-----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, VlkO+4GTuGolgSwhzsGgCWlT2dSJVPCqsz7NuCtu0Zo13bAtdIQrtdBJL1S+8QlY VSechj1If/Tyx59WObVWHQ== 0000071304-96-000016.txt : 19960816 0000071304-96-000016.hdr.sgml : 19960816 ACCESSION NUMBER: 0000071304-96-000016 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 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: 96612651 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 June 30, 1996 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 August 1, 1996 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 JUNE 30, 1996 AND DECEMBER 31, 1995 ASSETS (Dollars in thousands) June 30, December 31, 1996 1995 (Unaudited) PROPERTY, PLANT AND EQUIPMENT, at original cost $158 509 $156 925 Less - Accumulated depreciation 60 784 58 839 97 725 98 086 Add - Construction work in progress 1 200 1 225 98 925 99 311 INVESTMENTS Equity in nuclear electric power companies 9 502 9 224 Other 5 5 9 507 9 229 CURRENT ASSETS Cash 274 239 Accounts receivable Affiliates 791 2 140 Customers 10 980 10 534 Unbilled revenues 3 014 1 769 Prepaid property taxes - 1 690 Inventories and other 3 035 2 179 18 094 18 551 DEFERRED CHARGES Yankee Atomic purchased power contract 3 988 4 504 Other 6 281 5 447 10 269 9 951 $136 795 $137 042 CAMBRIDGE ELECTRIC LIGHT COMPANY CONDENSED BALANCE SHEETS JUNE 30, 1996 AND DECEMBER 31, 1995 CAPITALIZATION AND LIABILITIES (Dollars in thousands) June 30, December 31, 1996 1995 (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 8 522 7 561 45 140 44 179 Long-term debt, including premiums, less maturing debt and current sinking fund requirements 17 504 21 865 62 644 66 044 CURRENT LIABILITIES Interim Financing - Notes payable to banks 12 975 2 675 Advances from affiliates 7 400 2 425 Maturing long-term debt 4 260 20 000 24 635 25 100 Other Current Liabilities - Current sinking fund requirements 100 160 Accounts payable Affiliates 2 979 3 787 Other 15 474 8 870 Accrued taxes - Local property and other 23 1 690 Income 674 731 Accrued interest 484 973 Other 1 548 1 272 21 282 17 483 45 917 42 583 DEFERRED CREDITS Accumulated deferred income taxes 14 054 13 882 Unamortized investment tax credits 1 895 1 941 Yankee Atomic purchased power contract 3 988 4 504 Other 8 297 8 088 28 234 28 415 COMMITMENTS AND CONTINGENCIES $136 795 $137 042 See accompanying notes. CAMBRIDGE ELECTRIC LIGHT COMPANY CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995 (Dollars in thousands) (Unaudited) Three Months Ended Six Months Ended 1996 1995 1996 1995 ELECTRIC OPERATING REVENUES $28 611 $30 787 $58 088 $61 113 OPERATING EXPENSES Electricity purchased for resale, transmission and fuel 18 192 19 217 37 511 40 294 Other operation and maintenance 6 055 6 460 11 961 12 339 Depreciation 1 086 1 038 2 172 2 076 Taxes - Income 859 677 1 271 772 Local property 744 745 1 501 1 517 Payroll and other 192 205 465 462 27 128 28 342 54 881 57 460 OPERATING INCOME 1 483 2 445 3 207 3 653 OTHER INCOME 1 014 66 1 279 285 INCOME BEFORE INTEREST CHARGES 2 497 2 511 4 486 3 938 INTEREST CHARGES Long-term debt 435 945 1 378 1 891 Other interest charges 427 219 538 313 Allowance for borrowed funds used during construction (16) (26) (37) (51) 846 1 138 1 879 2 153 NET INCOME 1 651 1 373 2 607 1 785 RETAINED EARNINGS - Beginning of period 7 131 6 573 7 561 7 166 Dividends on common stock (260) (399) (1 646) (1 404) RETAINED EARNINGS - End of period $ 8 522 $ 7 547 $ 8 522 $ 7 547 See accompanying notes. CAMBRIDGE ELECTRIC LIGHT COMPANY CONDENSED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995 (Dollars in thousands) (Unaudited) 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 2 607 $ 1 785 Effects of noncash items - Depreciation and amortization 2 172 2 202 Deferred income taxes and investment tax credits, net 91 7 Earnings from corporate joint ventures (611) (542) Dividends from corporate joint ventures 333 402 Change in working capital, exclusive of cash and interim financing 4 291 (2 970) All other operating items (682) (1 202) Net cash provided by (used for) operating activities 8 201 (318) CASH FLOWS FOR INVESTING ACTIVITIES Additions to property, plant and equipment (exclusive of AFUDC) (1 658) (2 720) Allowance for borrowed funds used during construction (37) (51) Net cash used for investing activities (1 695) (2 771) CASH FLOWS FROM FINANCING ACTIVITIES Payment of dividends (1 646) (1 404) Proceeds from (Payment of) short-term borrowings 10 300 (2 175) Advances from affiliates 4 975 6 725 Long-term debt issues refunded (20 000) - Sinking funds payments (100) (161) Net cash provided by (used for) financing activities (6 471) 2 985 Net increase (decrease) in cash 35 (104) Cash at beginning of period 239 376 Cash at end of period $ 274 $ 272 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Interest (net of capitalized amounts) $ 2 201 $ 2 016 Income taxes $ 2 246 $ 1 492 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 subsidiary of Commonwealth Energy System (the System). The System is the parent company and, together with its subsidiaries, is collectively 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 with investments in four operating public utility companies located in central, eastern and southeastern Massachusetts and several non-regulated companies. The Company has 154 regular employees including 