-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SZpd0R82c1zdQzZUqKaYGuKib0GXNHKL0z7oVHr1ryFQR/9ImDBpHzvSdZ2Bc0X/ D3N96ld28G7d/rdW7rS5iQ== 0000013372-96-000002.txt : 19960229 0000013372-96-000002.hdr.sgml : 19960229 ACCESSION NUMBER: 0000013372-96-000002 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960228 SROS: BSE SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON EDISON CO CENTRAL INDEX KEY: 0000013372 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 041278810 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00367 FILM NUMBER: 96527478 BUSINESS ADDRESS: STREET 1: 800 BOYLSTON ST STREET 2: ROOM P 344 CITY: BOSTON STATE: MA ZIP: 02199 BUSINESS PHONE: 6174242000 MAIL ADDRESS: STREET 1: 800 BOYLSTON ST STREET 2: ROOM P 344 CITY: BOSTON STATE: MA ZIP: 02199 U-3A-2 1 BOSTON EDISON FORM U-3A-2 File No. 1-2301 --------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM U-3A-2 Statement by Holding Company Claiming Exemption Under Rule 2 from the Provisions of the Public Utility Holding Company Act of 1935 BOSTON EDISON COMPANY --------------------- hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935. In support of such claim for exemption the following information is submitted: 1. Boston Edison Company (the Company) is a Massachusetts electric utility company and a holding company organized in Massachusetts with its principal office at 800 Boylston Street, Boston, Massachusetts. One of its wholly-owned subsidiaries is Harbor Electric Energy Company (HEEC), a Massachusetts electric utility company which also has its principal office at 800 Boylston Street, Boston, Massachusetts. Boston Energy Technology Group, Inc. (BETG), is also a wholly-owned subsidiary of the Company, and neither it nor its subsidiaries engage in regulated utility activities. BETG has two wholly-owned subsidiaries, TravElectric Services Corp. and Ener-G-Vision, Inc., and two majority-owned subsidiaries, REZ-TEK International Corp. and Coneco Inc. The Company engages principally in the generation, purchase, transmission, distribution and sale of electric energy. HEEC was formed to engage principally in the distribution of electric energy from the Company to a large retail electric customer of the Company, the Massachusetts Water Resources Authority, for use in the construction and operation of its wastewater treatment facilities located on Deer Island in Boston, Massachusetts. HEEC may in the future engage in the generation, transmission, distribution or sale of electric energy and steam. 2. Properties Used for Generation ------------------------------ Within Massachusetts, the properties of the Company used for the generation of electric energy as of December 31, 1995, which are 100% owned, include three steam-electric generating stations, one of which is nuclear (678,000 kW) and two of which are fueled by oil and natural gas (total 1,803,530 kW), and ten combustion turbine generators (total 238,944 kW). The Company's total generating capability within Massachusetts is 2,720,474 kW. The Company has a 5.8881% joint ownership interest (approximately 37,300 kW nameplate rating) in Wyman Unit #4 operated by Central Maine Power Company and located in Yarmouth, Maine. It also owns 9.5% of the common stock of Connecticut Yankee Atomic Power Company which operates a nuclear generating unit with a net capability of 587,000 kW located in Haddam, Connecticut. Until the expiration of the power contract relating to this unit in June 2007, the Company is entitled to receive 9.5% of its output, which is 55,765 kW. The Company's generating capability outside Massachusetts totals 93,065 kW. Including the power contracts with Connecticut Yankee Atomic Power Company and Wyman Unit #4, the Company's total generating capability is 2,813,539 kW, of which 96.7% is intrastate and 3.3% is located outside Massachusetts. Properties Used for Transmission -------------------------------- The Company's transmission system as of December 31, 1995, consists of approximately 362 miles of overhead circuits operating at 115,000 volts, 230,000 volts and 345,000 volts and approximately 156 miles of underground circuits operating at 115,000 volts and 345,000 volts. All 518 miles of circuits and their substations are located within Massachusetts. The Company has an 80% joint ownership interest with another electric utility in the Medway-Card Street line which is approximately 16 miles of circuits extending from West Medway, Massachusetts to the Massachusetts-Rhode Island border, at which point the Company's ownership terminates. This 16-mile circuit is included in the total amount of overhead circuits described above and constitutes only 3.1% of the Company's entire transmission system as measured in miles of circuit. The Company also has a 5.8881% interest in a transmission