-----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, JfGK13qWaBsBJedD4zd7Gv7vhpNGSlCNxWij5/hjU/r1oq6XGcBVz/HQM0FJNGS8 PPqVz0oGuLzK4M0d82icmA== 0000071297-96-000077.txt : 19961115 0000071297-96-000077.hdr.sgml : 19961115 ACCESSION NUMBER: 0000071297-96-000077 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 17 FILED AS OF DATE: 19961113 SROS: BSE SROS: NYSE 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: 96661862 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 third quarter of 1996: 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 7/1/96 970,840 54,738,941 9,123,157 10,093,997 Additions & Revisions through 9/30/96 - - - - --------- ---------- ---------- ---------- Balance 970,840 54,738,941 9,123,157 10,093,997 Production 3rd Qtr.1996 (73,814) (2,833,030) (472,172) (545,986) --------- ---------- ---------- ---------- Balance 9/30/96 897,026 51,905,911 8,650,985 9,548,011 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 (16) 746 Dorchester 0 51 -- ----- (16) 797 -- ----- No. of productive wells Samedan 36 1,175* Dorchester 0 69* -- ------ 36 1,244* -- ------ No. of wells drilled 20 2,041 (both exploration and development) -- ----- * Includes depleted/sold wells as follows: Samedan 47 516 Dorchester 0 69 -- ----- 47 585 -- ----- New Program ----------- None. INVESTMENT ---------- Budget Authorized Actual By SEC ---------------------- ----------------- Since Quarter Nine Months 1/1/95 1995 - 1998 ---------- ---------- ----------- --------------- Samedan $6,881,800 $9,226,500 $14,643,428 $30,000,000 (A) (A) Authorized through December 31, 1998, by Order dated December 20, 1994 (Release No. 35-26197; 70-7055). -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 Inception Ended Thru 9/30/96 9/30/96 -------- -------- 2. Sales to nonaffiliates (Exhibit c.): Equivalent barrels of fuel produced 545,986 50,236,230 Average price per barrel $ 14.39 $ 14.03 ----------- -------------- Sales revenues $ 7,859,193 $ 704,738,215 3. Loss to NEP 7,223,590 349,893,165 4. Flow through of excess deferred 573,202 83,248,851 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 $15,655,985 $1,173,917,797 ----------- -------------- New Program: None. f. Credits applied to New England Power Company (NEP): 1. Disposition of proceeds: Amortization of cost of fuel reserves $14,068,723 $1,077,539,676 Production costs 1,348,262 81,255,298 State taxes 239,000 9,645,075 Savings to NEP - 8,701,242 Royalty to NEP - 1,099,807 Other - 65,472 ----------- -------------- Total $15,655,985 $1,178,306,570 ----------- -------------- Net income/(loss)/retained $ - $ (4,388,773) deficit ----------- -------------- -4- f. continued Quarter Inception Ended Thru 9/30/96 9/30/96 -------- --------- 2. Royalties prepaid to NEP: Beginning balance in account $ 342,312$ - ------------------------ Royalties/savings earned - (9,801,049) Royalties passed on to NEP - 10,143,361 * ------------------------ Ending balance in account $ 342,312$ 342,312 ------------------------ 3. Losses to be passed on to NEP: Beginning balance in account $ 32,436,776$ - ------------------------ Losses accrued 7,223,590 349,893,164 Losses passed on to NEP** (13,781,944) (324,014,742) ------------------------ Ending balance in account $ 25,878,422$ 25,878,422 ------------------------ * 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 June 30, 1996 (net) Subordinated notes 4,116,797 15,743,491 - Common stock and premium 250,000 - - ----------- ---------- ------------ Total investment by NEES 4,366,797 15,743,491 - Investment by NEES-during the quarter (net) Subordinated notes 559,283 - Total investment by NEES through September 30, 1996 (net) Subordinated notes 4,676,080 15,743,491 - Common stock and premium 250,000 - - ----------- ----------- ------------ $ 4,926,080 $15,743,491 $ - ----------- ----------- ------------ 2. Increase or Reduction in Investment by NEES: Date Amount Date Amount Date Amount ---- ------ ---- ------ ---- ------ Issues of subordinated notes to NEES during quarter 8/23/96 $ 5,187 $ - ended September 30, 1996 9/13/96 554,096 Payments of subordinated notes to NEES during quarter ended September 30, 1996 - $ - -------- ----- ---- Net change in investment $559,283 $ - $ - -------- ----- ---- _______________ (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 September 30, 1996, (unaudited, subject to adjustment) Exhibit h-2 Statement of Income and Retained Deficit of NEEI for the quarter ended September 30, 1996 (unaudited, subject to adjustment) Exhibit h-3 Statement of Cash Flows of NEEI for the quarter ended September 30, 1996 (unaudited, subject to adjustment) Exhibit h-4 Computation of Bank Interest for the quarter ended September 30, 1996 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) 3rd Quarter Quantity of fuel (equiv. bbl) 960,284.29 Average net price (per equiv. bbl) $ 6.43 ------------- Cost to NEEI $ 6,173,029 Loss from NEEI fuel exploration activities 13,781,944 ------------- Cost to NEP 19,954,973 Adjustments, inspection charges, etc. (4,063) ------------- ----------- Total $19,950,910 =========== j. Copies of filings on Form 429 related to the above sales are attached. (See Exhibits j-1 through j-8.) k. Use of Proceeds from Sales of NEEI New Program Production: None. -7- Sale of NEEI Wells ------------------ Old Program - ----------- During the period from July 1, 1996 through September 30, 1996, NEEI did not dispose of its interest in Existing (Old) Program wells containing proved or probable reserves. 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 1994 totalling $284,822,524 which were passed on to NEP in 1988 through 1995. NEEI's Old Program loss of $43,731,259, incurred in 1995, is being passed on to NEP in 1996. -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: November 13, 1996 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 prospect Filed (Old Program) herewith c Production and net revenue (Old Program) Filed herewith h-1 Balance Sheet at September 30, 1996 Filed (Unaudited, Subject to Adjustment) herewith h-2 Statement of Income and Retained Filed Deficit for the Quarter Ended hrewith September 30, 1996 (Unaudited, Subject to Adjustment) h-3 Statement of Cash Flows for the Quarter Filed Ended September 30, 1996 (Unaudited, herewith Subject to Adjustment) h-4 Computation of Bank Interest for the Filed Quarter Ended September 30, 1996 herewith i Fuel Purchased for NEP for the Quarter Filed Ended September 30 1996 herewith j-1 Monthly Report of Cost and Quality Filed of Fuels for Electric Plants herewith June 1996 (Brayton Point) j-2 Monthly Report of Cost and Quality Filed of Fuels for Electric Plants herewith June 1996 (Salem Harbor) j-3 Monthly Report of Cost and Quality Filed of Fuels for Electric Plants herewith July 1996 (Brayton Point) j-4 Monthly Report of Cost and Quality Filed of Fuels for Electric Plants herewith July 1996 (Salem Harbor) j-5 Monthly Report of Cost and Quality Filed of Fuels for Electric Plants herewith August 1996 (Brayton Point) j-6 Monthly Report of Cost and Quality Filed of Fuels for Electric Plants herewith August 1996 (Salem Harbor) j-7 Monthly Report of Cost and Quality Filed of Fuels for Electric Plants herewith September 1996 (Brayton Point) j-8 Monthly Report of Cost and Quality Filed of Fuels for Electric Plants herewith September 1996 (Salem Harbor) EX-99 3 Exhibit a NEW ENGLAND ENERGY INCORPORATED INVESTMENT IN PARTNERSHIPS BY PROSPECT - OLD PROGRAM SEPTEMBER 30, 1996
ESTIMATED TOTAL COST --------------------------------------------------- Samedan Prospect Name Exploration Development* Total - ------- ------------- ----------- ------------ --------- 62583 Brazo 50-54/37&8/65-7 17,320,785.95 51,461,984.21 68,782,770.16 62436 Eugene Island 247/8/9 5,265,869.84 23,387,021.68 28,652,891.52 61402 Northeast Chevron 2,564,439.34 23,292,927.25 25,857,366.59 62493 Eugene Island Blk 208 1,584,198.43 18,841,421.00 20,425,619.43 62559 West Delta 18/33 8,777,050.78 10,919,034.59 19,696,085.37 62479 Main Pass 90/93+4/102+5 3,857,539.09 15,841,933.09 19,699,472.18 62367 Hl 21/22/22L/34/50/51 3,989,853.06 14,582,780.45 18,572,633.51 61998 High Island A365/A376 0.00 12,032,536.55 12,032,536.55 62289 Main Pass 107/108 1,446,402.66 8,598,283.36 10,044,686.02 62468 Vermilion 114/109 1,323,006.83 5,375,635.48 6,698,642.31 61898 Eugene Island B 24&27 2,966,101.13 4,028,068.37 6,994,169.50 62331 West Delta 27/28/48 2,746,928.39 3,893,645.85 