-----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, SgQeX7z67Nj1mcO59i/NWc0uRp5vZEL180kXWJnrWnytjr3gj11luN7ZML+xciyQ X/I6qGWfkOjk6xjewWYazA== 0000071304-97-000012.txt : 19970515 0000071304-97-000012.hdr.sgml : 19970515 ACCESSION NUMBER: 0000071304-97-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMBRIDGE ELECTRIC LIGHT CO CENTRAL INDEX KEY: 0000016573 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [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: 97604311 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 ELECTRIC 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 March 31, 1997 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 May 1, 1997 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-Q 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 MARCH 31, 1997 AND DECEMBER 31, 1996 ASSETS (Dollars in thousands) March 31, December 31, 1997 1996 (Unaudited) PROPERTY, PLANT AND EQUIPMENT, at original cost $161 102 $161 331 Less - Accumulated depreciation 61 438 61 499 99 664 99 832 Add - Construction work in progress 454 546 100 118 100 378 INVESTMENTS Equity in nuclear electric power companies 9 648 9 403 Other 5 5 9 653 9 408 CURRENT ASSETS Cash 1 712 143 Accounts receivable - Affiliate companies 1 689 1 452 Customers 11 728 11 285 Unbilled revenues 2 334 2 751 Prepaid taxes - Income 1 067 968 Property 852 1 704 Inventories and other 2 102 2 023 21 484 20 326 DEFERRED CHARGES Regulatory Assets 40 874 42 781 Other 1 930 2 258 42 804 45 039 $174 059 $175 151 See accompanying notes. CAMBRIDGE ELECTRIC LIGHT COMPANY CONDENSED BALANCE SHEETS MARCH 31, 1997 AND DECEMBER 31, 1996 CAPITALIZATION AND LIABILITIES (Dollars in thousands) March 31, December 31, 1997 1996 (Unaudited) 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 10 082 9 233 46 700 45 851 Long-term debt, including premiums, less current sinking fund requirements 17 502 17 503 64 202 63 354 CURRENT LIABILITIES Interim Financing - Notes payable to banks 22 000 18 725 Advances from affiliates 3 670 5 065 Maturing long-term debt 4 260 4 260 29 930 28 050 Other Current Liabilities - Current sinking fund requirements 100 100 Accounts payable Affiliate companies 4 039 4 429 Other 7 512 8 216 Accrued local property and other taxes 1 764 1 705 Accrued interest 268 475 Other 2 988 3 738 16 671 18 663 46 601 46 713 DEFERRED CREDITS Accumulated deferred income taxes 14 532 14 355 Yankee Atomic purchased power contract 3 218 3 466 Connecticut Yankee purchased power contract 34 051 35 879 Unamortized investment tax credits and other 11 455 11 384 63 256 65 084 COMMITMENTS AND CONTINGENCIES $174 059 $175 151 See accompanying notes. . CAMBRIDGE ELECTRIC LIGHT COMPANY CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (Dollars in thousands) (Unaudited) 1997 1996 ELECTRIC OPERATING REVENUES $33 065 $29 387 OPERATING EXPENSES Electricity purchased for resale, transmission and fuel 23 207 19 319 Other operation and maintenance 6 063 5 906 Depreciation 1 119 1 086 Taxes - Income 419 412 Local property 777 757 Payroll and other 262 273 31 847 27 753 OPERATING INCOME 1 218 1 634 OTHER INCOME 438 355 INCOME BEFORE INTEREST CHARGES 1 656 1 989 INTEREST CHARGES Long-term debt 430 943 Other interest charges 383 111 Allowance for borrowed funds used during construction (6) (21) 807 1 033 NET INCOME 849 956 RETAINED EARNINGS - Beginning of period 9 233 7 561 Dividends on common stock - (1 386) End of period $10 082 $ 7 131 See accompanying notes. CAMBRIDGE ELECTRIC LIGHT COMPANY CONDENSED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (Dollars in thousands) (Unaudited) 1997 1996 OPERATING ACTIVITIES Net income $ 849 $ 956 Effects of noncash items - Depreciation 1 119 1 086 Deferred income taxes and investment tax credits, net 99 69 Earnings from corporate joint ventures (336) (303) Dividends from corporate joint ventures 91 90 Change in working capital, exclusive of cash and interim financing (1 581) 2 472 All other operating items 321 233 Net cash provided by operating activities 562 4 603 INVESTING ACTIVITIES Additions to property, plant and equipment (exclusive of AFUDC) (867) (862) Allowance for borrowed funds used during construction (6) (21) Net cash used for investing activities (873) (883) FINANCING ACTIVITIES Payment of dividends - (1 386) Proceeds from (payment of) short-term borrowings 3 275 (700) Payments to affiliates (1 395) (1 235) Net cash provided by (used for) financing activities 1 880 (3 321) Net increase in cash 1 569 399 Cash at beginning of period 143 239 Cash at end of period $ 1 712 $ 638 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Interest (net of capitalized amounts) $ 979 $ 677 Income