-----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, HMLoRB0uGRNoGqhI7RlQnTtoZR6bbphgHsFJXvhge+5h5KFV+TH9CcnrAi/5OxNF aZDlbZXkguOLOvGbr1Mh+A== 0000072741-98-000135.txt : 19980615 0000072741-98-000135.hdr.sgml : 19980615 ACCESSION NUMBER: 0000072741-98-000135 CONFORMED SUBMISSION TYPE: U5S/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980612 SROS: NYSE 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: U5S/A SEC ACT: SEC FILE NUMBER: 001-05324 FILM NUMBER: 98647519 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 U5S/A 1 June 12, 1998 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, DC 20459-1004 Gentlemen: Pursuant to the requirements of the Public Utility Holding Company Act of 1935 submitted herewith is the Annual Report on Form U5S/A (Amendment 1) for the year ended December 31, 1997 for the Northeast Utilities system. Very truly yours, /s/ Wayne S. Chapman Wayne S. Chapman COMMISSION FILE NUMBER: 30-246 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-1004 FORM U5S/A ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1997 (AMENDMENT NO. 1) FILED PURSUANT TO THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 BY NORTHEAST UTILITIES 174 BRUSH HILL AVENUE, WEST SPRINGFIELD, MASSACHUSETTS 01090-0010 (CORPORATE ADDRESS) SELDEN STREET, BERLIN, CONNECTICUT 06037-1616 (PRINCIPAL HEADQUARTERS) NORTHEAST UTILITIES FORM U5S/A ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1997 TABLE OF CONTENTS ITEM PAGE 9. Wholesale Generators and Foreign Utility Companies 2 10. Financial Statements and Exhibits Securities and Exchange Commission Inquiry 3 Exhibit I - Audited 1997 Financial Reports of Plantas Eolicas S.A. a Foreign Utility Company 4-7 Signature F-1 ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES Part I. 1(a) Identification of Company: 1. Company: Plantas Eolicas S.A. 2. Location: 29th Street, 3rd and 5th Avenues San Jose, Costa Rica 3. Business address: Same 4. Description: A Costa Rican company whose sole purpose is to own and operate a 20-MW wind facility located in the Republic of Costa Rica which began commercial operation in June 1996. 5. System company that holds interest: COE Tejona Corporation, a Connecticut corporation. 6. EWG or FUCO: FUCO (b) Capital investment in company by NU, direct or indirect: 1. Type: Capital Contribution 2. Amount: $17.1 million 3. Debt: None 4. Other financial obligations with recourse to NU or another system company: None 5. Guarantees by NU: $20,000 Transfer of assets to an affiliated EWG or FUCO: 1. Market value: None 2. Book value: None 3. Sale price: None (c) State the ratio of debt to common equity and earnings as of December 31, 1997: 1. Ratio of debt to common equity: 0.00 2. Earnings/(Loss) for the period ended 12/31/97: $(163,530) U.S. Dollars (d) Services, Sales, or Construction Contracts: None Item 10: Financial Statements and Exhibits Securities and Exchange Commission (SEC) Inquiry The SEC inquired into the Northeast Utilities (NU) system's accounting for nuclear compliance costs. These costs are the unavoidable incremental costs associated with the current nuclear outages required to be incurred prior to restart of the units in accordance with correspondence received from the NRC early in 1996. The SEC's view is that these unavoidable costs associated with nuclear outages and procedures to be implemented at nuclear power plants in response to regulatory requirements required prior to restart of the units should be expensed as incurred. During 1996 and 1997, NU and its wholly owned subsidiaries, The Connecticut Light and Power Company (CL&P), Public Service Company of New Hampshire (PSNH) and Western Massachusetts Electric Company (WMECO), reserved for these unavoidable incremental costs that they expected to incur to meet NRC standards. The SEC advised NU, CL&P, PSNH and WMECO to reflect these costs as they are incurred. While NU and its independent auditors, Arthur Andersen LLP, believed the accounting was required by, and was in accordance with, generally accepted accounting principles, the company has agreed to adjust its accounting for nuclear compliance costs and amend its 1996 and 1997 Form 10-K filings. This amendment on Form U5S/A incorporates by reference Items 8 and 14 of the 1997 Form 10-K/As of NU, CL&P, PSNH and WMECO which reflect the change in accounting. ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS EXHIBIT I. PLANTAS EOLICAS, S.A. (San Jose, Costa Rica) Balance Sheet December 31, 1997 (In U.S. Dollars) 1997 Assets Property, windplant and equipment, net 12,039,329 Transmission line construction, at cost - Deferred income taxes 122,636 Other assets 1,549 12,163,514 Current assets: Cash and cash equivalents 370,366 Accounts receivable 542,579 Prepaid expenses 6,384 Deferred income taxes 102,679 Total current assets 1,022,008 Total assets 13,185,522 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 126,967 Accrued expenses 217,654 Total current liabilities 344,621 Stockholders' equity: Common stock, authorized and issued 30 shares of 1,000 Costa Rican colones, par value each 161 Additional paid-in capital 15,141,326 Accumulated deficit: Incurred during development stage - Balance at beginning of year (2,137,056) Net operating losses (163,530) Total accumulated deficit (2,300,586) Stockholders' equity, net 12,840,901 Total liabilities and stockholders' equity 13,185,522 ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS EXHIBIT I. PLANTAS EOLICAS, S.A. Statement of Operations Year Ended December 31, 1997 (In U.S. Dollars) 1997 Income-sales of electric power to ICE 5,084,449 Cost of electric energy generation: Depreciation 841,184 Operations and maintenance 2,234,592 Other 95,817 Total cost of generation of electric energy 3,171,593 Gross profit (loss) 1,912,856 General and administrative expenses 404,951 Earnings (loss) from operations 1,507,905 Other expenses, net: Interest 6,285 Miscellaneous, net 198,049 Loss on foreign currency remeasurement 64,002 Total other expenses 268,336 Earnings (loss) before extraordinary item and deferred income taxes 1,239,569 Extraordinary item - donation of transmission line (1,628,414) Net loss before deferred income taxes (388,845) Deferred income taxes 225,315 Net loss (163,530) ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS EXHIBIT I. PLANTAS EOLICAS, S.A. Statement of Cash Flows Year Ended December 31, 1997 (In U.S. Dollars) 1997 Sources (uses) of cash: Preoperating activities: Organization and preoperating expenses - Operating activities: Net loss (163,530) Adjustment to reconcile net loss to net cash provided by operating activities: Depreciation 862,063 Provision for contingencies 184,396 Donation of transmission line 1,628,414 Deferred income taxes (225,315) Loss on foreign currency remeasurement 64,002 Cash provided by operating activities 2,350,030 Net changes in assets and liabilities: Accounts receivable (181,488) Prepaid expenses (5,834) Accounts payable 59,580 Accrued expenses 26,706 Net cash provided by (used for) preoperating and operating activities 2,248,994 Cash flows from investing activities: Additions to windplant and transmission line construction (146,349) Additions to property, equipment and vehicles - Other assets (1,276) Net cash used for investing activities (147,625) Cash flows from financing activities: Proceeds from common stock issue - Proceeds from additional paid-in capital - Repayment of additional paid-in capital (1,750,000) Net cash provided by (used for) financing activities (1,750,000) Effect of exchange rate changes on cash (99,230) Net increase in cash and cash equivalents 252,139 Cash at beginning of period 118,227 Cash and cash equivalents at end of period 370,366 ITEM 10. FINANCIAL STAATEMENTS AND EXHINITS EXHIBIT I. PLANTAS EOLICAS, S.A. Statement of Changes in Stockholder's Equity Year Ended December 31, 1997 (In U.S. Dollars)
Accumulated Deficit Incurred Additional During Net Total Common Paid-In Development Operating Accumulated Stockholders' Stock Capital Stage Losses Deficit Equity, Net Balance at December 31, 1996 161 16,891,326 (2,036,785) (100,271) (2,137,056) (14,754,431) Repayment of additional paid-in capital to Parent Company - (1,750,000) - - - (1,750,000) Net loss for year - - - (163,530) (163,530) (163,530) Balance at December 31, 1997 161 15,141,326 (2,036,785) (263,801) (2,300,586) 12,840,901
SIGNATURE Northeast Utilities, a registered holding company, has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, pursuant to the requirements of the Public Utility Holding Company Act of 1935. NORTHEAST UTILITIES By: /s/ John J. Roman John J. Roman Vice President and Controller June 10, 1998 -----END PRIVACY-ENHANCED MESSAGE-----