-----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, B/QHwM3I9QW5ELWdGKle6YZaJBrivsCW+9zffg2wzYGIKUfD1fgJgZIAjpDnsD6/ 1QRoLLGNoBlhB1h451qJFA== 0000072741-99-000114.txt : 19990430 0000072741-99-000114.hdr.sgml : 19990430 ACCESSION NUMBER: 0000072741-99-000114 CONFORMED SUBMISSION TYPE: U5S PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES SYSTEM CENTRAL INDEX KEY: 0000072741 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 042147929 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U5S SEC ACT: SEC FILE NUMBER: 001-05324 FILM NUMBER: 99604842 BUSINESS ADDRESS: STREET 1: 174 BRUSH HILL AVE CITY: WEST SPRINGFIELD STATE: MA ZIP: 01090-0010 BUSINESS PHONE: 4137855871 MAIL ADDRESS: STREET 1: 107 SELDON ST CITY: BERLIN STATE: CT ZIP: 06037-1616 U5S 1 Commission File Number: 30-246 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-1004 FORM U5S ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1998 Filed pursuant to the Public Utility Holding Company Act of 1935 by NORTHEAST UTILITIES 174 Brush Hill Avenue, West Springfield, Massachusetts 01090-0010 (Corporate Address) Selden Street, Berlin, Connecticut 06037-1616 (Principal Headquarters) NORTHEAST UTILITIES FORM U5S ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1998 TABLE OF CONTENTS Item Page 1. System Companies and Investments Therein 2 2. Acquisitions or Sales of Utility Assets 7 3. Issue, Sale, Pledge, Guarantee or Assumption of System Securities 7 4. Acquisition, Redemption or Retirement of System Securities 8 5. Investments in Securities of Nonsystem Companies 10 6. Officers and Directors 11 7. Contributions and Public Relations 40 8. Service, Sales and Construction Contracts 40 9. Wholesale Generators and Foreign Utility Companies 42 10. Financial Statements and Exhibits 44 Report of Independent Public Accountants F-1 Signature F-2 ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1998 Name of Company No. of Common % of Name of Owner Shares Owned Voting Power Northeast Utilities (NU) (1) Name of Issuer The Connecticut Light and Power Company (CL&P) (2)(3)* 12,222,930 100% Public Service Company of New Hampshire (PSNH) (2)(3)* 1,000 100 Western Massachusetts Electric Company (WMECO) (2)(3)* 1,072,471 100 North Atlantic Energy Corporation (NAEC) (3) 1,000 100 Holyoke Water Power Company (HWP) (3)* 480,000 100 Northeast Utilities Service Company (NUSCO) (4) 1 100 Northeast Nuclear Energy Company (NNECO) (5) 1,500 100 North Atlantic Energy Service Corporation (NAESCO) (6) 1,000 100 The Rocky River Realty Company (RRR) (7) 100 100 The Quinnehtuk Company (7) 3,500 100 Charter Oak Energy, Inc. (COE) (8)* 100 100 HEC Inc. (9)* 100 100 Select Energy, Inc. (10) 100 100 ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1998 (Continued) Name of Company Issuer Owner's Name of Owner Book Value Book Value (000's) (000's) Northeast Utilities (NU) (1) Name of Issuer The Connecticut Light and Power Company (CL&P) (2)(3)* $996,871 $996,871 Public Service Company of New Hampshire (PSNH) (2) (3)* 678,167 678,167 Western Massachusetts Electric Company (WMECO) (2) (3) * 224,396 224,396 North Atlantic Energy Corporation (NAEC) (3) 204,196 204,196 Holyoke Water Power Company (HWP) (3)* 21,987 21,987 Northeast Utilities Service Company (NUSCO) (4) 1 1 Northeast Nuclear Energy Company (NNECO) (5) 16,167 16,167 North Atlantic Energy Service Corporation (NAESCO) (6) 12 12 The Rocky River Realty Company (RRR) (7) 684 684 The Quinnehtuk Company (7) (2,222) (2,222) Charter Oak Energy, Inc. (COE) (8)* 9,540 9,540 HEC Inc. (9)* 3,437 3,437 Select Energy, Inc. (10) 4,797 4,797 ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1998 (Continued) Name of Company No. of Common % of Name of Owner Shares Owned Voting Power Northeast Utilities (NU) (1) Name of Issuer Mode 1 Communications, Inc. (Mode 1) (12)(13) 100 100 Name of Owner The Connecticut Light and Power Company (2)(3)*** Name of Issuer Research Park, Incorporated 50 100 CL&P Capital, L.P. - 100 The City and Suburban Electric and Gas Company** 100 100 Electric Power, Incorporated** 100 100 The Connecticut Transmission Corporation** 200 100 The Connecticut Steam Company** 10 100 The Nutmeg Power Company** 60 100 CL&P Receivables Corporation (CRC) (11) 100 100 Name of Owner Western Massachusetts Electric Company(2)(3) Name of Issuer WMECO Receivables Corporation (WRC) (11) 100 100 Name of Owner Public Service Company of New Hampshire (2)(3) Name of Issuer Properties, Inc. (7) 200 100 New Hampshire Electric Company** 1 100 ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1998 (Continued) Name of Company Issuer Owner's Name of Owner Book Value Book Value (000's) (000's) Northeast Utilities (NU) (1) Name of Issuer Mode 1 Communications, Inc. (Mode 1) (12) 12,463 12,463 Name of Owner The Connecticut Light and Power Company (2)(3)*** Name of Issuer Research Park, Incorporated 56 56 CL&P Capital, L.P. 3,100 3,100 The City and Suburban Electric and Gas Company** 1 1 Electric Power, Incorporated** 1 1 - --Noninterest Bearing Advance 1 1 The Connecticut Transmission Corporation** 5 5 The Connecticut Steam Company** 1 1 The Nutmeg Power Company** 2 2 CL&P Receivables Corporation (CRC) (11) 147,286 147,286 Name of Owner Western Massachusetts Electric Company(2)(3) Name of Issuer WMECO Receivables Corporation (WRC) (11) 13,783 13,783 Name of Owner Public Service Company of New Hampshire (2)(3) Name of Issuer Properties, Inc. (7) 2,572 2,572 - --Interest Bearing Advance 3,912 3,912 New Hampshire Electric Company** 1 1 ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1998 (Continued) Name of Company No. of Common % of Name of Owner Shares Owned Voting Power Holyoke Water Power Company (3) Name of Issuer Holyoke Power and Electric Company 4,850 100 - -- Variable rate demand rates Name of Owner Charter Oak Energy, Inc. (8) Name of Issuer COE Development Corporation 100 100 COE Argentina I Corp. (8) 100 100 COE Argentina II Corp. 100 100 COE Ave Fenix Corporation 100 100 COE Tejona Corporation (8) - - Name of Owner HEC Inc. (9) Name of Issuer HEC International Corporation 100 100 HEC Energy Consulting Canada, Inc. 100 100 Southwest HEC Energy Services L.L.C. - 50 Name of Company Issuer Owner's Name of Owner Book Value Book Value (000's) (000's) Holyoke Water Power Company (3) Name of Issuer Holyoke Power and Electric Company 332 332 - -- Variable rate demand notes 424 424 Name of Owner Charter Oak Energy, Inc. (8) Name of Issuer COE Development Corporation 3,055 3,055 COE Argentina I Corp. (8) - - COE Argentina II Corp. 1,179 1,179 COE Ave Fenix Corporation (1,256) (1,256) COE Tejona Corporation (8) - - Name of Owner HEC Inc. (9) Name of Issuer HEC International Corporation 4 4 HEC Energy Consulting Canada, Inc. 9 9 Southwest HEC Energy Services L.L.C. (333) (333) *Consolidated. **Inactive. ***Exempt holding company - see Commission Release Nos. 13048 and 14947. ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1998 (Continued) (1) For information about NU's investment in the hydro-transmission companies, see Note A to Item 1. (2) For information regarding CL&P's, PSNH's, and WMECO's investment in regional nuclear generating companies, see Note A to Item 1. (3) Electric utility operating subsidiary. (4) Service company which provides support services for the NU system companies. (5) Agent for the NU system companies and other New England utilities in operating the Millstone nuclear generating facilities. (6) Agent for the joint owners in operating the Seabrook 1 nuclear generating facility. (7) Subsidiary which constructs, acquires, or leases some of the property and facilities used by one or more of the system companies. (8) Directly and through its subsidiaries, COE develops and invests in cogeneration, small power production, and other forms of nonutility generation and in exempt wholesale generators and foreign utility companies, as permitted under the Energy Policy Act of 1992. On March 25, 1997, the NU Board of Trustees approved the offering for the sale of COE. The COE Tejona Corporation subsidiary had been sold effective May 5, 1998 and the COE Argentina I Corporation was dissolved on June 30, 1998. (9) Directly and through its subsidiaries, HEC Inc. provides energy management, demand-side management, and related consulting services for commercial, industrial, and institutional electric companies and electric utility companies. (10) Select Energy, Inc., a Connecticut corporation, commenced operations in October 1996. The corporation engages in the brokering, marketing, transportation, storage and sale of energy commodities at wholesale in designated geographic areas, and in the brokering and marketing of electricity to retail customers participating in various pilot programs. (11) In 1996, CL&P and WMECO entered into agreements under which each system company may sell from time to time, up to $200 million and $40 million, respectively, of eligible accounts receivable and accrued utility revenues. During 1997, CL&P and WMECO restructured their respective agreements to comply with the Financial Accounting Standards Board's Statement of Financial Accounting Standard's No. 125, which required, in part, the creation of CRC and WRC. CRC's and WRC's sole purpose is to purchase receivables from CL&P and WMECO, respectively, and periodically resell individual undivided interests in those receivables to third party purchasers. 12) In June 1996, Mode 1 Communications, Inc., a Connecticut corporation, was formed for the purpose of investing in FiveCom LLC, its affiliate NECOM LLC and/or other affiliates for the construction of the New England Optical Network, a fiber-optic communications network to run throughout New England, and to participate in other associated transactions. For further information on Mode 1, see Note 4 on Item 5 of this Form U5S. (13) On January 4, 1999, NU formed NU Enterprises, Inc. (NUEI), a direct subsidiary of NU and holding company for the NU system's unregulated, competitive companies. NUEI in turn the same day formed Northeast Generation Company (NGC) and Northeast Generation Services (NGS) and acquired the stock of NU's existing unregulated companies, Select Energy, Inc., HEC Inc., and Mode 1 Communications, Inc. [CAPTION] ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1998 (Continued) Note A: The following are CL&P's, PSNH's, and WMECO's total investments in regional nuclear generating companies and Northeast Utilities' investments in New England Hydro- Transmission Electric Company, Inc. and New England Hydro-Transmission Corporation: Number Of % of Carrying Value Name of Owner Name of Issuer Common Shares Voting Power to Owners (000's) The Connecticut Light and Power Company: Connecticut Yankee Atomic Power Co. (b) 120,750 34.5% $36,254 Maine Yankee Atomic Power Co. (b) 60,000 12.0 10,400 Vermont Yankee Nuclear Power Corp. 37,242 9.5 5,463 Yankee Atomic Electric Co. (b) 37,583 24.5 4,881 Public Service Company of New Hampshire: Connecticut Yankee Atomic Power Co. (b) 17,500 5.0 5,457 Maine Yankee Atomic Power Co. (b) 25,000 5.0 4,313 Vermont Yankee Nuclear Power Corp. 15,681 4.0 2,227 Yankee Atomic Electric Co. (b) 10,738 7.0 1,356 Western Massachusetts Electric Company: Connecticut Yankee Atomic Power Co. (b) 33,250 9.5 9,974 Maine Yankee Atomic Power Co. (b) 15,000 3.0 2,629 Vermont Yankee Nuclear Power Corp. 9,800 2.5 1,442 Yankee Atomic Electric Co. (b) 10,738 7.0 1,395 Total System Investment: Connecticut Yankee Atomic Power Co. (b) 171,500 49.0 51,685 Maine Yankee Atomic Power Co. (b) 100,000 20.0 17,342 Vermont Yankee Nuclear Power Corp. 62,723 16.0 9,132 Yankee Atomic Electric Co. (b) 59,059 38.5 7,632 Northeast Utilities: New England Hydro-Transmission Electric Company, Inc. 906,324 22.66 11,569 New England Hydro-Transmission Corp. 4,871 22.66 6,123 (b) Yankee Atomic Electric Co.'s, Connecticut Yankee Atomic Power Co.'s, and Maine Yankee Atomic Power Co.'s nuclear power plants were shut down permanently on February 26, 1992, December 4, 1996, and August 6, 1997, respectively.
ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS No items to be reported for 1998. On January 22, 1999, WMECO signed an agreement to sell 290 MW of fossil and hydroelectric generation assets to Consolidated Edison Energy, Inc. of New York. The sale is expected to occur during 1999. ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES Descriptions of transactions involving the issue, sale, pledge, guarantee or assumption of system securities, including short-term borrowings, have been filed pursuant to Rule 24, with the exception of certain NU guarantees incident to the procurement of surety bonds and the issue of certain securities, as described below. In the ordinary course of their business, the NU subsidiary companies are required to provide surety or performance bonds. From time to time, NU guarantees the payment of such a bond by its subsidiary through the indemnification of the surety company or agency which has agreed to provide the bond. NU's guarantee of these surety bonds is exempt from the provisions of Section 12(b) of the Public Utility Holding Company Act of 1935, pursuant to Rule 45(b)(6) thereunder. As of December 31, 1998, NU had $53,310,000 of such guarantees outstanding, which was the highest amount outstanding during 1998. In addition, information relating to the following issuances has been filed on Form U-6B-2 in accordance with Rule 52: 1. Issuance on May 8, 1998 by The Connecticut Light and Power Company (CL&P) of $72,900,000 aggregate principal amount of First and Refunding Mortgage Bonds, 1998 Series A, to secure CL&P's obligations under a Lease Agreement relating to the Niantic Bay Fuel Trust. 2. Issuance on May 8, 1998 by Western Massachusetts Electric Company (WMECO) of $90,000,000 aggregate principal amount of First Mortgage Bonds, 1998 Series A, to secure WMECO's obligations under a Lease Agreement relating to the Niantic Bay Fuel Trust. 3. Issuance by Public Service Company of New Hampshire (PSNH), in an integrated transaction on May 1, 1998 involving (i) issuance of a $75 million revolving credit facility secured by first mortgage bond and accounts receivable security, (ii) the issuance of $75,000,000 aggregate principal amount of the Company's First Mortgage Bonds, 1998 Series H to secure the revolving credit facility, (iii) amendment and extension of Letters of Credit (LOC) supporting its Series D and E taxable pollution control revenue bonds and related Letters of Credit and Reimbursement Agreements, (iv) conversion of Series D and E tax-exempt pollution control revenue bonds from flexible to fixed rate mode. 4. Issuance by Connecticut Yankee Atomic Power Company (CY) of up to $90,000,000 aggregate principal amount of secured short term notes pursuant to a Credit Agreement between CY and a group of lenders, dated as of March 7, 1997. 5. Issuance by CY of $30,000,000 aggregate principal amount of secured notes pursuant to a Term Loan Agreement between CY and Toronto Dominion (Texas), Inc., dated as of August 22, 1997. [CAPTION] ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES (1) Amounts Acquired Amounts Retired/Debt Repayment Number of Shares Number of Shares Name and Issuer and Title of Issue or Principal Amount Consideration or Principal Amount Consideration The Connecticut Light and Power Company First Mortgage Bonds - 7.25% Series VV $ 25,000,000 $ 25,000,000 $ 25,000,000 $ 25,000,000 6.50% Series T $ 20,000,000 $ 20,000,000 $ 20,000,000 $ 20,000,000 $ 45,000,000 $ 45,000,000 $ 45,000,000 $ 45,000,000 Other Notes/Agreements - (2) Other $ 5,710 $ 5,710 $ 5,710 $ 5,710 $ 5,710 $ 5,710 $ 5,710 $ 5,710 Western Massachusetts Electric Company First Mortgage Bonds - Series G - 6.75% $ 9,800,000 $ 9,800,000 $ 9,800,000 $ 9,800,000 Public Service Company of New Hampshire 9.17% Series B $170,000,000 $170,000,000 $170,000,000 $170,000,000
[CAPTION] ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES (1) (Continued) Amounts Acquired Amounts Retired/Debt Repayment Number of Shares Number of Shares Name and Issuer and Title of Issue or Principal Amount Consideration or Principal Amount Consideration NU Parent 8.58% Series A Note $11,000,000 $11,000,000 $11,000,000 $11,000,000 8.38% Series B Note 6,000,000 6,000,000 6,000,000 6,000,000 $17,000,000 $17,000,000 $17,000,000 $17,000,000 The Rocky River Realty Company Other Notes/Agreements - 7.875% Installment Note (2) $ 840,000 $ 840,000 $ 840,000 $ 840,000 Variable Rate Mortgage Note (3) 69,679 69,679 69,679 69,679 8.81% Series A Note (3) 828,668 828,668 828,668 828,668 $ 1,738,347 $ 1,738,347 $ 1,738,347 $ 1,738,347 Northeast Nuclear Energy Company Other Notes/Agreements - 7.67% Senior Notes $ 6,011,110 $ 6,011,110 $ 6,011,110 $ 6,011,110 North Atlantic Energy Corporation First Mortgage Bonds - 9.05% Series A $20,000,000 $20,000,000 $20,000,000 $20,000,000 (1) For acquisitions, redemptions, or retirements of system securities, other than preferred stock, all transactions exempt pursuant to Rule 42(b)(2) or (4). (2) Unsecured. (3) Secured.
[CAPTION] ITEM 5. INVESTMENTS INSECURITIES OF NONSYSTEM COMPANIES Security Number Of Name of Owner Name of Issuer Owned (1) Shares Western Massachusetts Massachusetts Mutual Electric Company Life Insurance Note - Public Service Company Amoskeag Industries, of New Hampshire Inc. Stock 1,000 Northeast Utilities (Parent) Connecticut Seed Limited Partner- Ventures, Ltd. ship Interest - 8 Subsidiaries (2) Various Stock, Debentures, and Notes - COE Ave Fenix Corp. Ave Fenix, S.A. Stock - COE Tejona Corp. (3) Plantas Eolicas S.A. Stock - Stock - Mode 1 Communications, NorthEast Optic Inc. (4) Network, Inc. Stock 4,774,038
ITEM 5. INVESTMENTS INSECURITIES OF NONSYSTEM COMPANIES (Continued) % of Carrying Name of Owner Name of Issuer Voting Power Value to Owners (000's) Western Massachusetts Massachusetts Mutual Electric Company Life Insurance - $ 190 Public Service Company Amoskeag Industries, of New Hampshire Inc. - $ 100 Northeast Utilities (Parent) Connecticut Seed Ventures, Ltd. - $ 67 8 Subsidiaries (2) Various - $ 300 COE Ave Fenix Corp. Ave Fenix, S.A. - $ 2,496 COE Tejona Corp. (3) Plantas Eolicas S.A. - $ - - $ - Mode 1 Communications, NorthEast Optic Inc. (4) Network, Inc. 29.7% $13,838 (1) Recorded at cost on owners' books. Partnership interests are accounted for under the equity method of accounting. (2) The Connecticut Light and Power Company, Western Massachusetts Electric Company, Holyoke Water Power Company, The Quinnehtuk Company, Northeast Utilities Service Company, Northeast Utilities (Parent), Public Service Company of New Hampshire, and Rocky River Realty Company. (3) As of December 1, 1998, the NU system companies' investments in COE Tejona Corp. had been sold. For further information, refer to Note 8, Item 1 of this Form U5S. (4) Mode 1 Communications, Inc., is a wholly owned subsidiary of NU. In July 1998, Mode 1's equity investments, FiveCom LLC and NECOM LLC, reorganized along with other related companies to form a new company, NorthEast Optic Network, Inc. (NEON). Mode 1's ownership interest of 40.78 percent in the new company was equal to its combined ownership interest in FiveCom LLC and NECOM LLC. In August 1998, NEON issued 4,000,000 new common shares on the open market in an initial public offering.
ITEM 6. OFFICERS AND DIRECTORS Part I. As of December 31, 1998 1. The following is a list of the names and principal business addresses of the individuals who are Trustees of Northeast Utilities (NU), but who are not officers or directors of any other NU system company. The names of the officers and directors of system companies appear in Section 2 below. Cotton Mather Cleveland William J. Pape II Mather Associates American-Republican, Inc. 123 Main Street P.O. Box 2090 P.O. Box 935 398 Meadow Street New London, NH 03257 Waterbury, CT 06722-2090 Mr. William F. Conway Robert E. Patricelli c/o Northeast Utilities Women's Health USA, Inc. P.O. Box 270 22 Waterville Road Hartford, CT 06141-0270 Avon, CT 06001 E. Gail de Planque, Ph.D John F. Swope c/o Northeast Utilities c/o Northeast Utilities P.O. Box 270 P. O. Box 270 Hartford, CT 06141-0270 Hartford, CT 06141-0270 Elizabeth T. Kennan John F. Turner c/o Northeast Utilities The Conservation Fund P.O. Box 270 1800 North Kent Street, Suite 1120 Hartford, CT 06161-0270 Arlington, VA 22209 2. Following are the names of and positions held by the officers and directors of all system companies (excluding the Trustees of Northeast Utilities who are listed in Section 1 above). NAMES OF SYSTEM COMPANIES WITH WHICH CONNECTED AS OF DECEMBER 31, 1998 NU City and Suburban CL&P Michael G. Morris CHB, P, CEO, T CH, P, CEO CH, D Bruce D. Kenyon (1) PN PN, D Hugh C. MacKenzie (2) PR P, D John H. Forsgren EVP, CFO EVP, CFO EVP, CFO, D Cheryl W. Grise' SVP, S, GC SVP, S, GC, D SVP, S, GC Robert G. Abair (3) David B. Amerine David H. Boguslawski VP Michael H. Brothers Gregory B. Butler John T. Carlin Bruce L. Drawbridge (4) Stephen J. Fabiani Barry Ilberman John B. Keane D VP Mary Jo Keating Robert J. Kost VP Kerry J. Kuhlman (5) Keith R. Marvin David R. McHale VP, TRS VP, TRS VP, TRS William J. Nadeau VP Raymond P. Necci John W. Noyes Leon J. Olivier Rodney O. Powell VP John J. Roman VP, C VP, C VP, C Frank C. Rothen Frank P. Sabatino (6) Gary D. Simon John P. Stack Lisa J. Thibdaue VP Richard L. Tower VP Dennis E. Welch VP Roger C. Zaklukiewicz VP Theresa H. Allsop D Thomas V. Foley Patricia A. Wood H. Donald Burbank* David S. Dayton* Linda A. Jensen* Thomas W. Philbin* James B. Redden* Ted C. Feigenbaum** William T. Frain, Jr.*** Gary A. Long*** Paul E. Ramsey*** Robert A. Bersak*** John C. Collins (7) Gerald Letendre (8) Jane E. Newman (9) A. John Stremlaw (10) Alicia Burke (11) Susan M. Burdick-Brennan (12) CL&P Capital (13) COE COE Argen II Michael G. Morris CH, P, CEO, D CH, P, CEO, D Bruce D. Kenyon (1) Hugh C. MacKenzie (2) John H. Forsgren EVP, CFO, D EVP, CFO, D Cheryl W. Grise' SVP, S, GC SVP, S, GC Robert G. Abair (3) David B. Amerine David H. Boguslawski Michael H. Brothers Gregory B. Butler John T. Carlin Bruce L. Drawbridge (4) Stephen J. Fabiani Barry Ilberman John B. Keane Mary Jo Keating Robert J. Kost Kerry J. Kuhlman (5) Keith R. Marvin David R. McHale VP, TRS, D VP, TRS, D William J. Nadeau Raymond P. Necci John W. Noyes Leon J. Olivier Rodney O. Powell John J. Roman VP, C Frank C. Rothen Frank P. Sabatino (6) Gary D. Simon John P. Stack Lisa J. Thibdaue Richard L. Tower Dennis E. Welch Roger C. Zaklukiewicz Theresa H. Allsop Thomas V. Foley Patricia A. Wood H. Donald Burbank* David S. Dayton* Linda A. Jensen* Thomas W. Philbin* James B. Redden* Ted C. Feigenbaum** William T. Frain, Jr.*** Gary A. Long*** Paul E. Ramsey*** Robert A. Bersak*** John C. Collins (7) Gerald Letendre (8) Jane E. Newman (9) A. John Stremlaw (10) Alicia Burke (11) Susan M. Burdick-Brennan (12) COE COE Ave Fenix COE Develop Tejona (14) Michael G. Morris CH, P, CEO, D CH, P, CEO, D Bruce D. Kenyon (1) Hugh C. MacKenzie (2) John H. Forsgren EVP, CFO, D EVP, CFO, D Cheryl W. Grise' SVP, S, GC SVP, S, GC Robert G. Abair (3) David B. Amerine David H. Boguslawski Michael H. Brothers Gregory B. Butler John T. Carlin Bruce L. Drawbridge (4) Stephen J. Fabiani Barry Ilberman John B. Keane Mary Jo Keating Robert J. Kost Kerry J. Kuhlman (5) Keith R. Marvin David R. McHale VP, TRS, D VP, TRS, D William J. Nadeau Raymond P. Necci John W. Noyes Leon J. Olivier Rodney O. Powell John J. Roman Frank C. Rothen Frank P. Sabatino (6) Gary D. Simon John P. Stack Lisa J. Thibdaue Richard L. Tower Dennis E. Welch Roger C. Zaklukiewicz Theresa H. Allsop Thomas V. Foley Patricia A. Wood H. Donald Burbank* David S. Dayton* Linda A. Jensen* Thomas W. Philbin* James B. Redden* Ted C. Feigenbaum** William T. Frain, Jr.*** Gary A. Long*** Paul E. Ramsey*** Robert A. Bersak*** John C. Collins (7) Gerald Letendre (8) Jane E. Newman (9) A. John Stremlaw (10) Alicia Burke (11) Susan M. Burdick-Brennan (12) Conn Steam Conn Trans CRC Michael G. Morris CH, P, CEO CH, P, CEO P, CEO, D Bruce D. Kenyon (1) Hugh C. MacKenzie (2) D John H. Forsgren EVP, CFO EVP, CFO EVP, CFO, D Cheryl W. Grise' SVP, S, GC, D SVP, S, GC, D SVP, S, GC Robert G. Abair (3) David B. Amerine David H. Boguslawski Michael H. Brothers Gregory B. Butler John T. Carlin Bruce L. Drawbridge (4) Stephen J. Fabiani Barry Ilberman John B. Keane D D Mary Jo Keating Robert J. Kost Kerry J. Kuhlman (5) Keith R. Marvin David R. McHale VP, TRS VP, TRS VP, TRS William J. Nadeau Raymond P. Necci John W. Noyes Leon J. Olivier Rodney O. Powell John J. Roman VP, C VP, C VP, C Frank C. Rothen Frank P. Sabatino (6) Gary D. Simon John P. Stack Lisa J. Thibdaue Richard L. Tower Dennis E. Welch Roger C. Zaklukiewicz Theresa H. Allsop D D Thomas V. Foley Patricia A. Wood H. Donald Burbank* David S. Dayton* Linda A. Jensen* Thomas W. Philbin* James B. Redden* Ted C. Feigenbaum** William T. Frain, Jr.*** Gary A. Long*** Paul E. Ramsey*** Robert A. Bersak*** John C. Collins (7) Gerald Letendre (8) Jane E. Newman (9) A. John Stremlaw (10) Alicia Burke (11) Susan M. Burdick-Brennan (12) D EPI HEC HEC Canada Michael G. Morris CH, P, CEO CHB, CEO, D CHB, CEO Bruce D. Kenyon (1) Hugh C. MacKenzie (2) John H. Forsgren EVP, CFO CH(E), D CAO Cheryl W. Grise' SVP, S, GC, D Robert G. Abair (3) David B. Amerine David H. Boguslawski Michael H. Brothers Gregory B. Butler John T. Carlin Bruce L. Drawbridge (4) Stephen J. Fabiani Barry Ilberman John B. Keane D Mary Jo Keating Robert J. Kost Kerry J. Kuhlman (5) Keith R. Marvin David R. McHale VP, TRS William J. Nadeau Raymond P. Necci John W. Noyes Leon J. Olivier Rodney O. Powell John J. Roman VP, C Frank C. Rothen Frank P. Sabatino (6) Gary D. Simon John P. Stack Lisa J. Thibdaue Richard L. Tower Dennis E. Welch Roger C. Zaklukiewicz Theresa H. Allsop D Thomas V. Foley Patricia A. Wood H. Donald Burbank* VP VP David S. Dayton* VP, D VP Linda A. Jensen* VP, TRS, CL VP, TRS, CL Thomas W. Philbin* P, D P James B. Redden* VP VP Ted C. Feigenbaum** William T. Frain, Jr.*** Gary A. Long*** Paul E. Ramsey*** Robert A. Bersak*** John C. Collins (7) Gerald Letendre (8) Jane E. Newman (9) A. John Stremlaw (10) D Alicia Burke (11) Susan M. Burdick-Brennan (12) HEC HEC International Southwest (15) HP&E Michael G. Morris CHB, CEO, D CH, CEO, D Bruce D. Kenyon (1) Hugh C. MacKenzie (2) P, D John H. Forsgren EVP, CFO, D EVP, CFO, D Cheryl W. Grise' SVP, S, GC Robert G. Abair (3) VP, CAO David B. Amerine David H. Boguslawski Michael H. Brothers Gregory B. Butler John T. Carlin Bruce L. Drawbridge (4) Stephen J. Fabiani Barry Ilberman John B. Keane VP Mary Jo Keating Robert J. Kost Kerry J. Kuhlman (5) Keith R. Marvin David R. McHale VP, TRS William J. Nadeau VP Raymond P. Necci John W. Noyes Leon J. Olivier Rodney O. Powell John J. Roman VP, C Frank C. Rothen Frank P. Sabatino (6) Gary D. Simon John P. Stack Lisa J. Thibdaue Richard L. Tower Dennis E. Welch VP Roger C. Zaklukiewicz VP Theresa H. Allsop Thomas V. Foley C Patricia A. Wood H. Donald Burbank* VP David S. Dayton* VP, D Linda A. Jensen* VP, TRS, CL Thomas W. Philbin* P, D James B. Redden* VP Ted C. Feigenbaum** William T. Frain, Jr.*** Gary A. Long*** Paul E. Ramsey*** Robert A. Bersak*** John C. Collins (7) Gerald Letendre (8) Jane E. Newman (9) A. John Stremlaw (10) Alicia Burke (11) Susan M. Burdick-Brennan (12) HWP Mode 1 NAEC Michael G. Morris CH, CEO, D P, CEO, D CH, D Bruce D. Kenyon (1) P, CEO, D Hugh C. MacKenzie (2) P, D John H. Forsgren EVP, CFO, D EVP, CFO, D EVP, CFO, D Cheryl W. Grise' SVP, S, GC SVP, S, GC SVP, S, GC Robert G. Abair (3) VP, CAO David B. Amerine David H. Boguslawski Michael H. Brothers Gregory B. Butler John T. Carlin Bruce L. Drawbridge (4) Stephen J. Fabiani Barry Ilberman John B. Keane VP VP Mary Jo Keating Robert J. Kost Kerry J. Kuhlman (5) Keith R. Marvin David R. McHale VP, TRS VP, TRS, D VP, TRS William J. Nadeau VP Raymond P. Necci John W. Noyes VP Leon J. Olivier Rodney O. Powell John J. Roman VP, C VP, C VP, C Frank C. Rothen Frank P. Sabatino (6) Gary D. Simon John P. Stack Lisa J. Thibdaue Richard L. Tower Dennis E. Welch VP VP Roger C. Zaklukiewicz VP Theresa H. Allsop Thomas V. Foley C Patricia A. Wood H. Donald Burbank* David S. Dayton* Linda A. Jensen* Thomas W. Philbin* James B. Redden* Ted C. Feigenbaum** EVP, CNO William T. Frain, Jr.*** Gary A. Long*** Paul E. Ramsey*** Robert A. Bersak*** John C. Collins (7) Gerald Letendre (8) Jane E. Newman (9) A. John Stremlaw (10) Alicia Burke (11) Susan M. Burdick-Brennan (12) NAESCO NHEC NNECO Michael G. Morris CH, D CH, CEO CH, D Bruce D. Kenyon (1) P, CEO, D P, CEO, D Hugh C. MacKenzie (2) John H. Forsgren EVP, CFO, D EVP, CFO, D Cheryl W. Grise' SVP, S, GC SVP, S, GC Robert G. Abair (3) David B. Amerine VP David H. Boguslawski Michael H. Brothers VP Gregory B. Butler John T. Carlin VP Bruce L. Drawbridge (4) DS Stephen J. Fabiani Barry Ilberman John B. Keane VP Mary Jo Keating Robert J. Kost Kerry J. Kuhlman (5) Keith R. Marvin David R. McHale VP, TRS VP, TRS VP, TRS William J. Nadeau Raymond P. Necci VP VP John W. Noyes Leon J. Olivier SVP, CNO Rodney O. Powell John J. Roman VP, C VP, C VP, C Frank C. Rothen VP VP Frank P. Sabatino (6) Gary D. Simon John P. Stack Lisa J. Thibdaue Richard L. Tower Dennis E. Welch VP Roger C. Zaklukiewicz Theresa H. Allsop Thomas V. Foley Patricia A. Wood H. Donald Burbank* David S. Dayton* Linda A. Jensen* Thomas W. Philbin* James B. Redden* Ted C. Feigenbaum** EVP, CNO William T. Frain, Jr.*** P, D Gary A. Long*** VP, D Paul E. Ramsey*** VP, D Robert A. Bersak*** S, D John C. Collins (7) Gerald Letendre (8) Jane E. Newman (9) A. John Stremlaw (10) Alicia Burke (11) Susan M. Burdick-Brennan (12) Properties NUSCO Nutmeg Power Inc. Michael G. Morris CH, P, CEO, D CH, P, CEO CH, CEO, D Bruce D. Kenyon (1) PN Hugh C. MacKenzie (2) PR John H. Forsgren EVP, CFO, D EVP, CFO EVP, CFO, D Cheryl W. Grise' SVP, S, GC SVP, S, GC, D Robert G. Abair (3) David B. Amerine VP David H. Boguslawski VP Michael H. Brothers VP Gregory B. Butler VP John T. Carlin VP Bruce L. Drawbridge (4) Stephen J. Fabiani VP Barry Ilberman VP John B. Keane VP, D D Mary Jo Keating VP Robert J. Kost Kerry J. Kuhlman (5) Keith R. Marvin VP, CIO David R. McHale VP, TRS VP, TRS VP, TRS William J. Nadeau VP Raymond P. Necci VP John W. Noyes Leon J. Olivier SVP, CNO Rodney O. Powell John J. Roman VP, C VP, C VP, C Frank C. Rothen VP Frank P. Sabatino (6) VP Gary D. Simon SVP John P. Stack Lisa J. Thibdaue VP Richard L. Tower Dennis E. Welch VP Roger C. Zaklukiewicz VP Theresa H. Allsop D Thomas V. Foley Patricia A. Wood H. Donald Burbank* David S. Dayton* Linda A. Jensen* Thomas W. Philbin* VP James B. Redden* Ted C. Feigenbaum** EVP William T. Frain, Jr.*** P, D Gary A. Long*** VP Paul E. Ramsey*** VP Robert A. Bersak*** S John C. Collins (7) Gerald Letendre (8) Jane E. Newman (9) A. John Stremlaw (10) Alicia Burke (11) Susan M. Burdick-Brennan (12) PSNH Quinn. Research Park Michael G. Morris CH, CEO, D CH, P, CEO, D CH, P, CEO, D Bruce D. Kenyon (1) PN, D Hugh C. MacKenzie (2) D PR, D PR, D John H. Forsgren EVP, CFO, D EVP, CFO, D EVP, CFO, D Cheryl W. Grise' SVP, S, GC SVP, S, GC SVP, S, GC Robert G. Abair (3) VP, CAO David B. Amerine David H. Boguslawski VP Michael H. Brothers Gregory B. Butler John T. Carlin Bruce L. Drawbridge (4) Stephen J. Fabiani Barry Ilberman John B. Keane VP VP Mary Jo Keating Robert J. Kost Kerry J. Kuhlman (5) Keith R. Marvin David R. McHale VP, TRS VP, TRS VP, TRS William J. Nadeau VP Raymond P. Necci John W. Noyes Leon J. Olivier Rodney O. Powell John J. Roman VP, C VP, C VP, C Frank C. Rothen Frank P. Sabatino (6) Gary D. Simon John P. Stack Lisa J. Thibdaue VP Richard L. Tower Dennis E. Welch VP VP VP Roger C. Zaklukiewicz VP VP Theresa H. Allsop Thomas V. Foley Patricia A. Wood C H. Donald Burbank* David S. Dayton* Linda A. Jensen* Thomas W. Philbin* James B. Redden* Ted C. Feigenbaum** William T. Frain, Jr.*** P, COO, D Gary A. Long*** VP Paul E. Ramsey*** VP Robert A. Bersak*** John C. Collins (7) D Gerald Letendre (8) D Jane E. Newman (9) D A. John Stremlaw (10) Alicia Burke (11) Susan M. Burdick-Brennan (12) RRR Select WMECO Michael G. Morris CH, P, CEO, D CH, P, CEO, D CH, D Bruce D. Kenyon (1) PN, D Hugh C. MacKenzie (2) PR, D P, D John H. Forsgren EVP, CFO, D EVP, CFO, D EVP, CFO, D Cheryl W. Grise' SVP, S, GC SVP, S, GC SVP, S, GC Robert G. Abair (3) VP, CAO David B. Amerine David H. Boguslawski VP Michael H. Brothers Gregory B. Butler John T. Carlin Bruce L. Drawbridge (4) Stephen J. Fabiani VP, D Barry Ilberman John B. Keane VP VP Mary Jo Keating Robert J. Kost Kerry J. Kuhlman (5) VP Keith R. Marvin David R. McHale VP, TRS VP, TRS VP, TRS William J. Nadeau VP Raymond P. Necci John W. Noyes Leon J. Olivier Rodney O. Powell John J. Roman VP, C VP, C Frank C. Rothen Frank P. Sabatino (6) VP Gary D. Simon John P. Stack Lisa J. Thibdaue VP Richard L. Tower Dennis E. Welch VP VP Roger C. Zaklukiewicz VP VP Theresa H. Allsop Thomas V. Foley Patricia A. Wood C H. Donald Burbank* David S. Dayton* Linda A. Jensen* Thomas W. Philbin* VP, D James B. Redden* Ted C. Feigenbaum** William T. Frain, Jr.*** Gary A. Long*** Paul E. Ramsey*** Robert A. Bersak*** John C. Collins (7) Gerald Letendre (8) Jane E. Newman (9) A. John Stremlaw (10) Alicia Burke (11) Susan M. Burdick-Brennan (12) WRC Michael G. Morris P, CEO, D Bruce D. Kenyon (1) Hugh C. MacKenzie (2) D John H. Forsgren EVP, CFO, D Cheryl W. Grise' SVP, S, GC Robert G. Abair (3) David B. Amerine David H. Boguslawski Michael H. Brothers Gregory B. Butler John T. Carlin Bruce L. Drawbridge (4) Stephen J. Fabiani Barry Ilberman John B. Keane Mary Jo Keating Robert J. Kost Kerry J. Kuhlman (5) Keith R. Marvin David R. McHale VP, TRS William J. Nadeau Raymond P. Necci John W. Noyes Leon J. Olivier Rodney O. Powell John J. Roman VP, C Frank C. Rothen Frank P. Sabatino (6) Gary D. Simon John P. Stack Lisa J. Thibdaue Richard L. Tower Dennis E. Welch Roger C. Zaklukiewicz Theresa H. Allsop Thomas V. Foley Patricia A. Wood H. Donald Burbank* David S. Dayton* Linda A. Jensen* Thomas W. Philbin* James B. Redden* Ted C. Feigenbaum** William T. Frain, Jr.