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 )
Services, 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 September 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 September 30, 2001
------------------------
(thousands
of dollars) %
----------- -----
Common shareholders' equity:
Common shares $ 75,849 2.4%
Capital surplus, paid in 414,066 13.2
Retained earnings 269,612 8.6
---------- -----
Total Common shareholders' equity 759,527 24.2
Preferred stock 116,200 3.7
Long-term and short-term debt 823,208 26.2
Rate reduction bonds 1,438,400 45.9
---------- -----
$3,137,335 100.0%
========== =====
A common dividend of $15,018,070.32 was declared on September 12, 2001
and was paid to NU on Setpember 30, 2001.
Western Massachusetts Electric Company (WMECO)
As of September 30, 2001
------------------------
(thousands
of dollars) %
----------- -----
Common shareholders' equity:
Common shares $ 12,742 2.7%
Capital surplus, paid in 82,277 17.8
Retained earnings 61,921 13.4
---------- -----
Total Common shareholders' equity 156,940 33.9
Long-term and short-term debt 151,567 32.7
Rate reduction bonds 155,000 33.4
---------- -----
$ 463,507 100.0%
========== =====
A common dividend of $2,999,968.72 was declared on September 26, 2001 and
was paid to NU on September 30, 2001.
Public Service Company of New Hampshire (PSNH)
As of September 30, 2001
------------------------
(thousands
of dollars) %
----------- -----
Common shareholders' equity:
Common shares $ - - %
Capital surplus, paid in 165,373 12.9
Retained earnings 160,250 12.4
---------- -----
Total Common shareholders' equity 325,623 25.3
Long-term and short-term debt 434,285 33.8
Rate reduction bonds 525,000 40.9
---------- -----
$1,284,908 100.0%
========== =====
A common dividend of $8,999,997.56 was declared on August 13, 2001 and was
paid to NU on September 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 September 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 September 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.
Net cash flows Net cash flows
Cash provided by/ Net cash flows (used in)/
beginning (used in) (used in) provided by Cash end
of period operating investing financing of period
6/30/2001 activities activities activities 9/30/2001
--------- -------------- -------------- -------------- ---------
(Thousands of Dollars)
CL&P $ 611 $119,924 $(99,615) $(20,476) $ 444
PSNH 6,237 33,217 (21,930) (8,843) 8,681
WMECO 1 (3,269) (14,072) 23,408 6,068
NAEC - 12,023 (12,023) - -
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
November 14, 2001