-----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, iEFoT5RIG6Z0lD/ZMcd8wTFnzQMjU4HpZxwutUcbVPa6hmswTrTyTpZPTyykDP3c AWWn4V/7u7CgLAKQhCLX5A== 0000071297-94-000017.txt : 19940516 0000071297-94-000017.hdr.sgml : 19940516 ACCESSION NUMBER: 0000071297-94-000017 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 19940513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW ENGLAND ELECTRIC SYSTEM CENTRAL INDEX KEY: 0000071297 STANDARD INDUSTRIAL CLASSIFICATION: 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: 070-07950 FILM NUMBER: 94528132 BUSINESS ADDRESS: STREET 1: 25 RESEARCH DR CITY: WESTBOROUGH STATE: MA ZIP: 01581 BUSINESS PHONE: 5083669011 35-CERT 1 File No.: 70-7950 CERTIFICATE OF NOTIFICATION (Rule 24) SECURITIES AND EXCHANGE COMMISSION BY NEW ENGLAND ELECTRIC RESOURCES, INC. (NEERI) In accordance with the order of the Securities and Exchange Commission dated September 4, 1992, the following is a report for the first quarter of 1994: 1. NEERI is a Massachusetts corporation which was formed in January 1992. NEERI was not capitalized until October 13, 1992 when one thousand shares of NEERI common stock were issued to New England Electric System (NEES). During the quarter ended March 31, 1994, NEERI undertook consulting activities for the Hungarian Electricity Board pursuant to Agreements with the Hungarian Electricity Board and the United States Energy Association (USEA). The consulting activities took place at New England Electric facilities and in Hungary. No compensation was recognized during the first quarter. NEERI is providing consulting to the Central Vermont Public Service Corporation (CVPS), providing an impact evaluation of CVPS's residential new construction program. The consulting work is taking place in and around Rutland, Vermont and also at New England Electric facilities. The terms are set forth in a Consulting Service Agreement with CVPS which provides for monthly billing for consulting. The compensation recognized during the first quarter was $24,567. Pursuant to a subcontracting consulting agreement with Kemper Management Services (Kemper), NEERI is evaluating the commercial and industrial demand side management programs of Consolidated Edison of New York, Inc. The consulting work is taking place in New York and also at New England Electric facilities. The compensation recognized in the first quarter was $9,820. 2. As of March 31, 1994, NEES had purchased 1,000 shares of NEERI common stock and made subordinated loans totaling $315,000 to NEERI. 3. As of March 31, 1994, NEERI employed no permanent personnel. Certain employees of NEPSCO have billed time to NEERI under the terms of the Service Agreement filed with Form U-1. 4. As of March 31, 1994, NEERI had not purchased or received from associate companies of NEES any intellectual property. 5. Attached in Exhibits A through C are a balance sheet, twelve months ending income statement, and statement of cash flow for NEERI. SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned company has duly caused this certificate of notification (Commission's File No. 70-7950) to be signed on its behalf by the undersigned officer thereunto duly authorized. NEW ENGLAND ELECTRIC RESOURCES, INC. s/ John G. Cochrane By: _________________________________ John G. Cochrane Treasurer Date: May 13, 1994 EX-99 2 EXHIBIT INDEX Exhibit No. Description Page - ----------- ----------- ---- A Balance Sheet at March 31, 1994 Filed (Unaudited, subject to adjustment) herewith B Statement of Income and Retained Deficit Filed for twelve months ended March 31, 1994 herewith (Unaudited, subject to adjustment) C Statement of Cash Flows for twelve months Filed ended March 31, 1994 herewith (Unaudited, subject to adjustment) EX-99 3 EXHIBIT A Exhibit A NEW ENGLAND ELECTRIC RESOURCES, INC. Balance Sheet March 31, 1994 (Unaudited, Subject to Adjustment) ASSETS - ------ Current assets: Cash $ 32,726 Accounts receivable 27,182 Accounts receivable from associated companies 5,580 Tax benefit receivable 71,219 --------- Total current assets $ 136,707 ========= LIABILITIES AND PARENT COMPANY'S INVESTMENT - ------------------------------------------- Current liabilities: Accounts payable to associated companies $ 37,992 Accounts payable 0 Accrued taxes 456 --------- Total current liabilities 38,448 --------- Parent company's investment: Common stock, par value $1 per share 1,000 Subordinated notes payable to parent 315,000 Paid-in capital Retained deficit (217,741) --------- Total parent company's investment 98,259 --------- Total current liabilities and parent company's investment $ 136,707 ========= EX-99 4 EXHIBIT B Exhibit B NEW ENGLAND ELECTRIC RESOURCES, INC. Statement of Income and Retained Deficit For the Twelve Months Ended March 31, 1994 (Unaudited, Subject to Adjustment) INCOME - ------ Services rendered to nonassociated companies $ 92,406 Miscellaneous income or loss --------- TOTAL INCOME 92,406 --------- EXPENSE - ------- Outside services employed 278,434 Taxes other than income taxes 0 Income taxes (70,184) --------- TOTAL EXPENSE 208,250 --------- NET INCOME OR (LOSS) (115,844) --------- Retained earnings/(deficit) at beginning of period (101,897) --------- Retained earnings/(deficit) at end of period $(217,741) ========= EX-99 5 EXHIBIT C Exhibit C NEW ENGLAND ELECTRIC RESOURCES, INC. Statement of Cash Flows For the Twelve Months Ended March 31, 1994 (Unaudited, Subject to Adjustment) Operating Activities: Net loss $(115,844) Adjustments to reconcile net loss to net cash provided by operating activities: (Increase)/decrease in tax benefit receivable (21,569) (Increase)/decrease in accounts receivable (32,762) Increase/(decrease) in accounts payable 22,049 Increase/(decrease) in accrued taxes 0 --------- Net cash provided by operating activities $(148,126) --------- Financing Activities: Subordinated notes payable to parent-issues $ 175,000 Proceeds from common stock issued 0 --------- Net cash used in financing activities 175,000 --------- Net increase/(decrease) in cash and cash equivalents 26,874 Cash and cash equivalents at beginning of period 5,852 --------- Cash and cash equivalents at end of period $ 32,726 ========= -----END PRIVACY-ENHANCED MESSAGE-----