 46 46 46 46
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
ADVANCE PAYMENTS TO EUA
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DIBURSEMENTS 26,789 30,151 29,903 29,951 29,485 29,975 29,741 30,032
CASH GENERATION BEFORE CONST 446 -52 172 196 494 15 365 -91
CONST EXP - LABOR 3 3 3 3 3 3 3 3
CONST EXP - NON-LABOR 25 27 27 27 27 27 27 27
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 27 29 29 29 29 29 29 29
INTERNAL CASH BEFORE FINANCINGS 906 419 531 667 965 485 791 380
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 349 311 500 500 488
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL 29,985 29,937 29,839 29,805 357,138
WHOLESALE
ADDITIONAL REQUIRED
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS RECEIVED _ ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 29,985 29,937 29,839 29,805 357,138
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 761 709 616 582 9,978
FEDERAL INCOME TAX 133 135 533
STATE INCOME TAX 38 38 155
O&M LABOR 8,552 8,552 8,552 8,552 102,625
O&M NON-LABOR 19,955 19,955 19,955 19,955 237,123
INSURANCE
INTEREST ON SHORT-TERM DEBT 24 24 24 23 305
<PAGE>
INTEREST ON LONG-TERM DEBT 140 140 140 140 1,690
PREFERRED DIVIDEND
COMMON DIVIDEND 315 135 405 1,800
MISC DISBURSEMENTS 46 46 46 46 552
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
ADVANCE PAYMENTS TO EUA
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL OPERATING DIBURSEMENTS 29,964 29,562 29,333 29,875 354,760
CASH GENERATION BEFORE CONST 21 375 505 -69 2,378
CONST EXP - LABOR 3 3 3 3 33
CONST EXP - NON-LABOR 27 27 27 27 317
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 29 29 29 30 350
INTERNAL CASH BEFORE FINANCINGS 341 656 976 401 2,516
</TABLE>
<PAGE>
<TABLE>
Friday, September 16, 1994
NORTHEAST NUCLEAR ENERGY COMPANY
RECEIPTS AND DISBURSEMENTS
1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 30 30 30 30 30 30 30 30
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING -30 -30 -30 -30 -30 -30 -30 -30
CASH BEFORE AUTOMATIC FINANCINGS 876 388 501 637 935 455 761 349
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID 376 1 137 435 261
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS -376 -1 -137 -435 -261
ENDING CASH BALANCE 500 388 500 500 500 455 500 349
ENDING BALANCES:
- ---------------
CASH 500 388 500 500 500 455 500 349
TEMP CASH INVESTMENTS
SHORT TERM DEBT 8,618 8,618 8,617 8,480 8,046 8,046 7,785 7,785
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD (8,118) (8,230) (8,117) (7,980) (7,546) (7,591) (7,285) (7,436)
<PAGE>
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 30 30 30 30 365
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING -30 -30 -30 -30 -365
CASH BEFORE AUTOMATIC FINANCINGS 311 626 946 371 2,151
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID 126 446 1,780
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS -126 -446 (1,780)
ENDING CASH BALANCE 311 500 500 371 371
ENDING BALANCES:
- ---------------
CASH 311 500 500 371 371
TEMP CASH INVESTMENTS
SHORT TERM DEBT 7,785 7,659 7,213 7,213 7,213
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD (7,474) (7,159) (6,713) (6,843) (6,843)
</TABLE>
<TABLE>
NORTH ATLANTIC ENERGY COMPANY EXHIBIT H.7
PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL
(THOUSANDS OF DOLLARS)
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT(a) ($30,285) ($34,573) ($30,150) ($39,569) ($28,183) ($35,094) ($5,382) ($12,891) ($23,992) ($30,560) ($26,227) ($31,232)
CONTINGENCIES:
(b) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
(c) 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
(d) 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000
------------------------------------------------------------------------------------------------------------------------
$21,715 $17,427 $21,850 $12,431 $23,817 $16,906 $46,618 $39,109 $28,008 $21,440 $25,773 $20,768
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT(a) ($23,543) ($31,771) ($33,829) ($44,934) ($36,747) ($42,279) ($14,260) ($22,409) ($28,421) ($27,167) ($21,540) ($22,515)
CONTINGENCIES:
(b) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
(c) 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
(d) 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000
------------------------------------------------------------------------------------------------------------------------
$28,457 $20,229 $18,171 $7,066 $15,253 $9,721 $37,740 $29,591 $23,579 $24,833 $30,460 $29,485
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached).
(b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
(c) Risk of not being able to provide the necessary funds over a three month period should an unplanned
nuclear outage occur. If an outage were to occur, the Company would need the ability to secure funds
to meet labor and other costs associated with the outage.
(d) Reflects the refunding of long-term debt not reflected in the forecast.
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
NORTH ATLANTIC ENERGY COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL
WHOLESALE 12,688 10,779 11,011 11,761 11,161 12,438 13,057 12,834
ADDITIONAL REQUIRED 792 792 792 792 792 792 792 792
OTHER REVENUE
INTEREST INCOME 119 95 106 94 122 88 108 17
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS FROM ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 13,599 11,666 11,909 12,647 12,075 13,318 13,957 13,643
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL 859 1,550 6,523 3,780 1,578 298 307 298
PURCHASED POWER 109 109 109 109 109 109 109 109
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 188 172 176 773 164 4,745 154 180
FEDERAL INCOME TAX 121 (8,621) (8,119)
STATE INCOME TAX 30
O&M LABOR 1,375 1,375 1,375 1,375 1,375 1,375 1,375 1,375
O&M NON-LABOR 2,730 3,208 3,208 3,208 3,208 3,208 3,208 3,208
INTEREST ON SHORT-TERM DEBT
INTEREST ON LONG-TERM DEBT 15,611 16,064 15,912
PREFERRED DIVIDEND
COMMON DIVIDEND 200 3,828 1,641 3,828 1,641
MISC DISBURSEMENTS 26 26 26 26 26 26 26 26
NUCLEAR DECOMMISSIONING 236 236 236 236 236 236 236 236
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 21,333 6,676 15,632 2,527 22,760 5,707 22,968 5,432
CASH GENERATION BEFORE CONST (7,734) 4,989 (3,722) 10,120 (10,685) 7,611 (9,011) 8,211
CONST EXP - LABOR 65 65 65 65 65 65 65 65
CONST EXP - NON-LABOR 611 636 636 636 636 636 636 636
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 675 701 701 701 701 701 701 701
INTERNAL CASH BEFORE FINANCINGS (7,909) 4,288 (3,923) 9,419 (10,886) 6,910 (9,212) 7,510
<CAPTION>
<PAGE>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL
WHOLESALE 13,453 13,706 16,054 14,586 153,528
ADDITIONAL REQUIRED 792 792 792 792 9,504
OTHER REVENUE
INTEREST INCOME 39 73 94 82 1,038
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS FROM ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 14,284 14,571 16,940 15,460 164,070
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL 450 530 298 307 16,778
PURCHASED POWER 109 109 109 109 1,308
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 823 177 161 5,072 12,785
FEDERAL INCOME TAX (7,573) (5,502) (29,695)
STATE INCOME TAX 30
O&M LABOR 1,375 1,375 1,375 1,375 16,500
O&M NON-LABOR 3,208 3,208 3,208 3,208 38,022
INTEREST ON SHORT-TERM DEBT
INTEREST ON LONG-TERM DEBT 15,159 62,746
PREFERRED DIVIDEND
COMMON DIVIDEND 3,828 1,641 4,922 21,529
MISC DISBURSEMENTS 26 26 26 26 312
NUCLEAR DECOMMISSIONING 236 236 236 236 2,832
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 2,482 7,302 20,572 9,754 143,147
CASH GENERATION BEFORE CONST 11,801 7,269 (3,632) 5,706 20,923
CONST EXP - LABOR 65 65 65 65 778
CONST EXP - NON-LABOR 636 636 636 636 7,607
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 701 701 701 701 8,385
INTERNAL CASH BEFORE FINANCINGS 11,600 7,068 (3,833) 5,005 13,038
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
NORTH ATLANTIC ENERGY COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 20,000
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING (20,000)
CASH BEFORE AUTOMATIC FINANCINGS (7,909) 4,288 (3,923) 9,419 (10,886) 6,910 (29,212) 7,510
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID
TEMP CASH INV PURCHASED 3,788 8,919 6,410 7,010
TEMP CASH INV SOLD 7,909 3,923 10,886 29,212
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS 7,909 (3,788) 3,923 (8,919) 10,886 (6,410) 29,212 (7,010)
ENDING CASH BLANCE 0 500 0 500 0 500 0 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500
TEMP CASH INVESTMENTS 30,285 34,073 30,150 39,069 28,183 34,594 5,382 12,391
SHORT TERM DEBT
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD 30,285 34,573 30,150 39,569 28,183 35,094 5,382 12,891
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 20,000
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING (20,000)
CASH BEFORE AUTOMATIC FINANCINGS 11,600 7,068 (3,833) 5,005 (6,962)
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID
TEMP CASH INV PURCHASED 11,100 6,568 4,505 48,301
<PAGE>
TEMP CASH INV SOLD 3,833 55,763
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS (11,100) (6,568) 3,833 (4,505) 7,462
ENDING CASH BLANCE 500 500 0 500 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500
TEMP CASH INVESTMENTS 23,492 30,060 26,227 30,732 30,732
SHORT TERM DEBT
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD 23,992 30,560 26,227 31,232 31,232
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
NORTH ATLANTIC ENERGY COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500 500 500
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL
WHOLESALE 13,653 12,988 12,886 12,997 13,019 14,282 14,257 14,289
ADDITIONAL REQUIRED 698 698 698 698 698 698 698 698
OTHER REVENUE
INTEREST INCOME 83 64 85 90 120 100 113 39
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS FROM ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 14,434 13,750 13,669 13,785 13,837 15,080 15,068 15,026
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL 309 290 309 300 1,630 300 309 1,630
PURCHASED POWER 98 98 98 98 98 98 98 98
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 177 159 176 815 162 4,912 143 173
FEDERAL INCOME TAX 2,539 (5,158) (4,588)
STATE INCOME TAX -336
O&M LABOR 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200
O&M NON-LABOR 3,208 2,800 2,800 2,800 2,800 2,800 2,800 2,800
INTEREST ON SHORT-TERM DEBT
INTEREST ON LONG-TERM DEBT 15,611 15,159 15,912
PREFERRED DIVIDEND
COMMON DIVIDEND 547 3,850 1,650 3,850 1,650
MISC DISBURSEMENTS 27 27 27 27 27 27 27 27
NUCLEAR DECOMMISSIONING 245 245 245 245 245 245 245 245
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DISBURSEMENT 21,422 4,819 10,907 1,977 21,321 8,845 22,385 6,173
CASH GENERATION BEFORECONST (6,987) 8,931 2,761 11,808 (7,483) 6,235 (7,317) 8,852
CONST EXP - LABOR 65 65 65 65 65 65 65 65
CONST EXP - NON-LABOR 636 638 638 638 638 638 638 638
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 701 703 703 703 703 703 703 703
INTERNAL CASH BEFORE FINANCINGS (7,188) 8,228 2,558 11,605 (7,687) 5,532 (7,520) 8,149
<CAPTION>
<PAGE>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 500 500
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL
WHOLESALE 14,280 14,237 13,375 13,471 163,734
ADDITIONAL REQUIRED 698 698 698 698 8,376
OTHER REVENUE
INTEREST INCOME 59 76 74 58 960
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS FROM ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 15,037 15,011 14,147 14,227 173,070
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL 3,642 9,382 299 1,630 20,030
PURCHASED POWER 98 98 98 98 1,176
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 813 159 148 5,113 12,950
FEDERAL INCOME TAX (4,354) (3,496) (15,055)
STATE INCOME TAX -336
O&M LABOR 1,200 1,200 1,200 1,200 14,400
O&M NON-LABOR 2,800 2,800 2,800 2,800 34,008
INTEREST ON SHORT-TERM DEBT
INTEREST ON LONG-TERM DEBT 14,254 60,936
PREFERRED DIVIDEND
COMMON DIVIDEND 3,850 1,650 4,950 21,997
MISC DISBURSEMENTS 27 27 27 28 324
NUCLEAR DECOMMISSIONING 245 245 245 245 2,940
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
+ ________ ________ ________ ________ _________
TOTAL OPERATING DISBURSEMENT 8,321 15,562 19,071 12,568 153,370
CASH GENERATION BEFORE CONST 6,716 -551 (4,924) 1,660 19,700
CONST EXP - LABOR 65 65 65 47 762
CONST EXP - NON-LABOR 638 638 638 638 7,655
INV NOT INCLUDED IN CONSTR
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 703 703 703 685 8,417
INTERNAL CASH BEFORE FINANCINGS 6,513 -754 (5,628) 975 11,783
</TABLE>
<PAGE>
<TABLE>
Friday, May 13, 1994
NORTH ATLANTIC ENERGY COMPANY
RECEIPTS AND DISBURSEMENTS
1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 20,000
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING (20,000)
CASH BEFORE AUTOMATIC FINANCINGS (7,188) 8,228 2,558 11,605 (7,687) 5,532 (27,520) 8,149
AUTOMATIC FINANCINGS
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID
TEMP CASH INV PURCHASED 7,728 2,058 11,105 5,032 7,649
TEMP CASH INV SOLD 7,188 7,687 27,520
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS 7,188 (7,728) (2,058) (11,105) 7,687 (5,032) 27,520 (7,649)
ENDING CASH BLANCE 0 500 500 500 500 500
ENDING BALANCES:
- ---------------
CASH 500 500 500 500 500
TEMP CASH INVESTMENTS 23,543 31,271 33,329 44,434 36,747 41,779 14,260 21,909
SHORT TERM DEBT
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD 23,543 31,771 33,829 44,934 36,747 42,279 14,260 22,409
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 20,000
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
FINANCING EXPENSE
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING (20,000)
CASH BEFORE AUTOMATIC FINANCINGS 6,513 -754 (5,628) 975 (8,217)
SHORT-TERM DEBT BORROWED
SHORT-TERM DEBT REPAID
TEMP CASH INV PURCHASED 6,013 475 40,060
<PAGE>
TEMP CASH INV SOLD 754 5,628 48,777
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS (6,013) 754 5,628 -475 8,717
ENDING CASH BLANCE 500 () 500 500
ENDING BALANCES:
- ---------------
CASH 500 500 500
TEMP CASH INVESTMENTS 27,921 27,167 21,540 22,015 22,015
SHORT TERM DEBT
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD 28,421 27,167 21,540 22,515 22,515
</TABLE>
<TABLE>
ROCKY RIVER & QUINNEHTUK EXHIBIT H.8
PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL
(THOUSANDS OF DOLLARS)
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT (a) $21,179 $21,083 $20,908 $20,741 $20,591 $21,116 $21,275 $21,187 $21,027 $20,885 $20,743 $20,584
CONTINGENCIES:
(b) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
-----------------------------------------------------------------------------------------------------------------------
$22,179 $22,083 $21,908 $21,741 $21,591 $22,116 $22,275 $22,187 $22,027 $21,885 $21,743 $21,584
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT (a) $20,762 $20,677 $20,516 $20,360 $20,221 $20,811 $20,953 $20,876 $20,728 $20,597 $20,466 $20,318
CONTINGENCIES:
(b) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
-----------------------------------------------------------------------------------------------------------------------
$21,762 $21,677 $21,516 $21,360 $21,221 $21,811 $21,953 $21,876 $21,728 $21,597 $21,466 $21,318
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached).
