-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ixtWy9AXQxtGriOJy2NGOmi9nneVRswPZABBZUKL6aEToBGFyqWo3PCYuPEfTTLy Q6vgzzTg0ZRFQVQ8eVnGrA== 0000906602-94-000050.txt : 19941004 0000906602-94-000050.hdr.sgml : 19941004 ACCESSION NUMBER: 0000906602-94-000050 CONFORMED SUBMISSION TYPE: U-1 PUBLIC DOCUMENT COUNT: 44 FILED AS OF DATE: 19941003 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES CENTRAL INDEX KEY: 0000072741 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 042147929 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-1 SEC ACT: 1935 Act SEC FILE NUMBER: 070-08479 FILM NUMBER: 94551219 BUSINESS ADDRESS: STREET 1: 174 BRUSH HILL AVE CITY: WEST SPRINGFIELD STATE: MA ZIP: 01090-0010 BUSINESS PHONE: 2036655000 MAIL ADDRESS: STREET 1: 107 SELDON ST CITY: BERLIN STATE: CT ZIP: 06037-1616 U-1 1 U-1 FILING ITEM 1 DESCRIPTION OF PROPOSED TRANSACTIONS Introduction 1. Northeast Utilities ("NU"), a public utility holding company registered under the Public Utility Holding Company Act of 1935, as amended (the "Act"), and The Connecticut Light and Power Company ("CL&P"), Western Massachusetts Electric Company ("WMECO"), Public Service Company of New Hampshire ("PSNH"), Holyoke Water Power Company ("HWP"), Northeast Nuclear Energy Company ("NNECO"), North Atlantic Energy Corporation ("NAEC"), The Quinnehtuk Company ("Quinnehtuk"), The Rocky River Realty Company ("RRR"), and HEC Inc. ("HEC"), each of which is a wholly owned subsidiary of NU (each of NU, CL&P, WMECO, PSNH, HWP, NNECO, NAEC, Quinnehtuk, RRR and HEC is sometimes herein called an "Applicant" and collectively all such companies are sometimes herein called "Applicants"), hereby submit this application/declaration (the "Application") pursuant to Sections 6, 7, 9(a), 10 and 12 of the Act and Rules 43 and 45 thereunder with respect to the following financial transactions: (a) proposed short-term borrowings by the Applicants from time to time after December 31, 1994 and on or before December 31, 1996, evidenced (i) in the case of NU, CL&P, WMECO, PSNH, HWP, NNECO, and RRR by notes ("Short-Term Notes") issued to banks and non-bank lending institutions (which are collectively herein called "lending institutions" or "lenders") through formal and informal credit lines and (ii) in the case of CL&P, WMECO and NU, by commercial paper ("Commercial Paper"); and (b) the continued use through December 31, 1996 of a Northeast Utilities System Money Pool (the "Money Pool"), which is composed of available funds loaned by the companies participating in the Money Pool and -2- borrowed by the participating companies, except NU, to assist in meeting their respective short-term borrowing needs. Additionally, under the terms of the Money Pool, NU would be able to borrow funds from lending institutions solely for the purpose of lending those funds through the Money Pool to PSNH, NNECO, NAEC, RRR, Quinnehtuk and HEC. The aggregate amount of each Applicant's short-term borrowings outstanding at any time will be subject to the limits set forth in the table in paragraph 4 and more fully described in paragraphs 20 and 21. 2. Except in accordance with the Act, neither NU nor any subsidiary thereof (a) has 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 or will as a consequence of the transactions proposed herein have any right under, a service, sales, or construction contract with an exempt wholesale generator or a foreign utility company. None of the proceeds from the transactions proposed herein will be used by the Companies to acquire any securities of, or any interest in, an exempt wholesale generator or a foreign utility company. The NU system is 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 recourse to NU) does not exceed 50% of the NU system's -3- consolidated retained earnings as reported for the four most recent quarterly periods on NU's Form 10-K and 10-Qs. (ii) Encoe Partners (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 access to such books and records and financial statements, as it may request. (iii) No employees of the NU system's public utility companies have rendered services to Encoe Partners. (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 the retail rates of the NU system public utility companies. (v) Neither NU nor any NU subsidiary has been the subject of a bankruptcy or similar proceeding unless a plan of reorganization has been confirmed in such proceeding. In addition, NU's average consolidated retained earnings for the four most recent quarterly periods has not decreased by 10% or more from the average for the previous four quarterly periods. (vi) In the previous fiscal year, NU did not report operating losses attributable to its investment in Encoe Partners exceeding 5 percent of NU's consolidated retained earnings. -4- Current and Projected Levels of Short-Term Debt 3. The Applicants are currently authorized, by orders of the Commission dated December 16, 1992, June 25, 1993 and September 13, 1994 (File No. 70-8048, HCA Rel. Nos. 25710, 25836 and 26126, respectively) to undertake, through December 31, 1994, short-term borrowings in the form of short-term notes, commercial paper, open account advances by NU to certain of the other Applicants and Money Pool transactions, subject to limits on the aggregate amount of short-term borrowings by each Applicant as ordered therein. 4. The following table sets forth: (i) the outstanding short-term debt of each Applicant as of June 30, 1994; (ii) the amount of short-term debt estimated to be outstanding as of September 30, 1994; (iii) the highest level of short-term debt outstanding for each Applicant during the period January 1 to June 30, 1994; and (iv) the maximum aggregate amount of all short-term debt proposed to be outstanding at any one time at or prior to December 31, 1996: -5- OUTSTANDING SHORT-TERM DEBT (Thousands of Dollars) Actual Estimated Highest Level Proposed Maximum 6/30/94 9/30/94 1/1/94-6/30/94 1/1/95-12/31/96 (1) NU $ 81,000 $ 92,775 $ 91,500 $ 150,000 CL&P 241,500 205,200 323,750 325,000 WMECO 12,000 0 17,250 60,000 PSNH 0 0 0 175,000 HWP 0 0 0 5,000 NNECO 15,000 12,700 27,000 50,000 NAEC 0 0 20,750 50,000 RRR 16,750 17,100 18,000 22,000 Quinnehtuk 4,750 4,500 4,750 8,000 HEC 2,525 2,075 3,175 11,000
(1) Includes contingencies associated with such uncertainties as (a) short-term debt level variances during a given month, (b) the possibility that CL&P, WMECO and PSNH may be required to incur costs for replacement power if the operating nuclear units in which they have interests do not perform as scheduled or budgeted, (c) the possibility that NNECO and NAEC may be required to provide the necessary funds to meet the capitalized labor and other cash disbursements associated with an unplanned outage, and (d) the possibility that planned long-term financings may not be completed in the amounts and at the times for which they are projected. 5. Subject to the applicable maximum limits, the Applicants intend to renew and extend current short-term borrowings as they mature, to refund such short-term borrowings with other similar short-term borrowings, to repay such short-term borrowings or to increase the amount of their short- term borrowings from time to time. As described in more detail in paragraphs 23 to 29 below, the proceeds of such borrowings will be used to meet part of the capital requirements of the respective borrowers. -6- Money Pool 6. The Applicants propose to continue using the Money Pool, which is administered on behalf of the Applicants by Northeast Utilities Service Company ("NUSCO") under the direction of an officer in the NUSCO Treasury Organization. The Money Pool currently consists principally of surplus funds that may be available from day to day to the Applicants, including NU. The funds available to the Money Pool will be loaned on a short-term basis to those Applicants, other than NU, that have a need for short-term funds, subject to the limitations described herein. If no such short-term needs match the amount of funds that are available for the period such funds are available, the funds in the Money Pool will be invested in: (1) obligations issued or guaranteed by the United States of America; (2) obligations issued or guaranteed by any person controlled 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; (3) 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 Standard & Poors Corporation ("S&P"); (4) commercial paper rated not less than "P-1" by Moody's or not less than "A-1" by S&P; or -7- (5) 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. 7. In addition to surplus funds, another potential component of the Money Pool is funds borrowed by NU through the issuance of the Short-Term Notes, by selling commercial paper or by borrowing through loans through the NU System Facility described in paragraph 22 for the purpose of making open account advances to certain of its subsidiaries through the Money Pool. NU requests that its authority for such borrowings be extended through December 31, 1996. The potential recipients of such open account advances will be PSNH, NNECO, NAEC, Quinnehtuk, RRR and HEC. Such arrangements have in the past resulted in a reduction in borrowing costs to the recipients because NU has access to funds at lower interest rates than the subsidiaries listed above and/or because the transaction costs of arranging several small financings to meet the needs of the smaller subsidiaries are higher than the costs of arranging one larger financing by NU. The amounts to be borrowed by NU for the purpose of making open account advances and to be borrowed through the Money Pool by the recipients set forth above will also be subject to the short-term limits on the aggregate amount outstanding for which approval is sought in this filing. 8. NAEC and HEC will be entitled to borrow through the Money Pool only if and to the extent that funds in the Money Pool attributable to contributions from NU are available for such borrowings. PSNH will not be -8- entitled to borrow funds through the Money Pool that are attributable to contributions from WMECO unless and until the DPU has issued an order authorizing WMECO to lend funds to PSNH through the Money Pool. PSNH's participation in the Money Pool is only expected to be as a back-up to the PSNH Facility described in more detail in paragraph 22. Since the PSNH Facility requires PSNH to borrow a minimum of $10 million, PSNH's participation in the Money Pool permits it to borrow smaller amounts through the Money Pool and thereby better match its requirements and its cash resources. 9. The Applicants request that the Commission reserve jurisdiction over any PSNH borrowings of Money Pool funds attributable to contributions thereto by WMECO until such time as the DPU has issued an order authorizing such borrowings. Without such an order, WMECO may not lend money to PSNH through the Money Pool. In the event that such an order is received from the DPU, the Applicants will file a post-effective amendment hereto seeking the necessary Commission approval. 10. Money Pool transactions will be designed to match, on a daily basis, the available cash and short-term borrowing requirements of the Applicants, thereby minimizing the need for short-term borrowings to be made by the Applicants (other than NU) from external sources. To this end, it is anticipated that the short-term borrowing requirements of the Applicants (other than NU) will be met, in the first instance, with the proceeds of borrowings available through the Money Pool, and thereafter, to the extent necessary, with the proceeds of external short-term borrowings, as set forth below. Those Applicants without access to the commercial paper market will have priority as borrowers from the Money Pool, and only -9- PSNH, NNECO, NAEC, Quinnehtuk, RRR and HEC will be eligible to borrow through the Money Pool from the proceeds of external borrowings by NU. If at any time there are funds remaining in the Money Pool after satisfaction of the borrowing needs of the Applicants, NUSCO, as agent for the Money Pool, will invest those funds as described in paragraph 6 and allocate the earnings on any such investments among those Applicants providing such excess funds on a pro rata basis according to the amount of the funds so provided. 11. All borrowings from and contributions to the Money Pool, including the open account advances, will be documented and will be evidenced on the books of each Applicant that is borrowing from or contributing surplus funds to the Money Pool. Any Applicant contributing funds to the Money Pool may withdraw those funds at any time without notice to satisfy its daily need for funds. Except for loans from the proceeds of external borrowings by NU, all loans will be payable on demand, may be prepaid by any borrowing Applicant at any time without premium or penalty and will bear interest for both the borrower and lender, payable monthly, equal to the daily Federal Funds Effective Rate as quoted by the Federal Reserve Bank of New York. Loans from the proceeds of external borrowings by NU will bear interest at the same rate paid by NU on its borrowings, and no such loans may be prepaid unless NU is made whole for any additional costs that may be incurred because of such prepayment. NU will be fully reimbursed for all costs that it incurs in relation to loans made to the other Applicants. 12. The Applicants believe that the cost of the proposed borrowings through the Money Pool will generally be more favorable to the borrowing -10- Applicants than the comparable cost of external short-term borrowings, and that the yield to the Applicants contributing available funds to the Money Pool will generally be higher than the typical yield on short-term investments. However, if on any given day the funds available through the Money Pool are insufficient to satisfy the short-term borrowing requirements of an Applicant, such Applicant may effect short-term borrowings through lending institutions and/or through the sale of commercial paper, if appropriate, as described below. Short-Term Notes 13. The Applicants (other than NAEC, HEC and Quinnehtuk) propose to issue Short-Term Notes pursuant to both formal and informal lines of credit with lending institutions. Short-Term Notes will be issued both on a transactional basis, with a separate note evidencing each loan, and on a so-called "grid note" basis, as described below. 14. Each Short-Term Note issued on a transactional basis will be dated the date of issue, will have a maximum term of 270 days, and will bear interest at a fixed or floating rate as described below. Such Short-Term Notes will be issued no later than December 31, 1996, and will (except as described below) be subject to prepayment at any time at the borrower's option. Attached as Exhibits A.1(a) through A.1(g) are typical forms of Short-Term Notes proposed to be used by NU, CL&P, WMECO, PSNH, HWP, NNECO and RRR, respectively. From time to time, an Applicant may use a different form of Short-Term Note containing customary terms to evidence its borrowings, if necessary, to satisfy the needs of a particular lender. -11- 15. Short-Term Notes issued on a grid note basis will be issued by an Applicant to a particular lending institution at or prior to the first borrowing under the grid note from that lender by the Applicant. Each repayment and reborrowing subsequent to the first borrowing will be recorded on a schedule to the note without the necessity of issuing additional notes. Also recorded on a schedule to the note at the time of a borrowing will be the date of the borrowing, the maturity (which may not exceed 270 days from the date of the borrowing), the number of days the borrowing is outstanding, the interest rate or method of determining the interest rate, the amount of interest due, and the date of payment. Except as described below, borrowings on a grid note basis will be subject to prepayment at any time at the borrower's option. Attached as Exhibits A.2(a) through A.2(d) are proposed forms of grid notes for NU and certain Connecticut subsidiaries of NU (CL&P, NNECO and RRR), certain Massachusetts subsidiaries of NU (WMECO and HWP) and PSNH. Also attached as Exhibit A.3 is a sample form (with attachments) of an informal credit facility with a non-bank lending institution. The Applicants anticipate that the grid notes and informal credit facility with lending institutions that are actually used may vary from the forms submitted to reflect customary terms or particular lending practices and policies of different lending institutions but will be similar in substance to the exhibits referenced above. 16. The interest rate on all Short-Term Notes will be determined on the basis of competitive quotations from several lending institutions, and will either be at a fixed interest rate or at a floating interest rate determined with reference to an agreed-upon index (such as a lending institution's prime rate, the London InterBank Offered Rate (LIBOR), -12- certificate of deposit rates, money market rates or commercial paper rates). The interest rate in any case will not exceed two percentage points above the Federal Funds Effective Rate. The Applicants will select the lending institution(s) from which to make a particular short-term borrowing and determine whether to borrow at a fixed or a floating rate on the basis of the lowest expected effective interest cost for borrowings of comparable sizes and maturities. 17. Borrowings bearing floating interest rates will generally be subject to prepayment at the borrower's option. The Applicants believe that many lending institutions lending funds at fixed interest rates are engaged in "matched funding," i.e., such lenders acquire for comparable maturities the funds that are lent to their borrowers. Because the lenders would remain obligated under their own borrowings from others if the Applicants were to prepay their borrowings in advance of their scheduled maturities, many lending institutions lending funds at fixed interest rates stipulate that such borrowings may not be prepaid or may be prepaid only with a premium that will make the lender whole for any losses (including lost profits) it may incur. Accordingly, in order to realize the benefits of fixed interest rates when a fixed-rate borrowing is evaluated to be the lowest cost borrowing available, the Applicants may from time to time agree with individual lenders that such borrowings may not be prepaid or may only be prepaid if the lender is made whole for its losses. 18. The Applicants (other than NAEC, HEC and Quinnehtuk) request authority to secure both formal and informal credit lines with a number of lending institutions. Formal credit lines may be subject to compensating balance and/or fee requirements and will therefore be used only when an -13- Applicant determines that such a credit line offers advantages as compared with other available credit options. Compensating balance requirements will not exceed 5% of the committed credit line amount, and fees will not exceed .30% per annum. Each Applicant participating in a credit line would be able to draw funds to the exclusion of the other Applicants. The Applicants may change their credit lines and may obtain additional lines over time. The continued availability of such credit lines is subject to the continuing review of the lending institutions. Commercial Paper 19. CL&P, WMECO and NU request authority to continue to sell Commercial Paper publicly. Such Commercial Paper will be issued through The Depository Trust Company in the form of book entry notes in denominations of not less than $50,000, of varying maturities, with no maturity more than 270 days after the date of issue. The Commercial Paper will not be repayable prior to maturity. The Commercial Paper will be sold through a placement agent or agents in a co-managed commercial paper program pursuant to a placement agent agreement at either the discount rate per annum or the interest rate per annum prevailing at the date of issuance for commercial paper of comparable quality and of the particular maturity sold by public utility issuers thereof. No Commercial Paper will be issued unless the issuing Applicant believes that the effective interest cost to the Applicant will be equal to or less than the effective interest rate at which the applicant could issue Short-Term Notes in an amount at least equal to the principal amount of such Commercial Paper. The placement agent or agents will receive a commission for the sale of the Commercial Paper of not more than 1/8 of 1% per annum, on a discounted basis. CL&P -14- and WMECO will publicly issue and sell Commercial Paper without registration thereof in reliance upon the exemption set forth in Section 3(a)(3) of the Securities Act of 1933 (the "1933 Act"). NU will publicly issue and sell commercial paper without registration thereof in reliance upon the exemption set forth in Section 4(2) of the 1933 Act and Regulation D thereunder. Attached as Exhibit A.4(a) is an example of the placement agent agreement for Commercial Paper issued by NU, and attached as Exhibit A.4(b) is an example of the placement agent agreement for Commercial Paper issued by CL&P and WMECO. Proposed Limits on Short-Term Debt 20. The aggregate amount of short-term debt that will be outstanding at any one time, whether evidenced by Short-Term Notes issued to lending institutions or by Commercial Paper or through borrowings from the Money Pool pursuant to the authority requested in this Application or through borrowings through the previously authorized revolving credit facilities described in paragraph 22, for which Commission authorization is being sought will not exceed $150 million in the case of NU, $325 million in the case of CL&P, $60 million in the case of WMECO, $175 million in the case of PSNH, $5 million in the case of HWP, $50 million in the case of NNECO, $50 million in the case of NAEC, $22 million in the case of RRR, $8 million in the case of Quinnehtuk, and $11 million in the case of HEC. 21. The aggregate amount of short-term debt that can be incurred by CL&P and WMECO is further restricted by the provisions of their respective preferred stocks. CL&P and WMECO each have authorization from the holders of their respective preferred stocks (through March 31, 2004 in the case of -15- CL&P and through February 10, 2004 in the case of WMECO) to issue securities representing unsecured indebtedness up to a maximum of 20% of their respective capitalizations. Based on their respective capitalizations as of June 30, 1994, CL&P is limited to approximately $675,636,000 of unsecured indebtedness through short-term debt and WMECO is limited to approximately $153,028,000. See Exhibits J.1 and J.2, respectively. Revolving Credit Facilities 22. NU, CL&P, WMECO, HWP, NNECO and RRR are parties to a $360 million multi-bank revolving credit facility (the "NU System Facility"). The Commission approved that facility on November 23, 1992 in File No. 70-8052 (HCA Rel. No. 25683). PSNH is a party to a $125 million multi-bank revolving credit facility (the "PSNH Facility") approved by the Commission on December 16, 1992 in File No. 70-8048 (HCA Rel. No. 25710). The Commission approved certain amendments to the PSNH Facility and an extension of its term to May 14, 1996 on May 5, 1994 in File No. 70-8367 (HCA Rel. No. 26046). Use of Proceeds 23. During the period from January 1, 1995 through December 31, 1996, NU expects to use the new funds derived from short-term borrowings authorized by the Commission pursuant to this Application (i) to make loans or open account advances, as needed, to its subsidiary companies, (ii) to supply funds as needed to its subsidiary companies as heretofore or hereafter authorized by the Commission, (iii) to meet short-term cash needs -16- which may arise due to payment timing differences, and (iv) to meet other corporate needs (including temporary shortfalls in funds to pay NU dividends attributable to restrictions on the payment of dividends by PSNH and NAEC to NU). In addition, NU may, in a separate application/declaration to the Commission, seek authority to use short-term debt for other corporate purposes. See Exhibit H.1 for additional details. 24. The funds to be derived by CL&P, WMECO and PSNH from short-term borrowings authorized by the Commission pursuant to this Application will be applied, together with other funds available to those Applicants, to provide working capital and to finance their respective construction expenditures in 1995 and 1996. Such construction expenditures (excluding Allowance for Funds Used During Construction and nuclear fuel) are estimated to be $147,254,000, $33,816,000 and $27,787,000 for CL&P, WMECO and PSNH respectively in 1995 and $140,165,000, $28,993,000 and $34,987,000 for CL&P, WMECO and PSNH respectively in 1996. For CL&P, WMECO and PSNH, the short-term debt forecast as set forth in the Cash Receipts and Disbursements projections (see Exhibits H.2, H.3, H.4) assumes performance of their respective nuclear units at certain levels. However, should the nuclear plants experience more unplanned outages or outages of longer durations than are currently anticipated, the purchase of replacement power may have to be financed on an interim basis with the proceeds from the issuance of short-term debt. The contingency for a three-month nuclear outage of each subsidiary is $90 million, $21 million and $22.5 million for CL&P, WMECO and PSNH, respectively. PSNH may also use the proceeds from short-term borrowings to finance anticipated settlements with certain small power producers until such time as permanent financing for those settlements can be obtained. See Exhibits H.2 through H.4. -17- 25. NNECO will apply funds derived from short-term borrowings authorized by the Commission pursuant to this Application and other funds available to it for operating and maintenance expenses for the Millstone plants and to meet its obligations with respect to four nuclear plant control room simulators and the buildings that house them and for a building that was recently constructed at the Millstone site to accommodate technical staff. See Exhibit H.6. 26. HWP, Quinnehtuk and RRR will apply funds derived from short-term borrowings authorized by the Commission pursuant to this Application and other funds available to them for operation, maintenance and construction expenses and to meet cash needs which may arise due to timing differences. See Exhibits H.5 and H.8. 27. NAEC will apply funds derived from Money Pool borrowings authorized by the Commission pursuant to this Application and other funds available to it for operating and maintenance expenses for the Seabrook nuclear generating unit, to meet short-term cash needs which may arise due to payment and timing differences and possibly to repurchase or repay high- cost long-term debt if such Money Pool borrowings would provide more favorable terms to NAEC. See Exhibit H.7. 28. HEC will apply funds derived from Money Pool borrowings to carry on its operations as authorized by the Commission (HCA Rel. Nos. 25114A, 25900 and 26108) and as will be requested in applications/declarations to be filed with the Commission in the future. HEC will not raise funds -18- pursuant to this filing for use in future filings before approval for such future filings is granted. See Exhibit H.9. 29. Except as otherwise described herein and unless otherwise authorized by the Commission, any short-term borrowings of the Applicants outstanding at December 31, 1996 will either (i) be repaid from internal cash resources or from the proceeds of long-term debt or equity financing or (ii) remain outstanding if the Commission authorizes the Applicants to continue such short-term borrowings after December 31, 1996. Except as described herein, no associate company or affiliate of the Applicants or any affiliate of any such associate company has any material interest, directly or indirectly, in the proposed transactions. ITEM 2 FEES, COMMISSIONS AND EXPENSES 30. The fees, commissions and expenses paid or incurred, or to be paid or incurred, directly or indirectly, by the Applicants are set forth on Exhibit K hereto (to be filed by amendment). 31. None of such fees, commissions or expenses will be paid to any associate company or affiliate of the Applicants except for financial and other services to be performed at cost by NUSCO, an affiliated service company, and except that C. Duane Blinn, a member of the firm of Day, Berry & Howard, counsel to the Applicants, is Assistant Secretary of Connecticut Yankee Atomic Power Company, an affiliate, and the estimate of legal fees includes payment to be made to that firm for legal services rendered in connection with the transactions proposed in this Application. -19- ITEM 3 APPLICABLE STATUTORY PROVISIONS 32. Sections 6 and 7 of the Act are applicable to the issue and sale by the Applicants of the Short-Term Notes and Commercial Paper as herein proposed. Section 12(b) of the Act and Rule 45 thereunder are applicable to the proposed open account advances to be made by NU to certain of its subsidiaries, as described above. However, since the receipt by the subsidiaries and the making by NU of open account advances will not involve the issuance of any security by a subsidiary of NU, the Applicants do not consider Sections 6 and 9 of the Act to be applicable to the proposed open account advances. 33. Borrowings from the Money Pool are subject to the requirements of Sections 6, 7, 9(a), 10 and 12 of the Act and Rules 43 and 45 thereunder. Loans to the Money Pool are subject to the requirements of Sections 9(a), 10 and 12 of the Act, but are exempted from Rule 45(a) pursuant to paragraph (b)(1) of Rule 45. Investments of funds in the Money Pool are subject to Sections 9(a), 10 and 12 of the Act. 34. Within 45 days after the end of each calendar quarter, the Applicants will file certificates of partial consummation describing their borrowings through the Money Pool and the issue and sale of Short-Term Notes and Commercial Paper during that quarter pursuant to the authority requested herein. Such certificates will show the names of the borrowers, the dates and amounts of all new borrowings, the names of the lenders, the maximum amount of notes outstanding to lending institutions, the Money Pool -20- and commercial paper purchasers at any one time, and the total amount of notes outstanding to lending institutions, the Money Pool and commercial paper purchasers at the end of the quarter. In addition, the certificates will include the following information with respect to the issue and sale of Commercial Paper: (a) the interest cost for each note issued as Commercial Paper as compared with the commercial bank prime rate in effect at the date of issue of such Commercial Paper; and (b) the dollar saving of each issue and the total dollar saving on the aggregate notes covered by such certificate computed in each case on the basis of the difference between the interest cost on the Commercial Paper and the commercial bank prime rate for bank loans in effect at the date of issue of the Commercial Paper. ITEM 4 REGULATORY APPROVALS 35. The approval of the DPU is required pursuant to C.164, Section 17A of the Massachusetts General Laws for the participation of WMECO in the Money Pool. The DPU granted such approval on October 29, 1986. As explained in paragraph 8 above, the approval of the DPU will be required under Massachusetts General Laws C.164A, Section 17A before PSNH can borrow Money Pool funds attributable to contributions by WMECO. WMECO has not yet requested that authorization. Until that authorization is granted, PSNH may not borrow through the Money Pool from funds attributable to WMECO. 36. The New Hampshire Public Utilities Commission (the "NHPUC") approved the PSNH Facility in an order dated July 20, 1990, and it approved certain amendments to and an extension of the term of the PSNH Facility in an order dated April 4, 1994. The NHPUC approved PSNH's and NAEC's participation in the Money Pool in an order dated March 19, 1992. -21- 37. No other state commission or federal commission (other than the Securities and Exchange Commission) has jurisdiction over the issue and sale of the Short-Term Notes and Commercial Paper or the borrowings from or loans to or open account advances through the Money Pool. ITEM 5 PROCEDURE 38. The authorizations given the Applicants in File No. 70-8048 expire on December 31, 1994, and the Applicants respectfully request that the Commission permit this Application to become effective prior to that date. The Applicants request the Commission's approval, pursuant to this Application, of all transactions described herein, whether under the sections of the Act and rules thereunder enumerated in Item 2 or otherwise. The Applicants hereby waive any recommended decision by a hearing officer or by any other responsible officer of the Commission and waive the 30-day waiting period between the issuance of the Commission's order and the date on which it is to become effective, since it is desired that the Commission's order, when issued, become effective forthwith. The Applicants consent that the Office of Public Utility Regulation within the Division of the Investment Management may assist in the preparation of the Commission's decision and/or order unless the Office opposes the transactions covered by this Application. ITEM 6 EXHIBITS AND FINANCIAL STATEMENTS (a) Exhibits -22- (asterisked (*) items to be filed by amendment) A.1(a) Current form of Short-Term Note - NU. A.1(b) Current form of Short-Term Note - CL&P. A.1(c) Current form of Short-Term Note - WMECO. A.1(d) Current form of Short-Term Note - PSNH. A.1(e) Current form of Short-Term Note - HWP. A.1(f) Current form of Short-Term Note - NNECO. A.1(g) Current form of Short-Term Note - RRR. A.2(a) Current form of Grid Note - NU. A.2(b) Current form of Grid Note - Connecticut subsidiaries of NU. A.2(c) Current form of Grid Note - Massachusetts subsidiaries of NU. A.2(d) Current form of Grid Note - PSNH. A.3 Example of an informal credit facility with a non-bank lending institution. A.4(a) Example of Commercial Paper placement agent agreement - NU. A.4(b) Example of Commercial Paper placement agent agreement - CL&P and WMECO. A.5 Terms of the NU System Money Pool. D.1 Application to the Massachusetts Department of Public Utilities. (See File No. 70-7111) D.2 Certified copy of Order of the Massachusetts Department of Public Utilities. (See File No. 70-7111) D.3 Application to the New Hampshire Public Utilities Commission for approval of the PSNH Facility (See Exhibit No. D.9 in File No. 70-7695). D.4 Order of the New Hampshire Public Utilities Commission approving the PSNH Facility (See Exhibit No. D.10 in File No. 70-7695). D.5 Application to the New Hampshire Public Utilities Commission for approval of amendments to and extensions of terms of the PSNH Facility (See Exhibit D.1 in File No. 70-8367). D.6 Order of the New Hampshire Public Utilities Commission's approving amendments to and extensions of terms of the PSNH Facility (See Exhibit D.2 in File No. 70-8367). -23- D.7 Application to the New Hampshire Public Utilities Commission for approval of participation by PSNH and NAEC in the Money Pool (See Exhibit No. I-C-2 in File No. 70-7695). D.8 Order of the New Hampshire Public Utilities Commission approving participation by PSNH and NAEC in the Money Pool (See Exhibit No. I-C-3 in File No. 70-7695). *F. Opinion of Counsel G. Financial Data Schedules H.1 Cash Receipts and Disbursements -- NU. H.2 Cash Receipts and Disbursements -- CL&P. H.3 Cash Receipts and Disbursements -- WMECO. H.4 Cash Receipts and Disbursements -- PSNH. H.5 Cash Receipts and Disbursements -- HWP H.6 Cash Receipts and Disbursements -- NNECO. H.7 Cash Receipts and Disbursements -- NAEC. H.8 Cash Receipts and Disbursements - RRR and Quinnehtuk. H.9 Cash Receipts and Disbursements - HEC. I Proposed Form of Notice. J.1 20% Unsecured Debt Test - CL&P. J.2 20% Unsecured Debt Test - WMECO. *K Schedule of Fees, Commissions and Expenses. (b) Financial Statements 1. Northeast Utilities (parent company only) 1.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 1.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 2. The Connecticut Light and Power Company 2.1 Balance Sheet, per books and pro forma, as of June 30, 1994. -24- 2.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 3. Western Massachusetts Electric Company 3.