-----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, QBJEkXfwA9n0qAqirP1jWfKWJJEzz+g+YCl5q32C+2pJmYFzsjOht7xE/mC5x7eb FwqZ+UdV5hXfs057L8770g== 0000072741-08-000126.txt : 20080402 0000072741-08-000126.hdr.sgml : 20080402 20080402171219 ACCESSION NUMBER: 0000072741-08-000126 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080324 ITEM INFORMATION: Other Events FILED AS OF DATE: 20080402 DATE AS OF CHANGE: 20080402 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES 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: 1934 Act SEC FILE NUMBER: 001-05324 FILM NUMBER: 08734491 BUSINESS ADDRESS: STREET 1: ONE FEDERAL STREET STREET 2: BUILDING 111-4 CITY: SPRINGFIELD STATE: MA ZIP: 01105 BUSINESS PHONE: 8606655000 MAIL ADDRESS: STREET 1: 107 SELDEN ST CITY: BERLIN STATE: CT ZIP: 06037-1616 FORMER COMPANY: FORMER CONFORMED NAME: NORTHEAST UTILITIES SYSTEM DATE OF NAME CHANGE: 19961121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTERN MASSACHUSETTS ELECTRIC CO CENTRAL INDEX KEY: 0000106170 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 041961130 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07624 FILM NUMBER: 08734492 BUSINESS ADDRESS: STREET 1: ONE FEDERAL STREET STREET 2: BUILDING 111-4 CITY: SPRINGFIELD STATE: MA ZIP: 01105 BUSINESS PHONE: 4137855871 MAIL ADDRESS: STREET 1: 107 SELDEN ST CITY: BERLIN STATE: CT ZIP: 06037-1616 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE CO OF NEW HAMPSHIRE CENTRAL INDEX KEY: 0000315256 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 020181050 STATE OF INCORPORATION: NH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06392 FILM NUMBER: 08734494 BUSINESS ADDRESS: STREET 1: 780 N. COMMERCIAL STREET CITY: MANCHESTER STATE: NH ZIP: 03105-0330 BUSINESS PHONE: 6036694000 MAIL ADDRESS: STREET 1: 780 N. COMMERCIAL STREET CITY: MANCHESTER STATE: NH ZIP: 03105-0330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONNECTICUT LIGHT & POWER CO CENTRAL INDEX KEY: 0000023426 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 060303850 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00404 FILM NUMBER: 08734495 BUSINESS ADDRESS: STREET 1: SELDEN STREET CITY: BERLIN STATE: CT ZIP: 06037-1616 BUSINESS PHONE: 8606655000 8-K 1 nuclppsnhwmeco8k040208.htm FERC ORDER REGARDING REHEARING Converted by EDGARwiz



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


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 24, 2008


Commission

Registrant; State of Incorporation

I.R.S. Employer

File Number

Address; and Telephone Number

Identification No.

-----------

-----------------------------------

--------------------

 

 

 

1-5324

NORTHEAST UTILITIES

04-2147929

 

---------------------------------------

 

 

(a Massachusetts voluntary association)

 

 

One Federal Street, Building 111-4

 

 

Springfield, Massachusetts 01105

 

 

Telephone:  (413) 785-5871

 

 

 

 

0-00404

THE CONNECTICUT LIGHT AND POWER COMPANY

06-0303850

 

---------------------------------------

 

 

(a Connecticut corporation)

 

 

107 Selden Street

 

 

Berlin, Connecticut  06037-1616

 

 

Telephone:  (860) 665-5000

 

 

 

 

1-6392

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

02-0181050

 

---------------------------------------

 

 

(a New Hampshire corporation)

 

 

Energy Park

 

 

780 North Commercial Street

 

 

Manchester, New Hampshire 03101-1134

 

 

Telephone:  (603) 669-4000

 

 

 

 





0-7624

WESTERN MASSACHUSETTS ELECTRIC COMPANY

04-1961130

 

--------------------------------------

 

 

(a Massachusetts corporation)

 

 

One Federal Street, Building 111-4

 

 

Springfield, Massachusetts 01105

 

 

Telephone:  (413) 785-5871

 

 

 

 


Not Applicable

--------------

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Section 8 -

Other Events


Item 8.01.