*** Gary A. Long*** Paul E. Ramsey*** Robert A. Bersak*** John C. Collins (7) Gerald Letendre (8) Jane E. Newman (9) A. John Stremlaw (10) Alicia Burke (11) D Susan M. Burdick-Brennan (12) D The principal business address of the individuals listed above is 107 Selden Street, Berlin, Connecticut 06037-1616, except for those individuals designated by a single asterisk (*), whose principal business address is 24 Prime Parkway, Natick, Massachusetts 01760; a double asterisk (**), whose principal business address is Lafayette Road, Seabrook, New Hampshire 03874; and a triple asterisk (***), whose principal business address is 1000 Elm Street, Manchester, New Hampshire 03101. (1) Mr. Kenyon resigned as President-Nuclear Group and was elected President- Generation Group of NU, CL&P, NUSCO, PSNH and WMECO, effective March 1, 1999. (2) Mr. MacKenzie resigned as President of WMECO effective April 1, 1999. (3) Mr. Abair resigned from his positions effective April 1, 1999. (4) Mr. Drawbridge resigned from his position effective January 15, 1999. (5) Ms. Kuhlman resigned as Vice President-Customer Operations and was elected a Director and President and Chief Operating Officer of WMECO effective April 1, 1999. (6) Mr. Sabatino resigned as Vice President-Wholesale Marketing and was elected Senior Vice President-Power Marketing of NUSCO and Select, effective April 4, 1999. (7) Mr. Collins' principal business address is: The Hitchcock Clinic, One Medical Center Drive, Lebanon, New Hampshire 03756. (8) Mr. Letendre's principal business address is: Diamond Casting & Machine Co., Inc., P.O. Box 420, Route 130, Hollis, New Hampshire 03049. (9) Ms. Newman's principal business address is: The Commerce Group, One Harbor Place, Suite 400, Portsmouth, New Hampshire 03801. (10) Mr. Stremlaw's principal business address is: 242 Simcoe Street, Niagra-on-the-Lake, Ontario Canada, L0S 1J0. (11) Ms. Burke's principal business address is: AMACAR Group, 6707 Fairview Road, Suite D, Charlotte, North Carolina 28210 (12) Ms. Burdick-Brennan's principal business address is: AMACAR Group, 6707 Fairview Road, Suite D, Charlotte, North Carolina 28210 (13) CL&P Capital is a partnership in which CL&P serves as general partner and NUSCO serves as limited partner. (14) On May 5, 1998, COE sold all of its issued and outstanding shares of COE Tejona, a wholly-owned subsidiary of COE until such sale. (15) HEC Southwest is a Delaware limited liability company, formed to be the organizational entity for a joint venture between HEC Inc. and Arizona Public Service Company. KEY: AVP - Assistant Vice President C - Controller CAO - Chief Administrative Officer CEO - Chief Executive Officer CFO - Chief Financial Officer CIO - Chief Information Officer CH - Chairman CHB - Chairman of the Board CH(E) - Chairman of the Executive Committee CL - Clerk COMP - Comptroller CNO - Chief Nuclear Officer D - Director DS - Director of Services EVP - Executive Vice President ED - Executive Director GC - General Counsel P - President PG - President - Generation Group PN - President - Nuclear Group PR - President - Retail Business Group S - Secretary SVP - Senior Vice President T - Trustee TRS - Treasurer VP - Vice President NU - Northeast Utilities City and Suburban - The City and Suburban Electric and Gas Company (CL&P Subsidiary) CL&P - The Connecticut Light and Power Company COE - Charter Oak Energy,Inc. COE Argen II - COE Argentina II Corp. (Charter Oak Energy Subsidiary) COE Ave Fenix - COE Ave Fenix Corporation (Charter Oak Energy Subsidiary) COE Develop - COE Development Corporation (Charter Oak Energy Subsidiary) COE Tejona - COE Tejona Corp. (Charter Oak Energy Subsidiary) Conn Steam - The Connecticut Steam Company (CL&P Subsidiary) Conn Trans - The Connecticut Transmission Corporation (CL&P Subsidiary) CRC - CL&P Receivables Corporation (CL&P Subsidiary) EPI - Electric Power, Incorporated (CL&P Subsidiary) HEC - HEC Inc. HEC Canada - HEC Energy Consulting Canada Inc. (HEC Subsidiary) HEC International - HEC International Corporation (HEC Subsidiary) HEC Southwest - Southwest HEC Energy Services L.L.C. HP&E - Holyoke Power and Electric Company (HWP Subsidiary) HWP - Holyoke Water Power Company Mode 1 - NU/Mode 1 Communications, Inc. NAEC - North Atlantic Energy Corporation NAESCO - North Atlantic Energy Service Corporation NHEC - New Hampshire Electric Company NNECO - Northeast Nuclear Energy Company NUSCO - Northeast Utilities Service Company Nutmeg Power - The Nutmeg Power Company (CL&P Subsidiary) Properties, Inc. - Properties, Inc. (PSNH Subsidiary) PSNH - Public Service Company of New Hampshire Quinn. - The Quinnehtuk Company Research Park - Research Park, Inc. (CL&P Subsidiary) RRR - The Rocky River Realty Company Select - Select Energy, Inc. WMECO - Western Massachusetts Electric Company WRC - WMECO Receivables Corporation (WMECO Subsidiary) Part II. The following is a list of the officers, Directors and Trustees who have financial connections within the provisions of Section 17(c) of the Act. Name and Position Name of Location of Held in Applicable Officer Financial Financial Exemption or Director Institution Institution Rule* (1) (2) (3) (4) John C. Collins Fleet Bank-NH Director B Nashua, NH Thomas V. Foley Hampden Savings Bank Trustee E Springfield, MA Jane E. Newman Exeter Trust Company Director B Portsmouth, NH * "A" designates Rule 70(b)(1), (2), (3) and (4); "B" designates Rule 70(c)(1) and (2); "C" designates Rule 70(d)(1), (2), (3) and (4); "D" designates Rule 70(e)(1) and (2); "E" designates Rule 70(f)(1) and (2); and ITEM 6. OFFICERS AND DIRECTORS (Continued) Part III. The information provided herein is applicable to all system companies, except as indicated otherwise. a. COMPENSATION OF TRUSTEES, DIRECTORS AND EXECUTIVE OFFICERS Compensation of Trustees During 1998, each Trustee who was not an employee of Northeast Utilities or its subsidiaries was compensated at an annual rate of $17,000 cash plus 250 common shares of Northeast Utilities, and received $900 for each meeting of the Board or its Committees attended. A non-employee Trustee who participates in a meeting of the Board or any of its Committees by conference telephone receives $675 per meeting. Also, a non-employee Trustee who is asked by either the Board of Trustees or the Chairman of the Board to perform extra services in the interest of the Northeast Utilities system may receive additional compensation of $1,000 per day plus necessary expenses. The Chairs of the Audit, the Compensation, the Corporate Affairs, the Corporate Governance and the Nuclear Committees were compensated at an additional annual rate of $3,500. In addition to the above compensation, Dr. Kennan is paid at the annual rate of $30,000 for the extra services performed as Lead Trustee. The Chair of the Nuclear Committee receives an additional retainer at the rate of $25,000 per year. Dr. de Planque, Chair of the Nuclear Committee, received a $25,000 payment in 1999 for the services provided relative to being Chair of the Nuclear Committee in 1998. Effective February 23, 1999, the annual retainer for a Trustee who is not an employee of Northeast Utilities or its subsidiaries was increased to $20,000 cash plus 500 common shares of Northeast Utilities and the $900 meeting fee was increased to $1,000. Under the terms of the Northeast Utilities Incentive Plan (Incentive Plan) adopted by shareholders at the 1998 Annual Meeting, in May 1998, each non-employee Trustee automatically received an annual grant of options to purchase 2,500 common shares of Northeast Utilities. Receipt of shares acquired on exercise of these options may be deferred pursuant to the terms of the Northeast Utilities Deferred Compensation Plan for Trustees. In February, 1999, the Incentive Plan was amended to remove the fixed grant of options each year and to allow non-employee Trustees to receive stock-based grants to be specified from time to time. In February, 1999, each non-employee Trustee was granted nonqualified options to purchase 2,500 common shares. Prior to the beginning of each calendar year, each non-employee Trustee may irrevocably elect to have all or any portion of the cash compensation paid in the form of common shares of Northeast Utilities. Pursuant to the Northeast Utilities Deferred Compensation Plan for Trustees, each Trustee may also irrevocably elect to defer receipt of some or all cash and/or share compensation. Section 16(a) Beneficial Ownership Reporting Compliance Section 16(a) of the Securities Exchange Act of 1934 requires Trustees and certain officers of Northeast Utilities and persons who beneficially own more than ten percent of the outstanding common shares of Northeast Utilities to file reports of ownership and changes in ownership with the Securities and Exchange Commission (SEC) and the New York Stock Exchange. Based on review of copies of such forms furnished to Northeast Utilities, or written representations that no Form 5 was required, Northeast Utilities believes that for the year ended December 31, 1998, all such reporting requirements were complied with in a timely manner. [CAPTION] CL&P, PSNH, WMECO and NAEC SUMMARY COMPENSATION TABLE The following tables present the cash and non-cash compensation received by the Chief Executive Officer and the next four highest paid executive officers of CL&P, PSNH, WMECO and NAEC, in accordance with rules of the Securities and Exchange Commission (SEC): Annual Compensation Long-Term Compensation Awards Securities Other Restricted Underlying Annual Stock Options/ Compensa- Award(s) Stock Name and tion ($) ($) Appreciation Principal Position Year Salary ($) Bonus ($) (Note 1) (Note 2) Rights (#) Michael G. Morris 1998 757,692 891,000 134,376 255,261 64,574 Chairman of the Board, President 1997 258,333 1,350,000 - - 500,000 and Chief Executive Officer 1996 - - - - - Bruce D. Kenyon 1998 500,000 300,000 - - 21,236 President - Nuclear Group 1997 500,000 300,000 - 306,522 139,745 1996 144,231 400,000 - 499,762 - John H. Forsgren 1998 373,077 - - - 73,183 Executive Vice President and 1997 350,000 - - 378,787 184,382 Chief Financial Officer 1996 305,577 - 62,390 80,380 - Hugh C. MacKenzie 1998 270,000 - - - 15,496 President - Retail Business Group 1997 270,000 - - 189,778 142,549 1996 264,904 - - - - Cheryl W. Grise' 1998 209,231 - - - 12,916 Senior Vice President, 1997 200,000 - - 119,109 89,468 Secretary and General Counsel 1996 200,000 - - - - (in CL&P, PSNH and WMECO tables only) Ted C. Feigenbaum 1998 260,000 48,750 - 40,961 10,044 Executive Vice President and 1997 260,000 30,119 - - - Chief Nuclear Officer of NAEC 1996 248,858 - - - - (in NAEC table only)
[CAPTION] Long-Term Compensation Payouts Long-Term All Incentive Other Program Compen- Name and Payouts sation ($) Principal Position Year ($) (Note 3) Michael G. Morris 1998 - 4,800 Chairman of the Board, President 1997 - - and Chief Executive Officer 1996 - - Bruce D. Kenyon 1998 - 4,800 President - Nuclear Group 1997 - - 1996 - - John H. Forsgren 1998 - 104,800 Executive Vice President and 1997 - 50,000 Chief Financial Officer 1996 - - Hugh C. MacKenzie 1998 37,652 7,500 President - Retail Business Group 1997 26,998 4,800 1996 19,834 7,500 Cheryl W. Grise' 1998 20,720 6,123 Senior Vice President, 1997 15,188 4,800 Secretary and General Counsel 1996 10,937 6,000 (in CL&P, PSNH and WMECO tables only) Ted C. Feigenbaum 1998 20,723 7,800 Executive Vice President and 1997 21,498 4,800 Chief Nuclear Officer of NAEC 1996 14,770 7,222 (in NAEC table only)
[CAPTION] OPTION/SAR GRANTS IN LAST FISCAL YEAR Individual Grants Grant Date Value Number of Securities % of Total Underlying Options/SARs Grant Date Options/SARs Granted to Exercise or Present Granted (#) Employees Base Price Expiration Value ($) Name (Note 4) in Fiscal Year ($/sh) Date (Note 4) Michael G. Morris 64,574 8.18% 16.3125 5/12/2008 255,417 Bruce D. Kenyon 21,236 2.69% 16.3125 5/12/2008 84,098 John H. Forsgren 73,183 9.28% 16.3125 5/12/2008 289,599 Hugh C. MacKenzie 15,496 1.96% 16.3125 5/12/2008 61,367 Cheryl W. Grise' 12,916 1.64% 16.3125 5/12/2008 51,150 Ted C. Feigenbaum 10,044 1.28% 16.3125 5/12/2008 39,776
[CAPTION] FY-END OPTION/SAR VALUES Number of Securities Value of Unexercised Underlying Unexercised In-the-Money Options/SARS Options/SARs at Fiscal Year-End (#) at Fiscal Year-End ($) Exercisable Unexercisable Exercisable Unexercisable Michael G. Morris 21,524 543,050 0 3,187,500 Bruce D. Kenyon 7,079 150,919 0 442,445 John H. Forsgren 24,394 229,234 0 583,766 Hugh C. MacKenzie 5,166 149,836 0 451,323 Cheryl W. Grise' 4,306 96,167 0 283,260 Ted C. Feigenbaum 3,348 6,696 0 0
Notes to Summary Compensation and Option/SAR Grants Tables: 1. Other annual compensation for Mr. Morris consists of 1998 relocation expense reimbursements, and for Mr. Forsgren consists of 1996 tax payments on a restricted stock award. 2. The aggregate restricted stock holdings by the five individuals named in the table were, at December 31, 1998, 137,719 shares with a value of $2,203,504 (CL&P, PSNH and WMECO) and 130,699 shares with a value of $2,091,184 (NAEC). Awards shown for 1997 (except for additional awards made for Messrs. Kenyon and Forsgren - see below) were restricted stock unit grants under the Stock Price Recovery Incentive Program made on January 1, 1997 and vested on January 4, 1999. Mr. Kenyon also received 12,200 Restricted Stock Units on July 8, 1997, with a value at date of grant of $120,475, which will vest, as will the restricted shares granted to him in 1996, when Millstone Station is removed from the Nuclear Regulatory Commission's "watch list," provided that this occurs within three years of Mr. Kenyon's commencement of employment (September 3, 1996) and the Systematic Assessment of Licensee Performance and Institute of Nuclear Power Operations ratings of Seabrook Station have not materially changed from their 1996 levels, or, if earlier, when he is transferred to a new position at the Company or an affiliate, as defined. Mr. Forsgren also received 13,500 Restricted Stock Units on July 8, 1997, with a value at grant of $133,313, which vested, as did the restricted stock granted to him in 1996, on January 1, 1999. Any dividends paid on restricted stock and units are reinvested into additional restricted stock and units, respectively, subject to the same vesting schedule. 3. "All Other Compensation" consists of employer matching contributions under the Northeast Utilities Service Company 401k Plan, generally available to all eligible employees, special matching contributions under the Northeast Utilities Deferred Compensation Plan for Executives (Mr. Morris: $17,931, Mr. Kenyon: $10,000, Mr. MacKenzie: $2,700, Mrs. Grise': $1,323, Mr. Feigenbaum: $3,000), and in the case of Mr. Forsgren, retention payments ($100,000 in 1998, $50,000 in 1997). 4. These options were granted on May 12, 1998 under the Incentive Plan (except for Mr. Morris's options, and 45,919 of Mr. Forsgren's options, which were granted May 19, 1998). All options granted vest one-third on grant date, one-third on May 12, 1999 and one-third on May 12, 2000. Valued using the Black-Scholes option pricing model, with the following assumptions: Volatility: 34.97 percent (36 months of monthly data); Risk-free rate: 5.88 percent; Dividend yield: 5.54 percent (36 months of monthly data); Exercise date: May 12, 2008. PENSION BENEFITS The following table shows the estimated annual retirement benefits payable to an executive officer of Northeast Utilities upon retirement, assuming that retirement occurs at age 65 and that the officer is at that time not only eligible for a pension benefit under the Northeast Utilities Service Company Retirement Plan (the Retirement Plan) but also eligible for the make-whole benefit and the target benefit under the Supplemental Executive Retirement Plan for Officers of Northeast Utilities System Companies (the Supplemental Plan). The Supplemental Plan is a non-qualified pension plan providing supplemental retirement income to system officers. The make-whole benefit under the Supplemental Plan, available to all officers, makes up for benefits lost through application of certain tax code limitations on the benefits that may be provided under the Retirement Plan, and includes as "compensation" awards under the executive incentive plans and deferred compensation (as earned). The target benefit further supplements these benefits and is available to officers at the Senior Vice President level and higher who are selected by the Board of Trustees to participate in the target benefit and who remain in the employ of Northeast Utilities companies until at least age 60 (unless the Board of Trustees sets an earlier age). The benefits presented below are based on a straight life annuity beginning at age 65 and do not take into account any reduction for joint and survivorship annuity payments. Final average compensation for purposes of calculating the target benefit is the highest average annual compensation of the participant during any 36 consecutive months compensation was earned. Compensation taken into account under the target benefit described above includes salary, bonus, restricted stock awards, and long-term incentive payouts shown in the Summary Compensation Table, but does not include employer matching contributions under the 401k Plan. In the event that an officer's employment terminates because of disability, the retirement benefits shown above would be offset by the amount of any disability benefits payable to the recipient that are attributable to contributions made by Northeast Utilities and its subsidiaries under long term disability plans and policies. ANNUAL BENEFIT Final Average Years of Credited Service Compensation 15 20 25 30 35 $ 200,000 $ 72,000 $ 96,000 $120,000 $120,000 $120,000 250,000 90,000 120,000 150,000 150,000 150,000 300,000 108,000 144,000 180,000 180,000 180,000 350,000 126,000 168,000 210,000 210,000 210,000 400,000 144,000 192,000 240,000 240,000 240,000 450,000 162,000 216,000 270,000 270,000 270,000 500,000 180,000 240,000 300,000 300,000 300,000 600,000 216,000 288,000 360,000 360,000 360,000 700,000 252,000 336,000 420,000 420,000 420,000 800,000 288,000 384,000 480,000 480,000 480,000 900,000 324,000 432,000 540,000 540,000 540,000 1,000,000 360,000 480,000 600,000 600,000 600,000 1,100,000 396,000 528,000 660,000 660,000 660,000 1,200,000 432,000 576,000 720,000 720,000 720,000 Each of the executive officers of Northeast Utilities named in the Summary Compensation Table is currently eligible for a target benefit, except Messrs. Morris and Kenyon, whose Employment Agreements provide specially calculated retirement benefits, based on their previous arrangements with CMS Energy/Consumers Energy Company (CMS) and South Carolina Electric and Gas, respectively. Mr. Morris's agreement provides that upon retirement after reaching the fifth anniversary of his employment date with the Company (or upon disability or termination without cause or following a change in control, as defined, of the Company) he will be entitled to receive a special retirement benefit calculated by applying the benefit formula of the CMS Supplemental Executive Retirement Plan to all compensation earned from the Company and to all service rendered to the Company and CMS. If Mr. Kenyon retires with at least three years but less than five years of service with the Company, he will be deemed to have five years of service for purpose of his special retirement benefit, and if he retires with at least three years of service with the Company, he will receive a lump sum payment of $500,000. As of December 31, 1998, the five current executive officers named in the Summary Compensation Table had the following years of credited service for purposes of calculating target benefits under the Supplemental Plan (or in the case of Messrs. Morris and Kenyon, for purposes of calculating the special retirement benefits under their respective Employment Agreements): Mr. Morris - 10, Mr. Kenyon - 2, Mr. Forsgren - 2, Mr. MacKenzie - 33, and for CL&P, WMECO and PSNH, Mrs. Grise' - 18, and for NAEC, Mr. Feigenbaum - 12. Assuming that retirement were to occur at age 65 for these officers, retirement would occur with 23, 11, 15, 41, 37, and 29 years of credited service, respectively. EMPLOYMENT CONTRACTS AND TERMINATION OF EMPLOYMENT ARRANGEMENTS Northeast Utilities Service Company (NUSCO) has entered into employment agreements (the Officer Agreements) with each of the named executive officers. The Officer Agreements are also binding on Northeast Utilities and on each majority-owned subsidiary of Northeast Utilities. Each Officer Agreement obligates the officer to perform such duties as may be directed by the NUSCO Board of Directors or the Northeast Utilities Board of Trustees, protect the Company's confidential information, and refrain, while employed by the Company and for a period of time thereafter, from competing with the Company in a specified geographic area. Each Officer Agreement provides that the officer's base salary will not be reduced below certain levels without the consent of the officer, and that the officer will participate in specified benefits under the Supplemental Executive Retirement Plan or other supplemental retirement programs (see Pension Benefits, above) and/or in certain executive incentive programs at specified incentive opportunity levels. Each Officer Agreement provides for a specified employment term and for automatic one-year extensions of the employment term unless at least six months' notice of non-renewal is given by either party. The employment term may also be ended by the Company for "cause," as defined, at any time (in which case no supplemental retirement benefit, if any, shall be due), or by the officer on thirty days' prior written notice for any reason. Absent "cause," the Company may remove the officer from his or her position on sixty days' prior written notice, but in the event the officer is so removed and signs a release of all claims against the Company, the officer will receive one or two years' base salary and annual incentive payments, specified employee welfare and pension benefits, and vesting of stock appreciation rights, options and restricted stock. Under the terms of an Officer Agreement, upon any termination of employment following a change of control, as defined, between (a) the earlier of the date shareholders approve a change of control transaction or a change of control transaction occurs and (b) the earlier of the date, if any, on which the Board of Trustees abandons the transaction or the date two years following the change of control, if the officer signs a release of all claims against the Company the officer will be entitled to certain payments including a multiple (not to exceed four) of annual base salary, annual incentive payments, specified employee welfare and pension benefits, and vesting of stock appreciation rights, options and restricted stock. Certain of the change in control provisions may be modified by the Board of Trustees prior to a change in control, on at least two years' notice to the affected officer(s). Besides the terms described above, the Officer Agreements of Messrs. Morris, Kenyon, Forsgren and Feigenbaum provide for a specified salary, cash, restricted stock and/or stock options upon employment, special incentive programs and/or special retirement benefits. See Summary Compensation Table and Pension Benefits, above, for further description of these provisions. Mr. Kenyon's Officer Agreement also provides for a special short term incentive compensation program in lieu of a portion of the Stock Price Recovery Incentive Program. Under this special program Mr. Kenyon is eligible to receive a payment up to 100 percent of base salary depending on his fulfillment of certain incentive goals for each of the years ending August 31, 1997 and August 31, 1998, and for the 16 month period ending December 31, 1999. The descriptions of the various agreements set forth above are for purpose of disclosure in accordance with the proxy and other disclosure rules of the SEC and shall not be controlling on any party; the actual terms of the agreements themselves determine the rights and obligations of the parties. b. SECURITY OWNERSHIP OF TRUSTEES, DIRECTORS AND EXECUTIVE OFFICERS The following table provides information as of February 25, 1999, as to the beneficial ownership of the equity securities of NU by each Trustee, each of the five highest paid executive officers of NU and its subsidiaries, and Directors and executive officers of system companies. Unless otherwise noted, each Trustee, Director and executive officer has sole voting and investment power with respect to the listed shares. No equity securities of other system companies are owned by Trustees, Directors or executive officers. Title of Amount and Nature of Percent Class Name Beneficial Ownership of Class (1) NU Common Cotton Mather Cleveland 5,193 NU Common John C. Collins 0 NU Common William F. Conway 6,941 (2)(3) NU Common E. Gail de Planque 4,531 (2) NU Common Ted C. Feigenbaum 12,273 (4) NU Common John H. Forsgren 43,995 (5) NU Common William T. Frain, Jr. 11,503 (6) NU Common Cheryl W. Grise' 22,008 (7) NU Common Elizabeth T. Kennan 6,116 (2) NU Common Bruce D. Kenyon 60,133 (8) NU Common Gerald Letendre 0 NU Common Hugh C. MacKenzie 23,782 (9) NU Common Michael G. Morris 72,566 (10) NU Common Jane E. Newman 0 NU Common William J. Pape II 5,315 (2) NU Common Robert E. Patricelli 9,286 (2) NU Common John F. Swope 7,848 (2) NU Common John F. Turner 3,038 (2) (1) As of February 25, 1999 there were 137,120,486 common shares of NU outstanding. The percentage of such shares beneficially owned by any Director or Executive Officer, and by all Directors and Executive Officers of CL&P, PSNH, WMECO and NAEC as a group, does not exceed one percent. (2) Includes 2,500 shares that could be acquired by the beneficial owner pursuant to currently exercisable options. (3) Mr. Conway shares investment and voting power with respect to 4,441 of these shares with his wife. (4) These shares include 3,348 shares that could be acquired by Mr. Feigenbaum pursuant to currently exercisable options. These shares also include 3,596 restricted shares as to which Mr. Feigenbaum has voting but no investment power. (5) These shares include 24,394 shares that could be acquired by Mr. Forsgren pursuant to currently exercisable options. These shares also include 8,213 restricted shares as to which Mr. Forsgren has voting but no investment power. (6) These shares include 2,395 shares that could be acquired by Mr. Frain pursuant to currently exercisable options. These shares also include 3,524 restricted shares as to which Mr. Frain has voting but no investment power. (7) Mrs. Grise' shares voting and investment power with respect to 259 of these shares, which are held by her husband as custodian for their minor children. These shares also include 4,306 shares that could be acquired by Mrs. Grise' pursuant to currently exercisable options. These shares also include 4,928 restricted shares as to which Mrs. Grise' has voting but no investment power. (8) These shares also include 7,079 shares that could be acquired by Mr. Kenyon pursuant to currently exercisable options. These shares also include 39,544 restricted shares as to which Mr. Kenyon has voting but no investment power. (9) These shares also include 5,166 shares that could be acquired by Mr. MacKenzie pursuant to currently exercisable options. These shares also include 4,928 restricted shares as to which Mr. MacKenzie has voting but no investment power. (10) Mr. Morris shares voting and investment power with respect to 1,333 of these shares with his wife. These shares also include 21,524 shares that could be acquired by Mr. Morris pursuant to currently exercisable options. These shares also include 34,100 restricted shares as to which Mr. Morris has voting but no investment power. C. CONTRACTS AND TRANSACTIONS OF TRUSTEES, DIRECTORS AND EXECUTIVE OFFICERS WITH SYSTEM COMPANIES This disclosure was included in the discussion of employment contracts in Part III, Section (a) above. d. INDEBTEDNESS OF TRUSTEES, DIRECTORS AND EXECUTIVE OFFICERS OF SYSTEM COMPANIES No Trustee, Director or executive officer was indebted to a system company during 1998. e. PARTICIPATION OF TRUSTEES, DIRECTORS AND EXECUTIVE OFFICERS IN BONUS AND PROFIT-SHARING ARRANGEMENTS This disclosure was included in the discussion of compensation in Part III, Section (a) above. f. RIGHTS TO INDEMNITY OF TRUSTEES, DIRECTORS AND EXECUTIVE OFFICERS No disclosures were made in any system company's most recent proxy statement or annual report on Form 10-K with respect to the rights to indemnity of Trustees, Directors or executive officers. ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS (1) Expenditures, disbursements and payments made during 1998 in money, goods or services, directly or indirectly to or for the account of any political party, candidate for public office or holder of such office, or any committee or agent therefore were made by system companies which file annual reports on Form U-13-60 and, accordingly, will be appropriately disclosed therein. (2) The following expenditures, disbursements or payments were made during 1998 to citizens groups or public relations counsel: [CAPTION] Name of Total Purpose of Account Name of System Company Ultimate Beneficiary Paid the Payment Charged Corporate Communications: CL&P Weber-Merritt $20,236 Public Relations 426.54 PSNH Firth Associates, Inc. $64,492 Public Relations 426.54
