Commission File Number: 30-246
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
FORM U5S
ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 2000
Filed pursuant to the Public Utility Holding Company Act of 1935 by
NORTHEAST UTILITIES
174 Brush Hill Avenue, West Springfield, Massachusetts 01090-0010
(Corporate Address)
Selden Street, Berlin, Connecticut 06037-1616
(Principal Headquarters)
NORTHEAST UTILITIES
FORM U5S ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 2000
TABLE OF CONTENTS
-----------------
Item Page
---- ----
1. System Companies and Investments Therein...................... 2
2. Acquisitions or Sales of Utility Assets....................... 13
3. Issue, Sale, Pledge, Guarantee, or Assumption of
System Securities............................................. 13
4. Acquisition, Redemption or Retirement of System Securities.... 15
5. Investments in Securities of Nonsystem Companies.............. 18
6. Officers and Directors........................................ 20
7. Contributions and Public Relations............................ 53
8. Service, Sales and Construction Contracts..................... 53
9. Wholesale Generators and Foreign Utility Companies............ 55
10. Financial Statements and Exhibits............................. 57
Report of Independent Public Accountants...................... F-1
Signature..................................................... F-2
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2000
Name of Company
--------------- No. of Common % of
Name of Owner Shares Owned Voting Power
------------- ------------- ------------
Northeast Utilities (NU) (1)
Name of Issuer
--------------
The Connecticut Light and
Power Company (CL&P) (2)(3)* 7,584,884 100%
Public Service Company of
New Hampshire (PSNH) (2)(3)* 1,000 100
Western Massachusetts
Electric Company (WMECO) (2)(3)* 590,093 100
North Atlantic Energy
Corporation (NAEC) (3) 1,000 100
Holyoke Water Power
Company (HWP) (3)* 480,000 100
Northeast Utilities Service
Company (NUSCO) (4) 1 100
Northeast Nuclear Energy
Company (NNECO) (5) 1,500 100
North Atlantic Energy Service
Corporation (NAESCO) (6) 1,000 100
The Quinnehtuk Company (7) 3,500 100
The Rocky River Realty
Company (RRR) (7) 100 100
Yankee Energy System, Inc. (YES) (8) 1,000 100
Charter Oak Energy, Inc. (COE) (9)* 100 100
NU Enterprises, Inc. (NUEI) 100 100
Name of Company
---------------
Issuer Owner's
Name of Owner Book Value Book Value
------------- ---------- ----------
(000's) (000's)
Northeast Utilities (NU) (1)
Name of Issuer
--------------
The Connecticut Light and
Power Company (CL&P) (2)(3)* $732,744 $732,744
Public Service Company of
New Hampshire (PSNH) (2)(3)* 549,294 549,294
Western Massachusetts
Electric Company (WMECO) (2)(3)* 171,896 171,896
North Atlantic Energy
Corporation (NAEC) (3) 160,959 160,959
Holyoke Water Power
Company (HWP) (3)* 2,788 2,788
Northeast Utilities Service
Company (NUSCO) (4) 1 1
Northeast Nuclear Energy
Company (NNECO) (5) 15,683 15,683
North Atlantic Energy Service
Corporation (NAESCO) (6) 13 13
The Quinnehtuk Company (7) (2,494) (2,494)
The Rocky River Realty
Company (RRR) (7) 684 684
Yankee Energy System, Inc. (8) 484,155 484,155
Charter Oak Energy, Inc. (COE) (9)* 18,867 18,867
NU Enterprises, Inc. (NUEI) 115,327 115,327
Name of Company
--------------- No. of Common % of
Name of Owner Shares Owned Voting Power
------------- ------------- ------------
The Connecticut Light and
Power Company (2)(3)***
Name of Issuer
--------------
CL&P Receivables Corporation (CRC) 100 100
CL&P Capital, L.P. - 100
Electric Power, Incorporated** 100 100
The Connecticut Steam Company** 10 100
The Nutmeg Power Company** 60 100
Name of Owner
-------------
Public Service Company of New Hampshire (2)(3)
Name of Issuer
--------------
Properties, Inc. (7) 200 100
Name of Company
---------------
Issuer Owner's
Name of Owner Book Value Book Value
------------- ---------- ----------
(000's) (000's)
The Connecticut Light and
Power Company (2)(3)***
Name of Issuer
--------------
CL&P Receivables Corporation (CRC) $98,797 $98,797
CL&P Capital, L.P. 3,100 3,100
Electric Power, Incorporated** 1 1
The Connecticut Steam Company** 1 1
The Nutmeg Power Company** 2 2
Name of Owner
-------------
Public Service Company of New Hampshire (2)(3)
Name of Issuer
--------------
Properties, Inc. (7) 3,533 3,533
Name of Company
--------------- No. of Common % of
Name of Owner Shares Owned Voting Power
------------- ------------- ------------
Holyoke Water Power Company (3)
Name of Issuer
--------------
Holyoke Power and Electric Company (HP&E) 4,850 100
Name of Owner
-------------
Charter Oak Energy, Inc. (9)
Name of Issuer
--------------
COE Development Corporation 100 100
COE Argentina II Corporation 100 100
COE Ave Fenix Corporation 100 100
Name of Owner
-------------
HEC Inc.
Name of Issuer
Select Energy Contracting, Inc. 100 100
Southwest HEC Energy Services L.L.C. (10) - 100
HEC Energy Consulting Canada, Inc. 100 100
Reeds Ferry Supply Co., Inc. 100 100
HEC/Tobyhanna Energy Project, Inc. 100 100
ERI/HEC EFA-Med, L.L.C. (11) - 50
Name of Company
---------------
Issuer Owner's
Name of Owner Book Value Book Value
------------- ---------- ----------
(000's) (000's)
Holyoke Water Power Company (3)
Name of Issuer
--------------
Holyoke Power and Electric Company (HP&E) $ 390 $ 390
Name of Owner
-------------
Charter Oak Energy, Inc. (9)
Name of Issuer
--------------
COE Development Corporation 1,614 1,614
COE Argentina II Corporation 29 29
COE Ave Fenix Corporation 16,029 16,029
Name of Owner
-------------
HEC Inc. (9)
Name of Issuer
--------------
Select Energy Contracting, Inc. 14,766 14,766
Southwest HEC Energy Services L.L.C. (10) - -
HEC Energy Consulting Canada, Inc. 1 1
Reeds Ferry Supply Co., Inc. (21) (21)
HEC/Tobyhanna Energy Project, Inc. 183 183
ERI/HEC EFA-Med, L.L.C. (11) - -
Name of Company
--------------- No. of Common % of
Name of Owner Shares Owned Voting Power
------------- ------------- ------------
NU Enterprises, Inc.
Name of Issuer
--------------
Northeast Generation Company (NGC) 100 100
Northeast Generation Services
Company (NGS) 100 100
Select Energy Portland Pipeline,
Inc. (SEPPI) 100 100
Select Energy, Inc. (Select Energy) 100 100
Mode 1 Communications, Inc. (Mode 1) 100 100
HEC Inc. (HEC)* 100 100
Name of Company
---------------
Name of Owner
-------------
Yankee Energy System, Inc. (8)
Name of Issuer
--------------
Yankee Gas Services Company
(Yankee Gas) (8) 1,000 100
NorConn Properties, Inc. (NorConn) (7) (8) 100 100
Housatonic Corporation (Housatonic) (8) 100 100
Yankee Energy Financial
Services (YEFSCO) (8) 200 100
Yankee Energy Services Company
(YESCO) (8) 200 100
R. M. Services, Inc. (RMS) (8) 200 100
Yankee Energy Marketing Company (8)** 200 100
Name of Company
---------------
Issuer Owner's
Name of Owner Book Value Book Value
------------- ---------- ----------
(000's) (000's)
NU Enterprises, Inc.
Name of Issuer
--------------
Northeast Generation Company (NGC) $ 47,635 $ 47,635
Northeast Generation Services Company (NGS) 650 650
Select Energy Portland Pipeline,
(SEPPI) Inc. 5,386 5,386
Select Energy, Inc. (Select Energy) 15,473 15,473
Mode 1 Communications, Inc. (Mode 1) 10,079 10,079
HEC Inc. (HEC)* 25,457 25,457
Name of Company
---------------
Name of Owner
-------------
Yankee Energy System, Inc. (8)
Name of Issuer
--------------
Yankee Gas Services Company
(Yankee Gas) (8) 467,202 467,202
NorConn Properties, Inc. (NorConn) (7) (8) 217 217
Housatonic Corporation (Housatonic) (8) 27 27
Yankee Energy Financial
Services (YEFSCO) (8) 1,300 1,300
Yankee Energy Services Company
(YESCO) (8) 6,695 6,695
R. M. Services, Inc. (RMS) (8) 9,358 9,358
Yankee Energy Marketing Company (8)** - -
*Consolidated.
**Inactive.
***Exempt holding company - see Commission Release Nos. 13048 and 14947.
(1) For information regarding NU's investment in the hydro-transmission
companies, see Note A to Item 1.
(2) For information regarding CL&P's, PSNH's and WMECO's investment in
regional nuclear generating companies, see Note A to Item 1.
(3) Electric utility operating subsidiary.
(4) Service company which provides support services for the NU system
companies.
(5) Agent for the NU system companies and other New England utilities in
operating the Millstone nuclear facilities.
(6) Agent for the joint owners in operating the Seabrook nuclear facility.
(7) Subsidiary which constructs, acquires or leases some of the property and
facilities used by one or more of the system companies.
(8) On March 1, 2000, NU completed its acquisition of Yankee Energy System,
Inc. (Yankee), the parent company of Yankee Gas Services Company (Yankee
Gas), Connecticut's largest natural gas distribution system. Other
subsidiaries of Yankee are NorConn Properties, Inc., Housatonic
Corporation, Yankee Energy Financial Services, Yankee Energy Services
Company, and R. M. Services, Inc.
(9) Directly and through its subsidiaries, COE formerly developed and invested
in cogeneration, small power production and other forms of nonutility
generation and in exempt wholesale generators and foreign utility
companies, as permitted under the Energy Policy Act of 1992. Now
inactive.
(10) Southwest HEC Energy Services L.L.C. was dissolved on November 21, 2000.
The business was transferred to HEC Inc.
(11) Formed as a Delaware limited liability company on September 18, 2000.
HEC ownes 50% membership interest. Formed to perform energy services work
for the United States Navy.
Note A: The following are CL&P's, PSNH's and WMECO's total investments in
regional nuclear generating companies and NU's investments in New
England Hydro-Transmission Electric Company, Inc. and New England
Hydro-Transmission Corporation:
No. of % Carrying
Common of Value
Shares Voting to
Name of Owner Name of Issuer Owned Power Owners
------------- -------------- ------- ------ -------
(000's)
The Connecticut Light and Power Company:
Connecticut Yankee Atomic Power Co. (b) 120,750 34.5% $26,118
Maine Yankee Atomic Power Co. (b) 60,000 12.0 8,581
Vermont Yankee Nuclear Power Corp. (c) 37,242 9.5 5,125
Yankee Atomic Electric Co. (b) 37,583 24.5 1,571
Public Service Company of New Hampshire:
Connecticut Yankee Atomic Power Co. (b) 17,500 5.0 3,988
Maine Yankee Atomic Power Co. (b) 25,000 5.0 3,483
Vermont Yankee Nuclear Power Corp. (c) 15,681 4.0 2,084
Yankee Atomic Electric Co. (b) 10,738 7.0 410
Western Massachusetts Electric Company:
Connecticut Yankee Atomic Power Co. (b) 33,250 9.5 7,182
Maine Yankee Atomic Power Co. (b) 15,000 3.0 2,132
Vermont Yankee Nuclear Power Corp. (c) 9,800 2.5 1,354
Yankee Atomic Electric Co. (b) 10,738 7.0 449
Total System Investment:
Connecticut Yankee Atomic Power Co. (b) 171,500 49.0 37,288
Maine Yankee Atomic Power Co. (b) 100,000 20.0 14,196
Vermont Yankee Nuclear Power Corp. (c) 62,723 16.0 8,563
Yankee Atomic Electric Co. (b) 59,059 38.5 2,430
Northeast Utilities:
New England Hydro-Transmission
Electric Company, Inc. 906,324 22.66 10,071
New England Hydro-Transmission Corp. 4,871 22.66 4,939
(b) Yankee Atomic Electric Co.'s, Connecticut Yankee Atomic Power Co.'s and
Maine Yankee Atomic Power Co.'s nuclear power plants were shut down
permanently on February 26, 1992, December 4, 1996, and August 6, 1997,
respectively.
(c) On October 15, 1999, Vermont Yankee Nuclear Power Corporation agreed to
sell its nuclear generating unit to Amergen Energy Company, LLC. The
deal was rejected by the Vermont Public Service Board as insufficient
but the power station is expected to be sold to potential bidders by the
end of 2001.
ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS
Restructuring laws in Connecticut required CL&P and WMECO to divest of their
nonnuclear generation assets.
On March 14, 2000, CL&P and WMECO closed on the sale of 1,289 megawatts (MW)
of hydroelectric generation assets to NU subsidiary Northeast Generation
Company. The total consideration received from the sale was $865.5 million.
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES
Descriptions of transactions involving the issue, sale, pledge, guarantee, or
assumption of system securities, including short-term borrowings, have been
filed pursuant to Rule 24, with the exception of certain NU guarantees incident
to the procurement of surety bonds and the issue of certain securities, as
described below.
In the ordinary course of their businesses, the NU subsidiary companies are
required to provide surety or performance bonds. From time to time, NU
guarantees the payment of such a bond by its subsidiary through the
indemnification of the surety company or agency which has agreed to provide
the bond. NU's guarantee of these surety bonds is exempt from the provisions
of Section 12(b) of the Public Utility Holding Company Act of 1935, pursuant
to Rule 45(b)(6) thereunder. As of December 31, 2000, NU had $8.4 million
of such guarantees outstanding, which was the highest amount outstanding during
2000.
In addition, information relating to the following issuances has been has been
filed on Form U-6B-2 in accordance with Rule 52:
1. On April 4, 2000, PSNH entered into two letters of credit and reimbursement
agreements totaling $115.4 million, which support its Series D and E
pollution control revenue bonds (PCRBs). The new letters of credit, which
replaced similar letters of credit that were set to expire on April 12,
2000, allow the PCRBs to remain in a flexible, floating interest rate mode.
Form U-6B-2 for this transaction was filed on April 12, 2000.
2. On October 24, 2000, CL&P, The Bank of New York and certain participating
banks identified therein entered into a Standby Bond Purchase Agreement.
The expiration date of this liquidity facility is October 23, 2001. Form
U-6B-2 for this transaction was filed on November 2, 2000.
3. On September 15, 2000, Toronto-Dominion Bank extended the expiration dates
of two letters of credit originally issued for the account of Holyoke Water
Power Company (HWP) in support of outstanding bonds in the aggregate
principal amount of $23.3 million to November 6, 2001. Forms U-6B-2 were
filed on September 20, 2000.
4. On December 12, 2000, Canadian Imperial Bank of Commerce, New York Agency,
extended the expiration date of a letter of credit originally issued for
the account of HWP in support of outstanding bonds in the principal amount
of $15 million to December 31, 2001. Form U-6B-2 for this transaction
was filed on February 6, 2001.
ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES (1)
Amounts Acquired
--------------------------------
No. of
Shares or
Name of Issuer and Title of Issue Principal Amount Consideration
--------------------------------- ---------------- -------------
NU Enterprises, Inc. (Consolidated)
Other Notes/Agreements -
7.6300% First Union Bank/John Hancock $ 26,477,000 $ 26,477,000
============ ============
Yankee Energy Systems, Inc.
10.0700% Series AE $ 18,050,000 $ 18,050,000
8.4800% Series B 20,000,000 20,000,000
8.6300% Series C 20,000,000 20,000,000
7.1900% Series E 30,000,000 30,000,000
6.2000% Series F 50,000,000 50,000,000
6.7500% Series D 20,000,000 20,000,000
------------ ------------
$158,050,000 $158,000,000
============ ============
Other Notes/Agreements -
6.2400% NorConn Properties,
Inc. - Series A-B $ 5,000,000 $ 5,000,000
============ ============
Amounts Retired/Debt Repayment
--------------------------------
No. of
Shares or
Name of Issuer and Title of Issue Principal Amount Consideration
--------------------------------- ---------------- -------------
The Connecticut Light and Power Company
First Mortgage Bonds -
5.7500% Series XX $159,000,000 $159,000,000
7.3750% Series TT 20,000,000 20,000,000
------------ ------------
$179,000,000 $179,000,000
============ ============
Other Notes/Agreements - (2)
Other $ 70,635 $ 70,635
------------ ------------
$ 70,635 $ 70,635
============ ============
Western Massachusetts Electric Company
7.7500% Series Y $ 50,000,000 $ 50,000,000
7.7500% Series V 44,150,000 44,150,000
------------ ------------
$ 94,150,000 $ 94,150,000
============ ============
Public Service Company of New Hampshire
Other Notes/Agreements -
Variable Series D $ 39,500,000 $ 39,500,000
Variable Series E 69,700,000 69,700,000
------------ ------------
$109,200,000 $109,200,000
============ ============
NU Enterprises, Inc. (Consolidated)
Other Notes/Agreements -
Arizona Public Service Company $ 725,000 $ 725,000
============ ============
NU Parent
8.58% Series A Note $ 14,000,000 $ 14,000,000
8.38% Series B Note 6,000,000 6,000,000
------------ ------------
$ 20,000,000 $ 20,000,000
============ ============
The Rocky River Realty Company
Other Notes/Agreements -
7.875% Installment Note (2) $ 981,000 $ 981,000
6.620% Mortgage Note 80,014 80,014
8.810% Series A Note (3) 987,697 987,697
------------ ------------
$ 2,048,711 $ 2,048,711
============ ============
Northeast Nuclear Energy Company
Other Notes/Agreements -
7.67% Senior Notes $ 6,011,110 $ 6,011,110
============ ============
North Atlantic Energy Corporation
First Mortgage Bonds -
9.05% Series A $ 70,000,000 $ 70,000,000
============ ============
Other Notes/Agreements
Term Note (2) $200,000,000 $200,000,000
============ ============
Yankee Energy Systems, Inc.
Other Notes/Agreements
6.2400% NorConn Properties,
Inc. - Series A-B $ 3,400,000 $ 3,400,000
============ ============
(1) For acquisitions, redemptions or retirements of system securities, other
than preferred stock, all transactions exempt pursuant to Rule 42(b)(2)
or (4).
(2) Unsecured.
(3) Secured.
ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES
Name of Owner Name of Issuer Security Owned (1)
------------- -------------- ------------------
Western Massachusetts Massachusetts Mutual Note
Electric Company Life Insurance
Public Service Company Amoskeag Industries, Inc. Stock
of New Hampshire
Northeast Utilities Connecticut Seed Limited Partnership
(Parent) Ventures, Ltc. Interest
9 Subsidiaries (2) Various Stock, Debentures
and Notes
Mode 1 Communications, NEON Communications, Inc. Stock
Inc. (3)
Select Energy Portland Portland Natural Partnership
Pipeline, Inc. Gas Transmission Interest
NU Enterprises, Inc. (4) Acumentrics Corporation Stock
% of
Number Voting Carrying
Name of Owner of Shares Power Value to Owners
------------- --------- ------ ---------------
(000's)
Western Massachusetts - - $ 190
Electric Company =======
Public Service Company 1,000 - $ 100
of New Hampshire =======
Northeast Utilities (Parent) - - $ 14
=======
9 Subsidiaries (2) - - $ 105
=======
Mode 1 Communications, 4,774,038 25.4% $12,949
Inc. (3) =======
Select Energy Portland
Pipeline, Inc. - - $ 3,268
=======
NU Enterprises, Inc. (4) 500,000 5% $10,000
=======
(1) Recorded at cost on owners' books. Partnership interests are accounted
for under the equity method of accounting.
(2) CL&P, WMECO, HWP, The Quinnehtuk Company, NUSCO, NU Parent, PSNH, Yankee
Energy System and RRR.
(3) Mode 1 is a wholly owned subsidiary of NU. In July 1998, Mode 1's equity
investments, FiveCom LLC and NECOM LLC, were reorganized along with other
related companies to form a new company, NorthEast Optic Network, Inc.
(NEON), now called NEON Communications, Inc. Mode 1's ownership interest
of 40.78 percent in the new company was equal to its combined ownership
interest in FiveCom LLC and NECOM LLC. In August 1998, NEON issued
4,000,000 new common shares on the open market in an initial public
offering (IPO). In September 2000, two unaffiliated companies agreed to
acquire 4,607,878 shares of NEON over time pursuant to a milestone
schedule. Assuming the issuance of all shares, Mode 1 would own 20.5
percent of NEON on a fully diluted basis.
(4) In September 2000, NU Enterprises, Inc. purchased 500,000 shares of
Acumentrics Corporation Class A common stock.
ITEM 6. OFFICERS AND DIRECTORS
Part I. As of December 31, 2000
1. The following is a list of the names and principal business addresses of
the individuals who are Trustees of Northeast Utilities (NU), but who are not
officers or directors of any other NU system company. The names of the
officers and directors of system companies appear in Section 2 below.
Cotton Mather Cleveland Emery G. Olcott
Mather Associates Packard BioScience Company
123 Main Street 800 Research Parkway
P.O. Box 935 Meriden, CT 06450
New London, NH 03257
Sanford Cloud, Jr. William J. Pape II
The National Conference for American-Republican, Inc.
Community and Justice P.O. Box 2090
475 Park Avenue South, 19th Floor 398 Meadow Street
New York, NY 10016 Waterbury, CT 06722-2090
Mr. William F. Conway Robert E. Patricelli
c/o Northeast Utilities Women's Health USA, Inc.
P.O. Box 270 22 Waterville Road
Hartford, CT 06141-0270 Avon, CT 06001
E. Gail de Planque, Ph.D John F. Swope
c/o Northeast Utilities c/o Northeast Utilities
P.O. Box 270 P.O. Box 270
Hartford, CT 06141-0270 Hartford, CT 06141-0270
Raymond L. Golden John F. Turner
c/o Northeast Utilities The Conservation Fund
P.O. Box 270 1800 North Kent Street,
Hartford, CT 06161-0270 Suite 1120
Arlington, VA 22209
Elizabeth T. Kennan
c/o Northeast Utilities
P.O. Box 270
Hartford, CT 06161-0270
2. Following are the names of and positions held by the officers and
directors of all system companies (excluding the Trustees of Northeast
Utilities who are listed in Section 1 above).
NAMES OF SYSTEM COMPANIES WITH WHICH CONNECTED AS OF DECEMBER 31, 2000
NU NUSCO CL&P
-- ----- ----
Michael G. Morris CHB, P, CEO, T CH, P, CEO, D
Bruce D. Kenyon PN
Hugh C. MacKenzie PR P, D
John H. Forsgren EVP, CFO, T EVP, CFO, D
Cheryl W. Grise SVP, S, GC SVP, S, GC
Gary D. Simon SVP
Kerry J. Kuhlman (1)
Gary A. Long (2)
Dennis E. Welch (3)
David H. Boguslawski VP, D
Gregory B. Butler VP
J. Kingsley Fink (3)
John B. Keane VP, D VP
Mary Jo Keating VP
Robert J. Kost VP
Steven P. Laden VP
Jean M. LaVecchia VP
Keith R. Marvin VP, CIO
David R. McHale VP, TRS VP, TRS
William J. Nadeau (4)
John W. Noyes
Rodney O. Powell VP, D
Paul E. Ramsey (2)
John J. Roman VP, C VP, C
Lisa J. Thibdaue VP
Richard L. Tower VP
Kevin E. Walker (2)
Roger C. Zaklukiewicz VP
Robert A. Bersak (2)
O. Kay Comendul S
Thomas V. Foley (5)
Randy A. Shoop TRS
John P. Stack C
Patricia A. Wood (1)
John C. Collins (6)
Gerald Letendre (7)
Jane E. Newman (8)
James E. Byrne (9)
Paul J. McDonald (10)
Melinda M. Phelps (11)
E. Edward Booker (12)
Eileen S. Kraus (13)
John J. Rando (14)
Patricia M. Worthy (15)
William J. Quinlan
Murry K. Staples (16
Gregory C. Picklesimer (16)
HP&E HWP PSNH
---- --- ----
Michael G. Morris C, CEO, D
Bruce D. Kenyon
Hugh C. MacKenzie P, D P, D D
John H. Forsgren D
Cheryl W. Grise
Gary D. Simon
Kerry J. Kuhlman D D
Gary A. Long P, COO, D
Dennis E. Welch
David H. Boguslawski D D VP, D
Gregory B. Butler
J. Kingsley Fink
John B. Keane
Mary Jo Keating
Robert J. Kost
Steven P. Laden
Jean M. LaVecchia
Keith R. Marvin
David R. McHale VP, TRS VP, TRS VP, TRS
William J. Nadeau VP VP VP
John W. Noyes
Rodney O. Powell
Paul E. Ramsey VP
John J. Roman VP, C VP, C VP, C
Lisa J. Thibdaue
Richard L. Tower
Kevin E. Walker VP
Roger C. Zaklukiewicz VP VP
Robert A. Bersak
O. Kay Comendul S S S
Thomas V. Foley CL CL
Randy A. Shoop
John P. Stack
Patricia A. Wood
John C. Collins D
Gerald Letendre D
Jane E. Newman D
James E. Byrne
Paul J. McDonald
Melinda M. Phelps
E. Edward Booker
Eileen S. Kraus
John J. Rando
Patricia M. Worthy
William J. Quinlan
Murry K. Staples
Gregory C. Picklesimer
WMECO Mode 1 PI
----- ------ --
Michael G. Morris C, CEO, D P, CEO, D
Bruce D. Kenyon
Hugh C. MacKenzie D
John H. Forsgren D D
Cheryl W. Grise
Gary D. Simon D
Kerry J. Kuhlman P, COO, D
Gary A. Long P, D
Dennis E. Welch
David H. Boguslawski VP, D
Gregory B. Butler
J. Kingsley Fink
John B. Keane
Mary Jo Keating
Robert J. Kost
Steven P. Laden
Jean M. LaVecchia
Keith R. Marvin
David R. McHale VP, TRS VP, TRS VP, TRS
William J. Nadeau
John W. Noyes VP
Rodney O. Powell
Paul E. Ramsey VP, D
John J. Roman VP, C VP, C VP, C
Lisa J. Thibdaue
Richard L. Tower
Kevin E. Walker
Roger C. Zaklukiewicz VP
Robert A. Bersak S, D
O. Kay Comendul S
Thomas V. Foley
Randy A. Shoop
John P. Stack
Patricia A. Wood CL
John C. Collins
Gerald Letendre
Jane E. Newman
James E. Byrne D
Paul J. McDonald D
Melinda M. Phelps D
E. Edward Booker
Eileen S. Kraus
John J. Rando
Patricia M. Worthy
William J. Quinlan
Murry K. Staples
Gregory C. Picklesimer
Quinn. RRR CRC
------ --- ---
Michael G. Morris
Bruce D. Kenyon
Hugh C. MacKenzie D P, D P, D
John H. Forsgren
Cheryl W. Grise
Gary D. Simon
Kerry J. Kuhlman P, D
Gary A. Long
Dennis E. Welch
David H. Boguslawski D D D
Gregory B. Butler
J. Kingsley Fink
John B. Keane
Mary Jo Keating
Robert J. Kost
Steven P. Laden
Jean M. LaVecchia
Keith R. Marvin
David R. McHale VP, TRS VP, TRS
William J. Nadeau
John W. Noyes
Rodney O. Powell D D
Paul E. Ramsey
John J. Roman VP, C VP, C
Lisa J. Thibdaue
Richard L. Tower
Kevin E. Walker
Roger C. Zaklukiewicz VP VP
Robert A. Bersak
O. Kay Comendul S S
Thomas V. Foley
Randy A. Shoop TRS
John P. Stack C
Patricia A. Wood CL
John C. Collins
Gerald Letendre
Jane E. Newman
James E. Byrne
Paul J. McDonald
Melinda M. Phelps
H. Edward Booker D
Eileen S. Kraus
John J. Rando
Patricia M. Worthy
William J. Quinlan
Murry K. Staples
Gregory C. Picklesimer
Conn Steam Nutmeg Power EPI
---------- ------------ ---
Michael G. Morris
Bruce D. Kenyon
Hugh C. MacKenzie P, D P, D P, D
John H. Forsgren
Cheryl W. Grise
Gary D. Simon
Kerry J. Kuhlman
Gary A. Long
Dennis E. Welch
David H. Boguslawski VP VP VP
Gregory B. Butler
J. Kingsley Fink
John B. Keane
Mary Jo Keating
Robert J. Kost
Steven P. Laden
Jean M. LaVecchia
Keith R. Marvin
David R. McHale
William J. Nadeau
John W. Noyes
Rodney O. Powell
Paul E. Ramsey
John J. Roman
Lisa J. Thibdaue
Richard L. Tower
Kevin E. Walker
Roger C. Zaklukiewicz
Robert A. Bersak
O. Kay Comendul S, D S, D S, D
Thomas V. Foley
Randy A. Shoop TRS TRS TRS
John P. Stack C C C
Patricia A. Wood
John C. Collins
Gerald Letendre
Jane E. Newman
James E. Byrne
Paul J. McDonald
Melinda M. Phelps
Eileen S. Kraus
John J. Rando
Patricia M. Worthy
H. Edward Booker
William J. Quinlan D D D
Murry K. Staples
Gregory C. Picklesimer
CL&P Cap. (23) YES YEFSCO
-------------- --- ------
Michael G. Morris C, P, CEO, D C, P, CEO, D
Bruce D. Kenyon
Hugh C. MacKenzie
John H. Forsgren EVP, CFO, D EVP, CFO, D
Cheryl W. Grise SVP, S, GC, D SVP, S, GC
Gary D. Simon
Kerry J. Kuhlman
Gary A. Long
Dennis E. Welch SVP, COO, D SVP, COO, D
David H. Boguslawski
Gregory B. Butler
J. Kingsley Fink
John B. Keane
Mary Jo Keating
Robert J. Kost
Steven P. Laden
Jean M. LaVecchia
Keith R. Marvin
David R. McHale VP, TRS VP, TRS
William J. Nadeau
John W. Noyes
Rodney O. Powell
Paul E. Ramsey
John J. Roman VP, C VP, C
Lisa J. Thibdaue
Richard L. Tower
Kevin E. Walker
Roger C. Zaklukiewicz
Robert A. Bersak
O. Kay Comendul
Thomas V. Foley
Randy A. Shoop
John P. Stack
Patricia A. Wood
John C. Collins
Gerald Letendre
Jane E. Newman
James E. Byrne
Paul J. McDonald
Melinda M. Phelps
E. Edward Booker
Eileen S. Kraus D
John J. Rando D
Patricia M. Worthy D
William J. Quinlan
Murry K. Staples
Gregory C. Picklesimer
YGSCO YESCO NORCONN
----- ----- -------
Michael G. Morris C, P, CEO, D C, P, CEO, D C, P, CEO, D
Bruce D. Kenyon
Hugh C. MacKenzie
John H. Forsgren EVP, CFO, D EVP, CFO, D EVP, CFO, D
Cheryl W. Grise SVP, S, GC SVP, S, GC SVP, S, GC
Gary D. Simon
Kerry J. Kuhlman
Gary A. Long
Dennis E. Welch SVP, COO, D SVP, COO, D SVP, COO, D
David H. Boguslawski
J. Kingsley Fink VP
Gregory B. Butler
John B. Keane
Mary Jo Keating
Robert J. Kost
Steven P. Laden
Jean M. LaVecchia
Keith R. Marvin
David R. McHale VP, TRS VP, TRS VP, TRS
William J. Nadeau
John W. Noyes
Rodney O. Powell
Paul E. Ramsey
John J. Roman VP, C VP, C VP, C
Lisa J. Thibdaue
Richard L. Tower
Kevin E. Walker
Roger C. Zaklukiewicz
Robert A. Bersak
O. Kay Comendul
Thomas V. Foley
Randy A. Shoop
John P. Stack
Patricia A. Wood
John C. Collins
Gerald Letendre
Jane E. Newman
James E. Byrne
Paul J. McDonald
Melinda M. Phelps
E. Edward Booker
Eileen S. Kraus
John J. Rando
Patricia M. Worthy
William J. Quinlan
Murry K. Staples
Gregory C. Picklesimer
YEMCO RMS
----- ---
Michael G. Morris C, P, CEO, D
Bruce D. Kenyon
Hugh C. MacKenzie
John H. Forsgren EVP, CFO, D
Cheryl W. Grise SVP, S, GC
Gary D. Simon
Kerry J. Kuhlman
Gary A. Long
Dennis E. Welch SVP, COO, D
David H. Boguslawski
Gregory B. Butler
J. Kingsley Fink
John B. Keane
Mary Jo Keating
Robert J. Kost
Steven P. Laden
Jean M. LaVecchia
Keith R. Marvin
David R. McHale VP, TRS VP, TRS
William J. Nadeau
John W. Noyes
Rodney O. Powell
Paul E. Ramsey
John J. Roman VP, C VP, C
Lisa J. Thibdaue
Richard L. Tower
Kevin E. Walker
Roger C. Zaklukiewicz
Robert A. Bersak
O. Kay Comendul
Thomas V. Foley
Randy A. Shoop
John P. Stack
Patricia A. Wood
John C. Collins
Gerald Letendre
Jane E. Newman
James E. Byrne
Paul J. McDonald
Melinda M. Phelps
E. Edward Booker
Eileen S. Kraus
John J. Rando
Patricia M. Worthy
William J. Quinlan
Murry K. Staples P, D
Gregory C. Picklesimer S, TRS
COE COE Argen II COE Ave Fenix
--- ------------ -------------
Bruce D. Kenyon P, D P, D P, D
Thomas W. Philbin (17)
Dennis G. Morrissette (18)
William W. Schivley
Ted C. Feigenbaum (19)
Leon J. Olivier (20)
James B. Redden (17)
Armando J. Barone (18)
Joseph F. Bellefeuille (18)
Paul J. Bohonowicz (18)
H. Donald Burbank (17)
John T. Carlin (20)
David S. Dayton (17)
Stephen J. Fabiani
Linda A. Jensen (17)
William J. Nadeau (4) D D D
Raymond P. Necci (20)
Frank C. Rothen (20)
Frank P. Sabatino VP, D VP, D VP, D
Jeffrey M. Warren (18)
Carol L. Carver (17)
Christopher Fogarty (18)
Lillian M. Cuoco
Michelle D. Gouin S S S
Dennis R. Brown (4)
William A. DiProfio (19)
A. John Stremlaw (21)
Neil Petchers (22)
Eileen Martinsky (22)
Britta MacIntosh (17)
Scott Silver (22)
COE Develop HEC HEC Canada
----------- --- ----------
Bruce D. Kenyon P, D
Thomas W. Philbin P, D P
Dennis G. Morrissette
William W. Schivley CHB, D
Ted C. Feigenbaum
Leon J. Olivier
James B. Redden EVP, COO, D VP
Armondo J. Barone
Joseph F. Bellefeuille
Paul J. Bohonowicz
H. Donald Burbank VP VP
John T. Carlin
David S. Dayton VP, D VP
Stephen J. Fabiani
Linda A. Jensen VP, TRS, CL VP, TRS, S
William J. Nadeau D
Raymond P. Necci
Frank C. Rothen
Frank P. Sabatino VP, D
Jeffrey M. Warren
Carol L. Carver
Christopher Fogarty
Lillian M. Cuoco
Michelle D. Gouin S
Dennis R. Brown
William A. DiProfio
A. John Stremlaw D
Neil Petchers
Eileen Martinsky
Britta MacIntosh
Scott Silver
ERI/HEC (24) HTEP RFS
------------ ---- ---
Bruce D. Kenyon
Thomas W. Philbin P, D C, D
Dennis G. Morrissette P, D
William W. Schivley
Ted C. Feigenbaum
Leon J. Olivier
James B. Redden VC, MC SVP, D D
Armando J. Barone
Joseph F. Bellefeuille SVP
Paul J. Bohonowicz
H. Donald Burbank
John T. Carlin
David S. Dayton D
Stephen J. Fabiani D
Linda A. Jensen TRS TRS, CL TRS
William J. Nadeau
Raymond P. Necci
Frank C. Rothen
Frank P. Sabatino
Jeffrey M. Warren VP
Carol L. Carver S
Christopher Fogarty
Lillian M. Cuoco
Michelle D. Gouin
Dennis R. Brown
William A. DiProfio
A. John Stremlaw
Neil Petchers C, MC
Eileen Martinsky S
Britta MacIntosh MC
Scott Silver MC
NEI NGC NGS
--- --- ---
Bruce D. Kenyon P, D P, D P, CEO, D
Thomas W. Philbin D
Dennis G. Morrissette
William W. Schivley VP, D D
Ted C. Feigenbaum
Leon J. Olivier
James B. Redden
Armando J. Barone
Joseph F. Bellefeuille
Paul J. Bohonowicz
H. Donald Burbank
John T. Carlin
David S. Dayton
Stephen J. Fabiani
Linda A. Jensen
William J. Nadeau VP, D VP, COO, D
Raymond P. Necci
Frank C. Rothen
Frank P. Sabatino VP, D VP, D
Jeffrey M. Warren
Carol L. Carver
Christopher Fogarty
Lillian M. Cuoco
Michelle D. Gouin S S S
Dennis R. Brown D
William A. DiProfio
A. John Stremlaw
Neil Petchers
Eileen Martinsky
Britta MacIntosh
Scott Silver
NAEC NAESCO NNECO
Bruce D. Kenyon P, CEO, D P, CEO, D P, CEO, D
Thomas W. Philbin
Dennis G. Morrissette
William W. Schivley
Ted C. Feigenbaum EVP, CNO, D EVP, CNO, D
Leon J. Olivier SVP, CNO, D
James B. Redden
Armando J. Barone
Joseph F. Bellefeuille
Paul J. Bohonowicz
H. Donald Burbank
John T. Carlin VP VP
David S. Dayton
Stephen J. Fabiani
Linda A. Jensen
William J. Nadeau
Raymond P. Necci VP, D
Frank C. Rothen VP
Frank P. Sabatino
Jeffrey M. Warren
Carol L. Carver
Christopher Fogarty
Lillian M. Cuoco S S S
Michelle D. Gouin
Dennis R. Brown
William A. DiProfio D D
A. John Stremlaw
Neil Petchers
Eileen Martinsky
Britta MacIntosh
Scott Silver
Select SEPPI SECI
------ ----- ----
Bruce D. Kenyon P, D
Thomas W. Philbin VP, D CHB, P, D
Dennis G. Morrissette PNH, D
William W. Schivley P, D D
Ted C. Feigenbaum
Leon J. Olivier
James B. Redden D
Armando J. Barone VP
Joseph F. Bellefeuille SVP
Paul J. Bohonowicz VP
H. Donald Burbank PCT
John T. Carlin
David S. Dayton
Stephen J. Fabiani VP, D VP, D D
Linda A. Jensen TRS
William J. Nadeau VP, D
Raymond P. Necci
Frank C. Rothen
Frank P. Sabatino SVP, D
Jeffrey M. Warren VP
Carol L. Carver CL
Christopher Fogarty C
Lillian M. Cuoco
Michelle D. Gouin S S
Dennis R. Brown
William A. DiProfio
A. John Stremlaw
Neil Petchers
Eileen Martinsky
Britta MacIntosh
Scott Silver
The principal business address of the individuals listed above is 107 Selden
Street, Berlin, Connecticut 06037, except as otherwise noted.
(1) Principal business address is: Western Massachusetts Electric Company,
174 Brush Hill Road, West Springfield, Massachusetts 01089.
(2) Principal business address is: Public Service Company of New Hampshire,
1000 Elm Street, Manchester, New Hampshire 03101.
(3) Principal business address is: Yankee Energy System, Inc., 599 Research
Parkway, Meriden, Connecticut 06450.
(4) Principal business address is: Northeast Generation Services Company,
273 Dividend Road, Rocky Hill, Connecticut 06067.
(5) Principal business address is: Holyoke Water Power Company, One Canal
Street, Holyoke, Massachusetts 01040.
