-----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, PVJLCAJVFNczhYL1lAX070icClXZGAUrkDiBiiOdybr72XhwRY+38BGoy8NCQBl7 jZ/Obat5GWJ6nQcNSGR08A== 0000063073-97-000004.txt : 19970801 0000063073-97-000004.hdr.sgml : 19970801 ACCESSION NUMBER: 0000063073-97-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970731 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASSACHUSETTS ELECTRIC CO CENTRAL INDEX KEY: 0000063073 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 041988940 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05464 FILM NUMBER: 97649246 BUSINESS ADDRESS: STREET 1: 25 RESEARCH DR CITY: WESTBOROUGH STATE: MA ZIP: 01582 BUSINESS PHONE: 5083892000 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1997 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-5464 (LOGO) MASSACHUSETTS ELECTRIC COMPANY (Exact name of registrant as specified in charter) MASSACHUSETTS 04-1988940 (State or other (I.R.S. Employer jurisdiction of Identification No.) incorporation or organization) 25 Research Drive, Westborough, Massachusetts 01582 (Address of principal executive offices) Registrant's telephone number, including area code (508-389-2000) 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 ( ) Common stock, par value $25 per share, authorized and outstanding: 2,398,111 shares at June 30, 1997. PART I FINANCIAL INFORMATION Item 1. Financial Statements - ---------------------------- MASSACHUSETTS ELECTRIC COMPANY Statements of Income Periods Ended June 30 (Unaudited)
Quarter Six Months -------- ---------- 1997 1996 1997 1996 ---- ---- ---- ---- (In Thousands) Operating revenue $369,542 $358,479 $775,060 $749,298 -------- -------- -------- -------- Operating expenses: Purchased electric energy, principally from New England Power Company, an affiliate 264,492 262,008 559,692 549,393 Other operation 49,534 52,404 98,080 99,602 Maintenance 8,880 7,241 16,304 15,297 Depreciation 12,438 12,038 25,076 24,075 Taxes, other than income taxes 8,041 7,738 16,914 16,483 Income taxes 6,460 3,267 15,056 9,978 -------- -------- -------- -------- Total operating expenses 349,845 344,696 731,122 714,828 -------- -------- -------- -------- Operating income 19,697 13,783 43,938 34,470 Other income (expense), net (211) (40) (2,107) (2,077) -------- -------- -------- -------- Operating and other income 19,486 13,743 41,831 32,393 -------- -------- -------- -------- Interest: Interest on long-term debt 7,004 6,736 14,087 13,461 Other interest 2,229 1,819 3,971 3,206 Allowance for borrowed funds used during construction - credit (100) (268) (216) (464) -------- -------- -------- -------- Total interest 9,133 8,287 17,842 16,203 -------- -------- -------- -------- Net income $ 10,353 $ 5,456 $ 23,989 $ 16,190 ======== ======== ======== ======== Statements of Retained Earnings Retained earnings at beginning of period $166,803 $150,671 $165,936 $150,308 Net income 10,353 5,456 23,989 16,190 Dividends declared on cumulative preferred stock (779) (778) (1,557) (1,557) Dividends declared on common stock (4,796) (1,199) (16,787) (10,791) -------- -------- -------- -------- Retained earnings at end of period $171,581 $154,150 $171,581 $154,150 ======== ======== ======== ======== The accompanying notes are an integral part of these financial statements. Per share data is not relevant because the Company's common stock is wholly owned by New England Electric System.