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS PART I: 1. In 1998, HEC Inc. provided the following energy management and/or demand-side management services to one or more system companies, as authorized by prior Commission orders under the Act: Company Serving Receiving Transaction Company Benefit Compensation Various demand side management services HEC Inc. PSNH $ - * Various demand side management services HEC Inc. CL&P $ 2,084,068 Various energy management services HEC Inc. WMECO $ 432,607 *Prior year's reported compensation in the 1997 Form U5S was $16,842. In 1998, HEC Inc. recorded a prior year adjustment in the amount of ($981), reducing the amount reported in 1997 to $15,861. 2. In 1998, PSNH rendered the following services to NAESCO: Description of Service Amount (Thousands of Dollars) Worker Compensation Costs $61 Electrical Maintenance Services 41 Vehicle Lease Charges 23 Mechanical Maintenance Services 18 Legal Services 8 Accounting Services 4 Miscellaneous Services 8 3. In 1998, the following revenues were received from NAESCO in connection with leasing PSNH assets. (Thousands of Dollars) Newington station building and outside storage $195** **Includes operation and maintenance charges and property taxes associated with leased property. ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS (Continued) PART II: See Item 6, Part III(c). PART III: None to be reported. ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES 1(a) Identification of Company: 1. Company: Ave Fenix Energia S.A. 2. Location: Av. Leandro N. Alen 1110 1001 Buenos Aires, Argentina 3. Business address: Same 4. Description: An Argentinean company whose sole purpose is to own and operate the Ave Fenix Facility. The Facility is a 168 MW simple cycle natural gas combustion turbine and associated electrical and natural gas interconnection equipment located in Tucuman Province, Argentina. The project commenced operations in October of 1996. 5. System company that holds interest: COE Ave Fenix Corporation, a Connecticut corporation. 6. EWG or FUCO: FUCO (b) Capital investment in company by NU, direct or indirect: 1. Type: Capital contribution (12/31/98) 2. Amount: $51 million 3. Debt: None 4. Other financial obligations with recourse to NU or another system company: None 5. Guarantees by NU: $12.5 million Transfer of assets to an affiliated EWG or FUCO: 1. Market value: None 2. Book value: None 3. Sale price: None (c) State the ratio of debt to common equity and earnings as of 12/31/98: Ratio of debt to common equity as of 12/31/98: 0.958 Ratio of debt to earnings/(loss) as of 12/31/98: (5.267) (d) Service, Sales, or Construction Contracts: None PART II. An organizational chart showing the relationship of the foreign utility company to other NU system companies is provided as Exhibit H. Required financial data is provided as Exhibit I. PART III. (a) NU's aggregate investment in EWGs and FUCOs, respectively, as of 12/31/98: EWGs: $ 0.0 million FUCOs: $(1.3) million (b) Ratio of aggregate investment to aggregate retained earnings of NU's public-utility subsidiary companies as of 12/31/98: (0.002) ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS Page Financial Statements filed pursuant to the Public Utility Holding Company Act of 1935 Report of Independent Public Accountants F-1 Signature F-2 Financial Statements Northeast Utilities and Subsidiaries: Consolidating Balance Sheet as of December 31, 1998 F-4--F-7 Consolidating Statement of Income for year ended December 31, 1998 F-8--F-9 Consolidating Statement of Retained Earnings for year ended December 31, 1998 F-10--F-11 Consolidating Statement of Capital Surplus, Paid In for the year ended December 31, 1998 F-10--F-11 Consolidating Statement of Cash Flows for year ended December 31, 1998 F-12--F-13 The Connecticut Light and Power Company and Subsidiaries: Consolidating Balance Sheet as of December 31, 1998 F-14--F-15 Consolidating Statement of Income for year ended December 31, 1998 F-16 Consolidating Statement of Retained Earnings for year ended December 31, 1998 F-17 Consolidating Statement of Capital Surplus, Paid In for the year ended December 31, 1998 F-17 Consolidating Statement of Cash Flows for year ended December 31, 1998 F-18 Public Service Company of New Hampshire and Subsidiary: Consolidating Balance Sheet as of December 31, 1998 F-20--F-21 Consolidating Statement of Income for year ended December 31, 1998 F-22 Consolidating Statement of Retained Earnings for year ended December 31, 1998 F-23 Consolidating Statement of Capital Surplus, Paid In for the year ended December 31, 1998 F-23 Consolidating Statement of Cash Flows for year ended December 31, 1998 F-24 Holyoke Water Power Company and Subsidiary: Consolidating Balance Sheet as of December 31, 1998 F-26--F-27 Consolidating Statement of Income for year ended December 31, 1998 F-28 Consolidating Statement of Retained Earnings for year ended December 31, 1998 F-29 Consolidating Statement of Capital Surplus, Paid In for the year ended December 31, 1998 F-29 Consolidating Statement of Cash Flows for year ended December 31, 1998 F-30 Charter Oak Energy Inc. and Subsidiaries: Consolidating Balance Sheet as of December 31, 1998 F-32--F-35 Consolidating Statement of Income for year ended December 31, 1998 F-36--F-37 Consolidating Statement of Retained Earnings for year ended December 31, 1998 F-38--F-39 Consolidating Statement of Capital Surplus, Paid In for the year ended December 31, 1998 F-38--F-39 Consolidating Statement of Cash Flows for year ended December 31, 1998 F-40--F-41 HEC Inc. and Subsidiaries: Consolidating Balance Sheet as of December 31, 1998 F-42--F-43 Consolidating Statement of Income for the year ended December 31, 1998 F-44 Consolidating Statement of Retained Earnings for the year ended December 31, 1998 F-45 Consolidating Statement of Capital Surplus, Paid In for the year ended December 31, 1998 F-45 Consolidating Statement of Cash Flows for the year ended December 31, 1998 F-46 Western Massachusetts Electric Company and Subsidiary: Consolidating Balance Sheet as of December 31, 1998 F-47--F-48 Consolidating Statement of Income for the year ended December 31, 1998 F-49 Consolidating Statement of Retained Earnings for the year ended December 31, 1998 F-50 Consolidating Statement of Capital Surplus, Paid In for the year ended December 31, 1998 F-50 Consolidating Statement of Cash Flows for the year ended December 31, 1998 F-51 Notes to Financial Statements F-52 Exhibits E-1--E-23 * H. Organizational chart showing the relationship of Ave Fenix Energia S. A., foreign utility company, to other NU system companies. * I. 1998 financial reports of the following foreign utility company: - Ave Fenix Energia S.A. REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To Northeast Utilities and Subsidiaries: We have audited the consolidated balance sheets and consolidated statements of capitalization of Northeast Utilities and Subsidiaries (a Massachusetts trust) and subsidiaries as of December 31, 1998 and 1997, and the related consolidated statements of income, comprehensive income, common shareholders' equity, cash flows, and income taxes for each of the three years in the period ended December 31, 1998, included in the 1998 annual report to shareholders and incorporated by reference in this Form U5S, and have issued our report thereon dated February 23, 1999. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Northeast Utilities and subsidiaries as of December 31, 1998 and 1997, and the results of their operations and cash flows for each of the three years in the period ended December 31, 1998, in conformity with generally accepted accounting principles. /s/ Arthur Andersen LLP Arthur Andersen LLP Hartford, Connecticut February 23, 1999 SIGNATURE Northeast Utilities, a registered holding company, has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, pursuant to the requirements of the Public Utility Holding Company Act of 1935. NORTHEAST UTILITIES By: /s/ John J. Roman John J. Roman Vice President and Controller April 27, 1999 NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
The Connecticut Public Service Light and Company of Northeast Power Company New Hampshire Utilities (consolidated) (consolidated) (parent) (b) (b) ----------- -------------- -------------- Utility Plant, at cost: Electric $ 0 $6,173,871 $1,927,541 Other 0 0 8,588 ----------- -------------- -------------- 0 6,173,871 1,936,129 Less: Accumulated provision for depreciation 0 2,758,012 634,061 ----------- -------------- -------------- 0 3,415,859 1,302,068 Unamortized PSNH acquisition costs 0 0 352,855 Construction work in progress 1 83,477 20,735 Nuclear fuel, net 0 87,867 1,323 ----------- -------------- -------------- Total net utility plant 1 3,587,203 1,676,981 ----------- -------------- -------------- Other Property and Investments: Nuclear decommissioning trusts, at market 0 452,755 5,580 Investments in regional nuclear generating companies, at equity 0 56,999 13,352 Investments in transmission companies, at equity 17,692 0 0 Investments in subsidiary companies, at equity 2,161,901 0 0 Other, at cost 67 93,864 4,570 ----------- -------------- -------------- 2,179,660 603,618 23,502 ----------- -------------- -------------- Current Assets: Cash and cash equivalents 0 434 61,716 Special deposits 0 0 0 Investments in securitizable assets 0 160,253 0 Notes receivable from affiliated companies 34,400 6,600 0 Receivables, net 723 22,186 89,047 Accounts receivable from affiliated companies 1,033 1,721 11,467 Taxes receivables 7,969 26,478 964 Accrued utility revenues 0 0 42,145 Fuel, materials, and supplies, at average cost 0 71,982 36,642 Recoverable energy costs, net--current portion 0 0 65,257 Prepayments and other 96 121,514 21,812 ----------- -------------- -------------- 44,221 411,168 329,050 ----------- -------------- -------------- Deferred Charges: Regulatory assets 0 1,415,838 610,222 Accumulated deferred income taxes 5,236 0 0 Unamortized debt expense 101 19,603 13,995 Deferred receivable from affiliated company 0 0 22,728 Other 255 12,768 5,510 ----------- -------------- -------------- 5,592 1,448,209 652,455 ----------- -------------- -------------- Total Assets $2,229,474 $6,050,198 $2,681,988 =========== ============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
Western Massachusetts Holyoke Electric Water Power Company North Atlantic Company (consolidated) Energy (consolidated) (b) Corporation (b) -------------- -------------- -------------- Utility Plant, at cost: Electric $1,221,257 $753,379 $97,288 Other 0 0 0 -------------- -------------- -------------- 1,221,257 753,379 97,288 Less: Accumulated provision for depreciation 517,401 165,114 45,018 -------------- -------------- -------------- 703,856 588,265 52,270 Unamortized PSNH acquisition costs 0 0 0 Construction work in progress 14,858 7,090 3,142 Nuclear fuel, net 19,931 23,644 0 -------------- -------------- -------------- Total net utility plant 738,645 618,999 55,412 -------------- -------------- -------------- Other Property and Investments: Nuclear decommissioning trusts, at market 125,598 35,210 0 Investments in regional nuclear generating companies, at equity 15,440 0 0 Investments in transmission companies, at equity 0 0 0 Investments in subsidiary companies, at equity 0 0 0 Other, at cost 7,322 0 3,476 -------------- -------------- -------------- 148,360 35,210 3,476 -------------- -------------- -------------- Current Assets: Cash and cash equivalents 106 71 3,655 Special deposits 0 11,198 0 Investments in securitizable assets 21,865 0 0 Notes receivable from affiliated companies 0 30,350 10,100 Receivables, net 862 0 2,744 Accounts receivable from affiliated companies 4,188 23,804 90 Taxes receivables 14,255 7,887 200 Accrued utility revenues 0 0 0 Fuel, materials, and supplies, at average cost 5,053 12,812 6,727 Recoverable energy costs, net--current portion 1,924 0 0 Prepayments and other 23,996 2,198 219 -------------- -------------- -------------- 72,249 88,320 23,735 -------------- -------------- -------------- Deferred Charges: Regulatory assets 322,435 199,882 1,356 Accumulated deferred income taxes 0 0 0 Unamortized debt expense 2,298 2,742 843 Deferred receivable from affiliated company 0 0 0 Other 3,695 0 373 -------------- -------------- -------------- 328,428 202,624 2,572 -------------- -------------- -------------- Total Assets $1,287,682 $945,153 $85,195 ============== ============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral art of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
Northeast Northeast Utilities Nuclear North Atlantic Service Energy Energy Service Company Company Corporation --------- --------- -------------- Utility Plant, at cost: Electric $ 0 $ 47,418 $ 0 Other 93,857 0 0 --------- --------- -------------- 93,857 47,418 0 Less: Accumulated provision for depreciation 63,290 14,527 0 --------- --------- -------------- 30,567 32,891 0 Unamortized PSNH acquisition costs 0 0 0 Construction work in progress 5,871 6,199 0 Nuclear fuel, net 0 646 0 --------- --------- -------------- Total net utility plant 36,438 39,736 0 --------- --------- -------------- Other Property and Investments: Nuclear decommissioning trusts, at market 0 0 0 Investments in regional nuclear generating companies, at equity 0 0 0 Investments in transmission companies, at equity 0 0 0 Investments in subsidiary companies, at equity 0 0 0 Other, at cost 4,881 0 680 --------- --------- -------------- 4,881 0 680 --------- --------- -------------- Current Assets: Cash and cash equivalents 64,333 778 1,815 Special deposits 0 0 0 Investments in securitizable assets 0 0 0 Notes receivable from affiliated companies 53,850 25,900 0 Receivables, net 75,855 3,742 14,160 Accounts receivable from affiliated companies 4,693 45,789 12 Taxes receivables 0 0 0 Accrued utility revenues 0 0 0 Fuel, materials, and supplies, at average cost 639 68,781 24 Recoverable energy costs, net--current portion 0 0 0 Prepayments and other 2,607 1,675 1,221 --------- --------- -------------- 201,977 146,665 17,232 --------- --------- -------------- Deferred Charges: Regulatory assets 0 0 7 Accumulated deferred income taxes 15,366 24,503 0 Unamortized debt expense 0 87 0 Deferred receivable from affiliated company 0 0 0 Other 37,851 10,516 26,762 --------- --------- -------------- 53,217 35,106 26,769 --------- --------- -------------- Total Assets $296,513 $221,507 $44,681 ========= ========= ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral art of these financial satements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
Charter Oak The The Rocky Energy, Inc. Quinnehtuk River Realty (consolidated) Company Company (b) ---------- ------------ -------------- Utility Plant, at cost: Electric $ 0 $ 0 $ 51 Other 1,842 86,746 0 ---------- ------------ -------------- 1,842 86,746 51 Less: Accumulated provision for depreciation 1,263 31,391 51 ---------- ------------ -------------- 579 55,355 0 Unamortized PSNH acquisition costs 0 0 0 Construction work in progress 0 655 7 Nuclear fuel, net 0 0 0 ---------- ------------ -------------- Total net utility plant 579 56,010 7 ---------- ------------ -------------- Other Property and Investments: Nuclear decommissioning trusts, at market 0 0 0 Investments in regional nuclear generating companies, at equity 0 0 0 Investments in transmission companies, at equity 0 0 0 Investments in subsidiary companies, at equity 0 0 0 Other, at cost 2,977 2,500 0 ---------- ------------ -------------- 2,977 2,500 0 ---------- ------------ -------------- Current Assets: Cash and cash equivalents 78 71 755 Special deposits 0 0 0 Investments in securitizable assets 0 0 0 Notes receivable from affiliated companies 0 0 0 Receivables, net 0 9 208 Accounts receivable from affiliated companies 0 639 0 Taxes receivables 138 0 2,915 Accrued utility revenues 0 0 0 Fuel, materials, and supplies, at average cost 0 0 0 Recoverable energy costs, net--current portion 0 0 0 Prepayments and other 0 552 6,178 ---------- ------------ -------------- 216 1,271 10,056 ---------- ------------ -------------- Deferred Charges: Regulatory assets 4 0 0 Accumulated deferred income taxes 0 0 1,898 Unamortized debt expense 0 63 0 Deferred receivable from affiliated company 0 0 0 Other 0 0 223 ---------- ------------ -------------- 4 63 2,121 ---------- ------------ -------------- Total Assets $3,776 $59,844 $12,184 ========== ============ ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
Select Mode 1 HEC Inc. Energy, Communications, (consolidated) Inc. Inc. (b) ---------- --------------- -------------- Utility Plant, at cost: Electric $ 0 $ 77 $ 0 Other 0 0 4,292 ---------- --------------- -------------- 0 77 4,292 Less: Accumulated provision for depreciation 0 0 3,013 ---------- --------------- -------------- 0 77 1,279 Unamortized PSNH acquisition costs 0 0 0 Construction work in progress 1,096 29 0 Nuclear fuel, net 0 0 0 ---------- --------------- -------------- Total net utility plant 1,096 106 1,279 ---------- --------------- -------------- Other Property and Investments: Nuclear decommissioning trusts, at market 0 0 0 Investments in regional nuclear generating companies, at equity 0 0 0 Investments in transmission companies, at equity 0 0 0 Investments in subsidiary companies, at equity 0 0 0 Other, at cost 2,647 13,829 0 ---------- --------------- -------------- 2,647 13,829 0 ---------- --------------- -------------- Current Assets: Cash and cash equivalents 1 1,917 425 Special deposits 0 0 0 Investments in securitizable assets 0 0 0 Notes receivable from affiliated companies 0 0 0 Receivables, net 25,011 0 2,868 Accounts receivable from affiliated companies 0 0 796 Taxes receivables 9,337 474 0 Accrued utility revenues 0 0 0 Fuel, materials, and supplies, at average cost 0 0 0 Recoverable energy costs, net--current portion 0 0 0 Prepayments and other 0 0 144 ---------- --------------- -------------- 34,349 2,391 4,233 ---------- --------------- -------------- Deferred Charges: Regulatory assets 0 0 0 Accumulated deferred income taxes 70 0 0 Unamortized debt expense 683 0 0 Deferred receivable from affiliated company 0 0 0 Other (1) 32 1,923 ---------- --------------- -------------- 752 32 1,923 ---------- --------------- -------------- Total Assets $38,844 $16,358 $7,435 ========== =============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Utility Plant, at cost: Electric $ 650,336 $ 9,570,547 Other 0 195,325 ------------ ------------ 650,336 9,765,872 Less: Accumulated provision for depreciation 8,725 4,224,416 ------------ ------------ 641,611 5,541,456 Unamortized PSNH acquisition costs 0 352,855 Construction work in progress 0 143,159 Nuclear fuel, net 0 133,411 ------------ ------------ Total net utility plant 641,611 6,170,881 ------------ ------------ Other Property and Investments: Nuclear decommissioning trusts, at market 0 619,143 Investments in regional nuclear generating companies, at equity 0 85,791 Investments in transmission companies, at equity 0 17,692 Investments in subsidiary companies, at equity 2,161,901 0 Other, at cost 0 136,812 ------------ ------------ 2,161,901 859,438 ------------ ------------ Current Assets: Cash and cash equivalents 0 136,155 Special deposits 11,198 0 Investments in securitizable assets 0 182,118 Notes receivable from affiliated companies 161,200 0 Receivables, net 208 237,207 Accounts receivable from affiliated companies 94,232 0 Taxes receivables 70,617 0 Accrued utility revenues 0 42,145 Fuel, materials, and supplies, at average cost 0 202,661 Recoverable energy costs, net--current portion 0 67,181 Prepayments and other 116,772 65,440 ------------ ------------ 454,227 932,907 ------------ ------------ Deferred Charges: Regulatory assets 220,795 2,328,949 Accumulated deferred income taxes 47,073 0 Unamortized debt expense 0 40,416 Deferred receivable from affiliated company 22,728 0 Other 45,117 54,790 ------------ ------------ 335,713 2,424,155 ------------ ------------ Total Assets $3,593,452 $10,387,381 ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
The Connecticut Public Service Light and Company of Northeast Power Company New Hampshire Utilities (consolidated) (consolidated) (parent) (b) (b) ----------- -------------- -------------- Capitalization: Common shareholders' equity: Common shares $ 685,156 $ 122,229 $ 1 Capital surplus, paid in 940,661 664,156 424,250 Deferred benefit plan-employee stock ownership plan (140,619) 0 0 Retained earnings 560,769 210,108 252,912 Accumulated other comprehensive income 1,405 378 1,004 ----------- -------------- -------------- Total common shareholders' equity 2,047,372 996,871 678,167 Preferred stock not subject to mandatory redemption 0 116,200 0 Preferred stock subject to mandatory redemption 0 99,539 50,000 Long-term debt 158,000 1,793,952 516,485 ----------- -------------- -------------- Total capitalization 2,205,372 3,006,562 1,244,652 ----------- -------------- -------------- Minority Interest in Consolidated Subsidiary 0 100,000 0 ----------- -------------- -------------- Obligations Under Capital Leases 0 68,444 703,411 ----------- -------------- -------------- Current Liabilities: Notes payable to banks 0 10,000 0 Notes payable to affiliated company 0 0 0 Long-term debt and preferred stock--current portion 19,000 233,755 25,000 Obligations under capital leases--current portion 0 94,440 138,812 Accounts payable 714 121,040 26,227 Accounts payable to affiliated companies 1,882 32,758 28,256 Accrued taxes 15 19,396 83,068 Accrued interest 2,097 31,409 5,894 Accrued pension benefits 0 0 46,004 Other 0 34,872 8,540 ----------- -------------- -------------- 23,708 577,670 361,801 ----------- -------------- -------------- Deferred Credits: Accumulated deferred income taxes 0 1,194,722 225,313 Accumulated deferred investment tax credits 0 114,457 3,460 Deferred contractual obligations 0 277,826 66,400 Decommissioning obligation--Millstone 1 0 560,500 0 Deferred obligation to affiliated company 0 0 22,728 Deferred credit--SFAS 109 0 0 0 Other 394 150,017 54,223 ----------- -------------- -------------- 394 2,297,522 372,124 ----------- -------------- -------------- Total Capitalization and Liabilities $2,229,474 $6,050,198 $2,681,988 =========== ============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
Western Massachusetts Holyoke Electric Water Power Company North Atlantic Company (consolidated) Energy (consolidated) (b) Corporation (b) -------------- -------------- -------------- Capitalization: Common shareholders' equity: Common shares $ 26,812 1 $ 2,400 Capital surplus, paid in 151,431 $160,999 6,000 Deferred benefit plan-employee stock ownership plan 0 0 0 Retained earnings 46,003 43,196 13,592 Accumulated other comprehensive income 150 0 (5) -------------- -------------- -------------- Total common shareholders' equity 224,396 204,196 21,987 Preferred stock not subject to mandatory redemption 20,000 0 0 Preferred stock subject to mandatory redemption 18,000 0 0 Long-term debt 349,314 405,000 38,300 -------------- -------------- -------------- Total capitalization 611,710 609,196 60,287 -------------- -------------- -------------- Minority Interest in Consolidated Subsidiary 0 0 0 -------------- -------------- -------------- Obligations Under Capital Leases 12,129 0 0 -------------- -------------- -------------- Current Liabilities: Notes payable to banks 20,000 0 0 Notes payable to affiliated company 30,900 0 0 Long-term debt and preferred stock--current portion 41,500 70,000 0 Obligations under capital leases--current portion 21,964 0 0 Accounts payable 17,952 5,924 2,063 Accounts payable to affiliated companies 12,866 867 192 Accrued taxes 1,264 710 2,667 Accrued interest 8,030 2,987 314 Accrued pension benefits 0 0 304 Other 6,831 285 254 -------------- -------------- -------------- 161,307 80,773 5,794 -------------- -------------- -------------- Deferred Credits: Accumulated deferred income taxes 248,985 209,634 11,583 Accumulated deferred investment tax credits 21,895 0 2,446 Deferred contractual obligations 74,534 0 0 Decommissioning obligation--Millstone 1 131,500 0 0 Deferred obligation to affiliated company 0 22,728 0 Deferred credit--SFAS 109 0 0 0 Other 25,622 22,822 5,085 -------------- -------------- -------------- 502,536 255,184 19,114 -------------- -------------- -------------- Total Capitalization and Liabilities $1,287,682 $945,153 $85,195 ============== ============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
Northeast Northeast Utilities Nuclear North Atlantic Service Energy Energy Service Company Company Corporation --------- --------- -------------- Capitalization: Common shareholders' equity: Common shares $ 0 $ 15 $ 1 Capital surplus, paid in 1 15,350 9 Deferred benefit plan-employee stock ownership plan 0 0 0 Retained earnings 0 923 2 Accumulated other comprehensive income 0 (121) 0 --------- --------- -------------- Total common shareholders' equity 1 16,167 12 Preferred stock not subject to mandatory redemption 0 0 0 Preferred stock subject to mandatory redemption 0 0 0 Long-term debt 0 6,011 0 --------- --------- -------------- Total capitalization 1 22,178 12 --------- --------- -------------- Minority Interest in Consolidated Subsidiary 0 0 0 --------- --------- -------------- Obligations Under Capital Leases 0 4,820 0 --------- --------- -------------- Current Liabilities: Notes payable to banks 0 0 0 Notes payable to affiliated company 107,350 0 0 Long-term debt and preferred stock--current portion 0 6,011 0 Obligations under capital leases--current portion 0 3,447 0 Accounts payable 78,739 48,667 9,523 Accounts payable to affiliated companies 5,124 2,089 1,894 Accrued taxes 3,987 11,534 594 Accrued interest 2 0 0 Accrued pension benefits 12,356 42,075 23,144 Other 18,531 62,245 4,944 --------- --------- -------------- 226,089 176,068 40,099 --------- --------- -------------- Deferred Credits: Accumulated deferred income taxes 0 0 199 Accumulated deferred investment tax credits 0 1,111 0 Deferred contractual obligations 0 0 0 Decommissioning obligation--Millstone 1 0 0 0 Deferred obligation to affiliated company 0 0 0 Deferred credit--SFAS 109 4,223 9,452 0 Other 66,200 7,878 4,371 --------- --------- -------------- 70,423 18,441 4,570 --------- --------- -------------- Total Capitalization and Liabilities $296,513 $221,507 $44,681 ========= ========= ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
Charter Oak The The Rocky Energy, Inc. Quinnehtuk River Realty (consolidated) Company Company (b) ---------- ------------ -------------- Capitalization: Common shareholders' equity: Common shares $ 350 $ 10 0 Capital surplus, paid in 155 0 $ 92,744 Deferred benefit plan-employee stock ownership plan 0 0 0 Retained earnings (2,727) 674 (83,204) Accumulated other comprehensive income 0 0 0 ---------- ------------ -------------- Total common shareholders' equity (2,222) 684 9,540 Preferred stock not subject to mandatory redemption 0 0 0 Preferred stock subject to mandatory redemption 0 0 0 Long-term debt 0 14,551 0 ---------- ------------ -------------- Total capitalization (2,222) 15,235 9,540 ---------- ------------ -------------- Minority Interest in Consolidated Subsidiary 0 0 0 ---------- ------------ -------------- Obligations Under Capital Leases 0 0 0 ---------- ------------ -------------- Current Liabilities: Notes payable to banks 0 0 0 Notes payable to affiliated company 5,900 16,050 0 Long-term debt and preferred stock--current portion 0 1,887 0 Obligations under capital leases--current portion 0 0 0 Accounts payable 0 0 299 Accounts payable to affiliated companies 43 394 30 Accrued taxes 0 12 0 Accrued interest 0 300 0 Accrued pension benefits 0 0 0 Other 0 1,311 2,301 ---------- ------------ -------------- 5,943 19,954 2,630 ---------- ------------ -------------- Deferred Credits: Accumulated deferred income taxes 23 1,328 0 Accumulated deferred investment tax credits 0 0 0 Deferred contractual obligations 0 0 0 Decommissioning obligation--Millstone 1 0 0 0 Deferred obligation to affiliated company 0 0 0 Deferred credit--SFAS 109 0 0 0 Other 32 23,327 14 ---------- ------------ -------------- 55 24,655 14 ---------- ------------ -------------- Total Capitalization and Liabilities $ 3,776 $59,844 $ 12,184 ========== ============ ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
Select Mode 1 HEC Inc. Energy, Communications, (consolidated) Inc. Inc. (b) ---------- --------------- -------------- Capitalization: Common shareholders' equity: Common shares $ 0 0 $ 0 Capital surplus, paid in 21,051 $16,157 4,000 Deferred benefit plan-employee stock ownership plan 0 0 0 Retained earnings (16,254) (3,694) (562) Accumulated other comprehensive income 0 0 (1) ---------- --------------- -------------- Total common shareholders' equity 4,797 12,463 3,437 Preferred stock not subject to mandatory redemption 0 0 0 Preferred stock subject to mandatory redemption 0 0 0 Long-term debt 0 0 525 ---------- --------------- -------------- Total capitalization 4,797 12,463 3,962 ---------- --------------- -------------- Minority Interest in Consolidated Subsidiary 0 0 0 ---------- --------------- -------------- Obligations Under Capital Leases 0 0 0 ---------- --------------- -------------- Current Liabilities: Notes payable to banks 0 0 0 Notes payable to affiliated company 0 0 1,000 Long-term debt and preferred stock--current portion 0 0 0 Obligations under capital leases--current portion 0 0 0 Accounts payable 26,151 0 1,521 Accounts payable to affiliated companies 7,778 3 55 Accrued taxes 0 0 221 Accrued interest 11 0 0 Accrued pension benefits 0 0 0 Other 107 0 588 ---------- --------------- -------------- 34,047 3 3,385 ---------- --------------- -------------- Deferred Credits: Accumulated deferred income taxes 0 3,892 88 Accumulated deferred investment tax credits 0 0 0 Deferred contractual obligations 0 0 0 Decommissioning obligation--Millstone 1 0 0 0 Deferred obligation to affiliated company 0 0 0 Deferred credit--SFAS 109 0 0 0 Other 0 0 0 ---------- --------------- -------------- 0 3,892 88 ---------- --------------- -------------- Total Capitalization and Liabilities $ 38,844 $16,358 $7,435 ========== =============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Capitalization: Common shareholders' equity: Common shares $ 151,819 $ 685,156 Capital surplus, paid in 1,556,302 940,661 Deferred benefit plan-employee stock ownership plan 0 (140,619) Retained earnings 460,970 560,769 Accumulated other comprehensive income 1,405 1,405 ------------ ------------ Total common shareholders' equity 2,170,496 2,047,372 Preferred stock not subject to mandatory redemption 0 136,200 Preferred stock subject to mandatory redemption 0 167,539 Long-term debt 0 3,282,138 ------------ ------------ Total capitalization 2,170,496 5,633,249 ------------ ------------ Minority Interest in Consolidated Subsidiary 0 100,000 ------------ ------------ Obligations Under Capital Leases 700,381 88,423 ------------ ------------ Current Liabilities: Notes payable to banks 0 30,000 Notes payable to affiliated company 161,200 0 Long-term debt and preferred stock--current portion 0 397,153 Obligations under capital leases--current portion 137,807 120,856 Accounts payable 208 338,612 Accounts payable to affiliated companies 94,231 0 Accrued taxes 72,712 50,755 Accrued interest 0 51,044 Accrued pension benefits 90,849 33,034 Other 34,477 106,333 ------------ ------------ 591,484 1,127,787 ------------ ------------ Deferred Credits: Accumulated deferred income taxes 47,073 1,848,694 Accumulated deferred investment tax credits 0 143,369 Deferred contractual obligations 0 418,760 Decommissioning obligation--Millstone 1 0 692,000 Deferred obligation to affiliated company 22,728 22,728 Deferred credit--SFAS 109 13,675 0 Other 47,615 312,371 ------------ ------------ 131,091 3,437,922 ------------ ------------ Total Capitalization and Liabilities $3,593,452 $10,387,381 ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
The Connecticut Public Service Light and Company of Northeast Power Company New Hampshire Utilities (consolidated) (consolidated) (parent) (b) (b) --------- -------------- -------------- Operating Revenues $ 0 $2,386,864 $1,087,247 --------- -------------- -------------- Operating Expenses: Operation-- Fuel, purchased and net interchange power 0 887,224 322,071 Other 7,599 703,971 400,730 Maintenance 2 271,317 51,734 Depreciation 0 216,509 45,342 Amortization of regulatory assets, net 0 120,884 26,758 Federal and state income taxes 1,569 (11,642) 64,792 Taxes other than income taxes 73 170,347 43,181 --------- -------------- -------------- Total operating expenses 9,243 2,358,610 954,608 --------- -------------- -------------- Operating Income (Loss) (9,243) 28,254 132,639 --------- -------------- -------------- Other Income: Equity in earnings of subsidiaries (145,874) 0 0 Deferred nuclear plants return--other funds 0 165 0 Equity in earnings of regional nuclear generating companies and transmission companies 2,903 6,241 1,577 Other, net 21,995 (6,240) 8,854 Minority interest in income of subsidiary 0 (9,300) 0 Millstone 1-unrecoverable costs 0 (143,239) 0 Gain on sale of investments 0 0 0 Reserve for loss on sale of COE Ave Fenix Investment in Ave Fenix Energia, S.A. 0 0 0 Income taxes 0 67,127 (7,473) --------- -------------- -------------- Other income (loss), net (120,976) (85,246) 2,958 --------- -------------- -------------- Income (loss) before interest charges (130,219) (56,992) 135,597 --------- -------------- -------------- Interest Charges: Interest on long-term debt 16,187 133,192 43,317 Other interest 347 5,898 594 Deferred nuclear plants return--borrowed funds 0 (357) 0 --------- -------------- -------------- Interest charges, net 16,534 138,733 43,911 --------- -------------- -------------- Net Income (Loss) $(146,753) $ (195,725) $ 91,686 ========= ============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
Western Massachusetts Holyoke Electric Water Power Company North Atlantic Company (consolidatd) Energy (consolidated) (b) Corporation (b) ------------- -------------- -------------- Operating Revenues $393,322 $276,685 $41,750 ------------- -------------- -------------- Operating Expenses: Operation-- Fuel, purchased and net interchange power 113,148 13,305 19,937 Other 134,916 36,763 4,646 Maintenance 56,622 14,120 4,912 Depreciation 40,901 25,381 2,067 Amortization of regulatory assets, net 6,016 85,464 (1) Federal and state income taxes 2,109 36,194 898 Taxes other than income taxes 19,756 11,401 3,810 ------------- -------------- -------------- Total operating expenses 373,468 222,628 36,269 ------------- -------------- -------------- Operating Income (Loss) 19,854 54,057 5,481 ------------- -------------- -------------- Other Income: Equity in earnings of subsidiaries 0 0 0 Deferred nuclear plants return--other funds 0 6,731 0 Equity in earnings of regional nuclear generating companies and transmission companies 1,699 0 0 Other, net (1,905) (8,435) (135) Minority interest in income of subsidiary 0 0 0 Millstone 1-unrecoverable costs 0 0 0 Gain on sale of investments 0 0 0 Reserve for loss on sale of COE Ave Fenix Investment in Ave Fenix Energia, S.A. 0 0 0 Income taxes 2,198 14,378 163 ------------- -------------- -------------- Other income (loss), net 1,992 12,674 28 ------------- -------------- -------------- Income (loss) before interest charges 21,846 66,731 5,509 ------------- -------------- -------------- Interest Charges: Interest on long-term debt 28,027 50,082 1,569 Other interest 3,415 (676) 9 Deferred nuclear plants return--borrowed funds (17) (12,169) 0 ------------- -------------- -------------- Interest charges, net 31,425 37,237 1,578 ------------- -------------- -------------- Net Income (Loss) $ (9,579) $ 29,494 $ 3,931 ============= ============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
Northeast Northeast Utilities Nuclear North Atlantic Service Energy Energy Service Company Company Corporation --------- --------- -------------- Operating Revenues $293,229 $531,666 $144,803 --------- --------- -------------- Operating Expenses: Operation-- Fuel, purchased and net interchange power 0 0 7,927 Other 261,445 288,306 92,338 Maintenance 12,493 224,934 39,241 Depreciation 10,543 1,768 0 Amortization of regulatory assets, net 0 0 0 Federal and state income taxes (175) (2,309) 447 Taxes other than income taxes 12,698 12,860 4,412 --------- --------- -------------- Total operating expenses 297,004 525,559 144,365 --------- --------- -------------- Operating Income (Loss) (3,775) 6,107 438 --------- --------- -------------- Other Income: Equity in earnings of subsidiaries 0 0 0 Deferred nuclear plants return--other funds 0 0 0 Equity in earnings of regional nuclear generating companies and transmission companies 0 0 0 Other, net 4,086 (1,379) (355) Minority interest in income of subsidiary 0 0 0 Millstone 1-unrecoverable costs 0 0 0 Gain on sale of investments 0 0 0 Reserve for loss on sale of COE Ave Fenix Investment in Ave Fenix Energia, S.A. 0 0 0 Income taxes 0 0 0 --------- --------- -------------- Other income (loss), net 4,086 (1,379) (355) --------- --------- -------------- Income (loss) before interest charges 311 4,728 83 --------- --------- -------------- Interest Charges: Interest on long-term debt 0 1,907 0 Other interest 311 762 83 Deferred nuclear plants return--borrowed funds 0 0 0 --------- --------- -------------- Interest charges, net 311 2,669 83 --------- --------- -------------- Net Income (Loss) $ 0 $ 2,059 $ 0 ========= ========= ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