(6) Mr. Collins' principal business address is: The Hitchcock Clinic, One
Medical Center Drive, Lebanon, New Hampshire 03756.
(7) Mr. Letendre's principal business address is: Diamond Casting & Machine
Co., Inc., P.O. Box 420, Route 130, Hollis, New Hampshire 03049.
(8) Ms. Newman's principal business address is: John F. Kennedy School of
Government, Harvard University, 79 JFK Street, Cambridge, Massachusetts
02138.
(9) Mr. Byrne's principal business address is: Finneran, Byrne & Dreschler,
L.L.P, Eastern Harbor Office Park, 50 Redfield Street, Boston,
Massachusetts 02122.
(10) Mr. McDonald's principal business address is: 2205 Boston Road, N-128,
Wilbraham, Massachusetts 01095.
(11) Ms. Phelps' principal business address is: Bulkley, Richardson and
Gelinas, LLP, 1500 Main Street, Suite 2700, P.O. Box 15507, Springfield,
Massachusetts 01115.
(12) Mr. Booker's principal business address is: AMACAR Group, 6525 Morrison
Boulevard, Suite 318, Charlotte, North Carolina 28211
(13) Ms. Kraus' principal business address is 209 Tunxis Road, West Hartford,
Connecticut 06107.
(14) Mr. Rando's principal business address is 165 Little Harbor Road,
P.O. Box 2011, New Castle, New Hampshire 03854.
(15) Ms. Worthy's principal business address is Howard University School of
Law, 2900 Van Ness Street, N. W., Washington, D.C. 20008.
(16) Principal business address is: R. M. Services, Inc., 222 Pitkin Street,
East Hartford, Connecticut 06108.
(17) Principal business address is: HEC Inc., 24 Prime Parkway, Natick,
Massachusetts 01760.
(18) Principal business address is: Select Energy Contracting, Inc.,
605 Front Street, Manchester, New Hampshire 03102.
(19) Principal business address is: North Atlantic Energy Service Corporation,
Lafayette Road, Route 1, Seabrook, New Hampshire 03874.
(20) Principal business address is: Northeast Nuclear Energy Company, Rope
Ferry Road, Waterford, Connecticut 06385.
(21) Mr. Stremlaw's principal business address is: 242 Simcoe Street,
Niagra-on-the-Lake, Ontario Canada, L0S 1J0.
(22) Principal business address is: ERI Services, Inc., 350 Fairfield
Avenue, Bridgeport, CT 06604.
(23) CL&P Capital is a partnership in which CL&P serves as general partner
and NUSCO serves as limited partner.
(24) ERI/HEC EFA-Med, LLC is a Delaware limited liability company formed to
perform energy services work for the United States Navy. HEC Inc. owns
50% membership interest and ERI Services, Inc., owns 50% membership
ownership interest.
KEY:
AT - Associate Trustee
AVP - Assistant Vice President
C - Controller
CAO - Chief Administrative Officer
CEO - Chief Executive Officer
CFO - Chief Financial Officer
CIO - Chief Information Officer
CH - Chairman
CHB - Chairman of the Board
CH(E) - Chairman of the Executive Committee
CL - Clerk
COMP - Comptroller
CNO - Chief Nuclear Officer
D - Director
DS - Director of Services
EVP - Executive Vice President
ED - Executive Director
GC - General Counsel
MC - Member of Management Committee
P - President
PG - President - Generation Group
PN - President - Nuclear Group
PR - President - Retail Business Group
PCT - President - Connecticut Division
PNH - President - New Hampshire Division
S - Secretary
SVP - Senior Vice President
T - Trustee
TRS - Treasurer
VP - Vice President
NU - Northeast Utilities
CL&P - The Connecticut Light and Power Company
CL&P Cap. - CL&P Capital, L.L.C.
COE - Charter Oak Energy, Inc.
COE Argen II - COE Argentina II Corp.
COE Ave Fenix - COE Ave Fenix Corporation
COE Develop - COE Development Corporation
Conn Steam - The Connecticut Steam Company
CRC - CL&P Receivables Corporation
EPI - Electric Power, Incorporated
ERI/HEC - ERI/HEC EFA-Med, LLC
HEC - HEC Inc.
HEC Canada - HEC Energy Consulting Canada Inc.
HWP - Holyoke Water Power Company
Mode 1 - Mode 1 Communications, Inc.
NAEC - North Atlantic Energy Corporation
NAESCO - North Atlantic Energy Service Corporation
NGC - Northeast Generation Company
NGS - Northeast Generation Services Company
NNECO - Northeast Nuclear Energy Company
NORCONN - NorConn Properties, Inc.
NUEI - NU Enterprises, Inc.
NUSCO - Northeast Utilities Service Company
Nutmeg Power - The Nutmeg Power Company
PI - Properties, Inc.
PSNH - Public Service Company of New Hampshire
Quinn. - The Quinnehtuk Company
RFS - Reeds Ferry Supply Co., Inc.
RMS - R. M. Services, Inc.
RRR - The Rocky River Realty Company
SECI - Select Energy Contracting, Inc.
Select - Select Energy, Inc.
SEPPI - Select Energy Portland Pipeline, Inc.
WMECO - Western Massachusetts Electric Company
YES - Yankee Energy System, Inc.
YEFSCO - Yankee Energy Financial Services Company
YESCO - Yankee Energy Services Company
YGSCO - Yankee Gas Services Company
Part II. The following is a list of the Officers, Directors and Trustees who
have financial connections within the provisions of Section 17(c)
of of the Act.
Name and Position
Name of Location of Held in Applicable
Officer or Financial Financial Exemption
Director Institution Institution Rule*
(1) (2) (3) (4)
Thomas V. Foley Hampden Savings Bank Trustee E
Springfield, MA
"A" designates Rule 70(b)(1), (2), (3) and (4);
"B" designates Rule 70(c)(1) and (2);
"C" designates Rule 70(d)(1), (2), (3) and (4);
"D" designates Rule 70(e)(1) and (2); and
"E" designates Rule 70(f)(1) and (2).
Part III. The information provided herein is applicable to all system
companies, except as indicated otherwise.
a. Compensation Of Trustees, Directors, and Executive Officers
During 2000, each Trustee who was not an employee of NU or its
subsidiaries was compensated at an annual rate of $20,000 cash plus 500 common
shares of NU, and received $1,000 for each meeting attended of the Board or its
Committees. A non-employee Trustee who participates in a meeting of the Board
or any of its Committees by conference telephone receives $675 per meeting.
Also, a non-employee Trustee who is asked by either the Board of Trustees or
the Chairman of the Board to perform extra services in the interest of the NU
system may receive additional compensation of $1,000 per day plus necessary
expenses. The Chairs of the Audit, the Compensation, the Corporate Affairs,
the Corporate Governance and the Nuclear Committees were compensated at an
additional annual rate of $3,500. In addition to the above compensation,
Dr. Kennan is paid at the annual rate of $30,000 for the extra services
performed as Lead Trustee. The Chair of the Nuclear Committee receives an
additional retainer at the rate of $25,000 per year.
Under the terms of the Incentive Plan adopted by shareholders at the 1998
Annual Meeting, each non-employee Trustee is eligible for stock-based grants.
During 2000 each such Trustee was granted nonqualified options to purchase
2,500 common shares of NU. Receipt of shares acquired on exercise of these
options may be deferred pursuant to the terms of the Northeast Utilities
Deferred Compensation Plan for Executives.
In February 2000, each non-employee Trustee was granted nonqualified
options to purchase 2,500 common shares.
Prior to the beginning of each calendar year, each non-employee Trustee
may irrevocably elect to have all or any portion of the annual retainer fee
paid in the form of common shares of NU. Pursuant to the Northeast Utilities
Deferred Compensation Plan for Trustees, each Trustee may also irrevocably
elect to defer receipt of some or all cash and/or share compensation.
During 2000 each non-employee Director of PSNH and WMECO was compensated
at an annual rate of $10,000 cash, and received $500 for each meeting attended
of the Board of Directors or, in the case of PSNH, its committees. A
non-employee Director who participates in a meeting of the Board of Directors
or any of its committees by conference telephone receives $300 per meeting.
Also, committee chairs were compensated at an additional annual rate of $1,500.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Securities Exchange Act of 1934 requires Trustees and
certain officers of NU and persons who beneficially own more than 10 percent of
the outstanding common shares of NU to file reports of ownership and changes in
ownership with the SEC and the New York Stock Exchange. Based on review of
copies of such forms furnished to NU, or written representations that no Form 5
was required, NU believes that for the year ended December 31, 2000, all such
reporting requirements were complied with in a timely manner except that
Mr. Cloud failed to include on his Form 3 shares of NU acquired in the Yankee
merger, and Mr. Pape failed to report until 2001, 800 shares of CL&P preferred
stock acquired in 1994 by a privately-held corporation of which he is a 7.9
percent owner.
SUMMARY COMPENSATION TABLE
CL&P, PSNH, WMECO, and NAEC
The following tables present the cash and non-cash compensation received by the Chief Executive
Officer and the next four highest paid executive officers of NU, CL&P, PSNH, WMECO, and NAEC, in
accordance with rules of the SEC:
Annual Compensation Long Term Compensation
-------------------------------------------- ----------------------
Awards Payouts
Securities
Other Restrict- Underlying Long Term All
Annual ed Stock Options/ Incentive Other
Compensa- Award(s) Stock Program Compen-
Name and Salary tion ($) ($) Appreciation Payouts sation ($)
Principal Position Year ($) Bonus ($) (Note 1) (Note 2) Rights (#) ($) (Note 3)
------------------ ---- ------ --------- --------- -------- ------------ --------- ----------
Michael G. Morris 2000 830,770 1,200,000 - - 140,000 - 27,326
Chairman of the
Board, President 1999 783,173 1,253,300 92,243 348,611 118,352 - 23,210
and Chief Executive
Officer 1998 757,692 891,000 134,376 255,261 64,574 - 22,731
Bruce D. Kenyon 2000 504,616 475,000 - - 20,000 - 16,274
President -
Generation Group 1999 500,000 - - 77,690 20,804 462,500 15,000
1998 500,000 300,000 - - 21,236 - 14,800
John H. Forsgren 2000 444,615 450,000 - - 36,000 - 5,100
Executive Vice
President and 1999 429,904 400,000 - 122,682 32,852 87,003 12,888
Chief Financial
Officer 1998 373,077 - - - 73,183 - 104,800
Hugh C. MacKenzie 2000 270,000 250,000 - - 15,000 - 5,100
President - Retail
Business Group 1999 270,000 250,000 - 73,612 19,712 - 108,100
1998 270,000 - - - 15,496 42,972 7,500
Cheryl W. Grise 2000 279,616 290,000 - - 23,000 - 8,795
Senior Vice
President, 1999 244,712 250,000 - 73,612 19,712 - 82,247
Secretary and
General Counsel 1998 209,231 - - - 12,916 20,720 6,123
(in NU, CL&P, PSNH and
WMECO tables only)
Ted C. Feigenbaum 2000 261,539 145,000 - - 12,000 216,200 8,198
Executive Vice
President and 1999 260,000 130,000 - 28,620 7,664 24,827 5,849
Chief Nuclear Officer
of NAEC 1998 260,000 48,750 - 40,961 10,044 20,723 7,800
(in NAEC table only)
OPTION/SAR GRANTS IN LAST FISCAL YEAR
Individual Grants Grant Date Value
Number of % of Total
Securities Options/SARs
Underlying Granted to Exercise or Grant Date
Options/SARs Employees Base Price Expiration Present
Name Granted (#) in Fiscal Year ($/sh) Date Value ($)
(Note 4)
---- ------------ -------------- ----------- ---------- -----------
Michael G. Morris 140,000 22.1 18.4375 2/20/2010 1,027,600
Bruce D. Kenyon 20,000 3.2 18.4375 2/20/2010 146,800
John H. Forsgren 36,000 5.7 18.4375 2/20/2010 264,240
Hugh C. MacKenzie 15,000 2.4 18.4375 2/20/2010 110,100
Cheryl W. Grise 23,000 3.6 18.4375 2/20/2010 168,820
Ted C. Feigenbaum 12,000 1.9 18.4375 2/20/2010 88,080
AGGREGATED OPTIONS/SAR EXERCISES IN LAST
FISCAL YEAR AND FY-END OPTION/SAR VALUES
Shares With
Respect to Number of Securities Value of Unexercised
Which Underlying Unexercised In-the-Money
SARs Were Value Options/SARs Options/SARs
Exercised Realized at Fiscal Year End (#) at Fiscal Year End ($)
Name (#) ($) Exercisable Unexercisable Exercisable Unexercisable
Michael G. Morris - - 495,692 327,234 6,543,905 3,221,429
Bruce D. Kenyon - - 66,424 33,869 658,708 245,405
John H. Forsgren - - 134,605 57,901 1,244,361 413,203
Hugh C. MacKenzie 39,020 380,445 61,087 28,141 (Note 5) 618,289 209,563
Cheryl W. Grise - - 43,977 36,141 436,164 256,063
Ted C. Feigenbaum - - 12,599 36,733 103,518 231,392
Notes to Summary Compensation and Option/SAR Grants Tables:
1. Other annual compensation for Mr. Morris consists of 1998 and 1999
relocation expense reimbursements.
2. At December 31, 2000, the aggregate restricted stock holdings by the five
individuals named in the table for NU, CL&P, WMECO, and PSNH were 31,070
shares with a value of $753,448 and for NAEC were 29,062 shares with a
value of $704,754. Awards shown for 1998 have vested. Awards shown for
1999 vest one-third on February 23, 2000, one-third on February 23, 2001,
and one-third on February 23, 2002. No restricted stock was awarded in
2000. Dividends paid on restricted stock are either paid out or reinvested
into additional shares.
3. "All Other Compensation" for 2000 consists of employer matching
contributions under the Northeast Utilities Service Company 401(k) Plan,
generally available to all eligible employees ($5,100 for each named
officer), and matching contributions under the Deferred Compensation Plan
for Executives (Mr. Morris - $22,226, Mr. Kenyon - $11,174, Mrs. Grise -
$3,695, and Mr. Feigenbaum - $3,098).
4. These options were granted on February 22, 2000, under the Northeast
Utilities Incentive Plan. All options granted vest one-third on
February 22, 2001, one-third on February 22, 2002, and one-third on
February 22, 2003. Valued using the Black-Scholes option pricing model,
with the following assumptions: Volatility: 26.06 percent (36 months of
monthly data); Risk-free rate: 6.55 percent; Dividend yield: 1.82 percent;
Exercise date: February 22, 2010.
5. Mr. MacKenzie's unvested stock options vested and became exercisable upon
his retirement on January 1, 2001.
PENSION BENEFITS
The following table shows the estimated annual retirement benefits payable
to an executive officer of NU upon retirement, assuming that retirement occurs
at age 65 and that the officer is at that time not only eligible for a pension
benefit under the Northeast Utilities Service Company Retirement Plan (the
Retirement Plan) but also eligible for the make-whole benefit and the target
benefit under the Supplemental Executive Retirement Plan for Officers of NU
system companies (the Supplemental Plan). The Supplemental Plan is a non-
qualified pension plan providing supplemental retirement income to system
officers. The make-whole benefit under the Supplemental Plan, available to
all officers, makes up for benefits lost through application of certain tax
code limitations on the benefits that may be provided under the Retirement
Plan, and includes as "compensation" awards under the executive incentive plans
and deferred compensation (as earned). The target benefit further supplements
these benefits and is available to officers at the Senior Vice President level
and higher who are selected by the Board of Trustees to participate in the
target benefit and who remain in the employ of NU companies until at least age
60 (unless the Board of Trustees sets an earlier age).
The benefits presented below are based on a straight life annuity
beginning at age 65 and do not take into account any reduction for joint and
survivorship annuity payments. Final average compensation for purposes of
calculating the target benefit is the highest average annual compensation of
the participant during any 36 consecutive months compensation was earned.
Compensation taken into account under the target benefit described above
includes salary, bonus, restricted stock awards, and long-term incentive
payouts shown in the Summary Compensation Table, but does not include
employer matching contributions under the 401k Plan. In the event that an
officer's employment terminates because of disability, the retirement
benefits shown above would be offset by the amount of any disability benefits
payable to the recipient that are attributable to contributions made by NU
and its subsidiaries under long term disability plans and policies.
ANNUAL BENEFIT
Final Average Years of Credited Service
Compensation
15 20 25 30 35
$ 200,000 $ 72,000 $ 96,000 $120,000 $120,000 $120,000
250,000 90,000 120,000 150,000 150,000 150,000
300,000 108,000 144,000 180,000 180,000 180,000
350,000 126,000 168,000 210,000 210,000 210,000
400,000 144,000 192,000 240,000 240,000 240,000
450,000 162,000 216,000 270,000 270,000 270,000
500,000 180,000 240,000 300,000 300,000 300,000
600,000 216,000 288,000 360,000 360,000 360,000
700,000 252,000 336,000 420,000 420,000 420,000
800,000 288,000 384,000 480,000 480,000 480,000
900,000 324,000 432,000 540,000 540,000 540,000
1,000,000 360,000 480,000 600,000 600,000 600,000
1,100,000 396,000 528,000 660,000 660,000 660,000
1,200,000 432,000 576,000 720,000 720,000 720,000
Each of the executive officers of NU named in the Summary Compensation
Table is currently eligible for a target benefit, except Messrs. Morris and
Kenyon, whose Employment Agreements provide specially calculated retirement
benefits, based on their previous arrangements with CMS Energy/Consumers
Energy Company (CMS Energy) and South Carolina Electric and Gas, respectively.
Mr. Morris's agreement provides that upon retirement after reaching the fifth
anniversary of his employment date (or upon disability or termination without
cause or following a change in control, as defined) he will be entitled to
receive a special retirement benefit calculated by applying the benefit formula
of the CMS Energy Supplemental Executive Retirement Plan to all compensation
earned from the NU system and to all service rendered to the Company and CMS
Energy. If Mr. Kenyon retires with at least three years of service with the
Company, he will be deemed to have 2 extra years of service for purpose of
his special retirement benefit. If after achieving three years of service he
voluntarily terminates employment following a "substantial change in
responsibilities resulting from a material change in the business of Northeast
Utilities", he will be deemed to have an additional year of service for purpose
of his special retirement benefit, and if he retires with at least 3 years of
service with the Company, he will receive a lump sum payment of $500,000.
In addition, Mr. Forsgren's Employment Agreement provides for supplemental
pension benefits based on crediting up to 10 years additional service and
providing payments equal to 25 percent of salary for up to 15 years following
retirement, reduced by four percentage points for each year that his age is
less than 65 years at retirement.
As of December 31, 2000, the executive officers named in the Summary
Compensation Table had the following years of credited service for purposes
of calculating target benefits under the Supplemental Plan (or in the case of
Messrs. Morris and Kenyon, for purposes of calculating the special retirement
benefits under their respective Employment Agreements): Mr. Morris - 22, Mr.
Kenyon - 6, Mr. Forsgren - 4, Mr. MacKenzie - 35, Mrs. Grise - 20, and Mr.
Feigenbaum - 15. In addition, Mr. Forsgren had 9 years of service for purposes
of his supplemental pension benefit and would have 25 years of service for such
purpose if he were to retire at age 65. Assuming that retirement were to occur
at age 65 for these officers, retirement would occur with 33, 13, 15, 47, 36
and 29 years of credited service, respectively.
EMPLOYMENT CONTRACTS AND TERMINATION OF EMPLOYMENT ARRANGEMENTS
NUSCO has entered into employment agreements (the Officer Agreements)
with each of the named executive officers. The Officer Agreements are also
binding on NU and on each majority-owned subsidiary of NU.
Each Officer Agreement obligates the officer to perform such duties as
may be directed by the NUSCO Board of Directors or the NU Board of Trustees,
protect the Company's confidential information, and refrain, while employed
by the Company and for a period of time thereafter, from competing with the
Company in a specified geographic area. Each Officer Agreement provides that
the officer's base salary will not be reduced below certain levels without
the consent of the officer, and that the officer will participate in
specified benefits under the Supplemental Executive Retirement Plan or other
supplemental retirement programs (see Pension Benefits, above) and/or in
certain executive incentive programs at specified incentive opportunity
levels.
Each Officer Agreement provides for a specified employment term and for
automatic one-year extensions of the employment term unless at least six
months' notice of non-renewal is given by either party. The employment term
may also be ended by the Company for "cause", as defined, at any time (in
which case no supplemental retirement benefit, if any, shall be due), or by
the officer on thirty days' prior written notice for any reason. Absent
"cause", the Company may remove the officer from his or her position on 60
days' prior written notice, but in the event the officer is so removed and
signs a release of all claims against the Company, the officer will receive
one or two years' base salary and annual incentive payments, specified
employee welfare and pension benefits, and vesting of stock appreciation
rights, options and restricted stock.
Under the terms of an Officer Agreement, upon any termination of
employment following a change of control, as defined, between (a) the earlier
of the date shareholders approve a change of control transaction or a change
of control transaction occurs and (b) the earlier of the date, if any, on
which the Board of Trustees abandons the transaction or the date 2 years
following the change of control, if the officer signs a release of all claims
against the Company, the officer will be entitled to certain payments
including a multiple (not to exceed four) of annual base salary, annual
incentive payments, specified employee welfare and pension benefits, and
vesting of stock appreciation rights, options and restricted stock. Certain
of the change in control provisions may be modified by the Board of Trustees
prior to a change in control, on at least two years' notice to the affected
officer(s).
Besides the terms described above, the Officer Agreements of Messrs.
Morris, Kenyon and Forsgren provide for a specified salary, cash, restricted
stock and/or stock options upon employment, special incentive programs and/or
special retirement benefits. See Pension Benefits, above, for further
description of these provisions.
The descriptions of the various agreements set forth above are for
purpose of disclosure in accordance with the proxy and other disclosure rules
of the SEC and shall not be controlling on any party; the actual terms of the
agreements themselves determine the rights and obligations of the parties.
b. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
The following table provides information as of February 28, 2001, as to
the beneficial ownership of the equity securities of NU by each Trustee, each
of the five highest paid executive officers of NU and its subsidiaries, and
Directors and executive officers of system companies. Unless otherwise
noted, each Trustee, Director and executive officer has sole voting and
investment power with respect to the listed shares. No equity securities of
other system companies are owned by Trustees, Directors or executive
officers.
Amount and
Nature of
Title of Beneficial Percent of
Class Name Ownership Class (1)
NU Common David H. Boguslawski 23,246 (2)
NU Common James E. Byrne 0
NU Common Cotton Mather Cleveland 15,169 (3)
NU Common Sanford Cloud, Jr. 10,913 (4)
NU Common John C. Collins 0
NU Common William F. Conway 14,280 (3)(5)
NU Common E. Gail de Planque 12,256 (3)
NU Common William A. DiProfio 5,326 (6)
NU Common Ted C. Feigenbaum 38,459 (7)
NU Common John H. Forsgren 115,014 (8)
NU Common Raymond L. Golden 13,210 (9)
NU Common George R. Gram II 6,634 (10)
NU Common Cheryl W. Grise 51,396 (11)
NU Common Elizabeth T. Kennan 13,600 (3)
NU Common Bruce D. Kenyon 109,458 (12)
NU Common Kerry J. Kuhlman 14,509 (13)
NU Common Gerald Letendre 0
NU Common Gary A. Long 13,078 (14)
NU Common Hugh C. MacKenzie 18,360 (15)
NU Common Paul J. McDonald 500
NU Common Michael G. Morris 621,767 (16)
NU Common Jane E. Newman 0
NU Common Emery G. Olcott 17,751 (4)
NU Common William J. Pape II 9,203 (3)(17)
NU Common Robert E. Patricelli 17,877 (3)
NU Common Melinda M. Phelps 0
NU Common Rodney O. Powell 8,288 (18)
NU Common John F. Swope 15,814 (3)
NU Common John F. Turner 9,705 (3)(19)
(1) As of February 28, 2001, there were 148,798,232 common shares of NU
outstanding. The percentage of such shares beneficially owned by any
Director or Executive Officer, and by all Directors and Executive
Officers of CL&P, PSNH, WMECO and NAEC as a group, does not exceed one
percent.
(2) Includes 730 restricted shares, as to which Mr. Boguslawski has sole
voting power but no dispositive power. Includes 15,512 shares that
could be acquired by Mr. Boguslawski pursuant to currently exercisable
options.
(3) Includes 8,750 shares that could be acquired by the beneficial owner
pursuant to currently exercisable options.
(4) Includes 3,750 shares that could be acquired by the beneficial owner
pursuant to currently exercisable options.
(5) Includes 5,530 shares held jointly by Mr. Conway and his wife, who share
voting and investment power.
(6) Mr. DiProfio retired effective January 1, 2001. Beneficial ownership is
given as of December 31, 2000, and includes 1,198 restricted shares, as
to which Mr. DiProfio had sole voting power but no dispositive power,
and 879 shares that could be acquired by Mr. DiProfio pursuant to then
exercisable options. The restricted shares and 3,296 unvested options
vested upon Mr. DiProfio's retirement.
(7) Includes 639 restricted shares, as to which Mr. Feigenbaum has sole voting
power but no dispositive power. Includes 19,153 shares that could be
acquired by Mr. Feigenbaum pursuant to currently exercisable options.
(8) Includes 2,738 restricted shares, as to which Mr. Forsgren has sole
voting power but no dispositive power. Includes 107,087 shares that
could be acquired by Mr. Forsgren pursuant to currently exercisable
options.
(9) Includes 6,250 shares that could be acquired by Mr. Golden pursuant to
currently exercisable options.
(10) Includes 5,283 shares that could be acquired by Mr. Gram pursuant to
currently exercisable options.
(11) Includes 1,643 restricted shares, as to which Mrs. Grise has sole voting
power, but no dispositive power. Includes 33,724 shares that could be
acquired by Mrs. Grise pursuant to currently exercisable options.
Includes 265 shares held by Mrs. Grise's husband as custodian for her
children, with whom she shares voting and dispositive power.
(12) Includes 1,734 restricted shares, as to which Mr. Kenyon has sole voting
power but no dispositive power. Includes 41,772 shares that could be
acquired by Mr. Kenyon pursuant to currently exercisable options.
(13) Includes 342 restricted shares, as to which Ms. Kuhlman has sole voting
power but no dispositive power. Includes 8,395 shares that could be
acquired by Ms. Kuhlman pursuant to currently exercisable options.
(14) Includes 319 restricted shares, as to which Mr. Long has sole voting
power but no dispositive power. Includes 7,590 shares that could be
acquired by Mr. Long pursuant to currently exercisable options.
(15) Mr. MacKenzie retired effective January 1, 2001. Beneficial ownership
is given as of December 31, 2000, and includes 3,285 restricted shares,
as to which Mr. MacKenzie had sole voting power but no dispositive
power, and 22,067 shares that could be acquired by Mr. MacKenzie
pursuant to then exercisable options. Mr. MacKenzie's restricted stock
and 28,141 unvested options vested upon his retirement.
(16) Includes 7,779 restricted shares, as to which Mr. Morris has sole voting
power but no dispositive power. Includes 573,476 shares that could be
acquired by Mr. Morris pursuant to currently exercisable options.
Includes 13,499 shares held jointly by Mr. Morris and his wife, who
share voting and investment power.
(17) Includes 5,176 shares as to which Mr. Pape shares voting and dispositive
power. Includes 1,250 shares that could be acquired by Mr. Pape
pursuant to currently exercisable options. In addition, Mr. Pape shares
beneficial ownership of 800 shares of CL&P 4.50% Preferred Series 1956.
(18) Includes 249 restricted shares, as to which Mr. Powell has sole voting
power but no dispositive power. Includes 6,750 shares that could be
acquired by Mr. Powell pursuant to currently exercisable options.
(19) Includes 955 shares held jointly by Mr. Turner and his wife, who share
voting and investment power.
c. CONTRACTS AND TRANSACTIONS OF TRUSTEES, DIRECTORS AND EXECUTIVE
OFFICERS WITH SYSTEM COMPANIES
This disclosure was included in the discussion of employment contracts
in Part III, Section (a) above.
d. INDEBTEDNESS OF TRUSTEES, DIRECTORS AND EXECUTIVE OFFICERS OF
SYSTEM COMPANIES
No Trustee, Director or executive officer was indebted to a system company
during 2000.
e. PARTICIPATION OF TRUSTEES, DIRECTORS AND EXECUTIVE OFFICERS IN BONUS
AND PROFIT-SHARING ARRANGEMENTS
This disclosure was included in the discussion of compensation in
Part III, Section (a) above.
f. RIGHTS TO INDEMNITY OF TRUSTEES, DIRECTORS AND EXECUTIVE OFFICERS
No disclosures were made in any system company's most recent proxy
statement or annual report on Form 10-K with respect to the rights to indemnity
of Trustees, Directors or executive officers.
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS
1. There were no expenditures, disbursements or payments made during 2000
in money, goods or services, directly or indirectly to or for the
account of any political party, candidate for public office or holder of
such office, or any committee or agent therefore; and
2. There were no expenditures, disbursements or payments made during 2000
to citizens groups or public relations counsel.
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS
PART I:
The following energy management and/or demand-side management and other
services to one or more system companies follows:
Serving Receiving
Transaction Company Company Compensation
----------- ------- --------- ------------
(Thousands of Dollars)
Worker Compensation Costs PSNH NAESCO $136
Electrical Maintenance
Services PSNH NAESCO $ 95
Vehicle Lease Charges PSNH NAESCO $ 19
Mechanical Maintenance
Services PSNH NAESCO $184
Human Resources Service PSNH NAESCO $ 6
Insurance Costs PSNH NAESCO $ 34
Miscellaneous Services PSNH NAESCO $ (1)
Newington Station building
and outside storage PSNH NAESCO $186**
**Includes operation and maintenance charges and property taxes associated with
leased property.
Serving Receiving
Transaction Company Company Compensation
----------- ------- --------- ------------
(Thousands of Dollars)
Electrical Maintenance
Services NGS NNECO $ 92
Implementation Services NGS NNECO $ 451
Mechanical Maintenance
Services NGS NNECO $ 140
Human Resources Services NGS NNECO $1,550
Miscellaneous Services NGS NNECO $ 30
Contained Inspection Program NGS NNECO $ 109
Auxiliary Steam Installation
Service NGS NNECO $ 312
Spent Fuel Pool Cooling MOD NGS NNECO $ 179
Security MOD Project Support NGS NNECO $ 598
Diesel Mechanics NGS NNECO $ 193
CMF Outage Services NGS NNECO $ 46
POSL Services NGS NNECO $ 126
CMF Rigging Loft Support NGS NNECO $ 76
PART II:
See Item 6, Part III(c).
PART III:
None to be reported.
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
PART I:
(a) Identification of Company
1. Northeast Generation Company (NGC)
2. Location:
107 Selden Street
Berlin, CT 06037
3. Business Address:
Same
4. Description:
NGC owns and operates a portfolio of 1,289 MW of generating assets
in New England which was acquired in March 2000, as a result of the
auctions by NGC's affiliates, The Connecticut Light and Power Company
(CL&P) and Western Massachusetts Electric Company (WMECO) in their
electric restructuring activities. The table below lists these
generating assets:
Capacity
Asset Location Type (MW)
----- -------- ---- --------
Northfield Mountain Erving, MA Pumped Storage 1,080.0
Cabot Montague, MA Conventional Hydro 53.0
Turners Falls Montague, MA Conventional Hydro 6.3
Falls Village Falls Village, CT Conventional Hydro 11.0
Bulls Bridge New Milford, CT Conventional Hydro 8.4
Rocky River New Milford, CT Conventional Hydro/
Pumped Storage 29.9
Shepaug Southbury, CT Conventional Hydro 43.4
Stevenson Monroe, CT Conventional Hydro 28.9
Robertsville Colebrook, CT Conventional Hydro 0.6
Bantam Litchfield, CT Conventional Hydro 0.3
Scotland Windham, CT Conventional Hydro 2.2
Tunnel Preston, CT Conventional Hydro 2.1
Taftville Norwich, CT Conventional Hydro 2.0
Tunnel ICU Preston, CT Internal Combustion
Unit 20.8
-------
Total 1,288.9
=======
5. System Company that Holds Interest:
Northeast Generation Company, a Connecticut corporation, is a wholly-
owned subsidiary of NU Enterprises, Inc., the holding company for
Northeast Utilities unregulated businesses.
6. EWG or FUCO:
EWG
(b) Capital Investment in Company by NU, Direct or Indirect
1. Type: Capital contribution
2. Amount: $466.2 million
3. Debt: None
4. Other financial obligations with recourse to NU or another
system company: None
5. Guarantees by NU: None
Transfer of assets to an affiliated EWG or FUCO:
Market value: None
Book value: None
Sale price: None
(c) State the ratio of debt to common equity and earnings as of 12/31/00:
Ratio of debt to common equity as of 12/31/00: .806
Ratio of debt to earnings/(loss) as of 12/31/00: 15.232
(d) Service, Sales or Construction Contracts:
NGC has a Power Sales and Purchase Agreement, dated December 27, 1999,
with Select Energy, Inc. (Select), an affiliate of NGC. The term of this
agreement is six years (through December 31, 2005) with an option for
renewal. The agreement sets forth the terms and conditions by which
Select purchases the capacity, associated energy, and ancillary services
from the NGC assets. During 2000, Select paid NGC $108.3 million under
this contract.
NGC has a Management and Operation Agreement, dated February 1, 2000, as
amended March 1, 2000, with Northeast Generation Services Company (NGS),
an affiliate of NGC, to manage and operate the NGC generating assets.
This agreement is in effect until March 15, 2006. The scope of services
that NGS renders to NGC under this agreement includes management,
operations, maintenance, administration, labor, consumables, water,
supervision, and other goods and services necessary for the safe,
efficient and reliable management, operation and maintenance of the NGC
assets on a daily basis. During 2000, NGC paid NGS $13.8 million under
this contract.
NGC has a Service Contract with Northeast Utilities Service Company
(NUSCO), an affiliate of NGCS, dated January 4, 1999. This agreement was
extended through the year 2000 for a one-year period by a renewal
agreement dated December 31, 1999. Under this contract, NUSCO agrees to
provide NGC with services such as corporate and secretarial, financial
planning, accounting, taxes, insurance, budgets, data processing,
purchasing, and other administrative services. During 2000, NGC paid
NUSCO under this contract $1.1 million.
PART II.
An organizational chart showing the relationship of the foreign utility company
to other NU system companies is provided as Exhibit H. Required financial data
is provided as Exhibit I.
PART III.
(a) NU's aggregate investment in EWGs and FUCOs, respectively, as of 12/31/00:
EWGs: $469.5 million
FUCOS: $ 0.0 million
(b) Ratio of aggregate investment to aggregate retained earnings of NU's
public-utility subsidiary companies as of 12/31/00: .76
ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS
Page
----
Financial Statements filed pursuant to the
Public Utility Holding Company Act of 1935
Report of Independent Public Accountants F-1
Signature F-2
Financial Statements as of and for the year ended
December 31, 1999
Northeast Utilities and Subsidiaries:
Consolidating Balance Sheet F-4--F-7
Consolidating Statement of Income F-8--F-9
Consolidating Statement of Retained Earnings F-10--F-11
Consolidating Statement of Capital Surplus, Paid In F-10--F-11
Consolidating Statement of Cash Flows F-12--F-13
The Connecticut Light and Power Company and Subsidiaries:
Consolidating Balance Sheet F-14--F-15
Consolidating Statement of Income F-16
Consolidating Statement of Retained Earnings F-17
Consolidating Statement of Capital Surplus, Paid In F-17
Consolidating Statement of Cash Flows F-18
Public Service Company of New Hampshire and Subsidiary:
Consolidating Balance Sheet F-20--F-21
Consolidating Statement of Income F-22
Consolidating Statement of Retained Earnings F-23
Consolidating Statement of Capital Surplus, Paid In F-23
Consolidating Statement of Cash Flows F-24
Western Massachusetts Electric Company and Subsidiary:
Consolidating Balance Sheet F-26--F-27
Consolidating Statement of Income F-28
Consolidating Statement of Retained Earnings F-29
Consolidating Statement of Capital Surplus, Paid In F-29
Consolidating Statement of Cash Flows F-30
Holyoke Water Power Company and Subsidiary:
Consolidating Balance Sheet F-32--F-33
Consolidating Statement of Income F-34
Consolidating Statement of Retained Earnings F-35
Consolidating Statement of Capital Surplus, Paid In F-35
Consolidating Statement of Cash Flows F-36
Yankee Energy System, Inc. and Subsidiaries:
Consolidating Balance Sheet F-38--F-41
Consolidating Statement of Income F-42--F-43
Consolidating Statement of Retained Earnings F-44--F-45
Consolidating Statement of Capital Surplus, Paid In F-44--F-45
Consolidating Statement of Cash F-46--F-47
Charter Oak Energy Incorporated and Subsidiaries:
Consolidating Balance Sheet F-48--F-49
Consolidating Statement of Income F-50--F-51
Consolidating Statement of Retained Earnings F-52
Consolidating Statement of Capital Surplus, Paid In F-52
Consolidating Statement of Cash F-54--F-55
HEC Inc. and Subsidiaries:
Consolidating Balance Sheet F-56--F-57
Consolidating Statement of Income F-58
Consolidating Statement of Retained Earnings F-59
Consolidating Statement of Capital Surplus, Paid In F-59
Consolidating Statement of Cash Flows F-60--F-61
NU Enterprises, Inc. and Subsidiaries:
Consolidating Balance Sheet F-62--F-65
Consolidating Statement of Income F-66--F-67
Consolidating Statement of Retained Earnings F-68--F-69
Consolidating Statement of Capital Surplus, Paid In F-58--F-59
Consolidating Statement of Cash Flows F-70--F-71
Notes to Financial Statements F-72
Exhibits E-1--E-2
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
To Northeast Utilities and Subsidiaries:
We have audited the accompanying consolidated balance sheets and consolidated
statements of capitalization of Northeast Utilities (a Massachusetts trust)
and subsidiaries as of December 31, 2000 and 1999, and the related
consolidated statements of income, comprehensive income, shareholders'
equity, cash flows, and income taxes for each of the three years in the
period ended December 31, 2000, included in the 2000 annual report to
shareholders and incorporated by reference in this Form U5S, and have issued
our report thereon dated January 23, 2001 (except with respect to the matters
discussed in Note 15, as to which the date is March 13, 2001). These financial
statements are the responsibility of the company's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Northeast Utilities and
subsidiaries as of December 31, 2000 and 1999, and the results of their
operations and cash flows for each of the three years in the period ended
December 31, 2000, in conformity with accounting principles generally
accepted in the United States.
/s/ Arthur Andersen LLP
Arthur Andersen LLP
Hartford, Connecticut
January 23, 2001
SIGNATURE
Northeast Utilities, a registered holding company, has duly caused this report
to be signed on its behalf by the undersigned thereunto duly authorized,
pursuant to the requirements of the Public Utility Holding Company Act of 1935.