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 3.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 4. Public Service Company of New Hampshire 4.1 Balance Sheet, per books and pro forma as of June 30, 1994. 4.2 Statement of Income per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 5. Holyoke Water Power Company 5.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 5.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 6. Northeast Nuclear Energy Company 6.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 6.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 7. North Atlantic Energy Corporation 7.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 7.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. -25- 8. The Rocky River Realty Company 8.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 8.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per book and pro forma, as of June 30, 1994. 9. The Quinnehtuk Company 9.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 9.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 10. HEC Inc. 10.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 10.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 11. Northeast Utilities and Subsidiaries (consolidated) 11.1 Consolidated Balance Sheet, per books and pro forma, as of June 30, 1994. 11.2 Consolidated Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. ITEM 7 INFORMATION AS TO ENVIRONMENTAL EFFECTS (a) The financial transactions described herein do not involve a major federal action significantly affecting the quality of the human environment. (b) No. -26- SIGNATURES Pursuant to the requirements of the Public Utility Holding Company Act of 1935, as amended, the undersigned Applicants have duly caused this Application to be signed on behalf of each of them by the undersigned thereunto duly authorized. Dated: September 30, 1994 NORTHEAST UTILITIES THE CONNECTICUT LIGHT AND POWER COMPANY WESTERN MASSACHUSETTS ELECTRIC COMPANY PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE HOLYOKE WATER POWER COMPANY NORTHEAST NUCLEAR ENERGY COMPANY NORTH ATLANTIC ENERGY CORPORATION THE ROCKY RIVER REALTY COMPANY THE QUINNEHTUK COMPANY By_____________________________/s/John B. Keane John B. Keane Vice President and Treasurer HEC INC. By_____________________________/s/John B. Keane John B. Keane Director INDEX TO EXHIBITS A.1(a) Current form of Short-Term Note - NU. A.1(b) Current form of Short-Term Note - CL&P. A.1(c) Current form of Short-Term Note - WMECO. A.1(d) Current form of Short-Term Note - PSNH. A.1(e) Current form of Short-Term Note - HWP. A.1(f) Current form of Short-Term Note - NNECO. A.1(g) Current form of Short-Term Note - RRR. A.2(a) Current form of Grid Note - NU. A.2(b) Current form of Grid Note - Connecticut subsidiaries of NU. A.2(c) Current form of Grid Note - Massachusetts subsidiaries of NU. A.2(d) Current form of Grid Note - PSNH. A.3 Example of an informal credit facility with a non-bank lending institution. A.4(a) Example of Commercial Paper placement agent agreement - NU. A.4(b) Example of Commercial Paper placement agent agreement - CL&P and WMECO. A.5 Terms of the NU System Money Pool. G. Financial Data Schedules H.1 Cash Receipts and Disbursements -- NU. H.2 Cash Receipts and Disbursements -- CL&P. H.3 Cash Receipts and Disbursements -- WMECO. H.4 Cash Receipts and Disbursements -- PSNH. H.5 Cash Receipts and Disbursements -- HWP H.6 Cash Receipts and Disbursements -- NNECO. H.7 Cash Receipts and Disbursements -- NAEC. H.8 Cash Receipts and Disbursements - RRR and Quinnehtuk. H.9 Cash Receipts and Disbursements - HEC. -2- I Proposed Form of Notice. J.1 20% Unsecured Debt Test - CL&P. J.2 20% Unsecured Debt Test - WMECO. (b) Financial Statements 1. Northeast Utilities (parent company only) 1.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 1.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 2. The Connecticut Light and Power Company 2.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 2.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 3. Western Massachusetts Electric Company 3.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 3.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 4. Public Service Company of New Hampshire 4.1 Balance Sheet, per books and pro forma as of June 30, 1994. 4.2 Statement of Income per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 5. Holyoke Water Power Company 5.1 Balance Sheet, per books and pro forma, as of June 30, 1994. -3- 5.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 6. Northeast Nuclear Energy Company 6.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 6.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 7. North Atlantic Energy Corporation 7.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 7.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 8. The Rocky River Realty Company 8.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 8.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per book and pro forma, as of June 30, 1994. 9. The Quinnehtuk Company 9.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 9.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. 10. HEC Inc. 10.1 Balance Sheet, per books and pro forma, as of June 30, 1994. 10.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. -4- 11. Northeast Utilities and Subsidiaries (consolidated) 11.1 Consolidated Balance Sheet, per books and pro forma, as of June 30, 1994. 11.2 Consolidated Statement of Income, per books and pro forma, for 12 months ended June 30, 1994 and capital structure, per books and pro forma, as of June 30, 1994. EX-99 2 EXHIBIT A.1(A) Exhibit A.1 (a) Bank: Address: Attention: Proceeds to: CL&P Bank: Account: Account No.: _ _ $ , 19 (New York, NY if a New York Bank or Berlin, Connecticut) On , 19__ we Promise to Pay to the order of _______________ EXACTLY __________________ DOLLARS at its office at ________________ with interest at _____ percent per annum payable at maturity. The Declaration of Trust of Northeast utilities provides that no shareholder of Northeast Utilities shall be held to any liability whatever for the payment of any sum of money, or for damages or otherwise under any contract, obligation or undertaking made, entered into or issued by the Trustees of Northeast Utilities or by any officer, agent or representative elected or appointed by the Trustees and no such contract, obligation or undertaking shall be enforceable against the Trustees or any of them in their or his individual capacities or capacity and all such contracts, obligations and undertaking shall be enforceable only against the Trustees as such and every person, firm, association, trust and corporation having any claim or demand arising out of any such contract, obligation or undertakings shall look only to the trust estate for the payment or satisfaction thereof. NORTHEAST UTILITIES Assistant Treasurer Note No.: Due: _ _ Days: Interest Rate: Interest Amount: { } Check here if note is a rollover Exhibit A.1 (b) Bank: Address: Attention: Proceeds to: CL&P Bank: Account: Account No.: _ _ $ , 19 (New York, NY if a New York Bank or Berlin, Connecticut) On , 19__ we Promise to Pay to the order of _______________ EXACTLY __________________ DOLLARS at its office at ________________ with interest at _____ percent per annum payable at maturity. THE CONNECTICUT LIGHT AND POWER COMPANY Assistant Treasurer Note No.: Due: _ _ Days: Interest Rate: Interest Amount: { } Check here if note is a rollover Exhibit A.1 (c) Bank: Address: Attention: Proceeds to: WMECO Bank: Account: Account No.: _ _ $ , 19 (New York, NY if a New York Bank or West Springfield, MA) On , 19__ we Promise to Pay to the order of _______________ EXACTLY __________________ DOLLARS at its office at ________________ with interest at _____ percent per annum payable at maturity. WESTERN MASSACHUSETTS ELECTRIC COMPANY Assistant Treasurer Note No.: Due: _ _ Days: Interest Rate: Interest Amount: { } Check here if note is a rollover Exhibit A.1 (d) Bank: Address: Attention: Proceeds to: PSNH Bank: Account: Account No.: _ _ $ , 19 (New York, NY if a New York Bank or Manchester, NH) On , 19__ we Promise to Pay to the order of _______________ EXACTLY __________________ DOLLARS at its office at ________________ with interest at _____ percent per annum payable at maturity. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE Assistant Treasurer Note No.: Due: _ _ Days: Interest Rate: Interest Amount: { } Check here if note is a rollover Exhibit A.1(e) Bank: Address: Attention: Proceeds to: HWP Bank: Account: Account No.: _ _ $ , 19 (New York, NY if a New York Bank or Holyoke, MA) On , 19__ we Promise to Pay to the order of _______________ EXACTLY __________________ DOLLARS at its office at ________________ with interest at _____ percent per annum payable at maturity. HOLYOKE WATER POWER COMPANY Assistant Treasurer Note No.: Due: _ _ Days: Interest Rate: Interest Amount: { } Check here if note is a rollover Exhibit A.1 (f) Bank: Address: Attention: Proceeds to: NNECO Bank: Account: Account No.: _ _ $ , 19 (New York, NY if a New York Bank or Berlin, Connecticut) On , 19__ we Promise to Pay to the order of _______________ EXACTLY __________________ DOLLARS at its office at ________________ with interest at _____ percent per annum payable at maturity. NORTHEAST NUCLEAR ENERGY COMPANY Assistant Treasurer Note No.: Due: _ _ Days: Interest Rate: Interest Amount: { } Check here if note is a rollover Exhibit A.1 (g) Bank: Address: Attention: Proceeds to: RR Bank: Account: Account No.: _ _ $ , 19 (New York, NY if a New York Bank or Berlin, Connecticut) On , 19__ we Promise to Pay to the order of _______________ EXACTLY __________________ DOLLARS at its office at ________________ with interest at _____ percent per annum payable at maturity. THE ROCKY RIVER REALTY COMPANY Assistant Treasurer Note No.: Due: _ _ Days: Interest Rate: Interest Amount: { } Check here if note is a rollover EX-99 3 EXHIBIT A.2(A) Exhibit A.2(a) PROMISSORY NOTE FOR VALUE RECEIVED, Northeast Utilities (NU) promises to pay to the order of the Bank named below, at such office of the Bank as is set forth below (or such other office as the Bank may later request in writing), in lawful money of the United States, the principal amount of each advance made by the Bank to NU, together with interest on the unpaid principal balance thereof from the date of the making of each advance to the date each advance is paid in full, at a rate mutually agreed upon between the Bank and NU at the time of each advance. Each advance to NU, the issue date, the amount of the advance, the interest rate (based on a year of 360 days and calculated for the actual number of days elapsed) applicable thereto, the maturity date of each advance (in no case to be later than 270 days after such advance), the number of days outstanding, the interest due, the date paid, and each payment of principal and interest shall be recorded by the Bank in the spaces provided in the Schedule annexed hereto, on the date an advance is made or payment is received. Amounts not paid when due shall bear interest at the Bank's prime rate +2.0% per annum. Unless mutually agreed between NU and the Bank with respect to a particular advance, each advance may be prepaid at NU's election, together with accrued but unpaid interest, in whole or in part and at any time or from time to time. If the Bank's address set forth below is in New York, this Note shall be governed by, and construed and enforced in accordance with, the laws of New York. Otherwise, this Note shall be governed by, and construed and enforced in accordance with, the laws of Massachusetts. This Note shall be binding on NU, its successors and assigns. BANK: NORTHEAST UTILITIES (Name) (Signature) (Street) (Typed Name) (City, State) (Zip Code) (Title) (Date) The Declaration of Trust of NU provides that no shareholder of NU shall be held to any liability whatever for the payment of any sum of money, or for damages or otherwise under any contract, obligation or undertaking made, entered into or issued by the Trustees of NU or by any officer, agent or representative elected or appointed by the Trustees and no such contract, obligation or undertaking shall be enforceable against the Trustees or any of them in their or his individual capacities or capacity and all such contracts, obliga-tions and undertakings shall be enforceable only against the Trustees as such and every person, firm, association, trust and corporation having any claim or demand arising out of any such contract, obligation or undertaking shall look only to the trust estate for the payment of satisfaction thereof. (Northeast Utilties - parent company) GRID NOTE SCHEDULE ISSUE AMOUNT OF INTEREST MATURITY # OF INTEREST DATE AMOUNT NOTED DATE PRINCIPAL RATE DATE DAYS DUE PAID PAID BY
EX-99 4 EXHIBIT A.2(B) Exhibit A.2 (b) PROMISSORY NOTE FOR VALUE RECEIVED, the undersigned Company promises to pay to the order of the Bank named below, at such office of the Bank as is set forth below (or such other office as the Bank may later request in writing), in lawful money of the United States, the principal amount of each advance made by the Bank to the Company together with interest on the unpaid principal balance thereof from the date of the making of each advance to the date each advance is paid in full, at a rate mutually agreed upon between the Bank and the Company at the time of each advance. Each advance to the Company, the issue date, the amount of the advance, the interest rate (based on a year of 360 days and calculated for the actual number of days elapsed) applicable thereto, the maturity date of each advance (in no case to be later than 270 days after such advance), the number of days outstanding, the interest due, the date paid, and each payment of principal and interest shall be recorded by the Bank in the spaces provided in the Schedule annexed hereto, on the date an advance is made or payment is received. Amounts not paid when due shall bear interest at the Bank's prime rate +2.0% per annum. Unless mutually agreed between the Company and the Bank with respect to a particular advance, each advance may be prepaid at the Company's election, together with accrued but unpaid interest, in whole or in part and at any time or from time to time. If the Bank's address set forth below is in New York, this Note shall be governed by, and construed and enforced in accordance with, the laws of New York. Otherwise, this Note shall be governed by, and construed and enforced in accordance with, the laws of Connecticut. This Note shall be binding on the Company, its successors and assigns. BANK: COMPANY: Signed By: (Name) (Signature) (Street) (Typed Name) (City, State) (Zip Code) (Title) (Date) (Connecticut Subsidiary of Northeast Utilities) GRID NOTE SCHEDULE ISSUE AMOUNT OF INTEREST MATURITY # OF INTEREST DATE AMOUNT NOTED DATE PRINCIPAL RATE DATE DAYS DUE PAID PAID BY
EX-99 5 EXHIBIT A.2(C) Exhibit A.2(c) PROMISSORY NOTE FOR VALUE RECEIVED, the undersigned Company promises to pay to the order of the Bank named below, at such office of the Bank as is set forth below (or such other office as the Bank may later request in writing), in lawful money of the United States, the principal amount of each advance made by the Bank to WMECO, together with interest on the unpaid principal balance thereof from the date of the making of each advance to the date each advance is paid in full, at a rate mutually agreed upon between the Bank and WMECO at the time of each advance. Each advance to the Company, the issue date, the amount of the advance, the interest rate (based on a year of 360 days and calculated for the actual number of days elapsed) applicable thereto, the maturity date of each advance (in no case to be later than 270 days after such advance), the number of days outstanding, the interest due, the date paid, and each payment of principal and interest shall be recorded by the Bank in the spaces provided in the Schedule annexed hereto, on the date an advance is made or payment is received. Amounts not paid when due shall bear interest at the Bank's prime rate +2.0% per annum. Unless mutually agreed between the Company and the Bank with respect to a particular advance, each advance may be prepaid at the Company's election, together with accrued but unpaid interest, in whole or in part and at any time or from time to time. If the Bank's address set forth below is in New York, this Note shall be governed by, and construed and enforced in accordance with, the laws of New York. Otherwise, this Note shall be governed by, and construed and enforced in accordance with, the laws of Massachusetts. This Note shall be binding on the Company, its successors and assigns. BANK: COMPANY: Signed by: (Name) (Signature) (Street) (Typed Name) (City, State) (Zip Code) (Title) (Date) (Masschusetts Subsidiary of Northeast Utilities) GRID NOTE SCHEDULE ISSUE AMOUNT OF INTEREST MATURITY # OF INTEREST DATE AMOUNT NOTED DATE PRINCIPAL RATE DATE DAYS DUE PAID PAID BY
EX-99 6 EXHIBIT A.2(D) Exhibit A.2(d) PROMISSORY NOTE FOR VALUE RECEIVED, the undersigned Company promises to pay to the order of the Bank named below, at such office of the Bank as is set forth below (or such other office as the Bank may later request in writing), in lawful money of the United States, the principal amount of each advance made by the Bank to the Company, together with interest on the unpaid principal balance thereof from the date of the making of each advance to the date each advance is paid in full, at a rate mutually agreed upon between the Bank and the Company at the time of each advance. Each advance to the Company, the issue date, the amount of the advance, the interest rate (based on a year of 360 days and calculated for the actual number of days elapsed) applicable thereto, the maturity date of each advance (in no case to be later than 270 days after such advance), the number of days outstanding, the interest due, the date paid, and each payment of principal and interest shall be recorded by the Bank in the spaces provided in the Schedule annexed hereto, on the date an advance is made or payment is received. Amounts not paid when due shall bear interest at the Bank's prime rate +2.0% per annum. Unless mutually agreed between the Company and the Bank with respect to a particular advance, each advance may be prepaid at the Company's election, together with accrued but unpaid interest, in whole or in part and at any time or from time to time. If the Bank's address set forth below is in New York, this Note shall be governed by, and construed and enforced in accordance with, the laws of New York. Otherwise, this Note shall be governed by, and construed and enforced in accordance with, the laws of New Hampshire. This Note shall be binding on the Company, its successors and assigns. BANK: COMPANY: (Name) (Signature) (Street) (Typed Name) (City, State) (Zip Code) (Title) (Date) (New Hampshire subsidiary of Northeast Utilities) GRID NOTE SCHEDULE ISSUE AMOUNT OF INTEREST MATURITY # OF INTEREST DATE AMOUNT NOTED DATE PRINCIPAL RATE DATE DAYS DUE PAID PAID BY
EX-99 7 EXHIBIT A.3 Exhibit A.3 SHORT-TERM PROMISSORY NOTE $ Dated FOR VALUE RECEIVED, the undersigned (the "Borrower"), HEREBY PROMISES TO PAY to the order of (the "Lender") with respect to each Advance (as defined below): (a) in the case of an Advance made on an interest bearing basis, the principal amount of such Advance made by the Lender to the Borrower, on the date mutually agreed to by the Lender and the Borrower at the time of such Advance as the maturity date thereof, together with interest (computed on the basis of a year of 360 days for the actual number of days, including the first day but excluding the last day, elapsed) on the principal amount of each Advance outstanding from time to time from and including the date on which such Advance is made until the maturity date of such Advance, at an interest rate per annum mutually agreed to by the Lender and the Borrower at the time of such Advance (the "Quoted Rate"), payable on the maturity date of such Advance; and (b) in the case of each Advance made on a discount basis by the Lender to the Borrower, the stated or face amount of such Advance, on the date mutually agreed to by the Lender and the Borrower at the time of such Advance as the maturity date thereof. Any overdue principal amount and overdue amount of interest, fees or other amounts payable hereunder or under the Uncommitted Finance Facility referred to below shall bear interest, payable on demand, at the fluctuating interest rate per annum equal at all times to Base Rate + 1%. The Borrower shall have no right to prepay any unpaid principal amount of any Advance. If any of the following events shall occur and be continuing: (a) the Borrower shall fail to pay any principal of, or any interest on, any Advance when the same becomes due and payable; or (b) any representation or warranty made by the Borrower (or any of its officers) in connection with any Advance or otherwise in connection with this Promissory Note shall prove to have been incorrect in any material respect when made; or (c) the Borrower shall consolidate with or merge into any other person or permit any other person to consolidate with or merge into it; provided that the foregoing restriction does not apply to the merger or consolidation of the Company with another corporation if: (i) the corporation which results from such merger or consolidation (the "surviving corporation") is organized under the laws of the United State of America or any jurisdiction thereof; (ii) unless the surviving corporation is the Borrower, the due and punctual performance and observance of all the covenants in this Agreement and the Note to be performed or observed by the Borrower are expressly assumed in writing by the surviving corporation; and (iii) immediately after the consummation of the transaction and after giving effect thereto, no Event of Default or event which with the giving of notice or passage of time, or both, would become an Event of Default would exist. (d) the Borrower shall fail to perform or observe any other material term, covenant or agreement in connection with any Advance or otherwise in connection with this Promissory Note on its part to be performed or observed; or (e) The Borrower shall fail to pay any principal of or premium or interest on any indebtedness (excluding indebtedness evidenced by this Promissory Note), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such indebtedness; or any other event shall occur or condition shall exist under any agreement or instrument relating to such indebtedness and shall continue after the applicable grade period, if any, specified in such agreement or instrument, if the effect of such event of condition is to accelerate, or to permit the acceleration of, the maturity of such indebtedness; or any such indebtedness shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; or (f) the Borrower shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or any substantial part of its property; or the Borrower shall take any corporate action to authorize any of the actions set forth above in this subsection (f); then, and in any such event, the Lender may declare this Promissory Note, all interest thereon, and all other amounts payable hereunder to be forthwith due and payable, whereupon this Promissory Note, such interest, and other amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind all of which the Borrower hereby expressly waives; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to the Borrower under the Federal Bankruptcy Code, this Promissory Note, all such interest, and all such other amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. The Borrower shall make each payment of principal and interest hereunder prior to a.m. (New York City time) on the day when due in lawful money of the United States of America to as at, , in same day funds. Whenever any payment to be made hereunder shall be otherwise due on a Saturday, a Sunday or a public or bank holiday in (a) New York or (b) the city in which the principal office of the Bank is located (any other day being a "Business Day"), such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest. The Borrower hereby authorizes the Lender to endorse on the grid attached hereto the date and amount of each Advance made by the Lender to the Borrower hereunder, the maturity date thereof, all payments made on account of principal thereof and the interest rate applicable thereto, provided that the failure to do so shall not affect the obligations of the Borrower to the Lender. The Borrower also agrees to pay on demand all costs and expenses (including fees and expenses of counsel) incurred by the Lender in enforcing this Promissory Noted. THIS PROMISSORY NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF The Borrower and the Lender hereby irrevocably waive all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Promissory Note or any Advances hereunder. This Promissory Note is the Note referred to in, and is entitled to the benefits of, the Finance Facility dated (the "Uncommitted Finance Facility"), between the Borrower and the Lender, which Uncommitted Finance Facility, among other things, sets forth procedures to be used in connection with the Borrower's periodic requests that the Lender make advances (the "Advances") to it from time to time in an aggregate amount not to exceed at any time outstanding the amount first above mentioned. BORROWER NAME By: Name and Title: Uncommitted Finance Facility dated as of between and [NAME OF BORROWER] (i) For the purpose of Sections 1 and 2 of this Uncommitted Finance Facility: The "Facility Amount" is . The "Minimum Advance Amount" is . The "Maximum Term" is days. (ii) For the purpose of Section 13 of this Uncommitted Finance Facility: The address for written communications to you is: Attention: The address for written communications to us is: (iii) For purposes of this Uncommitted Finance Facility, instructions for wire transfer of funds are: Name of Bank: Bank ABA Number: Borrower A/C Number: Reference: EX-99 8 EXHIBIT A.4(A) EXHIBIT A.4(a) PLACEMENT AGREEMENT LEHMAN BROTHERS (Division of Shearson Lehman Brothers Inc.) American Express Tower World Financial Center New York, New York 10285-1000 January 1, 1993 Dear Sirs: NORTHEAST UTILITIES, an unincorporated voluntary business association organized under the laws of the Commonwealth of Massachusetts (the "Company") proposes to issue Private Notes (as defined below) from time to time and, in connection therewith, agrees as follows with you, acting directly or through one or more of your wholly-owned subsidiaries (you and any such subsidiary through which you act being referred to collectively as "Lehman Brothers"): 1. Definitions. (a) "Issuing and Paying Agency Agreement" shall mean the agreement, dated as of the date hereof, between the Company and Citibank, N.A., providing for the issuance and payment of the Private Notes; and "Issuing and Paying Agent" shall mean Citibank, N.A. in its capacity as issuing and paying agent under the Issuing and Paying Agency Agreement. (b) "Private Notes" shall mean promissory notes having maturities of 270 days or less issued issued by the Issuer from time to time in the form of either (i) certificated notes in the form attached hereto as Exhibit A (the "Individual Notes") or (ii) book-entry obligations represented by master notes in the forms attached as Exhibits B-1 and B-2 hereto (the Universal Notes"). 2. Offering of Notes. The offer and sale of the Private Notes is to be effected pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended (the "Act"), provided by Section 4(2) thereof, which exempts transactions by an issuer not involving any public offering. Offers and sales of the Private Notes will be made in accordance with the general provisions of Rule 506 under the Act. Lehman Brothers and the Company hereby establish the following procedures in connection with the offer and sale or resale of the Private Notes: (a) Offers and sales of the Private Notes will be made only to purchasers which Lehman Brothers reasonably believes qualify as accredited investors (as defined in Rule 501(a) under the Act) (each such institutional purchaser being hereinafter called an "accredited investor") or qualified institutional buyer (as defined in Rule 144A under the Act) (each such institutional purchaser being hereinafter called a "qualified institutional buyer.") No Private Notes will be offered to natural persons. -2- (b) The Private Notes will be offered only by approaching prospective purchasers on an individual basis. The Private Notes will not be offered or sold by any means of general solicitation or general advertising. (c) In the case of a purchaser which is acting as a fiduciary for one or more third parties and which is not a bank as defined in Section 3(a)(2) of the Act or a savings and loan association or other institution as described in Section 3(a)(5) of the Act (each such purchaser, a "non- bank fiduciary"), each such third party will, in the reasonable belief of Lehman Brothers or any other placement agent approved by the Company (an "Authorized Placement Agent"), be an accredited investor or qualified institutional buyer. (d) Each Note and the Univeral Notes shall contain the legend set forth on the forms attached as Exhibit A or Exhibit B-1 or B-2 stating in effect that such Note has not been registered under the Act and that a resale or other transfer of such Note or any interest therein shall be made only to a placement agent authorized by the Company or through a placement agent authorized by the Company to an institutional investor approved as an accredited investor (as defined in Regulation D under the Act) or qualified institutional buyer by a placement agent authorized by the Company. The purpose of this requirement is to ensure that Private Notes are resold or otherwise transferred only to accredited investors or qualified institutional buyers and not in a manner that might call into question the non-public offering character of the offer and sale of the Private Notes. Lehman Brothers agrees that (i) it will not effect or approve any such resale except to itself or to an accredited investor or qualified institutional buyer and (ii) each such resale shall be made in accordance with the provisions of this Section 2. (f) The Private Offering Brochure, initially in the form of Exhibit C hereto, will be made available to each purchaser or prospective purchaser together with any supplements to such Private Offering Brochure which may have been prepared. The Private Offering Brochure will contain a statement expressly offering an opportunity for each prospective purchaser to ask questions of, and receive answers from, the Company and Lehman Brothers concerning the offering of the Private Notes and to obtain additional relevant information which the Company or Lehman Brothers possesses or can acquire without unreasonable effort or expense. The Private Offering Brochure will describe the availability of all documents filed by the Company pursuant to the Securities Exchange Act of 1934, as amended (the "Act"). All such documents will be offered to each prospective purchaser of Private Notes at no charge. 3. Issuance and Purchase of Notes. While (i) the Company has and shall have no obligation to sell Private Notes to Lehman Brothers or to permit Lehman Brothers to arrange any sale of Private Notes for the account of the Company and (ii) Lehman Brothers has and shall have no obligation to purchase Private notes from the Company or to arrange any sale of Private Notes for the account of the Company, the parties hereto agree that any Private Notes which Lehman Brothers purchases or the sale of which Lehman Brothers arranges will be purchased or sold by Lehman Brothers in reliance on the representations, warranties, covenants and agreements of the Company contained herein or -3- made pursuant hereto and on the terms and conditions and in the manner provided herein. 4. Information to be Furnished to Offeree. The Company and Lehman Brothers agree that, prior to the sale of any Private Notes, each offeree thereof will be provided a copy of the following documents: (a) The Private Offering Brochure describing the offering of the Private Notes and the availability of all documents filed by the Company pursuant to the Act, initially in the form of Exhibit C hereto, as the same may have been revised from time to time with the written agreement of the Company and Lehman Brothers; and (b) Any other materials which the Company may deliver to Lehman Brothers with written instructions to furnish the same to offerees of the Private Notes. The Company will provide Lehman Brothers with copies of the foregoing documents (including documents referred to in the Private Offering Brochure) relating to it in such quantities as Lehman Brothers may reasonably request from time to time. To the extent reasonably requested by Lehman Brothers or any offeree or purchaser, the Company will provide such additional material or respond to such questions as may be appropriate for the purpose of verifying, amplifying or completing the information contained in the offering documents. The documents and material provided by the Company pursuant to this Section 4 (including documents filed by the Company pursuant to the Act) are referred to herein as the "Offering Documents." 5. Representations and Warranties of the Company. The Company represents and warrants that: (a) The Private Notes have been duly authorized and, when issued and delivered as provided in the Issuing and Paying Agency Agreement and paid for, will be duly and validly issued and delivered and will constitute legal, valid and binding obligations of the Company enforceable against the Company in accordance with their terms subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). (b) The Company is a voluntary association organized under a declaration of trust, (i) duly organized, validly existing and in good standing under the laws of the Commonwealth of Massachusetts, and (ii) has the requisite power and authority under its declaration of trust to execute, deliver and perform its obligations under the Private Notes, this Agreement and the Issuing and Paying Agency Agreement. (c) This Agreement and the Issuing and Paying Agency Agreement have been duly authorized, executed and delivered by the Company and constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to applicable -4- bankruptcy, insolvency and similar laws affecting creditors' rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). (d) There are no consents, authorizations or approvals of, or filings with, any Federal or state government authority required in connection with the issuance or sale by the Company of the Private Notes, except to the extent already obtained and as may be required by state securities laws. (e) The execution, delivery and performance by the Company of this Agreement, the Private Notes and the Issuing and Paying Agency Agreement will not result in a breach or violation of, conflict with, or constitute a default under the declaration of trust of the Company or any law, regulation, order, judgment, agreement or instrument to which the Company is a party or by which the Company or any of its property is bound. (f) There is no litigation or governmental proceeding pending, or to the knowledge of the Company threatened, against or affecting the Company or any of its subsidiaries which might result in a material adverse change in the condition (financial or otherwise) of the Company or the ability of the Company to perform its obligations under this Agreement or the Private Notes. (g) The Company is not an "investment company" or a company "controlled by an investment company" within the meaning of the Investment Company Act of 1940, as amended. (i) Each delivery of Private Notes to Lehman Brothers shall be deemed a representation and warranty by the Company, as of the date thereof, that (i) the Private Notes issued on such date have been duly authorized, issued and delivered and, upon payment therefor, will constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), (ii) the representations and warranties of the Company set forth in paragraphs (b) through (g) of this Section 5 are true and correct as if made on such date and (iii) the Company has complied at all times with the provisions of Section 6(a) hereof. 