-----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, CC1FsVwDPFGRgY87MrLcjP4pzg4y6IZyCMuO7g5Ks/QGdxqG1hmYXjAyfzV3SdLr E0Y19PnjhL7zGF3cCVw1yA== 0000898080-96-000168.txt : 19961107 0000898080-96-000168.hdr.sgml : 19961107 ACCESSION NUMBER: 0000898080-96-000168 CONFORMED SUBMISSION TYPE: POS AMC PUBLIC DOCUMENT COUNT: 9 FILED AS OF DATE: 19961106 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAINE YANKEE ATOMIC POWER CO CENTRAL INDEX KEY: 0000061617 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 010278125 STATE OF INCORPORATION: ME FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: POS AMC SEC ACT: 1935 Act SEC FILE NUMBER: 070-08313 FILM NUMBER: 96655119 BUSINESS ADDRESS: STREET 1: 329 BATH ROAD CITY: BRUNSWICK STATE: ME ZIP: 04011 BUSINESS PHONE: 2077984100 MAIL ADDRESS: STREET 1: 329 BATH ROAD CITY: BRUNSWICK STATE: ME ZIP: 04011 POS AMC 1 POST EFFECTIVE AMENDMENT NO.2 FILE NO.: 70-8313 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ POST-EFFECTIVE AMENDMENT NO. 2 TO FORM U-1 APPLICATION-DECLARATION UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 ______________________________ MAINE YANKEE ATOMIC POWER COMPANY 329 Bath Road Brunswick, Maine 04011 (Name of company filing this statement and address of principal executive offices) NEW ENGLAND ELECTRIC SYSTEM NORTHEAST UTILITIES (Names of top registered holding companies) William M. Finn, Esq. Mr. Patrick S. Lydon Central Maine Power Company Vice President, 83 Edison Drive Finance and Administration Augusta, Maine 04330 Maine Yankee Atomic Power Company 329 Bath Road Brunswick, Maine 04011 (Names and addresses of agents for service) The Commission is requested to send copies of all notices, orders and communications in connection with this Application-Declaration to: E. Ellsworth McMeen, III, Esq. LeBoeuf, Lamb, Greene & MacRae, L.L.P. 125 West 55th Street New York, New York 10019 Item 1 - Description of Proposed Transaction Scope of Amendment Maine Yankee Atomic Power Company (the "Company" or "Maine Yankee"), an indirect subsidiary of Northeast Utilities and of New England Electric Systems, both registered holding companies under the Public Utility Holding Company Act of 1935, as amended (the "Act"), hereby files this Post-Effective Amendment No. 2 to its Application-Declaration on Form U-1 (File No. 70-8313) (the "Application") for the purpose of obtaining a five year extension of authority for the Company to continue the activities authorized in the Securities and Exchange Commission's (the "Commission") order dated January 12, 1994 (HCAR 25973; File No. 70-8313) (the "January 1994 Order"). The Company seeks to extend this authority to issue and renew, from time to time, but no later than December 31, 2001, up to an aggregate principal amount at any time outstanding of $21 million of its short-term promissory notes issued pursuant to bank lines of credit and commercial paper maturing twelve months or less after the date of issuance. ___________________ The Company had initially received authorization relating to its issue and renewal of up to an aggregate principal amount of $21 million of its short term promissiory notes through December 31, 1993 pursuant to an order of the Commission dated January 17, 1991 (HCAR 25244; File No. 70-7783). The January 1994 Order extended the term of such authorization through December 31, 1996. The Company The Company, incorporated under the laws of Maine, operates a pressurized-water nuclear-powered electric generating plant in Wiscasset, Maine, with a net capability of approximately 860 megawatts electric. Proposed Financing The securities are or will be unsecured notes or obligations to commercial banking institutions under lines of credit (the "Bank Notes") and unsecured notes sold through dealers to institutional investors (the "Commercial Paper") maturing twelve months or less from the date of issuance. The Company currently maintains bank lines of credit permitting the