Form U-13-60
Mutual and Subsidiary Service Companies
Revised February 7, 1980
ANNUAL REPORT
FOR THE PERIOD
Beginning January 1, 1993 and ending December 31, 1993
TO THE
U.S. SECURITIES AND EXCHANGE COMMISSION
OF
NORTH ATLANTIC ENERGY SERVICE CORPORATION
A Subsidiary Service Company
Date of Incorporation: April 1, 1992
State or Sovereign Power under which Incorporated
or Organized: New Hampshire
Location of Principal Executive Offices of Reporting Company:
Route 1, Lafayette Rd., Seabrook, NH, 03874
Name, title and address of officer to whom correspondence
concerning this report should be addressed:
John W. Noyes, Vice President and Controller
P.O. Box 270, Hartford, Ct. 06141-0270
Name of Principal Holding Company Whose Subsidiaries
are served by Reporting Company:
NORTHEAST UTILITES
INSTRUCTIONS FOR USE ON FORM U-13-60
1. TIME OF FILING
Rule 94 provides that on or before the first day of May in each calendar
year, each mutual service company and each subsidiary service company as to
which the Commission shall have made a favorable finding pursuant to Rule 88,
and every service company whose application for approval or declaration
pursuant to Rule 88 is pending shall file with the Commission an annual
report on Form U-13-60 and in accordance with the instructions for that form.
2. NUMBER OF COPIES
Each annual report shall be filed in duplicate. The company should prepare
and retain at least one extra copy for itself in case correspondence with
reference to the report becomes necessary.
3. PERIOD COVERED BY REPORT
The first report filed by any company shall cover the period from the date
the Uniform System of Accounts was required to be made effective as to that
company under Rules 82 and 93 to the end of that calendar year. Subsequent
reports should cover a calendar year.
4. REPORT FORMAT
Reports shall be submitted on the forms prepared by the Commission. If the
space provided on any sheet of such form is inadequate, additional sheets may
be inserted of the same size as a sheet of the form or folded to such size.
5. MONEY AMOUNTS DISPLAYED
All money amounts required to be shown in financial statements may be
expressed in whole dollars, in thousands of dollars or in hundred thousands
of dollars, as appropriate, and subject to provisions of Regulation S-X
(Paragraph 210.3-0.1(b)).
6. DEFICITS DISPLAYED
Deficits and other like entries shall be indicated by the use of either
brackets or a parenthesis with corresponding reference in footnotes.
(Regulation S-X, (Paragraph 210.3-0.1(c)).
7. MAJOR AMENDMENTS OR CORRECTIONS
Any company desiring to amend or correct a major omission or error in a
report after it has been filed with the Commission shall submit an amended
report including only those pages, schedules, and entries that are to be
amended or corrected. A cover letter shall be submitted requesting the
Commission to incorporate the amended report changes and shall be signed by a
duly authorized officer of the company.
8. DEFINITIONS
Definitions contained in Instruction 01-8 to the Uniform System of Accounts
for Mutual Service Companies and Subsidiary Service Companies, Public Utility
Holding Company Act of 1935, as amended February 2, 1979 shall be applicable
to words or terms used specifically within this Form U-13-60.
9. ORGANIZATION CHART
The service company shall submit with each annual report a copy of its
current organization chart.
10. METHODS OF ALLOCATION
The service company shall submit with each annual report a listing of the
currently effective methods of allocation being used by the service company
and on file with the Securities and Exchange Commission pursuant to the
Public Utility Holding Company Act of 1935.
11. ANNUAL STATEMENT OF COMPENSATION FOR USE OF CAPITAL BILLED
The service company shall submit with each annual report a copy of the annual
statement supplied to each associate company in support of the amount of
compensation for use in capital billed during the calendar year.
LISTINGS OF SCHEDULES AND ANALYSIS OF ACCOUNTS
Schedule or Page
Description of Schedules and Accounts Acct. No. No.
- - ------------------------------------- ------------ ----
Comparative Balance Sheet Schedule I 4-5
Service Company Property Schedule II 6-7
Accumulated Provision for Depreciation and
Amortization of Service Company Property Schedule III 8
Investments Schedule IV 9
Accounts Receivable from Associate Companies Schedule V 10
Fuel Stock Expenses Undistributed Schedule VI 11
Stores Expense Undistributed Schedule VII 12
Miscellaneous Current and Accrued Assets Schedule VII 13
Miscellaneous Deferred Debits Schedule IX 14
Research, Development, or Demonstration
Expenditures Schedule X 15
Proprietary Capital Schedule XI 16
Long Term Debt Schedule XII 17
Current and Accrued Liabilities Schedule XIII 18
Notes to Financial Statements Schedule XIV 19
Comparative Income Statement Schedule XV 20
Analysis of Billing - Associate Companies Account 457 21
Analysis of Billing - Nonassociate Companies Account 458 22
Analysis of Charges for Service - Associate
and Nonassociated Companies Schedule XVI 23
Schedule of Expense by Department or Service
Function Schedule XVII 24-25
Departmental Analysis of Salaries Account 920 26
Outside Services Employed Account 923 27
Employee Pensions and Benefits Account 926 28
General Advertising Expenses Account 930.1 29
Miscellaneous General Expenses Account 930.2 30
Rents Account 931 31
Taxes Other Than Income Taxes Account 408 32
Donations Account 426.1 33
Other Deductions Account 426.5 34
Notes to Statement of Income Schedule XVII 35
Description of Reports or Statements
- - ------------------------------------
Organization Chart 36
Methods of Allocation 37
Annual Statement of Compensation for
Use of Capital Billed 38
Signature Page 39
<TABLE>
<CAPTION>
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
SCHEDULE I - COMPARATIVE BALANCE SHEET
Give balance sheet of the Company as of December 31 of the current and prior year.
