-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, bsdMWXN7End+MUYn4uezFIggB33bvKGOPoqxwOq2oDIp8ncAKrk6ZD3NiJ5SEq1k SFch1nF8XDyB0GbTt+D4Bw== 0000016573-94-000003.txt : 19941116 0000016573-94-000003.hdr.sgml : 19941116 ACCESSION NUMBER: 0000016573-94-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940930 FILED AS OF DATE: 19941114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMBRIDGE ELECTRIC LIGHT CO CENTRAL INDEX KEY: 0000016573 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 041144610 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-07909 FILM NUMBER: 94559511 BUSINESS ADDRESS: STREET 1: ONE MAIN ST CITY: CAMBRIDGE STATE: MA ZIP: 02142 BUSINESS PHONE: 6172254000 MAIL ADDRESS: STREET 1: P O BOX 9150 CITY: CAMBRIDGE STATE: MA ZIP: 02142-9150 10-Q 1 CAMBRIDGE ELECTIC LIGHT COMPANY FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549-1004 Form 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1994 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from _______________ to _______________ Commission file number 2-7909 CAMBRIDGE ELECTRIC LIGHT COMPANY (Exact name of registrant as specified in its charter) Massachusetts 04-1144610 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Main Street, Cambridge, Massachusetts 02142-9150 (Address of principal executive offices) (Zip Code) (617) 225-4000 (Registrant's telephone number, including area code) (Former name, address and fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Outstanding at Class of Common Stock November 1, 1994 Common Stock, $25 par value 346,600 shares The Company meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-K as a wholly-owned subsidiary and is therefore filing this Form with the reduced disclosure format. PART I - FINANCIAL INFORMATION Item 1. Financial Statements CAMBRIDGE ELECTRIC LIGHT COMPANY CONDENSED BALANCE SHEETS SEPTEMBER 30, 1994 AND DECEMBER 31, 1993 ASSETS (Unaudited) September 30, December 31, 1994 1993 (Dollars in Thousands) PROPERTY, PLANT AND EQUIPMENT, at original cost $146 634 $145 324 Less - Accumulated depreciation 55 087 52 382 91 547 92 942 Add - Construction work in progress 1 918 1 013 93 465 93 955 INVESTMENTS Equity in nuclear electric power companies 9 366 9 059 Other 5 5 9 371 9 064 CURRENT ASSETS Cash 540 1 624 Advances to affiliates 125 - Accounts receivable Affiliates 601 1 036 Customers 9 863 10 178 Unbilled revenues 4 110 3 835 Prepaid taxes - Property 2 640 1 600 Income - 423 Inventories and other 1 910 2 289 19 789 20 985 DEFERRED CHARGES Yankee Atomic purchased power contract 5 872 6 900 Other 6 151 3 084 12 023 9 984 $134 648 $133 988 CAMBRIDGE ELECTRIC LIGHT COMPANY CONDENSED BALANCE SHEETS SEPTEMBER 30, 1994 AND DECEMBER 31, 1993 CAPITALIZATION AND LIABILITIES (Unaudited) September 30, December 31, 1994 1993 (Dollars in Thousands) CAPITALIZATION Common Equity - Common stock, $25 par value - Authorized and outstanding - 346,600 shares wholly-owned by Commonwealth Energy System (Parent) $ 8 665 $ 8 665 Amounts paid in excess of par value 27 953 27 953 Retained earnings 10 013 7 056 46 631 43 674 Long-term debt, including premiums, less current sinking fund requirements 42 027 42 189 88 658 85 863 CURRENT LIABILITIES Interim Financing - Notes payable to banks - 2 000 Advances from affiliates - 1 305 - 3 305 Other Current Liabilities - Current sinking fund requirements 160 160 Accounts payable Affiliates 4 310 4 972 Other 4 382 5 187 Accrued taxes - Local property and other 3 535 1 611 Income 840 97 Accrued interest 1 301 1 003 Other 2 135 2 776 16 663 15 806 16 663 19 111 DEFERRED CREDITS Accumulated deferred income taxes 12 818 12 189 Unamortized investment tax credits 2 058 2 130 Yankee Atomic purchased power contract 5 872 6 900 Other 8 579 7 795 29 327 29 014 COMMITMENTS AND CONTINGENCIES $134 648 $133 988 See accompanying notes. CAMBRIDGE ELECTRIC LIGHT COMPANY CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1994 AND 1993 (Unaudited) Three Months Ended Nine Months Ended 1994 1993 1994 1993 (Dollars in Thousands) ELECTRIC OPERATING REVENUES $34 658 $35 865 $99 538 $93 749 OPERATING EXPENSES Electricity purchased for resale, transmission and fuel 21 604 24 379 64 238 62 854 Other operation and maintenance 6 038 6 220 18 137 19 448 