-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OGbu0QiDWSU5CU1Ori0MutkZ+zzdXljcE9JZZyqBQtjMqXp78WzpiXaHIx6pJ6DQ f5uZPuiwJD2KHfXoUOJjJA== 0000906602-96-000080.txt : 19960620 0000906602-96-000080.hdr.sgml : 19960620 ACCESSION NUMBER: 0000906602-96-000080 CONFORMED SUBMISSION TYPE: U-1 PUBLIC DOCUMENT COUNT: 83 FILED AS OF DATE: 19960619 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES CENTRAL INDEX KEY: 0000072741 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 042147929 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-1 SEC ACT: 1935 Act SEC FILE NUMBER: 070-08875 FILM NUMBER: 96583075 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 FILE NO. 70- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM U-1 APPLICATION/DECLARATION WITH RESPECT TO (1) PROPOSED REVOLVING CREDIT FACILITY FOR NORTHEAST UTILITIES ("NU"), THE CONNECTICUT LIGHT AND POWER COMPANY ("CL&P") AND WESTERN MASSACHUSETTS ELECTRIC COMPANY ("WMECO") AND (2) INCREASES AND EXTENSIONS OF SHORT-TERM BORROWING LIMITS OF NU, CL&P, WMECO, PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE, HOLYOKE WATER POWER COMPANY AND NORTH ATLANTIC ENERGY CORPORATION UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 Northeast Utilities The Connecticut Light Western Massachusetts Electric Company and Power Company 174 Brush Hill Avenue 107 Selden Street West Springfield, MA 01090-0010 Berlin, CT 06037 Holyoke Water Power Company Public Service Company of New Hampshire Canal Street North Atlantic Energy Corporation Holyoke, MA 01040 1000 Elm Street Manchester, NH 03015 (Name of companies filing this statement and addresses of principal executive offices) NORTHEAST UTILITIES (Name of top registered holding company) Robert P. Wax, Esq. Vice President, Secretary and General Counsel Northeast Utilities Service Company 107 Selden Street Berlin, CT 06037 (Name and address of agent for service) The Commission is requested to mail signed copies of all orders, notices and communications to Jeffrey C. Miller, Esq. David R. McHale Richard C. MacKenzie, Esq. Assistant General Counsel Assistant Treasurer - Finance Day, Berry & Howard Northeast Utilities Service Company Northeast Utilities Service Company CityPlace I 107 Selden Street 107 Selden Street Hartford, CT 06103-3499 Berlin, CT 06037 Berlin, CT 06037
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 & Power Company ("CL&P"), Western Massachusetts Electric Company ("WMECO"), Public Service Company of New Hampshire ("PSNH"), Holyoke Water Power Company ("HWP") and North Atlantic Energy Corporation ("NAEC"), each of which is a wholly-owned subsidiary of NU (each of NU, CL&P, WMECO, PSNH, HWP and NAEC are sometimes herein called an "Applicant," and collectively all such companies are herein called "Applicants") submit this application/declaration (the "Application") pursuant to Sections 6(a), 7, 9(a), 10 and 12 of the Act and Rules 43 and 45 thereunder with respect to (a) certain transactions related to the issuance of notes by NU, CL&P and WMECO to evidence borrowings under a new revolving credit facility (the "Facility") aggregating up to $450 million and (b) an increase and extension to December 31, 2000 of the respective short-term borrowing limits of the Applicants. The Facility 2. NU, CL&P and WMECO (sometimes, in the context of the Facility, called individually a "Borrower" and collectively "Borrowers") seek authorization to enter into a revolving credit agreement pursuant to which the Borrowers will be permitted to borrow from time to time, for a period of no more than 270 days, from one or more commercial banks or other lending institutions (the "Lenders") up to $450 million in the aggregate through a period ending three years after the closing date of the agreement. Each Borrower will have its own maximum borrowing limit under the Facility as follows: NU ($200 million), CL&P ($375 million) and WMECO ($150 million). Except in the circumstances described below, the Facility will replace the existing revolving credit facilities approved by the Commission in File No. 70-8052, Northeast Utilities et al , HCAR No. 35-25683 (November 23, 1992) and HCAR No. 35-26405 (November 9, 1995). The existing revolving credit facilities are documented by separate agreements between NU, CL&P, WMECO, HWP, Northeast Nuclear Energy Company ("NNECO") and Rocky River Realty Company ("RR") and various banks. The Applicants believe that one or more of those banks may wish to continue to lend to such borrowers under its existing agreements rather than become lenders under the Facility. In that event, any such bank would not be a lender under the Facility unless and until its existing revolving credit agreements are terminated. 3. The Facility will be used to repay outstanding borrowings and for working capital and other corporate purposes, and will serve as a back-up line of credit for NU's, CL&P's and WMECO's commercial paper programs and as a source of funds for NU to borrow and "on-lend" to certain of its subsidiaries through the NU system money pool, as described below (the "Money Pool"). A primary reason for the Facility, which increases the maximum availability under the existing revolving credit facilities by $107.5 million, is to ensure that NU, CL&P and WMECO will have access to adequate cash resources, at a reasonable cost, if the current nuclear plant outages in the NU system extend beyond April 1997. 