-----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, EezISkBTct2wDp8dcrENWGfY/YwT0+HXCRUl8mUqciuxopkijCIQl9uDykRInqZD 2DVf6OxEwUvlIJBZBGi+JA== 0000071304-96-000018.txt : 19960816 0000071304-96-000018.hdr.sgml : 19960816 ACCESSION NUMBER: 0000071304-96-000018 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH ELECTRIC CO CENTRAL INDEX KEY: 0000071222 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] 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: 96612670 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 June 30, 1996 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 August 1, 1996 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 JUNE 30, 1996 AND DECEMBER 31, 1995 ASSETS (Dollars in thousands) June 30, December 31, 1996 1995 (Unaudited) PROPERTY, PLANT AND EQUIPMENT, at original cost $531 011 $520 714 Less - Accumulated depreciation 160 503 154 170 370 508 366 544 Add - Construction work in progress 915 1 912 371 423 368 456 INVESTMENTS Equity in nuclear electric power company 621 590 Other 14 14 635 604 CURRENT ASSETS Cash 1 516 1 430 Accounts receivable - Affiliates 6 453 2 570 Customers 41 122 41 951 Unbilled revenues 8 421 5 795 Prepaid property taxes - 2 843 Inventories and other 5 210 5 262 62 722 59 851 DEFERRED CHARGES 77 028 77 916 $511 808 $506 827 See accompanying notes. COMMONWEALTH ELECTRIC COMPANY CONDENSED BALANCE SHEETS JUNE 30, 1996 AND DECEMBER 31, 1995 CAPITALIZATION AND LIABILITIES (Dollars in thousands) June 30, December 31, 1996 1995 (Unaudited) 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 20 000 20 708 168 211 168 919 Long-term debt, less current sinking fund requirements 153 228 154 275 321 439 323 194 CURRENT LIABILITIES Interim Financing - Notes payable to banks 24 075 17 300 Advances from affiliates 12 465 1 545 36 540 18 845 Other Current Liabilities - Current sinking fund requirements 3 553 3 553 Accounts payable - Affiliates 6 187 8 987 Other 30 045 32 699 Accrued taxes - Local property and other 113 3 068 Income 17 477 18 721 Other 12 089 11 742 69 464 78 770 106 004 97 615 DEFERRED CREDITS Accumulated deferred income taxes 45 420 44 211 Unamortized investment tax credits 7 343 7 559 Other 31 602 34 248 84 365 86 018 COMMITMENTS AND CONTINGENCIES $511 808 $506 827 See accompanying notes. COMMONWEALTH ELECTRIC COMPANY CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995 (Dollars in thousands) (Unaudited) Three Months Ended Six Months Ended 1996 1995 1996 1995 ELECTRIC OPERATING REVENUES $104 958 $ 97 704 $222 854 $211 302 OPERATING EXPENSES Electricity purchased for resale, transmission and fuel 66 304 62 285 145 534 140 248 Other operation and maintenance 20 263 20 372 40 376 39 997 Depreciation 4 290 4 103 8 580 8 205 Taxes - Income 2 910 1 701 5 906 4 365 Local property 1 457 1 382 2 891 2 764 Payroll and other 645 630 1 685 1 640 95 869 90 473 204 972 197 219 OPERATING INCOME 9 089 7 231 17 882 14 083 OTHER INCOME (EXPENSE) (289) (40) (261) 1 230 INCOME BEFORE INTEREST CHARGES 8 800 7 191 17 621 15 313 INTEREST CHARGES Long-term debt 3 492 3 520 6 984 7 041 Other interest charges 588 943 1 092 1 318 Allowance for borrowed funds used during construction (21) (123) (69) (236) 4 059 4 340 8 007 8 123 NET INCOME 4 741 2 851 9 614 7 190 RETAINED EARNINGS - Beginning of period 16 792 16 214 20 708 15 350 Dividends on common stock (1 533) (4 292) (10 322) (7 767) End of period $ 20 000 $ 14 773 $ 20 000 $ 14 773 See accompanying notes. COMMONWEALTH ELECTRIC COMPANY CONDENSED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995 (Dollars in thousands) (Unaudited) 1996 1995 OPERATING ACTIVITIES Net income $ 9 614 $ 7 190 Effects of noncash items - Depreciation and amortization 10 782 9 597 Deferred income taxes and investment tax credits, net 273 3 221 Change in working capital, exclusive of cash and interim financing (12 091) 2 484 Buy-out of power contract - (25 500) Fuel charge stabilization deferral 970 (5 997) All other operating items (5 274) (1 467) Net cash (used for) provided by operating activities 4 274 (10 472) INVESTING ACTIVITIES Additions to property, plant and equipment (exclusive of AFUDC) (10 445) (12 458) Allowance for borrowed funds used during construction (69) (236) Net cash used for investing activities (10 514) (12 694) FINANCING ACTIVITIES Proceeds from short-term borrowings 6 775 1 500 Proceeds from affiliates 10 920 29 810 Payment of dividends (10 322) (7 767) Sinking funds payments (1 047) (1 