NORTHEAST UTILITIES
By: /s/ John J. Roman
---------------------------------
John J. Roman
Vice President and Controller
April 26, 2001
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
The
Connecticut Public Service
Light and Company of
Northeast Power Company New Hampshire
Utilities (consolidated) (consolidated)
(parent) (b) (b)
----------- -------------- --------------
Utility Plant, at cost:
Electric $ 0 $5,756,098 $1,506,168
Other 0 0 8,588
----------- -------------- --------------
0 5,756,098 1,514,756
Less: Accumulated provision for
depreciation 0 4,210,429 714,792
----------- -------------- --------------
0 1,545,669 799,964
Construction work in progress 0 128,835 27,251
Nuclear fuel, net 0 79,672 1,924
----------- -------------- --------------
Total net utility plant 0 1,754,176 829,139
----------- -------------- --------------
Other Property and Investments:
Nuclear decommissioning trusts, at market 0 536,912 7,362
Investments in regional nuclear generating
companies, at equity 0 41,395 9,965
Investments in subsidiary companies, at
equity 2,687,804 0 0
Other, at cost 15,025 33,708 3,475
----------- -------------- --------------
2,702,829 612,015 20,802
----------- -------------- --------------
Current Assets:
Cash and cash equivalents 1,058 5,461 116,482
Special Deposits 0 0 0
Investments in securitizable assets 0 98,146 0
Notes receivable from affiliated companies 94,400 38,000 0
Receivables, net 868 29,245 71,992
Accounts receivable from affiliated companies 3,908 103,763 2,239
Taxes receivable from affiliated companies 0 0 10,005
Accrued utility revenues 0 0 41,844
Fuel, materials, and supplies, at average cost 0 36,332 28,760
Unrealized gains on mark-to-market transaction 0 0 0
Prepayments and other 3,744 32,291 14,783
----------- -------------- --------------
103,978 343,238 286,105
----------- -------------- --------------
Deferred Charges:
Regulatory assets 0 1,835,967 924,847
Accumulated deferred income taxes 0 0 0
Unamortized debt expense 13 14,794 9,067
Deferred receivable from affiliated company 0 0 3,240
Goodwill and other purchased intangible assets 0 0 0
Prepaid pension 0 170,672 0
Other 321 33,336 9,096
----------- -------------- --------------
334 2,054,769 946,250
----------- -------------- --------------
Total Assets $2,807,141 $4,764,198 $2,082,296
=========== ============== ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Western
Massachusetts Holyoke
Electric Water Power
Company North Atlantic Company
(consolidated) Energy (consolidated)
(b) Corporation (b)
-------------- -------------- --------------
Utility Plant, at cost:
Electric $1,112,405 $719,353 $101,117
Other 0 0 0
-------------- -------------- --------------
1,112,405 719,353 101,117
Less: Accumulated provision for
depreciation 792,923 223,465 81,933
-------------- -------------- --------------
319,482 495,888 19,184
Construction work in progress 22,813 8,710 970
Nuclear fuel, net 18,296 28,369 0
-------------- -------------- --------------
Total net utility plant 360,591 532,967 20,154
-------------- -------------- --------------
Other Property and Investments:
Nuclear decommissioning trusts, at market 144,921 50,863 0
Investments in regional nuclear generating
companies, at equity 11,117 0 0
Investments in subsidiary companies, at
equity 0 0 0
Other, at cost 6,249 0 3,476
-------------- -------------- --------------
162,287 50,863 3,476
-------------- -------------- --------------
Current Assets:
Cash and cash equivalents 985 118 1,865
Special Deposits 0 0 0
Investments in securitizable assets 0 0 0
Notes receivable from affiliated companies 0 27,800 16,200
Receivables, net 36,364 0 862
Accounts receivable from affiliated companies 16,146 50,796 5,065
Taxes receivable from affiliated companies 0 722 825
Accrued utility revenues 21,222 0 0
Fuel, materials, and supplies, at average cost 1,606 14,003 4,763
Unrealized gains on mark-to-market transaction 0 0 0
Prepayments and other 4,817 2,000 768
-------------- -------------- --------------
81,140 95,439 30,348
-------------- -------------- --------------
Deferred Charges:
Regulatory assets 392,247 48,068 0
Accumulated deferred income taxes 0 0 0
Unamortized debt expense 1,822 847 792
Deferred receivable from affiliated company 0 0 0
Goodwill and other purchased intangible assets 0 0 0
Prepaid pension 45,473 0 771
Other 4,258 780 323
-------------- -------------- --------------
443,800 49,695 1,886
-------------- -------------- --------------
Total Assets $1,047,818 $728,964 $ 55,864
============== ============== ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Northeast Northeast
Utilities Nuclear North Atlantic
Service Energy Energy Service
Company Company Corporation
--------- --------- --------------
Utility Plant, at cost:
Electric $ 0 $37,876 $ 0
Other 111,814 0 0
--------- --------- --------------
111,814 37,876 0
Less: Accumulated provision for
depreciation 88,114 15,771 0
--------- --------- --------------
23,700 22,105 0
Construction work in progress 9,937 416 0
Nuclear fuel, net 0 0 0
--------- --------- --------------
Total net utility plant 33,637 22,521 0
--------- --------- --------------
Other Property and Investments:
Nuclear decommissioning trusts, at market 0 0 0
Investments in regional nuclear generating
companies, at equity 0 0 0
Investments in subsidiary companies, at
equity 0 0 0
Other, at cost 7,158 0 0
--------- --------- --------------
7,158 0 0
--------- --------- --------------
Current Assets:
Cash and cash equivalents 45,375 0 3,095
Special Deposits 0 0 0
Investments in securitizable assets 0 0 0
Notes receivable from affiliated companies 79,400 9,300 0
Receivables, net 130,338 4,517 25,586
Accounts receivable from
affiliated companies 10,156 39,894 147
Taxes receivable from affiliated companies 0 362 0
Accrued utility revenues 0 0 0
Fuel, materials, and supplies,
at average cost 147 71,358 35
Unrealized gains on mark-to-market
transaction 0 0 0
Prepayments and other 2,638 1,188 1,058
--------- --------- --------------
268,054 126,619 29,921
--------- --------- --------------
Deferred Charges:
Regulatory assets 0 0 0
Accumulated deferred income taxes 0 42,252 0
Unamortized debt expense 0 0 0
Deferred receivable from
affiliated company 0 0 0
Goodwill and other purchased
intangible assets 0 0 0
Prepaid pension 28,352 0 0
Other 37,030 33,723 35,248
--------- --------- --------------
65,382 75,975 35,248
--------- --------- --------------
Total Assets $374,231 $225,115 $65,169
========= ========= ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Yankee Energy Charter Oak
The The Rocky Systems, Inc. Energy, Inc.
Quinnehtuk River Realty (consolidated) (consolidated)
Company Company (b) (b)
---------- ------------ -------------- --------------
Utility Plant, at cost:
Electric $ 0 $ 0 $ 0 $ 52
Other 1,639 89,376 608,153 0
---------- ------------ -------------- --------------
1,639 89,376 608,153 52
Less: Accumulated provision for
depreciation 1,211 35,730 245,214 52
---------- ------------ -------------- --------------
428 53,646 362,939 0
Construction work in progress 1 2,456 18,723 0
Nuclear fuel, net 0 0 0 0
---------- ------------ -------------- --------------
Total net utility plant 429 56,102 381,662 0
---------- ------------ -------------- --------------
Other Property and Investments:
Nuclear decommissioning trusts, at market 0 0 0 0
Investments in regional nuclear generating
companies, at equity 0 0 0 0
Investments in subsidiary companies, at
equity 0 0 0 0
Other, at cost 1,140 1,929 11,411 0
---------- ------------ -------------- --------------
1,140 1,929 11,411 0
---------- ------------ -------------- --------------
Current Assets:
Cash and cash equivalents 44 0 6,459 3,021
Special Deposits 0 0 0 0
Investments in securitizable assets 0 0 0 0
Notes receivable from affiliated companies 0 0 0 0
Receivables, net 0 0 58,697 0
Accounts receivable from affiliated companies 0 314 77 0
Taxes receivable from affiliated companies 0 0 0 1,963
Accrued utility revenues 0 0 38,057 0
Fuel, materials, and supplies,
at average cost 0 0 3,404 0
Unrealized gains on mark-to-market transaction 0 0 0 0
Prepayments and other 0 570 23,323 0
---------- ------------ -------------- --------------
44 884 130,017 4,984
---------- ------------ -------------- --------------
Deferred Charges:
Regulatory assets 4 0 54,649 0
Accumulated deferred income taxes 32 0 0 14,198
Unamortized debt expense 0 44 1,270 0
Deferred receivable from affiliated company 0 0 0 0
Goodwill and other purchased intangible assets 0 0 302,614 0
Prepaid pension 0 0 42,988 0
Other 0 0 14,334 0
---------- ------------ -------------- --------------
36 44 415,855 14,198
---------- ------------ -------------- --------------
Total Assets $1,649 $58,959 $938,945 $19,182
========== ============ ============== ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
NU
Enterprises,
Inc.
(consolidated)
(b) Eliminations Consolidated
-------------- ------------ ------------
Utility Plant, at cost:
Electric $265,761 $ 128,654 $ 9,370,176
Other 42,157 0 861,727
-------------- ------------ ------------
307,918 128,654 10,231,903
Less: Accumulated provision for
depreciation 156,838 (474,809) 7,041,279
-------------- ------------ ------------
151,080 603,463 3,190,624
Construction work in progress 8,220 0 228,330
Nuclear fuel, net 0 0 128,261
-------------- ------------ ------------
Total net utility plant 159,300 603,463 3,547,215
-------------- ------------ ------------
Other Property and Investments:
Nuclear decommissioning trusts, at market 0 0 740,058
Investments in regional nuclear generating
companies, at equity 0 0 62,477
Investments in subsidiary companies, at
equity 0 2,687,804 0
Other, at cost 26,217 (27,502) 137,291
-------------- ------------ ------------
26,217 2,660,302 939,826
-------------- ------------ ------------
Current Assets:
Cash and cash equivalents 43,555 27,502 200,017
Special Deposits 2,538 2,538 0
Investments in securitizable assets 0 0 98,146
Notes receivable from affiliated companies 800 265,900 0
Receivables, net 134,361 19,967 472,863
Accounts receivable from affiliated companies 131,789 364,295 0
Taxes receivable from affiliated companies 0 13,877 0
Accrued utility revenues 0 (19,967) 121,090
Fuel, materials, and supplies, at average cost 3,303 0 163,711
Unrealized gains on mark-to-market transaction 26,876 26,876 0
Prepayments and other 8,462 1,112 94,528
-------------- ------------ ------------
351,684 702,100 1,150,355
-------------- ------------ ------------
Deferred Charges:
Regulatory assets 0 (655,019) 3,910,801
Accumulated deferred income taxes 282,645 339,127 0
Unamortized debt expense 4,828 0 33,475
Deferred receivable from affiliated company 0 3,240 0
Goodwill and other purchased intangible assets 21,774 0 324,389
Prepaid pension 1,368 150,077 139,546
Other 54,850 51,758 171,542
-------------- ------------ ------------
365,465 (110,817) 4,579,753
-------------- ------------ ------------
Total Assets $902,666 $3,855,048 $10,217,149
============== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
The
Connecticut Public Service
Light and Company of
Northeast Power Company New Hampshire
Utilities (consolidated) (consolidated)
(parent) (b) (b)
----------- -------------- --------------
Capitalization:
Common shareholders' equity:
Common shares $ 693,345 $ 75,849 $ 1
Capital surplus, paid in 927,059 413,192 424,909
Capital surplus, paid in 215,000 0 0
Deferred contribution plan-employee stock
ownership plan (114,463) 0 0
Retained earnings 495,873 243,197 123,177
Accumulated other comprehensive income 1,769 506 1,207
----------- -------------- --------------
Total common shareholders' equity 2,218,583 732,744 549,294
Preferred stock not subject to mandatory
redemption 0 116,200 0
Preferred stock subject to mandatory
redemption 0 0 0
Long-term debt 117,000 1,072,688 407,285
----------- -------------- --------------
Total capitalization 2,335,583 1,921,632 956,579
----------- -------------- --------------
Minority Interest in Consolidated Subsidiary 0 100,000 0
----------- -------------- --------------
Obligations Under Capital Leases 0 39,910 91,702
----------- -------------- --------------
Current Liabilities:
Notes payable to banks 436,000 115,000 0
Notes payable to affiliated company 0 0 0
Long-term debt and preferred stock-current
portion 21,000 160,000 24,268
Obligations under capital leases-current
portion 0 89,959 537,528
Accounts payable 966 153,944 45,892
Accounts payable to affiliated companies 18 122,106 54,008
Accrued taxes 1,135 32,901 657
Accrued interest 6,961 13,995 4,962
Other 20 31,324 13,112
----------- -------------- --------------
466,100 719,229 680,427
----------- -------------- --------------
Deferred Credits:
Accumulated deferred income taxes 5,026 977,439 179,928
Accumulated deferred investment tax credits 0 99,771 27,348
Deferred contractual obligations 0 160,590 41,499
Decommissioning obligation-Millstone 1 0 580,320 0
Deferred pension costs 0 0 41,216
Other 432 165,307 63,597
----------- -------------- --------------
5,458 1,983,427 353,588
----------- -------------- --------------
Total Capitalization and Liabilities $2,807,141 $4,764,198 $2,082,296
=========== ============== ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Western
Massachusetts Holyoke
Electric Water Power
Company North Atlantic Company
(consolidated) Energy (consolidated)
(b) Corporation (b)
-------------- -------------- --------------
Capitalization:
Common shareholders' equity:
Common shares $ 14,752 $ 1 $ 2,400
Capital surplus, paid in 94,010 160,999 6,000
Capital surplus, paid in 0 0 0
Deferred contribution plan-employee stock
ownership plan 0 0 0
Retained earnings 62,952 (41) (5,607)
Accumulated other comprehensive income 182 0 (5)
-------------- -------------- --------------
Total common shareholders' equity 171,896 160,959 2,788
Preferred stock not subject to mandatory
redemption 20,000 0 0
Preferred stock subject to mandatory
redemption 15,000 0 0
Long-term debt 139,425 65,000 38,300
-------------- -------------- --------------
Total capitalization 346,321 225,959 41,088
-------------- -------------- --------------
Minority Interest in Consolidated Subsidiary 0 0 0
-------------- -------------- --------------
Obligations Under Capital Leases 5,935 0 0
-------------- -------------- --------------
Current Liabilities:
Notes payable to banks 110,000 200,000 0
Notes payable to affiliated company 600 0 0
Long-term debt and preferred stock-current
portion 61,500 70,000 0
Obligations under capital leases-current
portion 20,986 0 0
Accounts payable 25,298 16,543 1,175
Accounts payable to affiliated companies 8,611 1,389 5,071
Accrued taxes 8,471 0 785
Accrued interest 4,703 2,716 770
Other 7,671 276 105
-------------- -------------- --------------
247,840 290,924 7,906
-------------- -------------- --------------
Deferred Credits:
Accumulated deferred income taxes 224,711 184,763 326
Accumulated deferred investment tax credits 17,580 0 0
Deferred contractual obligations 42,519 0 0
Decommissioning obligation-Millstone 1 136,130 0 0
Deferred pension costs 0 0 0
Other 26,782 27,318 6,544
-------------- -------------- --------------
447,722 212,081 6,870
-------------- -------------- --------------
Total Capitalization and Liabilities $1,047,818 $728,964 $55,864
============== ============== ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Northeast Northeast
Utilities Nuclear North Atlantic
Service Energy Energy Service
Company Company Corporation
--------- --------- --------------
Capitalization:
Common shareholders' equity:
Common shares $ 0 $ 15 $ 1
Capital surplus, paid in 1 15,350 9
Capital surplus, paid in 0 0 0
Deferred contribution plan-employee stock
ownership plan 0 0 0
Retained earnings 0 439 3
Accumulated other comprehensive income 0 (121) 0
--------- --------- --------------
Total common shareholders' equity 1 15,683 13
Preferred stock not subject to mandatory
redemption 0 0 0
Preferred stock subject to mandatory
redemption 0 0 0
Long-term debt 0 0 0
--------- --------- --------------
Total capitalization 1 15,683 13
--------- --------- --------------
Minority Interest in Consolidated Subsidiary 0 0 0
--------- --------- --------------
Obligations Under Capital Leases 31 0 0
--------- --------- --------------
Current Liabilities:
Notes payable to banks 0 0 0
Notes payable to affiliated company 120,500 0 0
Long-term debt and preferred stock-current
portion 0 0 0
Obligations under capital leases-current
portion 5 737 0
Accounts payable 61,734 36,303 18,946
Accounts payable to affiliated companies 89,568 16,281 2,478
Accrued taxes 2,134 0 481
Accrued interest 0 0 0
Other 21,009 53,799 6,733
--------- --------- --------------
294,950 107,120 28,638
--------- --------- --------------
Deferred Credits:
Accumulated deferred income taxes 1,600 0 235
Accumulated deferred investment tax credits 0 979 0
Deferred contractual obligations 0 0 0
Decommissioning obligation-Millstone 1 0 0 0
Deferred pension costs 0 76,969 31,893
Other 77,649 24,364 4,390
--------- --------- --------------
79,249 102,312 36,518
--------- --------- --------------
Total Capitalization and Liabilities $374,231 $225,115 $65,169
========= ========= ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Yankee Energy Charter Oak
The The Rocky Systems, Inc. Energy, Inc.
Quinnehtuk River Realty (consolidated) (consolidated)
Company Company (b) (b)
---------- ------------ -------------- --------------
Capitalization:
Common shareholders' equity:
Common shares $ 350 $ 10 $ 0 $ 0
Capital surplus, paid in 155 0 484,888 83,944
Capital surplus, paid in 0 0 0 0
Deferred contribution plan-employee stock
ownership plan 0 0 0 0
Retained earnings (2,999) 674 (733) (65,077)
Accumulated other comprehensive income 0 0 0 0
---------- ------------ -------------- --------------
Total common shareholders' equity (2,494) 684 484,155 18,867
Preferred stock not subject to mandatory
redemption 0 0 0 0
Preferred stock subject to mandatory
redemption 0 0 0 0
Long-term debt 0 10,278 153,140 0
---------- ------------ -------------- --------------
Total capitalization (2,494) 10,962 637,295 18,867
---------- ------------ -------------- --------------
Minority Interest in Consolidated Subsidiary 0 0 0 0
---------- ------------ -------------- --------------
Obligations Under Capital Leases 0 0 0 0
---------- ------------ -------------- --------------
Current Liabilities:
Notes payable to banks 0 0 46,600 0
Notes payable to affiliated company 3,600 20,100 18,000 0
Long-term debt and preferred stock-current
portion 0 2,223 1,050 0
Obligations under capital leases-current
portion 0 0 0 0
Accounts payable 0 250 43,996 94
Accounts payable to affiliated companies 43 1,774 2,679 5
Accrued taxes 232 32 18,387 16
Accrued interest 0 135 3,596 0
Other 0 1,310 4,322 0
---------- ------------ -------------- --------------
3,875 25,824 138,630 115
---------- ------------ -------------- --------------
Deferred Credits:
Accumulated deferred income taxes 0 1,432 71,038 0
Accumulated deferred investment tax credits 0 0 7,476 0
Deferred contractual obligations 0 0 0 0
Decommissioning obligation-Millstone 1 0 0 0 0
Deferred pension costs 0 0 0 0
Other 268 20,741 84,506 200
---------- ------------ -------------- --------------
268 22,173 163,020 200
---------- ------------ -------------- --------------
Total Capitalization and Liabilities $1,649 $58,959 $938,945 $19,182
========== ============ ============== ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
NU
Enterprises,
Inc.
(consolidated)
(b) Eliminations Consolidated
-------------- ------------ ------------
Capitalization:
Common shareholders' equity:
Common shares $ 0 $ 93,379 $ 693,345
Capital surplus, paid in 155,510 1,838,968 927,059
Capital surplus, paid in 0 0 215,000
Deferred contribution plan-employee stock
ownership plan 0 0 (114,463)
Retained earnings (40,183) 315,801 495,873
Accumulated other comprehensive income 0 1,769 1,769
-------------- ------------ ------------
Total common shareholders' equity 115,327 2,249,917 2,218,583
Preferred stock not subject to mandatory
redemption 0 0 136,200
Preferred stock subject to mandatory
redemption 0 0 15,000
Long-term debt 55,277 28,800 2,029,593
-------------- ------------ ------------
Total capitalization 170,604 2,278,717 4,399,376
-------------- ------------ ------------
Minority Interest in Consolidated Subsidiary 0 0 100,000
-------------- ------------ ------------
Obligations Under Capital Leases 0 90,345 47,234
-------------- ------------ ------------
Current Liabilities:
Notes payable to banks 402,377 0 1,309,977
Notes payable to affiliated company 103,100 265,900 0
Long-term debt and preferred stock-current
portion 0 0 340,041
Obligations under capital leases-current
portion 0 536,570 112,645
Accounts payable 133,843 0 538,983
Accounts payable to affiliated companies 44,965 348,996 0
Accrued taxes 3,688 14,832 54,088
Accrued interest 3,292 0 41,131
Other 21,201 15,950 144,931
-------------- ------------ ------------
712,466 1,182,248 2,541,796
-------------- ------------ ------------
Deferred Credits:
Accumulated deferred income taxes 0 61,004 1,585,494
Accumulated deferred investment tax credits 0 0 153,155
Deferred contractual obligations 0 0 244,608
Decommissioning obligation-Millstone 1 0 23,890 692,560
Deferred pension costs 0 150,077 0
Other 19,596 68,767 452,926
-------------- ------------ ------------
19,596 303,738 3,128,743
-------------- ------------ ------------
Total Capitalization and Liabilities $902,666 $3,855,048 $10,217,149
============== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
The
Connecticut Public Service
Light and Company of
Northeast Power Company New Hampshire
Utilities (consolidated) (consolidated)
(parent) (b) (b)
--------- -------------- --------------
Operating Revenues $ 0 $2,935,922 $1,291,332
--------- -------------- --------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 0 1,665,806 853,563
Other 15,319 412,230 122,268
Maintenance 10 136,141 47,429
Depreciation 0 117,305 43,873
Amortization of regulatory assets, net 0 97,315 45,874
Federal and state income taxes 2,708 130,994 45,324
Taxes other than income taxes 6 137,846 42,321
--------- -------------- --------------
Total operating expenses 18,043 2,697,637 1,200,652
--------- -------------- --------------
Operating (Loss)/Income (18,043) 238,285 90,680
--------- -------------- --------------
Other Income/(Loss):
Equity in earnings of subsidiaries 23,553 0 0
Equity in earnings of regional nuclear
generating and transmission
companies 2,553 8,246 1,535
Nuclear related costs 0 (14,099) (1,000)
Other, net 9,134 (7,071) 13,825
Minority interest in loss of subsidiary 0 (9,300) 0
Deferred nuclear plant return-other funds 0 0 0
Income taxes 2,036 30,940 68
--------- -------------- --------------
Other income/(loss), net 37,276 8,716 14,428
--------- -------------- --------------
Income before interest charges 19,233 247,001 105,108
--------- -------------- --------------
Interest Charges:
Interest on long-term debt 12,969 89,841 37,510
Other interest 34,850 9,025 47
Deferred interest-nuclear plants 0 0 0
--------- -------------- --------------
Interest charges, net 47,819 98,866 37,557
--------- -------------- --------------
Net (Loss)/Income before
extraordinary loss, net of
tax benefit (28,586) 148,135 67,551
Extraordinary loss, net of tax benefit 0 0 (214,217)
--------- -------------- --------------
Net (Loss)/Income $(28,586) $ 148,135 $(146,666)
========= ============== ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Western
Massachusetts Holyoke
Electric Water Power
Company North Atlantic Company
(consolidatd) Energy (consolidated)
(b) Corporation (b)
------------- -------------- --------------
Operating Revenues $513,678 $274,319 $ 75,633
------------- -------------- --------------
Operating Expenses:
Operation-
Fuel, purchased and net interchange power 246,130 12,923 48,085
Other 75,940 40,650 6,072
Maintenance 33,111 20,268 6,693
Depreciation 17,693 27,823 2,049
Amortization of regulatory assets, net 47,775 85,176 (1)
Federal and state income taxes 21,174 35,675 2,402
Taxes other than income taxes 17,759 7,727 3,320
------------- -------------- --------------
Total operating expenses 459,582 230,242 68,620
------------- -------------- --------------
Operating (Loss)/Income 54,096 44,077 7,013
------------- -------------- --------------
Other Income/(Loss):
Equity in earnings of subsidiaries 0 0 0
Equity in earnings of regional nuclear
generating and transmission
companies 2,251 0 0
Nuclear related costs (2,808) 0 0
Other, net 1,242 (6,544) (472)
Minority interest in loss of subsidiary 0 0 0
Deferred nuclear plant return-other funds 0 2,112 0
Income taxes 6,029 22,792 645
------------- -------------- --------------
Other income/(loss), net 6,714 18,360 173
------------- -------------- --------------
Income before interest charges 60,810 62,437 7,186
------------- -------------- --------------
Interest Charges:
Interest on long-term debt 14,051 32,247 2,644
Other interest 11,491 1,423 (15)
Deferred interest-nuclear plants 0 (3,726) 0
------------- -------------- --------------
Interest charges, net 25,542 29,944 2,629
------------- -------------- --------------
Net (Loss)/Income before
extraordinary loss,
net of tax benefit 35,268 32,493 4,557
Extraordinary loss, net of tax benefit 0 0 (19,664)
------------- -------------- --------------
Net (Loss)/Income $ 35,268 $ 32,493 $(15,107)
============= ============== ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Northeast Northeast
Utilities Nuclear North Atlantic
Service Energy Energy Service
Company Company Corporation
--------- --------- --------------
Operating Revenues $278,217 $331,979 $171,349
--------- --------- --------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 0 0 7,509
Other 242,290 209,789 102,464
Maintenance 12,388 107,544 56,327
Depreciation 14,978 1,119 0
Amortization of regulatory assets, net 0 0 0
Federal and state income taxes (863) (2,022) (339)
Taxes other than income taxes 11,977 11,288 4,583
--------- --------- --------------
Total operating expenses 280,770 327,718 170,544
--------- --------- --------------
Operating (Loss)/Income (2,553) 4,261 805
--------- --------- --------------
Other Income/(Loss):
Equity in earnings of subsidiaries 0 0 0
Equity in earnings of regional nuclear
generating and transmission
companies 0 0 0
Nuclear related costs 0 0 0
Other, net 5,103 560 (705)
Minority interest in loss of subsidiary 0 0 0
Deferred nuclear plant return-other funds 0 0 0
Income taxes 0 0 0
--------- --------- --------------
Other income/(loss), net 5,103 560 (705)
--------- --------- --------------
Income before interest charges 2,550 4,821 100
--------- --------- --------------
Interest Charges:
Interest on long-term debt 0 546 0
Other interest 2,550 2,526 99
Deferred interest-nuclear plants 0 0 0
--------- --------- --------------
Interest charges, net 2,550 3,072 99
--------- --------- --------------
Net (Loss)/Income before
extraordinary loss,
net of tax benefit 0 1,749 1
Extraordinary loss, net of tax benefit 0 0 0
--------- --------- --------------
Net (Loss)/Income $ 0 $ 1,749 $ 1
========= ========= ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Yankee Energy
The The Rocky System, Inc.
Quinnehtuk River Realty (consolidated)
Company Company (b)
---------- ------------ --------------
Operating Revenues $ 204 $6,706 $261,687
---------- ------------ --------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 0 0 135,307
Other 24 1,141 54,748
Maintenance 0 0 5,343
Depreciation 54 2,450 23,225
Amortization of regulatory assets, net 0 0 0
Federal and state income taxes (149) (1) 9,479
Taxes other than income taxes 157 1,377 16,645
---------- ------------ --------------
Total operating expenses 86 4,967 244,747
---------- ------------ --------------
Operating (Loss)/Income 118 1,739 16,940
---------- ------------ --------------
Other Income/(Loss):
Equity in earnings of subsidiaries 0 0 0
Equity in earnings of regional nuclear
generating and transmission
companies 0 0 0
Nuclear related costs 0 0 0
Other, net (9) 636 (7,634)
Minority interest in loss of subsidiary 0 0 0
Deferred nuclear plant return-other funds 0 0 0
Income taxes 0 0 3,666
---------- ------------ --------------
Other income/(loss), net (9) 636 (3,968)
---------- ------------ --------------
Income before interest charges 109 2,375 12,972
---------- ------------ --------------
Interest Charges:
Interest on long-term debt 0 1,132 10,295
Other interest 227 1,243 3,404
Deferred interest-nuclear plants 0 0 0
---------- ------------ --------------
Interest charges, net 227 2,375 13,699
---------- ------------ --------------
Net (Loss)/Income before
extraordinary loss,
net of tax benefit (118) 0 (727)
Extraordinary loss, net of tax benefit 0 0 0
---------- ------------ --------------
Net (Loss)/Income $(118) 0 $ (727)
========== ============ ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
NU
Charter Oak Enterprises,
Energy, Inc. Inc.
(consolidated) (consolidated)
(b) (b) Eliminations
-------------- -------------- ------------
Operating Revenues $ 0 $1,899,688 $2,164,096
-------------- -------------- ------------
Operating Expenses:
Operation-
Fuel, purchased and net interchange power 0 1,661,276 1,309,373
Other 279 151,260 584,282
Maintenance 0 13,280 182,652
Depreciation 0 5,898 16,668
Amortization of regulatory assets, net 0 0 0
Federal and state income taxes (84) 2,303 16,568
Taxes other than income taxes 0 11,327 27,746
-------------- -------------- ------------
Total operating expenses 195 1,845,344 2,137,289
-------------- -------------- ------------
Operating (Loss)/Income (195) 54,344 26,807
-------------- -------------- ------------
Other Income/(Loss):
Equity in earnings of subsidiaries 0 0 23,553
Equity in earnings of regional nuclear
generating and transmission
companies 0 0 0
Nuclear related costs 0 0 0
Other, net 88 2,506 12,345
Minority interest in loss of subsidiary 0 0 0
Deferred nuclear plant return-other funds 0 0 2,112
Income taxes 2,130 0 0
-------------- -------------- ------------
Other income/(loss), net 2,218 2,506 38,010
-------------- -------------- ------------
Income before interest charges 2,023 56,850 64,817
-------------- -------------- ------------
Interest Charges:
Interest on long-term debt 7 0 546
Other interest 0 49,785 18,051
Deferred interest-nuclear plants 0 0 (3,726)
-------------- -------------- ------------
Interest charges, net 7 49,785 14,871
-------------- -------------- ------------
Net (Loss)/Income before
extraordinary loss,
net of tax benefit 2,016 7,065 49,946
Extraordinary loss, net of tax benefit 0 0 0
-------------- -------------- ------------
Net (Loss)/Income $2,016 $ 7,065 $ 49,946
============== ============== ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Consolidated
------------
Operating Revenues $5,876,620
------------
Operating Expenses:
Operation-
Fuel, purchased and net interchange power 3,321,226
Other 850,192
Maintenance 255,884
Depreciation 239,798
Amortization of regulatory assets, net 276,139
Federal and state income taxes 230,031
Taxes other than income taxes 238,587
------------
Total operating expenses 5,411,857
------------
Operating (Loss)/Income 464,763
------------
Other Income/(Loss):
Equity in earnings of subsidiaries 0
Equity in earnings of regional nuclear
generating and transmission
companies 14,586
Nuclear related costs (17,907)
Other, net (1,689)
Minority interest in loss of subsidiary (9,300)
Deferred nuclear plant return-other funds 0
Income taxes 68,306
------------
Other income/(loss), net 53,996
------------
Income before interest charges 518,759
------------
Interest Charges:
Interest on long-term debt 200,697
Other interest 98,605
Deferred interest-nuclear plants 0
------------
Interest charges, net 299,302
------------
Net (Loss)/Income before extraordinary loss,
net of tax benefit 219,457
Extraordinary loss, net of tax benefit (233,881)
------------
Net (Loss)/Income $ (14,424)
============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of
Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
The
Connecticut Public Service
Light and Company of
Northeast Power Company New Hampshire
Utilities (consolidated) (consolidated)
(parent) (b) (b)
---------- -------------- --------------
Balance at beginning of period $581,817 $153,254 $319,938
Additions:
Net (loss)/income (28,586) 148,135 (146,666)
Tax benefit/(expense) for 1993-1999
from reduction of NU parent losses 0 21,461 3,952
---------- -------------- --------------
553,231 322,850 177,224
---------- -------------- --------------
Deductions:
Dividends declared:
Preferred stock (at required annual rates):
The Connecticut Light and Power Company 0 7,402 0
Western Massachusetts Electric Company 0 0 0
Public Service Company of New Hampshire 0 0 3,962
Common shares:
$.40 per share 57,358 0 0
$9.4944 per share 0 72,014 0
$50,000.00 per share 0 0 50,000
$20.34 per share 0 0 0
$42,000.00 per share 0 0 0
$10.42 per share 0 0 0
$1,333.33 per share 0 0 0
Allocation of benefits-ESOP 0 237 85
---------- -------------- --------------
57,358 79,653 54,047
---------- -------------- --------------
Balance at end of period $495,873 $243,197 $123,177
========== ============== ==============
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
The
Connecticut Public Service
Light and Company of
Northeast Power Company New Hampshire
Utilities (consolidated) (consolidated)
(parent) (b) (b)
---------- -------------- --------------
Balance at beginning of period $776,290 $665,598 $424,654
Acquisition of Yankee Energy System, Inc.
Redemption of preferred stock (749) (749) 0
Repurchase of common shares 0 (253,620) 0
Cash capital contribution from 0 0 0
Northeast Utilities 0 0 0
Issuance of 11,388,032 common shares 164,443 0 0
Dividends declared on common stock: 0 0 0
$100,000.00 per share 0 0 0
Allocation of benefits-ESOP (1,617) 0 0
Common share repurchase transaction fee (13,786) 0 0
Capital stock expenses, net 2,478 1,963 255
Excess paid over carrying value of 0 0 0
assets transferred 0 0 0
---------- -------------- --------------
Balance at end of period $927,059 $413,192 $424,909
========== ============== ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of
Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Western
Massachusetts Holyoke
Electric Water Power
Company North Atlantic Company
(consolidated) Energy (consolidated)
(b) Corporation (b)
-------------- -------------- --------------
Balance at beginning of period $38,712 $12,752 $14,481
Additions:
Net (loss)/income 35,268 32,493 (15,107)
Tax benefit/(expense) for 1993-1999
from reduction of NU parent losses 3,824 (3,286) 22
-------------- -------------- --------------
77,804 41,959 (604)
-------------- -------------- --------------
Deductions:
Dividends declared:
Preferred stock (at required annual rates):
The Connecticut Light and Power Company 0 0 0
Western Massachusetts Electric Company 2,798 0 0
Public Service Company of New Hampshire 0 0 0
Common shares:
$.40 per share 0 0 0
$9.4944 per share 0 0 0
$50,000.00 per share 0 0 0
$20.34 per share 12,002 0 0
$42,000.00 per share 0 42,000 0
$10.42 per share 0 0 5,000
$1,333.33 per share 0 0 0
Allocation of benefits-ESOP 52 0 3
-------------- -------------- --------------
14,852 42,000 5,003
-------------- -------------- --------------
Balance at end of period $62,952 $ (41) $(5,607)
============== ============== ==============
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Western
Massachusetts Holyoke
Electric Water Power
Company North Atlantic Company
(consolidated) Energy (consolidated)
(b) Corporation (b)
-------------- -------------- --------------
Balance at beginning of period $171,691 $160,999 $6,000
Acquisition of Yankee Energy System, Inc.
Redemption of preferred stock 0 0 0
Repurchase of common shares (77,940) 0 0
Cash capital contribution from 0 0 0
Northeast Utilities 0 0 0
Issuance of 11,388,032 common shares 0 0 0
Dividends declared on common stock: 0 0 0
$100,000.00 per share 0 0 0
Allocation of benefits-ESOP 0 0 0
Common share repurchase transaction fee 0 0 0
Capital stock expenses, net 259 0 0
Excess paid over carrying value of 0 0 0
assets transferred 0 0 0
-------------- -------------- --------------
Balance at end of period $ 94,010 $160,999 $6,000
============== ============== ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of
Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Northeast
Nuclear North Atlantic The
Energy Energy Service Quinnehtuk
Company Corporation Company
--------- -------------- --------------
Balance at beginning of period $ 675 $2 $(2,881)
Additions:
Net (loss)/income 1,749 1 (118)
Tax benefit/(expense) for 1993-1999
from reduction of NU parent losses 15 0 0
--------- -------------- --------------
2,439 3 (2,999)
--------- -------------- --------------
Deductions:
Dividends declared:
Preferred stock (at required annual rates):
The Connecticut Light and Power Company 0 0 0
Western Massachusetts Electric Company 0 0 0
Public Service Company of New Hampshire 0 0 0
Common shares:
$.40 per share 0 0
$9.4944 per share 0 0 0
$50,000.00 per share 0 0 0
$20.34 per share 0 0 0
$42,000.00 per share 0 0 0
$10.42 per share 0 0 0
$1,333.33 per share 2,000 0 0
Allocation of benefits-ESOP 0 0 0
--------- -------------- --------------
2,000 0 0
--------- -------------- --------------
Balance at end of period $ 439 $3 $(2,999)
========= ============== ==============
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Northeast Northeast
Utilities Nuclear North Atlantic
Service Energy Energy Service
Company Company Corporation
--------- -------------- --------------
Balance at beginning of period $1 $15,350 $9
Acquisition of Yankee Energy System, Inc. 0
Redemption of preferred stock 0 0 0
Repurchase of common shares 0 0 0
Cash capital contribution from 0 0 0
Northeast Utilities 0 0 0
Issuance of 11,388,032 common shares 0 0 0
Dividends declared on common stock: 0 0 0
$100,000.00 per share 0 0 0
Allocation of benefits-ESOP 0 0 0
Common share repurchase transaction fee 0 0 0
Capital stock expenses, net 0 0 0
Excess paid over carrying value of 0 0 0
assets transferred 0 0 0
--------- -------------- --------------
Balance at end of period $1 $15,350 $9
========= ============== ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of
Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Yankee Energy Charter Oak
The Rocky System, Inc. Energy, Inc.
River Realty (consolidated) (consolidated)
Company (b) (b)
-------------- ------------- --------------
Balance at beginning of period $674 $ 0 $(67,093)
Additions:
Net (loss)/income 0 (727) 2,016
Tax benefit/(expense) for 1993-1999
from reduction of NU parent losses 0 0 0
-------------- ------------- --------------
674 (727) (65,077)
-------------- ------------- --------------
Deductions:
Dividends declared:
Preferred stock (at required annual rates):
The Connecticut Light and Power Company 0 0 0
Western Massachusetts Electric Company 0 0 0
Public Service Company of New Hampshire 0 0 0
Common shares:
$.40 per share 0 0 0
$9.4944 per share 0 0 0
$50,000.00 per share 0 0 0
$20.34 per share 0 0 0
$42,000.00 per share 0 0 0
$10.42 per share 0 0 0
$1,333.33 per share 0 0 0
Allocation of benefits-ESOP 0 6 0
-------------- ------------- --------------
0 6 0
-------------- ------------- --------------
Balance at end of period $674 $(733) $(65,077)
============== ============= ==============
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Yankee Energy Charter Oak
The System, Inc. Energy, Inc.
Quinnehtuk (consolidated) (consolidated)
Company (b) (b)
-------------- ------------- --------------
Balance at beginning of period $155 $ 0 $90,194
Acquisition of Yankee Energy System, Inc. 0 484,888 0
Redemption of preferred stock 0 0 0
Repurchase of common shares 0 0 0
Cash capital contribution from 0 0 0
Northeast Utilities 0 0 3,750
Issuance of 11,388,032 common shares 0 0 0
Dividends declared on common stock: 0 0 0
$100,000.00 per share 0 0 (10,000)
Allocation of benefits-ESOP 0 0 0
Common share repurchase transaction fee 0 0 0
Capital stock expenses, net 0 0 0
Excess paid over carrying value of 0 0 0
assets transferred 0 0 0
-------------- ------------- --------------
Balance at end of period $155 $484,888 $83,944
============== ============= ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of
Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
NU
Enterprises,
Inc.
(consolidated)
(b) Eliminations Consolidated
-------------- ------------ ------------
Balance at beginning of period $(47,223) $423,292 $581,817
Additions:
Net (loss)/income 7,065 49,948 (14,424)
Tax benefit/(expense) for 1993-1999
from reduction of NU parent losses 0 25,986 0
-------------- ------------ ------------
(40,158) 499,226 567,393
-------------- ------------ ------------
Deductions:
Dividends declared:
Preferred stock (at required annual rates):
The Connecticut Light and Power Company 0 0 7,402
Western Massachusetts Electric Company 0 0 2,798
Public Service Company of New Hampshire 0 0 3,962
Common shares:
$.40 per share 0 0 57,358
$9.4944 per share 0 72,014 0
$50,000.00 per share 0 50,000 0
$20.34 per share 0 12,002 0
$42,000.00 per share 0 42,000 0
$10.42 per share 0 5,000 0
$1,333.33 per share 0 2,000 0
Allocation of benefits-ESOP 25 409 0
-------------- ------------ ------------
25 183,425 71,520
-------------- ------------ ------------
Balance at end of period $(40,183) $315,801 $495,873
============== ============ ============
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
NU
Enterprises,
Inc.