4. The Borrowers will pay interest on any borrowings under the Facility at a rate determined, at their election, by reference to the base rate of certain reference banks, the federal funds rate, or the London interbank offering rate ("LIBOR") for the applicable one, two, three or six-month interest period chosen by the Borrower (the "LIBOR rate"), in each case plus a margin. The amount of the margin will depend on the lower of Standard & Poor's or Moody's rating of the Borrower's long-term senior debt. In no event, will the margin exceed 1% above the base rate, 1 1/2 % above the federal funds rate, or 2% above the LIBOR rate, unless the loan is in default. The Borrowers may also borrow at interest rates determined by a competitive bid auction among the Lenders. If a Borrower so elects, the competitive bid auction agent will notify all of the Lenders of a requested loan amount, the date the loan will begin, and the maturity, which may be from 30 to 270 days, and request that each of those Lenders provide a quote for such a loan. The Borrower may then choose to accept or reject any quotes it receives. The Borrowers will also pay the Lenders an annual facility fee based on each Lender's pro-rata share of the total loan commitment amount, whether the commitment is used or unused. The amount of the fee paid by each Borrower will depend on the Standard & Poor's and Moody's ratings of such Borrower, but will not exceed .75%. The administrative agent under the Facility will be a commercial bank, initially Citibank, N.A., which will be paid an agency fee of not more than $50,000 per annum. The revolving credit agreement, the form of which will be filed by amendment as Exhibit B.1 hereto, will include other terms and conditions, including financial covenants and fees, that are customary in revolving credit agreements. A summary of the preliminary principal terms and conditions is set forth in Exhibit B.2 hereto. The final terms will be set forth in the credit agreement to be filed as Exhibit B.1 hereto. 5. Loans under the Facility will be unsecured, will be evidenced by promissory notes and will be used as described in paragraph 3. However, if a Borrower in the future incurs any secured indebtedness or secures any outstanding indebtedness which is now unsecured, such Borrower must cause the Facility to be secured equally and ratably with such other indebtedness. Short-Term Borrowing Limits 6. NU, CL&P and WMECO also seek authorization to increase their short-term borrowing limits as set forth below and to extend them until December 31, 2000. The maximum aggregate short-term borrowing limit of each of the Applicants was authorized by the Commission in File No. 70-8479, Northeast Utilities et al, HCAR No. 35-26207 (December 28, 1994). The present maximum borrowing limit is $150 million for NU, $325 million for CL&P, and $60 million for WMECO. Because the borrowing needs of NU, CL&P and WMECO during the remainder of 1996 and over the following four years may exceed the above authorized limits, NU, CL&P and WMECO seek to increase their short-term maximum borrowing limits to $200 million, $375 million and $150 million, respectively. As is currently authorized by the Commission, short-term borrowings will be in the form of short-term notes ("Short-Term Notes") issued to bank and non-bank lending institutions through formal and informal credit lines, commercial paper ("Commercial Paper"), open account advances by NU to certain of its subsidiaries and continued use of the Money Pool. 7. PSNH seeks authorization to extend until December 31, 2000 its present short-term borrowing authorization of $225 million to the extent not otherwise authorized by an order of the New Hampshire Public Utilities Commission ("NHPUC") sufficient to trigger the exemptive provisions of Rule 52 under the Act. The present maximum borrowing limit for PSNH was authorized by the NHPUC in an Order Nisi dated February 28, 1996 in connection with its approval of the PSNH revolving credit facility referred to in paragraph 29 (the "PSNH Facility"). This NHPUC authorization expires on May 14, 1997. PSNH did not seek Commission approval of its present borrowing limit by virtue of the exemption provided by Section 6(b) of the Act and Rule 52 thereunder. PSNH undertakes to obtain any other short-term debt authorization required under New Hampshire law as and when necessary. 8. HWP and NAEC seek authorization to extend until December 31, 2000 their present short-term borrowing authorization of $5 million and $50 million, respectively. HWP and NAEC will not be a party to the new Facility, but instead will meet their short-term borrowing needs through the Money Pool as described in paragraphs 13 through 19 below. 