047) Net cash provided by financing activities 6 326 22 496 Net increase (decrease) in cash 86 (670) Cash at beginning of period 1 430 1 637 Cash at end of period $ 1 516 $ 967 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid (received) during the period for: Interest (net of capitalized amounts) $ 7 791 $ 7 792 Income taxes $ 6 159 $ (1 287) See accompanying notes. COMMONWEALTH ELECTRIC COMPANY NOTES TO CONDENSED FINANCIAL STATEMENTS (1) General Information Commonwealth Electric Company (the Company) is a wholly-owned subsidiary 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 System is an exempt public utility holding company under the provisions of the Public Utility Holding Company Act of 1935 and, in addition to its investment in the Company, has interests in other utility and several non-regulated companies. The Company has 855 regular employees including 561 (66%) represented by three collective bargaining units. New agreements were reached earlier this year with two bargaining units (representing approximately 56% of regular employees) that were scheduled to expire on October 1, 1996 and November 1, 1997. These new agreements will remain in effect until 2002 and 2001, respectively. (2) Significant Accounting Policies (a) Principles of Accounting The Company's significant accounting policies are described in Note 2 of Notes to Financial Statements included in its 1995 Annual Report on Form 10-K filed with the Securities and Exchange Commission. For interim reporting purposes, the Company follows these same basic accounting poli- cies 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 unaudited financial statements for the periods ended June 30, 1996 and 1995 reflect, in the opinion of the Company, all adjustments (consist- ing 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 presentation used in the current period's financial statements. Income tax expense is recorded using the statutory rates in effect applied to book income subject to tax recorded in the interim period. 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. (b) Regulatory Assets and Liabilities The Company is regulated as to rates, accounting and other matters by various authorities including the Federal Energy Regulatory Commission (FERC) and the Massachusetts Department of Public Utilities (DPU). Based on the current regulatory framework, the Company accounts for the economic effects of regulation in accordance with the provisions of Statement of Financial Accounting Standards (SFAS) No. 71, "Accounting for the Effects of Certain Types of Regulation." The Company has established COMMONWEALTH ELECTRIC COMPANY various regulatory assets in cases where the DPU and/or the FERC have permitted or are expected to permit recovery of specific costs over time. Similarly, the regulatory liabilities established by the Company are required to be refunded to customers over time. On January 1, 1996, the Company adopted SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." SFAS No. 121 imposes stricter criteria for regulatory assets by requiring that such assets be probable of future recovery at each balance sheet date. As of June 30, 1996, SFAS No. 121 did not have an impact on its financial position or results of operations. However, this result may change as modifications are made in the current regulatory framework pursuant to electric utility restructuring orders issued by the DPU including a final order that is expected to be issued by the end of 1996. For additional discussion of electric industry restructuring activities, see Management's Discussion and Analysis of Results of Operations. The principal regulatory assets included in deferred charges were as follows: June 30, December 31, 1996 1995 (Dollars in thousands) Purchased power contract buy-out $ 22 460 $ 23 838 Fuel charge stabilization 21 975 22 063 Postretirement benefit costs including pensions 12 187 12 283 Yankee Atomic unrecovered plant and decommissioning costs 5 013 5 630 Pilgrim nuclear plant litigation costs 6 465 6 644 Conservation and load management costs 2 645 2 968 Other 714 804 $ 71 459 $ 74 230 The regulatory liabilities included in deferred credits were as follows: June 30, December 31, 1996 1995 (Dollars in thousands) Excess Seabrook-related deferred income taxes $ 3 840 $ 4 887 Other deferred income taxes 2 182 2 182 Excess replacement power refunds 1 351 1 719 $ 7 373 $ 8 788 (3) Commitments and Contingencies The Company is engaged in a continuous construction program presently estimated at $110 million for the five-year period 1996 through 2000. Of that amount, $24.1 million is estimated for 1996. As of June 30, 1996, the Company's construction expenditures amounted to approximately $10.5 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. COMMONWEALTH ELECTRIC COMPANY 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. 