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 June 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 June 30, 2000
----------------------
(thousands
of dollars) %
----------- -----
Common shareholders' equity:
Common shares $ 75,849 3.4%
Capital surplus, paid in 415,371 18.7
Retained earnings 192,311 8.7
Total Common shareholders' equity 683,531 30.8
Preferred stock 216,200 9.8
Long-term and short-term debt 1,316,669 59.4
---------- -----
$2,216,400 100.0%
========== =====
A common dividend of $24,999,777.66 was paid to NU.
North Atlantic Energy Corporation (NAEC)
As of June 30, 2000
----------------------
(thousands
of dollars) %
----------- -----
Common shareholders' equity:
Common shares $ 1 0.0%
Capital surplus, paid in 160,999 32.3
Retained earnings 1,777 0.4
Total Common shareholders' equity 162,777 32.7
Long-term and short-term debt 335,000 67.3
---------- -----
$ 497,777 100.0%
========== =====
A common dividend of $7,000,000.00 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 Poor's 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. NU represents that during the
quarter ended June 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.
<TABLE>
<CAPTION>
Net cash flows
Cash Net cash flows (used in)/ Net cash flows
beginning provided by provided by (used in) Cash
of period operating investing financing end of period
04/01/2000 activities activities activities 06/30/2000
---------- -------------- -------------- -------------- -------------
(Thousands of Dollars)
<S> <C> <C> <C> <C> <C>
CL&P $ 6,527 $45,792 $ (5,342) $(36,428) $ 10,549
PSNH 248,365 11,696 (15,610) (26,325) 218,126
WMECO 167 26,271 (20,227) (6,099) 112
NAEC 104 23,746 53,150 (77,000) -
</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
August 25, 2000