9. NNECO, The Quinnehtuk Company ("Quinnehtuk"), RR and HEC Inc. ("HEC") (collectively the "Non-Applicant Companies") are wholly owned subsidiaries of NU and not applicants herein by virtue of the exemption provided by Rule 52 under the Act. 10. The short-term borrowing authorization of each Applicant (other than PSNH) expires on December 31, 1996. The short-term borrowing authorization of PSNH obtained from the NHPUC expires on May 14, 1997 as set forth in paragraph 7 above. The Applicants seek the Commission's authorization to permit short-term borrowing up to the maximum limits set forth in paragraph 11 until December 31, 2000. Although the Applicants might have waited until later in 1996 to extend their short-term borrowing authorization, the Applicants determined that it would be less costly and more efficient to combine the increase and extension of borrowing limits in a single application at this time. Current and Projected Levels of Short-Term Debt 11. The following table sets forth: (i) the outstanding short-term debt of each Applicant as of May 31, 1996; (ii) the highest level of short-term debt outstanding for each Applicant during the period June 1, 1995 to June 1, 1996; and (iii) the maximum aggregate amount of all short-term debt proposed to be outstanding at any one time at or prior to December 31, 2000:
OUTSTANDING SHORT-TERM DEBT (Thousands of Dollars) Proposed Maximum Actual Highest Level Effective Date Current Limit 5/31/96 6/1/95-6/1/96 12/31/2000{1} NU $ 53,275 $112,625 $200,000 $150,000 CL&P (94,000) 186,900 375,000 325,000 WMECO 800 40,000 150,000{2} 60,000 PSNH 46,650 67,650 225,000 225,000 HWP (8,750) (4,500) 5,000 5,000 NAEC (41,500) 19,000 50,000 50,000
(1) Includes, but not limited to, contingencies associated with such uncertainties as (a) short-term debt level variances during a given month, (b) the possibility that CL&P and WMECO may be required to incur costs in the event the Niantic Bay Fuel Trust is not available for funding fuel for the nuclear units, (c) the retirement by WMECO of certain Dutch Auction Rate Transferrable Securities ("DARTS") and (d) potential additional funding needs by NU for Charter Oak Energy, Inc. ("Charter Oak") and future telecommunications and other diversification projects. (2) See paragraph 28 regarding the limitations on short-term debt imposed by WMECO's preferred stock. 12. 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 30 through 33 below, the proceeds of such borrowings will be used to meet part of the capital and operating requirements of the respective Applicants. Money Pool 13. The Applicants propose to continue using the Money Pool, which is administered on their behalf by Northeast Utilities Service Company ("NUSCO") under the direction of an officer in the NUSCO Treasury Organization. The 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, and to the Non-Applicant Companies, that have a need for short-term funds, subject to certain limitations described therein. 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 directly or indirectly through investment funds in: (a) obligations issued or guaranteed by the United States of America; (b) obligations issued or guaranteed by any entity controlled, sponsored by, or supervised by and acting as an instrumentality of the United States of America pursuant to authority granted by the Congress of the United States, including but not limited to the obligations of the Government National Mortgage Association (GNMA), Student Loan Marketing Association (SLMA), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA); (c) obligations issued or guaranteed by any state or political subdivision thereof, provided that such obligations are rated for investment purposes at not less than "A" by Moody's Investors Service, Inc. ("Moody's") or by the Standard & Poor's Rating Group ("S&P"); (d) certificates of deposit issued or banker's acceptances drawn on and accepted by commercial banks which are members of the Federal Deposit Insurance Corporation and which have a combined capital, surplus and undistributed profits of at least $100,000,000; (e) commercial paper rated not less than "P-1" by Moody's or not less than "A-1" by S&P; (f) repurchase agreements with any commercial or investment bank secured by obligations issued or guaranteed by the United States of America or an instrumentality thereof provided collateral is held by a third party; and (g) such other instruments as are permitted by Rule 40(a)(1) under the Act and approved by the Massachusetts Department of Public Utilities (the "DPU") pursuant to Massachusetts General Laws Chapter 164, Section 17A and the regulations thereunder. 14. In addition to surplus funds, funds borrowed by NU through the issuance of the Short-Term Notes, by selling commercial paper or by borrowing under the Facility described in paragraphs 2 to 5 above are a source of funds for 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, 2000. The potential recipients of such open account advances will be PSNH, NAEC, HWP, NNECO, Quinnehtuk, RR and HEC.