-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, mVZHiLGAnlxLNKEXwxJR7WrPsYT/kV+E9NnCszfTW0t1htkEV0FEsIe6bLr7mSoG 08QZgCQBULEYBj4Sr7XTWA== 0000071297-95-000010.txt : 19950515 0000071297-95-000010.hdr.sgml : 19950515 ACCESSION NUMBER: 0000071297-95-000010 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 19950214 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW ENGLAND ELECTRIC SYSTEM CENTRAL INDEX KEY: 0000071297 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 041663060 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: 1935 Act SEC FILE NUMBER: 070-05543 FILM NUMBER: 95509988 BUSINESS ADDRESS: STREET 1: 25 RESEARCH DR CITY: WESTBOROUGH STATE: MA ZIP: 01581 BUSINESS PHONE: 5083669011 35-CERT 1 File Nos. 70-5543/70-6958 70-7055/70-6513 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report Pursuant to Rule 24 under the Public Utility Holding Company Act of 1935 NEW ENGLAND ELECTRIC SYSTEM (NEES) NEW ENGLAND ENERGY INCORPORATED (NEEI) In accordance with the Orders of the Securities and Exchange Commission dated July 19, 1978, October 22, 1985, October 3, 1991 and December 8, 1987, following is a report for the fourth quarter of 1994: For the purpose of this report and following the Commission's Order dated October 22, 1985 (Release No. 23873), references herein to "Old Program" relate to that portion of the NEEI oil and gas exploration and development program which consists of prospects entered into through December 31, 1983. Likewise, references to "New Program" relate to prospects entered into since December 31, 1983. In 1991, NEEI sold substantially all of the properties in the New Program. No new prospects have been acquired since December 31, 1986. a. Investment in partnerships by prospect: See Exhibit a. b. Summary statement of proved and probable reserves: Old Program ----------- Natural Gas Oil and ----------- Total Condensate Equivalent Equivalent Bbl. MCF Bbl. Bbl. ---------- ---------- ---------- ---------- Balance 10/1/94 1,084,018 70,950,535 11,825,089 12,909,107 Additions & Revisions through 12/31/94 38,431 4,800,147 800,025 838,456 -------------------- ---------- ---------- Balance 1,122,449 75,750,682 12,625,114 13,747,563 Production 4th Qtr. (74,699)(3,257,438) (542,906) (617,605) -------------------- ---------- ---------- Balance 12/31/94 1,047,750 72,493,244 12,082,208 13,129,958 -------------------- ---------- ---------- New Program ----------- None. -2- c. Production and revenue by prospect: See Exhibit c. d. Description of Operations: NEEI has participated through its partnership with Samedan Oil Corporation (Samedan) in drilling operations with the results as summarized below. Also shown are activities on properties acquired from a former partner, Dorchester Exploration, Inc. (Dorchester), prior to termination of that partnership. NEEI sold its remaining interests in "Dorchester" properties as of June 1, 1988. Old Program ----------- Since Quarter Inception ------- --------- No. of dry holes Samedan 0 732 Dorchester 0 51 -- ----- 0 783 -- ----- No. of productive wells Samedan 1 1,165* Dorchester 0 69* -- ------ 1 1,234* -- ------ No. of wells drilled 1 2,017 (both exploration and development)-- ----- * Includes depleted/sold wells as follows: Samedan 3 468 Dorchester 0 69 -- ----- 3 537 -- ----- New Program ----------- None. INVESTMENT ---------- Budget Authorized Actual By SEC ----------------------------------------------------- Since Quarter Year 1/1/94 1994 ---------- ---------- ---------- ----------------- Samedan $2,198,043 $13,190,584$13,190,584 (A) $15,000,000 (B) (A) Does not include Management Fee of $1,928,643 for 1994. (B) Authorized through December 31, 1994, by Order dated August 24, 1993 (Release No. 35-26110). -3- e.Fuel Production, Sales and Other Income: Old Program: 1. Sales to affiliates: There have been no direct sales of NEEI oil and gas production to affiliates.