6,640,574.24 62282 West Cameron b131/132 0.00 5,903,897.14 5,903,897.14 21494 Banner 311,363.33 5,304,405.58 5,615,768.91 62554 Eugene Island 28 1,739,766.26 3,778,556.12 5,518,322.38 62366 Brazos 400.12.13.435 1,778,642.70 3,598,632.54 5,377,275.24 61501 Vermilion 241/261 (EC) 2,221,789.49 3,078,504.71 5,300,294.20 62365 Matagorda Is B 586/87 2,208,706.08 2,818,120.08 5,026,826.16 42017 Kildare Smackover T 975,025.30 2,677,253.56 3,652,278.86 53330 Derrick Draw/ PDR RIV 2,324,927.19 1,327,226.52 3,652,153.71 62558 South Timbalier 197 2,307,523.54 531,751.78 2,839,275.32 51673 Williston 0.00 2,635,781.98 2,635,781.98 62377 Vermilion Block 76 945,194.48 1,652,785.69 2,597,980.17 62543 West Cameron 433/457 333,421.78 2,246,051.71 2,579,473.49 62284 Vermilion Blk 167 924,503.21 1,513,959.69 2,438,462.90 62322 West Cameron Blk 67 0.00 2,420,322.67 2,420,322.67 51947 Powder River Basin 2,415,841.82 0.00 2,415,841.82 21617 Fort Cobb 404,491.11 1,717,809.42 2,122,300.53 42004 Provident City/Speaks 0.00 2,041,662.28 2,041,662.28 Other 15,183,699.83 23,247,467.92 38,431,167.75 -------------- -------------- -------------- Total Productive Samedan 85,917,071.62 258,749,461.27 344,666,532.89 -------------- -------------- -------------- Dry Holes Samedan (including depleted wells) 406,882,763.54 406,882,763.54 Work in Process Samedan 5,375,980.44 5,375,980.44 Dorchester (terminated investment) 67,401,440.17 67,401,440.17 -------------- -------------- -------------- Grand Total 565,577,255.77 258,749,461.27 824,326,717.04 ============== ============== ============== *Includes Lease Acquisition
EX-99 4 Exhibit c NEW ENGLAND ENERGY INCORPORATED PRODUCTION AND NET REVENUE - OLD PROGRAM FOR THE QUARTER ENDED SEPTEMBER 30, 1996
Production Revenue ---------------------------------------------------------------- Oil and Prospect Condensate Gas Oil and No. Prospect Name Bbls. MCF Condensate Gas Total - -------- ------------- ---------- ----- ---------- ----- ------- 62583 Brazo 50-54/37&8/65-7 2,787.19 849,625.98 56,867.251,980,467.83 2,037,335.08 62367 Hl 21/22/22L/34/50/51 1,913.72 475,698.96 39,295.041,117,817.45 1,157,112.49 62479 Main Pass 90/93+4/102+5 0.00 243,394.84 0.00 598,084.44 598,084.44 62289 Main Pass 107/108 2,797.22 156,573.02 56,704.58 396,798.66 453,503.24 61410 High Island B270/281 519.63 158,724.00 11,031.32 377,548.38 388,579.70 61998 High Island A365/A376 7,005.65 91,411.06 135,785.08 223,037.82 358,822.90 62366 Brazos 400.12.13.435 702.15 136,206.90 12,713.96 302,722.90 315,436.86 61898 Eugene Island B 24 & 27 3,073.11 97,710.04 61,298.24 236,314.25 297,612.49 62288 West Cameron Blk 290 296.49 118,428.00 5,348.66 263,965.01 269,313.67 62365 Matagorda Is B 586/87 19.12 121,000.02 416.10 259,635.48 260,051.58 53330 Derrick Draw/ PDR RIV 12,640.04 337.94 231,951.34 347.12 232,298.46 62554 Eugene Island 28 3,040.17 73,860.06 60,606.09 168,225.43 228,831.52 62582 Brazos 476/491/449 102.19 77,750.98 2,035.77 170,476.65 172,512.42 62331 West Delta 27/28/48 8,835.26 3,471.98 166,341.67 1,862.27 168,203.94 62493 Eugene Island Blk 208 7,433.97 3,608.00 141,315.09 8,993.69 150,308.78 42017 Kildare Smackover T 6,955.83 9,493.86 132,879.10 9,668.43 142,547.53 Other 15,691.87 215,734.68 300,442.33 328,194.70 628,637.03 --------- ------------------------ ------------ ------------ Totals 73,813.61 2,833,030.32 1,415,031.626,444,160.51 7,859,192.13 ========= ======================== ============ ============
EX-99 5 Exhibit h-1 NEW ENGLAND ENERGY INCORPORATED Balance Sheet September 30, 1996 (Unaudited, Subject to Adjustment)
ASSETS - ------ Old Program New Program Combined ----------- ----------- -------- Current assets: Cash, including temporary cash investments of $5,550,000 with affiliated companies$ 5,647,593 $ (73,422) $ 5,574,171 Accounts receivable: Affiliated companies: - accrued loss to be passed on to affiliate 25,878,422 - 25,878,422 - from sales of oil 6,319,720 - 6,319,720 - other 100,418 - 100,418 Prepaid expenses 342,312 - 342,312 -------------- ------------ -------------- Total current assets 38,288,465 (73,422) 38,215,043 -------------- ------------ -------------- Property at cost: Cost of fuel reserves: Exploration and development