35-CERT 1 cert9541.txt File No. 70-9541 UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Application of Northeast Utilities, ) The Connecticut Light and Power Company, ) Public Service Company of New Hampshire, ) Western Massachusetts Electric Company, ) North Atlantic Energy Corporation, ) NU Enterprises, Inc., ) CERTIFICATE PURSUANT TO RULE 24 Northeast Generation Company, ) UNDER THE PUBLIC UTILITY HOLDING Northeast Generation Services Company, ) COMPANY ACT OF 1935 Select Energy, Inc., ) Select Energy Services, Inc., ) Select Energy Contracting, Inc., ) Reeds Ferry Supply Co., Inc., ) on Form U-1 Pursuant to the requirements of Rule 24 under the Public Utility Holding Company Act of 1935, Northeast Utilities ("NU"), a registered holding company, hereby files this quarterly report as required by the Securities and Exchange Commission's order authorizing the use of proceeds of financing transaction for investment in Exempt Wholesale Generators. (HCAR No. 35-27147, March 7, 2000, File No. 70-9541) ("Order"). For the quarter ended March 31, 2003, the following information is reported pursuant to the Order: 1) A total capitalization calculation to include a breakdown of the common stock equity account and by percentage for each equity and debt category for the period ending for each Applicant that indicates the amount, if any, of dividends paid to NU and/or the amount of repurchased stock from NU during the quarter; total capitalization is to include all short-term debt and current maturities. The Connecticut Light and Power Company (CL&P) ------------------------------------------------------------------------- As of March 31, 2003 ------------------------------------------------------------------------- (Thousands ---------- of Dollars) % ----------- ----- Common shareholders' equity: Common shares $ 60,352 2.1% Capital surplus, paid in 327,136 11.4 Retained earnings 323,868 11.3 ---------- ----- Total common shareholders' equity 711,356 24.8 Preferred stock 116,200 4.0 Long-term and short-term debt 828,518 28.9 Rate reduction bonds 1,213,541 42.3 ---------- ----- $2,869,615 100.0% ========== ===== A common dividend of $10,018,440.30 was declared on March 10, 2003, and was paid to NU on March 27, 2003. Western Massachusetts Electric Company (WMECO) ------------------------------------------------------------------------- As of March 31, 2003 ------------------------------------------------------------------------- (Thousands ---------- of Dollars) % ----------- ----- Common shareholders' equity: Common shares $ 10,866 2.2% Capital surplus, paid in 69,679 14.5 Retained earnings 79,541 16.5 -------- ----- Total common shareholders' equity 160,086 33.2 Long-term and short-term debt 181,343 37.7 Rate reduction bonds 140,220 29.1 -------- ----- $481,649 100.0% ======== ===== A common dividend of $4,003,154.13 was declared on March 10, 2003, and was paid to NU on March 27, 2003. There were no other dividends paid to NU and/or repurchased stock from NU for the other applicants during this quarter. 2) The current senior debt rating of each Applicant to include a representation that the rating is at or above investment grade. As of March 31, 2003, the senior debt ratings issued by Standard and Poor's Corporation of CL&P, WMECO and PSNH are each BBB+, which is an investment grade rating. None of the other applicants have senior debt ratings. 3) The amount of cash-on-hand both during the quarter and as of the end of each quarter for CL&P, PSNH, WMECO and NAEC to include a representation as to whether internal cash funds available during the quarter were sufficient to fund each company's normal business operations or had to be supplemented with borrowings from working capital facilities. NU represents that during the quarter ended March 31, 2003, internal cash funds available during the quarter, confirmed with financing activities set forth below, were sufficient to fund each company's normal business operations. Internal cash funds available during the quarter were supplemented with external borrowings for PSNH and WMECO.
Net cash Net cash Net cash flows flows flows Cash provided by/ (used in)/ (used in)/ beginning (used in) provided by provided by Cash end of period operating investing financing of period 1/1/2003 activities activities activities 3/31/2003 -------- ---------- ---------- ---------- --------- (Thousands of Dollars) CL&P $ 159 $136,974 $(86,176) $(43,743) $7,214 PSNH 5,319 (9,227) 1,572 6,761 4,425 WMECO 123 24,987 (21,577) (3,532) 1 NAEC - (27,023) 27,052 - 29
SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned company has duly caused this Certificate to be signed on its behalf by the undersigned thereunto duly authorized. NORTHEAST UTILITIES /s/ John P. Stack ------------- John P. Stack Vice President - Accounting and Controller Northeast Utilities P.O. Box 270 Hartford, CT 06141-0270 May 29, 2003