-----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, UXLhVkCn+ndSRvnXoC0t4c/86aFfETY8OxANa/k7+524TtafIc6JlCRRh46/6yC5 +rxLqbr9os+ZXNedd+PkMQ== 0000072741-94-000062.txt : 19940822 0000072741-94-000062.hdr.sgml : 19940822 ACCESSION NUMBER: 0000072741-94-000062 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19940817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES CENTRAL INDEX KEY: 0000072741 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 042147929 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: 1935 Act SEC FILE NUMBER: 070-08062 FILM NUMBER: 94544761 BUSINESS ADDRESS: STREET 1: 174 BRUSH HILL AVE CITY: WEST SPRINGFIELD STATE: MA ZIP: 01090-0010 BUSINESS PHONE: 2036655000 MAIL ADDRESS: STREET 1: 107 SELDON ST CITY: BERLIN STATE: CT ZIP: 06037-1616 35-CERT 1 COE, INC. QTRYLY RPT FILING UNDER RULE 24 OF 35 ACT UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Application of Northeast ) ) CERTIFICATE PURSUANT TO Utilities, Charter Oak Energy ) RULE 24 UNDER THE PUBLIC ) UTILITY HOLDING COMPANY ACT Inc. and COE Development ) OF 1935 ) Corp. on Form U-1 ) ) (File No. 70-8062) ) Pursuant to the requirements of Rule 24 under the Public Utility Holding Company Act of 1935, Charter Oak Energy, Inc. ("Charter Oak"), a wholly-owned subsidiary of Northeast Utilities ("NU"), a registered holding company, hereby files this quarterly report as required by the Securities and Exchange Commission's supplemental order authorizing preliminary development activities and financing related to such activities and to acquisitions of interests in exempt wholesale generators ("EWGs") and foreign utility companies ("FUCOs") by Charter Oak (HCAR. No. 25977, January 24, 1994; File No. 70-8062). (1) BALANCE SHEET AS OF JUNE 30, 1994: Attached as Exhibit A. (2) INCOME STATEMENT FOR THE QUARTER ENDED JUNE 30, 1994: Attached as Exhibit B. (3) GENERAL DESCRIPTION OF THE ACTIVITIES OF CHARTER OAK FOR THE QUARTER ENDED JUNE 30, 1994, AND OF THE PROJECTS IN WHICH CHARTER OAK OR ITS SUBSIDIARIES HAVE AN INTEREST. During the second quarter of 1994, pursuant to the permission granted by the Commission in the December 30, 1992 (HCAR. No. 25726), and the January 24 (HCAR. No. 25977) orders, Charter Oak, through its wholly-owned subsidiary COE Development Corporation ("COE Development"), has participated in preliminary development activities for potential qualifying cogeneration and small power production facilities (collectively, "QFs"), independent power projects ("IPPs"), EWGs, and FUCOs. These activities have been performed by COE Development both on its own and with unaffiliated third parties. The relationships between COE Development and such unaffiliated third parties have been in the form of cost-sharing contractual arrangements and have not involved the formation of corporations, partnerships, joint ventures or other business entities. On January 24, 1994, the Commission authorized NU (HCAR. No. 25977) to make investments in Charter Oak, and Charter Oak to make investments in COE Development, in the amount of up to $100 million, through December 30, 1994, for preliminary development activities and for acquisitions of interests in QFs, EWGs, FUCOs, and IPPs. This authorization includes preliminary development of domestic projects as well as exploration of the potential for development of private power projects abroad. The Commission reserved jurisdiction over (1) guarantees and assumptions of liability for EWGs and FUCOs made for additional development activities, including construction and permanent financing and (2) the rendering of services by Charter Oak employees or other service company employees to affiliated EWGs and FUCOs. COE Development is engaged in preliminary development activities associated with an 113 MW natural gas-fired project located in the Republic of Argentina. Charter Oak, through its wholly-owned subsidiary Charter Oak (Paris), Inc., pursuant to the permission granted by the Commission (HCAR. No. 24893), has an approximately 10% beneficial equity ownership