(consolidated)
(b) Eliminations Consolidated
-------------- ------------ ------------
Balance at beginning of period $121,745 $1,656,396 $776,290
Acquisition of Yankee Energy System, Inc. 0 484,888 0
Redemption of preferred stock 0 (749) (749)
Repurchase of common shares 0 (331,560) 0
Cash capital contribution from 0 0 0
Northeast Utilities 478,900 482,650 0
Issuance of 11,388,032 common shares 0 0 164,443
Dividends declared on common stock: 0 0 0
$100,000.00 per share 0 (10,000) 0
Allocation of benefits-ESOP 0 0 (1,617)
Common share repurchase transaction fee 0 0 (13,786)
Capital stock expenses, net 0 2,478 2,478
Excess paid over carrying value of 0 0 0
assets transferred (445,135) (445,135) 0
-------------- ------------ ------------
Balance at end of period $155,510 $1,838,968 $927,059
============== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
The
Connecticut Public Service
Light and Company of
Northeast Power Company New Hampshire
Utilities (consolidated) (consolidated)
(parent) (b) (b)
------------ -------------- --------------
Operating Activities:
(Loss)/income before extraordinary loss $ (28,586) $ 148,135 $ 67,551
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 0 117,305 43,873
Deferred income taxes and investment tax credits, net (276) 5,672 (521)
Amortization of regulatory assets, net 0 97,315 45,874
Amortization of recoverable energy costs 0 4,155 (35,886)
Nuclear related costs 0 14,099 1,000
Tax benefit for 1993-1999 from reduction of
NU parent losses 0 21,461 3,952
Allocation of ESOP benefits 0 (237) (85)
Equity in earnings of subsidiary companies (23,553) 0 0
Cash dividends received from subsidiary companies 183,016 0 0
Transfer/gain on sale of utility plant 0 25,444 0
Net other sources/(uses) of cash 3,276 (112,915) 38,545
Changes in working capital:
Receivables and accrued utility revenues, net 4,200 (109,938) 20,597
Fuel, materials and supplies 0 1,271 9,316
Accounts payable (7,475) 171,729 23,110
Accrued taxes 1,135 (136,313) (33,048)
Investments in securitizable assets 0 9,474 0
Other working capital (excludes cash) (3,001) 3,204 6,646
------------ -------------- --------------
Net cash flows provided by/(used in) operating activities 128,736 259,861 190,924
------------ -------------- --------------
Investing Activities:
Investment in plant:
Electric and other utility plant 0 (208,249) (69,500)
Nuclear fuel 0 (35,709) (1,153)
------------ -------------- --------------
Net cash flows used for investments in plant 0 (243,958) (70,653)
Investment in NU system Money Pool (49,100) (38,000) 0
Investment in subsidiaries (117,631) 0 0
Investment in nuclear decommissioning trusts 0 (25,133) (686)
Net proceeds from the sale of utility plant 0 686,807 0
Other investment activities, net 1,489 10,246 2,268
Capital contributions from Northeast Utilities 0 0 0
Payment for purchase of Yankee, net of cash acquired (260,347) 0 0
------------ -------------- --------------
Net cash flows (used in)/provided by investing activities (425,589) 389,962 (69,071)
------------ -------------- --------------
Financing Activities:
Issuance of common shares 4,269 0 0
Issuance of long-term debt 0 0 0
Net increase/(decrease) in short-term debt 371,000 13,300 0
Reacquisitions and retirements of long-term debt (20,000) (179,071) (109,200)
Reacquisitions and retirements of preferred stock 0 (99,539) (25,732)
Repurchase of common shares 0 (300,000) 0
Cash dividends on preferred stock 0 (7,402) (3,962)
Cash dividends on common shares (57,358) (72,014) (50,000)
------------ -------------- --------------
Net cash flows provided by/(used in) financing activities 297,911 (644,726) (188,894)
------------ -------------- --------------
Net increase/(decrease) in cash for the period 1,058 5,097 (67,041)
Cash and cash equivalents - beginning of period 0 364 183,523
------------ -------------- --------------
Cash and cash equivalents - end of period $ 1,058 $ 5,461 $ 116,482
============ ============== ==============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 39,099 $ 96,735 $ 38,819
Income taxes $ 1,430 $ 226,380 $ 22,575
Increase in obligations:
Niantic Bay Fuel Trust and other capital leases $ 0 $ 6,535 $ 0
Seabrook Power Contracts $ 0 $ 0 $ 0
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Western
Massachusetts Holyoke
Electric North Water Power
Company Atlantic Company
(consolidated) Energy (consolidated)
(b) Corporation (b)
-------------- ------------ --------------
Operating Activities:
(Loss)/income before extraordinary loss $ 35,268 $ 32,493 $ 4,557
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 17,693 27,823 2,049
Deferred income taxes and investment tax credits, net (11,549) (25,579) 181
Amortization of regulatory assets, net 47,775 85,176 (1)
Amortization of recoverable energy costs 9,386 0 0
Nuclear related costs 2,808 0 0
Tax benefit for 1993-1999 from reduction of
NU parent losses 3,824 (3,286) 22
Allocation of ESOP benefits (52) 0 (3)
Equity in earnings of subsidiary companies 0 0 0
Cash dividends received from subsidiary companies 0 0 0
Transfer/gain on sale of utility plant 0 0 0
Net other sources/(uses) of cash (28,834) 13,284 (917)
Changes in working capital:
Receivables and accrued utility revenues, net (24,637) (27,956) (308)
Fuel, materials and supplies 1,491 (915) 624
Accounts payable 17,727 5,432 3,142
Accrued taxes 7,882 0 614
Investments in securitizable assets 0 0 0
Other working capital (excludes cash) (7,321) 11,148 (1,441)
-------------- ------------ --------------
Net cash flows provided by/(used in) operating activities 71,461 117,620 8,519
-------------- ------------ --------------
Investing Activities:
Investment in plant:
Electric and other utility plant (27,267) (6,586) (1,083)
Nuclear fuel (7,848) (17,222) 0
-------------- ------------ --------------
Net cash flows used for investments in plant (35,115) (23,808) (1,083)
Investment in NU system Money Pool 0 28,600 (700)
Investment in subsidiaries 0 0 0
Investment in nuclear decommissioning trusts (3,437) (10,294) 0
Net proceeds from the sale of utility plant 185,787 0 0
Other investment activities, net 3,589 0 0
Capital contributions from Northeast Utilities 0 0 0
Payment for purchase of Yankee, net of cash acquired 0 0 0
-------------- ------------ --------------
Net cash flows (used in)/provided by investing activities 150,824 (5,502) (1,783)
-------------- ------------ --------------
Financing Activities:
Issuance of common shares 0 0 0
Issuance of long-term debt 0 0 0
Net increase/(decrease) in short-term debt (21,800) 200,000 0
Reacquisitions and retirements of long-term debt (94,150) (270,000) 0
Reacquisitions and retirements of preferred stock (1,500) 0 0
Repurchase of common shares (90,000) 0 0
Cash dividends on preferred stock (2,798) 0 0
Cash dividends on common shares (12,002) (42,000) (5,000)
-------------- ------------ --------------
Net cash flows provided by/(used in) financing activities (222,250) (112,000) (5,000)
-------------- ------------ --------------
Net increase/(decrease) in cash for the period 35 118 1,736
Cash and cash equivalents - beginning of period 950 0 129
-------------- ------------ --------------
Cash and cash equivalents - end of period $ 985 $ 118 $ 1,865
============== ============ ==============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 26,055 $ 28,349 $ 2,220
Income taxes $ 18,554 $ 28,053 $ 1,716
Increase in obligations:
Niantic Bay Fuel Trust and other capital leases $ 1,532 $ 0 $ 0
Seabrook Power Contracts $ 0 $ 0 $ 0
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
North
Northeast Northeast Atlantic
Utilities Nuclear Energy
Service Energy Service
Company Company Corporation
------------ ------------- ------------
Operating Activities:
(Loss)/income before extraordinary loss $ 0 $ 1,749 $ 1
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 14,978 1,119 0
Deferred income taxes and investment tax credits, net 9,584 (4,376) (7)
Amortization of regulatory assets, net 0 0 0
Amortization of recoverable energy costs 0 0 0
Nuclear related costs 0 0 0
Tax benefit for 1993-1999 from reduction of
NU parent losses 0 15 0
Allocation of ESOP benefits 0 0 0
Equity in earnings of subsidiary companies 0 0 0
Cash dividends received from subsidiary companies 0 0 0
Transfer/gain on sale of utility plant 0 0 0
Net other sources/(uses) of cash (25,297) (2,624) (108)
Changes in working capital:
Receivables and accrued utility revenues, net (52,829) 34,794 (9,111)
Fuel, materials and supplies 11 2,441 63
Accounts payable 46,381 (11,933) 11,346
Accrued taxes 1,961 (10,442) 115
Investments in securitizable assets 0 0 0
Other working capital (excludes cash) 4,796 11,771 (1,144)
------------ ------------- ------------
Net cash flows provided by/(used in) operating activities (415) 22,514 1,155
------------ ------------- ------------
Investing Activities:
Investment in plant:
Electric and other utility plant (9,431) 297 0
Nuclear fuel 0 0 0
------------ ------------- ------------
Net cash flows used for investments in plant (9,431) 297 0
Investment in NU system Money Pool (21,200) (9,300) 0
Investment in subsidiaries 0 0 0
Investment in nuclear decommissioning trusts 0 0 0
Net proceeds from the sale of utility plant 0 0 0
Other investment activities, net 1,659 0 0
Capital contributions from Northeast Utilities 0 0 0
Payment for purchase of Yankee, net of cash acquired 0 0 0
------------ ------------- ------------
Net cash flows (used in)/provided by investing activities (28,972) (9,003) 0
------------ ------------- ------------
Financing Activities:
Issuance of common shares 0 0 0
Issuance of long-term debt 0 0 0
Net increase/(decrease) in short-term debt 11,300 (5,500) 0
Reacquisitions and retirements of long-term debt 0 (6,011) 0
Reacquisitions and retirements of preferred stock 0 0 0
Repurchase of common shares 0 0 0
Cash dividends on preferred stock 0 0 0
Cash dividends on common shares 0 (2,000) 0
------------ ------------- ------------
Net cash flows provided by/(used in) financing activities 11,300 (13,511) 0
------------ ------------- ------------
Net increase/(decrease) in cash for the period (18,087) 0 1,155
Cash and cash equivalents - beginning of period 63,462 0 1,940
------------ ------------- ------------
Cash and cash equivalents - end of period $ 45,375 $ 0 $ 3,095
============ ============= ============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 0 $ 2,110 $ 0
Income taxes $ (13,784) $ 13,341 $ (359)
Increase in obligations:
Niantic Bay Fuel Trust and other capital leases $ 0 $ 0 $ 0
Seabrook Power Contracts $ 0 $ 0 $ 0
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
The Rocky Yankee Energy
The River System, Inc.
Quinnehtuk Realty (consolidated)
Company Company (b)
----------- ------------ --------------
Operating Activities:
(Loss)/income before extraordinary loss $ (118) $ 0 $ (727)
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 54 2,450 23,225
Deferred income taxes and investment tax credits, net (176) (115) 11,227
Amortization of regulatory assets, net 0 0 0
Amortization of recoverable energy costs 0 0 0
Nuclear related costs 0 0 0
Tax benefit for 1993-1999 from reduction of
NU parent losses 0 0 0
Allocation of ESOP benefits 0 0 (6)
Equity in earnings of subsidiary companies 0 0 0
Cash dividends received from subsidiary companies 0 0 0
Transfer/gain on sale of utility plant 0 0 0
Net other sources/(uses) of cash (1) (1,176) (17,286)
Changes in working capital:
Receivables and accrued utility revenues, net 0 5,911 6,336
Fuel, materials and supplies 0 0 (216)
Accounts payable 19 1,582 26,161
Accrued taxes 26 26 (5,124)
Investments in securitizable assets 0 0 0
Other working capital (excludes cash) 219 77 (17,235)
----------- ------------ --------------
Net cash flows provided by/(used in) operating activities 23 8,755 26,355
----------- ------------ --------------
Investing Activities:
Investment in plant:
Electric and other utility plant 0 (3,851) (21,585)
Nuclear fuel 0 0 0
----------- ------------ --------------
Net cash flows used for investments in plant 0 (3,851) (21,585)
Investment in NU system Money Pool 0 0 0
Investment in subsidiaries 0 0 0
Investment in nuclear decommissioning trusts 0 0 0
Net proceeds from the sale of utility plant 0 0 0
Other investment activities, net 1 573 6,959
Capital contributions from Northeast Utilities 0 0 0
Payment for purchase of Yankee, net of cash acquired 0 0 0
----------- ------------ --------------
Net cash flows (used in)/provided by investing activities 1 (3,278) (14,626)
----------- ------------ --------------
Financing Activities:
Issuance of common shares 0 0 0
Issuance of long-term debt 0 0 0
Net increase/(decrease) in short-term debt 0 (3,500) (5,400)
Reacquisitions and retirements of long-term debt 0 (2,049) (4,350)
Reacquisitions and retirements of preferred stock 0 0 0
Repurchase of common shares 0 0 0
Cash dividends on preferred stock 0 0 0
Cash dividends on common shares 0 0 0
----------- ------------ --------------
Net cash flows provided by/(used in) financing activities 0 (5,549) (9,750)
----------- ------------ --------------
Net increase/(decrease) in cash for the period 24 (72) 1,979
Cash and cash equivalents - beginning of period 20 72 4,480
----------- ------------ --------------
Cash and cash equivalents - end of period $ 44 $ 0 $ 6,459
=========== ============ ==============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 226 $ 2,467 $ 10,371
Income taxes $ (180) $ (219) $ (352)
Increase in obligations:
Niantic Bay Fuel Trust and other capital leases $ 0 $ 0 $ 0
Seabrook Power Contracts $ 0 $ 0 $ 0
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
NU
Charter Oak Enterprises,
Energy, Inc. Inc.
(consolidated) (consolidated)
(b) (b)
-------------- ---------------
Operating Activities:
(Loss)/income before extraordinary loss $ 2,016 $ 7,065
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 0 5,898
Deferred income taxes and investment tax credits, net 1,563 16,162
Amortization of regulatory assets, net 0 0
Amortization of recoverable energy costs 0 0
Nuclear related costs 0 0
Tax benefit for 1993-1999 from reduction of
NU parent losses 0 0
Allocation of ESOP benefits 0 (25)
Equity in earnings of subsidiary companies 0 0
Cash dividends received from subsidiary companies 0 0
Transfer/gain on sale of utility plant 0 0
Net other sources/(uses) of cash 290 (39,668)
Changes in working capital:
Receivables and accrued utility revenues, net 0 (156,191)
Fuel, materials and supplies 0 236
Accounts payable (95) 72,994
Accrued taxes 16 2,154
Investments in securitizable assets 0 0
Other working capital (excludes cash) 5,053 20,129
-------------- ---------------
Net cash flows provided by/(used in) operating activities 8,843 (71,246)
-------------- ---------------
Investing Activities:
Investment in plant:
Electric and other utility plant 0 (6,375)
Nuclear fuel 0 0
-------------- ---------------
Net cash flows used for investments in plant 0 (6,375)
Investment in NU system Money Pool 0 21,200
Investment in subsidiaries 0 0
Investment in nuclear decommissioning trusts 0 0
Net proceeds from the sale of utility plant 0 (869,794)
Other investment activities, net 0 (10,226)
Capital contributions from Northeast Utilities 3,750 478,900
Payment for purchase of Yankee, net of cash acquired 0 0
-------------- ---------------
Net cash flows (used in)/provided by investing activities 3,750 (386,295)
-------------- ---------------
Financing Activities:
Issuance of common shares 0 0
Issuance of long-term debt 0 26,477
Net increase/(decrease) in short-term debt 0 471,077
Reacquisitions and retirements of long-term debt 0 (725)
Reacquisitions and retirements of preferred stock 0 0
Repurchase of common shares 0 0
Cash dividends on preferred stock 0 0
Cash dividends on common shares (10,000) 0
-------------- ---------------
Net cash flows provided by/(used in) financing activities (10,000) 496,829
-------------- ---------------
Net increase/(decrease) in cash for the period 2,593 39,288
Cash and cash equivalents - beginning of period 428 4,267
-------------- ---------------
Cash and cash equivalents - end of period $ 3,021 $ 43,555
============== ===============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 0 $ 34,543
Income taxes $ (6,162) $ (37,607)
Increase in obligations:
Niantic Bay Fuel Trust and other capital leases $ 0 $ 0
Seabrook Power Contracts $ 0 $ 0
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------- -------------
Operating Activities:
(Loss)/income before extraordinary loss $ 49,946 $ 219,457
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 16,668 239,798
Deferred income taxes and investment tax credits, net 17,907 (16,117)
Amortization of regulatory assets, net 0 276,139
Amortization of recoverable energy costs 8,258 (30,603)
Nuclear related costs 0 17,907
Tax benefit for 1993-1999 from reduction of
NU parent losses 25,986 0
Allocation of ESOP benefits (409) 0
Equity in earnings of subsidiary companies (23,553) 0
Cash dividends received from subsidiary companies 183,016 0
Transfer/gain on sale of utility plant 25,444 0
Net other sources/(uses) of cash (84,875) (88,549)
Changes in working capital:
Receivables and accrued utility revenues, net (204,265) (104,868)
Fuel, materials and supplies 1,872 12,450
Accounts payable 188,971 171,148
Accrued taxes (42,891) (128,107)
Investments in securitizable assets 0 9,474
Other working capital (excludes cash) 32,647 254
------------- -------------
Net cash flows provided by/(used in) operating activities 194,722 578,383
------------- -------------
Investing Activities:
Investment in plant:
Electric and other utility plant (894) (352,736)
Nuclear fuel (646) (61,286)
------------- -------------
Net cash flows used for investments in plant (1,540) (414,022)
Investment in NU system Money Pool (68,500) 0
Investment in subsidiaries (117,631) 0
Investment in nuclear decommissioning trusts 0 (39,550)
Net proceeds from the sale of utility plant 2,800 0
Other investment activities, net 45,036 (28,478)
Capital contributions from Northeast Utilities 482,650 0
Payment for purchase of Yankee, net of cash acquired 0 (260,347)
------------- -------------
Net cash flows (used in)/provided by investing activities 342,815 (742,397)
------------- -------------
Financing Activities:
Issuance of common shares 0 4,269
Issuance of long-term debt 0 26,477
Net increase/(decrease) in short-term debt 68,500 961,977
Reacquisitions and retirements of long-term debt 0 (685,555)
Reacquisitions and retirements of preferred stock 0 (126,771)
Repurchase of common shares (390,000) 0
Cash dividends on preferred stock 0 (14,162)
Cash dividends on common shares (193,016) (57,358)
------------- -------------
Net cash flows provided by/(used in) financing activities (514,516) 108,877
------------- -------------
Net increase/(decrease) in cash for the period 23,021 (55,137)
Cash and cash equivalents - beginning of period 4,481 255,154
------------- -------------
Cash and cash equivalents - end of period $ 27,502 $ 200,017
============= =============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 11,259 $ 269,735
Income taxes $ 0 $ 253,383
Increase in obligations:
Niantic Bay Fuel Trust and other capital leases $ 0 $ 8,067
Seabrook Power Contracts $ 0 $ 0
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES (a)
Consolidating Balance Sheet (b)
Assets
December 31, 2000
(Thousands of Dollars)
The
Connecticut CL&P
Light and Receivables CL&P
Power Company Corporation Capital,L.P.
------------- ----------- ------------
Utility Plant, at original cost:
Electric $5,756,096 $ 0 $ 0
Less: Accumulated provision for
depreciation 4,210,429 0 0
------------- ----------- ------------
1,545,667 0 0
Construction work in progress 128,835 0 0
Nuclear fuel, net 79,672 0 0
------------- ----------- ------------
Total net utility plant 1,754,174 0 0
------------- ----------- ------------
Other Property and Investments:
Nuclear decommissioning trusts, at market 536,912 0 0
Investments in regional nuclear
generating companies, at equity 41,395 0 0
Investments in subsidiary companies,
at equity 31,194 0 0
Other, at cost 33,701 0 0
------------- ----------- ------------
643,202 0 0
------------- ----------- ------------
Long-term Loan Receivable 0 0 103,100
------------- ----------- ------------
Current Assets:
Cash and special deposits 4,948 168 288
Investments in securitizable assets 21,719 268,146 0
Notes receivable from affiliated companies 38,000 0 0
Receivables, net 29,245 0 0
Accounts receivable from
affiliated companies 149,896 30,720 0
Fuel, materials, and supplies, at
average cost 36,332 0 0
Prepayments and other 32,291 0 0
------------- ----------- ------------
312,431 299,034 288
------------- ----------- ------------
Deferred Charges:
Regulatory assets 1,835,967 0 0
Unamortized debt expense 14,794 0 0
Prepaid pensions 170,672 0 0
Other 33,336 0 0
------------- ----------- ------------
2,054,769 0 0
------------- ----------- ------------
Total Assets $4,764,576 $299,034 $103,388
============= =========== ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included are the following inactive subsidiaries: The Connecticut Transmission
Corporation, The Connecticut Steam Company and The Nutmeg Power Company.
(b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES (a)
Consolidating Balance Sheet (b)
Assets
December 31, 2000
(Thousands of Dollars)
The City and
Electric Suburban Research
Power, Electric and Park,
Incorporated Gas Company Incorporated
(inactive) (inactive) (inactive)
------------ ------------ ------------
Utility Plant, at original cost:
Electric $2 $0 $ 0
Less: Accumulated provision for
depreciation 0 0 0
------------ ------------ ------------
2 0 0
Construction work in progress 0 0 0
Nuclear fuel, net 0 0 0
------------ ------------ ------------
Total net utility plant 2 0 0
------------ ------------ ------------
Other Property and Investments:
Nuclear decommissioning trusts, at market 0 0 0
Investments in regional nuclear
generating companies, at equity 0 0 0
Investments in subsidiary companies,
at equity 0 0 0
Other, at cost 0 0 0
------------ ------------ ------------
0 0 0
------------ ------------ ------------
Long-term Loan Receivable 0 0 0
------------ ------------ ------------
Current Assets:
Cash and special deposits 0 1 56
Investments in securitizable assets 0 0 0
Notes receivable from affiliated companies 0 0 0
Receivables, net 0 0 0
Accounts receivable from
affiliated companies 0 0 0
Fuel, materials, and supplies, at
average cost 0 0 0
Prepayments and other 0 0 0
------------ ------------ ------------
0 1 56
------------ ------------ ------------
Deferred Charges:
Regulatory assets 0 0 0
Unamortized debt expense 0 0 0
Prepaid pensions 0 0 0
Other 0 0 0
------------ ------------ ------------
0 0 0
------------ ------------ ------------
Total Assets $2 $1 $56
============ ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included are the following inactive subsidiaries: The Connecticut
Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company.
(b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES (a)
Consolidating Balance Sheet (b)
Assets
December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------ ------------
Utility Plant, at original cost:
Electric $ 0 $5,756,098
Less: Accumulated provision for
depreciation 0 4,210,429
------------ ------------
0 1,545,669
Construction work in progress 0 128,835
Nuclear fuel, net 0 79,672
------------ ------------
Total net utility plant 0 1,754,176
------------ ------------
Other Property and Investments:
Nuclear decommissioning trusts, at market 0 536,912
Investments in regional nuclear
generating companies, at equity 0 41,395
Investments in subsidiary companies,
at equity 31,194 0
Other, at cost (7) 33,708
------------ ------------
31,187 612,015
------------ ------------
Long-term Loan Receivable 103,100 0
------------ ------------
Current Assets:
Cash and special deposits 0 5,461
Investments in securitizable assets 191,719 98,146
Notes receivable from affiliated companies 0 38,000
Receivables, net 0 29,245
Accounts receivable from
affiliated companies 76,853 103,763
Fuel, materials, and supplies, at
average cost 0 36,332
Prepayments and other 0 32,291
------------ ------------
268,572 343,238
------------ ------------
Deferred Charges:
Regulatory assets 0 1,835,967
Unamortized debt expense 0 14,794
Prepaid pensions 0 170,672
Other 0 33,336
------------ ------------
0 2,054,769
------------ ------------
Total Assets $402,859 $4,764,198
============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not included are the following inactive subsidiaries: The Connecticut
Transmission Corporation, The Connecticut Steam Company and The Nutmeg
Power Company.
(b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES (a)
Consolidating Balance Sheet (b)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
The
Connecticut CL&P
Light and Receivables CL&P
Power Company Corporation Capital,L.P.
------------- ----------- ------------
Common stockholder's equity:
Common stock $ 75,849 $ 0 $ 0
Capital surplus, paid in 413,192 70,829 3,100
Retained earnings 243,197 27,968 0
Accumulated other comprehensive income 506 0 0
------------- ----------- ------------
Total common stockholder's equity 732,744 98,797 3,100
Preferred stock not subject to mandatory
redemption 116,200 0 0
MIPS Preferred stock 0 0 100,000
Long-term debt 1,175,788 0 0
------------- ----------- ------------
Total capitalization 2,024,732 98,797 103,100
------------- ----------- ------------
Minority Interest in Common Equity
of Subsidiary 0 0 0
------------- ----------- ------------
Obligations Under Capital Leases 39,910 0 0
------------- ----------- ------------
Current Liabilities:
Notes payable to banks 115,000 170,000 0
Notes payable to affiliated companies 0 0 0
Long-term debt and preferred stock-
current portion 160,000 0 0
Obligations under capital leases-
current portion 89,959 0 0
Accounts payable 153,944 0 0
Accounts payable to affiliated companies 122,106 0 288
Accrued taxes 30,179 2,722 0
Accrued interest 13,995 27,515 0
Other 31,324 0 0
------------- ----------- ------------
716,507 200,237 288
------------- ----------- ------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 977,439 0 0
Accumulated deferred investment
tax credits 99,771 0 0
Deferred contractual obligations 160,590 0 0
Decommissioning obligation-Millstone 1 580,320 0 0
Other 165,307 0 0
------------- ----------- ------------
1,983,427 0 0
------------- ----------- ------------
Total Capitalization and Liabilities $4,764,576 $299,034 $103,388
============= =========== ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included are the following inactive subsidiaries: The Connecticut Transmission
Corporation, The Connecticut Steam Company and The Nutmeg Power Company.
(b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES (a)
Consolidating Balance Sheet (b)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
The City and
Electric Suburban Research
Power, Electric and Park,
Incorporated Gas Company Incorporated
(inactive) (inactive) (inactive)
------------ ------------ ------------
Common stockholder's equity:
Common stock $1 $1 $ 5
Capital surplus, paid in 0 0 0
Retained earnings 0 0 51
Accumulated other comprehensive income 0 0 0
------------ ------------ ------------
Total common stockholder's equity 1 1 56
Preferred stock not subject to mandatory
redemption 0 0 0
MIPS Preferred stock 0 0 0
Long-term debt 0 0 0
------------ ------------ ------------
Total capitalization 1 1 56
------------ ------------ ------------
Minority Interest in Common Equity
of Subsidiary 0 0 0
------------ ------------ ------------
Obligations Under Capital Leases 0 0 0
------------ ------------ ------------
Current Liabilities:
Notes payable to banks 0 0 0
Notes payable to affiliated companies 1 0 0
Long-term debt and preferred stock-
current portion 0 0 0
Obligations under capital leases-
current portion 0 0 0
Accounts payable 0 0 0
Accounts payable to affiliated companies 0 0 0
Accrued taxes 0 0 0
Accrued interest 0 0 0
Other 0 0 0
------------ ------------ ------------
1 0 0
------------ ------------ ------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 0 0 0
Accumulated deferred investment
tax credits 0 0 0
Deferred contractual obligations 0 0 0
Decommissioning obligation-Millstone 1 0 0 0
Other 0 0 0
------------ ------------ ------------
0 0 0
------------ ------------ ------------
Total Capitalization and Liabilities $2 $1 $56
============ ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included are the following inactive subsidiaries: The Connecticut Transmission
Corporation, The Connecticut Steam Company and The Nutmeg Power Company.
(b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES (a)
Consolidating Balance Sheet (b)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------ ------------
Common stockholder's equity:
Common stock $ 7 $ 75,849
Capital surplus, paid in 73,929 413,192
Retained earnings 28,019 243,197
Accumulated other comprehensive income 0 506
------------ ------------
Total common stockholder's equity 101,955 732,744
Preferred stock not subject to mandatory
redemption 0 116,200
MIPS Preferred stock 100,000 0
Long-term debt 103,100 1,072,688
------------ ------------
Total capitalization 305,055 1,921,632
------------ ------------
Minority Interest in Common Equity
of Subsidiary (100,000) 100,000
------------ ------------
Obligations Under Capital Leases 0 39,910
------------ ------------
Current Liabilities:
Notes payable to banks 170,000 115,000
Notes payable to affiliated companies 1 0
Long-term debt and preferred stock-
current portion 0 160,000
Obligations under capital leases-
current portion 0 89,959
Accounts payable 0 153,944
Accounts payable to affiliated companies 288 122,106
Accrued taxes 0 32,901
Accrued interest 27,515 13,995
Other 0 31,324
------------ ------------
197,804 719,229
------------ ------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 0 977,439
Accumulated deferred investment
tax credits 0 99,771
Deferred contractual obligations 0 160,590
Decommissioning obligation-Millstone 1 0 580,320
Other 0 165,307
------------ ------------
0 1,983,427
------------ ------------
Total Capitalization and Liabilities $402,859 $4,764,198
============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not included are the following inactive subsidiaries: The Connecticut
Transmission Corporation, The Connecticut Steam Company and The Nutmeg
Power Company.
(b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES(a)
Consolidating Statement of Income(b)
Year Ended December 31, 2000
(Thousands of Dollars)
The
Connecticut Research
Light and CL&P Park,
Power Receivables CL&P Incorporated
Company Corporation Capital,L.P. (Inactive)
----------- ----------- ------------ ------------
Operating Revenues $2,935,922 $ 0 $ 0 $0
----------- ----------- ------------ ------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 1,665,806 0 0 0
Other 411,732 498 0 0
Maintenance 136,141 0 0 0
Depreciation 117,305 0 0 0
Amortization of regulatory assets, net 97,315 0 0 0
Federal and state income taxes 126,438 4,556 0 0
Taxes other than income taxes 137,846 0 0 0
----------- ----------- ------------ ------------
Total operating expenses 2,692,583 5,054 0 0
----------- ----------- ------------ ------------
Operating Income/(Loss) 243,339 (5,054) 0 0
----------- ----------- ------------ ------------
Other Income:
Equity in earnings of regional nuclear
generating and transmission companies 8,246 0 0 0
Nuclear related costs (14,099) 0 0 0
Other, net (2,537) 22,937 9,588 0
Minority interest in loss of subsidiary (9,300) 0 0 0
Income taxes 30,940 0 0 0
----------- ----------- ------------ ------------
Other income, net 13,250 22,937 9,588 0
----------- ----------- ------------ ------------
Income before interest charges 256,589 17,883 9,588 0
----------- ----------- ------------ ------------
Interest Charges:
Interest on long-term debt 89,841 0 0 0
Other interest 18,613 11,013 0 0
----------- ----------- ------------ ------------
Interest charges, net 108,454 11,013 0 0
----------- ----------- ------------ ------------
Net Income $ 148,135 $ 6,870 $9,588 $0
=========== =========== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included are the following inactive subsidiaries: Electric Power, Incorporated,
The City and Suburban Electric and Gas Company, The Connecticut Steam Company and
The Nutmeg Power Company.
(b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES(a)
Consolidating Statement of Income(b)
Year Ended December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------ ------------
Operating Revenues $ 0 $2,935,922
------------ ------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 0 1,665,806
Other 0 412,230
Maintenance 0 136,141
Depreciation 0 117,305
Amortization of regulatory assets, net 0 97,315
Federal and state income taxes 0 130,994
Taxes other than income taxes 0 137,846
------------ ------------
Total operating expenses 0 2,697,637
------------ ------------
Operating Income/(Loss) 0 238,285
------------ ------------
Other Income:
Equity in earnings of regional nuclear
generating and transmission companies 0 8,246
Nuclear related costs 0 (14,099)
Other, net 37,059 (7,071)
Minority interest in loss of subsidiary 0 (9,300)
Income taxes 0 30,940
------------ ------------
Other income, net 37,059 8,716
------------ ------------
Income before interest charges 37,059 247,001
------------ ------------
Interest Charges:
Interest on long-term debt 0 89,841
Other interest 20,601 9,025
------------ ------------
Interest charges, net 20,601 98,866
------------ ------------
Net Income $16,458 $ 148,135
============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not included are the following inactive subsidiaries: Electric Power,
Incorporated, The City and Suburban Electric and Gas Company, The
Connecticut Steam Company and The Nutmeg Power Company.
(b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES (a)
Consolidating Statement of Retained Earnings (b)
Year Ended December 31, 2000
(Thousands of Dollars)
The
Connecticut
Light and CL&P
Power Receivables CL&P
Company Corporation Capital,L.P.
------------ ----------- ------------
Balance at beginning of period $153,254 $21,098 $ 0
Addition: Net income 148,135 6,870 9,588
Tax benefit for 1993-1999 from
reduction of NU parent
losses 21,461 0 0
------------ ----------- ------------
322,850 27,968 9,588
Deductions: ------------ ----------- ------------
Dividends declared:
Preferred stock (at required
annual rates) 7,402 0 0
Common stock $9.4944 per share 72,014 0 0
MIPS Partnership distribution 0 0 9,300
Cash distribution to The Connecticut Light
and Power Company 0 0 288
Allocation of benefits-ESOP 237 0 0
------------ ----------- ------------
Total deductions 79,653 0 9,588
------------ ----------- ------------
Balance at end of period $243,197 $27,968 $ 0
============ =========== ============
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES (a)
Consolidating Statement of
Capital Surplus, Paid In (b)
Year Ended December 31, 2000
(Thousands of Dollars)
The
Connecticut
Light and CL&P
Power Receivables CL&P
Company Corporation Capital,L.P.
------------ ----------- ------------
Balance at beginning of period $665,598 $70,829 $3,100
Repurchase of common stock (253,620) 0 0
Redemption of preferred stock (749) 0 0
1,963 0 0
Capital stock expenses, net ------------ ----------- ------------
$413,192 $70,829 $3,100
Balance at end of period ============ =========== ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included are the following inactive subsidiaries: Electric Power, Incorporated,
The City and Suburban Electric and Gas Company, The Connecticut Steam Company and The
Nutmeg Power Company.
(b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES (a)
Consolidating Statement of Retained Earnings (b)
Year Ended December 31, 2000
(Thousands of Dollars)
Research
Park,
Incorporated
(Inactive) Eliminations Consolidated
------------ ------------ ------------
Balance at beginning of period $51 $21,149 $153,254
Addition: Net income 0 16,459 148,135
Tax benefit for 1993-1999 from
reduction of NU parent
losses 0 0 21,461
------------ ------------ ------------
51 37,608 322,850
Deductions: ------------ ------------ ------------
Dividends declared:
Preferred stock (at required
annual rates) 0 0 7,402
Common stock $9.4944 per share 0 0 72,014
MIPS Partnership distribution 0 9,300 0
Cash distribution to The Connecticut Light
and Power Company 0 288 0
Allocation of benefits-ESOP 0 0 237
------------ ------------ ------------
Total deductions 0 9,588 79,653
------------ ------------ ------------
Balance at end of period $51 $28,020 $243,197
============ ============ ============
THE CONNECTICUT LIGHT AND POWER COMPANY
AND SUBSIDIARIES (a)
Consolidating Statement of
Capital Surplus, Paid In (b)
Year Ended December 31, 2000
(Thousands of Dollars)
Research
Park,
Incorporated
(Inactive) Eliminations Consolidated
------------ ------------ ------------
Balance at beginning of period $0 $73,929 $665,598
Repurchase of common stock 0 0 (253,620)
Redemption of preferred stock 0 0 (749)
0 0 1,963
Capital stock expenses, net ------------ ------------ ------------
$0 $73,929 $413,192
Balance at end of period ============ ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included are the following inactive subsidiaries: Electric Power,Incorporated, The
City and Suburban Electric and Gas Company, The Connecticut Steam Company and The Nutmeg
Power Company.
(b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)(b)
Year Ended December 31, 2000
(Thousands of Dollars)
The
Connecticut CL&P
Light and Receivables CL&P
Power Company Corporation Capital, LP
------------- ------------ -------------
Operating Activities:
Income after interest charges $ 148,135 $ 6,870 $ 9,588
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation 117,305 0 0
Deferred income taxes and investment tax credits, net 5,672 0 0
Amortization of regulatory assets, net 97,315 0 0
Amortization of recoverable energy costs 4,155 0 0
Nuclear related costs 14,099 0 0
Tax benefit for 1993-1999 from reduction of
NU parent losses 21,461 0 0
Allocation of ESOP benefits (237) 0 0
Gain on sale of utility plant 25,444 0 0
Net other uses of cash (112,915) 0 0
Changes in working capital:
Receivables (131,778) (21,602) 0
Fuel, materials and supplies 1,271 0 0
Accounts payable 173,470 (1,740) 0
Accrued taxes (132,466) (3,847) 0
Investment in securitizable assets 32,429 9,474 0
Other working capital (excludes cash) 3,204 11,013 (9,588)
-------------- ------------ -------------
Net cash flows provided by operating activities 266,564 168 0
-------------- ------------ -------------
Investing Activities:
Investments in plant:
Electric utility plant (208,249) 0 0
Nuclear fuel (35,709) 0 0
-------------- ------------ -------------
Net cash flows used for investments in plant (243,958) 0 0
Investment in NU system Money Pool (38,000) 0 0
Investments in nuclear decommissioning trusts (25,133) 0 0
Other investment activities, net 3,375 0 0
Net proceeds from the transfer of utility plant 686,807 0 0
-------------- ------------ -------------
Net cash flows provided by/(used in) investing activities 383,091 0 0
-------------- ------------ -------------
Financing Activities:
Net increase in short-term debt 13,300 0 0
Reacquisitions and retirements of long-term debt (179,071) 0 0
Reacquisitions and retirements of preferred stock (99,539) 0 0
Repurchase of common shares (300,000) 0 0
MIPS partnership distribution 0 0 0
Cash distribution to CL&P 0 0 0
Cash dividends on preferred stock (7,402) 0 0
Cash dividends on common shares (72,014) 0 0
-------------- ------------ -------------
Net cash flows used in financing activities (644,726) 0 0
-------------- ------------ -------------
Net increase in cash for the period 4,929 168 0
Cash - beginning of period 19 0 288
-------------- ------------ -------------
Cash - end of period $ 4,948 $ 168 $ 288
============== ============ =============
Supplemental Cash Flow Information:
Cash paid during the year for:
Interest, net of amounts capitalized $ 106,323 $ 0 $ 0
============== ============ =============
Income taxes $ 217,977 $ 8,403 $ 0
============== ============ =============
Increase in obligations:
Niantic Bay Fuel Trust and other capital leases $ 6,535 $ 0 $ 0
============== ============ =============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included are the following inactive subsidiaries: Electric Power, Incorporated, The City and
Suburban Electric and Gas Company, The Connecticut Transmission Corporation, The Connecticut
Steam Company and The Nutmeg Power Company.
