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 June 30, 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 June 30, 2003, NU's aggregate investment in EWGs was
approximately $448.2 million, or 57.8% of its average Consolidated
Retained Earnings for the most recent four quarters of approximately
$775.0 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
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As of June 30, 2003
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(Thousands of Dollars) %
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Common shareholders' equity $2,214,494 32.9%
Preferred stock 116,200 1.7
Long-term and short-term debt 2,586,828 38.4
Rate reduction bonds 1,816,998 27.0
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$6,734,520 100.0%
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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 June 30, 2003:
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NGC NU Consolidated
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(Thousands of Dollars)
Beginning balance as of April 1, 2003 $34,774 $808,352
Additions:
Net income 10,688 26,869
Deductions:
Dividends declared-common shares 7,500 36,419
Other - 6
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Ending balance as of June 30, 2003 $37,962 $798,796
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4) A statement of revenues and net income for the EWG for the twelve months
ending as of the end of that quarter.
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Twelve Months Ended June 30, 2003 NGC
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(Thousands of Dollars)
Revenues $135,444
Net Income $ 34,643
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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
August 26, 2003