taxes $ 370 $ 780 See accompanying notes. CAMBRIDGE ELECTRIC LIGHT COMPANY NOTES TO CONDENSED FINANCIAL STATEMENTS (1) General Information 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 System is an exempt public utility holding company under the provisions of the Public Utility Holding Company Act of 1935 and, in addition to its investment in the Company, has interests in other utility and several non-regulated companies. The Company has 151 regular employees including 112 (74%) represented by a collective bargaining unit. The existing collective bargaining agreement remains in effect until September 1, 1998. (2) Significant Accounting Policies (a) Principles of Accounting The Company's significant accounting policies are described in Note 2 of Notes to Financial Statements included in its 1996 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 unaudited financial statements for the periods ended March 31, 1997 and 1996 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. Income tax expense is recorded using the statutory rates in effect applied to book income subject to tax recorded in the interim period. The results for interim periods are not necessarily indicative of results for the entire year because of seasonal variations in the consump- tion of energy. (b) Regulatory Assets and Liabilities The Company is regulated as to rates, accounting and other matters by various authorities including the Federal Energy Regulatory Commission (FERC) and the Massachusetts Department of Public Utilities (DPU). Based on the current regulatory framework, the Company accounts for the economic effects of regulation in accordance with the provisions of Statement of Financial Accounting Standards (SFAS) No. 71, "Accounting for the Effects of Certain Types of Regulation." The Company has established various regulatory assets in cases where the DPU and/or the FERC have permitted or are expected to permit recovery of specific costs over time. CAMBRIDGE ELECTRIC LIGHT COMPANY Similarly, regulatory liabilities established by the Company are required to be refunded to customers over time. Effective January 1, 1996, the Company adopted SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." SFAS No. 121 imposes stricter criteria for regulatory assets by requiring that such assets be probable of future recovery at each balance sheet date. SFAS No. 121 did not have an impact on the Company's financial position upon adoption. This result may change as modifications are made to the current regulatory framework due to ongoing electric industry restructuring efforts in Massachusetts. If all or a separable portion of the Company's operations becomes no longer subject to the provisions of SFAS No. 71, a write-off of related regulatory assets and liabilities would be required, unless some form of transition cost recovery continues through rates established and collected for the Company's remaining regulated operations. In addition, the Company would be required to determine any impairment to the carrying costs of deregulated plant and inventory assets. However, on December 30, 1996, the DPU issued an order containing "Model Rules" for industry restructuring that management believes would essentially allow full recovery of stranded costs. For additional information relating to industry restructuring, see the "Electric Industry Restructuring" section under Management's Discussion and Analysis of Results of Operations. The principal regulatory assets included in deferred charges were as follows: March 31, December 31, 1997 1996 (Dollars in thousands) Connecticut Yankee unrecovered plant and decommissioning costs $34 051 $35 879 Yankee Atomic unrecovered plant and decommissioning costs 3 218 3 466 Postretirement benefits costs including pensions 3 027 2 988 Other 578 448 $40 874 $42 781 The regulatory liabilities, reflected in the accompanying Balance Sheets and related to deferred income taxes, were $3.2 million at March 31, 1997 and December 31, 1996. (2) Commitments and Contingencies (a) Construction Program The Company is engaged in a continuous construction program presently estimated at $27 million for the five-year period 1997 through 2001. Of that amount, $5.9 million is estimated for 1997. As of March 31, 1997 the Company's actual construction expenditures amounted to approximately $900,000 including an allowance for funds used during construction. The Company expects to finance these expenditures on an interim basis with internally-generated funds and short-term borrowings which are ultimately expected to be repaid with the proceeds from sales of long-term debt securities. CAMBRIDGE ELECTRIC LIGHT COMPANY The program is subject to periodic review and revision because of factors such as changes in business conditions, 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. 