Quarter Year Inception Ended Ended Thru 12/31/94 12/31/94 12/31/94 -------- -------- --------- 2.Sales to nonaffiliates (Exhibit c.): Equivalent barrels of fuel produced 617,605 3,361,565 45,302,973 Average price per barrel $ 10.09 $ 11.94 $ 14.33 ----------- ----------- ------------ Sales revenues $ 6,231,824 $40,152,219 $649,421,206 3.Loss to NEP 4,591,037 39,793,816 285,100,256 4.Flow through of excess deferred 818,722 5,428,722 77,303,011 taxes 5.Investment tax credit - - 13,817,248 6.Depletion - - 6,740,318 7.Deferred tax related to reserve - - 9,080,000 addition 8.Transfer of reserve (net) from - - 6,400,000 NEES ----------- ------------------------- Total $11,641,583 $85,374,757$1,047,862,039 ----------- ------------------------- New Program: None. f.Credits applied to New England Power Company (NEP): 1.Disposition of proceeds: Amortization of cost of fuel reserves $12,197,149 $79,232,090 $964,068,900 Production costs 1,031,192 4,697,425 72,857,649 State taxes (1,586,758) 1,445,242 5,457,742 Savings to NEP - - 8,701,242 Royalty to NEP - - 1,099,807 Other - - 65,472 ----------- ------------------------- Total $11,641,583 $85,374,757$1,052,250,812 ----------- ------------------------- Net income/(loss)/retained $ - - $ (4,388,773) deficit ----------- ----------- ------------
-4- f. continued
Quarter Year Inception Ended Ended Thru 12/31/94 12/31/94 12/31/94 -------- -------- --------- 2. Royalties prepaid to NEP: Beginning balance in account$ 342,312$ 342,312 $ - ------------------------ ------------ Royalties/savings earned - (9,801,049) Royalties passed on to NEP - 10,143,361** ------------------------ ------------ Ending balance in account$ 342,312$ 342,312 $ 342,312 ------------------------ ------------ 3.Losses to be passed on to NEP: Beginning balance in account$ 48,708,962$ 46,354,838$ - ------------------------ ------------ Losses accrued 4,591,037 39,793,816 285,100,256 Losses passed on to NEP** (13,506,183)(46,354,838) (245,306,440) ------------------------ ------------ Ending balance in account$ 39,793,816$ 39,793,816 $ 39,793,816 ------------------------ ------------ * Includes $8,701,242 savings passed on to NEP for sales prior to 1/1/84 pursuant to Commission Order File No. 70-5543. **Consistent with pricing policy approved in Release No. 23873, current year losses cannot be recovered until the following year.
-5- g. Investment by NEES compared with Commission Authorization:
Release No./Date -------------------------------------- 25129 24847 24847 ----- ----- ----- 8/8/90 3/29/89 3/29/89 ------ ------- ------- Maximum NEES Investment authorized: $45,000,000(1)$75,000,000$400,000,000 ----------- ----------- ------------ 1. Investments by NEES-inception through September 30, 1994 (net) Subordinated notes 2,130,739 15,597,691 - Common stock and premium 250,000 - - ----------- ----------- ------------ Total investment by NEES 2,380,739 15,597,691 - Investment by NEES-during the quarter (net) Subordinated notes 570,141 - - Total investment by NEES through December 31, 1994 (net) Subordinated notes 2,700,880 15,597,691 - Common stock and premium 250,000 - - ----------- ----------- ----------- $ 2,930,880 $15,597,691 $ - ----------- ----------- ----------- 2. Increase or Reduction in Investment by NEES: Date Amount Date Amount Date Amount ---- ------ ---- ------ ---- ------ Issues of subordinated notes to NEES during quarter 10/20/94$ 14,820$ - $ - ended December 31, 1994 12/6/94555,321 Payments of subordinated notes to NEES during quarter ended December 31, 1994 ------------------- ------- Net change in investment $ 570,141 $ - $ - ------------------- ------- _______________ (1) Plus any after-tax net loss attributable to the expensing of interest on up to $37,200,000 of borrowings in connection with the Old Program.