Charter Oak The The Rocky Energy, Inc. Quinnehtuk River Realty (consolidated) Company Company (b) ---------- ------------ -------------- Operating Revenues $ 209 $6,619 $ 0 ---------- ------------ -------------- Operating Expenses: Operation-- Fuel, purchased and net interchange power 0 0 0 Other 22 648 1,994 Maintenance 0 0 1 Depreciation 55 2,301 0 Amortization of regulatory assets, net 0 0 0 Federal and state income taxes (275) 2 425 Taxes other than income taxes 298 1,394 (57) ---------- ------------ -------------- Total operating expenses 100 4,345 2,363 ---------- ------------ -------------- Operating Income (Loss) 109 2,274 (2,363) ---------- ------------ -------------- Other Income: Equity in earnings of subsidiaries 0 0 0 Deferred nuclear plants return--other funds 0 0 0 Equity in earnings of regional nuclear generating companies and transmission companies 0 0 0 Other, net (43) 56 (6,690) Minority interest in income of subsidiary 0 0 0 Millstone 1-unrecoverable costs 0 0 0 Gain on sale of investments 0 0 3,978 Reserve for loss on sale of COE Ave Fenix Investment in Ave Fenix Energia, S.A. 0 0 (20,000) Income taxes 0 0 0 ---------- ------------ -------------- Other income (loss), net (43) 56 (22,712) ---------- ------------ -------------- Income (loss) before interest charges 66 2,330 (25,075) ---------- ------------ -------------- Interest Charges: Interest on long-term debt 0 1,450 0 Other interest 303 880 0 Deferred nuclear plants return--borrowed funds 0 0 0 ---------- ------------ -------------- Interest charges, net 303 2,330 0 ---------- ------------ -------------- Net Income (Loss) $(237) $ 0 $(25,075) ========== ============ ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
Select Mode 1 HEC Inc. Energy, Communications, (consolidated) Inc. Inc. (b) ----------- --------------- -------------- Operating Revenues $ 29,254 $ 0 $22,708 ----------- --------------- -------------- Operating Expenses: Operation-- Fuel, purchased and net interchange power 22,467 0 0 Other 26,920 233 22,873 Maintenance 29 0 36 Depreciation 0 0 443 Amortization of regulatory assets, net 0 0 0 Federal and state income taxes (7,832) (1,363) (281) Taxes other than income taxes 812 10 356 ----------- --------------- -------------- Total operating expenses 42,396 (1,120) 23,427 ----------- --------------- -------------- Operating Income (Loss) (13,142) 1,120 (719) ----------- --------------- -------------- Other Income: Equity in earnings of subsidiaries 0 0 0 Deferred nuclear plants return--other funds 0 0 0 Equity in earnings of regional nuclear generating companies and transmission companies 0 0 0 Other, net 26 (3,379) 152 Minority interest in income of subsidiary 0 0 0 Millstone 1-unrecoverable costs 0 0 0 Gain on sale of investments 0 0 0 Reserve for loss on sale of COE Ave Fenix Investment in Ave Fenix Energia, S.A. 0 0 0 Income taxes 0 0 0 ----------- --------------- -------------- Other income (loss), net 26 (3,379) 152 ----------- --------------- -------------- Income (loss) before interest charges (13,116) (2,259) (567) ----------- --------------- -------------- Interest Charges: Interest on long-term debt 0 0 0 Other interest 253 0 108 Deferred nuclear plants return--borrowed funds 0 0 0 ----------- --------------- -------------- Interest charges, net 253 0 108 ----------- --------------- -------------- Net Income (Loss) $(13,369) $(2,259) $ (675) =========== =============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Operating Revenues $1,446,643 $3,767,714 ------------ ------------ Operating Expenses: Operation-- Fuel, purchased and net interchange power 89,599 1,296,480 Other 1,006,266 977,139 Maintenance 276,275 399,165 Depreciation 12,503 332,807 Amortization of regulatory assets, net 35,990 203,132 Federal and state income taxes 227 82,332 Taxes other than income taxes 29,419 251,932 ------------ ------------ Total operating expenses 1,450,279 3,542,987 ------------ ------------ Operating Income (Loss) (3,636) 224,727 ------------ ------------ Other Income: Equity in earnings of subsidiaries (145,874) 0 Deferred nuclear plants return--other funds 0 6,896 Equity in earnings of regional nuclear generating companies and transmission companies 0 12,420 Other, net 25,731 (19,121) Minority interest in income of subsidiary 0 (9,300) Millstone 1-unrecoverable costs 0 (143,239) Gain on sale of investments 3,978 0 Reserve for loss on sale of COE Ave Fenix Investment in Ave Fenix Energia, S.A. (20,000) 0 Income taxes 0 76,393 ------------ ------------ Other income (loss), net (136,165) (75,951) ------------ ------------ Income (loss) before interest charges (139,801) 148,776 ------------ ------------ Interest Charges: Interest on long-term debt 1,907 273,824 Other interest 4,479 7,808 Deferred nuclear plants return--borrowed funds 0 (12,543) ------------ ------------ Interest charges, net 6,386 269,089 ------------ ------------ Net Income (Loss) $ (146,187) $ (120,313) ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
The Connecticut Public Service Light and Company of Northeast Power Company New Hampshire Utilities (consolidated) (consolidated) (parent) (b) (b) ---------- -------------- -------------- Balance at beginning of period $ 707,522 $ 419,972 $170,501 Addition: Net income (loss) (146,753) (195,725) 91,686 ---------- -------------- -------------- 560,769 224,247 262,187 ---------- -------------- -------------- Deductions: Dividends declared: Preferred stock (at required annual rates): The Connecticut Light and Power Company 14,139 Western Massachusetts Electric Company Public Service Company of New Hampshire 9,275 Common shares: $1,333.33 per share $20,000.00 per share $25,000.00 per share ---------- -------------- -------------- 0 14,139 9,275 ---------- -------------- -------------- Balance at end of period $ 560,769 $ 210,108 $252,912 ========== ============== ==============
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
The Connecticut Public Service Light and Company of Northeast Power Company New Hampshire Utilities (consolidated) (consolidated) (parent) (b) (b) ---------- -------------- -------------- Balance at beginning of period $932,494 $641,333 $423,713 Capital contribution from Northeast Utilities 0 20,000 0 Dividends declared on common shares: $194,000.00 per share 0 0 0 Issuance of 189,094 common shares 1,714 0 0 Allocation of benefits--ESOP (4,769) 0 0 Gain on repurchase of preferred stock 59 59 0 Unearned stock compensation (537) 0 0 Gain on equity investment 8,140 0 0 Capital stock expenses, net 3,560 2,764 537 ---------- -------------- -------------- Balance at end of period $940,661 $664,156 $424,250 ========== ============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
Western Massachusetts Holyoke Electric Water Power Company North Atlantic Company (consolidated) Energy (consolidated) (b) Corporation (b) -------------- -------------- -------------- Balance at beginning of period $58,608 $58,702 $ 9,661 Addition: Net income (loss) (9,579) 29,494 3,931 -------------- -------------- -------------- 49,029 88,196 13,592 -------------- -------------- -------------- Deductions: Dividends declared: Preferred stock (at required annual rates): The Connecticut Light and Power Company Western Massachusetts Electric Company 3,026 Public Service Company of New Hampshire Common shares: $1,333.33 per share $20,000.00 per share 20,000 $25,000.00 per share 25,000 -------------- -------------- -------------- 3,026 45,000 0 -------------- -------------- -------------- Balance at end of period $46,003 $43,196 $13,592 ============== ============== ==============
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
Western Massachusetts Holyoke Electric Water Power Company North Atlantic Company (consolidated) Energy (consolidated) (b) Corporation (b) -------------- -------------- -------------- Balance at beginning of period $151,171 $160,999 $6,000 Capital contribution from Northeast Utilities 0 0 0 Dividends declared on common shares: $194,000.00 per share 0 0 0 Issuance of 189,094 common shares 0 0 0 Allocation of benefits--ESOP 0 0 0 Gain on repurchase of preferred stock 0 0 0 Unearned stock compensation 0 0 0 Gain on equity investment 0 0 0 Capital stock expenses, net 260 0 0 -------------- -------------- -------------- Balance at end of period $151,431 $160,999 $6,000 ============== ============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
Northeast Nuclear North Atlantic The Energy Energy Service Quinnehtuk Company Corporation Company --------- -------------- -------------- Balance at beginning of period $ 864 $2 $(2,490) Addition: Net income (loss) 2,059 0 (237) --------- -------------- -------------- 2,923 2 (2,727) --------- -------------- -------------- Deductions: Dividends declared: Preferred stock (at required annual rates): The Connecticut Light and Power Company Western Massachusetts Electric Company Public Service Company of New Hampshire Common shares: $1,333.33 per share 2,000 $20,000.00 per share $25,000.00 per share --------- -------------- -------------- 2,000 0 0 --------- -------------- -------------- Balance at end of period $ 923 $2 $(2,727) ========= ============== ==============
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
Northeast Northeast Utilities Nuclear North Atlantic Service Energy Energy Service Company Company Corporation --------- -------------- -------------- Balance at beginning of period $1 $15,350 $9 Capital contribution from Northeast Utilities 0 0 0 Dividends declared on common shares: $194,000.00 per share 0 0 0 Issuance of 189,094 common shares 0 0 0 Allocation of benefits--ESOP 0 0 0 Gain on repurchase of preferred stock 0 0 0 Unearned stock compensation 0 0 0 Gain on equity investment 0 0 0 Capital stock expenses, net 0 0 0 --------- -------------- -------------- Balance at end of period $1 $15,350 $9 ========= ============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
Charter Oak The Rocky Energy, Inc. Select River Realty (consolidated) Energy, Company (b) Inc. -------------- -------------- ----------- Balance at beginning of period 674 (58,129) (2,885) Addition: Net income (loss) 0 (25,075) (13,369) -------------- -------------- ----------- 674 (83,204) (16,254) -------------- -------------- ----------- Deductions: Dividends declared: Preferred stock (at required annual rates): The Connecticut Light and Power Company Western Massachusetts Electric Company Public Service Company of New Hampshire Common shares: $1,333.33 per share $20,000.00 per share $25,000.00 per share -------------- -------------- ----------- 0 0 0 -------------- -------------- ----------- Balance at end of period 674 (83,204) (16,254) ============== ============== ===========
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
Charter Oak The Energy, Inc. Select Quinnehtuk (consolidated) Energy, Company (b) Inc. -------------- -------------- ----------- Balance at beginning of period $155 $102,344 $ 4,051 Capital contribution from Northeast Utilities 0 9,800 17,000 Dividends declared on common shares: $194,000.00 per share 0 (19,400) 0 Issuance of 189,094 common shares 0 0 0 Allocation of benefits--ESOP 0 0 0 Gain on repurchase of preferred stock 0 0 0 Unearned stock compensation 0 0 0 Gain on equity investment 0 0 0 Capital stock expenses, net 0 0 0 -------------- -------------- ----------- Balance at end of period $155 $ 92,744 $21,051 ============== ============== =========== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
Mode 1 HEC Inc. Communications, (consolidated) Inc. (b) --------------- -------------- Balance at beginning of period $(1,435) $ 113 Addition: Net income (loss) (2,259) (675) --------------- -------------- (3,694) (562) --------------- -------------- Deductions: Dividends declared: Preferred stock (at required annual rates): The Connecticut Light and Power Company Western Massachusetts Electric Company Public Service Company of New Hampshire Common shares: $1,333.33 per share $20,000.00 per share $25,000.00 per share --------------- -------------- 0 0 --------------- -------------- Balance at end of period $(3,694) $(562) =============== ==============
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
Mode 1 HEC Inc. Communications, (consolidated) Inc. (b) --------------- -------------- Balance at beginning of period $ 8,017 $3,999 Capital contribution from Northeast Utilities 0 0 Dividends declared on common shares: $194,000.00 per share 0 0 Issuance of 189,094 common shares 0 0 Allocation of benefits--ESOP 0 0 Gain on repurchase of preferred stock 0 0 Unearned stock compensation 0 0 Gain on equity investment 8,140 0 Capital stock expenses, net 0 0 --------------- -------------- Balance at end of period $16,157 $3,999 =============== ============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Balance at beginning of period $ 654,157 $ 707,522 Addition: Net income (loss) (146,187) (120,313) ------------ ------------ 507,970 587,209 ------------ ------------ Deductions: Dividends declared: Preferred stock (at required annual rates): The Connecticut Light and Power Company 14,139 Western Massachusetts Electric Company 3,026 Public Service Company of New Hampshire 9,275 Common shares: $1,333.33 per share 2,000 0 $20,000.00 per share 20,000 0 $25,000.00 per share 25,000 0 ------------ ------------ 47,000 26,440 ------------ ------------ Balance at end of period $ 460,970 $ 560,769 ============ ============
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Balance at beginning of period $1,517,142 $932,494 Capital contribution from Northeast Utilities 46,800 0 Dividends declared on common shares: $194,000.00 per share (19,400) 0 Issuance of 189,094 common shares 0 1,714 Allocation of benefits--ESOP 0 (4,769) Gain on repurchase of preferred stock 59 59 Unearned stock compensation 0 (537) Gain on equity investment 8,140 8,140 Capital stock expenses, net 3,560 3,560 ------------ ------------ Balance at end of period $1,556,301 $940,661 ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
The Connecticut Public Service Light and Company of Northeast Power Company New Hampshire Utilities (consolidated) (consolidated) (parent) (b) (b) ------------ -------------- -------------- Operating Activities: Net (loss)/income $ (146,753) $ (195,725) $ 91,686 Adjustments to reconcile to net cash from operating activities: Depreciation 0 216,509 45,342 Deferred income taxes and investment tax credits, net 777 (65,689) 78,359 Deferred nuclear plants return 0 (521) 0 Amortization of nuclear plants return 0 0 0 Amortization of deferred demand-side-management costs, net 0 42,085 0 Amortization/(deferral) of recoverable energy costs 0 30,745 2,065 Amortization of PSNH acquisition costs 0 0 49,431 Amortization of regulatory assets - income taxes 0 66,027 0 Amortization of cogeneration deferral 0 29,559 0 Amortization of regulatory liability - PSNH 0 0 (32,860) Amortization of other regulatory assets 0 25,298 10,187 Millstone 1 -- unrecoverable costs 0 143,239 0 Equity in earnings of subsidiary companies 145,874 0 0 Cash dividends received from subsidiary companies 47,000 0 0 Other sources of cash 21,512 82,109 32,374 Other uses of cash (586) (23,040) (85,202) Changes in working capital: Receivables and accrued utility revenues, net (84) (5,086) 21,948 Fuel, materials and supplies 0 9,896 3,519 Accounts payable 523 (63,592) 404 Accrued taxes (15,815) (13,621) 13,279 Sale of receivables and accrued utility revenues 0 35,000 0 Investments in securitizable assets 0 45,372 0 Other working capital (excludes cash) (166) 30,097 (13,714) ------------ -------------- -------------- Net cash flows from/(used for) operating activities 52,282 388,662 216,818 ------------ -------------- -------------- Financing Activities: Issuance of common shares 2,659 0 0 Issuance of long-term debt 0 0 0 Net (decrease)/increase in short-term debt 0 (86,300) 0 Reacquisitions and retirements of long-term debt (17,000) (45,006) (170,000) Reacquisitions and retirements of preferred stock 0 (35,711) (25,000) Cash dividends on preferred stock 0 (14,139) (9,275) Cash dividends on common shares 0 0 0 Other paid in capital 0 0 0 ------------ -------------- -------------- Net cash flows (used for)/from financing activities (14,341) (181,156) (204,275) ------------ -------------- -------------- Investment Activities: Investment in plant: Electric and other utility plant 0 (132,194) (43,780) Nuclear fuel 0 (8,444) (307) ------------ -------------- -------------- Net cash flows used for investments in plant 0 (140,638) (44,087) NU system Money Pool (200) (6,600) 0 Investment in subsidiaries (40,029) 0 0 Investment in nuclear decommissioning trusts 0 (54,106) (641) Other investment activities, net 2,278 (26,187) (746) Capital contributions from Northeast Utilities 0 20,000 0 ------------ -------------- -------------- Net cash flows (used for)/from investments (37,951) (207,531) (45,474) ------------ -------------- -------------- Net (decrease)/increase in cash for the period (10) (25) (32,931) Cash and cash equivalents - beginning of period 10 459 94,647 ------------ -------------- -------------- Cash and cash equivalents - end of period $ 0 $ 434 $ 61,716 ============ ============== ============== Supplemental Cash Flow Information: Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 16,610 $ 110,119 $ 46,277 Income taxes $ 16,929 $ (46,747) $ 18,694 Increase in obligations: Niantic Bay Fuel Trust and other capital leases $ - $ 4,102 $ - Seabrook Power Contracts $ - $ - $ 0 Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
Western Massachusetts Holyoke Electric North Water Power Company Atlantic Company (consolidated) Energy (consolidated) (b) Corporation (b) -------------- ------------ -------------- Operating Activities: Net (loss)/income $ (9,579) $ 29,494 $ 3,931 Adjustments to reconcile to net cash from operating activities: Depreciation 40,901 25,381 2,067 Deferred income taxes and investment tax credits, net 7,405 6,010 727 Deferred nuclear plants return (18) (18,900) 0 Amortization of nuclear plants return 0 86,376 Amortization of deferred demand-side-management costs, net 0 0 0 Amortization/(deferral) of recoverable energy costs 5,366 0 0 Amortization of PSNH acquisition costs 0 0 0 Amortization of regulatory assets - income taxes 2,657 0 Amortization of cogeneration deferral 0 0 0 Amortization of regulatory liability - PSNH 0 0 Amortization of other regulatory assets 3,359 (912) Millstone 1 -- unrecoverable costs 0 0 0 Equity in earnings of subsidiary companies 0 0 0 Cash dividends received from subsidiary companies 0 0 0 Other sources of cash 9,029 35,096 316 Other uses of cash (11,791) (16,173) (489) Changes in working capital: Receivables and accrued utility revenues, net 1,622 1,891 370 Fuel, materials and supplies 807 191 (633) Accounts payable (20,962) (7,161) (1,663) Accrued taxes 742 710 2,089 Sale of receivables and accrued utility revenues 0 0 0 Investments in securitizable assets 3,415 0 0 Other working capital (excludes cash) (3,441) (13,258) (1,076) -------------- ------------ -------------- Net cash flows from/(used for) operating activities 29,512 128,745 5,639 -------------- ------------ -------------- Financing Activities: Issuance of common shares 0 0 0 Issuance of long-term debt 0 0 0 Net (decrease)/increase in short-term debt 21,550 (9,950) 0 Reacquisitions and retirements of long-term debt (9,800) (20,000) 0 Reacquisitions and retirements of preferred stock (1,500) 0 0 Cash dividends on preferred stock (3,026) 0 0 Cash dividends on common shares 0 (45,000) 0 Other paid in capital 0 0 0 -------------- ------------ -------------- Net cash flows (used for)/from financing activities 7,224 (74,950) 0 -------------- ------------ -------------- Investment Activities: Investment in plant: Electric and other utility plant (19,895) (9,028) (1,045) Nuclear fuel (1,801) (6,474) 0 -------------- ------------ -------------- Net cash flows used for investments in plant (21,696) (15,502) (1,045) NU system Money Pool 0 (30,350) (950) Investment in subsidiaries 0 0 0 Investment in nuclear decommissioning trusts (12,918) (7,885) 0 Other investment activities, net (2,121) 0 1 Capital contributions from Northeast Utilities 0 0 0 -------------- ------------ -------------- Net cash flows (used for)/from investments (36,735) (53,737) (1,994) -------------- ------------ -------------- Net (decrease)/increase in cash for the period 1 58 3,645 Cash and cash equivalents - beginning of period 105 13 10 -------------- ------------ -------------- Cash and cash equivalents - end of period $ 106 $ 71 $ 3,655 ============== ============ ============== Supplemental Cash Flow Information: Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 22,902 $ 42,498 $ 1,358 Income taxes $ (2,624) $ 22,136 $ (285) Increase in obligations: Niantic Bay Fuel Trust and other capital leases $ 962 $ - $ - Seabrook Power Contracts $ - $ - $ - Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars) North Northeast Northeast Atlantic Utilities Nuclear Energy Service Energy Service Company Company Corporation ------------ ------------- ------------ Operating Activities: Net (loss)/income $ 0 $ 2,059 $ 0 Adjustments to reconcile to net cash from operating activities: Depreciation 10,543 1,768 0 Deferred income taxes and investment tax credits, net 2,278 (4,107) 90 Deferred nuclear plants return 0 0 0 Amortization of nuclear plants return Amortization of deferred demand-side-management costs, net 0 0 0 Amortization/(deferral) of recoverable energy costs 0 0 0 Amortization of PSNH acquisition costs 0 0 0 Amortization of regulatory assets - income taxes Amortization of cogeneration deferral 0 0 0 Amortization of regulatory liability - PSNH Amortization of other regulatory assets Millstone 1 -- unrecoverable costs 0 0 0 Equity in earnings of subsidiary companies 0 0 0 Cash dividends received from subsidiary companies 0 0 0 Other sources of cash 5,342 5,491 291 Other uses of cash (840) (963) (2,442) Changes in working capital: Receivables and accrued utility revenues, net 47,370 10,104 3,357 Fuel, materials and supplies (605) (2,642) (500) Accounts payable (32,575) (88,090) (2,742) Accrued taxes (10,500) (2,208) 523 Sale of receivables and accrued utility revenues 0 0 0 Investments in securitizable assets 0 0 0 Other working capital (excludes cash) (11,290) 18,239 1,548 ------------ ------------- ------------ Net cash flows from/(used for) operating activities 9,723 (60,349) 125 ------------ ------------- ------------ Financing Activities: Issuance of common shares 0 0 0 Issuance of long-term debt 0 0 0 Net (decrease)/increase in short-term debt (34,600) 0 0 Reacquisitions and retirements of long-term debt 0 (6,011) 0 Reacquisitions and retirements of preferred stock 0 0 0 Cash dividends on preferred stock 0 0 0 Cash dividends on common shares 0 (2,000) 0 Other paid in capital 0 0 0 ------------ ------------- ------------ Net cash flows (used for)/from financing activities (34,600) (8,011) 0 ------------ ------------- ------------ Investment Activities: Investment in plant: Electric and other utility plant (7,664) (3,564) 0 Nuclear fuel 0 0 0 ------------ ------------- ------------ Net cash flows used for investments in plant (7,664) (3,564) 0 NU system Money Pool 53,400 72,700 0 Investment in subsidiaries 0 0 0 Investment in nuclear decommissioning trusts 0 0 0 Other investment activities, net (726) 0 0 Capital contributions from Northeast Utilities 0 0 0 ------------ ------------- ------------ Net cash flows (used for)/from investments 45,010 69,136 0 ------------ ------------- ------------ Net (decrease)/increase in cash for the period 20,133 776 125 Cash and cash equivalents - beginning of period 44,200 2 1,690 ------------ ------------- ------------ Cash and cash equivalents - end of period $ 64,333 $ 778 $ 1,815 ============ ============= ============ Supplemental Cash Flow Information: Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 11 $ 2,341 $ - Income taxes $ 7,626 $ 4,006 $ (114) Increase in obligations: Niantic Bay Fuel Trust and other capital leases $ - $ - $ - Seabrook Power Contracts $ - $ - $ - Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
The Rocky Charter Oak The River Energy, Inc. Quinnehtuk Realty (consolidated) Company Company (b) ----------- ------------ -------------- Operating Activities: Net (loss)/income $ (237) $ 0 $ (25,075) Adjustments to reconcile to net cash from operating activities: Depreciation 55 2,300 0 Deferred income taxes and investment tax credits, net 14 66 (382) Deferred nuclear plants return 0 0 0 Amortization of nuclear plants return Amortization of deferred demand-side-management costs, net 0 0 0 Amortization/(deferral) of recoverable energy costs 0 0 0 Amortization of PSNH acquisition costs 0 0 0 Amortization of regulatory assets - income taxes Amortization of cogeneration deferral 0 0 0 Amortization of regulatory liability - PSNH Amortization of other regulatory assets Millstone 1 -- unrecoverable costs 0 0 0 Equity in earnings of subsidiary companies 0 0 0 Cash dividends received from subsidiary companies 0 0 0 Other sources of cash 3 17 4,465 Other uses of cash (52) (1,265) (692) Changes in working capital: Receivables and accrued utility revenues, net 0 673 (195) Fuel, materials and supplies 0 0 0 Accounts payable 40 73 (276) Accrued taxes (175) (324) (25) Sale of receivables and accrued utility revenues 0 0 0 Investments in securitizable assets 0 0 0 Other working capital (excludes cash) (138) 218 3,748 ----------- ------------ -------------- Net cash flows from/(used for) operating activities (490) 1,758 (18,432) ----------- ------------ -------------- Financing Activities: Issuance of common shares 0 0 0 Issuance of long-term debt 0 0 0 Net (decrease)/increase in short-term debt 550 350 0 Reacquisitions and retirements of long-term debt 0 (1,738) 0 Reacquisitions and retirements of preferred stock 0 0 0 Cash dividends on preferred stock 0 0 0 Cash dividends on common shares 0 0 0 Other paid in capital 0 0 (9,600) ----------- ------------ -------------- Net cash flows (used for)/from financing activities 550 (1,388) (9,600) ----------- ------------ -------------- Investment Activities: Investment in plant: Electric and other utility plant 373 (402) (63) Nuclear fuel 0 0 0 ----------- ------------ -------------- Net cash flows used for investments in plant 373 (402) (63) NU system Money Pool 0 0 0 Investment in subsidiaries 0 0 0 Investment in nuclear decommissioning trusts 0 0 0 Other investment activities, net (373) 3 27,213 Capital contributions from Northeast Utilities 0 0 0 ----------- ------------ -------------- Net cash flows (used for)/from investments 0 (399) 27,150 ----------- ------------ -------------- Net (decrease)/increase in cash for the period 60 (29) (882) Cash and cash equivalents - beginning of period 18 100 1,637 ----------- ------------ -------------- Cash and cash equivalents - end of period $ 78 $ 71 $ 755 =========== ============ ============== Supplemental Cash Flow Information: Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 303 $ 2,112 $ - Income taxes $ 10 $ 268 $ (189) Increase in obligations: Niantic Bay Fuel Trust and other capital leases $ - $ - $ - Seabrook Power Contracts $ - $ - $ - Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
Select Mode 1 HEC, Inc. Energy, Communications, (consolidated) Inc. Inc. (b) ------------ --------------- -------------- Operating Activities: Net (loss)/income $ (13,369) $ (2,259) $ (675) Adjustments to reconcile to net cash from operating activities: Depreciation 0 0 443 Deferred income taxes and investment tax credits, net (28) (1,617) (310) Deferred nuclear plants return 0 0 0 Amortization of nuclear plants return Amortization of deferred demand-side-management costs, net 0 0 0 Amortization/(deferral) of recoverable energy costs 0 0 0 Amortization of PSNH acquisition costs 0 0 0 Amortization of regulatory assets - income taxes Amortization of cogeneration deferral 0 0 0 Amortization of regulatory liability - PSNH Amortization of other regulatory assets Millstone 1 -- unrecoverable costs 0 0 0 Equity in earnings of subsidiary companies 0 0 0 Cash dividends received from subsidiary companies 0 0 0 Other sources of cash 1 5,546 343 Other uses of cash (1,267) (36) (34) Changes in working capital: Receivables and accrued utility revenues, net (24,688) 0 144 Fuel, materials and supplies 3 0 26 Accounts payable 31,871 (475) (447) Accrued taxes 0 0 (161) Sale of receivables and accrued utility revenues 0 0 0 Investments in securitizable assets 0 0 0 Other working capital (excludes cash) (6,875) 453 20 ------------ --------------- -------------- Net cash flows from/(used for) operating activities (14,352) 1,612 (651) ------------ --------------- -------------- Financing Activities: Issuance of common shares 0 0 0 Issuance of long-term debt 0 0 275 Net (decrease)/increase in short-term debt 0 0 400 Reacquisitions and retirements of long-term debt 0 0 0 Reacquisitions and retirements of preferred stock 0 0 0 Cash dividends on preferred stock 0 0 0 Cash dividends on common shares 0 0 0 Other paid in capital 17,000 8,141 0 ------------ --------------- -------------- Net cash flows (used for)/from financing activities 17,000 8,141 675 ------------ --------------- -------------- Investment Activities: Investment in plant: Electric and other utility plant 0 0 (110) Nuclear fuel 0 0 0 ------------ --------------- -------------- Net cash flows used for investments in plant 0 0 (110) NU system Money Pool 0 0 0 Investment in subsidiaries 0 0 0 Investment in nuclear decommissioning trusts 0 0 0 Other investment activities, net (2,647) (7,836) 0 Capital contributions from Northeast Utilities 0 0 0 ------------ --------------- -------------- Net cash flows (used for)/from investments (2,647) (7,836) (110) ------------ --------------- -------------- Net (decrease)/increase in cash for the period 1 1,917 (86) Cash and cash equivalents - beginning of period 0 0 511 ------------ --------------- -------------- Cash and cash equivalents - end of period $ 1 $ 1,917 $ 425 ============ =============== ============== Supplemental Cash Flow Information: Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 47 $ - $ 76 Income taxes $ (159) $ (198) $ 101 Increase in obligations: Niantic Bay Fuel Trust and other capital leases $ - $ - $ - Seabrook Power Contracts $ - $ - $ - Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
NORTHEAST UTILITIES AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------- ------------- Operating Activities: Net (loss)/income $ (146,189) $ (120,313) Adjustments to reconcile to net cash from operating activities: Depreciation 12,502 332,807 Deferred income taxes and investment tax credits, net 91 23,502 Deferred nuclear plants return 0 (19,439) Amortization of nuclear plants return 35,990 50,386 Amortization of deferred demand-side-management costs, net 0 42,085 Amortization/(deferral) of recoverable energy costs (180) 38,356 Amortization of PSNH acquisition costs 0 49,431 Amortization of regulatory assets - income taxes 0 68,684 Amortization of cogeneration deferral 0 29,559 Amortization of regulatory liability - PSNH 0 (32,860) Amortization of other regulatory assets 0 37,932 Millstone 1 -- unrecoverable costs 0 143,239 Equity in earnings of subsidiary companies 145,874 0 Cash dividends received from subsidiary companies 47,000 0 Other sources of cash 20,343 181,591 Other uses of cash (63,601) (81,271) Changes in working capital: Receivables and accrued utility revenues, net 119,979 (62,553) Fuel, materials and supplies 2 10,060 Accounts payable (120,814) (64,258) Accrued taxes (30,225) 4,739 Sale of receivables and accrued utility revenues 0 35,000 Investments in securitizable assets 0 48,787 Other working capital (excludes cash) 31,079 (26,714) ------------- ------------- Net cash flows from/(used for) operating activities 51,851 688,750 ------------- ------------- Financing Activities: Issuance of common shares 0 2,659 Issuance of long-term debt 0 275 Net (decrease)/increase in short-term debt (88,000) (20,000) Reacquisitions and retirements of long-term debt 0 (269,555) Reacquisitions and retirements of preferred stock 0 (62,211) Cash dividends on preferred stock 0 (26,440) Cash dividends on common shares (47,000) 0 Other paid in capital 15,541 0 ------------- ------------- Net cash flows (used for)/from financing activities (119,459) (375,272) ------------- ------------- Investment Activities: Investment in plant: Electric and other utility plant (363) (217,009) Nuclear fuel 0 (17,026) ------------- ------------- Net cash flows used for investments in plant (363) (234,035) NU system Money Pool 88,000 0 Investment in subsidiaries (40,029) 0 Investment in nuclear decommissioning trusts 0 (75,551) Other investment activities, net 0 (11,140) Capital contributions from Northeast Utilities 20,000 0 ------------- ------------- Net cash flows (used for)/from investments 67,608 (320,726) ------------- ------------- Net (decrease)/increase in cash for the period 0 (7,248) Cash and cash equivalents - beginning of period 0 143,403 ------------- ------------- Cash and cash equivalents - end of period $ 0 $ 136,155 ============= ============= Supplemental Cash Flow Information: Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 5,664 $ 238,990 Income taxes $ 0 $ 19,454 Increase in obligations: Niantic Bay Fuel Trust and other capital leases $ 0 $ 5,064 Seabrook Power Contracts $ 0 $ - Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) See supporting statements.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES (a) Consolidating Balance Sheet (b) Assets December 31, 1998 (Thousands of Dollars)
