File No. 70-9543
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Application of Northeast Utilities ) CERTIFICATE PURSUANT TO RULE 24
and Northeast Generation Services ) UNDER THE PUBLIC UTILTY HOLDING
Company on Form U-1 ) COMPANY ACT OF 1935
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 the use of proceeds of financing transaction
for investment in Exempt Wholesale Generators. (HCAR No. 35-27148, March 7,
2000, File No. 70-9543) ("Order").
For the quarter ended December 31, 2000, the following information is
reported pursuant to the Order.
1) A computation in accordance with rule 53(a) (as modified by the Commission's
order in this proceeding) of NU's aggregate investment in EWGs.
As of December 31, 2000, NU's aggregate investment in EWGs was approximately
$469.5 million, or 76% of its average Consolidated Retained Earnings of
approximately $620.9 million.
2) Consolidated capitalization ratios of NU as of the end of that quarter, with
consolidated debt to include all short-term debt and non-recourse debt of
the EWG:
NU Consolidated Capitalization
As of December 31, 2000
-----------------------
(thousands
of dollars) %
----------- ----
Common shareholders' equity $2,233,412 36.2%
Preferred stock 276,968 4.5
Long-term and short-term debt 3,653,843 59.3
---------- ------
$6,164,223 100.0%
========== =====
3) Analysis of the growth in consolidated retained earnings which segregates
total earnings growth of Northeast Generation Company (NGC) from that
attributable to other subsidiaries of NU.
Retained Earnings statement as of December 31, 2000
NU
NGC CONSOLIDATED
--- ------------
(Thousands of Dollars)
Beginning balance as of September 30, 2000 $15,155 $691,164
Additions:
Net income/(loss) 8,105 (166,093)
Deductions:
Dividends declared-common shares - (14,367)
Miscellaneous - (2)
------- --------
Ending balance as of December 31, 2000 $23,260 $510,702
======= ========
4) A statement of revenues and net income for the EWG for the twelve months
ending as of the end of that quarter.
NGC
Twelve months ended December 31, 2000* ---
(Thousands of Dollars)
Revenues $108,473
Net Income $ 26,416
*NGC commenced operations in March of 2000.
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
February 27, 2001