FILE No. 70-8895
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1 TO
APPLICATION/DECLARATION
ON FORM U-1
Under
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
NORTHEAST UTILITIES HOLYOKE WATER POWER COMPANY
174 Brush Hill Avenue 1 Canal Street
West Springfield, MA 01090-0010 Holyoke, MA 01040
THE CONNECTICUT LIGHT AND PUBLIC SERVICE COMPANY
POWER COMPANY OF NEW HAMPSHIRE
107 Selden Street 1000 Elm Street
Berlin, CT 06037 Manchester, NH 03101
WESTERN MASSACHUSETTS NORTH ATLANTIC
ELECTRIC COMPANY ENERGY CORPORATION
174 Brush Hill Avenue 1000 Elm Street
West Springfield, MA 01090-0010 Manchester, NH 03101
(Names of companies filing this application and addresses
of principal offices)
NORTHEAST UTILITIES
(Name of top registered holding company)
Jeffrey C. Miller
Assistant General Counsel
Northeast Utilities Service Company
107 Selden Street
Berlin, CT 06037
(Name and address of agent for service)
The Commission is requested to mail signed copies of all orders, notices and
communications to:
Jane P. Seidl David R. McHale
Senior Counsel Assistant Treasurer
Northeast Utilities Service Northeast Utilities Service
Company Company
107 Selden Street 107 Selden Street
Berlin, CT 06037 Berlin, CT 06037
The Application/Declaration in this proceeding is hereby amended as
follows:
1. The following financial statements are filed herewith:
(b). Financial Statements
1. Northeast Utilities (parent only)
1.1 Balance Sheet, per books, as of June 30, 1996
1.2 Statement of Income, per books, for the twelve months ended
June 30, 1996
2. Northeast Utilities and Subsidiaries (consolidated)
2.1 Balance Sheet, per books, as of June 30, 1996
2.2 Statement of Income, per books, for the twelve months ended
June 30, 1996
3. The Connecticut Light and Power Company
3.1 Balance Sheet, per books, as of June 30, 1996
3.2 Statement of Income, per books, for the twelve months ended
June 30, 1996
4. Western Massachusetts Electric Company
4.1 Balance Sheet, per books, as of June 30, 1996
4.2 Statement of Income, per books, for the twelve months ended
June 30, 1996
5. Holyoke Water Power Company
5.1 Balance Sheet, per books, as of June 30, 1996
5.2 Statement of Income, per books, for the twelve months ended
June 30, 1996
6. Public Service Company of New Hampshire
6.1 Balance Sheet, per books, as of June 30, 1996
6.2 Statement of Income, per books, for the twelve months ended
June 30, 1996
7. North Atlantic Energy Corporation
7.1 Balance Sheet, per books, as of June 30, 1996
7.2 Statement of Income, per books, for the twelve months ended
June 30, 1996
SIGNATURES
Pursuant to the requirements of the Public Utility Holding Company Act
of 1935, as amended, the undersigned have duly caused this Application to be
signed on behalf of each of them by the undersigned thereunto duly
authorized.