costs: Samedan 751,549,296 - 751,549,296 Dorchester 67,401,440 - 67,401,440 Cost of capital 449,086,900 - 449,086,900 Other 36,117,761 - 36,117,761 -------------- ------------ -------------- 1,304,155,397 - 1,304,155,397 Less-accumulated amortization (1,077,539,677) - (1,077,539,677) -------------- ------------ -------------- Net cost of fuel reserves 226,615,720 - 226,615,720 Work in process - Samedan 5,375,980 - 5,375,980 -------------- ------------ -------------- Total property 231,991,700 - 231,991,700 -------------- ------------ -------------- $ 270,280,165 $ (73,422) $ 270,206,743 ============== ============ ============== LIABILITIES AND PARENT COMPANY'S INVESTMENT - ------------------------------------------- Current liabilities: Accrued exploration and development costs $ 30,547,982 $ - $ 30,547,982* Accounts payable 5,386,312 157,346 5,543,658 Accrued interest 693,662 - 693,662 Accrued taxes payable 4,425,427 (179,951) 4,245,476 -------------- ------------ -------------- Total current liabilities 41,053,383 (22,605) 41,030,778 -------------- ------------ -------------- Deferred income taxes 73,471,459 (42,800) 73,428,659 -------------- ------------ -------------- Deferred credit 3,456,900 - 3,456,900 -------------- ------------ -------------- Notes payable to banks under credit agreement 156,000,000 - 156,000,000 -------------- ------------ -------------- Parent company's investment: Subordinated notes payable to parent 4,676,08015,743,491 20,419,571 Common stock, par value $1 per share 2,500 - 2,500 Paid-in capital 247,500 - 247,500 Retained deficit (8,627,657) (15,751,508) (24,379,165) -------------- ------------ -------------- Total parent company's investment (3,701,577) (8,017) (3,709,594) -------------- ------------ -------------- $ 270,280,165 $ (73,422) $ 270,206,743 ============== ============ ============== *Accrued exploration and development costs: Total (All Samedan) ------------- Exploration $11,862,196 Development 19,097,444 Work in process 274,917 Advance (686,575) ----------- $30,547,982 ===========
EX-99 6 Exhibit h-2 NEW ENGLAND ENERGY INCORPORATED Statements of Income and Retained Deficit For the Quarter Ended September 30, 1996 (Unaudited, Subject to Adjustment)
Old Program New Program Combined ----------- ----------- -------- Operating revenue: Sales of fuel to an affiliate $ 19,950,910$ -$ 19,950,910 Loss passed on to an affiliate (13,781,944) -(13,781,944) Accrued loss to be passed on to an affiliate7,223,590 - 7,223,590 Sales to nonaffiliates: Oil 1,415,032 3 1,415,035 Gas 6,444,161 3,573 6,447,734 ------------------------------------ Total operating revenue 21,251,749 3,576 21,255,325 ------------------------------------ Operating expenses: Purchases of fuel for an affiliate 6,168,966 - 6,168,966 Amortization of cost of fuel reserves 14,068,723 - 14,068,723 Production costs 1,348,262 2,884 1,351,146 ------------------------------------ Total operating expenses 21,585,951 2,884 21,588,835 ------------------------------------ Operating income/(loss) (334,202) 692 (333,510) Other income/(expense): Interest income - - - Interest expense (570,146) - (570,146) Other expense - - - State taxes (218,800) - (218,800) ------------------------------------ Operating and other income/(loss) (1,123,148) 692 (1,122,456) ------------------------------------ Federal income taxes: Current federal income taxes 4,838,154 (5,600) 4,832,554 Deferred federal income taxes (5,577,900) - (5,577,900) ------------------------------------ Net federal income taxes (739,746) (5,600) (745,346) ------------------------------------ Net income (383,402) 6,292 (377,110) Retained deficit at beginning of period (8,244,255)(15,757,800)(22,002,055) ------------------------------------ Retained deficit at end of period $ (8,627,657) $(15,751,508) $(24,379,165) ============ ============ ============
EX-99 7 Exhibit h-3 NEW ENGLAND ENERGY INCORPORATED Statements of Cash Flows For the Quarter Ended September 30, 1996 (Unaudited, Subject to Adjustment)