{1} 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 Applicants and Non-Applicant Companies will also be subject to the short-term limits on the aggregate amount outstanding for which approval is sought in this filing. 15. 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 of surplus funds from or borrowings by NU are available for such borrowings. PSNH will not be 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 used as a back-up to the PSNH Facility referred to in paragraphs 7 and 29. Since the PSNH Facility requires PSNH to borrow a minimum of $10 million for each contract borrowing and $5 million for each competitive borrowing, 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. 16. 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. 17. 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 described below. Those participants in the Money Pool without access to the commercial paper market will have priority as borrowers from the Money Pool, and only PSNH, NAEC, HWP, NNECO, Quinnehtuk, RR 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 borrowers, NUSCO, as agent for the Money Pool, will invest those funds as described in paragraph 13 and allocate the earnings on any such investments among the Money Pool participants, providing such excess funds on a pro rata basis according to the amount of the funds so provided. 18. 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 participant that is borrowing from or contributing surplus funds to the Money Pool. Any participant 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 participant 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 participants. 19. The Applicants believe that the cost of the proposed borrowings through the Money Pool will generally be more favorable to the borrowing 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 20. NU, CL&P, WMECO and PSNH 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. 21. 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, 2000, and will (except as described below) be subject to prepayment at any time at the borrower's option. Exhibits A.1(a) through A.1(d) are typical forms of Short-Term Notes proposed to be used by NU, CL&P, WMECO and PSNH, 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. 22. 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. Exhibits A.2(a) through A.2(d) are proposed forms of grid notes for NU, CL&P, WMECO and PSNH. Also Exhibit A.3 is a sample form (with attachments) of an informal credit facility with a 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. 23. 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 base rate, the LIBOR rate, 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. 24. 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. 25. NU, CL&P, WMECO and PSNH 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 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 basis points 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 26. NU, CL&P and WMECO 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. 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. 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"). Exhibit A.4 (a) is an example of the placement agent agreement for Commercial Paper issued by NU, and 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 27. 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 revolving credit facilities described in paragraphs 2 through 5 and paragraph 29, for which Commission authorization is being sought will not exceed $200 million in the case of NU, $375 million in the case of CL&P, $150 million in the case of WMECO, $225 million in the case of PSNH (unless the NHPUC were to issue an order authorizing a higher limit, triggering Rule 52), $5 million in the case of HWP and $50 million in the case of NAEC. 28. 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 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 March 31, 1996, CL&P is limited to approximately $512 million of unsecured indebtedness through short-term debt and WMECO is limited to approximately $135 million. See Exhibits J.1 and J.2, respectively. As a consequence of its preferred stock limitation, therefore, WMECO would not now be able to have short-term debt outstanding up to the $150 million maximum limit for which authorization is requested in this Application. However, to the extent its preferred stock provisions may eventually permit, WMECO wishes to have the flexibility to borrow up to $150 million during the period for which short-term borrowing authorization is sought in this Application. Revolving Credit Facilities 29. If authorized by the Commission as requested by this Application, NU, CL&P and WMECO will be parties to the three-year credit Facility. HWP, NNECO and RR will not be parties to the Facility, although NU may borrow for these companies, as well as for NAEC, Quinnehtuk and HEC, through the Money Pool. As described in paragraph 2, until the existing revolving credit facilities are terminated, NU, CL&P, WMECO, HWP, NNECO and RR may also be able to borrow under such facilities to the extent a bank wishes to continue lend thereunder. In addition, PSNH is a party to a $225 million multi-bank revolving credit facility (the PSNH facility referred to in paragraph 7) of which $125 million expires on May 14, 1999 and $100 million expires on May 14, 1997. Use of Proceeds 30. 