-6- h.Financial Statements: Exhibit h-1 Balance Sheet of NEEI at December 31, 1994, (unaudited, subject to adjustment) Exhibit h-2 Statements of Income and Retained Deficit of NEEI for the periods ended December 31, 1994 (unaudited, subject to adjustment) Exhibit h-3 Statements of Cash Flows of NEEI for the periods ended December 31, 1994 (unaudited, subject to adjustment) Exhibit h-4 Computation of Bank Interest for the quarter ended December 31, 1994 i.Fuel purchased during quarter for NEP: (Summary: See Exhibit i for detail.) 1. From proceeds from sale of NEEI Old Program production Date purchased (delivered) 4th Quarter Quantity of fuel (equiv. bbl) 1,095,603.06 Average net price (per equiv. bbl)$ 7.28 ------------- Cost to NEEI $ 7,986,477 Loss from NEEI fuel exploration activities 13,506,183 ------------- Cost to NEP 21,492,660 Adjustments, inspection charges, etc. 1,813 ------------- Total Cost to NEP $21,494,473 2. For fuel procurement and inventory activities Date purchased (delivered) 4th Quarter Quantity of fuel (equiv. bbl) 72,319.33 Average net price (per equiv. bbl)$ 19.87 ------------- Cost to NEEI and NEP $ 1,437,343 Adjustments, inspection charges, etc. - ------------- Total Cost to NEEI and NEP 1,437,343 ----------- Total $22,931,816 =========== k.Use of Proceeds from Sales of NEEI New Program Production: None. -7- Sale of NEEI Wells ------------------ Old Program - ----------- During the period from October 1, 1994 through December 31, 1994, NEEI disposed of its interest in Existing (Old) Program wells containing proved or probable reserves as follows: Est. Net Reserves Effective (Eq. Bbls) as Date of of Date of Prospect Location Disposition Disposition -------- -------- ----------- ------------------ Buckhorn Sweetwater County, WY Federal #1-6 4/1/94* 0 RIR Cambell County, WY Annie Hines 1+2 6/1/94* 955 N. Oswalt Carter County, OK Patron Well 1-36 6/1/94* 1,737 S. Brock Carter County, OK Taylor Trust #1 6/1/94* 3,501 Banner Carter County, OK Henry JO Well #3-7 10/1/94 542 Lost Bridge Dunn County, CO Pelton (11) Well #1 10/1/94 118 ------ 6,853 ====== * Reported by Samedan in the fourth quarter of 1994. The order of the Securities and Exchange Commission dated October 22, 1985 (Release No. 23873) requires NEEI to include the reserves associated with the above wells as production upon which royalties would be payable to NEP, but authorizes NEEI to defer such inclusion to coincide with the estimated production cycle for each well. However, in light of the particularly small quantities of reserves represented in the table above, NEEI will include the total 6,853 barrels of remaining reserves in the calculation of the royalty of 1994. Due to operating losses, no royalty has been paid since 1985. Losses Passed to NEP -------------------- Through December 31, 1985, NEEI's Old Program generated customer savings. Due to precipitous declines in oil and gas market prices, the Old Program generated operating losses for the first time during 1986. As a result of the losses during 1986, the crossover reserve, which was $24.1 MM at December 31, 1985, was exhausted. NEEI passed its 1986 losses in excess of the reserve, $277,732, on to NEP in 1987. NEEI's Old Program incurred losses in 1987 through 1992 totalling $198,673,870 which were passed on to NEP in 1988 through 1993. -8- SIGNATURES Pursuant to the requirements of the Public Utility Holding Company Act of 1935, each undersigned company has duly caused this report (Commission's File Nos. 70-5543, 70-6513, 70-6958, and 70-7055) to be signed on its behalf, as indicated, by the undersigned officer thereunto duly authorized by each such company. NEW ENGLAND ELECTRIC SYSTEM s/Michael E. Jesanis Michael E. Jesanis, Treasurer NEW ENGLAND ENERGY INCORPORATED s/John G. Cochrane John G. Cochrane, Treasurer Date: February 14, 1995 The name "New England Electric System" means the trustee or trustees for the time being (as