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 December 31, 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 December 31, 2003
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(Thousands of
-------------
Dollars) %
-------- -----
Common shareholders' equity:
Common shares $ 60,352 2.1%
Capital surplus, paid in 326,282 11.4
Retained earnings 311,793 10.9
---------- -----
Total common shareholders' equity 698,427 24.4
Preferred stock 116,200 4.1
Long-term and short-term debt 921,274 32.2
Rate reduction bonds 1,124,779 39.3
---------- -----
$2,860,680 100.0%
========== =====
A common dividend of $30,055,320.90 was declared on December 17, 2003, and
was paid to NU on December 31, 2003.
Public Service Company of New Hampshire (PSNH)
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As of December 31, 2003
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(Thousands of
-------------
Dollars) %
-------- -----
Common shareholders' equity:
Common shares $ - - %
Capital surplus, paid in 156,438 11.8
Retained earnings 223,822 17.0
---------- ------
Total common shareholders' equity 380,260 28.8
Long-term and short-term debt 466,185 35.4
Rate reduction bonds 472,222 35.8
---------- -----
$1,318,667 100.0%
========== =====
A common dividend of $5,600,002.66 was declared on December 17, 2003, and
was paid on December 31, 2003.
Western Massachusetts Electric Company (WMECO)
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As of December 31, 2003
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(Thousands of
-------------
Dollars) %
-------- -----
Common shareholders' equity:
Common shares $ 10,866 2.2%
Capital surplus, paid in 69,460 14.4
Retained earnings 71,677 14.8
---------- -----
Total common shareholders' equity 152,003 31.4
Long-term and short-term debt 198,602 41.1
Rate reduction bonds 132,960 27.5
---------- -----
$ 483,565 100.0%
========== =====
A common dividend of $4,003,154.13 was declared on December 17, 2003, and
was paid to NU on December 31, 2003.
North Atlantic Energy Corporation (NAEC)
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As of December 31, 2003
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(Thousands of
-------------
Dollars) %
-------- -----
Common shareholders' equity:
Capital surplus, paid in $ 1,000 19.3
Retained earnings 4,179 80.7
---------- -----
Total common shareholders' equity $ 5,179 100.0%
========== =====
A common dividend of $16,000,000.02 was declared on December 17, 2003,
and was paid to NU on December 31, 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 December 31, 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. 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 December 31, 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 flows flows
Cash provided by/ provided by/ (used in)/
beginning (used in) (used in) provided by Cash end
of period operating investing financing of period
10/1/2003 activities activities activities 12/31/2003
--------- ---------- ---------- ---------- -----------
(Thousands of Dollars)
CL&P $7,324 $23,668 $35,773 $(60,951) $5,814
PSNH 5,782 32,026 (58,207) 23,136 2,737
WMECO 1 4,906 (8,472) 3,566 1
NAEC 84 (2,446) 18,362 (16,000) -
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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John P. Stack
Vice President - Accounting and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
February 27, 2004