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 New Hampshire, )
Western Massachusetts Electric Company, )
North Atlantic Energy Corporation, )
NU Enterprises, Inc., ) CERTIFICATE PURSUANT TO RULE 24
Northeast Generation Company, ) UNDER THE PUBLIC UTILITY
Northeast Generation Services Company, ) HOLDING COMPANY ACT OF 1935
Select Energy, Inc., )
Select Energy Services, Inc., )
Select Energy Contracting, Inc., )
Reeds Ferry Supply Co., 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 the use of proceeds of financing transaction for
investment in Exempt Wholesale Generators. (HCAR No. 35-27147, March 7, 2000,
File No. 70-9541) ("Order").
For the quarter ended June 30, 2002, 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)
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As of June 30, 2002
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(Thousands of
Dollars) %
------------- ----
Common shareholders' equity
Common shares $ 68,120 2.2%
Capital surplus, paid in 370,070 12.2
Retained earnings 288,922 9.6
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Total common shareholder's equity 727,112 24.0
Preferred stock 116,200 3.8
Long-term and short-term debt 854,437 28.3
Rate reduction bonds 1,325,850 43.9
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$3,023,599 100.0%
========== =====
A common dividend of $15,018,070.32 was declared on June 19, 2002,
and was paid to NU on June 27, 2002. 772,890 shares of common stock
were repurchased for $49,995,454.29 on June 28, 2002.
Western Massachusetts Electric Company (WMECO)
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As of June 30, 2002
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(Thousands of
Dollars) %
------------- ----
Common shareholders' equity
Common shares $ 10,866 2.3%
Capital surplus, paid in 69,865 14.5
Retained earnings 70,012 14.5
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Total common shareholders' equity 150,743 31.3
Long-term and short-term debt 182,999 38.1
Rate reduction bonds 147,185 30.6
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$480,927 100.0%
======== =====
A common dividend of $4,001,113.60 was declared on June 20, 2002 and was
paid to NU on June 25, 2002. 75,043 shares of common stock were
repurchased for $13,999,271.65 on June 27, 2002.
Public Service Company of New Hampshire (PSNH)
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As of June 30, 2002
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(Thousands of
Dollars) %
------------- ----
Common shareholders' equity
Common shares $ - - %
Capital surplus, paid in 164,098 12.0
Retained earnings 179,561 13.1
----------- -----
Total common shareholders' equity 343,659 25.1
Long-term and short-term debt 495,685 36.3
Rate reduction bonds 528,157 38.6
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$1,367,501 100.0%
========== =====
A common dividend of $7,750,001.24 was declared on May 20, 2002 and
was paid to NU on June 27, 2002.
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, 2002, 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 from working capital
facilities.
NU represents that during the quarter ended June 30, 2002, 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 for PSNH and WMECO.
Net cash flows Net cash flows Net cash flows
Cash provided by/ provided by/ (used in)/
beginning (used in) (used in) provided by Cash end
of period operating investing financing of period
4/1/2002 activities activities activities 6/30/2002
--------- -------------- -------------- -------------- ---------
(Thousands of Dollars)
CL&P $2,246 $79,871 $19,698 $(99,338) $2,477
PSNH 2,303 (19,556) 17,724 229 700
WMECO 755 6,319 3,316 (10,389) 1
NAEC 67 13,522 (13,536) - 53
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
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Vice President - Accounting and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
August 27, 2002