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 which may arise due to payment timing differences, and (iv) to meet other corporate needs. Exhibits H.1 (a), H.1(b) and H.1(c) set forth the Cash Receipts and Disbursements projections for NU, HWP, NAEC, NNECO, Quinnehtuk, RR and HEC for 1996, 1997 and 1998, respectively. The projections take into account additional contingencies such as (i) short-term debt level variances during a given month, (ii) potential additional funding required by Charter Oak and other future telecommunication or diversification projects and (iii) an estimated $30 million contingency to refinance the $225 million NAEC bank term loan. 31. As previously described, NU may borrow for HWP and NAEC as authorized by the Commission pursuant to this Application. In addition, surplus funds may be borrowed by HWP and NAEC from the Money Pool to the extent available, although, in the case of NAEC, only to the extent of funds available from NU. NAEC and HWP will apply borrowed funds to operation and maintenance expenses and to meet cash needs which may arise due to timing differences. Exhibits H.5 and H.6 set forth the Cash Receipts and Disbursements projections for HWP and NAEC, with contingencies for short-term debt level variances during a given month. 32. The funds to be derived by CL&P and WMECO 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 for general corporate purposes. Exhibits H.2 and H.3 set forth the Cash Receipts and Disbursements projections for CL&P and WMECO. The projections are based on assumptions considerably more conservative than present planning assumptions, since they assume Connecticut Yankee and Millstone Units 1 and 2 will be out of service until April 30, 1997 (vs. present planning assumptions of late 1996 in the case of Millstone Unit 2 and early 1997 in the case of Millstone Unit 1, with Connecticut Yankee operating) and Millstone Unit 3 will be out of service until December 31, 1997 (vs. present planning assumptions of August 1996). Replacement power costs are currently estimated to be approximately $27 million per month. The projections take into account additional contingencies such as (i) short-term debt level variances during a given month, (ii) the possibility that CL&P and WMECO may be required to incur nuclear costs in the event the Niantic Bay Fuel Trust is not available for funding nuclear fuel, and (iii) the retirement of the WMECO Darts. The short-term debt level estimates have been reduced by potential future bond financings and an assumption that CL&P and WMECO will not fund in 1996 or 1997 the costs associated with the disposal of spent fuel which have been included in the forecast. 33. As described in Exhibit D.3, the $225 million PSNH Credit Facility was established to (i) provide financing for the retirement of PSNH's $172.5 Million Series A First Mortgage Bond issue which matured on May 15, 1996, (ii) finance possible wood-fired small power producer buyouts and (iii) fund normal working capital requirements. Exhibit H.4 sets forth the Cash Receipts and Disbursements projections for PSNH. 34. Except as otherwise described herein and unless otherwise authorized by the Commission, any short-term borrowings of the Applicants outstanding at December 31, 2000 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, 2000. 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. 35. 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 a 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 Applicants 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 percent of the NU system's consolidated retained earnings as reported for the four most recent quarterly periods on NU's Form 10-K and 10-Qs. At March 31, 1996, the ratio of such investment ($39 million) to such consolidated retained earnings ($1.0 billion) was 4 percent. (ii) Encoe Partners, Central Termica San Miguel de Tucuman, S.A., Ave Fenix and Plantas Eolicas, S.A. (N.U.'s only EWGs or FUCOs at this time) (collectively, "EWGs/FUCOs") maintain books and records and prepare 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 the EWGs/FUCOs. (iv) NU has submitted (a) a copy of each Form U-1 and Rule 24 certificates that have 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 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 percent or more from the average for the previous four quarterly periods. (vi) In the previous fiscal year, NU's operating losses attributable to its investment in the EWGs/FUCOs did not exceed 5 percent of NU's consolidated retained earnings. ITEM 2 FEES, COMMISSIONS AND EXPENSES 36. The fees, commissions and expenses paid or incurred, or to be paid or incurred, directly or indirectly, by the Applicants in connection with the proposed transactions are set forth in Exhibit K hereto (to be filed by amendment). 