114 (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 1995 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 June 30, 1996 and 1995 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 consumption 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, the regulatory liabilities established by the Company are required to be refunded to customers over time. On 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. As of June 30, 1996, SFAS No. 121 did not have an impact on its financial position or results of operations. However, this result may change as modifications are made in the current regulatory framework pursuant to electric utility restructuring orders issued by the DPU including a final order that is expected to be issued by the end of 1996. For additional discussion of electric industry restructuring activities, see Management's Discussion and Analysis of Results of Operations. The principal regulatory assets included in deferred charges were as follows: June 30, December 31, 1996 1995 (Dollars in thousands) Yankee Atomic unrecovered plant and decommissioning costs $ 3 988 $ 4 504 Postretirement benefit costs including pensions 2 988 2 807 Other 473 498 $ 7 449 $ 7 809 The regulatory liabilities, reflected in the accompanying balance sheets and related to deferred income taxes, were $3.2 million at June 30, 1996 and December 31, 1995. (2) Commitments and Contingencies The Company is engaged in a continuous construction program presently estimated at $27.2 million for the five-year period 1996 through 2000. Of that amount, $6.3 million is estimated for 1996, the majority of which is scheduled to be expended during the second half of the year. As of June 30, 1996 the Company's actual construction expenditures amounted to $1.7 million, 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 and equity securities. 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 and six months ended June 30, 1996 and 1995 and unit sales for these periods is shown below: Three Months Six Months Ended June 30, Ended June 30, 1996 and 1995 1996 and 1995 Increase (Decrease) (Dollars in thousands) Electric Operating Revenues $(2 176) (7.1)% $(3 025) (4.9)% Operating Expenses - Electricity purchased for resale, transmission and fuel (1 025) (5.3) (2 783) (6.9) Other operation and maintenance (405) (6.3) (378) (3.1) Depreciation 48 4.6 96 4.6 Taxes - Federal and state income 182 26.9 499 64.6 Local property and other (14) (1.5) (13) (0.7) (1 214) (4.3) (2 579) (4.5) Operating Income (962) (39.3) (446) (12.2) Other Income 948 1 436.4 994 348.8 Income Before Interest Charges (14) (0.6) 548 13.9 Interest Charges (292) (25.7) (274) (12.7) Net Income $ 278 20.2 $ 822 46.1 Unit Sales (MWH) Retail (23 916) (7.3) (44 290) (6.7) Wholesale 11 542 43.7 43 913 72.7 Total unit sales (12 374) (3.5) (377) (0.1) The following is a summary of unit sales for the periods indicated: Unit Sales (MWH) Three Months Six Months Period Ended Total Retail Wholesale Total Retail Wholesale June 30, 1996 339 551 301 591 37 960 722 360 618 021 104 339 June 30, 1995 351 925 325 507 26 418 722 737 662 311 60 426 CAMBRIDGE ELECTRIC LIGHT COMPANY Operating Revenues, Electricity Purchased For Resale, Transmission and Fuel Operating revenues for the first half of 1996 declined approximately $3 million or 4.9% due primarily to a decrease in electricity purchased for resale, transmission and fuel ($2.8 million) and slightly lower unit sales. The Company's total unit sales for the current six-month period were virtually unchanged from last year as significantly higher wholesale sales to the New England Power Pool and the Town of Belmont were offset by lower retail unit sales which reflect a significant decline in sales to the Massachusetts Institute of Technology, a large commercial customer which has constructed its own cogeneration facility and has elected to receive standby service only (re- fer to Part II, Item 1 for additional information pertaining to this issue). For the current quarter and first six months of 1996, electricity purchased for resale, transmission and fuel costs decreased $1 million (5.3%) and $2.8 million (6.9%), respectively due to lower costs for nuclear power and affiliate Canal Electric Company's (Canal) Unit 2 which was out of service for the entire second quarter due to scheduled maintenance. Unit 2 is also undergoing a fueling conversion to burn natural gas in addition to oil. This reduction was offset, in part, by an increase in power purchased from Canal Unit 1 which was out of service for the first half of 1995 due to a combination of scheduled maintenance and unscheduled extensive repairs to the turbine. Other Operation and Maintenance For the current quarter and first half of 1996, operation and maintenance decreased $405,000 or 6.3% and $378,000 or 3.1%, respectively due primarily to the absence of legal fees associated with the cancellation of a power contract in 1995 and slightly lower costs in 1996 relating to marketing, customer operations, conservation and load management and buildings and grounds maintenance. These reductions were offset, in part, by higher insurance and benefit costs ($323,000) and higher maintenance costs relating primarily to the Kendall and Blackstone generating stations ($174,000). Depreciation and Taxes For the current quarter and six-month