Depreciation 1 017 990 3 051 2 970 Taxes - Income 1 526 834 3 107 909 Local property 799 688 2 237 1 935 Payroll and other 184 184 609 673 31 168 33 295 91 379 88 789 OPERATING INCOME 3 490 2 570 8 159 4 960 OTHER INCOME 120 57 495 289 INCOME BEFORE INTEREST CHARGES 3 610 2 627 8 654 5 249 INTEREST CHARGES Long-term debt 945 949 2 842 2 848 Other interest charges 37 63 212 134 Allowance for borrowed funds used during construction (18) (3) (23) (5) 964 1 009 3 031 2 977 NET INCOME 2 646 1 618 5 623 2 272 RETAINED EARNINGS - Beginning of period 8 061 6 481 7 056 6 156 Dividends on common stock (694) (312) (2 666) (641) RETAINED EARNINGS - End of period $10 013 $ 7 787 $10 013 $ 7 787 See accompanying notes. CAMBRIDGE ELECTRIC LIGHT COMPANY CONDENSED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1994 AND 1993 (Unaudited) 1994 1993 (Dollars in Thousands) OPERATING ACTIVITIES Net income $ 5 623 $ 2 272 Effects of non-cash items - Depreciation and amortization 3 270 3 005 Deferred income taxes and investment tax credits, net 1 137 636 Equity earnings from corporate joint ventures (894) (761) Dividends from corporate joint ventures 587 704 Change in working capital, exclusive of cash and interim financing 1 094 2 151 All other operating items (3 174) (2 392) Net cash provided by operating activities 7 643 5 615 INVESTING ACTIVITIES Additions to property, plant and equipment (exclusive of AFUDC) (2 446) (2 319) Allowance for borrowed funds used during construction (23) (5) Advances to affiliates (125) (615) Net cash used for investing activities (2 594) (2 939) FINANCING ACTIVITIES Payment of dividends (2 666) (641) Payment of short-term borrowings (2 000) (1 500) Payment to affiliates (1 305) - Sinking funds payments (162) (162) Net cash used for financing activities (6 133) (2 303) Net increase (decrease) in cash (1 084) 373 Cash at beginning of period 1 624 2 Cash at end of period $ 540 $ 375 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid (received) during the period for: Interest (net of capitalized amounts) $ 2 507 $ 2 590 Income taxes $ 1 430 $ (204) See accompanying notes. CAMBRIDGE ELECTRIC LIGHT COMPANY NOTES TO CONDENSED FINANCIAL STATEMENTS (1) Accounting Policies Cambridge Electric Light Company (the Company) is a wholly-owned subsid- iary of Commonwealth Energy System. The parent company is referred to in this report as the "System" and together with its subsidiaries is collec- tively referred to as "the system." The Company's significant accounting policies are described in Note 1 of Notes to Financial Statements included in its 1993 Annual Report on Form 10-K filed with the Securities and Exchange Commission. For interim reporting purposes, the Company follows these same basic accounting policies but considers each interim period as an integral part of an annual period and makes allocations of certain expenses to interim periods based upon estimates of such expenses for the year. The Company has established various regulatory assets in cases where the Massachusetts Department of Public Utilities (DPU) and/or the Federal Energy Regulatory Commission have permitted, or are expected to permit, recovery of specific costs over time. Similarly, certain regulatory liabilities estab- lished by the Company are required to be refunded to customers over time. As of September 30, 1994, principal regulatory assets included in deferred charges were $5.9 million for unrecovered plant and decommissioning costs for the Yankee Atomic nuclear plant and $2.1 million for postretirement benefit costs including pensions. The principal regulatory liability, reflected in deferred credits, was $3.9 million related to income taxes. Generally, expenses which relate to more than one interim period are allocated to other periods to more appropriately match revenues and expenses. Income tax expense is recorded using the statutory rates in effect applied to book income subject to tax recorded in the interim period. The unaudited financial statements for the periods ended September 30, 1994 and 1993 reflect, in the opinion of the Company, all adjustments (consisting of only normal recurring accruals) necessary to summarize fairly the results for such periods. In addition, certain prior period amounts are