-----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, FW2LMOJY1q6VH6LFEhjVZcsBVa4V/Cos7T4YR61IqDg3pDuaaMaZy6f+mOAwAdrq LVnpY1MEi3l34t6v84gLww== 0000072741-99-000204.txt : 19991118 0000072741-99-000204.hdr.sgml : 19991118 ACCESSION NUMBER: 0000072741-99-000204 CONFORMED SUBMISSION TYPE: POS AMC PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 19991117 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: POS AMC SEC ACT: SEC FILE NUMBER: 070-08875 FILM NUMBER: 99759364 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 POS AMC 1 POST-EFF. AMENDMENT NO. 13 TO FORM U-1 FILE NO. 70-8875 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 POST-EFFECTIVE AMENDMENT NO. 13 TO FORM U-1 (AMENDMENT NO. 15) APPLICATION/DECLARATION UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 Northeast Utilities Holyoke Water Power Company Western Massachusetts Electric Company Canal Street 174 Brush Hill Avenue Holyoke, MA 01040 West Springfield, MA 01090-0010 The Connecticut Light and Power Company Public Service Company NU Enterprises, Inc. of New Hampshire Northeast Generation Service Company North Atlantic Energy Northeast Generation Company Corporation Select Energy, Inc. 1000 Elm Street Mode 1 Communications, Inc. Manchester, NH 03015 107 Selden Street Berlin, CT 06037 (Name of companies filing this statement and addresses of principal executive offices) NORTHEAST UTILITIES (Name of top registered holding company) Cheryl W. Grise, Esq. Senior Vice President, Secretary and General Counsel Northeast Utilities Service Company P.O. Box 270 Hartford, CT 06141-0270 (Name and address of agent for service) The Commission is requested to mail signed copies of all orders, notices and communications to Jeffrey C. Miller David R. McHale Richard C. MacKenzie, Esq. Assistant General Counsel Vice President and Day, Berry & Howard LLP Treasurer Northeast Utilities Northeast Utilities 185 Asylum Street Service Company Service Company CityPlace I P.O. Box 270 P.O. Box 270 Hartford, CT 06103-0343 Hartford, CT 06141-0270 Hartford, CT 06141-0270 The Application/Declaration in this proceeding, as amended, is further amended by the amendment and restatement in full of Post-Effective Amendment No. 11 (Amendment No. 13), as follows: ITEM 1. DESCRIPTION OF THE TRANSACTION BACKGROUND 1. By Order dated November 20, 1996 (HCAR No. 35-26612), Supplemental Order dated February 11, 1997 (HCAR No. 35-26665), Supplemental Order dated March 25, 1997 (HCAR No. 35-26692), Supplemental Order dated May 29, 1997 (HCAR No. 35-26721), Supplemental Order dated January 16, 1998 (HCAR No. 35-26816) and Supplemental Order dated May 13, 1999 (HCAR No. 35-27004) in this File No. 70-8875, the Commission, among other things, authorized the short-term borrowing limits for Northeast Utilities ("NU"), The Connecticut Light and Power Company ("CL&P") and Western Massachusetts Electric Company ("WMECO") for the period to and including December 31, 2000 (the "Authorization Period"). The short-term borrowings for NU, CL&P and WMECO (collectively, the "Borrowers") have taken and will take a variety of forms, including short- term notes issued to bank and non-bank lending institutions through formal and informal credit lines, commercial paper issuances, open-account advances by NU to certain of its subsidiaries and use of the NU system money pool. Among the formal credit lines with lending institutions currently in effect are a revolving credit facility to which CL&P and WMECO are parties (the "Existing System Revolver") and an unsecured revolving credit facility for NU (the "Existing NU Facility"). Both the Existing System Revolver and the Existing NU Facility will expire on November 21, 1999 and will be replaced by various short-term borrowings for which authorization is being sought hereunder. Proceeds from new credit facilities which the Borrowers expect to enter into covering the remainder of the Authorization Period will be used (i) to replace outstanding borrowings under the existing credit facilities expiring on November 21, 1999; (ii) to fund maturities of long term outstanding debt (projected to be approximately $200 for CL&P and $60 for WMECO during the Authorization Period) and (iii) to continue to provide access to working capital. The Borrowers wish to amend the Application to seek authorization for them to continue to incur short-term debt during the remainder of the Authorization Period on the terms as described herein. 