The Connecticut CL&P Light and Receivables CL&P Power Company Corporation Capital,L.P. ------------- ----------- ------------ Utility Plant, at original cost: Electric $6,173,869 $ 0 $ 0 Less: Accumulated provision for depreciation 2,758,012 0 0 ------------- ----------- ------------ 3,415,857 0 0 Construction work in progress 83,477 0 0 Nuclear fuel, net 87,867 0 0 ------------- ----------- ------------ Total net utility plant 3,587,201 0 0 ------------- ----------- ------------ Long-term Loan Receivable 0 0 103,100 ------------- ----------- ------------ Other Property and Investments: Nuclear decommissioning trusts, at market 452,755 0 0 Investments in regional nuclear generating companies, at equity 56,999 0 0 Investments in subsidiary companies, at equity 14,683 0 0 Other, at cost 93,857 0 0 ------------- ----------- ------------ 618,294 0 0 ------------- ----------- ------------ Current Assets: Cash and special deposits 36 53 288 Investments in securitizable assets 132,397 265,253 0 Notes receivable form affiliated companies 6,600 0 0 Receivables, net 22,186 0 0 Receivables from affiliated companies 10,234 14,268 0 Taxes receivable 26,478 0 0 Fuel, materials, and supplies, at average cost 71,982 0 0 Prepayments and other 121,513 0 0 ------------- ----------- ------------ 391,426 279,574 288 ------------- ----------- ------------ Deferred Charges: Regulatory assets 1,415,838 0 0 Unamortized debt expense 19,603 0 0 Other 12,768 0 0 ------------- ----------- ------------ 1,448,209 0 0 ------------- ----------- ------------ Total Assets $6,045,130 $279,574 $103,388 ============= =========== ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES (a) Consolidating Balance Sheet (b) Assets December 31, 1998 (Thousands of Dollars)
The City and Electric Suburban Power, Electric and Research Incorporated Gas Company Park, (inactive) (inactive) Incorporated ------------ ------------ ------------ Utility Plant, at original cost: Electric $2 $0 $ 0 Less: Accumulated provision for depreciation 0 0 0 ------------ ------------ ------------ 2 0 0 Construction work in progress 0 0 0 Nuclear fuel, net 0 0 0 ------------ ------------ ------------ Total net utility plant 2 0 0 ------------ ------------ ------------ Long-term Loan Receivable 0 0 0 ------------ ------------ ------------ Other Property and Investments: Nuclear decommissioning trusts, at market 0 0 0 Investments in regional nuclear generating companies, at equity 0 0 0 Investments in subsidiary companies, at equity 0 0 0 Other, at cost 0 0 0 ------------ ------------ ------------ 0 0 0 ------------ ------------ ------------ Current Assets: Cash and special deposits 0 1 56 Investments in securitizable assets 0 0 0 Notes receivable form affiliated companies 0 0 0 Receivables, net 0 0 0 Receivables from affiliated companies 0 0 0 Taxes receivable 0 0 0 Fuel, materials, and supplies, at average cost 0 0 0 Prepayments and other 0 0 0 ------------ ------------ ------------ 0 1 56 ------------ ------------ ------------ Deferred Charges: Regulatory assets 0 0 0 Unamortized debt expense 0 0 0 Other 0 0 0 ------------ ------------ ------------ 0 0 0 ------------ ------------ ------------ Total Assets $2 $1 $56 ============ ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES (a) Consolidating Balance Sheet (b) Assets December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Utility Plant, at original cost: Electric $ 0 $6,173,871 Less: Accumulated provision for depreciation 0 2,758,012 ------------ ------------ 0 3,415,859 Construction work in progress 0 83,477 Nuclear fuel, net 0 87,867 ------------ ------------ Total net utility plant 0 3,587,203 ------------ ------------ Long-term Loan Receivable 103,100 0 ------------ ------------ Other Property and Investments: Nuclear decommissioning trusts, at market 0 452,755 Investments in regional nuclear generating companies, at equity 0 56,999 Investments in subsidiary companies, at equity 14,683 0 Other, at cost (8) 93,864 ------------ ------------ 14,675 603,618 ------------ ------------ Current Assets: Cash and special deposits 0 434 Investments in securitizable assets 237,397 160,253 Notes receivable form affiliated companies 0 6,600 Receivables, net 0 22,186 Receivables from affiliated companies 22,781 1,721 Taxes receivable 0 26,478 Fuel, materials, and supplies, at average cost 0 71,982 Prepayments and other 0 121,514 ------------ ------------ 260,178 411,168 ------------ ------------ Deferred Charges: Regulatory assets 0 1,415,838 Unamortized debt expense 0 19,603 Other 0 12,768 ------------ ------------ 0 1,448,209 ------------ ------------ Total Assets $377,953 $6,050,198 ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES (a) Consolidating Balance Sheet (b) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
The Connecticut CL&P Light and Receivables CL&P Power Company Corporation Capital,L.P. ------------- ----------- ------------ Capitalization: Common stockholder's equity: Common stock $ 122,229 0 0 Capital surplus, paid in 664,156 $135,829 $ 3,100 Retained earnings 210,108 11,457 0 Accumulated other comprehensive income 378 0 0 ------------- ----------- ------------ Total common stockholder's equity 996,871 147,286 3,100 Preferred stock not subject to mandatory redemption 116,200 0 0 Preferred stock subject to mandatory redemption 99,539 0 0 MIPS Preferred stock 0 0 100,000 Long-term debt 1,897,052 0 0 ------------- ----------- ------------ Total capitalization 3,109,662 147,286 103,100 ------------- ----------- ------------ Minority Interest in Common Equity of Subsidiary 0 0 0 ------------- ----------- ------------ Obligations Under Capital Leases 68,444 0 0 ------------- ----------- ------------ Current Liabilities: Notes payable to affiliated companies 0 0 0 Notes payable to banks 10,000 105,000 0 Long-term debt and preferred stock-- current portion 233,755 0 0 Obligations under capital leases-- current portion 94,440 0 0 Accounts payable 121,040 0 0 Accounts payable to affiliated companies 32,758 11,504 288 Accrued taxes 11,228 8,168 0 Accrued interest 31,409 7,616 0 Other 34,872 0 0 ------------- ----------- ------------ 569,502 132,288 288 ------------- ----------- ------------ Deferred Credits: Accumulated deferred income taxes 1,194,722 0 0 Accumulated deferred investment tax credits 114,457 0 0 Decommissioning obligation--Millstone 1 560,500 0 0 Deferred contractual obligations 277,826 0 0 Other 150,017 0 0 ------------- ----------- ------------ 2,297,522 0 0 ------------- ----------- ------------ Total Capitalization and Liabilities 6,045,130 279,574 $103,388 ============= =========== ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES (a) Consolidating Balance Sheet (b) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
The City and Electric Suburban Power, Electric and Research Incorporated Gas Company Park, (inactive) (inactive) Incorporated ------------ ------------ ------------ Capitalization: Common stockholder's equity: Common stock $1 $1 $ 5 Capital surplus, paid in 0 0 0 Retained earnings 0 0 51 Accumulated other comprehensive income 0 0 0 ------------ ------------ ------------ Total common stockholder's equity 1 1 56 Preferred stock not subject to mandatory redemption 0 0 0 Preferred stock subject to mandatory redemption 0 0 0 MIPS Preferred stock 0 0 0 Long-term debt 0 0 0 ------------ ------------ ------------ Total capitalization 1 1 56 ------------ ------------ ------------ Minority Interest in Common Equity of Subsidiary 0 0 0 ------------ ------------ ------------ Obligations Under Capital Leases 0 0 0 ------------ ------------ ------------ Current Liabilities: Notes payable to affiliated companies 1 0 0 Notes payable to banks 0 0 0 Long-term debt and preferred stock-- current portion 0 0 0 Obligations under capital leases-- current portion 0 0 0 Accounts payable 0 0 0 Accounts payable to affiliated companies 0 0 0 Accrued taxes 0 0 0 Accrued interest 0 0 0 Other 0 0 0 ------------ ------------ ------------ 1 0 0 ------------ ------------ ------------ Deferred Credits: Accumulated deferred income taxes 0 0 0 Accumulated deferred investment tax credits 0 0 0 Decommissioning obligation--Millstone 1 0 0 0 Deferred contractual obligations 0 0 0 Other 0 0 0 ------------ ------------ ------------ 0 0 0 ------------ ------------ ------------ Total Capitalization and Liabilities $2 $1 $56 ============ ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES (a) Consolidating Balance Sheet (b) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Capitalization: Common stockholder's equity: Common stock $ 7 $ 122,229 Capital surplus, paid in 138,929 664,156 Retained earnings 11,508 210,108 Accumulated other comprehensive income 0 378 ------------ ------------ Total common stockholder's equity 150,444 996,871 Preferred stock not subject to mandatory redemption 0 116,200 Preferred stock subject to mandatory redemption 0 99,539 MIPS Preferred stock 100,000 0 Long-term debt 103,100 1,793,952 ------------ ------------ Total capitalization 353,544 3,006,562 ------------ ------------ Minority Interest in Common Equity of Subsidiary (100,000) 100,000 ------------ ------------ Obligations Under Capital Leases 0 68,444 ------------ ------------ Current Liabilities: Notes payable to affiliated companies 1 0 Notes payable to banks 105,000 10,000 Long-term debt and preferred stock-- current portion 0 233,755 Obligations under capital leases-- current portion 0 94,440 Accounts payable 0 121,040 Accounts payable to affiliated companies 11,792 32,758 Accrued taxes 0 19,396 Accrued interest 7,616 31,409 Other 0 34,872 ------------ ------------ 124,409 577,670 ------------ ------------ Deferred Credits: Accumulated deferred income taxes 0 1,194,722 Accumulated deferred investment tax credits 0 114,457 Decommissioning obligation--Millstone 1 0 560,500 Deferred contractual obligations 0 277,826 Other 0 150,017 ------------ ------------ 0 2,297,522 ------------ ------------ Total Capitalization and Liabilities $ 377,953 $6,050,198 ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES(a) Consolidating Statement of Income(b) Year Ended December 31, 1998 (Thousands of Dollars)
The Connecticut Light and CL&P Research Power Receivables CL&P Park, Company Corporation Capital,L.P. Incorporated ----------- ----------- ------------ ------------ Operating Revenues $2,386,864 $ 0 0 $0 ----------- ----------- ------------ ------------ Operating Expenses: Operation-- Fuel, purchased and net interchange power 887,224 0 0 0 Other 703,451 520 0 0 Maintenance 271,317 0 0 0 Depreciation 216,509 0 0 0 Amortization of regulatory assets, net 120,884 0 0 0 Federal and state income taxes (19,893) 8,250 0 0 Taxes other than income taxes 170,214 133 0 0 ----------- ----------- ------------ ------------ Total operating expenses 2,349,706 8,903 0 0 ----------- ----------- ------------ ------------ Operating Income (Loss) 37,158 (8,903) 0 0 ----------- ----------- ------------ ------------ Other Income: Deferred nuclear plants return-- other funds 165 0 0 0 Equity in earnings of regional nuclear generating companies 6,241 0 0 0 Millstone 1--unrecoverable costs (143,239) 0 0 0 Other, net (14,856) 27,856 9,588 0 Minority Interest in income of subsidiary 0 0 0 0 Income taxes 67,127 0 0 0 ----------- ----------- ------------ ------------ Other income, net (84,562) 27,856 9,588 0 ----------- ----------- ------------ ------------ Income (loss) before interest charges (47,404) 18,953 9,588 0 ----------- ----------- ------------ ------------ Interest Charges: Interest on long-term debt 133,192 0 0 0 Other interest 15,486 7,197 0 0 Deferred nuclear plants return-- borrowed funds (357) 0 0 0 ----------- ----------- ------------ ------------ Interest charges, net 148,321 7,197 0 0 ----------- ----------- ------------ ------------ Net Income (Loss) $ (195,725) $11,756 9,588 $0 =========== =========== ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: Electric Power,Incorporated, The City and Suburban Electric and Gas Company, The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES(a) Consolidating Statement of Income(b) Year Ended December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Operating Revenues $ 0 $2,386,864 ------------ ------------ Operating Expenses: Operation-- Fuel, purchased and net interchange power 0 887,224 Other 0 703,971 Maintenance 0 271,317 Depreciation 0 216,509 Amortization of regulatory assets, net 0 120,884 Federal and state income taxes 0 (11,642) Taxes other than income taxes 0 170,347 ------------ ------------ Total operating expenses 0 2,358,610 ------------ ------------ Operating Income (Loss) 0 28,254 ------------ ------------ Other Income: Deferred nuclear plants return-- other funds 0 165 Equity in earnings of regional nuclear generating companies 0 6,241 Millstone 1--unrecoverable costs 0 (143,239) Other, net 28,829 (6,240) Minority Interest in income of subsidiary 9,300 (9,300) Income taxes 0 67,127 ------------ ------------ Other income, net 38,129 (85,246) ------------ ------------ Income (loss) before interest charges 38,129 (56,992) ------------ ------------ Interest Charges: Interest on long-term debt 0 133,192 Other interest 16,785 5,898 Deferred nuclear plants return-- borrowed funds 0 (357) ------------ ------------ Interest charges, net 16,785 138,733 ------------ ------------ Net Income (Loss) $21,344 $ (195,725) ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: Electric Power,Incorporated, The City and Suburban Electric and Gas Company, The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES (a) Consolidating Statement of Retained Earnings (b) Year Ended December 31, 1998 (Thousands of Dollars)
The Connecticut Light and CL&P Research Power Receivables CL&P Park, Company Corporation Capital,L.P. Incorporated ------------ ----------- ------------ ------------ Balance at beginning of period $419,972 $ (299) $ 0 51 Addition: Net income (loss) (195,725) 11,756 9,588 0 ------------ ----------- ------------ ------------ 224,247 11,457 9,588 51 Deductions: ------------ ----------- ------------ ------------ Dividends declared: Preferred stock (at required annual rates) 14,139 0 0 0 MIPS Partnership distribution 0 0 9,300 0 Cash distribution to The Connecticut Light and Power Company 0 0 288 0 Loss on the retirement of preferred stock 0 0 0 0 ------------ ----------- ------------ ------------ 14,139 0 9,588 0 ------------ ----------- ------------ ------------ Balance at end of period $210,108 $11,457 $ 0 51 ============ =========== ============ ============
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES (a) Consolidating Statement of Capital Surplus, Paid In (b) Year Ended December 31, 1998 (Thousands of Dollars)
The Connecticut Light and CL&P Research Power Receivables CL&P Park, Company Corporation Capital,L.P. Incorporated ------------ ----------- ------------ ------------ Balance at beginning of period $641,333 $170,829 $3,100 $0 Capital Contribution from Northeast Utilities 20,000 0 0 0 Reduction of investment in securities 0 (35,000) 0 0 Gain on the repurchase of preferred stock 59 0 0 0 Capital stock expenses, net 2,764 0 0 0 ------------ ----------- ------------ ------------ Balance at end of period $664,156 $135,829 $3,100 $0 ============ =========== ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: Electric Power,Incorporated, The City and Suburban Electric and Gas Company, The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES (a) Consolidating Statement of Retained Earnings (b) Year Ended December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Balance at beginning of period $ (248) $ 419,972 Addition: Net income (loss) 21,344 (195,725) ------------ ------------ 21,096 224,247 Deductions: ------------ ------------ Dividends declared: Preferred stock (at required annual rates) 0 14,139 MIPS Partnership distribution 9,300 0 Cash distribution to The Connecticut Light and Power Company 288 0 Loss on the retirement of preferred stock 0 0 ------------ ------------ 9,588 14,139 ------------ ------------ Balance at end of period $11,508 $ 210,108 ============ ============
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES (a) Consolidating Statement of Capital Surplus, Paid In (b) Year Ended December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Balance at beginning of period $173,929 $641,333 Capital Contribution from Northeast Utilities 0 20,000 Reduction of investment in securities (35,000) 0 Gain on the repurchase of preferred stock 0 59 Capital stock expenses, net 0 2,764 ------------ ------------ Balance at end of period $138,929 $664,156 ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: Electric Power,Incorporated, The City and Suburban Electric and Gas Company, The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES Consolidating Statement of Cash Flows (a)(b) Year Ended December 31, 1998 (Thousands of Dollars)
The Connecticut CL&P Light and Receivables CL&P Power Company Corporation Capital, LP -------------- ------------ ------------- Operating Activities: Net (loss)/income $ (195,725) $ 11,756 $ 9,588 Adjustments to reconcile to net cash from operating activities: Depreciation 216,509 0 0 Deferred income taxes and investment tax credits, net (65,689) 0 0 Deferred nuclear plants return (521) 0 0 Amortization of deferred demand-side-management costs 42,085 0 0 Amortization/(deferral) of recoverable energy costs 30,745 0 0 Amortization of cogeneration deferral 29,559 0 0 Amortization of regulatory asset - income taxes 66,027 0 0 Amortization of other regulatory asset 25,298 0 0 Deferred nuclear refueling outage, net of amortization 0 0 0 Millstone 1--unecovered costs 143,239 0 0 Other sources of cash 82,109 0 0 Other uses of cash (23,040) (35,000) 0 Changes in working capital: Receivables and accrued utility revenues (13,218) (14,268) 0 Fuel, materials, and supplies 9,896 0 0 Accounts payable (63,593) (23,863) 0 Accrued taxes (21,789) 8,168 0 Sale of Receivables and accrued utility revenues 35,000 0 0 Investment in securitizable assets 73,647 10,372 0 Other working capital (excludes cash) 29,883 7,831 0 -------------- ----------- ------------- Net cash flows from/(used for) operating activities 400,422 (35,004) 9,588 -------------- ----------- ------------- Financing Activities: Issuance of long-term debt 0 0 0 Net (decrease)/increase in short-term debt (86,300) 35,000 0 Reacquisitions and retirements of long-term debt (45,006) 0 0 Reacquisitions and retirements of preferred stock (35,711) 0 0 MIPS partnership distribution 0 0 (9,300) Cash distribution to CL&P 0 0 (288) Cash dividends on preferred stock (14,139) 0 0 Cash dividends on common stock 0 0 0 -------------- ----------- ------------- Net cash flows (used for)/from financing activities (181,156) 35,000 (9,588) -------------- ----------- ------------- Investment Activities: Investment in plant: Electric utility plant (132,194) 0 0 Nuclear fuel (8,444) 0 0 -------------- ----------- ------------- Net cash flows (used for) investments in plant (140,638) 0 0 Investment in NU system Money Pool (6,600) 0 0 Investment in nuclear decommissioning trusts (54,106) 0 0 Other investment activities, net (37,943) 0 0 Capital contributions from Northeaset Utilities 20,000 0 0 -------------- ----------- ------------- Net cash flows (used for) investments (219,287) 0 0 -------------- ----------- ------------- Net (decrease)/increase in cash for the period (21) (4) 0 Cash - beginning of period 57 57 288 -------------- ----------- ------------- Cash - end of period $ 36 $ 53 $ 288 ============== =========== ============= Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 119,707 $ 0 $ 0 ============== =========== ============= Income taxes $ (46,747) $ 0 $ 0 ============== =========== ============= Increase in obligations: Niantic Bay Fuel Trust and other capital leases $ 4,102 $ 0 $ 0 ============== =========== ============= Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: Electric Power, Incorporated, The City and Suburban Electric and Gas Company, The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES Consolidating Statement of Cash Flows (a)(b) Year Ended December 31, 1998 (Thousands of Dollars)
Research Park, Incorporated Eliminations Consolidated ------------- ------------- -------------- Operating Activities: Net (loss)/income $ 0 $ 21,344 $ (195,725) Adjustments to reconcile to net cash from operating activities: Depreciation 0 0 216,509 Deferred income taxes and investment tax credits, net 0 0 (65,689) Deferred nuclear plants return 0 0 (521) Amortization of deferred demand-side-management costs 0 0 42,085 Amortization/(deferral) of recoverable energy costs 0 0 30,745 Amortization of cogeneration deferral 0 0 29,559 Amortization of regulatory asset - income taxes 0 0 66,027 Amortization of other regulatory asset 0 0 25,298 Deferred nuclear refueling outage, net of amortization 0 0 - Millstone 1--unecovered costs 0 0 143,239 Other sources of cash 0 0 82,109 Other uses of cash 0 (35,000) (23,040) Changes in working capital: Receivables and accrued utility revenues 0 (22,400) (5,086) Fuel, materials, and supplies 0 0 9,896 Accounts payable 0 (23,864) (63,592) Accrued taxes 0 0 (13,621) Sale of Receivables and accrued utility revenues 0 0 35,000 Investment in securitizable assets 0 38,647 45,372 Other working capital (excludes cash) 0 7,617 30,097 ------------- ------------- -------------- Net cash flows from/(used for) operating activities 0 (13,656) 388,662 ------------- ------------- -------------- Financing Activities: Issuance of long-term debt 0 0 0 Net (decrease)/increase in short-term debt 0 35,000 (86,300) Reacquisitions and retirements of long-term debt 0 0 (45,006) Reacquisitions and retirements of preferred stock 0 0 (35,711) MIPS partnership distribution 0 (9,300) 0 Cash distribution to CL&P 0 (288) 0 Cash dividends on preferred stock 0 0 (14,139) Cash dividends on common stock 0 0 0 ------------- ------------- -------------- Net cash flows (used for)/from financing activities 0 25,412 (181,156) ------------- ------------- -------------- Investment Activities: Investment in plant: Electric utility plant 0 0 (132,194) Nuclear fuel 0 0 (8,444) ------------- ------------- -------------- Net cash flows (used for) investments in plant 0 0 (140,638) Investment in NU system Money Pool 0 0 (6,600) Investment in nuclear decommissioning trusts 0 0 (54,106) Other investment activities, net 0 (11,756) (26,187) Capital contributions from Northeaset Utilities 20,000 ------------- ------------- -------------- Net cash flows (used for) investments 0 (11,756) (207,531) ------------- ------------- -------------- Net (decrease)/increase in cash for the period 0 0 (25) Cash - beginning of period 56 0 459 ------------- ------------- -------------- Cash - end of period $ 56 $ 0 $ 434 ============= ============= ============== Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 0 $ 9,588 $ 110,119 ============= ============= ============== Income taxes $ 0 $ 0 $ (46,747) ============= ============= ============== Increase in obligations: Niantic Bay Fuel Trust and other capital leases $ 0 $ 0 $ 4,102 ============= ============= ============== Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included are the following inactive subsidiaries: Electric Power, Incorporated, The City and Suburban Electric and Gas Company, The Connecticut Transmission Corporation, The Connecticut Steam Company and The Nutmeg Power Company. (b) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES (a) Consolidating Balance Sheet (b) Assets December 31, 1998 (Thousands of Dollars)
Public Service Company of Properties, New Hampshire Inc. Eliminations Consolidated -------------- ----------- ------------ ------------ Utility Plant, at cost: Electric $1,927,341 $ 201 $ 0 $1,927,541 Other 0 8,588 0 8,588 -------------- ----------- ------------ ------------ 1,927,341 8,789 0 1,936,129 Less: Accumulated provision for depreciation 631,584 2,477 0 634,061 -------------- ----------- ------------ ------------ 1,295,757 6,312 0 1,302,068 Unamortized acquisition costs 352,855 0 0 352,855 Construction work in progress 20,735 0 0 20,735 Nuclear fuel, net 1,323 0 0 1,323 -------------- ----------- ------------ ------------ Total net utility plant 1,670,670 6,312 0 1,676,981 -------------- ----------- ------------ ------------ Other Property and Investments: Nuclear decommissioning trusts, at market 5,580 0 0 5,580 Investments in regional nuclear generating companies, at equity 13,352 0 0 13,352 Investments in subsidiary companies, at equity 6,484 0 6,484 0 Other, at cost 4,319 250 0 4,570 -------------- ----------- ------------ ------------ 29,735 250 6,484 23,502 -------------- ----------- ------------ ------------ Current Assets: Cash and cash equivalents 60,885 831 0 61,716 Receivables, net 89,044 3 0 89,047 Accounts receivable from affiliated companies 12,018 154 705 11,467 Taxes receivable from affiliated companies 964 0 0 964 Accrued utility revenues 42,145 0 0 42,145 Fuel, materials, and supplies, at average cost 36,642 0 0 36,642 Recoverable energy costs--current portion 65,257 0 0 65,257 Prepayments and other 21,780 32 0 21,812 -------------- ----------- ------------ ------------ 328,735 1,020 705 329,050 -------------- ----------- ------------ ------------ Deferred Charges: Regulatory assets 610,222 0 0 610,222 Unamortized debt expense 13,995 0 0 13,995 Deferred receivable from affiliated company 22,728 0 0 22,728 Other 5,510 0 0 5,510 -------------- ----------- ------------ ------------ 652,455 0 0 652,455 -------------- ----------- ------------ ------------ Total Assets $2,681,595 $7,582 $7,189 $2,681,988 ============== =========== ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included is New Hampshire Electric Company which is an inactive subsidiary. (b) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES (a) Consolidating Balance Sheet (b) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
Public Service Company of Properties, New Hampshire Inc. Eliminations Consolidated -------------- ----------- ------------ ------------ Capitalization: Common stockholder's equity: Common stock $ 1 $ 1 $ 1 $ 1 Capital surplus, paid in 424,250 0 0 424,250 Retained earnings 252,912 2,571 2,571 252,912 Accumulated other comprehensive income 1,004 0 0 1,004 -------------- ----------- ------------ ------------ Total common stockholder's equity 678,167 2,572 2,572 678,167 Preferred stock subject to mandatory redemption 50,000 0 0 50,000 Long-term debt 516,485 3,912 3,912 516,485 -------------- ----------- ------------ ------------ Total capitalization 1,244,652 6,484 6,484 1,244,652 -------------- ----------- ------------ ------------ Obligations Under Seabrook Power Contracts and Other Capital Leases 703,411 0 0 703,411 -------------- ----------- ------------ ------------ Current Liabilities: Long-term debt and preferred stock-- current portion 25,000 0 0 25,000 Obligations under Seabrook Power Contracts and other capital leases--current portion 138,812 0 0 138,812 Accounts payable 26,227 0 0 26,227 Accounts payable to affiliated companies 28,410 551 705 28,256 Accrued taxes 82,743 325 0 83,068 Accrued interest 5,894 0 0 5,894 Accrued pension benefits 46,004 0 0 46,004 Other 8,540 0 0 8,540 -------------- ----------- ------------ ------------ 361,630 876 705 361,801 -------------- ----------- ------------ ------------ Deferred Credits: Accumulated deferred income taxes 225,091 222 0 225,313 Accumulated deferred investment tax credits 3,460 0 0 3,460 Deferred contractual obligations 66,400 0 0 66,400 Deferred revenue from affiliated company 22,728 0 0 22,728 Other 54,223 0 0 54,223 -------------- ----------- ------------ ------------ 371,902 222 0 372,124 -------------- ----------- ------------ ------------ Total Capitalization and Liabilities $2,681,595 $7,582 $7,189 $2,681,988 ============== =========== ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included is New Hampshire Electric Company which is an inactive subsidiary. (b) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES (a) Consolidating Statement of Income (b) Year Ended December 31, 1998 (Thousands of Dollars)
Public Service Company of Properties, New Hampshire Inc. Eliminations Consolidated --------------- ----------- ------------ ------------ Operating Revenues $1,087,247 $1,287 $1,287 $1,087,247 --------------- ----------- ------------ ------------ Operating Expenses: Operation-- Fuel, purchased and net interchange power 322,071 0 0 322,071 Other 402,012 5 1,287 400,730 Maintenance 51,734 0 0 51,734 Depreciation 45,342 0 0 45,342 Amortization of regulatory assets, net 26,758 0 0 26,758 Federal and state income taxes 65,079 (287) 0 64,792 Taxes other than income taxes 43,052 129 0 43,181 --------------- ----------- ------------ ------------ Total operating expenses 956,048 (153) 1,287 954,608 --------------- ----------- ------------ ------------ Operating Income 131,199 1,440 0 132,639 --------------- ----------- ------------ ------------ Other Income: Equity in earnings of regional nuclear generating companies 1,577 0 0 1,577 Other, net 10,294 (81) 1,359 8,854 Income taxes (7,473) 0 0 (7,473) --------------- ----------- ------------ ------------ Other income (loss), net 4,398 (81) 1,359 2,958 --------------- ----------- ------------ ------------ Income before interest charges 135,597 1,359 1,359 135,597 --------------- ----------- ------------ ------------ Interest Charges: Interest on long-term debt 43,317 0 0 43,317 Other interest 594 287 287 594 --------------- ----------- ------------ ------------ Interest charges, net 43,911 287 287 43,911 --------------- ----------- ------------ ------------ Net Income $ 91,686 $1,072 $1,072 $ 91,686 =============== =========== ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included is New Hampshire Electric Company which is an inactive subsidiary. (b) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES (a) Consolidating Statement of Retained Earnings (b) Year Ended December 31, 1998 (Thousands of Dollars)
Public Service Company of Properties, New Hampshire Inc. Eliminations Consolidated -------------- ----------- ------------ ------------ Balance at beginning of period $170,501 $1,499 $1,499 $170,501 Addition: Net income 91,686 1,072 1,072 91,686 -------------- ----------- ------------ ------------ 262,187 2,571 2,571 262,187 Deductions: Dividends declared: Preferred Stock 9,275 0 0 9,275 -------------- ----------- ------------ ------------ Total deductions 9,275 0 0 9,275 -------------- ----------- ------------ ------------ Balance at end of period $252,912 $2,571 $2,571 $252,912 ============== =========== ============ ============
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES (a) Consolidating Statement of Capital Surplus, Paid In (b) Year Ended December 31, 1998 (Thousands of Dollars)
Public Service Company of Properties, New Hampshire Inc. Eliminations Consolidated -------------- ----------- ------------ ------------ Balance at beginning of period $423,713 $0 $0 $423,713 Capital stock expenses, net 537 0 0 537 -------------- ----------- ------------ ------------ Balance at end of period $424,250 $0 $0 $424,250 ============== =========== ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included is New Hampshire Electric Company which is an inactive subsidiary. (b) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) (b) Year Ended December 31, 1998 (Thousands of Dollars)
