File No. 70-9541
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Application of Northeast
Utilities, The Connecticut )
Light and Power Company, )
Public Service Company of ) CERTIFICATE PURSUANT TO
New Hampshire, Western ) RULE 24 UNDER THE PUBLIC
Massachusetts Electric ) UTILITY HOLDING COMPANY ACT
Company, North Atlantic ) OF 1935
Energy Corporation, NU )
Enterprises, Inc., Northeast )
Generation Company, )
Northeast Generation )
Services Company, Select )
Energy, Inc., Select Energy )
Contracting, Inc., Reeds )
Ferry Supply Co., Inc., )
HEC Energy Consulting )
Canada, Inc. on Form U-1 )
Pursuant to the requirements of Rule 24 under the Public Utility Holding
Company Act of 1935, Northeast Utilities ("NU"), a registered holding company,
hereby files this quarterly report as required by the Securities and Exchange
Commission's order authorizing payment of dividends, share repurchases and
share issuance in connection with restructuring by NU and certain subsidiaries
(HCAR. No. 27147, March 7, 2000, File No. 70-9541) ("Order").
For the quarter ended June 30, 2001, the following information is reported
pursuant to the Order.
1) A total capitalization calculation to include a breakdown of the common
stock equity account and by percentage for each equity and debt category
for the period ending for each Applicant that indicates the amount, if
any, of dividends paid to NU and/or the amount of repurchased stock from
NU during the quarter; total capitalization is to include all short-term
debt and current maturities.
The Connecticut Light and Power Company (CL&P)
As of June 30, 2001
--------------------
(thousands
of dollars) %
----------- -----
Common shareholders' equity:
Common shares $ 75,849 2.4%
Capital surplus, paid in 413,947 13.2
Retained earnings 267,272 8.6
---------- -----
Total Common shareholders' equity 757,068 24.2
Preferred stock 116,200 3.7
Long-term and short-term debt 821,365 26.2
Rate reduction bonds 1,438,400 45.9
---------- -----
$3,133,033 100.0%
========== =====
A common dividend of $15,018,070.32 was declared on April 25, 2001 and was paid
to NU on June 30, 2001.
Western Massachusetts Electric Company (WMECO)
As of June 30, 2001
--------------------
(thousands
of dollars) %
----------- -----
Common shareholders' equity:
Common shares $ 12,742 2.8%
Capital surplus, paid in 82,322 18.3
Retained earnings 60,670 13.5
----------- -----
Total Common shareholders' equity 155,734 34.6
Long-term and short-term debt 139,135 30.9
Rate reduction bonds 155,000 34.5
----------- -----
$ 449,869 100.0%
=========== =====
A common dividend of $2,999,968.72 was declared on June 7, 2001 and was paid
to NU on June 29, 2001.
Public Service Company of New Hampshire (PSNH)
As of June 30, 2001
--------------------
(thousands
of dollars) %
----------- -----
Common shareholders' equity:
Common shares $ - -
Capital surplus, paid in 165,658 13.0
Retained earnings 147,665 11.6
----------- -----
Total Common shareholders' equity 313,323 24.6
Long-term and short-term debt 433,485 34.1
Rate reduction bonds 525,000 41.3
----------- -----
$ 1,271,808 100.0%
=========== =====
A common dividend of $17,999,999.78 was declared on April 26, 2001 and was paid
to NU on June 30, 2001.
There were no other dividends paid to NU and/or repurchased stock from NU for
the other applicants during this quarter.
2) The current senior debt rating of each Applicant to include a
representation that the rating is at or above investment grade.
As of June 30, 2001 the senior debt ratings issued by Standard and Poor's
Corporation of CL&P, WMECO and PSNH are each BBB+, which is an investment
grade rating. None of the other applicants have senior debt ratings.
3) The amount of cash-on-hand both during the quarter and as of the end of
each quarter for CL&P, PSNH, WMECO, and NAEC to include a representation
as to whether internal cash funds available during the quarter were
sufficient to fund each company's normal business operations or had to be
supplemented with borrowings.
NU represents that during the quarter ended June 30, 2001 internal cash
funds available during the quarter, confirmed with financing activities
set forth below, were sufficient to fund each company's normal business
operations.
Internal cash funds available during the quarter were not supplemented
with external borrowings during the quarter. During thesecond quarter
WMECO and PSNH issued rate reduction bonds. The proceeds were used to pay
for the IPP buyouts, IPP buydowns and the repayment of long-term and
short-term debt.
Net cash flows Net cash flows
Cash (used in)/ (used in)/ Net cash flows
beginning provided by provided by (used in) Cash
of period operating investing financing end of period
3/31/2001 activities activities activities 6/30/2001
--------- -------------- -------------- -------------- -------------
(Thousands of Dollars)
CL&P $1,312,925 $(486,353) $(119,072) $ (706,889) $ 611
PSNH 5,420 215,584 34,452 (249,219) 6,237
WMECO 99 51,658 42,571 (94,327) 1
NAEC - 310,150 59,850 (370,000) -
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of
1935, the undersigned company has duly caused this Certificate to be signed on
its behalf by the undersigned thereunto duly authorized.
/s/ John J. Roman
-----------------------------
John J. Roman
Vice President and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
August 23, 2001