issuance of Bank Notes aggregating $21 million in principal amount including $8 million with the Bank of New York and $13 million with The First National Bank of Boston. As of September 30, 1996, no amounts were issued and outstanding under the bank lines of credit and the Company did not have any unsecured commercial paper obligations. The Company believes that maintaining these bank lines of credit as well as the flexibility to issue Commercial Paper will assist it in meeting its cash requirements over the next five years. The aggregate face amount of the Bank Notes and the Commercial Paper does not and will not exceed $21 million in aggregate principal amount outstanding at any time. These short-term borrowings could exceed 5 percent of the principal amount and par value of the other securities of the Company, which on September 30, 1996 equaled $168.6 million. The Bank Notes and Commercial Paper are or will be issued to provide interim financings for the Company's construction program, for working capital and for other general corporate purposes. The Bank Notes are or will be demand or other short-term obligations under bank lines of credit from time to time outstanding. The effective interest cost of the Bank Notes will not exceed the effective interest cost of borrowings at the prime rate as in effect from time to time at such Banks. Commitment fees will not exceed 1/2 of 1% of the lines of credit from such Banks. The Commercial Paper would be issued through dealers in commercial paper and sold to institutional investors in transactions normally associated with securities of this type. The Commercial Paper may be backed by the Company's available lines of credit, revolving credit agreements or other liquidity or credit enhancement devices, including support by a banking institution for a customary fee. It is anticipated that one or more nationally recognized commercial paper dealers selected by the Company to act as dealers for the Commercial Paper will receive a fee, currently estimated to be 1/8 of 1% per annum, on a discount basis, of the amounts borrowed, as compensation for its or their services with regard to the issuance of the Commercial Paper. The fee actually paid will be that which the Company believes to be customarily charged for such services under the circumstances. The interest rates paid on the Commercial Paper vary or will vary depending upon the interest rates prevailing in the relevant market at the time of issuance. There is no institutional trading of the Bank Notes and they are not or will not be rated. It is anticipated that the Commercial Paper will be rated in one of the top three rating categories by a nationally recognized rating service. Neither the Bank Notes nor the Commercial Paper are or will be listed on a stock exchange. The Company is seeking Commission authorization for these short-term borrowings (which could exceed 5 percent of the principal amount and par value of other securities of the Company), which could be issued or renewed from time to time but no later than December 31, 2001. __________________ As noted under Item 4 below, the issuance of these short term securities by the Company does not require the approval of the Maine Public Utilities Commission and thus does not satisfy the requirements for the exemption from prior Commission approval contained in Rule 52 promulgated under the Act, as recently amended. Maine Yankee does not presently own any interest in any "exempt wholesale generator" or "foreign utility company", as those terms are defined in Sections 32 and 33 of the Act, respectively, and at the date hereof is not a party to, and does not have any rights under, a service, sales or construction agreement with any such entity. Further, neither Maine Yankee, New England Electric System or Northeast Utilities nor any of their associates will use the proceeds from any borrowings that are the subject of this Amendment to acquire such