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 months ended March 31, 1997 and 1996 and unit sales for these periods is shown below: Three Months Ended March 31, 1997 and 1996 Increase (Decrease) (Dollars in Thousands) Electric Operating Revenues $ 3 678 12.5 % Operating Expenses - Electricity purchased for resale, transmission and fuel 3 888 20.1 Other operation and maintenance 157 2.7 Depreciation 33 3.0 Taxes - Federal and state income 7 1.7 Local property and other 9 0.9 4 094 14.8 Operating Income (416) (25.5) Other Income 83 23.4 Income Before Interest Charges (333) (16.7) Interest Charges (226) (21.9) Net Income $ (107) (11.2) Unit Sales (Megawatthours or MWH) Retail (1 259) (0.4) Sales for resale 15 463 23.3 Total unit sales 14 204 3.7 The following is a summary of unit sales (in MWH) for the periods indicated: Unit Sales (MWH) Three Months Ended Total Retail Wholesale March 31, 1997 397 013 315 171 81 842 March 31, 1996 382 809 316 430 66 379 CAMBRIDGE ELECTRIC LIGHT COMPANY Operating Revenues and Electricity Purchased for Resale, Transmission and Fuel Operating revenues for the first quarter of 1997 increased $3.7 million or 12.5% due primarily to increases in electricity purchased for resale ($3.4 million) and fuel ($571,000). During the current quarter, purchased power costs increased approximately $3.4 million or 19.8% due to higher fuel costs and higher costs for replace- ment power reflecting the permanent shutdown of Connecticut Yankee during 1996 and the absence of power from Maine Yankee which remained out of service during the current quarter while repair work continues. Also included in purchased power is an increase in purchases from affiliate Canal Electric Company's Unit 1 and 2 reflecting the increased availability of these units. Interest Charges For the current quarter, interest charges decreased $226,000 or 21.9% due to lower long-term interest reflecting the repayment of a $20 million (9.97%) long-term debt issue during the second quarter of 1996, the effect of which was partially offset by a higher average level of short-term borrowings. Electric Industry Restructuring In August 1995, the DPU issued an order calling for the restructuring of the electric utility industry in Massachusetts. On May 1, 1996, the DPU issued a draft order containing proposed rules for implementing electric industry restructuring, and on December 30, 1996, the DPU issued a final order announcing its "Model Rules and Legislative Proposal" as a guide in the creation of a competitive market for electric generation in Massachusetts. Legislative proposals concerning electric industry restructuring have also been filed by the Governor of the Commonwealth of Massachusetts, on February 24, 1997, and by the Massachusetts Legislature's own Joint Committee on Electric Utility Restructuring (the Committee), on March 20, 1997. Each of the plans proposed by the DPU, the Governor and the Committee is intended to provide customers with the opportunity to achieve lower electric bills beginning on the target date of January 1, 1998. In its "Model Rules," the DPU has proposed that the minimum structural reorganization needed to create a competitive market is the functional separation of generation, transmission and distribution within one integrated company, and the establishment of a separate marketing affiliate if a company retains generation assets. Other elements of the DPU's Model Rules provide that electric customers will be able to buy their power on the open market; distribution services will remain a service that continues to be provided exclusively by the existing local distribution companies in clearly defined service territories; and customers will have three types of electric generation choices. First, customers may enter into unregulated agreements with a competitive supplier for the provision of generation. Second, customers may continue to buy power directly from their electric distribution company at a price regulated by the DPU. Third, customers who have received generation from a competitive supplier but who, for any reason, have stopped receiving such generation will be able to receive default generation service provided by distribution companies at spot market price. CAMBRIDGE ELECTRIC LIGHT COMPANY In some regulatory jurisdictions, changes in the electric industry could reduce the opportunity that currently exists for electric companies to recover their investment in generating plant and other costs previously