trustee or trustees but not personally) under an agreement and declaration of trust dated January 2, 1926, as amended, which is hereby referred to, and a copy of which as amended has been filed with the Secretary of the Commonwealth of Massachusetts. Any agreement, obligation or liability made, entered into or incurred by or on behalf of New England Electric System binds only its trust estate, and no shareholder, director, trustee, officer or agent thereof assumes or shall be held to any liability therefor. EX-99 2 EXHIBIT INDEX Exhibit No. Description Page - ----------- ----------- ---- a Investment in partnerships by prospectFiled under (Old Program) cover of Form SE c Production and net revenue (Old Program)Filed under cover of Form SE h-1 Balance Sheet at December 31, 1994 Filed herewith (Unaudited, Subject to Adjustment) h-2 Statements of Income and Retained Filed herewith Deficit for the Periods Ended December 31, 1994 (Unaudited, Subject to Adjustment) h-3 Statements of Cash Flows for the PeriodsFiled herewith Ended December 31, 1994 (Unaudited, Subject to Adjustment) h-4 Computation of Bank Interest for the Filed herewith Quarter Ended December 31, 1994 i Fuel Purchased for NEP for the QuarterFiled herewith Ended December 31, 1994 EX-99 3 Exhibit h-1 NEW ENGLAND ENERGY INCORPORATED Balance Sheet December 31, 1994 (Unaudited, Subject to Adjustment)
ASSETS - ------ Old Program New Program Combined ----------- ----------- -------- Current assets: Cash, including temporary cash investments of $1,350,000 with affiliated companies$ 1,351,478$ 54,514 $ 1,405,992 Accounts receivable: Affiliated companies: - accrued loss to be passed on to affiliate 39,793,816 - 39,793,816 - from sales of oil 7,825 - 7,825 - tax benefits 1,168,482 (20,900) 1,147,582 - other 24,908 260 25,168 Prepaid expenses 342,312 - 342,312 -------------------------- -------------- Total current assets 42,688,821 33,874 42,722,695 -------------------------- -------------- Property at cost: Cost of fuel reserves: Exploration and development costs: Samedan 740,287,061 - 740,287,061 Dorchester 67,401,440 - 67,401,440 Cost of capital 434,238,263 - 434,238,263 Other 31,560,150 - 31,560,150 -------------------------- -------------- 1,273,486,914 - 1,273,486,914 Less-accumulated amortization (964,068,900) - (964,068,900) -------------------------- -------------- Net cost of fuel reserves 309,418,014 - 309,418,014 Work in process - Samedan 1,136,423 - 1,136,423 -------------------------- -------------- Total property 310,554,437 - 310,554,437 -------------------------- -------------- $ 353,243,258$ 33,874 $ 353,277,132 ========================== ============== LIABILITIES AND PARENT COMPANY'S INVESTMENT - ------------------------------------------- Current liabilities: Accrued exploration and development costs $ 26,281,343$ - $ 26,281,343* Accounts payable 2,111,995 349,814 2,461,809 Accrued interest 790,771 - 790,771 -------------------------- -------------- Total current liabilities 29,184,109 349,814 29,533,923 -------------------------- -------------- Deferred income taxes 103,585,917 (50,900) 103,535,017 -------------------------- -------------- Deferred credit 7,379,100 - 7,379,100 -------------------------- -------------- Notes payable to banks under credit agreement 216,000,000 - 216,000,000 -------------------------- -------------- Parent company's investment: Subordinated notes payable to parent 2,700,880 15,597,691 18,298,571 Common stock, par value $1 per share 2,500 - 2,500 Paid-in capital 247,500 - 247,500 Retained deficit (5,856,748)(15,862,731) (21,719,479) -------------------------- -------------- Total parent company's investment (2,905,868) (265,040) (3,170,908) -------------------------- -------------- $ 353,243,258$ 33,874 $ 353,277,132 ========================== ============== *Accrued exploration and development costs: Total (All Samedan) ------------- Exploration $10,386,513 Development 16,558,794 Work in process 239,204 Advance (903,168) ----------- $26,281,343 ===========