NORTHEAST UTILITIES
THE CONNECTICUT LIGHT AND POWER COMPANY
WESTERN MASSACHUSETTS ELECTRIC COMPANY
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
HOLYOKE WATER POWER COMPANY
NORTH ATLANTIC ENERGY CORPORATION
By: /s/David R. McHale
Assistant Treasurer
Date: August 27, 1996
NORTHEAST UTILITIES (PARENT) - b.1.1
BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands
of Dollars)
ASSETS
- ------
Other Property and Investments:
Investments in subsidiary companies, at equity....... $ 2,644,400
Investments in transmission companies, at equity..... 22,753
Other, at cost....................................... 946
-------------
2,668,099
-------------
Current Assets:
Cash................................................. 16
Notes receivable from affiliated companies........... 7,225
Accounts receivable from affiliated companies........ 659
Prepayments.......................................... 339
-------------
8,239
-------------
Deferred Charges:
Accumulated deferred income taxes.................... 7,606
Other................................................ 49
-------------
7,655
-------------
Total Assets..................................... $ 2,683,993
=============
NORTHEAST UTILITIES (PARENT)
BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands
of Dollars)
CAPITALIZATION AND LIABILITIES
- ------------------------------
Capitalization:
Common shares, $5.00 par value--Authorized
225,000,000 shares; 136,051,911 shares issued and
127,942,639 shares outstanding...................... $ 680,260
Capital surplus, paid in............................. 943,266
Deferred benefit plan--employee stock
ownership plan...................................... (187,706)
Retained earnings.................................... 972,293
-------------
Total common shareholders' equity.................. 2,408,113
Long-term debt....................................... 204,000
-------------
Total capitalization.......................... 2,612,113
-------------
Current Liabilities:
Notes payable to banks............................... 40,000
Accounts payable..................................... 4,114
Accounts payable to affiliated companies............. 871
Long term debt--current portion...................... 14,000
Accrued taxes........................................ 9,457
Accrued interest..................................... 2,898
Other................................................ 6
-------------
71,346
-------------
Other Deferred Credits................................. 534
-------------
Total Capitalization and Liabilities............. $ 2,683,993
=============
NORTHEAST UTILITIES (PARENT)- b.1.2
STATEMENT OF INCOME
(Unaudited)
Twelve Months
Ended
June 30,
1996
-------------
(Thousands of
Dollars,
except share
information)
Operating Revenues..................................... $ 0
-------------
Operating Expenses:
Operation expense.................................... 11,349
Federal and state income taxes....................... (9,254)
Taxes other than income taxes........................ 29
-------------
Total operating expenses........................ 2,124
-------------
Operating Income....................................... (2,124)
-------------
Equity in earnings of subsidiaries................... 252,918
Equity in earnings of transmission companies......... 3,515
Other, net........................................... 268
-------------
Other income, net............................... 256,701
-------------
Income before interest charges.................. 254,577
-------------
Interest Charges:
Interest on long-term debt........................... 19,174
Other interest....................................... 4,484
-------------
Interest charges............................... 23,658
-------------
Earnings for Common Shares............................. $ 230,919
=============
Earnings per Common Shares............................. $ 1.82
=============
Common Shares Outstanding (average) 127,212,419
=============
NORTHEAST UTILITIES AND SUBSIDIARIES - b.2.1
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands
of Dollars)
ASSETS
- ------
Utility Plant, at cost:
Electric................................................ $ 9,583,957
Other................................................... 189,478
-------------
9,773,435
Less: Accumulated provision for depreciation......... 3,792,602
-------------
5,980,833
Unamortized PSNH acquisition costs...................... 536,421
Construction work in progress........................... 143,557
Nuclear fuel, net....................................... 185,612
-------------
Total net utility plant............................. 6,846,423
-------------
Other Property and Investments:
Nuclear decommissioning trusts, at market............... 345,464
Investments in regional nuclear generating
companies, at equity................................... 82,752
Investments in transmission companies, at equity........ 22,753
Investments in Charter Oak Energy, Inc. projects........ 41,965
Other, at cost.......................................... 38,750
-------------
531,684
-------------
Current Assets:
Cash and cash equivalents............................... 275,808
Receivables, net........................................ 396,680
Accrued utility revenues................................ 123,170
Fuel, materials, and supplies, at average cost.......... 210,645
Prepayments and other................................... 59,170
-------------
1,065,473
-------------
Deferred Charges:
Regulatory assets:
Income taxes,net...................................... 1,109,926
Deferred costs--nuclear plants........................ 177,257
Unrecovered contractual obligation.................... 77,039
Recoverable energy costs, net......................... 407,151
Deferred demand-side management costs................. 93,764
Cogeneration costs-CL&P............................... 85,969
Other................................................. 43,802
Unamortized debt expense................................ 37,296
Other .................................................. 67,713