interest in a 213 MW gas-fired operational qualifying cogeneration facility in Paris, Texas. On September 24, 1993, NU was granted permission (HCAR. No. 70-8084) to invest up to $7 million in Charter Oak for the purchase of an interest in two non-utility subsidiaries to own an interest in a foreign utility company, Encoe Partners. Encoe Partners is a general partnership formed for the sole purpose of building, owning and operating a power generating facility in the United Kingdom ("Power Plant") and acquiring a one-third interest in certain rights and obligations under a power contract. The Power Plant is 2.176 MW and will produce power by harnessing the pressure in the natural gas pipeline feeding the 1,875 MW Teesside Project in Teesside, Wilton, Cleveland, England. This transaction was completed by Charter Oak on the close of business on September 30, 1993 by acquiring interests in two non-utility subsidiary companies, COE (UK) Corp. and COE (GENCOE) Corp. At this time, none of the other projects Charter Oak is currently pursuing are sufficiently defined enough to move beyond the preliminary development stage and therefore are not contained in this report. SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned company has duly caused this Certificate to be signed on its behalf by the undersigned thereunto duly authorized. Charter Oak Energy, Inc. /s/ Eugene G. Vertefeuille Principal Charter Oak Energy, Inc. 34 Hopmeadow Street P.O. Box 576 Simsbury, CT 06070-0576 August 16, 1994 EXHIBIT A CHARTER OAK ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, 1994 1993 ------------ ------------ (Thousands of Dollars) ASSETS Utility Plant, at original cost: Electric $ 52 $ 52 Less: Accumulated provision for depreciation 44 40 ------------ ------------ Total net utility plant 8 12 ------------ ------------ Other Investments, at cost 6,322 2,372 ------------ ------------ Current Assets: Cash 4,450 3,144 Taxes receivable 1,950 1,214 Receivables from affiliated companies - 670 Prepayments - 186 ------------ ------------ 6,400 5,214 ------------ ------------ Deferred Charges: Accumulated deferred income taxes 399 399 Deferred development costs 2,517 2,644 Other 896 968 ------------ ------------ 3,812 4,011 ------------ ------------ Total Assets $ 16,542 $ 11,609 ============ ============ CAPITALIZATION AND LIABILITIES Capitalization: Common stock $ - $ - Capital surplus, paid in 25,149 16,800 Retained earnings (9,123) (5,859) ------------ ------------ Total capitalization 16,026 10,941 ------------ ------------ Minority interest in common equity of subsidiaries 48 - ------------ ------------ Current Liabilities: Accounts payable 259 175 Accounts payable to affiliated companies 108 468 Taxes accrued 73 - Other 28 25 ------------ ------------ 468 668 ------------ ------------ Total Capitalization and Liabilities $ 16,542 $ 11,609 ============ ============
EXHIBIT B CHARTER OAK ENERGY, INC. AND SUBSIDIARIES ----------------------------------------- CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) ---------------------------------------------
Three Months Ended June 30, --------------------------- 1994 1993 ------------ ------------ (Thousands of Dollars) Operating Revenues $ - $ - ------------ ------------ Operating Expenses: Operation and maintenance 1,628 1,515 Depreciation 162 3 Federal and state income taxes (984) (635) Taxes other than income taxes 6 9 ------------ ------------ Total operating expenses 812 892 ------------ ------------ Operating Loss (812) (892) ------------ ------------ Other Income: Investment income 469 211 Other, net 3 - ------------ ------------ Total other income 472 211 ------------ ------------ Loss before interest charges (340) (681) ------------ ------------ Interest Charges 1 1 ------------ ------------ Loss before minority interest in earnings (341) (682) in subsidary Minority interest in earnings in subsidary 1 - ------------ ------------ Net Loss $ (342) $ (682) ============ ============
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