-----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, AD3SaPBtNI9wCh/7XHLORuy4BmAxFds0XjP8RcYvOlQfomMF7a+WSol1/kw2jR0s 6dhFsUu2sbKIdkvGUG7qjQ== 0000023426-97-000019.txt : 19971103 0000023426-97-000019.hdr.sgml : 19971103 ACCESSION NUMBER: 0000023426-97-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971023 ITEM INFORMATION: FILED AS OF DATE: 19971031 SROS: NYSE 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: SEC FILE NUMBER: 000-00404 FILM NUMBER: 97706066 BUSINESS ADDRESS: STREET 1: SELDEN STREET CITY: BERLIN STATE: CT ZIP: 06037-1616 BUSINESS PHONE: 2036655000 8-K 1 FORM 8-K FOR THE CONNECTICUT LIGHT & POWER COMPANY 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) October 23, 1997 ------------------ Commission File Number 0-404 ----- THE CONNECTICUT LIGHT AND POWER COMPANY ---------------------------------------- (Exact name of registrant as specified in its charter) CONNECTICUT 06-0303850 ----------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) SELDEN STREET, BERLIN, CONNECTICUT 06037-1616 ------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (860) 665-5000 -------------- (Registrant's telephone number, including area code) Not Applicable -------------- (Former name or former address, if changed since last report) Item 5. Other Events 1. Millstone Restart Schedules On October 27, 1997, Northeast Utilities (NU) issued the following press release: "HARTFORD, Connecticut, October 27, 1997--Northeast Utilities (NU) today reported a loss of $51.7 million, or 40 cents a share, in the third quarter of 1997, compared with a profit of $1.0 million, or 1 cent a share, for the same period of 1996. For the first nine months of 1997, NU lost $98.7 million, or 76 cents a share, compared with a profit of $78.2 million, or 61 cents a share, for the same period of 1996. Michael G. Morris, NU chairman, president and chief executive officer, attributed the weaker third-quarter results to the higher costs NU is incurring as a result of the ongoing outages at the Millstone nuclear power station in Waterford, Connecticut. Nonfuel operation and maintenance costs were $446.4 million in the third quarter of 1997, compared with about $371.3 million in third quarter of 1996. The 1997 third-quarter results included a $36 million net increase in reserves set aside to cover expenditures at Millstone Station that will be made in future quarters to comply with Nuclear Regulatory Commission standards. NU hopes to return Millstone 3 to service in the first quarter of 1998; Millstone 2 two to three months after Millstone 3; and Millstone 1 two to three months after Millstone 2. None of the three units has generated power since March 1996. Morris said that Millstone-related costs have risen over the past several months as the company completes the engineering, physical and programmatic efforts needed to return the units to service. As a result, NU would expect to recognize a loss in the fourth quarter of 1997, prior to any charges against reserves previously established for nuclear compliance costs. Offsetting some of those losses were higher revenues and lower subsidiary preferred dividends. Revenues were $977.1 million in the third quarter of 1997, compared with $955.5 million in the same period of 1996. The higher revenues reflect a 1.0 percent increase in third-quarter 1997 retail sales, compared with the same period of 1996. For the first nine months of 1997, retail sales were down 1.2 percent, compared with the same period of 1996, primarily because of an unusually mild winter. NU is the largest electric utility system in New England, with about 1.7 million customers in Connecticut, New Hampshire and Massachusetts." For more information regarding this matter, see NU's Quarterly Reports on Form 10-Q for the quarters ended March 31, 1997 and June 30, 1997 and "Item 1. Business-Overview of Nuclear and Related Financial Matters and -Nuclear Generation" in NU's 1996 Form 10-K. 2. Connecticut Rate Matters Connecticut law requires the Connecticut Department of Public Utility Control (DPUC) to review a utility's rates every four years if there has not been a rate proceeding during such period. The DPUC has been conducting such a review of the rates of The Connecticut Light and Power Company (CL&P), a wholly owned subsidiary of NU, including an analysis of the possibility of removing one or more of the Millstone nuclear units from CL&P's rate base. At the October 23, 1997 hearing in this proceeding, CL&P announced that it would not seek any replacement power costs from customers incurred during the ongoing Millstone outages. Earlier this year, the DPUC had denied CL&P's right to request recovery of such costs, and CL&P had appealed that decision. CL&P is expensing such replacement power costs until the Millstone units return to service. For more information regarding this matter, see NU's Current Report on Form 8-K dated June 26, 1997, Quarterly Reports on Form 10-Q for the quarters ended March 31, 1997 and June 30, 1997 and "Item 1. Business-Rates-Connecticut Retail Rates" in NU's 1996 Form 10-K. SIGNATURE 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 hereunto duly authorized. THE CONNECTICUT LIGHT AND POWER COMPANY --------------------------------------- Registrant Date October 31, 1997 By /s/John B. Keane -------------------- ------------------------------------ John B. Keane Vice President and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----