Public Service Company of Properties, New Hampshire Inc. --------------- ------------- Operating Activities: Net income $ 91,686 $ 1,072 Adjustments to reconcile to net cash from operating activities: Depreciation 45,342 0 Deferred income taxes and investment tax credits, net 78,366 (7) Recoverable energy costs, net of amortization 2,065 0 Amortization of other regulatory assets 10,187 0 Amortization of acquisition costs 49,431 0 Amortization of regulatory liability (32,860) 0 Other sources of cash 32,255 119 Other uses of cash (85,202) 0 Changes in working capital: Receivables and accrued utility revenues 21,536 (22) Fuel, materials, and supplies 3,519 0 Accounts payable 729 110 Accrued taxes 13,298 (19) Other working capital (excludes cash) (13,710) (4) ------------- ----------- Net cash flows from operating activities 216,642 1,249 ------------- ----------- Financing Activities: Reacquisitions and retirements of long-term debt (170,000) (604) Reacquisitions and retirements of preferred stock (25,000) 0 Cash dividends on preferred stock (9,275) 0 Cash dividends on common stock 0 0 ------------- ----------- Net cash flows (used for) financing activities (204,275) (604) ------------- ----------- Investment Activities: Investment in plant: Electric utility plant (43,780) 0 Nuclear fuel (307) 0 ------------- ----------- Net cash flows used for investments in plant (44,087) 0 Investment in NU system money pool - 0 Investment in nuclear decommissioning trusts (641) 0 Other investment activities, net (1,213) 0 ------------- ----------- Net cash flows (used for) investments (45,941) 0 ------------- ----------- Net (decrease)/increase in cash for the period (33,574) 645 Cash and cash equivalent - beginning of period 94,459 186 ------------- ----------- Cash and cash equivalent - end of period $ 60,885 $ 831 ============= =========== Supplemental Cash Flow Information Cash paid during the year for: Interest, net of amounts capitalized $ 46,277 $ 287 ============= =========== Income taxes $ 18,948 $ (254) ============= =========== Increase in obligations: Seabrook Power Contracts and other capital leases $ (78,939) $ 0 ============= =========== Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not included is New Hampshire Electric Company which is an inactive subsidiary. (b) Not covered by auditors' report.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) (b) Year Ended December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------- ------------- Operating Activities: Net income $ 1,072 $ 91,686 Adjustments to reconcile to net cash from operating activities: Depreciation 0 45,342 Deferred income taxes and investment tax credits, net 0 78,359 Recoverable energy costs, net of amortization 0 2,065 Amortization of other regulatory assets 0 10,187 Amortization of acquisition costs 0 49,431 Amortization of regulatory liability 0 (32,860) Other sources of cash 0 32,374 Other uses of cash 0 (85,202) Changes in working capital: Receivables and accrued utility revenues (436) 21,948 Fuel, materials, and supplies 0 3,519 Accounts payable 435 404 Accrued taxes 0 13,279 Other working capital (excludes cash) 0 (13,714) ----------- ----------- Net cash flows from operating activities 1,071 216,818 ----------- ----------- Financing Activities: Reacquisitions and retirements of long-term debt (604) (170,000) Reacquisitions and retirements of preferred stock 0 (25,000) Cash dividends on preferred stock 0 (9,275) Cash dividends on common stock 0 0 ----------- ----------- Net cash flows (used for) financing activities (604) (204,275) ----------- ----------- Investment Activities: Investment in plant: Electric utility plant 0 (43,780) Nuclear fuel 0 (307) ----------- ----------- Net cash flows used for investments in plant 0 (44,087) Investment in NU system money pool 0 0 Investment in nuclear decommissioning trusts 0 (641) Other investment activities, net (467) (746) ----------- ----------- Net cash flows (used for) investments (467) (45,474) ----------- ----------- Net (decrease)/increase in cash for the period 0 (32,931) Cash and cash equivalent - beginning of period 0 94,647 ----------- ----------- Cash and cash equivalent - end of period $ 0 $ 61,716 =========== =========== Supplemental Cash Flow Information Cash paid during the year for: Interest, net of amounts capitalized $ 287 $ 46,277 ============ ============ Income taxes $ 0 $ 18,694 ============ ============ Increase in obligations: Seabrook Power Contracts and other capital leases $ (78,939) $ 0 ============ ============ Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of thesE financial statements. (a) Not included is New Hampshire Electric Company which is an inactive subsidiary. (b) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
Holyoke Holyoke Water Power and Power Electric Company Company Eliminations Consolidated -------- --------- ------------ ------------ Utility Plant, at original cost: Electric $95,870 $1,418 $ 0 $97,288 Less: Accumulated provision for depreciation 44,033 985 0 45,018 -------- --------- ------------ ------------ 51,837 433 0 52,270 Construction work in progress 3,142 0 0 3,142 -------- --------- ------------ ------------ Total net utility plant 54,979 433 0 55,412 -------- --------- ------------ ------------ Other Property and Investments: Investments in subsidiary company, at equity 839 0 839 0 Other, at cost 3,476 0 0 3,476 -------- --------- ------------ ------------ 4,315 0 839 3,476 -------- --------- ------------ ------------ Current Assets: Cash 1 3,654 0 3,655 Notes receivables from affiliated companies 10,100 0 0 10,100 Receivables, net 2,714 30 0 2,744 Accounts receivable from affiliated companies 8,023 3,853 11,786 90 Taxes receivable 0 200 0 200 Fuel, materials, and supplies, at average cost 6,727 0 0 6,727 Prepayments and other 196 23 0 219 -------- --------- ------------ ------------ 27,761 7,760 11,786 23,735 -------- --------- ------------ ------------ Deferred Charges: Regulatory assets 1,503 114 261 1,356 Unamortized debt expense 843 0 0 843 Accumulated deferred income taxes 0 139 139 0 Other 373 0 0 373 -------- --------- ------------ ------------ 2,719 253 400 2,572 -------- --------- ------------ ------------ Total Assets $89,774 $8,446 $13,025 $85,195 ======== ========= ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
Holyoke Holyoke Water Power and Power Electric Company Company Eliminations Consolidated -------- --------- ------------ ------------ Capitalization: Common stockholder's equity: Common stock $ 2,400 $ 485 $ 485 $ 2,400 Capital surplus, paid in 6,000 0 0 6,000 Retained earnings 13,592 (153) (153) 13,592 Accumulated other comprehensive income (5) 0 0 (5) -------- --------- ------------ ------------ Total common stockholder's equity 21,987 332 332 21,987 Long-term debt 38,300 424 424 38,300 -------- --------- ------------ ------------ Total capitalization 60,287 756 756 60,287 -------- --------- ------------ ------------ Current Liabilities: Accounts payable 2,063 0 0 2,063 Accounts payable to affiliated companies 4,667 7,311 11,786 192 Accrued taxes 2,667 0 0 2,667 Accrued interest 314 0 0 314 Accrued pension benefits 304 0 0 304 Other 236 18 0 254 -------- --------- ------------ ------------ 10,251 7,329 11,786 5,794 -------- --------- ------------ ------------ Deferred Credits: Accumulated deferred income taxes 11,722 0 139 11,583 Accumulated deferred investment tax credits 2,429 17 0 2,446 Deferred credit--SFAS 109 0 261 261 0 Other 5,085 83 83 5,085 -------- --------- ------------ ------------ 19,236 361 483 19,114 -------- --------- ------------ ------------ Total Capitalization and Liabilities $89,774 $8,446 $13,025 $85,195 ======== ========= ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
Holyoke Holyoke Water Power and Power Electric Company Company Eliminations Consolidated -------- --------- ------------ ------------ Operating Revenues $73,452 $39,499 $71,201 $41,750 -------- --------- ------------ ------------ Operating Expenses: Operation-- Fuel, purchased and net interchange power 38,489 24,563 43,116 19,937 Other 17,839 14,892 28,085 4,646 Maintenance 4,912 0 0 4,912 Depreciation 2,056 11 0 2,067 Amortization of reg. assets, net (1) 0 0 (1) Federal and state income taxes 1,561 (663) 0 898 Taxes other than income taxes 3,773 38 0 3,810 -------- --------- ------------ ------------ Total operating expenses 68,629 38,841 71,201 36,269 -------- --------- ------------ ------------ Operating Income 4,823 658 0 5,481 -------- --------- ------------ ------------ Other Income: Other, net 531 (1) 665 (135) Income taxes 155 8 0 163 -------- --------- ------------ ------------ Other income, net 686 7 665 28 -------- --------- ------------ ------------ Income before interest charges 5,509 665 665 5,509 -------- --------- ------------ ------------ Interest Charges: Interest on long-term debt 1,569 0 0 1,569 Other interest 9 20 20 9 -------- --------- ------------ ------------ Interest charges, net 1,578 20 20 1,578 -------- --------- ------------ ------------ Net Income $3,931 $ 645 $ 645 $ 3,931 ======== ========= ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY Consolidating Statement of Retained Earnings(a) Year Ended December 31, 1998 (Thousands of Dollars)
Holyoke Holyoke Water Power and Power Electric Company Company Eliminations Consolidated -------- --------- ------------ ------------ Balance at beginning of period $ 9,661 $(798) $(798) $ 9,661 Addition: Net income 3,931 645 645 3,931 -------- --------- ------------ ------------ Balance at end of period $13,592 $(153) $(153) $13,592 ======== ========= ============ ============
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
Holyoke Holyoke Water Power and Power Electric Company Company Eliminations Consolidated ------- --------- ------------ ------------ Balance at beginning of period $6,000 $0 $0 $6,000 0 0 0 0 ------- --------- ------------ ------------ Balance at end of period $6,000 $0 $0 $6,000 ======= ========= ============ ============ Note: Individual companies may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
Holyoke Holyoke Power and Water Power Electric Company Company ------------- ------------ Operating Activities: Net income $ 3,931 $ 645 Adjustments to reconcile to net cash from operating activities: Depreciation 2,056 11 Deferred income taxes, net 740 (14) Other sources of cash 316 133 Other uses of cash (486) (115) Changes in working capital: Receivables, net (4,470) (708) Fuel, materials, and supplies (633) 0 Accounts payable (360) 4,584 Accrued taxes 2,421 (672) Other working capital (excludes cash) (856) (219) ------------- ------------ Net cash flows from operating activities 2,659 3,645 ------------- ------------ Investment Activities: Investment in plant: Electric utility plant (1,045) 0 Investment in NU system money pool (950) 0 Other investment activities, net (664) 0 ------------- ------------ Net cash flows (used for) investments (2,659) 0 ------------- ------------ Net increase in cash for the period 0 3,645 Cash - beginning of period 1 9 ------------- ------------ Cash - end of period $ 1 $ 3,654 ============= ============ Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 1,358 $ 21 ============= ============ Income taxes $ (501) $ 216 ============= ============ Note: Individual columns may not add to Consolidated financial statements due to rounding. The acompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------- ------------- Operating Activities: Net income $ 645 $ 3,931 Adjustments to reconcile to net cash from operating activities: Depreciation 0 2,067 Deferred income taxes, net (1) 727 Other sources of cash 133 316 Other uses of cash (113) (489) Changes in working capital: Receivables, net (5,547) 370 Fuel, materials, and supplies 0 (633) Accounts payable 5,887 (1,663) Accrued taxes (340) 2,089 Other working capital (excludes cash) 1 (1,076) ------------- ------------- Net cash flows from operating activities 665 5,639 ------------- ------------- Investment Activities: Investment in plant: Electric utility plant 0 (1,045) Investment in NU system money pool 0 (950) Other investment activities, net (665) 1 ------------- ------------- Net cash flows (used for) investments (665) (1,994) ------------- ------------- Net increase in cash for the period 0 3,645 Cash - beginning of period 0 10 ------------- ------------- Cash - end of period $ 0 $ 3,655 ============= ============= Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 21 $ 1,358 ============= ============= Income taxes $ 0 $ (285) ============= ============= Note: Individual columns may not add to Consolidated financial statements due to rounding. The acompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
CHARTER OAK ENERGY INCORPORATED AND SUBSIDIARIES Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
COE Argentina I Charter Oak COE Development Corporation Energy, Inc. Corporation (b) ------------ --------------- --------------- Utility Plant, at original cost: Electric $ 40 $ 11 $0 Less: Accumulated provision for depreciation 40 11 0 ------------ --------------- --------------- 0 0 0 Construction work in progress 0 0 0 ------------ --------------- --------------- Total net utility plant 0 0 0 ------------ --------------- --------------- Other Property and Investments: Investments in subsidiary companies, at equity 2,977 0 0 ------------ --------------- --------------- Current Assets: Cash 562 155 0 Receivables, net 0 208 0 Receivables from affiliated companies 0 1,189 0 Taxes receivable 447 1,287 0 Investments held for sale 6,178 0 0 ------------ --------------- --------------- 7,187 2,839 0 ------------ --------------- --------------- Deferred Charges: Accumulated deferred income taxes 652 229 0 Other 223 0 0 ------------ --------------- --------------- 875 229 0 ------------ --------------- --------------- Total Assets $11,039 $3,068 $0 ============ =============== =============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (c) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY INCORPORATED AND SUBSIDIARIES Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
COE Tejona COE Argentina II Corporation COE Ave Fenix Corp. (c) Corporation ---------------- ----------- ------------- Utility Plant, at original cost: Electric $ 0 $0 $ 0 Less: Accumulated provision for depreciation 0 0 0 ---------------- ----------- ------------- 0 0 0 Construction work in progress 0 0 7 ---------------- ----------- ------------- Total net utility plant 0 0 7 ---------------- ----------- ------------- Other Property and Investments: Investments in subsidiary companies, at equity 0 0 0 ---------------- ----------- ------------- Current Assets: Cash 11 0 26 Receivables, net 0 0 0 Receivables from affiliated companies 0 0 0 Taxes receivable 1,168 0 13 Investments held for sale 0 0 0 ---------------- ----------- ------------- 1,179 0 39 ---------------- ----------- ------------- Deferred Charges: Accumulated deferred income taxes 0 0 1,018 Other 0 0 0 ---------------- ----------- ------------- 0 0 1,018 ---------------- ----------- ------------- Total Assets $1,179 $0 $1,064 ================ =========== ============= Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (c) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY INCORPORATED AND SUBSIDIARIES Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Utility Plant, at original cost: Electric $ 0 $ 51 Less: Accumulated provision for depreciation 0 51 ------------ ------------ 0 0 Construction work in progress 0 7 ------------ ------------ Total net utility plant 0 7 ------------ ------------ Other Property and Investments: Investments in subsidiary companies, at equity 2,977 0 ------------ ------------ Current Assets: Cash 0 755 Receivables, net 0 208 Receivables from affiliated companies 1,189 0 Taxes receivable 0 2,915 Investments held for sale 0 6,178 ------------ ------------ 1,189 10,056 ------------ ------------ Deferred Charges: Accumulated deferred income taxes 0 1,898 Other 0 223 ------------ ------------ 0 2,121 ------------ ------------ Total Assets $4,166 $12,184 ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (c) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY INCORPORATED AND SUBSIDIARIES Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
COE Argentina I Charter Oak COE Development Corporation Energy, Inc. Corporation (b) ------------ --------------- --------------- Capitalization: Common stockholder's equity: Common stock $ 0 $ 0 $0 Capital surplus, paid in 92,744 19,073 0 Retained earnings (83,204) (16,018) 0 ------------ --------------- --------------- Total common stockholder's equity 9,540 3,055 0 ------------ --------------- --------------- Total capitalization 9,540 3,055 0 ------------ --------------- --------------- Current Liabilities: Accounts payable 299 0 0 Accounts payable to affiliated companies 1,197 0 0 Other 2 0 0 ------------ --------------- --------------- 1,498 0 0 ------------ --------------- --------------- Other Deferred Credits 1 13 0 ------------ --------------- --------------- Total Capitalization and Liabilities $ 11,039 $ 3,068 $0 ============ =============== =============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (c) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY INCORPORATED AND SUBSIDIARIES Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
COE Tejona COE Argentina II Corporation COE Ave Fenix Corp. (c) Corporation ---------------- ----------- ------------- Capitalization: Common stockholder's equity: Common stock $ 0 $0 $ 0 Capital surplus, paid in 2,721 0 56,709 Retained earnings (1,542) 0 (57,965) ---------------- ----------- ------------- Total common stockholder's equity 1,179 0 (1,256) ---------------- ----------- ------------- Total capitalization 1,179 0 (1,256) ---------------- ----------- ------------- Current Liabilities: Accounts payable 0 0 0 Accounts payable to affiliated companies 0 0 21 Other 0 0 2,299 ---------------- ----------- ------------- 0 0 2,320 ---------------- ----------- ------------- Other Deferred Credits 0 0 0 ---------------- ----------- ------------- Total Capitalization and Liabilities $ 1,179 $0 $ 1,064 ================ =========== ============= Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (c) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY INCORPORATED AND SUBSIDIARIES Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------ ------------ Capitalization: Common stockholder's equity: Common stock $ 0 $ 0 Capital surplus, paid in 78,503 92,744 Retained earnings (75,525) (83,204) ------------ ------------ Total common stockholder's equity 2,978 9,540 ------------ ------------ Total capitalization 2,978 9,540 ------------ ------------ Current Liabilities: Accounts payable 0 299 Accounts payable to affiliated companies 1,188 30 Other 0 2,301 ------------ ------------ 1,188 2,630 ------------ ------------ Other Deferred Credits 0 14 ------------ ------------ Total Capitalization and Liabilities $ 4,166 $ 12,184 ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (c) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY, INC. AND SUBSIDIARIES Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
COE Charter Oak Development Energy, Inc. Corporation ------------ ----------- Operating Revenues $ 0 $ 0 ------------ ----------- Operating Expenses: Operation 2,003 (83) Maintenance 1 0 Federal and state income taxes 807 36 Taxes other than income taxes 15 (11) ------------ ----------- Total operating expenses 2,826 (58) ------------ ----------- Operating Income (Loss) (2,826) 58 ------------ ----------- Other Income: Gain on sale of investments 3,978 0 Reserve for the loss on sale of COE Ave Fenix Invest. in Ave Fenix Energia 0 0 Other, Net (26,227) 0 ------------ ----------- Other income (loss), net (22,249) 0 ------------ ----------- Income (loss) before interest charges (25,075) 58 ------------ ----------- Interest Charges 0 0 ------------ ----------- Net Income (Loss) $(25,075) $ 58 ============ =========== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (c) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY, INC. AND SUBSIDIARIES Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
COE Argentina I COE Tejona Corp. COE Argentina II Corporation (b) Corp. (c) --------------- ---------------- ----------- Operating Revenues $0 $ 0 $ 0 --------------- ---------------- ----------- Operating Expenses: Operation 0 (10) 27 Maintenance 0 0 0 Federal and state income taxes 0 59 3 Taxes other than income taxes 0 (43) 4 --------------- ---------------- ----------- Total operating expenses 0 6 34 --------------- ---------------- ----------- Operating Income (Loss) 0 (6) (34) --------------- ---------------- ----------- Other Income: Gain on sale of investments 0 0 0 Reserve for the loss on sale of COE Ave Fenix Invest. in Ave Fenix Energia 0 0 0 Other, Net 0 0 (718) --------------- ---------------- ----------- Other income (loss), net 0 0 (718) --------------- ---------------- ----------- Income (loss) before interest charges 0 (6) (752) --------------- ---------------- ----------- Interest Charges 0 $ 0 $ 0 --------------- ---------------- ----------- Net Income (Loss) $0 (6) (752) =============== ================ =========== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (c) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY, INC. AND SUBSIDIARIES Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
COE Ave Fenix Corporation Eliminations Consolidated ------------- ------------ ------------ Operating Revenues $ 0 $ 0 $ 0 ------------- ------------ ------------ Operating Expenses: Operation 58 0 1,994 Maintenance 0 0 1 Federal and state income taxes (481) 0 425 Taxes other than income taxes (23) 0 (57) ------------- ------------ ------------ Total operating expenses (446) 0 2,363 ------------- ------------ ------------ Operating Income (Loss) 446 0 (2,363) ------------- ------------ ------------ Other Income: Gain on sale of investments 0 0 3,978 Reserve for the loss on sale of COE Ave Fenix Invest. in Ave Fenix Energia (20,000) (20,000) Other, Net (6,216) (26,472) (6,690) ------------- ------------ ------------ Other income (loss), net (26,216) (26,472) (22,712) ------------- ------------ ------------ Income (loss) before interest charges (25,770) (26,472) (25,075) ------------- ------------ ------------ Interest Charges 0 0 0 ------------- ------------ ------------ Net Income (Loss) $(25,770) $(26,472) $(25,075) ============= ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (c) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY, INC. AND SUBSIDIARIES Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
COE Charter Oak Development Energy, Inc. Corporation ------------ ----------- Balance at beginning of period $(58,129) $(16,076) Addition: Net income (loss) (25,075) 58 ------------ ----------- (83,204) (16,018) Deductions: Close out of retained earnings due to sale of subsidiaries 0 0 ------------ ----------- Balance at end of period $(83,204) $(16,018) ============ ===========
CHARTER OAK ENERGY, INC. AND SUBSIDIARIES Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
COE Charter Oak Development Energy, Inc. Corporation ------------ ----------- Balance at beginning of period $102,344 $19,173 Capital contributions from Northeast Utilities 9,800 0 Charter Oak Energy, Inc. 0 150 Dividend declared on common shares: $194,000.00 per share (19,400) 0 $7,500.00 per share 0 0 $2,500.00 per share 0 (250) Close out of capital surplus, paid in due to sale of subsidiaries 0 0 ------------ ----------- Balance at end of period $ 92,744 $19,073 ============ =========== Note: Individual companies may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (C) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY, INC. AND SUBSIDIARIES Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
COE Argentina I COE Tejona Corp. COE Argentina II Corporation (b) Corp. (c) --------------- ---------------- ------------ Balance at beginning of period $0 $(1,536) $ 514 Addition: Net income (loss) 0 (6) (752) --------------- ---------------- ------------ 0 (1,542) (238) Deductions: Close out of retained earnings due to sale of subsidiaries 0 0 (240) --------------- ---------------- ------------ Balance at end of period $0 $(1,542) $ 2 =============== ================ ============
CHARTER OAK ENERGY, INC. AND SUBSIDIARIES Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
COE Argentina I COE Tejona Corp. COE Argentina II Corporation (b) Corp. (c) --------------- ---------------- ------------ Balance at beginning of period $ 10 $3,434 $ 15,512 Capital contributions from Northeast Utilities 0 0 0 Charter Oak Energy, Inc. 0 0 0 Dividend declared on common shares: $194,000.00 per share 0 0 0 $7,500.00 per share 0 (713) 0 $2,500.00 per share 0 0 0 Close out of capital surplus, paid in due to sale of subsidiaries (10) 0 (15,512) --------------- ---------------- ------------ Balance at end of period $ 0 $2,721 $ 0 =============== ================ ============ Note: Individual companies may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (c) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY, INC. AND SUBSIDIARIES Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
COE Ave Fenix Corporation Eliminations Consolidated ------------- ------------ ------------ Balance at beginning of period $(32,195) $(49,293) $(58,129) Addition: Net income (loss) (25,770) (26,472) (25,075) ------------- ------------ ------------ (57,965) (75,765) (83,204) Deductions: Close out of retained earnings due to sale of subsidiaries 0 (240) 0 ------------- ------------ ------------ Balance at end of period $(57,965) $(75,525) $(83,204) ============= ============ ============
CHARTER OAK ENERGY, INC. AND SUBSIDIARIES Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
COE Ave Fenix Corporation Eliminations Consolidated ------------- ------------ ------------ Balance at beginning of period $54,490 $ 92,620 $102,344 Capital contributions from Northeast Utilities 0 0 9,800 Charter Oak Energy, Inc. 2,219 2,368 0 Dividend declared on common shares: $194,000.00 per share 0 0 (19,400) $7,500.00 per share 0 (713) 0 $2,500.00 per share 0 (250) 0 Close out of capital surplus, paid in due to sale of subsidiaries 0 (15,522) 0 ------------- ------------ ------------ Balance at end of period $56,709 $ 78,503 $ 92,744 ============= ============ ============ Note: Individual companies may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report. (b) Subsidiary was dissolved on June 30, 1998. (c) Subsidiary was sold on May 5, 1998.
CHARTER OAK ENERGY AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
Charter Oak Charter Oak Development Energy, Inc. Corporation ------------- ------------ Operating Activities: Net (loss)/income $ (25,075) $ 58 Adjustments to reconcile to net cash from operating activities: Depreciation 0 0 Deferred income taxes 84 0 Other sources of cash 123 67 Other uses of cash (695) 0 Changes in working capital: Accounts receivable 14 (171) Accounts payable 238 (550) Accrued taxes 0 0 Other working capital (excludes cash) 797 917 ------------- ------------ Net cash flows (used for)/from operating activities (24,514) 321 ------------- ------------ Financing Activities: Other paid in capital (9,600) (100) Cash dividends on common stock 0 0 ------------- ------------ Net cash flows (used for) financing activities (9,600) (100) ------------- ------------ Investment Activities: Investment in plant: Electric and other utility plant 3 (66) Other investments 34,172 0 ------------- ------------ Net cash flows (used for)/from investments 34,175 (66) ------------- ------------ Net increase/(decrease) in cash for the period 61 155 Cash - beginning of period 501 0 ------------- ------------ Cash - end of period $ 562 $ 155 ============= ============ Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 0 $ 0 ============= ============ Income taxes $ 408 $ (892) ============= ============ Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
CHARTER OAK ENERGY AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
COE Argentina I Corp. ------------- Operating Activities: Net (loss)/income $ 0 Adjustments to reconcile to net cash from operating activities: Depreciation 0 Deferred income taxes 0 Other sources of cash 0 Other uses of cash 0 Changes in working capital: Accounts receivable 0 Accounts payable 0 Accrued taxes 0 Other working capital (excludes cash) 0 ------------- Net cash flows (used for)/from operating activities 0 ------------- Financing Activities: Other paid in capital (10) Cash dividends on common stock 0 ------------- Net cash flows (used for) financing activities (10) ------------- Investment Activities: Investment in plant: Electric and other utility plant 0 Other investments 0 ------------- Net cash flows (used for)/from investments 0 ------------- Net increase/(decrease) in cash for the period (10) Cash - beginning of period 10 ------------- Cash - end of period $ 0 ============= Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 0 ============= Income taxes $ 0 ============= Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
CHARTER OAK ENERGY AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
COE COE COE Ave Argentina II Tejona Fenix Corp. Corp. Corp. ------------- ------------- ------------ Operating Activities: Net (loss)/income $ (6) $ (752) $ (25,770) Adjustments to reconcile to net cash from operating activities: Depreciation 0 0 0 Deferred income taxes 0 0 (466) Other sources of cash 0 0 4,335 Other uses of cash 0 (57) 0 Changes in working capital: Accounts receivable 0 0 0 Accounts payable 6 (21) 11 Accrued taxes 0 0 (25) Other working capital (excludes cash) (279) 26 2,286 ------------- ------------- ------------ Net cash flows (used for)/from operating activities (279) (804) (19,629) ------------- ------------- ------------ Financing Activities: Other paid in capital (713) (15,512) 2,219 Cash dividends on common stock 0 238 0 ------------- ------------- ------------ Net cash flows (used for) financing activities (713) (15,274) 2,219 ------------- ------------- ------------ Investment Activities: Investment in plant: Electric and other utility plant 0 0 0 Other investments 0 15,984 17,407 ------------- ------------- ------------ Net cash flows (used for)/from investments 0 15,984 17,407 ------------- ------------- ------------ Net increase/(decrease) in cash for the period (992) (94) (3) Cash - beginning of period 1,003 94 29 ------------- ------------- ------------ Cash - end of period $ 11 $ 0 $ 26 ============= ============= ============ Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 0 $ 0 $ 0 ============= ============= ============ Income taxes $ 296 $ (1) $ 0 ============= ============= ============ Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
CHARTER OAK ENERGY AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------- ------------- Operating Activities: Net (loss)/income $ (26,470) $ (25,075) Adjustments to reconcile to net cash from operating activities: Depreciation 0 0 Deferred income taxes 0 (382) Other sources of cash 61 4,465 Other uses of cash (60) (692) Changes in working capital: Accounts receivable 38 (195) Accounts payable (39) (276) Accrued taxes 0 (25) Other working capital (excludes cash) (1) 3,748 ------------- ------------- Net cash flows (used for)/from operating activities (26,471) (18,432) ------------- ------------- Financing Activities: Other paid in capital (14,117) (9,600) Cash dividends on common stock 238 0 ------------- ------------- Net cash flows (used for) financing activities (13,879) (9,600) ------------- ------------- Investment Activities: Investment in plant: Electric and other utility plant 0 (63) Other investments 40,350 27,213 ------------- ------------- Net cash flows (used for)/from investments 40,350 27,150 ------------- ------------- Net increase/(decrease) in cash for the period 0 (882) Cash - beginning of period 0 1,637 ------------- ------------- Cash - end of period $ 0 $ 755 ============= ============= Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 0 $ 0 ============= ============= Income taxes $ 0 $ (189) ============= ============= Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HEC INC. AND SUBSIDIARIES Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
HEC Southwest International HEC Energy HEC Inc. Corporation Services L.L.C. ------------ ------------- --------------- Utility Plant, at original cost: Other $4,213 $5 $ 65 Less: Accumulated provision for depreciation 2,979 4 22 ------------ ------------- --------------- 1,234 1 43 Construction work in progress 0 0 0 ------------ ------------- --------------- Total net utility plant 1,234 1 43 ------------ ------------- --------------- Other Property and Investments: Investments in subsidiary companies, at equity (320) 0 0 ------------ ------------- --------------- Current Assets: Cash 246 4 116 Receivables, net 2,782 0 78 Receivables from affiliated companies 796 0 0 Prepayments and other 139 0 5 ------------ ------------- --------------- 3,963 4 199 ------------ ------------- --------------- Deferred Charges: Other 1,347 0 575 ------------ ------------- --------------- Total Assets $6,224 $5 $817 ============ ============= =============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HEC INC. AND SUBSIDIARIES Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
HEC Energy Consulting Canada, Inc. Eliminations Consolidated ------------ ------------ ------------ Utility Plant, at original cost: Other $ 9 $ 0 $4,292 Less: Accumulated provision for depreciation 8 0 3,013 ------------ ------------ ------------ 1 0 1,279 Construction work in progress 0 0 0 ------------ ------------ ------------ Total net utility plant 1 0 1,279 ------------ ------------ ------------ Other Property and Investments: Investments in subsidiary companies, at equity 0 (320) 0 ------------ ------------ ------------ Current Assets: Cash 59 0 425 Receivables, net 8 0 2,868 Receivables from affiliated companies 0 0 796 Prepayments and other 0 0 144 ------------ ------------ ------------ 67 0 4,233 ------------ ------------ ------------ Deferred Charges: Other 1 0 1,923 ------------ ------------ ------------ Total Assets $69 $(320) $7,435 ============ ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HEC INC.AND SUBSIDIARIES Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
HEC Southwest International HEC Energy HEC Inc. Corporation Services L.L.C. ------------ ------------- --------------- Capitalization: Common stockholder's equity: Common stock $ 0 0 $ 250 Capital surplus, paid in 4,000 10 0 Retained earnings (562) (6) (583) Accumulated other comprehensive income (1) 0 0 ------------ ------------- --------------- Total common stockholder's equity 3,437 4 (333) Long-term debt 0 0 525 ------------ ------------- --------------- Total capitalization 3,437 4 192 ------------ ------------- --------------- Current Liabilities: Notes payable to affiliated company 1,000 0 0 Accounts payable 1,328 0 193 Accounts payable to affiliated companies 55 0 0 Accrued taxes 221 0 0 Other 95 1 432 ------------ ------------- --------------- 2,699 1 625 ------------ ------------- --------------- Deferred Credits: Accumulated deferred income taxes 88 0 0 ------------ ------------- --------------- Total Capitalization and Liabilities $6,224 $ 5 $ 817 ============ ============= =============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integraL part of these financial statements. (a) Not covered by auditors' report.