approved by regulators and included in current rates. These potential losses, which may result from subjecting electric company generation to the pressures of a competitive market, are typically referred to as "stranded costs." The single largest component of stranded costs, which are significant to the system, relates to above market purchased power contracts that the Company and Commonwealth Electric have with non-utility generators. However, the DPU has concluded that it is in the public interest to provide electric companies a reasonable opportunity to collect net, non-mitigable stranded costs. The DPU has proposed that stranded costs associated with owned generation facilities, regulatory assets, and purchased power obligations be collected over the expected economic life of the generating facility, the current amortization schedule of the regulatory asset, or the contractual term of the purchased power obligation, respectively. The DPU's proposal requires that any stranded cost recovery for an electric utility be subject to mitigation efforts to reduce embedded costs over time. The Model Rules specify that mitigation should include such measures as sales of capacity and energy from owned generation, renegotiation or buy-out of purchased power contracts, and sales and voluntary writedowns of assets. The Governor's restructuring proposal includes: a standard offer generation service option for residential and small business customers for a five-year period; recovery by electric utilities of net, non-mitigable stranded costs over a 12-year period; the recovery of reasonable employee transition costs for utility workers directly affected by electric industry restructuring; and, at a minimum, the functional separation of generation, transmission and distribution services. The Governor's legislation also provides a mechanism for electric utilities to reduce their stranded costs by financing the renegotiation or buy-out of above-market purchase power contracts. The bill authorizes the Massachusetts Industrial Finance Agency to issue electric rate reduction bonds to electric utilities that receive a financing order from the DPU. The criteria for eligibility to apply for the financing order include: (1) DPU approval of a plan to provide retail access and divestiture of non-nuclear generating assets; and (2) demonstration that such contract buy-out or purchase, including the cost of financing, will substantially reduce costs to ratepayers. The Committee issued both a comprehensive report, which outlines options for the Legislature's consideration as debate on restructuring continues, and a set of recommendations and a legislative package that is designed to implement electric industry restructuring in Massachusetts. Elements of the Committee's legislative proposal include the functional separation of utility companies into generation, transmission and distribution companies. Transmission and distribution companies would remain regulated while generation companies would be unregulated with pricing determined by the market. The Committee's proposal establishes a retail access date of January 1, 1998 or later, as determined by the DPU, calls for a 10% rate reduction for all customers and allows for the recovery of certain net, non-mitigable stranded costs over a ten-year period. The proposal also encourages divestiture as a mitigation measure by authorizing companies to securitize stranded costs through the issuance of rate reduction bonds only where the company has divested itself of non-nuclear generation assets. On May 6, 1997, the Company and Commonwealth Electric submitted comments on the Committee's CAMBRIDGE ELECTRIC LIGHT COMPANY legislative proposal making specific recommendations for changes with respect to increasing the time frame for recovery of stranded costs including power contracts, the increased use of securitization and other issues. The Massachusetts Legislature, which will render the final passage of any restructuring law, is now considering the legislative proposals of the DPU, the Governor and the Committee. During the last several months, three Massachusetts electric utilities have announced negotiated settlement agreements with the Massachusetts Attorney General's Office (Attorney General) that include divestiture of generating assets, provision for a ten percent reduction in customers' charges and recovery of stranded costs through a non-bypassable access charge. One settlement agreement has already been approved by the DPU. Implementation of any restructuring settlement may be affected by actions of the Massachusetts Legislature. The Company and Commonwealth Electric have engaged