------------
2,099,917
------------
Total Assets.............................................. $ 10,543,497
============
NORTHEAST UTILITIES AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands
of Dollars)
CAPITALIZATION AND LIABILITIES
- ------------------------------
Capitalization:
Common shareholders' equity:
Common shares, $5 par value--authorized
225,000,000 shares; 136,051,911 shares issued and
127,942,639 shares outstanding....................... $ 680,260
Capital surplus, paid in.............................. 943,266
Deferred benefit plan--employee stock
ownership plan...................................... (187,706)
Retained earnings..................................... 972,293
-------------
Total common shareholders' equity.............. 2,408,113
Preferred stock not subject to mandatory redemption..... 169,700
Preferred stock subject to mandatory redemption......... 276,000
Long-term debt.......................................... 3,686,267
-------------
Total capitalization........................... 6,540,080
-------------
Minority Interest in Consolidated Subsidiaries............ 99,926
-------------
Obligations Under Capital Leases.......................... 138,101
-------------
Current Liabilities:
Notes payable to banks.................................. 90,000
Long-term debt and preferred stock--current
portion................................................ 280,948
Obligations under capital leases--current
portion................................................ 68,878
Accounts payable........................................ 321,118
Accrued taxes........................................... 66,513
Accrued interest........................................ 51,424
Accrued pension benefits................................ 91,279
Refundable energy costs................................. 42,752
Other................................................... 133,492
-------------
1,146,404
-------------
Deferred Credits:
Accumulated deferred income taxes....................... 2,115,943
Accumulated deferred investment tax credits............. 173,251
Deferred contractual obligation......................... 77,039
Other................................................... 252,753
-------------
2,618,986
-------------
Total Capitalization and Liabilities........... $ 10,543,497
=============
NORTHEAST UTILITIES AND SUBSIDIARIES - b.2.2
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Twelve Months
Ended
June 30, 1996
-------------
(Thousands of
Dollars,
except share
information)
Operating Revenues.................................... $ $3,865,627
-------------
Operating Expenses:
Operation--
Fuel, purchased and net interchange power........ 982,766
Other............................................ 1,076,308
Maintenance......................................... 339,068
Depreciation........................................ 361,196
Amortization of regulatory assets, net.............. 107,500
Federal and state income taxes...................... 219,972
Taxes other than income taxes....................... 257,386
-------------
Total operating expenses...................... 3,344,196
-------------
Operating Income...................................... 521,431
-------------
Other Income:
Deferred nuclear plants return--other funds......... 12,313
Equity in earnings of regional nuclear generating
and transmission companies....................... 14,302
Other, net.......................................... 15,507
Income taxes........................................ (8,682)
-------------
Other income, net............................. 33,440
-------------
Income before interest charges................ 554,871
-------------
Interest Charges:
Interest on long-term debt.......................... 298,356
Other interest...................................... 12,488
Deferred nuclear plants return--borrowed funds...... (20,496)
-------------
Interest charges, net......................... 290,348
-------------
Income after interest charges.................. 264,523
Preferred Dividends of Subsidiaries................... 33,604
-------------
Net Income............................................ $ $230,919
=============
Earnings Per Common Share............................. $ $1.82
=============
Common Shares Outstanding (average)................... 127,212,419
=============
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES - b.3.1
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands
of Dollars)
ASSETS
- ------
Utility Plant, at original cost:
Electric................................................ $ 6,209,561
Less: Accumulated provision for depreciation......... 2,526,403
-------------
3,683,158
Construction work in progress........................... 86,952
Nuclear fuel, net....................................... 130,890
-------------
Total net utility plant............................. 3,901,000
-------------
Other Property and Investments:
Nuclear decommissioning trusts, at market............... 252,766
Investments in regional nuclear generating
companies, at equity................................... 55,108
Other, at cost.......................................... 15,320
-------------
323,194
-------------
Current Assets:
Cash.................................................... 209
Notes receivable from affiliated companies.............. 187,950
Receivables, net........................................ 212,883
Accounts receivable from affiliated companies........... 3,516
Accrued utility revenues................................ 77,917
Fuel, materials, and supplies, at average cost.......... 83,628
Prepayments and other................................... 46,704
-------------
612,807
-------------
Deferred Charges:
Regulatory assets:
Income taxes,net...................................... 838,262
Unrecovered contractual obligation.................... 49,025
Deferred demand-side management costs................. 93,764
Recoverable energy costs, net......................... 131,632
Cogeneration costs.................................... 85,969
Other................................................. 68,938