HEC INC.AND SUBSIDIARIES Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
HEC Energy Consulting Canada, Inc. Eliminations Consolidated ------------ ------------ ------------ Capitalization: Common stockholder's equity: Common stock $ 0 $ 250 $ 0 Capital surplus, paid in 6 16 4,000 Retained earnings 3 (586) (562) Accumulated other comprehensive income 0 0 (1) ------------ ------------ ------------ Total common stockholder's equity 9 (320) 3,437 Long-term debt 0 0 525 ------------ ------------ ------------ Total capitalization 9 (320) 3,962 ------------ ------------ ------------ Current Liabilities: Notes payable to affiliated company 0 0 1,000 Accounts payable 0 0 1,521 Accounts payable to affiliated companies 0 0 55 Accrued taxes 0 0 221 Other 60 0 588 ------------ ------------ ------------ 60 0 3,385 ------------ ------------ ------------ Deferred Credits: Accumulated deferred income taxes 0 0 88 ------------ ------------ ------------ Total Capitalization and Liabilities $69 $(320) $7,435 ============ ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HEC INC. AND SUBSIDIARIES Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
HEC Southwest International HEC Energy HEC Inc. Corporation Services L.L.C. ------------ ------------- --------------- Operating Revenues $21,995 $ 0 $ 753 ------------ ------------- --------------- Operating Expenses: Operation 21,864 0 1,044 Maintenance 31 0 5 Depreciation 430 2 11 Federal and state income taxes (279) 0 0 Taxes other than income taxes 330 0 26 ------------ ------------- --------------- Total operating expenses 22,376 2 1,086 ------------ ------------- --------------- Operating Loss (381) (2) (333) ------------ ------------- --------------- Other Income (Loss) (216) 0 13 ------------ ------------- --------------- Loss before interest charges (597) (2) (320) ------------ ------------- --------------- Interest Charges 78 0 39 ------------ ------------- --------------- Net Loss $ (675) $(2) $ (359) ============ ============= =============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HEC INC. AND SUBSIDIARIES Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
HEC Energy Consulting Canada, Inc. Eliminations Consolidated ------------ ------------ ------------ Operating Revenues $ 8 $ 48 $22,708 ------------ ------------ ------------ Operating Expenses: Operation 12 48 22,873 Maintenance 0 0 36 Depreciation 2 0 443 Federal and state income taxes (2) 0 (281) Taxes other than income taxes 0 0 356 ------------ ------------ ------------ Total operating expenses 12 48 23,427 ------------ ------------ ------------ Operating Loss (4) 0 (719) ------------ ------------ ------------ Other Income (Loss) 2 (354) 152 ------------ ------------ ------------ Loss before interest charges (2) (354) (567) ------------ ------------ ------------ Interest Charges 2 11 108 ------------ ------------ ------------ Net Loss $(4) $(365) $ (675) ============ ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HEC INC. AND SUBSIDIARIES Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
HEC Southwest International HEC Energy HEC Inc. Corporation Services L.L.C. ------------ ------------- --------------- Balance at beginning of period $ 113 $(4) $(224) Addition: Net income (loss) (675) (2) (359) ------------ ------------- --------------- Balance at end of period $(562) $(6) $(583) ============ ============= ===============
HEC INC AND SUBSIDIARIES Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
HEC Southwest International HEC Energy HEC Inc. Corporation Services L.L.C. ------------ ------------- --------------- Balance at beginning of period $3,999 $10 $0 0 0 0 ------------ ------------- --------------- Balance at end of period $3,999 $10 $0 ============ ============= =============== Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HEC INC. AND SUBSIDIARIES Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
HEC Energy Consulting Canada, Inc. Eliminations Consolidated ------------ ------------ ------------ Balance at beginning of period $ 7 $(221) $ 113 Addition: Net income (loss) (4) (365) (675) ------------ ------------ ------------ Balance at end of period $ 3 $(586) $(562) ============ ============ ============
HEC INC AND SUBSIDIARIES Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
HEC Energy Consulting Canada, Inc. Eliminations Consolidated ------------ ------------ ------------ Balance at beginning of period $6 $16 $3,999 0 0 0 ------------ ------------ ------------ Balance at end of period $6 $16 $3,999 ============ ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HEC INC. AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
HEC Southwest International HEC Energy HEC Inc. Corporation Services LLC ----------- ------------- ------------ Operating Activities: Net (loss) $ (675) $ (2) $ (359) Adjustments to reconcile to net cash from operating activities: Depreciation 430 2 11 Deferred income taxes and investment tax credits, net (310) 0 0 Other sources of cash 666 0 0 Other uses of cash (18) 0 (339) Changes in working capital: Receivables and accrued utility revenues 215 0 (64) Fuel, materials, and supplies 26 0 0 Accounts payable (619) 0 172 Accrued taxes (161) 0 0 Other working capital (excludes cash) (449) 1 418 ----------- ------------- ------------ Net cash flows (used for)/from operating activities (895) 1 (161) ----------- ------------- ------------ Financing Activities: Issuance of long term debt 0 0 275 Net increase in short-term debt 443 (1) (12) ----------- ------------- ------------ Net cash flows from/(used for) financing activities 443 (1) 263 ----------- ------------- ------------ Investment Activities: Investment in plant: Electric utility plant (110) 0 0 ----------- ------------- ------------ Net cash flows used for investments in plant (110) 0 0 Investment in subsidiaries 366 0 0 ----------- ------------- ------------ Net cash flows used for investments 256 0 0 ----------- ------------- ------------ Net (decrease)/increase in cash for the period (196) (1) 102 Cash - beginning of period 442 5 14 ----------- ------------- ------------ Cash - end of period $ 246 $ 4 $ 116 =========== ============= ============ Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 76 $ 0 $ 0 =========== ============= ============ Income taxes $ 101 $ 0 $ 0 =========== ============= ============ Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
HEC INC. AND SUBSIDIARIES Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
HEC Energy Consulting Canada, Inc. Eliminations Consolidated ------------ ------------ ------------ Operating Activities: Net (loss) $ (4) $ (365) $ (675) Adjustments to reconcile to net cash from operating activities: Depreciation 2 0 443 Deferred income taxes and investment tax credits, net 0 0 (310) Other sources of cash 0 323 343 Other uses of cash (2) (324) (34) Changes in working capital: Receivables and accrued utility revenues (7) 0 144 Fuel, materials, and supplies 0 0 26 Accounts payable 0 0 (447) Accrued taxes 0 0 (161) Other working capital (excludes cash) 50 0 20 ------------ ------------ ------------ Net cash flows (used for)/from operating activities 39 (366) (651) ------------ ------------ ------------ Financing Activities: Issuance of long term debt 0 0 275 Net increase in short-term debt (30) 0 400 ------------ ------------ ------------ Net cash flows from/(used for) financing activities (30) 0 675 ------------ ------------ ------------ Investment Activities: Investment in plant: Electric utility plant 0 0 (110) ------------ ------------ ------------ Net cash flows used for investments in plant 0 0 (110) Investment in subsidiaries 0 366 0 ------------ ------------ ------------ Net cash flows used for investments 0 366 (110) ------------ ------------ ------------ Net (decrease)/increase in cash for the period 9 0 (86) Cash - beginning of period 50 0 511 ------------ ------------ ------------ Cash - end of period $ 59 $ 0 $ 425 ============ ============ ============ Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 0 $ 0 $ 76 ============ ============ ============ Income taxes $ 0 $ 0 $ 101 ============ ============ ============ Note: Individual columns may not add to Consolidated financial statements due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY Consolidating Balance Sheet (a) Assets December 31, 1998 (Thousands of Dollars)
Western Massachusetts WMECO Electric Receivables Company Corporation Eliminations Consolidated ------------- ----------- ------------ ------------ Utility Plant, at cost: Electric $1,221,257 $ 0 $ 0 $1,221,257 Less: Accumulated provision for depreciation 517,401 0 0 517,401 ------------- ----------- ------------ ------------ 703,856 0 0 703,856 Construction work in progress 14,858 0 0 14,858 Nuclear fuel, net 19,931 0 0 19,931 ------------- ----------- ------------ ------------ Total net utility plant 738,645 0 0 738,645 ------------- ----------- ------------ ------------ Other Property and Investments: Nuclear decommissioning trusts, at market 125,598 0 0 125,598 Investments in regional nuclear generating companies, at equity 15,440 0 0 15,440 Investments in subsidiary companies, at equity 177 0 177 0 Other, at cost 7,322 0 0 7,322 ------------- ----------- ------------ ------------ 148,537 0 177 148,360 ------------- ----------- ------------ ------------ Current Assets: Cash and special deposits 59 47 0 106 Investments in securitizable assets 19,508 41,865 39,508 21,865 Receivables, net 862 0 0 862 Accounts receivable from affiliated companies 6,692 0 2,504 4,188 Taxes receivable 13,978 277 0 14,255 Fuel, materials, and supplies, at average cost 5,053 0 0 5,053 Recoverable energy costs, net-- current portion 1,924 0 0 1,924 Prepayments and other 23,996 0 0 23,996 ------------- ----------- ------------ ------------ 72,072 42,189 42,012 72,249 ------------- ----------- ------------ ------------ Deferred Charges: Regulatory assets 322,435 0 0 322,435 Unamortized debt expense 2,298 0 0 2,298 Other 3,695 0 0 3,695 ------------- ----------- ------------ ------------ 328,428 0 0 328,428 ------------- ----------- ------------ ------------ Total Assets $1,287,682 $42,189 $42,189 $1,287,682 ============= =========== ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY Consolidating Balance Sheet (a) Capitalization and Liabilities December 31, 1998 (Thousands of Dollars)
Western Massachusetts WMECO Electric Receivables Company Corporation Eliminations Consolidated ------------- ----------- ------------ ------------ Capitalization: Common stockholder's equity: Common stock $ 26,812 $ 0 $ 0 $ 26,812 Capital surplus, paid in 151,431 13,666 13,666 151,431 Retained earnings 46,003 117 117 46,003 Accumulated other comprehensive income 150 0 0 150 ------------- ----------- ------------ ------------ Total common stockholder's equity 224,396 13,783 13,783 224,396 Preferred stock not subject to mandatory redemption 20,000 0 0 20,000 Preferred stock subject to mandatory redemption 18,000 0 0 18,000 Long-term debt 349,314 0 0 349,314 ------------- ----------- ------------ ------------ Total capitalization 611,710 13,783 13,783 611,710 ------------- ----------- ------------ ------------ Obligations Under Capital Leases 12,129 0 0 12,129 ------------- ----------- ------------ ------------ Current Liabilities: Notes payable to banks 20,000 20,000 20,000 20,000 Notes payable to affiliated companies 30,900 0 0 30,900 Long-term debt and preferred stock-- current portion 41,500 0 0 41,500 Obligations under capital leases-- current portion 21,964 0 0 21,964 Accounts payable 17,952 0 0 17,952 Accounts payable to affiliated companies 12,866 6,393 6,393 12,866 Accrued taxes 1,264 0 0 1,264 Accrued interest 8,030 2,013 2,013 8,030 Other 6,831 0 0 6,831 ------------- ----------- ------------ ------------ 161,307 28,406 28,406 161,307 ------------- ----------- ------------ ------------ Deferred Credits: Accumulated deferred income taxes 248,985 0 0 248,985 Accumulated deferred investment tax credits 21,895 0 0 21,895 Decommissioning obligation-- Millstone 1 131,500 0 0 131,500 Deferred contractual obligations 74,534 0 0 74,534 Other 25,622 0 0 25,622 ------------- ----------- ------------ ------------ 502,536 0 0 502,536 ------------- ----------- ------------ ------------ Total Capitalization and Liabilities $1,287,682 $42,189 $42,189 $1,287,682 ============= =========== ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY Consolidating Statement of Income (a) Year Ended December 31, 1998 (Thousands of Dollars)
Western Massachusetts WMECO Electric Receivables Company Corporation Eliminations Consolidated ------------- ----------- ------------ ------------ Operating Revenues $393,322 $ 0 $ 0 $393,322 ------------- ----------- ------------ ------------ Operating Expenses: Operation-- Fuel, purchased and net interchange power 113,148 0 0 113,148 Other 134,909 319 312 134,916 Maintenance 56,622 0 0 56,622 Depreciation 40,901 0 0 40,901 Amortization of regulatory assets, net 6,016 0 0 6,016 Federal and state income taxes 1,574 535 0 2,109 Taxes other than income taxes 20,105 (349) 0 19,756 ------------- ----------- ------------ ------------ Total operating expenses 373,275 505 312 373,468 ------------- ----------- ------------ ------------ Operating Income (Loss) 20,047 (505) (312) 19,854 ------------- ----------- ------------ ------------ Other Income: Equity in earnings of regional nuclear generating companies 1,699 0 0 1,699 Other, net (2,098) 2,357 2,164 (1,905) Income taxes 2,198 0 0 2,198 ------------- ----------- ------------ ------------ Other income, net 1,799 2,357 2,164 1,992 ------------- ----------- ------------ ------------ Income before interest charges 21,846 1,852 1,852 21,846 ------------- ----------- ------------ ------------ Interest Charges: Interest on long-term debt 28,027 0 0 28,027 Other interest 3,415 1,090 1,090 3,415 Def.nuclear plants ret.-borrowed funds (17) 0 0 (17) ------------- ----------- ------------ ------------ Interest charges, net 31,425 1,090 1,090 31,425 ------------- ----------- ------------ ------------ Net Income (Loss) $ (9,579) $ 762 $ 762 $ (9,579) ============= =========== ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY Consolidating Statement of Retained Earnings (a) Year Ended December 31, 1998 (Thousands of Dollars)
Western Massachusetts WMECO Electric Receivables Company Corporation Eliminations Consolidated ------------- ----------- ------------ ------------ Balance at beginning of period $58,608 $(645) $(645) $58,608 Addition: Net income (loss) (9,579) 762 762 (9,579) ------------- ----------- ------------ ------------ 49,029 117 117 49,029 Deductions: Dividends declared: Preferred Stock 3,026 0 0 3,026 ------------- ----------- ------------ ------------ Total deductions 3,026 0 0 3,026 ------------- ----------- ------------ ------------ Balance at end of period $46,003 $ 117 $ 117 $46,003 ============= =========== ============ ============
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY Consolidating Statement of Capital Surplus, Paid In (a) Year Ended December 31, 1998 (Thousands of Dollars)
Western Massachusetts WMECO Electric Receivables Company Corporation Eliminations Consolidated ------------- ----------- ------------ ------------ Balance at beginning of period $151,171 $13,666 $13,666 $151,171 Capital stock expenses, net 260 0 0 260 ------------- ----------- ------------ ------------ Balance at end of period $151,431 $13,666 $13,666 $151,431 ============= =========== ============ ============ Note: Individual columns may not add to Consolidated due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
Western Massachusetts WMECO Electric Receivables Company Corporation --------------- ------------ Operating Activities: Net (loss)/income $ (9,579) $ 762 Adjustments to reconcile to net cash from operating activities: Depreciation 40,901 0 Deferred income taxes and investment tax credits, net 7,405 0 Deferred nuclear plants return (18) 0 Amortization/(deferral) of recoverable energy costs 5,366 0 Amortization of regulatory assets - income taxes 2,657 0 Amortization of other regulatory assets 3,359 0 Other sources of cash 9,029 0 Other uses of cash (11,791) 0 Changes in working capital: Receivables and accrued utility revenues, net (702) 0 Fuel, materials, and supplies 807 0 Accounts payable (20,962) (6,383) Accrued taxes 742 0 Sale of receivables and accrued utility revenues 0 0 Investment in securitizable assets 6,695 3,415 Other working capital (excludes cash) (3,628) 2,200 --------------- ----------- Net cash flows from/(used for) operating activities 30,281 (6) --------------- ----------- Financing Activities: Net increase in short-term debt 21,550 0 Reacquisitions and retirements of long-term debt (9,800) 0 Reacquisitions and retirements of preferred stock (1,500) 0 Cash dividends on preferred stock (3,026) 0 --------------- ----------- Net cash flows from financing activities 7,224 0 --------------- ----------- Investment Activities: Investment in plant: Electric utility plant (19,895) 0 Nuclear fuel (1,801) 0 --------------- ----------- Net cash flows used for investments in plant (21,696) 0 Investment in nuclear decommissioning trusts (12,918) 0 Other investment activities, net (2,883) 0 --------------- ----------- Net cash flows (used for) investments (37,497) 0 --------------- ----------- Net increase/(decrease) in cash for the period 8 (6) Cash - beginning of period 51 53 --------------- ----------- Cash - end of period $ 59 47 =============== =========== Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 22,902 0 =============== =========== Income taxes $ (2,624) 0 =============== =========== Increase in obligations: Niantic Bay Fuel Trust and other capital leases $ 962 $ 0 =============== =========== Note: Individual columns may not add to Consolidated financial statments due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY Consolidating Statement of Cash Flows (a) Year Ended December 31, 1998 (Thousands of Dollars)
Eliminations Consolidated ------------- ------------- Operating Activities: Net (loss)/income $ 762 $ (9,579) Adjustments to reconcile to net cash from operating activities: Depreciation 0 40,901 Deferred income taxes and investment tax credits, net 0 7,405 Deferred nuclear plants return 0 (18) Amortization/(deferral) of recoverable energy costs 0 5,366 Amortization of regulatory assets - income taxes 0 2,657 Amortization of other regulatory assets 0 3,359 Other sources of cash 0 9,029 Other uses of cash 0 (11,791) Changes in working capital: Receivables and accrued utility revenues, net (2,325) 1,622 Fuel, materials, and supplies 0 807 Accounts payable (6,383) (20,962) Accrued taxes 0 742 Sale of receivables and accrued utility revenues 0 0 Investment in securitizable assets 6,695 3,415 Other working capital (excludes cash) 2,013 (3,441) ------------- ------------- Net cash flows from/(used for) operating activities 762 29,512 ------------- ------------- Financing Activities: Net increase in short-term debt 0 21,550 Reacquisitions and retirements of long-term debt 0 (9,800) Reacquisitions and retirements of preferred stock 0 (1,500) Cash dividends on preferred stock 0 (3,026) ------------- ------------- Net cash flows from financing activities 0 7,224 ------------- ------------- Investment Activities: Investment in plant: Electric utility plant 0 (19,895) Nuclear fuel 0 (1,801) ------------- ------------- Net cash flows used for investments in plant 0 (21,696) Investment in nuclear decommissioning trusts 0 (12,918) Other investment activities, net (762) (2,121) ------------- ------------- Net cash flows (used for) investments (762) (36,735) ------------- ------------- Net increase/(decrease) in cash for the period 0 1 Cash - beginning of period 0 105 ------------- ------------- Cash - end of period $ 0 $ 106 ============= ============= Supplemental Cash Flow Information Cash paid/(refunded) during the year for: Interest, net of amounts capitalized $ 0 $ 22,902 ============= ============= Income taxes $ 0 $ (2,624) ============= ============= Increase in obligations: Niantic Bay Fuel Trust and other capital leases $ 0 $ 962 ============= ============= Note: Individual columns may not add to Consolidated financial statments due to rounding. The accompanying notes are an integral part of these financial statements. (a) Not covered by auditors' report.
NOTES TO FINANCIAL STATEMENTS NU Reference is made to "Notes to Consolidated Financial Statements" contained on pages 29 through 49 in NU's 1998 Annual Report to Shareholders, which information is incorporated herein by reference. CL&P Reference is made to "Notes to Consolidated Financial Statements" contained on pages 7 through 39 in CL&P's 1998 Annual Report, which information is incorporated herein by reference. PSNH Reference is made to "Notes to Financial Statements" contained on pages 7 through 38 in PSNH's 1998 Annual Report, which information is incorporated herein by reference. WMECO Reference is made to "Notes to Consolidated Financial Statements" contained on pages 7 through 35 in WMECO's 1998 Annual Report, which information is incorporated herein by reference. NAEC Reference is made to "Notes to Financial Statements" contained on pages 7 through 21 in NAEC's 1998 Annual Report, which information is incorporated herein by reference. EXHIBITS The following exhibits are incorporated by reference to the indicated SEC file number, unless a single asterisk appears next to the exhibit reference. A single asterisk indicates exhibits which are filed herewith. A # further indicates that the exhibit is filed under cover of Form SE. EXHIBIT NUMBER DESCRIPTION A. ANNUAL REPORTS A.1 Annual Reports filed under the Securities Exchange Act of 1934 A.1.1 1998 Annual Report on Form 10-K for NU. (File No. 1-5324) A.1.2 1998 Annual Report on Form 10-K for CL&P. (File No. 0-11419) A.1.3 1998 Annual Report on Form 10-K for PSNH. (File No. 1-6392) A.1.4 1998 Annual Report on Form 10-K for WMECO. (File No. 0-7624) A.1.5 1998 Annual Report on Form 10-K for NAEC. (File No. 33-43508) A.2 Annual Reports and Reports to the FERC on Form 1 *# A.2.1 1998 Annual Report to Shareholders of Connecticut Yankee Atomic Power Company. A.2.2 1998 Annual Report to Shareholders of Maine Yankee Atomic Power Company. (Exhibit A.2, 1998 New England Electric System (NEES) U5S, File No. 30-33) A.2.3 1998 Annual Report to Shareholders of Vermont Yankee Nuclear Power Corporation. (Exhibit A.7.a, to be filed with the 1998 NEES U5S, File No. 30-33) A.2.4 1998 FERC Form 1 of Vermont Yankee Nuclear Power Corporation. (Exhibit A.7.b, 1998 NEES U5S, File No. 30-33) A.2.5 1998 Annual Report to Shareholders of Yankee Atomic Electric Company. (Exhibit A.8, 1998 NEES U5S,File No. 30-33) *# A.2.6 1998 Annual Report to Shareholders of New England Hydro- Transmission Electric Company, Inc. *# A.2.7 1998 Annual Report to Shareholders of New England Hydro- Transmission Corporation. B. CHARTERS, ARTICLES OF INCORPORATION, TRUST AGREEMENTS, BY-LAWS, AND OTHER FUNDAMENTAL DOCUMENTS OF ORGANIZATION B.1 Northeast Utilities B.1.1 Declaration of Trust of NU, as amended through May 24, 1988. (Exhibit 3.1.1, 1988 NU Form 10-K, File No. 1-5324) B.2 The Connecticut Light and Power Company B.2.1 Certificate of Incorporation of CL&P, restated to March 22, 1994. (Exhibit 3.2.1, 1993 NU Form 10-K, File No. 1-5324) B.2.2 Certificate of Amendment to Certificate of Incorporation of CL&P, dated December 26, 1996. (Exhibit 3.2.2, 1996 NU Form 10-K, File No. 1-5324) B.2.3 Certificate of Amendment to Certificate of Incorporation of CL&P, dated April 27, 1998. (Exhibit 3.2.3, 1998 NU Form 10-K, File No. 1-5324) B.2.4 By-laws of CL&P, as amended to January 1, 1997. (Exhibit 3.2.3, 1996 NU Form 10-K, File No. 1-5324) B.3 Public Service Company of New Hampshire B.3.1 Articles of Incorporation, as amended to May 16, 1991. (Exhibit B.3.1, 1997 NU Form U53, File No. 30-246) B.3.2 By-laws of PSNH, as amended to November 1, 1993. (Exhibit 3.3.2, 1993 NU Form 10-K, File No. 1-5324) B.4 Western Massachusetts Electric Company B.4.1 Articles of Organization of WMECO, restated to February 23, 1995. (Exhibit 3.4.1, 1994 NU Form 10-K, File No. 1-5324) B.4.2 By-laws of WMECO, as amended to February 11, 1998. (Exhibit 3.4.2, 1996 NU Form 10-K, File No. 1-5324) B.5 North Atlantic Energy Corporation B.5.1 Articles of Incorporation of NAEC dated September 20, 1991. (Exhibit 3.5.1, 1993 NU Form 10-K, File No. 1-5324) B.5.2 Articles of Amendment dated October 16, 1991 and June 2, 1992 to Articles of Incorporation of NAEC. (Exhibit 3.5.2, 1993 NU Form 10-K, File No. 1-5324) B.5.3 By-laws of NAEC, as amended to November 8, 1993. (Exhibit 3.5.3, 1993 NU Form 10-K, File No. 1-5324) B.6 The Quinnehtuk Company B.6.1 Articles of Organization of The Quinnehtuk Company dated December 14, 1928 and Articles of Amendment dated December 18, 1930. (Exhibit B.6.1, 1997 NU Form U5S, File No. 30-246) B.6.2 Amendment to Certificate of Incorporation of The Quinnehtuk Company dated June 10, 1975. (Exhibit B.6.2, 1993 NU Form U5S, File No. 30-246) B.6.3 By-laws of The Quinnehtuk Company as amended to February 11, 1998. (Exhibit B.6.3, 1997 NU Form U5S, File No. 30-246) B.7 The Rocky River Realty Company B.7.1 Certificate of Incorporation, as amended, of The Rocky River Realty Company. (Exhibit 1.9, 1977 NU Form U5S, File No. 30-246) B.7.2 Certificate of Amendment to Certificate of Incorporation of The Rocky River Realty Company, dated December 26, 1996. (Exhibit B.7.2, 1996 NU Form U5S, File No. 30-246) B.7.3 Certificate of Amendment to Certificate of Incorporation of the Rocky River Realty Company, dated April 27, 1998. (Exhibit B.7.3, 1997 NU Form U5S, File No. 30-246) B.7.4 By-laws of The Rocky River Realty Company, as amended to February 11, 1998. (Exhibit B.7.4, 1997 NU Form U5S, File No. 30-246) B.8 Research Park, Inc. B.8.1 Charter of Research Park, Inc., dated July 18, 1963. (Exhibit B.6, 1983 NU Form U5S, File No. 30-246) B.8.2 Certificate of Amendment to Certificate of Incorporation of Research Park, Inc., dated December 26, 1996. (Exhibit B.8.2, 1996 NU Form U5S, File No. 30-246 B.8.3 Certificate of Amendment to Certificate of Incorporation of Research Park, Inc., dated April 27, 1998. (Exhibit B.8.3, 1997 NU Form U5S, File No. 30-246) B.8.4 By-laws of Research Park, Inc., as amended to February 11, 1998. (Exhibit B.8.4, 1997 NU Form U5S, File No. 30-246) B.9 The City and Suburban Electric and Gas Company B.9.1 Charter of The City and Suburban Electric and Gas Company (Special Act No. 169, Volume XXVIII, page 193, approved May 1, 1957). (Exhibit B.8, 1983 NU Form U5S, File No. 30-246) B.9.2 Certificate of Amendment to Certificate of Incorporation of The City and Suburban Electric and Gas Company, dated December 26, 1996. (Exhibit B.9.2, 1996 NU Form U5S, File No. 30-246) B.9.3 By-laws of The City and Suburban Electric and Gas Company as amended to February 15, 1952. (Exhibit B.8.1, 1983 NU Form U5S, File No. 30-246) B.10 Electric Power, Incorporated B.10.1 Charter of Electric Power, Incorporated dated January 1, 1955. (Exhibit B.9, 1983 NU Form U5S, File No. 30-246) B.10.2 Amendment to Charter of Electric Power, Incorporated (Special Act No. 133, Volume XXXI, page 103, approved June 11, 1963). (Exhibit B.9.1, 1983 NU Form U5S, File No. 30-246) B.10.3 Certificate of Amendment to Certificate of Incorporation of Electric Power, Incorporated, dated December 26, 1996. (Exhibit B.10.3, 1996 NU Form U5S, File No. 30-246) B.10.4 By-laws of Electric Power, Incorporated as amended to February 15, 1952. (Exhibit B.9.2, 1983 NU Form U5S, File No. 30-246) B.11 The Nutmeg Power Company B.11.1 Certificate of Organization of The Nutmeg Power Company dated July 19, 1954. (Exhibit B.11, 1983 NU Form U5S, File No. 30-246) B.11.2 Certificate of Amendment to the Certificate of Incorporation of The Nutmeg Power Company, dated December 26, 1996. (Exhibit B.11.2, 1996 NU Form U5S, File No. 30-246) B.11.3 By-laws of The Nutmeg Power Company as amended to January 1, 1997. (Exhibit B.11.3, 1996 NU Form U5S, File No. 30-246) B.12 The Connecticut Steam Company B.12.1 Certificate of Incorporation of The Connecticut Steam Company dated May 13, 1965, including Special Act No. 325, an Act Incorporating The Connecticut Steam Company (Special Acts 1963, Senate Bill No. 704, approved June 24, 1963). (Exhibit B.12, 1983 NU Form U5S, File No. 30-246) B.12.2 Certificate of Amendment to Certificate of Incorporation of The Connecticut Steam Company, dated December 26, 1996. (Exhibit B.12.2, 1996 NU Form U5S, File No. 30-246) B.12.3 By-laws of The Connecticut Steam Company, as amended to January 1, 1997. (Exhibit B.12.3, 1996 NU Form U5S, File No. 30-246) B.13 The Connecticut Transmission Corporation B.13.1 Charter of The Connecticut Transmission Corporation and predecessor companies as amended to May 8, 1953. (Exhibit B.13, 1983 NU Form U5S, File No. 30-246) B.13.2 Certificate of Amendment to Certificate of Incorporation of The Connecticut Transmission Corporation, dated December 26, 1996. (Exhibit B.13.2, 1996 NU Form U5S, File No. 30-246) B.13.3 By-laws of The Connecticut Transmission Corporation as amended to February 15, 1952. (Exhibit B.13.1, 1983 NU Form U5S, File No. 30-246) B.14 Holyoke Water Power Company B.14.1 Charter of Holyoke Water Power Company, as amended. (Exhibit 1.8, 1977 NU Form U5S, File No. 30-246) B.14.2 By-laws of Holyoke Water Power Company, as amended to February 11, 1998. (Exhibit B.14.2, NU Form U5S, File No. 30-246) B.15 Holyoke Power and Electric Company B.15.1 Charter of Holyoke Power and Electric Company dated December 5, 1925. (Exhibit B.15, 1983 NU Form U5S, File No. 30-246) B.15.2 Chapter 147 of the Massachusetts Acts of 1926 amending the Charter of Holyoke Power and Electric Company, as recorded with the Office of the Secretary of the Commonwealth on March 29, 1926. (Exhibit B.15.1, 1983 NU Form U5S, File No. 30-246) B.15.3 By-laws of Holyoke Power and Electric Company, as amended to February 11, 1998. (Exhibit B.15.3, 1997 NU U5S, File No. 30-246) B.16 Northeast Utilities Service Company B.16.1 Charter of Northeast Utilities Service Company, as amended to February 20, 1974. (Exhibit B.16, 1983 NU Form U5S, File No. 30-246) B.16.2 Certificate of Amendment to Certificate of Incorporation of Northeast Utilities Service Company, dated December 26, 1996. (Exhibit B.16.2, 1996 NU Form U5S, File No. 30-246) B.16.3 Certificate of Amendment to Certificate of Incorporation of Northeast Utilities Service Company, dated April 27, 1998. (Exhibit B.16.3, 1997 NU Form U5S, File No. 30-246) B.16.4 By-laws of Northeast Utilities Service Company as amended to January 1, 1997. (Exhibit B.16.3, 1996 NU Form U5S, File No. 30-246) B.17 Northeast Nuclear Energy Company B.17.1 Charter of Northeast Nuclear Energy Company as amended to April 24, 1974. (Exhibit B.17, 1983 NU Form U5S, File No. 30-246) B.17.2 Certificate of Amendment to