in preliminary settlement discussions with the Attorney General and have provided the Attorney General with information to further the development of a comprehensive settlement. In the unlikely event that the parties are unable to complete a settlement, the companies would file a full restructuring plan with the DPU. On March 31, 1997, the Company and Commonwealth Electric submitted a report to the DPU which detailed the proposed auction process for selling their electric generation assets and entitlements. The process will include a standard, sealed-bid auction for generation assets and an ascending-bid auction for power contracts with the securitization of remaining obligations. The auction process would provide a market-based approach to maximizing stranded cost mitigation and minimizing the access charges that ratepayers will have to pay for stranded cost recovery. As described in Note 2(b) of the Notes to Condensed Financial Statements, the Company complies with the provisions of Statement of Financial Accounting Standards (SFAS) No. 71, "Accounting for the Effects of Certain Types of Regulation." In the event the Company is somehow unable to meet the criteria for following SFAS No. 71, the accounting impact would be an extraordinary, non-cash charge to operations in an amount that could be material. Criteria that could give rise to the discontinuance of SFAS No. 71 include: 1) in- creasing competition restricting the Company's ability to establish prices to recover specific costs, and 2) a significant change in the current manner in which rates are set by regulators. The Company periodically reviews these criteria to ensure that the continuing application of SFAS No. 71 is appropriate. Recently, the Securities and Exchange Commission has questioned the ability of certain utilities continuing the application of SFAS No. 71 where legislation provided for the transition to retail competition. The issue of when and how to discontinue the application of SFAS No. 71 by utilities during transition to competition has been referred to the FASB's Emerging Issues Task Force and guidance on this issue is expected in the near future. Based on the current evaluation of the various factors and conditions that are expected to impact future cost recovery, the Company believes that its regulatory assets, including those related to generation, are probable of future recovery. CAMBRIDGE ELECTRIC LIGHT COMPANY PART II - OTHER INFORMATION Item 1. Legal Proceedings The Company is an intervenor in a pending appeal at the Massachusetts Supreme Judicial Court (SJC) filed by the Massachusetts Institute of Technology involving a DPU decision approving a customer transition charge for the recovery of stranded investment costs. While no schedule is set for a decision from the SJC, the Company anticipates a decision sometime in the second quarter of 1997. This issue is discussed more fully in the Company's 1996 Annual Report on Form 10-K. At this time, management is unable to predict the outcome of this proceeding. Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 27 - Financial Data Schedule Filed herewith as Exhibit 1 is the Financial Data Schedule for the three months ended March 31, 1997. Filed herewith as Exhibit 2 is the restated Financial Data Schedule for the three months ended March 31, 1996. (b) Reports on Form 8-K No reports on Form 8-K were filed during the three months ended March 31, 1997. 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 and Accounting Officer JAMES D. RAPPOLI James D. Rappoli, Financial Vice President and Treasurer Date: May 14, 1997 EX-27 2 FINANCIAL DATA SCHEDULE - MARCH 31, 1997
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 three months ended March 31, 1997 and is qualified in its entirety by reference to such financial statements. 0000016573 CAMBRIDGE ELECTRIC LIGHT COMPANY 1,000 DEC-31-1997 MAR-31-1997 3-MOS PER-BOOK 100,118 9,653 21,484 42,804 0 174,059 8,665 27,953 10,082 46,700 0 0 21,762 25,670 0 0 100 0 0 0 79,827 174,059 33,065 419 31,428 31,847 1,218 438 1,656 807 849 0 849 0 430 562 0 0
EX-27 3 RESTATED FINANCIAL DATA SCHEDULE - MARCH 31, 1996
UT This schedule contains restated 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 three months ended March 31, 1996 and is qualified in its entirety by reference to such financial statements. 0000016573 CAMBRIDGE ELECTRIC LIGHT COMPANY 1,000 DEC-31-1996 MAR-31-1996 3-MOS PER-BOOK 99,198 9,442 17,386 9,444 0 135,470 8,665 27,953 7,131 43,749 0 0 41,865 3,165 0 0 160 0 0 0 46,531 135,470 29,387 412 27,341 27,753 1,634 355 1,989 1,033 956 0 956 1,386 943 4,603 0 0
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