(b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)(b)
Year Ended December 31, 2000
(Thousands of Dollars)
Research
Park,
Incorporated Eliminations Consolidated
------------- ------------- --------------
Operating Activities:
Income after interest charges $ 0 $ 16,458 $ 148,135
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation 0 0 117,305
Deferred income taxes and investment tax credits, net 0 0 5,672
Amortization of regulatory assets, net 0 0 97,315
Amortization of recoverable energy costs 0 0 4,155
Nuclear related costs 0 0 14,099
Tax benefit for 1993-1999 from reduction of
NU parent losses 0 0 21,461
Allocation of ESOP benefits 0 0 (237)
Gain on sale of utility plant 0 0 25,444
Net other uses of cash 0 0 (112,915)
Changes in working capital:
Receivables 0 (43,442) (109,938)
Fuel, materials and supplies 0 0 1,271
Accounts payable 0 0 171,729
Accrued taxes 0 0 (136,313)
Investment in securitizable assets 0 32,430 9,474
Other working capital (excludes cash) 0 1,425 3,204
------------- ------------- --------------
Net cash flows provided by operating activities 0 6,871 259,861
------------- ------------- --------------
Investing Activities:
Investments in plant:
Electric utility plant 0 0 (208,249)
Nuclear fuel 0 0 (35,709)
------------- ------------- --------------
Net cash flows used for investments in plant 0 0 (243,958)
Investment in NU system Money Pool 0 0 (38,000)
Investments in nuclear decommissioning trusts 0 0 (25,133)
Other investment activities, net 0 (6,871) 10,246
Net proceeds from the transfer of utility plant 0 0 686,807
------------- ------------- --------------
Net cash flows provided by/(used in) investing activities 0 (6,871) 389,962
------------- ------------- --------------
Financing Activities:
Net increase in short-term debt 0 0 13,300
Reacquisitions and retirements of long-term debt 0 0 (179,071)
Reacquisitions and retirements of preferred stock 0 0 (99,539)
Repurchase of common shares 0 0 (300,000)
MIPS partnership distribution 0 0 0
Cash distribution to CL&P 0 0 0
Cash dividends on preferred stock 0 0 (7,402)
Cash dividends on common shares 0 0 (72,014)
------------- ------------- --------------
Net cash flows used in financing activities 0 0 (644,726)
------------- ------------- --------------
Net increase in cash for the period 0 0 5,097
Cash - beginning of period 56 0 364
------------- ------------- --------------
Cash - end of period $ 56 $ 0 $ 5,461
============= ============= ==============
Supplemental Cash Flow Information:
Cash paid during the year for:
Interest, net of amounts capitalized $ 0 $ 9,588 $ 96,735
============= ============= ==============
Income taxes $ 0 $ 0 $ 226,380
============= ============= ==============
Increase in obligations:
Niantic Bay Fuel Trust and other capital leases $ 0 $ 0 $ 6,535
============= ============= ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included are the following inactive subsidiaries: Electric Power, Incorporated, The City and Suburban
Electric and Gas Company, The Connecticut Transmission Corporation, The Connecticut Steam Company and The
Nutmeg Power Company.
(b) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
AND SUBSIDIARIES (a)
Consolidating Balance Sheet (b)
Assets
December 31, 2000
(Thousands of Dollars)
Public Service
Company of Properties,
New Hampshire Inc. Eliminations Consolidated
-------------- ----------- ------------ ------------
Utility Plant, at cost:
Electric $1,505,967 $ 201 $ 0 $1,506,168
Other 0 8,588 0 8,588
-------------- ----------- ------------ ------------
1,505,967 8,789 0 1,514,756
Less: Accumulated provision for
depreciation 711,340 3,452 0 714,792
-------------- ----------- ------------ ------------
794,627 5,337 0 799,964
Construction work in progress 27,251 0 0 27,251
Nuclear fuel, net 1,924 0 0 1,924
-------------- ----------- ------------ ------------
Total net utility plant 823,802 5,337 0 829,139
-------------- ----------- ------------ ------------
Other Property and Investments:
Nuclear decommissioning trusts,
at market 7,362 0 0 7,362
Investments in regional nuclear
generating companies, at equity 16,293 0 6,328 9,965
Investments in subsidiary companies,
Other, at cost 3,225 250 0 3,475
-------------- ----------- ------------ ------------
26,880 250 6,328 20,802
-------------- ----------- ------------ ------------
Current Assets:
Cash and cash equivalents 115,135 1,347 0 116,482
Receivables, net 71,992 0 0 71,992
Accounts receivable from affiliated
companies 2,798 153 712 2,239
Taxes receivable from affiliated
companies 9,983 22 0 10,005
Accrued utility revenues 41,844 0 0 41,844
Fuel, materials, and supplies,
at average cost 28,760 0 0 28,760
Prepayments and other 14,750 33 0 14,783
-------------- ----------- ------------ ------------
285,262 1,555 712 286,105
-------------- ----------- ------------ ------------
Deferred Charges:
Regulatory assets 924,847 0 0 924,847
Unamortized debt expense 9,067 0 0 9,067
Deferred receivable from affiliated
company 3,240 0 0 3,240
Other 9,096 0 0 9,096
-------------- ----------- ------------ ------------
946,250 0 0 946,250
-------------- ----------- ------------ ------------
Total Assets $2,082,194 $7,142 $7,040 $2,082,296
============== =========== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included is New Hampshire Electric Company which is an inactive subsidiary.
(b) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
AND SUBSIDIARIES (a)
Consolidating Balance Sheet (b)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Public Service
Company of Properties,
New Hampshire Inc. Eliminations Consolidated
-------------- ----------- ------------ ------------
Capitalization:
Common stockholder's equity:
Common stock $ 1 $ 1 $ 1 $ 1
Capital surplus, paid in 424,909 0 0 424,909
Retained earnings 123,177 3,532 3,532 123,177
Accumulated other comprehensive
income 1,207 0 0 1,207
-------------- ----------- ------------ ------------
Total common stockholder's equity 549,294 3,533 3,533 549,294
Long-term debt 407,285 2,795 2,795 407,285
-------------- ----------- ------------ ------------
Total capitalization 956,579 6,328 6,328 956,579
-------------- ----------- ------------ ------------
Obligations Under Seabrook Power
Contracts and Other Capital Leases 91,702 0 0 91,702
-------------- ----------- ------------ ------------
Current Liabilities:
Long-term debt and preferred stock-
current portion 24,268 0 0 24,268
Obligations under Seabrook Power
Contracts and other capital
leases-current portion 537,528 0 0 537,528
Accounts payable 45,847 45 0 45,892
Accounts payable to affiliated
companies 54,157 563 712 54,008
Accrued taxes 656 1 0 657
Accrued interest 4,962 0 0 4,962
Other 13,112 0 0 13,112
-------------- ----------- ------------ ------------
680,530 609 712 680,427
-------------- ----------- ------------ ------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 179,723 205 0 179,928
Accumulated deferred investment
tax credits 27,348 0 0 27,348
Deferred contractual obligations 41,499 0 0 41,499
Deferred revenue from affiliated
company 3,240 0 0 3,240
Deferred pension costs 41,216 0 0 41,216
Other 60,357 0 0 60,357
-------------- ----------- ------------ ------------
353,383 205 0 353,588
-------------- ----------- ------------ ------------
Total Capitalization and Liabilities $2,082,194 $7,142 $7,040 $2,082,296
============== =========== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included is New Hampshire Electric Company which is an inactive subsidiary.
(b) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Public Service
Company of Properties,
New Hampshire Inc. Eliminations Consolidated
--------------- ----------- ------------ ------------
Operating Revenues $1,291,280 $1,127 $1,075 $1,291,332
--------------- ----------- ------------ ------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 853,563 0 0 853,563
Other 123,337 6 1,075 122,268
Maintenance 47,429 0 0 47,429
Depreciation 43,873 0 0 43,873
Amortization of regulatory
assets, net 45,874 0 0 45,874
Federal and state income taxes 45,080 244 0 45,324
Taxes other than income taxes 42,194 127 0 42,321
--------------- ----------- ------------ ------------
Total operating expenses 1,201,350 377 1,075 1,200,652
--------------- ----------- ------------ ------------
Operating Income 89,930 750 0 90,680
--------------- ----------- ------------ ------------
Other Income/(Loss):
Equity in earnings of regional nuclear
nuclear generating companies and
subsidiary company 1,896 0 361 1,535
Nuclear related costs (1,000) 0 0 (1,000)
Other, net 14,214 (147) 242 13,825
Income taxes 68 0 0 68
--------------- ----------- ------------ ------------
Other income/(loss), net 15,178 (147) 603 14,428
--------------- ----------- ------------ ------------
Income before interest charges 105,108 603 603 105,108
--------------- ----------- ------------ ------------
Interest Charges:
Interest on long-term debt 37,510 0 0 37,510
Other interest 47 242 242 47
--------------- ----------- ------------ ------------
Interest charges, net 37,557 242 242 37,557
--------------- ----------- ------------ ------------
Income before extraordinary loss,
net of tax benefit 67,551 361 361 67,551
Extraordinary loss, net of tax benefit (214,217) 0 0 (214,217)
--------------- ----------- ------------ ------------
Net (Loss)/Income $ (146,666) $ 361 $ 361 $ (146,666)
=============== =========== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
AND SUBSIDIARIES
Consolidating Statement of Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Public Service
Company of Properties,
New Hampshire Inc. Eliminations Consolidated
-------------- ----------- ------------ ------------
Balance at beginning of period $319,938 $3,171 $3,171 $319,938
Addition: Net income (146,666) 361 361 (146,666)
Tax benefit for 1993-1999
from reduction of NU
parent losses 3,952 0 0 3,952
-------------- ----------- ------------ ------------
177,224 3,532 3,532 177,224
-------------- ----------- ------------ ------------
Deductions:
Dividends declared:
Preferred stock 3,962 0 0 3,962
Common stock $50,000.00 per share 50,000 0 0 50,000
Allocation of benefits-ESOP 85 0 0 85
-------------- ----------- ------------ ------------
Total deductions 54,047 0 0 54,047
-------------- ----------- ------------ ------------
Balance at end of period $123,177 $3,532 $3,532 $123,177
============== =========== ============ ============
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
AND SUBSIDIARIES
Consolidating Statement of Capital Surplus, Paid In (a)
Year Ended December 31, 1999
(Thousands of Dollars)
Public Service
Company of Properties,
New Hampshire Inc. Eliminations Consolidated
-------------- ----------- ------------ ------------
Balance at beginning of period $424,654 $0 $0 $424,654
Capital stock expenses, net 255 0 0 255
-------------- ----------- ------------ ------------
Balance at end of period $424,909 $0 $0 $424,909
============== =========== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a) (b)
Year Ended December 31, 2000
(Thousands of Dollars)
Public Service
Company of Properties,
New Hampshire Inc.
--------------- -------------
Operating Activities:
Income before extraordinary loss $ 67,551 $ 361
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation 43,873 0
Deferred income taxes and investment tax credits, net (512) (10)
Amortization of recoverable energy costs (35,886) 0
Tax benefit for 1993-1999 from reduction of
NU parent losses 3,952 0
Amortization of regulatory assets, net 45,874 0
Allocation of ESOP benefits (85) 0
Net other sources of cash 38,694 852
Changes in working capital:
Receivables and accrued utility revenues 20,569 (29)
Fuel, materials and supplies 9,316 0
Accounts payable 23,090 77
Accrued taxes (32,787) (260)
Other working capital (excludes cash) 6,645 1
--------------- -------------
Net cash flows provided by operating activities 190,294 992
--------------- -------------
Investing Activities:
Investment in plant:
Electric utility plant (69,500) 0
Nuclear fuel (1,153) 0
--------------- -------------
Net cash flows used for investments in plant (70,653) 0
Investment in NU system money pool 0 0
Investment in nuclear decommissioning trusts (686) 0
Other investment activities, net 2,486 0
--------------- -------------
Net cash flows (used in)/provided by investing activities (68,853) 0
--------------- -------------
Financing Activities:
Reacquisitions and retirements of long-term debt (109,200) (580)
Reacquisitions and retirements of preferred stock (25,732) 0
Cash dividends on preferred stock (3,962) 0
Cash dividends on common shares (50,000) 0
--------------- -------------
Net cash flows used in financing activities (188,894) (580)
--------------- -------------
Net (decrease)/increase in cash for the period (67,453) 412
Cash and cash equivalents - beginning of period 182,588 935
--------------- -------------
Cash and cash equivalents - end of period $ 115,135 $ 1,347
=============== =============
Supplemental Cash Flow Information:
Cash paid during the year for:
Interest, net of amounts capitalized $ 38,819 $ 242
=============== =============
Income taxes $ 22,070 $ 505
=============== =============
Increase in obligations:
Seabrook Power Contracts and other capital leases $ (96,208) $ 0
=============== =============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included is New Hampshire Electric Company which is an inactive subsidiary.
(b) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a) (b)
Year Ended December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------- -------------
Operating Activities:
Income before extraordinary loss $ 361 $ 67,551
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation 0 43,873
Deferred income taxes and investment tax credits, net 0 (521)
Amortization of recoverable energy costs 0 (35,886)
Tax benefit for 1993-1999 from reduction of
NU parent losses 0 3,952
Amortization of regulatory assets, net 0 45,874
Allocation of ESOP benefits 0 (85)
Net other sources of cash 0 39,545
Changes in working capital:
Receivables and accrued utility revenues (57) 20,597
Fuel, materials and supplies 0 9,316
Accounts payable 57 23,110
Accrued taxes 0 (33,048)
Other working capital (excludes cash) 0 6,646
------------- -------------
Net cash flows provided by operating activities 361 190,924
------------- -------------
Investing Activities:
Investment in plant:
Electric utility plant 0 (69,500)
Nuclear fuel 0 (1,153)
------------- -------------
Net cash flows used for investments in plant 0 (70,653)
Investment in NU system money pool 0 0
Investment in nuclear decommissioning trusts 0 (686)
Other investment activities, net 219 2,268
------------- -------------
Net cash flows (used in)/provided by investing activities 219 (69,071)
------------- -------------
Financing Activities:
Reacquisitions and retirements of long-term debt (580) (109,200)
Reacquisitions and retirements of preferred stock 0 (25,732)
Cash dividends on preferred stock 0 (3,962)
Cash dividends on common shares 0 (50,000)
------------- -------------
Net cash flows used in financing activities (580) (188,894)
------------- -------------
Net (decrease)/increase in cash for the period 0 (67,041)
Cash and cash equivalents - beginning of period 0 183,523
------------- -------------
Cash and cash equivalents - end of period $ 0 $ 116,482
============= =============
Supplemental Cash Flow Information:
Cash paid during the year for:
Interest, net of amounts capitalized $ 242 $ 38,819
============= =============
Income taxes $ 0 $ 22,575
============= =============
Increase in obligations:
Seabrook Power Contracts and other capital leases $ (96,208) $ 0
============= =============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not included is New Hampshire Electric Company which is an inactive subsidiary.
(b) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY
AND SUBSIDIARY
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Western
Massachusetts WMECO
Electric Receivables
Company Corporation Eliminations Consolidated
------------- ----------- ------------ ------------
Utility Plant, at cost:
Electric $1,112,405 $ 0 $ 0 $1,112,405
Less: Accumulated provision for
depreciation 792,923 0 0 792,923
------------- ----------- ------------ ------------
319,482 0 0 319,482
Construction work in progress 22,813 0 0 22,813
Nuclear fuel, net 18,296 0 0 18,296
------------- ----------- ------------ ------------
Total net utility plant 360,591 0 0 360,591
------------- ----------- ------------ ------------
Other Property and Investments:
Nuclear decommissioning trusts,
at market 144,921 0 0 144,921
Investments in regional nuclear
generating companies, at equity 11,117 0 0 11,117
Investments in subsidiary companies,
at equity (11) 0 (11) 0
Other, at cost 6,249 0 0 6,249
------------- ----------- ------------ ------------
162,276 0 (11) 162,287
------------- ----------- ------------ ------------
Current Assets:
Cash and special deposits 887 98 0 985
Receivables, net 36,364 0 0 36,364
Accounts receivable from affiliated
companies 16,252 0 106 16,146
Accrued utility revenue 21,222 0 0 21,222
Fuel, materials, and supplies,
at average cost 1,606 0 0 1,606
Prepayments and other 4,817 0 0 4,817
------------- ----------- ------------ ------------
81,148 98 106 81,140
------------- ----------- ------------ ------------
Deferred Charges:
Regulatory assets 392,247 0 0 392,247
Unamortized debt expense 1,822 0 0 1,822
Prepaid pension 45,473 0 0 45,473
Other 4,258 0 0 4,258
------------- ----------- ------------ ------------
443,800 0 0 443,800
------------- ----------- ------------ ------------
Total Assets $1,047,815 $98 $ 95 $1,047,818
============= =========== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY
AND SUBSIDIARY
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Western
Massachusetts WMECO
Electric Receivables
Company Corporation Eliminations Consolidated
------------- ----------- ------------ ------------
Capitalization:
Common stockholder's equity:
Common stock $ 14,752 $ 0 $ 0 $ 14,752
Capital surplus, paid in 94,010 60 60 94,010
Retained earnings 62,952 (71) (71) 62,952
Accumulated other comprehensive
income 182 0 0 182
------------- ----------- ------------ ------------
Total common stockholder's equity 171,896 (11) (11) 171,896
Preferred stock not subject to
mandatory redemption 20,000 0 0 20,000
Preferred stock subject to mandatory
redemption 15,000 0 0 15,000
Long-term debt 139,425 0 0 139,425
------------- ----------- ------------ ------------
Total capitalization 346,321 (11) (11) 346,321
------------- ----------- ------------ ------------
Obligations Under Capital Leases 5,935 0 0 5,935
------------- ----------- ------------ ------------
Current Liabilities:
Notes payable to banks 110,000 0 0 110,000
Notes payable to affiliated companies 600 0 0 600
Long-term debt and preferred stock-
current portion 61,500 0 0 61,500
Obligations under capital leases-
current portion 20,986 0 0 20,986
Accounts payable 25,298 106 106 25,298
Accounts payable to affiliated
companies 8,611 0 0 8,611
Accrued taxes 8,468 3 0 8,471
Accrued interest 4,703 0 0 4,703
Other 7,671 0 0 7,671
------------- ----------- ------------ ------------
247,837 109 106 247,840
------------- ----------- ------------ ------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 224,711 0 0 224,711
Accumulated deferred investment
tax credits 17,580 0 0 17,580
Deferred contractual obligations 42,519 0 0 42,519
Decommissioning obligation-
Millstone 1 136,130 0 0 136,130
Other 26,782 0 0 26,782
------------- ----------- ------------ ------------
447,722 0 0 447,722
------------- ----------- ------------ ------------
Total Capitalization and Liabilities $1,047,815 $ 98 $ 95 $1,047,818
============= =========== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY
AND SUBSIDIARY
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Western
Massachusetts WMECO
Electric Receivables
Company Corporation Eliminations Consolidated
------------- ----------- ------------ ------------
Operating Revenues $513,678 $0 $0 $513,678
------------- ----------- ------------ ------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 246,130 0 0 246,130
Other 75,940 0 0 75,940
Maintenance 33,111 0 0 33,111
Depreciation 17,693 0 0 17,693
Amortization of regulatory assets, net 47,775 0 0 47,775
Federal and state income taxes 21,174 0 0 21,174
Taxes other than income taxes 17,759 0 0 17,759
------------- ----------- ------------ ------------
Total operating expenses 459,582 0 0 459,582
------------- ----------- ------------ ------------
Operating Income 54,096 0 0 54,096
------------- ----------- ------------ ------------
Other Income/(Loss):
Equity in earnings of regional nuclear
generating companies 2,251 0 0 2,251
Nuclear related costs (2,808) 0 0 (2,808)
Other, net 1,242 0 0 1,242
Income taxes 6,029 0 0 6,029
------------- ----------- ------------ ------------
Other income, net 6,714 0 0 6,714
------------- ----------- ------------ ------------
Income before interest charges 60,810 0 0 60,810
------------- ----------- ------------ ------------
Interest Charges:
Interest on long-term debt 14,051 0 0 14,051
Other interest 11,491 0 0 11,491
------------- ----------- ------------ ------------
Interest charges, net 25,542 0 0 25,542
------------- ----------- ------------ ------------
Net Income $ 35,268 $0 $0 $ 35,268
============= =========== ============ ============
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY
AND SUBSIDIARY
Consolidating Statement of Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Western
Massachusetts WMECO
Electric Receivables
Company Corporation Eliminations Consolidated
------------- ----------- ------------ ------------
Balance at beginning of period $38,712 $(71) $(71) $38,712
Addition: Net income 35,268 0 0 35,268
Tax benefit for 1993-1999 from
reduction of NU parent
losses 3,824 0 0 3,824
------------- ----------- ------------ ------------
77,804 (71) (71) 77,804
------------- ----------- ------------ ------------
Deductions:
Dividends declared:
Preferred stock 2,798 0 0 2,798
Common stock $20.34 per share 12,002 0 0 12,002
Allocation of benefits-ESOP 52 0 0 52
------------- ----------- ------------ ------------
Total deductions 14,852 0 0 14,852
------------- ----------- ------------ ------------
Balance at end of period $62,952 $(71) $(71) $62,952
============= =========== ============ ============
WESTERN MASSACHUSETTS ELECTRIC COMPANY
AND SUBSIDIARY
Consolidating Statement of Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Western
Massachusetts WMECO
Electric Receivables
Company Corporation Eliminations Consolidated
------------- ----------- ------------ ------------
Balance at beginning of period $171,691 $60 $60 $171,691
Repurchase of common stock (77,940) 0 0 (77,940)
Capital stock expenses, net 259 0 0 259
------------- ----------- ------------ ------------
Balance at end of period $ 94,010 $60 $60 $ 94,010
============= =========== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Western
Massachusetts WMECO
Electric Receivables
Company Corporation
--------------- ------------
Operating Activities:
Income after interest charges $ 35,268 $ 0
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 17,693 0
Deferred income taxes and investment tax credits, net (11,549) 0
Amortization of regulatory assets, net 47,775 0
Amortization of recoverable energy costs, net 9,386 0
Nuclear related costs 2,808 0
Tax benefit for 1993-1999 from reduction of
NU parent losses 3,824 0
Allocation of ESOP benefits (52) 0
Net other uses of cash (28,834) 0
Changes in working capital:
Receivables and accrued utility revenues (24,637) 0
Fuel, materials and supplies 1,491 0
Accounts payable 17,727 0
Accrued taxes 7,895 (13)
Other working capital (excludes cash) (7,321) 0
--------------- ------------
Net cash flows provided by/(used in) operating activities 71,474 (13)
--------------- ------------
Investing Activities:
Investments in plant:
Electric utility plant (27,267) 0
Nuclear fuel (7,848) 0
--------------- ------------
Net cash flows used for investments in plant (35,115) 0
Investments in nuclear decommissioning trusts (3,437) 0
Other investment activities, net 3,589 0
Net proceeds from the transfer of utility plant 185,787 0
--------------- ------------
Net cash flows provided by investing activities 150,824 0
--------------- ------------
Financing Activities:
Net decrease in short-term debt (21,800) 0
Reacquisitions and retirements of long-term debt (94,150) 0
Reacquisitions and retirements of preferred stock (1,500) 0
Repurchase of common shares (90,000) 0
Cash dividends on preferred stock (2,798) 0
Cash dividends on common shares (12,002) 0
--------------- ------------
Net cash flows used in financing activities (222,250) 0
--------------- ------------
Net increase/(decrease) in cash for the period 48 (13)
Cash - beginning of period 839 111
--------------- ------------
Cash - end of period $ 887 $ 98
=============== ============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 26,055 $ 0
=============== ============
Income taxes $ 18,542 $ 12
=============== ============
Increase in obligations:
Niantic Bay Fuel Trust and other capital leases $ 1,532 $ 0
=============== ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------- -------------
Operating Activities:
Income after interest charges $ 0 $ 35,268
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 0 17,693
Deferred income taxes and investment tax credits, net 0 (11,549)
Amortization of regulatory assets, net 0 47,775
Amortization of recoverable energy costs, net 0 9,386
Nuclear related costs 0 2,808
Tax benefit for 1993-1999 from reduction of
NU parent losses 0 3,824
Allocation of ESOP benefits 0 (52)
Net other uses of cash 0 (28,834)
Changes in working capital:
Receivables and accrued utility revenues 0 (24,637)
Fuel, materials and supplies 0 1,491
Accounts payable 0 17,727
Accrued taxes 0 7,882
Other working capital (excludes cash) 0 (7,321)
------------- -------------
Net cash flows provided by/(used in) operating activities 0 71,461
------------- -------------
Investing Activities:
Investments in plant:
Electric utility plant 0 (27,267)
Nuclear fuel 0 (7,848)
------------- -------------
Net cash flows used for investments in plant 0 (35,115)
Investments in nuclear decommissioning trusts 0 (3,437)
Other investment activities, net 0 3,589
Net proceeds from the transfer of utility plant 0 185,787
------------- -------------
Net cash flows provided by investing activities 0 150,824
------------- -------------
Financing Activities:
Net decrease in short-term debt 0 (21,800)
Reacquisitions and retirements of long-term debt 0 (94,150)
Reacquisitions and retirements of preferred stock 0 (1,500)
Repurchase of common shares 0 (90,000)
Cash dividends on preferred stock 0 (2,798)
Cash dividends on common shares 0 (12,002)
------------- -------------
Net cash flows used in financing activities 0 (222,250)
------------- -------------
Net increase/(decrease) in cash for the period 0 35
Cash - beginning of period 0 950
------------- -------------
Cash - end of period $ 0 $ 985
============= =============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 0 $ 26,055
============= =============
Income taxes $ 0 $ 18,554
============= =============
Increase in obligations:
Niantic Bay Fuel Trust and other capital leases $ 0 $ 1,532
============= =============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY
AND SUBSIDIARY
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Holyoke Holyoke
Water Power and
Power Electric
Company Company Eliminations Consolidated
-------- --------- ------------ ------------
Utility Plant, at cost:
Electric $99,699 $1,418 $ 0 $101,117
Less: Accumulated provision for
depreciation 80,901 1,032 0 81,933
-------- --------- ------------ ------------
18,798 386 0 19,184
Construction work in progress 970 0 0 970
-------- --------- ------------ ------------
Total net utility plant 19,768 386 0 20,154
-------- --------- ------------ ------------
Other Property and Investments:
Investments in subsidiary company, at
equity 939 0 939 0
Other, at cost 3,476 0 0 3,476
-------- --------- ------------ ------------
4,415 0 939 3,476
-------- --------- ------------ ------------
Current Assets:
Cash 0 1,865 0 1,865
Notes receivables from affiliated companies 16,200 0 0 16,200
Receivables, net 862 0 0 862
Accounts receivable from affiliated companies 4,708 4,165 3,807 5,065
Taxes receivable 825 0 0 825
Fuel, materials, and supplies, at average cost 4,763 0 0 4,763
Prepayments and other 768 0 0 768
-------- --------- ------------ ------------
28,126 6,030 3,807 30,348
-------- --------- ------------ ------------
Deferred Charges:
Unamortized debt expense 792 0 0 792
Accumulated deferred income taxes 0 35 35 0
Prepaid pension 771 0 0 771
Other 323 0 0 323
-------- --------- ------------ ------------
1,886 35 35 1,886
-------- --------- ------------ ------------
Total Assets $54,195 $6,451 $4,781 $55,864
======== ========= ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY
AND SUBSIDIARY
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Holyoke Holyoke
Water Power and
Power Electric
Company Company Eliminations Consolidated
-------- --------- ------------ ------------
Capitalization:
Common stockholder's equity:
Common stock $ 2,400 $ 485 $ 485 $ 2,400
Capital surplus, paid in 6,000 0 0 6,000
Retained earnings (5,607) (95) (95) (5,607)
Accumulated other comprehensive income (5) 0 0 (5)
-------- --------- ------------ ------------
Total common stockholder's equity 2,788 390 390 2,788
Long-term debt 38,300 424 424 38,300
-------- --------- ------------ ------------
Total capitalization 41,088 814 814 41,088
-------- --------- ------------ ------------
Current Liabilities:
Accounts payable 1,173 2 0 1,175
Accounts payable to affiliated companies 3,414 5,465 3,807 5,071
Accrued taxes 756 29 0 785
Accrued interest 770 0 0 770
Other 89 16 0 105
-------- --------- ------------ ------------
6,202 5,512 3,807 7,906
-------- --------- ------------ ------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 361 0 35 326
Other 6,544 125 125 6,544
-------- --------- ------------ ------------
6,905 125 160 6,870
-------- --------- ------------ ------------
Total Capitalization and Liabilities $54,195 $6,451 $4,781 $55,864
======== ========= ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY
AND SUBSIDIARY
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Holyoke Holyoke
Water Power and
Power Electric
Company Company Eliminations Consolidated
-------- --------- ------------ ------------
Operating Revenues $54,736 $68,231 $47,334 $75,633
-------- --------- ------------ ------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 27,194 68,136 47,245 48,085
Other 6,059 102 89 6,072
Maintenance 6,693 0 0 6,693
Depreciation 2,025 24 0 2,049
Amortization of regulatory assets, net (1) 0 0 (1)
Federal and state income taxes 2,418 (16) 0 2,402
Taxes other than income taxes 3,282 38 0 3,320
-------- --------- ------------ ------------
Total operating expenses 47,670 68,284 47,334 68,620
-------- --------- ------------ ------------
Operating Income/(Loss) 7,066 (53) 0 7,013
-------- --------- ------------ ------------
Other Income/(Loss):
Other, net (518) 0 (46) (472)
Income taxes 638 7 0 645
-------- --------- ------------ ------------
Other income/(loss), net 120 7 (46) 173
-------- --------- ------------ ------------
Income/(loss) before interest charges 7,186 (46) (46) 7,186
-------- --------- ------------ ------------
Interest Charges:
Interest on long-term debt 2,644 0 0 2,644
Other interest (15) 21 21 (15)
-------- --------- ------------ ------------
Interest charges, net 2,629 21 21 2,629
-------- --------- ------------ ------------
Income/(loss) before extraordinary loss,
net of tax benefit 4,557 (67) (67) 4,557
Extraordinary loss, net of tax benefit (19,664) 0 0 (19,664)
-------- --------- ------------ ------------
Net Loss $15,107) $ (67) $ (67) $(15,107)
======== ========= ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY
Consolidating Statement of Retained Earnings(a)
Year Ended December 31, 2000
(Thousands of Dollars)
Holyoke Holyoke
Water Power and
Power Electric
Company Company Eliminations Consolidated
-------- --------- ------------ ------------
Balance at beginning of period $14,481 $(28) $(28) $14,481
Addition: Net loss (15,107) (67) (67) (15,107)
Tax benefit for 1993-1999 from
reduction of NU parent
losses 22 0 0 22
-------- --------- ------------ ------------
(604) (95) (95) (604)
Deductions: -------- --------- ------------ ------------
Common stock dividend
declared:
$10.42 per share 5,000 0 0 5,000
Allocation of benefits-ESOP 3 0 0 3
-------- --------- ------------ ------------
Total deductions 5,003 0 0 5,003
Balance at end of period $(5,607) $(95) $(95) $(5,607)
======== ========= ============ ============
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY
Consolidating Statement of Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Holyoke Holyoke
Water Power and
Power Electric
Company Company Eliminations Consolidated
-------- --------- ------------ ------------
Balance at beginning of period $6,000 0 0 $6,000
-------- --------- ------------ ------------
Balance at end of period $6,000 0 0 $6,000
======== ========= ============ ============
Note: Individual companies may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Holyoke
Holyoke Power and
Water Power Electric
Company Company
------------- ------------
Operating Activities:
Income/(loss) before extraordinary loss $ 4,557 $ (67)
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 2,025 24
Deferred income taxes, net 175 6
Amortization of regulatory assets, net (1) 0
Tax benefit for 1993-1999 from reduction of
NU parent losses 22 0
Allocation of ESOP benefits (3) 0
Net other (uses)/sources of cash (917) 22
Changes in working capital:
Receivables, net 1,270 1,340
Fuel, materials and supplies 624 0
Accounts payable (234) 458
Accrued taxes 585 29
Other working capital (excludes cash) (1,495) 53
------------- ------------
Net cash flows provided by/(used in) operating activities 6,608 1,865
------------- ------------
Investing Activities:
Investment in plant:
Electric utility plant (1,083) 0
Investment in NU system Money Pool (700) 0
Other investment activities, net 46 0
------------- ------------
Net cash flows (used in)/provided by investing activities (1,737) 0
------------- ------------
Financing Activities:
Cash dividends on common shares (5,000) 0
------------- ------------
Net cash flows used in financing activities (5,000) 0
------------- ------------
Net (decrease)/increase in cash for the period (129) 1,865
Cash - beginning of period 129 0
------------- ------------
Cash - end of period $ 0 $ 1,865
============= ============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 2,220 $ 21
============= ============
Income taxes $ 1,809 $ (93)
============= ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------- -------------
Operating Activities:
Income/(loss) before extraordinary loss $ (67) $ 4,557
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 0 2,049
Deferred income taxes, net 0 181
Amortization of regulatory assets, net 0 (1)
Tax benefit for 1993-1999 from reduction of
NU parent losses 0 22
Allocation of ESOP benefits 0 (3)
Net other (uses)/sources of cash 21 (917)
Changes in working capital:
Receivables, net 2,919 (308)
Fuel, materials and supplies 0 624
Accounts payable (2,919) 3,142
Accrued taxes 0 614
Other working capital (excludes cash) 0 (1,441)
------------- -------------
Net cash flows provided by/(used in) operating activities (46) 8,519
------------- -------------
Investing Activities:
Investment in plant:
Electric utility plant 0 (1,083)
Investment in NU system Money Pool 0 (700)
Other investment activities, net 46 0
------------- -------------
Net cash flows (used in)/provided by investing activities 46 (1,783)
------------- -------------
Financing Activities:
Cash dividends on common shares 0 (5,000)
------------- -------------
Net cash flows used in financing activities 0 (5,000)
------------- -------------
Net (decrease)/increase in cash for the period 0 1,736
Cash - beginning of period 0 129
------------- -------------
Cash - end of period $ 0 $ 1,865
============= =============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 21 $ 2,220
============= =============
Income taxes $ 0 $ 1,716
============= =============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Yankee
Energy Yankee Gas NorConn
System, Services Properties,
Inc. Company Inc.
------------- ----------- ------------
Utility Plant, at cost:
Gas $ 0 $608,153 $ 0
Less: Accumulated provision for
depreciation 0 245,214 0
------------- ----------- ------------
0 362,939 0
Construction work in progress 0 18,723 0
------------- ----------- ------------
Total net utility plant 0 381,662 0
------------- ----------- ------------
Other Property and Investments:
Investments in subsidiary companies,
at equity 484,795 0 0
Other, at cost 0 294 1,966
------------- ----------- ------------
484,795 294 1,966
------------- ----------- ------------
Current Assets:
Cash 535 4,824 0
Notes receivable form affiliated companies 5,280 0 0
Receivables, net 0 54,386 0
Receivables from affiliated companies 1,110 9,246 181
Taxes receivable 697 0 0
Accrued utility revenue 0 38,057 0
Fuel, materials, and supplies, at
average cost 0 3,194 0
Prepayments and other 0 23,315 0
------------- ----------- ------------
7,622 133,022 181
------------- ----------- ------------
Deferred Charges:
Regulatory assets 0 54,649 0
Accumulated deferred income taxes 0 0 143
Unamortized debt expense 0 1,267 3
Goodwill and other purchased
intangible assets 0 294,442 0
Prepaid pension 0 42,649 0
Other 764 0 0
------------- ----------- ------------
764 393,007 146
------------- ----------- ------------
Total Assets $493,181 $907,985 $2,293
============= =========== ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Yankee Yankee
Energy Energy
Housatonic Financial Services
Corporation Services Company
-------------- ------------ ---------------
Utility Plant, at cost:
Gas $ 0 $ 0 $ 0
Less: Accumulated provision for
depreciation 0 0 0
-------------- ------------ ---------------
0 0 0
Construction work in progress 0 0 0
-------------- ------------ ---------------
Total net utility plant 0 0 0
-------------- ------------ ---------------
Other Property and Investments:
Investments in subsidiary companies,
at equity 0 0 2
Other, at cost 0 132 4,847
-------------- ------------ ---------------
0 132 4,849
-------------- ------------ ---------------
Current Assets:
Cash 0 8 0
Notes receivable form affiliated companies 0 0 0
Receivables, net 127 3,046 415
Receivables from affiliated companies 3 2 11
Taxes receivable 0 0 1,672
Accrued utility revenue 0 0 0
Fuel, materials, and supplies, at
average cost 0 0 210
Prepayments and other 0 8 0
-------------- ------------ ---------------
130 3,064 2,308
-------------- ------------ ---------------
Deferred Charges:
Regulatory assets 0 0 0
Accumulated deferred income taxes 0 29 1,298
Unamortized debt expense 0 0 0
Goodwill and other purchased
intangible assets 0 0 427
Prepaid pension 0 0 0
Other 257 68 14,176
-------------- ------------ ---------------
257 97 15,901
-------------- ------------ ---------------
Total Assets $387 $3,293 $23,058
============== ============ ===============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
R.M.
Services
Company Eliminations Consolidated
--------------- ------------- ------------
Utility Plant, at cost:
Gas $ 0 $ 0 $608,153
Less: Accumulated provision for
depreciation 0 0 245,214
--------------- ------------- ------------
0 0 362,939
Construction work in progress 0 0 18,723
--------------- ------------- ------------
Total net utility plant 0 0 381,662
--------------- ------------- ------------
Other Property and Investments:
Investments in subsidiary companies,
at equity 0 484,796 0
Other, at cost 4,173 0 11,411
--------------- ------------- ------------
4,173 484,796 11,411
--------------- ------------- ------------
Current Assets:
Cash 1,091 0 6,459
Notes receivable form affiliated companies 0 5,280 0
Receivables, net 723 0 58,697
Receivables from affiliated companies 222 10,696 77
Taxes receivable 0 2,370 0
Accrued utility revenue 0 0 38,057
Fuel, materials, and supplies, at
average cost 0 0 3,404
Prepayments and other 0 0 23,323
--------------- ------------- ------------
2,036 18,346 130,017
--------------- ------------- ------------
Deferred Charges:
Regulatory assets 0 0 54,649
Accumulated deferred income taxes 55 1,525 0
Unamortized debt expense 0 0 1,270
Goodwill and other purchased
intangible assets 7,745 0 302,614
Prepaid pension 339 0 42,988
Other 0 932 14,334
--------------- ------------- ------------
8,139 2,457 415,855
--------------- ------------- ------------
Total Assets $14,348 $505,599 $938,945
=============== ============= ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Yankee
Energy Yankee Gas NorConn
System, Services Properties,
Inc. Company Inc.
------------- ----------- ------------
Common stockholder's equity:
Common stock $ 0 $ 5 $ 1
Capital surplus, paid in 484,888 466,048 9
Retained earnings (733) 1,149 207
------------- ----------- ------------
Total common stockholder's equity 484,155 467,202 217
Long-term debt 0 151,640 1,500
------------- ----------- ------------
Total capitalization 484,155 618,842 1,717
------------- ----------- ------------
Current Liabilities:
Notes payable to banks 0 46,600 0
Notes payable to affiliated companies 0 3,000 57
Long-term debt and preferred stock-current
portion 0 950 100
Accounts payable 0 43,661 27
Accounts payable to affiliated companies 9,026 2,828 15
Accrued taxes 0 19,622 369
Accrued interest 0 3,587 8
Other 0 4,087 0
------------- ----------- ------------
9,026 124,335 576
------------- ----------- ------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 0 72,562 0
Accumulated deferred investment tax credit 0 7,476 0
Other 0 84,770 0
------------- ----------- ------------
0 164,808 0
------------- ----------- ------------
Total Capitalization and Liabilities $493,181 $907,985 $2,293
============= =========== ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Yankee Yankee
Energy Energy
Housatonic Financial Services
Corporation Services Company
-------------- ------------ ---------------
Common stockholder's equity:
Common stock $ 10 $ 1 $ 1
Capital surplus, paid in 2 2,352 7,881
Retained earnings 15 58 (1,187)
-------------- ------------ ---------------
Total common stockholder's equity 27 1,300 6,695
Long-term debt 0 0 0
-------------- ------------ ---------------
Total capitalization 27 1,300 6,695
-------------- ------------ ---------------
Current Liabilities:
Notes payable to banks 0 0 0
Notes payable to affiliated companies 349 1,782 15,634
Long-term debt and preferred stock-current
portion 0 0 0
Accounts payable 10 68 54
Accounts payable to affiliated companies 0 18 426
Accrued taxes 0 57 0
Accrued interest 1 0 0
Other 0 1 156
-------------- ------------ ---------------
360 1,926 16,270
-------------- ------------ ---------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 0 0 0
Accumulated deferred investment tax credit 0 0 0
Other 0 67 93
-------------- ------------ ---------------
0 67 93
-------------- ------------ ---------------
Total Capitalization and Liabilities $387 $3,293 $23,058
============== ============ ===============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
R.M.
