Certificate 70-10177


File No. 70-10177



UNITED STATES OF AMERICA

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



Application of Northeast Utilities,

)

CERTIFICATE PURSUANT TO RULE 24

NU Enterprises, Inc.

)

UNDER THE PUBLIC UTILITY HOLDING

Select Energy, Inc.

)

COMPANY ACT OF 1935

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. 35-27868, June 30, 2004, and HCAR No. 35-27868A, July 2, 2004, File No. 70-10177) ("Order").  


For the quarter ended September 30, 2004, 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 September 30, 2004, NU's aggregate investment in EWGs was approximately $448.2 million, or 53.0% of its average Consolidated Retained Earnings for the most recent four quarters of approximately $846.3 million.  


2)

A computation in accordance with rule 53(a) setting forth NU’s “aggregate investment” in EWGs as a percentage of (a) total consolidated capitalization; (b) net utility plant; (c) total consolidated assets; and (d) aggregate market value of NU’s common equity, all as of the end of the quarter.


 

As of September 30, 2004

 

(Thousands
of Dollars)

 

%  

 

NU's aggregate investment in EWGs

$

448,174 

 

- 

%

a) Total consolidated capitalization

 

6,956,753 

 

6.4 

 

b) Net utility plant

 

5,739,485 

 

7.8 

 

c) Total consolidation assets

 

11,541,452 

 

3.9 

 

d) Aggregate market value of NU's common equity

 

2,318,909 

 

19.3 

 


3)

Consolidated capitalization ratios of NU, CL&P, PSNH and WMECO as of the end of the quarter, with consolidated debt to include all short-term debt and non-recourse debt of the EWG(s):


NU Consolidated

As of September 30, 2004

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

$

2,318,909 

 

33.3 

%

Preferred stock

 

116,200 

 

1.7 

 

Long-term and short-term debt

 

2,929,700 

 

42.1 

 

Rate reduction bonds

 

1,591,944 

 

22.9 

 
 

$

6,956,753 

 

100.0 

%








The Connecticut Light and Power Company (CL&P)

As of September 30, 2004

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

$

786,028 

 

26.0 

%

Preferred stock

 

116,200 

 

3.8 

 

Long-term and short-term debt

 

1,098,147 

 

36.3 

 

Rate reduction bonds

 

1,026,389 

 

33.9 

 
 

$

3,026,764 

 

100.0 

%



Public Service Company of New Hampshire (PSNH)

As of September 30, 2004

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

$

397,908 

 

30.2 

%

Long-term and short-term debt

 

480,088 

 

36.4 

 

Rate reduction bonds

 

440,476 

 

33.4 

 
 

$

1,318,472 

 

100.0 

%


Western Massachusetts Electric Company  (WMECO)

As of September 30, 2004

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

$

162,225 

 

30.7 

%

Long-term and short-term debt

 

241,651 

 

45.7 

 

Rate reduction bonds

 

125,078 

 

23.6 

 
 

$

528,954 

 

100.0 

%


4)

Analysis of the growth in consolidated retained earnings which segregates total earnings growth of NGC and each additional EWG from that attributable to other subsidiaries of NU.  


Retained earnings statement as of September 30, 2004:


 

NGC

 

NU Consolidated

                                                                                                  (Thousands of Dollars)


Beginning balance as of July 1, 2004

$

39,405 

 

$

840,082 

 

Additions:

      

   Net income

 

9,238 

  

39,117 

 

Deductions

      

   Dividends declared - common shares

 

7,000 

  

46 

 

Ending balance as of September 30, 2004

$

41,643 

 

$

879,153 

 


5)

A statement of revenues and net income for each EWG for the twelve months ending as of the end of the quarter:


Twelve Months Ended September 30, 2004

NGC

 

(Thousands of Dollars)

  

Revenues

$152,314

Net Income

$  40,762







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.





NORTHEAST UTILITIES

(Registered Holding Company)

 

/s/ John P. Stack


    John P. Stack

    Vice President - Accounting and Controller

    Northeast Utilities

    P.O. Box 270

    Hartford, CT 06141-0270

    November 23, 2004