- - -----------------------------------------------------------------------------------------------------
ACCT ASSETS AND OTHER DEBITS AS OF DECEMBER 31
- - -----------------------------------------------------------------------------------------------------
1993 1992
SERVICE COMPANY PROPERTY (Thousands of Dollars)
<S> <C> <C>
101 Service company property (Schedule II) 0 188
107 Construction work in progress (Schedule II) 0 0
------ ------
Total Service Company Property 0 188
------ ------
108 Less accumulated provision for depreciation and
amortization of service company property
(Schedule III) 0 0
------ ------
Net Service Company Property 0 188
------ ------
INVESTMENTS
123 Investments in associate companies (Schedule IV) 0 0
124 Other investments (Schedule IV) 0 0
------ ------
Total Investments 0 0
------ ------
CURRENT AND ACCRUED ASSETS
131 Cash 387 0
134 Special deposits 0 0
135 Working funds 16 20
136 Temporary cash investments (Schedule IV) 10 10
141 Notes receivable 0 0
143 Accounts receivable 8,564 16,800
144 Accumulated provision of uncollectible accounts 0 0
146 Accounts receivable from associate companies
(Schedule V) 6,449 4,047
152 Fuel stock expenses undistributed (Schedule VI) 0 0
154 Materials and supplies 0 0
163 Stores expense undistributed (Schedule VII) 18 52
165 Prepayments 2,141 2,310
174 Miscellaneous current and accrued assets
(Schedule VIII) 0 0
------ ------
Total Current and Accrued Assets 17,585 23,239
------ ------
DEFERRED DEBITS
181 Unamortized Debt Expense 0 0
184 Clearing accounts 392 1,012
186 Miscellaneous deferred debits (Schedule IX) 4,783 3,966
188 Research, development, or demonstration
expenditures (Schedule X) 0 0
190 Accumulated deferred income taxes 0 0
------ ------
Total Deferred Debits 5,175 4,978
------ ------
TOTAL ASSETS AND OTHER DEBITS 22,760 28,405
====== ======
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
SCHEDULE I - COMPARATIVE BALANCE SHEET
Give balance sheet of the Company as of December 31 of the current and prior year.
- - -----------------------------------------------------------------------------------------------------
ACCT LIABILITIES AND PROPRIETARY CAPITAL AS OF DECEMBER 31
- - -----------------------------------------------------------------------------------------------------
1993 1992
PROPRIETARY CAPITAL (Thousands of Dollars)
<S> <C> <C>
201 Common stock issued (Schedule XI) 1 1
211 Miscellaneous paid-in-capital (Schedule XI) 9 9
215 Appropriated retained earnings (Schedule XI) 0 0
216 Unappropriated retained earnings (Schedule XI) 0 0
------ ------
Total Proprietary Capital 10 10
------ ------
LONG-TERM DEBT
223 Advances from associate companies (Schedule XII) 0 0
224 Other long-term debt (Schedule XII) 0 0
225 Unamortized premium on long-term debt 0 0
226 Unamortized discount on long-term debt 0 0
------ ------
Total Long-Term Debt 0 0
------ ------
CURRENT AND ACCRUED LIABILITIES
231 Notes payable 0 0
232 Accounts payable 7,705 11,561
233 Notes payable to associate companies (Schedule XIII) 0 0
234 Accounts payable to associate companies (Schedule XIII) 1,436 3,118
236 Taxes accrued 469 172
237 Interest accrued 0 0
238 Dividends declared 0 0
241 Tax collections payable 11 0
242 Miscellaneous current and accrued
liabilities (Schedule XIII) 6,840 10,014
------ ------
Total Current and Accrued Liabilities 16,461 24,865
------ ------
DEFERRED CREDITS
253 Other deferred credits 6,289 3,530
255 Accumulated deferred investment tax credits 0 0
------ ------
Total Deferred Credits 6,289 3,530
------ ------
282 ACCUMULATED DEFERRED INCOME TAXES 0 0
------ ------
TOTAL LIABILITIES AND PROPRIETARY CAPITAL 22,760 28,405
====== ======
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE II - SERVICE COMPANY PROPERTY
- - -----------------------------------------------------------------------------------------------------
BALANCE AT RETIREMENTS BALANCE
BEGINNING OR OTHER AT CLOSE
ACCT DESCRIPTION OF YEAR ADDITIONS SALES CHANGES(1) OF YEAR
- - -----------------------------------------------------------------------------------------------------
(Thousands of Dollars)
<S> <C> <C> <C> <C> <C>
SERVICE COMPANY PROPERTY
301 ORGANIZATION 188 (188) 0
303 MISCELLANEOUS INTANGIBLE PLANT
304 LAND AND LAND RIGHTS
305 STRUCTURES AND IMPROVEMENTS
306 LEASEHOLD IMPROVEMENTS
307 EQUIPMENT (2)
308 OFFICE FURNITURE AND EQUIPMENT
309 AUTOMOBILES, OTHER VEHICLES
AND RELATED GARAGE EQUIPMENT
310 AIRCRAFT AND AIRPORT EQUIPMENT
311 OTHER SERVICE COMPANY
PROPERTY (3)
---- ---- ---- ---- ----
TOTAL 188 0 0 (188) 0
==== ==== ==== ==== ====
(1) PROVIDE AN EXPLANATION OF THOSE CHANGES CONSIDERED MATERIAL:
Reclassed to Account 186, Miscellaneous Deferred Debits to be amortized over 60 months
starting July 1, 1992.
(2) SUBACCOUNTS ARE REQUIRED FOR EACH CLASS OF EQUIPMENT OWNED. THE SERVICE COMPANY SHALL PROVIDE A
LISTING BY SUBACCOUNT OF EQUIPMENT ADDITIONS DURING THE YEAR AND THE BALANCE AT THE CLOSE OF THE
YEAR:
- - ------------------------------------------------------------------------------------------------------
BALANCE
AT CLOSE
SUBACCOUNT DESCRIPTION ADDITIONS OF YEAR
- - ------------------------------------------------------------------------------------------------------
NONE
- - ------------------------------------------------------------------------------------------------------
(3) DESCRIBE OTHER SERVICE COMPANY PROPERTY:
NONE
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE III
ACCUMULATED PROVISION FOR DEPRECIATION AND
AMORTIZATION OF SERVICE COMPANY PROPERTY
- - ------------------------------------------------------------------------------------------------------
ADDITIONS OTHER
BALANCE AT CHARGED CHANGES BALANCE
BEGINNING TO ADD/ AT CLOSE
DESCRIPTION OF YEAR ACCT 403 RETIREMENTS (DEDUCT)(1) OF YEAR
- - ------------------------------------------------------------------------------------------------------
(THOUSANDS OF DOLLARS)
<S> <C> <C> <C> <C> <C>
Account
- - -------
301 ORGANIZATION
303 MISCELLANEOUS INTANGIBLE PLANT
304 LAND AND LAND RIGHTS
305 STRUCTURES AND IMPROVEMENTS
306 LEASEHOLD IMPROVEMENTS
307 EQUIPMENT NONE
308 OFFICE FURNITURE AND FIXTURES
309 AUTOMOBILES, OTHER VEHICLES
AND RELATED GARAGE EQUIPMENT
310 AIRCRAFT AND AIRPORT EQUIPMENT
311 OTHER SERVICE COMPANY
PROPERTY
AMORTIZATION OF SERVICE COMPANY
PROPERTY
---- ---- ---- ---- ----
TOTAL 0 0 0 0 0
==== ==== ==== ==== ====
(1) PROVIDE AN EXPLANATION OF THOSE CHANGES CONSIDERED MATERIAL:
NONE
</TABLE>
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE IV - INVESTMENTS
INSTRUCTIONS: Complete the following schedule concerning investments.