MASSACHUSETTS ELECTRIC COMPANY Statements of Income Twelve Months Ended June 30 (Unaudited)
1997 1996 ---- ---- (In Thousands) Operating revenue $1,564,299 $1,526,451 ---------- ---------- Operating expenses: Purchased electric energy, principally from New England Power Company, an affiliate 1,131,008 1,108,468 Other operation 210,141 214,824 Maintenance 32,109 29,882 Depreciation 48,358 45,974 Taxes, other than income taxes 30,990 31,015 Income taxes 30,264 24,670 ---------- ---------- Total operating expenses 1,482,870 1,454,833 ---------- ---------- Operating income 81,429 71,618 Other income (expense), net (1,243) (1,801) ---------- ---------- Operating and other income 80,186 69,817 ---------- ---------- Interest: Interest on long-term debt 27,715 26,781 Other interest 7,238 6,368 Allowance for borrowed funds used during construction - credit (492) (930) ---------- ---------- Total interest 34,461 32,219 ---------- ---------- Net income $ 45,725 $ 37,598 ========== ========== Statements of Retained Earnings Retained earnings at beginning of period $ 154,150 $ 134,654 Net income 45,725 37,598 Dividends declared on cumulative preferred stock (3,114) (3,114) Dividends declared on common stock (25,180) (14,988) ---------- ---------- Retained earnings at end of period $ 171,581 $ 154,150 ========== ========== The accompanying notes are an integral part of these financial statements. Per share data is not relevant because the Company's common stock is wholly owned by New England Electric System.
MASSACHUSETTS ELECTRIC COMPANY Balance Sheets (Unaudited)
June 30, December 31, ASSETS 1997 1996 ------ ---- ---- (In Thousands) Utility plant, at original cost $1,536,422 $1,509,896 Less accumulated provisions for depreciation 446,458 430,585 ---------- ---------- 1,089,964 1,079,311 Construction work in progress 17,608 9,119 ---------- ---------- Net utility plant 1,107,572 1,088,430 ---------- ---------- Current assets: Cash 1,163 2,356 Accounts receivable: From sales of electric energy 145,463 165,866 Other (including $2,323,000 and $1,605,000 from affiliates) 3,076 2,600 Less reserves for doubtful accounts 14,539 13,146 ---------- ---------- 134,000 155,320 Unbilled revenues 46,284 43,390 Materials and supplies, at average cost 9,031 8,820 Prepaid and other current assets 26,471 25,923 ---------- ---------- Total current assets 216,949 235,809 ---------- ---------- Deferred charges and other assets 51,047 66,019 ---------- ---------- $1,375,568 $1,390,258 ========== ========== CAPITALIZATION AND LIABILITIES ------------------------------ Capitalization: Common stock, par value $25 per share, authorized and outstanding 2,398,111 shares $ 59,953 $ 59,953 Premiums on capital stocks 45,862 45,862 Other paid-in capital 155,310 155,310 Retained earnings 171,581 165,936 ---------- ---------- Total common equity 432,706 427,061 Cumulative preferred stock 50,000 50,000 Long-term debt 333,415 343,321 ---------- ---------- Total capitalization 816,121 820,382 ---------- ---------- Current liabilities: Long-term debt due in one year 25,000 30,000 Short-term debt (including $5,700,000 and $5,275,000 to affiliates) 30,125 43,775 Accounts payable (including $164,905,000 and $157,603,000 to affiliates) 174,802 178,263 Accrued liabilities: Taxes 5,323 961 Interest 9,154 9,635 Other accrued expenses 75,004 54,833 Customer deposits 4,413 4,308 Dividends payable 5,575 7,973 ---------- --------- Total current liabilities 329,396 329,748 ---------- ---------- Deferred federal and state income taxes 170,592 177,778 Unamortized investment tax credits 16,015 16,566 Other reserves and deferred credits 43,444 45,784 ---------- ---------- $1,375,568 $1,390,258 ========== ========== The accompanying notes are an integral part of these financial statements.
