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 )
Portland Pipeline, Inc., )
HEC 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 March 31, 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 March 31, 2001
--------------------
(thousands
of dollars) %
----------- ----
Common shareholders' equity:
Common shares $ 75,849 2.1%
Capital surplus, paid in 413,973 11.3
Retained earnings 265,008 7.2
---------- -----
Total Common shareholders' equity 754,830 20.6
Preferred stock 216,200 5.9
Long-term and short-term debt 1,265,477 34.4
Rate reduction bonds 1,438,400 39.1
---------- -----
$3,674,907 100.0%
========== =====
A common dividend of $15,018,070.32 was declared on March 21, 2001 and
was paid to NU on March 31, 2001.
Western Massachusetts Electric Company (WMECO)
As of March 31, 2001
--------------------
(thousands
of dollars) %
----------- ----
Common shareholders' equity:
Common shares $ 14,752 2.9%
Capital surplus, paid in 93,477 18.4
Retained earnings 62,585 12.4
----------- -----
Total Common shareholders' equity 170,814 33.7
Long-term and short-term debt 336,476 66.3
----------- -----
$ 507,290 100.0%
=========== =====
A common dividend of $2,997,672.44 was declared on March 21, 2001 and was
paid to NU on March 31, 2001.
North Atlantic Energy Corporation (NAEC)
As of March 31, 2001
--------------------
(thousands
of dollars) %
----------- ----
Common shareholders' equity:
Common shares $ 1 0.0%
Capital surplus, paid in 160,999 32.4
Retained earnings 1,198 0.2
----------- -----
Total Common shareholders' equity 162,198 32.6
Long-term and short-term debt 335,000 67.4
----------- -----
$ 497,198 100.0%
=========== =====
A common dividend of $11,000,000.00 was declared on February 21, 2001 and
was paid to NU on March 31, 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 March 31, 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 March 31, 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 the first quarter,
CL&P 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 Net cash flows
Cash provided by/ (used in)/ provided by/
beginning (used in) provided by (used in) Cash
of period operating investing financing end of period
12/31/2000 activities activities activities 3/31/2001
---------- ---------- ---------- ---------- ---------
(Thousands of Dollars)
CL&P $ 5,461 $429,374 $(461,652) $1,339,742 $1,312,925
PSNH 115,135 (21,800) (87,272) (643) 5,420
WMECO 985 13,282 201 (14,369) 99
NAEC 118 75,593 (64,711) (11,000) -
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
May 29, 2001