2. In addition, (1) WMECO seeks Commission authorization to increase its short-term borrowing limit from $150 million to $250 million for the remainder of the Authorization Period. WMECO needs this added short-term debt capacity to meet its working capital needs pending receipt of proceeds from mandated sales of generation assets under Massachusetts restructuring laws and securitization of regulatory assets. Such proceeds will be used to repay much of WMECO's bonds and preferred stock. In this interim period WMECO is not issuing new bonds or preferred stock, so short-term debt bridges this period. WMECO presently forecasts its short-term debt needs to peak at $160 million, after a bond maturity of $60 million in January, 2000. The additional short-term authority being sought is necessary to meet unanticipated needs that may arise from variables in timing of receipt of restructuring and securitization proceeds. WMECO is planning to enter into a new Revolving Credit Agreement whereby up to $200 million will be available for these purposes; and (2) NU seeks Commission authorization during the Authorization Period to increase its short-term borrowing limit from $200 million to $400 million for the remainder of the Authorization Period. NU believes a higher level of short-term authorization is required to provide the flexibility and support of its regulated and unregulated subsidiaries, principally, Select Energy, which they need to compete effectively in the rapidly changing energy industry. NU plans to enter into a new Revolving Credit Agreement under which $350 million will be available for these purposes, including direct borrowings by NU and guarantees of letters of credit written for such subsidiaries. 3. Lastly, the Applicants wish to obtain authorization for the proposed changes to the NU System Money Pool to prohibit Mode 1 from borrowing thereunder, as described below. AMENDMENTS TO THE APPLICATION To reflect the foregoing, the Application/Declaration, as amended (the "Application") in this proceeding is further amended as follows: 4. The following Paragraph 1A is added: "1A. The Applicants hereby seek authorization to engage in certain financing transactions for which the specific terms and conditions are not known at this time, and which may not be covered by Rule 52, without further approval by the Commission. The short-term borrowings for NU, CL&P and WMECO (collectively, the "Borrowers") have taken and will take a variety of forms, including short-term notes issued to bank and non-bank lending institutions through formal and informal credit lines, commercial paper issuances, open- account advances by NU to certain of its subsidiaries and use of the NU System Money Pool. The following general terms will be applicable to the financing transactions requested to be authorized hereby. The effective cost of money on borrowings occurring pursuant to the authorization granted under this Application will not exceed 400 basis points over the base rate in effect from time to time of the bank or financial institution identified for such purpose with respect to the relevant financing or, if no such base rate is identified, the base rate in effect from time to time of a representative money center bank. The maturity of debt incurred will not exceed 364 days. The fees, commissions, or other similar remuneration paid in connection with the issuance of such debt or the entering into of credit facilities with respect to debt incurred pursuant to the Application will not exceed 3% of the principal amount of such debt. Borrowings from banks and other financial institutions may be either unsecured or secured. To the extent required, the provision of any collateral to secure debt incurred pursuant to this Application will be approved by applicable state regulatory commissions. Specific terms of any borrowings will be determined by the Borrowers at the time of issuance and will comply in all regards to the parameters of financing authorizations set forth above. A copy of any note or agreement executed pursuant to this Authorization will be filed under cover of the next quarterly report under Rule 24. Because the borrowing needs of NU and WMECO may exceed the limits previously authorized by the Commission, NU and WMECO seek to increase their short-term maximum borrowing limits to $400 million and $250 million, respectively. The proceeds of the new credit arrangements will provide the Borrowers, as applicable during the Authorization Period, with continued access to working capital and, as to the operating companies, serve as a source of funds pending receipt of proceeds from asset sales and securitization, and as to NU, provide it with funds to invest in its subsidiaries and for other corporate purposes." 5. Paragraphs 2, 3, 4, 5, 6, 11, 23, 25, 28, and 29 of the Application are hereby amended to the extent inconsistent with paragraph 4 above. 