6. Covenants and Agreements of the Company. The Company covenants and agrees that: (a) The Company will not offer, offer for sale, offer to sell or sell any securities of the Company other than Private Notes offered or sold hereunder (whether upon the initial issuance of such securities or after any repurchase thereof by or on behalf of the Company) under circumstances which would require the registration of any of such Private Notes under the Securities Act of 1933. -5- (b) For the benefit of Lehman Brothers and the holders of the Private Notes, the Company will not permit to become effective any amendment to or modification of the Issuing and Paying Agency Agreement which might adversely affect the interests of the holder of any Private Notes then outstanding. The Company will give Lehman Brothers notice of any proposed amendment to or modification of the Issuing and Paying Agency Agreement at least ten days prior to the effective date thereof. 7. Indemnification. (a) The Company shall indemnify and hold harmless Lehman Brothers, its officers, directors and employees and each person, if any, who controls Lehman Brothers within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934 from and against any loss, claim, damage or liability, joint or several, and any action in respect thereof, to which Lehman Brothers or any of them may become subject, under the Securities Act of 1933, the Securities Exchange Act of 1934 or otherwise, insofar as such loss, claim, damage, liability or action arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in any of the offering documents, or the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, and shall reimburse Lehman Brothers and each such indemnified party for any legal or other expenses reasonably incurred by Lehman Brothers or such indemnified party in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability, or action arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission contained in any of the offering documents relating to Lehman Brothers or its activities hereunder. The foregoing indemnity agreement is in addition to any liability which the Company may otherwise have to Lehman Brothers or any such indemnified party. (b) Lehman Brothers shall indemnify and hold harmless the Company, its officers, directors and employees and any person who controls the Company within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934 from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof, to which the Company or any of them may become subject under the Securities Act of 1933, the Securities Exchange Act of 1934 or otherwise, insofar as such loss, claim, damage, liability or action arises out of or is based upon any untrue statement or alleged untrue statement of a material fact that relates to Lehman Brothers or its activities hereunder contained in the offering documents or the omission or alleged omission to state therein a material fact that relates to Lehman Brothers or its activities hereunder necessary to make the statements therein not misleading, and Lehman Brothers shall reimburse the Company and each such indemnified party for any legal or other expenses reasonably incurred by the Company or such indemnified party in connection with investigating or defending any such loss, claim, damage, liability or action. The foregoing indemnity agreement is in addition to any liability which Lehman Brothers may otherwise have to the Company or any such indemnified party. -6- (c) Promptly after receipt by an indemnified party under this Section 7 of Notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against any indemnifying party under this Section 7, notify such indemnifying party in writing of the claim or the commencement of that action provided that the failure to notify the indemnifying party will not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 7. If any such claim or action is brought against any indemnified party, and it shall notify an indemnifying party thereof, the indemnifying party shall be entitled to participate therein, and, to the extent that it wishes, jointly with any other similarly notified party, to assume the defense thereof, with counsel reasonably satisfactory to the indemnified party (which shall not, except with the consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim or action, the indemnifying party shall not be liable to the indemnified party under this Section 7 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation. With respect to any such claim or action, the indemnifying party shall not be obligated to pay the fees and expenses of more than one counsel in addition to counsel for the indemnifying party. (d) If the indemnification provided for in this Section 7 shall for any reason be unavailable to an indemnified party under Section 7(a) or 7(b) hereof in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then the indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and Lehman Brothers on the other from the offering of the Private Notes or (ii) if the allocation by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and Lehman Brothers on the other with respect to the statements or omissions which resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and Lehman Brothers on the other with respect to such offering shall be deemed to be in the same proportion as the average face amount of the Private Notes bears to the average compensation received by Lehman Brothers with respect to the Private Notes. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or Lehman Brothers on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if contributions pursuant to this Section 7(d) were to be determined by pro rata allocation or by any other method of allocation which does not take into account the equitable consideration referred to herein. The amount paid or payable by any indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof, referred to above in -7- this Section 7(d), shall be deemed to include, for purposes of this Section 7(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. 8. General (a) The indemnity agreements contained in Section 7 and the representations and warranties of the company contained herein shall survive the delivery of the Private Notes and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. (b) The Company will promptly pay, or reimburse Lehman Brothers on demand for, all reasonable out-of-pocket costs and expenses (including fees and disbursements of counsel to Lehman Brothers) incurred by Lehman Brothers in connection with the preparation of this Agreement, the negotiation of the transactions contemplated hereby and any amendments thereto. (c) All notices required under the terms and provisions hereof shall be in writing, given in person, by mail (postage prepaid), or by telex, telecopier or telegram (charges prepaid), promptly confirmed by letter, and any such notice shall be in effect when received at the address specified below (or at such other address as such recipient may designate from time to time by notice to the other party): If to the Company: Northeast Utilities P.O. Box 270 Hartford, Connecticut 06101 Attention: Treasurer Telephone No: (203) 665-3248 Facsimile No: (203) 665-5457 If to Lehman Brothers: LEHMAN BROTHERS (Division of Shearson Lehman Brothers Inc.) American Express Tower World Financial Center New York, New York 10285-1000 Attention: Commercial Paper Product Management Telephone No: (212) 640-0262 Facsimile No: (212) 528-6925 (d) This Agreement shall be governed by and construed in accordance with the laws of the State of New York. (e) The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by written instrument signed by each of the parties hereto. -8- 9. Limitation of Liability. No shareholder or trustee of the Company shall be held to any liability whatever for the payment of any sum of money or for damages or otherwise under this Agreement or the Private Notes, and this Agreement and such Private Notes shall not be enforceable against any such trustee in their or his or her individual capacities or capacity and this Agreement and such Private Notes shall be enforceable against the trustee of the Company only as such, and every person, firm, association, trust or corporation having any claim or demand arising under this Agreement or such Private Notes and relating to the Company, its shareholders or trustees shall look solely to the trust estate of the Company for the payment or satisfaction thereof. -9- If you agree with the foregoing, please indicate your acceptance below, whereupon this letter shall become a binding agreement between Lehman Brothers and the Company as of the day and year first above written. Very truly yours, NORTHEAST UTILITIES By Accepted and Agreed: LEHMAN BROTHERS By [EXHIBITS INTENTIONALLY OMITTED] EX-99 9 EXHIBIT A.4(B) EXHIBIT A.4(b) January 1, 1993 LEHMAN COMMERCIAL PAPER, INC. American Express Tower World Financial Center New York, New York 10285-1000 Dear Sirs: The Connecticut Light and Power Company, a Connecticut corporation (the "Company") proposes to issue Notes (as defined below) from time to time and, in connection therewith, agrees as follows with you ("Lehman"): 1. Definitions. (a) "Issuing and Paying Agency Agreement" shall mean the agreement, dated January 1, 1993, between the Company and Citibank, N.A., providing for the issuance and payment of the Notes; and "Issuing and Paying Agent" shall mean Citibank, N.A., in its capacity as issuing and paying agent under the Issuing and Paying Agency Agreement. (b) "Notes" shall mean promissory notes having maturities of 270 days or less issued by the Company from time to time in denominations of at least $100,000 and in the form of either (i) certificated notes in the form of Exhibit A to the Issuing and Paying Agency Agreement or (ii) book-entry obligations represented by a master note payable to The Depository Trust Company or its nominee. (c) "Offering Documents" shall mean the Offering Memorandum, initially in the form of Exhibit A hereto, as the same may be revised from time to time with the written agreement of the Company and Lehman, and any other materials which the Company may deliver to Lehman with written instructions to furnish the same to offerees of the Notes. 2. Issuance and Purchase of Notes. (a) While (i) the Company has and shall have no obligation to sell Notes to Lehman or to permit Lehman to arrange any sale of Notes for the account of the Company and (ii) Lehman has and shall have no obligation to purchase Notes from the Company or to arrange any sale of Notes for the account of the Company, the parties hereto agree that any such Notes will be purchased or LEHMAN COMMERCIAL PAPER, INC. sold by Lehman in reliance on the representations, warranties, covenants and agreements of the Company contained herein or made pursuant hereto and on the terms and conditions and in the manner provided herein. (b) If the Company and Lehman shall agree on the terms of the purchase of any Note by Lehman (including agreement with respect to the date of issue, principal amount, purchase price, maturity and interest or discount) the Company shall cause such Note to be issued and delivered in accordance with the terms of the Issuing and Paying Agency Agreement. 3. Representations and Warranties of the Company. The Company represents and warrants that: (a) The Notes have been duly authorized and, when issued and delivered as provided in the Issuing and Paying Agency Agreement and paid for, will be duly and validly issued and delivered and will constitute legal, valid and binding obligations of the Company enforceable against the Company in accordance with their terms subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). (b) The Company is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all requisite power and authority to execute, deliver and perform its obligations under the Notes, this Agreement and the Issuing and Paying Agency Agreement. (c) This Agreement and the Issuing and Paying Agency Agreement have been duly authorized, executed and delivered by the Company and constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). (d) Except to the extent already obtained or completed, there are no consents, authorizations or approvals of, or filings with, any Federal or state government authority required in connection with the issuance or sale by the Company of the Notes or the performance of its obligations thereunder. LEHMAN COMMERCIAL PAPER, INC. (e) The execution, delivery and performance by the Company of this Agreement, the Notes and the Issuing and Paying Agency Agreement will not result in a breach or violation of, conflict with, or constitute a default under the charter or by-laws of the Company or any law, regulation, order, judgment, agreement or instrument to which the Company is a party or by which the Company or any of its property is bound. (f) There is no litigation or governmental proceeding pending, or to the knowledge of the Company threatened, against or affecting the Company or any of its subsidiaries which would result in a material adverse change in the condition (financial or otherwise) of the Company or the ability of the Company to perform its obligations under this Agreement or the Notes. (g) The Company is not an "investment company" or "controlled by an investment company" within the meaning of the Investment Company Act of 1940, as amended. (h) Each delivery of Notes to Lehman shall be deemed a representation and warranty by the Company, as of the date thereof, that (i) the Notes issued on such date have been duly authorized, issued and delivered and, upon payment therefor, will constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), (ii) the representations and warranties of the Company set forth in paragraphs (b) through (g) of this Section 3 are true and correct as if made on such date and (iii) the Company has complied at all times with the provisions of Section 4(a) hereof. 4. Covenants and Agreements of the Company. The Company covenants and agrees that: (a) The Company will use the proceeds of the sale of the Notes for "current transactions" within the meaning of Section 3(a)(3) of the Securities Act of 1933. (b) The Company will not permit to become effective any amendment to or modification of the Issuing and Paying Agency Agreement which might adversely affect the interests of the holder of any Notes then outstanding. The Company will give Lehman notice of any proposed LEHMAN COMMERCIAL PAPER, INC. amendment to or modification of the Issuing and Paying Agency Agreement at least ten days prior to the effective date thereof. 5. Indemnification. The Company will indemnify and hold harmless Lehman against any loss, claim, damages, liability or expense (including reasonable costs of investigation and defense) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Offering Documents (except to the extent the same relates to Lehman or its activities hereunder), or the omission or alleged omission to state therein such a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The obligations of the Company to Lehman under this Section 5 shall survive the termination of this Agreement. 6. General (a) All notices required under the terms and provisions hereof shall be in writing, given in person, by mail (postage prepaid), or by telex, telecopier or telegram (charges prepaid), promptly confirmed by letter, and any such notice shall be effective when received at the address specified below (or at such other address as such recipient may designate from time to time by notice to the other party): If to the Company: The Connecticut Light and Power Company P.O. Box 270 Hartford, Connecticut 06101 Attention: Treasurer Telephone No: (203) 665-3248 Facsimile No: (203) 665-5457 If to Lehman Brothers: Lehman Commercial Paper, Inc. American Express Tower World Financial Center New York, New York 10285-1000 Attention: ______________________ Telephone No: (212) _____________ Facsimile No: (212) _____________ (b) The Company will promptly pay, or reimburse Lehman on demand for, all reasonable out-of-pocket costs and expenses (including fees and disbursements of counsel to Lehman) incurred by Lehman in connection with the preparation and negotiation of this Agreement. LEHMAN COMMERCIAL PAPER, INC. (c) This Agreement shall be governed by and construed in accordance with the laws of the State of New York. (d) The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by written instrument signed by each of the parties hereto. If you agree with the foregoing, please indicate your acceptance below, whereupon this letter shall become a binding agreement between Lehman and the Company as of the date and year first above written. Very truly yours, THE CONNECTICUT LIGHT AND POWER COMPANY By Accepted and agreed: LEHMAN COMMERCIAL PAPER, INC. By EXHIBIT A FORM OF OFFERING DOCUMENTS [INTENIONALLY OMITTED] EX-99 10 EXHIBIT A.5 EXHIBIT A.5 PROPOSED TERMS OF THE NU MONEY POOL (Revised , 1993) 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), Northeast Utilities Service Company (NUSCO), 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) and HEC Inc. (HEC). 2. The Pool will be administered by NUSCO (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, NUSCO, RRR, Quinnehtuk, PSNH, North Atlantic and HEC. 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. NU shall not be entitled to borrow from the Pool. 8. North Atlantic and HEC shall be entitled to borrow only to the extent that Excess Funds, or Surplus Funds that are attributable to contributions from NU, are available for such borrowings. PSNH 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 through the Pool. 9. All short-term borrowing needs of members other than NU, which shall not be entitled to borrow from the Pool and PSNH, HEC 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, NUSCO, RRR, Quinnehtuk, PSNH, North Atlantic 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 in one of the following instruments: (1) obligations issued or guaranteed by the United States of America; (2) obligations issued or guaranteed by any person controlled 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; (3) 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., or by Standard & Poor's Corporation; (4) commercial paper rated not less than "P-1" by Moody's Investors Service, Inc., or not less than "A-1" by Standard & Poor's Corporation; (5) such other instruments as are permitted by Rule 40(a)(1) under the Public Utility Holding Company Act of 1935 and approved by the Massachusetts Department of Public Utilities pursuant to Massachusetts General Laws Chapter 164, Section 17A and regulations thereunder. TERMINATION 16. Any member may terminate its participation in the Pool at any time without notice. EX-27 11 NORTHEAST UTILITIES FDS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 1,000 12-MOS 12-MOS JUN-30-1994 JUN-30-1994 JUN-30-1994 JUN-30-1994 PER-BOOK PRO-FORMA 0 0 2,610,003 2,610,003 6,571 75,571 6,805 6,805 0 0 2,623,379 2,692,379 671,048 671,048 903,137 903,137 927,032 923,556 2,280,170 2,276,694 0 0 0 0 230,000 230,000 81,000 150,000 0 0 0 0 9,000 9,000 0 0 0 0 0 0 23,209 26,685 2,623,379 2,692,379 0 0 (8,200) (10,072) 8,206 8,206 6 (1,866) (6) 1,866 303,654 303,654 303,648 305,520 23,868 29,216 279,780 276,304 0 0 279,780 276,304 218,822 218,822 20,740 20,740 0 0 2.25 2.25 2.25 2.25
EX-27 12 CONNECTICUT LIGHT AND POWER FDS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 1 CONNECTICUT LIGHT AND POWER COMPANY 1,000 12-MOS 12-MOS JUN-30-1994 JUN-30-1994 JUN-30-1994 JUN-30-1994 PER-BOOK PRO-FORMA 4,165,577 4,165,577 232,808 232,808 387,882 471,382 1,463,097 1,463,097 0 0 6,249,364 6,332,864 122,229 122,229 631,213 631,213 767,051 763,329 1,520,493 1,516,771 230,000 230,000 166,200 166,200 1,676,083 1,676,083 172,000 255,500 0 0 69,500 69,500 177,546 177,546 0 0 129,293 129,293 55,037 55,037 2,053,212 2,056,934 6,249,364 6,332,864 2,349,971 2,349,971 178,337 175,588 1,899,530 1,899,530 2,077,867 2,075,118 272,104 274,853 43,459 43,459 315,563 318,312 121,733 128,204 193,830 190,108 26,371 26,371 167,459 163,737 159,631 159,631 126,369 126,369 0 0 0.00 0.00 0.00 0.00
EX-27 13 HEC INCORPORATED FDS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 9 HEC INCORPORATED 1,000 12-MOS 12-MOS JUN-30-1994 JUN-30-1994 JUN-30-1994 JUN-30-1994 PER-BOOK PRO-FORMA 2,511 2,511 0 0 3,060 11,535 1,804 1,804 0 0 7,375 15,850 0 0 4,316 4,316 (1,039) (1,425) 3,277 2,891 0 0 0 0 0 0 2,525 11,000 0 0 0 0 0 0 0 0 0 0 0 0 1,573 1,959 7,375 15,850 15,463 15,463 140 (131) 15,111 15,111 15,251 14,980 212 483 113 113 325 596 169 826 156 (230) 0 0 156 (230) 0 0 66 66 0 0 0.00 0.00 0.00 0.00
EX-27 14 HOLYOKE WATER POWER COMPANY FDS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 4 HOLYOKE WATER POWER COMPANY 1,000 12-MOS 12-MOS JUN-30-1994 JUN-30-1994 JUN-30-1994 JUN-30-1994 PER-BOOK PRO-FORMA 56,425 56,425 3,483 3,483 16,817 21,817 4,584 4,584 0 0 81,309 86,309 2,400 2,400 6,000 6,000 13,392 13,164 21,792 21,564 0 0 0 0 38,300 38,300 0 5,000 0 0 0 0 0 0 0 0 0 0 0 0 21,217 21,445 81,309 86,309 39,685 39,685 343 183 36,650 36,650 36,993 36,833 2,692 2,852 (59) (59) 2,633 2,793 1,102 1,490 1,531 1,303 0 0 1,531 1,303 576 576 1,165 1,165 0 0 0.00 0.00 0.00 0.00
EX-27 15 NORTH ATLANTIC ENERGY CORPORATION FDS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 6 NORTH ATLANTIC ENERGY CORPORATION 1,000 12-MOS 12-MOS JUN-30-1994 JUN-30-1994 JUN-30-1994 JUN-30-1994 PER-BOOK PRO-FORMA 731,556 731,556 9,294 9,294 50,555 100,555 146,046 146,046 0 0 937,451 987,451 1 1 160,999 160,999 52,070 49,728 213,070 210,728 0 0 0 0 560,000 560,000 0 50,000 0 0 0 0 0 0 0 0 0 0 0 0 164,381 166,723 937,451 987,451 138,525 138,525 6,984 5,451 93,139 93,139 100,123 98,590 38,402 39,935 16,848 16,848 55,250 56,783 25,510 29,385 29,740 27,398 0 0 29,740 27,398 0 0 64,022 64,022 0 0 0.00 0.00 0.00 0.00
EX-27 16 NORTHEAST NUCLEAR ENERGY COMPANY FDS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 5 NORTHEAST NUCLEAR ENERGY COMPANY 1,000 12-MOS 12-MOS JUN-30-1994 JUN-30-1994 JUN-30-1994 JUN-30-1994 PER-BOOK PRO-FORMA 52,548 52,548 0 0 111,956 146,956 5,791 5,791 0 0 170,295 205,295 15 15 15,350 15,350 998 (563) 16,363 14,802 0 0 0 0 24,714 24,714 15,000 50,000 0 0 0 0 286 286 0 0 18,197 18,197 2,329 2,329 93,406 94,967 170,295 205,295 397,580 397,580 1,086 (66) 392,516 392,516 393,602 392,450 3,978 5,130 (1,040) (1,040) 2,938 4,090 920 3,633 2,018 457 0 0 2,018 457 2,037 2,037 420 420 0 0 0.00 0.00 0.00 0.00
EX-27 17 PUBLIC SERVICE OF NEW HAMPSHIRE FDS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 3 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 1,000 12-MOS 12-MOS JUN-30-1994 JUN-30-1994 JUN-30-1994 JUN-30-1994 PER-BOOK PRO-FORMA 1,564,711 1,564,711 21,544 21,544 224,219 399,219 1,004,711 1,004,711 0 0 2,815,185 2,990,185 1 1 421,507 421,507 92,494 84,295 514,002 505,803 125,000 125,000 0 0 952,985 952,985 0 175,000 0 0 0 0 94,000 94,000 0 0 840,963 840,963 38,851 38,851 249,384 257,583 2,815,185 2,990,185 907,504 907,504 75,296 69,932 698,388 698,388 773,684 768,320 133,820 139,184 14,329 14,329 148,149 153,513 76,186 89,749 71,963 63,764 13,250 13,250 58,713 50,514 0 0 75,675 75,675 0 0 0.00 0.00 0.00 0.00
EX-27 18 QUINNEHTUK COMPANY FDS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 8 THE QUINNEHTUK COMPANY 1,000 12-MOS 12-MOS JUN-30-1994 JUN-30-1994 JUN-30-1994 JUN-30-1994 PER-BOOK PRO-FORMA 1,114 1,114 2,626 2,626 318 3,568 15 15 0 0 4,073 7,323 350 350 155 155 (1,450) (1,603) (945) (1,098) 0 0 0 0 0 0 4,750 8,000 0 0 0 0 0 0 0 0 0 0 0 0 268 421 4,073 7,323 207 207 (120) (219) 367 367 247 148 (40) 59 (19) (19) (59) 40 144 396 (203) (356) 0 0 (203) (356) 0 0 0 0 0 0 0.00 0.00 0.00 0.00
EX-27 19 ROCKY RIVER REALTY COMPANY FDS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 7 ROCKY RIVER REALTY COMPANY 1,000 12-MOS 12-MOS JUN-30-1994 JUN-30-1994 JUN-30-1994 JUN-30-1994 PER-BOOK PRO-FORMA 65,520 65,520 2,488 2,488 1,987 7,237 324 324 0 0 70,319 75,569 10 10 0 0 674 440 684 450 0 0 0 0 48,827 48,827 16,750 22,000 0 0 0 0 1,696 1,696 0 0 140 140 162 162 2,060 2,294 70,319 75,569 9,649 9,649 0 (173) 4,623 4,623 4,623 4,450 5,026 5,199 13 13 5,039 5,212 5,039 5,446 0 (234) 0 0 0 (234) 0 0 4,444 4,444 0 0 0.00 0.00 0.00 0.00
EX-27 20 WESTERN MASSACHUSETTS ELECTRIC COMPANY FDS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 2 WESTERN MASSACHUSETTS ELECTRIC COMPANY 1,000 12-MOS 12-MOS JUN-30-1994 JUN-30-1994 JUN-30-1994 JUN-30-1994 PER-BOOK PRO-FORMA 845,034 845,034 72,961 72,961 75,786 123,786 198,792 198,792 0 0 1,192,573 1,240,573 26,812 26,812 149,464 149,464 110,110 107,849 286,386 284,125 24,000 24,000 73,500 73,500 379,752 379,752 12,000 60,000 0 0 0 0 0 0 1,500 1,500 25,832 25,832 12,781 12,781 376,822 379,083 1,192,573 1,240,573 427,894 427,894 35,984 34,525 322,295 322,295 358,279 356,820 69,615 71,074 6,378 6,378 75,993 77,452 28,069 31,789 47,924 45,663 5,297 5,297 42,627 40,366 29,107 29,107 28,585 28,585 0 0 0.00 0.00 0.00 0.00
EX-27 21 NU AND SUBSIDIARIES FDS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 10 NORTHEAST UTILITIES AND SUBSIDIARIES 1,000 12-MOS 12-MOS JUN-30-1994 JUN-30-1994 JUN-30-1994 JUN-30-1994 PER-BOOK PRO-FORMA 6,632,609 6,632,609 372,384 372,384 779,871 1,264,371 2,792,852 2,792,852 0 0 10,577,716 11,062,216 671,048 671,048 903,137 903,137 927,032 904,503 2,280,170 2,257,641 379,000 379,000 239,700 239,700 3,910,661 3,910,661 233,000 717,500 0 0 69,500 69,500 282,527 282,527 1,500 1,500 179,224 179,224 72,388 72,388 2,930,046 2,952,575 10,577,716 11,062,216 3,637,933 3,637,933 286,791 271,771 2,830,932 2,830,932 3,117,723 3,102,703 520,210 535,230 84,061 84,061 604,271 619,291 279,573 317,122 324,698 302,169 44,918 44,918 279,780 257,251 218,822 218,822 321,066 321,066 0 0 2.25 2.25 2.25 2.25
EX-99 22 EXHIBIT H.1 NORTHEAST UTILITIES PARENT CO. EXHIBIT H.1 PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 ENDING SHORT- TERM DEBT (a) $80,334 $78,876 $77,192 $68,504 $67,004 $64,416 $68,527 $67,028 $55,958 $50,932 $49,368 $76,405 CONTINGENCY: (b) 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 (c) 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 (d) - - 10,000 - - 20,000 - - 30,000 - - 40,000 ----------------------------------------------------------------------------------------------------------------------- $109,634 $108,176 $116,492 $97,804 $96,304 $113,716 $97,827 $96,328 $115,258 $80,232 $78,668 $145,705 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT- TERM DEBT (a) $72,237 $69,214 $65,367 $55,977 $52,904 $49,516 $52,425 $49,339 $37,499 $31,023 $27,871 $55,832 CONTINGENCY: (b) 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 14,300 (c) 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 ----------------------------------------------------------------------------------------------------------------------- $101,537 $98,514 $94,667 $85,277 $82,204 $78,816 $81,725 $78,639 $66,799 $60,323 $57,171 $85,132 (a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels. (c) Additional investments by Charter Oak Energy not contained in the forecast. (d) Provides for the continuation of the policy that PSNH does not contribute to the common stock dividend in 1995. This is not reflected in the forecast.
Friday, May 13, 1994 NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 500 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ESOP RECEIPTS 1,317 1,317 1,317 1,317 1,317 1,317 1,317 1,317 OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED 5,614 46,651 19,993 46,651 19,993 OTHER RECEIPTS 114 114 114 114 114 114 114 114 PAYMENTS FROM ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 7,045 1,431 48,082 21,424 1,431 48,082 21,424 1,431 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX -682 (3,698) -319 STATE INCOME TAX O&M LABOR 109 109 110 109 107 138 110 108 O&M NON-LABOR 312 254 254 256 254 251 323 256 INTEREST ON SHORT-TERM DEBT 290 286 281 275 244 239 230 243 INTEREST ON LONG-TERM DEBT 2,682 7,379 PREFERRED DIVIDEND COMMON DIVIDEND 5,482 38,429 16,469 38,481 16,492 MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 6,193 649 41,073 13,411 606 46,169 17,154 607 CASH GENERATION BEFORE CONST 853 782 7,009 8,013 825 1,912 4,270 824 CONST EXP - LABOR CONST EXP - NON-LABOR INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS 853 1,282 7,509 8,513 1,325 2,412 4,770 824 Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 500 500 500 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ESOP RECEIPTS 1,317 1,317 1,317 1,317 15,804 OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED 46,651 19,993 59,980 265,526 OTHER RECEIPTS 114 114 114 114 1,368 PAYMENTS FROM ASSOC. COS + ________ ________ ________ ________ _________ TOTAL RECEIPTS 48,082 21,424 1,431 61,411 282,698 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX (3,876) (1,186) (9,761) STATE INCOME TAX O&M LABOR 107 108 107 109 1,332 O&M NON-LABOR 253 251 252 251 3,165 INTEREST ON SHORT-TERM DEBT 239 200 182 177 2,886 INTEREST ON LONG-TERM DEBT 2,430 7,379 19,869 PREFERRED DIVIDEND COMMON DIVIDEND 38,534 16,514 49,611 220,013 MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 37,688 17,073 542 56,340 237,505 CASH GENERATION BEFORE CONST 10,394 4,351 889 5,071 45,193 CONST EXP - LABOR CONST EXP - NON-LABOR INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS 10,894 4,851 1,389 5,571 45,193
Friday, May 13, 1994 NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE 1,079 1,079 1,079 1,079 1,079 1,079 1,079 1,079 CAPITAL CONTR TO SUBS 404 404 404 404 404 404 9,460 404 CASH RETIREMENTS-LTD 6,000 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING 675 675 (5,325) 675 675 675 (8,381) 675 CASH BEFORE AUTOMATIC FINANCINGS 1,528 1,957 2,184 9,188 2,000 3,088 (3,611) 1,499 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 3,611 SHORT-TERM DEBT REPAID 1,028 1,457 1,684 8,688 1,500 2,588 999 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS (1,028) (1,457) (1,684) (8,688) (1,500) (2,588) 3,611 -999 ENDING CASH BALANCE 500 500 500 500 500 500 () 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 500 500 500 TEMP CASH INVESTMENTS SHORT TERM DEBT 80,834 79,376 77,692 69,004 67,504 64,916 68,527 67,528 + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD (80,334) (78,876) (77,192) (68,504) (67,004) (64,416) (68,527) (67,028) Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE 1,079 1,079 1,079 1,079 12,950 CAPITAL CONTR TO SUBS 404 404 404 27,187 40,687 CASH RETIREMENTS-LTD 6,000 12,000 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING 675 675 675 (32,108) (39,737) CASH BEFORE AUTOMATIC FINANCINGS 11,569 5,526 2,064 (26,537) 5,457 SHORT-TERM DEBT BORROWED 26,537 30,148 SHORT-TERM DEBT REPAID 11,069 5,026 1,564 35,605 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (11,069) (5,026) (1,564) 26,537 (5,457) ENDING CASH BALANCE 500 500 500 () () ENDING BALANCES: - --------------- CASH 500 500 500 TEMP CASH INVESTMENTS SHORT TERM DEBT 56,458 51,432 49,868 76,405 76,405 + ________ ________ ________ ________ _________ NET CASH + TCI - STD (55,958) (50,932) (49,368) (76,405) (76,405)
Friday, May 13, 1994 NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 500 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ESOP RECEIPTS 1,415 1,415 1,415 1,415 1,415 1,415 1,415 1,415 OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED 6,664 47,441 20,332 47,441 20,332 OTHER RECEIPTS 118 118 118 118 118 118 118 118 PAYMENTS FROM ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 8,197 1,533 48,974 21,865 1,533 48,974 21,865 1,533 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX (1,324) (2,951) 438 STATE INCOME TAX O&M LABOR 111 111 111 111 111 111 111 111 O&M NON-LABOR 254 259 259 259 259 259 259 259 INTEREST ON SHORT-TERM DEBT 239 227 218 206 176 167 156 164 INTEREST ON LONG-TERM DEBT 2,430 7,121 PREFERRED DIVIDEND COMMON DIVIDEND 5,512 39,519 16,937 39,577 16,962 MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 6,116 598 41,214 14,562 547 47,673 17,488 534 CASH GENERATION BEFORECONST 2,081 935 7,760 7,303 986 1,301 4,377 999 CONST EXP - LABOR CONST EXP - NON-LABOR INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS 2,081 1,435 8,260 7,803 1,486 1,801 4,877 999 Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 500 500 500 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ESOP RECEIPTS 1,415 1,415 1,415 1,415 16,980 OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED 47,441 20,332 60,996 270,979 OTHER RECEIPTS 118 118 118 118 1,416 PAYMENTS FROM ASSOC. COS + ________ ________ ________ ________ _________ TOTAL RECEIPTS 48,974 21,865 1,533 62,529 289,375 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX (3,118) -411 (7,367) STATE INCOME TAX O&M LABOR 111 111 111 111 1,333 O&M NON-LABOR 259 259 259 259 3,105 INTEREST ON SHORT-TERM DEBT 156 119 99 89 2,015 INTEREST ON LONG-TERM DEBT 2,179 7,121 18,852 PREFERRED DIVIDEND COMMON DIVIDEND 39,635 16,986 51,033 226,162 MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 39,221 17,475 469 58,202 244,099 CASH GENERATION BEFORE CONST 9,753 4,390 1,064 4,327 45,276 CONST EXP - LABOR CONST EXP - NON-LABOR INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS 10,253 4,890 1,564 4,827 45,276
Friday, May 13, 1994 NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE 1,159 1,159 1,159 1,159 1,159 1,159 1,159 1,159 CAPITAL CONTR TO SUBS -928 -928 -928 -928 -928 -928 8,445 -928 CASH RETIREMENTS-LTD 6,000 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING 2,087 2,087 (3,913) 2,087 2,087 2,087 (7,286) 2,087 CASH BEFORE AUTOMATIC FINANCINGS 4,168 3,522 4,347 9,890 3,573 3,888 (2,409) 3,086 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 2,409 SHORT-TERM DEBT REPAID 3,668 3,022 3,847 9,390 3,073 3,388 2,586 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS (3,668) (3,022) (3,847) (9,390) (3,073) (3,388) 2,409 (2,586) ENDING CASH BALANCE 500 500 500 500 500 500 () 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 500 500 500 TEMP CASH INVESTMENTS SHORT TERM DEBT 72,737 69,714 65,867 56,477 53,404 50,016 52,425 49,839 + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD (72,237) (69,214) (65,367) (55,977) (52,904) (49,516) (52,425) (49,339) Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE 1,159 1,159 1,159 1,159 13,908 CAPITAL CONTR TO SUBS -928 -928 -928 25,447 24,612 CASH RETIREMENTS-LTD 8,000 14,000 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING 2,087 2,087 2,087 (32,288) (24,704) CASH BEFORE AUTOMATIC FINANCINGS 12,340 6,977 3,651 (27,461) 20,572 SHORT-TERM DEBT BORROWED 27,461 29,870 SHORT-TERM DEBT REPAID 11,840 6,477 3,151 50,443 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (11,840) (6,477) (3,151) 27,461 (20,572) ENDING CASH BALANCE 500 500 500 () () ENDING BALANCES: - --------------- CASH 500 500 500 () () TEMP CASH INVESTMENTS SHORT TERM DEBT 37,999 31,523 28,371 55,832 55,832 + ________ ________ ________ ________ _________ NET CASH + TCI - STD (37,499) (31,023) (27,871) (55,832) (55,832)
EX-99 23 EXHIBIT H.2 CONNECTICUT LIGHT & POWER EXHIBIT H.2 PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 ENDING SHORT- TERM DEBT(a) $119,875 $51,809 ($3,470) $57,245 ($7,163) $14,579 $40,331 $5,639 ($872) ($4,247) ($70,684) $45,654 CONTINGENCIES: (b) 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 (c) 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 ----------------------------------------------------------------------------------------------------------------------- $284,475 $216,409 $161,130 $221,845 $157,437 $179,179 $204,931 $170,239 $163,728 $160,353 $93,916 $210,254 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT- TERM DEBT(a) $35,509 ($27,750) ($65,170) ($4,050) ($82,788) ($46,195) ($8,588) ($43,132) ($43,814) ($36,562) ($47,353) ($24,849) CONTINGENCIES: (b) 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 74,600 (c) 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 ----------------------------------------------------------------------------------------------------------------------- $200,109 $136,850 $99,430 $160,550 $81,812 $118,405 $156,012 $121,468 $120,786 $128,038 $117,247 $139,751 (a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels. (c) Risk of being required to purchase replacement fuel over a three month period should an unplanned nuclear outage occur.
