File No. 70-8507
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 3
TO FORM U-1
APPLICATION AND DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
NORTHEAST UTILITIES
174 Brush Hill Avenue
West Springfield, Massachusetts 01089
CHARTER OAK ENERGY, INC.
COE DEVELOPMENT CORPORATION
107 Selden Street
Berlin, CT 06037-1616
(Name of company filing this statement and
address of principal executive offices)
NORTHEAST UTILITIES
(Name of top registered holding
company parent of each applicant or declarant)
Jeffrey C. Miller, Esq.
Assistant General Counsel
NORTHEAST UTILITIES SERVICE COMPANY
P.O. Box 270
Hartford, Connecticut 06141-0270
(Name and address of agent for service)
The Commission is requested to mail copies of
all orders, notices and communications to:
Mark Malaspina, Esq. William S. Lamb, Esq.
Charter Oak Energy, Inc. LeBoeuf, Lamb, Greene & MacRae
P.O. Box 270 L.L.P.
Berlin, CT 06141-0270 125 W. 55th Street
New York, New York 10019-4513
Northeast Utilities, Charter Oak Energy, Inc. and COE
Development Corporation (collectively, the "Applicants") hereby
amend their Application/Declaration on Form U-1, as previously
amended (File No. 70-8507) by adding the following paragraph to
the end of Item I.C.2:
The Applicants also seek authority for Intermediate
Companies and Exempt Projects to pay dividends to their parent
companies from time to time out of capital or unearned surplus to
the extent permitted by applicable corporate law.<F1>
<F1> All U.S. jurisdictions and many foreign jurisdictions limit
in some manner the authority of corporations to make dividend
distributions to shareholders. The Applicants will comply with
all such limitations.
The Applicants believe that situations may arise where Intermediate
Companies and/or Exempt Projects will have unrestricted cash
available for distribution in excess of current and retained
earnings, such that payment of a dividend by such entities would
have to be charged, in whole or in part, to capital or unearned
surplus. The Applicants believe that the ability of Intermediate
Companies and Exempt Projects to pay dividends to NU system
companies out of distributable cash generated by Exempt Projects
will benefit the NU system because such dividends could be used
to reduce outstanding bank borrowings and/or to fund other system
company operations. The Applicants will cause the Intermediate
Companies and, to the extent reasonably practicable the Exempt
Projects, to account for dividends paid from capital or unearned
surplus in a manner consistent with Rule 46.
SIGNATURE
Pursuant to the requirements of the Public Utility
Holding Company Act of 1935, the undersigned companies have duly
caused this Amendment to be signed on their behalf by the
undersigned thereunto duly authorized.
NORTHEAST UTILITIES
CHARTER OAK ENERGY, INC.
COE DEVELOPMENT CORPORATION
By: /s/ William S. Lamb
William S. Lamb
LeBoeuf, Lamb, Greene & MacRae
L.P.P.
A Limited Liability Partnership
Including Professional Corporations
125 W. 55th Street
New York, NY 10019-4513
Attorney for Northeast Utilities,
Charter Oak Energy, Inc. and COE
Development Corporation
Date: October 8, 1996
<TABLE> <S> <C>
<ARTICLE> OPUR1
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-END> JUN-30-1996 JUN-30-1996
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 6,847,423 6,847,423
<OTHER-PROPERTY-AND-INVEST> 531,684 531,684
<TOTAL-CURRENT-ASSETS> 1,065,473 1,395,410
<TOTAL-DEFERRED-CHARGES> 2,099,917 2,099,917
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 10,544,497 10,874,434
<COMMON> 680,260 680,260
<CAPITAL-SURPLUS-PAID-IN> 943,266 943,266
<RETAINED-EARNINGS> (187,706) (187,706)
<TOTAL-COMMON-STOCKHOLDERS-EQ> 2,408,113 2,390,420
169,700 169,700
276,000 276,000
<LONG-TERM-DEBT-NET> 3,686,267 3,686,267
<SHORT-TERM-NOTES> 90,000 419,937
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 254,448 254,448
26,500 26,500
<CAPITAL-LEASE-OBLIGATIONS> 138,101 138,101
<LEASES-CURRENT> 68,878 68,878
<OTHER-ITEMS-CAPITAL-AND-LIAB> 3,613,196 3,630,889
<TOT-CAPITALIZATION-AND-LIAB> 10,543,497 10,873,434
<GROSS-OPERATING-REVENUE> 3,865,627 3,865,627
<INCOME-TAX-EXPENSE> 219,972 210,445
<OTHER-OPERATING-EXPENSES> 3,124,224 3,124,224
<TOTAL-OPERATING-EXPENSES> 3,344,196 3,334,669
<OPERATING-INCOME-LOSS> 521,431 530,958
<OTHER-INCOME-NET> 33,440 33,440
<INCOME-BEFORE-INTEREST-EXPEN> 554,871 564,398
<TOTAL-INTEREST-EXPENSE> 290,348 317,568
<NET-INCOME> 264,523 246,830
33,604 33,604
<EARNINGS-AVAILABLE-FOR-COMM> 230,919 213,226
<COMMON-STOCK-DIVIDENDS> 220,062 220,062
<TOTAL-INTEREST-ON-BONDS> 298,356 298,356
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 1.82 1.68
<EPS-DILUTED> 1.82 1.68
</TABLE>