Unamortized debt expense................................ 16,265
Other................................................... 13,867
-------------
1,297,722
-------------
Total Assets........................................ $ 6,134,723
=============
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands
of Dollars)
CAPITALIZATION AND LIABILITIES
- ------------------------------
Capitalization:
Common stock--$10 par value. Authorized
24,500,000 shares; outstanding 12,222,930
shares................................................. $ 122,229
Capital surplus, paid in................................ 638,820
Retained earnings....................................... 696,488
-------------
Total common stockholder's equity.............. 1,457,537
Preferred stock not subject to mandatory
redemption............................................. 116,200
Preferred stock subject to mandatory redemption......... 155,000
Long-term debt.......................................... 1,834,974
-------------
Total capitalization........................... 3,563,711
-------------
Minority Interest in Consolidated Subsidiary.............. 100,000
-------------
Obligations Under Capital Leases.......................... 102,265
-------------
Current Liabilities:
Long-term debt and preferred stock--current
portion................................................ 203,362
Obligations under capital leases--current
portion................................................ 52,360
Accounts payable........................................ 108,430
Accounts payable to affiliated companies................ 41,105
Accrued taxes........................................... 14,069
Accrued interest........................................ 30,527
Other................................................... 65,583
-------------
515,436
-------------
Deferred Credits:
Accumulated deferred income taxes....................... 1,452,202
Accumulated deferred investment tax credits............. 138,763
Deferred contractual obligation......................... 49,025
Deferred nuclear outage costs........................... 65,486
Other................................................... 147,835
-------------
1,853,311
-------------
Total Capitalization and Liabilities........... $ 6,134,723
=============
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES - b.3.2
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Twelve Months
Ended
June 30,
1996
-------------
(Thousands
of Dollars)
Operating Revenues.................................... $ 2,463,082
-------------
Operating Expenses:
Operation --
Fuel, purchased and net interchange power........ 686,524
Other............................................ 709,296
Maintenance......................................... 239,247
Depreciation........................................ 247,659
Amortization of regulatory assets, net.............. 39,788
Federal and state income taxes...................... 127,410
Taxes other than income taxes....................... 176,016
-------------
Total operating expenses...................... 2,225,940
-------------
Operating Income...................................... 237,142
-------------
Other Income:
Deferred nuclear plants return--other funds......... 3,194
Equity in earnings of regional nuclear generating
companies......................................... 7,277
Other, net.......................................... 6,913
Income taxes........................................ (6,267)
-------------
Other income, net............................. 11,117
-------------
Income before interest charges................ 248,259
-------------
Interest Charges:
Interest on long-term debt.......................... 122,037
Other interest...................................... 3,729
Deferred nuclear plants return--borrowed funds...... (908)
-------------
Interest charges, net......................... 124,858
-------------
Net Income............................................ $ 123,401
=============
WESTERN MASSACHUSETTS ELECTRIC COMPANY - b.4.1
BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands
of Dollars)
ASSETS
- ------
Utility Plant, at original cost:
Electric................................................ $ 1,247,314
Less: Accumulated provision for depreciation......... 480,336
-------------
766,978
Construction work in progress........................... 15,017
Nuclear fuel, net....................................... 30,002
-------------
Total net utility plant............................. 811,997
-------------
Other Property and Investments:
Nuclear decommissioning trusts, at market............... 73,390
Investments in regional nuclear generating
companies, at equity................................... 14,955
Other, at cost.......................................... 4,291
-------------
92,636
-------------
Current Assets:
Cash.................................................... 123
Receivables, net........................................ 39,428
Accounts receivable from affiliated companies........... 790
Accrued utility revenues................................ 13,079
Fuel, materials, and supplies, at average cost.......... 5,328
Recoverable energy costs, net--current portion.......... 8,366
Prepayments and other................................... 8,894
-------------
76,008
-------------
Deferred Charges:
Regulatory assets:
Income taxes, net...................................... 81,769
Unrecovered contractual obligation..................... 14,007
Recoverable energy costs............................... 10,927
Other.................................................. 29,922
Unamortized debt expense................................ 1,402
Other................................................... 143
-------------
138,170
-------------
Total Assets........................................ $ 1,118,811
=============
WESTERN MASSACHUSETTS ELECTRIC COMPANY
BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands
of Dollars)
CAPITALIZATION AND LIABILITIES
- ------------------------------
Capitalization:
Common stock--$25 par value.