Friday, May 13, 1994 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 93,707 97,575 95,339 88,483 79,114 73,984 76,292 79,381 COMMERCIAL 68,790 68,868 68,363 66,648 64,325 65,265 69,167 71,522 INDUSTRIAL 25,572 27,606 26,878 28,089 27,471 27,551 30,110 30,017 OTHER RETAIL 3,173 3,111 3,072 3,025 2,981 2,925 2,962 3,065 WHOLESALE 3,220 3,344 3,204 3,344 3,064 3,169 3,337 3,322 ADDITIONAL REQUIRED OTHER REVENUE 9,220 8,609 8,585 8,574 8,513 8,520 8,540 8,564 INTEREST INCOME 9 21 DIVIDENDS RECEIVED 197 1,384 231 197 1,384 231 197 OTHER RECEIPTS () () () () () () PAYMENTS FROM ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 203,681 209,310 206,825 198,403 185,664 182,819 190,639 196,069 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 17,181 17,490 5,991 8,082 5,655 12,345 18,130 19,175 NUCLEAR FUEL 18,052 1,041 1,152 17,002 795 769 13,735 1,151 PURCHASED POWER 34,021 29,646 28,459 30,995 32,022 31,530 30,805 32,530 INTERCOMPANY BILLINGS - NUGT 5,173 5,108 5,055 5,103 6,728 6,260 6,716 5,814 INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 34,618 17,395 1,963 28,449 1,770 2,181 38,810 19,090 FEDERAL INCOME TAX 2,940 50,970 20,281 STATE INCOME TAX 5,621 16,889 6,885 O&M LABOR 13,143 14,937 16,635 16,982 18,237 17,655 17,434 16,798 O&M NON-LABOR 41,755 29,248 33,437 37,395 38,207 41,136 41,063 40,645 INTEREST ON SHORT-TERM DEBT 431 426 185 203 52 143 INTEREST ON LONG-TERM DEBT 15,943 9,385 4,567 16,427 1,258 10,231 15,759 9,395 PREFERRED DIVIDEND 3,393 847 1,815 3,122 1,138 1,524 3,414 847 COMMON DIVIDEND 4,009 28,064 12,027 28,064 12,027 MISC DISBURSEMENTS 387 387 388 388 389 389 390 390 NUCLEAR DECOMMISSIONING 2,061 2,061 2,061 2,061 2,061 2,061 2,061 2,061 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 1,217 1,217 1,217 1,217 1,217 1,217 1,217 1,217 ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 191,385 129,188 139,550 247,110 109,680 182,528 201,613 149,256 CASH GENERATION BEFORE CONST 12,297 80,122 67,275 (48,706) 75,985 291 (10,974) 46,812 CONST EXP - LABOR 1,116 1,109 1,117 1,050 1,278 1,391 1,132 1,019 CONST EXP - NON-LABOR 9,232 10,948 10,878 10,959 10,298 12,541 13,647 11,102 INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 10,348 12,057 11,996 12,009 11,576 13,932 14,778 12,121 INTERNAL CASH BEFORE FINANCINGS 1,949 68,566 55,779 (60,215) 64,408 (13,142) (25,752) 34,692 Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 500 500 500 CASH RECEIPTS: RESIDENTIAL 79,175 73,954 73,636 82,970 993,609 COMMERCIAL 72,157 68,820 66,069 67,079 817,074 INDUSTRIAL 29,005 30,683 27,646 27,875 338,505 OTHER RETAIL 3,012 2,986 3,057 3,091 36,459 WHOLESALE 3,460 3,222 3,318 3,270 39,274 ADDITIONAL REQUIRED OTHER REVENUE 8,559 8,534 8,508 8,371 103,095 INTEREST INCOME 1 12 219 262 DIVIDENDS RECEIVED 1,384 231 1,812 7,248 OTHER RECEIPTS () PAYMENTS FROM ASSOC. COS + ________ ________ ________ ________ _________ TOTAL RECEIPTS 196,752 188,431 182,245 194,688 2,335,526 CASH DISBURSEMENTS: FOSSIL FUEL 13,447 3,574 7,977 9,510 138,556 NUCLEAR FUEL 1,087 16,580 1,115 1,152 73,632 PURCHASED POWER 29,139 28,601 28,360 28,549 364,658 INTERCOMPANY BILLINGS - NUGT 5,361 4,643 4,727 6,247 66,936 INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 1,675 26,510 1,617 2,201 176,278 FEDERAL INCOME TAX 25,837 30,538 130,565 STATE INCOME TAX 8,710 10,227 48,333 O&M LABOR 16,691 16,482 16,720 18,450 200,164 O&M NON-LABOR 39,163 38,910 38,426 38,983 458,368 INTEREST ON SHORT-TERM DEBT 22 1,462 INTEREST ON LONG-TERM DEBT 4,567 16,427 1,258 9,961 115,178 PREFERRED DIVIDEND 1,815 3,122 1,138 1,524 23,700 COMMON DIVIDEND 28,064 12,027 36,082 160,364 MISC DISBURSEMENTS 391 391 392 392 4,672 NUCLEAR DECOMMISSIONING 2,061 2,061 2,061 2,061 24,732 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 1,217 1,217 1,217 1,217 14,604 ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 179,247 170,546 105,007 197,093 2,002,202 CASH GENERATION BEFORE CONST 17,505 17,885 77,238 (2,405) 333,324 CONST EXP - LABOR 995 999 1,002 1,414 13,621 CONST EXP - NON-LABOR 9,999 9,761 9,800 9,826 128,991 INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 10,994 10,760 10,801 11,240 142,612 INTERNAL CASH BEFORE FINANCINGS 7,012 7,625 66,937 (13,145) 190,713
Friday, May 13, 1994 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 8,100 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING (8,100) CASH BEFORE AUTOMATIC FINANCINGS 1,949 68,566 55,779 (60,215) 64,408 (21,242) (25,752) 34,692 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 57,245 14,579 25,752 SHORT-TERM DEBT REPAID 1,449 68,066 52,309 57,245 34,192 TEMP CASH INV PURCHASED 2,970 6,663 TEMP CASH INV SOLD 2,970 6,663 + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS (1,449) (68,066) (55,279) 60,215 (63,908) 21,242 25,752 (34,192) ENDING CASH BALANCE 500 500 500 () 500 () () 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 500 TEMP CASH INVESTMENTS 2,970 6,663 SHORT TERM DEBT 120,375 52,309 57,245 14,579 40,331 6,139 + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD (119,875) (51,809) 3,470 (57,245) 7,163 (14,579) (40,331) (5,639)
Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 8,100 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK 3,750 3,750 CASH RETIREMENTS-PRIOR SPENT F 102,694 102,694 FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING (3,750) (102,694) (114,544) CASH BEFORE AUTOMATIC FINANCINGS 7,012 3,875 66,937 (115,839) 76,169 SHORT-TERM DEBT BORROWED 45,654 143,230 SHORT-TERM DEBT REPAID 6,139 219,399 TEMP CASH INV PURCHASED 372 3,375 66,437 79,818 TEMP CASH INV SOLD 70,184 79,818 + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (6,512) (3,375) (66,437) 115,839 (76,169) ENDING CASH BALANCE 500 500 500 () () ENDING BALANCES: - --------------- CASH 500 500 500 TEMP CASH INVESTMENTS 372 3,747 70,184 SHORT TERM DEBT 45,654 45,654 + ________ ________ ________ ________ _________ NET CASH + TCI - STD 872 4,247 70,684 (45,654) (45,654)
Friday, May 13, 1994 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 99,889 107,165 102,747 94,394 83,888 75,867 76,943 81,955 COMMERCIAL 72,398 74,026 71,757 69,632 67,582 67,055 70,457 75,216 INDUSTRIAL 27,026 28,169 28,397 26,649 28,626 28,383 28,517 29,650 OTHER RETAIL 3,792 3,709 3,617 3,559 3,463 3,334 3,408 3,653 WHOLESALE 3,387 982 960 1,016 957 1,045 1,036 936 ADDITIONAL REQUIRED OTHER REVENUE 9,122 10,416 10,456 10,461 10,406 8,668 8,693 8,714 INTEREST INCOME 74 175 11 223 125 23 DIVIDENDS RECEIVED 198 1,688 231 198 1,688 231 198 OTHER RECEIPTS PAYMENTS FROM ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 215,614 224,664 219,696 206,116 195,131 186,263 189,410 200,345 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 15,601 21,555 15,350 8,842 1,917 15,365 20,795 19,197 NUCLEAR FUEL 17,185 771 1,068 13,788 773 735 13,523 1,171 PURCHASED POWER 28,908 30,008 32,165 30,241 29,116 31,005 40,084 35,144 INTERCOMPANY BILLINGS - NUGT 6,346 6,029 5,966 5,704 5,585 4,884 6,618 5,952 INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 34,449 17,657 2,151 29,616 1,948 2,362 39,133 19,313 FEDERAL INCOME TAX 7,943 54,689 32,187 STATE INCOME TAX 7,619 17,481 10,330 O&M LABOR 17,943 17,943 17,943 17,943 17,943 17,943 17,943 17,943 O&M NON-LABOR 43,026 41,877 41,879 41,875 41,877 41,880 40,982 41,637 INTEREST ON SHORT-TERM DEBT 143 113 INTEREST ON LONG-TERM DEBT 15,759 9,245 4,427 16,286 1,086 10,133 15,245 9,223 PREFERRED DIVIDEND 3,330 847 1,774 3,038 1,097 1,524 3,288 847 COMMON DIVIDEND 4,009 28,694 12,297 28,694 12,297 MISC DISBURSEMENTS 408 408 409 409 410 410 411 411 NUCLEAR DECOMMISSIONING 2,203 2,203 2,203 2,203 2,203 2,203 2,203 2,203 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 1,217 1,217 1,217 1,217 1,217 1,217 1,217 1,217 ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 190,526 149,871 170,806 255,629 105,171 200,869 213,739 154,258 CASH GENERATION BEFORECONST 25,088 74,793 48,890 (49,513) 89,960 (14,606) (24,329) 46,087 CONST EXP - LABOR 1,068 1,059 1,079 1,026 1,160 1,244 1,074 1,006 CONST EXP - NON-LABOR 13,874 10,475 10,392 10,581 10,062 11,381 12,205 10,536 INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 14,942 11,534 11,470 11,607 11,222 12,625 13,279 11,543 INTERNAL CASH BEFORE FINANCINGS 10,146 63,759 37,919 (60,620) 78,738 (26,732) (37,607) 34,544
1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 500 500 CASH RECEIPTS: RESIDENTIAL 81,524 74,762 73,712 85,572 1,038,418 COMMERCIAL 76,191 71,334 67,209 69,157 852,012 INDUSTRIAL 30,900 30,613 27,634 27,663 342,227 OTHER RETAIL 3,501 3,470 3,602 3,718 42,824 WHOLESALE 1,104 1,028 1,043 951 14,445 ADDITIONAL REQUIRED OTHER REVENUE 8,707 8,684 8,656 8,755 111,740 INTEREST INCOME 115 117 99 127 1,090 DIVIDENDS RECEIVED 1,688 231 2,117 8,468 OTHER RECEIPTS PAYMENTS FROM ASSOC. COS + ________ ________ ________ ________ _________ TOTAL RECEIPTS 203,730 190,240 181,956 198,060 2,411,225 CASH DISBURSEMENTS: FOSSIL FUEL 14,799 5,807 8,419 8,904 156,550 NUCLEAR FUEL 1,132 17,177 1,132 1,171 69,627 PURCHASED POWER 30,937 32,843 30,686 30,153 381,288 INTERCOMPANY BILLINGS - NUGT 6,101 5,445 5,754 6,365 70,748 INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 1,825 26,726 1,769 2,373 179,321 FEDERAL INCOME TAX 29,581 36,862 161,262 STATE INCOME TAX 9,501 11,815 56,746 O&M LABOR 17,943 17,943 17,943 17,943 215,314 O&M NON-LABOR 41,639 41,635 41,638 41,640 501,585 INTEREST ON SHORT-TERM DEBT 255 INTEREST ON LONG-TERM DEBT 4,427 16,286 1,086 9,821 113,024 PREFERRED DIVIDEND 1,774 3,038 1,097 1,524 23,175 COMMON DIVIDEND 28,694 12,297 36,892 163,874 MISC DISBURSEMENTS 412 412 413 413 4,926 NUCLEAR DECOMMISSIONING 2,203 2,203 2,203 2,203 26,436 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 1,217 1,217 1,217 1,217 14,604 ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 192,186 183,030 113,355 209,295 2,138,736 CASH GENERATION BEFORE CONST 11,544 7,210 68,600 (11,235) 272,489 CONST EXP - LABOR 990 995 1,002 1,263 12,965 CONST EXP - NON-LABOR 9,872 9,716 9,760 9,832 128,687 INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 10,863 10,711 10,762 11,094 141,652 INTERNAL CASH BEFORE FINANCINGS 1,181 (3,001) 57,838 (21,829) 130,837
Friday, May 13, 1994 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 9,361 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING (9,361) CASH BEFORE AUTOMATIC FINANCINGS 10,146 63,759 37,919 (60,620) 78,738 (36,093) (37,607) 34,544 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID 9,646 36,009 TEMP CASH INV PURCHASED 27,250 37,419 78,238 34,044 TEMP CASH INV SOLD 60,620 36,093 37,607 + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS (9,646) (63,259) (37,419) 60,620 (78,238) 36,093 37,607 (34,044) ENDING CASH BALANCE 500 500 500 () 500 () () 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 500 TEMP CASH INVESTMENTS 27,250 64,670 4,050 82,288 46,195 8,588 42,632 SHORT TERM DEBT 36,009 + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD (35,509) 27,750 65,170 4,050 82,788 46,195 8,588 43,132 Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 9,361 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK 3,750 3,750 CASH RETIREMENTS-PRIOR SPENT F 47,048 174 47,222 FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING (3,750) (47,048) -174 (60,333) CASH BEFORE AUTOMATIC FINANCINGS 1,181 (6,751) 10,791 (22,004) 70,504 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID 45,654 TEMP CASH INV PURCHASED 681 10,291 187,924 TEMP CASH INV SOLD 6,751 22,004 163,075 + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS -681 6,751 (10,291) 22,004 (70,504) ENDING CASH BALANCE 500 () 500 () () ENDING BALANCES: - --------------- CASH 500 500 TEMP CASH INVESTMENTS 43,314 36,562 46,853 24,849 24,849 SHORT TERM DEBT + ________ ________ ________ ________ _________ NET CASH + TCI - STD 43,814 36,562 47,353 24,849 24,849
EX-99 24 EXHIBIT H.3 WESTERN MASSACHUSETTS ELECTRIC COMPANY EXHIBIT H.3 PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 ENDING SHORT- TERM DEBT (a) ($9,759) ($23,050) ($28,015) ($20,195) ($31,257) ($27,315) ($30,049) ($36,516) $2,840 $4,112 ($3,979) $24,392 CONTINGENCIES: (b) 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 (c) 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 ----------------------------------------------------------------------------------------------------------------------- $25,841 $12,550 $7,585 $15,405 $4,343 $8,285 $5,551 ($916) $38,440 $39,712 $31,621 $59,992 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT- TERM DEBT (a) $18,149 $7,905 $3,889 $13,141 $3,241 $8,847 $10,439 $6,126 $10,171 $14,704 $18,773 $23,239 CONTINGENCIES: (b) 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 14,600 (c) 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 ----------------------------------------------------------------------------------------------------------------------- $53,749 $43,505 $39,489 $48,741 $38,841 $44,447 $46,039 $41,726 $45,771 $50,304 $54,373 $58,839 (a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels. (c) Risk of being required to purchase replacement fuel over a three month period should an unplanned nuclear outage occur.
Friday, May 13, 1994 WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 16,299 17,233 16,889 15,626 13,811 12,602 12,356 12,356 COMMERCIAL 11,708 11,918 11,768 11,248 10,679 10,770 11,269 11,612 INDUSTRIAL 7,162 7,452 7,026 7,414 7,337 7,327 8,132 7,419 OTHER RETAIL 480 470 459 454 443 447 458 447 WHOLESALE 273 277 207 215 196 214 222 209 ADDITIONAL REQUIRED -157 -304 -371 -369 -351 -346 -357 -371 OTHER REVENUE 1,416 1,200 1,197 1,216 1,181 1,183 1,208 1,193 INTEREST INCOME 7 29 70 86 63 96 85 92 DIVIDENDS RECEIVED 52 381 58 52 381 58 52 OTHER RECEIPTS RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 37,187 38,327 37,628 35,948 33,411 32,674 33,431 33,010 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 82 1,777 712 749 541 609 1,288 1,633 NUCLEAR FUEL 4,097 231 256 3,858 172 167 3,091 256 PURCHASED POWER 7,920 6,660 6,334 6,983 7,222 7,054 6,868 7,273 INTERCOMPANY BILLINGS - NUGT (2,297) (2,566) (2,377) (3,021) (3,967) (3,204) (3,783) (2,964) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 507 2,812 450 5,082 403 377 356 2,830 FEDERAL INCOME TAX -23 9,391 4,287 STATE INCOME TAX 645 1,726 814 O&M LABOR 2,907 3,447 3,758 3,858 4,154 4,050 3,974 3,802 O&M NON-LABOR 9,702 6,952 8,211 8,935 9,169 9,860 9,618 9,440 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 2,208 168 5,727 168 168 3,462 2,231 168 PREFERRED DIVIDEND 676 484 312 386 768 698 456 COMMON DIVIDEND 723 5,060 2,168 5,060 2,168 MISC DISBURSEMENTS 81 81 81 81 81 81 81 81 NUCLEAR DECOMMISSIONING 533 533 533 533 533 533 533 533 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 267 267 267 267 267 267 267 267 + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 27,406 20,847 29,945 41,163 19,510 33,417 27,390 23,775 CASH GENERATION BEFORE CONST 9,781 17,480 7,682 (5,216) 13,900 -743 6,041 9,236 CONST EXP - LABOR 248 253 239 259 294 311 259 232 CONST EXP - NON-LABOR 2,016 2,437 2,478 2,344 2,544 2,889 3,048 2,537 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 2,265 2,690 2,717 2,604 2,839 3,199 3,307 2,769 INTERNAL CASH BEFORE FINANCINGS 7,516 15,290 5,465 (7,319) 11,062 (3,442) 2,734 6,966 Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 () 500 CASH RECEIPTS: RESIDENTIAL 12,075 11,495 11,868 13,715 166,325 COMMERCIAL 11,560 10,973 10,623 10,968 135,097 INDUSTRIAL 7,737 7,653 7,471 7,436 89,565 OTHER RETAIL 455 460 464 474 5,510 WHOLESALE 233 218 237 229 2,730 ADDITIONAL REQUIRED -358 -357 -364 -386 (4,090) OTHER REVENUE 1,192 1,207 1,180 1,198 14,569 INTEREST INCOME 113 11 653 DIVIDENDS RECEIVED 381 58 491 1,964 OTHER RECEIPTS RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 33,386 31,706 31,479 34,136 412,324 CASH DISBURSEMENTS: FOSSIL FUEL 1,153 890 293 1,430 11,158 NUCLEAR FUEL 248 3,764 247 256 16,642 PURCHASED POWER 6,478 6,390 6,343 6,362 81,886 INTERCOMPANY BILLINGS - NUGT (3,021) (2,370) (2,406) (3,238) (35,213) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 364 5,281 365 373 19,201 FEDERAL INCOME TAX 4,820 4,075 22,550 STATE INCOME TAX 827 717 4,730 O&M LABOR 3,703 4,217 4,242 4,548 46,660 O&M NON-LABOR 9,041 8,808 10,008 10,066 109,810 INTEREST ON SHORT-TERM DEBT 10 15 25 INTEREST ON LONG-TERM DEBT 5,727 168 168 3,462 23,825 PREFERRED DIVIDEND 312 386 768 5,247 COMMON DIVIDEND 5,060 2,168 6,505 28,912 MISC DISBURSEMENTS 81 82 82 82 976 NUCLEAR DECOMMISSIONING 533 533 533 533 6,396 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 267 267 267 267 3,200 + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 35,593 30,595 20,925 35,438 346,005 CASH GENERATION BEFORE CONST (2,207) 1,112 10,554 (1,302) 66,319 CONST EXP - LABOR 220 223 272 318 3,128 CONST EXP - NON-LABOR 2,278 2,161 2,192 2,664 29,589 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 2,498 2,384 2,463 2,981 32,717 INTERNAL CASH BEFORE FINANCINGS (4,205) (1,273) 8,091 (3,783) 33,602
Friday, May 13, 1994 WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK 1,500 CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING (1,500) CASH BEFORE AUTOMATIC FINANCINGS 7,516 13,790 5,465 (7,319) 11,062 (3,442) 2,734 6,966 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID TEMP CASH INV PURCHASED 7,016 13,290 4,965 10,562 2,234 6,466 TEMP CASH INV SOLD 7,319 3,442 + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS (7,016) (13,290) (4,965) 7,319 (10,562) 3,442 (2,234) (6,466) ENDING CASH BALANCE 500 500 500 () 500 () 500 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 500 500 TEMP CASH INVESTMENTS 9,259 22,550 27,515 20,195 30,757 27,315 29,549 36,016 SHORT TERM DEBT + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD 9,759 23,050 28,015 20,195 31,257 27,315 30,049 36,516 Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 34,650 34,650 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK 1,500 CASH RETIREMENTS-PRIOR SPENT F 24,088 24,088 FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING (34,650) (24,088) (60,238) CASH BEFORE AUTOMATIC FINANCINGS (38,855) (1,273) 8,091 (27,871) (26,636) SHORT-TERM DEBT BORROWED 2,840 1,273 24,392 28,505 SHORT-TERM DEBT REPAID 4,112 4,112 TEMP CASH INV PURCHASED 3,479 48,012 TEMP CASH INV SOLD 36,016 3,479 50,256 + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 38,855 1,273 (7,591) 27,871 26,636 ENDING CASH BALANCE () () 500 () () ENDING BALANCES: - --------------- CASH () 500 TEMP CASH INVESTMENTS 3,479 SHORT TERM DEBT 2,840 4,112 24,392 24,392 + ________ ________ ________ ________ _________ NET CASH + TCI - STD (2,840) (4,112) 3,979 (24,392) (24,392)
Friday, May 13, 1994 WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 16,694 18,121 17,430 15,924 13,971 12,445 12,125 12,460 COMMERCIAL 11,987 12,509 12,129 11,526 11,025 10,965 11,390 12,055 INDUSTRIAL 7,399 7,704 7,576 7,176 7,651 7,607 7,984 7,549 OTHER RETAIL 478 469 458 452 442 448 460 450 WHOLESALE 240 270 263 274 259 277 278 260 ADDITIONAL REQUIRED (1,030) (1,585) (1,795) (1,724) (1,627) (1,602) (1,657) (1,715) OTHER REVENUE 1,391 1,212 1,209 1,228 1,193 1,183 1,209 1,193 INTEREST INCOME DIVIDENDS RECEIVED 52 465 58 52 465 58 52 OTHER RECEIPTS RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 37,159 38,751 37,735 34,913 32,966 31,788 31,847 32,305 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 190 2,343 1,529 831 259 795 1,420 1,702 NUCLEAR FUEL 3,904 171 237 3,139 171 163 3,081 260 PURCHASED POWER 6,451 6,644 7,148 6,697 6,437 6,876 9,207 8,132 INTERCOMPANY BILLINGS - NUGT (3,083) (2,907) (2,993) (3,284) (2,508) (2,899) (3,401) (2,880) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 545 2,880 495 5,297 447 417 393 2,903 FEDERAL INCOME TAX -118 9,767 4,972 STATE INCOME TAX 589 1,759 902 O&M LABOR 4,136 4,136 4,136 4,136 4,136 4,136 4,136 4,136 O&M NON-LABOR 10,780 9,819 9,819 9,818 9,819 9,819 9,818 9,819 INTEREST ON SHORT-TERM DEBT 76 58 26 14 41 12 28 33 INTEREST ON LONG-TERM DEBT 2,231 146 4,102 146 146 3,439 2,208 146 PREFERRED DIVIDEND 698 456 267 386 695 653 427 COMMON DIVIDEND 723 5,200 2,228 5,200 2,228 MISC DISBURSEMENTS 85 85 85 85 85 85 85 85 NUCLEAR DECOMMISSIONING 583 583 583 583 583 583 583 583 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 267 267 267 267 267 267 267 267 + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 27,585 24,680 31,372 41,870 20,577 34,766 30,708 25,613 CASH GENERATION BEFORECONST 9,574 14,071 6,362 (6,957) 12,389 (2,978) 1,139 6,691 CONST EXP - LABOR 215 218 211 229 242 256 221 206 CONST EXP - NON-LABOR 3,116 2,110 2,135 2,066 2,247 2,372 2,510 2,172 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 3,331 2,327 2,346 2,295 2,489 2,628 2,731 2,378 INTERNAL CASH BEFORE FINANCINGS 6,243 12,244 4,516 (8,752) 9,900 (5,106) (1,592) 4,313 Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 CASH RECEIPTS: RESIDENTIAL 12,104 11,242 11,468 13,541 167,525 COMMERCIAL 11,970 11,164 10,660 11,044 138,424 INDUSTRIAL 8,380 7,603 7,408 7,356 91,393 OTHER RETAIL 453 458 462 469 5,499 WHOLESALE 293 274 277 259 3,224 ADDITIONAL REQUIRED (1,647) (1,626) (1,660) (1,758) (19,426) OTHER REVENUE 1,191 1,207 1,179 1,196 14,589 INTEREST INCOME DIVIDENDS RECEIVED 465 58 575 2,300 OTHER RECEIPTS RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 33,209 30,380 29,794 32,682 403,528 CASH DISBURSEMENTS: FOSSIL FUEL 1,201 1,014 314 1,378 12,977 NUCLEAR FUEL 252 3,902 252 260 15,791 PURCHASED POWER 6,902 7,415 6,856 6,698 85,463 INTERCOMPANY BILLINGS - NUGT (3,353) (2,812) (2,980) (3,140) (36,240) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 400 5,554 405 416 20,151 FEDERAL INCOME TAX 4,505 3,174 22,300 STATE INCOME TAX 646 753 4,649 O&M LABOR 4,136 4,136 4,136 4,136 49,634 O&M NON-LABOR 9,819 9,818 9,819 9,819 118,787 INTEREST ON SHORT-TERM DEBT 21 32 46 59 445 INTEREST ON LONG-TERM DEBT 4,102 146 146 3,439 20,396 PREFERRED DIVIDEND 267 386 695 4,932 COMMON DIVIDEND 5,200 2,228 6,685 29,692 MISC DISBURSEMENTS 85 85 85 86 1,023 NUCLEAR DECOMMISSIONING 583 583 583 583 6,996 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 267 267 267 267 3,200 + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 35,032 32,756 20,623 34,613 360,195 CASH GENERATION BEFORE CONST (1,823) (2,376) 9,171 (1,931) 43,333 CONST EXP - LABOR 199 201 228 255 2,682 CONST EXP - NON-LABOR 2,022 1,956 1,976 2,239 26,921 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 2,221 2,157 2,204 2,494 29,603 INTERNAL CASH BEFORE FINANCINGS (3,544) (4,533) 6,967 (4,425) 13,730
Friday, May 13, 1994 WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK 1,500 CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING (1,500) CASH BEFORE AUTOMATIC FINANCINGS 6,243 10,744 4,516 (8,752) 9,900 (5,106) (1,592) 4,313 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 8,752 5,106 1,592 SHORT-TERM DEBT REPAID 5,743 10,244 4,016 9,400 3,813 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS (5,743) (10,244) (4,016) 8,752 (9,400) 5,106 1,592 (3,813) ENDING CASH BALANCE 500 500 500 () 500 () () 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 500 TEMP CASH INVESTMENTS SHORT TERM DEBT 18,649 8,405 4,389 13,141 3,741 8,847 10,439 6,626 + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD (18,149) (7,905) (3,889) (13,141) (3,241) (8,847) (10,439) (6,126) Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK 1,500 CASH RETIREMENTS-PRIOR SPENT F 11,036 41 11,077 FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING (11,036) -41 (12,577) CASH BEFORE AUTOMATIC FINANCINGS (3,544) (4,533) (4,069) (4,466) 1,153 SHORT-TERM DEBT BORROWED 3,544 4,533 4,069 4,466 32,063 SHORT-TERM DEBT REPAID 33,216 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 3,544 4,533 4,069 4,466 (1,153) ENDING CASH BALANCE () () () () () ENDING BALANCES: - --------------- CASH TEMP CASH INVESTMENTS SHORT TERM DEBT 10,171 14,704 18,773 23,239 23,239 + ________ ________ ________ ________ _________ NET CASH + TCI - STD (10,171) (14,704) (18,773) (23,239) (23,239)
EX-99 25 EXHIBIT H.4 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE EXHIBIT H.4 PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 ENDING SHORT- TERM DEBT(a) ($36,816) ($40,105) ($61,206) ($75,453) ($35,079) ($36,395) ($49,910) ($48,334) ($61,737) ($75,001) ($22,293) ($31,523) CONTINGENCIES: (b) 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 (c) 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 (d) 90,000 102,000 114,000 126,000 138,000 150,000 - - - - - - ------------------------------------------------------------------------------------------------------------------------ $106,684 $115,395 $106,294 $104,047 $156,421 $167,105 $3,590 $5,166 ($8,237) ($21,501) $31,207 $21,977 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT- TERM DEBT(a) ($54,296) ($59,608) ($81,207) ($99,584) $107,233 $105,327 $90,648 $71,940 $60,550 $44,929 $59,901 $49,948 CONTINGENCIES: (b) 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 31,000 (c) 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 ---------------------------------------------------------------------------------------------------------------------- ($796) ($6,108) ($27,707) ($46,084) $160,733 $158,827 $144,148 $125,440 $114,050 $98,429 $113,401 $103,448 (a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels. (c) Risk of being required to purchase replacement fuel over a three month period should an unplanned nuclear outage occur. (d) Reflects settlements with some of the small power producers prior to issuance of permanent financing. These payments were not reflected in the forecast.
