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., )
HEC Energy Consulting Canada, 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 March 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 March 31, 2002
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(Thousands of Dollars) %
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Common shareholders' equity
Common shares $ 75,849 2.5%
Capital surplus, paid in 414,129 13.4
Retained earnings 292,177 9.5
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Total common shareholder's equity 782,155 25.4
Preferred stock 116,200 3.8
Long-term and short-term debt 825,293 26.7
Rate reduction bonds 1,358,652 44.1
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$3,082,300 100.0%
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A common dividend of $15,018,070.32 was declared on March 15, 2002, and
was paid to NU on March 31, 2002.
Western Massachusetts Electric Company (WMECO)
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As of March 31, 2002
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(Thousands of Dollars) %
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Common shareholders' equity
Common shares $ 12,742 2.7%
Capital surplus, paid in 82,386 17.6
Retained earnings 58,311 12.5
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Total common shareholders' equity 153,439 32.8
Long-term and short-term debt 164,290 35.2
Rate reduction bonds 149,569 32.0
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$ 467,298 100.0%
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A common dividend of $4,001,113.60 was declared on March 27, 2002 and
was paid to NU on March 27, 2002.
Public Service Company of New Hampshire (PSNH)
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As of March 31, 2002
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(Thousands of Dollars) %
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Common shareholders' equity
Common shares $ - - %
Capital surplus, paid in 164,837 12.7
Retained earnings 171,398 13.1
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Total common shareholders' equity 336,235 25.8
Long-term and short-term debt 422,285 32.4
Rate reduction bonds 543,586 41.8
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$1,302,106 100.0%
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A common dividend of $16,750,000.00 was declared on February 28, 2002 and
was paid to NU on March 31, 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 March 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.
NU represents that during the quarter ended March 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 during the quarter for PSNH and WMECO.
Net cash flows
Cash Net cash flows Net cash flows (used in)/
beginning of provided by/ (used in)/ provided by Cash end
period (used in) provided by financing of period
1/1/2002 operating activities investing activities activites 3/31/2002
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(Thousands of Dollars)
CL&P $ 773 $81,937 $(63,927) $(16,537) $2,246
PSNH 1,479 85,067 (61,552) (22,691) 2,303
WMECO 599 7,293 14,618 (21,755) 755
NAEC 84 366 (383) - 67
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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John P. Stack
Vice President - Accounting and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
May 21, 2002