File No. 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 March 31, 2005, 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, 2005, NU's aggregate investment in EWGs was approximately $448.2 million, or 54.8% of its average Consolidated Retained Earnings for the most recent four quarters of approximately $817.8 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 March 31, 2005

 

(Thousands
of Dollars)

 

%  

 

NU's aggregate investment in EWGs

$

448,174 

 

- 

%

a) Total consolidated capitalization

 

6,918,030 

 

6.5 

 

b) Net utility plant

 

5,954,271 

 

7.5 

 

c) Total consolidated assets

 

12,078,986 

 

3.7 

 

d) Aggregate market value of NU's common equity

 

2,492,910 

 

18.0 

 


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 March 31, 2005

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

$

2,171,377 

 

31.4 

%

Preferred stock

 

116,200 

 

1.7 

 

Long-term and short-term debt

 

3,134,301 

 

45.3 

 

Rate reduction bonds

 

1,496,152 

 

21.6 

 
 

$

6,918,030 

 

100.0 

%





The Connecticut Light and Power Company (CL&P)

As of March 31, 2005

 

(Thousands
of Dollars)

 

%  

 

Common stockholder's equity

$

855,874 

 

26.7 

%

Preferred stock

 

116,200 

 

3.6 

 

Long-term and short-term debt

 

1,273,665 

 

39.8 

 

Rate reduction bonds

 

958,485 

 

29.9 

 
 

$

3,204,224 

 

100.0 

%


Public Service Company of New Hampshire (PSNH)

As of March 31, 2005

 

(Thousands
of Dollars)

 

%  

 

Common stockholder's equity

$

402,275 

 

30.2 

%

Long-term and short-term debt

 

513,493 

 

38.5 

 

Rate reduction bonds

 

418,055 

 

31.3 

 
 

$

1,333,823 

 

100.0 

%


Western Massachusetts Electric Company  (WMECO)

As of March 31, 2005

 

(Thousands
of Dollars)

 

%  

 

Common stockholder's equity

$

167,013 

 

30.8 

%

Long-term and short-term debt

 

256,336 

 

47.2 

 

Rate reduction bonds

 

119,612 

 

22.0 

 
 

$

542,961 

 

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 March 31, 2005:


 

NGC

 

NU Consolidated

                                                                                                  (Thousands of Dollars)


Beginning balance as of January 1, 2005

$

45,782 

 

$

845,343 

 

Additions:

      

   Net income

 

12,097 

  

(117,719) 

 

Deductions

      

   Cash dividends on common shares

 

8,000 

  

21,005 

 

Ending balance as of March 31, 2005

$

49,879 

 

$

706,619 

 


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 March 31, 2005

NGC

 

(Thousands of Dollars)

  

Revenues

$155,132

Net Income

$  44,261




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

    May 26, 2005