Certificate of Incorporation of Northeast Nuclear Energy Company, dated December 26, 1996. (Exhibit B.17.2, 1996 NU Form U5S, File No. 30-246) B.17.3 Certificate of Amendment to Certificate of Incorporation of Northeast Nuclear Energy Company, dated April 27, 1998. (Exhibit B.17.3, 1997 NU Form U5S, File No. 30-246) B.17.4 By-laws of Northeast Nuclear Energy Company, as amended to February 11, 1998. (Exhibit B.17.4, 1997 NU Form U5S, File No. 30-246) B.18 HEC Inc. B.18.1 Articles of Organization of HEC Inc. dated June 19, 1990. (Exhibit B.19, 1990 NU Form U5S, File No. 30-246) B.18.2 By-Laws of HEC Inc. (Exhibit B.19.1, 1990 NU Form U5S, File No. 30-246) B.19 HEC International Corporation B.19.1 Articles of Organization of HEC International Corporation dated October 12, 1994. (Exhibit B.19.1, 1994 NU Form U5S, File No. 30-246) B.19.2 By-laws of HEC International Corporation dated October 12, 1994. (Exhibit B.19.2, 1994 NU Form U5S, File No. 30-246) B.20 HEC Energy Consulting Canada Inc. B.20.1 Articles of Incorporation of HEC Energy Consulting Canada Inc. dated October 24, 1994. (Exhibit B.20.1, 1994 NU Form U5S, File No. 30-246) B.20.2 By-laws of HEC Energy Consulting Canada Inc. dated October 24, 1994. (Exhibit B.20.2, 1994 NU Form U5S, File No. 30-246) B.21 North Atlantic Energy Service Corporation B.21.1 Articles of Incorporation; and Certificate of Amendment of North Atlantic Energy Service Corporation dated June 1, 1992. (Exhibit B.21, 1992 NU Form U5S, File No. 30-246) B.21.2 By-Laws of North Atlantic Energy Service Corporation, as amended to November 8, 1993. (Exhibit B.19.2, 1993 NU Form U5S, File No. 30-246) B.22 Connecticut Yankee Atomic Power Company B.22.1 Certificate of Incorporation of Connecticut Yankee Atomic Power Company and amendments dated to November 20, 1964. (Exhibit B.20.1, 1993 NU Form U5S, File No. 30-246) B.22.2 Certificate of Amendment to Certificate of Incorporation of Connecticut Yankee Atomic Power Company, dated December 26, 1996. (Exhibit B.22.2, 1996 NU Form U5S, File No. 30-246) * B.22.3 Certificate of Amendment to Certificate of Incorporation of Connecticut Yankee Atomic Power Company, dated October 15, 1998. * B.22.4 By-laws of Connecticut Yankee Atomic Power Company, as amended to March 31, 1999. B.23 Properties, Inc. B.23.1 Articles of Agreement of Properties, Inc. as amended to June 1, 1983. (Exhibit B.21.1, 1993 NU Form U5S, File No. 30-246) B.23.2 By-laws of Properties, Inc., amended and restated as of February 7, 1996. (Exhibit B.23.2, 1995 NU Form U5S, File No. 30-246) B.24 New Hampshire Electric Company B.24.1 Articles of Agreement of New Hampshire Electric Company, as amended to June 1, 1983. (Exhibit B.22.1, 1993 NU Form U5S, File No. 30-246) B.24.2 By-laws of New Hampshire Electric Company, as amended to June 1, 1983. (Exhibit B.22.2, 1993 NU Form U5S, File No. 30-246) B.25 Charter Oak Energy, Inc. B.25.1 Certificate of Incorporation of Charter Oak Energy, Inc., dated September 28, 1988. (Exhibit B.16, 1989 NU Form U5S, File No. 30-246) B.25.2 Certificate of Amendment to Certificate of Incorporation of Charter Oak Energy, Inc., dated December 26, 1996. (Exhibit B.25.2, 1996 NU Form U5S, File No. 30-246) B.25.3 Certificate of Amendment to Certificate of Incorporation of Charter Oak Energy Inc., dated April 27, 1998. (Exhibit B.25.3, 1997 NU Form U5S, File No. 30-246) B.25.4 By-laws of Charter Oak Energy, Inc., as amended to January 1, 1997. (Exhibit B.25.3, 1996 NU Form U5S, File No. 30-246) B.26 COE Development Corporation B.26.1 Certificate of Incorporation of COE Development Corporation dated November 6, 1992. (Exhibit B.26.1, 1993 NU Form U5S, File No. 30-246) B.26.2 Certificate of Amendment to Certificate of Incorporation of COE Development Corporation, dated December 26, 1996. (Exhibit B.26.2, 1996 NU Form U5S, File No. 30-246) B.26.3 Certificate of Amendment to Certificate of Incorporation of COE Development Corporation, dated April 27, 1998. (Exhibit B.27.3, 1997 NU Form U5S File No. 30-246) B.26.4 By-laws of COE Development Corporation, as amended to January 1, 1997. (Exhibit B.26.4, 1996 NU Form U5S, File No. 30-246) B.27 COE Argentina II Corp. B.27.1 Certificate of Incorporation of COE Argentina II Corp. dated March 14, 1994. (Exhibit B.27.1, 1994 NU Form U5S, File No. 30-246) B.27.2 Certificate of Amendment to Certificate of Incorporation of COE Argentina II Corp., dated December 26, 1996. (Exhibit B.27.2, 1996 NU Form U5S, File No. 30-246) B.27.3 Certificate of Amendment to Certificate of Incorporation of COE Argentina II Corp., dated April 27, 1998. (Exhibit B.27.3, 1997 NU Form U5S, File No. 30-246) B.27.4 By-laws of COE Argentina II Corp., as amended to January 1, 1997. (Exhibit B.27.4, 1996 NU Form U5S, File No. 30-246) B.28 COE Ave Fenix Corporation B.28.1 Certificate of Incorporation of COE Ave Fenix Corporation dated May 19, 1995. (Exhibit B.28.1, 1995 NU Form U5S, File No. 30-246) B.28.2 Certificate of Amendment to Certificate of Incorporation of COE Ave Fenix Corporation, dated December 26, 1996. (Exhibit B.28.2, 1996 NU Form U5S, File No. 30-246) B.28.3 Certificate of Amendment to Certificate of Incorporation of COE Ave Fenix Corporation, dated April 27, 1998. (Exhibit B.28.3, 1997 NU Form U5S, File No. 30-246) B.28.4 By-laws of COE Ave Fenix Corporation, as amended to January 1, 1997. (Exhibit B.28.4, 1996 NU Form U5S, File No. 30-246) B.29 New England Hydro-Transmission Corporation B.29.1 Articles of Incorporation, (Exhibit B.8a, 1986 NEES U5S, File No. 30-33); Articles of Amendment of New England Hydro- Transmission Corporation dated January 18, 1989, (Exhibit B.10a, 1988 NEES U5S, File No. 30-33). B.29.2 By-laws of New England Hydro-Transmission Corporation. (Exhibit B.10b, 1988 NEES U5S, File No. 30-33) B.30 New England Hydro-Transmission Electric Company B.30.1 Restated Articles of Organization of New England Hydro- Transmission Electric Company dated January 13, 1989. (Exhibit B.11a, 1988 NEES U5S, File No. 30-33) B.30.2 By-Laws of New England Hydro-Transmission Electric Company. (Exhibit B.11b, 1988 NEES U5S File No. 30-33) B.31 Amended and Restated Limited Partnership Agreement (CL&P Capital, L.P.) among CL&P, NUSCO, and the persons who became limited partners of CL&P Capital, L.P. in accordance with the provisions thereof dated as of January 23, 1995 (MIPS). (Exhibit A.1, File No. 70-8451) B.32 Certificate of Formation of Southwest HEC Energy Services L.L.C., dated November 21, 1995. (Exhibit B.33, 1995 NU Form U5S, File No. 30-246) B.33 Mode 1 Communications, Inc. B.33.1 Certificate of Incorporation of Mode 1 Communications, Inc. dated March 26, 1996. (Exhibit B.34.1, 1996 NU Form U5S, File No. 30-246) B.33.2 Certificates of Amendment to Certificate of Incorporation of Mode 1 Communications, Inc., dated December 26, 1996 and February 4, 1997. (Exhibit B.34.2, 1996 NU Form U5S, File No. 30-246) B.33.3 Certificate of Amendment to Certificate of Incorporation of Mode l Communications, Inc., dated April 27, 1998. (Exhibit B.34.3, 1997 NU Form U5S, File No. 30-246) B.33.4 By-laws of Mode 1 Communications, Inc., as amended to January 1, 1997. (Exhibit B.34.4, 1996 NU Form U5S, File No. 30-246) B.34 Select Energy, Inc. B.34.1 Certificate of Incorporation of Select Energy, Inc. dated September 26, 1996. (Exhibit B.40.1, 1996 NU Form U5S, File No. 30-246) B.34.2 Certificates of Amendment to Certificate of Incorporation of Select Energy, Inc., dated December 26, 1996 and April 25, 1997. (Exhibit B.40.2, 1996 NU Form U5S, File No. 30-246) B.34.3 Certificate of Amendment to Certificate of Incorporation of Select Energy, Inc., dated April 27, 1998. (Exhibit B.40.3, 1997 NU Form U5S, File No. 30-246) B.34.4 By-laws of Select Energy, Inc., as amended to May 12, 1997. (Exhibit B.40.4, 1997 NU Form U5S, File No. 30-246) B.35 CL&P Receivables Corporation B.35.1 Certificate of Incorporation of CL&P Receivables Corporation, dated September 5, 1997. (Exhibit B.41.1, 1997 NU Form U5S, File No. 30-246) B.35.2 Bylaws of CL&P Receivables Corporation, dated September 12, 1997. (Exhibit B.41.2, 1997 NU Form U5S, File No. 30-246) B.36 WMECO Receivables Corporation B.36.1 Certificate of Incorporation of WMECO Receivables Corporation, dated May 6, 1997. (Exhibit B.42.1, 1997 NU Form U5S, File No. 30-246) B.36.2 Bylaws of WMECO Receivables Corporation, dated September 12, 1997. (Exhibit B.42.2, 1997 NU Form U5S, File No. 30-246) C.(a) INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING INDENTURES C.1 Northeast Utilities C.1.1 Indenture dated as of December 1, 1991 between Northeast Utilities and IBJ Schroder Bank & Trust Company, with respect to the issuance of Debt Securities. (Exhibit 4.1.1, 1991 NU Form 10-K, File No. 1-5324) C.1.2 First Supplemental Indenture, dated as of December 1, 1991 between Northeast Utilities and IBJ Schroder Bank & Trust Company, with respect to the issuance of Series A Notes. (Exhibit 4.1.2, 1991 NU Form 10-K, File No. 1-5324) C.1.3 Second Supplemental Indenture, dated as of March 1, 1992 between Northeast Utilities and IBJ Schroder Bank & Trust Company, with respect to the issuance of Series B Notes. (Exhibit C.1.3, 1991 NU Form U5S, File No. 30-246) C.1.4 Credit Agreement among NU, CL&P and WMECO and several commercial banks, dated as of November 21, 1996. (Exhibit No. B.1, File No. 70-8875) C.1.5 First Amendment and Waiver dated as of May 30, 1997 to Credit Agreement dated as of November 21, 1996 among NU, CL&P, WMECO, and the Co-Agents and Banks named therein. (Exhibit B.4(a) (Execution Copy), File No. 70-8875) C.1.6 Second Amendment and Waiver dated as of September 11, 1998 to Credit Agreement dated as of November 21, 1996 among NU, CL&P, WMECO, and the Co-Agents and Banks named therein. (Exhibit B.10 (Execution Copy), File No. 70-8875) C.1.7 Third Amendment and Waiver dated as of March 3, 1999 to Credit Agreement dated as of November 21, 1996 among NU, CL&P, WMECO, and the Co-Agents and Banks named therein. (Exhibit B.11 (Execution Copy), File No. 70-8875) C.1.8 Credit Agreement dated as of February 10, 1998 among NU, the Lenders named therein, and Toronto Dominion (Texas), Inc., as Administrative Agent, TD Securities (USA) Inc., as Arranger. (Exhibit B.9 (Execution Copy), File No. 70-8875) C.1.9 First Amendment dated as of February 8, 1999 to Credit Agreement dated as of February 10, 1998 among NU, the Lenders named therein, and Toronto Dominion (Texas), Inc., as Administrative Agent, TD Securities (USA) Inc., as Arranger. (Exhibit A (Execution Copy), File No. 70-8875) C.1.10 Second Amendment dated as of March 9, 1999 to Credit Agreement dated as of February 10, 1998 among NU, the Lenders named therein, and Toronto Dominion (Texas), Inc., as Administrative Agent, TD Securities (USA) Inc., as Arranger. (Exhibit B.12 (Execution Copy), File No. 70-8875) C.2 The Connecticut Light and Power Company C.2.1 Indenture of Mortgage and Deed of Trust between CL&P and Bankers Trust Company, Trustee, dated as of May 1, 1921. (Composite including all twenty-four amendments to May 1, 1967.) (Exhibit 4.1.1, 1989 NU Form 10-K, File No. 1-5324) Supplemental Indentures to the Composite May 1, 1921 Indenture of Mortgage and Deed of Trust between CL&P and Bankers Trust Company, dated as of: C.2.2 December 1, 1969. (Exhibit 4.20, File No. 2-60806) C.2.3 June 30, 1982. (Exhibit 4.33, File No. 2-79235) C.2.4 December 1, 1989. (Exhibit 4.1.26, 1989 NU Form 10-K, File No. 1-5324) C.2.5 July 1, 1992. (Exhibit 4.31, File No. 33-59430) C.2.6 July 1, 1993. (Exhibit A.10(b), File No. 70-8249) C.2.7 July 1, 1993. (Exhibit A.10(b), File No. 70-8249) C.2.8 December 1, 1993. (Exhibit 4.2.14, 1993 NU Form 10-K, File No. 1-5324) C.2.9 February 1, 1994. (Exhibit 4.2.16, 1993 NU Form 10-K, File No. 1-5324) C.2.10 June 1, 1994. (Exhibit 4.2.15, 1994 NU Form 10-K, File No. 1-5324) C.2.11 October 1, 1994. (Exhibit 4.2.16, 1994 NU Form 10-K, File No. 1-5324) C.2.12 June 1, 1996. (Exhibit 4.2.16, 1996 NU Form 10-K, File No. 1-5324) C.2.13 January 1, 1997. (Exhibit 4.2.17, 1996 NU Form 10-K, File No. 1-5324) C.2.14 May 1, 1997. (Exhibit 4.19, File No. 333-30911) C.2.15 June 1, 1997. (Exhibit 4.20, File No. 333-30911) C.2.16 June 1, 1997. (Exhibit 4.2.17, 1997 NU Form 10-K, File No. 1-5324) C.2.17 May 1, 1998. (Exhibit 4.2.17, 1998 NU Form 10-K File No. 1-5324) C.2.18 May 1, 1998. (Exhibit 4.2.18, 1998 NU Form 10-K, File No. 1-5324) C.2.19 Financing Agreement between Industrial Development Authority of the State of New Hampshire and CL&P (Pollution Control Bonds, 1986 Series) dated as of December 1, 1986. (Exhibit C.1.47, 1986 NU Form U5S, File No. 30-246) C.2.20 Financing Agreement between Industrial Development Authority of the State of New Hampshire and CL&P (Pollution Control Bonds, 1988 Series) dated as of October 1, 1988. (Exhibit C.1.55, 1988 NU Form U5S, File No. 30-246) C.2.21 Financing Agreement between Industrial Development Authority of the State of New Hampshire and CL&P (Pollution Control Bonds) dated as of December 1, 1989. (Exhibit C.1.39, 1989 NU Form U5S, File No. 30-246) C.2.22 Loan and Trust Agreement among Business Finance Authority of the State of New Hampshire and CL&P (Pollution Control Bonds, 1992 Series A) dated as of December 1, 1992. (Exhibit C.2.33, 1992 NU Form U5S, File No. 30-246) C.2.23 Loan Agreement between Connecticut Development Authority and CL&P (Pollution Control Bonds - Series A, Tax Exempt Refunding) dated as of September 1, 1993. (Exhibit 4.2.21, 1993 NU Form 10-K, File No. 1-5324) C.2.24 Loan Agreement between Connecticut Development Authority and CL&P (Pollution Control Bonds - Series B, Tax Exempt Refunding) dated as of September 1, 1993. (Exhibit 4.2.22, 1993 NU Form 10-K, File No. 1-5324) C.2.25 Amended and Restated Loan Agreement between Connecticut Development Authority and CL&P (Pollution Control Revenue Bond - 1996A Series) dated as of May 1, 1996 and Amended and Restated as of January 1, 1997. (Exhibit 4.2.24, 1996 NU Form 10-K, File No. 1-5324) C.2.25.1 Amended and Restated Indenture of Trust between Connecticut Development Authority and the Trustee (CL&P Pollution Control Revenue Bond-1996A Series), dated as of May 1, 1996 and Amended and Restated as of January 1, 1997. (Exhibit 4.2.24.1, 1996 NU Form 10-K, File No. 1-5324) C.2.25.2 Standby Bond Purchase Agreement among CL&P, Societe Generale, New York Branch and the Trustee, dated January 23, 1997. (Exhibit 4.2.24.2, 1996 NU Form 10-K, File No. 1-5324) C.2.25.3 Amendment No. 1, dated January 21, 1998, to the Standby Bond Purchase Agreement, dated January 23, 1997. (Exhibit 4.2.24.3, 1997 NU Form 10-K, File No. 1-5324) C.2.25.4 Amendment No. 2, dated December 9, 1998 to the Standby Bond Purchase Agreement, dated January 23, 1997. (Exhibit 4.2.25.14, 1998 NU Form 10-K File, No. 1-5324) C.2.25.5 AMBAC Municipal Bond Insurance Policy issued by the Connecticut Development Authority (CL&P Pollution Control Revenue Bond-1996A Series), effective January 23, 1997. (Exhibit 4.2.24.3, 1996 NU Form 10-K, File No. 1-5324) C.2.26 Amended and Restated Limited Partnership Agreement (CL&P Capital, L.P.) among CL&P, NUSCO and the persons who became limited partners of CL&P Capital, L.P. in accordance with the provisions thereof dated as of January 23, 1995 (MIPS). (Exhibit A.1 (Execution Copy), File No. 70-8451) C.2.27 Indenture between CL&P and Bankers Trust Company, Trustee (Series A Subordinated Debentures), dated as of January 1, 1995 (MIPS). (Exhibit B.1 (Execution Copy), File No. 70-8451) C.2.28 Payment and Guaranty Agreement of CL&P dated as of January 23, 1995 (MIPS). (Exhibit B.3 (Execution Copy), File No. 70-8451) C.3 Public Service Company of New Hampshire C.3.1 First Mortgage Indenture dated as of August 15, 1978 between PSNH and First Fidelity Bank, National Association, New Jersey, Trustee. (Composite including all ten amendments to May 16, 1991)(Exhibit 4.4.1, 1992 NU Form 10-K, File No. 1-5324) C.3.1.1 Tenth Supplemental Indenture dated as of May 1, 1991 between PSNH and First Fidelity Bank, National Association. (Exhibit 4.1, PSNH Current Report on Form 8-K dated February 10, 1992, File No. 1-6392) C.3.2 Revolving Credit Agreement, dated as of April 23, 1998 (includes an Assignment and Security Agreement related to Accounts Receivable). (Exhibit 4.3.2, 1998 NU Form 10-K, File No. 1-5324) C.3.3 Series A (Tax Exempt New Issue) PCRB Loan and Trust Agreement dated as of May 1, 1991. (Exhibit 4.2, PSNH Current Report on Form 8-K dated February 10, 1992, File No. 1-6392) C.3.4 Series B (Tax Exempt Refunding) PCRB Loan and Trust Agreement dated as of May 1, 1991. (Exhibit 4.3, PSNH Current Report on Form 8-K dated February 10, 1992, File No. 1-6392) C.3.5 Series C (Tax Exempt Refunding) PCRB Loan and Trust Agreement dated as of May 1, 1991. (Exhibit 4.4, PSNH Current Report on Form 8-K dated February 10, 1992, File No. 1-6392) C.3.6 Series D (Taxable New Issue) PCRB Loan and Trust Agreement dated as of May 1, 1991. (Exhibit 4.5, PSNH Current Report on Form 8-K dated February 10, 1992, File No. 1-6392) C.3.6.1 First Supplement to Series D (Tax Exempt Refunding Issue) PCRB Loan and Trust Agreement dated as of December 1, 1992. (Exhibit 4.4.5.1, 1992 NU Form 10-K, File No. 1-5324) C.3.6.2 Second Supplement to Series D PCRB Loan and Trust Agreement dated as of May 1, 1995. (Exhibit 4.3.6.2, 1998 NU Form 10-K, File No. 1-5324) C.3.6.3 Second Series D (May 1, 1991 Taxable New Issue) PCRB Letter of Credit and Reimbursement Agreement dated as of April 23, 1998. (Exhibit 4.3.6.3, 1998 NU Form 10-K, File 1-5324) C.3.7 Series E (Taxable New Issue) PCRB Loan and Trust Agreement dated as of May 1, 1991. (Exhibit 4.6, PSNH Current Report on Form 8-K dated February 10, 1992, File No. 1-6392) C.3.7.1 First Supplement to Series E (Tax Exempt Refunding Issue) PCRB Loan and Trust Agreement dated as of December 1, 1993. (Exhibit 4.3.8.1, 1993 NU Form 10-K, File No. 1-5324) C.3.7.2 Second Supplement to Series E PCRB Loan and Trust Agreement dated as of May 1, 1995. (Exhibit 4.3.7.2, 1998 NU Form 10-K, File No. 1-5324) C.3.7.3 Amended and Restated Second Series E (May 1, 1991 Taxable New Issue) PCRB Letter of Credit and Reimbursement Agreement dated as of April 23, 1998. (Exhibit 4.3.7.4, 1998 NU Form 10-K File No. 1-5324) C.4 Western Massachusetts Electric Company C.4.1 First Mortgage Indenture and Deed of Trust between WMECO and Old Colony Trust Company (now The First National Bank of Boston), Trustee, dated as of August 1, 1954. (Exhibit 4.4.1, 1993 NU Form 10-K, File No. 1-5324) Supplemental Indentures thereto dated as of: C.4.2 October 1, 1954. (Exhibit 4.4.2, 1998 NU Form 10-K, File No. 1-5324) C.4.3 March 1, 1967. (Exhibit 4.4.3, 1997 NU Form 10-K, File No. 1-5324) C.4.4 July 1, 1973. (Exhibit 2.10, File No. 2-68808) C.4.5 December 1, 1992. (Exhibit 4.15, File No. 33-55772) C.4.6 January 1, 1993. (Exhibit 4.5.13, 1992 NU Form 10-K, File No. 1-5324) C.4.7 March 1, 1994. (Exhibit 4.4.12, 1993 NU Form 10-K, File No. 1-5324) C.4.8 May 1, 1997. (Exhibit 4.11, File No. 33-51185) C.4.9 July 1, 1997. (Exhibit 4.4.10, 1997 NU form 10-K, File No. 1-5324) C.4.10 May 1, 1998. (Exhibit 4.4.10, 1998 NU Form 10-K, File No. 1-5324) C.4.11 May 1, 1998. (Exhibit 4.4.11, 1998 NU Form 10-K File No. 1-5324) C.4.12 Loan Agreement between Connecticut Development Authority and WMECO (Pollution Control Bonds - Series A, Tax Exempt Refunding) dated as of September 1, 1993. (Exhibit 4.4.13, 1993 NU Form 10-K, File No. 1-5324) C.5 North Atlantic Energy Corporation C.5.1 First Mortgage Indenture and Deed of Trust between NAEC and United States Trust Company of New York, Trustee, dated as of June 1, 1992. (Exhibit 4.6.1, 1992 NU Form 10-K, File No. 1-5324) C.5.2 Term Credit Agreement dated as of November 9, 1995. (Exhibit 4.5.2, 1995 NU Form 10-K, File No. 1-5324) C.6 Northeast Nuclear Energy Company C.6.1 Millstone Technical Building Note Agreement dated as of December 21, 1993 by and between The Prudential Insurance Company of America and NNECO. (Exhibit 10.28, 1993 NU Form 10-K, File No. 1-5324) C.7 Holyoke Water Power Company C.7.1 Loan Agreement between City of Holyoke, Massachusetts, acting by and through its Industrial Development Financing Authority, and Holyoke Water Power Company, dated as of November 1, 1988 (Pollution Control Bonds). (Exhibit C.4.8, 1989 NU Form U5S, File No. 30-246) C.7.2 Loan and Trust Agreement between Massachusetts Industrial Finance Authority and Holyoke Water Power Company, dated as of December 1, 1992. (Exhibit C.7.2, 1992 NU Form U5S, File No. 30-246) C.7.3 Loan Agreement between Massachusetts Industrial Finance Authority and Holyoke Water Power Company, dated as of December 1, 1990 (Pollution Control Bonds). (Exhibit C.4.3, 1990 NU Form U5S, File No. 30-246) C.8 The Rocky River Realty Company C.8.1 Note Agreement dated as of June 1, 1973 by and between The Rocky River Realty Company (RRR) and the Purchasers named therein (the 7-7/8% Note Agreement), including the Several Guarantee of CL&P, HELCO, and WMECO of RRR's 7-7/8% Note Agreement. (File No. 70-4637) C.8.2 Note Agreement dated April 14, 1992, by and between The Rocky River Realty Company (RRR) and Purchasers named therein (Connecticut General Life Insurance Company, Life Insurance Company of North America, INA Life Insurance Company of New York, Life Insurance Company of Georgia), with respect to RRR's sale of $15 million of guaranteed senior secured notes due 2007 and $28 million of guaranteed senior secured notes due 2017. (Exhibit 10.52, 1992 NU Form 10-K, File No. 1-5324) C.8.3 Amendment to Note Agreement, dated September 26, 1997. (Exhibit 10.3.1, 1997 NU Form 10-K, File No. 1-5324) C.8.4 Note Guaranty dated April 14, 1992 by Northeast Utilities pursuant to Note Agreement dated April 14, 1992 between RRR and Note Purchasers, for the benefit of The Connecticut National Bank as Trustee, the Purchasers and the owners of the notes. (Exhibit 10.52.1, 1992 NU Form 10-K, File No. 1-5324) C.8.5 Extension of Note Guaranty, dated September 26, 1997. (Exhibit 10.31.2.1, 1997 NU Form 10-K, File No. 1-5324) C.8.6 Assignment of Leases, Rents and Profits, Security Agreement and Negative Pledge, dated as of April 14, 1992 among RRR, NUSCO and The Connecticut National Bank as Trustee, securing notes sold by RRR pursuant to April 14, 1992 Note Agreement. (Exhibit 10.52.2, 1992 NU Form 10-K, File No. 1-5324) C.8.7 Modification of and Confirmation of Assignment of Leases, Rents and Profits, Security Agreement and Negative Pledge, dated as of September 26, 1997. (Exhibit 10.31.3.1, 1997 NU Form 10-K, File No. 1-5324) C.8.8 Purchase and Sale Agreement, dated July 28, 1997 by and between RRR and the Sellers and Purchasers named therein. (Exhibit 10.31.4, 1997 NU Form 10-K, File No. 1-5324) C.8.9 Purchase and Sale Agreement, dated September 26, 1997 by and between RRR and the Purchaser named therein. (Exhibit 10.31.5, 1997 NU Form 10-K, File No. 1-5324) C.9 Southwest HEC Energy Services, L.L.C. C.9.1 Promissory Note of Southwest HEC Energy Services, L.L.C. to Arizona Public Service Company, dated December 7, 1995. (Exhibit C.9.1, 1995 NU Form U5S, File No. 30-246) C.10 CL&P Receivables Corporation C.10.1 Receivables Purchase and Sale Agreement (CL&P and CL&P Receivables Corporation), dated as of September 30, 1997. (Exhibit 10.49, 1997 NU Form 10-K, File No. 1-5324) C.10.2 Amendment to Exhibit C.10.1 dated September 29, 1998. (Exhibit 10.49.1, 1998 NU Form 10-K, File No. 1-5324) C.10.3 Purchase and Contribution Agreement (CL&P and CL&P Receivables Corporation), dated as of September 30, 1997. (Exhibit 10.49.1, 1997 NU Form 10-K, File No. 1-5324) C.11 WMECO Receivables Corporation C.11.1 Receivables Purchase Agreement (WMECO and WMECO Receivables Corporation), dated as of May 22, 1997. (Exhibit No. 10.50, 1997 NU Form 10-K, File No. 1-5324) C.11.2 Purchase and Sale Agreement (WMECO and WMECO Receivables Corporation), dated as of May 22, 1997. (Exhibit No. 10.50.1, 1997 NU Form 10-K, File No. 1-5324) D.1 Amended and Restated Tax Allocation Agreement, dated as of January 1, 1990. (Exhibit D, 1994 NU Form U5S, File No. 30-246) D.2 First Amendment, dated as of October 26, 1998, to the Amended and Restated Tax Allocation Agreement, dated as of January 1, 1990. (Exhibit D, Amendment No. 2 to 1997 NU Form U5S, File No. 30-246) * G. Financial Data Schedules G.1 Financial Data Schedule of NU. G.2 Financial Data Schedule of CL&P. G.3 Financial Data Schedule of WMECO. G.4 Financial Data Schedule of PSNH. G.5 Financial Data Schedule of NAEC. G.6 Financial Data Schedule of HWP. G.7 Financial Data Schedule of HP&E. * H. Organizational chart showing the relationship of foreign utility companies to the other NU system companies. * I. Audited 1998 financial reports of the following foreign utility company: - Ave Fenix Energia, S.A. Item 10 Exhibit H Information included in Item 1, "System Companies and Investments Therein" provides the relationship of all system companies. The following shows the relationship of the foreign utility companies: Northeast Utilities (Parent Company) - - Charter Oak Energy, Inc. (100% owned by Northeast Utilities) - COE Argentina II Corp. (100% owned by Charter Oak Energy, Inc.) - COE Ave Fenix Corporation (100% owned by Charter Oak Energy, Inc.) - COE Development Corporation (100% owned by Charter Oak Energy, Inc.) ITEM 10. Exhibit I Ave Fenix Energia S.A. Balance Sheet at December 31, 1998 (Audited) In pesos ASSETS CURRENT ASSETS Cash and banks 2,266,056.72 Trade receivables 3,782,582.88 Other receivables 2,802,540.76 Total current assets 8,851,179.86 NONCURRENT ASSETS Other receivables 15,524,337.95 Fixed assets 67,991,184.83 Intangible assets 1,002,477.97 Total noncurrent assets 84,518,000.75 Total assets 93,369,180.61 LIABILITIES CURRENT LIABILITIES Accounts payable 2,488,560.54 Financial loans 400,000.00 Taxes 3,733.96 Payroll and social security 10,427.77 Other debt 87,482.36 Total current liabilities 2,990,204.63 NONCURRENT LIABILITIES Financial loans 42,200,000.08 Other liabilities 3,717,544.04 Total noncurrent liabilities 45,917,544.12 Total liabilities 48,907,748.75 SHAREHOLDER'S EQUITY (as per respective statement) 44,461,431.86 Total 93,369,180.61 ITEM 10. Exhibit I Ave Fenix Energia S.A. Statement of Income for the year ended December 31, 1998 (Audited) In pesos Sales of Electricity 19,000,784.34 Cost of electricity sold (21,996,277.67) Administrative expenses (1,113,946.48) Selling expenses (19,184.93) Other income 210,559.63 Tax on minimum notional income (942,988.13) Financial and holding results (3,226,606.86) Net loss (8,087,660.10)
Item 10. Exhibit I Ave Fenix Energia S.A. Statement of Changes in Shareholders' Equity for the year ended December 31, 1998 (Audited) Unappropriated Shares Irrevocable Retained Outstanding Contributions Earnings Total (in pesos) Balances at January 1, 1998 320,000.00 57,592,757.27 (7,863,665.31) 50,049,091.96 Irrevocable contributions received during the year - 2,500,000.00 - 2,500,000.00 Net loss as per statement of income - - (8,087,660.10) (8,087,660.10) Balances at December 31, 1998 320,000.00 60,092,757.27 (15,951,325.41) 44,461,431.86
Item 10. Exhibit I Ave Fenix Energia S.A. Statement of Changes in Working Capital for the year ended December 31, 1998 (Audited) (in pesos) CHANGES IN WORKING CAPITAL Working capital at the beginning of year 5,807,630.30 Increase in current assets 768,153.89 Increase in current liabilities (714,808.98) Increase in working capital 53,344.93 Working capital at the end of year 5,860,975.23 CAUSES OF CHANGES IN WORKING CAPITAL Net loss (8,087,660.10) Add: Expenses not requiring working capital Fixed asset depreciation for the year 3,516,691.88 Intangible asset amortization 727,230.01 Setting-up of the provision for equipment repair and maintenance expenses 1,489,038.04 Working capital generated in ordinary operations (2,354,700.17) Other uses Fixed asset purchase (49,695.95) Decrease in long-term loans (399,999.92) (449,695.87) Total uses (2,804,396.06) Sources Book value of fixed asset deletions 71,355.66 Shareholders' contributions 2,500,000.00 Decrease in other noncurrent receivables 286,385.31 Total sources 2,857,740.97 increase in working capital 53,344.93 EX-27.1 2
OPUR1 0000072741 NORTHEAST UTILITIES AND SUBSIDIARIES 1,000 YEAR DEC-31-1998 DEC-31-1998 PER-BOOK 6,170,881 859,438 932,907 2,424,155 0 10,387,381 685,156 940,661 560,769 2,047,372 167,539 136,200 3,282,138 30,000 0 0 350,903 46,250 88,423 120,856 3,978,486 10,387,381 3,767,714 5,939 3,460,655 3,542,987 224,727 (152,344) 148,776 269,089 (120,313) 26,440 (146,753) 0 273,824 688,750 (1.12) (1.12)
EX-27.2 3
OPUR1 0000072741 NORTHEAST UTILITIES AND SUBSIDIARIES THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES 1 1,000 YEAR DEC-31-1998 DEC-31-1998 PER-BOOK 3,587,203 603,618 411,168 1,448,209 0 6,050,198 122,229 664,534 210,108 996,871 99,539 116,200 1,793,952 10,000 0 0 214,005 19,750 68,444 94,440 2,636,997 6,050,198 2,386,864 (78,769) 2,370,252 2,358,610 28,254 (152,373) (56,992) 138,733 (195,725) 14,139 (209,864) 0 133,192 388,662 0.00 0.00
EX-27.3 4
OPUR1 0000072741 NORTHEAST UTILITIES AND SUBSIDIARIES HOLYOKE POWER AND ELECTRIC COMPANY 11 1,000 YEAR DEC-31-1998 DEC-31-1998 PER-BOOK 433 0 7,760 253 0 8,446 485 0 (153) 332 0 0 424 0 0 0 0 0 0 0 7,690 8,446 39,499 (671) 39,504 38,841 658 (1) 665 20 645 0 645 0 0 3,654 0.00 0.00
EX-27.4 5
OPUR1 0000072741 NORTHEAST UTILITIES AND SUBSIDIARIES HOLYOKE WATER POWER COMPANY AND SUBSIDIARY 4 1,000 YEAR DEC-31-1998 DEC-31-1998 PER-BOOK 55,412 3,476 23,735 2,572 0 85,195 2,400 6,000 13,592 21,987 0 0 38,300 0 0 0 0 0 0 0 24,908 85,195 41,750 735 35,371 36,269 5,481 (135) 5,509 1,578 3,931 0 3,931 0 1,569 5,639 0.00 0.00
EX-27.5 6
OPUR1 0000072741 NORTHEAST UTILITIES AND SUBSIDIARIES NORTH ATLANTIC ENERGY CORPORATION 6 1,000 YEAR DEC-31-1998 DEC-31-1998 PER-BOOK 618,999 35,210 88,320 202,624 0 945,153 1 160,999 43,196 204,196 0 0 405,000 0 0 0 70,000 0 0 0 265,957 945,153 276,685 21,816 186,434 222,628 54,057 (1,704) 66,731 37,237 29,494 0 29,494 45,000 50,082 128,745 0.00 0.00
EX-27.6 7
OPUR1 0000072741 NORTHEAST UTILITIES AND SUBSIDIARIES PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 3 1,000 YEAR DEC-31-1998 DEC-31-1998 PER-BOOK 1,670,670 29,735 328,735 652,455 0 2,681,595 1 424,250 252,912 678,167 50,000 0 516,485 0 0 0 0 25,000 703,411 138,812 569,720 2,681,595 1,087,247 72,552 890,969 956,048 131,199 11,871 135,597 43,911 91,686 9,275 82,411 0 43,317 216,642 0.00 0.00
EX-27.7 8
OPUR1 0000072741 NORTHEAST UTILITIES AND SUBSIDIARIES WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDARY 2 1,000 YEAR DEC-31-1998 DEC-31-1998 PER-BOOK 738,645 148,360 72,249 328,428 0 1,287,682 26,812 151,431 46,003 224,396 18,000 20,000 349,314 50,900 0 0 40,000 1,500 12,129 21,964 549,479 1,287,682 393,322 (89) 371,359 373,468 19,854 (206) 21,846 31,425 (9,579) 3,026 (12,605) 0 28,027 29,512 0.00 0.00
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