interests or such rights. Action Requested The Company respectfully requests Commission authorization to extend the date through which the Company may from time to time issue and renew the Bank Notes and Commercial Paper maturing twelve months or less after the date of issuance up to an aggregate amount at any one time outstanding of $21 million through December 31, 2001, under substantially the same terms and conditions as are currently applicable to the activities authorized by the Commission's January 1994 Order. Item 2 - Fees, Commissions and Expenses No fees (other than legal fees, bank fees relating to the lines of credit and fees relating to the sale of the Commercial Paper referred to in Item 3, below) or commissions are to be paid in connection with the Company's proposed issue and sale of the Bank Notes and Commercial Paper. The Company's estimated expenses in this connection are included in Exhibit H hereto. Item 3 - Applicable Statutory Provisions The Company is an indirect subsidiary of two registered holding companies: New England Electric System and Northeast Utilities. Therefore, the proposed issuance of up to $[21] million of the Company's Bank Notes and Commercial Paper (which amount could exceed five percent of the principal amount and par value of the other securities of the Company now outstanding) is subject to the provisions of Section 6(a) and Section 7 of the Act and regulations thereunder. Item 4 - Regulatory Approval The Maine Public Utilities Commission has jurisdiction over the issuance of securities by the Company. Pursuant to Section 902 of Title 35-A of the Maine Revised Statutes Annotated, the authorization of the Maine Public Utilities Commission is required for the issue of evidences of indebtedness payable at periods of more than twelve months from the date of issuance. The Bank Notes and Commercial Paper that are the subject of this Application will mature within twelve months from the date of issuance and therefore no authorization of the Maine Public Utilities Commission is required. No other state or Federal commission, except the Commission, has jurisdiction over the proposed transaction. Item 5 - Procedure The Company requests that there be no hearing on this Application and that the Commission issue its order as soon as practicable after the filing hereof. Without prejudice to its right to modify the same if a hearing should be ordered on this Application, the Company hereby makes the following specifications as required by paragraph (b) of Item 5 of Form U-1: 1. There should not be a recommended decision by a hearing officer or any other responsible officer of the Commission. 2. The Division of Corporate Regulation may assist in the preparation of the Commission's decision. 3. There should not be a 30-day waiting period between issuance of the Commission's order and the date on which the order is to become effective. It is requested that the Commission send copies of all communications to the Company as follows: William M. Finn, Esq. Mr. Patrick S. Lydon Central Maine Power Company Vice President, 83 Edison Drive Finance and Administration Augusta, Maine 04330 Maine Yankee Atomic Power Company 329 Bath Road Brunswick, Maine 04011 with a copy to: E. Ellsworth McMeen, III, Esq. LeBoeuf, Lamb, Greene & MacRae, L.L.P. 125 West 55th Street New York, New York 10019 Telephone: (212) 424-8083 Item 6 - Exhibits and Financial Statements (a) Exhibits A Not applicable. B Banks' line of credit letters (previously filed). C Not Applicable. D Not Applicable. E Not Applicable. F Opinion of William M. Finn, Esq., as to matters described therein. G Financial Data Schedule H Estimated expenses of the Company in connection with the proposed transactions. I Form of Notice. (b) Maine Yankee Atomic Power Company Financial Statements. 1. Balance Sheet and Statement of Capitalization, as of September 30, 1996. 2. Statement of Income and Statement of Retained Earnings, twelve months ended September 30, 1996. 