reclassified from time to time to conform with the presentation used in the current period's financial statements. The results for interim periods are not necessarily indicative of results for the entire year because of seasonal variations in the consumption of energy. (2) Commitments and Contingencies (a) Construction and Financing Programs The Company is engaged in a continuous construction program presently estimated at $33.1 million for the five-year period 1994 through 1998. Of that amount, $10.3 million is estimated for 1994. As of September 30, 1994 the Company's actual construction expenditures amounted to $2.5 million, including an allowance for funds used during construction. The majority of 1994 construction expenditures are anticipated to be incurred during the fourth quarter of 1994. The Company expects to finance these expenditures CAMBRIDGE ELECTRIC LIGHT COMPANY on an interim basis with internally generated funds and short-term borrow- ings which are ultimately expected to be repaid with the proceeds from sales of long-term debt and equity securities. The program is subject to periodic review and revision because of factors such as changes in business condi- tions, rates of customer growth, effects of inflation, maintenance of reliable and safe service, equipment delivery schedules, licensing delays, availability and cost of capital and environmental regulations. (b) Decommissioning of Nuclear Power Plants The Company has equity ownership interests in four nuclear generating facilities in New England and is obligated to pay its proportionate share of the capacity and energy costs associated with these units, which include depreciation, operations and maintenance, a return on invested capital and the estimated cost of decommissioning the nuclear plants at the end of their estimated service lives. Pertinent information with respect to projected decommissioning costs, in 1994 dollars, resulting from life-of-the-unit contracts from those units still operating is as follows: Connecticut Maine Vermont Yankee Yankee Yankee (Dollars in Millions) Equity ownership (%) 4.50 4.00 2.50 Plant entitlement (%) 4.50 3.59 2.25 Plant capability (MW) 560.0 870.0 496.0 Company entitlement (MW) 25.2 31.2 11.2 Contract expiration date 1998 2008 2012 Decommissioning cost estimate (100%) ($) 356.5 338.2 325.3 Company's decommissioning cost ($) 16.0 12.1 7.3 Market value of assets (100%) ($) 145.5 74.3 111.1 Company's market value of assets ($) 6.5 2.7 2.5 In February 1992, the Board of Directors of Yankee Atomic Electric Company (Yankee Atomic) agreed to permanently discontinue power operation and decommission the Yankee Nuclear Power Station (the plant). At September 30, 1994, the Company's 2% investment in the plant is approximately $506,000. The estimated decommissioning costs include its unrecovered share of all costs associated with the shutdown of the plant, recovery of its plant investment, and decommissioning and closing the plant. The amount currently reflected in the accompanying Balance Sheets as a liability and a corre- sponding regulatory asset is $5.9 million. The market value of the Com- pany's share of assets in the plant's decommissioning fund at September 30, 1994 is approximately $2.1 million. On October 26, 1994, Yankee Atomic filed with the Nuclear Regulatory Commission a revised estimate to decommission the plant of $370 million (in 1994 dollars). The total cost to permanently shut down the plant is approximately $438.6 million. The Company's share of this liability is approximately $8.8 million. The Company is reviewing Yankee Atomic's filing and adjustments to the liability and regulatory asset accounts will be made as appropriate during the fourth quarter of 1994. CAMBRIDGE ELECTRIC LIGHT COMPANY Item 2. Management's Discussion and Analysis of Results of Operations The following is a discussion of certain significant factors which have affected operating revenues, expenses and net income during the periods included in the accompanying condensed statements of income. This discussion should be read in conjunction with the Notes to Condensed Financial Statements appearing elsewhere in this report. A summary of the period to period changes in the principal items included in the