-----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, REGZdqmYtRBAvJChZniWZPXIFVj89rkrlFCsWib1n6jssc+uiqHupJr9VbOvztwn WQ1vFyMlrVuJSfSx2iYONA== 0000071222-95-000003.txt : 19951119 0000071222-95-000003.hdr.sgml : 19951119 ACCESSION NUMBER: 0000071222-95-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH ELECTRIC CO CENTRAL INDEX KEY: 0000071222 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 041659070 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-07749 FILM NUMBER: 95591648 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 FORMER COMPANY: FORMER CONFORMED NAME: NEW BEDFORD GAS & EDISON LIGHT CO DATE OF NAME CHANGE: 19810331 FORMER COMPANY: FORMER CONFORMED NAME: NEW BEDFORD GAS LIGHT CO DATE OF NAME CHANGE: 19701106 10-Q 1 COMMONWEALTH ELECTRIC 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 September 30, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number 2-7749 COMMONWEALTH ELECTRIC COMPANY (Exact name of registrant as specified in its charter) Massachusetts 04-1659070 (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 November 1, 1995 Common Stock, $25 par value 2,043,972 shares The Company meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q as a wholly-owned subsidiary and is therefore filing this Form with the reduced disclosure format. PART I - FINANCIAL INFORMATION Item 1. Financial Statements COMMONWEALTH ELECTRIC COMPANY CONDENSED BALANCE SHEETS SEPTEMBER 30, 1995 AND DECEMBER 31, 1994 ASSETS (Unaudited) September 30, December 31, 1995 1994 (Dollars in Thousands) PROPERTY, PLANT AND EQUIPMENT, at original cost $516 137 $496 166 Less - Accumulated depreciation 152 337 143 877 363 800 352 289 Add - Construction work in progress 2 298 5 216 366 098 357 505 INVESTMENTS Equity in nuclear electric power company 625 654 Other 14 14 639 668 CURRENT ASSETS Cash 1 547 1 637 Accounts receivable - Affiliates 3 246 3 713 Customers 37 832 37 862 Unbilled revenues 5 367 8 899 Prepaid property taxes 4 265 2 739 Inventories and other 5 889 6 032 58 146 60 882 DEFERRED CHARGES 87 524 57 831 $512 407 $476 886 COMMONWEALTH ELECTRIC COMPANY CONDENSED BALANCE SHEETS SEPTEMBER 30, 1995 AND DECEMBER 31, 1994 CAPITALIZATION AND LIABILITIES (Unaudited) September 30, December 31, 1995 1994 (Dollars in Thousands) CAPITALIZATION Common Equity - Common stock, $25 par value - Authorized and outstanding - 2,043,972 shares wholly-owned by Commonwealth Energy System (Parent) $ 51 099 $ 51 099 Amounts paid in excess of par value 97 112 97 112 Retained earnings 19 436 15 350 167 647 163 561 Long-term debt, less current sinking fund requirements 156 773 157 817 324 420 321 378 CURRENT LIABILITIES Interim Financing - Notes payable to banks 5 350 6 400 Advances from affiliates 15 605 200 20 955 6 600 Other Current Liabilities - Current sinking fund requirements 1 053 1 053 Accounts payable - Affiliates 8 722 7 716 Other 33 386 31 911 Accrued taxes - Income 18 545 8 049 Local property and other 4 925 3 721 Other 11 397 13 691 78 028 66 141 98 983 72 741 DEFERRED CREDITS Accumulated deferred income taxes 43 649 42 074 Unamortized investment tax credits 7 670 7 994 Other 37 685 32 699 89 004 82 767 COMMITMENTS AND CONTINGENCIES $512 407 $476 886 See accompanying notes. COMMONWEALTH ELECTRIC COMPANY CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (Unaudited) Three Months Ended Nine Months Ended 1995 1994 1995 1994 (Dollars in Thousands) ELECTRIC OPERATING REVENUES $112 086 $119 559 $322 520 $336 293 OPERATING EXPENSES Electricity purchased for resale, transmission and fuel 71 548 77 135 210 929 222 068 Other operation and maintenance 19 592 20 159 59 589 61 954 Depreciation 4 102 3 999 12 307 11 997 Taxes - Income 4 191 4 264 8 556 8 285 Local property 1 169 1 388 3 933 3 912 Payroll and other 599 595 2 239 2 223 101 201 107 540 297 553 310 439 OPERATING INCOME 10 885 12 019 24 967 25 854 OTHER INCOME (EXPENSE) 25 (1 423) 1 256 (1 237) INCOME BEFORE INTEREST CHARGES 10 910 10 596 26 223 24 617 INTEREST CHARGES Long-term debt 3 521 3 620 10 562 10 710 Other interest charges 741 123 2 059 348 Allowance for borrowed funds used during construction (59) (73) (295) (226) 4 203 3 670 12 326 10 832 NET INCOME 6 707 6 926 13 897 13 785 RETAINED EARNINGS - Beginning of period 14 773 14 823 15 350 15 118 Dividends on common stock (2 044) (2 044) (9 811) (9 198) End of period $ 19 436 $ 19 705 $ 19 436 $ 19 705 See accompanying notes. COMMONWEALTH ELECTRIC COMPANY CONDENSED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (Unaudited) 1995 1994 (Dollars in Thousands) OPERATING ACTIVITIES Net income $ 13 897 $ 13 785 Effects of noncash items - Depreciation and amortization 14 699 13 790 Deferred income taxes and investment tax credits, net 3 305 606 Change in working capital, exclusive of cash, advances to affiliates and interim financing 14 533 11 893 Buy-out of power contract (25 500) - Fuel charge stabilization deferral (6 033) (11 470) All other operating items 680 (5 165) Net cash provided by