Friday, May 13, 1994 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 500 500 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 30,633 32,592 32,520 30,600 27,730 25,221 25,005 25,926 COMMERCIAL 23,316 24,567 24,622 23,859 22,972 22,538 23,685 25,043 INDUSTRIAL 11,823 12,523 12,388 12,865 13,193 13,691 14,036 14,868 OTHER RETAIL 495 498 495 496 492 515 524 438 WHOLESALE 4,377 5,154 5,511 5,440 5,308 4,653 4,225 4,157 ADDITIONAL REQUIRED OTHER REVENUE 3,361 3,232 3,232 3,230 3,230 3,257 3,257 3,257 INTEREST INCOME 56 113 124 190 234 110 112 154 DIVIDENDS RECEIVED 83 201 96 83 201 96 83 OTHER RECEIPTS -818 264 131 216 150 71 21 63 RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 73,243 79,027 79,224 76,991 73,393 70,257 70,961 73,990 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 5,088 6,491 5,494 5,374 3,858 3,252 4,289 4,964 NUCLEAR FUEL 1,095 972 775 PURCHASED POWER 6,740 6,279 6,138 7,165 7,093 5,676 5,362 5,801 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO 12,688 11,571 11,803 12,553 11,953 13,230 13,849 13,626 INTERCOMPANY BILLINGS - IRREG OTHER TAXES 1,113 491 550 2,754 2,893 11,147 883 533 FEDERAL INCOME TAX 271 1,000 399 STATE INCOME TAX -893 1,142 O&M LABOR 4,000 3,918 4,215 5,777 4,178 4,437 3,957 4,079 O&M NON-LABOR 9,218 9,334 9,141 9,836 13,480 9,748 10,353 9,234 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 3,481 339 234 234 30,953 234 2,749 339 PREFERRED DIVIDEND 3,312 3,312 3,312 COMMON DIVIDEND 638 9,100 3,900 9,100 3,900 MISC DISBURSEMENTS 235 233 234 235 236 237 238 238 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT 167 167 167 167 167 167 167 167 SPP SETTLEMENT 8,148 8,070 9,618 9,575 9,332 8,268 7,665 7,217 COST OF REMOVAL 117 117 117 117 117 117 117 117 + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 52,728 50,322 56,190 60,801 87,572 66,012 54,303 49,627 CASH GENERATION BEFORE CONST 20,515 28,705 23,034 16,191 (14,179) 4,245 16,658 24,363 CONST EXP - LABOR 177 179 173 247 268 297 226 225 CONST EXP - NON-LABOR 1,925 1,737 1,760 1,696 2,427 2,631 2,917 2,214 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 2,102 1,916 1,933 1,943 2,695 2,929 3,143 2,439 INTERNAL CASH BEFORE FINANCINGS 18,914 27,289 21,601 14,747 (16,375) 1,316 14,015 22,424 Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 500 500 CASH RECEIPTS: RESIDENTIAL 26,150 25,679 26,632 29,515 338,204 COMMERCIAL 25,486 24,677 24,501 24,841 290,107 INDUSTRIAL 15,293 14,001 14,391 13,578 162,650 OTHER RETAIL 590 549 530 532 6,155 WHOLESALE 4,123 4,064 4,048 4,276 55,336 ADDITIONAL REQUIRED OTHER REVENUE 3,257 3,257 3,257 3,155 38,982 INTEREST INCOME 151 191 233 70 1,738 DIVIDENDS RECEIVED 201 96 380 1,520 OTHER RECEIPTS 61 161 51 61 432 RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 75,312 72,675 73,645 76,408 895,125 CASH DISBURSEMENTS: FOSSIL FUEL 5,065 9,288 8,998 4,721 66,882 NUCLEAR FUEL 1,112 3,954 PURCHASED POWER 6,657 6,371 6,149 6,081 75,512 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO 14,245 14,498 16,846 15,378 162,240 INTERCOMPANY BILLINGS - IRREG OTHER TAXES 2,387 1,122 12,990 4,434 41,298 FEDERAL INCOME TAX 479 789 2,938 STATE INCOME TAX 249 O&M LABOR 3,963 3,834 3,904 4,191 50,452 O&M NON-LABOR 9,517 9,248 8,945 9,110 117,165 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 234 234 31,132 234 70,400 PREFERRED DIVIDEND 3,312 13,250 COMMON DIVIDEND 9,100 3,900 11,700 51,336 MISC DISBURSEMENTS 239 240 241 241 2,848 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT 167 167 167 167 2,000 SPP SETTLEMENT 7,307 6,823 7,806 7,951 97,780 COST OF REMOVAL 117 117 117 117 1,400 + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 59,477 56,952 100,607 65,114 759,704 CASH GENERATION BEFORE CONST 15,835 15,723 (26,962) 11,294 135,420 CONST EXP - LABOR 229 209 194 164 2,589 CONST EXP - NON-LABOR 2,203 2,249 2,052 1,899 25,711 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 2,432 2,458 2,246 2,063 28,300 INTERNAL CASH BEFORE FINANCINGS 13,403 13,764 (28,708) 9,231 107,620
Friday, May 13, 1994 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 23,500 23,500 23,500 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING (23,500) (23,500) (23,500) CASH BEFORE AUTOMATIC FINANCINGS 18,914 3,789 21,601 14,747 (39,875) 1,316 14,015 (1,076) AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID TEMP CASH INV PURCHASED 18,414 3,289 21,101 14,247 816 13,515 TEMP CASH INV SOLD 39,875 1,076 + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS (18,414) (3,289) (21,101) (14,247) 39,875 -816 (13,515) 1,076 ENDING CASH BALANCE 500 500 500 500 () 500 500 0 ENDING BALANCES: - --------------- CASH 500 500 500 500 500 500 TEMP CASH INVESTMENTS 36,316 39,605 60,706 74,953 35,079 35,895 49,410 48,334 SHORT TERM DEBT + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD 36,816 40,105 61,206 75,453 35,079 36,395 49,910 48,334 Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 23,500 94,000 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING (23,500) (94,000) CASH BEFORE AUTOMATIC FINANCINGS 13,403 13,764 (52,208) 9,231 13,620 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID TEMP CASH INV PURCHASED 12,903 13,264 8,731 106,279 TEMP CASH INV SOLD 52,208 93,159 + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (12,903) (13,264) 52,208 (8,731) (13,120) ENDING CASH BALANCE 500 500 () 500 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 TEMP CASH INVESTMENTS 61,237 74,501 22,293 31,023 31,023 SHORT TERM DEBT + ________ ________ ________ ________ _________ NET CASH + TCI - STD 61,737 75,001 22,293 31,523 31,523
Friday, May 13, 1994 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 500 500 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 33,175 35,100 34,564 32,256 29,219 26,526 25,804 26,414 COMMERCIAL 26,008 27,262 26,991 25,951 25,001 24,521 25,310 26,456 INDUSTRIAL 12,712 13,470 12,914 13,461 13,895 14,297 14,096 15,025 OTHER RETAIL 651 582 557 483 439 417 440 487 WHOLESALE 4,722 5,540 5,939 5,830 5,624 4,914 4,420 4,349 ADDITIONAL REQUIRED OTHER REVENUE 3,172 3,114 3,114 3,112 3,112 3,108 3,108 3,108 INTEREST INCOME 84 146 160 219 268 DIVIDENDS RECEIVED 83 245 96 83 245 96 83 OTHER RECEIPTS 36 36 36 36 36 36 36 36 RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 80,560 85,334 84,520 81,445 77,680 74,064 73,311 75,958 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 6,006 7,183 6,276 5,443 4,289 3,379 4,493 5,695 NUCLEAR FUEL 1,178 1,183 1,125 PURCHASED POWER 6,152 5,740 5,953 6,220 5,701 5,013 6,489 6,764 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO 14,445 13,686 13,584 13,695 13,717 14,980 14,955 14,987 INTERCOMPANY BILLINGS - IRREG OTHER TAXES 1,228 556 625 2,980 3,033 11,601 956 606 FEDERAL INCOME TAX 255 1,234 795 STATE INCOME TAX 398 1,861 597 O&M LABOR 4,196 4,196 4,196 4,196 4,196 4,196 4,196 4,196 O&M NON-LABOR 9,771 9,792 9,792 9,792 9,792 9,792 9,792 9,792 INTEREST ON SHORT-TERM DEBT 357 353 304 INTEREST ON LONG-TERM DEBT 1,492 294 203 203 30,687 203 203 203 PREFERRED DIVIDEND 3,312 3,312 3,312 COMMON DIVIDEND 1,300 9,100 3,900 9,100 3,900 MISC DISBURSEMENTS 247 247 248 248 249 249 250 250 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT 167 167 167 167 167 167 167 167 SPP SETTLEMENT 9,678 9,062 9,687 9,375 9,687 7,450 7,698 7,698 COST OF REMOVAL 117 117 117 117 117 117 117 117 + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 55,976 54,352 60,599 60,614 84,946 67,996 54,693 54,091 CASH GENERATION BEFORECONST 24,584 30,982 23,920 20,831 (7,267) 6,068 18,618 21,867 CONST EXP - LABOR 199 215 217 322 386 372 293 284 CONST EXP - NON-LABOR 1,612 1,956 2,104 2,131 3,164 3,791 3,645 2,875 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 1,811 2,170 2,322 2,454 3,550 4,162 3,939 3,159 INTERNAL CASH BEFORE FINANCINGS 23,273 29,312 22,099 18,877 (10,317) 1,906 15,179 19,208 Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 500 500 500 CASH RECEIPTS: RESIDENTIAL 26,584 26,355 26,933 29,957 352,885 COMMERCIAL 26,926 26,346 25,763 26,139 312,674 INDUSTRIAL 15,519 14,454 14,090 13,882 167,817 OTHER RETAIL 534 616 658 710 6,574 WHOLESALE 4,314 4,249 4,225 4,473 58,600 ADDITIONAL REQUIRED OTHER REVENUE 3,108 3,085 3,085 3,258 37,489 INTEREST INCOME 877 DIVIDENDS RECEIVED 245 96 424 1,696 OTHER RECEIPTS 36 36 36 36 432 RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 77,267 75,238 74,791 78,879 939,045 CASH DISBURSEMENTS: FOSSIL FUEL 5,397 4,914 4,900 5,179 63,154 NUCLEAR FUEL 896 4,382 PURCHASED POWER 6,983 8,207 6,753 6,246 76,221 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO 14,978 14,935 14,073 14,169 172,204 INTERCOMPANY BILLINGS - IRREG OTHER TAXES 2,526 1,205 13,426 4,583 43,325 FEDERAL INCOME TAX 795 904 3,982 STATE INCOME TAX 621 966 4,442 O&M LABOR 4,196 4,196 4,196 4,196 50,356 O&M NON-LABOR 9,792 9,792 9,792 9,792 117,479 INTEREST ON SHORT-TERM DEBT 241 204 151 200 1,810 INTEREST ON LONG-TERM DEBT 203 203 22,488 203 56,586 PREFERRED DIVIDEND 3,312 13,250 COMMON DIVIDEND 9,100 3,900 11,700 51,998 MISC DISBURSEMENTS 251 252 252 253 2,996 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT 167 167 167 167 2,000 SPP SETTLEMENT 7,450 7,698 7,450 7,698 100,631 COST OF REMOVAL 117 117 117 117 1,400 + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 62,817 56,685 87,078 66,370 766,217 CASH GENERATION BEFORE CONST 14,450 18,553 (12,287) 12,508 172,828 CONST EXP - LABOR 273 249 242 182 3,235 CONST EXP - NON-LABOR 2,787 2,683 2,443 2,373 31,564 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 3,061 2,932 2,685 2,556 34,800 INTERNAL CASH BEFORE FINANCINGS 11,890 16,121 (14,472) 9,953 138,529
Friday, May 13, 1994 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 23,500 196,000 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING (23,500) (196,000) CASH BEFORE AUTOMATIC FINANCINGS 23,273 5,812 22,099 18,877 (206,317) 1,906 15,179 19,208 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 107,233 SHORT-TERM DEBT REPAID 1,406 14,679 18,708 TEMP CASH INV PURCHASED 22,773 5,312 21,599 18,377 TEMP CASH INV SOLD 99,084 + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS (22,773) (5,312) (21,599) (18,377) 206,317 (1,406) (14,679) (18,708) ENDING CASH BALANCE 500 500 500 500 0 500 500 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 500 500 500 TEMP CASH INVESTMENTS 53,796 59,108 80,707 99,084 SHORT TERM DEBT 107,233 105,827 91,148 72,440 + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD 54,296 59,608 81,207 99,584 (107,233)(105,327) (90,648) (71,940) Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 219,500 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING (219,500) CASH BEFORE AUTOMATIC FINANCINGS 11,890 16,121 (14,472) 9,953 (80,971) SHORT-TERM DEBT BORROWED 14,472 121,705 SHORT-TERM DEBT REPAID 11,390 15,621 9,453 71,257 TEMP CASH INV PURCHASED 68,061 TEMP CASH INV SOLD 99,084 + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (11,390) (15,621) 14,472 (9,453) 81,471 ENDING CASH BALANCE 500 500 () 500 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 TEMP CASH INVESTMENTS SHORT TERM DEBT 61,050 45,429 59,901 50,448 50,448 + ________ ________ ________ ________ _________ NET CASH + TCI - STD (60,550) (44,929) (59,901) (49,948) (49,948)
EX-99 26 EXHIBIT H.5 HOLYOKE WATER POWER COMPANY EXHIBIT H.5 PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 ENDING SHORT- TERM DEBT(a) ($1,716) ($3,356) ($3,341) ($2,327) ($3,376) ($3,438) ($3,276) ($3,556) ($2,912) ($2,667) ($2,043) ($2,262) CONTINGENCIES: (b) 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 ------------------------------------------------------------------------------------------------------------------------ $1,284 ($356) ($341) $673 ($376) ($438) ($276) ($556) $88 $333 $957 $738 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT- TERM DEBT(a) ($1,662) ($3,831) ($3,669) ($2,877) ($3,881) ($2,685) ($3,819) ($4,120) ($3,685) ($3,408) ($2,911) ($2,997) CONTINGENCIES: (b) 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 ---------------------------------------------------------------------------------------------------------------------- $1,338 ($831) ($669) $123 ($881) $315 ($819) ($1,120) ($685) ($408) $89 $3 (a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
Friday, May 13, 1994 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 485 500 500 338 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 673 737 687 721 749 685 779 749 OTHER RETAIL WHOLESALE 226 226 217 226 223 226 223 226 ADDITIONAL REQUIRED OTHER REVENUE 67 67 67 67 67 67 67 67 INTEREST INCOME 8 5 9 9 7 9 9 9 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 973 1,036 980 1,023 1,046 987 1,078 1,051 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 2,542 262 1,729 1,902 867 2,044 1,989 1,995 NUCLEAR FUEL PURCHASED POWER -15 -15 -15 -12 -11 -13 -14 -14 INTERCOMPANY BILLINGS - NUGT (2,876) (2,543) (2,678) (2,082) (2,771) (3,066) (2,933) (2,860) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 411 56 57 411 50 47 400 54 FEDERAL INCOME TAX -64 -22 -48 STATE INCOME TAX 20 13 O&M LABOR 377 360 369 493 363 451 384 394 O&M NON-LABOR 939 880 841 861 1,151 848 1,053 895 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 37 102 162 41 106 165 41 106 PREFERRED DIVIDEND COMMON DIVIDEND 284 122 284 122 MISC DISBURSEMENTS -6 -6 -6 -6 -6 -6 -6 -6 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 15 15 15 15 15 15 15 15 + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 1,425 -888 694 1,745 -235 735 1,050 580 CASH GENERATION BEFORE CONST -451 1,924 286 -722 1,281 252 28 471 CONST EXP - LABOR 26 28 28 22 18 18 18 18 CONST EXP - NON-LABOR 232 256 274 270 214 173 173 173 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 258 284 301 292 232 190 190 191 INTERNAL CASH BEFORE FINANCINGS -709 1,640 485 -529 1,050 562 338 618 Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 669 726 756 672 8,602 OTHER RETAIL WHOLESALE 226 223 226 223 2,691 ADDITIONAL REQUIRED OTHER REVENUE 67 67 67 67 804 INTEREST INCOME 10 9 8 6 99 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 971 1,025 1,058 968 12,196 CASH DISBURSEMENTS: FOSSIL FUEL 1,953 1,509 2,413 1,713 20,918 NUCLEAR FUEL PURCHASED POWER -12 -13 -15 -15 -166 INTERCOMPANY BILLINGS - NUGT (2,341) (2,274) (2,331) (3,019) (31,773) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 46 423 46 47 2,048 FEDERAL INCOME TAX -6 6 -134 STATE INCOME TAX 25 28 86 O&M LABOR 376 384 366 403 4,722 O&M NON-LABOR 920 878 897 855 11,018 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 165 41 106 165 1,235 PREFERRED DIVIDEND COMMON DIVIDEND 284 122 366 1,585 MISC DISBURSEMENTS -6 -6 -6 -6 -69 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 15 15 15 15 185 + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 1,420 1,080 1,491 558 9,654 CASH GENERATION BEFORE CONST -449 -55 -433 410 2,542 CONST EXP - LABOR 18 18 18 19 246 CONST EXP - NON-LABOR 177 173 173 173 2,459 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 195 190 190 191 2,705 INTERNAL CASH BEFORE FINANCINGS -144 -246 -624 219 -163
Friday, May 13, 1994 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING CASH BEFORE AUTOMATIC FINANCINGS -709 1,640 485 -529 1,050 562 338 618 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID TEMP CASH INV PURCHASED 1,140 550 62 118 TEMP CASH INV SOLD 709 529 + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS 709 (1,140) 529 -550 -62 -118 ENDING CASH BALANCE () 500 485 () 500 500 338 500 ENDING BALANCES: - --------------- CASH 500 485 500 500 338 500 TEMP CASH INVESTMENTS 1,716 2,856 2,856 2,327 2,876 2,938 2,938 3,056 SHORT TERM DEBT + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD 1,716 3,356 3,341 2,327 3,376 3,438 3,276 3,556 SEP OCT NOV DEC Year 1995 1995 1995 1995 1995 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING CASH BEFORE AUTOMATIC FINANCINGS -144 -246 -624 219 -163 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID TEMP CASH INV PURCHASED 1,869 TEMP CASH INV SOLD 144 246 624 2,251 + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 144 246 624 382 ENDING CASH BALANCE () () () 219 219 ENDING BALANCES: - --------------- CASH 219 219 TEMP CASH INVESTMENTS 2,912 2,667 2,043 2,043 2,043 SHORT TERM DEBT + ________ ________ ________ ________ _________ NET CASH + TCI - STD 2,912 2,667 2,043 2,262 2,262
Friday, May 13, 1994 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 219 500 338 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 670 782 760 742 729 713 851 762 OTHER RETAIL WHOLESALE 226 226 220 226 223 226 223 226 ADDITIONAL REQUIRED -72 -143 -176 -183 -183 -193 -199 -193 OTHER REVENUE 67 67 67 67 67 67 67 67 INTEREST INCOME 6 5 9 9 8 9 7 9 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 896 937 881 861 844 823 949 871 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 2,727 208 1,974 1,806 1,282 1,992 948 2,037 NUCLEAR FUEL PURCHASED POWER -16 -16 -16 -12 -11 -13 -14 -14 INTERCOMPANY BILLINGS - NUGT (3,263) (3,122) (2,973) (2,420) (3,076) (1,984) (3,218) (3,072) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 419 57 58 421 51 48 469 55 FEDERAL INCOME TAX 14 123 62 STATE INCOME TAX 33 17 O&M LABOR 395 395 395 395 395 395 395 395 O&M NON-LABOR 939 921 921 921 921 921 921 921 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 41 96 146 34 89 140 34 89 PREFERRED DIVIDEND COMMON DIVIDEND 41 283 121 283 121 MISC DISBURSEMENTS -6 -6 -6 -6 -6 -6 -6 -6 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 15 15 15 15 15 15 15 15 + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 1,292 (1,451) 811 1,432 -340 1,870 -334 420 CASH GENERATION BEFORECONST -396 2,388 70 -571 1,184 (1,047) 1,284 451 CONST EXP - LABOR 20 21 21 17 14 14 14 14 CONST EXP - NON-LABOR 183 198 211 204 166 136 136 136 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 204 219 232 221 180 150 150 150 INTERNAL CASH BEFORE FINANCINGS -381 2,168 338 -454 1,004 -696 1,134 801 Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 65 219 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 707 766 785 697 8,965 OTHER RETAIL WHOLESALE 226 223 226 223 2,694 ADDITIONAL REQUIRED -191 -194 -191 -186 (2,105) OTHER REVENUE 67 67 67 67 804 INTEREST INCOME 10 10 9 8 98 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 818 871 896 809 10,456 CASH DISBURSEMENTS: FOSSIL FUEL 1,962 1,673 2,571 1,848 21,028 NUCLEAR FUEL PURCHASED POWER -12 -13 -16 -16 -169 INTERCOMPANY BILLINGS - NUGT (2,748) (2,634) (2,774) (3,225) (34,509) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 47 492 47 48 2,209 FEDERAL INCOME TAX 84 73 356 STATE INCOME TAX 23 16 89 O&M LABOR 395 395 395 395 4,738 O&M NON-LABOR 921 921 921 921 11,073 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 140 34 89 140 1,073 PREFERRED DIVIDEND COMMON DIVIDEND 283 121 364 1,618 MISC DISBURSEMENTS -6 -6 -6 -6 -72 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 15 15 15 15 185 + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 1,103 999 1,243 574 7,619 CASH GENERATION BEFORE CONST -285 -128 -347 236 2,838 CONST EXP - LABOR 14 14 14 14 190 CONST EXP - NON-LABOR 136 136 136 136 1,912 INV NOT INCLUDED IN CONST + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 150 150 150 150 2,102 INTERNAL CASH BEFORE FINANCINGS 65 -212 -496 86 954
Friday, May 13, 1994 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING CASH BEFORE AUTOMATIC FINANCINGS -381 2,168 338 -454 1,004 -696 1,134 801 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID TEMP CASH INV PURCHASED 1,668 504 634 301 TEMP CASH INV SOLD 381 454 696 + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS 381 (1,668) 454 -504 696 -634 -301 ENDING CASH BALANCE () 500 338 () 500 () 500 500 ENDING BALANCES: - --------------- CASH 500 338 500 500 500 TEMP CASH INVESTMENTS 1,662 3,331 3,331 2,877 3,381 2,685 3,319 3,620 SHORT TERM DEBT + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD 1,662 3,831 3,669 2,877 3,881 2,685 3,819 4,120 Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING CASH BEFORE AUTOMATIC FINANCINGS 65 -212 -496 86 954 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID TEMP CASH INV PURCHASED 3,108 TEMP CASH INV SOLD 212 496 2,240 + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 212 496 -869 ENDING CASH BALANCE 65 () () 86 86 ENDING BALANCES: - --------------- CASH 65 86 86 TEMP CASH INVESTMENTS 3,620 3,408 2,911 2,911 2,911 SHORT TERM DEBT + ________ ________ ________ ________ _________ NET CASH + TCI - STD 3,685 3,408 2,911 2,997 2,997
EX-99 27 EXHIBIT H.6 NORTHEAST NUCLEAR ENERGY COMPANY EXHIBIT H.6 PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 ENDING SHORT- TERM DEBT (a) $10,198 $10,215 $10,175 $9,935 $9,528 $9,468 $9,190 $9,305 $9,226 $8,925 $8,494 $8,506 CONTINGENCIES: (b) 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 (c) 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 ---------------------------------------------------------------------------------------------------------------------- $43,698 $43,715 $43,675 $43,435 $43,028 $42,968 $42,690 $42,805 $42,726 $42,425 $41,994 $42,006 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT- TERM DEBT (a) $8,118 $8,230 $8,117 $7,980 $7,546 $7,591 $7,285 $7,436 $7,474 $7,159 $6,713 $6,843 CONTINGENCIES: (b) 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 (c) 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 ---------------------------------------------------------------------------------------------------------------------- $41,618 $41,730 $41,617 $41,480 $41,046 $41,091 $40,785 $40,936 $40,974 $40,659 $40,213 $40,343 (a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels. (c) Risk of not being able to provide the necessary funds over a three month period should and unplanned nuclear outage occur. If an outage were to occur, the Company would need the ability to secure funds to meet labor and other costs associated with the outage.
Friday, September 16, 1994 NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS 1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 40 280 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 24,815 24,413 22,476 26,664 31,696 36,899 35,135 30,399 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 24,815 24,413 22,476 26,664 31,696 36,899 35,135 30,399 CASH DISBURSEMENTS FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 359 1,305 857 929 768 777 892 1,268 FEDERAL INCOME TAX 29 28 28 STATE INCOME TAX 25 8 8 O&M LABOR 7,260 5,906 7,151 8,359 10,739 10,378 9,338 7,184 O&M NON-LABOR 16,521 16,941 13,782 16,687 19,505 25,057 24,216 21,788 INSURANCE INTEREST ON SHORT-TERM DEBT 33 36 36 36 36 36 35 34 INTEREST ON LONG-TERM DEBT 144 144 143 143 143 143 143 143 PREFERRED DIVIDEND COMMON DIVIDEND 45 315 135 315 135 MISC DISBURSEMENTS 45 45 45 45 45 45 45 45 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DIBURSEMENTS 24,407 24,376 22,383 26,370 31,236 36,786 34,804 30,462 CASH GENERATION BEFORE CONST 408 36 92 294 460 112 331 -62 CONST EXP - LABOR 2 2 2 2 2 2 2 2 CONST EXP - NON-LABOR 1,169 22 22 22 22 22 22 22 + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 1,171 24 24 24 24 24 24 24 INTERNAL CASH BEFORE FINANCINGS -763 12 68 309 716 588 807 413 Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 385 464 500 500 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 25,133 24,335 23,978 24,594 330,537 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 25,133 24,335 23,978 24,594 330,537 FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 765 713 619 585 9,836 FEDERAL INCOME TAX 30 32 147 STATE INCOME TAX 9 9 59 O&M LABOR 6,898 6,816 6,751 7,551 94,332 O&M NON-LABOR 16,762 16,096 15,903 15,752 219,010 INSURANCE INTEREST ON SHORT-TERM DEBT 34 34 33 32 417 INTEREST ON LONG-TERM DEBT 142 142 142 142 1,714 PREFERRED DIVIDEND COMMON DIVIDEND 315 135 405 1,800 MISC DISBURSEMENTS 45 45 45 45 540 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 25,001 23,982 23,494 24,553 327,855 CASH GENERATION BEFORE CONST 132 354 484 41 2,682 CONST EXP - LABOR 2 2 2 3 27 CONST EXP - NON-LABOR 22 22 22 22 1,411 + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 24 24 24 24 1,438 INTERNAL CASH BEFORE FINANCINGS 492 793 960 516 1,244
Friday, September 16, 1994 NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS 1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 29 29 29 29 29 29 29 29 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING -29 -29 -29 -29 -29 -29 -29 -29 CASH BEFORE AUTOMATIC FINANCINGS -792 -17 40 280 688 559 778 385 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 792 17 SHORT-TERM DEBT REPAID 188 59 278 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS 792 17 -188 -59 -278 ENDING CASH BALANCE () () 40 280 500 500 500 385 ENDING BALANCES: - --------------- CASH 40 280 500 500 500 385 TEMP CASH INVESTMENTS SHORT TERM DEBT 10,198 10,215 10,215 10,215 10,028 9,968 9,690 9,690 + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD (10,198) (10,215) (10,175) (9,935) (9,528) (9,468) (9,190) (9,305) Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 29 29 29 29 343 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F + ________ ________ ________ ________ _________ NET PLANNED FINANCING -29 -29 -29 -29 -343 CASH BEFORE AUTOMATIC FINANCINGS 464 765 932 488 901 SHORT-TERM DEBT BORROWED 808 SHORT-TERM DEBT REPAID 265 432 1,221 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS -265 -432 -413 ENDING CASH BALANCE 464 500 500 488 488 ENDING BALANCES: - --------------- CASH 464 500 500 488 488 TEMP CASH INVESTMENTS SHORT TERM DEBT 9,690 9,425 8,994 8,994 8,994 + ________ ________ ________ ________ _________ NET CASH + TCI - STD (9,226) (8,925) (8,494) (8,506) (8,506)
Friday, September 16, 1994 NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS 1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 488 500 388 500 500 500 455 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 27,235 30,099 30,075 30,147 29,980 29,989 30,107 29,941 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 27,235 30,099 30,075 30,147 29,980 29,989 30,107 29,941 CASH DISBURSEMENTS FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 357 1,430 858 927 765 773 887 1,314 FEDERAL INCOME TAX 4 131 131 STATE INCOME TAX 5 37 37 O&M LABOR 8,552 8,552 8,552 8,552 8,552 8,552 8,552 8,552 O&M NON-LABOR 17,619 19,955 19,955 19,955 19,955 19,955 19,955 19,955 INSURANCE INTEREST ON SHORT-TERM DEBT 28 27 27 27 27 25 25 24 INTEREST ON LONG-TERM DEBT 142 142 141 141 141 141 141 141 PREFERRED DIVIDEND COMMON DIVIDEND 45 315 135 315 135 MISC DISBURSEMENTS 46 46 46 46 46 46 46 46 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DIBURSEMENTS 26,789 30,151 29,903 29,951 29,485 29,975 29,741 30,032 CASH GENERATION BEFORE CONST 446 -52 172 196 494 15 365 -91 CONST EXP - LABOR 3 3 3 3 3 3 3 3 CONST EXP - NON-LABOR 25 27 27 27 27 27 27 27 + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 27 29 29 29 29 29 29 29 INTERNAL CASH BEFORE FINANCINGS 906 419 531 667 965 485 791 380 Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 349 311 500 500 488 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 29,985 29,937 29,839 29,805 357,138 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 29,985 29,937 29,839 29,805 357,138 FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 761 709 616 582 9,978 FEDERAL INCOME TAX 133 135 533 STATE INCOME TAX 38 38 155 O&M LABOR 8,552 8,552 8,552 8,552 102,625 O&M NON-LABOR 19,955 19,955 19,955 19,955 237,123 INSURANCE INTEREST ON SHORT-TERM DEBT 24 24 24 23 305 INTEREST ON LONG-TERM DEBT 140 140 140 140 1,690 PREFERRED DIVIDEND COMMON DIVIDEND 315 135 405 1,800 MISC DISBURSEMENTS 46 46 46 46 552 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 29,964 29,562 29,333 29,875 354,760 CASH GENERATION BEFORE CONST 21 375 505 -69 2,378 CONST EXP - LABOR 3 3 3 3 33 CONST EXP - NON-LABOR 27 27 27 27 317 + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 29 29 29 30 350 INTERNAL CASH BEFORE FINANCINGS 341 656 976 401 2,516
Friday, September 16, 1994 NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS 1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 30 30 30 30 30 30 30 30 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING -30 -30 -30 -30 -30 -30 -30 -30 CASH BEFORE AUTOMATIC FINANCINGS 876 388 501 637 935 455 761 349 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID 376 1 137 435 261 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS -376 -1 -137 -435 -261 ENDING CASH BALANCE 500 388 500 500 500 455 500 349 ENDING BALANCES: - --------------- CASH 500 388 500 500 500 455 500 349 TEMP CASH INVESTMENTS SHORT TERM DEBT 8,618 8,618 8,617 8,480 8,046 8,046 7,785 7,785 + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD (8,118) (8,230) (8,117) (7,980) (7,546) (7,591) (7,285) (7,436) Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 30 30 30 30 365 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F + ________ ________ ________ ________ _________ NET PLANNED FINANCING -30 -30 -30 -30 -365 CASH BEFORE AUTOMATIC FINANCINGS 311 626 946 371 2,151 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID 126 446 1,780 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS -126 -446 (1,780) ENDING CASH BALANCE 311 500 500 371 371 ENDING BALANCES: - --------------- CASH 311 500 500 371 371 TEMP CASH INVESTMENTS SHORT TERM DEBT 7,785 7,659 7,213 7,213 7,213 + ________ ________ ________ ________ _________ NET CASH + TCI - STD (7,474) (7,159) (6,713) (6,843) (6,843)
EX-99 28 EXHIBIT H.7 NORTH ATLANTIC ENERGY COMPANY EXHIBIT H.7 PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 ENDING SHORT- TERM DEBT(a) ($30,285) ($34,573) ($30,150) ($39,569) ($28,183) ($35,094) ($5,382) ($12,891) ($23,992) ($30,560) ($26,227) ($31,232) CONTINGENCIES: (b) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 (c) 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 (d) 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 ------------------------------------------------------------------------------------------------------------------------ $21,715 $17,427 $21,850 $12,431 $23,817 $16,906 $46,618 $39,109 $28,008 $21,440 $25,773 $20,768 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT- TERM DEBT(a) ($23,543) ($31,771) ($33,829) ($44,934) ($36,747) ($42,279) ($14,260) ($22,409) ($28,421) ($27,167) ($21,540) ($22,515) CONTINGENCIES: (b) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 (c) 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 (d) 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 ------------------------------------------------------------------------------------------------------------------------ $28,457 $20,229 $18,171 $7,066 $15,253 $9,721 $37,740 $29,591 $23,579 $24,833 $30,460 $29,485 (a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels. (c) Risk of not being able to provide the necessary funds over a three month period should an unplanned nuclear outage occur. If an outage were to occur, the Company would need the ability to secure funds to meet labor and other costs associated with the outage. (d) Reflects the refunding of long-term debt not reflected in the forecast.
