File No. 70-9543
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Application of Northeast ) CERTIFICATE PURSUANT TO
Utilities and Northeast ) RULE 24 UNDER THE PUBLIC
Generation Services ) UTILITY HOLDING COMPANY ACT
Company on Form U-1 ) OF 1935
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 the use of proceeds of financing transaction
for investment in Exempt Wholesale Generators. (HCAR No. 35-27148, March 7,
2000, File No. 70-9543) ("Order").
For the quarter ended December 31, 2001, the following information is
reported pursuant to the Order.
1) A computation in accordance with rule 53(a) (as modified by the
Commission's order in this proceeding) of NU's aggregate investment in
EWGs.
As of December 31, 2001, NU's aggregate investment in EWGs was
approximately $448.2 million, or 71% of its average Consolidated Retained
Earnings of approximately $631.8 million.
2) Consolidated capitalization ratios of NU as of the end of that quarter,
with consolidated debt to include all short-term debt and non-recourse debt
of the EWG:
NU Consolidated Capitalization
As of December 31, 2001
-----------------------
(thousands
of dollars) %
------------ ------
Common shareholders' equity $2,117,640 30.8%
Preferred stock 116,200 1.7
Long-term and short-term debt 2,633,518 38.2
Rate reduction bonds 2,018,351 29.3
---------- -----
$6,885,709 100.0%
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3) Analysis of the growth in consolidated retained earnings which segregates
total earnings growth of Northeast Generation Company (NGC) from that
attributable to other subsidiaries of NU.
Retained Earnings statement as of December 31, 2001
NU
NGC CONSOLIDATED
--- ------------
(Thousands of Dollars)
Beginning balance as of October 1, 2001 $ 56,961 $ 644,886
Additions:
Net income 8,556 49,984
Miscellaneous elimination adjustment - -
Deductions:
Dividends declared-common shares 53,664 16,410
-------- ----------
Ending balance as of December 31, 2001 $ 11,853 $ 678,460
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4) A statement of revenues and net income for the EWG for the twelve months
ending as of the end of that quarter.
NGC
Twelve months ended December 31, 2001
(Thousands of Dollars)
Revenues $129,681
Net Income $ 42,257
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, 2002