-----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, Wb+AbSIAE6klNwv0d253B4/8oZ3cuHqonDPsC1FX7YyuU2yy1AuVP89s0ZtVYzYm MqdCQqpY4EDk6hT3YB2sKA== 0000072741-00-000079.txt : 20000329 0000072741-00-000079.hdr.sgml : 20000329 ACCESSION NUMBER: 0000072741-00-000079 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000314 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000328 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: 8-K SEC ACT: SEC FILE NUMBER: 001-05324 FILM NUMBER: 580988 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 8-K 1 FORM 8-K FOR NORTHEAST UTILITIES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-1004 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 14, 2000 ------------------------------------------------------------------ Commission File Number 1-5324 --------- NORTHEAST UTILITIES -------------------- (Exact name of registrant as specified in its charter) MASSACHUSETTS 1-5324 04-2147929 ---------------------- ----------- ------------- (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File No.) Identification No.) 174 BRUSH HILL AVENUE, WEST SPRINGFIELD, MASSACHUSETTS 01090-0010 - ----------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) (413) 785-5871 (Former name or former address, if changed since last report) Not Applicable Item 5. Other Events. A. On March 14, 2000, The Connecticut Light and Power Company (CL&P) and Western Massachusetts Electric Company (WMECO), two public utility subsidiaries of Northeast Utilities (NU), completed the sale of approximately 1,289 megawatts (MW) of hydroelectric and pumped storage generating assets in Connecticut and Massachusetts to Northeast Generation Company (NGC), a wholly-owned subsidiary of NU Enterprises, Inc. (NUEI), the holding company for unregulated companies in the NU system. The purchase price paid for these assets was $865.5 million with CL&P receiving approximately $680 million, and WMECO approximately $185 million. The assets sold were 10 hydroelectric facilities in Connecticut, including the seven facilities of CL&P's Housatonic River System (123 MW), three facilities that make up CL&P's Eastern Connecticut System, and one gas turbine (27 MW), and the Northfield Mountain pumped storage station (owned 81% by CL&P and 19% by WMECO) and the Cabot and Turners Falls No. 1 hydroelectric stations located in Massachusetts and owned by WMECO. The Massachusetts facilities have a combined capability of 1,139 MW. Another unregulated subsidiary of NUEI, Northeast Generation Services Company has contracted with NGC to manage and operate the plants. NGC has also contracted to market the capacity and output of the plants through NUEI's competitive marketing subsidiary, Select Energy, Inc. CL&P sold its generation assets in accordance with its restructuring plan which was approved by the Connecticut Department of Public Utility Control in 1999. CL&P had previously sold approximately 2,235 MW of fossil-fueled generation in Connecticut to NRG Energy, Inc., a subsidiary of Northern States Power Company, of Minneapolis, Minnesota. WMECO's sale is in conformity with its restructuring plan which was approved by the Department of Telecommunications and Energy in 1999. WMECO had previously sold approximately 290 MW of fossil and hydro generation in Massachusetts to a subsidiary of Consolidated Edison Company of New York. Item 7. Financial Statements and Exhibits (c) Exhibits 99 Press Release issued by Northeast Utilities System dated March 14, 2000. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NORTHEAST UTILITIES (registrant) /s/ Randy A. Shoop Randy A. Shoop Assistant Treasurer-Finance Date: March 28, 2000 EX-99 2 PRESS RELEASE NU LOGO CL&P AND WMECO HYDROELECTRIC PLANTS ACQUIRED BY NORTHEAST GENERATION COMPANY NU's Competitive Generation Subsidiary Completes $865.5 Million Purchase Berlin, Connecticut, March 14, 2000 - Northeast Generation Company (NGC), a wholly-owned unregulated subsidiary of Northeast Utilities (NU), today announced it has completed its purchase of 1,289 megawatts of generating capacity from two of NU's regulated operating companies, The Connecticut Light and Power Company (CL&P) and Western Massachusetts Electric Company (WMECO). The $865.5 million deal was the result of the competitively-bid public auction process held last year as part of electric utility restructuring in the two states. Included in NGC's purchase of 13 hydroelectric and pumped storage generating stations is one of New England's largest electric generating plants, the 1,080-megawatt Northfield Mountain pumped storage hydroelectric station in Northfield, Massachusetts. NGC has also acquired the 30-megawatt Rocky River pumped storage plant on the Housatonic River in New Milford, Connecticut. The Rocky River facility's upper reservoir is Candlewood Lake. NGC president Bruce D. Kenyon said, "We are very pleased to have completed this purchase. It will be a key part in achieving NU's vision to become a leading provider of energy in the deregulating electricity marketplace in the northeast United States." Northfield Mountain Station pumps water from the Connecticut River during off-peak periods to an upper reservoir and then uses that water to generate electricity during peak periods of demand. "This extremely flexible plant, which can start and reach full power in less than 10 minutes, is important on days when the New England power grid is stretched to provide adequate power for its residents and businesses," said Kenyon. "With respect to hydroelectric facilities, we are seeing the environmental value of this type of generation increase as retail electricity marketers are required by law to include a growing percentage of renewable resources in their generation mix," he added. The plants' generation capacity and output will be marketed by Select Energy Inc., NU's competitive power marketing and energy services subsidiary. The plants will be operated and managed by another NU subsidiary, Northeast Generation Services Company (NGS). According to Kenyon, the price of $671 a kilowatt for generating capacity represents a sound investment when compared to the prices paid for other hydroelectric plants in the Northeast. NGC's purchase is being financed with a $430 million loan from a group of banks, and the balance funded by an equity contribution by parent Northeast Utilities. NU's competitive energy businesses represent a significant area of growth for the parent company, with Select Energy's 1999 revenues totaling approximately $555 million. NU's total revenues in 1999 were $4.47 billion. Northeast Generation Company is part of Northeast Utilities' competitive energy business group which also includes Select Energy Inc., HEC Inc. and NGS. Marketing under the Select Energy brand, these three companies provide integrated energy solutions including retail and wholesale energy supply, energy efficiency and engineering services and facilities management and operation. For more information, visit www.selectenergy.com on the Internet. ### Executive interview available: Bruce D. Kenyon is president of Northeast Generation Company and president of Northeast Utilities' Generation Group. -----END PRIVACY-ENHANCED MESSAGE-----