EX-99 4 Exhibit h-2 Page 1 of 2 NEW ENGLAND ENERGY INCORPORATED Statements of Income and Retained Deficit For the Quarter Ended December 31, 1994 (Unaudited, Subject to Adjustment)
Old Program New Program Combined ----------- ----------- -------- Operating revenue: Sales of fuel to an affiliate $ 22,931,816 $ - $ 22,931,816 Loss passed on to an affiliate (13,506,183) - (13,506,183) Accrued loss to be passed on to an affiliate 4,591,037 - 4,591,037 Sales to nonaffiliates: Oil 1,179,460 593 1,180,053 Gas 5,052,364 1,939 5,054,303 ------------ ------------ ------------ Total operating revenue 20,248,494 2,532 20,251,026 ------------ ------------ ------------ Operating expenses: Purchases of fuel for an affiliate 9,425,633 - 9,425,633 Amortization of cost of fuel reserves 12,197,149 - 12,197,149 Production costs 1,031,192 1,463 1,032,655 General and administrative expense - - - ------------ ------------ ------------ Total operating expenses 22,653,974 1,463 22,655,437 ------------ ------------ ------------ Operating income/(loss) (2,405,480) 1,069 (2,404,411) Other income/(expense): Interest income - 689 689 Interest expense (574,810) (442) (575,252) State taxes 1,641,400 (6,300) 1,635,100 ------------ ------------ ------------ Operating and other income/(loss) (1,338,890) (4,984) (1,343,874) ------------ ------------ ------------ Federal income taxes: Current federal income taxes 1,404,257 86,900 1,491,157 Deferred federal income taxes (2,405,200) (87,000) (2,492,200) ------------ ------------ ------------ Net federal income taxes (1,000,943) (100) (1,001,043) ------------ ------------ ------------ Net income (337,947) (4,884) (342,831) Retained deficit at beginning of period (5,518,801) (15,857,847) (21,376,648) ------------ ------------ ------------ Retained deficit at end of period $ (5,856,748) $(15,862,731) $(21,719,479) ============ ============ ============
Exhibit h-2 Page 2 of 2 NEW ENGLAND ENERGY INCORPORATED Statements of Income and Retained Deficit For the Year Ended December 31, 1994 (Unaudited, Subject to Adjustment)
Old Program New Program Combined ----------- ----------- -------- Operating revenue: Sales of fuel to an affiliate $ 90,411,206 $ - $ 90,411,206 Loss passed on to an affiliate (46,354,838) - (46,354,838) Accrued loss to be passed on to an affiliate 39,793,816 - 39,793,816 Sales to nonaffiliates: Oil 5,303,952 11,708 5,315,660 Gas 34,848,267 10,823 34,859,090 ------------ ------------ ------------ Total operating revenue 124,002,403 22,531 124,024,934 ------------ ------------ ------------ Operating expenses: Purchases of fuel for an affiliate 44,056,368 - 44,056,368 Amortization of cost of fuel reserves 79,232,090 - 79,232,090 Production costs 4,697,425 11,501 4,708,926 General and administrative expense - 5,747 5,747 ------------ ------------ ------------ Total operating expenses 127,985,883 17,248 128,003,131 ------------ ------------ ------------ Operating income/(loss) (3,983,480) 5,283 (3,978,197) Other income/(expense): Interest income - 11,011 11,011 Interest expense (1,917,257) (40,262) (1,957,519) State taxes (1,390,600) (59,758) (1,450,358) ------------ ------------ ------------ Operating and other income/(loss) (7,291,337) (83,726) (7,375,063) ------------ ------------ ------------ Federal income taxes: Current federal income taxes 14,752,757 78,000 14,830,757 Deferred federal income taxes (20,833,600) (87,000) (20,920,600) ------------ ------------ ------------ Net federal income taxes (6,080,843) (9,000) (6,089,843) ------------ ------------ ------------ Net income (1,210,494) (74,726) (1,285,220) Retained deficit at beginning of period (4,646,254) (15,788,005) (20,434,259) ------------ ------------ ------------ Retained deficit at end of period $ (5,856,748) $(15,862,731) $(21,719,479) ============ ============ ============