Old Program New Program Combined ----------- ----------- -------- Operating Activities: Net income $ (383,402) $ 6,292 $ (377,110) Adjustments to reconcile net income to net cash provided by operating activities: Amortization of cost of fuel reserves 14,068,723 - 14,068,723 Loss passed on to an affiliate 13,781,944 - 13,781,944 Accrued loss to be passed on to an affiliate (7,223,590) - (7,223,590) Deferred income taxes (5,834,800) _ (5,834,800) (Increase)/decrease in accounts receivable (excluding loss to be passed on to affiliate) (6,401,037) 410 (6,400,627) Increase/(decrease) in accrued exploration and development costs 2,422,228 - 2,422,228 Increase/(decrease) in accounts payable 3,645,588 (65,416) 3,580,172 Increase/(decrease) in accrued interest payable (56,606) - (56,606) Increase/(decrease) in accrued taxes payable (1,147,054) (5,597) (1,152,651) ------------ --------------------- Net cash provided by operating activities $ 12,871,994 $ (64,311) $ 12,807,683 ------------ --------------------- Investing Activities: Investment in property - Samedan: Exploration (also includes dry holes, depleted wells and work in process) $ (2,742,477) $ - $ (2,742,477) Development (also reflects transfer of (3,858,235) - (3,858,235) depleted wells) - - - Capital costs (1,598,242) - (1,598,242) Other (782,892) - (782,892) ------------ --------------------- Net cash used in investing activities $ (8,981,846) $ - $ (8,981,846) ------------ --------------------- Financing Activities: Subordinated notes payable to parent-issues$ 559,283 $ -$ 559,283 Subordinated notes payable to parent-retirements - - Changes in notes payable to bank under credit agreement (1,000,000) - (1,000,000) ------------ --------------------- Net cash used in financing activities $ (440,717) $ - $ (440,717) ------------ --------------------- Net increase/(decrease) in cash and cash equivalents $ 3,449,431 $ (64,311) $ 3,385,120 Cash and cash equivalents at beginning of period 2,198,162 (9,111) 2,189,051 ------------ --------------------- Cash and cash equivalents at end of period $ 5,647,593$ (73,422)$ 5,574,171 ------------ ---------------------
EX-99 8
Exhibit h-4 NEW ENGLAND ENERGY INCORPORATED Computation of Bank Interest Quarter Ended September 30, 1996 -------------------------------- Cost of Notes Payable to Banks Under Credit Agreement - ----------------------------------------------------- Date Paid Date or Maturity Annual Amount Issued Date Rate % Total ------ ------ ----------- ------ ----- Old Program ----------- $ 40,000,000 02/13/96 02/13/97 5.2975 $ 541,521.33 15,000,000 02/13/96 08/13/96 5.4225 97,153.13 15,000,000 08/13/96 09/13/96 5.6725 73,269.79 15,000,000 09/13/96 12/13/96 5.8600 43,950.00 11,000,000 06/28/96 07/29/96 5.7350 49,639.90 11,000,000 07/29/96 08/29/96 5.6725 53,731.18 10,000,000 08/29/96 09/30/96 5.6725 51,997.91 14,000,000 04/18/96 07/18/96 5.7350 37,914.72 40,000,000 06/17/96 07/18/96 5.7350 108,327.78 15,000,000 07/18/96 10/18/96 5.8375 182,421.87 10,000,000 07/18/96 08/18/96 5.6800 48,911.11 8,000,000 08/18/96 09/18/96 5.6375 40,088.89 29,000,000 07/18/96 08/18/96 5.7000 142,341.66 30,000,000 08/18/96 09/18/96 5.6375 150,333.33 1,000,000 08/18/96 09/19/96 5.6575 5,028.89 39,000,000 09/18/96 10/21/96 5.7325 74,522.50 37,000,000 06/13/96 09/13/96 5.8600 487,603.47 37,000,000 09/13/96 03/13/97 6.1725 72,273.33 --------------- 2,261,030.79 Interest Rate Swap (143,598.06) Fees (Primarily facility) 50,955.38 --------------- Total Old Program $2,168,388.11 ---------------
EX-99 9 Exhibit i NEW ENGLAND ENERGY INCORPORATED Fuel Purchased for NEP for the Quarter Ended September 30, 1996 -----------------------------------------
Exploration - ----------- Date purchased (delivered) Jul. 16, 1996 Jul. 28, 1996 Aug. 17, 1996 ------------- ------------- ------------- Quantity of fuel (eq. bbl) 163,244.91 124,060.62 81,508.84 Average net price (per eq. bbl) $ 4.81 $ 6.36 $ 6.13 ---------- --- ------------- -------------- Cost to NEEI $785,985.34 $788,929.16 $ 499,538.43 Loss from NEEI fuel exploration activities 2,342,881.38 1,780,510.73 1,169,810.18 ---------- --- ---------- --- -------------- Cost to NEP $3,128,866.72 $2,569,439.89 $1,669,348.61 ---------- -- --- ---------- --- ------------ Date purchased (delivered) Aug. 21, 1996 Aug. 25, 1996 ------------- ------------ Quantity of fuel (eq. bbl) 124,349.22 154,239.33 Average net price (per eq. bbl) $ 6.36 $ 