(b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
</TABLE>
<PAGE>
<TABLE>
Friday, September 16, 1994
ROCKY RIVER & QUINNEHTUK
RECEIPTS AND DISBURSEMENTS
1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 390 121 217 392 500 500 () ()
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL 849 858 857 856 854 854 850 850
WHOLESALE
ADDITIONAL REQUIRED
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS RECEIVED _ ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 849 858 857 856 854 854 850 850
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 180 181 180 180 179 180 181 181
FEDERAL INCOME TAX () -18 -18
STATE INCOME TAX -26
O&M LABOR 15 15 15 15 15 15 15 15
O&M NON-LABOR 35 36 36 36 36 36 36 36
INSURANCE
INTEREST ON SHORT-TERM DEBT 75 75 75 75 75 75 75 75
INTEREST ON LONG-TERM DEBT 627 323 297 297 296 317 597 319
PREFERRED DIVIDEND
COMMON DIVIDEND
MISC DISBURSEMENTS
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
ADVANCE PAYMENTS TO EUA
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DIBURSEMENTS 932 630 578 586 602 605 903 626
CASH GENERATION BEFORE CONST -83 227 279 270 253 249 -53 224
CONST EXP - LABOR 2 2 2 2 2 2 2 2
CONST EXP - NON-LABOR 99 16 16 16 16 16 16 16
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 100 18 18 18 18 18 18 18
INTERNAL CASH BEFORE FINANCINGS 207 330 478 645 735 731 -71 206
<PAGE>
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 88 248 390 500 390
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL 849 848 848 847 10,220
WHOLESALE
ADDITIONAL REQUIRED
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS RECEIVED _ ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 849 848 848 847 10,220
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 181 181 181 181 2,166
FEDERAL INCOME TAX -18 -18 -71
STATE INCOME TAX -26
O&M LABOR 15 15 15 15 184
O&M NON-LABOR 36 36 36 36 428
INSURANCE
INTEREST ON SHORT-TERM DEBT 75 75 75 75 903
INTEREST ON LONG-TERM DEBT 293 293 292 291 4,242
PREFERRED DIVIDEND
COMMON DIVIDEND
MISC DISBURSEMENTS
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
ADVANCE PAYMENTS TO EUA
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL OPERATING DIBURSEMENTS 583 600 599 581 7,826
CASH GENERATION BEFORE CONST 266 248 248 266 2,394
CONST EXP - LABOR 2 2 2 2 20
CONST EXP - NON-LABOR 16 16 16 16 278
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 18 18 18 18 299
INTERNAL CASH BEFORE FINANCINGS 337 478 620 747 2,485
</TABLE>
<PAGE>
<TABLE>
Friday, September 16, 1994
ROCKY RIVER & QUINNEHTUK
RECEIPTS AND DISBURSEMENTS
1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 85 113 85 85 85 755 88 117
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING -85 -113 -85 -85 -85 -755 -88 -117
CASH BEFORE AUTOMATIC FINANCINGS 121 217 392 559 649 -25 -159 88
AUTOMATIC FINANINGS
SHORT-TERM DEBT BORROWED 25 159
SHORT-TERM DEBT REPAID 59 149
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS -59 -149 25 159
ENDING CASH BALANCE 121 217 392 500 500 () () 88
ENDING BALANCES:
- ---------------
CASH 121 217 392 500 500 () () 88
TEMP CASH INVESTMENTS
SHORT TERM DEBT 21,300 21,300 21,300 21,241 21,091 21,116 21,275 21,275
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD (21,179) (21,083) (20,908) (20,741) (20,591) (21,116) (21,275) (21,187)
<CAPTION>
Sep Oct Nov Dec Year
1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 88 88 88 88 1,769
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING -88 -88 -88 -88 (1,769)
CASH BEFORE AUTOMATIC FINANCINGS 248 390 532 659 716
SHORT-TERM DEBT BORROWED 184
SHORT-TERM DEBT REPAID 32 159 400
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ _________
<PAGE>
NET AUTOMATIC FINANCINGS -32 -159 -216
ENDING CASH BALANCE 248 390 500 500 500
ENDING BALANCES:
- ---------------
CASH 248 390 500 500 500
TEMP CASH INVESTMENTS
SHORT TERM DEBT 21,275 21,275 21,243 21,084 21,084
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD (21,027) (20,885) (20,743) (20,584) (20,584)
</TABLE>
<TABLE>
Friday, September 16, 1994
ROCKY RIVER & QUINNEHTUK
RECEIPTS AND DISBURSEMENTS
1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 500 322 407 500 500 500 () ()
CASH RECEIPTS
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL 837 846 845 844 842 842 838 837
WHOLESALE
ADDITIONAL REQUIRED
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS RECEIVED _ ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL RECEIPTS 837 846 845 844 842 842 838 837
CASH DISBURSEMENTS
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 191 191 191 191 191 191 192 192
FEDERAL INCOME TAX 0 -18 -18
STATE INCOME TAX -23
O&M LABOR 15 15 15 15 15 15 15 15
O&M NON-LABOR 36 35 35 35 35 35 35 35
INSURANCE
INTEREST ON SHORT-TERM DEBT 66 66 66 66 65 65 65 65
INTEREST ON LONG-TERM DEBT 593 314 289 289 288 311 560 308
PREFERRED DIVIDEND
<PAGE>
COMMON DIVIDEND
MISC DISBURSEMENTS
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
ADVANCE PAYMENTS TO EUA
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL OPERATING DIBURSEMENTS 900 621 574 578 594 599 867 616
CASH GENERATION BEFORE CONST -64 225 271 266 248 243 -29 221
CONST EXP - LABOR 2 2 2 2 2 2 2 2
CONST EXP - NON-LABOR 20 15 15 15 15 15 15 15
+ ________ ________ ________ ________ ________ ________ ________ ________
TOTAL CONSTR EXPENDITURES 22 17 17 17 17 17 17 17
INTERNAL CASH BEFORE FINANCINGS 415 530 661 750 732 726 -46 204
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
BEGINNING CASH BALANCE 77 226 357 487 500
CASH RECEIPTS:
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHER RETAIL 837 835 835 834 10,072
WHOLESALE
ADDITIONAL REQUIRED
OTHER REVENUE
INTEREST INCOME
DIVIDENDS RECEIVED
OTHER RECEIPTS
PAYMENTS RECEIVED _ ASSOC. COS
RESERVES FROM SWAP
+ ________ ________ ________ ________ _________
TOTAL RECEIPTS 837 835 835 834 10,072
CASH DISBURSEMENTS:
FOSSIL FUEL
NUCLEAR FUEL
PURCHASED POWER
INTERCOMPANY BILLINGS - NUGT
INTERCOMPANY BILLINGS - NAECO
INTERCOMPANY BILLINGS - IRREG
OTHER TAXES 192 192 192 192 2,297
FEDERAL INCOME TAX -18 -18 -71
STATE INCOME TAX -23
O&M LABOR 15 15 15 15 180
O&M NON-LABOR 35 35 35 35 421
INSURANCE
INTEREST ON SHORT-TERM DEBT 65 65 65 65 786
INTEREST ON LONG-TERM DEBT 285 285 284 283 4,089
PREFERRED DIVIDEND
COMMON DIVIDEND
MISC DISBURSEMENTS
NUCLEAR DECOMMISSIONING
MMWEC SETTLEMENT
SPP SETTLEMENT
COST OF REMOVAL
ADVANCE PAYMENTS TO EUA
<PAGE>
PAYMENTS TO ASSOC. COS
+ ________ ________ ________ ________ _________
TOTAL OPERATING DIBURSEMENTS 575 592 591 573 7,679
CASH GENERATION BEFORE CONST 262 244 244 261 2,393
CONST EXP - LABOR 2 2 2 2 19
CONST EXP - NON-LABOR 15 15 15 15 188
+ ________ ________ ________ ________ _________
TOTAL CONSTR EXPENDITURES 17 17 17 17 207
INTERNAL CASH BEFORE FINANCINGS 322 453 583 731 2,686
</TABLE>
<PAGE>
<TABLE>
Friday, September 16, 1994
ROCKY RIVER & QUINNEHTUK
RECEIPTS AND DISBURSEMENTS
1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug
1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLANNED FINANCINGS
FIRST MORTGAGE BONDS
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 93 123 93 93 93 816 96 127
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
+ ________ ________ ________ ________ ________ ________ ________ ________
NET PLANNED FINANCING -93 -123 -93 -93 -93 -816 -96 -127
CASH BEFORE AUTOMATIC FINANCINGS 322 407 568 656 638 -90 -142 77
AUTOMATIC FINACINGS
SHORT-TERM DEBT BORROWED 90 142
SHORT-TERM DEBT REPAID 68 156 138
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ ________ ________ ________ ________
NET AUTOMATIC FINANCINGS -68 -156 -138 90 142
ENDING CASH BALANCE 322 407 500 500 500 () () 77
ENDING BALANCES:
- ---------------
CASH 322 407 500 500 500 () () 77
TEMP CASH INVESTMENTS
SHORT TERM DEBT 21,084 21,084 21,016 20,860 20,721 20,811 20,953 20,953
+ ________ ________ ________ ________ ________ ________ ________ ________
NET CASH + TCI - STD (20,762) (20,677) (20,516) (20,360) (20,221) (20,811) (20,953) (20,876)
<CAPTION>
Sep Oct Nov Dec Year
1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C>
FIRST MORTGAGE BONDS
<PAGE>
OTHER LONG-TERM DEBT
PREFERRED STOCK
COMMON STOCK ISSUE
CAPITAL CONTR TO SUBS
CASH RETIREMENTS-LTD 96 96 96 96 1,920
CASH RETIREMENTS-COMMON STK
CASH RETIREMENTS-PFD STK
CASH RETIREMENTS-PRIOR SPENT F
+ ________ ________ ________ ________ _________
NET PLANNED FINANCING -96 -96 -96 -96 (1,920)
CASH BEFORE AUTOMATIC FINANCINGS 226 357 487 635 766
SHORT-TERM DEBT BORROWED 232
SHORT-TERM DEBT REPAID 135 498
TEMP CASH INV PURCHASED
TEMP CASH INV SOLD
+ ________ ________ ________ ________ _________
NET AUTOMATIC FINANCINGS -135 -266
ENDING CASH BALANCE 226 357 487 500 500
ENDING BALANCES:
- ---------------
CASH 226 357 487 500 500
TEMP CASH INVESTMENTS
SHORT TERM DEBT 20,953 20,953 20,953 20,818 20,818
+ ________ ________ ________ ________ _________
NET CASH + TCI - STD (20,728) (20,597) (20,466) (20,318) (20,318)
</TABLE>
<TABLE>
HEC INCORPORATED EXHIBIT H.9
PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL
(THOUSANDS OF DOLLARS)
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT (a) $2,238 $2,520 $2,802 $2,988 $3,175 $2,376 $1,739 $1,902 $2,275 $2,707 $3,189 $3,721
CONTINGENCIES:
(b) 215 215 215 215 215 215 215 215 215 215 215 215
----------------------------------------------------------------------------------------------------------------------
$2,453 $2,735 $3,017 $3,203 $3,390 $2,591 $1,954 $2,117 $2,490 $2,922 $3,404 $3,936
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ENDING SHORT-
TERM DEBT (a) $3,031 $2,341 $2,801 $3,456 $3,061 $3,716 $4,416 $3,966 $4,466 $2,766 $3,166 $3,616
CONTINGENCIES:
(b) 215 215 215 215 215 215 215 215 215 215 215 215
----------------------------------------------------------------------------------------------------------------------
$3,246 $2,556 $3,016 $3,671 $3,276 $3,931 $4,631 $4,181 $4,681 $2,981 $3,381 $3,831
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached).
(b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
</TABLE>
<PAGE>
<TABLE>
HEC INC.
Cash Receipts and Disbursements
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug Sep
1995 1995 1995 1995 1995 1995 1995 1995 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Sources (Uses):
Operating Cash Requirements:
Net Income plus Depreciation
and Amortization 56,000 56,000 56,000 54,000 54,000 54,000 54,000 54,000 54,000
Decrease (Increase) in receivables (506,000) (506,000) (506,000) 72,000 72,000 72,000 441,000 441,000 441,000
Change in accts pay & Other 443,000 443,000 443,000 (37,343) (37,343) (37,343) (328,000) (328,000) (328,000)
Capital Asset Purchases (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000)
Project Financing
Milledgeville Module 3 (160,000) (160,000) (160,000) (160,000) (160,000) 800,000
State of Illinois CMS (100,000) (75,000) (75,000) (75,000) (75,000) (50,000) 600,000
Turn-key Construction (50,000) (150,000) (200,000)
Turn-key Construction
New business development
HEC Canada (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (50,000) (150,000) (200,000)
HECI (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (120,000)
Monthly Cash (Requirements) Additions(307,000) (282,000) (282,000) (186,343) (186,343) 798,657 637,000 (163,000) (373,000)
Prior Month Requirement (2057000) (2238000) (2520000) (2802000) (2988343) (3174686) (2376029) (1739029) (1902029)
Cummulative Borrowing Requirements (2238000) (2520000) (2802000) (2988343) (3174686) (2376029) (1739029) (1902029) (2275029)
Oct Nov Dec
1995 1995 1995
<S> <C> <C> <C>
Sources (Uses):
Operating Cash Requirements:
Net Income plus Depreciation
and Amortization 54,000 54,000 54,000
Decrease (Increase) in receivables 193,000 193,000 193,000
Change in accts pay & Other (139,000) (139,000) (139,000)
Capital Asset Purchases (20,000) (20,000) (20,000)
Project Financing
Milledgeville Module 3
State of Illinois CMS
Turn-key Construction (200,000) (200,000) (150,000)
Turn-key Construction
New business development
HEC Canada (200,000) (250,000) (350,000)
HECI (120,000) (120,000) (120,000)
Monthly Cash (Requirements) Additions (432,000) (482,000) (532,000)
Prior Month Requirement (2275029) (2707029) (3189029)
Cummulative Borrowing Requirements (2702029) (3189029) (3721029)
HEC INC.
Cash Receipts and Disbursements
<CAPTION>
Jan Feb Mar Apr May Jun Jul Aug Sep
1996 1996 1996 1996 1996 1996 1996 1996 1996
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Sources (Uses):
Operating Cash Requirements:
Net Income plus Depreciation
and Amortization 65,000 65,000 65,000 70,000 70,000 70,000 75,000 75,000 75,000
Decrease (Increase) in receivables 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Change in accts pay & Other (35,000) (35,000) (35,000) (35,000) (35,000) (35,000) (35,000) (35,000) (35,000)
Capital Asset Purchases (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000)
Project Financing
Turn-key Construction (50,000)1,000,000
Turn-key Construction (50,000) (150,000) (200,000) (200,000) (200,000) (150,000) (50,000)
New business development
HEC Canada 800,000 (250,000) (350,000) (450,000) 650,000 (400,000) (450,000) 650,000 (400,000)
HECI 120,000) (120,000) (120,000) (120,000) (120,000) (120,000) (120,000) (120,000) (120,000)
Monthly Cash (Requirements) Additions 690,000 690,000 (460,000) (655,000) 395,000 (655,000) (700,000) 450,000 (500,000)
Prior Month Requirement (3721029)(3031029) (2341029) (2801029) (3456029) (3061029) (3716029) (4416029) (3966029)
Cummulative Borrowing Requirements (3031029)(2341029) (2801029) (3456029) (3061029) (3716029) (4416029) (3966029) (4466029)
HEC INC.