6. To account for increases in WMECO's limits on short-term debt, paragraph 27 is amended by substituting "$400 million in the case of NU" for "$200 million in the case of NU" and "$250 million in the case of WMECO" for "$150 million in the case of WMECO", where such phrases appear therein. No change is requested with respect to the limits on short-term debt borrowings for CL&P, PSNH, HWP or NAEC. 7. To amend the terms of the NU System Money Pool to provide that Mode 1 may not be a borrower thereunder, the first three sentences of paragraph 13 are deleted and replaced with the following: "13. The Applicants propose to continue using, and the Nonutility Subsidiaries propose participating in, the NU System Money Pool, which is administered on their behalf by Northeast Utilities Service Company ("NUSCO") under the direction of an officer in the NUSCO Treasury Organization. The NU System Money Pool currently consists principally of surplus funds that may be available from day to day to the Applicants, including NU and to the Nonutility Subsidiaries. The funds available to the NU System Money Pool will be loaned on a short-term basis to those Applicants, other than NU, to the Nonutility Subsidiaries, other than Mode 1, and to the Non-Applicant Companies, that have a need for short-term funds, subject to certain limitations described therein." 8. Paragraph 17 is deleted in its entirety and replaced with the following: "17. Money Pool transactions will be designed to match, on a daily basis, the available cash and short-term borrowing requirements of the Applicants and the Nonutility Subsidiaries (other than Mode 1), thereby minimizing the need for short-term borrowings to be made by the Applicants (other than NU) and the Nonutility Subsidiaries (other than Mode 1) from external sources. To this end, it is anticipated that the short-term borrowing requirements of the Applicants (other than NU) and the Nonutility Subsidiaries (other than Mode 1) will be met, in the first instance, with the proceeds of borrowings available through the NU System Money Pool, and thereafter, to the extent necessary, with the proceeds of external short-term borrowings, as described below. Those participants in the NU System Money Pool without access to the commercial paper market will have priority as borrowers from the NU System Money Pool, and only PSNH, NAEC, HWP, NUEI, NGS, NGC, Select, NNECO, Quinnehtuk, RR and HEC will be eligible to borrow through the NU System Money Pool from the proceeds of external borrowings by NU. If at any time there are funds remaining in the NU System Money Pool after satisfaction of the borrowing needs of the borrowers, NUSCO, as agent for the NU System Money Pool, will invest those funds as described in paragraph 13 and allocate the earnings on any such investments among the Money Pool participants, providing such excess funds on a pro rata basis according to the amount of the funds so provided." ITEM 2. FEES, COMMISSION AND EXPENSES 9. See Exhibit K.3 attached hereto. ITEM 4. REGULATORY APPROVALS 10. No state commission has jurisdiction with respect to any aspect of the transactions proposed in this Amendment and, assuming the Commission authorizes and approves all aspects of such transactions, no Federal commission other than the Securities and Exchange Commission has jurisdiction with respect to any aspect thereof. ITEM 6. EXHIBITS AND FINANCIAL STATEMENTS 11. The following additional exhibits and financial statements are filed herewith: (a) Exhibits A.8 Proposed Terms of the NU Money Pool (Revised November, 1999) F.5 Opinion of Counsel related to matters described in Post- Effective Amendment No. 13. K.3 Schedule of Fees, Commissions and Expenses relating to matters described on Post-Effective Amendment No. 13. Statement Pursuant to Rule 54 12. Except in accordance with the Act, none of the Applicants (a) have acquired an ownership interest in an exempt wholesale generator ("EWG") or a foreign utility company ("FUCO") as defined in Sections 32 and 33 of the Act, or (b) now is or as a consequence of the transactions proposed herein will become a party to, or has as a consequence of the transactions proposed herein will have a right under, a service, sales or construction contract with an EWG or a FUCO. None of the proceeds from the transactions proposed herein will be used by the Applicants to acquire any securities of, or any interest in, an EWG or a FUCO. 12. The Applicants are in compliance with Rule 53(a), (b) and (c), as demonstrated by the following determinations: (i) NU's aggregate investment in EWGs and FUCOs (i.e., amounts invested in or committed to be invested in EWGs and FUCOs for which there is no recourse to the NU) does not exceed 50% of NU and its subsidiaries' consolidated retained earnings as reported for the four most recent quarterly periods on NU's Form 10-K and 10-Qs. At June 30, 1999 the ratio of such investment ($6 million) to such consolidated retained earnings ($579 million) was 1 percent. (ii) Ave Fenix (NU's only EWG or FUCO at this time) maintains books and records, and prepares financial statements in