Friday, May 13, 1994 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE 12,688 10,779 11,011 11,761 11,161 12,438 13,057 12,834 ADDITIONAL REQUIRED 792 792 792 792 792 792 792 792 OTHER REVENUE INTEREST INCOME 119 95 106 94 122 88 108 17 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 13,599 11,666 11,909 12,647 12,075 13,318 13,957 13,643 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 859 1,550 6,523 3,780 1,578 298 307 298 PURCHASED POWER 109 109 109 109 109 109 109 109 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 188 172 176 773 164 4,745 154 180 FEDERAL INCOME TAX 121 (8,621) (8,119) STATE INCOME TAX 30 O&M LABOR 1,375 1,375 1,375 1,375 1,375 1,375 1,375 1,375 O&M NON-LABOR 2,730 3,208 3,208 3,208 3,208 3,208 3,208 3,208 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 15,611 16,064 15,912 PREFERRED DIVIDEND COMMON DIVIDEND 200 3,828 1,641 3,828 1,641 MISC DISBURSEMENTS 26 26 26 26 26 26 26 26 NUCLEAR DECOMMISSIONING 236 236 236 236 236 236 236 236 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 21,333 6,676 15,632 2,527 22,760 5,707 22,968 5,432 CASH GENERATION BEFORE CONST (7,734) 4,989 (3,722) 10,120 (10,685) 7,611 (9,011) 8,211 CONST EXP - LABOR 65 65 65 65 65 65 65 65 CONST EXP - NON-LABOR 611 636 636 636 636 636 636 636 INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 675 701 701 701 701 701 701 701 INTERNAL CASH BEFORE FINANCINGS (7,909) 4,288 (3,923) 9,419 (10,886) 6,910 (9,212) 7,510 Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 500 500 500 500 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE 13,453 13,706 16,054 14,586 153,528 ADDITIONAL REQUIRED 792 792 792 792 9,504 OTHER REVENUE INTEREST INCOME 39 73 94 82 1,038 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 14,284 14,571 16,940 15,460 164,070 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 450 530 298 307 16,778 PURCHASED POWER 109 109 109 109 1,308 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 823 177 161 5,072 12,785 FEDERAL INCOME TAX (7,573) (5,502) (29,695) STATE INCOME TAX 30 O&M LABOR 1,375 1,375 1,375 1,375 16,500 O&M NON-LABOR 3,208 3,208 3,208 3,208 38,022 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 15,159 62,746 PREFERRED DIVIDEND COMMON DIVIDEND 3,828 1,641 4,922 21,529 MISC DISBURSEMENTS 26 26 26 26 312 NUCLEAR DECOMMISSIONING 236 236 236 236 2,832 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 2,482 7,302 20,572 9,754 143,147 CASH GENERATION BEFORE CONST 11,801 7,269 (3,632) 5,706 20,923 CONST EXP - LABOR 65 65 65 65 778 CONST EXP - NON-LABOR 636 636 636 636 7,607 INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 701 701 701 701 8,385 INTERNAL CASH BEFORE FINANCINGS 11,600 7,068 (3,833) 5,005 13,038
Friday, May 13, 1994 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 20,000 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING (20,000) CASH BEFORE AUTOMATIC FINANCINGS (7,909) 4,288 (3,923) 9,419 (10,886) 6,910 (29,212) 7,510 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID TEMP CASH INV PURCHASED 3,788 8,919 6,410 7,010 TEMP CASH INV SOLD 7,909 3,923 10,886 29,212 + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS 7,909 (3,788) 3,923 (8,919) 10,886 (6,410) 29,212 (7,010) ENDING CASH BLANCE 0 500 0 500 0 500 0 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 TEMP CASH INVESTMENTS 30,285 34,073 30,150 39,069 28,183 34,594 5,382 12,391 SHORT TERM DEBT + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD 30,285 34,573 30,150 39,569 28,183 35,094 5,382 12,891 Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 20,000 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING (20,000) CASH BEFORE AUTOMATIC FINANCINGS 11,600 7,068 (3,833) 5,005 (6,962) SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID TEMP CASH INV PURCHASED 11,100 6,568 4,505 48,301 TEMP CASH INV SOLD 3,833 55,763 + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (11,100) (6,568) 3,833 (4,505) 7,462 ENDING CASH BLANCE 500 500 0 500 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 TEMP CASH INVESTMENTS 23,492 30,060 26,227 30,732 30,732 SHORT TERM DEBT + ________ ________ ________ ________ _________ NET CASH + TCI - STD 23,992 30,560 26,227 31,232 31,232
Friday, May 13, 1994 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE 13,653 12,988 12,886 12,997 13,019 14,282 14,257 14,289 ADDITIONAL REQUIRED 698 698 698 698 698 698 698 698 OTHER REVENUE INTEREST INCOME 83 64 85 90 120 100 113 39 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 14,434 13,750 13,669 13,785 13,837 15,080 15,068 15,026 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 309 290 309 300 1,630 300 309 1,630 PURCHASED POWER 98 98 98 98 98 98 98 98 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 177 159 176 815 162 4,912 143 173 FEDERAL INCOME TAX 2,539 (5,158) (4,588) STATE INCOME TAX -336 O&M LABOR 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 O&M NON-LABOR 3,208 2,800 2,800 2,800 2,800 2,800 2,800 2,800 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 15,611 15,159 15,912 PREFERRED DIVIDEND COMMON DIVIDEND 547 3,850 1,650 3,850 1,650 MISC DISBURSEMENTS 27 27 27 27 27 27 27 27 NUCLEAR DECOMMISSIONING 245 245 245 245 245 245 245 245 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DISBURSEMENT 21,422 4,819 10,907 1,977 21,321 8,845 22,385 6,173 CASH GENERATION BEFORECONST (6,987) 8,931 2,761 11,808 (7,483) 6,235 (7,317) 8,852 CONST EXP - LABOR 65 65 65 65 65 65 65 65 CONST EXP - NON-LABOR 636 638 638 638 638 638 638 638 INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 701 703 703 703 703 703 703 703 INTERNAL CASH BEFORE FINANCINGS (7,188) 8,228 2,558 11,605 (7,687) 5,532 (7,520) 8,149 Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 500 500 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE 14,280 14,237 13,375 13,471 163,734 ADDITIONAL REQUIRED 698 698 698 698 8,376 OTHER REVENUE INTEREST INCOME 59 76 74 58 960 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 15,037 15,011 14,147 14,227 173,070 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 3,642 9,382 299 1,630 20,030 PURCHASED POWER 98 98 98 98 1,176 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 813 159 148 5,113 12,950 FEDERAL INCOME TAX (4,354) (3,496) (15,055) STATE INCOME TAX -336 O&M LABOR 1,200 1,200 1,200 1,200 14,400 O&M NON-LABOR 2,800 2,800 2,800 2,800 34,008 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 14,254 60,936 PREFERRED DIVIDEND COMMON DIVIDEND 3,850 1,650 4,950 21,997 MISC DISBURSEMENTS 27 27 27 28 324 NUCLEAR DECOMMISSIONING 245 245 245 245 2,940 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL + ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 8,321 15,562 19,071 12,568 153,370 CASH GENERATION BEFORE CONST 6,716 -551 (4,924) 1,660 19,700 CONST EXP - LABOR 65 65 65 47 762 CONST EXP - NON-LABOR 638 638 638 638 7,655 INV NOT INCLUDED IN CONSTR + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 703 703 703 685 8,417 INTERNAL CASH BEFORE FINANCINGS 6,513 -754 (5,628) 975 11,783
Friday, May 13, 1994 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS 1994 TEN-YEAR FORECAST - UPDATED FOR FINCOM - RUN BOTTOM UP
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 20,000 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING (20,000) CASH BEFORE AUTOMATIC FINANCINGS (7,188) 8,228 2,558 11,605 (7,687) 5,532 (27,520) 8,149 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID TEMP CASH INV PURCHASED 7,728 2,058 11,105 5,032 7,649 TEMP CASH INV SOLD 7,188 7,687 27,520 + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS 7,188 (7,728) (2,058) (11,105) 7,687 (5,032) 27,520 (7,649) ENDING CASH BLANCE 0 500 500 500 500 500 ENDING BALANCES: - --------------- CASH 500 500 500 500 500 TEMP CASH INVESTMENTS 23,543 31,271 33,329 44,434 36,747 41,779 14,260 21,909 SHORT TERM DEBT + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD 23,543 31,771 33,829 44,934 36,747 42,279 14,260 22,409 Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 20,000 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE + ________ ________ ________ ________ _________ NET PLANNED FINANCING (20,000) CASH BEFORE AUTOMATIC FINANCINGS 6,513 -754 (5,628) 975 (8,217) SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID TEMP CASH INV PURCHASED 6,013 475 40,060 TEMP CASH INV SOLD 754 5,628 48,777 + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (6,013) 754 5,628 -475 8,717 ENDING CASH BLANCE 500 () 500 500 ENDING BALANCES: - --------------- CASH 500 500 500 TEMP CASH INVESTMENTS 27,921 27,167 21,540 22,015 22,015 SHORT TERM DEBT + ________ ________ ________ ________ _________ NET CASH + TCI - STD 28,421 27,167 21,540 22,515 22,515
EX-99 29 EXHIBIT H.8 ROCKY RIVER & QUINNEHTUK EXHIBIT H.8 PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 ENDING SHORT- TERM DEBT (a) $21,179 $21,083 $20,908 $20,741 $20,591 $21,116 $21,275 $21,187 $21,027 $20,885 $20,743 $20,584 CONTINGENCIES: (b) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 ----------------------------------------------------------------------------------------------------------------------- $22,179 $22,083 $21,908 $21,741 $21,591 $22,116 $22,275 $22,187 $22,027 $21,885 $21,743 $21,584 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT- TERM DEBT (a) $20,762 $20,677 $20,516 $20,360 $20,221 $20,811 $20,953 $20,876 $20,728 $20,597 $20,466 $20,318 CONTINGENCIES: (b) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 ----------------------------------------------------------------------------------------------------------------------- $21,762 $21,677 $21,516 $21,360 $21,221 $21,811 $21,953 $21,876 $21,728 $21,597 $21,466 $21,318 (a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
Friday, September 16, 1994 ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS 1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 390 121 217 392 500 500 () () CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 849 858 857 856 854 854 850 850 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 849 858 857 856 854 854 850 850 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 180 181 180 180 179 180 181 181 FEDERAL INCOME TAX () -18 -18 STATE INCOME TAX -26 O&M LABOR 15 15 15 15 15 15 15 15 O&M NON-LABOR 35 36 36 36 36 36 36 36 INSURANCE INTEREST ON SHORT-TERM DEBT 75 75 75 75 75 75 75 75 INTEREST ON LONG-TERM DEBT 627 323 297 297 296 317 597 319 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DIBURSEMENTS 932 630 578 586 602 605 903 626 CASH GENERATION BEFORE CONST -83 227 279 270 253 249 -53 224 CONST EXP - LABOR 2 2 2 2 2 2 2 2 CONST EXP - NON-LABOR 99 16 16 16 16 16 16 16 + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 100 18 18 18 18 18 18 18 INTERNAL CASH BEFORE FINANCINGS 207 330 478 645 735 731 -71 206 Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 BEGINNING CASH BALANCE 88 248 390 500 390 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 849 848 848 847 10,220 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 849 848 848 847 10,220 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 181 181 181 181 2,166 FEDERAL INCOME TAX -18 -18 -71 STATE INCOME TAX -26 O&M LABOR 15 15 15 15 184 O&M NON-LABOR 36 36 36 36 428 INSURANCE INTEREST ON SHORT-TERM DEBT 75 75 75 75 903 INTEREST ON LONG-TERM DEBT 293 293 292 291 4,242 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 583 600 599 581 7,826 CASH GENERATION BEFORE CONST 266 248 248 266 2,394 CONST EXP - LABOR 2 2 2 2 20 CONST EXP - NON-LABOR 16 16 16 16 278 + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 18 18 18 18 299 INTERNAL CASH BEFORE FINANCINGS 337 478 620 747 2,485
Friday, September 16, 1994 ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS 1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
Jan Feb Mar Apr May Jun Jul Aug 1995 1995 1995 1995 1995 1995 1995 1995 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 85 113 85 85 85 755 88 117 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING -85 -113 -85 -85 -85 -755 -88 -117 CASH BEFORE AUTOMATIC FINANCINGS 121 217 392 559 649 -25 -159 88 AUTOMATIC FINANINGS SHORT-TERM DEBT BORROWED 25 159 SHORT-TERM DEBT REPAID 59 149 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS -59 -149 25 159 ENDING CASH BALANCE 121 217 392 500 500 () () 88 ENDING BALANCES: - --------------- CASH 121 217 392 500 500 () () 88 TEMP CASH INVESTMENTS SHORT TERM DEBT 21,300 21,300 21,300 21,241 21,091 21,116 21,275 21,275 + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD (21,179) (21,083) (20,908) (20,741) (20,591) (21,116) (21,275) (21,187) Sep Oct Nov Dec Year 1995 1995 1995 1995 1995 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 88 88 88 88 1,769 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F + ________ ________ ________ ________ _________ NET PLANNED FINANCING -88 -88 -88 -88 (1,769) CASH BEFORE AUTOMATIC FINANCINGS 248 390 532 659 716 SHORT-TERM DEBT BORROWED 184 SHORT-TERM DEBT REPAID 32 159 400 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS -32 -159 -216 ENDING CASH BALANCE 248 390 500 500 500 ENDING BALANCES: - --------------- CASH 248 390 500 500 500 TEMP CASH INVESTMENTS SHORT TERM DEBT 21,275 21,275 21,243 21,084 21,084 + ________ ________ ________ ________ _________ NET CASH + TCI - STD (21,027) (20,885) (20,743) (20,584) (20,584)
Friday, September 16, 1994 ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS 1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 322 407 500 500 500 () () CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 837 846 845 844 842 842 838 837 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL RECEIPTS 837 846 845 844 842 842 838 837 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 191 191 191 191 191 191 192 192 FEDERAL INCOME TAX 0 -18 -18 STATE INCOME TAX -23 O&M LABOR 15 15 15 15 15 15 15 15 O&M NON-LABOR 36 35 35 35 35 35 35 35 INSURANCE INTEREST ON SHORT-TERM DEBT 66 66 66 66 65 65 65 65 INTEREST ON LONG-TERM DEBT 593 314 289 289 288 311 560 308 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL OPERATING DIBURSEMENTS 900 621 574 578 594 599 867 616 CASH GENERATION BEFORE CONST -64 225 271 266 248 243 -29 221 CONST EXP - LABOR 2 2 2 2 2 2 2 2 CONST EXP - NON-LABOR 20 15 15 15 15 15 15 15 + ________ ________ ________ ________ ________ ________ ________ ________ TOTAL CONSTR EXPENDITURES 22 17 17 17 17 17 17 17 INTERNAL CASH BEFORE FINANCINGS 415 530 661 750 732 726 -46 204 Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 77 226 357 487 500 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 837 835 835 834 10,072 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP + ________ ________ ________ ________ _________ TOTAL RECEIPTS 837 835 835 834 10,072 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 192 192 192 192 2,297 FEDERAL INCOME TAX -18 -18 -71 STATE INCOME TAX -23 O&M LABOR 15 15 15 15 180 O&M NON-LABOR 35 35 35 35 421 INSURANCE INTEREST ON SHORT-TERM DEBT 65 65 65 65 786 INTEREST ON LONG-TERM DEBT 285 285 284 283 4,089 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS + ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 575 592 591 573 7,679 CASH GENERATION BEFORE CONST 262 244 244 261 2,393 CONST EXP - LABOR 2 2 2 2 19 CONST EXP - NON-LABOR 15 15 15 15 188 + ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 17 17 17 17 207 INTERNAL CASH BEFORE FINANCINGS 322 453 583 731 2,686
Friday, September 16, 1994 ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS 1994 FORECAST YEAR-NU 2000 FINANCIAL SCENARIO
Jan Feb Mar Apr May Jun Jul Aug 1996 1996 1996 1996 1996 1996 1996 1996 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 93 123 93 93 93 816 96 127 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F + ________ ________ ________ ________ ________ ________ ________ ________ NET PLANNED FINANCING -93 -123 -93 -93 -93 -816 -96 -127 CASH BEFORE AUTOMATIC FINANCINGS 322 407 568 656 638 -90 -142 77 AUTOMATIC FINACINGS SHORT-TERM DEBT BORROWED 90 142 SHORT-TERM DEBT REPAID 68 156 138 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ ________ ________ ________ ________ NET AUTOMATIC FINANCINGS -68 -156 -138 90 142 ENDING CASH BALANCE 322 407 500 500 500 () () 77 ENDING BALANCES: - --------------- CASH 322 407 500 500 500 () () 77 TEMP CASH INVESTMENTS SHORT TERM DEBT 21,084 21,084 21,016 20,860 20,721 20,811 20,953 20,953 + ________ ________ ________ ________ ________ ________ ________ ________ NET CASH + TCI - STD (20,762) (20,677) (20,516) (20,360) (20,221) (20,811) (20,953) (20,876) Sep Oct Nov Dec Year 1996 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD 96 96 96 96 1,920 CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F + ________ ________ ________ ________ _________ NET PLANNED FINANCING -96 -96 -96 -96 (1,920) CASH BEFORE AUTOMATIC FINANCINGS 226 357 487 635 766 SHORT-TERM DEBT BORROWED 232 SHORT-TERM DEBT REPAID 135 498 TEMP CASH INV PURCHASED TEMP CASH INV SOLD + ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS -135 -266 ENDING CASH BALANCE 226 357 487 500 500 ENDING BALANCES: - --------------- CASH 226 357 487 500 500 TEMP CASH INVESTMENTS SHORT TERM DEBT 20,953 20,953 20,953 20,818 20,818 + ________ ________ ________ ________ _________ NET CASH + TCI - STD (20,728) (20,597) (20,466) (20,318) (20,318)
EX-99 30 EXHIBIT H.9 HEC INCORPORATED EXHIBIT H.9 PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 1995 ENDING SHORT- TERM DEBT (a) $2,238 $2,520 $2,802 $2,988 $3,175 $2,376 $1,739 $1,902 $2,275 $2,707 $3,189 $3,721 CONTINGENCIES: (b) 215 215 215 215 215 215 215 215 215 215 215 215 ---------------------------------------------------------------------------------------------------------------------- $2,453 $2,735 $3,017 $3,203 $3,390 $2,591 $1,954 $2,117 $2,490 $2,922 $3,404 $3,936 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT- TERM DEBT (a) $3,031 $2,341 $2,801 $3,456 $3,061 $3,716 $4,416 $3,966 $4,466 $2,766 $3,166 $3,616 CONTINGENCIES: (b) 215 215 215 215 215 215 215 215 215 215 215 215 ---------------------------------------------------------------------------------------------------------------------- $3,246 $2,556 $3,016 $3,671 $3,276 $3,931 $4,631 $4,181 $4,681 $2,981 $3,381 $3,831 (a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Based on normalized monthly variance between June 1993 and June 1994 short-term debt levels.
HEC INC. Cash Receipts and Disbursements
Jan Feb Mar Apr May Jun Jul Aug Sep 1995 1995 1995 1995 1995 1995 1995 1995 1995 Sources (Uses): Operating Cash Requirements: Net Income plus Depreciation and Amortization 56,000 56,000 56,000 54,000 54,000 54,000 54,000 54,000 54,000 Decrease (Increase) in receivables (506,000) (506,000) (506,000) 72,000 72,000 72,000 441,000 441,000 441,000 Change in accts pay & Other 443,000 443,000 443,000 (37,343) (37,343) (37,343) (328,000) (328,000) (328,000) Capital Asset Purchases (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) Project Financing Milledgeville Module 3 (160,000) (160,000) (160,000) (160,000) (160,000) 800,000 State of Illinois CMS (100,000) (75,000) (75,000) (75,000) (75,000) (50,000) 600,000 Turn-key Construction (50,000) (150,000) (200,000) Turn-key Construction New business development HEC Canada (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (50,000) (150,000) (200,000) HECI (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (120,000) Monthly Cash (Requirements) Additions(307,000) (282,000) (282,000) (186,343) (186,343) 798,657 637,000 (163,000) (373,000) Prior Month Requirement (2057000) (2238000) (2520000) (2802000) (2988343) (3174686) (2376029) (1739029) (1902029) Cummulative Borrowing Requirements (2238000) (2520000) (2802000) (2988343) (3174686) (2376029) (1739029) (1902029) (2275029) Oct Nov Dec 1995 1995 1995 Sources (Uses): Operating Cash Requirements: Net Income plus Depreciation and Amortization 54,000 54,000 54,000 Decrease (Increase) in receivables 193,000 193,000 193,000 Change in accts pay & Other (139,000) (139,000) (139,000) Capital Asset Purchases (20,000) (20,000) (20,000) Project Financing Milledgeville Module 3 State of Illinois CMS Turn-key Construction (200,000) (200,000) (150,000) Turn-key Construction New business development HEC Canada (200,000) (250,000) (350,000) HECI (120,000) (120,000) (120,000) Monthly Cash (Requirements) Additions (432,000) (482,000) (532,000) Prior Month Requirement (2275029) (2707029) (3189029) Cummulative Borrowing Requirements (2702029) (3189029) (3721029) HEC INC. Cash Receipts and Disbursements Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 Sources (Uses): Operating Cash Requirements: Net Income plus Depreciation and Amortization 65,000 65,000 65,000 70,000 70,000 70,000 75,000 75,000 75,000 Decrease (Increase) in receivables 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 Change in accts pay & Other (35,000) (35,000) (35,000) (35,000) (35,000) (35,000) (35,000) (35,000) (35,000) Capital Asset Purchases (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) Project Financing Turn-key Construction (50,000)1,000,000 Turn-key Construction (50,000) (150,000) (200,000) (200,000) (200,000) (150,000) (50,000) New business development HEC Canada 800,000 (250,000) (350,000) (450,000) 650,000 (400,000) (450,000) 650,000 (400,000) HECI 120,000) (120,000) (120,000) (120,000) (120,000) (120,000) (120,000) (120,000) (120,000) Monthly Cash (Requirements) Additions 690,000 690,000 (460,000) (655,000) 395,000 (655,000) (700,000) 450,000 (500,000) Prior Month Requirement (3721029)(3031029) (2341029) (2801029) (3456029) (3061029) (3716029) (4416029) (3966029) Cummulative Borrowing Requirements (3031029)(2341029) (2801029) (3456029) (3061029) (3716029) (4416029) (3966029) (4466029) HEC INC. Cash Receipts and Disbursements Oct Nov Dec 1996 1996 1996 Sources (Uses): Operating Cash Requirements: Net Income plus Depreciation and Amortization 75,000 75,000 75,000 Decrease (Increase) in receivables 50,000 50,000 50,000 Change in accts pay & Other (35,000) (35,000) (35,000) Capital Asset Purchases (20,000) (20,000) (20,000) Project Financing Turn-key Construction Turn-key Construction 1,000,000 New business development HEC Canada 750,000 (350,000) (400,000) HECI (120,000) (120,000) (120,000) Monthly Cash (Requirements) Additions 1,700,000 (400,000) (450,000) Prior Month Requirement (4466029) (2766029) (3166029) Cummulative Borrowing Requirements (2766029) (3166029) (3616029)
EX-99 31 EXHIBIT I Exhibit I PROPOSED FORM OF NOTICE [H.C.A. Release No. ____] APPLICATION/DECLARATION BY NORTHEAST UTILITIES AND SUBSIDIARIES WITH RESPECT TO SHORT-TERM BORROWINGS _____________, 1994 Northeast Utilities ("NU"), 174 Brush Hill Avenue, West Springfield, Massachusetts 01809, a public utility holding company registered under the Public Utility Holding Company Act of 1935, as amended (the "Act"), and its wholly owned subsidiaries ("Subsidiaries"), Holyoke Water Power Company ("HWP"), Canal Street, Holyoke, Massachusetts 01040, Western Massachusetts Electric Company ("WMECO") and The Quinnehtuk Company ("Quinnehtuk"), both of 174 Brush Hill Avenue, West Springfield, Massachusetts 01809, Public Service Company of New Hampshire ("PSNH") and North Atlantic Energy Corporation ("NAEC"), both of 1000 Elm Street Manchester, New Hampshire 03105, The Connecticut Light and Power Company ("CL&P"), Northeast Nuclear Energy Company ("NNECO") and The Rocky River Realty Company ("RRR"), each of 107 Selden Street, Berlin, Connecticut 06037, and HEC Inc. ("HEC") of 24 Prime Parkway, Natick, Massachusetts 01760 (all companies collectively, the "Applicants"), have filed an application/declaration (the "Application") under Sections 6, 7, 9(a), 10 and 12 of the Act and Rules 43 and 45 thereunder. By order of the Commission dated December 16, 1992 (HCA Rel. No. 25710) (the "December 1992 Order"), the Commission authorized, through December 31, 1994: (i) NU to make open account advances to its subsidiary companies; (ii) the continuation of the Northeast Utilities System Money Pool (the "Money Pool"); (iii) the issuance of short-term notes pursuant to lines of credit by NU, HWP, WMECO, CL&P, NNECO, RRR and PSNH; and (iv) the issuance and sale of commercial paper by NU, CL&P and WMECO. The funds from those short-term borrowings were to be utilized by NU's subsidiary companies for operational, maintenance and construction expenses and to meet certain cash needs. The December 1992 Order limited the aggregate amount of all short-term borrowing, whether through the issuance of short- term notes, commercial paper, open account advances, borrowing from the Money Pool, or through existing revolving credit agreements, to the following maximum amounts: NU, $175 million; HWP, $8 million; WMECO, $75 million; Quinnehtuk, $8 million; CL&P, $375 million; NNECO, $65 million; RRR, $15 million; PSNH, $125 million; and NAEC, $50 million. By order of the Commission dated June 25, 1993 (HCA Rel. No. 25836), HEC was authorized, through December 31, 1994, to participate in the Money Pool, HEC's short-term borrowings from the Money Pool were limited to $11 million, and the limit on RRR's short-term borrowings was increased to $25 million. By order of the Commission dated September 13, 1994 (HCA Rel. No. 26126), the limit on CL&P's short-term borrowings was increased to $500 million and CL&P was authorized to use the proceeds of such short-term borrowings, inter alia, to repay certain of its first mortgage bonds. -2- The Applicants now propose: (1) to make short-term borrowings from time to time after December 31, 1994 through December 31, 1996, evidenced (i) in the case of NU, CL&P, WMECO, PSNH, HWP, NNECO and RRR, by short-term notes ("Short-Term Notes") issued to banks and non-bank lending institutions through formal and informal credit lines, and (ii) in the case of NU, WMECO and CL&P, by commercial paper ("Commercial Paper"); (2) the continued use, through December 31, 1996, of the Money Pool, to assist in meeting the Subsidiaries' respective short-term borrowing needs; and (3) that NU make open account advances, through December 31, 1996, to PSNH, NNECO, NAEC, Quinnehtuk, RRR and HEC. The aggregate amount of all short-term borrowings through December 31, 1996, whether through the issuance of Short-Term Notes, Commercial Paper or borrowings from the Money Pool or revolving credit facilities or pursuant to open account advances, will not exceed $150 million for NU, $325 million for CL&P, $60 million for WMECO, $175 million for PSNH, $5 million for HWP, $50 million for NNECO, $50 million for NAEC, $22 million for RRR, $8 million for Quinnehtuk, and $11 million for HEC.1 Each of the Subsidiaries, except for NAEC, Quinnehtuk and HEC, proposes to issue Short-Term Notes. Short-Term Notes will be issued both on a transactional basis ("Transactional Notes"), with a separate note evidencing each loan, and on a "grid-note" basis ("Grid Notes"). Each Transactional Note will be dated the date of issue, will have a maximum term of 270 days, and will bear interest at a fixed or floating rate, as described below. Transactional Notes will be issued no later than December 31, 1996, and will, with certain exceptions as described below, be subject to prepayment at any time at the borrower's option. Grid Notes will be issued by an Applicant to a particular lending institution at or prior to the first borrowing under the Grid Note from that lender by the Applicant. Each repayment and reborrowing subsequent to the first borrowing will be recorded on a schedule to the note without the necessity of issuing additional notes. Also recorded on a schedule to the Grid Note at the time of a borrowing will be the date of the borrowing, the maturity (which may not exceed 270 days from the date of the borrowing), the number of days the borrowing is outstanding, the interest rate or method of determining the interest rate, the amount of interest due, and the date of payment. Except as described below, borrowings on a Grid Note basis will be subject to prepayment at any time at the borrower's option. The interest rate on all Short-Term Notes will be determined on the basis of competitive quotations from several lending institutions, and 1 The aggregate amount of short-term unsecured debt that can be incurred by CL&P and WMECO is further restricted by the provisions of their respective preferred stocks. CL&P and WMECO each have authorization from the holders of their respective preferred stocks (through March 31, 2004 in the case of CL&P and through February 10, 2004 in the case of WMECO) to issue securities representing unsecured indebtedness up to a maximum of 20% of their respective capitalizations. -3- will either be at a fixed interest rate or at a floating interest rate determined with reference to an agreed-upon index (such as a lending institution's prime rate, the London InterBank Offered Rate (LIBOR), certificate of deposit rates, money market rates or commercial paper rates). The interest rate in any case will not exceed two percentage points above the Federal Funds Effective Rate. The Applicants will select the lending institution(s) from which to make a particular short-term borrowing and determine whether to borrow at a fixed or a floating rate on the basis of the lowest expected effective interest cost for borrowings of comparable sizes and maturities. Borrowings bearing floating interest rates will generally be subject to prepayment at the borrower's option. The Applicants believe that many lending institutions lending funds at fixed interest rates are engaged in "matched funding," i.e., such lenders acquire for comparable maturities the funds that are lent to their borrowers. Because the lenders would remain obligated under their own borrowings from others if the Applicants were to prepay their borrowings in advance of their scheduled maturities, many lending institutions lending funds at fixed interest rates stipulate that such borrowings may not be prepaid or may be prepaid only with a premium that will make the lender whole for any losses (including lost profits) it may incur. Accordingly, in order to realize the benefits of fixed interest rates when a fixed-rate borrowing is evaluated to be the lowest cost borrowing available, the Applicants may from time to time agree with individual lenders that such borrowings may not be prepaid or may only be prepaid if the lender is made whole for its losses. The Applicants (other than NAEC, HEC and Quinnehtuk) propose to secure both formal and informal credit lines with a number of lending institutions. Formal credit lines may be subject to compensating balance and/or fee requirements and will therefore be used only when an Applicant determines that such a credit line offers advantages as compared with other available credit options. Compensating balance requirements will not exceed 5% of the committed credit line amount, and fees will not exceed 0.30% per annum. Each Applicant participating in a credit line would be able to draw funds to the exclusion of the other Applicants. The Applicants may change their credit lines and may obtain additional lines over time. The continued availability of such credit lines is subject to the continuing review of the lending institutions. CL&P, WMECO and NU propose to continue to sell Commercial Paper publicly. Such Commercial Paper will be issued through The Depository Trust Company in the form of book entry notes in denominations of not less than $50,000, of varying maturities, with no maturity more than 270 days after the date of issue. The Commercial Paper will not be repayable prior to maturity. The Commercial Paper will be sold through a placement agent or agents in a co-managed commercial paper program at either the discount rate per annum or the interest rate per annum prevailing at the date of issuance for commercial paper of comparable quality and of the particular maturity sold by public utility issuers thereof. No Commercial Paper will be issued unless the issuing Applicant believes that the effective interest cost to the Applicant will be equal to or less than the effective interest rate at which the Applicant could issue Short-Term Notes in an amount at least equal to the principal amount of such Commercial Paper. The -4- placement agent or agents will receive a commission for the sale of the Commercial Paper of not more than 1/8 of 1% per annum on a discounted basis. CL&P and WMECO will publicly issue and sell Commercial Paper without registration thereof in reliance upon the exemption set forth in Section 3(a)(3) of the Securities Act of 1933 (the "1933 Act"). NU will publicly issue and sell commercial paper without registration thereof in reliance upon the exemption set forth in Section 4(2) of the 1933 Act and Regulation D thereunder. The Applicants also propose the continued use, through December 31, 1996, of the Money Pool, which is composed of available funds loaned by the participating Subsidiaries and borrowed by those Subsidiaries to assist in meeting their respective short-term borrowing needs. Another potential component of the Money Pool is funds borrowed by NU through the issuance of Short-Term Notes, by selling Commercial Paper or by borrowing through a revolving credit facility (pursuant to File No. 70-8052) for the purpose of making open account advances through loans through the Money Pool. NU requests that its authority for such borrowings be extended through December 31, 1996. The amounts to be borrowed by NU for the purpose of making open account advances and to be borrowed through the Money Pool by the recipients set forth above will also be subject to the short-term limits on aggregate amount outstanding for which approval is sought in this filing. All borrowings from and contributions to the Money Pool, including the open account advances, will be documented and will be evidenced on the books of each Applicant that is borrowing from or contributing surplus funds to the Money Pool. Except for loans from the proceeds of external borrowings by NU, all loans made under the Money Pool will bear interest for both the borrower and lender, payable monthly, equal to the daily Federal Funds Effective Rate as quoted by the Federal Reserve Bank of New York. Loans from the proceeds of external borrowings by NU will bear interest at the same rate paid by NU on the borrowings, and no such loans may be prepaid (unless NU is made whole for any additional costs that may be incurred because of such prepayment). To the extent that there are any excess funds available in the Money Pool, such funds will be invested with the earnings allocated on a pro rata basis. The Applicants state that they intend to request the Commission's approval, pursuant to the Application, of all transactions described therein, whether under the enumerated sections of the Act and the rules thereunder or otherwise. The Application and any amendments thereto are available for public inspection through the Commission's Office of Public Reference. Any interested persons wishing to comment or request a hearing on the Application should submit their views in writing by , 1994, to the Secretary, Securities and Exchange Commission, Washington, D.C. 20549, and serve a copy on the Applicants at the addresses specified above. Proof of service (by affidavit or, in the case of an attorney at law, by certificate) should be filed with the request. Any request for hearing shall identify specifically the issues of fact or law that are disputed. A person who so requests will be notified of any hearing, if ordered, and will receive a copy of any notice or order issued in this matter. After -5- said date, the Application, as filed or as it may be further amended, may be granted. For the Commission, by the Division of Investment Management, pursuant to delegated authority. EX-99 32 EXHIBIT J.1 EXHIBIT J.1 THE CONNECTICUT LIGHT AND POWER COMPANY 20% UNSECURED DEBT CALCULATION TEST 30-Jun-94 -($000)-