operating activities 15 581 23 439 INVESTING ACTIVITIES Additions to property, plant and equipment (exclusive of AFUDC) (18 876) (14 675) Allowance for borrowed funds used during construction (295) (226) Payment from affiliates - 570 Net cash used for investing activities (19 171) (14 331) FINANCING ACTIVITIES Payment of short-term borrowings (1 050) - Advances from affiliates 15 405 - Payment of dividends (9 811) (9 198) Sinking funds payments (1 044) (1 044) Net cash provided by (used for) financing activities 3 500 (10 242) Net decrease in cash (90) (1 134) Cash at beginning of period 1 637 2 794 Cash at end of period $ 1 547 $ 1 660 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid (received) during the period for: Interest (net of capitalized amounts) $ 13 207 $ 11 759 Income taxes $ (2 808) $ 2 163 See accompanying notes. COMMONWEALTH ELECTRIC COMPANY NOTES TO CONDENSED FINANCIAL STATEMENTS (1) Accounting Policies Commonwealth Electric Company (the Company) is a wholly-owned subsid- iary of Commonwealth Energy System. The parent company is referred to in this report as the "System" and, together with its subsidiaries, is collectively referred to as "the system." The Company's significant accounting policies are described in Note 1 of Notes to Financial Statements included in its 1994 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 Company has established various regulatory assets in cases where the Massachusetts Department of Public Utilities (DPU) and/or the Federal Energy Regulatory Commission (FERC) have permitted or are expected to permit recovery of specific costs over time. Similarly, certain regula- tory liabilities established by the Company are required to be refunded to its customers over time. In March 1995, the Financial Accounting Stan- dards Board issued 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 121). SFAS 121 imposes stricter criteria for regulatory assets by requiring that such assets be probable of future recovery at each balance sheet date. Based on the current regulatory framework, the Company accounts for the economic effects of regulation in accordance with the provisions of SFAS No. 71, "Accounting for the Effects of Certain Types of Regulation" and does not expect that the adoption of SFAS 121, which the Company will adopt on January 1, 1996, will have a material impact on its financial position or results of operations. However, this conclusion may change in the future as changes are made in the current regulatory framework or as competitive factors influence wholesale and retail pricing in this industry. The principal regulatory assets included in deferred charges were as follows: September 30, December 31, 1995 1994 (Dollars in Thousands) Purchased power contract buy-out $24 873 $ - Fuel charge stabilization 22 671 16 638 Postretirement benefit costs including pensions 12 406 11 215 Yankee Atomic unrecovered plant and decommissioning costs 8 741 10 204 Pilgrim nuclear plant litigation costs 6 733 7 001 Cannon Street generating plant abandonment, net 4 394 4 400 Conservation and load management costs 3 129 3 659 Other 849 1 049 Total regulatory assets $83 796 $54 166 COMMONWEALTH ELECTRIC COMPANY The regulatory liabilities included in deferred credits - other, principally related to taxes, amounted to $11 million and $3.7 million at September 30, 1995 and December 31, 1994, respectively. Income tax expense is recorded using the statutory rates in effect applied to book income subject to tax recorded in the interim period. The unaudited financial statements for the periods ended September 30, 1995 and 1994 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 presenta- tion used in the current period's financial statements. The results for interim periods are not necessarily indicative of results for the entire year because of seasonal variations in the con- sumption of energy. (2) Commitments and Contingencies (a) Construction and Financing Programs The Company is engaged in a continuous construction program presently estimated at $141 million for the five-year period 1995 through 1999. Of that amount, $27.1 million is estimated for 1995. As of September 30, 1995, the Company's construction expenditures amounted to approximately $19.2 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 due to 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 environ- mental regulations. (b) Decommissioning of Yankee Atomic Nuclear Power Plant In February 1992, the Board of Directors of Yankee Atomic Electric Company (Yankee Atomic) agreed to permanently discontinue power operation of its plant and decommission the Yankee Nuclear Power Station (the plant). The Company's 2.5% investment in Yankee Atomic is approximately $625,000. The most recent cost estimate to permanently shut down the plant is approximately $350 million. The Company's share of this liabili- ty is $8.7 million and is currently reflected in the accompanying balance sheets as a liability and corresponding