accordance with Rule 53(a)(2). Furthermore, NU has undertaken to provide the Commission with access to such books and records and financial statements, as it may request. (iii) No employees of the Applicants have rendered services to the EWG/FUCO. (iv) NU has submitted (a) a copy of each Form U-1 and Rule 24 certificate that has been filed with the Commission under Rule 53 and (b) a copy of Item 9 of Form U5S and Exhibits G and H thereof to each state regulator having jurisdiction over all the rates of NU's public utility subsidiaries. (v) None of the Applicants have been the subject of a bankruptcy or similar proceeding unless a plan of reorganization has been confirmed in such proceeding. In addition, although NU's average consolidated retained earnings ("CREs") for the four most recent quarterly periods have decreased by 10% or more from the average for the previous four quarterly periods (at June 30, 1998, NU's CREs were $698 million; at June 30, 1999 NU's CREs were $579 million), NU's aggregate investment in EWGs/FUCOs at such date ($6 million) did not exceed two percent of NU's consolidated capital invested in utility operations ($5,950 million). (vi) In the previous fiscal year, NU did not report operating losses attributable to its investment in EWGs/FUCOs, unless such losses did not exceed 5 percent of NU's consolidated retained earnings. SIGNATURES Pursuant to the requirements of the Public Utility Holding Company Act of 1935, as amended, the undersigned have duly caused this Post-Effective Amendment to be signed on behalf of each of them by the undersigned thereunto duly authorized. Date: November 17, 1999 NORTHEAST UTILITIES WESTERN MASSACHUSETTS ELECTRIC COMPANY PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE HOLYOKE WATER POWER COMPANY NORTH ATLANTIC ENERGY CORPORATION NU ENTERPRISES, INC. NORTHEAST GENERATION COMPANY NORTHEAST GENERATION SERVICE COMPANY SELECT ENERGY, INC. MODE 1 COMMUNICATIONS, INC. By: /s/David R. McHale David R. McHale Vice President and Treasurer Pursuant to the requirements of the Public Utility Holding Company Act of 1935, as amended, the undersigned has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 17, 1999 THE CONNECTICUT LIGHT AND POWER COMPANY By: /s/Randy A. Shoop Randy A. Shoop Treasure EX-5 2 EXHIBIT F.5 - OPINION OF COUNSEL Exhibit F.5 November 12, 1999 Securities and Exchange Commission 450 Fifth Street, N.W. Judiciary Plaza Washington, D.C. 20549 Re: Northeast Utilities et al. File No. 70-8875 Ladies and Gentlemen: I am Assistant General Counsel of Northeast Utilities Service Company("NUSCO"), a service company affiliate of Northeast Utilities ("NU"). In connection with the transactions contemplated by the Application/Declaration, as amended, in the above referenced file (the "Application"), I have acted as counsel to NU, The Connecticut Light and Power Company ("CL&P"), Western Massachusetts Electric Company ("WMECO"), Holyoke Water Power Company ("HWP"), Public Service Company of New Hampshire ("PSNH") and North Atlantic Energy Corporation("NAEC") and the other applicants described therein (collectively, the "Applicants"). This opinion is given to you with respect to the transactions described in Amendment No. 15 (Post-Effective Amendment No. 13) (the "Amendment") pursuant to your Instructions as to Exhibits to applications and declarations filed on Form U- 1. Except as otherwise defined herein, terms used herein shall have the meanings given them in the Application. In connection with this opinion, I have reviewed or caused to be reviewed the Application, including the Amendment, and the exhibits thereto, the Applicants' charter documents, as amended to the date of this opinion, the proceedings of their shareholders and boards of directors to date and such other papers, documents and records, and have made or caused to be made such examination of law, as I deemed relevant and necessary in order to give this opinion. I have assumed that in respect of the Application an appropriate order of the Commission under the Public Utility Holding Company Act of 1935 will be issued and all actions of the Applicants will be in conformity therewith. The opinions set forth herein are qualified in their entirety as follows: (a) every opinion rendered herein is expressly subject to the consummation of such transactions in accordance with the Application using documents substantially similar to those filed with the Application; (b) no opinion is expressed as to any laws other than the federal laws of the United States and the laws of the States of Connecticut and New Hampshire and of the Commonwealth of Massachusetts; (c) insofar as any opinion relates to the Declaration of Trust of NU or the Certificate of Incorporation or Bylaws of any other Applicant, I have assumed that the Declaration of Trust and that Certificate and those Bylaws will not be amended between now and the time the transactions contemplated by the Application are consummated; and (d) no opinion is expressed as to the securities laws of any state. Based on and subject to the foregoing, I am of the opinion that: 1. All state laws applicable to each of the transactions for which the Commission's approval is sought in the Amendment will have been complied with at the time each transaction is consummated. 