substation located in Yarmouth, Maine as part of its ownership interest in the Wyman Unit #4 generating station discussed above. The Company owns 4.5% of the voting shares and has an approximately 6.55% non-voting interest in the New England Hydro-Transmission Electric Company, Inc., a Massachusetts corporation which owns the Massachusetts portions of the high voltage direct current (HVDC) interconnection which extends to the Canadian border. The Company also owns 4.5% of the voting shares and has an approximately 6.55% non-voting interest in the New England Hydro-Transmission Corporation, a New Hampshire corporation which owns the New Hampshire portion of the HVDC interconnection. Properties Used for Distribution -------------------------------- All properties of the Company used for the distribution of electric energy, including circuits, substations, and stations, are located within Massachusetts. HEEC's distribution system at December 31, 1995, consists principally of a 4.09 mile 115Kv (submarine cable) distribution line, a substation located on Deer Island in Boston, Massachusetts and related facilities. HEEC's distribution system is located entirely in Massachusetts. 3. Boston Edison Company. In the year ended December 31, 1995, the Company: --------------------- (a) - (c) Sold at retail (including unbilled kWh) 12,838,311,000 kWh of electric energy only within the Commonwealth of Massachusetts as the Company is permitted to make retail sales only in its franchise area which is the City of Boston and thirty-nine other cities and towns in eastern Massachusetts. Sold wholesale 3,539,956,000 kWh of electric energy mostly to customers located inside Massachusetts of which 25% was sold to the New England Power Exchange (NEPEX) headquartered in Massachusetts; 28% was sold to municipal electric systems and public authorities located within Massachusetts; 34% was sold to public utility companies headquartered in Massachusetts; and 13% was sold to United Illuminating and Northeast Utilities (headquartered in Connecticut), and Enron Power Marketing, Inc. (headquartered in Texas). Electric energy sold to utility companies outside of Massachusetts was delivered at tie points between the Company and other utilities located within Massachusetts and represented 3% of the Company's total sales (both wholesale and retail) of 16,378,267,000 kWh. (d) Purchased 6,960,009,000 kWh of electric energy. 19% was purchased from outside Massachusetts and includes 347,897,000 kWh of electric energy pursuant to the Company's stock ownership interest in and associated power purchase agreement with Connecticut Yankee. 55% was purchased from public authorities and non-utility generators located in Massachusetts. The remaining purchases consisted of 22% from NEPEX and 4% from Canal Electric Company, Milford Power Limited Partnership and New England Power Company, all of which are located in Massachusetts. Harbor Electric Energy Company. In the year ended December 31, 1995, ------------------------------ HEEC: (a) - (d) did not sell electric energy at wholesale or retail either within Massachusetts or outside of the state and did not purchase any electric energy from outside of Massachusetts. 4. Not applicable Exhibit A --------- A consolidating statement of income and retained earnings of Boston Edison Company and its subsidiaries for the year ended December 31, 1995 and a consolidating balance sheet as of December 31, 1995 are also filed herewith. Boston Edison Company has caused this statement to be duly executed on its behalf by an authorized officer on this day. Boston Edison Company --------------------- Claimant /s/ Robert J. Weafer, Jr. ------------------------- Robert J. Weafer, Jr. Vice President - Finance, Controller and Chief Accounting Officer - Boston Edison Company and Assistant Treasurer - Harbor Electric Energy Company February 28, 1996 ------------------------- Date Exhibit C --------- Not applicable BOSTON EDISON COMPANY Consolidating Statement of Income and Retained Earnings For the year ended December 31, 1995 (in thousands, except earnings per share)