Cash Receipts and Disbursements
<CAPTION>
Oct Nov Dec
1996 1996 1996
<S> <C> <C> <C>
Sources (Uses):
Operating Cash Requirements:
Net Income plus Depreciation
and Amortization 75,000 75,000 75,000
Decrease (Increase) in receivables 50,000 50,000 50,000
Change in accts pay & Other (35,000) (35,000) (35,000)
Capital Asset Purchases (20,000) (20,000) (20,000)
Project Financing
Turn-key Construction
Turn-key Construction 1,000,000
New business development
HEC Canada 750,000 (350,000) (400,000)
HECI (120,000) (120,000) (120,000)
Monthly Cash (Requirements) Additions 1,700,000 (400,000) (450,000)
Prior Month Requirement (4466029) (2766029) (3166029)
Cummulative Borrowing Requirements (2766029) (3166029) (3616029)
</TABLE>
Exhibit I
PROPOSED FORM OF NOTICE
[H.C.A. Release No. ____]
APPLICATION/DECLARATION BY NORTHEAST UTILITIES
AND SUBSIDIARIES WITH RESPECT TO SHORT-TERM BORROWINGS
_____________, 1994
Northeast Utilities ("NU"), 174 Brush Hill Avenue, West
Springfield, Massachusetts 01809, a public utility holding company
registered under the Public Utility Holding Company Act of 1935, as amended
(the "Act"), and its wholly owned subsidiaries ("Subsidiaries"), Holyoke
Water Power Company ("HWP"), Canal Street, Holyoke, Massachusetts 01040,
Western Massachusetts Electric Company ("WMECO") and The Quinnehtuk Company
("Quinnehtuk"), both of 174 Brush Hill Avenue, West Springfield,
Massachusetts 01809, Public Service Company of New Hampshire ("PSNH") and
North Atlantic Energy Corporation ("NAEC"), both of 1000 Elm Street
Manchester, New Hampshire 03105, The Connecticut Light and Power Company
("CL&P"), Northeast Nuclear Energy Company ("NNECO") and The Rocky River
Realty Company ("RRR"), each of 107 Selden Street, Berlin, Connecticut
06037, and HEC Inc. ("HEC") of 24 Prime Parkway, Natick, Massachusetts
01760 (all companies collectively, the "Applicants"), have filed an
application/declaration (the "Application") under Sections 6, 7, 9(a), 10
and 12 of the Act and Rules 43 and 45 thereunder.
By order of the Commission dated December 16, 1992 (HCA Rel. No.
25710) (the "December 1992 Order"), the Commission authorized, through
December 31, 1994: (i) NU to make open account advances to its subsidiary
companies; (ii) the continuation of the Northeast Utilities System Money
Pool (the "Money Pool"); (iii) the issuance of short-term notes pursuant to
lines of credit by NU, HWP, WMECO, CL&P, NNECO, RRR and PSNH; and (iv) the
issuance and sale of commercial paper by NU, CL&P and WMECO. The funds
from those short-term borrowings were to be utilized by NU's subsidiary
companies for operational, maintenance and construction expenses and to
meet certain cash needs. The December 1992 Order limited the aggregate
amount of all short-term borrowing, whether through the issuance of short-
term notes, commercial paper, open account advances, borrowing from the
Money Pool, or through existing revolving credit agreements, to the
following maximum amounts: NU, $175 million; HWP, $8 million; WMECO,
$75 million; Quinnehtuk, $8 million; CL&P, $375 million; NNECO,
$65 million; RRR, $15 million; PSNH, $125 million; and NAEC, $50 million.
By order of the Commission dated June 25, 1993 (HCA Rel. No.
25836), HEC was authorized, through December 31, 1994, to participate in
the Money Pool, HEC's short-term borrowings from the Money Pool were
limited to $11 million, and the limit on RRR's short-term borrowings was
increased to $25 million.
By order of the Commission dated September 13, 1994 (HCA Rel. No.
26126), the limit on CL&P's short-term borrowings was increased to $500
million and CL&P was authorized to use the proceeds of such short-term
borrowings, inter alia, to repay certain of its first mortgage bonds.
<PAGE>
-2-
The Applicants now propose: (1) to make short-term borrowings
from time to time after December 31, 1994 through December 31, 1996,
evidenced (i) in the case of NU, CL&P, WMECO, PSNH, HWP, NNECO and RRR, by
short-term notes ("Short-Term Notes") issued to banks and non-bank lending
institutions through formal and informal credit lines, and (ii) in the case
of NU, WMECO and CL&P, by commercial paper ("Commercial Paper"); (2) the
continued use, through December 31, 1996, of the Money Pool, to assist in
meeting the Subsidiaries' respective short-term borrowing needs; and (3)
that NU make open account advances, through December 31, 1996, to PSNH,
NNECO, NAEC, Quinnehtuk, RRR and HEC.
The aggregate amount of all short-term borrowings through
December 31, 1996, whether through the issuance of Short-Term Notes,
Commercial Paper or borrowings from the Money Pool or revolving credit
facilities or pursuant to open account advances, will not exceed
$150 million for NU, $325 million for CL&P, $60 million for WMECO,
$175 million for PSNH, $5 million for HWP, $50 million for NNECO,
$50 million for NAEC, $22 million for RRR, $8 million for Quinnehtuk, and
$11 million for HEC.1
Each of the Subsidiaries, except for NAEC, Quinnehtuk and HEC,
proposes to issue Short-Term Notes. Short-Term Notes will be issued both
on a transactional basis ("Transactional Notes"), with a separate note
evidencing each loan, and on a "grid-note" basis ("Grid Notes"). Each
Transactional Note will be dated the date of issue, will have a maximum
term of 270 days, and will bear interest at a fixed or floating rate, as
described below. Transactional Notes will be issued no later than December
31, 1996, and will, with certain exceptions as described below, be subject
to prepayment at any time at the borrower's option.
Grid Notes will be issued by an Applicant to a particular lending
institution at or prior to the first borrowing under the Grid Note from
that lender by the Applicant. Each repayment and reborrowing subsequent to
the first borrowing will be recorded on a schedule to the note without the
necessity of issuing additional notes. Also recorded on a schedule to the
Grid Note at the time of a borrowing will be the date of the borrowing, the
maturity (which may not exceed 270 days from the date of the borrowing),
the number of days the borrowing is outstanding, the interest rate or
method of determining the interest rate, the amount of interest due, and
the date of payment. Except as described below, borrowings on a Grid Note
basis will be subject to prepayment at any time at the borrower's option.
The interest rate on all Short-Term Notes will be determined on
the basis of competitive quotations from several lending institutions, and
1
The aggregate amount of short-term unsecured debt that
can be incurred by CL&P and WMECO is further restricted by the
provisions of their respective preferred stocks. CL&P and WMECO
each have authorization from the holders of their respective
preferred stocks (through March 31, 2004 in the case of CL&P and
through February 10, 2004 in the case of WMECO) to issue
securities representing unsecured indebtedness up to a maximum of
20% of their respective capitalizations.
<PAGE>
-3-
will either be at a fixed interest rate or at a floating interest rate
determined with reference to an agreed-upon index (such as a lending
institution's prime rate, the London InterBank Offered Rate (LIBOR),
certificate of deposit rates, money market rates or commercial paper
rates). The interest rate in any case will not exceed two percentage
points above the Federal Funds Effective Rate. The Applicants will select
the lending institution(s) from which to make a particular short-term
borrowing and determine whether to borrow at a fixed or a floating rate on
the basis of the lowest expected effective interest cost for borrowings of
comparable sizes and maturities.
Borrowings bearing floating interest rates will generally be
subject to prepayment at the borrower's option. The Applicants believe
that many lending institutions lending funds at fixed interest rates are
engaged in "matched funding," i.e., such lenders acquire for comparable
maturities the funds that are lent to their borrowers. Because the lenders
would remain obligated under their own borrowings from others if the
Applicants were to prepay their borrowings in advance of their scheduled
maturities, many lending institutions lending funds at fixed interest rates
stipulate that such borrowings may not be prepaid or may be prepaid only
with a premium that will make the lender whole for any losses (including
lost profits) it may incur. Accordingly, in order to realize the benefits
of fixed interest rates when a fixed-rate borrowing is evaluated to be the
lowest cost borrowing available, the Applicants may from time to time agree
with individual lenders that such borrowings may not be prepaid or may only
be prepaid if the lender is made whole for its losses.
The Applicants (other than NAEC, HEC and Quinnehtuk) propose to
secure both formal and informal credit lines with a number of lending
institutions. Formal credit lines may be subject to compensating balance
and/or fee requirements and will therefore be used only when an Applicant
determines that such a credit line offers advantages as compared with other
available credit options. Compensating balance requirements will not
exceed 5% of the committed credit line amount, and fees will not exceed
0.30% per annum. Each Applicant participating in a credit line would be
able to draw funds to the exclusion of the other Applicants. The
Applicants may change their credit lines and may obtain additional lines
over time. The continued availability of such credit lines is subject to
the continuing review of the lending institutions.
CL&P, WMECO and NU propose to continue to sell Commercial Paper
publicly. Such Commercial Paper will be issued through The Depository
Trust Company in the form of book entry notes in denominations of not less
than $50,000, of varying maturities, with no maturity more than 270 days
after the date of issue. The Commercial Paper will not be repayable prior
to maturity. The Commercial Paper will be sold through a placement agent
or agents in a co-managed commercial paper program at either the discount
rate per annum or the interest rate per annum prevailing at the date of
issuance for commercial paper of comparable quality and of the particular
maturity sold by public utility issuers thereof. No Commercial Paper will
be issued unless the issuing Applicant believes that the effective interest
cost to the Applicant will be equal to or less than the effective interest
rate at which the Applicant could issue Short-Term Notes in an amount at
least equal to the principal amount of such Commercial Paper. The
<PAGE>
-4-
placement agent or agents will receive a commission for the sale of the
Commercial Paper of not more than 1/8 of 1% per annum on a discounted
basis. CL&P and WMECO will publicly issue and sell Commercial Paper
without registration thereof in reliance upon the exemption set forth in
Section 3(a)(3) of the Securities Act of 1933 (the "1933 Act"). NU will
publicly issue and sell commercial paper without registration thereof in
reliance upon the exemption set forth in Section 4(2) of the 1933 Act and
Regulation D thereunder.
The Applicants also propose the continued use, through December
31, 1996, of the Money Pool, which is composed of available funds loaned by
the participating Subsidiaries and borrowed by those Subsidiaries to assist
in meeting their respective short-term borrowing needs. Another potential
component of the Money Pool is funds borrowed by NU through the issuance of
Short-Term Notes, by selling Commercial Paper or by borrowing through a
revolving credit facility (pursuant to File No. 70-8052) for the purpose of
making open account advances through loans through the Money Pool. NU
requests that its authority for such borrowings be extended through
December 31, 1996. The amounts to be borrowed by NU for the purpose of
making open account advances and to be borrowed through the Money Pool by
the recipients set forth above will also be subject to the short-term
limits on aggregate amount outstanding for which approval is sought in this
filing.
All borrowings from and contributions to the Money Pool,
including the open account advances, will be documented and will be
evidenced on the books of each Applicant that is borrowing from or
contributing surplus funds to the Money Pool. Except for loans from the
proceeds of external borrowings by NU, all loans made under the Money Pool
will bear interest for both the borrower and lender, payable monthly, equal
to the daily Federal Funds Effective Rate as quoted by the Federal Reserve
Bank of New York. Loans from the proceeds of external borrowings by NU
will bear interest at the same rate paid by NU on the borrowings, and no
such loans may be prepaid (unless NU is made whole for any additional costs
that may be incurred because of such prepayment). To the extent that there
are any excess funds available in the Money Pool, such funds will be
invested with the earnings allocated on a pro rata basis.
The Applicants state that they intend to request the Commission's
approval, pursuant to the Application, of all transactions described
therein, whether under the enumerated sections of the Act and the rules
thereunder or otherwise.
The Application and any amendments thereto are available for
public inspection through the Commission's Office of Public Reference. Any
interested persons wishing to comment or request a hearing on the
Application should submit their views in writing by , 1994, to
the Secretary, Securities and Exchange Commission, Washington, D.C. 20549,
and serve a copy on the Applicants at the addresses specified above. Proof
of service (by affidavit or, in the case of an attorney at law, by
certificate) should be filed with the request. Any request for hearing
shall identify specifically the issues of fact or law that are disputed. A
person who so requests will be notified of any hearing, if ordered, and
will receive a copy of any notice or order issued in this matter. After
<PAGE>
-5-
said date, the Application, as filed or as it may be further amended, may
be granted.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
<TABLE>
EXHIBIT J.1
THE CONNECTICUT LIGHT AND POWER COMPANY
20% UNSECURED DEBT CALCULATION TEST
30-Jun-94
-($000)-
<CAPTION>
ACTUAL
<S> <C>
Common Equity $1,520,493
Preferred Stock: Non-Redeemable 166,200
Redeemable 230,000
Total First Mortgage Bonds 1,160,176
Total Other Long-Term Debt 524,838
Due Within One Year
Long-Term Debt 177,546
Preferred Stock 0
--------------
Unamortized Debt Discount and Premium (8,931)
3,770,322
--------------
X 20% Unsecured Debt Limit 754,064
Less Unsecured Debt:
Seabrook Pollution Control Bonds 46,400
CRRA Financing 31,910
Other - Montville /Hopmeadow 118
Money Pool 27,500
Commercial Paper 69,500
Bank Borrowings 144,500
--------------
319,928
--------------
Additional Available Unsecured Debt 434,136
--------------
Add Back Short-Term Debt
Outstanding on 6/30/94 241,500
--------------
Total Available Short-Term Debt $675,636
</TABLE>
<TABLE>
EXHIBIT J.2
WESTERN MASSACHUSETTS ELECTRIC COMP
20% UNSECURED DEBT CALCULATION TEST
30-Jun-94
-($000)-
<CAPTION>
ACTUAL
--------------
<S> <C>
Common Equity $286,386
Preferred Stock - Non Redeemable 73,500
- Redeemable 24,000
Total First Mortgage Bonds 294,650
Total Other Long-Term Debt 86,280
Due Within One Year
Long-Term Debt 1,500
Preferred Stock
Unamortized Debt Discount and Premium (1,178)
--------------
765,138
--------------
X 20% Unsecured Debt Limit 153,028
Less Unsecured Debt:
Money Pool 4,500
Bank Borrowings 7,500
--------------
12,000
Additional Available Unsecured Debt 141,028
--------------
Add Back Short-Term Debt
Outstanding on 6/30/94 12,000
--------------
Total Available Short-Term Debt $153,028
</TABLE>
<TABLE>
NORTHEAST UTILITIES (PARENT)
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 1.1 PAGE 1 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
ASSETS
OTHER PROPERTY AND INVESTMENTS:
INVESTMENTS IN SUBSIDIARY COMPANIES,
AT EQUITY $2,583,268 $2,583,268
INVESTMENTS IN TRANSMISSION
COMPANIES, AT EQUITY 26,057 26,057
OTHER, AT COST 678 678
--------------------------------- -------------------
TOTAL OTHER PROPERTY & INVESTMENTS 2,610,003 0 2,610,003
CURRENT ASSETS:
CASH AND SPECIAL DEPOSITS 48 69,000 (a) 69,048
NOTES RECEIVABLE FROM AFFILIATED CO'S 5,525 5,525
NOTES AND ACCOUNTS RECEIVABLES 1 1
ACCOUNTS RECEIVABLE FROM AFFILIATED CO'S 691 691
PREPAYMENTS 306 306
--------------------------------- -------------------
TOTAL CURRENT ASSETS 6,571 69,000 75,571
--------------------------------- -------------------
DEFERRED CHARGES:
ACCUMULATED DEFERRED INCOME TAXES 6,729 6,729
UNAMORTIZED DEBT EXPENSE 43 43
OTHER 33 33
--------------------------------- -------------------
TOTAL DEFERRED CHARGES 6,805 0 6,805
--------------------------------- -------------------
TOTAL ASSETS $2,623,379 $69,000 $2,692,379
*EXPLANATION AT FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
</TABLE>
<TABLE>
NORTHEAST UTILITIES (PARENT)
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 1.1 PAGE 2 OF 2
PRO FORMA
<CAPTION>
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
COMMON SHARES $671,048 $671,048
CAPITAL SURPLUS, PAID IN 903,137 903,137
DEFERRED BENEFIT PLAN - ESOP (221,047) (221,047)
RETAINED EARNINGS 927,032 (3,476) 923,556
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 2,280,170 (3,476) 2,276,694
LONG-TERM DEBT, NET 230,000 230,000
--------------------------------- -------------------
TOTAL CAPITALIZATION 2,510,170 (3,476) 2,506,694
150
CURRENT LIABILITIES:
NOTES PAYABLE TO BANK 81,000 69,000 (a) 150,000
ACCOUNTS PAYABLE 5,204 5,204
ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 11,761 11,761
CURRENT PORTION OF LONG-TERM DEBT 9,000 9,000
ACCRUED TAXES 2,439 (1,872)(c) 567
ACCRUED INTEREST 3,171 5,348 (b) 8,519
OTHER 17 17
------------------------------ -------------------
TOTAL CURRENT LIABILITIES 112,592 72,476 185,068
DEFERRED CREDITS:
OTHER 617 617
--------------------------------- -------------------
TOTAL DEFERRED CREDITS 617 0 617
--------------------------------- -------------------
TOTAL CAPITALIZATION AND
LIABILITIES $2,623,379 $69,000 $2,692,379
*EXPLANATION AT FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
</TABLE>
<TABLE>
NORTHEAST UTILITIES (PARENT)
INCOME STATEMENT
FOR 12 MONTHS ENDED JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 1.2 PAGE 1 OF 3
PRO FORMA
<CAPTION>
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $0 $0 $0
--------------------------------- -------------------
OPERATING EXPENSES:
OPERATION EXPENSE 8,195 8,195
FEDERAL AND STATE INCOME TAXES (8,200) (1,872)(c) (10,072)
TAXES OTHER THAN INCOME TAXES 11 11
--------------------------------- -------------------
TOTAL OPERATING EXPENSES 6 (1,872) (1,866)
--------------------------------- -------------------
OPERATING INCOME (6) 1,872 1,866
--------------------------------- -------------------
OTHER INCOME:
EQUITY IN EARNINGS OF SUBSIDIARIES 298,795 298,795
EQUITY IN EARNINGS OF TRANSMISSION
COMPANIES 3,609 3,609
OTHER, NET 1,250 1,250
--------------------------------- -------------------
OTHER INCOME, NET 303,654 0 303,654
--------------------------------- -------------------
INCOME BEFORE INTEREST CHARGES 303,648 1,872 305,520
--------------------------------- -------------------
INTEREST CHARGES:
INTEREST ON LONG-TERM DEBT 20,740 20,740
OTHER INTEREST 3,128 5,348 (b) 8,476
--------------------------------- -------------------
TOTAL INTEREST CHARGES 23,868 5,348 29,216
--------------------------------- -------------------
NET INCOME 279,780 (3,476) 276,304
--------------------------------- -------------------
EARNINGS FOR COMMON SHARES 279,780 (3,476) 276,304
EARNINGS PER COMMON SHARE 2.25 2.25
COMMON SHARES OUTSTANDING (AVERAGE) 124,329,564 124,329,564
*EXPLANATION AT FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
</TABLE>
<TABLE>
NORTHEAST UTILITIES (PARENT)
CAPITAL STRUCTURE AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 1.2 PAGE 2 OF 3
PER BOOK
<CAPTION>
ADJUSTED TO
PRO FORMA REFLECT
% PER BOOK ADJUSTMENT PRO FORMA %
<S> <C> <C> <C> <C> <C>
DEBT:
LONG-TERM DEBT, NET $239,000 $239,000
--------------------------------- -------------------
TOTAL DEBT 9.5% 239,000 0 239,000 9.5%
COMMON EQUITY:
COMMON SHARES 671,048 671,048
CAPITAL SURPLUS, PAID IN 903,137 903,137
DEFERRED BENEFIT PLAN - ESOP (221,047) (221,047)
RETAINED EARNINGS 927,032 (3,476) 923,556
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 90.5% 2,280,170 (3,476) 2,276,694 90.5%
--------------------------------- -------------------
TOTAL CAPITAL 100.0%$2,519,170 (3,476) $2,515,694 100.0%
</TABLE>
<TABLE>
NORTHEAST UTILITIES (PARENT)
EXPLANATION OF ADJUSTMENTS
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
<CAPTION>
DEBIT CREDIT
<S> <C> <C>
(a) CASH $69,000
NOTES PAYABLE $69,000
To record the additional proposed borrowing up to the entire $150 million available to the company.