3. Statement of Projected Cash Flow for 1997. 4. Statement of Sources and Uses of Funds Projected for Years 1998-2001. There have been no material changes, not in the ordinary course of business, since the date of the balance sheet. Item 7 - Information as to Environmental Effects The proposed transaction, i.e., the issuance of the Bank Notes and Commercial Paper, will not of itself have any direct environmental impact and therefore a negative statement by the Commission is appropriate. The proceeds of the borrowings will be used to finance capital costs of the Company's nuclear-powered electric generating plant in Wiscasset, Maine; the environmental effects of such operation were fully evaluated and concluded to be acceptable under the National Environmental Policy Act by the United States Atomic Energy Commission (now the Nuclear Regulatory Commission) at the time the Company was issued an operating license in 1973. SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, Maine Yankee has caused this Application to be signed on its behalf by its undersigned officer thereunto duly authorized. MAINE YANKEE ATOMIC POWER COMPANY By:/s/ Michael E. Thomas Michael E. Thomas Treasurer Date: November 6, 1996 EX-5 2 OPINION OF COUNSEL EXHIBIT F November 5, 1996 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, DC 20549 Gentlemen: This opinion is furnished to the Securities and Exchange Commission (the "Commission") in connection with the filing with the Commission of Post-Effective Amendment No. 2 to the Declaration on Form U-1 (File 70-8313) of Maine Yankee Atomic Power Company (the "Company") under the Public Utility Holding Company Act of 1935 (the "Declaration"). The Declaration requests that the Commission extend through December 31, 2001 the Company's authorization to issue and renew, from time to time, up to an aggregate principal amount at any one time outstanding of $21 million of short-term promissory notes ("Bank Notes") issued pursuant to bank lines of credit and commercial paper ("Commercial Paper") maturing twelve months or less after the date of issuance. I have acted as counsel for the Company and in connection with this opinion I have examined originals or copies certified or otherwise identified to my satisfaction of: (1) the charter documents and by-laws of the Company, as amended to date; (2) minutes of meetings of the Company's shareholders and directors, as kept in its minute books; and (3) such other certificates, documents and papers as I deemed necessary or appropriate for the purpose of rendering this opinion. In such examination, I have assumed the genuineness of all signatures, the authenticity of all documents submitted to me as originals and the conformity to the original documents of all documents submitted to me as copies. As to any facts material to my opinion, I have, when relevant facts were not independently established, relied upon the aforesaid agreements, instruments, certificates and documents. In addition, I have examined such questions of law as I have considered necessary or appropriate for the purpose of rendering this opinion. Based on the foregoing, and subject to the final paragraph hereof, I am of the opinion that when the Commission has taken the action requested in the Declaration; and any Bank Notes or Commercial Paper have been issued as described in the Declaration: (1) All state laws applicable to the issue and sale by the Company of the Bank Notes and the Commercial Paper will have been complied with; (2) The Company is a corporation duly organized, validly existing and in good standing in the State of Maine; (3) The Bank Notes and the Commercial Paper issued and sold by the Company will be valid and binding obligations of the Company and, subject to laws of general application affecting the rights and remedies of creditors, will be enforceable in accordance with their terms; and (4) Consummation of the aforesaid issue and sale by the Company of either the Bank Notes or the Commercial Paper will not violate the legal rights of the holders of any securities issued by the Company. I hereby consent to the use of this opinion as an exhibit to Post Effective Amendment No. 2 to the Application/ Declaration on Form U-1 of Maine Yankee Atomic Power Company. I am not, in this opinion, opining on laws other than the laws of the State of Maine and the federal laws of the United States. Very truly yours, /s/ William M. Finn William M. Finn EX-27 3 FINANCIAL DATA SCHEDULE
