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 transactions
for investment in Exempt Wholesale Generators. (HCAR No. 35-27147, March 7,
2000, File No. 70-9541) ("Order").
For the quarter ended September 30, 2003, 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 September 30, 2003
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(Thousands of
-------------
Dollars) %
------- ---
Common shareholders' equity:
Common shares $ 60,352 2.1%
Capital surplus, paid in 326,453 11.6
Retained earnings 337,547 11.9
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Total common shareholders' equity 724,352 25.6
Preferred stock 116,200 4.1
Long-term and short-term debt 829,647 29.4
Rate reduction bonds 1,153,822 40.9
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$2,824,021 100.0%
========== =====
A common dividend of $10,018,440.30 was declared on September 19, 2003,
and was paid to NU on September 30, 2003.
Public Service Company of New Hampshire (PSNH)
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As of September 30, 2003
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(Thousands of
-------------
Dollars) %
------- ---
Common shareholders' equity:
Common shares $ - - %
Capital surplus, paid in 126,559 9.8
Retained earnings 218,292 17.0
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Total common shareholders' equity 344,851 26.8
Long-term and short-term debt 460,785 35.7
Rate reduction bonds 483,432 37.5
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$1,289,068 100.0%
========== =====
A common dividend of $5,600,002.66 was declared on September 19, 2003,
and was paid on September 30, 2003.
Western Massachusetts Electric Company (WMECO)
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As of September 30, 2003
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(Thousands of
-------------
Dollars) %
------- ---
Common shareholders' equity:
Common shares $ 10,866 2.3%
Capital surplus, paid in 69,500 14.5
Retained earnings 73,317 15.3
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Total common shareholders' equity 153,683 32.1
Long-term and short-term debt 189,277 39.6
Rate reduction bonds 135,383 28.3
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$478,343 100.0%
======== =====
A common dividend of $10,001,365.53 was declared on September 19, 2003,
and was paid to NU on September 30, 2003.
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 September 30, 2003, 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. NAEC does
not presently have senior 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 September 30, 2003, 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 Net cash flows
Cash flows flows (used in)/
beginning provided by used in provided by Cash end
of period operating investing financing of period
7/1/2003 activities activities activities 9/30/2003
-------- ---------- ---------- ---------- ---------
(Thousands of Dollars)
CL&P $2,609 $176,183 $(127,807) $(43,661) $7,324
PSNH 1,405 56,970 (37,360) (15,233) 5,782
WMECO 1 13,378 (55,982) 42,604 1
NAEC 13 155 (84) - 84
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
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John P. Stack
Vice President - Accounting and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
November 26, 2003