Services
Company Eliminations Consolidated
--------------- ------------- ------------
Common stockholder's equity:
Common stock $ 1 $ 19 $ 0
Capital surplus, paid in 9,298 484,477 484,888
Retained earnings 59 301 (733)
--------------- ------------- ------------
Total common stockholder's equity 9,358 484,797 484,155
Long-term debt 0 0 153,140
--------------- ------------- ------------
Total capitalization 9,358 484,797 637,295
--------------- ------------- ------------
Current Liabilities:
Notes payable to banks 0 0 46,600
Notes payable to affiliated companies 2,458 5,279 18,000
Long-term debt and preferred stock-current
portion 0 0 1,050
Accounts payable 175 0 43,996
Accounts payable to affiliated companies 1,063 10,696 2,679
Accrued taxes 708 2,370 18,387
Accrued interest 0 0 3,596
Other 78 0 4,322
--------------- ------------- ------------
4,482 18,345 138,630
--------------- ------------- ------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 0 1,525 71,038
Accumulated deferred investment tax credit 0 0 7,476
Other 508 932 84,506
--------------- ------------- ------------
508 2,457 163,020
--------------- ------------- ------------
Total Capitalization and Liabilities $14,348 $505,599 $938,945
=============== ============= ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Yankee
Energy Yankee Gas NorConn
System, Services Properties,
Inc. Company Inc.
----------- ---------- ----------
Operating Revenues $ 0 $251,233 $950
----------- ---------- ----------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 0 135,306 0
Other 743 45,303 132
Maintenance 0 5,343 0
Depreciation 0 21,688 212
Federal and state income taxes 0 9,477 0
Taxes other than income taxes 0 16,604 0
----------- ---------- ----------
Total operating expenses 743 233,721 344
----------- ---------- ----------
Operating (Loss)/Income (743) 17,512 606
----------- ---------- ----------
Other Income/(Loss):
Equity in earnings of subsidiaries 1,524 0 0
Other, net (425) (7,091) 0
Income taxes 130 2,974 (141)
----------- ---------- ----------
Other income/(loss), net 1,229 (4,117) (141)
----------- ---------- ----------
Income before interest charges 486 13,395 465
----------- ---------- ----------
Interest Charges:
Interest on long-term debt 0 10,023 272
Other interest 1,213 2,217 (14)
----------- ---------- ----------
Interest Charges, Net 1,213 12,240 258
----------- ---------- ----------
Net (Loss)/Income $ (727) $ 1,155 $207
=========== ========== ==========
Yankee Energy System, Inc. and Subsidiary merged with Northeast Utilities on
March 1, 2000.
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Yankee
Energy Yankee
Financial Energy
Housatonic Services Services
Corporation Company Company
------------- ------------ ---------------
Operating Revenues $1,250 $208 $4,089
------------- ------------ ---------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 0 0 0
Other 1,205 61 4,606
Maintenance 0 0 0
Depreciation 0 198 460
Federal and state income taxes 0 0 0
Taxes other than income taxes 0 0 0
------------- ------------ ---------------
Total operating expenses 1,205 259 5,066
------------- ------------ ---------------
Operating (Loss)/Income 45 (51) (977)
------------- ------------ ---------------
Other Income/(Loss):
Equity in earnings of subsidiaries 0 0 0
Other, net 0 178 (134)
Income taxes 0 (6) 911
------------- ------------ ---------------
Other income/(loss), net 0 172 777
------------- ------------ ---------------
Income before interest charges 45 121 (200)
------------- ------------ ---------------
Interest Charges:
Interest on long-term debt 0 0 0
Other interest 30 63 987
------------- ------------ ---------------
Interest Charges, Net 30 63 987
------------- ------------ ---------------
Net (Loss)/Income $ 15 $ 58 $(1,187)
============= ============ ===============
Yankee Energy System, Inc. and Subsidiary merged with Northeast Utilities on March 1, 2000.
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
R.M.
Services,
Inc. Eliminations Consolidated
------------ ------------ ------------
Operating Revenues $6,705 $2,747 $261,687
------------ ------------ ------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 0 0 135,307
Other 5,445 2,747 54,748
Maintenance 0 0 5,343
Depreciation 668 0 23,225
Federal and state income taxes 2 0 9,479
Taxes other than income taxes 42 0 16,645
------------ ------------ ------------
Total operating expenses 6,157 2,747 244,747
------------ ------------ ------------
Operating (Loss)/Income 548 0 16,940
------------ ------------ ------------
Other Income/(Loss):
Equity in earnings of subsidiaries 0 1,524 0
Other, net (163) 0 (7,634)
Income taxes (202) 0 3,666
------------ ------------ ------------
Other income/(loss), net (365) 1,524 (3,968)
------------ ------------ ------------
Income before interest charges 183 1,524 12,972
------------ ------------ ------------
Interest Charges:
Interest on long-term debt 0 0 10,295
Other interest 124 1,217 3,404
------------ ------------ ------------
Interest Charges, Net 124 1,217 13,699
------------ ------------ ------------
Net (Loss)/Income $ 59 $ 307 $ (727)
============ ============ ============
Yankee Energy System, Inc. and Subsidiary merged with Northeast Utilities on March 1, 2000.
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Yankee
Energy Yankee Gas NorConn
System, Services Properties,
Inc. Company Inc.
------------ ----------- ------------
Balance at beginning of period $ 0 $ 0 $ 0
Additions: Net (loss)/income (727) 1,155 207
------------ ----------- ------------
(727) 1,155 207
------------ ----------- ------------
Deductions:
Allocation of benefits-ESOP 6 6 0
------------ ----------- ------------
Total deductions 6 6 0
------------ ----------- ------------
Balance at end of period $(733) $1,149 $207
============ =========== ============
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Yankee
Energy Yankee Gas NorConn
System, Services Properties,
Inc. Company Inc.
------------ ----------- ------------
Balance at beginning of period $ 0 $ 0 $0
Acquisition of Yankee Energy System, Inc. 484,888 471,048 9
Dividend declared on common shares:
$5,000.00 per share 0 (5,000) 0
------------ ----------- ------------
Balance at end of period $484,888 $466,048 $9
============ =========== ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Yankee
Energy Yankee
Financial Energy
Housatonic Services Services
Corporation Company Company
------------ ------------ ------------
Balance at beginning of period $ 0 $ 0 $ 0
Additions: Net (loss)/income 15 58 (1,187)
------------ ------------ ------------
15 58 (1,187)
------------ ------------ ------------
Deductions:
Allocation of benefits-ESOP 0 0 0
------------ ------------ ------------
Total deductions 0 0 0
------------ ------------ ------------
Balance at end of period $15 $58 $(1,187)
============ ============ ============
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Yankee
Energy Yankee
Financial Energy
Housatonic Services Services
Corporation Company Company
------------ ------------ ------------
Balance at beginning of period $0 $ 0 $ 0
Acquisition of Yankee Energy System, Inc. 2 1,241 7,881
Dividend declared on common shares:
$5,000.00 per share 0 0 0
------------ ------------ ------------
Balance at end of period $2 $1,241 $7,881
============ ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
R.M.
Services,
Inc. Eliminations Consolidated
-------------- ------------ ------------
Balance at beginning of period $ 0 $ 0 $ 0
Additions: Net (loss)/income 59 307 (727)
-------------- ------------ ------------
59 307 (727)
-------------- ------------ ------------
Deductions:
Allocation of benefits-ESOP 0 6 6
-------------- ------------ ------------
Total deductions 0 6 6
-------------- ------------ ------------
Balance at end of period $59 $301 $(733)
============== ============ ============
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
R.M.
Services,
Inc. Eliminations Consolidated
-------------- ------------ ------------
Balance at beginning of period $ 0 $ 0 $ 0
Acquisition of Yankee Energy System, Inc. 9,298 489,477 484,888
Dividend declared on common shares:
$5,000.00 per share 0 (5,000) 0
-------------- ------------ ------------
Balance at end of period $9,298 $484,477 $484,888
============== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Yankee
Energy Yankee Gas NorConn
System, Services Properties,
Inc. Company Inc.
--------- ----------- ------------
Operating Activities:
(Loss)/income after interest charges $ (727) $ 1,155 $ 207
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 0 21,688 212
Deferred income taxes and investment tax credits, net 0 11,227 0
Allocation of ESOP benefits (6) (6) 0
Net other sources/(uses) of cash 9,384 (15,645) (1,270)
Changes in working capital:
Accounts receivable (1,110) (4,052) (93)
Fuel, materials and supplies 0 (464) 0
Accounts payable (42) 29,257 29
Accrued taxes 568 (3,968) 161
Other working capital (excludes cash) (794) (15,883) (17)
--------- ----------- ------------
Net cash flows provided/(used in) by operating activities 7,273 23,309 (771)
--------- ----------- ------------
Investing Activities:
Investment in plant:
Electric and other utility plant 0 (21,585) 0
--------- ----------- ------------
Net cash flows used for investments in plant 0 (21,585) 0
Investment in NU system Money Pool 18,249 2,500 0
Other Investments 0 0 4,170
--------- ----------- ------------
Net cash flows provided by/(used in) investing activities 18,249 (19,085) 4,170
--------- ----------- ------------
Financing Activities:
Net (decrease)/increase in short-term debt (27,500) 4,600 1
Cash dividends on common shares 0 (5,000) 0
Reacquisitions and retirements of long-term debt 0 (950) (3,400)
--------- ----------- ------------
Net cash flows (used in)/provided by financing activities (27,500) (1,350) (3,399)
--------- ----------- ------------
Net (decrease)/increase in cash for the period (1,978) 2,874 0
Cash - beginning of period 2,513 1,950 0
--------- ----------- ------------
Cash - end of period $ 535 $ 4,824 $ 0
========= =========== ============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 1,213 $ 8,924 $ 241
========= =========== ============
Income taxes $ 0 $ (352) $ 0
========= =========== ============
Yankee Energy System, Inc. and Subsidiaries merged with Northeast Utilities on March 1, 2000.
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Yankee
Energy Yankee
Financial Energy
Housatonic Services Services
Corporation Company Company
------------ ---------- ----------
Operating Activities:
(Loss)/income after interest charges $ 15 $ 58 $ (1,187)
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 0 198 460
Deferred income taxes and investment tax credits, net 0 0 0
Allocation of ESOP benefits 0 0 0
Net other sources/(uses) of cash (277) (345) (4,862)
Changes in working capital:
Accounts receivable 573 (1,194) 7,783
Fuel, materials and supplies 0 0 248
Accounts payable (16) (20) (333)
Accrued taxes 0 25 455
Other working capital (excludes cash) 1 0 (2,706)
------------ ---------- ----------
Net cash flows provided/(used in) by operating activities 296 (1,278) (142)
------------ ---------- ----------
Investing Activities:
Investment in plant:
Electric and other utility plant 0 0 0
------------ ---------- ----------
Net cash flows used for investments in plant 0 0 0
Investment in NU system Money Pool 0 0 0
Other Investments 0 177 4,598
------------ ---------- ----------
Net cash flows provided by/(used in) investing activities 0 177 4,598
------------ ---------- ----------
Financing Activities:
Net (decrease)/increase in short-term debt (296) 1,099 (4,456)
Cash dividends on common shares 0 0 0
Reacquisitions and retirements of long-term debt 0 0 0
------------ ---------- ----------
Net cash flows (used in)/provided by financing activities (296) 1,099 (4,456)
------------ ---------- ----------
Net (decrease)/increase in cash for the period 0 (2) 0
Cash - beginning of period 0 10 0
------------ ---------- ----------
Cash - end of period $ 0 $ 8 $ 0
============ ========== ==========
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 29 $ 70 $ 987
============ ========== ==========
Income taxes $ 0 $ 0 $ 0
============ ========== ==========
Yankee Energy System, Inc. and Subsidiaries merged with Northeast Utilities on March 1, 2000.
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
YANKEE ENERGY SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
R.M.
Services,
Inc. Eliminations Consolidated
--------- ------------- -------------
Operating Activities:
(Loss)/income after interest charges $ 59 $ 307 $ (727)
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 668 0 23,225
Deferred income taxes and investment tax credits, net 0 0 11,227
Allocation of ESOP benefits 0 (6) (6)
Net other sources/(uses) of cash (606) 3,661 (17,286)
Changes in working capital:
Accounts receivable 680 (3,746) 6,336
Fuel, materials and supplies 0 0 (216)
Accounts payable 463 3,177 26,161
Accrued taxes 188 2,555 (5,124)
Other working capital (excludes cash) (213) (2,379) (17,235)
--------- ------------- -------------
Net cash flows provided/(used in) by operating activities 1,239 3,569 26,355
--------- ------------- -------------
Investing Activities:
Investment in plant:
Electric and other utility plant 0 0 (21,585)
--------- ------------- -------------
Net cash flows used for investments in plant 0 0 (21,585)
Investment in NU system Money Pool 0 20,749 0
Other Investments (1,135) 854 6,959
--------- ------------- -------------
Net cash flows provided by/(used in) investing activities (1,135) 21,603 (14,626)
--------- ------------- -------------
Financing Activities:
Net (decrease)/increase in short-term debt 980 (20,172) (5,400)
Cash dividends on common shares 0 (5,000) 0
Reacquisitions and retirements of long-term debt 0 0 (4,350)
--------- ------------- -------------
Net cash flows (used in)/provided by financing activities 980 (25,172) (9,750)
--------- ------------- -------------
Net (decrease)/increase in cash for the period 1,084 0 1,979
Cash - beginning of period 7 0 4,480
--------- ------------- -------------
Cash - end of period $ 1,091 $ 0 $ 6,459
========= ============= =============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 124 $ 1,217 $ 10,371
========= ============= =============
Income taxes $ 0 $ 0 $ (352)
========= ============= =============
Yankee Energy System, Inc. and Subsidiaries merged with Northeast Utilities on March 1, 2000.
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
CHARTER OAK ENERGY INCORPORATED
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Charter Oak COE Development COE Argentina II
Energy, Inc. Corporation Corp.
------------ --------------- ----------------
Utility Plant, at cost:
Electric $ 40 $ 11 $ 0
Less: Accumulated provision for
depreciation 40 11 0
------------ --------------- ----------------
Total net utility plant 0 0 0
------------ --------------- ----------------
Other Property and Investments:
Investments in subsidiary companies,
at equity 17,672 0 0
------------ --------------- ----------------
Current Assets:
Cash 262 247 29
Receivables, net 0 214 0
Accounts receivable from affiliated companies 2,500 1,169 0
Taxes receivable 34 0 0
------------ --------------- ----------------
2,796 1,630 29
------------ --------------- ----------------
Deferred Charges:
Accumulated deferred income taxes 81 0 0
------------ --------------- ----------------
Total Assets $20,549 $1,630 $29
============ =============== ================
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
CHARTER OAK ENERGY INCORPORATED
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
COE Ave Fenix
Corporation Eliminations Consolidated
------------- ------------ ------------
Utility Plant, at cost:
Electric $ 0 $ 0 $ 52
Less: Accumulated provision for
depreciation 0 0 52
------------- ------------ ------------
Total net utility plant 0 0 0
------------- ------------ ------------
Other Property and Investments:
Investments in subsidiary companies,
at equity 0 17,672 0
------------- ------------ ------------
Current Assets:
Cash 2,484 0 3,021
Receivables, net 0 214 0
Accounts receivable from affiliated companies 0 3,669 0
Taxes receivable 1,928 0 1,963
------------- ------------ ------------
4,412 3,883 4,984
------------- ------------ ------------
Deferred Charges:
Accumulated deferred income taxes 14,118 0 14,198
------------- ------------ ------------
Total Assets $18,530 $21,555 $19,182
============= ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
CHARTER OAK ENERGY INCORPORATED
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Charter Oak COE Development COE Argentina II
Energy, Inc. Corporation Corp.
------------ --------------- ----------------
Capitalization:
Common stockholder's equity:
Common stock $ 0 $ 0 $ 0
Capital surplus, paid in 83,944 17,373 1,571
Retained earnings (65,077) (15,759) (1,542)
------------ --------------- ----------------
Total common stockholder's equity 18,867 1,614 29
------------ --------------- ----------------
Total capitalization 18,867 1,614 29
------------ --------------- ----------------
Current Liabilities:
Accounts payable 308 0 0
Accounts payable to affiliated
companies 1,174 0 0
Accrued taxes 0 16 0
------------ --------------- ----------------
1,482 16 0
------------ --------------- ----------------
Other deferred credits 200 0 0
------------ --------------- ----------------
Total Capitalization and Liabilities $20,549 $ 1,630 $ 29
============ =============== ================
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
CHARTER OAK ENERGY INCORPORATED
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
COE Ave Fenix
Corporation Eliminations Consolidated
------------- ------------ ------------
Capitalization:
Common stockholder's equity:
Common stock $ 0 $ 0 $ 0
Capital surplus, paid in 55,884 74,827 83,944
Retained earnings (39,855) (57,155) (65,077)
------------- ------------ ------------
Total common stockholder's equity 16,029 17,672 18,867
------------- ------------ ------------
Total capitalization 16,029 17,672 18,867
------------- ------------ ------------
Current Liabilities:
Accounts payable 1 214 94
Accounts payable to affiliated
companies 2,500 3,669 5
Accrued taxes 0 0 16
------------- ------------ ------------
2,501 3,883 115
------------- ------------ ------------
Other deferred credits 0 0 200
------------- ------------ ------------
Total Capitalization and Liabilities $18,530 $21,555 $19,182
============= ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
CHARTER OAK ENERGY, INC.
AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
COE
Charter Oak Development COE Argentina II
Energy, Inc. Corporation Corp.
------------ ----------- ---------------
Operating Revenues $ 0 $ 0 $0
------------ ----------- ---------------
Operating Expenses:
Operation-Other 310 (34) 0
Federal and state income taxes (100) 17 0
------------ ----------- ---------------
Total operating expenses 210 (17) 0
------------ ----------- ---------------
Operating (Loss)/Income (210) 17 0
------------ ----------- ---------------
Other Income:
Equity in earnings of subsidiaries 2,168 0 0
Other, net 65 7 0
Income taxes 0 0 0
------------ ----------- ---------------
Other income, net 2,233 7 0
------------ ----------- ---------------
Income before
interest charges 2,023 24 0
------------ ----------- ---------------
Interest Charges 7 0 0
------------ ----------- ---------------
Net Income $2,016 $24 $0
============ =========== ===============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
CHARTER OAK ENERGY, INC.
AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
COE Ave Fenix
Corporation EliminationsConsolidated
---------------- ----------- -------------
Operating Revenues $ 0 $ 0 $ 0
---------------- ----------- -------------
Operating Expenses:
Operation-Other 3 0 279
Federal and state income taxes 0 0 (84)
---------------- ----------- -------------
Total operating expenses 3 0 195
---------------- ----------- -------------
Operating (Loss)/Income (3) 0 (195)
---------------- ----------- -------------
Other Income:
Equity in earnings of subsidiaries 0 2,168 0
Other, net 17 0 88
Income taxes 2,130 0 2,130
---------------- ----------- -------------
Other income, net 2,147 2,168 2,218
---------------- ----------- -------------
Income before
interest charges 2,144 2,168 2,023
---------------- ----------- -------------
Interest Charges 0 0 7
---------------- ----------- -------------
Net Income $2,144 $2,168 $2,016
================ =========== =============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
CHARTER OAK ENERGY, INC.
AND SUBSIDIARIES
Consolidating Statement of
Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
COE
Charter Oak Development COE Argentina II
Energy, Inc. Corporation Corp.
------------ ----------- ----------------
Balance at beginning of period $(67,093) $(15,783) $(1,542)
Addition: Net income 2,016 24 0
------------ ----------- ----------------
Balance at end of period $(65,077) $(15,759) $(1,542)
============ =========== ================
CHARTER OAK ENERGY, INC.
AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
COE
Charter Oak Development COE Argentina II
Energy, Inc. Corporation Corp.
------------ ----------- ----------------
Balance at beginning of period $90,194 $17,523 $1,571
Capital contributions from
Northeast Utilities 3,750 0 0
Charter Oak Energy, Inc. 0 0 0
Dividend declared on common stock:
$100,000.00 per share (10,000) 0 0
$1,500.00 per share 0 (150) 0
$8,500.00 per share 0 0 0
Balance at end of period ------------ ----------- ----------------
Balance at end of period $83,944 $17,373 $1,571
============ =========== ================
Note: Individual companies may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
CHARTER OAK ENERGY, INC.
AND SUBSIDIARIES
Consolidating Statement of
Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
COE Ave Fenix
Corporation Eliminations Consolidated
------------- ------------ ------------
Balance at beginning of period $(41,999) $(59,323) $(67,093)
Addition: Net income 2,144 2,168 2,016
------------- ------------ ------------
Balance at end of period $(39,855) $(57,155) $(65,077)
============= ============ ============
CHARTER OAK ENERGY, INC.
AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
COE Ave Fenix
Corporation Eliminations Consolidated
------------- ------------ ------------
Balance at beginning of period $56,734 $75,827 $90,194
Capital contributions from
Northeast Utilities 0 0 3,750
Charter Oak Energy, Inc. 0 0 0
Dividend declared on common stock:
$100,000.00 per share 0 0 (10,000)
$1,500.00 per share 0 (150) 0
$8,500.00 per share (850) (850) 0
Balance at end of period ------------- ------------ ------------
Balance at end of period $55,884 $74,827 $83,944
============= ============ ============
Note: Individual companies may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
CHARTER OAK ENERGY AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Charter Oak
Charter Oak Development
Energy, Inc. Corporation
------------- ------------
Operating Activities:
Income after interest charges $ 2,016 $ 24
Adjustments to reconcile to net cash
provided by operating activities:
Deferred income taxes (80) 0
Net other sources/(uses) of cash 289 0
Changes in working capital:
Accounts receivable (1,750) 0
Accounts payable (29) 0
Accrued taxes 0 16
Other working capital (excludes cash) 7,124 68
------------- ------------
Net cash flows provided by operating activities 7,570 108
------------- ------------
Investing Activities:
Investment in plant:
Other investments (1,168) 0
Capital contributions 3,750 0
------------- ------------
Net cash flows provided by/(used in) investing activities 2,582 0
------------- ------------
Financing Activities:
Cash dividends on common shares (10,000) (150)
------------- ------------
Net cash flows used in financing activities (10,000) (150)
------------- ------------
Net increase/(decrease) in cash for the period 152 (42)
Cash - beginning of period 110 289
------------- ------------
Cash - end of period $ 262 $ 247
============= ============
Supplemental Cash Flow Information:
Cash refunded during the year for:
Interest, net of amounts capitalized $ 0 $ 0
============= ============
Income taxes $ (709) $ (68)
============= ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
CHARTER OAK ENERGY AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
COE COE Ave
Argentina II Fenix
Corp. Corp.
------------- ------------
Operating Activities:
Income after interest charges $ 0 $ 2,144
Adjustments to reconcile to net cash
provided by operating activities:
Deferred income taxes 0 1,643
Net other sources/(uses) of cash 0 (1)
Changes in working capital:
Accounts receivable 0 0
Accounts payable 0 1,686
Accrued taxes 0 0
Other working capital (excludes cash) 0 (2,138)
------------- ------------
Net cash flows provided by operating activities 0 3,334
------------- ------------
Investing Activities:
Investment in plant:
Other investments 0 0
Capital contributions 0 0
------------- ------------
Net cash flows provided by/(used in) investing activities 0 0
------------- ------------
Financing Activities:
Cash dividends on common shares 0 (850)
------------- ------------
Net cash flows used in financing activities 0 (850)
------------- ------------
Net increase/(decrease) in cash for the period 0 2,484
Cash - beginning of period 29 0
------------- ------------
Cash - end of period $ 29 $ 2,484
============= ============
Supplemental Cash Flow Information:
Cash refunded during the year for:
Interest, net of amounts capitalized $ 0 $ 0
============= ============
Income taxes $ 0 $ (5,385)
============= ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
CHARTER OAK ENERGY AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------- -------------
Operating Activities:
Income after interest charges $ 2,168 $ 2,016
Adjustments to reconcile to net cash
provided by operating activities:
Deferred income taxes 0 1,563
Net other sources/(uses) of cash (1) 290
Changes in working capital:
Accounts receivable (1,750) 0
Accounts payable 1,750 (95)
Accrued taxes 0 16
Other working capital (excludes cash) 1 5,053
------------- -------------
Net cash flows provided by operating activities 2,168 8,843
------------- -------------
Investing Activities:
Investment in plant:
Other investments (1,168) 0
Capital contributions 0 3,750
------------- -------------
Net cash flows provided by/(used in) investing activities (1,168) 3,750
------------- -------------
Financing Activities:
Cash dividends on common shares (1,000) (10,000)
------------- -------------
Net cash flows used in financing activities (1,000) (10,000)
------------- -------------
Net increase/(decrease) in cash for the period 0 2,593
Cash - beginning of period 0 428
------------- -------------
Cash - end of period $ 0 $ 3,021
============= =============
Supplemental Cash Flow Information:
Cash refunded during the year for:
Interest, net of amounts capitalized $ 0 $ 0
============= =============
Income taxes $ 0 $ (6,162)
============= =============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
HEC INC. AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Southwest
Select Energy HEC Energy
Contracting, Services L.L.C.
HEC Inc. Inc. (b)
------------ ------------- ---------------
Utility Plant, at cost:
Other $ 5,731 $23,738 $0
Less: Accumulated provision for
depreciation 3,695 3,331 0
------------ ------------- ---------------
Total net utility plant 2,036 20,407 0
------------ ------------- ---------------
Other Property and Investments:
Investments in subsidiary companies,
at equity 18,720 0 0
Other, at cost 1 0 0
------------ ------------- ---------------
18,721 0 0
------------ ------------- ---------------
Current Assets:
Cash 1,018 1,684 0
Receivables, net 3,882 11,382 0
Accounts receivable from
affiliated companies 8,876 364 0
Other material and supplies,
at average cost 0 495 0
Prepayments and other 367 262 0
------------ ------------- ---------------
14,143 14,187 0
------------ ------------- ---------------
Deferred Charges:
Other 20,652 0 0
------------ ------------- ---------------
Total Assets $55,552 $34,594 $0
============ ============= ===============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) Southwest HEC Energy Services L.L.C. was dissolved on November 21, 2000.
The business was transferred to HEC Inc.
HEC INC. AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
HEC Energy Reeds Ferry HEC/Tobyhanna
Consulting Supply Co., Energy
Canada, Inc. Inc. Project, Inc.
------------ ------------ --------------
Utility Plant, at cost:
Other $ 9 $295 $ 0
Less: Accumulated provision for
depreciation 9 28 0
------------ ------------ --------------
Total net utility plant 0 267 0
------------ ------------ --------------
Other Property and Investments:
Investments in subsidiary companies,
at equity 0 0 0
Other, at cost 0 0 0
------------ ------------ --------------
0 0 0
------------ ------------ --------------
Current Assets:
Cash 23 7 3,102
Receivables, net 0 0 417
Accounts receivable from
affiliated companies 0 77 191
Other material and supplies,
at average cost 0 0 0
Prepayments and other 0 0 0
------------ ------------ --------------
23 84 3,710
------------ ------------ --------------
Deferred Charges:
Other 0 0 23,708
------------ ------------ --------------
Total Assets $23 $351 $27,418
============ ============ ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) Southwest HEC Energy Services L.L.C. was dissolved on November 21, 2000.
The business was transferred to HEC Inc.
HEC INC. AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------ ------------
Utility Plant, at cost:
Other $ 0 $29,773
Less: Accumulated provision for
depreciation 0 7,063
------------ ------------
Total net utility plant 0 22,710
------------ ------------
Other Property and Investments:
Investments in subsidiary companies,
at equity 18,720 0
Other, at cost 1 0
------------ ------------
18,721 0
------------ ------------
Current Assets:
Cash 0 5,834
Receivables, net 287 15,394
Accounts receivable from
affiliated companies 9,193 316
Other material and supplies,
at average cost 0 495
Prepayments and other 0 629
------------ ------------
9,480 22,668
------------ ------------
Deferred Charges:
Other 1,042 43,318
------------ ------------
Total Assets $29,243 $88,696
============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not covered by auditors' report.
(b) Southwest HEC Energy Services L.L.C. was dissolved on November 21,
2000. The business was transferred to HEC Inc.
HEC INC. AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Southwest
Select Energy HEC Energy
Contracting, Services L.L.C.
HEC Inc. Inc. (b)
------------ ------------- ---------------
Capitalization:
Common stockholder's equity:
Common stock $ 0 $ 0 $0
Capital surplus, paid in 24,900 14,910 0
Retained earnings 575 (144) 0
------------ ------------- ---------------
Total common stockholder's equity 25,475 14,766 0
Long-term debt 0 0 0
------------ ------------- ---------------
Total capitalization 25,475 14,766 0
------------ ------------- ---------------
Current Liabilities:
Notes payable to affiliated company 15,300 3,790 0
Accounts payable 2,687 3,439 0
Accounts payable to affiliated companies 952 8,583 0
Accrued taxes 0 307 0
Accrued interest 0 0 0
Other 10,956 2,521 0
------------ ------------- ---------------
29,895 18,640 0
------------ ------------- ---------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 182 148 0
Other 0 1,040 0
------------ ------------- ---------------
182 1,188 0
------------ ------------- ---------------
Total Capitalization and Liabilities $55,552 $34,594 $0
============ ============= ===============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) Southwest HEC Energy Services L.L.C. was dissolved on November 21, 2000.
The business was transferred to HEC Inc.
HEC INC. AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
HEC Energy Reeds Ferry HEC/Tobyhanna
Consulting Supply Co., Energy
Canada, Inc. Inc. Project, Inc.
------------ ------------ --------------
Capitalization:
Common stockholder's equity:
Common stock $ 0 $ 4 $ 0
Capital surplus, paid in 7 3 0
Retained earnings (6) (28) 183
------------ ------------ --------------
Total common stockholder's equity 1 (21) 183
Long-term debt 0 0 26,477
------------ ------------ --------------
Total capitalization 1 (21) 26,660
------------ ------------ --------------
Current Liabilities:
Notes payable to affiliated company 0 0 0
Accounts payable 0 77 0
Accounts payable to affiliated companies 14 295 0
Accrued taxes 0 0 0
Accrued interest 0 0 757
Other 8 0 1
------------ ------------ --------------
22 372 758
------------ ------------ --------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 0 0 0
Other 0 0 0
------------ ------------ --------------
0 0 0
------------ ------------ --------------
Total Capitalization and Liabilities $23 $351 $27,418
============ ============ ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) Southwest HEC Energy Services L.L.C. was dissolved on November 21, 2000.
The business was transferred to HEC Inc.
HEC INC. AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------ ------------
Capitalization:
Common stockholder's equity:
Common stock $ 4 $ 0
Capital surplus, paid in 14,920 24,900
Retained earnings 5 575
------------ ------------
Total common stockholder's equity 14,929 25,475
Long-term debt 0 26,477
------------ ------------
Total capitalization 14,929 51,952
------------ ------------
Current Liabilities:
Notes payable to affiliated company 3,790 15,300
Accounts payable (16) 6,219
Accounts payable to affiliated companies 9,193 652
Accrued taxes 307 0
Accrued interest 0 757
Other 0 13,486
------------ ------------
13,274 36,414
------------ ------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 0 330
Other 1,040 0
------------ ------------
1,040 330
------------ ------------
Total Capitalization and Liabilities $29,243 $88,696
============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not covered by auditors' report.
(b) Southwest HEC Energy Services L.L.C. was dissolved on
November 21, 2000. The business was transferred to HEC Inc.
HEC INC. AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Southwest
Select HEC Energy
Energy Services
Contracting, L.L.C.
HEC Inc. Inc. (b)
--------- ------------ ----------
Operating Revenues $43,939 $38,024 $1,961
--------- ------------ ----------
Operating Expenses:
Operation-Other 41,713 34,958 2,127
Maintenance 37 417 7
Depreciation 187 1,392 16
Federal and state income taxes 593 417 0
Taxes other than income taxes 474 426 42
--------- ------------ ----------
Total operating expenses 43,004 37,610 2,192
--------- ------------ ----------
Operating Income/(Loss) 935 414 (231)
--------- ------------ ----------
Other Income/(Loss) 132 69 28
--------- ------------ ----------
Income/(loss) before
interest charges/(income) 1,067 483 (203)
--------- ------------ ----------
Interest Charges/(Income) 354 701 (115)
--------- ------------ ----------
Net Income/(Loss) $ 713 $ (218) $ (88)
========= ============ ==========
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not covered by auditors' report.
(b) Southwest HEC Energy Services L.L.C. was dissolved on November 21, 2000.
The business was transferred to HEC Inc.
HEC INC. AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
HEC/
HEC Energy Reeds Tobyhanna
Consulting Ferry Energy
Canada, Supply Project,
Inc. Co., Inc. Inc.
---------- --------- ---------
Operating Revenues $ 0 $776 $ 0
---------- --------- ---------
Operating Expenses:
Operation-Other 7 776 0
Maintenance 0 0 0
Depreciation 0 20 0
Federal and state income taxes (1) 0 1
Taxes other than income taxes 0 0 0
---------- --------- ---------
Total operating expenses 6 796 1
---------- --------- ---------
Operating Income/(Loss) (6) (20) (1)
---------- --------- ---------
Other Income/(Loss) 1 0 1,039
---------- --------- ---------
Income/(loss) before
interest charges/(income) (5) (20) 1,038
---------- --------- ---------
Interest Charges/(Income) 2 0 855
---------- --------- ---------
Net Income/(Loss) $(7) $(20) $ 183
========== ========= =========
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not covered by auditors' report.
(b) Southwest HEC Energy Services L.L.C. was dissolved on November 21, 2000.
The business was transferred to HEC Inc.
HEC INC. AND SUBSIDIARIES
Consolidating Statement of Income (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------ -------------
Operating Revenues $2,116 $82,583
------------ -------------
Operating Expenses:
Operation-Other 2,116 77,464
Maintenance 0 461
Depreciation 0 1,614
Federal and state income taxes 0 1,010
Taxes other than income taxes 0 942
------------ -------------
Total operating expenses 2,116 81,491
------------ -------------
Operating Income/(Loss) 0 1,092
------------ -------------
Other Income/(Loss) (127) 1,395
------------ -------------
Income/(loss) before
interest charges/(income) (127) 2,487
------------ -------------
Interest Charges/(Income) 23 1,774
------------ -------------
Net Income/(Loss) $ (150) $ 713
============ =============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not covered by auditors' report.
(b) Southwest HEC Energy Services L.L.C. was dissolved on November 21,
2000.
The business was transferred to HEC Inc.
HEC INC. AND SUBSIDIARIES
Consolidating Statement of
Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Southwest
Select HEC Energy HEC Energy
Energy Services Consulting
Contracting, L.L.C. Canada,
HEC Inc. Inc. (b) Inc.
-------- ------------ ---------- ----------
Balance at beginning of period $(132) $ 77 $(248) $ 1
Addition: Net income/(loss) 713 (218) (88) (7)
-------- ------------ ---------- ----------
581 (141) (336) (6)
-------- ------------ ---------- ----------
Deductions:
Close out of retained earnings
due to transferring
subsidiary to HEC Inc. 0 0 (336) 0
Allocation of benefits-ESOP 6 3 0 0
-------- ------------ ---------- ----------
Total deductions 6 3 (336) 0
-------- ------------ ---------- ----------
Balance at end of period $ 575 $(144) $ 0 $(6)
======== ============ ========== ==========
HEC INC. AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Southwest
HEC Energy HEC Energy
Select Energy Services Consulting
Contracting, L.L.C. Canada,
HEC Inc. Inc. (b) Inc.
-------- ------------ ---------- ----------
Balance at beginning of period $19,000 $ 9,010 $0 $7
Capital contributions from:
NU Enterprises, Inc. 5,900 0 0 0
HEC Inc. 0 5,900 0 0
-------- ------------ ---------- ----------
Balance at end of period $24,900 $14,910 $0 $7
======== ============ ========== ==========
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not covered by auditors' report.
(b) Subsidiary was dissolved on November 21, 2000 and transferred to
HEC Inc.
HEC INC. AND SUBSIDIARIES
Consolidating Statement of
Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
HEC/
Reeds Tobyhanna
Ferry Energy
Supply Project,
Co., Inc. Inc. Eliminations Consolidated
-------- --------- ------------ ------------
Balance at beginning of period $ (8) $ 0 $(178) $(132)
Addition: Net income/(loss) (20) 183 (150) 713
-------- --------- ------------ ------------
(28) 183 (328) 581
-------- --------- ------------ ------------
Deductions:
Close out of retained earnings
due to transferring
subsidiary to HEC Inc. 0 0 (336) 0
Allocation of benefits-ESOP 0 0 3 6
-------- --------- ------------ ------------
Total deductions 0 0 (333) 6
-------- --------- ------------ ------------
Balance at end of period $(28) $183 $ 5 $ 575
======== ========= ============ ============
HEC INC. AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
HEC/
Reeds Tobyhanna
Ferry Energy
Supply Project,
Co., Inc. Inc. Eliminations Consolidated
-------- --------- ------------ ------------
Balance at beginning of period $3 $0 $ 9,020 $19,000
Capital contributions from:
NU Enterprises, Inc. 0 0 0 5,900
HEC Inc. 0 0 5,900 0
-------- --------- ------------ ------------
Balance at end of period $3 $0 $14,920 $24,900
======== ========= ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not covered by auditors' report.
(b) Subsidiary was dissolved on November 21, 2000 and transferred to
HEC Inc.
HEC INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Select Southwest
Energy HEC Energy
Contracting Services
HEC Inc. Inc. L.L.C.
--------- ---------- ----------
Operating Activities:
Income/(loss) after interest charges $ 713 $ (218) $ (88)
Adjustments to reconcile to net cash
used in by operating activities:
Depreciation 187 1,392 16
Deferred income taxes and investment tax credits, net (209) 0 0
Allocation of ESOP benefits (6) (3) 0
Other (uses)/sources of cash (14,423) (6,980) 444
Changes in working capital:
Receivables and accrued utility revenues (5,807) (8,757) 380
Fuel, materials and supplies 0 (306) 0
Accounts payable (1,288) 10,148 (648)
Accrued taxes (450) 307 0
Other working capital (excludes cash) 8,699 (126) (155)
--------- ---------- ----------
Net cash flows used in operating activities (12,584) (4,543) (51)
--------- ---------- ----------
Investing Activities:
Investment in plant:
Electric utility plant 0 (688) 0
--------- ---------- ----------
Net cash flows used for investments in plant 0 (688) 0
Investment in subsidiaries (5,835) 0 0
Capital contributions 5,900 5,900 0
--------- ---------- ----------
Net cash flows provided by investing activities 65 5,212 0
--------- ---------- ----------
Financing Activities:
Issuance of long term debt 0 0 0
Net increase in short-term debt 11,800 1 0
Reacquisitions and retirements
of long term debt 0 0 (725)
--------- ---------- ----------
Net cash flows provided by/(used in) financing activities 11,800 1 (725)
--------- ---------- ----------
Net (decrease)/increase in cash for the period (719) 670 (776)
Cash - beginning of period 1,737 1,014 776
--------- ---------- ----------
Cash - end of period $ 1,018 $ 1,684 $ 0
========= ========== ==========
Supplemental Cash Flow Information:
Cash (refunded)/paid during the year for:
Interest, net of amounts capitalized $ (407) $ 0 $ 0
========= ========== ==========
Income taxes $ 1,235 $ 6 $ 0
========= ========== ==========
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
HEC INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
HEC/
HEC Energy Reeds Tobyhanna
Consulting Ferry Energy
Canada, Supply Project,
Inc. Co. Inc. Inc.