(b) OTHER INTEREST EXPENSE 5,348
ACCRUED INTEREST 5,348
To record the interest expense on the additional proposed borrowing at Prime:
$69,000 x 7.75% = 5,348
(c) ACCRUED TAXES 1,872
FEDERAL AND STATE INCOME TAX EXPENSE 1,872
To record the reduction in Federal and State income taxes due to the higher interest and fee expenses:
$5,348 x 35.00% = 1,872
</TABLE>
<TABLE>
CONNECTICUT LIGHT AND POWER COMPANY
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 2.1 PAGE 1 OF 2
PRO FORMA
<CAPTION>
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
ASSETS
UTILITY PLANT, AT ORIGINAL COST:
ELECTRIC $6,002,962 $6,002,962
LESS: ACCUMULATED PROVISION FOR
DEPRECIATION 2,103,643 2,103,643
--------------------------------- --------------
3,899,319 0 3,899,319
CONSTRUCTION WORK IN PROGRESS 105,161 105,161
NUCLEAR FUEL, NET 161,097 161,097
--------------------------------- -------------------
TOTAL NET UTILITY PLANT 4,165,577 0 4,165,577
--------------------------------- -------------------
OTHER PROPERTY AND INVESTMENTS:
NUCLEAR DECOMMISSIONING TRUST, AT MARKET 164,038 164,038
INVESTMENTS IN REGIONAL NUCLEAR
GENERATING COMPANIES, AT EQUITY 54,605 54,605
OTHER, AT COST 14,165 14,165
--------------------------------- -------------------
232,808 0 232,808
--------------------------------- -------------------
CURRENT ASSETS:
CASH AND SPECIAL DEPOSITS 604 83,500 (a) 84,104
RECEIVABLES, NET 198,087 198,087
RECEIVABLES FROM AFFILIATED COMPANIES 4,101 4,101
ACCRUED UTILITY REVENUES 86,612 86,612
FUEL, MATERIAL AND SUPPLIES, AT
AVERAGE COST 64,014 64,014
RECOVERABLE ENERGY COSTS, NET-CURRENT POSITION 1,972 1,972
PREPAYMENTS AND OTHER 32,492 32,492
--------------------------------- -------------------
TOTAL CURRENT ASSETS 387,882 83,500 471,382
--------------------------------- -------------------
DEFERRED CHARGES:
REGULATORY ASSET-INCOME TAXES, NET 990,087 990,087
UNAMORTIZED DEBT EXPENSE 8,453 8,453
RECOVERABLE ENERGY COSTS, NET 28,678 28,678
DEFERRED CONSERVATION AND LOAD-
MANAGEMENT COSTS 107,755 107,755
DEFERRED DOE ASSESSMENT 37,033 37,033
DEFERRED COSTS - NUCLEAR PLANTS 144,297 144,297
AMORTIZABLE PROPERTY INVESTMENT - 4,983 4,983
UNRECOVERED CONTRACT OBLIGATION-YAEC 77,919 77,919
OTHER 63,892 63,892
--------------------------------- -------------------
TOTAL DEFERRED CHARGES 1,463,097 0 1,463,097
--------------------------------- -------------------
TOTAL ASSETS $6,249,364 $83,500 $6,332,864
* EXPLANATION AT FINANCIAL STATEMENT 2.2 PAGE 3 OF 3
</TABLE>
<TABLE>
CONNECTICUT LIGHT AND POWER COMPANY
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 2.1 PAGE 2 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
COMMON SHARES $122,229 $122,229
CAPITAL SURPLUS, PAID IN 631,213 631,213
RETAINED EARNINGS 767,051 (3,722) 763,329
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 1,520,493 (3,722) 1,516,771
PREFERRED STOCK NOT SUBJECT TO
MANDATORY REDEMPTION 166,200 166,200
PREFERRED STOCK SUBJECT TO MANDATORY
REDEMPTION 230,000 230,000
LONG-TERM DEBT, NET 1,676,083 1,676,083
--------------------------------- -------------------
TOTAL CAPITALIZATION 3,592,776 (3,722) 3,589,054
OBLIGATIONS UNDER CAPITAL LEASES 129,293 129,293
325
CURRENT LIABILITIES:
NOTES PAYABLE TO BANKS 144,500 83,500 (a) 228,000
NOTES PAYABLE TO AFFILIATED COMPANY 27,500 27,500
COMMERCIAL PAPER 69,500 69,500
LONG-TERM DEBT AND PREFERRED STOCK -
CURRENT PORTION 177,546 177,546
OBLIGATIONS UNDER CAPITAL LEASES -
CURRENT PORTION 55,037 55,037
ACCOUNTS PAYABLE 74,691 74,691
ACCOUNTS PAYABLE TO AFFILIATED
COMPANIES 28,755 28,755
ACCRUED TAXES 23,705 (2,749)(c) 20,956
ACCRUED INTEREST 28,734 6,471 (b) 35,205
OTHER 29,335 29,335
------------------------------ -------------------
TOTAL CURRENT LIABILITIES 659,303 87,222 746,525
DEFERRED CREDITS:
ACCUMULATED DEFERRED INCOME TAXES 1,559,096 1,559,096
ACCUMULATED DEFERRED INVESTMENT
TAX CREDITS 151,131 151,131
DEFERRED CONTRACT OBLIGATION-YAEC 77,919 77,919
DEFERRED DOE OBLIGATION 28,702 28,702
OTHER 51,144 51,144
--------------------------------- -------------------
TOTAL DEFERRED CREDITS 1,867,992 0 1,867,992
--------------------------------- -------------------
TOTAL CAPITALIZATION AND
LIABILITIES $6,249,364 $83,500 $6,332,864
* EXPLANATION AT FINANCIAL STATEMENT 2.2 PAGE 3 OF 3
</TABLE>
<TABLE>
CONNECTICUT LIGHT AND POWER COMPANY
INCOME STATEMENT
FOR 12 MONTHS ENDED JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 2.2 PAGE 1 OF 3
PRO FORMA
GIVING EFFECT
<CAPTION>
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $2,349,971 $0 $2,349,971
--------------------------------- -------------------
OPERATING EXPENSES:
OPERATION -
FUEL PURCHASED AND INTERCHANGE
POWER 586,328 586,328
OTHER 622,576 622,576
MAINTENANCE 182,350 182,350
DEPRECIATION 222,659 222,659
AMORTIZATION/DEFERRALS OF REGULATORY
ASSETS, NET 117,600 117,600
FEDERAL AND STATE INCOME TAXES 178,337 (2,749)(c) 175,588
TAXES OTHER THAN INCOME TAXES 168,017 168,017
--------------------------------- -------------------
TOTAL OPERATING EXPENSES 2,077,867 (2,749) 2,075,118
--------------------------------- -------------------
OPERATING INCOME: 272,104 2,749 274,853
--------------------------------- -------------------
OTHER INCOME:
ALLOWANCE FOR OTHER FUNDS USED
DURING CONSTRUCTION (16) (16)
DEFERRED NUCLEAR PLANTS RETURN-OTHER
FUNDS 17,364 17,364
EQUITY IN EARNINGS OF REGIONAL NUCLEAR
GENERATING COMPANIES 7,010 7,010
WRITE OFF OF PLANT COSTS 0 0
OTHER, NET 13,862 13,862
INCOME TAXES - CREDIT 5,239 5,239
--------------------------------- -------------------
OTHER INCOME, NET 43,459 0 43,459
--------------------------------- -------------------
INCOME BEFORE INTEREST CHARGES 315,563 2,749 318,312
--------------------------------- -------------------
INTEREST CHARGES:
INTEREST ON LONG-TERM DEBT 126,369 126,369
OTHER INTEREST 5,913 6,471 (b) 12,384
DEFERRED NUCLEAR PLANTS RETURN -
BORROWED FUNDS, NET OF INCOME TAX (10,549) (10,549)
--------------------------------- -------------------
TOTAL INTEREST CHARGES 121,733 6,471 128,204
--------------------------------- -------------------
NET INCOME 193,830 (3,722) 190,108
* EXPLANATION AT FINANCIAL STATEMENT 2.2 PAGE 3 OF 3
</TABLE>
<TABLE>
CONNECTICUT LIGHT AND POWER COMPANY
CAPITAL STRUCTURE AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 2.2 PAGE 2 OF 3
PER BOOK
<CAPTION>
ADJUSTED TO
PRO FORMA REFLECT
% PER BOOK ADJUSTMENT PRO FORMA %
<S> <C> <C> <C> <C> <C>
DEBT:
LONG-TERM DEBT, NET 49.2%$1,853,629 0 $1,853,629 49.2%
PREFERRED STOCK:
NOT SUBJECT TO REDEMPTION 166,200 166,200
SUBJECT TO REDEMPTION 230,000 230,000
--------------------------------- -------------------
TOTAL PREFERRED STOCK 10.5% 396,200 0 396,200 10.5%
COMMON EQUITY:
COMMON SHARES 122,229 122,229
CAPITAL SURPLUS, PAID IN 631,213 631,213
RETAINED EARNINGS 767,051 (3,722) 763,329
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 40.3% 1,520,493 (3,722) 1,516,771 40.3%
--------------------------------- -------------------
TOTAL CAPITAL 100.0%$3,770,322 (3,722) $3,766,600 100.0%
</TABLE>
<TABLE>
CONNECTICUT LIGHT AND POWER COMPANY
EXPLANATION OF ADJUSTMENTS
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 2.2 PAGE 3 OF 3
<S> <C> <C>
DEBIT CREDIT
(a) CASH $83,500
NOTES PAYABLE $83,500
To record the additional proposed borrowing up to the entire $325 million available to the company.