Authorized and outstanding 1,072,471 shares............ $ 26,812
Capital surplus, paid in................................ 150,324
Retained earnings....................................... 116,010
-------------
Total common stockholder's equity.............. 293,146
Preferred stock not subject to mandatory redemption..... 53,500
Preferred stock subject to mandatory redemption......... 21,000
Long-term debt.......................................... 333,739
-------------
Total capitalization........................... 701,385
-------------
Obligations Under Capital Leases.......................... 19,471
-------------
Current Liabilities:
Notes payable to affiliated company..................... 3,000
Long-term debt and preferred stock--current
portion................................................ 16,200
Obligations under capital leases--current
portion................................................ 12,469
Accounts payable........................................ 13,353
Accounts payable to affiliated companies................ 10,154
Accrued taxes........................................... 11,804
Accrued interest........................................ 5,597
Other................................................... 17,805
-------------
90,382
-------------
Deferred Credits:
Accumulated deferred income taxes....................... 247,086
Accumulated deferred investment tax credits............. 25,568
Deferred contractual obligation......................... 14,007
Other................................................... 20,912
-------------
307,573
-------------
Total Capitalization and Liabilities........... $ 1,118,811
=============
WESTERN MASSACHUSETTS ELECTRIC COMPANY - b.4.2
STATEMENT OF INCOME
(Unaudited)
Twelve Months
Ended
June 30,
1996
-------------
(Thousands of
Dollars)
Operating Revenues.................................... $ 430,555
-------------
Operating Expenses:
Operation --
Fuel, purchased and net interchange power........ 89,061
Other............................................ 149,739
Maintenance......................................... 46,736
Depreciation........................................ 38,717
Amortization of regulatory assets................... 12,586
Federal and state income taxes...................... 15,397
Taxes other than income taxes....................... 19,249
-------------
Total operating expenses...................... 371,485
-------------
Operating Income...................................... 59,070
-------------
Other Income:
Equity in earnings of regional nuclear generating
companies......................................... 1,979
Other, net.......................................... 86
Income taxes........................................ 110
-------------
Other income, net............................. 2,175
-------------
Income before interest charges................ 61,245
-------------
Interest Charges:
Interest on long-term debt.......................... 24,827
Other interest...................................... 525
-------------
Interest charges, net......................... 25,352
-------------
Net Income............................................ $ 35,893
=============
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY - b.5.1
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands of
Dollars)
ASSETS
- ------
Utility Plant, at original cost:
Electric......................................... $ 95,574
Less: Accumulated provision for depreciation.. 40,555
-------------
55,019
Construction work in progress...................... 1,758
-------------
Total net utility plant...................... 56,777
-------------
Other Property and Investments:
Nonutility property, at cost..................... 3,355
Other investments, at cost....................... 2
-------------
3,357
-------------
Current Assets:
Cash ............................................ 123
Notes receivable from affiliated companies....... 8,750
Accounts receivable.............................. 4,618
Accounts receivable from affiliated companies.... 35
Fuel, materials, and supplies, at average cost... 5,629
Prepayments and other............................ 118
-------------
19,273
-------------
Deferred Charges:
Unamortized debt expense......................... 972
Deferred charges--SFAS 109....................... 2,489
Other............................................ 258
-------------
3,719
-------------
Total Assets................................. $ 83,126
=============
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands of
Dollars)
CAPITALIZATION AND LIABILITIES
- ------------------------------
Capitalization:
Common stock--$5.00 par value. Authorized
1,200,000 shares; outstanding 480,000
shares.......................................... $ 2,400
Capital surplus, paid in......................... 6,000
Retained earnings................................ 12,680
-------------
Total common stockholder's equity....... 21,080
Long-term debt,net............................... 38,300
-------------
Total capitalization.................... 59,380
-------------
Current Liabilities:
Accounts payable................................. 1,753
Accounts payable to affiliated companies......... 462
Accrued taxes.................................... 1,433
Accrued interest................................. 231
Accrued pension benefits......................... 927
Other............................................ 382
-------------
5,188
-------------
Deferred Credits:
Accumulated deferred income taxes ............... 12,605
Accumulated deferred investment tax credits...... 2,860
Other............................................ 3,093
-------------
18,558
-------------
Total Capitalization and Liabilities.... $ 83,126
=============
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY - b.5.2