----------- --------- ----------
Operating Activities:
Income/(loss) after interest charges $ (7) $ (20) $ 183
Adjustments to reconcile to net cash
used in by operating activities:
Depreciation 0 20 0
Deferred income taxes and investment tax credits, net 0 0 0
Allocation of ESOP benefits 0 0 0
Other (uses)/sources of cash 0 0 (23,708)
Changes in working capital:
Receivables and accrued utility revenues 0 63 (608)
Fuel, materials and supplies 0 0 0
Accounts payable (46) 0 0
Accrued taxes 0 (63) 0
Other working capital (excludes cash) (1) 0 758
---------- --------- ----------
Net cash flows used in operating activities (54) 0 (23,375)
---------- --------- ----------
Investing Activities:
Investment in plant:
Electric utility plant 0 0 0
---------- --------- ----------
Net cash flows used for investments in plant 0 0 0
Investment in subsidiaries 0 0 0
Capital contributions 0 0 0
---------- --------- ----------
Net cash flows provided by investing activities 0 0 0
---------- --------- ----------
Financing Activities:
Issuance of long term debt 0 0 26,477
Net increase in short-term debt 0 0 0
Reacquisitions and retirements
of long term debt 0 0 0
---------- --------- ----------
Net cash flows provided by/(used in) financing activities 0 0 26,477
---------- --------- ----------
Net (decrease)/increase in cash for the period (54) 0 3,102
Cash - beginning of period 77 7 0
---------- --------- ----------
Cash - end of period $ 23 $ 7 $ 3,102
========== ========= ==========
Supplemental Cash Flow Information:
Cash (refunded)/paid during the year for:
Interest, net of amounts capitalized $ 0 $ 0 $ 0
========== ========= ==========
Income taxes $ 0 $ 0 $ 0
========== ========= ==========
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
HEC INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Eliminations Consolidated
------------- ------------
Operating Activities:
Income/(loss) after interest charges $ (150) $ 713
Adjustments to reconcile to net cash
used in by operating activities:
Depreciation 0 1,614
Deferred income taxes and investment tax credits, net 0 (209)
Allocation of ESOP benefits (3) (6)
Other (uses)/sources of cash 84 (44,750)
Changes in working capital:
Receivables and accrued utility revenues (8,046) (6,683)
Fuel, materials and supplies 0 (306)
Accounts payable 7,804 362
Accrued taxes 244 (450)
Other working capital (excludes cash) 1 9,174
------------- ---------
Net cash flows used in operating activities (66) (40,541)
------------- ---------
Investing Activities:
Investment in plant:
Electric utility plant 0 (688)
------------- ---------
Net cash flows used for investments in plant 0 (688)
Investment in subsidiaries (5,835) 0
Capital contributions 5,900 5,900
------------- ---------
Net cash flows provided by investing activities 65 5,212
------------- ---------
Financing Activities:
Issuance of long term debt 0 26,477
Net increase in short-term debt 1 11,800
Reacquisitions and retirements
of long term debt 0 (725)
------------- ---------
Net cash flows provided by/(used in) financing activities 1 37,552
------------- ---------
Net (decrease)/increase in cash for the period 0 2,223
Cash - beginning of period 0 3,611
------------- ---------
Cash - end of period $ 0 $ 5,834
============= =========
Supplemental Cash Flow Information:
Cash (refunded)/paid during the year for:
Interest, net of amounts capitalized $ 0 $ (406)
============= =========
Income taxes $ 0 $ 1,241
============= =========
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
NU ENTERPRISES, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Northeast
NU Northeast Generation
Enterprises, Generation Services
Inc. Company Company
------------- ----------- ------------
Utility Plant, at cost:
Electric $ 0 $264,855 $ 0
Other 0 0 1,741
------------- ----------- ------------
0 264855 1,741
Less: Accumulated provision for
depreciation 0 147,216 764
------------- ----------- ------------
0 117,639 977
Construction work in progress 0 8,094 (168)
------------- ----------- ------------
Total net utility plant 0 125,733 809
------------- ----------- ------------
Other Property and Investments:
Investments in subsidiary companies,
at equity 579,232 0 0
Other, at cost 10,000 0 0
------------- ----------- ------------
589,232 0 0
------------- ----------- ------------
Current Assets:
Cash 0 37,177 128
Special deposits 0 0 0
Notes receivable form affiliated companies 0 0 0
Receivables, net 0 0 2,040
Accounts receivable from
affiliated companies 0 11,419 9,422
Taxes receivable 41 0 0
Fuel, materials, and supplies, at
average cost 0 1,935 215
Unrealized gains on mark-to-market
transactions 0 0 0
Prepayments and other 0 1,626 666
------------- ----------- ------------
41 52,157 12,471
------------- ----------- ------------
Deferred Charges:
Accumulated deferred income taxes 66 278,320 0
Unamortized debt expense 0 4,828 0
Intangibles 0 0 0
Prepaid pension 0 0 0
Other 0 23 97
------------- ----------- ------------
66 283,171 97
------------- ----------- ------------
Total Assets $589,339 $461,061 $13,377
============= =========== ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
Select
Energy Mode 1
Portland Select Communications,
Pipeline, Inc. Energy, Inc. Inc.
-------------- ------------ ---------------
Utility Plant, at cost:
Electric $ 0 $ 0 $ 906
Other 0 10,643 0
-------------- ------------ ---------------
0 10,643 906
Less: Accumulated provision for
depreciation 0 1,771 25
-------------- ------------ ---------------
0 8,872 881
Construction work in progress 0 241 53
-------------- ------------ ---------------
Total net utility plant 0 9,113 934
-------------- ------------ ---------------
Other Property and Investments:
Investments in subsidiary companies,
at equity 0 0 0
Other, at cost 3,268 0 12,949
-------------- ------------ ---------------
3,268 0 12,949
-------------- ------------ ---------------
Current Assets:
Cash 355 0 61
Special deposits 0 2,538 0
Notes receivable form affiliated companies 0 0 800
Receivables, net 0 116,388 607
Accounts receivable from
affiliated companies 0 126,920 0
Taxes receivable 151 5,409 0
Fuel, materials, and supplies, at
average cost 0 0 0
Unrealized gains on mark-to-market
transactions 0 26,876 0
Prepayments and other 0 32,940 0
-------------- ------------ ---------------
506 311,071 1,468
-------------- ------------ ---------------
Deferred Charges:
Accumulated deferred income taxes 1,613 5,890 0
Unamortized debt expense 0 0 0
Intangibles 0 21,774 0
Prepaid pension 0 1,368 0
Other 0 1,166 33
-------------- ------------ ---------------
1,613 30,198 33
-------------- ------------ ---------------
Total Assets $5,387 $350,382 $15,384
============== ============ ===============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Assets
December 31, 2000
(Thousands of Dollars)
HEC Inc.
(consolidated)
(b) Eliminations Consolidated
--------------- ------------- ------------
Utility Plant, at cost:
Electric $ 0 $ 0 $265,761
Other 29,773 0 42,157
--------------- ------------- ------------
29,773 0 307,918
Less: Accumulated provision for
depreciation 7,063 0 156,838
--------------- ------------- ------------
22,710 0 151,080
Construction work in progress 0 0 8,220
--------------- ------------- ------------
Total net utility plant 22,710 0 159,300
--------------- ------------- ------------
Other Property and Investments:
Investments in subsidiary companies,
at equity 0 579,232 0
Other, at cost 0 0 26,217
--------------- ------------- ------------
0 579,232 26,217
--------------- ------------- ------------
Current Assets:
Cash 5,834 0 43,555
Special deposits 0 0 2,538
Notes receivable form affiliated companies 0 0 800
Receivables, net 15,394 69 134,361
Accounts receivable from
affiliated companies 316 16,288 131,789
Taxes receivable 0 5,601 0
Fuel, materials, and supplies, at
average cost 495 (658) 3,303
Unrealized gains on mark-to-market
transactions 0 0 26,876
Prepayments and other 629 27,399 8,462
--------------- ------------- ------------
22,668 48,699 351,684
--------------- ------------- ------------
Deferred Charges:
Accumulated deferred income taxes 0 3,244 282,645
Unamortized debt expense 0 0 4,828
Intangibles 0 0 21,774
Prepaid pension 0 0 1,368
Other 43,318 (10,215) 54,850
--------------- ------------- ------------
43,318 (6,971) 365,465
--------------- ------------- ------------
Total Assets $88,696 $620,960 $902,666
=============== ============= ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Northeast
NU Northeast Generation
Enterprises, Generation Services
Inc. Company Company
------------- ----------- ------------
Common stockholder's equity:
Common stock $ 0 $ 0 $ 0
Capital surplus, paid in 600,645 24,375 2,010
Retained earnings (40,183) 23,260 (1,360)
------------- ----------- ------------
Total common stockholder's equity 560,462 47,635 650
Long-term debt 28,800 0 0
------------- ----------- ------------
Total capitalization 589,262 47,635 650
------------- ----------- ------------
Current Liabilities:
Notes payable to banks 0 402,377 0
Notes payable to affiliated companies 0 0 3,100
Advance from parent, non-interest bearing 0 0 0
Accounts payable 59 1,771 2,742
Accounts payable to affiliated companies 18 732 4,997
Accrued taxes 0 5,840 1,795
Accrued interest 0 1,893 0
Other 0 813 60
------------- ----------- ------------
77 413,426 12,694
------------- ----------- ------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 0 0 0
Other 0 0 33
------------- ----------- ------------
0 0 33
------------- ----------- ------------
Total Capitalization and Liabilities $589,339 $461,061 $13,377
============= =========== ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
Select
Energy Mode 1
Portland Select Communications,
Pipeline, Inc. Energy, Inc. Inc.
-------------- ------------ ---------------
Common stockholder's equity:
Common stock $ 0 $ 0 $ 0
Capital surplus, paid in 9,257 90,151 14,357
Retained earnings (3,871) (74,678) (4,278)
-------------- ------------ ---------------
Total common stockholder's equity 5,386 15,473 10,079
Long-term debt 0 0 0
-------------- ------------ ---------------
Total capitalization 5,386 15,473 10,079
-------------- ------------ ---------------
Current Liabilities:
Notes payable to banks 0 0 0
Notes payable to affiliated companies 0 84,700 0
Advance from parent, non-interest bearing 0 29,400 0
Accounts payable 0 123,053 0
Accounts payable to affiliated companies 1 54,750 102
Accrued taxes 0 1,706 17
Accrued interest 0 642 0
Other 0 23,463 1
-------------- ------------ ---------------
1 317,714 120
-------------- ------------ ---------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 0 0 2,914
Other 0 17,195 2,271
-------------- ------------ ---------------
0 17,195 5,185
-------------- ------------ ---------------
Total Capitalization and Liabilities $5,387 $350,382 $15,384
============== ============ ===============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC.
AND SUBSIDIARIES
Consolidating Balance Sheet (a)
Capitalization and Liabilities
December 31, 2000
(Thousands of Dollars)
HEC Inc.
(consolidated)
(b) Eliminations Consolidated
--------------- ------------- ------------
Common stockholder's equity:
Common stock $ 0 $ 1 $ 0
Capital surplus, paid in 24,900 610,184 155,510
Retained earnings 575 (60,353) (40,183)
--------------- ------------- ------------
Total common stockholder's equity 25,475 549,832 115,327
Long-term debt 26,477 0 55,277
--------------- ------------- ------------
Total capitalization 51,952 549,832 170,604
--------------- ------------- ------------
Current Liabilities:
Notes payable to banks 0 0 402,377
Notes payable to affiliated companies 15,300 0 103,100
Advance from parent, non-interest bearing 0 29,400 0
Accounts payable 6,219 0 133,843
Accounts payable to affiliated companies 652 16,288 44,965
Accrued taxes 0 5,670 3,688
Accrued interest 757 0 3,292
Other 13,486 16,622 21,201
--------------- ------------- ------------
36,414 67,980 712,466
--------------- ------------- ------------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 330 3,245 0
Other 0 (97) 19,596
--------------- ------------- ------------
330 3,148 19,596
--------------- ------------- ------------
Total Capitalization and Liabilities $88,696 $620,960 $902,666
=============== ============= ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of Income(a)
Year Ended December 31, 2000
(Thousands of Dollars)
Northeast
NU Northeast Generation
Enterprises, Generation Service,
Inc. Company Company
------------ ---------- ----------
Operating Revenues $ 0 $108,473 $44,395
------------ ---------- ----------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 0 0 1,760
Other 322 11,855 29,518
Maintenance 0 9,092 12,839
Depreciation 0 2,417 79
Federal and state income taxes (129) 17,522 (139)
Taxes other than income taxes 0 5,690 321
------------ ---------- ----------
Total operating expenses 193 46,576 44,378
------------ ---------- ----------
Operating (Loss)/Income (193) 61,897 17
------------ ---------- ----------
Other Income/(Loss):
Equity in earnings of subsidiaries 7,263 0 0
Other, net 4 1,061 (44)
------------ ---------- ----------
Other income/(loss), net 7,267 1,061 (44)
------------ ---------- ----------
Income/(Loss) before interest charges 7,074 62,958 (27)
------------ ---------- ----------
Interest Charges
borrowed funds 9 36,542 205
------------ ---------- ----------
Net Income/(Loss) $7,065 $ 26,416 $ (232)
============ ========== ==========
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial
statements.
(a) Not covered by auditors' report.
(b) See supporting statments.
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of Income(a)
Year Ended December 31, 2000
(Thousands of Dollars)
Select Energy
Portland MODE 1
Pipeline, Select Communications,
Inc. Energy, Inc. Inc.
------------- ------------ ---------------
Operating Revenues $ 0 $1,786,514 $ 194
------------- ------------ ---------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 0 1,767,810 0
Other 7 37,080 102
Maintenance 0 (24) 0
Depreciation 0 2,480 21
Federal and state income taxes (2,469) (16,411) 2,919
Taxes other than income taxes 0 4,373 0
------------- ------------ ---------------
Total operating expenses (2,462) 1,795,308 3,042
------------- ------------ ---------------
Operating (Loss)/Income 2,462 (8,794) (2,848)
------------- ------------ ---------------
Other Income/(Loss):
Equity in earnings of subsidiaries 0 0 0
Other, net (6,285) 486 6,601
------------- ------------ ---------------
Other income/(loss), net (6,285) 486 6,601
------------- ------------ ---------------
Income/(Loss) before interest charges (3,823) (8,308) 3,753
------------- ------------ ---------------
Interest Charges
borrowed funds 35 11,219 2
------------- ------------ ---------------
Net Income/(Loss) $(3,858) $ (19,527) $3,751
============= ============ ===============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of Income(a)
Year Ended December 31, 2000
(Thousands of Dollars)
HEC Inc.
Consolidated
(b) Eliminations Consolidated
------------ ------------ ------------
Operating Revenues $82,583 $122,471 $1,899,688
------------ ------------ ------------
Operating Expenses:
Operation-
Fuel, purchased and net
interchange power 0 108,294 1,661,276
Other 77,464 5,089 151,260
Maintenance 461 9,088 13,280
Depreciation 1,614 713 5,898
Federal and state income taxes 1,010 0 2,303
Taxes other than income taxes 942 0 11,327
------------ ------------ ------------
Total operating expenses 81,491 123,184 1,845,344
------------ ------------ ------------
Operating (Loss)/Income 1,092 (713) 54,344
------------ ------------ ------------
Other Income/(Loss):
Equity in earnings of subsidiaries 0 7,263 0
Other, net 1,395 713 2,506
------------ ------------ ------------
Other income/(loss), net 1,395 7,976 2,506
------------ ------------ ------------
Income/(Loss) before interest charges 2,487 7,263 56,850
------------ ------------ ------------
Interest Charges
borrowed funds 1,774 0 49,785
------------ ------------ ------------
Net Income/(Loss) $ 713 $ 7,263 $ 7,065
============ ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Northeast
NU Northeast Generation
Enterprises, Generation Service,
Inc. Company Company
------------ ----------- ------------
Balance at beginning of period $(47,223) $(3,156) $(1,124)
Additions: Net income/(loss) 7,065 26,416 (232)
------------ ----------- ------------
(40,158) 23,260 (1,356)
------------ ----------- ------------
Deductions:
Allocation of benefits-ESOP 25 0 4
------------ ----------- ------------
Total deductions 25 0 4
------------ ----------- ------------
Balance at end of period $(40,183) $23,260 $(1,360)
============ =========== ============
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Northeast
NU Northeast Generation
Enterprises, Generation Service,
Inc. Company Company
------------ ----------- ------------
Balance at beginning of period $121,745 $ 6,510 $2,010
Capital contribution from Northeast Utilities 478,900 0 0
Capital Contribution from NU Enterprises, Inc. 0 463,000 0
Excess paid over carrying value of
assets transferred 0 (445,135) 0
------------ ----------- ------------
Balance at end of period $600,645 $ 24,375 $2,010
============ =========== ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Select Energy
Portland MODE 1
Pipeline, Select Communication
Inc. Energy, Inc. Inc.
------------ ------------ ------------
Balance at beginning of period $ (13) $(55,136) $(8,029)
Additions: Net income/(loss) (3,858) (19,527) 3,751
------------ ------------ ------------
(3,871) (74,663) (4,278)
------------ ------------ ------------
Deductions:
Allocation of benefits-ESOP 0 15 0
------------ ------------ ------------
Total deductions 0 15 0
------------ ------------ ------------
Balance at end of period $(3,871) $(74,678) $(4,278)
============ ============ ============
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Select Energy
Portland MODE 1
Pipeline, Select Communication
Inc. Energy, Inc. Inc.
------------ ------------ ------------
Balance at beginning of period $9,257 $90,151 $14,357
Capital contribution from Northeast Utilities 0 0 0
Capital Contribution from NU Enterprises, Inc. 0 0 0
Excess paid over carrying value of
assets transferred 0 0 0
------------ ------------ ------------
Balance at end of period $9,257 $90,151 $14,357
============ ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of Retained Earnings (a)
Year Ended December 31, 2000
(Thousands of Dollars)
HEC Inc.
(consolidated)
(b) Eliminations Consolidated
-------------- ------------ ------------
Balance at beginning of period $(132) $(67,591) $(47,223)
Additions: Net income/(loss) 713 7,263 7,065
-------------- ------------ ------------
581 (60,328) (40,158)
-------------- ------------ ------------
Deductions:
Allocation of benefits-ESOP 6 25 25
-------------- ------------ ------------
Total deductions 6 25 25
-------------- ------------ ------------
Balance at end of period $ 575 $(60,353) $(40,183)
============== ============ ============
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of
Capital Surplus, Paid In (a)
Year Ended December 31, 2000
(Thousands of Dollars)
HEC Inc.
Consolidated
(b) Eliminations Consolidated
-------------- ------------ ------------
Balance at beginning of period $19,000 $141,284 $121,745
Capital contribution from Northeast Utilities 0 0 478,900
Capital Contribution from NU Enterprises, Inc. 5,900 468,900 0
Excess paid over carrying value of
assets transferred 0 0 (445,135)
-------------- ------------ ------------
Balance at end of period $24,900 $610,184 $155,510
============== ============ ============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Northeast
NU Northeast Generation
Enterprises, Generation Services
Inc. Company Company
---------- ---------- ----------
Operating Activities:
Income/(loss) after interest charges $ 7,065 $ 26,416 $ (232)
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 0 2,417 79
Deferred income taxes and investment tax credits, net (66) 19,245 0
Allocation of ESOP benefits (25) 0 (4)
Net other sources/(uses) of cash 0 1,533 (884)
Changes in working capital:
Accounts receivable 0 (11,419) (8,946)
Fuel, materials and supplies 0 (62) (215)
Accounts payable 48 (780) 6,003
Accrued taxes 0 5,840 1,795
Other working capital (excludes cash) 56 (202) 247
---------- ---------- ----------
Net cash flows provided by/(used in) operating activities 7,078 42,988 (2,157)
---------- ---------- ----------
Investing Activities:
Investment in plant:
Electric and other utility plant 0 (1,394) 0
---------- ---------- ----------
Net cash flows used for investments in plant 0 (1,394) 0
Investment in NU system Money Pool 100 0 0
Other investments (486,138) 0 0
Capital contributions 478,900 463,000 0
Net cash payment for transfer of assets 0 (869,794) 0
---------- ---------- ----------
Net cash flows (used in)/provided by investing activities (7,138) (408,188) 0
---------- ---------- ----------
Financing Activities:
Issuance of long-term debt 0 0 0
Net increase in short-term debt 0 402,377 2,200
Reacquisitions and retirements of long-term debt 0 0 0
---------- ---------- ----------
Net cash flows provided by financing activities 0 402,377 2,200
---------- ---------- ----------
Net (decrease)/increase in cash for the period (60) 37,177 43
Cash - beginning of period 60 0 85
---------- ---------- ----------
Cash - end of period $ 0 $ 37,177 $ 128
========== ========== ==========
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 7 $ 29,287 $ 134
========== ========== ==========
Income taxes $ (119) $ (7,725) $ (1,147)
========== ========== ==========
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
Select
Energy
Portland MODE 1
Pipeline, Select Communications,
Inc. Energy, Inc. Inc.
---------- ------------- --------------
Operating Activities:
Income/(loss) after interest charges $ (3,858) $ (19,527) $ 3,751
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 0 2,480 21
Deferred income taxes and investment tax credits, net (1,998) (3,541) 2,732
Allocation of ESOP benefits 0 (15) 0
Net other sources/(uses) of cash 0 (2,526) 323
Changes in working capital:
Accounts receivable 0 (144,091) (596)
Fuel, materials and supplies 0 0 0
Accounts payable (317) 84,011 (854)
Accrued taxes 0 1,416 (779)
Other working capital (excludes cash) 243 11,749 0
---------- ------------- --------------
Net cash flows provided by/(used in) operating activities (5,930) (70,044) 4,598
---------- ------------- --------------
Investing Activities:
Investment in plant:
Electric and other utility plant 0 (3,976) (317)
---------- ------------- --------------
Net cash flows used for investments in plant 0 (3,976) (317)
Investment in NU system Money Pool 0 18,900 2,200
Other investments 6,285 0 (6,511)
Capital contributions 0 0 0
Net cash payment for transfer of assets 0 0 0
---------- ------------- --------------
Net cash flows (used in)/provided by investing activities 6,285 14,924 (4,628)
---------- ------------- --------------
Financing Activities:
Issuance of long-term debt 0 0 0
Net increase in short-term debt 0 54,700 0
Reacquisitions and retirements of long-term debt 0 0 0
---------- ------------- --------------
Net cash flows provided by financing activities 0 54,700 0
---------- ------------- --------------
Net (decrease)/increase in cash for the period 355 (420) (30)
Cash - beginning of period 0 420 91
---------- ------------- --------------
Cash - end of period $ 355 $ 0 $ 61
========== ============= ==============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 0 $ 5,521 $ 0
========== ============= ==============
Income taxes $ (713) $ (30,112) $ 967
========== ============= ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NU ENTERPRISES, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows (a)
Year Ended December 31, 2000
(Thousands of Dollars)
HEC Inc.
(consolidated)
(b) Eliminations Consolidated
------------- ------------ --------------
Operating Activities:
Income/(loss) after interest charges $ 713 $ 7,263 $ 7,065
Adjustments to reconcile to net cash
provided by/(used in) operating activities:
Depreciation 1,614 713 5,898
Deferred income taxes and investment tax credits, net (209) 0 16,162
Allocation of ESOP benefits (6) (25) (25)
Net other sources/(uses) of cash (44,750) (6,634) (39,668)
Changes in working capital:
Accounts receivable (6,683) (15,545) (156,191)
Fuel, materials and supplies (306) (819) 236
Accounts payable 362 15,479 72,994
Accrued taxes (450) 5,668 2,154
Other working capital (excludes cash) 9,174 1,138 20,129
------------- ------------ --------------
Net cash flows provided by/(used in) operating activities (40,541) 7,238 (71,246)
------------- ------------ --------------
Investing Activities:
Investment in plant:
Electric and other utility plant (688) 0 (6,375)
------------- ------------ --------------
Net cash flows used for investments in plant (688) 0 (6,375)
Investment in NU system Money Pool 0 0 21,200
Other investments 0 (476,138) (10,226)
Capital contributions 5,900 468,900 478,900
Net cash payment for transfer of assets 0 0 (869,794)
------------- ------------ --------------
Net cash flows (used in)/provided by investing activities 5,212 (7,238) (386,295)
------------- ------------ --------------
Financing Activities:
Issuance of long-term debt 26,477 0 26,477
Net increase in short-term debt 11,800 0 471,077
Reacquisitions and retirements of long-term debt (725) 0 (725)
------------- ------------ --------------
Net cash flows provided by financing activities 37,552 0 496,829
------------- ------------ --------------
Net (decrease)/increase in cash for the period 2,223 0 39,288
Cash - beginning of period 3,611 0 4,267
------------- ------------ --------------
Cash - end of period $ 5,834 $ 0 $ 43,555
============= ============ ==============
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ (406) $ 0 $ 34,543
============= ============ ==============
Income taxes $ 1,241 $ 0 $ (37,607)
============= ============ ==============
Note: Individual columns may not add to Consolidated due to rounding.
The accompanying notes are an integral part of these financial statements.
(a) Not covered by auditors' report.
(b) See supporting statements.
NOTES TO FINANCIAL STATEMENTS
NU Reference is made to "Notes to Consolidated Financial Statements"
contained on pages 32 through 64 in NU's 2000 Annual Report to
Shareholders, which information is incorporated herein by reference.
CL&P Reference is made to "Notes to Consolidated Financial Statements"
contained on pages 18 through 40 in CL&P's 2000 Annual Report, which
information is incorporated herein by reference.
PSNH Reference is made to "Notes to Financial Statements" contained on
pages 16 through 37 in PSNH's 2000 Annual Report, which information
is incorporated herein by reference.
WMECO Reference is made to "Notes to Consolidated Financial Statements"
contained on pages 16 through 36 in WMECO's 2000 Annual Report, which
information is incorporated herein by reference.
NAEC Reference is made to "Notes to Financial Statements" contained on
pages 14 through 26 in NAEC's 2000 Annual Report, which information
is incorporated herein by reference.
EXHIBITS
The following exhibits are incorporated by reference to the indicated SEC file
number, unless a single asterisk appears next to the exhibit reference. A
single asterisk indicates exhibits which are filed herewith. A # further
indicates that the exhibit is filed under cover of Form SE.
EXHIBIT
NUMBER DESCRIPTION
A. ANNUAL REPORTS
A.1 Annual Reports filed under the Securities Exchange Act of 1934
A.1.1 2000 Annual Report on Form 10-K for NU. (File No.
1-5324)
A.1.2 2000 Annual Report on Form 10-K for CL&P. (File No.
0-11419)
A.1.3 2000 Annual Report on Form 10-K for PSNH. (File No.
1-6392)
A.1.4 2000 Annual Report on Form 10-K for WMECO. (File
No. 0-7624)
A.1.5 2000 Annual Report on Form 10-K for NAEC. (File No.
33-43508)
A.2 Annual Reports and Reports to the FERC on Form 1
A.2.1 1999 Annual Report to Shareholders of Maine Yankee
Atomic Power Company. (Exhibit A.1, 1999 National Grid
USA U5S, File No. 30-33)
A.2.2 1999 Annual Report to Shareholders of Vermont Yankee
Nuclear Power Corporation. (Exhibit A.2, 1999 National
Grid USA U5S, File No. 30-33)
A.2.3 1999 FERC Form 1 of Vermont Yankee Nuclear Power
Corporation. (Exhibit 6.a, 1999 National Grid USA U5S,
File No. 30-33)
A.2.4 1999 Annual Report to Shareholders of New England Hydro-
Transmission Electric Company, Inc. (Exhibit A.2.5,
1999 NU Form U5S, File No. 30-246)
A.2.5 1999 Annual Report to Shareholders of New England Hydro-
Transmission Corporation. (Exhibit A.2.6, 1999 NU
Form U5S, File No. 30-246)
B. CHARTERS, ARTICLES OF INCORPORATION, TRUST AGREEMENTS, BY-LAWS, AND
OTHER FUNDAMENTAL DOCUMENTS OF ORGANIZATION
B.1 Northeast Utilities
B.1.1 Declaration of Trust of NU, as amended through May 24,
1988. (Exhibit 3.1.1, 1988 NU Form 10-K, File No.
1-5324)
B.2 The Connecticut Light and Power Company
B.2.1 Certificate of Incorporation of CL&P, restated to
March 22, 1994. (Exhibit 3.2.1, 1993 NU Form 10-K,
File No. 1-5324)
B.2.2 Certificate of Amendment to Certificate of Incorporation
of CL&P, dated December 26, 1996. (Exhibit 3.2.2, 1996
NU Form 10-K, File No. 1-5324)
B.2.3 Certificate of Amendment to Certificate of Incorporation
of CL&P, dated April 27, 1998. (Exhibit 3.2.3, 1998 NU
Form 10-K, File No. 1-5324)
B.2.4 By-Laws of CL&P, as amended to January 1, 1997.
(Exhibit 3.2.3, 1996 NU Form 10-K, File No. 1-5324)
B.3 Public Service Company of New Hampshire
B.3.1 Articles of Incorporation, as amended to May 16, 1991.
(Exhibit B.3.1, 1997 NU Form U53, File No. 30-246)
B.3.2 By-Laws of PSNH, as amended to November 1, 1993.
(Exhibit 3.3.2, 1993 NU Form 10-K, File No. 1-5324)
B.4 Western Massachusetts Electric Company
B.4.1 Articles of Organization of WMECO, restated to
February 23, 1995. (Exhibit 3.4.1, 1994 NU Form 10-K,
File No. 1-5324)
B.4.2 By-Laws of WMECO, as amended to April 1, 1999.
(Exhibit 3.1, 1999 NU Form 10-Q, File No. 1-5324)
B.4.3 By-Laws of WMECO, as further amended to May 1, 2000.
(Exhibit 3.1, 2000 NU Form 10-Q for the Quarter Ended
June 30, 2000, File No. 1-5324)
B.5 North Atlantic Energy Corporation
B.5.1 Articles of Incorporation of NAEC dated September 20,
1991. (Exhibit 3.5.1, 1993 NU Form 10-K, File No.
1-5324)
B.5.2 Articles of Amendment dated October 16, 1991, and
June 2, 1992, to Articles of Incorporation of NAEC.
(Exhibit 3.5.2, 1993 NU Form 10-K, File No. 1-5324)
B.5.3 By-Laws of NAEC, as amended to November 8, 1993.
(Exhibit 3.5.3, 1993 NU Form 10-K, File No. 1-5324)
B.5.4 By-Laws of NAEC, as amended to June 1, 2000. (Exhibit
3.1, 2000 NU Form 10-Q for the Quarter Ended
September 30, 2000, File No. 1-5324)
B.6 The Quinnehtuk Company
B.6.1 Articles of Organization of The Quinnehtuk Company dated
December 14, 1928, and Articles of Amendment dated
December 18, 1930. (Exhibit B.6.1, 1997 NU Form U5S,
File No. 30-246)
B.6.2 Amendment to Certificate of Incorporation of The
Quinnehtuk Company dated June 10, 1975. (Exhibit B.6.2,
1993 NU Form U5S, File No. 30-246)
B.6.3 By-Laws of The Quinnehtuk Company as amended to
February 11, 1998. (Exhibit B.6.3, 1997 NU Form U5S,
File No. 30-246)
B.7 The Rocky River Realty Company
B.7.1 Certificate of Incorporation, as amended, of The Rocky
River Realty Company. (Exhibit 1.9, 1977 NU Form U5S,
File No. 30-246)
B.7.2 Certificate of Amendment to Certificate of Incorporation
of The Rocky River Realty Company, dated December 26,
1996. (Exhibit B.7.2, 1996 NU Form U5S, File No.
30-246)
B.7.3 Certificate of Amendment to Certificate of Incorporation
of the Rocky River Realty Company, dated April 27, 1998.
(Exhibit B.7.3, 1997 NU Form U5S, File No. 30-246)
B.7.4 By-Laws of The Rocky River Realty Company, as amended to
February 11, 1998. (Exhibit B.7.4, 1997 NU Form U5S,
File No. 30-246)
B.8 Electric Power, Incorporated
B.8.1 Charter of Electric Power, Incorporated dated January 1,
1955. (Exhibit B.9, 1983 NU Form U5S, File No. 30-246)
B.8.2 Amendment to Charter of Electric Power, Incorporated
(Special Act No. 133, Volume XXXI, page 103, approved
June 11, 1963). (Exhibit B.9.1, 1983 NU Form U5S, File
No. 30-246)
B.8.3 Certificate of Amendment to Certificate of Incorporation
of Electric Power, Incorporated, dated December 26,
1996. (Exhibit B.10.3, 1996 NU Form U5S, File No.
30-246)
B.8.4 By-Laws of Electric Power, Incorporated as amended to
February 15, 1952. (Exhibit B.9.2, 1983 NU Form U5S,
File No. 30-246)
B.9 The Nutmeg Power Company
B.9.1 Certificate of Organization of The Nutmeg Power Company
dated July 19, 1954. (Exhibit B.11, 1983 NU Form U5S,
File No. 30-246)
B.9.2 Certificate of Amendment to the Certificate of
Incorporation of The Nutmeg Power Company, dated
December 26, 1996. (Exhibit B.11.2, 1996 NU Form U5S,
File No. 30-246)
B.9.3 By-Laws of The Nutmeg Power Company as amended to
January 1, 1997. (Exhibit B.11.3, 1996 NU Form U5S,
File No. 30-246)
B.10 The Connecticut Steam Company
B.10.1 Certificate of Incorporation of The Connecticut Steam
Company dated May 13, 1965, including Special Act No.
325, an Act Incorporating The Connecticut Steam Company
(Special Acts 1963, Senate Bill No. 704, approved
June 24, 1963). (Exhibit B.12, 1983 NU Form U5S,
File No. 30-246)
B.10.2 Certificate of Amendment to Certificate of Incorporation
of The Connecticut Steam Company, dated December 26,
1996. (Exhibit B.12.2, 1996 NU Form U5S, File No.
30-246)
B.10.3 By-Laws of The Connecticut Steam Company, as amended to
January 1, 1997. (Exhibit B.12.3, 1996 NU Form U5S,
File No. 30-246)
B.11 Holyoke Water Power Company
B.11.1 Charter of Holyoke Water Power Company, as amended.
(Exhibit 1.8, 1977 NU Form U5S, File No. 30-246)
B.11.2 By-Laws of Holyoke Water Power Company, as amended
to February 11, 1998. (Exhibit B.14.2, NU Form U5S,
File No. 30-246)
B.12 Holyoke Power and Electric Company
B.12.1 Charter of Holyoke Power and Electric Company dated
December 5, 1925. (Exhibit B.15, 1983 NU Form U5S,
File No. 30-246)
B.12.2 Chapter 147 of the Massachusetts Acts of 1926 amending
the Charter of Holyoke Power and Electric Company, as
recorded with the Office of the Secretary of the
Commonwealth on March 29, 1926. (Exhibit B.15.1, 1983
NU Form U5S, File No. 30-246)
B.12.3 By-laws of Holyoke Power and Electric Company, as
amended to February 11, 1998. (Exhibit B.15.3, 1997
NU U5S, File No. 30-246)
B.13 Northeast Utilities Service Company
B.13.1 Charter of Northeast Utilities Service Company, as
amended to February 20, 1974. (Exhibit B.16, 1983 NU
Form U5S, File No. 30-246)
B.13.2 Certificate of Amendment to Certificate of Incorporation
of Northeast Utilities Service Company, dated
December 26, 1996. (Exhibit B.16.2, 1996 NU Form U5S,
File No. 30-246)
B.13.3 Certificate of Amendment to Certificate of Incorporation
of Northeast Utilities Service Company, dated April 27,
1998. (Exhibit B.16.3, 1997 NU Form U5S, File No.
30-246)
B.13.4 By-Laws of Northeast Utilities Service Company as
amended to January 1, 1997. (Exhibit B.16.3, 1996 NU
Form U5S, File No. 30-246)
B.14 Northeast Nuclear Energy Company
B.14.1 Charter of Northeast Nuclear Energy Company as amended
to April 24, 1974. (Exhibit B.17, 1983 NU Form U5S,
File No. 30-246)
B.14.2 Certificate of Amendment to Certificate of Incorporation
of Northeast Nuclear Energy Company, dated December 26,
1996. (Exhibit B.17.2, 1996 NU Form U5S, File No.
30-246)
B.14.3 Certificate of Amendment to Certificate of Incorporation
of Northeast Nuclear Energy Company, dated April 27,
1998. (Exhibit B.17.3, 1997 NU Form U5S, File No.
30-246)
B.14.4 By-Laws of Northeast Nuclear Energy Company, as amended
to February 11, 1998. (Exhibit B.17.4, 1997 NU Form
U5S, File No. 30-246)
* B.14.5 By-Laws of Northeast Nuclear Energy Company, as amended
to June 1, 2000.
B.15 NU Enterprises, Inc.
B.15.1 Certificate of Incorporation of NU Enterprises, Inc.
dated December 28, 1998. (Exhibit B.15.1, 1999 NU Form
U5S, File No. 30-246)
B.15.2 By-Laws of NU Enterprises, Inc. dated January 4, 1999.
(Exhibit B.15.2, 1999 NU Form U5S, File No. 30-246)
* B.16.3 By-Laws of NU Enterprises, Inc., as amended to
June 1, 2000.
B.16 HEC, Inc.
B.16.1 Articles of Organization of HEC Inc. dated June 19,
1990. (Exhibit B.19, 1990 NU Form U5S, File No. 30-246)
B.16.2 By-Laws of HEC Inc., as amended, June 30, 1999.
(Exhibit B.16.2, 1999 NU Form U5S, File No. 30-246)
B.17 Select Energy Contracting, Inc. F/K/A HEC International
Corporation
B.17.1 Articles of Organization of Select Energy Contracting,
Inc. F/K/A HEC International Corporation dated
October 12, 1994. (Exhibit B.19.1, 1994 NU Form U5S,
File No. 30-246)
B.17.2 Amendment to Articles of Organization of Select Energy
Contracting, Inc. F/K/A HEC International Corporation,
dated July 8, 1999 (Exhibit B.17.2, 1999 NU Form U5S,
File No. 30-246)
B.17.3 By-Laws of Select Energy Contracting, Inc. F/K/A HEC
International Corporation dated June 30, 1999. (Exhibit
B.17.3, 1999 NU Form U5S, File No. 30-246)
B.18 HEC Energy Consulting Canada Inc.
B.18.1 Articles of Incorporation of HEC Energy Consulting
Canada Inc. dated October 24, 1994. (Exhibit B.20.1,
1994 NU Form U5S, File No. 30-246)
B.18.2 By-Laws of HEC Energy Consulting Canada Inc. dated
October 24, 1994. (Exhibit B.20.2, 1994 NU Form U5S,
File No. 30-246)
B.19 HEC/Tobyhanna Energy Project, Inc.
B.19.1 Articles of Organization of HEC/Tobyhanna Energy
Project, Inc. dated September 28, 1999. (Exhibit B.19.1,
1999 NU Form U5S, File No. 30-246)
B.19.2 By-Laws of HEC/Tobyhanna Energy Project, Inc., dated
September 28, 1999. (Exhibit B.19.2, 1999 NU Form U5S,
File No. 30-246)
B.20 Reeds Ferry Supply Co., Inc.
B.20.1 Articles of Agreement of Reeds Ferry Supply Co., Inc.,
dated June 25, 1964. (Exhibit B.20.1, 1999 NU Form U5S,
File No. 30-246)
B.20.2 By-Laws of Reeds Ferry Supply Co., Inc., as Amended and
Restated August 4, 1999. (Exhibit B.20.2, 1999 NU Form
U5S, File No. 30-246)
B.21 North Atlantic Energy Service Corporation
B.21.1 Articles of Incorporation; and Certificate of Amendment
of North Atlantic Energy Service Corporation dated
June 1, 1992. (Exhibit B.21, 1992 NU Form U5S, File
No. 30-246)
B.21.2 By-Laws of North Atlantic Energy Service Corporation,
as amended to November 8, 1993. (Exhibit B.19.2, 1993
NU Form U5S, File No. 30-246)
* B.21.3 By-Laws of North Atlantic Energy Service Corporation, as
amended to June 1, 2000.