MASSACHUSETTS ELECTRIC COMPANY Statements of Cash Flows Six Months Ended June 30 (Unaudited)
1997 1996 ---- ---- (In Thousands) Operating Activities: Net income $ 23,989 $ 16,190 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 25,076 24,075 Deferred income taxes and investment tax credits, net (7,710) (11,234) Allowance for funds used during construction (216) (464) Decrease (increase) in accounts receivable, net and unbilled revenues 18,426 13,766 Decrease (increase) in materials and supplies (211) (276) Decrease (increase) in prepaid and other current assets (548) (1,657) Increase (decrease) in accounts payable (3,461) (19,377) Increase (decrease) in other current liabilities 24,157 41,178 Other, net 13,036 3,726 -------- -------- Net cash provided by operating activities $ 92,538 $ 65,927 -------- -------- Investing Activities: Plant expenditures, excluding allowance for funds used during construction $(44,007) $(47,425) Other investing activities (332) (197) -------- -------- Net cash used in investing activities $(44,339) $(47,622) -------- -------- Financing Activities: Dividends paid on common stock $(19,185) $(10,791) Dividends paid on preferred stock (1,557) (1,557) Changes in short-term debt (13,650) (6,800) Long-term debt - retirements (15,000) -------- -------- Net cash provided by (used in) financing activities $(49,392) $(19,148) -------- -------- Net decrease in cash and cash equivalents $ (1,193) $ (843) Cash and cash equivalents at beginning of period 2,356 1,840 -------- -------- Cash and cash equivalents at end of period $ 1,163 $ 997 ======== ======== The accompanying notes are an integral part of these financial statements.
Note A - Hazardous Waste - ------------------------ The Federal Comprehensive Environmental Response, Compensation and Liability Act, more commonly known as the "Superfund" law, imposes strict, joint and several liability, regardless of fault, for remediation of property contaminated with hazardous substances. A number of states, including Massachusetts, have enacted similar laws. The electric utility industry typically utilizes and/or generates in its operations a range of potentially hazardous products and by-products. Massachusetts Electric Company (the Company) is a wholly-owned retail subsidiary of New England Electric System (NEES). NEES subsidiaries have an internal environmental audit program and an external waste disposal vendor audit and qualification program intended to enhance compliance with federal, state, and local requirements regarding the handling of potentially hazardous products and by-products. The Company has been named as a potentially responsible party (PRP) by either the United States Environmental Protection Agency or the Massachusetts Department of Environmental Protection for 19 sites at which hazardous waste is alleged to have been disposed. Private parties have also contacted or initiated legal proceedings against the Company regarding hazardous waste cleanup. The most prevalent types of hazardous waste sites with which the Company has been associated are manufactured gas locations. The Company is aware of approximately 35 such manufactured gas locations in Massachusetts (including eight of the 19 locations for which the Company is a PRP). The Company is currently aware of other possible hazardous waste sites, and may in the future become aware of additional sites, that it may be held responsible for remediating. In 1993, the Massachusetts Department of Public Utilities approved a settlement agreement regarding the rate recovery of remediation costs of former manufactured gas sites and certain other hazardous waste sites located in Massachusetts. Under that agreement, qualified costs related to these sites are paid out of a special fund established on the Company's books. The Company made an initial $30 million contribution to the fund. Rate- recoverable contributions of $3 million, adjusted since 1993 for inflation, are added annually to the fund along with interest and any recoveries from insurance carriers and other third parties. At June 30, 1997, the fund had a balance of $28 million. If a Massachusetts restructuring and rate settlement is approved by the Federal Energy Regulatory Commission, an additional $15 million will be transferred to the fund in 1997 out of existing reserves for refunds. Note A - Hazardous Waste - Continued - ------------------------ Predicting the potential costs to investigate and remediate hazardous waste sites continues to be difficult. There are also significant uncertainties as to the portion, if any, of the investigation and remediation costs of any particular hazardous waste site that may ultimately be borne by the Company. The NEES