OPUR1 1,000 9-MOS 9-MOS DEC-31-1996 DEC-31-1996 SEP-30-1996 SEP-30-1996 PER-BOOK PRO-FORMA 223,646 223,646 262,469 262,469 36,134 36,134 57,839 57,839 0 0 580,088 580,088 50,000 50,000 17,389 17,389 3,797 3,797 71,186 71,186 18,000 18,000 0 0 88,332 88,332 0 0 5,000 5,000 0 0 6,667 6,667 600 600 0 0 0 0 390,303 390,303 580,088 580,088 181,667 181,667 (1,533) (1,533) 165,638 165,638 164,105 164,105 17,562 17,562 5,513 5,513 23,075 23,075 14,806 14,806 8,269 8,269 1,481 1,481 6,788 6,788 5,175 5,175 7,487 7,487 55,020 55,020 13.57 13.57 13.57 13.57
EX-99.1 4 ESTIMATED EXPENDITURES EXHIBIT H ESTIMATED EXPENSES OF MAINE YANKEE ATOMIC POWER COMPANY A. Holding Company Act Filing Fee $ 2,000.00 B. Services of LeBoeuf, Lamb, Greene & MacRae, L.L.P. in connection with this filing 2,000.00 C.1. Commitment fees on available amount of short-term promissory notes available through bank lines of credit 52,500.00 C.2. Expenditures (at cost) of Company in connection with the issue of the Bank Notes and Commercial Paper - Professional, clerical, stenographic, supplies, travel expenses 5,000.00 ____________________ Actual amount. Estimated. An accurate cost is not available, but is not expected to exceed the estimated amount. EX-99.2 5 FORM OF NOTICE EXHIBIT I PROPOSED FORM OF NOTICE SECURITIES AND EXCHANGE COMMISSION (Release No. 35- ) Filing Under the Public Utility Holding Company Act of 1935 _______________, 1995 Maine Yankee Atomic Power Company (File No. 70-8813) Maine Yankee Atomic Power Company (the "Company"), 329 Bath Road, Brunswick, Maine 04011, an indirect subsidiary of Northeast Utilities and New England Electric System, both registered holding companies, has filed Post-Effective Amendment No. 2 to its Application/Declaration on Form U-1 filed under Sections 6(a) and 7 of the Public Utility Holding Company Act of 1935, seeking to extend through December 31, 2001 its existing authorization to issue and sell, no later than December 31, 2001, short-term notes ("Notes") under bank lines of credit, and/or commercial paper ("Commercial Paper") up to an aggregate amount at any one time outstanding of $21 million. As of September 30, 1996, Maine Yankee did not have any amounts issued and outstanding under these credit lines nor did it have any Commercial Paper obligations outstanding. Maine Yankee believes maintaining these lines of credit and the flexibility to issue Commercial Paper will assist it in meeting its cash requirements over the next five years. The Notes will mature in twelve months or less from the date of issuance and will have an effective interest cost not exceeding the effective interest cost of borrowings at the prime rate, as in effect from time-to-time at the banks. Commitment fees will not exceed 1/2 of 1% of the lines of credit from such banks. The Commercial Paper will mature in twelve months or less from the date of issuance and will be issued pursuant to an exception from competitive bidding through dealers in commercial paper and sold to institutional investors. The Commercial Paper may be backed by Maine Yankee's available lines of credit, revolving credit agreements or other liquidity or credit enhancement devices, including credit support by a banking institution for customary fees. Maine Yankee will pay a fee to the dealers in the Commercial Paper, estimated to be 1/8 of 1% per annum, on a discount basis, of the amounts borrowed, as