File No. 70-9543
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Application of Northeast Utilities ) CERTIFICATE PURSUANT TO RULE 24
and Northeast Generation Services Company ) UNDER THE PUBLIC UTILITY HOLDING
on Form U-1 ) COMPANY ACT OF 1935
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. 35-27148, March 7, 2000,
File No. 70-9543) ("Order").
For the quarter ended March 31, 2003, 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 March 31, 2003, NU's aggregate investment in EWGs was approximately
$448.2 million, or 60% of its average Consolidated Retained Earnings for
the most recent four quarters of approximately $744.9 million.
2) Consolidated capitalization ratios of NU as of the end of that quarter,
with consolidated debt to include all short-term debt and non-recourse
debt of the EWG:
NU Consolidated Capitalization
--------------------------------------------------------------------------
As of March 31, 2003
--------------------------------------------------------------------------
(Thousands of Dollars) %
-----
Common shareholders' equity $2,229,564 33.4%
Preferred stock 116,200 1.7
Long-term and short-term debt 2,475,181 37.1
Rate reduction bonds 1,856,411 27.8
---------- -----
$6,677,356 100.0%
========== =====
3) Analysis of the growth in consolidated retained earnings which segregates
total earnings growth of Northeast Generation Company (NGC) from that
attributable to other subsidiaries of NU.
Retained earnings statement as of March 31, 2003:
--------------------------------------------------------------------------
NGC NU Consolidated
--------------------------------------------------------------------------
(Thousands of Dollars)
Beginning balance as of January 1, 2003 $32,259 $765,611
Additions:
Net income 10,015 60,204
Other - 6
Deductions:
Dividends declared-common shares 7,500 17,469
------- --------
Ending balance as of March 31, 2003 $34,774 $808,352
======= ========
--------------------------------------------------------------------------
4) A statement of revenues and net income for the EWG for the twelve months
ending as of the end of that quarter.
--------------------------------------------------------------------------
Twelve Months Ended March 31, 2003 NGC
--------------------------------------------------------------------------
(Thousands of Dollars)
Revenues $134,319
Net Income $ 33,657
--------------------------------------------------------------------------
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
/s/ John P. Stack
-------------
John P. Stack
Vice President - Accounting and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
May 29, 2003