7.19 ------------- ---------- --- Cost to NEEI $790,764.47 $1,108,875.94 ------------- ---------- --- Loss from NEEI fuel exploration activities 1,784,652.79 2,213,633.84 ------------- ---------- --- Cost to NEP $2,575,417.26 $3,322,509.78 ---------- --- ---------- --- Date purchased (delivered) Sep. 02, 1996 Sep. 19, 1996 ------------- ------------- Quantity of fuel (eq. bbl) 189,917.09 122,964.28 Average net price (per eq. bbl) $ 7.41 $ 6.43 ---------- --- ---------- --- Cost to NEEI $ 1,408,024.18 $790,911.05 Loss from NEEI fuel exploration activities 2,725,678.95 1,764,776.24 ---------- --- ---------- --- Cost to NEP $4,133,703.13 $2,555,687.29 ---------- --- ---------- ---
EX-99 10 Exhibit j-1
Monthly Cost and Quality of Fuels for Electric Plants FERC 429 Facsimile 01 Company-Plant Code 13433-1619 02 Month & Year of Report 06/96 03 Reporting Company New England Electric 04 Page Number 1 05 Plant Name Brayton Point 06 Plant Location Brayton Point Road, Somerset, MA 02726 07 Person to be Contacted Fuel Dept. Concerning Data Coal Group Entered on this Form 25 Research Drive, Westboro, MA 01582 08 Telephone Number 508-389-3029 / 508-389-3227 09 Signature of Official Submitting this Report Diane M. Healey 10 Title Associate Fuel Analyst 11 Date Report Completed August 16, 1996 Purchases Coal Mines Only Source Data --------- -------------------------- ------------------------------------------------------- Quality as Received Cont Fuel Coal State County Originating Quantity ------------------- Purch Price Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT (1) (2) (3) (4) ---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- ----------- 12 C 12/96 BIT S 45 IMP 999 EL CERREJON 39.7 12137 0.56 5.52 179.96 13 C 08/96 BIT U 8 WV 045 RUM CREEK 40.1 12402 0.65 9.60 168.19 14 C 06/96 BIT U 08 WV 059 ASHLAND 37.1 12827 0.67 8.57 174.14 15 C 08/96 BIT U 8 WV 045 RUM CREEK 39.0 12376 0.67 10.24 171.42 16 C 08/97 BIT U 50 IM 999 NORTE DE SANTAN 31.7 12985 0.60 5.40 162.16 17 C 08/97 BIT U 50 IM 999 NORTEN DE SANTAN 27.9 13009 0.62 6.15 162.16 COAL PRICES REPORTED EXCLUDE $__________PAID TO NEEI FOR COAL DELIVERED TO BRAYTON POINT AND SALEM HARBOR. (1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent Oil = 1,000 bbls Oil per gal Gas = 1,000 Mcf Gas per cu ft
EX-99 11 Exhibit j-2
Monthly Cost and Quality of Fuels for Electric Plants FERC 429 Facsimile 01 Company-Plant Code 13433-1626 02 Month & Year of Report 06/96 03 Reporting Company New England Electric 04 Page Number 1 05 Plant Name Salem Harbor 06 Plant Location 24 Fort Ave., Salem, MA 01970 07 Person to be Contacted Fuel Dept. Concerning Data Coal Group Entered on this Form 25 Research Drive, Westboro, MA 01582 08 Telephone Number 508-389-3029 / 508-389-3227 09 Signature of Official Submitting this Report Diane M. Healey 10 Title Associate Fuel Analyst 11 Date Report Completed August 16, 1996 Purchases Coal Mines Only Source Data --------- -------------------------- --------------------------------------------------------- Quality as Received Cont Fuel Coal State County Originating Quantity ------------------- Purch Price Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT (1) (2) (3) (4) ---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- ----------- 12 C 06/96 BIT U 08 WV 059 ASHLAND 20.0 12906 0.69 8.17 177.41 13 C 12/96 BIT U 8 WV 59 MINGO LOGAN 10.3 13229 0.70 7.33 174.68 14 C 12/96 BIT U WV WINIFREDE 10.0 13042 0.64 6.81 176.86 15 C 12/96 BIT S 50 IM 999 DIABLO PASO 50.3 12856 0.70 5.54 152.87 (1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent Oil = 1,000 bbls Oil per gal Gas = 1,000 Mcf Gas per cu ft EX-99 12 Exhibit j-3
