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 March 31, 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 March 31, 2004
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(Thousands of
-------------
Dollars) %
-------- ---
Common shareholders' equity:
Common shares $ 60,352 2.1%
Capital surplus, paid in 331,238 11.3
Retained earnings 326,248 11.2
---------- -----
Total common shareholders' equity 717,838 24.6
Preferred stock 116,200 4.0
Long-term and short-term debt 991,169 34.0
Rate reduction bonds 1,090,277 37.4
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$2,915,484 100.0%
========== =====
A common dividend of $11,768,649.75 was declared on March 17, 2004, and
was paid to NU on March 31, 2004.
Public Service Company of New Hampshire (PSNH)
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As of March 31, 2004
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(Thousands of
-------------
Dollars) %
-------- ---
Common shareholders' equity:
Common shares $ - - %
Capital surplus, paid in 156,415 12.1
Retained earnings 229,520 17.8
---------- -----
Total common shareholders' equity 385,935 29.9
Long-term and short-term debt 442,285 34.3
Rate reduction bonds 461,974 35.8
---------- -----
$1,290,194 100.0%
========== =====
A common dividend of $6,062,001.54 was declared on March 17,
2004, and was paid to NU on March 31, 2004.
Western Massachusetts Electric Company (WMECO)
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As of March 31, 2004
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(Thousands of
-------------
Dollars) %
-------- ---
Common shareholders' equity:
Common shares $ 10,866 2.3%
Capital surplus, paid in 75,944 15.8
Retained earnings 73,602 15.3
-------- ----
Total common shareholders' equity 160,412 33.4
Long-term and short-term debt 189,726 39.5
Rate reduction bonds 130,248 27.1
-------- -----
$480,386 100.0%
======== =====
A common dividend of $1,621,255.69 was declared on March 17, 2004, and
was paid to NU on March 31, 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 March 31, 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 March 31, 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 Net cash
flows Flows flows
Cash provided by/ (used in)/ (used in)/
beginning (used in) provided by provided by Cash end
of period operating investing financing of period
01/1/2004 activities activities activities 03/31/2004
--------- ---------- ---------- ---------- ----------
(Thousands of Dollars)
CL&P $5,814 $48,467 $(11,449) $(42,831) $ 1
PSNH 2,737 68,912 (39,216) 26,368 6,065
WMECO 1 14,136 (16,294) 2,158 1
NAEC - (256) 343 - 87
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
May 27, 2004