companies have received recovery amounts from certain insurers, and, where appropriate, the Company intends to seek recovery from other insurers and from other PRPs, but it is uncertain whether, and to what extent, such efforts will be successful. At June 30, 1997, the Company had total reserves for environmental response costs of $37 million and a related regulatory asset of less than $1 million. The Company believes that hazardous waste liabilities for all sites of which it is aware, and which are not covered by a rate agreement, are not material to its financial position. In October 1996, the American Institute of Certified Public Accountants issued new accounting rules for Environmental Remediation Liabilities which become effective in 1997. These new rules do not have a material effect on the Company's financial position or results of operations. Note B - ------ In the opinion of the Company, these statements reflect all adjustments (which include normal recurring adjustments) necessary for a fair statement of the results of its operations for the periods presented and should be considered in conjunction with the notes to the financial statements in the Company's 1996 Annual Report. Item 2. Management's Discussion and Analysis of Financial --------------------------------------------------------- Condition and Results of Operations ----------------------------------- This section contains management's assessment of Massachusetts Electric Company's (the Company) (a wholly-owned retail subsidiary of New England Electric System (NEES)) financial condition and the principal factors having an impact on the results of operations. This discussion should be read in conjunction with the Company's financial statements and footnotes and the 1996 Annual Report on Form 10-K. Earnings - -------- Net income for the second quarter and first six months of 1997 increased $5 million and $8 million, respectively, compared with the corresponding periods in 1996. These increases are due to an increase in kilowatt-hour (kWh) deliveries to ultimate customers, and the effects of the Company's purchased power cost adjustment (PPCA) mechanism (see discussion in the "Operating Revenues" section). KWh deliveries to ultimate customers increased 2.7 percent and 1.1 percent in the second quarter and first six months of 1997, respectively. This year the weather was warmer in the second quarter but milder in the first quarter compared to last year. Industry Restructuring - ---------------------- For a full discussion of industry restructuring activities in Massachusetts, Rhode Island and New Hampshire, see "Industry Restructuring" in the Company's Form 10-K for 1996. Industry Restructuring Update As previously reported, the Massachusetts settlement covering customer choice and electric utility industry restructuring provides for full recovery of the costs of generating assets and oil and gas related assets (including regulatory assets) not recoverable through the divestiture of New England Power Company's (NEP) (a wholly-owned wholesale subsidiary of NEES) generating business. The Massachusetts settlement was approved by the Massachusetts Department of Public Utilities (MDPU) and a companion wholesale settlement is now pending final approval before the Federal Energy Regulatory Commission (FERC). FERC action is expected later in 1997. The NEES companies have reached an agreement with all three of its unions regarding benefits and other assistance including early retirement and severance programs, to union employees that are affected by the restructuring of the electric utility industry and the NEES companies divestiture of its generation business. The NEES companies have also announced similar early retirement and severance programs for management employees. The NEES companies anticipate that industry restructuring and divestiture will lead to workforce reductions. The expected cost of such programs will be substantially recovered from the proceeds of the sale of the generating business. On May 20, 1997, the Utility Workers Union of America and the Massachusetts Alliance of Utility Unions withdrew their appeal to the Massachusetts Supreme Judicial Court of the MDPU approval of the Massachusetts settlement. Several bills are pending before the Massachusetts legislature on electric utility industry restructuring, including comprehensive legislation introduced by former Governor William F. Weld and by the legislature's Joint Committee on Electric Restructuring. These bills cover many of the topics addressed in the settlement and could impact the implementation of the settlement. Accounting Implications Historically, electric utility rates have been based on a utility's costs. As