compensation for their services with regard to the issuance of the Commercial Paper. The interest rate on the Commercial Paper will vary depending upon the interest rates prevailing in the relevant market at the time of issuance. For the Commission, by the Office of Public Utility Regulation, pursuant to delegated authority. EX-99.3 6 BALANCE SHEET Maine Yankee Atomic Power Company BALANCE SHEET (Unaudited) (Dollars in Thousands) ASSETS Pro Forma Adjustments Final Showing Pro Effect of Forma 9/30/96 STD Issues 9/30/96 ELECTRIC PROPERTY, at Original Cost $409,553 $ $409,553 Less: Accumulated Depreciation and Amortization 221,954 221,954 _______ ________ _______ 187,599 0 187,599 Construction Work in Progress 4,628 4,628 _______ ________ _______ Net Electric Property 192,227 0 192,227 _______ ________ _______ NUCLEAR FUEL, at Original Cost Nuclear Fuel in Reactor 78,037 78,037 Nuclear Fuel - Spent 391,803 391,803 Nuclear Fuel - Stock 8,657 8,657 _______ ________ _______ 478,497 0 478,497 Less: Accumulated Amortization 450,500 450,500 _______ ________ _______ 27,997 0 27,997 Nuclear Fuel in Process 3,422 3,422 _______ ________ _______ Net Nuclear Fuel 31,419 0 31,419 _______ ________ _______ Net Electric Property and Nuclear Fuel 223,646 0 223,646 _______ ________ _______ CURRENT ASSETS Cash and Cash Equivalents 8,482 8,482 Restricted Cash 12 12 Accounts Receivable 15,441 15,441 Materials and Supplies, at Average Cost 10,911 10,911 Prepayments 1,288 1,288 _______ ________ _______ Total Current Assets 36,134 0 36,134 _______ ________ _______ DEFERRED CHARGES AND OTHER ASSETS Trust Funds Fuel Disposal 108,777 108,777 Plant Decommissioning 153,692 153,692 Regulatory Assets Accumulated Deferred Income Tax Assets 32,991 32,991 DOE Decontamination and Decommissioning Fee 18,309 18,309 Other 6,342 6,342 Other Deferred Charges and Other Assets 197 197 _______ ________ _______ Total Deferred Charges and Other Assets 320,308 0 320,308 _______ ________ _______ $580,088 $ 0 $580,088 _______ ________ _______ Maine Yankee Atomic Power Company BALANCE SHEET (Unaudited) (Dollars in Thousands) STOCKHOLDERS' INVESTMENT AND LIABILITIES Pro Forma Adjustments Final Showing Pro Effect of Forma 9/30/96 STD Issues 9/30/96 CAPITALIZATION Common Stock Investment $ 71,186 $ $ 71,186 Redeemable Preferred Stock 18,000 18,000 Long-Term Debt 88,332 88,332 _______ ________ _______ Total Capitalization 177,518 0 177,518 _______ ________ _______ LONG-TERM FUEL DISPOSAL LIABILITY 118,715 0 118,715 _______ ________ _______ NUCLEAR FUEL FINANCING NOTES 5,000 0 5,000 _______ ________ _______ CURRENT LIABILITIES Notes Payable to Banks - - Current Sinking Fund Requirements 7,267 7,267 Accounts Payable 12,067 12,067 Fuel Disposal Cost Payable 814 814 Dividends Payable 1,867 1,867 Accrued Interest and Taxes 11,260 11,260 Other Current Liabilities 2,217 2,217 _______ ________ _______ Total Current Liabilities 35,492 0 35,492 _______ ________ _______ COMMITMENTS AND CONTINGENCIES RESERVES AND DEFERRED CREDITS Plant Decommissioning Reserve 155,092 155,092 Deferred Credits Accumulated Deferred Income Tax Liabilities 53,074 53,074 DOE Decontamination and Decommissioning Fee 16,520 16,520 Regulatory Liability - Income Taxes 9,857 9,857 Unamortized Investment Tax Credits 6,496 6,496 Unamortized Gains on Reacquired Debt 2,324 2,324 _______ ________ _______ Total Reserves and Deferred Credits 243,363 0 243,363 _______ ________ _______ $580,088 $ 0 $580,088 _______ ________ _______ Maine Yankee Atomic Power Company STATEMENT OF CAPITALIZATION (Unaudited) (Dollars in Thousands) September 30, 1996 COMMON STOCK INVESTMENT Common Stock, $100 Par Value, 500,000 Shares Authorized and Outstanding $ 50,000 Other Paid-in Capital 16,580 Capital Stock Expense (369) Gain on Cancellation of Preferred Stock 1,125 Premiums on Preferred Stock 53 Retained Earnings 3,797 _______ 71,186 _______ REDEEMABLE PREFERRED STOCK 7.48% SERIES, $100 Par Value Authorized 60,000 