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 December 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 December 31, 2001
-----------------------
(thousands
of dollars) %
----------- ------
Common shareholders' equity:
Common shares $ 75,849 2.5%
Capital surplus, paid in 414,085 13.4
Retained earnings 286,901 9.3
---------- -----
Total Common shareholders' equity 776,835 25.2
Preferred stock 116,200 3.8
Long-term and short-term debt 824,349 26.8
Rate reduction bonds 1,358,652 44.2
---------- -----
$3,076,036 100.0%
========== =====
A common dividend of $15,018,070.32 was declared on December 20, 2001
and was paid to NU on December 31, 2001.
Western Massachusetts Electric Company (WMECO)
As of December 31, 2001
-----------------------
(thousands
of dollars) %
----------- ------
Common shareholders' equity:
Common shares $ 12,742 2.7%
Capital surplus, paid in 82,283 17.8
Retained earnings 55,422 12.0
---------- -----
Total Common shareholders' equity 150,447 32.5
Long-term and short-term debt 160,370 34.6
Rate reduction bonds 152,317 32.9
---------- -----
$ 463,134 100.0%
========== =====
A common dividend of $13,002,344.96 was declared on December 12, 2001
and was paid to NU on December 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 December 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 December 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 supplemented with
external borrowings during the quarter for PSNH, WMECO, and NAEC.
Net cash flows Net cash flows Net cash flows
Cash (used in)/ provided by/ (used in)/
beginning provided by (used in) provided by Cash end
of period operating investing financing of period
9/30/2001 activities activities activities 12/31/2001
--------- -------------- -------------- -------------- ----------
(Thousands of Dollars)
CL&P $ 444 $(18,728) $115,367 $(96,310) $ 773
PSNH 8,681 25,507 (72,233) 39,524 1,479
WMECO 6,068 22,957 (6,527) (21,889) 599
NAEC - 12,098 (12,014) - 84
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 P. Stack
-----------------------------
John P. Stack
Vice President and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
February 27, 2001