regulatory asset. COMMONWEALTH ELECTRIC 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 nine months ended September 30, 1995 and 1994 and unit sales for these periods is shown below: Three Months Ended Nine Months Ended September 30, September 30, 1995 and 1994 1995 and 1994 Increase (Decrease) (Dollars in Thousands) Electric Operating Revenues $ (7 473) (6.3)% $(13 773) (4.1)% Operating Expenses - Electricity purchased for resale, transmission and fuel (5 587) (7.2) (11 139) (5.0) Other operation and maintenance (567) (2.8) (2 365) (3.8) Depreciation 103 2.6 310 2.6 Taxes - Federal and state income (73) (1.7) 271 3.3 Local property and other (215) (10.8) 37 0.6 (6 339) (5.9) (12 886) (4.2) Operating Income (1 134) (9.4) (887) (3.4) Other Income 1 448 101.8 2 493 201.5 Income Before Interest Charges 314 3.0 1 606 6.5 Interest Charges 533 14.5 1 494 13.8 Net Income $ (219) (3.2) $ 112 0.8 Unit Sales (Megawatthours or MWH) Retail 12 376 1.4 (19 673) (0.8) Wholesale (701) (0.3) (331 248) (34.1) Total unit sales 11 675 1.0 (350 921) (10.0) The following is a summary of unit sales (in MWH) for the periods indicated: Three Months Nine Months Period Ended Total Retail Wholesale Total Retail Wholesale September 30, 1 142 473 920 218 222 255 3 150 097 2 509 351 640 746 1995 September 30, 1 130 798 907 842 222 956 3 501 018 2 529 024 971 994 1994 COMMONWEALTH ELECTRIC COMPANY Operating Revenues, Electricity Purchased for Resale, Transmission and Fuel Operating revenues for the nine-month period ended September 30, 1995 decreased by $13.8 million (4.1%) from the corresponding period in 1994 due to lower unit sales, primarily wholesale sales. For the nine-month period, retail unit sales declined only slightly due to a 3.4% decrease in sales to residential customers reflecting extremely mild weather in the first quarter of this year as compared to the record cold experienced during the same period of 1994. Residential sales during the second and third quarters of 1995 were virtually unchanged compared to the same periods in 1994. Somewhat offsetting the decline in residential sales in the nine-month period were unit sales to commercial customers that increased 2%, including a 5.3% and 3.3% increase in the second and third quarters, respectively. The decline in wholesale sales for both the three and nine-month periods reflects the reduced availability of power from several of the Company's long-term supply sources. Fluctuations in the level of wholesale sales have little, if any, impact on net income. Third quarter revenues declined $7.5 million in 1995 despite a 1.4% retail unit sales increase, due primarily to the lower cost of purchased power and a slight decline in wholesale sales. The current three and nine-month periods reflect significantly lower power purchases from Canal Electric Company's (Canal) Unit 1 due to a combina- tion of scheduled maintenance and other repairs which kept the unit out of service until August 1995. The reduced availability of Canal Unit 2 and the successful renegotiation of a contract with an independent power producer (IPP) that defers purchases for a six-year period were also factors. Also, in January 1995, the Company terminated a long-term power contract with another IPP through a buy-out arrangement which has reduced power costs and will pro- vide greater savings in the future. Somewhat offsetting these components were increased power purchases from Seabrook and several other power producers. The Company has received approval from the Massachusetts Department of Public Utilities (DPU) to recover in revenues certain current costs associated with conservation and load management (C&LM) programs through the operation of a Conservation Charge decimal on a dollar-for-dollar basis. To the extent that these expenses increase or decrease from period to period based on customer participation, a corresponding change will occur in revenues. In 1995, the collection of these expenses in revenues declined $446,000 and $1.8 million in the current quarter and nine-month period when compared to the same periods last year. Historically, revenues collected through base rates have been designed to reimburse the Company for all costs of operation other than fuel, the energy portion of purchased power, transmission and C&LM costs, and provide a fair return on capital invested in the business. However, as a result of a DPU- mandated recovery mechanism implemented in July 1991 for capacity-related costs associated with certain long-term purchased power contracts, the Company has experienced a revenue excess or shortfall when unit sales and/or the costs recoverable in base rates vary from test-period levels. This issue, which has had a significant impact on net income, was addressed in a settlement agree- ment approved by the DPU in May 1995. (Refer to the "Rate Settlement Agree- ment" section for additional details.) During the current three-month period, an overcollection of $853,000 associated with