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 six months ended June 30, 1996 and 1995 and unit sales for these periods is shown below: Three Months Ended Six Months Ended June 30, June 30, 1996 and 1995 1996 and 1995 Increase (Decrease) (Dollars in thousands) Electric Operating Revenues $ 7 254 7.4% $ 11 552 5.5% Operating Expenses - Electricity purchased for resale, transmission and fuel 4 019 6.5 5 286 3.8 Other operation and maintenance (109) (0.5) 379 0.9 Depreciation 187 4.6 375 4.6 Taxes - Federal and state income 1 209 71.1 1 541 35.3 Local property and other 90 4.5 172 3.9 5 396 6.0 7 753 3.9 Operating Income 1 858 25.7 3 799 27.0 Other Income (249)(622.5) (1 491) (121.2) Income Before Interest Charges 1 609 22.4 2 308 15.1 Interest Charges (281) (6.5) (116) (1.4) Net Income $ 1 890 66.3 $ 2 424 33.7 Unit Sales (Megawatthours or MWH) Retail 53 978 7.0 98 607 6.2 Wholesale 41 310 28.5 (1 545) (0.4) Total 95 288 10.3 97 062 4.8 The following is a summary of unit sales (in MWH) for the periods indicated: Three Months Six Months Period Ended Total Retail Wholesale Total Retail Wholesale June 30, 1996 1 016 062 829 578 186 484 2 104 686 1 687 740 416 946 June 30, 1995 920 774 775 600 145 174 2 007 624 1 589 133 418 491 COMMONWEALTH ELECTRIC COMPANY Operating Revenues, Electricity Purchased for Resale, Transmission and Fuel Operating revenues for the three and six-month periods ended June 30, 1996 increased by $7.3 million (7.4%) and $11.6 million (5.5%), respectively, from the corresponding periods in 1995 primarily due to an improvement in total unit sales, particularly in the residential and commercial sectors, that were attributable to more favorable weather and a slight increase in custom- ers. Heating degree days for the current quarter and six-month period increased by 4.1% and 11.7%, respectively. Included in total operating revenues were revenues from wholesale sales that increased in the current three and six-month periods by 27.7% and 5.6% to $3.9 million and $8.8 million, respectively, reflecting the changing capacity needs of non-affiliat- ed utilities and NEPOOL. Fluctuations in the level of wholesale sales have no impact on net income. Electricity purchased for resale, transmission and fuel expense in- creased in the current quarter and six-month periods due to the impact of higher unit sales and greater fuel oil costs at affiliate Canal Electric Company, offset by a decline in purchases from independent power producers. Also contributing to lowering costs was the absence in the current periods of a power exchange agreement that expired in October 1995. Power from these sources was replaced in the current periods with increased generation from the non-affiliated Pilgrim nuclear unit and new contract purchases through several lower-cost off-system power sources. Other Operation and Maintenance The slight variances in other operation and maintenance in the current quarter and six-month periods reflect higher costs for postretirement benefits ($377,000 and $1.4 million, respectively), labor ($1 million and $1.1 million) and maintenance costs of approximately $500,000 in the current quarter that primarily related to transmission and distribution facilities. These higher costs were offset somewhat by lower employee health and pension costs ($408,000 and $756,000) in the current three and six-month periods, respec- tively, and a lower provision for bad debts ($210,000 and $400,000). Depreciation and Taxes Depreciation expense increased slightly in the current three and six- month periods due to a higher level of depreciable property, plant and equip- ment. The increases in federal and state income taxes were due to a higher level of pretax income. Local property and other tax increases for the current three and six-month periods primarily reflect higher rates and assess- ments in the Company's service area. Other Income and Interest Charges Other income decreased $1.5 million in the current six-month period from the same period in 1995 due to the reversal of a $1.4 million