EX-99 5 Exhibit h-3 Page 1 of 2 NEW ENGLAND ENERGY INCORPORATED Statements of Cash Flows For the Quarter Ended December 31, 1994 (Unaudited, Subject to Adjustment)
Old Program New Program Combined ----------- ----------- -------- Operating Activities: Net income $ (337,947) $ (4,884) $ (342,831) Adjustments to reconcile net income to net cash provided by operating activities: Amortization of cost of fuel reserves 12,197,149 - 12,197,149 Loss passed on to an affiliate 13,506,183 - 13,506,183 Accrued loss to be passed on to an affiliate (4,591,037) - (4,591,037) Deferred income taxes (3,557,257) (87,000) (3,644,257) (Increase)/decrease in accounts receivable (excluding loss to be passed on to affiliate) 517,495 81,123 598,618 Increase/(decrease) in accrued exploration and development costs (869,035) - (869,035) Increase/(decrease) in accounts payable 127,498 13,154 140,652 Increase/(decrease) in accrued interest payable (356,660) - (356,660) ------------ --------- ------------ Net cash provided by operating activities $ 16,636,389 $ 2,393 $ 16,638,782 ------------ --------- ------------ Investing Activities: Investment in property - Samedan: Exploration (also includes dry holes, depleted wells and work in process) $ 274,668 $ - $ 274,668 Development (also reflects transfer of depleted wells) (2,540,406) - (2,540,406) Capital costs (2,709,795) - (2,709,795) Other (935,786) - (935,786) ------------ --------- ------------ Net cash used in investing activities $ (5,911,319) $ - $ (5,911,319) ------------ --------- ------------ Financing Activities: Subordinated notes payable to parent-issues $ 570,141 $ - $ 570,141 Subordinated notes payable to parent-retirements - - - Changes in notes payable to bank under credit agreement (14,000,000) - (14,000,000) ------------ --------- ------------ Net cash used in financing activities $(13,429,859) $ - $(13,429,859) ------------ --------- ------------ Net increase/(decrease) in cash and cash equivalents$ (2,704,789) $ 2,393 $ (2,702,396) Cash and cash equivalents at beginning of period 4,056,267 52,121 4,108,388 ------------ --------- ------------ Cash and cash equivalents at end of period $ 1,351,478 $ 54,514 $ 1,405,992 ------------ --------- ------------
Exhibit h-3 Page 2 of 2 NEW ENGLAND ENERGY INCORPORATED Statements of Cash Flows For the Year Ended December 31, 1994 (Unaudited, Subject to Adjustment)
Old Program New Program Combined ----------- ----------- -------- Operating Activities: Net income $ (1,210,494) $ (74,726) $ (1,285,220) Adjustments to reconcile net income to net cash provided by operating activities: Amortization of cost of fuel reserves 79,232,090 - 79,232,090 Loss passed on to an affiliate 46,354,838 - 46,354,838 Accrued loss to be passed on to an affiliate (39,793,816) - (39,793,816) Deferred income taxes (20,753,657) (87,000) (20,840,657) (Increase)/decrease in accounts receivable (excluding loss to be passed on to affiliate) (1,186,913) 22,537 (1,164,376) Increase/(decrease) in accrued exploration and development costs (3,268,377) - (3,268,377) Increase/(decrease) in accounts payable 326,618 (3,929) 322,689 Increase/(decrease) in accrued interest payable 230,879 - 230,879 Increase/(decrease) in accrued taxes (3,826,715) 1,797,400 (2,029,315) ------------ --------- ------------ Net cash provided by operating activities $ 56,104,453 $1,654,282 $ 57,758,735 ------------ --------- ------------ Investing Activities: Investment in property - Samedan: Exploration (also includes dry holes, depleted wells and work in process) $ (269,140) $ - $ (269,140) Development (also reflects transfer of depleted wells) (10,588,992) - (10,588,992) Capital costs (9,935,709) - (9,935,709) Other (4,170,344) - (4,170,344) ------------ --------- ------------ Net cash used in investing activities $(24,964,185) $ - $(24,964,185) ------------ --------- ------------ Financing Activities: Subordinated notes payable to parent-issues $ 1,890,815 - $ 1,890,815 Subordinated