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Twelve Months
Ended
June 30,
1996
-------------
(Thousands of
Dollars)
Operating Revenues.................................... $ 33,844
-------------
Operating Expenses:
Operation --
Fuel, purchased and net interchange power........ 16,481
Other............................................ 9,515
Maintenance......................................... 3,291
Depreciation........................................ 1,981
Federal and state income taxes...................... (1,197)
Taxes other than income taxes....................... 2,187
-------------
Total operating expenses...................... 32,258
-------------
Operating Income...................................... 1,586
-------------
Other Income:
Allowance for other funds used during construction.. 46
Other, net.......................................... 400
Income taxes........................................ (62)
-------------
Other income, net............................. 384
-------------
Income before interest charges................ 1,970
-------------
Interest Charges:
Interest on long-term debt.......................... 1,603
Other interest...................................... 2
Allowance for borrowed funds used during
construction...................................... (26)
-------------
Interest charges, net......................... 1,579
-------------
Net Income............................................ $ 391
=============
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE - b.6.1
BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands
of Dollars)
ASSETS
- ------
Utility Plant, at cost:
Electric................................................ $ 2,124,121
Less: Accumulated provision for depreciation......... 532,638
-------------
1,591,483
Unamortized acquisition costs........................... 536,421
Construction work in progress........................... 13,720
Nuclear fuel, net....................................... 1,309
-------------
Total net utility plant............................. 2,142,933
-------------
Other Property and Investments:
Nuclear decommissioning trusts, at market............... 2,707
Investments in regional nuclear generating
companies and subsidiary company, at equity............ 19,128
Other, at cost.......................................... 1,810
-------------
23,645
-------------
Current Assets:
Cash.................................................... 287
Receivables, net........................................ 90,785
Accounts receivable from affiliated companies........... 922
Accrued utility revenues................................ 32,174
Fuel, materials, and supplies, at average cost.......... 38,812
Accumulated deferred income taxes--current portion...... 18,031
Prepayments and other................................... 26,640
-------------
207,651
-------------
Deferred Charges:
Regulatory assets:
Income taxes, net...................................... 154,394
Unrecovered contractual obligation..................... 14,007
Recoverable energy costs............................... 262,342
Other.................................................. 2,357
Unamortized debt expense................................ 13,150
Deferred receivable from affiliated company............. 33,284
Other................................................... 4,496
-------------
484,030
-------------
Total Assets........................................ $ 2,858,259
=============
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands
of Dollars)
CAPITALIZATION AND LIABILITIES
- ------------------------------
Capitalization:
Common stock--$1 par value.
Authorized and outstanding 1,000 shares................ $ 1
Capital surplus, paid in................................ 422,712
Retained earnings....................................... 162,945
-------------
Total common stockholder's equity.............. 585,658
Preferred stock subject to mandatory redemption......... 100,000
Long-term debt.......................................... 686,485
-------------
Total capitalization........................... 1,372,143
-------------
Obligations Under Seabrook Power Contracts
and Other Capital Leases................................. 872,858
-------------
Current Liabilities:
Notes payable to banks.................................. 50,000
Notes payable to affiliated company..................... 1,400
Long-term debt--current portion......................... 25,000
Obligations under Seabrook Power Contracts and other
capital leases--current portion........................ 39,290
Accounts payable........................................ 31,915
Accounts payable to affiliated companies................ 21,124
Accrued taxes........................................... 18,296
Accrued interest........................................ 8,432
Accrued pension benefits................................ 40,740
Refundable energy costs................................. 50,299
Other................................................... 11,581
-------------
298,077
-------------
Deferred Credits:
Accumulated deferred income taxes....................... 239,071
Accumulated deferred investment tax credits............. 4,785
Deferred contractual obligation......................... 14,007
Deferred revenue from affiliated company................ 33,284
Other................................................... 24,034
-------------
315,181
-------------
-------------
Total Capitalization and Liabilities........... $ 2,858,259
=============
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE - b.6.2
STATEMENT OF INCOME
(Unaudited)
Twelve Months
Ended
June 30,
1996
-------------
(Thousands of
Dollars)
Operating Revenues.................................... $ 1,026,222
-------------
Operating Expenses:
Operation --
