FILE NO. 70-09543
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------------------------------
AMENDMENT NO. 1
TO
FORM U-1
APPLICATION/DECLARATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
NORTHEAST UTILITIES SELECT ENERGY, INC.
174 Brush Hill Avenue NORTHEAST GENERATION SERVICES
West Springfield, MA 01090-0010 COMPANY
107 Selden Street
Berlin, CT 06037
(Name of companies filing this statement and
addresses of principal executive offices)
NORTHEAST UTILITIES
(Name of top registered holding company)
Cheryl W. Grise, Esq.
Senior Vice President, Secretary and 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 signed copies of all orders, notices and
communications to
David R. McHale Jeffrey C. Miller, Esq.
Vice President and Treasurer Assistant General Counsel
Northeast Utilities Northeast Utilities
Service Company Service Company
P.O. Box 270 P.O. Box 270
Hartford, Connecticut Hartford, Connecticut
06141-0270 06141-0270
The Application/Declaration in this File is hereby amended by the filing
of the following exhibits:
g Financial Data Schedule
(b) Financial Statements
1. Northeast Utilities
1.1 Balance Sheet, per books and pro forma, as of June 30, 1999.
1.2 Statement of Income, per books and pro forma, for 12 months
ended June 30, 1999 and capital structure, per books and pro
forma, as of June 30, 1999.
*2. Northeast Generation Services Company
2.1 Balance Sheet, per books and pro forma, as of June 30, 1999.
2.2 Statement of Income, per books and pro forma, for 12 months
ended June 30, 1999 and capital structure, per books and pro
forma, as of June 30, 1999.
*To be filed by amendment.
SIGNATURES
Pursuant to the requirements of the Public Utility Holding Company Act of
1935, as amended, the undersigned companies have duly caused this Amendment to
be signed on their behalf by the undersigned thereunto duly authorized.
Date: September 16, 1999
NORTHEAST UTILITIES
NORTHEAST GENERATION SERVICES COMPANY
SELECT ENERGY, INC.
By: /s/ David R. McHale
Name: David R. McHale
Title: Vice President and Treasurer
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1000
<S> <C> <C>
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1998
<PERIOD-END> JUN-30-1999 JUN-30-1999
<PERIOD-TYPE> YEAR YEAR
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 0 0
<OTHER-PROPERTY-AND-INVEST> 2,217,178 2,252,178
<TOTAL-CURRENT-ASSETS> 27,070 23,745
<TOTAL-DEFERRED-CHARGES> 8,768 8,768
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 2,253,016 2,284,691
<COMMON> 686,188 686,188
<CAPITAL-SURPLUS-PAID-IN> 940,448 940,448
<RETAINED-EARNINGS> 579,449 577,288
<TOTAL-COMMON-STOCKHOLDERS-EQ> 2,073,662 2,071,501
0 0
0 0
<LONG-TERM-DEBT-NET> 152,000 152,000
<SHORT-TERM-NOTES> 0 35,000
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 19,000 19,000
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> (124,069) 7,190
<TOT-CAPITALIZATION-AND-LIAB> 2,253,016 2,284,691
<GROSS-OPERATING-REVENUE> 0 0
<INCOME-TAX-EXPENSE> (8,387) (9,553)
<OTHER-OPERATING-EXPENSES> 6,563 6,563
<TOTAL-OPERATING-EXPENSES> (1,823) (1,823)
<OPERATING-INCOME-LOSS> 1,823 2,987
<OTHER-INCOME-NET> (50,952) (50,952)
<INCOME-BEFORE-INTEREST-EXPEN> (52,775) (53,939)
<TOTAL-INTEREST-EXPENSE> 15,831 19,156
<NET-INCOME> 36,944 34,783
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 36,944 34,783
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> 0 0
<EPS-BASIC> 0 0
<EPS-DILUTED> 0 0
</TABLE>
Exhibit 6.b)
NORTHEAST UTILITIES PARENT
PRO FORMA BALANCE SHEET
AS OF JUNE 30, 1999
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUST.* TRANSACTION
<S> <C> <C> <C>
ASSETS
UTILITY PLANT, AT COST:
ELECTRIC $ 0 $ $ 0
OTHER 0 0
--------- --------- ---------
0 0 0
LESS: ACC. DEPREC. 0 0
--------- --------- ---------
0 0 0
CONSTRUCTION WORK IN PROGRESS 0 0
--------- --------- ---------
TOTAL NET UTILITY PLANT 0 0 0
--------- --------- ---------
OTHER PROP. AND INVEST.:
INVEST. IN SUBSIDIARY COS. 2,199,224 35,000 [1] 2,234,224
INVEST. IN TRANSMISSION COS. 17,900 17,900
OTHER INVESTMENTS 54 54
--------- --------- ---------
TOTAL OTHER PROP. & INVEST. 2,217,178 35,000 2,252,178
--------- --------- ---------
CURRENT ASSETS:
CASH & CASH EQUIVALENTS 0 (3,325)[2] (3,325)
NOTES REC. FROM ASSOC. COS 22,300 22,300
NOTES AND ACCOUNTS RECEIVABLE 571 571
ACCOUNTS REC. FROM ASSOC. COS 4,172 4,172
PREPAYMENTS AND OTHER 27 27
--------- --------- ---------
TOTAL CURRENT ASSETS 27,070 (3,325) 23,745
--------- --------- ---------
DEFERRED CHARGES:
ACCUMULATED DEF. INC. TAXES 6,160 6,160
UNAMORTIZED DEBT EXPENSE 46 46
OTHER 2,562 2,562
--------- --------- ---------
TOTAL DEF. CHARGES 8,768 0 8,768
--------- --------- ---------
TOTAL ASSETS $ 2,253,016 $ 31,675 $ 2,284,691
========= ========= =========
</TABLE>
[1] See adjustments a, b, and d.