a result, electric utilities are subject to certain accounting standards that are not applicable to other business enterprises in general. Statement of Financial Accounting Standards No. 71, Accounting for the Effects of Certain Types of Regulation (FAS 71), requires regulated entities, in appropriate circumstances, to establish regulatory assets, and thereby defer the income statement impact of certain costs expected to be recovered in future rates. At December 31, 1996 the Company had approximately $16 million in net regulatory assets (regulatory assets of $56 million offset by regulatory liabilities of $40 million) in compliance with FAS 71. The Company believes that the continuing rate-making policies and practices of the MDPU and the terms of the Massachusetts settlement will enable the Company to recover both its specific costs of providing ongoing distribution services and stranded costs billed to it by NEP. The Company believes that these factors will allow it to continue to apply FAS 71. In the event that future circumstances should cause the application of FAS 71 to be discontinued, a noncash write-off of previously established regulatory assets would be required. Year 2000 Computer Issues - ------------------------- In the next two-and-one-half years, most large companies will face a potentially serious information systems (computer) problem because most software application and operational programs written in the past will not properly recognize calendar dates beginning in the year 2000. This could force computers to either shut down or lead to incorrect calculations. The NEES companies began the process of identifying the changes required to their computer programs and hardware during 1996. The necessary modifications to the NEES companies' centralized financial, customer, and operational information systems are expected to be completed by the end of 1998. The NEES companies believe they will incur approximately $20 million of costs between now and January 1, 2000, associated with making the necessary modifications identified to date to the centralized systems. Noncentralized systems are currently being reviewed for Year 2000 problems. The NEES companies are unable to predict the costs to be incurred for correction of such noncentralized systems, but expect the scope and schedule for such work to be less complex than for its centralized information systems. Operating Revenue - ----------------- The following table summarizes the changes in operating revenue: Increase (Decrease) in Operating Revenue
Second Quarter Six Months -------------- ------------ 1997 vs 1996 1997 vs 1996 -------------- ------------ (In Millions) Deliveries to ultimate customers $ 5 $ 3 PPCA 6 8 Fuel recovery 2 15 Demand-Side Management (DSM) (2) (1) Other - 1 --- --- $11 $26 === ===
For a discussion of deliveries to ultimate customers, see the "Earnings" section. The PPCA mechanism is designed to allow the Company to pass on to its customers changes in purchased energy costs resulting from rate increases or decreases by NEP. The mechanism is also designed to pass on to customers the effects of NEP's seasonal rates. Due to reduced peak demand levels, primarily in the month of May 1997, refunds recorded under this mechanism were less in 1997 than in 1996. The provisions of the Company's restructuring settlement would have caused the PPCA mechanism to end effective July 31, 1996. However, since the Massachusetts settlement has not yet been approved by the FERC, the Company has continued to accrue refund provisions of $19 million related to the assumed operation of the PPCA mechanism since July 31, 1996 ($9 million in 1996 and $10 million in 1997, to date). In addition, at December 31, 1996 the Company had deferred approximately $8 million of storm damage costs. In accordance with the Massachusetts restructuring settlement signed in 1997, the Company will not be permitted recovery of approximately $2 million of such storm damage costs. The increase in fuel recovery revenues is due to increased replacement power fuel purchases by NEP due to reduced generation by partially owned nuclear units. These costs are passed on to the Company through NEP's fuel clause. The Company, in turn, passes these costs on to its customers. Operating Expenses - ------------------ The following table summarizes the changes in operating expenses which are discussed below:
Increase (Decrease) in Operating Expenses Second Quarter Six Months -------------- ------------ 1997 vs 1996 1997 vs 1996 -------------- ------------ (In Millions) Purchased electric energy: Fuel costs $ 2 $15 Other - (5) Other operation and maintenance: DSM (2) (1) Other 1 - Depreciation 1 1 Taxes 3 6 --- --- $ 5 $16 === ===