Under Account 124, "Other Investments," state each investment
separately, with description, including the name of issuing
Company, number of shares or principal amount, etc.
Under Account 136, "Temporary Cash Investments," list each
investment separately.
- - ----------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- - ----------------------------------------------------------------------------
(Thousands of Dollars)
ACCOUNT 123 - INVESTMENT IN ASSOCIATE COMPANIES 0 0
ACCOUNT 124 - OTHER INVESTMENTS 0 0
ACCOUNT 136 - TEMPORARY CASH INVESTMENTS 0 0
Fidelity Institute Tax Exempt Cash
Portfolio 10 10
---- ----
TOTAL 10 10
==== ====
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE V - ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES
INSTRUCTIONS: Complete the following schedule listing accounts receivable
from each associate company. Where the service company has
provided accomodation or convenience payments for associate
companies, a separate listing of total payments for each
associate company by subaccount should be provided.
- - ----------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- - ----------------------------------------------------------------------------
(Thousands of Dollars)
ACCOUNT 146 - ACCOUNTS RECEIVABLE FROM ASSOCIATE
COMPANIES
Northeast Utilities Service Company 0 0
The Connecticut Light and Power Company 415 546
Northeast Nuclear Energy Company 0 0
North Atlantic Energy Corporation 3,632 4,817
Public Service Company of New Hampshire 0 1,086
----- -----
TOTAL 4,047 6,449
===== =====
ANALYSIS OF CONVENIENCE OR ACCOMMODATION PAYMENTS:
NONE
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE VI - FUEL STOCK EXPENSES UNDISTRIBUTED
INSTRUCTIONS: Report the amount of labor and expenses incurred with respect
to fuel stock expenses during the year and indicate amount
attributable to each associate company. Under the section
headed "Summary" listed below, give an overall report of the
fuel functions performed by the service company.
- - ----------------------------------------------------------------------------
DESCRIPTION LABOR EXPENSES TOTAL
- - ----------------------------------------------------------------------------
(Thousands of Dollars)
ACCOUNT 152 - FUEL STOCK EXPENSES NONE
UNDISTRIBUTED
----- ----- -----
TOTAL 0 0 0
===== ===== =====
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE VII - STORES EXPENSE UNDISTRIBUTED
INSTRUCTIONS: Report the amount of labor and expenses incurred with respect
to stores expense during the year and indicate amount
attributable to each associate company.
- - ----------------------------------------------------------------------------
DESCRIPTION LABOR EXPENSES TOTAL
- - ----------------------------------------------------------------------------
(Thousands of Dollars)
ACCOUNT 163 - STORES EXPENSE
UNDISTRIBUTED
Balance at prior year end 42 10 52
Amount incurred during the year 868 209 1,077
The above stores expenses are billed
back to each of the companies listed
below:
Associate Companies:
The Connecticut Light and Power Company (36) (9) (45)
North Atlantic Energy Corporation (316) (79) (395)
Non-Associate Companies (537) (134) (671)
----- ----- -----
TOTAL 21 (3) 18
===== ===== =====
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE VIII
MISCELLANEOUS CURRENT AND ACCRUED ASSETS
INSTRUCTIONS: Provide detail of items in this account. Items less than
10,000 may be grouped, showing the number of items in each
group.
- - ----------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- - ----------------------------------------------------------------------------
(Thousands of Dollars)
ACCOUNT 174 - MISCELLANEOUS CURRENT NONE
AND ACCRUED ASSETS
----- -----
TOTAL 0 0
===== =====
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE IX
MISCELLANEOUS DEFERRED DEBITS
INSTRUCTIONS: Provide detail of items in this account. Items less than
10,000 may be grouped, showing the number of items in each
group.
- - ----------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- - ----------------------------------------------------------------------------
(Thousands of Dollars)
ACCOUNT 186 - MISCELLANEOUS DEFERRED DEBITS
Accrued construction period Worker's Compensation
Claims 2,680 3,736
Dept. of Energy waste disposal refund due 297 5
Unbilled services and backcharges (6 items) 71 54
Active Worker's Compensation claims 1 1
North Atlantic Energy Service Corporation
Organization Cost 0 132
Accounting Treatment Change for Payroll 0 448
Preliminary Engineering for:
Power uprate program 296 0
Telephone switch replacem ent 16 16
Station support building 34 0
WRGM transmission factor mods 43 0
Decontamination facility 380 0
Local beta annunciator mods 30 0
Replace seismic monitoring system 11 0
PRT to VG permanent connection 24 0
Turbine overspeed breaker 11 0
Access barriers Waste Process Building 14 0
CS valve leak-off lines 15 0
PCCW cross connect 19 0
Spent Fuel Pool Upgrades 0 83
Materials System Replacement 0 307
Miscellaneous (2 items) 24 1
----- -----
TOTAL 3,966 4,783
===== =====
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE X
RESEARCH, DEVELOPMENT, OR DEMONSTRATION EXPENDITURES
INSTRUCTIONS: Provide a description of each material research, development,
or demonstration project which incurred costs by the service
corporation during the year.
- - -----------------------------------------------------------------------------
DESCRIPTION AMOUNT
- - -----------------------------------------------------------------------------
(Thousands of Dollars)
ACCOUNT 188 - RESEARCH, DEVELOPMENT OR NONE
DEMONSTRATION EXPENDITURES
-----
0
=====
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE XI
PROPRIETARY CAPITAL
- - ----------------------------------------------------------------------------
OUTSTANDING CLOSE
PAR OF PERIOD
NUMBER OF OR STATED ---------------------
ACCOUNT SHARES VALUE TOTAL
NUMBER CLASS OF STOCK AUTHORIZED PER SHARE NO. OF SHARES AMOUNT
- - ----------------------------------------------------------------------------
(THOUSANDS
OF DOLLARS)
201 COMMON STOCK ISSUED 1,000 1.00 1,000 1
INSTRUCTIONS: Classify amounts in each account with brief explanation,
disclosing the general nature of transactions which give rise
to the reported amounts.
- - ----------------------------------------------------------------------------
DESCRIPTION AMOUNT
- - ----------------------------------------------------------------------------
(Thousands of Dollars)
ACCOUNT 211 - MISCELLANEOUS PAID-IN-CAPITAL 9
ACCOUNT 215 - APPROPRIATED RETAINED EARNINGS 0
----
TOTAL 9
====
INSTRUCTIONS: Give particulars concerning net income or (loss) during the
year, distinguishing between compensation for the use of
capital owed or net loss remaining from servicing
nonassociated per the General Instructions of the Uniform
Systems of Accounts. For dividends paid during the year in
cash or otherwise, provide rate percentage, amount of
dividend, date declared and date paid.