[2] See adjustments a, b, c, d, and e.
Exhibit 6.b)
NORTHEAST UTILITIES PARENT
PRO FORMA BALANCE SHEET
AS OF JUNE 30, 1999
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUST.* TRANSACTION
<S> <C> <C> <C>
CAPITALIZATION:
COMMON SHARES $ 686,188 $ $ 686,188
CAPITAL SURPLUS, PAID IN 940,448 940,448
DEFERRED COMPENSATION--(ESOP) (133,947) (133,947)
RETAINED EARNINGS 579,449 (2,161) 577,288
ACCUM OTHER COMP INCOME 1,524 1,524
---------- --------- ----------
TOTAL COMMON EQUITY 2,073,662 (2,161) 2,071,501
NON-REDEEMABLE PREF. STOCK 0 0
REDEEMABLE PREF. STOCK 0 0
LONG-TERM DEBT 152,000 152,000
---------- --------- ----------
TOTAL CAPITALIZATION 2,225,662 (2,161) 2,223,501
---------- --------- ----------
MINOR. INT. IN CONS. SUBS 0 0 0
---------- --------- ----------
OBLIG. UNDER CAP. LEASES 0 0 0
---------- --------- ----------
CURRENT LIABILITIES:
NOTES PAYABLE TO BANK 0 35,000 [3] 35,000
L-T DEBT AND P.S., CURRENT 19,000 19,000
OBLIG. UNDER CAP. LEASES, CUR 0 0
ACCOUNTS PAYABLE 742 742
ACCOUNTS PAYABLE TO ASSOC. COS. 3,233 3,233
ACCRUED TAXES PAYABLE 2,047 (1,164)[4] 883
ACCRUED INTEREST 1,969 1,969
ACCRUED PENSION BENEFITS 0 0
OTHER 2 2
---------- --------- ----------
TOT. CURRENT LIABILITIES 26,993 33,836 60,829
---------- --------- ----------
OTHER DEFERRED CREDITS 361 361
---------- --------- ----------
TOTAL DEFERRED CREDITS 361 0 361
---------- --------- ----------
TOTAL CAPITALIZATION AND LIAB. $ 2,253,016 $ 31,675 $ 2,284,691
========== ========= ==========
</TABLE>
[3] See adjustment c.
[4] See adjustment f.
* See attached Pro Forma Adjustments
Exhibit 6.b)
NORTHEAST UTILITIES PARENT
PRO FORMA INCOME STATEMENT AND STATEMENT
OF RETAINED EARNINGS
FOR THE 12 MONTHS ENDED JUNE 30, 1999
INCOME STATEMENT
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTS* TRANSACTION
<S> <C> <C> <C>
OPERATING REVENUE $ 0 $ 0 $ 0
-------- -------- --------
OPERATING EXPENSES:
OPERATION--
FUEL, PURCH. & NET INTRCHG PWR 0 0
OTHER 6,563 6,563
MAINTENANCE 1 1
DEPRECIATION 0 0
FED/ STATE INCOME TAXES (8,389) (1,164)[1] (9,553)
OTHER TAXES 2 2
-------- -------- --------
TOTAL OPERATING EXPENSES (1,823) (1,164) (2,987)
-------- -------- --------
OPERATING INCOME 1,823 1,164 2,987
-------- -------- --------
OTHER INCOME (LOSS):
EQUITY IN REG. GEN & TRANS. COS. 2,725 2,725
OTHER, NET 53,003 53,003
MIN. INT. IN INCOME OF SUB 0 0
INCOME TAXES (4,776) (4,776)
-------- -------- --------
OTHER INCOME, NET 50,952 0 50,952
-------- -------- --------
INCOME BEF. INT. CHARGES 52,775 1,164 53,939
-------- -------- --------
INTEREST CHARGES:
INTEREST ON L-T DEBT 15,332 15,332
AMORT. DEBT DISC, PREM EXP, NET 117 117
INTEREST ON SHORT TERM LOAN 319 319
OTHER INTEREST EXPENSES 63 3,325 [2] 3,388
-------- -------- --------
NET INCOME AFTER INTEREST CHARGES 36,944 (2,161) 34,783
-------- -------- --------
PREF. DIVIDENDS OF SUBSIDIARIES 0 0
-------- -------- --------
NET INCOME $ 36,944 $ (2,161) $ 34,783
======== ======== ========
</TABLE>
[1] See adjustment f.
[2] See adjustment e.
STATEMENT OF RETAINED EARNINGS
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
PRO FORMA
GIVING EFFECT
PRO FORMA TO PROPOSED
PER BOOK ADJUSTS* TRANSACTION
<S> <C> <C> <C>
BAL. AT BEGINNING OF PERIOD $ 542,505 $ $ 542,505
NET GAIN (LOSS) 36,944 (2,161) 34,783
CASH DIVIDENDS ON PREF. STOCK 0 0
CASH DIVIDEND ON COMMON STOCK 0 0
-------- -------- --------
BALANCE AT END OF PERIOD $ 579,449 $ (2,161) $ 577,288
======== ======== ========
</TABLE>
* See attached Pro Forma Adjustments