2. NU and WMECO are each validly organized and duly existing under the laws of the Commonwealth of Massachusetts; CL&P is validly organized and duly existing under the laws of the State of Connecticut. 3. The notes to be issued to banks and non-bank lending institutions by and the commercial paper to be issued by NU and WMECO, all in accordance with the authorization being sought in the Amendment, when issued, sold or renewed, will be the valid and binding obligations of such Applicants in accordance with their respective terms. 4. The consummation of the transactions for which the Commission's approval is sought in the Amendment will not violate the legal rights of the holders of any securities issued by any of the Applicants or any associate company of such Applicants. I hereby consent to the use of this opinion in connection with the filing of the Application. I am a member of the Bar of the State of New York. As to matters involving the laws of other jurisdictions, I have made a study of such laws and consulted with lawyers employed by NUSCO who are admitted to the Bars of such other jurisdictions. Very truly yours, /s/ Jeffrey C. Miller Jeffrey C. Miller Assistant General Counsel Northeast Utilities Service Company EX-99.1 3 PROPOSED TERMS OF NU MONEY POOL Exhibit A.8 PROPOSED TERMS OF THE NU MONEY POOL (Revised November, 1999) GENERAL 1. The members of the Money Pool (the Pool) are Northeast Utilities (NU), The Connecticut Light and Power Company (CL&P), Western Massachusetts Electric Company (WMECO), Northeast Nuclear Energy Company (NNECO), Holyoke Water Power Company (HWP), The Rocky River Realty Company (RRR), The Quinnehtuk Company (Quinnehtuk), Public Service Company of New Hampshire (PSNH), North Atlantic Energy Corporation (North Atlantic), HEC Inc. (HEC), Mode 1 Communications, Inc. (Mode 1), Select Energy, Inc. (Select), NU Enterprises, Inc. (NUEI), Northeast Generation Company (NGC), and Northeast Generation Services Company (NGS). 2. The Pool will be administered by Northeast Utilities Service Company (Agent). 3. Each member will determine each day, on the basis of cash flow projections, the amount of surplus funds it has available for contribution to the Pool (Surplus Funds). In addition to its own Surplus Funds, NU may borrow funds from third party lenders (Excess Funds) in order to make these Excess Funds available to meet the borrowing needs of NNECO, HWP, RRR, Quinnehtuk, PSNH, North Atlantic, HEC, Select, NUEI, NGC, and NGS. CONTRIBUTIONS TO THE POOL 4. Each member will contribute its Surplus Funds to the Pool. NU will contribute any Excess Funds to the Pool. 5. Each member will receive as interest with respect to its Surplus Funds that fraction of the total interest received by the Pool equal to the ratio of the Surplus Funds the member has contributed, times the period in which such Surplus Funds were available, to the total Surplus Funds in the Pool, times the period in which all Surplus Funds were in the Pool. NU will receive the same interest with respect to its Excess Funds that it pays for its Excess Funds. Such interest will be computed on a daily basis and settled once per month. 6. Each member may withdraw any of its Surplus Funds at any time without notice. NU may withdraw its Excess Funds at any time without notice. BORROWINGS FROM THE POOL 7. Neither NU nor Mode 1 Shall be entitled to borrow from the Pool. 8. PSNH and North Atlantic shall not be entitled to borrow Surplus Funds that are attributable to contributions from WMECO until the Massachusetts Department of Public Utilities has issued an order authorizing WMECO to lend funds to PSNH or NAEC, as the case may be, through the Pool. 9. All short-term borrowing needs of members other than NU and Mode 1, which shall not be entitled to borrow from the Pool and PSNH, and North Atlantic, which may borrow only subject to the conditions set forth in paragraph 8, will be met by Surplus Funds in the Pool to the extent such funds are available. NNECO, HWP, RRR, Quinnehtuk, PSNH, North Atlantic, Select, NUEI, NGC, NGS and HEC may meet their short-term borrowing needs through Excess Funds made available from NU. 10. Loans will be made first to borrowers that cannot access the commercial paper market. 