condensed statements of income for the three and nine months ended September 30, 1994 and 1993 is shown below: Three Months Nine Months Ended September 30, Ended September 30, 1994 and 1993 1994 and 1993 Increase (Decrease) (Dollars in Thousands) Electric Operating Revenues $(1 207) (3.4)% $5 789 6.2% Operating Expenses Electricity purchased for resale, transmission and fuel (2 775) (11.4) 1 384 2.2 Other operation and maintenance (182) (2.9) (1 311) (6.7) Depreciation 27 2.7 81 2.7 Taxes - Federal and state income 692 83.0 2 198 241.8 Local property and other 111 12.7 238 9.1 (2 127) (6.4) 2 590 2.9 Operating Income 920 35.8 3 199 64.5 Other Income 63 110.5 206 71.3 Income Before Interest Charges 983 37.4 3 405 64.9 Interest Charges (45) (4.5) 54 1.8 Net Income $ 1 028 63.5 $3 351 147.5 Retail Unit Sales MWH Increase (Decrease) 769 .2 (5 433) (.5) The following is a summary of unit sales for the periods indicated: Unit Sales (MWH) Three Months Nine Months Period Ended Total Retail Wholesale Total Retail Wholesale September 30, 1994 409 495 357 598 51 897 1 255 986 1 007 377 248 609 September 30, 1993 432 759 356 829 75 930 1 200 808 1 012 810 187 998 CAMBRIDGE ELECTRIC LIGHT COMPANY Operating Revenues Operating revenues increased by $5.8 million, or 6.2%, during the first nine months of 1994 due primarily to new base rates that became effective June 1, 1993, higher unit sales and an increase in electricity purchased for resale, transmission and fuel costs offset, in part, by a lower level of conservation and load management (C&LM) costs ($1.1 million). Despite slightly higher retail unit sales, operating revenues decreased $1.2 million, or 3.4%, during the current three-month period due to lower unit sales to wholesale customers, a decline in electricity purchased for resale, transmis- sion and fuel costs and a lower level of C&LM charges ($200,000). For the current three and nine-month periods, operating revenues also include an over- collection of $1.1 and $2.6 million, respectively, of capacity-related costs associated with certain purchased power contracts. For the same periods in 1993, approximately $805,000 and $1.5 million of these costs were not recov- ered in revenues due to the recovery mechanism established by the Massachu- setts Department of Public Utilities (DPU). The impact of this recovery mechanism on net income was $700,000 and $1.6 million in the current three and nine-month periods compared to net losses of $490,000 and $884,000 for the same periods in 1993. The improved recovery of these capacity-related costs in the current period was due to the previously mentioned new base rates. (Refer to the "Power Contracts" section to follow.) The Company received approval from the DPU to recover in revenues current costs associated with C&LM programs through the operation of a Conservation Charge decimal on a dollar-for-dollar basis. To the extent that these expenses increase or decrease from period to period based on customer partici- pation, a corresponding change will occur in revenues. Current three and nine-month C&LM costs were $500,000 and $1.1 million, respectively, compared to $700,000 and $2.2 million for the same periods in 1993. Despite higher retail unit sales to the residential, commercial and industrial sectors during the current three and nine-month periods, reflecting more extreme weather conditions during the winter and summer periods, total unit sales were virtually unchanged for the current three-month period and decreased slightly in the nine-month period due to a decline in sales to a large municipal customer. The fluctuating level of wholesale sales, primarily sales to the New England Power Pool (NEPOOL), reflects changes in the Com- pany's capacity needs and have little, if any, impact on net income. Electricity Purchased For Resale, Transmission and Fuel Electricity purchased for resale, transmission and fuel costs decreased by $2.8 million in the current quarter due primarily to a decline in purchases from NEPOOL and lower costs from three nuclear generating facilities offset, in part, by power purchased from a higher-cost non-utility generator that came on-line in September 1993. For the first nine months of 1994, electricity purchased for