Other Events.


On March 24, 2008, the Federal Energy Regulatory Commission (FERC) issued an order on rehearing concerning the returns on equity and incentives for regional transmission projects of New England electric transmission owners (TOs), including the electric utility subsidiaries of Northeast Utilities (NU); The Connecticut Light and Power Company, Public Service Company of New Hampshire and Western Massachusetts Electric Company.  In the rehearing order, the FERC, among other things, increased the base return on equity (ROE) for TOs from the 10.2 percent allowed in the initial order to 10.4 percent and reaffirmed its initial order increasing the ROE by 74 basis points for the period beginning October 31, 2006 in recognition of higher bond yields.  In addition, while not an issue in this rehearing,  the initial order increasing the ROE by 50 additional basis points for TOs joining a Regional Transmission Organization (RTO) and giving the RTO ope rational control of the TO’s transmission facilities still stands.  The rehearing order modified FERC's initial order allowing 100 additional basis points for new transmission facilities that are built as part of the ISO-New England Regional System Plan (RSP) by allowing only facilities that are "completed and on line" by December 31, 2008 to receive the additional 100 basis points.  In order to receive incentives for projects completed after December 31, 2008, the rehearing order requires TOs to file with FERC project-specific requests that meet the nexus requirements under FERC Order No. 679.




The following table shows the changes in the ROEs as a result of the rehearing order:


 

LNS (non-PTF)

(base ROE)

RNS (PTF facilities)

(base plus 0.5 for RTO membership)

100 basis points Adder for New Investment under RSP –only for projects completed by 12/31/08

RTO Feb 1, 2005 – Oct 31, 2006


         Initial Order

     

         Rehearing Order



10.2%


10.4%



10.7%


10.9%



11.7%


11.9%

Nov 1, 2006 – forward


         Initial Order

     

         Rehearing Order



10.94%


11.14%



11.44%


11.64%



12.44%


12.64%


NU management continues to review the rehearing order and expects to file with the FERC for additional incentives on its major projects that are completed after December 31, 2008.  Assuming major projects completed after 2008 receive these additional incentives, the company expects the rehearing order will have a modestly positive net effect on earnings, and continues to expect the projected overall blended returns on equity in its transmission segment of approximately 11.75 percent in 2008, rising to approximately 12.0 percent by 2012.  The rehearing order is not expected to impact previously announced 2008 consolidated earnings guidance of between $1.65 per share and $1.90 per share ($1.45 per share to $1.70 per share including the impact of the litigation settlement with Consolidated Edison, Inc.), including between $0.75 per share and $0.85 per share for the transmission segment.1


For further information, please refer to “Management's Discussion and Analysis-Financial Condition and Business Analysis-Transmission Rate Matters and FERC Regulatory Issues-FERC ROE Decision” in NU's 2007 Annual Report on Form 10-K and NU’s Current Reports on Form 8-K dated November 5, 2007 and March 13, 2008.



1 All per share amounts are reported on a fully diluted basis.  The only common equity securities that are publicly traded are common shares of NU.  The EPS amounts for the transmission segment do not represent a direct legal interest in the assets and liabilities allocated to any one segment but rather represent a direct interest in NU's assets and liabilities as a whole.  EPS by segment is a measure not recognized under accounting principles generally accepted in the United States of America (GAAP) that is calculated by dividing the net income or loss of each segment by the average fully diluted NU common shares outstanding for the period.  Management uses this measure to provide segmented earnings guidance and believe that this measurement is useful to investors to evaluate the actual financial performance and contribution of NU’s business segments.  This non-GAAP measure should not be considered as an alternative to NU’ ;s consolidated fully diluted EPS determined in accordance with GAAP as an indicator of NU’s operating performance.



 

[SIGNATURE PAGE TO FOLLOW]




SIGNATURE


Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.



 

NORTHEAST UTILITIES

THE CONNECTICUT LIGHT AND POWER COMPANY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

WESTERN MASSACHUSETTS ELECTRIC COMPANY

(Registrants)

 




By:   /s/ Shirley M. Payne

Name:  Shirley M. Payne

Title:    Vice President-Accounting and Controller




Date:  April 2, 2008




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