ACTUAL Common Equity $1,520,493 Preferred Stock: Non-Redeemable 166,200 Redeemable 230,000 Total First Mortgage Bonds 1,160,176 Total Other Long-Term Debt 524,838 Due Within One Year Long-Term Debt 177,546 Preferred Stock 0 -------------- Unamortized Debt Discount and Premium (8,931) 3,770,322 -------------- X 20% Unsecured Debt Limit 754,064 Less Unsecured Debt: Seabrook Pollution Control Bonds 46,400 CRRA Financing 31,910 Other - Montville /Hopmeadow 118 Money Pool 27,500 Commercial Paper 69,500 Bank Borrowings 144,500 -------------- 319,928 -------------- Additional Available Unsecured Debt 434,136 -------------- Add Back Short-Term Debt Outstanding on 6/30/94 241,500 -------------- Total Available Short-Term Debt $675,636
EX-99 33 EXHIBIT J.2 EXHIBIT J.2 WESTERN MASSACHUSETTS ELECTRIC COMP 20% UNSECURED DEBT CALCULATION TEST 30-Jun-94 -($000)-
ACTUAL -------------- Common Equity $286,386 Preferred Stock - Non Redeemable 73,500 - Redeemable 24,000 Total First Mortgage Bonds 294,650 Total Other Long-Term Debt 86,280 Due Within One Year Long-Term Debt 1,500 Preferred Stock Unamortized Debt Discount and Premium (1,178) -------------- 765,138 -------------- X 20% Unsecured Debt Limit 153,028 Less Unsecured Debt: Money Pool 4,500 Bank Borrowings 7,500 -------------- 12,000 Additional Available Unsecured Debt 141,028 -------------- Add Back Short-Term Debt Outstanding on 6/30/94 12,000 -------------- Total Available Short-Term Debt $153,028
EX-99 34 FINANCIAL - NORTHEAST UTIL (PARENT COMPANY ONLY) NORTHEAST UTILITIES (PARENT) BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 1.1 PAGE 1 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION ASSETS OTHER PROPERTY AND INVESTMENTS: INVESTMENTS IN SUBSIDIARY COMPANIES, AT EQUITY $2,583,268 $2,583,268 INVESTMENTS IN TRANSMISSION COMPANIES, AT EQUITY 26,057 26,057 OTHER, AT COST 678 678 --------------------------------- ------------------- TOTAL OTHER PROPERTY & INVESTMENTS 2,610,003 0 2,610,003 CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 48 69,000 (a) 69,048 NOTES RECEIVABLE FROM AFFILIATED CO'S 5,525 5,525 NOTES AND ACCOUNTS RECEIVABLES 1 1 ACCOUNTS RECEIVABLE FROM AFFILIATED CO'S 691 691 PREPAYMENTS 306 306 --------------------------------- ------------------- TOTAL CURRENT ASSETS 6,571 69,000 75,571 --------------------------------- ------------------- DEFERRED CHARGES: ACCUMULATED DEFERRED INCOME TAXES 6,729 6,729 UNAMORTIZED DEBT EXPENSE 43 43 OTHER 33 33 --------------------------------- ------------------- TOTAL DEFERRED CHARGES 6,805 0 6,805 --------------------------------- ------------------- TOTAL ASSETS $2,623,379 $69,000 $2,692,379 *EXPLANATION AT FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
NORTHEAST UTILITIES (PARENT) BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 1.1 PAGE 2 OF 2 PRO FORMA
GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMON SHARES $671,048 $671,048 CAPITAL SURPLUS, PAID IN 903,137 903,137 DEFERRED BENEFIT PLAN - ESOP (221,047) (221,047) RETAINED EARNINGS 927,032 (3,476) 923,556 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 2,280,170 (3,476) 2,276,694 LONG-TERM DEBT, NET 230,000 230,000 --------------------------------- ------------------- TOTAL CAPITALIZATION 2,510,170 (3,476) 2,506,694 150 CURRENT LIABILITIES: NOTES PAYABLE TO BANK 81,000 69,000 (a) 150,000 ACCOUNTS PAYABLE 5,204 5,204 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 11,761 11,761 CURRENT PORTION OF LONG-TERM DEBT 9,000 9,000 ACCRUED TAXES 2,439 (1,872)(c) 567 ACCRUED INTEREST 3,171 5,348 (b) 8,519 OTHER 17 17 ------------------------------ ------------------- TOTAL CURRENT LIABILITIES 112,592 72,476 185,068 DEFERRED CREDITS: OTHER 617 617 --------------------------------- ------------------- TOTAL DEFERRED CREDITS 617 0 617 --------------------------------- ------------------- TOTAL CAPITALIZATION AND LIABILITIES $2,623,379 $69,000 $2,692,379 *EXPLANATION AT FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
NORTHEAST UTILITIES (PARENT) INCOME STATEMENT FOR 12 MONTHS ENDED JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 1.2 PAGE 1 OF 3 PRO FORMA
GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION OPERATING REVENUE $0 $0 $0 --------------------------------- ------------------- OPERATING EXPENSES: OPERATION EXPENSE 8,195 8,195 FEDERAL AND STATE INCOME TAXES (8,200) (1,872)(c) (10,072) TAXES OTHER THAN INCOME TAXES 11 11 --------------------------------- ------------------- TOTAL OPERATING EXPENSES 6 (1,872) (1,866) --------------------------------- ------------------- OPERATING INCOME (6) 1,872 1,866 --------------------------------- ------------------- OTHER INCOME: EQUITY IN EARNINGS OF SUBSIDIARIES 298,795 298,795 EQUITY IN EARNINGS OF TRANSMISSION COMPANIES 3,609 3,609 OTHER, NET 1,250 1,250 --------------------------------- ------------------- OTHER INCOME, NET 303,654 0 303,654 --------------------------------- ------------------- INCOME BEFORE INTEREST CHARGES 303,648 1,872 305,520 --------------------------------- ------------------- INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 20,740 20,740 OTHER INTEREST 3,128 5,348 (b) 8,476 --------------------------------- ------------------- TOTAL INTEREST CHARGES 23,868 5,348 29,216 --------------------------------- ------------------- NET INCOME 279,780 (3,476) 276,304 --------------------------------- ------------------- EARNINGS FOR COMMON SHARES 279,780 (3,476) 276,304 EARNINGS PER COMMON SHARE 2.25 2.25 COMMON SHARES OUTSTANDING (AVERAGE) 124,329,564 124,329,564 *EXPLANATION AT FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
NORTHEAST UTILITIES (PARENT) CAPITAL STRUCTURE AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 1.2 PAGE 2 OF 3 PER BOOK
ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % DEBT: LONG-TERM DEBT, NET $239,000 $239,000 --------------------------------- ------------------- TOTAL DEBT 9.5% 239,000 0 239,000 9.5% COMMON EQUITY: COMMON SHARES 671,048 671,048 CAPITAL SURPLUS, PAID IN 903,137 903,137 DEFERRED BENEFIT PLAN - ESOP (221,047) (221,047) RETAINED EARNINGS 927,032 (3,476) 923,556 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 90.5% 2,280,170 (3,476) 2,276,694 90.5% --------------------------------- ------------------- TOTAL CAPITAL 100.0%$2,519,170 (3,476) $2,515,694 100.0%
NORTHEAST UTILITIES (PARENT) EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $69,000 NOTES PAYABLE $69,000 To record the additional proposed borrowing up to the entire $150 million available to the company. (b) OTHER INTEREST EXPENSE 5,348 ACCRUED INTEREST 5,348 To record the interest expense on the additional proposed borrowing at Prime: $69,000 x 7.75% = 5,348 (c) ACCRUED TAXES 1,872 FEDERAL AND STATE INCOME TAX EXPENSE 1,872 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $5,348 x 35.00% = 1,872
EX-99 35 FINANCIAL - CONN LIGHT AND POWER CONNECTICUT LIGHT AND POWER COMPANY BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 2.1 PAGE 1 OF 2 PRO FORMA
GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION ASSETS UTILITY PLANT, AT ORIGINAL COST: ELECTRIC $6,002,962 $6,002,962 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 2,103,643 2,103,643 --------------------------------- -------------- 3,899,319 0 3,899,319 CONSTRUCTION WORK IN PROGRESS 105,161 105,161 NUCLEAR FUEL, NET 161,097 161,097 --------------------------------- ------------------- TOTAL NET UTILITY PLANT 4,165,577 0 4,165,577 --------------------------------- ------------------- OTHER PROPERTY AND INVESTMENTS: NUCLEAR DECOMMISSIONING TRUST, AT MARKET 164,038 164,038 INVESTMENTS IN REGIONAL NUCLEAR GENERATING COMPANIES, AT EQUITY 54,605 54,605 OTHER, AT COST 14,165 14,165 --------------------------------- ------------------- 232,808 0 232,808 --------------------------------- ------------------- CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 604 83,500 (a) 84,104 RECEIVABLES, NET 198,087 198,087 RECEIVABLES FROM AFFILIATED COMPANIES 4,101 4,101 ACCRUED UTILITY REVENUES 86,612 86,612 FUEL, MATERIAL AND SUPPLIES, AT AVERAGE COST 64,014 64,014 RECOVERABLE ENERGY COSTS, NET-CURRENT POSITION 1,972 1,972 PREPAYMENTS AND OTHER 32,492 32,492 --------------------------------- ------------------- TOTAL CURRENT ASSETS 387,882 83,500 471,382 --------------------------------- ------------------- DEFERRED CHARGES: REGULATORY ASSET-INCOME TAXES, NET 990,087 990,087 UNAMORTIZED DEBT EXPENSE 8,453 8,453 RECOVERABLE ENERGY COSTS, NET 28,678 28,678 DEFERRED CONSERVATION AND LOAD- MANAGEMENT COSTS 107,755 107,755 DEFERRED DOE ASSESSMENT 37,033 37,033 DEFERRED COSTS - NUCLEAR PLANTS 144,297 144,297 AMORTIZABLE PROPERTY INVESTMENT - 4,983 4,983 UNRECOVERED CONTRACT OBLIGATION-YAEC 77,919 77,919 OTHER 63,892 63,892 --------------------------------- ------------------- TOTAL DEFERRED CHARGES 1,463,097 0 1,463,097 --------------------------------- ------------------- TOTAL ASSETS $6,249,364 $83,500 $6,332,864 * EXPLANATION AT FINANCIAL STATEMENT 2.2 PAGE 3 OF 3
CONNECTICUT LIGHT AND POWER COMPANY BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 2.1 PAGE 2 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMON SHARES $122,229 $122,229 CAPITAL SURPLUS, PAID IN 631,213 631,213 RETAINED EARNINGS 767,051 (3,722) 763,329 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 1,520,493 (3,722) 1,516,771 PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION 166,200 166,200 PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 230,000 230,000 LONG-TERM DEBT, NET 1,676,083 1,676,083 --------------------------------- ------------------- TOTAL CAPITALIZATION 3,592,776 (3,722) 3,589,054 OBLIGATIONS UNDER CAPITAL LEASES 129,293 129,293 325 CURRENT LIABILITIES: NOTES PAYABLE TO BANKS 144,500 83,500 (a) 228,000 NOTES PAYABLE TO AFFILIATED COMPANY 27,500 27,500 COMMERCIAL PAPER 69,500 69,500 LONG-TERM DEBT AND PREFERRED STOCK - CURRENT PORTION 177,546 177,546 OBLIGATIONS UNDER CAPITAL LEASES - CURRENT PORTION 55,037 55,037 ACCOUNTS PAYABLE 74,691 74,691 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 28,755 28,755 ACCRUED TAXES 23,705 (2,749)(c) 20,956 ACCRUED INTEREST 28,734 6,471 (b) 35,205 OTHER 29,335 29,335 ------------------------------ ------------------- TOTAL CURRENT LIABILITIES 659,303 87,222 746,525 DEFERRED CREDITS: ACCUMULATED DEFERRED INCOME TAXES 1,559,096 1,559,096 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 151,131 151,131 DEFERRED CONTRACT OBLIGATION-YAEC 77,919 77,919 DEFERRED DOE OBLIGATION 28,702 28,702 OTHER 51,144 51,144 --------------------------------- ------------------- TOTAL DEFERRED CREDITS 1,867,992 0 1,867,992 --------------------------------- ------------------- TOTAL CAPITALIZATION AND LIABILITIES $6,249,364 $83,500 $6,332,864 * EXPLANATION AT FINANCIAL STATEMENT 2.2 PAGE 3 OF 3
CONNECTICUT LIGHT AND POWER COMPANY INCOME STATEMENT FOR 12 MONTHS ENDED JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 2.2 PAGE 1 OF 3 PRO FORMA GIVING EFFECT
PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION OPERATING REVENUE $2,349,971 $0 $2,349,971 --------------------------------- ------------------- OPERATING EXPENSES: OPERATION - FUEL PURCHASED AND INTERCHANGE POWER 586,328 586,328 OTHER 622,576 622,576 MAINTENANCE 182,350 182,350 DEPRECIATION 222,659 222,659 AMORTIZATION/DEFERRALS OF REGULATORY ASSETS, NET 117,600 117,600 FEDERAL AND STATE INCOME TAXES 178,337 (2,749)(c) 175,588 TAXES OTHER THAN INCOME TAXES 168,017 168,017 --------------------------------- ------------------- TOTAL OPERATING EXPENSES 2,077,867 (2,749) 2,075,118 --------------------------------- ------------------- OPERATING INCOME: 272,104 2,749 274,853 --------------------------------- ------------------- OTHER INCOME: ALLOWANCE FOR OTHER FUNDS USED DURING CONSTRUCTION (16) (16) DEFERRED NUCLEAR PLANTS RETURN-OTHER FUNDS 17,364 17,364 EQUITY IN EARNINGS OF REGIONAL NUCLEAR GENERATING COMPANIES 7,010 7,010 WRITE OFF OF PLANT COSTS 0 0 OTHER, NET 13,862 13,862 INCOME TAXES - CREDIT 5,239 5,239 --------------------------------- ------------------- OTHER INCOME, NET 43,459 0 43,459 --------------------------------- ------------------- INCOME BEFORE INTEREST CHARGES 315,563 2,749 318,312 --------------------------------- ------------------- INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 126,369 126,369 OTHER INTEREST 5,913 6,471 (b) 12,384 DEFERRED NUCLEAR PLANTS RETURN - BORROWED FUNDS, NET OF INCOME TAX (10,549) (10,549) --------------------------------- ------------------- TOTAL INTEREST CHARGES 121,733 6,471 128,204 --------------------------------- ------------------- NET INCOME 193,830 (3,722) 190,108 * EXPLANATION AT FINANCIAL STATEMENT 2.2 PAGE 3 OF 3
CONNECTICUT LIGHT AND POWER COMPANY CAPITAL STRUCTURE AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 2.2 PAGE 2 OF 3 PER BOOK
ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % DEBT: LONG-TERM DEBT, NET 49.2%$1,853,629 0 $1,853,629 49.2% PREFERRED STOCK: NOT SUBJECT TO REDEMPTION 166,200 166,200 SUBJECT TO REDEMPTION 230,000 230,000 --------------------------------- ------------------- TOTAL PREFERRED STOCK 10.5% 396,200 0 396,200 10.5% COMMON EQUITY: COMMON SHARES 122,229 122,229 CAPITAL SURPLUS, PAID IN 631,213 631,213 RETAINED EARNINGS 767,051 (3,722) 763,329 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 40.3% 1,520,493 (3,722) 1,516,771 40.3% --------------------------------- ------------------- TOTAL CAPITAL 100.0%$3,770,322 (3,722) $3,766,600 100.0%
CONNECTICUT LIGHT AND POWER COMPANY EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 2.2 PAGE 3 OF 3 DEBIT CREDIT (a) CASH $83,500 NOTES PAYABLE $83,500 To record the additional proposed borrowing up to the entire $325 million available to the company. (b) OTHER INTEREST EXPENSE 6,471 ACCRUED INTEREST 6,471 To record the interest expense on the additional proposed borrowing at Prime: $83,500 x 7.75% = 6,471 (c) ACCRUED TAXES 2,749 FEDERAL AND STATE INCOME TAX EXPENSE 2,749 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $6,471 x 42.48% = 2,749 NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
EX-99 36 FINANCIAL - WESTERN MASS ELECTIC COMPANY WESTERN MASSACHUSETTS ELECTRIC COMPANY BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 3.1 PAGE 1 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION ASSETS UTILITY PLANT, AT ORIGINAL COST: ELECTRIC $1,199,416 $1,199,416 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 412,312 412,312 --------------------------------- -------------- 787,104 0 787,104 CONSTRUCTION WORK IN PROGRESS 20,976 20,976 NUCLEAR FUEL, NET 36,954 36,954 --------------------------------- ------------------- TOTAL NET UTILITY PLANT 845,034 0 845,034 --------------------------------- ------------------- OTHER PROPERTY AND INVESTMENTS: NUCLEAR DECOMMISSIONING TRUST, AT MARKET 54,303 54,303 INVESTMENTS IN REGIONAL NUCLEAR GENERATING COMPANIES, AT EQUITY 14,818 14,818 OTHER, AT COST 3,840 3,840 --------------------------------- ------------------- 72,961 0 72,961 --------------------------------- ------------------- CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 116 48,000 (a) 48,116 RECEIVABLES, NET 35,592 35,592 RECEIVABLES FROM AFFILIATED COMPANIES 5,998 5,998 ACCRUED UTILITY REVENUES 15,931 15,931 FUEL, MATERIAL AND SUPPLIES, AT AVERAGE COST 5,639 5,639 PREPAYMENTS AND OTHER 12,510 12,510 --------------------------------- ------------------- TOTAL CURRENT ASSETS 75,786 48,000 123,786 --------------------------------- ------------------- DEFERRED CHARGES: UNAMORTIZED DEBT EXPENSE 1,846 1,846 DEFERRED CHARGES - SFAS 109 90,357 90,357 DEFERRED DOE ASSESSMENT 8,247 8,247 DEFERRED COSTS - NUCLEAR PLANTS 15,399 15,399 AMORTIZABLE PROPERTY INVESTMENT - 22,401 22,401 UNRECOVERED CONTRACT OBLIGATION-YAEC 22,262 22,262 OTHER 38,280 38,280 --------------------------------- ------------------- TOTAL DEFERRED CHARGES 198,792 0 198,792 --------------------------------- ------------------- TOTAL ASSETS $1,192,573 $48,000 $1,240,573 * EXPLANATION AT FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
WESTERN MASSACHUSETTS ELECTRIC COMPANY BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 3.1 PAGE 2 OF 2 PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMON SHARES $26,812 $26,812 CAPITAL SURPLUS, PAID IN 149,464 149,464 RETAINED EARNINGS 110,110 (2,261) 107,849 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 286,386 (2,261) 284,125 PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION 73,500 73,500 PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 24,000 24,000 LONG-TERM DEBT, NET 379,752 379,752 --------------------------------- ------------------- TOTAL CAPITALIZATION 763,638 (2,261) 761,377 OBLIGATIONS UNDER CAPITAL LEASES 25,832 25,832 CURRENT LIABILITIES: 60 NOTES PAYABLE TO AFFILIATED COMPANIES 4,500 4,500 NOTES PAYABLE TO BANKS 7,500 48,000 (a) 55,500 LONG-TERM DEBT AND PREFERRED STOCK - CURRENT PORTION 1,500 1,500 OBLIGATIONS UNDER CAPITAL LEASES - CURRENT PORTION 12,781 12,781 ACCOUNTS PAYABLE 15,216 15,216 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 6,973 6,973 ACCRUED TAXES 6,148 (1,459)(c) 4,689 ACCRUED INTEREST 6,243 3,720 (b) 9,963 REFUNDABLE CONSERVATION COSTS - NET 7,388 7,388 OTHER 7,651 7,651 --------------------------------- ------------------- TOTAL CURRENT LIABILITIES 75,900 50,261 126,161 DEFERRED CREDITS: ACCUMULATED DEFERRED INCOME TAXES 252,253 252,253 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 35,458 35,458 DEFERRED CONTRACT OBLIGATION-YAEC 22,262 22,262 DEFERRED DOE OBLIGATION 6,608 6,608 OTHER 10,622 10,622 --------------------------------- ------------------- TOTAL DEFERRED CREDITS 327,203 0 327,203 --------------------------------- ------------------- TOTAL CAPITALIZATION AND LIABILITIES $1,192,573 $48,000 $1,240,573 * EXPLANATION AT FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
WESTERN MASSACHUSETTS ELECTRIC COMPANY INCOME STATEMENT FOR 12 MONTHS ENDED JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 3.2 PAGE 1 OF 3
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION OPERATING REVENUE $427,894 $0 $427,894 --------------------------------- ------------------- OPERATING EXPENSES: OPERATION - FUEL PURCHASED AND INTERCHANGE POWER 63,136 63,136 OTHER 141,991 141,991 MAINTENANCE 35,432 35,432 DEPRECIATION 35,751 35,751 AMORTIZATION/DEFERRALS OF REGULATORY ASSETS, NET 29,016 29,016 FEDERAL AND STATE INCOME TAXES 35,984 (1,459)(c) 34,525 TAXES OTHER THAN INCOME TAXES 16,969 16,969 --------------------------------- ------------------- TOTAL OPERATING EXPENSES 358,279 (1,459) 356,820 --------------------------------- ------------------- OPERATING INCOME: 69,615 1,459 71,074 --------------------------------- ------------------- OTHER INCOME: DEFERRED NUCLEAR PLANTS RETURN-OTHER FUNDS 1,110 1,110 EQUITY IN EARNINGS OF REGIONAL NUCLEAR GENERATING COMPANIES 1,906 1,906 OTHER, NET 2,615 2,615 INCOME TAXES - CREDIT 747 747 --------------------------------- ------------------- OTHER INCOME, NET 6,378 0 6,378 --------------------------------- ------------------- INCOME BEFORE INTEREST CHARGES 75,993 1,459 77,452 --------------------------------- ------------------- INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 28,585 28,585 OTHER INTEREST 320 3,720 (b) 4,040 DEFERRED NUCLEAR PLANTS RETURN - BORROWED FUNDS, NET OF INCOME TAX (836) (836) --------------------------------- ------------------- TOTAL INTEREST CHARGES 28,069 3,720 31,789 --------------------------------- ------------------- NET INCOME 47,924 (2,261) 45,663 * EXPLANATION AT FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
WESTERN MASSACHUSETTS ELECTRIC COMPANY CAPITAL STRUCTURE AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 3.2 PAGE 2 OF 3 PER BOOK ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % DEBT: LONG-TERM DEBT, NET 49.6% $379,752 0 $379,752 49.8% PREFERRED STOCK: NOT SUBJECT TO REDEMPTION 73,500 73,500 SUBJECT TO REDEMPTION 25,500 25,500 --------------------------------- ------------------- TOTAL PREFERRED STOCK 12.9% 99,000 0 99,000 13.0% COMMON EQUITY: COMMON SHARES 26,812 26,812 CAPITAL SURPLUS, PAID IN 149,464 149,464 RETAINED EARNINGS 110,110 (2,261) 107,849 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 37.5% 286,386 (2,261) 284,125 37.2% --------------------------------- ------------------- TOTAL CAPITAL 100.0% $765,138 (2,261) $762,877 100.0%
WESTERN MASSACHUSETTS ELECTRIC COMPANY EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $48,000 NOTES PAYABLE $48,000 To record the additional proposed borrowing up to the entire $60 million available to the company." (b) OTHER INTEREST EXPENSE 3,720 ACCRUED INTEREST 3,720 To record the interest expense on the additional proposed borrowing at Prime: $48,000 x 7.75% = 3,720 (c) ACCRUED TAXES 1,459 FEDERAL AND STATE INCOME TAX EXPENSE 1,459 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $3,720 x 39.23% = 1,459 NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
EX-99 37 FINANCIAL - PSNH PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 4.1 PAGE 1 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION ASSETS UTILITY PLANT, AT ORIGINAL COST: ELECTRIC $2,014,646 $2,014,646 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 457,821 457,821 ------------------------------------------------ 1,556,825 0 1,556,825 CONSTRUCTION WORK IN PROGRESS 6,308 6,308 NUCLEAR FUEL, NET 1,578 1,578 ------------------------------------------------------- TOTAL NET UTILITY PLANT 1,564,711 0 1,564,711 OTHER PROPERTY AND INVESTMENTS: NUCLEAR DECOMMISSIONING TRUST, AT MARKET 1,672 1,672 INVESTMENTS IN REGIONAL NUCLEAR GENERATING AND SUBSIDIARY COMPANIES, AT EQUITY 19,516 19,516 OTHER, AT COST 356 356 ------------------------------------------------------- TOTAL OTHER PROP. & INVEST. 21,544 0 21,544 CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 404 175,000 (a) 175,404 RECEIVABLES, NET 70,865 70,865 RECEIVABLES FROM AFFILIATED COMPANIES 40,750 40,750 NOTES RECEIVABLE FROM AFFILIATED COS. 1,968 1,968 ACCRUED UTILITY REVENUES 31,919 31,919 FUEL, MATERIAL AND SUPPLIES, AT AVERAGE COST 40,913 40,913 ENERGY ADJUSTMENT CLAUSE - CURRENT 13,802 13,802 PREPAYMENTS AND OTHER 23,598 23,598 ------------------------------------------------------- TOTAL CURRENT ASSETS 224,219 175,000 399,219 DEFERRED CHARGES: REGULATORY ASSET - RATE AGREEMENT 724,453 724,453 UNRECOVERED CONTRACT OBLIGATIONS-YAEC 19,701 19,701 UNAMORTIZED DEBT EXPENSE 18,579 18,579 REGULATORY ASSET - INCOME TAXES NET 62,393 62,393 ENERGY ADJUSTMENT CLAUSE 137,369 137,369 DEFERRED RECEIVABLE FROM ASSOCIATED COMPANY 33,284 33,284 OTHER 8,932 8,932 ------------------------------------------------------- TOTAL DEFERRED CHARGES 1,004,711 0 1,004,711 ------------------------------------------------------- TOTAL ASSETS $2,815,185 $175,000 $2,990,185 * EXPLANATION AT FINANCIAL STATEMENT 4.2 PAGE 3 OF 3
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 4.1 PAGE 2 OF 2 PRO FORMA
GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMON SHARES $1 $1 CAPITAL SURPLUS, PAID IN 421,507 421,507 RETAINED EARNINGS 92,494 (8,199) 84,295 ------------------------------------------------------- TOTAL COMMON STOCKHOLDER EQUITY 514,002 (8,199) 505,803 PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 125,000 125,000 LONG-TERM DEBT 952,985 952,985 ------------------------------------------------------- TOTAL CAPITALIZATION 1,591,987 (8,199) 1,583,788 OBLIGATIONS UNDER CAPITAL LEASES 840,963 840,963 175 CURRENT LIABILITIES: NOTES PAYABLE TO BANK 0 175,000 (a) 175,000 LONG-TERM DEBT CURRENT PORTION 94,000 94,000 OBLIGATIONS UNDER CAPITAL LEASES - CURRENT PORTION 38,851 38,851 ACCOUNTS PAYABLE 32,839 32,839 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 18,458 18,458 ACCRUED TAXES 18,870 (5,364)(c) 13,506 ACCRUED INTEREST 11,223 13,563 (b) 24,786 ACCRUED PENSION BENEFITS 33,122 33,122 OTHER 19,727 19,727 ------------------------------ --------------------- TOTAL CURRENT LIABILITIES 267,090 183,199 450,289 DEFERRED CREDITS: DEFERRED CONTRACT OBLIGATION-YAEC 19,701 19,701 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 5,894 5,894 ACCUMULATED DEFERRED INCOME TAXES 37,260 37,260 DEFERRED REVENUE FROM AFFILIATED CO. 33,284 33,284 OTHER 19,006 19,006 ------------------------------------------------------- TOTAL DEFERRED CREDITS 115,145 0 115,145 ------------------------------------------------------- TOTAL CAPITALIZATION AND LIABILITIES $2,815,185 $175,000 $2,990,185 * EXPLANATION AT FINANCIAL STATEMENT 4.2 PAGE 3 OF 3
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE INCOME STATEMENT FOR 12 MONTHS ENDED JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 4.2 PAGE 1 OF 3
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS * TRANSACTION OPERATING REVENUE $907,504 $0 $907,504 ------------------------------------------------------- OPERATING EXPENSES: OPERATIONS - FUEL, PURCHASED AND NET INTERCHANGE POWER 214,661 214,661 OTHER 312,803 312,803 MAINTENANCE 43,505 43,505 DEPRECIATION 38,436 38,436 AMORTIZATION OF REGULATORY ASSET 50,734 50,734 FEDERAL AND STATE INCOME TAXES 75,296 (5,364)(c) 69,932 TAXES OTHER THAN INCOME TAXES 38,249 38,249 ------------------------------------------------------- TOTAL OPERATING EXPENSES 773,684 (5,364) 768,320 ------------------------------------------------------- OPERATING INCOME: 133,820 5,364 139,184 ------------------------------------------------------- OTHER INCOME: EQUITY IN EARNINGS OF REGIONAL NUCLEAR GENERATING COMPANIES AND SUBSIDIARY COMPANY 1,479 1,479 OTHER, NET 1,350 1,350 INCOME TAXES - CREDIT 11,500 11,500 ------------------------------------------------------- OTHER INCOME, NET 14,329 0 14,329 ------------------------------------------------------- INCOME BEFORE INTEREST CHARGES 148,149 5,364 153,513 ------------------------------------------------------- INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 75,675 75,675 OTHER INTEREST 511 13,563 (b) 14,074 ------------------------------------------------------- TOTAL INTEREST CHARGES 76,186 13,563 89,749 ------------------------------------------------------- NET INCOME 71,963 (8,199) 63,764 * EXPLANATION AT FINANCIAL STATEMENT 4.2 PAGE 3 OF 3
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE CAPITAL STRUCTURE AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 4.2 PAGE 2 OF 3 PER BOOK
ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % DEBT: LONG-TERM DEBT $952,985 $952,985 LONG-TERM DEBT CURRENT PORTION 94,000 94,000 ------------------------------------------------------- TOTAL DEBT 62.1% 1,046,985 0 1,046,985 62.4% PREFERRED STOCK: PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 7.4% 125,000 0 125,000 7.5% COMMON EQUITY: COMMON SHARES 1 1 CAPITAL SURPLUS, PAID IN 421,507 421,507 RETAINED EARNINGS 92,494 (8,199) 84,295 ------------------------------------------------------- TOTAL COMMON STOCKHOLDER EQUITY 30.5% 514,002 (8,199) 505,803 30.1% TOTAL CAPITAL 100.0% $1,685,987 (8,199) $1,677,788 100.0%
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 4.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $175,000 NOTES PAYABLE $175,000 To record the additional proposed borrowing up to the entire $175 million available to the company. (b) OTHER INTEREST EXPENSE 13,563 ACCRUED INTEREST 13,563 To record the interest expense on the additional proposed borrowing at Prime: $175,000 x 7.75%= 13,563 (c) ACCRUED TAXES 5,364 FEDERAL AND STATE INCOME TAX EXPENSE 5,364 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $13,563 x 39.55%= 5,364 NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
EX-99 38 FINANCIAL - HOLYOKE WATER POWER COMPANY HOLYOKE WATER POWER COMPANY CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 5.1 PAGE 1 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION ASSETS UTILITY PLANT, AT ORIGINAL COST: ELECTRIC $88,654 $88,654 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 38,080 38,080 --------------------------------- -------------- 50,574 0 50,574 CONSTRUCTION WORK IN PROGRESS 5,851 5,851 --------------------------------- ------------------- TOTAL NET UTILITY PLANT 56,425 0 56,425 --------------------------------- ------------------- OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, AT EQUITY 3,480 3,480 OTHER INVESTMENTS, AT COST 3 3 --------------------------------- ------------------- 3,483 0 3,483 --------------------------------- ------------------- CURRENT ASSETS: CASH 129 5,000 (a) 5,129 NOTES AND ACCOUNTS RECEIVABLES 7,250 7,250 ACCOUNTS RECEIVABLE 4,416 4,416 ACCOUNTS RECEIVABLE FROM AFFILIATES 819 819 FUEL, MATERIAL AND SUPPLIES, AT AVERAGE COST 4,058 4,058 PREPAYMENTS AND OTHER 145 145 --------------------------------- ------------------- TOTAL CURRENT ASSETS 16,817 5,000 21,817 --------------------------------- ------------------- DEFERRED CHARGES: UNAMORTIZED DEBT EXPENSE 1,072 1,072 DEFERRED CHARGES -- SFAS 109 3,094 3,094 OTHER 418 418 --------------------------------- ------------------- TOTAL DEFERRED CHARGES 4,584 0 4,584 --------------------------------- ------------------- TOTAL ASSETS $81,309 $5,000 $86,309 * EXPLANATION AT FINANCIAL STATEMENT 5.2 PAGE 3 OF 3
HOLYOKE WATER POWER COMPANY CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 5.1 PAGE 2 OF 2 PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMON SHARES $2,400 $2,400 CAPITAL SURPLUS, PAID IN 6,000 6,000 RETAINED EARNINGS 13,392 (228) 13,164 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 21,792 (228) 21,564 LONG-TERM DEBT, NET 38,300 38,300 --------------------------------- ------------------- TOTAL CAPITALIZATION 60,092 (228) 59,864 5 CURRENT LIABILITIES: ACCOUNTS PAYABLE 1,057 1,057 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 134 134 NOTES PAYABLE 0 5,000 (a) 5,000 ACCRUED TAXES 1,831 (160)(c) 1,671 ACCRUED INTEREST 108 388 (b) 496 OTHER 1,377 1,377 ------------------------------ ------------------- TOTAL CURRENT LIABILITIES 4,507 5,228 9,735 DEFERRED CREDITS: ACCUMULATED DEFERRED INCOME TAXES 10,902 10,902 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 3,711 3,711 OTHER 2,097 2,097 --------------------------------- ------------------- TOTAL DEFERRED CREDITS 16,710 0 16,710 --------------------------------- ------------------- TOTAL CAPITALIZATION AND LIABILITIES $81,309 $5,000 $86,309 * EXPLANATION AT FINANCIAL STATEMENT 5.2 PAGE 3 OF 3
HOLYOKE WATER POWER COMPANY CONSOLIDATED INCOME STATEMENT FOR 12 MONTHS ENDED JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 5.2 PAGE 1 OF 3 PRO FORMA
GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION OPERATING REVENUE $39,685 $0 $39,685 --------------------------------- ------------------- OPERATING EXPENSES: OPERATION - FUEL PURCHASED AND INTERCHANGE POWER 16,419 16,419 OTHER 11,318 11,318 MAINTENANCE 5,237 5,237 DEPRECIATION 1,816 1,816 FEDERAL AND STATE INCOME TAXES 343 (160)(c) 183 TAXES OTHER THAN INCOME TAXES 1,860 1,860 --------------------------------- ------------------- TOTAL OPERATING EXPENSES 36,993 (160) 36,833 --------------------------------- ------------------- OPERATING INCOME: 2,692 160 2,852 --------------------------------- ------------------- OTHER INCOME: OTHER, NET (392) (392) INCOME TAXES - CREDIT 333 333 --------------------------------- ------------------- OTHER INCOME, NET (59) 0 (59) --------------------------------- ------------------- INCOME BEFORE INTEREST CHARGES 2,633 160 2,793 --------------------------------- ------------------- INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 1,165 1,165 OTHER INTEREST (63) 388 (b) 325 --------------------------------- ------------------- TOTAL INTEREST CHARGES 1,102 388 1,490 --------------------------------- ------------------- NET INCOME 1,531 (228) 1,303 * EXPLANATION AT FINANCIAL STATEMENT 5.2 PAGE 3 OF 3
HOLYOKE WATER POWER COMPANY CAPITAL STRUCTURE AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 5.2 PAGE 2 OF 3 PER BOOK
ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % DEBT: LONG-TERM DEBT, NET 63.7% $38,300 0 $38,300 64.0% --------------------------------- ------------------- COMMON EQUITY: COMMON SHARES $2,400 2,400 CAPITAL SURPLUS, PAID IN 6,000 6,000 RETAINED EARNINGS 13,392 (228) 13,164 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 36.3% 21,792 (228) 21,564 36.0% --------------------------------- ------------------- TOTAL CAPITAL 100.0% $60,092 (228) $59,864 100.0%
HOLYOKE WATER POWER COMPANY EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 5.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $5,000 NOTES PAYABLE $5,000 To record the additional proposed borrowing up to the entire $5 million available to the company. (b) OTHER INTEREST EXPENSE 388 ACCRUED INTEREST 388 To record the interest expense on the additional proposed borrowing at Prime. $5,000 x 7.75% = 388 (c) ACCRUED TAXES 160 FEDERAL AND STATE INCOME TAX EXPENSE 160 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $388 x 41.18% = 160 NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
EX-99 39 FINANCIAL - NORTHEAST NUCLEAR ENERGY COMPANY NORTHEAST NUCLEAR ENERGY COMPANY BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 6.1 PAGE 1 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION ASSETS UTILITY PLANT, AT ORIGINAL COST: ELECTRIC $53,633 $53,633 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 6,993 6,993 --------------------------------- -------------- 46,640 0 46,640 CONSTRUCTION WORK IN PROGRESS 5,908 5,908 --------------------------------- ------------------- TOTAL NET UTILITY PLANT 52,548 0 52,548 --------------------------------- ------------------- CURRENT ASSETS: CASH 8 35,000 (a) 35,008 NOTES RECEIVABLE FROM AFFILIATES 6,000 6,000 ACCOUNTS RECEIVABLE 4,686 4,686 RECEIVABLES FROM AFFILIATED COMPANIES 21,358 21,358 MATERIAL AND SUPPLIES 76,498 76,498 PREPAYMENTS AND OTHER 3,406 3,406 --------------------------------- ------------------- TOTAL CURRENT ASSETS 111,956 35,000 146,956 --------------------------------- ------------------- DEFERRED CHARGES: ACCUMULATED DEFERRED INCOME TAX 1,986 1,986 UNAMORTIZED DEBT EXPENSE 172 172 OTHER 3,633 3,633 --------------------------------- ------------------- TOTAL DEFERRED CHARGES 5,791 0 5,791 --------------------------------- ------------------- TOTAL ASSETS $170,295 $35,000 $205,295 *EXPLANATION AT FINANCIAL STATEMENT 6.2 PAGE 3 OF 3
NORTHEAST NUCLEAR ENERGY COMPANY BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 6.1 PAGE 2 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMON SHARES $15 $15 CAPITAL SURPLUS, PAID IN 15,350 15,350 RETAINED EARNINGS 998 (1,561) (563) --------------------------------- ------------------- TOTAL COMMON EQUITY 16,363 (1,561) 14,802 LONG-TERM DEBT 24,714 24,714 --------------------------------- ------------------- TOTAL CAPITALIZATION 41,077 (1,561) 39,516 OBLIGATIONS UNDER CAPITAL LEASES 18,197 18,197 50 CURRENT LIABILITIES: LONG-TERM DEBT -- CURRENT PORTION 286 286 OBLIGATIONS UNDER CAPITAL LEASES - CURRENT PORTION 2,329 2,329 NOTES PAYABLE TO AFFILIATED COMPANIES 15,000 35,000 (a) 50,000 ACCOUNTS PAYABLE 16,048 16,048 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 1,133 1,133 ACCRUED TAXES 4,991 (1,152)(c) 3,839 ACCRUED PENSION BENEFITS 12,791 12,791 MILLSTONE 3 FUNDING LIABILITY 42,342 42,342 ACCRUED INTEREST 0 2,713 (b) 2,713 OTHER 4,464 4,464 ------------------------------ ------------------- TOTAL CURRENT LIABILITIES 99,384 36,561 135,945 DEFERRED CREDITS: DEFERRED CREDIT - SFAS 109 7,118 7,118 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 773 773 OTHER 3,746 3,746 --------------------------------- ------------------- TOTAL DEFERRED CREDITS 11,637 0 11,637 --------------------------------- ------------------- TOTAL CAPITALIZATION AND LIABILITIES $170,295 $35,000 $205,295 *EXPLANATION AT FINANCIAL STATEMENT 6.2 PAGE 3 OF 3
NORTHEAST NUCLEAR ENERGY COMPANY INCOME STATEMENT FOR 12 MONTHS ENDED JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 6.2 PAGE 1 OF 3
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION OPERATING REVENUE $397,580 $0 $397,580 --------------------------------- ------------------- OPERATING EXPENSES: OPERATIONS 238,259 238,259 MAINTENANCE 139,785 139,785 DEPRECIATION 505 505 FEDERAL AND STATE INCOME TAXES 1,086 (1,152)(c) (66) TAXES OTHER THAN INCOME TAXES 13,967 13,967 --------------------------------- ------------------- TOTAL OPERATING EXPENSES 393,602 (1,152) 392,450 --------------------------------- ------------------- OPERATING INCOME: 3,978 1,152 5,130 --------------------------------- ------------------- OTHER DEDUCTIONS: (1,040) (1,040) --------------------------------- ------------------- INCOME BEFORE INTEREST CHARGES 2,938 1,152 4,090 --------------------------------- ------------------- INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 420 420 OTHER INTEREST 500 2,713 (b) 3,213 --------------------------------- ------------------- TOTAL INTEREST CHARGES 920 2,713 3,633 --------------------------------- ------------------- NET INCOME 2,018 (1,561) 457 *EXPLANATION AT FINANCIAL STATEMENT 6.2 PAGE 3 OF 3
NORTHEAST NUCLEAR ENERGY COMPANY CAPITAL STRUCTURE AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 6.2 PAGE 2 OF 3
PER BOOK ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % DEBT: LONG-TERM DEBT, NET 60.4% $25,000 0 $25,000 62.8% --------------------------------- ------------------- COMMON EQUITY: COMMON SHARES 15 15 CAPITAL SURPLUS, PAID IN 15,350 15,350 RETAINED EARNINGS 998 (1,561) (563) --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 39.6% 16,363 (1,561) 14,802 37.2% --------------------------------- ------------------- TOTAL CAPITAL 100.0% $41,363 (1,561) $39,802 100.0%
NORTHEAST NUCLEAR ENERGY COMPANY EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 6.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $35,000 NOTES PAYABLE $35,000 To record the additional proposed borrowing up to the entire $50 million available to the company. (b) OTHER INTEREST EXPENSE 2,713 ACCRUED INTEREST 2,713 To record tha interest expense on the additional proposed borrowing at Prime. $35,000 x 7.75% = 2,713 (c) ACCRUED TAXES 1,152 FEDERAL AND STATE INCOME TAX EXPENSE 1,152 To record the reduction in Federal and State income taxes due to the higher interest and fee expense: $2,713 x 42.48% = 1,152 NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
EX-99 40 FINANCIAL - NORTH ATLANTIC ENERGY CORPORATION NORTH ATLANTIC ENERGY CORPORATION BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 7.1 PAGE 1 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION ASSETS UTILITY PLANT, AT ORIGINAL COST: ELECTRIC $767,002 $767,002 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 67,575 67,575 -------------------------------- -------------- 699,427 0 699,427 CONSTRUCTION WORK IN PROGRESS 9,053 9,053 NUCLEAR FUEL, NET 23,076 23,076 -------------------------------- ------------------- TOTAL NET UTILITY PLANT 731,556 0 731,556 OTHER PROPERTY AND INVESTMENTS: NUCLEAR DECOMMISSIONING TRUST, AT MARKET 9,294 9,294 -------------------------------- ------------------- TOTAL OTHER PROP. & INVEST. 9,294 0 9,294 CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 2,065 50,000 (a) 52,065 RECEIVABLES FROM AFFILIATED COMPANIES 21,350 21,350 NOTES RECEIVABLE FROM AFFILIATED COMPANY 11,500 11,500 RECEIVABLES 2,453 2,453 FUEL, MATERIALS, AND SUPPLIES, AT AVERAGE COST 9,242 9,242 PREPAYMENTS AND OTHER 3,945 3,945 -------------------------------- ------------------- TOTAL CURRENT ASSETS 50,555 50,000 100,555 DEFERRED CHARGES: UNAMORTIZED DEBT EXPENSE 5,170 5,170 DEFERRED COST-NUCLEAR PLANT 109,314 109,314 REGULATORY ASSET - INCOME TAXES 25,804 25,804 DEFERRED DOE ASSESSMENT 4,784 4,784 OTHER DEFERRED DEBITS 974 974 -------------------------------- ------------------- TOTAL DEFERRED CHARGES 146,046 0 146,046 -------------------------------- ------------------- TOTAL ASSETS $937,451 $50,000 $987,451
*EXPLANATION AT FINANCIAL STATEMENT 7.2 PAGE 3 OF 3 NORTH ATLANTIC ENERGY CORPORATION BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 7.1 PAGE 2 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMON SHARES $1 $1 CAPITAL SURPLUS, PAID IN 160,999 160,999 RETAINED EARNINGS 52,070 (2,342) 49,728 -------------------------------- ------------------- TOTAL COMMON STOCKHOLDER EQUITY 213,070 (2,342) 210,728 LONG-TERM DEBT 560,000 560,000 -------------------------------- ------------------- TOTAL CAPITALIZATION 773,070 (2,342) 770,728 50 CURRENT LIABILITIES: NOTES PAYABLE TO AFFILIATED COMPANY 0 50,000 (a) 50,000 ACCOUNTS PAYABLE 3,713 3,713 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 901 901 ACCRUED TAXES 2,381 (1,533)(c) 848 DEFERRED DOE OBLIGATION - CURRENT 845 845 ACCRUED INTEREST 18,288 3,875 (b) 22,163 ----------------------------- ------------------- TOTAL CURRENT LIABILITIES 26,128 52,342 78,470 DEFERRED CREDITS: DEFERRED CONTRACT OBLIGATIONS TO ASSOCIATED COMPANY 33,284 33,284 ACCUMULATED DEFERRED INCOME TAXES 98,974 98,974 DEFERRED SEABROOK TAX SETTLEMENT 2,054 2,054 DEFERRED DOE OBLIGATION 3,941 3,941 -------------------------------- ------------------- TOTAL DEFERRED CREDITS 138,253 0 138,253 -------------------------------- ------------------- TOTAL CAPITALIZATION AND LIABILITIES $937,451 $50,000 $987,451
*EXPLANATION AT FINANCIAL STATEMENT 7.2 PAGE 3 OF 3 NORTH ATLANTIC ENERGY CORPORATION INCOME STATEMENT FOR 12 MONTHS ENDED JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 7.2 PAGE 1 OF 3
PRO FORMA GIVING EFFECT PRO FORMA * TO PROPOSED PER BOOK ADJUSTMENTS TRANSACTION OPERATING REVENUE $138,525 $0 $138,525 -------------------------------- ------------------- OPERATING EXPENSES: OPERATIONS - FUEL 5,096 5,096 OTHER 39,228 39,228 MAINTENANCE 14,513 14,513 DEPRECIATION 22,618 22,618 FEDERAL AND STATE INCOME TAXES 6,984 (1,533)(c) 5,451 TAXES OTHER THAN INCOME TAXES 11,684 11,684 -------------------------------- ------------------- TOTAL OPERATING EXPENSES 100,123 (1,533) 98,590 -------------------------------- ------------------- OPERATING INCOME: 38,402 1,533 39,935 -------------------------------- ------------------- OTHER INCOME: DEFERRED SEABROOK RETURN - OTHER FUNDS 13,015 13,015 OTHER, NET 1,895 1,895 INCOME TAXES - CREDIT 1,938 1,938 -------------------------------- ------------------- OTHER INCOME, NET 16,848 0 16,848 INCOME BEFORE INTEREST CHARGES 55,250 1,533 56,783 -------------------------------- ------------------- INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 64,022 64,022 OTHER INTEREST (240) 3,875 (b) 3,635 DEFERRED SEABROOK RETURN - BORROWED FUNDS (38,272) (38,272) -------------------------------- ------------------- TOTAL INTEREST CHARGES, NET 25,510 3,875 29,385 NET INCOME 29,740 (2,342) 27,398
* EXPLANATION AT FINANCIAL STATEMENT 7.2 PAGE 3 OF 3 NORTH ATLANTIC ENERGY CORPORATION CAPITAL STRUCTURE ON JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 7.2 PAGE 2 OF 3
PER BOOK ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % LONG-TERM DEBT 72.4% $560,000 $560,000 72.7% COMMON SHARES 1 1 CAPITAL SURPLUS, PAID IN 160,999 160,999 RETAINED EARNINGS 52,070 (2,342) 49,728 -------------------------------- ------------------- TOTAL COMMON STOCKHOLDER EQUITY 27.6% 213,070 (2,342) 210,728 27.3% -------------------------------- ------------------- 100.0% $773,070 (2,342) $770,728 100.0%
NORTH ATLANTIC ENERGY CORPORATION EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 7.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $50,000 NOTES PAYABLE $50,000 To record the additional proposed borrowing up to the entire $50 million available to the company. (b) OTHER INTEREST EXPENSE 3,875 ACCRUED INTEREST 3,875 To record the interest expense on the additional proposed borrowing at Prime. $50,000 x 7.75%= 3,875 (c) ACCRUED TAXES 1,533 FEDERAL AND STATE INCOME TAX EXPENSE 1,533 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $1,533 x 39.55%= 1,533 NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
EX-99 41 FINANCIAL - THE ROCKY RIVER REALTY COMPANY THE ROCKY RIVER REALTY COMPANY BALANCE SHEET AS OF JUNE 30,1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 8.1 PAGE 1 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION ASSETS UTILITY PLANT, AT ORIGINAL COST: ELECTRIC $0 $0 OTHER 68,254 68,254 --------------------------------- ------------------- 68,254 0 68,254 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 21,808 21,808 --------------------------------- -------------- 46,446 0 46,446 CONSTRUCTION WORK IN PROGRESS 19,074 19,074 --------------------------------- ------------------- TOTAL NET UTILITY PLANT 65,520 0 65,520 --------------------------------- ------------------- OTHER PROPERTY AND INVESTMENT 2,488 0 2,488 --------------------------------- ------------------- CURRENT ASSETS: CASH 68 5,250 (a) 5,318 ACCOUNTS RECEIVABLE 1 1 ACCOUNTS RECEIVABLE FROM AFFILIATED CO'S 1,840 1,840 TAXES RECEIVABLE 59 59 PREPAYMENTS AND OTHER 19 19 --------------------------------- ------------------- TOTAL CURRENT ASSETS 1,987 5,250 7,237 --------------------------------- ------------------- DEFERRED CHARGES: UNAMORTIZED DEBT EXPENSE 246 246 OTHER 78 78 --------------------------------- ------------------- TOTAL DEFERRED CHARGES 324 0 324 --------------------------------- ------------------- TOTAL ASSETS $70,319 $5,250 $75,569
* EXPLANATION AT FINANCIAL STATEMENT 8.2 PAGE 3 OF 3 THE ROCKY RIVER REALTY COMPANY BALANCE SHEET AS OF JUNE 30,1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 8.1 PAGE 2 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMON SHARES $10 $10 CAPITAL SURPLUS, PAID IN 0 0 RETAINED EARNINGS 674 (234) 440 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 684 (234) 450 LONG-TERM DEBT, NET 48,827 48,827 --------------------------------- ------------------- TOTAL CAPITALIZATION 49,511 (234) 49,277 0BLIGATION UNDER CAPITAL LEASE 140 140 22 CURRENT LIABILITIES: NOTES PAYABLE TO AFFILIATED COMPANIES 16,750 5,250 (a) 22,000 ACCOUNTS PAYABLE 15 15 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 39 39 LONG-TERM DEBT - CURRENT PORTION 1,696 1,696 OBLIGATION UNDER CAPITAL LEASE-CURRENT 162 162 ACCRUED TAXES 6 (173)(c) (167) INTEREST ACCRUED 664 407 (b) 1,071 OTHER 7 7 ------------------------------ ------------------- TOTAL CURRENT LIABILITIES 19,339 5,484 24,823 DEFERRED CREDITS: ACCUMULATED DEFERRED INCOME TAX 1,267 1,267 OTHER DEFERRED CREDITS 62 62 ------------------------------ ------------------- TOTAL DEFERRED CREDITS 1,329 0 1,329 --------------------------------- ------------------- TOTAL CAPITALIZATION AND LIABILITIES $70,319 $5,250 $75,569 * EXPLANATION AT FINANCIAL STATEMENT 8.2 PAGE 3 OF 3
THE ROCKY RIVER REALTY COMPANY INCOME STATEMENT FOR 12 MONTHS ENDED JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 8.2 PAGE 1 OF 3
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION OPERATING REVENUE $9,649 $0 $9,649 --------------------------------- ------------------- OPERATING EXPENSES: OPERATION - 804 804 MAINTENANCE 0 0 DEPRECIATION 2,339 2,339 FEDERAL AND STATE INCOME TAXES 0 (173)(c) (173) TAXES OTHER THAN INCOME TAXES 1,480 1,480 --------------------------------- ------------------- TOTAL OPERATING EXPENSES 4,623 (173) 4,450 --------------------------------- ------------------- OPERATING INCOME: 5,026 173 5,199 --------------------------------- ------------------- OTHER INCOME, NET 13 0 13 --------------------------------- ------------------- INCOME BEFORE INTEREST CHARGES 5,039 173 5,212 --------------------------------- ------------------- INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 4,444 4,444 OTHER INTEREST 595 407 (b) 1,002 --------------------------------- ------------------- TOTAL INTEREST CHARGES 5,039 407 5,446 --------------------------------- ------------------- NET INCOME 0 (234) (234) * EXPLANATION AT FINANCIAL STATEMENT 8.2 PAGE 3 OF 3
THE ROCKY RIVER REALTY COMPANY CAPITAL STRUCTURE AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 8.2 PAGE 2 OF 3
PER BOOK ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % DEBT: LONG-TERM DEBT, NET 98.7% $50,523 0 $50,523 99.1% --------------------------------- ------------------- COMMON EQUITY: COMMON SHARES 10 10 CAPITAL SURPLUS, PAID IN 0 0 RETAINED EARNINGS 674 (234) 440 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 1.3% 684 (234) 450 0.9% --------------------------------- ------------------- TOTAL CAPITAL 100.0% $51,207 (234) $50,973 100.0%
THE ROCKY RIVER REALTY COMPANY EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 8.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $5,250 NOTES PAYABLE $5,250 To record the additional proposed borrowing up to the entire $22 million available to the company. (b) OTHER INTEREST EXPENSE 407 ACCRUED INTEREST 407 To record the interest expense on the additional proposed borrowing at Prime. $5,250 x 7.75% = 407 (c) ACCRUED TAXES 173 FEDERAL AND STATE INCOME TAX EXPENSE 173 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $407 x 42.48% = 173 NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
EX-99 42 FINANCIAL - THE QUINNEHTUK COMPANY THE QUINNEHTUK COMPANY BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 9.1 PAGE 1 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION ASSETS UTILITY PLANT, AT ORIGINAL COST: ELECTRIC $0 $0 OTHER 1,829 1,829 --------------------------------- ------------------- 1,829 0 1,829 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 1,047 1,047 --------------------------------- -------------- 782 0 782 CONSTRUCTION WORK IN PROGRESS 332 332 --------------------------------- ------------------- TOTAL NET UTILITY PLANT 1,114 0 1,114 OTHER PROPERTY AND INVESTMENT 2,626 0 2,626 CURRENT ASSETS: CASH 267 3,250 (a) 3,517 ACCOUNTS RECEIVABLE FROM AFFILIATED CO'S 51 51 --------------------------------- ------------------- TOTAL CURRENT ASSETS 318 3,250 3,568 --------------------------------- ------------------- DEFERRED CHARGES 15 15 --------------------------------- ------------------- TOTAL ASSETS $4,073 $3,250 $7,323 * EXPLANATION AT FINANCIAL STATEMENT 9.2 PAGE 3 OF 3
THE QUINNEHTUK COMPANY BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 9.1 PAGE 2 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMON SHARES $350 $350 CAPITAL SURPLUS, PAID IN 155 155 RETAINED EARNINGS (1,450) (153) (1,603) --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY (945) (153) (1,098) LONG-TERM DEBT, NET 0 0 --------------------------------- ------------------- TOTAL CAPITALIZATION (945) (153) (1,098) 8 CURRENT LIABILITIES: NOTES PAYABLE TO AFFILIATED COMPANY 4,750 3,250 (a) 8,000 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 1 1 ACCRUED INTEREST 0 252 (b) 252 ACCRUED TAXES 180 (99)(c) 81 OTHER 4 4 ------------------------------ ------------------- TOTAL CURRENT LIABILITIES 4,935 3,403 8,338 DEFERRED CREDITS: ACCUMULATED DEFERRED INCOME TAX 61 61 OTHER DEFERRED CREDITS 22 22 ------------------------------ ------------------- TOTAL DEFERRED CREDITS 83 0 83 --------------------------------- ------------------- TOTAL CAPITALIZATION AND LIABILITIES $4,073 $3,250 $7,323 * EXPLANATION AT FINANCIAL STATEMENT 9.2 PAGE 3 OF 3
THE QUINNEHTUK COMPANY INCOME STATEMENT FOR 12 MONTHS ENDED JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 9.2 PAGE 1 OF 3
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION OPERATING REVENUE $207 $0 $207 --------------------------------- ------------------- OPERATING EXPENSES: OPERATION - 34 34 MAINTENANCE 0 0 DEPRECIATION 59 59 FEDERAL AND STATE INCOME TAXES (120) (99)(c) (219) TAXES OTHER THAN INCOME TAXES 274 274 --------------------------------- ------------------- TOTAL OPERATING EXPENSES 247 (99) 148 --------------------------------- ------------------- OPERATING INCOME: (40) 99 59 --------------------------------- ------------------- OTHER INCOME, NET (19) 0 (19) --------------------------------- ------------------- INCOME BEFORE INTEREST CHARGES (59) 99 40 --------------------------------- ------------------- INTEREST CHARGES 144 252 (b) 396 --------------------------------- ------------------- NET INCOME (203) (153) (356) * EXPLANATION AT FINANCIAL STATEMENT 9.2 PAGE 3 OF 3
THE QUINNEHTUK COMPANY CAPITAL STRUCTURE ON JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 9.2 PAGE 2 OF 3
PER BOOK ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % LONG-TERM DEBT N/M 0 0 N/M COMMON SHARES $350 $350 CAPITAL SURPLUS, PAID IN 155 155 RETAINED EARNINGS (1,450) (153) (1,603) --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER EQUITY N/M (945) (153) (1,098) N/M --------------------------------- ------------------- TOTAL CAPITAL N/M (945) (153) (1,098) N/M
THE QUINNEHTUK COMPANY EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 9.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $3,250 NOTES PAYABLE $3,250 To record the additional proposed borrowing up to the entire $8 million available to the company. (b) OTHER INTEREST EXPENSE 252 ACCRUED INTEREST 252 To record the interest expense on the additional proposed borrowing at Prime. $3,250 x 7.75% = 252 (c) ACCRUED TAXES 99 FEDERAL AND STATE INCOME TAX EXPENSE 99 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $252 x 39.23% = 99 NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
EX-99 43 FINANCIAL - HEC INC. HEC INCORPORATED BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 10.1 PAGE 1 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION ASSETS UTILITY PLANT, AT ORIGINAL COST: ELECTRIC $2,944 $2,944 OTHER 769 769 --------------------------------- ------------------- 3,713 0 3,713 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 1,202 1,202 --------------------------------- -------------- 2,511 0 2,511 CONSTRUCTION WORK IN PROGRESS 0 0 --------------------------------- ------------------- TOTAL NET UTILITY PLANT 2,511 0 2,511 CURRENT ASSETS: CASH 919 8,475 (a) 9,394 RECEIVABLES, NET 1,922 1,922 RECEIVABLES FROM AFFILIATES 66 66 MATERIALS & SUPPLIES, AT AVERAGE COST 30 30 PREPAYMENTS AND OTHER 123 123 --------------------------------- ------------------- TOTAL CURRENT ASSETS 3,060 8,475 11,535 --------------------------------- ------------------- DEFERRED CHARGES 1,804 1,804 --------------------------------- ------------------- TOTAL ASSETS $7,375 $8,475 15,850 *EXPLANATION AT FINANCIAL STATEMENT 10.2 PAGE 3 OF 3
HEC INCORPORATED BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 10.1 PAGE 2 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMMON SHARES $0 $0 CAPITAL SURPLUS, PAID IN 4,316 4,316 RETAINED EARNINGS (1,039) (386) (1,425) --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 3,277 (386) 2,891 DEBT, NET 0 0 --------------------------------- ------------------- TOTAL CAPITALIZATION 3,277 (386) 2,891 11 CURRENT LIABILITIES: NOTES PAYABLE TO AFFILIATED COMPANY 2,525 8,475 (a) 11,000 ACCOUNTS PAYABLE 979 979 ACCOUNTS PAYABLE TO AFFILIATES 62 62 ACCRUED TAXES (172) (271)(c) (443) ACCRUED INTEREST 0 657 (b) 657 OTHER 343 343 ------------------------------ ------------------- TOTAL CURRENT LIABILITIES 3,737 8,861 12,598 --------------------------------- ------------------- ACCUMULATED DEFERRED INCOME TAXES 361 361 --------------------------------- ------------------- TOTAL CAPITALIZATION AND LIABILITIES $7,375 $8,475 15,850 *EXPLANATION AT FINANCIAL STATEMENT 10.2 PAGE 3 OF 3
HEC INCORPORATED INCOME STATEMENT FOR 12 MONTHS ENDED JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 10.2 PAGE 1 OF 3 PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION OPERATING REVENUE $15,463 $0 $15,463 --------------------------------- ------------------- OPERATING EXPENSES: OPERATION - 14,379 14,379 MAINTENANCE 12 12 DEPRECIATION 396 396 FEDERAL AND STATE INCOME TAXES 140 (271)(c) (131) TAXES OTHER THAN INCOME TAXES 324 324 --------------------------------- ------------------- TOTAL OPERATING EXPENSES 15,251 (271) 14,980 --------------------------------- ------------------- OPERATING INCOME: 212 271 483 --------------------------------- ------------------- OTHER INCOME: OTHER INCOME, NET 120 120 INCOME TAXES - CREDIT (7) (7) --------------------------------- ------------------- OTHER INCOME, NET 113 0 113 --------------------------------- ------------------- INCOME BEFORE INTEREST CHARGES 325 271 596 --------------------------------- ------------------- INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 66 66 OTHER INTEREST, NET 103 657 (b) 760 --------------------------------- ------------------- TOTAL INTEREST CHARGES 169 657 826 --------------------------------- ------------------- NET INCOME 156 (386) (230) *EXPLANATION AT FINANCIAL STATEMENT 10.2 PAGE 3 OF 3
HEC INCORPORATED CAPITAL STRUCTURE ON JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 10.2 PAGE 2 OF 3
PER BOOK ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % LONG-TERM DEBT 0.0% $0 $0 0.0% COMMON SHARES 0 0 CAPITAL SURPLUS, PAID IN 4,316 4,316 RETAINED EARNINGS (1,039) (386) (1,425) --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER EQUITY 100.0% 3,277 (386) 2,891 100.0% --------------------------------- ------------------- TOTAL CAPITAL 100.0% 3,277 (386) 2,891 100.0%
HEC INCORPORATED EXPLANATION OF ADJUSTMENTS AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 10.2 PAGE 3 OF 3
DEBITS CREDITS (a) CASH $8,475 NOTES PAYABLE $8,475 To record the additional proposed borrowing up to the entire $11 million available to the company. (b) INTEREST 657 ACCRUED INTEREST 657 To record the interest expense on the additional proposed borrowing at Prime: $8,475 x 7.75% = 657 (c) ACCRUED TAXES 271 FEDERAL & STATE INCOME TAX EXPENSE 271 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $657 x 41.18% = 271 NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
EX-99 44 FINANCIAL - NU AND SUBSIDIARIES (CONSOLIDATED) NORTHEAST UTILITIES AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 11.1 PAGE 1 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION ASSETS UTILITY PLANT, AT ORIGINAL COST: ELECTRIC & OTHER $9,392,696 $9,392,696 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 3,163,003 3,163,003 --------------------------------- -------------- 6,229,693 0 6,229,693 CONSTRUCTION WORK IN PROGRESS 180,211 180,211 NUCLEAR FUEL, NET 222,705 222,705 --------------------------------- ------------------- TOTAL NET UTILITY PLANT 6,632,609 0 6,632,609 --------------------------------- ------------------- OTHER PROPERTY AND INVESTMENTS: NUCLEAR DECOMMISSIONING TRUST, AT MARKET 229,307 229,307 INVESTMENTS IN REGIONAL NUCLEAR GENERATING COMPANIES, AT EQUITY 81,856 81,856 INVESTMENTS IN TRANSMISSION COMPANIES, AT EQUITY 26,057 26,057 OTHER, AT COST 35,164 35,164 --------------------------------- ------------------- 372,384 0 372,384 --------------------------------- ------------------- CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 30,456 484,500 (a) 514,956 RECEIVABLES, NET 348,894 348,894 RECEIVABLES FROM AFFILIATED COMPANIES 0 0 ACCRUED UTILITY REVENUES 134,462 134,462 FUEL, MATERIAL AND SUPPLIES, AT AVERAGE COST 200,216 200,216 RECOVERABLE ENERGY COSTS, NET-CURRENT POSITION 21,041 21,041 PREPAYMENTS AND OTHER 44,802 44,802 --------------------------------- ------------------- TOTAL CURRENT ASSETS 779,871 484,500 1,264,371 --------------------------------- ------------------- DEFERRED CHARGES: REGULATORY ASSET-INCOME TAXES, NET 1,160,810 1,160,810 REGULATORY ASSET-PSNH 724,453 724,453 UNAMORTIZED DEBT EXPENSE 35,581 35,581 RECOVERABLE ENERGY COSTS, NET 166,048 166,048 DEFERRED CONSERVATION AND LOAD- MANAGEMENT COSTS 107,755 107,755 DEFERRED DOE ASSESSMENT 50,433 50,433 DEFERRED COSTS - NUCLEAR PLANTS 271,099 271,099 AMORTIZABLE PROPERTY INVESTMENT - 27,383 27,383 UNRECOVERED CONTRACT OBLIGATION-YAEC 119,882 119,882 OTHER 129,408 129,408 --------------------------------- ------------------- TOTAL DEFERRED CHARGES 2,792,852 0 2,792,852 --------------------------------- ------------------- TOTAL ASSETS *********** $484,500 $11,062,216 * EXPLANATION AT FINANCIAL STATEMENT 11.2 PAGE 3 OF 3
NORTHEAST UTILITIES AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 11.1 PAGE 2 OF 2
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMON SHARES $671,048 $671,048 CAPITAL SURPLUS, PAID IN 903,137 903,137 DEFERRED BENEFIT PLAN-EMPLOYEE STOCK OWNERSHIP PLAN (221,047) (221,047) RETAINED EARNINGS 927,032 (22,529) 904,503 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 2,280,170 (22,529) 2,257,641 PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION 239,700 239,700 PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 379,000 379,000 LONG-TERM DEBT, NET 3,910,661 3,910,661 --------------------------------- ------------------- TOTAL CAPITALIZATION 6,809,531 (22,529) 6,787,002 OBLIGATIONS UNDER CAPITAL LEASES 179,224 179,224 CURRENT LIABILITIES: NOTES PAYABLE TO BANKS 233,000 484,500 (a) 717,500 COMMERCIAL PAPER 69,500 69,500 LONG-TERM DEBT AND PREFERRED STOCK - CURRENT PORTION 284,027 284,027 OBLIGATIONS UNDER CAPITAL LEASES - CURRENT PORTION 72,388 72,388 ACCOUNTS PAYABLE 205,445 205,445 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 0 0 ACCRUED TAXES 57,696 (15,020)(c) 42,676 ACCRUED INTEREST 68,435 37,549 (b) 105,984 ACCRUED PENSION BENEFITS 83,586 83,586 OTHER 80,458 80,458 ------------------------------ ------------------- TOTAL CURRENT LIABILITIES 1,154,535 507,029 1,661,564 DEFERRED CREDITS: ACCUMULATED DEFERRED INCOME TAXES 1,939,156 1,939,156 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 196,967 196,967 DEFERRED CONTRACT OBLIGATION-YAEC 119,882 119,882 DEFERRED DOE OBLIGATION 39,530 39,530 OTHER 138,891 138,891 --------------------------------- ------------------- TOTAL DEFERRED CREDITS 2,434,426 0 2,434,426 --------------------------------- ------------------- TOTAL CAPITALIZATION AND LIABILITIES *********** $484,500 $11,062,216 * EXPLANATION AT FINANCIAL STATEMENT 11.2 PAGE 3 OF 3
NORTHEAST UTILITIES AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT FOR 12 MONTHS ENDED JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 11.2 PAGE 1 OF 3
PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOK ADJUSTMENTS* TRANSACTION OPERATING REVENUE $3,637,933 $0 $3,637,933 --------------------------------- ------------------- OPERATING EXPENSES: OPERATION - FUEL PURCHASED AND INTERCHANGE POWER 827,682 827,682 OTHER 959,082 959,082 MAINTENANCE 282,628 282,628 DEPRECIATION 324,509 324,509 AMORTIZATION/DEFERRALS OF REGULATORY ASSETS, NET 196,437 196,437 FEDERAL AND STATE INCOME TAXES 286,791 (15,020)(c) 271,771 TAXES OTHER THAN INCOME TAXES 240,594 240,594 --------------------------------- ------------------- TOTAL OPERATING EXPENSES 3,117,723 (15,020) 3,102,703 --------------------------------- ------------------- OPERATING INCOME: 520,210 15,020 535,230 --------------------------------- ------------------- OTHER INCOME: ALLOWANCE FOR OTHER FUNDS USED DURING CONSTRUCTION 938 938 DEFERRED NUCLEAR PLANTS RETURN-OTHER FUNDS 31,489 31,489 EQUITY IN EARNINGS OF REGIONAL NUCLEAR GENERATING COMPANIES 14,005 14,005 WRITE OFF OF PLANT COSTS 0 0 OTHER, NET 17,879 17,879 INCOME TAXES - CREDIT 19,750 19,750 --------------------------------- ------------------- OTHER INCOME, NET 84,061 0 84,061 --------------------------------- ------------------- INCOME BEFORE INTEREST CHARGES 604,271 15,020 619,291 --------------------------------- ------------------- INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 321,066 321,066 OTHER INTEREST 11,380 37,549 (b) 48,929 ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION (3,216) (3,216) DEFERRED NUCLEAR PLANTS RETURN - BORROWED FUNDS, NET OF INCOME TAX (49,657) (49,657) --------------------------------- ------------------- TOTAL INTEREST CHARGES 279,573 37,549 317,122 --------------------------------- ------------------- INCOME BEFORE PREFERRED DIVIDENDS 324,698 (22,529) 302,169 PREFERRED DIVIDENDS OF SUBSIDIARIES 44,918 44,918 --------------------------------- ------------------- NET INCOME 279,780 (22,529) 257,251 EARNINGS FOR COMMON SHARE 279,780 (22,529) 257,251 EARNINGS PER COMMON SHARE 2.25 2.25 COMMON SHARES OUTSTANDING (AVERAGE) *********** 124,329,564 * EXPLANATION AT FINANCIAL STATEMENT 11.2 PAGE 3 OF 3
NORTHEAST UTILITIES AND SUBSIDIARIES CAPITAL STRUCTURE AS OF JUNE 30, 1994 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 11.2 PAGE 2 OF 3
PER BOOK ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % DEBT: LONG-TERM DEBT, NET 59.1%$4,193,188 0 $4,193,188 59.3% PREFERRED STOCK: NOT SUBJECT TO REDEMPTION 241,200 241,200 SUBJECT TO REDEMPTION 379,000 379,000 --------------------------------- ------------------- TOTAL PREFERRED STOCK 8.7% 620,200 0 620,200 8.8% COMMON EQUITY: COMMON SHARES 671,048 671,048 CAPITAL SURPLUS, PAID IN 903,137 903,137 DEFERRED BENEFIT PLAN-EMPLOYEE STOCK OWNERSHIP PLAN (221,047) (221,047) RETAINED EARNINGS 927,032 (22,529) 904,503 --------------------------------- ------------------- TOTAL COMMON STOCKHOLDER'S EQUITY 32.2% 2,280,170 (22,529) 2,257,641 31.9% --------------------------------- ------------------- TOTAL CAPITAL 100.0%$7,093,558 (22,529) $7,071,029 100.0%
NORTHEAST UTILITIES AND SUBSIDIARIES EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 11.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $484,500 NOTES PAYABLE $484,500 To record the additional proposed borrowing up to an aggregate amount of $ million that will be available to all applicants seeking authorization to borrow outside the NU system. The consolidated amount being requested excludes NAEC, Quinnehtuk and HEC who will only be able to borrow internally through the Money Pool. NU (Parent) $150,000 CL&P 325,000 WMECO 60,000 PSNH 175,000 HWP 5,000 NNECO 50,000 RRR 22,000 ------------------- SUM 787,000 (less currently outstanding) 302,500 ------------------- $484,500 (b) OTHER INTEREST EXPENSE 37,549 ACCRUED INTEREST 37,549 To record the interest expense on the additional proposed borrowing at Prime: $484,500 x 7.75% = 37,549 (c) ACCRUED TAXES 15,020 FEDERAL AND STATE INCOME TAX EXPENSE 15,020 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $37,549 x 40.00% = 15,020 NOTE: The prime rate and tax rate reflected above represent the current rates in effect as of the filing date.
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