- - ----------------------------------------------------------------------------
BALANCE AT NET INCOME BALANCE
BEGINNING OR DIVIDENDS AT CLOSE
DESCRIPTION OF YEAR (LOSS) PAID OF YEAR
- - ----------------------------------------------------------------------------
(Thousands of Dollars)
ACCOUNT 216-UNAPPROPRIATED
RETAINED
EARNINGS NONE
<TABLE>
<CAPTION>
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE XII
LONG-TERM DEBT
INSTRUCTIONS: Advances from associate companies should be reported separately for advances on notes,
and advances on open account. Names of associate companies from which advances were
received shall be shown under the class and series of obligation column. For Account
224 -- Other long-term debt provide the name of creditor company or organization, terms
of obligation, date of maturity, interest rate, and the amount authorized and
outstanding.
- - ------------------------------------------------------------------------------------------------------
BALANCE
TERMS OF OBLIG. DATE BALANCE AT AT
CLASS & SERIES OF INTEREST AMOUNT BEGINNING DEDUCTION CLOSE
NAME OF CREDITOR OF OBLIGATION MATURITY RATE AUTHORIZED OF YEAR ADDITIONS (1) OF YEAR
- - ------------------------------------------------------------------------------------------------------
(Thousands of Dollars)
<S> <C>
ACCOUNT 223-
ADVANCES FROM
ASSOCIATE
COMPANIES NONE
TOTAL ADVANCES
FROM ASSOCIATES NONE
ACCOUNT 224-OTHER
LONG-TERM DEBT
TOTAL OTHER
LONG-TERM DEBT NONE
(1) GIVE AN EXPLANATION OF DEDUCTIONS:
</TABLE>
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE XIII - CURRENT AND ACCRUED LIABILITIES
INSTRUCTIONS: Provide balance of notes and accounts payable to each
associate company. Give description and amount of
miscellaneous current and accrued liabilities. Items less than
10,000 may be grouped, showing the number of items in each
group.
- - ----------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- - ----------------------------------------------------------------------------
(Thousands of Dollars)
ACCOUNT 233 - NOTES PAYABLE TO ASSOCIATE COMPANIES NONE
ACCOUNT 234 - ACCOUNTS PAYABLE TO ASSOCIATE COMPANIES
Northeast Utilities 188 0
Northeast Utilities Service Company 361 1,129
Public Service Company of New Hampshire 2,569 307
----- -----
TOTAL 3,118 1,436
===== =====
ACCOUNT 242 - MISCELLANEOUS CURRENT AND ACCRUED LIABILITIES
Accrued payroll and other employee payables 3,145 3,538
Accrued Pension Cost 0 8,646
On-hand operations funding from associate companies:
North Atlantic Energy Corporation 0 2,131
The Connecticut Light & Power Company 0 240
On-hand operations funding from non-associate
companies 8,315 3,618
Joint Owner Contra account (1,446) (11,333)
------- --------
TOTAL 10,014 6,840
======= ========
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
FOR THE YEAR ENDED DECEMBER 31, 1993
SCHEDULE XIV
NOTES TO FINANCIAL STATEMENTS
-----------------------------
INSTRUCTIONS: The space below is provided for important notes regarding the
financial statements or any account thereof. Furnish
particulars as to any significant contingent assets or
liabilities existing at the end of the year. Notes relating
to financial statements shown elsewhere in this report may be
indicated here by reference.
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GENERAL
North Atlantic Energy Service Corporation (the Company or NAESCO) is a wholly
owned subsidiary of Northeast Utilities (NU). The Connecticut Light and
Power Company (CL&P), Western Massachusetts Electric Company, Public Service
Company of New Hampshire (PSNH), and Holyoke Water Power Company are
operating subsidiaries comprising the Northeast Utilities system (the system)
and are wholly owned by NU.
The Company acts as agent in operating the Seabrook Nuclear Power Project
(the Project) pursuant to the Seabrook Project Managing Agent Operating
Agreement (Managing Agent Agreement). The Project is owned jointly by North
Atlantic Energy Corporation (NAEC) and CL&P, both wholly owned subsidiaries
of NU and 9 nonaffiliated New England utility companies as tenants in common
with undivided interests (Joint Owners). The cost of the Project is recorded
on the books of the Joint Owners based upon their proportionate ownership
share of the Project. The Company does not have an ownership interest in the
Project.
The Company replaced the New Hampshire Yankee Division of PSNH (NHY) as the
managing agent of the Project on June 29, 1992, following the merger of NU
and PSNH on June 5, 1992. All employees of NHY became employees of NAESCO
on June 29, 1992. Prior to this date NHY, and originally PSNH, was
responsible for and authorized to act for the Joint Owners under the terms of
the Agreement for Joint Ownership, Construction and Operation of New
Hampshire Nuclear Units dated May 1, 1973, as amended (Joint Owner
Agreement). The Company also replaced Yankee Atomic Electric Company (YAEC)
as Disbursing Agent for the Joint Owners effective June 29, 1992 pursuant to
the Agreement for Seabrook Project Disbursing Agent, as amended. YAEC is
owned by certain affiliates of the Company, certain nonaffiliated Joint
Owners, and certain other New England utility companies.
Other wholly owned subsidiaries of NU provide support services to the
Company. Northeast Utilities Service Company (NUSCO) provides certain
administrative support to the Company, pursuant to the Service Agreement
between NUSCO and NAESCO Acting as Agent for Joint Owners of Seabrook,
as amended, and to other system companies. PSNH provides certain services to
the Company pursuant to the Service Agreement between PSNH and NAESCO Acting
as Agent for the Joint Owners of Seabrook, as amended.
YAEC provides services to the Company pursuant to the Nuclear Support
Services Agreement between YAEC and NAESCO Acting as Agent for the Joint
Owners OF Seabrook, as amended.
All transactions among affiliated companies, and between YAEC and the
Company, are on a recovery of cost basis which may include amounts
representing a return on equity, and are subject to approval of various
federal and state regulatory agencies.
PUBLIC UTILITY REGULATION
NU is registered with the Securities and Exchange Commission as a holding
company under the Public Utility Holding Company Act of 1935 (the 1935 Act),
and it and its subsidiaries, including the Company, are subject to the
provisions of the 1935 Act. The Company is a registered utility company in
the State of New Hampshire and is subject to appropriate regulation by the
State of New Hampshire Public Utilities Commission. The Joint Owners, whom
the Company represents as agent, are subject to further regulation by the
Federal Energy Regulatory Commission (FERC). The Company therefore follows
the accounting policies prescribed by the FERC.
