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 payment of dividends out of capital or
unearned surplus and/or the repurchase of capital stock. (HCAR No. 35-27147,
March 7, 2000, File No. 70-9541) ("Order").
For the quarter ended June 30, 2004, 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, 2004
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(Thousands of
-------------
Dollars) %
-------- ---
Common shareholder's equity:
Common shares $ 60,352 2.0%
Capital surplus, paid in 349,109 11.9
Retained earnings 331,735 11.2
---------- -----
Total common shareholder's equity 741,196 25.1
Preferred stock 116,200 3.9
Long-term and short-term debt 1,032,383 35.0
Rate reduction bonds 1,060,902 36.0
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$2,950,681 100.0%
========== =====
A common dividend of $11,768,649.75 was declared on June 16, 2004, and
was paid to NU on June 30, 2004.
Public Service Company of New Hampshire (PSNH)
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As of June 30, 2004
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(Thousands of
-------------
Dollars) %
-------- ---
Common shareholder's equity:
Common shares $ - - %
Capital surplus, paid in 156,312 11.9
Retained earnings 229,483 17.7
---------- -----
Total common shareholder's equity 385,795 29.5
Long-term and short-term debt 469,385 36.0
Rate reduction bonds 450,814 34.5
---------- -----
$1,305,994 100.0%
========== =====
A common dividend of $6,062,001.54 was declared on June 16, 2004, and was
paid to NU on June 30, 2004.
Western Massachusetts Electric Company (WMECO)
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As of June 30, 2004
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(Thousands of
-------------
Dollars) %
-------- ---
Common shareholder's equity:
Common shares $ 10,866 2.3%
Capital surplus, paid in 75,909 16.1
Retained earnings 75,561 16.0
-------- -----
Total common shareholder's equity 162,336 34.4
Long-term and short-term debt 181,754 38.5
Rate reduction bonds 127,628 27.1
-------- -----
$471,718 100.0%
======== =====
A common dividend of $1,621,255.69 was declared on June 16, 2004, and
was paid to NU on June 30, 2004.
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 June 30, 2004, the senior secured (or, in the case of WMECO,
senior unsecured) debt ratings issued by Standard and Poor's Corporation
of CL&P, PSNH and WMECO are A-, BBB+ and BBB+, respectively. Each
company represents that such ratings are "investment grade" ratings.
NAEC does not presently have debt ratings of any kind.
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, 2004, internal cash
funds available during the quarter, confirmed with financing activities
set forth below, were sufficient to fund each company's normal business
operations.
Net cash Net cash
flows Flows Net cash
Cash provided by/ (used in)/ flows
beginning (used in) provided by (used in) Cash end
of period operating investing financing of period
04/1/2004 activities activities activities 06/30/2004
--------- ---------- ---------- ---------- ----------
(Thousands of Dollars)
CL&P $5,814 $92,311 $(72,604) $(19,707) $5,814
PSNH 2,737 18,386 (3,705) (17,282) 136
WMECO 1 20,950 (6,699) (14,251) 1
NAEC 87 (161) 119 - 45
SIGNATURE
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned companies have 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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Vice President - Accounting and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
August 25, 2004