Shares Outstanding 36,000 3,600 8.00% Series, $100 Par Value Authorized 200,000 Shares Outstanding 150,000 15,000 Less: Current Sinking Fund Requirements 600 _______ 18,000 _______ LONG-TERM DEBT First Mortgage Bonds Series D - 8.79% due May 1, 2002 35,000 Series E - 8.13% due May 1, 2008 40,000 Series F - 6.89% due May 1, 2008 19,999 Less: Current Sinking Fund Requirements 6,667 _______ 88,332 _______ Total Capitalization $177,518 _______ EX-99.4 7 STATEMENT OF INCOME Maine Yankee Atomic Power Company STATEMENT OF INCOME AND RETAINED EARNINGS (Unaudited) (Dollars in Thousands) Pro Forma Final Adjustments Pro Showing Forma 12 MTD Effect of 12 MTD 9/30/96 STD Issues 9/30/96 ELECTRIC OPERATING REVENUES $181,667 $ 0 $181,667 _______ ________ _______ OPERATING EXPENSE Fuel Amortization 10,976 10,976 Disposal Cost 5,398 5,398 Operation 74,744 74,744 Maintenance 29,722 29,722 Depreciation 17,957 17,957 Decommissioning 14,900 14,900 Taxes Federal and State Income (1,533) (1,533) Local Property 11,941 11,941 _______ ________ _______ Total Operating Expenses 164,105 0 164,105 _______ ________ _______ OPERATING INCOME 17,562 0 17,562 OTHER INCOME (EXPENSE) Allowance for Equity Funds Used During Construction 151 151 For Nuclear Fuel - - Other, Net 5,362 5,362 _______ ________ _______ INCOME BEFORE INTEREST CHARGES 23,075 0 23,075 _______ ________ _______ INTEREST CHARGES Long-Term Debt 7,487 7,487 Fuel Disposal Liability 6,078 6,078 Fuel Financing Notes 1,083 1,083 Other Interest Charges 396 396 Allowance for Borrowed Funds Used During Construction (176) (176) For Nuclear Fuel (62) (62) _______ ________ _______ Total Interest Charges 14,806 0 14,806 _______ ________ _______ NET INCOME 8,269 8,269 RETAINED EARNINGS - BEGINNING OF PERIOD 3,684 3,684 PREFERRED DIVIDENDS DECLARED 1,481 1,481 COMMON DIVIDENDS DECLARED 6,675 6,675 _______ ________ _______ RETAINED EARNINGS - END OF PERIOD $ 3,797 $ 0 $ 3,797 _______ ________ _______ EX-99.5 8 PROJECTED CASH FLOW Maine Yankee Atomic Power Company STATEMENT OF PROJECTED CASH FLOW FOR 1997 (Dollars in Thousands) (Unaudited) CASH SOURCES TOTAL Net Income $ 7,929 Fuel Amortization 22,878 Depreciation 19,124 _______ TOTAL SOURCES 49,931 _______ CASH USES Repurchase - LTD 6,667 Repurchase - Preferred Stock 600 Nuclear Fuel Purchases 28,227 Spent Fuel Disposal Trust 6,290 Common Dividends 7,183 Preferred Dividends 1,424 Construction Expenditures 10,000 Working Capital and Change in A/P Activity 13,942 _______ TOTAL USES 74,333 _______ CASH SURPLUS (NEEDS) $(24,402) _______ BORROWINGS Beginning Balance $ 19,346 Add (Sub.) to Balance 24,402 _______ $ 43,748 _______ ____________________ Abbreviated Statement, net of most working capital items normally included in a Source and Use Statement, as prescribed for Form 10-K at year end by the SEC. Borrowings include use of the Secured Eurodollar Facility, the Secured Credit Agreement (Bank of New York Facility) and the Unsecured Bank Lines of Credit. EX-99.6 9 STATEMENT OF SOURCES AND USES OF FUNDS Maine Yankee Atomic Power Company STATEMENT OF SOURCES AND USES OF FUNDS Projected for years 1998-2001 (Dollars in Thousands) 1998 1999 2000 2001 Beginning STD & Fuel Fin. Notes Outstanding $43,748 $(2,995) $14,316 $32,130 Fund Provided: From Operations 58,006 57,046 58,915 64,838 From External Long-Term Financing 40,000 0 0 0 ______ ______ ______ ______ Total Funds Provided 98,006 57,046 58,915 64,838 ______ ______ ______ ______ Fund Used: Construction 5,200 10,000 10,000 5,000 Fuel 672 24,293 30,967 5,555 Sinking Funds 7,267 11,267 11,267 11,267 Dividends 8,563 8,518 8,473 8,428 Working Capital 29,561 20,279 16,022 16,789 ______ ______ ______ ______ Total Funds Used 51,263 74,357 76,729 47,039 ______ ______ ______ ______ Sources Less Uses 46,743 (17,311) (17,814) 17,799 ______ ______ ______ ______ Ending STD & Fuel Fin. Notes Outstanding $(2,995) $14,316 $32,130 $14,331 ______ ______ ______ ______ -----END PRIVACY-ENHANCED MESSAGE-----