these capacity-related costs was deferred pursuant to the settlement agreement. For the same period in 1994, revenues included $796,000 in excess of such capacity-related costs. As a COMMONWEALTH ELECTRIC COMPANY result, net income was approximately $500,000 lower in the current quarter. During the current nine-month period, there was an undercollection of $1.2 million of which $218,000 was deferred in accordance with the settlement agreement resulting in $969,000 of capacity-related costs not recovered in revenues. For the same period in 1994, capacity-related costs exceeded revenues by approximately $1.5 million. As a result, net income increased by approximately $330,000 for the current nine-month period. Other Operation and Maintenance Other operation and maintenance declined in the current quarter and nine- month period due to lower C&LM program costs ($446,000 and $1.8 million) and a decline in maintenance expense of $21,000 and $336,000 (primarily transmission and distribution facilities). These decreases were offset, in part, in the current quarter and nine-month period, respectively, by higher insurance and benefit costs ($346,000 and $906,000), primarily reflecting the full recogni- tion of expenses relating to postretirement benefits other than pensions and amortization of previously deferred postretirement benefits costs that were part of the rate settlement agreement approved by the DPU in May 1995. Also, legal fees associated with power contract arbitration proceedings ($446,000), incurred in the current nine-month period, will be recovered in the month of October 1995. Depreciation and Taxes Depreciation expense increased slightly in the current three and nine- month periods due to a higher level of depreciable property, plant and equip- ment. The changes in federal and state income taxes were due to variations in the levels of pretax income. Local property and other taxes increased slightly during the current nine-month period mainly due to higher rates and assessments offset, in part, by a $201,000 adjustment to the 1995 property tax estimate. The decrease in local property and other taxes during the current three-month period reflects the adjustment to the estimate. Other Income and Interest Charges The increase in other income for the current nine-month period was due primarily to the partial reversal of a contingency reserve related to certain costs associated with the Company's energy conservation program, the recovery of which was subsequently approved by the DPU. The increase in the current quarter was due to the absence of the reserve established in the same quarter last year. The increases in total interest charges during the current three and nine-month periods reflected increases of $618,000 and $1.7 million, respec- tively, in interest on short-term borrowings, reflecting a significantly higher average level of bank borrowings in 1995 and a higher average rate (6.1%) compared to 4.5% last year. 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 stated purpose of the COMMONWEALTH ELECTRIC COMPANY restructuring effort is to allow customers more flexibility in choosing their electric service provider and to develop an efficient industry structure and regulatory framework that minimizes long-term costs to consumers while maintaining the safety and reliability of electric services with minimum impact on the environment. The electric utility industry will ultimately be functionally separated into three segments to help meet this objective: generation, distribution and transmission. A coalition of state agencies, businesses, environmental groups and utility companies, including the Company and its affiliate, Cambridge Electric Light Company, worked together sharing ideas and opinions and proposed eighteen principles for a restructured electric utility industry. The DPU agreed with several of the coalition's suggestions and, in its order, identified the following seven principles: (1) provide the broadest possible customer choice; (2) provide all customers with an opportunity to share in the benefits of increased competition; (3) ensure full and fair competition in power generation markets; (4) functionally separate generation, transmission and distribution services; (5) ensure electric service to all customers, including low-income customers; (6) support and further the goals of environmental regulation; and (7) provide incentives for better utility performance. Also, five principles to guide the transition from a regulated to a competitive industry structure were established in the order. These princi- ples are: (1) honor existing commitments; (2) separate component costs of electricity on customer bills; (3) seek to provide near-term rate relief; (4) maintain conservation programs; and (5) ensure that the transition is orderly and expeditious while minimiz- ing customer confusion. In addition, the order cites that utilities should have a reasonable opportunity to recover stranded costs