(b) OTHER INTEREST EXPENSE 6,471
ACCRUED INTEREST 6,471
To record the interest expense on the additional proposed borrowing at Prime:
$83,500 x 7.75% = 6,471
(c) ACCRUED TAXES 2,749
FEDERAL AND STATE INCOME TAX EXPENSE 2,749
To record the reduction in Federal and State income taxes due to the higher interest and fee expenses:
$6,471 x 42.48% = 2,749
NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
</TABLE>
<TABLE>
WESTERN MASSACHUSETTS ELECTRIC COMPANY
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 3.1 PAGE 1 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
ASSETS
UTILITY PLANT, AT ORIGINAL COST:
ELECTRIC $1,199,416 $1,199,416
LESS: ACCUMULATED PROVISION FOR
DEPRECIATION 412,312 412,312
--------------------------------- --------------
787,104 0 787,104
CONSTRUCTION WORK IN PROGRESS 20,976 20,976
NUCLEAR FUEL, NET 36,954 36,954
--------------------------------- -------------------
TOTAL NET UTILITY PLANT 845,034 0 845,034
--------------------------------- -------------------
OTHER PROPERTY AND INVESTMENTS:
NUCLEAR DECOMMISSIONING TRUST, AT MARKET 54,303 54,303
INVESTMENTS IN REGIONAL NUCLEAR
GENERATING COMPANIES, AT EQUITY 14,818 14,818
OTHER, AT COST 3,840 3,840
--------------------------------- -------------------
72,961 0 72,961
--------------------------------- -------------------
CURRENT ASSETS:
CASH AND SPECIAL DEPOSITS 116 48,000 (a) 48,116
RECEIVABLES, NET 35,592 35,592
RECEIVABLES FROM AFFILIATED COMPANIES 5,998 5,998
ACCRUED UTILITY REVENUES 15,931 15,931
FUEL, MATERIAL AND SUPPLIES, AT
AVERAGE COST 5,639 5,639
PREPAYMENTS AND OTHER 12,510 12,510
--------------------------------- -------------------
TOTAL CURRENT ASSETS 75,786 48,000 123,786
--------------------------------- -------------------
DEFERRED CHARGES:
UNAMORTIZED DEBT EXPENSE 1,846 1,846
DEFERRED CHARGES - SFAS 109 90,357 90,357
DEFERRED DOE ASSESSMENT 8,247 8,247
DEFERRED COSTS - NUCLEAR PLANTS 15,399 15,399
AMORTIZABLE PROPERTY INVESTMENT - 22,401 22,401
UNRECOVERED CONTRACT OBLIGATION-YAEC 22,262 22,262
OTHER 38,280 38,280
--------------------------------- -------------------
TOTAL DEFERRED CHARGES 198,792 0 198,792
--------------------------------- -------------------
TOTAL ASSETS $1,192,573 $48,000 $1,240,573
* EXPLANATION AT FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
</TABLE>
<TABLE>
WESTERN MASSACHUSETTS ELECTRIC COMPANY
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 3.1 PAGE 2 OF 2
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
COMMON SHARES $26,812 $26,812
CAPITAL SURPLUS, PAID IN 149,464 149,464
RETAINED EARNINGS 110,110 (2,261) 107,849
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 286,386 (2,261) 284,125
PREFERRED STOCK NOT SUBJECT TO
MANDATORY REDEMPTION 73,500 73,500
PREFERRED STOCK SUBJECT TO MANDATORY
REDEMPTION 24,000 24,000
LONG-TERM DEBT, NET 379,752 379,752
--------------------------------- -------------------
TOTAL CAPITALIZATION 763,638 (2,261) 761,377
OBLIGATIONS UNDER CAPITAL LEASES 25,832 25,832
CURRENT LIABILITIES: 60
NOTES PAYABLE TO AFFILIATED COMPANIES 4,500 4,500
NOTES PAYABLE TO BANKS 7,500 48,000 (a) 55,500
LONG-TERM DEBT AND PREFERRED STOCK -
CURRENT PORTION 1,500 1,500
OBLIGATIONS UNDER CAPITAL LEASES -
CURRENT PORTION 12,781 12,781
ACCOUNTS PAYABLE 15,216 15,216
ACCOUNTS PAYABLE TO AFFILIATED
COMPANIES 6,973 6,973
ACCRUED TAXES 6,148 (1,459)(c) 4,689
ACCRUED INTEREST 6,243 3,720 (b) 9,963
REFUNDABLE CONSERVATION COSTS - NET 7,388 7,388
OTHER 7,651 7,651
--------------------------------- -------------------
TOTAL CURRENT LIABILITIES 75,900 50,261 126,161
DEFERRED CREDITS:
ACCUMULATED DEFERRED INCOME TAXES 252,253 252,253
ACCUMULATED DEFERRED INVESTMENT
TAX CREDITS 35,458 35,458
DEFERRED CONTRACT OBLIGATION-YAEC 22,262 22,262
DEFERRED DOE OBLIGATION 6,608 6,608
OTHER 10,622 10,622
--------------------------------- -------------------
TOTAL DEFERRED CREDITS 327,203 0 327,203
--------------------------------- -------------------
TOTAL CAPITALIZATION AND
LIABILITIES $1,192,573 $48,000 $1,240,573
* EXPLANATION AT FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
</TABLE>
<TABLE>
WESTERN MASSACHUSETTS ELECTRIC COMPANY
INCOME STATEMENT
FOR 12 MONTHS ENDED JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 3.2 PAGE 1 OF 3
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $427,894 $0 $427,894
--------------------------------- -------------------
OPERATING EXPENSES:
OPERATION -
FUEL PURCHASED AND INTERCHANGE
POWER 63,136 63,136
OTHER 141,991 141,991
MAINTENANCE 35,432 35,432
DEPRECIATION 35,751 35,751
AMORTIZATION/DEFERRALS OF REGULATORY
ASSETS, NET 29,016 29,016
FEDERAL AND STATE INCOME TAXES 35,984 (1,459)(c) 34,525
TAXES OTHER THAN INCOME TAXES 16,969 16,969
--------------------------------- -------------------
TOTAL OPERATING EXPENSES 358,279 (1,459) 356,820
--------------------------------- -------------------
OPERATING INCOME: 69,615 1,459 71,074
--------------------------------- -------------------
OTHER INCOME:
DEFERRED NUCLEAR PLANTS RETURN-OTHER
FUNDS 1,110 1,110
EQUITY IN EARNINGS OF REGIONAL NUCLEAR
GENERATING COMPANIES 1,906 1,906
OTHER, NET 2,615 2,615
INCOME TAXES - CREDIT 747 747
--------------------------------- -------------------
OTHER INCOME, NET 6,378 0 6,378
--------------------------------- -------------------
INCOME BEFORE INTEREST CHARGES 75,993 1,459 77,452
--------------------------------- -------------------
INTEREST CHARGES:
INTEREST ON LONG-TERM DEBT 28,585 28,585
OTHER INTEREST 320 3,720 (b) 4,040
DEFERRED NUCLEAR PLANTS RETURN -
BORROWED FUNDS, NET OF INCOME TAX (836) (836)
--------------------------------- -------------------
TOTAL INTEREST CHARGES 28,069 3,720 31,789
--------------------------------- -------------------
NET INCOME 47,924 (2,261) 45,663
* EXPLANATION AT FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
</TABLE>
<TABLE>
WESTERN MASSACHUSETTS ELECTRIC COMPANY
CAPITAL STRUCTURE AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 3.2 PAGE 2 OF 3
PER BOOK
ADJUSTED TO
PRO FORMA REFLECT
% PER BOOK ADJUSTMENT PRO FORMA %
<S> <C> <C> <C> <C>
DEBT:
LONG-TERM DEBT, NET 49.6% $379,752 0 $379,752 49.8%
PREFERRED STOCK:
NOT SUBJECT TO REDEMPTION 73,500 73,500
SUBJECT TO REDEMPTION 25,500 25,500
--------------------------------- -------------------
TOTAL PREFERRED STOCK 12.9% 99,000 0 99,000 13.0%
COMMON EQUITY:
COMMON SHARES 26,812 26,812
CAPITAL SURPLUS, PAID IN 149,464 149,464
RETAINED EARNINGS 110,110 (2,261) 107,849
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 37.5% 286,386 (2,261) 284,125 37.2%
--------------------------------- -------------------
TOTAL CAPITAL 100.0% $765,138 (2,261) $762,877 100.0%
</TABLE>
<TABLE>
WESTERN MASSACHUSETTS ELECTRIC COMPANY
EXPLANATION OF ADJUSTMENTS
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
<CAPTION>
DEBIT CREDIT
<S> <C> <C>
(a) CASH $48,000
NOTES PAYABLE $48,000
To record the additional proposed borrowing up to the entire $60 million available to the company."
(b) OTHER INTEREST EXPENSE 3,720
ACCRUED INTEREST 3,720
To record the interest expense on the additional proposed borrowing at Prime:
$48,000 x 7.75% = 3,720
(c) ACCRUED TAXES 1,459
FEDERAL AND STATE INCOME TAX EXPENSE 1,459
To record the reduction in Federal and State income taxes due to the higher interest and fee expenses:
$3,720 x 39.23% = 1,459
NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
</TABLE>
<TABLE>
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 4.1 PAGE 1 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
ASSETS
UTILITY PLANT, AT ORIGINAL COST:
ELECTRIC $2,014,646 $2,014,646
LESS: ACCUMULATED PROVISION FOR
DEPRECIATION 457,821 457,821
------------------------------------------------
1,556,825 0 1,556,825
CONSTRUCTION WORK IN PROGRESS 6,308 6,308
NUCLEAR FUEL, NET 1,578 1,578
-------------------------------------------------------
TOTAL NET UTILITY PLANT 1,564,711 0 1,564,711
OTHER PROPERTY AND INVESTMENTS:
NUCLEAR DECOMMISSIONING TRUST, AT MARKET 1,672 1,672
INVESTMENTS IN REGIONAL NUCLEAR
GENERATING AND SUBSIDIARY COMPANIES,
AT EQUITY 19,516 19,516
OTHER, AT COST 356 356
-------------------------------------------------------
TOTAL OTHER PROP. & INVEST. 21,544 0 21,544
CURRENT ASSETS:
CASH AND SPECIAL DEPOSITS 404 175,000 (a) 175,404
RECEIVABLES, NET 70,865 70,865
RECEIVABLES FROM AFFILIATED COMPANIES 40,750 40,750
NOTES RECEIVABLE FROM AFFILIATED COS. 1,968 1,968
ACCRUED UTILITY REVENUES 31,919 31,919
FUEL, MATERIAL AND SUPPLIES, AT
AVERAGE COST 40,913 40,913
ENERGY ADJUSTMENT CLAUSE - CURRENT 13,802 13,802
PREPAYMENTS AND OTHER 23,598 23,598
-------------------------------------------------------
TOTAL CURRENT ASSETS 224,219 175,000 399,219
DEFERRED CHARGES:
REGULATORY ASSET - RATE AGREEMENT 724,453 724,453
UNRECOVERED CONTRACT OBLIGATIONS-YAEC 19,701 19,701
UNAMORTIZED DEBT EXPENSE 18,579 18,579
REGULATORY ASSET - INCOME TAXES NET 62,393 62,393
ENERGY ADJUSTMENT CLAUSE 137,369 137,369
DEFERRED RECEIVABLE FROM ASSOCIATED
COMPANY 33,284 33,284
OTHER 8,932 8,932
-------------------------------------------------------
TOTAL DEFERRED CHARGES 1,004,711 0 1,004,711
-------------------------------------------------------
TOTAL ASSETS $2,815,185 $175,000 $2,990,185
* EXPLANATION AT FINANCIAL STATEMENT 4.2 PAGE 3 OF 3
</TABLE>
<TABLE>
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 4.1 PAGE 2 OF 2
PRO FORMA
<CAPTION>
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
COMMON SHARES $1 $1
CAPITAL SURPLUS, PAID IN 421,507 421,507
RETAINED EARNINGS 92,494 (8,199) 84,295
-------------------------------------------------------
TOTAL COMMON STOCKHOLDER EQUITY 514,002 (8,199) 505,803
PREFERRED STOCK SUBJECT TO MANDATORY
REDEMPTION 125,000 125,000
LONG-TERM DEBT 952,985 952,985
-------------------------------------------------------
TOTAL CAPITALIZATION 1,591,987 (8,199) 1,583,788
OBLIGATIONS UNDER CAPITAL LEASES 840,963 840,963
175
CURRENT LIABILITIES:
NOTES PAYABLE TO BANK 0 175,000 (a) 175,000
LONG-TERM DEBT CURRENT PORTION 94,000 94,000
OBLIGATIONS UNDER CAPITAL LEASES -
CURRENT PORTION 38,851 38,851
ACCOUNTS PAYABLE 32,839 32,839
ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 18,458 18,458
ACCRUED TAXES 18,870 (5,364)(c) 13,506
ACCRUED INTEREST 11,223 13,563 (b) 24,786
ACCRUED PENSION BENEFITS 33,122 33,122
OTHER 19,727 19,727
------------------------------ ---------------------
TOTAL CURRENT LIABILITIES 267,090 183,199 450,289
DEFERRED CREDITS:
DEFERRED CONTRACT OBLIGATION-YAEC 19,701 19,701
ACCUMULATED DEFERRED INVESTMENT
TAX CREDITS 5,894 5,894
ACCUMULATED DEFERRED INCOME TAXES 37,260 37,260
DEFERRED REVENUE FROM AFFILIATED CO. 33,284 33,284
OTHER 19,006 19,006
-------------------------------------------------------
TOTAL DEFERRED CREDITS 115,145 0 115,145
-------------------------------------------------------
TOTAL CAPITALIZATION AND
LIABILITIES $2,815,185 $175,000 $2,990,185
* EXPLANATION AT FINANCIAL STATEMENT 4.2 PAGE 3 OF 3
</TABLE>
<TABLE>
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
INCOME STATEMENT
FOR 12 MONTHS ENDED JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 4.2 PAGE 1 OF 3
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS * TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $907,504 $0 $907,504
-------------------------------------------------------
OPERATING EXPENSES:
OPERATIONS -
FUEL, PURCHASED AND NET INTERCHANGE
POWER 214,661 214,661
OTHER 312,803 312,803
MAINTENANCE 43,505 43,505
DEPRECIATION 38,436 38,436
AMORTIZATION OF REGULATORY ASSET 50,734 50,734
FEDERAL AND STATE INCOME TAXES 75,296 (5,364)(c) 69,932
TAXES OTHER THAN INCOME TAXES 38,249 38,249
-------------------------------------------------------
TOTAL OPERATING EXPENSES 773,684 (5,364) 768,320
-------------------------------------------------------
OPERATING INCOME: 133,820 5,364 139,184
-------------------------------------------------------
OTHER INCOME:
EQUITY IN EARNINGS OF REGIONAL NUCLEAR
GENERATING COMPANIES AND SUBSIDIARY
COMPANY 1,479 1,479
OTHER, NET 1,350 1,350
INCOME TAXES - CREDIT 11,500 11,500
-------------------------------------------------------
OTHER INCOME, NET 14,329 0 14,329
-------------------------------------------------------
INCOME BEFORE INTEREST CHARGES 148,149 5,364 153,513
-------------------------------------------------------
INTEREST CHARGES:
INTEREST ON LONG-TERM DEBT 75,675 75,675
OTHER INTEREST 511 13,563 (b) 14,074
-------------------------------------------------------
TOTAL INTEREST CHARGES 76,186 13,563 89,749
-------------------------------------------------------
NET INCOME 71,963 (8,199) 63,764
* EXPLANATION AT FINANCIAL STATEMENT 4.2 PAGE 3 OF 3
</TABLE>
<TABLE>
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
CAPITAL STRUCTURE AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 4.2 PAGE 2 OF 3
PER BOOK
<CAPTION>
ADJUSTED TO
PRO FORMA REFLECT
% PER BOOK ADJUSTMENT PRO FORMA %
<S> <C> <C> <C> <C> <C>
DEBT:
LONG-TERM DEBT $952,985 $952,985
LONG-TERM DEBT CURRENT PORTION 94,000 94,000
-------------------------------------------------------
TOTAL DEBT 62.1% 1,046,985 0 1,046,985 62.4%
PREFERRED STOCK:
PREFERRED STOCK SUBJECT TO MANDATORY
REDEMPTION 7.4% 125,000 0 125,000 7.5%
COMMON EQUITY:
COMMON SHARES 1 1
CAPITAL SURPLUS, PAID IN 421,507 421,507
RETAINED EARNINGS 92,494 (8,199) 84,295
-------------------------------------------------------
TOTAL COMMON STOCKHOLDER EQUITY 30.5% 514,002 (8,199) 505,803 30.1%
TOTAL CAPITAL 100.0% $1,685,987 (8,199) $1,677,788 100.0%
</TABLE>
<TABLE>
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
EXPLANATION OF ADJUSTMENTS
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 4.2 PAGE 3 OF 3
<CAPTION>
DEBIT CREDIT
<S> <C> <C>
(a) CASH $175,000
NOTES PAYABLE $175,000
To record the additional proposed borrowing up to the entire $175 million available to the company.