B.22 Connecticut Yankee Atomic Power Company
B.22.1 Certificate of Incorporation of Connecticut Yankee
Atomic Power Company and amendments dated to
November 20, 1964. (Exhibit B.20.1, 1993 NU Form U5S,
File No. 30-246)
B.22.2 Certificate of Amendment to Certificate of Incorporation
of Connecticut Yankee Atomic Power Company, dated
December 26, 1996. (Exhibit B.22.2, 1996 NU Form U5S,
File No. 30-246)
B.22.3 Certificate of Amendment to Certificate of Incorporation
of Connecticut Yankee Atomic Power Company, dated
October 15, 1998. (Exhibit B.22.3, 1998 NU U5S, File
No. 30-246)
B.22.4 By-laws of Connecticut Yankee Atomic Power Company, as
amended to March 31, 1999. (Exhibit B.22.4, 1998 NU U5S,
File No. 30-246)
B.23 Properties, Inc.
B.23.1 Articles of Agreement of Properties, Inc. as amended
to June 1, 1983. (Exhibit B.21.1, 1993 NU Form U5S,
File No. 30-246)
B.23.2 By-laws of Properties, Inc., amended and restated as of
February 7, 1996. (Exhibit B.23.2, 1995 NU Form U5S,
File No. 30-246)
B.24 Charter Oak Energy, Inc.
B.24.1 Certificate of Incorporation of Charter Oak Energy,
Inc., dated September 28, 1988. (Exhibit B.16, 1989 NU
Form U5S, File No. 30-246)
B.24.2 Certificate of Amendment to Certificate of Incorporation
of Charter Oak Energy, Inc., dated December 26, 1996.
(Exhibit B.25.2, 1996 NU Form U5S, File No. 30-246)
B.24.3 Certificate of Amendment to Certificate of Incorporation
of Charter Oak Energy Inc., dated April 27, 1998.
(Exhibit B.25.3, 1997 NU Form U5S, File No. 30-246)
B.24.4 By-Laws of Charter Oak Energy, Inc., as amended to
January 1, 1997. (Exhibit B.25.3, 1996 NU Form U5S,
File No. 30-246)
* B.24.5 By-Laws of Charter Oak Energy, Inc., as amended to
June 1, 2000.
B.25 COE Development Corporation
B.25.1 Certificate of Incorporation of COE Development
Corporation dated November 6, 1992. (Exhibit B.26.1,
1993 NU Form U5S, File No. 30-246)
B.25.2 Certificate of Amendment to Certificate of Incorporation
of COE Development Corporation, dated December 26, 1996.
(Exhibit B.26.2, 1996 NU Form U5S, File No. 30-246)
B.25.3 Certificate of Amendment to Certificate of Incorporation
of COE Development Corporation, dated April 27, 1998.
(Exhibit B.27.3, 1997 NU Form U5S File No. 30-246)
B.25.4 By-Laws of COE Development Corporation, as amended to
January 1, 1997. (Exhibit B.26.4, 1996 NU Form U5S,
File No. 30-246)
* B.25.5 By-Laws of COE Development Corporation, as amended to
June 1, 2000.
B.26 COE Argentina II Corp.
B.26.1 Certificate of Incorporation of COE Argentina II Corp.
dated March 14, 1994. (Exhibit B.27.1, 1994 NU Form
U5S, File No. 30-246)
B.26.2 Certificate of Amendment to Certificate of Incorporation
of COE Argentina II Corp., dated December 26, 1996.
(Exhibit B.27.2, 1996 NU Form U5S, File No. 30-246)
B.26.3 Certificate of Amendment to Certificate of Incorporation
of COE Argentina II Corp., dated April 27, 1998.
(Exhibit B.27.3, 1997 NU Form U5S, File No. 30-246)
B.26.4 By-Laws of COE Argentina II Corp., as amended to
January 1, 1997. (Exhibit B.27.4, 1996 NU Form U5S,
File No. 30-246)
* B.26.5 By-Laws of COE Argentina II Corp., as amended to June 1,
2000.
B.27 COE Ave Fenix Corporation
B.27.1 Certificate of Incorporation of COE Ave Fenix
Corporation dated May 19, 1995. (Exhibit B.28.1, 1995 NU
Form U5S, File No. 30-246)
B.27.2 Certificate of Amendment to Certificate of Incorporation
of COE Ave Fenix Corporation, dated December 26, 1996.
(Exhibit B.28.2, 1996 NU Form U5S, File No. 30-246)
B.27.3 Certificate of Amendment to Certificate of Incorporation
of COE Ave Fenix Corporation, dated April 27, 1998.
(Exhibit B.28.3, 1997 NU Form U5S, File No. 30-246)
B.27.4 By-Laws of COE Ave Fenix Corporation, as amended to
January 1, 1997. (Exhibit B.28.4, 1996 NU Form U5S,
File No. 30-246)
* B.27.5 By-Laws of COE Ave Fenix Corporation, as amended to
June 1, 2000.
B.28 New England Hydro-Transmission Corporation
B.28.1 Articles of Incorporation, (Exhibit B.8a, 1986 NEES U5S,
File No. 30-33); Articles of Amendment of New England
Hydro-Transmission Corporation dated January 18, 1989,
(Exhibit B.10a, 1988 NEES U5S, File No. 30-33).
B.28.2 By-Laws of New England Hydro-Transmission Corporation
dated March 17, 1998. (Exhibit B. 16.b, 1998 NEES U5S,
File No. 30-33)
B.29 New England Hydro-Transmission Electric Company
B.29.1 Restated Articles of Organization of New England Hydro-
Transmission Electric Company dated January 13, 1989.
(Exhibit B.11a, 1988 NEES U5S, File No. 30-33)
B.29.2 By-Laws of New England Hydro-Transmission Electric
Company dated March 17, 1998. (Exhibit B.17.b, 1998 NEES
U5S File No. 30-33)
B.30 Amended and Restated Limited Partnership Agreement (CL&P Capital,
L.P.) among CL&P, NUSCO, and the persons who became limited
partners of CL&P Capital, L.P. in accordance with the provisions
thereof dated as of January 23, 1995 (MIPS). (Exhibit A.1, File
No. 70-8451)
B.31 ERI/HEC EFA-Med, LLC
* B.31.1 Certificate of Formation of ERI/HEC EFA-Med, LLC, dated
September 15, 2000.
* B.31.2 Operating Agreement of ERI/HEC EFA-Med, LLC, dated
September 22, 2000.
B.32 Mode 1 Communications, Inc.
B.32.1 Certificate of Incorporation of Mode 1 Communications,
Inc. dated March 26, 1996. (Exhibit B.34.1, 1996 NU
Form U5S, File No. 30-246)
B.32.2 Certificates of Amendment to Certificate of
Incorporation of Mode 1 Communications, Inc., dated
December 26, 1996 and February 4, 1997. (Exhibit
B.34.2, 1996 NU Form U5S, File No. 30-246)
B.32.3 Certificate of Amendment to Certificate of
Incorporation of Mode l Communications, Inc., dated
April 27, 1998. (Exhibit B.34.3, 1997 NU Form U5S,
File No. 30-246)
B.32.4 By-Laws of Mode 1 Communications, Inc., as amended to
January 1, 1997. (Exhibit B.34.4, 1996 NU Form U5S,
File No. 30-246)
B.33 Select Energy, Inc.
B.33.1 Certificate of Incorporation of Select Energy, Inc.
dated September 26, 1996. (Exhibit B.40.1, 1996 NU
Form U5S, File No. 30-246)
B.33.2 Certificates of Amendment to Certificate of
Incorporation of Select Energy, Inc., dated
December 26, 1996 and April 25, 1997. (Exhibit B.40.2,
1996 NU Form U5S, File No. 30-246)
B.33.3 Certificate of Amendment to Certificate of
Incorporation of Select Energy, Inc., dated April 27,
1998. (Exhibit B.40.3, 1997 NU Form U5S, File No.
30-246)
B.33.4 By-Laws of Select Energy, Inc., as amended to May 12,
1997. (Exhibit B.40.4, 1997 NU Form U5S, File No.
30-246)
* B.33.5 By-Laws of Select Energy, Inc., as amended to June 1,
2000.
B.34 Northeast Generation Company
B.34.1 Certificate of Incorporation of Northeast Generation
Company, dated December 28, 1998. (Exhibit B.34.1,
1999 NU Form U5S, File No. 30-246)
B.34.2 By-Laws of Northeast Generation Company, dated
January 4, 1999. (Exhibit B.34.2, 1999 NU Form U5S,
File No. 30-246)
* B.34.3 By-Laws of Northeast Generation Company, as amended
to June 1, 2000.
B.35 Northeast Generation Services Company
B.35.1 Certificate of Incorporation of Northeast Generation
Services Company, dated December 28, 1998. (Exhibit
B.35.1, 1999 NU Form U5S, File No. 30-246)
B.35.2 By-Laws of Northeast Generation Service Company, dated
January 4, 1999. (Exhibit B.35.2, 1999 NU Form U5S,
File No. 30-246)
* B.35.3 By-Laws of Northeast Generation Services Company, as
amended to June 1, 2000.
B.36 Select Energy Portland Pipeline, Inc.
B.36.1 Certificate of Incorporation of Select Energy Portland
Pipeline, Inc., dated March 15, 1999. (Exhibit B.36.1,
1999 NU Form U5S, File No. 30-246)
B.36.2 By-Laws of Select Energy Portland Pipeline, Inc., dated
March 17, 1999. (Exhibit B.36.1, 1999 NU Form U5S, File
No. 30-246)
* B.36.3 By-Laws of Select Energy Portland Pipeline, Inc., as
amended to June 1, 2000.
B.37 CL&P Receivables Corporation
B.37.1 Certificate of Incorporation of CL&P Receivables
Corporation, dated September 5, 1997. (Exhibit B.41.1,
1997 NU Form U5S, File No. 30-246)
B.37.2 By-Laws of CL&P Receivables Corporation, dated
September 12, 1997. (Exhibit B.41.2, 1997 NU Form U5S,
File No. 30-246)
B.38 Yankee Energy System, Inc.
* B.38.1 Certificate of Incorporation of Yankee Energy System,
Inc., F/K/A NU Acquisition Corp., dated February 15,
2000.
* B.38.2 Certificate of Merger of Yankee Energy System, Inc.
with and Into NU Acquisition Corp., dated March 1,
2000.
B.38.2.1 Agreement and Plan of Merger between Yankee
Energy System, Inc. and Northeast
Utilities, dated as of June 14, 1999.
(Exhibit 1 in NU's Current Report on Form
8-K dated June 14, 1999, File No. 1-5324)
* B.38.3 By-Laws of Yankee Energy System, Inc., as amended to
March 1,2000.
B.39 NorConn Properties, Inc.
* B.39.1 Certificate of Incorporation of NorConn Properties,
Inc., dated May 10, 1988.
* B.39.2 By-Laws of NorConn Properties, Inc., as in effect on
March, 1, 2000.
B.40 R. M. Services, Inc.
* B.40.1 Certificate of Incorporation of R. M. Services, Inc.
dated November 17, 1994.
* B.40.2 By-Laws of R. M. Services, Inc., as in effect on
March 1, 2000.
B.41 Yankee Energy Financial Services Company
* B.41.1 Certificate of Incorporation of Yankee Energy Financial
Services Company, dated September 1, 1992.
* B.41.2 By-Laws of Yankee Energy Financial Services Company,
as in effect on March 1, 2000.
B.42 Yankee Energy Services Company
* B.42.1 Certificate of Incorporation of Yankee Energy Services
Company, dated June 30, 1993.
* B.42.2 Certificate of Amendment to Certificate of
Incorporation of Yankee Energy Services Company,
dated January 20, 1995.
* B.42.3 By-Laws of Yankee Energy Services Company, as in
effect on March 1, 2000.
B.43 Yankee Gas Services Company
* B.43.1 Certificate of Incorporation of Yankee Gas Services
Company, F/K/A Mohawk Gas Company, (Special Act No.
218, January 1955 session, approved May 26, 1955).
* B.43.2 Certificate of Amendment to the Certificate of
Incorporation of Yankee Gas Services Company, dated
May 26, 1989.
* B.43.3 Certificate of Amendment to the Certificate of
Incorporation of Yankee Gas Services Company, dated
June 27, 1989.
* B.43.4 By-Laws of Yankee Gas Services Company, as in effect
on March 1, 2000.
B.44 Housatonic Corporation
* B.44.1 Certificate of Incorporation of Housatonic Corporation,
dated October 16, 1987.
* B.44.2 Certificate of Amendment to the Certificate of
Incorporation of Housatonic Corporation, dated
January 10, 1989.
* B.44.3 By-Laws of Housatonic Corporation, as in effect on
March 1, 2000.
B.45 Yankee Energy Marketing Company
* B.45.1 Certificate of Incorporation of Yankee Energy Marketing
Company, dated October 10, 1995.
* B.45.2 By-Laws of Yankee Energy Marketing Company, as in
effect on March 1, 2000.
C.(a) INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING
INDENTURES
C.1 Northeast Utilities
C.1.1 Indenture dated as of December 1, 1991, between
Northeast Utilities and IBJ Schroder Bank & Trust
Company, with respect to the issuance of Debt
Securities. (Exhibit 4.1.1, 1991 NU Form 10-K, File
No. 1-5324)
C.1.2 First Supplemental Indenture, dated as of December 1,
1991, between Northeast Utilities and IBJ Schroder Bank
& Trust Company, with respect to the issuance of
Series A Notes. (Exhibit 4.1.2, 1991 NU Form 10-K,
File No. 1-5324)
C.1.3 Second Supplemental Indenture, dated as of March 1,
1992, between Northeast Utilities and IBJ Schroder
Bank & Trust Company, with respect to the issuance
of Series B Notes. (Exhibit C.1.3, 1991 NU Form U5S,
File No. 30-246)
C.1.4 Credit Agreement among NU, CL&P and WMECO and the
Co-Agents and Banks named therein, dated as of
November 17, 2000, (includes Open End Mortgages).
(Exhibit No. 2 or 35-CERT filed November 27, 2000,
File No. 70-8875)
C.1.5 Term Loan Agreement among NU and the Banks named
therein, dated as of March 1, 2000. (Exhibit 4.1.5,
2000 NU Form 10-K, File No. 1-5324)
C.1.5.1. First Amendment to the Term Loan Agreement
dated as of December 15, 2000. (Exhibit
4.1.5.1, 2000 NU Form 10-K, File No. 1-5324)
C.2 The Connecticut Light and Power Company
C.2.1 Indenture of Mortgage and Deed of Trust between CL&P
and Bankers Trust Company, Trustee, dated as of May 1,
1921. (Composite including all twenty-four amendments
to May 1, 1967.) (Exhibit 4.1.1, 1989 NU Form 10-K,
File No. 1-5324)
Supplemental Indentures to the Composite May 1, 1921
Indenture of Mortgage and Deed of Trust between CL&P
and Bankers Trust Company, dated as of:
C.2.2 December 1, 1969. (Exhibit 4.20, File No. 2-60806)
C.2.3 June 30, 1982. (Exhibit 4.33, File No. 2-79235)
C.2.4 December 1, 1989. (Exhibit 4.1.26, 1989 NU Form 10-K,
File No. 1-5324)
C.2.5 July 1, 1992. (Exhibit 4.31, File No. 33-59430)
C.2.6 July 1, 1993. (Exhibit A.10(b), File No. 70-8249)
C.2.7 July 1, 1993. (Exhibit A.10(b), File No. 70-8249)
C.2.8 December 1, 1993. (Exhibit 4.2.14, 1993 NU Form 10-K,
File No. 1-5324)
C.2.9 February 1, 1994. (Exhibit 4.2.16, 1993 NU Form 10-K,
File No. 1-5324)
C.2.10 June 1, 1994. (Exhibit 4.2.15, 1994 NU Form 10-K,
File No. 1-5324)
C.2.11 October 1, 1994. (Exhibit 4.2.16, 1994 NU Form 10-K,
File No. 1-5324)
C.2.12 June 1, 1996. (Exhibit 4.2.16, 1996 NU Form 10-K,
File No. 1-5324)
C.2.13 January 1, 1997. (Exhibit 4.2.17, 1996 NU Form 10-K,
File No. 1-5324)
C.2.14 May 1, 1997. (Exhibit 4.19, File No. 333-30911)
C.2.15 June 1, 1997. (Exhibit 4.20, File No. 333-30911)
C.2.16 June 1, 1997. (Exhibit 4.2.17, 1997 NU Form 10-K, File
No. 1-5324)
C.2.17 May 1, 1998. (Exhibit 4.2.17, 1998 NU Form 10-K File
No. 1-5324)
C.2.18 May 1, 1998. (Exhibit 4.2.18, 1998 NU Form 10-K, File
No. 1-5324)
C.2.19 Financing Agreement between Industrial Development
Authority of the State of New Hampshire and CL&P
(Pollution Control Bonds, 1986 Series) dated as of
December 1, 1986. (Exhibit C.1.47, 1986 NU Form
U5S, File No. 30-246)
C.2.20 Financing Agreement between Industrial Development
Authority of the State of New Hampshire and CL&P
(Pollution Control Bonds, 1988 Series) dated as of
October 1, 1988. (Exhibit C.1.55, 1988 NU Form U5S,
File No. 30-246)
C.2.21 Financing Agreement between Industrial Development
Authority of the State of New Hampshire and CL&P
(Pollution Control Bonds) dated as of December 1,
1989. (Exhibit C.1.39, 1989 NU Form U5S, File No.
30-246)
C.2.22 Loan and Trust Agreement among Business Finance
Authority of the State of New Hampshire and CL&P
(Pollution Control Bonds, 1992 Series A) dated as of
December 1, 1992. (Exhibit C.2.33, 1992 NU Form U5S,
File No. 30-246)
C.2.23 Loan Agreement between Connecticut Development
Authority and CL&P (Pollution Control Bonds - Series
A, Tax Exempt Refunding) dated as of September 1,
1993. (Exhibit 4.2.21, 1993 NU Form 10-K, File No.
1-5324)
C.2.24 Loan Agreement between Connecticut Development
Authority and CL&P (Pollution Control Bonds - Series
B, Tax Exempt Refunding) dated as of September 1,
1993. (Exhibit 4.2.22, 1993 NU Form 10-K, File No.
1-5324)
C.2.25 Amended and Restated Loan Agreement between Connecticut
Development Authority and CL&P (Pollution Control
Revenue Bond - 1996A Series) dated as of May 1, 1996
and Amended and Restated as of January 1, 1997.
(Exhibit 4.2.24, 1996 NU Form 10-K, File No. 1-5324)
C.2.25.1 Amended and Restated Indenture of Trust
between Connecticut Development Authority and
the Trustee (CL&P Pollution Control Revenue
Bond-1996A Series), dated as of May 1, 1996,
and Amended and Restated as of January 1,
1997. (Exhibit 4.2.24.1, 1996 NU Form 10-K,
File No. 1-5324)
C.2.25.2 Standby Bond Purchase Agreement among CL&P,
Bank of New York as Purchasing Agent and the
Banks named therein, dated October 24, 2000.
(Exhibit 4.2.24.2, 2000 NU Form 10-K, File
No. 1-5324)
C.2.25.3 AMBAC Municipal Bond Insurance Policy issued
by the Connecticut Development Authority
(CL&P Pollution Control Revenue Bond-1996 A
Series), effective January 23, 1997.
(Exhibit 4.2.24.3, 1996 NU Form 10-K, File
No. 1-5324)
C.2.26 Amended and Restated Limited Partnership Agreement
(CL&P Capital, L.P.) among CL&P, NUSCO and the persons
who became limited partners of CL&P Capital, L.P. in
accordance with the provisions thereof dated as of
January 23, 1995 (MIPS). (Exhibit A.1 (Execution
Copy), File No. 70-8451)
C.2.27 Indenture between CL&P and Bankers Trust Company,
Trustee (Series A Subordinated Debentures), dated as
of January 1, 1995 (MIPS). (Exhibit B.1 (Execution
Copy), File No. 70-8451)
C.2.28 Payment and Guaranty Agreement of CL&P dated as of
January 23, 1995 (MIPS). (Exhibit B.3 (Execution
Copy), File No. 70-8451)
C.3 Public Service Company of New Hampshire
C.3.1 First Mortgage Indenture dated as of August 15, 1978,
between PSNH and First Fidelity Bank, National
Association, New Jersey, Trustee. (Composite including
all ten amendments to May 16, 1991) (Exhibit 4.4.1,
1992 NU Form 10-K, File No. 1-5324)
C.3.1.1 Tenth Supplemental Indenture dated as of
May 1, 1991 between PSNH and First Fidelity
Bank, National Association. Exhibit 4.1, PSNH
Current Report on Form 8-K dated February 10,
1992, File No. 1-6392)
C.3.2 Series A (Tax Exempt New Issue) PCRB Loan and Trust
Agreement dated as of May 1, 1991. (Exhibit 4.2, PSNH
Current Report on Form 8-K dated February 10, 1992,
File No. 1-6392)
C.3.3 Series B (Tax Exempt Refunding) PCRB Loan and Trust
Agreement dated as of May 1, 1991. (Exhibit 4.3, PSNH
Current Report on Form 8-K dated February 10, 1992,
File No. 1-6392)
C.3.4 Series C (Tax Exempt Refunding) PCRB Loan and Trust
Agreement dated as of May 1, 1991. (Exhibit 4.4, PSNH
Current Report on Form 8-K dated February 10, 1992,
File No. 1-6392)
C.3.5 Series D (Taxable New Issue) Amended and Restated PCRB
Loan and Trust Agreement dated as of April 1, 1999.
(Exhibit 4.3.6, 1999 NU Form 10-K, File No. 1-5324)
C.3.6 Series E (Taxable New Issue) Amended and Restated PCRB
Loan and Trust Agreement dated as of April 1, 1999.
(Exhibit 4.3.7, 1999 NU Form 10-K, File No. 1-5324)
C.4 Western Massachusetts Electric Company
C.4.1 First Mortgage Indenture and Deed of Trust between
WMECO and Old Colony Trust Company (now The First
National Bank of Boston), Trustee, dated as of
August 1, 1954. (Exhibit 4.4.1, 1993 NU Form 10-K,
File No. 1-5324)
Supplemental Indentures thereto dated as of:
C.4.2 October 1, 1954. (Exhibit 4.4.2, 1998 NU Form 10-K,
File No. 1-5324)
C.4.3 March 1, 1967. (Exhibit 4.4.3, 1997 NU Form 10-K,
File No. 1-5324)
C.4.4 July 1, 1973. (Exhibit 2.10, File No. 2-68808)
C.4.5 December 1, 1992. (Exhibit 4.15, File No. 33-55772)
C.4.6 January 1, 1993. (Exhibit 4.5.13, 1992 NU Form 10-K,
File No. 1-5324)
C.4.7 March 1, 1994. (Exhibit 4.4.12, 1993 NU Form 10-K,
File No. 1-5324)
C.4.8 May 1, 1997. (Exhibit 4.11, File No. 33-51185)
C.4.9 July 1, 1997. (Exhibit 4.4.10, 1997 NU form 10-K,
File No. 1-5324)
C.4.10 May 1, 1998. (Exhibit 4.4.10, 1998 NU Form 10-K,
File No. 1-5324)
C.4.11 May 1, 1998. (Exhibit 4.4.11, 1998 NU Form 10-K,
File No. 1-5324)
C.4.12 Loan Agreement between Connecticut Development
Authority and WMECO (Pollution Control Bonds - Series
A, Tax Exempt Refunding) dated as of September 1, 1993.
(Exhibit 4.4.13, 1993 NU Form 10-K, File No. 1-5324)
C.5 North Atlantic Energy Corporation
C.5.1 First Mortgage Indenture and Deed of Trust between
NAEC and United States Trust Company of New York,
Trustee, dated as of June 1, 1992. (Exhibit 4.6.1,
1992 NU Form 10-K, File No. 1-5324)
* C.5.2 Term Credit Agreement dated as of November 9, 2000.
C.6 Northeast Nuclear Energy Company
C.6.1 Millstone Technical Building Note Agreement dated as
of December 21, 1993, by and between The Prudential
Insurance Company of America and NNECO. (Exhibit
10.28, 1993 NU Form 10-K, File No. 1-5324)
C.7 Holyoke Water Power Company
C.7.1 Loan Agreement between City of Holyoke, Massachusetts,
acting by and through its Industrial Development
Financing Authority, and Holyoke Water Power Company,
dated as of November 1, 1988 (Pollution Control Bonds).
(Exhibit C.4.8, 1989 NU Form U5S, File No. 30-246)
C.7.2 Loan and Trust Agreement between Massachusetts
Industrial Finance Authority and Holyoke Water Power
Company, dated as of December 1, 1992. (Exhibit C.7.2,
1992 NU Form U5S, File No. 30-246)
C.7.3 Loan Agreement between Massachusetts Industrial Finance
Authority and Holyoke Water Power Company, dated as of
December 1, 1990 (Pollution Control Bonds). (Exhibit
C.4.3, 1990 NU Form U5S, File No. 30-246)
C.8 The Rocky River Realty Company
C.8.1 Note Agreement dated as of June 1, 1973, by and between
The Rocky River Realty Company (RRR) and the Purchasers
named therein (the 7-7/8% Note Agreement), including
the Several Guarantee of CL&P, HELCO, and WMECO of
RRR's 7-7/8% Note Agreement. (File No. 70-4637)
C.8.2 Note Agreement dated April 14, 1992, by and between The
Rocky River Realty Company (RRR) and Purchasers named
therein (Connecticut General Life Insurance Company,
Life Insurance Company of North America, INA Life
Insurance Company of New York, Life Insurance Company
of Georgia), with respect to RRR's sale of $15 million
of guaranteed senior secured notes due 2007 and $28
million of guaranteed senior secured notes due 2017.
(Exhibit 10.52, 1992 NU Form 10-K, File No. 1-5324)
C.8.3 Amendment to Note Agreement, dated September 26, 1997.
(Exhibit 10.3.1, 1997 NU Form 10-K, File No. 1-5324)
C.8.4 Note Guaranty dated April 14, 1992 by Northeast
Utilities pursuant to Note Agreement dated April 14,
1992, between RRR and Note Purchasers, for the benefit
of The Connecticut National Bank as Trustee, the
Purchasers and the owners of the notes. (Exhibit
10.52.1, 1992 NU Form 10-K, File No. 1-5324)
C.8.5 Extension of Note Guaranty, dated September 26, 1997.
(Exhibit 10.31.2.1, 1997 NU Form 10-K, File No. 1-5324)
C.8.6 Assignment of Leases, Rents and Profits, Security
Agreement and Negative Pledge, dated as of April 14,
1992, among RRR, NUSCO and The Connecticut National
Bank as Trustee, securing notes sold by RRR pursuant
to April 14, 1992, Note Agreement. (Exhibit 10.52.2,
1992 NU Form 10-K, File No. 1-5324)
C.8.7 Modification of and Confirmation of Assignment of
Leases, Rents and Profits, Security Agreement and
Negative Pledge, dated as of September 26, 1997.
(Exhibit 10.31.3.1, 1997 NU Form 10-K, File No. 1-
5324)
C.8.8 Purchase and Sale Agreement, dated July 28, 1997, by
and between RRR and the Sellers and Purchasers named
therein. (Exhibit 10.31.4, 1997 NU Form 10-K, File
No. 1-5324)
C.8.9 Purchase and Sale Agreement, dated September 26, 1997,
by and between RRR and the Purchaser named therein.
(Exhibit 10.31.5, 1997 NU Form 10-K, File No. 1-5324)
C.9 CL&P Receivables Corporation
C.9.1 Receivables Purchase and Sale Agreement (CL&P and
CL&P Receivables Corporation), dated as of
September 30, 1997. (Exhibit 10.49, 1997 NU Form 10-K,
File No. 1-5324)
C.9.2 Amendment to Exhibit C.9.1 dated September 29, 1998.
(Exhibit 10.49.1, 1998 NU Form 10-K, File No. 1-5324)
C.9.3 Amendment to Exhibit C.9.1 dated September 29, 1999.
(Exhibit C.10.3, 1999 NU Form U5S, File No. 1-5324)
C.9.4 Amendment to Exhibit C.9.1 dated September 27, 2000
(Exhibit 10.51.3, 2000 NU Form 10-K, File No. 1-5324)
C.9.5 Purchase and Contribution Agreement (CL&P and CL&P
Receivables Corporation), dated as of September 30,
1997. (Exhibit 10.49.1, 1997 NU Form 10-K, File No.
1-5324)
C.10 WMECO Receivables Corporation
C.10.1 Receivables Purchase Agreement (WMECO and WMECO
Receivables Corporation), dated as of May 22, 1997.
(Exhibit No. 10.50, 1997 NU Form 10-K, File No. 1-5324)
C.10.2 Purchase and Sale Agreement (WMECO and WMECO
Receivables Corporation), dated as of May 22, 1997.
(Exhibit No. 10.50.1, 1997 NU Form 10-K, File No.
1-5324)
C.11 HEC/Tobyhanna Energy Project, Inc.
* C.11.1 Trust Indenture & Security Agreement Relating to an
Energy Savings Performance Contract Project dated as
of September 30, 1999
* C.11.2 Project Loan Agreement with United States Trust Company
of New York dated as of September 30, 1999
C.12 HEC Inc.
* C.12.1 Assignment and Security Agreement with ABB Energy
Capital, LLC dated as of November 30, 1999
C.13 Yankee Gas Services Company
C.13.1 Indenture of Mortgage and Deed of Trust dated as of
July 1, 1989 between Yankee Gas Services Company
(Yankee Gas) and The Connecticut National Bank
(Mortgage)(Exhibit No. 4.2, Yankee Gas Form 10 dated
April 14, 1989, File No. 0-17605)
C.13.2 First Supplemental Indenture, dated as of April 1,
1992, to Mortgage (Exhibit No. 4.11, Yankee Energy
Form S-3 filed October 2, 1992, Reg. No. 33-52750)
C.13.3 Second Supplemental Indenture, dated as of December 1,
1992, to Mortgage (Exhibit No. 10.2, 1992 Yankee Energy
System, Inc. (Yankee Energy) Form 10-K, File No.
0-17605)
C.13.4 Third Supplemental Indenture, dated as of June 1, 1995,
to Mortgage (Exhibit No. 4.14, 1995 Yankee Energy
Form 10-K, File No. 0-10721)
C.13.5 Fourth Supplemental Indenture, dated as of April 1,
1997, to Mortgage(Exhibit No. 15, 1997 Yankee Energy
Form 10-K, File No. 0-10721)
* C.13.6 Fifth Supplemental Indenture, dated as of January 1,
1999, to Mortgage
C.13.7 Bond Purchase Agreement dated as of July 1, 1989,
relating to $119 million aggregate principal amount
of First Mortgage Bonds, Series A (Exhibit 4.3, Yankee
Gas Form 10 dated April 14, 1989, File No. 0-17605)
* C.13.7.1 First Amendment, dated as of April 10,
1990, to Bond Purchase Agreement
C.13.8 Bond Purchase Agreement, dated as of April 1, 1992,
relating to $20 million aggregate principal amount
of First Mortgage Bonds, Series B (Exhibit No. 4.12,
Yankee Energy Form S-3 filed October 2, 1992, Reg.
No. 33-52750)
C.13.9 Bond Purchase Agreement, dated as of December 1, 1992,
relating to $20 million aggregate principal amount
of First Mortgage Bonds, Series C (Exhibit No. 10.4,
1992 Yankee Energy Form 10-K, File No. 0-17605)
C.13.10 Bond Purchase Agreement, dated as of April 1, 1997,
relating to $30 million aggregate principal amount of
First Mortgage Bonds, Series E (Exhibit No. 4.16, 1997
Yankee Energy Form 10-K, File No. 0-10721)
* C.13.11 Bond Purchase Agreement, dated as of January 1, 1999,
relating to $50 million aggregate principal amount of
First Mortgage Bonds
C.13.12 Amended and Restated Credit Agreement, dated as of
February 2, 1995, between Yankee Gas, the Banks named
therein and the Bank of New York, as Agent (Exhibit
No. 10.23, 1995 Yankee Energy Form 10-K, File No.
0-10721)
* C.13.12.1 Fourth Amendment dated as of November 17,
2000 to Amended and Restated Credit
Agreement
* C.13.12.2 Assignment and Assumption Agreement dated
as of September 26, 1997
D. Tax Allocation Agreements
D.1 Amended and Restated Tax Allocation Agreement, dated as of
January 1, 1990. (Exhibit D, 1994 NU Form U5S, File No. 30-246)
D.2 First Amendment, dated as of October 26, 1998, to the Amended and
Restated Tax Allocation Agreement, dated as of January 1, 1990.
(Exhibit D, Amendment No. 2 to 1997 NU Form U5S, File No. 30-246)
D.3 Second Amendment, dated as of March 1, 2000, to the Amendedand
Restated Tax Allocation Agreement, dated as of January 1, 1990.
ITEM 10. Exhibit H
Information included in Item 1, "System Companies and Investments Therein"
provides the relationship of all system companies. The following shows the
relationship of the foreign utility companies:
Northeast Utilities (Parent Company)
- NU Enterprises, Inc. (100% owned by Northeast Utilities)
- Northeast Generation Company (100% owned by NU Enterprises, Inc.)
- Northeast Generation Services Company (100% owned by NU Enterprises,
Inc.)
- Mode 1 Communications, Inc. (100% owned by NU Enterprises, Inc.)
- Select Energy, Inc. (100% owned by NU Enterprises, Inc.)
- Select Energy Portland Pipeline, Inc. (100% owned by NU Enterprises,
Inc.)
- HEC Inc. (100% owned by NU Enterprises, Inc.)
ITEM 10. Exhibit I
NORTHEAST GENERATION COMPANY
BALANCE SHEETS
(AUDITED)
-------------------------------------------------------------------------------
AT DECEMBER 31, 2000 1999
-------------------------------------------------------------------------------
(Thousands of Dollars)
ASSETS
Utility Plant, at original cost:
Electric............................................. $264,855 $ -
Less: Accumulated provision for depreciation...... 147,216 -
-------- -------
117,639 -
Construction work in progress.......................... 8,094 5
-------- -------
Total Net Utility Plant............................ 125,733 5
-------- -------
Current Assets:
Cash................................................. 37,177 -
Accounts receivable from affiliated companies........ 11,419 -
Taxes receivable..................................... - 621
Fuel, materials and supplies, at average cost........ 1,935 -
Prepayments and other................................ 1,626 -
-------- -------
Other Current Assets............................... 52,157 621
-------- -------
Deferred Charges:
Accumulated deferred income taxes.................... 278,320 1,530
Unamortized debt expense............................. 4,828 6,384
Other................................................ 23 -
-------- -------
Total Deferred Charges............................. 283,171 7,914
-------- -------
Total Assets........................................... $461,061 $ 8,540
======== =======
The accompanying notes are an integral part of these financial statements.
ITEM 10. EXHIBIT I
NORTHEAST GENERATION COMPANY
BALANCE SHEETS
(AUDITED)
-------------------------------------------------------------------------------
AT DECEMBER 31, 2000 1999
-------------------------------------------------------------------------------
(Thousands of Dollars)
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par value - 100 shares
authorized and outstanding in 2000
and 1999........................................... $ - $ -
Capital surplus, paid in............................. 24,375 6,510
Retained earnings/(deficit).......................... 23,260 (3,156)
-------- -------
Total Capitalization............................... 47,635 3,354
-------- -------
Current Liabilities:
Notes payable to banks............................... 402,377 -
Accounts payable..................................... 1,771 1,745
Accounts payable to affiliated companies............. 732 1,538
Accrued taxes........................................ 5,840 1,899
Accrued interest..................................... 1,893 -
Other................................................ 813 4
-------- -------
Total Current Liabilities.......................... 413,426 5,186
-------- -------
Commitments and Contingencies
Total Capitalization and Liabilities................... $461,061 $ 8,540
======== =======
The accompanying notes are an integral part of these financial statements.
ITEM 10. EXHIBIT I
NORTHEAST GENERATION COMPANY
STATEMENTS OF INCOME
(AUDITED)
-------------------------------------------------------------------------------
FOR THE YEARS ENDED DECEMBER 31, 2000 1999
-------------------------------------------------------------------------------
(Thousands of Dollars)
Operating Revenues..................................... $108,473 $ -
-------- -------
Operating Expenses:
Operation............................................ 11,855 5,229
Maintenance.......................................... 9,092 3
Depreciation......................................... 2,417 -
Federal and state income taxes....................... 17,522 (2,151)
Taxes other than income taxes........................ 5,690 74
-------- -------
Total operating expenses........................... 46,576 3,155
-------- -------
Operating Income/(Loss)................................ 61,897 (3,155)
Other Income, Net...................................... 1,061 -
Other Interest......................................... 36,542 1
-------- -------
Net Income/(Loss)...................................... $ 26,416 $(3,156)
======== =======
The accompanying notes are an integral part of these financial statements.
ITEM 10. EXHIBIT I
NORTHEAST GENERATION COMPANY
STATEMENTS OF STOCKHOLDER'S EQUITY
(AUDITED)
Capital Retained
Common Surplus (Deficit)/
Stock Paid In Earnings Total
------ ------- --------- -----
(Thousands of Dollars)
Balance as of January 4, 1999 (a) $ - $ - $ - $ -
Net loss for 1999 - - (3,156) (3,156)
Capital contribution - 6,500 - 6,500
Premium on common stock - 10 - 10
---- -------- ------- --------
Balance as of December 31, 1999 - 6,510 (3,156) 3,354
Net income for 2000 - - 26,416 26,416
Capital contribution - 463,000 - 463,000
Excess paid over carrying value
of assets transferred - (445,135) - (445,135)
---- -------- ------- --------
Balance as of December 31, 2000 $ - $ 24,375 $23,260 $ 47,635
==== ======== ======= ========
(a) Northeast Generation Company commenced operations on January 4, 1999.
The accompanying notes are an integral part of these financial statements.
ITEM 10. EXHIBIT I
NORTHEAST GENERATION COMPANY
STATEMENTS OF CASH FLOWS
(AUDITED)
-------------------------------------------------------------------------------
FOR THE YEARS ENDED DECEMBER 31, 2000 1999
-------------------------------------------------------------------------------
(Thousands Of Dollars)
Operating Activities:
Net income/(loss)...................................... $ 26,416 $(3,156)
Adjustments to reconcile to net cash flows
provided by/(used in) operating activities:
Depreciation and amortization...................... 2,417 -
Deferred income taxes.............................. 19,245 (1,530)
Net other sources/(uses) of cash................... 1,533 (6,379)
Changes in working capital:
Accounts receivable from affiliated companies........ (11,419) -
Fuel, material and supplies.......................... (62) -
Accounts payable..................................... (780) 3,283
Accrued taxes........................................ 5,840 1,899
Prepayments and other................................ (1,626) -
Other working capital (excludes cash)................ 1,424 (617)
-------- -------
Net cash flows provided by/(used in)
operating activities................................. 42,988 (6,500)
-------- -------
Investing Activities:
Investments in plant................................. (1,394) -
Net cash payment for transfer of assets.............. (869,794) -
-------- -------
Net cash flows used in investing activities............ (871,188) -
-------- -------
Financing Activities:
Increase in short-term debt.......................... 402,377 -
Capital contributions................................ 463,000 6,500
-------- -------
Net cash flows provided by financing activities........ 865,377 6,500
-------- -------
Net increase in cash................................... 37,177 -
Cash - beginning of period............................. - -
-------- -------
Cash - end of period................................... $ 37,177 $ -
======== =======
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized................. $ 29,286 $(1,899)
======== =======
Income taxes......................................... $ (7,725) $ -
======== =======
The accompanying notes are an integral part of these financial statements.