REVENUES
The Company provides service to the Joint Owners on a basis of recovery of
cost as prescribed by the terms of Managing Agent Agreement. There is no
return on capital being recovered pursuant to this agreement.
2. PENSION BENEFITS
The Company participated in PSNH's uniform noncontributory defined benefit
retirement plan through December 31, 1992. Effective January 1, 1993, PSNH's
plan was merged into the NU system's uniform noncontributory defined benefit
plan covering all of its regular employees. Benefits are based on years of
service and employees' highest compensation during five consecutive years of
employment. The Company's allocated portion of the system's pension cost for
1993, part of which was capitalized and billed as utility plant, approximated
$3,227,000.
Currently, the system funds annually an amount at least equal to that which
will satisfy the requirements of the Employee Retirement Income Security Act
and the Internal Revenue Code. Pension costs are determined using market-
related values of pension assets. Pension assets are invested primarily in
domestic and international equity securities and bonds.
The components of net pension cost for the Company for the year ended
December 31, 1993 are:
Service Cost $ 3,659,000
Interest Cost 2,470,000
Return on Assets (4,519,000)
Net Amortization 1,617,000
------------
Total $ 3,227,000
============
For calculating pension cost the following actuarial assumptions were used:
Discount rate 8.00%
Expected long-term rate of return 8.50
Compensation/progression rate 5.00
The following table represents the system plan's funded status for the
Company at December 31, 1993:
Accumulated benefit obligation,
including $14,198,000 of vested
benefits at December 31, 1993 $ 19,249,000
Projected benefit obligation (PBO) $ 37,468,000
Less: Market value of plan assets 34,964,000
--------------
Market value in excess of PBO (2,504,000)
Unrecognized transition amount 1,007,000
Unrecognized prior service costs 3,077,000
Unrecognized net gain (10,226,000)
--------------
Accrued pension (liability) $ (8,646,000)
==============
The following actuarial assumptions were used in calculating the system
plan's year-end funded status:
Discount rate 7.75%
Compensation/progression rate 4.75
The discount rate for 1993 was determined by analyzing the interest rates, as
of December 31, 1993, of long-term, high quality corporate debt securities
having a duration comparable to the 13.8-year duration of the plan.
3. POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
The Company provides certain health care benefits, primarily medical and
dental, and life insurance benefits through a benefit plan to retired
employees. These benefits are available for employees leaving the Company
who are otherwise eligible to retire and have met specified service
requirements. Through December 31, 1992, the Company recognized the cost of
these benefits as they were paid. The cost of providing those benefits in
1992 was not material. In December 1990, the Financial Accounting Standards
Board issued Statement of Financial Accounting Standard 106 (SFAS 106). This
new standard requires that the expected cost of postretirement benefits,
primarily health and life insurance benefits, must be charged to expense
during the years that eligible employees render service. Effective January
1, 1993, the Company adopted SFAS 106 on a prospective basis. Total health
care and life insurance cost, part of which was capitalized and billed as
utility plant, approximated $1,044,000 for the year.
On January 1, 1993, the accumulated postretirement benefit obligation (APBO)
represented the Company's prior service obligation upon the adoption of SFAS
106. As allowed by SFAS 106, the Company is amortizing its APBO of
approximately $3,868,000 over a 20-year period. For current employees and
certain retirees, the total SFAS 106 benefit is limited to two times the 1993
health care costs. The SFAS 106 obligation has been calculated based on this
assumption.
During 1993, the Company began funding SFAS 106 postretirement costs through
external trusts. The trust assets are invested primarily in equity
securities and bonds.
The following table represents the plan's funded status at December 31, 1993:
Accumulated postretirement benefit
obligation of:
Retirees $(1,432,000)
Fully eligible active employees 0
Active employees not eligible
to retire (2,440,000)
-----------
Total accumulated postretirement
benefit obligation (3,872,000)
Less: Market value of plan assets 1,065,000
-----------
Accumulated postretirement benefit
obligation in excess of plan assets (2,807,000)
Unrecognized transition amount 2,998,000
Unrecognized net gain (123,000)
-----------
Prepaid postretirement benefit cost $ 68,000
===========
The components of health care and life insurance costs for the year ended
December 31, 1993 are:
Service cost $ 504,000
Interest cost 346,000
Net amortization 194,000
-----------
Net health care and life insurance cost $ 1,044,000
===========
For measurement purposes, an 11.1 percent annual rate of increase in the per
capita cost of covered health care benefits was assumed for 1993; the rate
was assumed to decrease to 5.4 percent for 2002. The effect of increasing
the assumed health care cost trend rates by one percentage point in each year
would increase the accumulated postretirement benefit obligation as of
December 31, 1993 by $270,000 and the aggregate of the service and interest
cost components of net periodic postretirement benefit cost for the year then
ended by $46,000.
The weighted-average discount rate used in determining the accumulated
postretirement benefit obligation was 7.75 percent. The discount rate for
1993 was determined by analyzing the interest rates, as of December 31, 1993,
of long-term, high-quality corporate debt securities having a duration
comparable to that of the plan. The trust holding the plan assets is subject
to federal income taxes at a 35-percent tax rate. The expected long-term
rate of return on plan assets after estimated taxes was 5.00 percent for
health assets and 8.50 percent for life assets.
4. LEASES
The Company, on behalf of the Joint Owners, has entered into operating lease
agreements for data processing equipment, office equipment, vehicles, and
offsite facilities. The Company does not enter into capital leases by
directive of the Joint Owners. Operating lease costs charged to expense
approximated $1,907,000 in 1993. In addition, the Company's affiliates have
entered into lease agreements for the use of data processing equipment,
office equipment, vehicles, and office space. NAESCO is billed for its
proportionate share of these leases through the intercompany billing system.
The provisions of these lease agreements generally provide for renewal
options. The Company has no noncancelable leases.
5. FINANCING
Each of the Joint Owners is responsible for financing its cost of
participation in the Project in proportion to its respective ownership share.
Such financing is provided to the Project in advance of such costs being
incurred. The Company, therefore, has no long-term or short-term debt
obligations.
