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 )
(File No. 70-9541) )
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 first quarter ended March 31, 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 March 31, 2000
------------------------------------
(thousands of dollars) %
---------------------- -----
Common shareholders' equity:
Common shares $ 75,849 3.4%
Capital surplus, paid in 412,755 18.5
Retained earnings 200,058 9.0
---------- -----
Total Common shareholders' equity 688,662 30.9
Preferred stock 315,739 14.2
Long-term and short-term debt 1,223,899 54.9
---------- -----
$2,228,300 100.0%
========== =====
4,638,046 shares were repurchased for $299,999,946.59.
Western Massachusetts Electric Company (WMECO)
As of March 31, 2000
------------------------------------
(thousands of dollars) %
---------------------- -----
Common shareholders' equity:
Common shares $ 14,752 2.9%
Capital surplus, paid in 93,976 18.2
Retained earnings 49,041 9.5
---------- -----
Total Common shareholders' equity 157,769 30.6
Preferred stock 36,500 7.1
Long-term and short-term debt 320,749 62.3
---------- -----
$ 515,018 100.0%
========== =====
482,378 shares were repurchased for $89,999,820.06.
North Atlantic Energy Corporation (NAEC)
As of March 31, 2000
------------------------------------
(thousands of dollars) %
---------------------- -----
Common shareholders' equity:
Common shares $ 1 0.0%
Capital surplus, paid in 160,999 28.4
Retained earnings 505 0.1
---------- -----
Total Common shareholders' equity 161,505 28.5
Long-term and short-term debt 405,000 71.5
---------- -----
$ 566,505 100.0%
========== =====
A common dividend of $20,000,000 was paid to NU.
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 Poors Corporation of
CL&P, WMECO and Public Service Company of New Hampshire (PSNH) are each
BBB-, 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. Internal cash funds available during the quarter were not
supplemented with external borrowings during the quarter.
<TABLE>
<CAPTION>
Net cash flows Net cash flows
Cash Net cash flows provided by provided by/
beginning provided by (used in) (used in) Cash
of period operating investing financing end of period
01/01/2000 activities activities activities 03/31/2000
---------- -------------- -------------- ------------ -------------
(Thousands of Dollars)
<S> <C> <C> <C> <C> <C>
CL&P $ 364 $52,340 $537,327 $(583,504) $ 6,527
PSNH 182,588 77,826 (10,724) (1,325) 248,365
WMECO 950 14,346 180,221 (195,350) 167
NAEC - 53,929 (33,825) (20,000) 104
</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
Vice President and Controller
Northeast Utilities Service Company
P.O. Box 270
Hartford, CT 06141-0270
May 19, 2000