(b) OTHER INTEREST EXPENSE 13,563
ACCRUED INTEREST 13,563
To record the interest expense on the additional proposed borrowing at Prime:
$175,000 x 7.75%= 13,563
(c) ACCRUED TAXES 5,364
FEDERAL AND STATE INCOME TAX EXPENSE 5,364
To record the reduction in Federal and State income taxes due to the higher interest and fee expenses:
$13,563 x 39.55%= 5,364
NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
</TABLE>
<TABLE>
HOLYOKE WATER POWER COMPANY
CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 5.1 PAGE 1 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
ASSETS
UTILITY PLANT, AT ORIGINAL COST:
ELECTRIC $88,654 $88,654
LESS: ACCUMULATED PROVISION FOR
DEPRECIATION 38,080 38,080
--------------------------------- --------------
50,574 0 50,574
CONSTRUCTION WORK IN PROGRESS 5,851 5,851
--------------------------------- -------------------
TOTAL NET UTILITY PLANT 56,425 0 56,425
--------------------------------- -------------------
OTHER PROPERTY AND INVESTMENTS:
NONUTILITY PROPERTY, AT EQUITY 3,480 3,480
OTHER INVESTMENTS, AT COST 3 3
--------------------------------- -------------------
3,483 0 3,483
--------------------------------- -------------------
CURRENT ASSETS:
CASH 129 5,000 (a) 5,129
NOTES AND ACCOUNTS RECEIVABLES 7,250 7,250
ACCOUNTS RECEIVABLE 4,416 4,416
ACCOUNTS RECEIVABLE FROM AFFILIATES 819 819
FUEL, MATERIAL AND SUPPLIES, AT
AVERAGE COST 4,058 4,058
PREPAYMENTS AND OTHER 145 145
--------------------------------- -------------------
TOTAL CURRENT ASSETS 16,817 5,000 21,817
--------------------------------- -------------------
DEFERRED CHARGES:
UNAMORTIZED DEBT EXPENSE 1,072 1,072
DEFERRED CHARGES -- SFAS 109 3,094 3,094
OTHER 418 418
--------------------------------- -------------------
TOTAL DEFERRED CHARGES 4,584 0 4,584
--------------------------------- -------------------
TOTAL ASSETS $81,309 $5,000 $86,309
* EXPLANATION AT FINANCIAL STATEMENT 5.2 PAGE 3 OF 3
</TABLE>
<TABLE>
HOLYOKE WATER POWER COMPANY
CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 5.1 PAGE 2 OF 2
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
COMMON SHARES $2,400 $2,400
CAPITAL SURPLUS, PAID IN 6,000 6,000
RETAINED EARNINGS 13,392 (228) 13,164
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 21,792 (228) 21,564
LONG-TERM DEBT, NET 38,300 38,300
--------------------------------- -------------------
TOTAL CAPITALIZATION 60,092 (228) 59,864
5
CURRENT LIABILITIES:
ACCOUNTS PAYABLE 1,057 1,057
ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 134 134
NOTES PAYABLE 0 5,000 (a) 5,000
ACCRUED TAXES 1,831 (160)(c) 1,671
ACCRUED INTEREST 108 388 (b) 496
OTHER 1,377 1,377
------------------------------ -------------------
TOTAL CURRENT LIABILITIES 4,507 5,228 9,735
DEFERRED CREDITS:
ACCUMULATED DEFERRED INCOME TAXES 10,902 10,902
ACCUMULATED DEFERRED INVESTMENT
TAX CREDITS 3,711 3,711
OTHER 2,097 2,097
--------------------------------- -------------------
TOTAL DEFERRED CREDITS 16,710 0 16,710
--------------------------------- -------------------
TOTAL CAPITALIZATION AND
LIABILITIES $81,309 $5,000 $86,309
* EXPLANATION AT FINANCIAL STATEMENT 5.2 PAGE 3 OF 3
</TABLE>
<TABLE>
HOLYOKE WATER POWER COMPANY
CONSOLIDATED INCOME STATEMENT
FOR 12 MONTHS ENDED JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 5.2 PAGE 1 OF 3
PRO FORMA
<CAPTION>
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $39,685 $0 $39,685
--------------------------------- -------------------
OPERATING EXPENSES:
OPERATION -
FUEL PURCHASED AND INTERCHANGE
POWER 16,419 16,419
OTHER 11,318 11,318
MAINTENANCE 5,237 5,237
DEPRECIATION 1,816 1,816
FEDERAL AND STATE INCOME TAXES 343 (160)(c) 183
TAXES OTHER THAN INCOME TAXES 1,860 1,860
--------------------------------- -------------------
TOTAL OPERATING EXPENSES 36,993 (160) 36,833
--------------------------------- -------------------
OPERATING INCOME: 2,692 160 2,852
--------------------------------- -------------------
OTHER INCOME:
OTHER, NET (392) (392)
INCOME TAXES - CREDIT 333 333
--------------------------------- -------------------
OTHER INCOME, NET (59) 0 (59)
--------------------------------- -------------------
INCOME BEFORE INTEREST CHARGES 2,633 160 2,793
--------------------------------- -------------------
INTEREST CHARGES:
INTEREST ON LONG-TERM DEBT 1,165 1,165
OTHER INTEREST (63) 388 (b) 325
--------------------------------- -------------------
TOTAL INTEREST CHARGES 1,102 388 1,490
--------------------------------- -------------------
NET INCOME 1,531 (228) 1,303
* EXPLANATION AT FINANCIAL STATEMENT 5.2 PAGE 3 OF 3
</TABLE>
<TABLE>
HOLYOKE WATER POWER COMPANY
CAPITAL STRUCTURE AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 5.2 PAGE 2 OF 3
PER BOOK
<CAPTION>
ADJUSTED TO
PRO FORMA REFLECT
% PER BOOK ADJUSTMENT PRO FORMA %
<S> <C> <C> <C> <C> <C>
DEBT:
LONG-TERM DEBT, NET 63.7% $38,300 0 $38,300 64.0%
--------------------------------- -------------------
COMMON EQUITY:
COMMON SHARES $2,400 2,400
CAPITAL SURPLUS, PAID IN 6,000 6,000
RETAINED EARNINGS 13,392 (228) 13,164
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 36.3% 21,792 (228) 21,564 36.0%
--------------------------------- -------------------
TOTAL CAPITAL 100.0% $60,092 (228) $59,864 100.0%
</TABLE>
<TABLE>
HOLYOKE WATER POWER COMPANY
EXPLANATION OF ADJUSTMENTS
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 5.2 PAGE 3 OF 3
<CAPTION>
DEBIT CREDIT
<S> <C> <C>
(a) CASH $5,000
NOTES PAYABLE $5,000
To record the additional proposed borrowing up to the entire $5 million available to the company.
(b) OTHER INTEREST EXPENSE 388
ACCRUED INTEREST 388
To record the interest expense on the additional proposed borrowing at Prime.
$5,000 x 7.75% = 388
(c) ACCRUED TAXES 160
FEDERAL AND STATE INCOME TAX EXPENSE 160
To record the reduction in Federal and State income taxes due to the higher interest and fee expenses:
$388 x 41.18% = 160
NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
</TABLE>
<TABLE>
NORTHEAST NUCLEAR ENERGY COMPANY
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 6.1 PAGE 1 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
ASSETS
UTILITY PLANT, AT ORIGINAL COST:
ELECTRIC $53,633 $53,633
LESS: ACCUMULATED PROVISION FOR
DEPRECIATION 6,993 6,993
--------------------------------- --------------
46,640 0 46,640
CONSTRUCTION WORK IN PROGRESS 5,908 5,908
--------------------------------- -------------------
TOTAL NET UTILITY PLANT 52,548 0 52,548
--------------------------------- -------------------
CURRENT ASSETS:
CASH 8 35,000 (a) 35,008
NOTES RECEIVABLE FROM AFFILIATES 6,000 6,000
ACCOUNTS RECEIVABLE 4,686 4,686
RECEIVABLES FROM AFFILIATED COMPANIES 21,358 21,358
MATERIAL AND SUPPLIES 76,498 76,498
PREPAYMENTS AND OTHER 3,406 3,406
--------------------------------- -------------------
TOTAL CURRENT ASSETS 111,956 35,000 146,956
--------------------------------- -------------------
DEFERRED CHARGES:
ACCUMULATED DEFERRED INCOME TAX 1,986 1,986
UNAMORTIZED DEBT EXPENSE 172 172
OTHER 3,633 3,633
--------------------------------- -------------------
TOTAL DEFERRED CHARGES 5,791 0 5,791
--------------------------------- -------------------
TOTAL ASSETS $170,295 $35,000 $205,295
*EXPLANATION AT FINANCIAL STATEMENT 6.2 PAGE 3 OF 3
</TABLE>
<TABLE>
NORTHEAST NUCLEAR ENERGY COMPANY
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 6.1 PAGE 2 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
COMMON SHARES $15 $15
CAPITAL SURPLUS, PAID IN 15,350 15,350
RETAINED EARNINGS 998 (1,561) (563)
--------------------------------- -------------------
TOTAL COMMON EQUITY 16,363 (1,561) 14,802
LONG-TERM DEBT 24,714 24,714
--------------------------------- -------------------
TOTAL CAPITALIZATION 41,077 (1,561) 39,516
OBLIGATIONS UNDER CAPITAL LEASES 18,197 18,197
50
CURRENT LIABILITIES:
LONG-TERM DEBT -- CURRENT PORTION 286 286
OBLIGATIONS UNDER CAPITAL LEASES -
CURRENT PORTION 2,329 2,329
NOTES PAYABLE TO AFFILIATED COMPANIES 15,000 35,000 (a) 50,000
ACCOUNTS PAYABLE 16,048 16,048
ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 1,133 1,133
ACCRUED TAXES 4,991 (1,152)(c) 3,839
ACCRUED PENSION BENEFITS 12,791 12,791
MILLSTONE 3 FUNDING LIABILITY 42,342 42,342
ACCRUED INTEREST 0 2,713 (b) 2,713
OTHER 4,464 4,464
------------------------------ -------------------
TOTAL CURRENT LIABILITIES 99,384 36,561 135,945
DEFERRED CREDITS:
DEFERRED CREDIT - SFAS 109 7,118 7,118
ACCUMULATED DEFERRED INVESTMENT
TAX CREDITS 773 773
OTHER 3,746 3,746
--------------------------------- -------------------
TOTAL DEFERRED CREDITS 11,637 0 11,637
--------------------------------- -------------------
TOTAL CAPITALIZATION AND
LIABILITIES $170,295 $35,000 $205,295
*EXPLANATION AT FINANCIAL STATEMENT 6.2 PAGE 3 OF 3
</TABLE>
<TABLE>
NORTHEAST NUCLEAR ENERGY COMPANY
INCOME STATEMENT
FOR 12 MONTHS ENDED JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 6.2 PAGE 1 OF 3
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $397,580 $0 $397,580
--------------------------------- -------------------
OPERATING EXPENSES:
OPERATIONS 238,259 238,259
MAINTENANCE 139,785 139,785
DEPRECIATION 505 505
FEDERAL AND STATE INCOME TAXES 1,086 (1,152)(c) (66)
TAXES OTHER THAN INCOME TAXES 13,967 13,967
--------------------------------- -------------------
TOTAL OPERATING EXPENSES 393,602 (1,152) 392,450
--------------------------------- -------------------
OPERATING INCOME: 3,978 1,152 5,130
--------------------------------- -------------------
OTHER DEDUCTIONS: (1,040) (1,040)
--------------------------------- -------------------
INCOME BEFORE INTEREST CHARGES 2,938 1,152 4,090
--------------------------------- -------------------
INTEREST CHARGES:
INTEREST ON LONG-TERM DEBT 420 420
OTHER INTEREST 500 2,713 (b) 3,213
--------------------------------- -------------------
TOTAL INTEREST CHARGES 920 2,713 3,633
--------------------------------- -------------------
NET INCOME 2,018 (1,561) 457
*EXPLANATION AT FINANCIAL STATEMENT 6.2 PAGE 3 OF 3
</TABLE>
<TABLE>
NORTHEAST NUCLEAR ENERGY COMPANY
CAPITAL STRUCTURE AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 6.2 PAGE 2 OF 3
<CAPTION>
PER BOOK
ADJUSTED TO
PRO FORMA REFLECT
% PER BOOK ADJUSTMENT PRO FORMA %
<S> <C> <C> <C> <C> <C>
DEBT:
LONG-TERM DEBT, NET 60.4% $25,000 0 $25,000 62.8%
--------------------------------- -------------------
COMMON EQUITY:
COMMON SHARES 15 15
CAPITAL SURPLUS, PAID IN 15,350 15,350
RETAINED EARNINGS 998 (1,561) (563)
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 39.6% 16,363 (1,561) 14,802 37.2%
--------------------------------- -------------------
TOTAL CAPITAL 100.0% $41,363 (1,561) $39,802 100.0%
</TABLE>
<TABLE>
NORTHEAST NUCLEAR ENERGY COMPANY
EXPLANATION OF ADJUSTMENTS
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 6.2 PAGE 3 OF 3
<CAPTION>
DEBIT CREDIT
<S> <C> <C>
(a) CASH $35,000
NOTES PAYABLE $35,000
To record the additional proposed borrowing up to the entire $50 million available to the company.
(b) OTHER INTEREST EXPENSE 2,713
ACCRUED INTEREST 2,713
To record tha interest expense on the additional proposed borrowing at Prime.
