-----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, S3dP/7dv74+4hp+Xuxx05EFWshl+ZHvBMoce7JKHypXYqWsgqi6dTb/2SijIjovt LjRFGlqgqeXUVG4HX8L4Ag== 0000023426-02-000009.txt : 20020618 0000023426-02-000009.hdr.sgml : 20020618 20020617173401 ACCESSION NUMBER: 0000023426-02-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020617 ITEM INFORMATION: Other events FILED AS OF DATE: 20020618 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONNECTICUT LIGHT & POWER CO CENTRAL INDEX KEY: 0000023426 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 060303850 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00404 FILM NUMBER: 02680929 BUSINESS ADDRESS: STREET 1: SELDEN STREET CITY: BERLIN STATE: CT ZIP: 06037-1616 BUSINESS PHONE: 8606655000 8-K 1 clp8ka061702.txt CLP 8K 061702 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-1004 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) June 17, 2002 ------------------- Commission File Number 0-11149 ------ THE CONNECTICUT LIGHT AND POWER COMPANY -------------------- (Exact name of registrant as specified in its charter) CONNECTICUT 0-11419 06-0303850 - ---------------------- --------- --------------- (State or other jurisdiction of (Commission (I.R.S. Employer organization) File No.) incorporation or Identification No.) 107 SELDEN STREET, BERLIN, CONNECTICUT 06037 - ------------------------------------------------------------ (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) (860) 947-2121 (Former name or former address, if changed since last report) Not Applicable ITEM 5. OTHER EVENTS On June 17, 2002, Northeast Utilities ("NU"), the parent of the Registrant, The Connecticut Light and Power Company ("CL&P"), issued the following news release: NU logo "CL&P Criticizes DPUC Decision on Generation Rates: NU Lowers Earnings Estimates BERLIN, Connecticut, June 17, 2002 -- The Connecticut Light & Power Company (CL&P), a wholly-owned subsidiary of Northeast Utilities (NU), today criticized the decision made by the Connecticut Department of Public Utility Control that precludes an increase in the standard offer generation service charge of customers' bills. The decision also will affect the company's 2002 earnings estimates, previously forecast to be in the range of $1.40 to $1.65 per share. NU said the higher range of that estimate is unachievable in light of today's decision and it will continue to evaluate the effect. "We're extremely disappointed with the department's decision. We feel they had ample evidence to make a decision that would be in the best interest of electric customers throughout the state," said Michael G. Morris, NU chairman, president and chief executive officer. "We can only hope that the current suppliers continue to provide energy to CL&P so that we can continue to serve our customers' needs," Morris added. Select Energy, an unregulated subsidiary of NU, currently supplies 50 percent of CL&P's standard offer service requirements. As a result of the DPUC's decision, NU anticipates that Select's earnings will continue to be adversely impacted by this contract for the rest of the standard offer period, which expires in December 2003. In addition to Select, NRG Power Marketing Inc. (NRG) supplies 40 percent of the standard offer contract and Duke Energy Trading and Marketing supplies 10 percent. NRG had formally requested that CL&P move to re-open the standard offer docket to "restore the original intention of the standard offer agreement to foster a competitive electric marketplace." CL&P had filed an application late last year seeking to increase the generation service charge by one cent per kilowatt hour to protect its ability to continue delivering energy to its customers and to spur retail competition. The department ruled in December that there was no statutory basis for modifying the standard offer. The DPUC subsequently opened an investigation into the viability of power supply contracts for both CL&P and The United Illuminating Company. Today's decision finds that there was no legal or factual basis to commence further proceedings regarding the standard offer. Market prices for electricity remain substantially higher than the current generation charge, resulting in a lack of retail competitive suppliers seeking to do business in the state. If NRG, or another supplier, was unable to maintain its level of service, CL&P could be forced to buy electricity on the open market to meet customer demand. Under the restructuring law, CL&P could recover these unknown costs from its customers. CL&P's proposal would have increased the average standard offer rate from 4.9 cents per kilowatt hour to 5.9 cents per kilowatt hour. For the average residential customer using 500 kWh per month, this would have meant an additional cost of $5.00 per month. The filing also included a proposal to create a mechanism that would have provided customers with adjustments if future market prices change. NU is New England's largest utility system with nearly 1.8 million electric customers in Connecticut, New Hampshire and Massachusetts, 191,000 natural gas customers, and one of the region's largest energy marketing businesses. This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements of future expectations and not facts. Actual results or developments might differ materially from those included in the forward- looking statements because of factors such as competition and industry restructuring, changes in economic conditions, changes in historical weather patterns, changes in laws, regulations or regulatory policies, developments in legal or public policy doctrines, technological developments and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in NU's reports to the Securities and Exchange Commission." Reference is made to NU's and CL&P's Annual Report on Form 10-K for the year ended December 31, 2001 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2002 for more information. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE CONNECTICUT LIGHT AND POWER COMPANY (registrant) /s/ Gregory B. Butler Name: Gregory B. Butler Title: Vice President, Secretary and General Counsel of Northeast Utilities Service Company as Agent for Registrant Date: June 17, 2002 -----END PRIVACY-ENHANCED MESSAGE-----