associated with commitments previously incurred to provide reliable electric service. All utilities are required to submit proposals detailing how they plan to move into a competitive market structure. The Company's and Cambridge Electric's proposal is due by August 16, 1996. COMMONWEALTH ELECTRIC COMPANY Rate Settlement Agreement In May 1995, the DPU approved a settlement proposal sponsored jointly by the Company and the Attorney General of Massachusetts which resolved issues related to cost of service, rates, accounting matters and generating unit performance reviews. The Company's settlement: (1) implements a $2.7 million annual retail base rate decrease effective May 1, 1995 including its share of excess deferred tax reserves related to Seabrook Unit 1 which Canal refunded to the Company in May. Further, the settlement imposes a moratorium on retail rate filings until October 1998; (2) limits the Company's return on equity, as defined in the settlement, for the period through December 31, 1997; (3) terminates several 1987-1994 generating unit performance review proceedings pending before the DPU; (4) amends the Company's fuel charge stabilization mechanism established on April 1, 1994 to include the deferral (without carrying charges) of certain long-term purchased power and transmission capacity costs within the original limits established for the fuel charge stabiliza- tion deferral ($16 million in any given calendar year and $40 million over the life of the mechanism); (5) requires the Company to fully expense costs relating to postretire- ment benefits other than pensions in accordance with Statement of Financial Accounting Standards No. 106 and amortize the deferred balance of $8.6 million over a ten-year period; (6) provides eligible Economic Development Rate customers with a discount of up to 30% but also requires these customers to provide the Company with a five-year notice if they intend to self-generate or acquire electricity from another provider; and (7) prohibits the Company from seeking recovery of the costs incurred in realizing costs savings through a 1993 work force reduction and restructuring, totaling approximately $3 million. The Company's management is encouraged by the support provided through the Office of the Attorney General and believes that this settlement will eliminate the need for potentially costly litigation and regulatory proceed- ings and, by moderating rate impacts and enabling the Company to remain competitive in a changing environment, the settlement is in the best interest of the Company and its customers. COMMONWEALTH ELECTRIC COMPANY PART II - OTHER INFORMATION Item 1. Legal Proceedings The Company is subject to legal claims and matters arising from its course of business. Item 5. Other Information Effective October 1, 1995, John A. Whalen, formerly the Company's Comptroller, was appointed Vice President and General Manager of COM/Energy Services Company, an affiliate of the Company. James D. Rappoli, the Company's Financial Vice President and Treasurer, assumed Mr. Whalen's former duties as Comptroller. 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 nine months ended September 30, 1995. Filed herewith as Exhibit 2 is the restated Financial Data Sched- ule for the nine months ended September 30, 1994. (b) Reports on Form 8-K No reports on Form 8-K were filed during the three months ended September 30, 1995. COMMONWEALTH ELECTRIC COMPANY 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 thereunto duly authorized. COMMONWEALTH ELECTRIC COMPANY (Registrant) Principal Financial and Accounting Officer: Date: November 13, 1995 JAMES D. RAPPOLI James D. Rappoli, Financial Vice President and Treasurer EX-27 2 FINANCIAL DATA SCHEDULE - SEPTEMBER 30,1995
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 Commonwealth Electric Company for the nine months ended September 30, 1995 and is qualified in its entirety by reference to such financial statements. 0000071222 COMMONWEALTH ELECTRIC COMPANY 1,000 DEC-31-1995 SEP-30-1995 9-MOS PER-BOOK 366,098 639 58,146 87,524 0 512,407 51,099 97,112 19,436 167,647 0 0 156,773 20,955 0 0 1,053 0 0 0 165,979 512,407 322,520 8,556 288,997 297,553 24,967 1,256 26,223 12,326 13,897 0 13,897 9,811 10,562 15,581 0 0
EX-27 3 RESTATED FINANCIAL DATA SCHEDULE - SEPT 30, 1994
UT This schedule contains restated summary financial information extracted from the balance sheet, statement of income and statement of cash flows contained in Form 10-Q of Commonwealth Electric Company for the nine months ended September 30, 1994 and is qualified in its entirety by reference to such financial statements. 0000071222 COMMONWEALTH ELECTRIC COMPANY 1,000 DEC-31-1994 SEP-30-1994 9-MOS PER-BOOK 352,219 652 61,327 49,178 0 463,376 51,099 97,112 19,705 167,916 0 0 157,814 0 0 0 1,053 0 0 0 136,593 463,376 336,293 8,285 302,154 310,439 25,854 (1,237) 24,617 10,832 13,785 0 13,785 9,198 10,710 23,439 0 0
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