35-CERT 1 fileno709541newreport.htm CERTIFICATE Certificate 70-9541


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, Inc.

)

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 payment of dividends out of capital or unearned surplus and/or the repurchase of capital stock.  (HCAR No. 35-27147, March 7, 2000, File No. 70-9541) ("Order").  


For the quarter ended September 30, 2004, 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 September 30, 2004

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

   

 

 

  Common shares

$

60,352 

 

2.0 

%

  Capital surplus, paid in

 

384,026 

 

12.7 

 

  Retained earnings

 

341,650 

 

11.3 

 

  Total common shareholder's equity

 

786,028 

 

26.0 

 

Preferred stock

 

116,200 

 

3.8 

 

Long-term and short-term debt

 

1,098,147 

 

36.3 

 

Rate reduction bonds

 

1,026,389 

 

33.9 

 
 

$

3,026,764 

 

100.0 

%


A common dividend of $11,768,649.75 was declared on September 20, 2004, and was paid to NU on September 30, 2004.







Public Service Company of New Hampshire (PSNH)

As of September 30, 2004

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

   

 

 

  Common shares

$

- 

 

- 

%

  Capital surplus, paid in

 

156,248 

 

11.9

 

  Retained earnings

 

241,660 

 

18.3

 

  Total common shareholder's equity

 

397,908 

 

30.2

 

Long-term and short-term debt

 

480,088 

 

36.4

 

Rate reduction bonds

 

440,476 

 

33.4

 
 

$

1,318,472 

 

100.0 

%


A common dividend of $6,062,001.54 was declared on September 20, 2004, and was paid to NU on September 30, 2004.


Western Massachusetts Electric Company (WMECO)

As of  September 30, 2004

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

   

 

 

  Common shares

$

10,866 

 

2.1 

%

  Capital surplus, paid in

 

75,883 

 

14.3 

 

  Retained earnings

 

    75,476

 

14.3 

 

  Total common shareholder's equity

 

162,225 

 

30.7 

 

Long-term and short-term debt

 

241,651 

 

45.7 

 

Rate reduction bonds

 

125,078 

 

23.6 

 
 

$

528,954 

 

100.0 

%


A common dividend of $1,621,255.69 was declared on September 20, 2004, and was paid to NU on September 30, 2004.


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 September 30, 2004, the senior secured (or, in the case of WMECO, senior unsecured) debt ratings issued by Standard and Poor's Corporation of CL&P, PSNH and WMECO are A-, BBB+ and BBB+, respectively.  Each company represents that such ratings are “investment grade” ratings.  NAEC does not presently have debt ratings of any kind.  


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 September 30, 2004, internal cash funds available during the quarter, confirmed with financing activities set forth below, were sufficient to fund each company's normal business operations.  







 



Cash

beginning of

period

07/01/04



Net cash flows

provided by/

(used in)

 operating

activities

 


Net cash flows

(used in)/

provided by

investing

activities

 



Net cash flows

provided by

financing

activities

 



Cash

end of

period

 09/30/04

  
 

(Thousands of Dollars)

  

CL&P

$1 

 

$60,372 

 

$(240,271)

 

$203,030

 

$23,132 

 

PSNH

3,464 

 

36,061 

 

(71,582)

 

33,492

 

1,435 

 

WMECO

1 

 

2,203 

 

(47,993)

 

45,790

 

1 

 

NAEC

45 

 

(1,090)

 

1,100 

 

- 

 

55 

 









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

(Registered Holding Company)

 

/s/ John P. Stack


     John P. Stack

     Vice President - Accounting and Controller

     Northeast Utilities

     P.O. Box 270

     Hartford, CT 06141-0270

     November 23, 2004