Monthly Cost and Quality of Fuels for Electric Plants FERC 429 Facsimile 01 Company-Plant Code 13433-1619 02 Month & Year of Report 07/96 03 Reporting Company New England Electric 04 Page Number 1 05 Plant Name Brayton Point 06 Plant Location Brayton Point Road, Somerset, MA 02726 07 Person to be Contacted Fuel Dept. Concerning Data Coal Group Entered on this Form 25 Research Drive, Westboro, MA 01582 08 Telephone Number 508-389-3029 / 508-389-3227 09 Signature of Official Submitting this Report Diane M. Healey 10 Title Associate Fuel Analyst 11 Date Report Completed September 10, 1996 Purchases Coal Mines Only Source Data --------- ----------------------------- ------------------------------------------------------- Quality as Received Cont Fuel Coal State County Originating Quantity ------------------- Purch Price Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT (1) (2) (3) (4) ---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- ----------- 12 C 12/96 BIT U 45 IM 999 CERREJON 40.1 12110 0.54 5.93 151.19 13 C 12/96 BIT S 50 IM 999 DIABLO PASO 39.6 12921 0.70 6.02 215.10 14 S 05/96 BIT U 8 WV 5 HAMPTON 8.1 12687 0.68 9.20 177.44 15 C 08/97 BIT U 50 IM 999 NORTE DE SANTAN 92.3 13212 0.62 5.70 162.27 16 C 08/96 BIT U 8 WV 045 RUM CREEK 28.4 12376 0.67 10.24 171.27 17 S 09/96 BIT U 08 KY 195 WHITES CLOUD 3.5 12604 0.67 8.53 151.69 COAL PRICES REPORTED EXCLUDE $2,342,881.38 PAID TO NEEI FOR COAL DELIVERED TO BRAYTON POINT AND SALEM HARBOR. (1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent Oil = 1,000 bbls Oil per gal Gas = 1,000 Mcf Gas per cu ft
EX-99 13 Exhibit j-4
Monthly Cost and Quality of Fuels for Electric Plants FERC 429 Facsimile 01 Company-Plant Code 13433-1626 02 Month & Year of Report 07/96 03 Reporting Company New England Electric 04 Page Number 1 05 Plant Name Salem Harbor 06 Plant Location 24 Fort Ave., Salem, MA 01970 07 Person to be Contacted Fuel Dept. Concerning Data Coal Group Entered on this Form 25 Research Drive, Westboro, MA 01582 08 Telephone Number 508-389-3029 / 508-389-3227 09 Signature of Official Submitting this Report Diane M. Healey 10 Title Associate Fuel Analyst 11 Date Report Completed September 10, 1996 Purchases Coal Mines Only Source Data --------- -------------------------- ------------------------------------------------------- Quality as Received Cont Fuel Coal State County Originating Quantity ------------------- Purch Price Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT (1) (2) (3) (4) ---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- ----------- 12 C 06/96 BIT U 08 WV 059 ASHLAND 30.1 12982 0.72 8.44 177.46 13 C 12/96 BIT S 45 IMP 999 EL CERREJON 45.6 12041 0.58 6.40 146.81 14 C 12/96 BIT U WV WINIFREDE 10.0 12805 0.63 7.10 177.52 (1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent Oil = 1,000 bbls Oil per gal Gas = 1,000 Mcf Gas per cu ft
EX-99 14 Exhibit j-5
Monthly Cost and Quality of Fuels for Electric Plants FERC 429 Facsimile 01 Company-Plant Code 13433-1619 02 Month & Year of Report 08/96 03 Reporting Company New England Electric 04 Page Number 1 05 Plant Name Brayton Point 06 Plant Location Brayton Point Road, Somerset, MA 02726 07 Person to be Contacted Fuel Dept. Concerning Data Coal Group Entered on this Form 25 Research Drive, Westboro, MA 01582 08 Telephone Number 508-389-3029 / 508-389-3227 09 Signature of Official Submitting this Report Diane M. Healey 10 Title Associate Fuel Analyst 11 Date Report Completed October 10, 1996 Purchases Coal Mines Only Source Data --------- -------------------------- ------------------------------------------------------- Quality as Received Cont Fuel Coal State County Originating Quantity ------------------- Purch Price Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT (1) (2) (3) (4) ---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- ----------- 12 C 6/96 BIT U 08 WV 059 ASHLAND 30.2 12980 0.76 8.06 172.59 13 C 03/97 BIT U 8 WV 5 HAMPTON 28.9 12693 0.70 9.54 168.45 14 C 11/95 BIT S 8 WV 045 HOBET 5.8 12358 0.72 11.36 165.48 15 C 06/98 BIT S 8 WV 045 HOBET 115.4 12239 0.78 11.15 166.36 16 C 12/96 BIT U 8 KY 159 MARTIN COUNTY 19.8 12352 0.70 10.26 172.28 17 C 08/97 BIT U 50 IM 999 NORTIN DE SANTAN 28.1 13288 0.57 5.77 163.43 18 C 03/98 BIT U 8 KY 159 PONTIKI 20.1 12733 0.69 7.33 174.02 19 C 08/96 BIT U 8 WV 045 RUM CREEK 54.9 12425 0.69 10.16 171.65 20 C 05/98 BIT S 8 WV 39 SAMPLES 30.2 12587 0.72 11.58 168.19 21 S 09/96 BIT U 08 KY 195 WHITES CLOUD 7.1 12604 0.67 8.53 151.87 22 C 12/96 BIT U 8 WV 59 WINIFREDE 10.1 12860 0.64 7.81 172.53 COAL PRICES REPORTED EXCLUDE $5,168,096.81 PAID TO NEEI FOR COAL DELIVERED TO BRAYTON POINT AND SALEM HARBOR. (1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent Oil = 1,000 bbls Oil per gal Gas = 1,000 Mcf Gas per cu ft
