File No. 70-9541
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Application of Northeast )
Utilities, The Connecticut )
Light and Power Company, )
Public Service Company of ) CERTIFICATE PURSUANT TO
New Hampshire, Western ) RULE 24 UNDER THE PUBLIC
Massachusetts Electric ) UTILITY HOLDING COMPANY ACT
Company, North Atlantic ) OF 1935
Energy Corporation, NU )
Enterprises, Inc., Northeast )
Generation Company, )
Northeast Generation )
Services Company, Select )
Energy, Inc., Select Energy )
Portland Pipeline, Inc., )
HEC Inc., Select Energy )
Contracting, Inc., Reeds )
Ferry Supply Co., Inc., )
HEC Energy Consulting )
Canada, Inc. on Form U-1 )
Pursuant to the requirements of Rule 24 under the Public Utility Holding
Company Act of 1935, Northeast Utilities ("NU"), a registered holding company,
hereby files this quarterly report as required by the Securities and Exchange
Commission's order authorizing payment of dividends, share repurchases and
share issuance in connection with restructuring by NU and certain subsidiaries
(HCAR. No. 27147, March 7, 2000, File No. 70-9541) ("Order").
For the quarter ended September 30, 2000, the following information is
reported pursuant to the Order.
1) A total capitalization calculation to include a breakdown of the common
stock equity account and by percentage for each equity and debt category
for the period ending for each Applicant that indicates the amount, if
any, of dividends paid to NU and/or the amount of repurchased stock from
NU during the quarter; total capitalization is to include all short-term
debt and current maturities.
The Connecticut Light and Power Company (CL&P)
As of September 30, 2000
------------------------
(thousands
of dollars) %
---------- ------
Common shareholders' equity:
Common shares $ 75,849 3.4%
Capital surplus, paid in 413,795 18.3
Retained earnings 208,816 9.3
---------- -----
Total Common shareholders' equity 698,460 31.0
Preferred stock 216,200 9.6
Long-term and short-term debt 1,339,615 59.4
---------- -----
$2,254,275 100.0%
========== =====
A common dividend of $9,999,911.07 was declared on September 20, 2000 and
was paid to NU on September 30, 2000.
Western Massachusetts Electric Company (WMECO)
As of September 30, 2000
------------------------
(thousands
of dollars) %
---------- ------
Common shareholders' equity:
Common shares $ 14,752 2.8%
Capital surplus, paid in 94,212 18.0
Retained earnings 52,223 10.0
---------- -----
Total Common shareholders' equity 161,187 30.8
Preferred stock 36,500 7.0
Long-term and short-term debt 325,299 62.2
---------- -----
$ 522,986 100.0%
========== =====
A common dividend of $8,001,661.08 was declared on September 14, 2000
and was paid to NU on September 30, 2000.
Public Company of New Hampshire (PSNH)
As of September 30, 2000
------------------------
(thousands
of dollars) %
---------- ------
Common shareholders' equity:
Common shares $ 1 0.0%
Capital surplus, paid in 426,623 36.0
Retained earnings 326,983 27.6
---------- -----
Total Common shareholders' equity 753,607 63.6
Preferred stock 25,000 2.1
Long-term and short-term debt 407,285 34.3
---------- -----
$1,185,892 100.0%
========== =====
A common dividend of $50,000,000.00 was declared on August 21, 2000 and
was paid to NU on October 1, 2000.
North Atlantic Energy Corporation (NAEC)
As of September 30, 2000
------------------------
(thousands
of dollars) %
---------- ------
Common shareholders' equity:
Common shares $ 1 0.0%
Capital surplus, paid in 160,999 32.3
Retained earnings 1,840 0.4
---------- -----
Total Common shareholders' equity 162,840 32.7
Long-term and short-term debt 335,000 67.3
---------- -----
$ 497,840 100.0%
========== =====
A common dividend of $8,000,000.00 was declared on September 20, 2000 and
was paid to NU on September 30, 2000.
There were no dividends paid to NU and/or repurchased stock from NU for the
other applicants during this quarter.
2) The current senior debt rating of each Applicant to include a representation
that the rating is at or above investment grade.
The current senior debt ratings issued by Standard and Poor's Corporation of
CL&P, WMECO and PSNH are each BBB- and BB+ for NAEC, which is an investment
grade rating. None of the other applicants have senior debt ratings.
3) The amount of cash-on-hand both during the quarter and as of the end of each
quarter for CL&P, PSNH, WMECO, and NAEC to include a representation as to
whether internal cash funds available during the quarter were sufficient to
fund each company's normal business operations or had to be supplemented
with borrowings.
NU represents that during the quarter ended September 30, 2000 internal cash
funds available during the quarter, confirmed with financing activities set
forth below, were sufficient to fund each company's normal business
operations.
Internal cash funds available during the quarter were not supplemented with
external borrowings during the quarter except for CL&P.
<TABLE>
<CAPTION>
Net cash flows Net cash flows Net cash flows
Cash provided by/ (used in)/ provided by/
beginning (used in) provided by (used in) Cash end
of period operating investing financing of period
07/01/2000 activities activities activities 09/30/2000
---------- -------------- -------------- ------------- ----------
(Thousands of Dollars)
<S> <C> <C> <C> <C> <C>
CL&P $ 10,549 $78,367 $(92,284) $ 8,610 $ 5,242
PSNH 218,126 76,461 (14,086) (109,863) 170,638
WMECO 112 (3,050) 3,151 (101) 112
NAEC - 31,419 (23,375) (8,000) 44
</TABLE>
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act
of 1935, the undersigned company has duly caused this Certificate to be signed
on its behalf by the undersigned thereunto duly authorized.
/s/ John J. Roman
-----------------------------
John J. Roman
Vice President and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
November 28, 2000