reserve in the first quarter of last year related to certain costs associated with the Company's energy conservation program, the recovery of which was subsequently approved by the Massachusetts Department of Public Utilities (DPU). The decrease in the current quarter was primarily due to a settlement related to conservation management services provided by an outside vendor ($293,000). COMMONWEALTH ELECTRIC COMPANY Total interest charges declined in the current three and six-month periods due to a significantly lower average level of advances from affiliate companies and lower rates, and the absence in the current periods of interest costs associated with the termination of a power contract. These decreased charges were offset somewhat by greater interest costs resulting from a higher average level of bank borrowings, despite slightly lower rates, and a decrease in the allowance for borrowed funds used during construction. 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 DPU's intent is to reduce electric costs to consumers by providing customers with the opportunity to choose their electric power provider while retail electric companies such as the Company and affiliate Cambridge Electric Light Company (the Companies) continue to provide transmission and distribution services. On May 1, 1996, the DPU issued an order containing proposed rules for implementing electric industry restructuring. The proposed rules, which were the subject of public comment and hearings during June and July 1996, provide for: (1) the establishment of an independent system operator to operate the regional transmission system; (2) a power exchange to manage a competitive bidding pool for short-term power sales; (3) functional separation of electric companies into generation, transmission and distribution corporate entities; (4) preservation of discounts for low-income customers, shut-off protections and provision of service to all customers; (5) registration requirements for generation suppliers; (6) options for phased incentives for electric companies to divest their generation assets; (7) promotion of environmental goals; (8) support for energy efficiency and renewable energy resources; (9) a price cap system of incentive regulation for the remaining distribution and transmission functions; (10) unbundling of rates on bills into separate components of transmission, distribution and energy, and implementation of a competitive generation market by January 1, 1998; and (11) a reasonable opportunity for recovery of stranded cost. On August 9, 1996, the DPU issued an order delaying the issuance of final rules until the end of 1996. The DPU also stated that it will soon issue a revised schedule for electric companies to make company-specific unbundled rate filings. Although the DPU has not yet issued its revised rate filing schedule, the Companies anticipate filing their revenue-neutral, unbundled rates in early 1997 after the issuance of the DPU's final rules. Also, during 1997, the Companies will file their comprehensive restructuring plan. One element of the Companies' plan (announced on February 15, 1996) calls for the auctioning, in a competitive market, of their capacity entitlement (1,140 MW) in all of their twenty-one power contracts in an effort to develop a competitive market whereby customers would have the flexibility of choosing their electric COMMONWEALTH ELECTRIC COMPANY supplier. These entitlements include contracts for power from Canal Units 1 and 2 and Seabrook Unit 1, which are owned or jointly owned by the System's generating subsidiary Canal Electric Company. The Companies' plan provides for total recovery of the difference between the current market value of the Companies' power contracts and their unavoidable costs. Under the Companies' plan, this difference, a component of what is often referred to as stranded cost, would be recovered through a non-bypassable access charge paid over an appropriate time period by all customers in the Companies' service areas. The DPU's May 1 order reaffirmed that one of its transition principles is to seek near-term rate relief for electric customers. Also, the DPU's proposed rules would limit the period for recovery of net, non-mitigable stranded cost to a ten-year period (January 1, 1998 through December 31, 2007.) Recovery of stranded cost depends upon the timing, nature, and degree of competition that may result from future changes in regulatory policies