period, depreciation expense increased 4.6% due to a higher level of depreciable plant. The significant increases in federal and state income taxes for the current quarter and six- month period of 26.9% and 64.6%, respectively were due to a higher level of pretax income. There were no significant changes to local property and payroll-related taxes. Other Income and Interest Charges The significant increase in other income for the current quarter was due to the recognition of a gain relating to the sale of parcels of land ($664,000-pretax), a higher rate of return relative to steam production for an affiliate steam company ($196,000), an increase in non-operating rental income ($55,000) and the timing of dividend payments (offset by lower equity earnings) associated with the Company's investment in nuclear generating companies ($31,000). CAMBRIDGE ELECTRIC LIGHT COMPANY Interest charges for the current three-month period declined by nearly 26% due primarily to a $510,000 decrease in interest on long-term debt resulting from the repayment of a $20 million long-term debt issue and to a lesser extent, normal sinking fund payments. This overall decline was partially offset by higher short-term interest costs ($208,000) due to a significantly higher average level of short-term bank borrowings that reflect the use of short-term funds to repay maturing long-term debt. The weighted average short-term interest rate dropped during the current quarter to 5.5% compared to 6.3% for the same period in 1995 and had only a minimal impact on interest costs. Regulatory Matters - Electric Industry Restructuring On August 16, 1995, the DPU issued an order calling for the restructuring of the electric utility industry in Massachusetts. The DPU's intent is to reduce electric costs to consumers by providing customers with the opportunity to choose their electric power provider while retail electric companies such as the Company and affiliate Commonwealth Electric Company (the Companies) continue to provide transmission and distribution services. On May 1, 1996, the DPU issued an order containing proposed rules for implementing electric industry restructuring. The proposed rules, which were the subject of public comment and hearings during June and July 1996, provide for: (1) the establishment of an independent system operator to operate the regional transmission system; (2) a power exchange to manage a competitive bidding pool for short- term power sales; (3) functional separation of electric companies into generation, trans- mission and distribution corporate entities; (4) preservation of discounts for low-income customers, shut-off protections and provision of service to all customers; (5) registration requirements for generation suppliers; (6) options for phased incentives for electric companies to divest their generation assets; (7) promotion of environmental goals; (8) support for energy efficiency and renewable energy resources; (9) a price cap system of incentive regulation for the remaining distribution and transmission functions; (10) unbundling of rates on bills into separate components of transmis- sion, distribution and energy, and implementation of a competitive generation market by January 1, 1998; and (11) a reasonable opportunity for recovery of stranded cost. On August 9, 1996, the DPU issued an order delaying the issuance of final rules until the end of 1996. The DPU also stated that it will soon issue a revised schedule for electric companies to make company-specific unbundled rate filings. Although the DPU has not yet issued its revised rate filing schedule, the Companies anticipate filing their revenue-neutral, unbundled rates in early 1997 after the issuance of the DPU's final rules. Also, during 1997, the Companies will file their comprehensive restructuring plan. One element of the Companies' plan (announced on February 15, 1996) calls for the auctioning, CAMBRIDGE ELECTRIC LIGHT COMPANY in a competitive market, of their capacity entitlement (1,140 MW) in all of their twenty-one power contracts in an effort to develop a competitive market whereby customers would have the flexibility of choosing their electric supplier. The entitlements include contracts for power from Canal Units 1 and 2 and Seabrook Unit 1, which are owned or jointly owned by the System's generating subsidiary Canal Electric Company. The Companies' plan provides for total recovery of the difference between the current market value of the Companies' power contracts and their unavoidable costs. Under the Companies' plan, this difference, a component of what is often referred to as stranded cost, would be recovered through a non-bypassable access charge paid over an appropriate time period by all customers in the Companies' service areas. The DPU's May 1 order reaffirmed that one of its transition principles is to seek near-term rate relief for electric customers. Also, the DPU's proposed rules would limit the period for recovery of net, non-mitigable stranded cost to a ten-year period (January 1, 1998 through December 31, 2007.) Recovery of stranded cost depends upon the timing, nature, and degree of competition that may result from future changes in regulatory policies governing the Companies' activities and prices, as well as future power costs and market prices of power. The