35-CERT 1 cert9543.txt File No. 70-9543 UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Application of Northeast Utilities ) CERTIFICATE PURSUANT TO RULE 24 and Northeast Generation Services Company ) UNDER THE PUBLIC UTILITY HOLDING on Form U-1 ) COMPANY ACT OF 1935 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. 35-27148, March 7, 2000, File No. 70-9543) ("Order"). For the quarter ended March 31, 2003, the following information is reported pursuant to the Order. 1) A computation in accordance with rule 53(a) (as modified by the Commission's order in this proceeding) of NU's aggregate investment in EWGs. As of March 31, 2003, NU's aggregate investment in EWGs was approximately $448.2 million, or 60% of its average Consolidated Retained Earnings for the most recent four quarters of approximately $744.9 million. 2) Consolidated capitalization ratios of NU as of the end of that quarter, with consolidated debt to include all short-term debt and non-recourse debt of the EWG: NU Consolidated Capitalization -------------------------------------------------------------------------- As of March 31, 2003 -------------------------------------------------------------------------- (Thousands of Dollars) % ----- Common shareholders' equity $2,229,564 33.4% Preferred stock 116,200 1.7 Long-term and short-term debt 2,475,181 37.1 Rate reduction bonds 1,856,411 27.8 ---------- ----- $6,677,356 100.0% ========== ===== 3) Analysis of the growth in consolidated retained earnings which segregates total earnings growth of Northeast Generation Company (NGC) from that attributable to other subsidiaries of NU. Retained earnings statement as of March 31, 2003: -------------------------------------------------------------------------- NGC NU Consolidated -------------------------------------------------------------------------- (Thousands of Dollars) Beginning balance as of January 1, 2003 $32,259 $765,611 Additions: Net income 10,015 60,204 Other - 6 Deductions: Dividends declared-common shares 7,500 17,469 ------- -------- Ending balance as of March 31, 2003 $34,774 $808,352 ======= ======== -------------------------------------------------------------------------- 4) A statement of revenues and net income for the EWG for the twelve months ending as of the end of that quarter. -------------------------------------------------------------------------- Twelve Months Ended March 31, 2003 NGC -------------------------------------------------------------------------- (Thousands of Dollars) Revenues $134,319 Net Income $ 33,657 -------------------------------------------------------------------------- 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