governing the Companies' activities and prices, as well as future power costs and market prices of power. The Companies' single largest component of stranded cost relates to their purchased power contracts with non-utility generators. Based on their analyses of the DPU's effort, the Companies would be unable to recover a substantial portion of their stranded cost within the ten-year period without rate increases. Generally accepted accounting principles require that losses be accrued in full when costs to complete a contract are expected to exceed related revenues expected to be realized. To the extent that the Companies determine that they will be unable to recover costs associated with their purchased power contracts, the Companies would be required to take an immediate charge against earnings when such a loss is probable and estimable. 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 No. 121) which became effective for 1996, requires impairment losses on long-lived assets to be recognized when the book value of an asset exceeds its expected future cash flows. This standard also imposes stricter criteria for the retention of regulatory-created assets by requiring that such assets be probable of future recovery at each balance sheet date. To the extent such recovery is not probable at the balance sheet date, the Companies would be required to take a charge against earnings in that period. The Companies currently account for the economic effects of regulation in accordance with the provisions of Statement of Financial Accounting Standards No. 71 - "Accounting for the Effects of Certain Types of Regulation" (SFAS No. 71) based on the cost-of-service regulatory framework in which they operate. The DPU has proposed that the distribution and transmission functions of their businesses be regulated under a form of price capped incentive regulation. In the event that recovery of specific costs through rates becomes unlikely or uncertain for all or a portion of the Companies' utility opera- tions, whether resulting from the expanding effects of competition or specific regulatory actions which move the Companies away from cost-of-service rate- making, SFAS No. 71 would no longer apply. While the Companies are unable to predict the final rules which may be adopted by the DPU in its restructuring proposal, the Companies could be required to discontinue the application of SFAS No. 71. Discontinuance of SFAS No. 71 would cause the write-off of the applicable portions of their regulatory assets which would have an adverse impact on the Companies' financial position and results of operations. The Companies will challenge any order that would have a significant adverse impact on them, including attempts to limit their recovery of stranded cost. COMMONWEALTH ELECTRIC COMPANY PART II - OTHER INFORMATION Item 1. Legal Proceedings The Company is not a party to any pending material legal proceeding. Item 5. Other Information None. 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 six months ended June 30, 1996. Filed herewith as Exhibit 2 is the restated Financial Data Schedule for the six months ended June 30, 1995. (b) Reports on Form 8-K No reports on Form 8-K were filed during the three months ended June 30, 1996. 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: August 14, 1996 JAMES D. RAPPOLI James D. Rappoli, Financial Vice President and Treasurer EX-27 2 FINANCIAL DATA SCHEDULE - JUNE 30, 1996
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 six months ended June 30, 1996 and is qualified in its entirety by reference to such financial statements. 0000071222 COMMONWEALTH ELECTRIC COMPANY 1,000 DEC-31-1996 JUN-30-1996 6-MOS PER-BOOK 371,423 635 62,722 77,028 0 511,808 51,099 97,112 20,000 168,211 0 0 153,228 36,540 0 0 3,553 0 0 0 150,276 511,808 222,854 5,906 199,066 204,972 17,882 (261) 17,621 8,007 9,614 0 9,614 10,322 6,984 4,274 0 0
EX-27 3 RESTATED FINANCIAL DATA SCHEDULE - JUNE 30, 1995
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 six months ended June 30, 1995 and is qualified in its entirety by reference to such financial statements. 0000071222 COMMONWEALTH ELECTRIC COMPANY 1,000 DEC-31-1995 JUN-30-1995 6-MOS PER-BOOK 363,033 630 53,311 90,006 0 506,980 51,099 97,112 14,773 162,984 0 0 156,770 37,910 0 0 1,053 0 0 0 148,263 506,980 211,302 4,365 192,854 197,219 14,083 1,230 15,313 8,123 7,190 0 7,190 7,767 7,041 (10,472) 0 0
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