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<TABLE>
<CAPTION>
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
CONSOLIDATED BALANCE SHEETS (000's) (A)
(UNAUDITED)
June 30,
ASSETS 2000 Adjustments Pro Formed
--------------- --------------- -----------------
<S> <C> <C> <C>
Utility Plant (at cost):
Electric $57,063 $57,063
Gas 35,273 35,273
Common 5,397 5,397
Construction Work in Progress 1,479 11,372 (E) 12,851
--------------- --------------- -----------------
Utility Plant 99,212 11,372 110,584
Less: Accumulated Depreciation 26,244 26,244
--------------- --------------- -----------------
Net Utility Plant 72,968 11,372 84,340
--------------- --------------- -----------------
Other Property and Investments 18 18
--------------- --------------- -----------------
Current Assets:
Cash 333 333
Accounts Receivable 8,753 8,753
Materials and Supplies (at average cost) 1,450 1,450
Prepayments 566 566
Accrued Revenue (1,516) (1,516)
--------------- --------------- -----------------
Total Current Assets 9,586 9,586
Noncurrent Assets
Regulatory Assets 139,799 139,799
Unamortized Debt Expense 379 379
Prepaid Pension Costs 3,319 3,319
Other 15,806 15,806
--------------- --------------- -----------------
Total Noncurrent Assets 159,303 159,303
--------------- --------------- -----------------
TOTAL $241,875 $11,372 $253,247
=============== =============== =================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
<PAGE>
<TABLE>
<CAPTION>
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
CONSOLIDATED BALANCE SHEETS (000's) (A)
(UNAUDITED)
June 30,
CAPITALIZATION AND LIABILITIES 2000 Adjustments Pro Formed
--------------- --------------- -----------------
<S> <C> <C> <C>
Capitalization:
Common Stock Equity 40,262 (232)(D) 40,030
Preferred Stock, Redeemable 2,272 2,272
Long-term Debt, Less Current Portion 40,000 40,000
--------------- --------------- -----------------
Total Capitalization 82,534 (232) 82,302
Current Liabilities:
Long-term Debt, Current Portion 3,000 3,000
Capitalized Lease Obligations 193 193
Short-Term Debt 8,628 11,372 (F) 20,000
Accounts Payable 3,869 3,869
Due to Affiliate 783 783
Dividends Declared and Payable 1,058 1,058
Refundable Customer Deposits 258 258
Taxes Payable 249 (142)(B) 107
Interest Payable 769 374 (C) 1,143
Other Current Liabilities 527 527
--------------- --------------- -----------------
Total Current Liabilities 19,334 11,604 30,938
Deferred Income Taxes 29,821 29,821
--------------- --------------- -----------------
Noncurrent Liabilities:
Power Supply Contract Obligations 101,763 101,763
Capitalized Lease Obligations 2,062 2,062
Other Noncurrent Liabilities 6,361 6,361
--------------- --------------- -----------------
Total Noncurrent Liabilities 110,186 110,186
--------------- --------------- -----------------
TOTAL $241,875 $11,372 $253,247
=============== =============== =================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
<PAGE>
<TABLE>
<CAPTION>
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS (000's) (A)
(UNAUDITED)
Six Months Ended
June 30,
2000 Adjustments Pro Formed
--------------- --------------- -----------------
<S> <C> <C> <C>
Operating Revenues:
Electric $27,262 $27,262
Gas 11,425 11,425
--------------- --------------- -----------------
Total Operating Revenues 38,687 38,687
--------------- --------------- -----------------
Operating Expenses:
Fuel and Purchased Power 15,503 15,503
Gas Purchased for Resale 6,308 6,308
Operating Expenses, Other 6,049 6,049
Maintenance 800 800
Depreciation and Amortization 3,244 3,244
Provisions for Taxes:
Federal and State Income 630 (142)(B) 488
Local Property and Other 1,576 1,576
--------------- --------------- -----------------
Total Operating Expenses 34,110 (142) 33,968
--------------- --------------- -----------------
Operating Income 4,577 142 4,719
Non-operating Expense 89 89
--------------- --------------- -----------------
Income Before Interest Expense 4,488 142 4,630
Interest Expense, Net 1,645 374 (C) 2,019
--------------- --------------- -----------------
Net Income 2,843 ($232)(D) 2,611
Less Dividends on Preferred Stock 79 79
--------------- --------------- -----------------
Net Income Applicable to Common Stock $2,764 ($232) $2,532
=============== =============== =================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
<PAGE>
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
Notes to Pro Forma Financial Statements
(A) These statements have been pro formed to reflect an increase in Short-Term
Debt to the recently authorized borrowing limit and the corresponding
impact on expenses and Net Income.
(B) The reduction in taxes reflect the rise in interest expense which reduced
income for tax purposes.
(C) The cost of this increase in Short-Term Debt is reflected in higher
interest costs for the six months period.
(D) Lower Net Income and Common Equity (e. g. Retained Earnings) reflects the
impact of higher interest expense.
(E) Assumes all borrowings are made to fund additions to Utility Plant.
(F) Reflects the incremental increase in Short-Term debt to reach the borrowing
limit.
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