For a discussion of increased fuel costs, refer to the "Operating Revenues" section. The decrease in other purchased electric energy is principally due to a reduction in peak demand charges, reflecting milder weather in the first quarter of 1997. Utility Plant Expenditures and Financing - ---------------------------------------- Cash expenditures for utility plant totaled $44 million in the first six months of 1997. The funds necessary for utility plant expenditures during the period were provided by net cash from operating activities, after the payment of dividends. The Company plans to issue $50 million of long-term debt in 1997, of which $30 million will be used to retire maturing bonds, and the balance used to fund capital expenditures. At June 30, 1997, the Company had $30 million of short-term debt outstanding including $24 million of commercial paper borrowings. The Company currently has lines of credit with banks totaling $90 million. These lines of credit are available to provide liquidity support for commercial paper borrowings and other corporate purposes. There were no borrowings under these lines of credit at June 30, 1997. For the twelve-month period ending June 30, 1997, the ratio of earnings to fixed charges was 3.12. PART II. OTHER INFORMATION Item 1. Legal Proceedings - -------------------------- Information concerning the restructuring dockets before the Federal Energy Regulatory Commission, discussed in Part I of this report in Management's Discussion and Analysis of Financial Condition and Results of Operations, is incorporated herein by reference and made a part hereof. Item 6. Exhibits and Reports on Form 8-K - ----------------------------------------- The Company is filing the following revised exhibit for incorporation by reference into its registration statement on Form S-3, Commission File No. 33-59145. 12 Statement re computation of ratios The Company is filing Financial Data Schedules. The Company filed a report on Form 8-K dated July 14, 1997 containing Item 5, Other Events. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 10-Q for the quarter ended June 30, 1997 to be signed on its behalf by the undersigned thereunto duly authorized. MASSACHUSETTS ELECTRIC COMPANY s/Michael E. Jesanis Michael E. Jesanis, Treasurer, Authorized Officer, and Principal Financial Officer Date: July 31, 1997 EX-99 2 Exhibit Index Exhibit Index ------------- Exhibit Description Page - ------- ----------- ---- 12 Statement re computation of Filed herewith ratios 27 Financial Data Schedule Filed herewith EX-12 3 Exhibit 12 MASSACHUSETTS ELECTRIC COMPANY Computation of Ratio of Earnings to Fixed Charges (SEC Coverage) (Unaudited)
12 Months Ended June 30, 1997 Years Ended December 31, Actual ------------------------------------------------------------- (Unaudited) 1996 1995 1994 1993 1992 -------------- ---- ---- ---- ---- ---- (In Thousands) Net Income $ 45,725 $37,926 $29,101 $34,726 $23,779 $34,905 - ---------- Add income taxes and fixed charges - ---------------------------------- Current federal income taxes 27,207 25,867 9,437 (6,762) 5,606 3,977 Deferred federal income taxes (3,163) (6,052) 6,156 24,932 3,430 13,451 Investment tax credits - net (1,111) (1,118) (1,132) (1,228) (1,228) (1,228) Massachusetts franchise tax 5,322 4,479 3,935 4,681 3,348 3,858 Interest on long-term debt 27,715 27,089 25,901 20,967 23,403 21,910 Interest on short-term debt and other7,238 6,473 6,784 6,366 3,638 3,657 -------- ------- ------- ------- ------- ------- Net earnings available for fixed charges $108,933 $94,664 $80,182 $83,682 $61,976 $80,530 -------- ------- ------- ------- ------- ------- Fixed charges: Interest on long-term debt $ 27,715 $27,089 $25,901 $20,967 $23,403 $21,910 Interest on short-term debt and other7,238 6,473 6,784 6,366 3,638 3,657 -------- ------- ------- ------- ------- ------- Total fixed charges $ 34,953 $33,562 $32,685 $27,333 $27,041 $25,567 ======== ======= ======= ======= ======= ======= Ratio of earnings to fixed charges 3.12 2.82 2.45 3.06 2.29 3.15 - ----------------------------------
EX-27 4
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH FLOWS OF MASSACHUSETTS ELECTRIC COMPANY IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 DEC-31-1997 JUN-30-1997 6-MOS PER-BOOK 1,107,572 0 216,949 51,047 0 1,375,568 59,953 201,172 171,581 432,706 0 50,000 333,415 5,700 0 24,425 25,000 0 0 0 504,322 1,375,568 775,060 15,056 716,066 731,122 43,938 (2,107) 41,831 17,842 23,989 1,557 22,432 16,787 14,087 92,538 0 0 Total deferred charges includes other assets. Per share data is not relevant because the Company's common stock is wholly-owned by New England Electric System. -----END PRIVACY-ENHANCED MESSAGE-----