11. Members borrowing Surplus Funds will pay interest at a rate equal to the daily composite Federal funds rate. The rate to be used for weekends and holidays will be the prior business day's rate. Members borrowing Excess Funds will pay interest at the same rate that NU pays for those Excess Funds. 12. Loans made by the Pool will be open account advances for periods of less than 12 months, although the Agent may receive upon demand a promissory note evidencing the transaction. 13. All loans made by the Pool from Surplus Funds are payable on demand by the Agent. 14. All loans made by the Pool from Surplus Funds may be prepaid by the borrower without penalty. No loans from Excess Funds shall be prepaid prior to the maturity of the NU borrowing that resulted in the Excess Funds, unless the prepayment can be made without NU incurring additional costs or unless the prepayment is accompanied by payment of any additional costs incurred by NU as a result of such prepayment. 15. If there are more Surplus Funds in the Pool than are necessary to meet the borrowing needs of the members, the Agent will use the Surplus Funds to meet the NU system's compensating balance requirements or invest them on behalf of the Pool directly, or indirectly through an investment fund, in one of the following instruments: (a) obligations issued or guaranteed by the United States of America; (b) obligations issued or guaranteed by any person controlled, sponsored by, or supervised by and acting as an instrumentality of the United States of America pursuant to authority granted by the Congress of the United States, including but not limited to the obligations of the Government National Mortgage Association (GNMA), Student Loan Marketing Association (SLMA), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA); (c) obligations issued or guaranteed by any state or political subdivision thereof, provided that such obligations are rated for investment purposes at not less than "A" by Moody's Investors Service, Inc. ("Moody's") or by the Standard & Poor's Rating Group ("S&P"); (d) certificates of deposit issued or banker's acceptances drawn on and accepted by commercial banks which are members of the Federal Deposit Insurance Corporation and which have a combined capital, surplus and undistributed profits of at least $100,000,000; (e) commercial paper rated not less than "P-1" by Moody's or not less than "A-1" by S&P; (f) repurchase agreements with any commercial or investment bank secured by obligations issued or guaranteed by the United States of America or an instrumentality thereof provided collateral is held by a third party; and (g) such other instruments as are permitted by Rule 40(a)(1) under the Act and approved by the Massachusetts Department of Public Utilities (the "DPU") pursuant to Massachusetts General Laws Chapter 164, Section 17A and the regulations thereunder. TERMINATION 16. Any member may terminate its participation in the Pool at any time without notice EX-99.2 4 SCHEDULE OF FEES Exhibit K.3 SCHEDULE OF FEES, COMMISSIONS AND EXPENSES FOR TRANSACTIONS PROPOSED IN POST-EFFECTIVE AMENDMENT NO.13, OTHER THAN AS DESCRIBED THEREIN Northeast Utilities Service Company (Legal, Financial, Accounting and Other Services)Not in excess of $20,000 NU will apply to the Commission in due course for such additional authorization as it may need to effect the financing of the purchase price for Yankee Energy System, Inc. (which is the subject of NU's application in File No. 70-9535) in a separate application. The original Application/Declaration in Northeast Utilities, et. al, File No. 70-8875 (dated as of June 19, 1996), has been amended thirteen (13) times: (i) Amendment No. 1, dated as of October 30, 1996, (ii) Amendment No. 2, dated as of November 19, 1996, (iii) Post-Effective Amendment No. 1 (Amendment No. 3), dated as of January 28, 1997, (iv) Post-Effective Amendment No. 2 (Amendment No. 4), dated as of April 23, 1997, (v) Post-Effective Amendment No. 3 (Amendment No. 5), dated as of May 16, 1997, (vi) Post-Effective Amendment No. 4 (Amendment No. 6), dated as of May 27, 1997, (vii) Post-Effective Amendment No. 5 (Amendment No. 7), dated as of May 28, 1997, (viii) Post-Effective Amendment No. 6 (Amendment No. 8), dated as of May 30, 1997, (ix) Post-Effective Amendment No. 7 (Amendment No. 9), dated as of November 20, 1997, (x) Post-Effective Amendment No. 8 (Amendment No. 10), dated as of December 31, 1997, (xi) Post-Effective Amendment No. 9 (Amendment No. 11), dated as of January 14, 1998, (xii) Post-Effective Amendment No. 10 (Amendment No. 12), dated as of March 3, 1999, and (iii) Post-Effective Amendment No. 11 (Amendment No. 13), dated as of October 26, 1999. Please see the application/declaration filed with the Commission by NU and NGS on August 26, 1999, as amended (File No. 70-9543) concerning the anticipated investments in EWGs by NU. -----END PRIVACY-ENHANCED MESSAGE-----