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Commission File Number: 30-246
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
FORM U5S/A
ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1995
Filed pursuant to the Public Utility Holding Company Act of 1935 by
NORTHEAST UTILITIES
174 Brush Hill Avenue, West Springfield, Massachusetts 01090-0010
(Corporate Address)
Selden Street, Berlin, Connecticut 06037-1616
(Principal Headquarters)
NORTHEAST UTILITIES
FORM U5S/A ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1995
TABLE OF CONTENTS
ITEM PAGE
9. Wholesale Generators and Foreign Utility Companies.......... 2
10. Financial Statements and Exhibits
Exhibit I - Unaudited 1995 Financial Reports of Encoe
Partners, a Foreign Utility Company ................ 3
Signature............................................. 7
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
Part I.
1(a) Identification of Company:
1. Company: Encoe Partners
2. Location: 4 Millbank
London SWIP 3ET
3. Business address: Same
4. Description: An English general partnership
formed for the sole purpose of building, owning, and
operating a power generating facility and acquiring
certain rights and obligations under a power contract
relating to the 1,875 MW gas-fired combined cycle power
plant in Teesside, Wilton, Cleveland, England
(Teesside).
5. System company
that holds interest : COE (Gencoe) Corp. and COE
(UK) Corp. both Connecticut corporations.
6. EWG or FUCO: FUCO
(b) Capital investment in company by NU, direct or indirect:
1. Type: Capital contribution
2. Amount: $3.8 million
3. Debt: Promissory note for Charter Oak
Energy, Inc. to loan COE (Gencoe) Corp. $757,023.78.
4. Other financial obligations with recourse to NU or
another system company: None
5. Guarantees by NU: None
Transfer of assets to an affiliated EWG or FUCO:
1. Market value: None
2. Book value: None
3. Sale price: None
(c) State the ratio of debt to common equity and earnings as
of 12/31/95:
1. Ratio of debt to common equity: 0.345
2. Earnings: $681,594
(d) Service, Sales, or Construction Contracts: None
ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS
EXHIBIT I - UNAUDITED 1995 FINANCIAL REPORTS OF ENCOE PARTNERS
ENCOE PARTNERS*
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED DECEMBER 31, 1995
(Unaudited)
Period Ended Period Ended
December 31, 1995 December 31, 1994
----------------- -----------------
Pounds Sterling Pounds Sterling
(000) (000)
Turnover 9,265 10,284
Cost of Sales (8,829) (9,471)
------ ------
Gross profit 436 813
Administrative expenses (12) (6)
------ ------
Operating profit 424 807
Interest receivable and similar income 13 17
Interest payable and similar charges (6) (10)
------ ------
Profit for the period 431 814
====== ======
Balance of profits shared:
COE (UK) Corp. 387 641
Enrici Power Marketing Limited (141) 68
Enron Europe Liquids Processing 185 105
------ ------
431 814
====== ======
There were no recognized gains and losses other than profit for the period.
Encoe Partners is 50 percent owned by COE (UK) Corp.
ENCOE PARTNERS*
BALANCE SHEET AS OF DECEMBER 31, 1995
(Unaudited)
1995 1994
---- ----
Pounds Sterling Pounds Sterling
(000) (000)
Fixed assets:
Tangible fixed assets 3,585 3,770
Investments 2,383 2,577
------ ------
5,968 6,347
------ ------
Current assets:
Debtors 2,256 1,110
Cash at bank and in hand 1 718
------ ------
2,257 1,828
------ ------
Creditors: amounts falling due
within one period (2,112) (1,745)
------ ------
Net current assets 145 83
Net assets 6,113 6,430
====== ======
Partners' funds:
Capital accounts 5,968 6,347
Income accounts 145 83
------ ------
Total partners' funds 6,113 6,430
====== ======
*Encoe Partners is 50 percent owned by COE (UK) Corp.
ENCOE PARTNERS*
CASH FLOW STATEMENT
FOR THE PERIOD ENDED DECEMBER 31, 1995
(Unaudited)
Period Ended Period Ended
December 31, 1995 December 31, 1994
----------------- -----------------
Pounds Sterling Pounds Sterling
(000) (000)
Net cash (outflow)/inflow from
operating activities (355) 1,665
------ ------
Returns on investment and servicing of finance:
Interest received 13 17
Interest paid (6) (10)
Partners' drawings (369) (954)
------ ------
Net cash outflow from returns on investments
and servicing of finance (362) (947)
------ ------
Investing activities:
Payments to acquire fixed assets - (3,875)
------ ------
Net cash outflow from investing activities - (3,875)
------ ------
Financing activities:
Partners' capital contributions - 3,875
------ ------
Net cash inflow from financing - 3,875
------ ------
Movement in cash and cash equivalents (717) 718
====== ======
*Encoe Partners is 50 percent owned by COE (UK) Corp.
ENCOE PARTNERS*
CAPITAL ACCOUNTS
(Unaudited)
During the period the following movements on the partners' capital accounts
occurred:
Enrici Enron
Power Europe
COE (UK) Marketing Liquids
Limited Limited Processing Total
-------- --------- ---------- -----
Pounds Sterling
(000)
Opening balance at 1/1/95 2,577 - 3,770 6,347
Amortization of investment (194) - (185) (379)
------ ------ ------ ------
Closing balance at 12/31/95 2,383 - 3,585 5,968
====== ====== ====== ======
*Encoe Partners is 50 percent owned by COE (UK).
SIGNATURE
Northeast Utilities, a registered holding company, has duly caused this report
to be signed on its behalf by the undersigned thereunto duly authorized,
pursuant to the requirements of the Public Utility Holding Company Act of 1935.
NORTHEAST UTILITIES
By: /s/ John J. Roman
------------------
John J. Roman
Vice President and Controller
May 16, 1996
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