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
FOR THE YEAR ENDED DECEMBER 31, 1993
SCHEDULE XV
COMPARATIVE INCOME STATEMENT
- - -------------------------------------------------------------------------
ACCT DESCRIPTION 1993 1992
- - -------------------------------------------------------------------------
(Thousands of Dollars
INCOME
457 Services Rendered to Associate Companies 51,170 37,352
458 Services Rendered to Nonassociate Companies 77,953 56,902
421 Miscellaneous Income or (Loss) 1,278 574
-------- -------
Total Income 130,401 94,828
-------- -------
EXPENSE
Nuclear Power Expenses
517 Operation Supervision and Engineering 20,555 11,077
518 Nuclear Fuel Expense 8,501 2,690
519 Coolants and Water 610 301
520 Steam Expenses 12,877 9,978
523 Electric Expenses 430 207
524 Miscellaneous Nuclear Power Expenses 24,239 19,672
528 Maintenance Supervision and Engineering 6,382 4,297
529 Maintenance of Structures 4,256 3,154
530 Maintenance of Reactor Plant Equipment 3,009 8,874
531 Maintenance of Electric Plant 3,897 6,111
532 Maintenance of Miscellaneous Nuclear Plant 7,657 6,734
Transmission Expenses
570 Maintenance of Station Equipment 68 111
Administrative and General Expenses
920 Salaries and Wages 4,988 2,380
921 Office Supplies and Expenses 2,521 1,283
922 Administrative Expense Transferred-Credit (37) (14)
923 Outside Services Employed 2,265 1,162
924 Property Insurance 5,106 2,837
925 Injuries and Damages 2,102 1,364
926 Employee Pensions and Benefits 11,145 6,676
928 Regulatory Commission Expense 4,543 2,987
930.1 General Advertising Expenses 343 198
930.2 Miscellaneous General Expenses 742 399
935 Maintenance of General Plant 6 3
All Other Expenses
408 Taxes Other Than Income Taxes 4,015 2,223
426.1 Donations 70 41
426.5 Other Deductions 111 83
------- ------
Total Expense 130,401 94,828
------- ------
Net Income or (Loss) 0 0
======= ======
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
ANALYSIS OF BILLING
ASSOCIATE COMPANIES
ACCOUNT 457
- - -----------------------------------------------------------------------------
DIRECT INDIRECT COMPENSATION TOTAL
COSTS COSTS FOR USE AMOUNT
NAME OF ASSOCIATE COMPANY CHARGED CHARGED OF CAPITAL BILLED
- - -----------------------------------------------------------------------------
(Thousands of Dollars)
457-1 457-2 457-3
The Connecticut Light and
Power Company 5,242 5,242
North Atlantic Energy
Corporation 45,928 45,928
------ ------ ------ ------
TOTAL 51,170 0 0 51,170
====== ====== ====== ======
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
ANALYSIS OF BILLING
NONASSOCIATE COMPANIES
ACCOUNT 458
- - -----------------------------------------------------------------------------
COMPEN-
DIRECT INDIRECT SATION EXCESS TOTAL
NAME OF COSTS COSTS FOR USE TOTAL OR AMOUNT
NONASSOCIATE COMPANY CHARGED CHARGED OF CAPITAL COSTS DEFICIENCY BILLED
- - -----------------------------------------------------------------------------
(Thousands of Dollars)
458-1 458-2 458-3 458-4
Canal Electric
Company 4,549 4,549 4,549
EUA Power
Corporation 15,666 15,666 15,666
Hudson Light & Power
Dept. 100 100 100
Massachusetts Municipal
Wholesale Electric
Company 14,970 14,970 14,970
Montaup Electric
Company 3,744 3,744 3,744
New England Power
Company 12,858 12,858 12,858
New Hampshire
Electric Coop. 2,807 2,807 2,807
Taunton Municipal
Lighting Plant 130 130 130
United Illuminating
Company 22,596 22,596 22,596
Vermont Electric
Generation &
Transmission
Coop., Inc. 533 533 533
------ ----- ----- ------ ----- ------
77,953 0 0 77,953 0 77,953
====== ===== ===== ====== ===== ======
INSTRUCTIONS: Provide a brief description of the services rendered to
each nonassociate company:
The Company acts as agent in operating Seabrook Station for the nonassociate
companies.
<TABLE>
<CAPTION>
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE XVI
ANALYSIS OF CHARGES FOR SERVICE
ASSOCIATE AND NONASSOCIATE COMPANIES
- - ------------------------------------------------------------------------------------------------------
ASSOCIATE COMPANY NONASSOCIATE COMPANY TOTAL CHARGES
CHARGES CHARGES FOR SERVICE
----------------- --------------------- ----------------------
ACCOUNT DIRECT INDIRECT DIRECT INDIRECT DIRECT INDIRECT
NUMBER DESCRIPTION OF ITEMS COST COST TOTAL COST COST TOTAL COST COST TOTAL
- - ------------------------------------------------------------------------------------------------------
(Thousands of Dollars)
<S> <C> <C> <C> <C> <C> <C>
Nuclear Power Expenses
517 Operation Supervision and
Engineering 8,146 8,146 12,409 12,409 20,555 20,555
518 Nuclear Fuel Disposal 3,369 3,369 5,132 5,132 8,501 8,501
519 Coolants and Water 242 242 368 368 610 610
520 Steam Expenses 5,103 5,103 7,774 7,774 12,877 12,877
523 Electric Expenses 170 170 260 260 430 430
524 Miscellaneous Nuclear
Power Expenses 9,606 9,606 14,633 14,633 24,239 24,239
528 Maintenance Supervision
and Engineering 2,529 2,529 3,853 3,853 6,382 6,382
529 Maintenance of Structures 1,687 1,687 2,569 2,569 4,256 4,256
530 Maintenance of Reactor
Plant Equipment 1,192 1,192 1,817 1,817 3,009 3,009
531 Maintenance of Electric
Plant 1,544 1,544 2,353 2,353 3,897 3,897
532 Maintenance of
Miscellaneous Nuclear
Plant 3,034 3,034 4,623 4,623 7,657 7,657
Transmission Expenses
570 Maintenance of Station
Equipment 27 27 41 41 68 68
Administrative and General Expenses
920 Salaries and Wages 1,977 1,977 3,011 3,011 4,988 4,988
921 Office Supplies and
Expenses 999 999 1,522 1,522 2,521 2,521
922 Administrative Expense
Transferred-Credit (15) (15) (22) (22) (37) (37)
923 Outside Services Employed 898 898 1,367 1,367 2,265 2,265
924 Property Insurance 2,023 2,023 3,083 3,083 5,106 5,106
925 Injuries and Damages 833 833 1,269 1,269 2,102 2,102
926 Employee Pensions and
Benefits 4,417 4,417 6,728 6,728 11,145 11,145
928 Regulatory Commission
Expense 1,800 1,800 2,743 2,743 4,543 4,543
930.1 General Advertising
Expenses 136 136 207 207 343 343
930.2 Miscellaneous General
Expenses 294 294 448 448 742 742
935 Maintenance of General
Plant 2 2 4 4 6 6
All Other Expenses
408 Taxes Other Than Income
Taxes 1,591 1,591 2,424 2,424 4,015 4,015
426.1 Donations 28 28 42 42 70 70
426.5 Other Deductions 44 44 67 67 111 111
TOTAL EXPENSES = 51,676 51,676 78,725 78,725 130,401 130,401
421 Miscellaneous Non-Operating
Income (506) (506) (772) (772) (1,278) (1,278)
TOTAL COST OF SERVICE = 51,170 51,170 77,953 77,953 129,123 129,123
INSTRUCTION: Total cost of service will equal for associate and nonassociate companies the total
amount billed under their separate analysis of billing schedules.