Companies' single largest component of stranded cost relates to their purchased power contracts with non-utility generators. Based on their analyses of the DPU's effort, the Companies would be unable to recover a substantial portion of their stranded cost within the ten-year period without rate increases. Generally accepted accounting principles require that losses be accrued in full when costs to complete a contract are expected to exceed related revenues expected to be realized. To the extent that the Companies determine that they will be unable to recover costs associated with their purchased power contracts, the Companies would be required to take an immediate charge against earnings when such a loss is probable and estimable. Statement of Financial Accounting Standards No. 121 - "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of" (SFAS No. 121) which became effective for 1996, requires impairment losses on long-lived assets to be recognized when the book value of an asset exceeds its expected future cash flows. This standard also imposes stricter criteria for the retention of regulatory-created assets by requiring that such assets be probable of future recovery at each balance sheet date. To the extent such recovery is not probable at the balance sheet date, the Companies would be required to take a charge against earnings in that period. The Companies currently account for the economic effects of regulation in accordance with the provisions of Statement of Financial Accounting Standards No. 71 - "Accounting for the Effects of Certain Types of Regulation" (SFAS No. 71) based on the cost-of-service regulatory framework in which they operate. The DPU has proposed that the distribution and transmission functions of their businesses be regulated under a form of price capped incentive regulation. In the event that recovery of specific costs through rates becomes unlikely or uncertain for all or a portion of the Companies' utility opera- tions, whether resulting from the expanding effects of competition or specific regulatory actions which move the Companies away from cost-of-service rate- making, SFAS No. 71 would no longer apply. While the Companies are unable to predict the final rules which may be adopted by the DPU in its restructuring proposal, the Companies could be required to discontinue the application of SFAS No. 71. Discontinuance of SFAS No. 71 would cause the write-off of the applicable portions of their regulatory assets which would have an adverse CAMBRIDGE ELECTRIC LIGHT COMPANY impact on the Companies' financial position and results of operations. The Companies will challenge any order that would have a significant adverse impact on them, including attempts to limit their recovery of stranded cost. CAMBRIDGE ELECTRIC LIGHT COMPANY PART II - OTHER INFORMATION Item 1. Legal Proceedings The Company is subject to legal claims and matters arising from its course of business including involvement in two court actions filed by the Massachusetts Institute of Technology (MIT) relating to a September 1995 decision of the DPU approving the Company's customer transition charge (CTC) for the recovery of stranded cost. The first proceeding is an appeal by MIT of the DPU decision to the Massachusetts Supreme Judicial Court (SJC). The Company is an intervenor in this proceeding. The SJC has not yet established a schedule for submitting briefs. This issue is discussed more fully in the Company's 1995 Annual Report on Form 10-K. At this time, management is unable to predict the outcome of this proceeding. The second proceeding involves a complaint filed by MIT in May 1996 with the United States District Court alleging that the CTC is inconsistent with the provisions of the Public Utility Regulatory Policies Act of 1978 (PURPA), discriminates against qualifying facilities, and is inconsistent with the policies of the Federal Energy Regulatory Commission (FERC) regarding stranded cost recovery. MIT named both the DPU and the Company as parties to the complaint. In June 1996, the Company filed a Motion to Dismiss MIT's complaint arguing that the Court lacks jurisdiction over the matter, the CTC is wholly consistent with PURPA, and, in the alternative, the Court must abstain from considering the case to avoid interfering with the SJC proceeding. The Company also noted that MIT's complaint is virtually identical to a complaint filed earlier by MIT at the FERC that the FERC dismissed. A hearing on the Motion to Dismiss was held in July 1996. The Court has taken the matter under advisement, and, 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 six months ended June 30, 1996. (b) Reports on Form 8-K No reports on Form 8-K were filed during the three months ended June 30, 1996. 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: August 14, 1996 EX-27 2 FINANCIAL DATA SCHEDULE - JUNE 30, 1996
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, 1996 and is qualified in its entirety by reference to such financial statements. 0000016573 CAMBRIDGE ELECTRIC LIGHT COMPANY 1,000 DEC-31-1996 JUN-30-1996 6-MOS PER-BOOK 98,925 9,507 18,094 10,269 0 136,795 8,665 27,953 8,522 45,140 0 0 17,504 20,375 0 0 4,360 0 0 0 49,416 136,795 58,088 1,271 53,610 57,460 3,207 1,279 4,486 1,879 2,607 0 2,607 1,646 1,378 8,201 0 0
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