resale, transmission and fuel costs increased by $1.4 million due primarily to the aforementioned power purchased from the non-utility generator offset, in part, by the lower level of purchases from NEPOOL and the decline in costs from the nuclear generating facilities. During the current quarter and first nine months of 1994, electricity purchased for resale, transmission and fuel costs averaged 5.3 cents and 5.1 cents per KWH compared to 5.6 cents and 5.2 cents per KWH for the same periods in 1993. CAMBRIDGE ELECTRIC LIGHT COMPANY Other Operation and Maintenance Other operation and maintenance expense decreased $182,000 and $1.3 million in the current quarter and nine-month periods. The decline for the nine-month period reflects a lower level of current and amortized C&LM costs ($1.1 million), declines in payroll costs ($377,000) and affiliated services company charges ($204,000) that reflect the impact of a second quarter 1993 work force reduction, and a decrease in the provision for bad debts ($99,000) due to improved payment experience offset, in part, by higher insurance and benefit costs ($253,000). Depreciation and Taxes Depreciation expense increased due to a higher level of depreciable property, plant and equipment. For the nine-month period the increase in federal and state income taxes reflects a greater level of pretax income. The increase for the current quarter is due to a greater level of pretax income and, to a lesser extent, a retroactive adjustment made in the third quarter of 1993 to reflect the increase in the federal tax rate to 35%. Local property and other taxes increased due primarily to higher tax rates, offset, in part, by lower assessments to the Company's property in the City of Cambridge. Other Income and Interest Charges Other income increased $63,000 and $206,000 for the current quarter and nine-month period due primarily to higher equity earnings from the Company's investment in nuclear generating companies. In addition, other income for the current nine-month period increased due to interest income ($79,000) recorded in the first quarter related to a Massachusetts sales tax abatement and the absence in 1994 of a loss recorded in January 1993 ($33,000) in connection with the Company's equity investment in Yankee Atomic Electric Company. The increase in interest charges ($54,000) in the current nine-month period primarily reflects interest to be refunded to the Company's customers in connection with the aforementioned sales tax abatement and higher short- term interest rates offset, in part, by a lower level of short-term borrow- ings. For the current quarter, interest charges decreased $45,000 compared to the same period in 1993 due primarily to lower short-term borrowings offset, in part, by higher short-term interest rates. Interest rates on bank borrow- ings averaged 4.5% and 3.8% for the current three and nine-month periods compared to 3.3% and 3.4% for the same periods in 1993. Power Contracts The Company has long-term contracts for the purchase of electricity from various sources. Generally, these contracts are for fixed periods and require that the Company pay a demand charge for its capacity entitlement in each unit and an energy charge to cover the cost of fuel. The Company collects a portion of its capacity-related purchased power costs associated with certain long-term power arrangements through its base rates. The recovery mechanism for these costs uses a per KWH factor which is calculated using historical (test-period) capacity costs and unit sales. This factor is then applied to current monthly KWH sales. When current period capacity costs and/or unit sales vary from test-period levels, the Company experiences a revenue excess CAMBRIDGE ELECTRIC LIGHT COMPANY or shortfall. All other capacity and energy-related purchased power costs are recovered through the Company's Fuel Charge. Power Contract Negotiations On May 2, 1994, the Company and its affiliate Commonwealth Electric Company (Commonwealth Electric) gave notice of termination of power purchase agreements with Eastern Energy Corp. (Eastern), the developer of a proposed 300 MW coal-fired plant in New Bedford, Massachusetts. In June 1989, in order to meet rising energy requirements, the Company and