</TABLE>
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE XVII
SCHEDULE OF EXPENSE DISTRIBUTION BY
DEPARTMENT OR SERVICE FUNCTION
- - ----------------------------------------------------------------------------
SERVICE
FUNCTION
---------
ACCOUNT TOTAL SEABROOK
NUMBER DESCRIPTION OF ITEMS AMOUNT OVERHEAD STATION
- - ----------------------------------------------------------------------------
(THOUSANDS OF DOLLARS)
Nuclear Power Expenses
517 Operation Supervision and
Engineering 20,555 20,555
518 Nuclear Fuel Disposal 8,501 8,501
519 Coolants and Water 610 610
520 Steam Expenses 12,877 12,877
523 Electric Expenses 430 430
524 Miscellaneous Nuclear Power Expenses 24,239 24,239
528 Maintenance Supervision and
Engineering 6,382 6,382
529 Maintenance of Structures 4,256 4,256
530 Maintenance of Reactor Plant
Equipment 3,009 3,009
531 Maintenance of Electric Plant 3,897 3,897
532 Maintenance of Miscellaneous Nuclear
Plant 7,657 7,657
Transmission Expenses
570 Maintenance of Station Equipment 68 68
Administrative and General Expenses
920 Salaries and Wages 4,988 4,988
921 Office Supplies and Expenses 2,521 2,521
922 Administrative Expense
Transferred-Credit (37) (37)
923 Outside Services Employed 2,265 2,265
924 Property Insurance 5,106 5,106
925 Injuries and Damages 2,102 2,102
926 Employee Pensions and Benefits 11,145 11,145
928 Regulatory Commission Expense 4,543 4,543
930.1 General Advertising Expenses 343 343
930.2 Miscellaneous General Expenses 742 742
935 Maintenance of General Plant 6 6
All Other Expenses
408 Taxes Other Than Income Taxes 4,015 4,015
426.1 Donations 70 70
426.5 Other Deductions 111 111
TOTAL EXPENSES 130,401 130,401
INSTRUCTIONS: Indicate each department or service function. (See Instruction
01-3, General Structure of Accounting System: Uniform System of
Accounts)
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
SCHEDULE XVII
KEYS FOR SERVICE FUNCTIONS
KEYS SERVICE FUNCTION
The individual unit for which NAESCO provides service is listed seperately
on Page 24.
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
DEPARTMENTAL ANALYSIS OF SALARIES
- - -----------------------------------------------------------------------------
DEPARTMENTAL SALARY EXPENSE
NAME OF DEPARTMENT INCLUDED IN AMOUNTS BILLED TO NUMBER OF
----------------------------- PERSONNEL
Indicate each department TOTAL PARENT OTHER NON END
or service function. AMOUNT COMPANY ASSOCIATES ASSOCIATES OF YEAR
- - -----------------------------------------------------------------------------
(Thousands of Dollars)
Seabrook Station 55,596 22,032 33,564 937
------ ---- ------ ------ ---
55,596 0 22,032 33,564 937
====== ==== ====== ====== ===
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
OUTSIDE SERVICES EMPLOYED
INSTRUCTIONS: Provide a breakdown by subaccount of outside services
employed. If the aggregate amounts paid to any one payee and
included within one subaccount is less than 25,000, only the
aggregate number and amount of all such payments included
within the subaccount need be shown. Provide a subtotal for
each type of service.
- - -----------------------------------------------------------------------------
RELATIONSHIP
"A"-ASSOCIATE
"NA"-NON
FROM WHOM PURCHASED ASSOCIATE AMOUNT
- - -----------------------------------------------------------------------------
(Thousands of
Dollars)
LEGAL SERVICES
Cummings & Lockwood NA 32
Joyce & Joyce NA 25
McKusick, Vincent L. NA 43
Ropes & Gray NA 114
Sheehan, Phinney, Bass & Greene NA 44
Miscellaneous (3 payees) NA 11
-----
TOTAL LEGAL SERVICES 269
=====
SECURITY SERVICES
Findan Corporation NA 25
Green Mountain Security NA 4,714
Smithkline Beecham NA 46
Unifirst Corporation NA 60
Miscellaneous (8 payees) NA 61
-----
TOTAL SECURITY SERVICES 4,906
=====
ENGINEERING SERVICES
National Technical Systems NA 29
Normandeau Associates NA 1,104
Nuclear Support Services NA 58
Ocean Surveys NA 90
Raytheon Engineers & Constructors NA 3,562
Southern Technical Services NA 30
Stone & Webster NA 37
Yankee Atomic Electric Company NA 8,040
Miscellaneous (5 payees) NA 43
------
TOTAL ENGINEERING SERVICES 12,993
======
OTHER SERVICES
AGS Computers, Incorporated NA 87
Applied Radiological Control NA 70
BMC Strategies NA 28
Carr, Charles NA 96
Center For Occupational Health NA 339
Coopers & Lybrand NA 34
Elizabeth Murphy Associates NA 60
Exeter Group, Incorporated NA 25
Flanagan, James J. NA 30
General Physics Corporation NA 96
IBM Corporation NA 55
Information Handling NA 38
Jassmond, William NA 81
Management Associates NA 129
National Engineering Service Corporation NA 38
Northeast Utilities Service Company A 1,866
Price Waterhouse NA 74
Professional Choices NA 41
Public Service Company of New Hampshire A 177
Republic Management NA 60
Resource Management NA 164
Roach, Robert M. NA 74
Seapoint Consulting NA 25
Senn-Delaney NA 81
TAD Technical Service NA 129
The Winn Company NA 63
Uniforce Temp Agency NA 44
Miscellaneous (33 payees) NA 198
------
TOTAL OTHER SERVICES 4,202
------
GRAND TOTAL OUTSIDE SERVICES EMPLOYED 22,370
======
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
EMPLOYEE PENSIONS AND BENEFITS
ACCOUNT 926
INSTRUCTIONS: Provide a listing of each pension plan and benefit program
provided by the service company. Such listing should be
limited to 25,000.