notes payable to parent-retirements (11,000,000) (2,300,000) (13,300,000) Changes in notes payable to bank under credit agreement (22,000,000) - (22,000,000) ------------ --------- ------------ Net cash used in financing activities $(31,109,185) (2,300,000) $(33,409,185) ------------ --------- ------------ Net increase/(decrease) in cash and cash equivalents$ 31,083 $(645,718) $ (614,635) Cash and cash equivalents at beginning of period 1,320,395 700,232 2,020,627 ------------ --------- ------------ Cash and cash equivalents at end of period $ 1,351,478 $ 54,514 $ 1,405,992 ------------ --------- ------------
EX-99 6 Exhibit h-4 NEW ENGLAND ENERGY INCORPORATED Computation of Bank Interest Quarter Ended December 31, 1994 -------------------------------- Cost of Notes Payable to Banks Under Credit Agreement - ----------------------------------------------------- Date Paid Date or Maturity Annual Amount Issued Date Rate % Total ------ ------ ----------- ------ ----- Old Program ----------- $ 60,000,000 07/22/94 10/24/94 5.3125 $ 203,645.83 20,000,000 08/23/94 11/23/94 5.2300 153,994.44 10,000,000 08/23/94 11/23/94 5.2000 76,555.54 15,000,000 08/30/94 10/31/94 5.5000 68,750.00 37,000,000 09/06/94 12/06/94 5.9375 402,760.42 17,000,000 09/12/94 10/12/94 5.5000 28,569.45 10,000,000 09/23/94 11/23/94 5.2500 77,291.66 20,000,000 09/23/94 11/23/94 5.4000 159,000.00 31,000,000 09/23/94 10/24/94 5.5625 110,168.41 10,000,000 09/26/94 10/26/94 5.6250 39,930.56 17,000,000 10/12/94 11/14/94 5.8125 90,578.12 89,000,000 10/24/94 12/28/94 5.8125 934,036.46 10,000,000 10/26/94 01/26/95 6.2500 116,319.44 15,000,000 10/31/94 12/30/94 5.8750 146,875.00 17,000,000 11/14/94 12/14/94 5.9375 84,114.58 20,000,000 11/23/94 01/24/95 6.1700 133,683.33 5,000,000 11/23/94 01/24/95 6.4600 34,991.67 28,000,000 11/23/94 01/21/95 5.9375 180,104.16 37,000,000 12/06/94 03/06/95 5.9375 158,663.19 17,000,000 12/14/94 03/14/95 7.0000 59,500.00 84,000,000 12/28/94 02/28/95 6.7500 63,000.00 15,000,000 12/30/94 02/28/95 6.9375 5,781.25 --------------- 3,328,313.51 Interest Rate Swap (141,784.72) Fees (Primarily facility) 98,260.88 --------------- Total Old Program $3,284,789.67 --------------- EX-99 7 Exhibit i NEW ENGLAND ENERGY INCORPORATED Fuel Purchased for NEP for the Quarter Ended December 31, 1994 -----------------------------------------
Exploration (and Procurement*) - ------------------------------ Date purchased (delivered) Oct. 4, 1994 Oct. 8, 1994 Oct. 11, 1994 ------------- --------------------------- Quantity of fuel (eq. bbls) 165,477.74 164,077.35 166,262.60 Average net price (per eq. bbl) $ 6.22 $ 6.57 $ 8.76 ------------- ------------- ------------- Cost to NEEI $1,029,454.81 $1,078,450.21 $1,456,815.50 Loss from NEEI fuel exploration activities 2,039,954.96 2,022,691.43 2,049,630.45 ------------- ------------- ------------- Cost to NEP $3,069,409.77 $3,101,141.64 $3,506,445.95 ----------------------------- ------------- Date purchased (delivered) Oct. 17, 1994 Oct. 27, 1994 Nov. 13, 1994 ------------- --------------------------- Quantity of fuel (eq. bbls) 164,309.92 162,098.92 164,717.60 Average net price (per eq. bbl) $ 6.22 $ 6.20 $ 6.35 ------------- ---------- ---- ------------- Cost to NEEI $1,022,151.31 $1,005,642.82 $1,046,676.40 Loss from NEEI fuel exploration activities 2,025,558.53 1,998,302.08 2,030,584.20 ------------- ------------- ------------ Cost to NEP $3,047,709.84 $3,003,944.90 $3,077,260.60 ------------- ------------- ------------- Date purchased (delivered) Dec. 6, 1994 Dec. 6, 1994 ------------- ------------- Quantity of fuel (bbl) 108,658.93 72,319.33 Average net price (per bbl) $ 12.33 $ 19.87 ------------- ------------- Cost to NEEI $1,339,460.83 $4,437,342.91 Loss from NEEI fuel exploration activities 1,339,460.83 * ------------- ------------- Cost to NEP $2,678,921.66 $1,437,342.91 ------------- -------------
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