Commonwealth Electric agreed to buy 27% (33 MW and 50 MW, respectively) of the power to be produced by the proposed plant, originally scheduled to begin operation in January 1992. That date and later revised scheduled operating dates have not been achieved, and the proposed plant has still not received the necessary permits. Efforts to reshape the Eastern power purchase agreements to provide a satis- factory arrangement were unsuccessful. The companies' actions are based on Eastern's failure to meet its contractual obligations. In a letter dated June 30, 1994, Eastern objected to the notice of termination and provided to Commonwealth Electric and the Company written notice of arbitration and its designation of an arbitrator pursuant to the 1989 agreements. The companies responded by designating their arbitrator, and the parties are now in the process of selecting a third, neutral arbitrator through the Boston, Massachu- setts office of the American Arbitration Association. An arbitrator decision on the legality of the companies' termination action is expected in 1995. Environmental Matters The Company is subject to laws and regulations administered by federal, state and local authorities relating to the quality of the environment. These laws and regulations affect, among other things, the siting and operation of generating facilities, and will continue to impact future operations, capital costs and construction schedules. Air emission regulations require the use of more costly lower-sulphur content fuels (0.5% maximum in the case of the Company's facilities, which are located in a populated urban area) in electric generating facilities. The amendments to the federal Clean Air Act enacted in 1990 will impose restrictions on air emissions, and have a particular impact on the cost of electric generating operations. Regulations enacted by the state of Massachusetts will require a reduction in sulphur dioxide emission rates effective December 31, 1994. A plan to meet this target date was developed and submitted to the state in compliance with applicable regula- tions. These regulations may also result in an increase in the cost of power purchased from others. The Company recovers its cost of fuel and purchased power through its Fuel Charge or base rates. CAMBRIDGE ELECTRIC LIGHT COMPANY PART II - OTHER INFORMATION Item 1. Legal Proceedings The Company is not a party to any pending material legal proceeding. Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Incorporated herein by reference: Exhibit 10 Material Contracts. 10.2 Other Agreements. 10.2.3.10 Twenty-Eighth Agreement Amending New England Power Pool Agreement dated September 1, 1971, as amended September 15, 1992 (Exhibit 1 to Commonwealth Energy System's Form 10-Q (September 1994), File No. 1-7316). 10.2.3.11 Twenty-Ninth Agreement Amending New England Power Pool Agreement dated September 1, 1971, as amended May 1, 1993 (Exhibit 2 to Commonwealth Energy System's Form 10-Q (September 1994), File No. 1-7316). Filed herewith: Exhibit 27 Financial Data Schedule for the nine months ended September 30, 1994 (Filed herewith as Exhibit 1). (b) Reports on Form 8-K No reports on Form 8-K were filed during the three months ended September 30, 1994. CAMBRIDGE ELECTRIC LIGHT COMPANY SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CAMBRIDGE ELECTRIC LIGHT COMPANY (Registrant) Principal Financial Officer: JAMES D. RAPPOLI James D. Rappoli, Financial Vice President and Treasurer Principal Accounting Officer: JOHN A. WHALEN John A. Whalen, Comptroller Date: November 14, 1994 EX-27 2 FINANCIAL DATA SCHEDULE 9/30/94
UT This schedule contains summary financial information extracted from the balance sheet, statement of income and statement of cash flows contained in Form 10-Q of Cambridge Electric Light Company for the six months ended June 30, 1994 and is qualified in its entirety by reference to such financial statements. 0000016573 CAMBRIDGE ELECTRIC LIGHT COMPANY 1,000 9-MOS DEC-31-1994 SEP-30-1994 PER-BOOK 93,465 9,371 19,789 12,023 0 134,648 8,665 27,953 10,013 46,631 0 0 42,027 0 0 0 160 0 0 0 45,830 134,648 99,538 3,107 88,272 91,379 8,159 495 8,654 3,031 5,623 0 5,623 2,666 2,842 8,244 0 0
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