$35,000 x 7.75% = 2,713
(c) ACCRUED TAXES 1,152
FEDERAL AND STATE INCOME TAX EXPENSE 1,152
To record the reduction in Federal and State income taxes due to the higher interest and fee expense:
$2,713 x 42.48% = 1,152
NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
</TABLE>
<TABLE>
NORTH ATLANTIC ENERGY CORPORATION
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 7.1 PAGE 1 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
ASSETS
UTILITY PLANT, AT ORIGINAL COST:
ELECTRIC $767,002 $767,002
LESS: ACCUMULATED PROVISION FOR
DEPRECIATION 67,575 67,575
-------------------------------- --------------
699,427 0 699,427
CONSTRUCTION WORK IN PROGRESS 9,053 9,053
NUCLEAR FUEL, NET 23,076 23,076
-------------------------------- -------------------
TOTAL NET UTILITY PLANT 731,556 0 731,556
OTHER PROPERTY AND INVESTMENTS:
NUCLEAR DECOMMISSIONING TRUST, AT MARKET 9,294 9,294
-------------------------------- -------------------
TOTAL OTHER PROP. & INVEST. 9,294 0 9,294
CURRENT ASSETS:
CASH AND SPECIAL DEPOSITS 2,065 50,000 (a) 52,065
RECEIVABLES FROM AFFILIATED COMPANIES 21,350 21,350
NOTES RECEIVABLE FROM AFFILIATED COMPANY 11,500 11,500
RECEIVABLES 2,453 2,453
FUEL, MATERIALS, AND SUPPLIES, AT
AVERAGE COST 9,242 9,242
PREPAYMENTS AND OTHER 3,945 3,945
-------------------------------- -------------------
TOTAL CURRENT ASSETS 50,555 50,000 100,555
DEFERRED CHARGES:
UNAMORTIZED DEBT EXPENSE 5,170 5,170
DEFERRED COST-NUCLEAR PLANT 109,314 109,314
REGULATORY ASSET - INCOME TAXES 25,804 25,804
DEFERRED DOE ASSESSMENT 4,784 4,784
OTHER DEFERRED DEBITS 974 974
-------------------------------- -------------------
TOTAL DEFERRED CHARGES 146,046 0 146,046
-------------------------------- -------------------
TOTAL ASSETS $937,451 $50,000 $987,451
</TABLE>
*EXPLANATION AT FINANCIAL STATEMENT 7.2 PAGE 3 OF 3
<TABLE>
NORTH ATLANTIC ENERGY CORPORATION
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 7.1 PAGE 2 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
COMMON SHARES $1 $1
CAPITAL SURPLUS, PAID IN 160,999 160,999
RETAINED EARNINGS 52,070 (2,342) 49,728
-------------------------------- -------------------
TOTAL COMMON STOCKHOLDER EQUITY 213,070 (2,342) 210,728
LONG-TERM DEBT 560,000 560,000
-------------------------------- -------------------
TOTAL CAPITALIZATION 773,070 (2,342) 770,728
50
CURRENT LIABILITIES:
NOTES PAYABLE TO AFFILIATED COMPANY 0 50,000 (a) 50,000
ACCOUNTS PAYABLE 3,713 3,713
ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 901 901
ACCRUED TAXES 2,381 (1,533)(c) 848
DEFERRED DOE OBLIGATION - CURRENT 845 845
ACCRUED INTEREST 18,288 3,875 (b) 22,163
----------------------------- -------------------
TOTAL CURRENT LIABILITIES 26,128 52,342 78,470
DEFERRED CREDITS:
DEFERRED CONTRACT OBLIGATIONS TO
ASSOCIATED COMPANY 33,284 33,284
ACCUMULATED DEFERRED INCOME TAXES 98,974 98,974
DEFERRED SEABROOK TAX SETTLEMENT 2,054 2,054
DEFERRED DOE OBLIGATION 3,941 3,941
-------------------------------- -------------------
TOTAL DEFERRED CREDITS 138,253 0 138,253
-------------------------------- -------------------
TOTAL CAPITALIZATION AND
LIABILITIES $937,451 $50,000 $987,451
</TABLE>
*EXPLANATION AT FINANCIAL STATEMENT 7.2 PAGE 3 OF 3
<TABLE>
NORTH ATLANTIC ENERGY CORPORATION
INCOME STATEMENT
FOR 12 MONTHS ENDED JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 7.2 PAGE 1 OF 3
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA * TO PROPOSED
PER BOOK ADJUSTMENTS TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $138,525 $0 $138,525
-------------------------------- -------------------
OPERATING EXPENSES:
OPERATIONS -
FUEL 5,096 5,096
OTHER 39,228 39,228
MAINTENANCE 14,513 14,513
DEPRECIATION 22,618 22,618
FEDERAL AND STATE INCOME TAXES 6,984 (1,533)(c) 5,451
TAXES OTHER THAN INCOME TAXES 11,684 11,684
-------------------------------- -------------------
TOTAL OPERATING EXPENSES 100,123 (1,533) 98,590
-------------------------------- -------------------
OPERATING INCOME: 38,402 1,533 39,935
-------------------------------- -------------------
OTHER INCOME:
DEFERRED SEABROOK RETURN - OTHER FUNDS 13,015 13,015
OTHER, NET 1,895 1,895
INCOME TAXES - CREDIT 1,938 1,938
-------------------------------- -------------------
OTHER INCOME, NET 16,848 0 16,848
INCOME BEFORE INTEREST CHARGES 55,250 1,533 56,783
-------------------------------- -------------------
INTEREST CHARGES:
INTEREST ON LONG-TERM DEBT 64,022 64,022
OTHER INTEREST (240) 3,875 (b) 3,635
DEFERRED SEABROOK RETURN - BORROWED
FUNDS (38,272) (38,272)
-------------------------------- -------------------
TOTAL INTEREST CHARGES, NET 25,510 3,875 29,385
NET INCOME 29,740 (2,342) 27,398
</TABLE>
* EXPLANATION AT FINANCIAL STATEMENT 7.2 PAGE 3 OF 3
<TABLE>
NORTH ATLANTIC ENERGY CORPORATION
CAPITAL STRUCTURE ON JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 7.2 PAGE 2 OF 3
<CAPTION>
PER BOOK
ADJUSTED TO
PRO FORMA REFLECT
% PER BOOK ADJUSTMENT PRO FORMA %
<S> <C> <C> <C> <C> <C>
LONG-TERM DEBT 72.4% $560,000 $560,000 72.7%
COMMON SHARES 1 1
CAPITAL SURPLUS, PAID IN 160,999 160,999
RETAINED EARNINGS 52,070 (2,342) 49,728
-------------------------------- -------------------
TOTAL COMMON STOCKHOLDER EQUITY 27.6% 213,070 (2,342) 210,728 27.3%
-------------------------------- -------------------
100.0% $773,070 (2,342) $770,728 100.0%
</TABLE>
<TABLE>
NORTH ATLANTIC ENERGY CORPORATION
EXPLANATION OF ADJUSTMENTS
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 7.2 PAGE 3 OF 3
<CAPTION>
DEBIT CREDIT
<S> <C> <C>
(a) CASH $50,000
NOTES PAYABLE $50,000
To record the additional proposed borrowing up to the entire $50 million available to the company.
(b) OTHER INTEREST EXPENSE 3,875
ACCRUED INTEREST 3,875
To record the interest expense on the additional proposed borrowing at Prime.
$50,000 x 7.75%= 3,875
(c) ACCRUED TAXES 1,533
FEDERAL AND STATE INCOME TAX EXPENSE 1,533
To record the reduction in Federal and State income taxes due to the higher interest and fee expenses:
$1,533 x 39.55%= 1,533
NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
</TABLE>
<TABLE>
THE ROCKY RIVER REALTY COMPANY
BALANCE SHEET
AS OF JUNE 30,1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 8.1 PAGE 1 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
ASSETS
UTILITY PLANT, AT ORIGINAL COST:
ELECTRIC $0 $0
OTHER 68,254 68,254
--------------------------------- -------------------
68,254 0 68,254
LESS: ACCUMULATED PROVISION FOR
DEPRECIATION 21,808 21,808
--------------------------------- --------------
46,446 0 46,446
CONSTRUCTION WORK IN PROGRESS 19,074 19,074
--------------------------------- -------------------
TOTAL NET UTILITY PLANT 65,520 0 65,520
--------------------------------- -------------------
OTHER PROPERTY AND INVESTMENT 2,488 0 2,488
--------------------------------- -------------------
CURRENT ASSETS:
CASH 68 5,250 (a) 5,318
ACCOUNTS RECEIVABLE 1 1
ACCOUNTS RECEIVABLE FROM AFFILIATED CO'S 1,840 1,840
TAXES RECEIVABLE 59 59
PREPAYMENTS AND OTHER 19 19
--------------------------------- -------------------
TOTAL CURRENT ASSETS 1,987 5,250 7,237
--------------------------------- -------------------
DEFERRED CHARGES:
UNAMORTIZED DEBT EXPENSE 246 246
OTHER 78 78
--------------------------------- -------------------
TOTAL DEFERRED CHARGES 324 0 324
--------------------------------- -------------------
TOTAL ASSETS $70,319 $5,250 $75,569
</TABLE>
* EXPLANATION AT FINANCIAL STATEMENT 8.2 PAGE 3 OF 3
<TABLE>
THE ROCKY RIVER REALTY COMPANY
BALANCE SHEET
AS OF JUNE 30,1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 8.1 PAGE 2 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
COMMON SHARES $10 $10
CAPITAL SURPLUS, PAID IN 0 0
RETAINED EARNINGS 674 (234) 440
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 684 (234) 450
LONG-TERM DEBT, NET 48,827 48,827
--------------------------------- -------------------
TOTAL CAPITALIZATION 49,511 (234) 49,277
0BLIGATION UNDER CAPITAL LEASE 140 140
22
CURRENT LIABILITIES:
NOTES PAYABLE TO AFFILIATED
COMPANIES 16,750 5,250 (a) 22,000
ACCOUNTS PAYABLE 15 15
ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 39 39
LONG-TERM DEBT - CURRENT PORTION 1,696 1,696
OBLIGATION UNDER CAPITAL LEASE-CURRENT 162 162
ACCRUED TAXES 6 (173)(c) (167)
INTEREST ACCRUED 664 407 (b) 1,071
OTHER 7 7
------------------------------ -------------------
TOTAL CURRENT LIABILITIES 19,339 5,484 24,823
DEFERRED CREDITS:
ACCUMULATED DEFERRED INCOME TAX 1,267 1,267
OTHER DEFERRED CREDITS 62 62
------------------------------ -------------------
TOTAL DEFERRED CREDITS 1,329 0 1,329
--------------------------------- -------------------
TOTAL CAPITALIZATION AND
LIABILITIES $70,319 $5,250 $75,569
* EXPLANATION AT FINANCIAL STATEMENT 8.2 PAGE 3 OF 3
</TABLE>
<TABLE>
THE ROCKY RIVER REALTY COMPANY
INCOME STATEMENT
FOR 12 MONTHS ENDED JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 8.2 PAGE 1 OF 3
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $9,649 $0 $9,649
--------------------------------- -------------------
OPERATING EXPENSES:
OPERATION - 804 804
MAINTENANCE 0 0
DEPRECIATION 2,339 2,339
FEDERAL AND STATE INCOME TAXES 0 (173)(c) (173)
TAXES OTHER THAN INCOME TAXES 1,480 1,480
--------------------------------- -------------------
TOTAL OPERATING EXPENSES 4,623 (173) 4,450
--------------------------------- -------------------
OPERATING INCOME: 5,026 173 5,199
--------------------------------- -------------------
OTHER INCOME, NET 13 0 13
--------------------------------- -------------------
INCOME BEFORE INTEREST CHARGES 5,039 173 5,212
--------------------------------- -------------------
INTEREST CHARGES:
INTEREST ON LONG-TERM DEBT 4,444 4,444
OTHER INTEREST 595 407 (b) 1,002
--------------------------------- -------------------
TOTAL INTEREST CHARGES 5,039 407 5,446
--------------------------------- -------------------
NET INCOME 0 (234) (234)
* EXPLANATION AT FINANCIAL STATEMENT 8.2 PAGE 3 OF 3
</TABLE>
<TABLE>
THE ROCKY RIVER REALTY COMPANY
CAPITAL STRUCTURE AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 8.2 PAGE 2 OF 3
<CAPTION>
PER BOOK
ADJUSTED TO
PRO FORMA REFLECT
% PER BOOK ADJUSTMENT PRO FORMA %
<S> <C> <C> <C> <C> <C>
DEBT:
LONG-TERM DEBT, NET 98.7% $50,523 0 $50,523 99.1%
--------------------------------- -------------------
COMMON EQUITY:
COMMON SHARES 10 10
CAPITAL SURPLUS, PAID IN 0 0
RETAINED EARNINGS 674 (234) 440
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 1.3% 684 (234) 450 0.9%
--------------------------------- -------------------
TOTAL CAPITAL 100.0% $51,207 (234) $50,973 100.0%
</TABLE>
<TABLE>
THE ROCKY RIVER REALTY COMPANY
EXPLANATION OF ADJUSTMENTS
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 8.2 PAGE 3 OF 3
<CAPTION>
DEBIT CREDIT
<S> <C> <C>
(a) CASH $5,250
NOTES PAYABLE $5,250
To record the additional proposed borrowing up to the entire $22 million available to the company.
(b) OTHER INTEREST EXPENSE 407
ACCRUED INTEREST 407
To record the interest expense on the additional proposed borrowing at Prime.
$5,250 x 7.75% = 407
(c) ACCRUED TAXES 173
FEDERAL AND STATE INCOME TAX EXPENSE 173
To record the reduction in Federal and State income taxes due to the higher interest and fee expenses:
$407 x 42.48% = 173
NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
</TABLE>
<TABLE>
THE QUINNEHTUK COMPANY
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 9.1 PAGE 1 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
ASSETS
UTILITY PLANT, AT ORIGINAL COST:
ELECTRIC $0 $0
OTHER 1,829 1,829
--------------------------------- -------------------
1,829 0 1,829
LESS: ACCUMULATED PROVISION FOR
DEPRECIATION 1,047 1,047
--------------------------------- --------------
782 0 782
CONSTRUCTION WORK IN PROGRESS 332 332
--------------------------------- -------------------
TOTAL NET UTILITY PLANT 1,114 0 1,114
OTHER PROPERTY AND INVESTMENT 2,626 0 2,626
CURRENT ASSETS:
CASH 267 3,250 (a) 3,517
ACCOUNTS RECEIVABLE FROM AFFILIATED CO'S 51 51
--------------------------------- -------------------
TOTAL CURRENT ASSETS 318 3,250 3,568
--------------------------------- -------------------
DEFERRED CHARGES 15 15
--------------------------------- -------------------
TOTAL ASSETS $4,073 $3,250 $7,323
* EXPLANATION AT FINANCIAL STATEMENT 9.2 PAGE 3 OF 3
</TABLE>
<TABLE>
THE QUINNEHTUK COMPANY
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 9.1 PAGE 2 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
COMMON SHARES $350 $350
CAPITAL SURPLUS, PAID IN 155 155
RETAINED EARNINGS (1,450) (153) (1,603)
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY (945) (153) (1,098)
LONG-TERM DEBT, NET 0 0
--------------------------------- -------------------
TOTAL CAPITALIZATION (945) (153) (1,098)
8
CURRENT LIABILITIES:
NOTES PAYABLE TO AFFILIATED
COMPANY 4,750 3,250 (a) 8,000
ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 1 1
ACCRUED INTEREST 0 252 (b) 252
ACCRUED TAXES 180 (99)(c) 81
OTHER 4 4
------------------------------ -------------------
TOTAL CURRENT LIABILITIES 4,935 3,403 8,338
DEFERRED CREDITS:
ACCUMULATED DEFERRED INCOME TAX 61 61
OTHER DEFERRED CREDITS 22 22
------------------------------ -------------------
TOTAL DEFERRED CREDITS 83 0 83
--------------------------------- -------------------
TOTAL CAPITALIZATION AND
LIABILITIES $4,073 $3,250 $7,323
* EXPLANATION AT FINANCIAL STATEMENT 9.2 PAGE 3 OF 3
</TABLE>
<TABLE>
THE QUINNEHTUK COMPANY
INCOME STATEMENT
FOR 12 MONTHS ENDED JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 9.2 PAGE 1 OF 3
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $207 $0 $207
--------------------------------- -------------------
OPERATING EXPENSES:
OPERATION - 34 34
MAINTENANCE 0 0
DEPRECIATION 59 59
FEDERAL AND STATE INCOME TAXES (120) (99)(c) (219)
TAXES OTHER THAN INCOME TAXES 274 274
--------------------------------- -------------------
TOTAL OPERATING EXPENSES 247 (99) 148
--------------------------------- -------------------
OPERATING INCOME: (40) 99 59
--------------------------------- -------------------
OTHER INCOME, NET (19) 0 (19)
--------------------------------- -------------------
INCOME BEFORE INTEREST CHARGES (59) 99 40
--------------------------------- -------------------
INTEREST CHARGES 144 252 (b) 396
--------------------------------- -------------------
NET INCOME (203) (153) (356)
* EXPLANATION AT FINANCIAL STATEMENT 9.2 PAGE 3 OF 3
</TABLE>
<TABLE>
THE QUINNEHTUK COMPANY
CAPITAL STRUCTURE ON JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 9.2 PAGE 2 OF 3
<CAPTION>
PER BOOK
ADJUSTED TO
PRO FORMA REFLECT
% PER BOOK ADJUSTMENT PRO FORMA %
<S> <C> <C> <C> <C> <C>
LONG-TERM DEBT N/M 0 0 N/M
COMMON SHARES $350 $350
CAPITAL SURPLUS, PAID IN 155 155
RETAINED EARNINGS (1,450) (153) (1,603)
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER EQUITY N/M (945) (153) (1,098) N/M
--------------------------------- -------------------
TOTAL CAPITAL N/M (945) (153) (1,098) N/M
</TABLE>
<TABLE>
THE QUINNEHTUK COMPANY
EXPLANATION OF ADJUSTMENTS
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 9.2 PAGE 3 OF 3
<CAPTION>
DEBIT CREDIT
<S> <C> <C>
(a) CASH $3,250
NOTES PAYABLE $3,250
To record the additional proposed borrowing up to the entire $8 million available to the company.
(b) OTHER INTEREST EXPENSE 252
ACCRUED INTEREST 252
To record the interest expense on the additional proposed borrowing at Prime.