EX-99 15 Exhibit j-6
Monthly Cost and Quality of Fuels for Electric Plants FERC 429 Facsimile 01 Company-Plant Code 13433-1626 02 Month & Year of Report 08/96 03 Reporting Company New England Electric 04 Page Number 1 05 Plant Name Salem Harbor 06 Plant Location 24 Fort Ave., Salem, MA 01970 07 Person to be Contacted Fuel Dept. Concerning Data Coal Group Entered on this Form 25 Research Drive, Westboro, MA 01582 08 Telephone Number 508-389-3029 / 508-389-3227 09 Signature of Official Submitting this Report Diane M. Healey 10 Title Associate Fuel Analyst 11 Date Report Completed October 10, 1996 Purchases Coal Mines Only Source Data --------- -------------------------- --------------------------------------------------------- Quality as Received Cont Fuel Coal State County Originating Quantity ------------------- Purch Price Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT (1) (2) (3) (4) ---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- ----------- 12 C 12/96 BIT S 50 IM 999 DIABLO PASO 37.4 12880 0.71 6.24 153.59 (1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent Oil = 1,000 bbls Oil per gal Gas = 1,000 Mcf Gas per cu ft EX-99 16 Exhibit j-7
Monthly Cost and Quality of Fuels for Electric Plants FERC 429 Facsimile 01 Company-Plant Code 13433-1619 02 Month & Year of Report 09/96 03 Reporting Company New England Electric 04 Page Number 1 05 Plant Name Brayton Point 06 Plant Location Brayton Point Road, Somerset, MA 02726 07 Person to be Contacted Fuel Dept. Concerning Data Coal Group Entered on this Form 25 Research Drive, Westboro, MA 01582 08 Telephone Number 508-389-3029 / 508-389-3227 09 Signature of Official Submitting this Report Diane M. Healey 10 Title Associate Fuel Analyst 11 Date Report Completed November 8, 1996 Purchases Coal Mines Only Source Data --------- -------------------------- ------------------------------------------------------- Quality as Received Cont Fuel Coal State County Originating Quantity ------------------- Purch Price Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT (1) (2) (3) (4) ---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- ----------- 12 C 3/98 BIT S 45 999 999 CERREJON CNTRL 23.1 12109 0.46 4.87 164.76 13 C 12/96 BIT S 45 IMP 999 EL CERREJON 38.7 12070 0.61 5.67 187.33 14 C 06/98 BIT S 8 WV 045 HOBET 74.3 12186 0.75 11.65 169.03 15 C 08/97 BIT U 50 IM 999 NORTE DE SANTAN 28.3 12984 0.71 6.23 162.18 16 C 03/98 BIT U 8 KY 159 PONTIKI 29.8 12686 0.61 7.55 175.01 17 C 05/98 BIT S 8 WV 39 SAMPLES 41.9 12267 0.69 11.48 165.83 18 C 12/96 BIT U 8 WV 59 WINIFREDE 9.8 12771 0.46 7.44 173.07 COAL PRICES REPORTED EXCLUDE $4,490,455.19 PAID TO NEEI FOR COAL DELIVERED TO BRAYTON POINT AND SALEM HARBOR. (1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent Oil = 1,000 bbls Oil per gal Gas = 1,000 Mcf Gas per cu ft
EX-99 17 Exhibit j-8
Monthly Cost and Quality of Fuels for Electric Plants FERC 429 Facsimile 01 Company-Plant Code 13433-1626 02 Month & Year of Report 09/96 03 Reporting Company New England Electric 04 Page Number 1 05 Plant Name Salem Harbor 06 Plant Location 24 Fort Ave., Salem, MA 01970 07 Person to be Contacted Fuel Dept. Concerning Data Coal Group Entered on this Form 25 Research Drive, Westboro, MA 01582 08 Telephone Number 508-389-3029 / 508-389-3227 09 Signature of Official Submitting this Report Diane M. Healey 10 Title Associate Fuel Analyst 11 Date Report Completed November 8, 1996 Purchases Coal Mines Only Source Data --------- -------------------------- --------------------------------------------------------- Quality as Received Cont Fuel Coal State County Originating Quantity ------------------- Purch Price Type Expir Type Type Dist Abbr No Location Received BTU Sulfur Ash Cents/MMBT (1) (2) (3) (4) ---- ----- ---- ---- ---- ----- ------ ----------- -------- --- ------ ---- ----------- 12 C 12/96 BIT S 50 IM 999 DIABLO PASO 46.1 13157 0.69 5.39 148.92 13 C 02/97 BIT U 50 IM 999 NORTE DE SANTAN 33.1 13017 0.67 6.30 157.23 14 C 08/97 BIT U 50 IM 999 NORTE DE SANTAN 20.5 13017 0.67 6.30 162.22 (1) Coal = 1,000 tons (2) Coal per lb (3) and (4) Percent Oil = 1,000 bbls Oil per gal Gas = 1,000 Mcf Gas per cu ft -----END PRIVACY-ENHANCED MESSAGE-----