Boston Harbor Electric Boston Energy Eliminating Edison Co. Energy Co. Technology Group Entries Consolidated ---------- --------------- ---------------- ----------- ------------ Operating revenues $1,620,634 $7,869 $ 0 $1,628,503 Operating expenses: Operations and maintenance 457,457 739 0 458,196 Restructuring costs 34,000 0 0 34,000 Fuel and purchased power 535,806 0 0 535,806 Taxes - property and other 105,177 1,184 0 106,361 Income taxes 67,571 705 0 68,276 Depreciation and amortization 151,591 1,748 0 153,339 Demand side management programs 45,125 0 0 45,125 ---------- ------ -------- ---------- Total operating expenses 1,396,727 4,376 0 1,401,103 ---------- ------ -------- ---------- Operating income 223,907 3,493 0 227,400 Other income (expense), net (126) 356 (805) (575) ---------- ------ -------- ---------- Operating and other income 223,781 3,849 (805) 226,825 Interest charges: Long-term debt 103,882 2,758 0 106,640 Short-term debt 12,642 0 0 12,642 Allowance for borrowed funds used during construction (4,767) 0 0 (4,767) ---------- ------ -------- ---------- Total interest charges 111,757 2,758 0 114,515 ---------- ------ -------- ---------- Net income (loss) 112,024 1,091 (805) 112,310 Preferred dividends provided 15,571 0 0 15,571 ---------- ------ -------- ------ ---------- Balance available for common stock $ 96,453 $1,091 $ (805) $ 0 $ 96,739 ========== ====== ======== ====== ========== Common shares outstanding (weighted average) 46,592 Earnings per share of common stock $2.08 ========== Retained Earnings: - ----------------- Balance at beginning of year $ 244,462 $4,736 $(1,789) $ 0 $ 247,409 Net income (loss) 112,024 1,091 (805) 0 112,310 ---------- ------ -------- ------ ---------- Subtotal 356,486 5,827 (2,594) 0 359,719 Cash dividends declared: Preferred stock 15,571 0 0 15,571 Common stock 86,399 2,500 0 (2,500) 86,399 ---------- ------ -------- ------ ---------- Subtotal 101,970 2,500 0 (2,500) 101,970 ---------- ------ -------- ------ ---------- Balance at end of year $ 254,516 $3,327 $(2,594) $2,500 $ 257,749 ========== ====== ======== ====== ==========
BOSTON EDISON COMPANY Consolidating Balance Sheet For the year ended December 31, 1995 (in thousands)
Boston Eliminating Boston Harbor Energy Entries Edison Electric Technology ---------------- Co. Energy Co. Group Total Dr. Cr. Consolidated ---------- ---------- ---------- ----------- ------- ------- ------------ ASSETS Plant investment $4,274,225 $40,381 $ 816 $4,315,422 $4,315,422 Construction work in progress 29,426 147 0 29,573 29,573 Accumulated depreciation (1,433,422) (6,280) (294) (1,439,996) (1,439,996) ---------- ------- ------- ---------- ---------- Net plant 2,870,229 34,248 522 2,904,999 2,904,999 ---------- ------- ------- ---------- ---------- Nuclear fuel, net 50,643 0 0 50,643 50,643 Investment in Harbor Electric Energy Co. 2,101 0 0 2,101 $ 2,101 0 Investment in Boston Energy Technology Group 10,654 0 0 10,654 10,654 0 Investments in electric companies 23,620 0 0 23,620 23,620 Due from affiliates 733 0 13 746 $ 13 759 0 Nuclear decommissioning trust 102,894 0 0 102,894 102,894 Current assets: Cash and cash equivalents 1,588 2,390 1,863 5,841 5,841 Accounts receivable 215,339 643 3,132 219,114 219,114 Accrued unbilled revenues 37,113 0 0 37,113 37,113 Fuel, materials and supplies 59,234 0 397 59,631 59,631 Prepaid expenses and other 22,879 95 633 23,607 23,607 ---------- ------- ------- ---------- ---------- Total current assets 336,153 3,128 6,025 345,306 345,306 ---------- ------- ------- ---------- ---------- Deferred debits: Regulatory assets 156,774 0 0 156,774 156,774 Intangible asset - pension 27,386 0 0 27,386 27,386 Other 27,381 1 4,845 32,227 32,227 ---------- ------- ------- ---------- ------- ------- ---------- Total assets $3,608,568 $37,377 $11,405 $3,657,350 $ 13 $13,514 $3,643,849 ========== ======= ======= ========== ======= ======= ========== CAPITALIZATION AND LIABILITIES Common stock equity $ 988,705 $ 5,428 $ 8,060 $1,002,193 $12,755 $ 989,438 Cumulative preferred stock 215,000 0 0 215,000 215,000 Long-term debt 1,130,000 30,223 0 1,160,223 1,160,223 ---------- ------- ------- ---------- ------- ---------- Total capitalization 2,333,705 35,651 8,060 2,377,416 12,755 2,364,661 ---------- ------- ------- ---------- ------- ---------- Current liabilities: Due to affiliates 0 746 0 746 746 0 Notes payable 125,500 0 941 126,441 126,441 Accounts payable 130,455 0 3,019 133,474 133,474 Pension benefits 32,602 0 0 32,602 32,602 Long-term debt/preferred stock due within one year 102,000 667 0 102,667 102,667 Other 154,133 1,770 3 155,906 155,906 ---------- ------- ------- ---------- ------- ---------- Total current liabilities 544,690 3,183 3,963 551,836 746 551,090 ---------- ------- ------- ---------- ------- ---------- Deferred credits: Accumulated deferred income taxes 497,869 (239) (348) 497,282 497,282 Accumulated deferred investment tax credits 62,970 0 0 62,970 62,970 Power contracts 21,396 0 0 21,396 21,396 Nuclear decommissioning reserve 113,288 0 0 113,288 113,288 Other 34,650 (1,218) (270) 33,162 33,162 ---------- ------- ------- ---------- ------- ------- ---------- Total capitalization and liabilities $3,608,568 $37,377 $11,405 $3,657,350 $13,501 $ 0 $3,643,849 ========== ======= ======= ========== ======= ======= ==========
EX-27 2 EXHIBIT B - BOSTON EDISON COMPANY - FINANCIAL DATA SCHEDULE
OPUR3 1,000 YEAR DEC-31-1995 DEC-31-1995 PER-BOOK $3,643,849 $1,628,503 $112,310
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