$3,250 x 7.75% = 252
(c) ACCRUED TAXES 99
FEDERAL AND STATE INCOME TAX EXPENSE 99
To record the reduction in Federal and State income taxes due to the higher interest and fee expenses:
$252 x 39.23% = 99
NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
</TABLE>
<TABLE>
HEC INCORPORATED
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 10.1 PAGE 1 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
ASSETS
UTILITY PLANT, AT ORIGINAL COST:
ELECTRIC $2,944 $2,944
OTHER 769 769
--------------------------------- -------------------
3,713 0 3,713
LESS: ACCUMULATED PROVISION FOR
DEPRECIATION 1,202 1,202
--------------------------------- --------------
2,511 0 2,511
CONSTRUCTION WORK IN PROGRESS 0 0
--------------------------------- -------------------
TOTAL NET UTILITY PLANT 2,511 0 2,511
CURRENT ASSETS:
CASH 919 8,475 (a) 9,394
RECEIVABLES, NET 1,922 1,922
RECEIVABLES FROM AFFILIATES 66 66
MATERIALS & SUPPLIES, AT AVERAGE COST 30 30
PREPAYMENTS AND OTHER 123 123
--------------------------------- -------------------
TOTAL CURRENT ASSETS 3,060 8,475 11,535
--------------------------------- -------------------
DEFERRED CHARGES 1,804 1,804
--------------------------------- -------------------
TOTAL ASSETS $7,375 $8,475 15,850
*EXPLANATION AT FINANCIAL STATEMENT 10.2 PAGE 3 OF 3
</TABLE>
<TABLE>
HEC INCORPORATED
BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 10.1 PAGE 2 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
COMMMON SHARES $0 $0
CAPITAL SURPLUS, PAID IN 4,316 4,316
RETAINED EARNINGS (1,039) (386) (1,425)
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 3,277 (386) 2,891
DEBT, NET 0 0
--------------------------------- -------------------
TOTAL CAPITALIZATION 3,277 (386) 2,891
11
CURRENT LIABILITIES:
NOTES PAYABLE TO AFFILIATED COMPANY 2,525 8,475 (a) 11,000
ACCOUNTS PAYABLE 979 979
ACCOUNTS PAYABLE TO AFFILIATES 62 62
ACCRUED TAXES (172) (271)(c) (443)
ACCRUED INTEREST 0 657 (b) 657
OTHER 343 343
------------------------------ -------------------
TOTAL CURRENT LIABILITIES 3,737 8,861 12,598
--------------------------------- -------------------
ACCUMULATED DEFERRED INCOME TAXES 361 361
--------------------------------- -------------------
TOTAL CAPITALIZATION AND
LIABILITIES $7,375 $8,475 15,850
*EXPLANATION AT FINANCIAL STATEMENT 10.2 PAGE 3 OF 3
</TABLE>
<TABLE>
HEC INCORPORATED
INCOME STATEMENT
FOR 12 MONTHS ENDED JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 10.2 PAGE 1 OF 3
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $15,463 $0 $15,463
--------------------------------- -------------------
OPERATING EXPENSES:
OPERATION - 14,379 14,379
MAINTENANCE 12 12
DEPRECIATION 396 396
FEDERAL AND STATE INCOME TAXES 140 (271)(c) (131)
TAXES OTHER THAN INCOME TAXES 324 324
--------------------------------- -------------------
TOTAL OPERATING EXPENSES 15,251 (271) 14,980
--------------------------------- -------------------
OPERATING INCOME: 212 271 483
--------------------------------- -------------------
OTHER INCOME:
OTHER INCOME, NET 120 120
INCOME TAXES - CREDIT (7) (7)
--------------------------------- -------------------
OTHER INCOME, NET 113 0 113
--------------------------------- -------------------
INCOME BEFORE INTEREST CHARGES 325 271 596
--------------------------------- -------------------
INTEREST CHARGES:
INTEREST ON LONG-TERM DEBT 66 66
OTHER INTEREST, NET 103 657 (b) 760
--------------------------------- -------------------
TOTAL INTEREST CHARGES 169 657 826
--------------------------------- -------------------
NET INCOME 156 (386) (230)
*EXPLANATION AT FINANCIAL STATEMENT 10.2 PAGE 3 OF 3
</TABLE>
<TABLE>
HEC INCORPORATED
CAPITAL STRUCTURE ON JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 10.2 PAGE 2 OF 3
<CAPTION>
PER BOOK
ADJUSTED TO
PRO FORMA REFLECT
% PER BOOK ADJUSTMENT PRO FORMA %
<S> <C> <C> <C> <C> <C>
LONG-TERM DEBT 0.0% $0 $0 0.0%
COMMON SHARES 0 0
CAPITAL SURPLUS, PAID IN 4,316 4,316
RETAINED EARNINGS (1,039) (386) (1,425)
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER EQUITY 100.0% 3,277 (386) 2,891 100.0%
--------------------------------- -------------------
TOTAL CAPITAL 100.0% 3,277 (386) 2,891 100.0%
</TABLE>
<TABLE>
HEC INCORPORATED
EXPLANATION OF ADJUSTMENTS
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 10.2 PAGE 3 OF 3
<CAPTION>
DEBITS CREDITS
<S> <C> <C>
(a) CASH $8,475
NOTES PAYABLE $8,475
To record the additional proposed borrowing up to the entire $11 million available to the company.
(b) INTEREST 657
ACCRUED INTEREST 657
To record the interest expense on the additional proposed borrowing at Prime:
$8,475 x 7.75% = 657
(c) ACCRUED TAXES 271
FEDERAL & STATE INCOME TAX EXPENSE 271
To record the reduction in Federal and State income taxes due to the higher interest and fee expenses:
$657 x 41.18% = 271
NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
</TABLE>
<TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 11.1 PAGE 1 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
ASSETS
UTILITY PLANT, AT ORIGINAL COST:
ELECTRIC & OTHER $9,392,696 $9,392,696
LESS: ACCUMULATED PROVISION FOR
DEPRECIATION 3,163,003 3,163,003
--------------------------------- --------------
6,229,693 0 6,229,693
CONSTRUCTION WORK IN PROGRESS 180,211 180,211
NUCLEAR FUEL, NET 222,705 222,705
--------------------------------- -------------------
TOTAL NET UTILITY PLANT 6,632,609 0 6,632,609
--------------------------------- -------------------
OTHER PROPERTY AND INVESTMENTS:
NUCLEAR DECOMMISSIONING TRUST, AT MARKET 229,307 229,307
INVESTMENTS IN REGIONAL NUCLEAR
GENERATING COMPANIES, AT EQUITY 81,856 81,856
INVESTMENTS IN TRANSMISSION COMPANIES,
AT EQUITY 26,057 26,057
OTHER, AT COST 35,164 35,164
--------------------------------- -------------------
372,384 0 372,384
--------------------------------- -------------------
CURRENT ASSETS:
CASH AND SPECIAL DEPOSITS 30,456 484,500 (a) 514,956
RECEIVABLES, NET 348,894 348,894
RECEIVABLES FROM AFFILIATED COMPANIES 0 0
ACCRUED UTILITY REVENUES 134,462 134,462
FUEL, MATERIAL AND SUPPLIES, AT
AVERAGE COST 200,216 200,216
RECOVERABLE ENERGY COSTS, NET-CURRENT POSITION 21,041 21,041
PREPAYMENTS AND OTHER 44,802 44,802
--------------------------------- -------------------
TOTAL CURRENT ASSETS 779,871 484,500 1,264,371
--------------------------------- -------------------
DEFERRED CHARGES:
REGULATORY ASSET-INCOME TAXES, NET 1,160,810 1,160,810
REGULATORY ASSET-PSNH 724,453 724,453
UNAMORTIZED DEBT EXPENSE 35,581 35,581
RECOVERABLE ENERGY COSTS, NET 166,048 166,048
DEFERRED CONSERVATION AND LOAD-
MANAGEMENT COSTS 107,755 107,755
DEFERRED DOE ASSESSMENT 50,433 50,433
DEFERRED COSTS - NUCLEAR PLANTS 271,099 271,099
AMORTIZABLE PROPERTY INVESTMENT - 27,383 27,383
UNRECOVERED CONTRACT OBLIGATION-YAEC 119,882 119,882
OTHER 129,408 129,408
--------------------------------- -------------------
TOTAL DEFERRED CHARGES 2,792,852 0 2,792,852
--------------------------------- -------------------
TOTAL ASSETS *********** $484,500 $11,062,216
* EXPLANATION AT FINANCIAL STATEMENT 11.2 PAGE 3 OF 3
</TABLE>
<TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 11.1 PAGE 2 OF 2
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
COMMON SHARES $671,048 $671,048
CAPITAL SURPLUS, PAID IN 903,137 903,137
DEFERRED BENEFIT PLAN-EMPLOYEE STOCK
OWNERSHIP PLAN (221,047) (221,047)
RETAINED EARNINGS 927,032 (22,529) 904,503
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 2,280,170 (22,529) 2,257,641
PREFERRED STOCK NOT SUBJECT TO
MANDATORY REDEMPTION 239,700 239,700
PREFERRED STOCK SUBJECT TO MANDATORY
REDEMPTION 379,000 379,000
LONG-TERM DEBT, NET 3,910,661 3,910,661
--------------------------------- -------------------
TOTAL CAPITALIZATION 6,809,531 (22,529) 6,787,002
OBLIGATIONS UNDER CAPITAL LEASES 179,224 179,224
CURRENT LIABILITIES:
NOTES PAYABLE TO BANKS 233,000 484,500 (a) 717,500
COMMERCIAL PAPER 69,500 69,500
LONG-TERM DEBT AND PREFERRED STOCK -
CURRENT PORTION 284,027 284,027
OBLIGATIONS UNDER CAPITAL LEASES -
CURRENT PORTION 72,388 72,388
ACCOUNTS PAYABLE 205,445 205,445
ACCOUNTS PAYABLE TO AFFILIATED
COMPANIES 0 0
ACCRUED TAXES 57,696 (15,020)(c) 42,676
ACCRUED INTEREST 68,435 37,549 (b) 105,984
ACCRUED PENSION BENEFITS 83,586 83,586
OTHER 80,458 80,458
------------------------------ -------------------
TOTAL CURRENT LIABILITIES 1,154,535 507,029 1,661,564
DEFERRED CREDITS:
ACCUMULATED DEFERRED INCOME TAXES 1,939,156 1,939,156
ACCUMULATED DEFERRED INVESTMENT
TAX CREDITS 196,967 196,967
DEFERRED CONTRACT OBLIGATION-YAEC 119,882 119,882
DEFERRED DOE OBLIGATION 39,530 39,530
OTHER 138,891 138,891
--------------------------------- -------------------
TOTAL DEFERRED CREDITS 2,434,426 0 2,434,426
--------------------------------- -------------------
TOTAL CAPITALIZATION AND
LIABILITIES *********** $484,500 $11,062,216
* EXPLANATION AT FINANCIAL STATEMENT 11.2 PAGE 3 OF 3
</TABLE>
<TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
FOR 12 MONTHS ENDED JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 11.2 PAGE 1 OF 3
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTMENTS* TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $3,637,933 $0 $3,637,933
--------------------------------- -------------------
OPERATING EXPENSES:
OPERATION -
FUEL PURCHASED AND INTERCHANGE
POWER 827,682 827,682
OTHER 959,082 959,082
MAINTENANCE 282,628 282,628
DEPRECIATION 324,509 324,509
AMORTIZATION/DEFERRALS OF REGULATORY
ASSETS, NET 196,437 196,437
FEDERAL AND STATE INCOME TAXES 286,791 (15,020)(c) 271,771
TAXES OTHER THAN INCOME TAXES 240,594 240,594
--------------------------------- -------------------
TOTAL OPERATING EXPENSES 3,117,723 (15,020) 3,102,703
--------------------------------- -------------------
OPERATING INCOME: 520,210 15,020 535,230
--------------------------------- -------------------
OTHER INCOME:
ALLOWANCE FOR OTHER FUNDS USED
DURING CONSTRUCTION 938 938
DEFERRED NUCLEAR PLANTS RETURN-OTHER
FUNDS 31,489 31,489
EQUITY IN EARNINGS OF REGIONAL NUCLEAR
GENERATING COMPANIES 14,005 14,005
WRITE OFF OF PLANT COSTS 0 0
OTHER, NET 17,879 17,879
INCOME TAXES - CREDIT 19,750 19,750
--------------------------------- -------------------
OTHER INCOME, NET 84,061 0 84,061
--------------------------------- -------------------
INCOME BEFORE INTEREST CHARGES 604,271 15,020 619,291
--------------------------------- -------------------
INTEREST CHARGES:
INTEREST ON LONG-TERM DEBT 321,066 321,066
OTHER INTEREST 11,380 37,549 (b) 48,929
ALLOWANCE FOR BORROWED FUNDS USED
DURING CONSTRUCTION (3,216) (3,216)
DEFERRED NUCLEAR PLANTS RETURN -
BORROWED FUNDS, NET OF INCOME TAX (49,657) (49,657)
--------------------------------- -------------------
TOTAL INTEREST CHARGES 279,573 37,549 317,122
--------------------------------- -------------------
INCOME BEFORE PREFERRED DIVIDENDS 324,698 (22,529) 302,169
PREFERRED DIVIDENDS OF SUBSIDIARIES 44,918 44,918
--------------------------------- -------------------
NET INCOME 279,780 (22,529) 257,251
EARNINGS FOR COMMON SHARE 279,780 (22,529) 257,251
EARNINGS PER COMMON SHARE 2.25 2.25
COMMON SHARES OUTSTANDING (AVERAGE) *********** 124,329,564
* EXPLANATION AT FINANCIAL STATEMENT 11.2 PAGE 3 OF 3
</TABLE>
<TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
CAPITAL STRUCTURE AS OF JUNE 30, 1994
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 11.2 PAGE 2 OF 3
<CAPTION>
PER BOOK
ADJUSTED TO
PRO FORMA REFLECT
% PER BOOK ADJUSTMENT PRO FORMA %
<S> <C> <C> <C> <C> <C>
DEBT:
LONG-TERM DEBT, NET 59.1%$4,193,188 0 $4,193,188 59.3%
PREFERRED STOCK:
NOT SUBJECT TO REDEMPTION 241,200 241,200
SUBJECT TO REDEMPTION 379,000 379,000
--------------------------------- -------------------
TOTAL PREFERRED STOCK 8.7% 620,200 0 620,200 8.8%
COMMON EQUITY:
COMMON SHARES 671,048 671,048
CAPITAL SURPLUS, PAID IN 903,137 903,137
DEFERRED BENEFIT PLAN-EMPLOYEE STOCK
OWNERSHIP PLAN (221,047) (221,047)
RETAINED EARNINGS 927,032 (22,529) 904,503
--------------------------------- -------------------
TOTAL COMMON STOCKHOLDER'S EQUITY 32.2% 2,280,170 (22,529) 2,257,641 31.9%
--------------------------------- -------------------
TOTAL CAPITAL 100.0%$7,093,558 (22,529) $7,071,029 100.0%
</TABLE>
<TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
EXPLANATION OF ADJUSTMENTS
(THOUSANDS OF DOLLARS)
FINANCIAL STATEMENT 11.2 PAGE 3 OF 3
<CAPTION>
DEBIT CREDIT
<S> <C> <C>
(a) CASH $484,500
NOTES PAYABLE $484,500
To record the additional proposed borrowing up to an aggregate amount of $ million that will be available to all
applicants seeking authorization to borrow outside the NU system. The consolidated amount being requested
excludes NAEC, Quinnehtuk and HEC who will only be able to borrow internally through the Money Pool.
<S> <C>
NU (Parent) $150,000
CL&P 325,000
WMECO 60,000
PSNH 175,000
HWP 5,000
NNECO 50,000
RRR 22,000
-------------------
SUM 787,000
(less currently
outstanding) 302,500
-------------------
$484,500
(b) OTHER INTEREST EXPENSE 37,549
ACCRUED INTEREST 37,549
To record the interest expense on the additional proposed borrowing at Prime:
$484,500 x 7.75% = 37,549
(c) ACCRUED TAXES 15,020
FEDERAL AND STATE INCOME TAX EXPENSE 15,020
To record the reduction in Federal and State income taxes due to the higher interest and fee expenses:
$37,549 x 40.00% = 15,020
NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
</TABLE>