Fuel, purchased and net interchange power........ 278,064
Other............................................ 321,156
Maintenance......................................... 36,794
Depreciation........................................ 44,658
Amortization of regulatory assets, net.............. 56,038
Federal and state income taxes...................... 76,220
Taxes other than income taxes....................... 44,178
-------------
Total operating expenses...................... 857,108
-------------
Operating Income...................................... 169,114
-------------
Other Income:
Equity in earnings of regional nuclear generating
companies and subsidiary company.................. 1,900
Other, net.......................................... 9,518
Income taxes........................................ (4,450)
-------------
Other income, net............................. 6,968
-------------
Income before interest charges................ 176,082
-------------
Interest Charges:
Interest on long-term debt.......................... 69,061
Other interest...................................... 6,950
-------------
Interest charges, net......................... 76,011
-------------
Net Income............................................ $ 100,071
=============
NORTH ATLANTIC ENERGY CORPORATION - b.7.1
BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands of
Dollars)
ASSETS
- ------
Utility Plant, at original cost:
Electric................................................ $ 774,785
Less: Accumulated provision for depreciation......... 109,981
-------------
664,804
Construction work in progress........................... 5,146
Nuclear fuel, net....................................... 23,411
-------------
Total net utility plant............................. 693,361
-------------
Other Property and Investments:
Nuclear decommissioning trusts, at market............... 16,601
Other, at cost.......................................... 222
-------------
16,823
-------------
Current Assets:
Cash.................................................... 13,424
Special deposits........................................ 2,617
Receivables from affiliated companies................... 13,265
Materials and supplies, at average cost................. 12,934
Prepayments and other................................... 5,258
-------------
47,498
-------------
Deferred Charges:
Regulatory assets:
Deferred costs--Seabrook............................... 175,670
Income taxes, net...................................... 46,683
Recoverable energy costs............................... 2,250
Other regulatory assets................................ 28,643
Unamortized debt expense................................ 5,141
Other................................................... 239
-------------
258,626
-------------
Total Assets........................................ $ 1,016,308
=============
NORTH ATLANTIC ENERGY CORPORATION
BALANCE SHEET
(Unaudited)
June 30,
1996
-------------
(Thousands of
Dollars)
CAPITALIZATION AND LIABILITIES
- ------------------------------
Capitalization:
Common stock--$1 par value. Authorized
and outstanding 1,000 shares.......................... $ 1
Capital surplus, paid in................................ 160,999
Retained earnings....................................... 63,223
-------------
Total common stockholder's equity.............. 224,223
Long-term debt.......................................... 520,000
-------------
Total capitalization........................... 744,223
-------------
Current Liabilities:
Notes payable to affiliated company..................... 6,500
Long-term debt--current portion......................... 20,000
Accounts payable........................................ 5,178
Accounts payable to affiliated companies................ 128
Accrued interest........................................ 3,169
Accrued taxes........................................... 5,883
Other................................................... 303
-------------
41,161
-------------
Deferred Credits:
Accumulated deferred income taxes....................... 195,433
Deferred obligation to affiliated company............... 33,284
Other................................................... 2,207
-------------
230,924
-------------
-------------
Total Capitalization and Liabilities........... $ 1,016,308
=============
NORTH ATLANTIC ENERGY CORPORATION - b.7.2
STATEMENT OF INCOME
(Unaudited)
Twelve Months
Ended
June 30,
1996
-------------
(Thousands of
Dollars)
Operating Revenues.................................... $ 162,608
-------------
Operating Expenses:
Operation --
Fuel............................................. 13,099
Other............................................ 36,276
Maintenance......................................... 12,593
Depreciation........................................ 23,731
Federal and state income taxes...................... 11,288
Taxes other than income taxes....................... 12,091
-------------
Total operating expenses...................... 109,078
-------------
Operating Income...................................... 53,530
-------------
Other Income:
Deferred Seabrook return--other funds............... 9,116
Other, net.......................................... 1,030
Income taxes........................................ 1,987
-------------
Other income, net............................. 12,133
-------------
Income before interest charges................ 65,663
-------------
Interest Charges:
Interest on long-term debt.......................... 57,524
Other interest...................................... (491)
Deferred Seabrook return--borrowed funds............ (19,576)
-------------
Interest charges, net......................... 37,457
-------------
Net Income............................................ $ 28,206
=============