- - -----------------------------------------------------------------------------
DESCRIPTION AMOUNT
- - -----------------------------------------------------------------------------
(THOUSANDS OF DOLLARS)
Pension Plan 3,103
Incentive Goals Plan 1,468
Group Life, Long-term Disability, Hospital
and Medical Insurance Expenses 4,187
FAS 106 VEBA Funding 1,004
Employee Stock Ownership Plan 964
Employee Assistance Program 158
Educational Activities 183
Employee Relocation Expenses 39
Other Employee Benefits Expenses 39
------
TOTAL 11,145
======
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
GENERAL ADVERTISING EXPENSES
ACCOUNT 930.1
INSTRUCTIONS: Provide a listing of the amount included in Account 930.1,
"General Advertising Expenses," classifying the items
according to the nature of the advertising and as defined in
the account definition. If a particular class includes an
amount in excess of $3,000 applicable to a single payee, show
separately the name of the payee and the aggregate amount
applicable thereto.
- - -----------------------------------------------------------------------------
DESCRIPTION NAME OF PAYEE AMOUNT
- - -----------------------------------------------------------------------------
Advertising Associated Press 29
Barker Specialty 5
Pride Printers 7
Various 35
Science & Nature
Center Aquatic Environments 2
Barker Specialty 17
Computer Hut of N.E. 9
Culver Co. 3
Lavigne Press 7
Pride Printers 6
Tad Temporaries 2
Various 221
---
TOTAL 343
===
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
MISCELLANEOUS GENERAL EXPENSES
ACCOUNT 930.2
INSTRUCTIONS: Provide a listing of the amount included in Account 930.2,
"Miscellaneous General Expenses," classifying such expenses
according to their nature. Payments and expenses permitted by
Sections 321(b)(2) of the Federal Election Campaign Act, as
amended by Public Law 94-283 in 1976 (2 U.S.C. 441(b)(2)) shall
be separately classified.
- - -----------------------------------------------------------------------------
DESCRIPTION AMOUNT
- - -----------------------------------------------------------------------------
(THOUSANDS OF DOLLARS)
Industry association dues 742
---
TOTAL 742
===
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
RENTS
INSTRUCTIONS: Provide a listing of the amount included in accounts entitled
"Rents," classifying such expenses by major groupings of
property, as defined in the account definition of the Uniform
System of Accounts.
- - -----------------------------------------------------------------------------
TYPE OF PROPERTY AMOUNT
- - -----------------------------------------------------------------------------
(THOUSANDS OF DOLLARS)
Computers/Data processing equipment 949
Communications equipment 660
Vehicles 169
Buildings 11
Equipment and other 118
-----
TOTAL 1,907
=====
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
TAXES OTHER THAN INCOME TAXES
ACCOUNT 408
INSTRUCTIONS: Provide an analysis of Account 408, "Taxes Other Than Income
Taxes." Separate the analysis into two groups: (1)Other than
U.S. Government taxes, and (2) U.S. Government taxes. Specify
each of the various kinds of taxes and show the amounts
thereof. Provide a subtotal for each class of tax.
- - -----------------------------------------------------------------------------
KIND OF TAX AMOUNT
- - -----------------------------------------------------------------------------
(THOUSANDS OF DOLLARS)
(1) Other Than U.S. Government Taxes:
N. H. Business Enterprise Tax 155
State Unemployment Tax 176
-----
Sub-Total 331
=====
(2) U.S. Government Taxes:
Federal Unemployment Tax 52
Federal Insurance Contribution Act 3,632
-----
Sub-Total 3,684
-----
TOTAL 4,015
=====
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
DONATIONS
ACCOUNT 426.1
INSTRUCTIONS: Provide a listing of the amount included in Account 426.1,
"Donations," classifying such expenses by its purpose. The
aggregate number and amount of all items of less than 3,000
may be shown in lieu of details.
- - -----------------------------------------------------------------------------
NAME OF RECIPIENT PURPOSE OF DONATION AMOUNT
- - -----------------------------------------------------------------------------
(THOUSANDS OF DOLLARS)
New Hampshire Seacoast
United Way Charitable Contributions 24
Miscellaneous (108 items) Charitable Contributions 46
--
TOTAL 70
==
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
OTHER DEDUCTIONS
ACCOUNT 426.5
INSTRUCTIONS: Provide a listing of the amount included in Account 426.5,
"Other Deductions," classifying such expenses according to
their nature.
- - -----------------------------------------------------------------------------
DESCRIPTION NAME OF PAYEE AMOUNT
- - -----------------------------------------------------------------------------
(THOUSANDS OF DOLLARS)
Local business events Various - 19 payees 21
Political activities Elizabeth Murphy Associates 60
James Flanagan 30
---
TOTAL 111
===
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
FOR THE YEAR ENDED DECEMBER 31, 1993
SCHEDULE XVIII
NOTES TO STATEMENT OF INCOME
----------------------------
INSTRUCTIONS: The space below is provided for important notes regarding the
statement of income or any account thereof. Furnish
particulars as to any significant increases in services
rendered or expenses incurred during the year. Notes relating
to financial statements shown elsewhere in this report may be
indicated here by reference.
See Notes to Financial Statements of pages 19 through 19F.
7
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
ORGANIZATION CHART AS OF DECEMBER 31, 1993
Senior V.P. & Chief Nuclear Officer
- Assistant Controller, Nuclear Operations
- Director, Administrative Services
- Executive Director, Engineering & Licensing
- Executive Director, Nuclear Production
- Executive Director, Support Services
- Director, Quality Programs
- Director, North Atlantic Communications
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
For the Year Ended December 31, 1993
Methods of Allocation
All costs are specific to Seabrook Station and are direct charged.
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
ANNUAL STATEMENT OF COMPENSATION FOR USE OF CAPITAL BILLED
For the Year Ended December 31, 1993
Expenses of Seabrook Station are funded in advance therefore there are no
charges for use of capital.
ANNUAL REPORT OF NORTH ATLANTIC ENERGY SERVICE CORPORATION
SIGNATURE CLAUSE
Pursuant to the requirements of the Public Utility Holding Company Act of
1935 and the rules and regulations of the Securities and Exchange Commission
issued thereunder, the undersigned company has duly caused this report to be
signed on its behalf by the undersigned officer thereunto duly authorized.
NORTH ATLANTIC ENERGY SERVICE CORPORATION
-----------------------------------------
(Name of Reporting Company)
By: /s/ John W. Noyes
-----------------------------
(Signature of Signing Officer)
John W. Noyes - Vice President and Controller
---------------------------------------------
(Printed Name and Title of Signing Officer)
Date:
