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 HOLDING
Northeast Generation Services Company, ) 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 December 31, 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 December 31, 2002
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(Thousands of
Dollars) %
------------- -----
Common shareholders' equity:
Common shares $ 60,352 2.1%
Capital surplus, paid in 326,936 11.3
Retained earnings 308,554 10.7
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Total common shareholders' equity 695,842 24.1
Preferred stock 116,200 4.0
Long-term and short-term debt 827,866 28.7
Rate reduction bonds 1,245,728 43.2
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$2,885,636 100.0%
========== =====
A common dividend of $15,054,506.74 was declared on November 20, 2002,
and was paid to NU on December 2, 2002. 776,789 shares of common stock
were repurchased for $49,994,140.04 on December 3, 2002.
Public Service Company of New Hampshire (PSNH)
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As of December 31, 2002
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(Thousands of
Dollars) %
------------- -----
Common shareholders' equity:
Common shares $ - - %
Capital surplus, paid in 126,832 10.2
Retained earnings 194,998 15.8
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Total common shareholders' equity 321,830 26.0
Long-term and short-term debt 407,285 32.8
Rate reduction bonds 510,841 41.2
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$1,239,956 100.0%
========== =====
A common dividend of $20,499,999.40 was declared on November 20, 2002,
and was paid on December 2, 2002. 87 shares of common stock were
repurchased for $36,999,999.45 on December 3, 2002.
Western Massachusetts Electric Company (WMECO)
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As of December 31, 2002
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(Thousands of
Dollars) %
------------- -----
Common shareholders' equity:
Common shares $ 10,866 2.2%
Capital surplus, paid in 69,618 14.1
Retained earnings 77,476 15.6
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Total common shareholders' equity 157,960 31.9
Long-term and short-term debt 194,891 39.3
Rate reduction bonds 142,742 28.8
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$495,593 100.0%
======== =====
A common dividend of $4,003,154.13 was declared on December 19, 2002,
and was paid to NU on December 30, 2002.
North Atlantic Energy Corporation (NAEC)
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As of December 31, 2002
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(Thousands of
Dollars) %
------------- -----
Common shareholders' equity:
Capital surplus, paid in $ 1,000 4.7%
Retained earnings 20,338 95.3
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Total common shareholders' equity $ 21,338 100.0%
======== =====
A common dividend of $4,999,998.08 was declared on November 20, 2002,
and was paid to NU on November 29, 2002. 218 shares of common stock were
repurchased for $34,999,998.10 on December 3, 2002.
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, 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 December 31, 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 WMECO.
Net cash flows Net cash flows
Cash provided by/ provided by/ Net cash flows
beginning (used in) (used in) used in Cash end
of period operating investing financing of period
10/1/2002 activities activities activities 12/31/2002
--------- -------------- -------------- -------------- ----------
(Thousands of Dollars)
CL&P $7,827 $ 83,165 $ 1,853 $(92,686) $ 159
PSNH 718 204,346 (79,395) (120,350) 5,319
WMECO 1 7,255 47,114 (54,247) 123
NAEC 41 (200,637) 330,596 (130,000) -
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 their behalf by the undersigned thereunto duly authorized.
NORTHEAST UTILITIES
/s/ John P. Stack
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John P. Stack
Vice President - Accounting and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
February 27, 2003