37. 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. ITEM 3 APPLICABLE STATUTORY PROVISIONS 38. The Applicants believe that Sections 6(a), 7 and 12 of the Act and Rule 45 thereunder are applicable to the transactions contemplated by the Facility described in this Application. Section 12(b) of the Act and Rules 45 and 52 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. 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. 39. 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, 45 and 52 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. 40. 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 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 41. 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 15 above, the approval of the DPU will be required under Massachusetts General Laws C.164, 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. 42. The NHPUC approved the PSNH Facility and PSNH's short-term debt limit of $225 million in respect thereof in an order dated February 28, 1996. The NHPUC approved PSNH's and NAEC's participation in the Money Pool in an order dated March 19, 1992. 43. No other state commission has jurisdiction with respect to any aspect of the proposed transaction and, assuming the Commission authorizes and approves all aspects of such transactions (including the accounting therefor), no Federal commission other than the Securities and Exchange Commission has jurisdiction with respect to any aspect thereof. ITEM 5 PROCEDURE 44. The Applicants respectfully 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 1 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 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. It is requested that the Commission issue an order authorizing the transactions proposed herein at the earliest practicable date but in any event not later than July 27, 1996. It is further requested that (i) there not be a recommended decision by an Administrative Law Judge or other responsible officer of the Commission, (ii) the Office of Public Utility Regulation be permitted to assist in the preparation of the Commission's decision, and (iii) the Commission's order become effective forthwith upon issuance. **FOOTNOTES** {1} As mentioned above in paragraph 9, NNECO, Quinnehtuk, RR and HEC are not seeking Commission approval of their borrowings through the Money Pool by virtue of the exemption provided by Rule 52 under the Act. ITEM 6 EXHIBITS AND FINANCIAL STATEMENTS (a) Exhibits Asterisked (*) items are to be filed by subsequent amendment. A.1(a) Current form of Short-Term Note -- NU. (See Exhibit No. A.1(a) in File No. 70-8479). A.1(b) Current form of Short-Term Note -- CL&P. (See Exhibit No. A.1(b) in File No. 70-8479). A.1(c) Current form of Short-Term Note -- WMECO. (See Exhibit No. A.1(c) in File No. 70-8479). A.1(d) Current form of Short-Term Note -- PSNH. (See Exhibit No. A.1(d) in File No. 70-8479). A.2(a) Current form of Grid Note -- NU. (See Exhibit No. A.2(a) in File No. 70-8479). A.2(b) Current form of Grid Note -- CL&P. (See Exhibit No. A.2(b) in File No. 70-8479). A.2(c) Current form of Grid Note -- WMECO. (See Exhibit No. A.2(c) in File No. 70-8479). A.2(d) Current form of Grid Note -- PSNH. (See Exhibit No. A.2(d) in File No. 70-8479). A.3 Example of an informal credit facility with a lending institution. (See Exhibit No. A.3 in File No. 70-8479). A.4(a) Example of Commercial Paper placement agent agreement -- NU. (See Exhibit No. A.4(a) in File No. 70-8479). A.4(b) Example of Commercial Paper placement agent agreement -- CL&P and WMECO. (See Exhibit No. A.4(b) in File No. 70- 8479). A.5 Terms of the NU System Money Pool. *B.1 Form of Credit Agreement. B.2 Preliminary Terms and Conditions of Facility. C. Not Applicable. 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. D.4 Order of the New Hampshire Public Utilities Commission approving the PSNH Facility. D.5 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.6 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). E. Not Applicable. *F. Opinion of Counsel. G. Financial Data Schedules. H.1(a) Cash Receipts and Disbursements -- NU, NAEC, HWP, RR and Quinnehtuk, HEC, and NNECO (1996). H.1(b) Cash Receipts and Disbursements -- NU, NAEC, HWP, RR and Quinnehtuk, HEC, and NNECO (1997). H.1(c) Cash Receipts and Disbursements -- NU, NAEC, HWP, RR and Quinnehtuk, HEC, and NNECO (1998). 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 -- NAEC. 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 March 31, 1996. 1.2 Statement of Income, per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 2. The Connecticut Light and Power Company 2.1 Balance Sheet, per books and pro forma, as of March 31, 1996. 2.2 Statement of Income, per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 3. Western Massachusetts Electric Company 3.1 Balance Sheet, per books and pro forma, as of March 31, 1996. 3.2 Statement of Income, per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 4. Public Service Company of New Hampshire 4.1 Balance Sheet, per books and pro forma as of March 31, 1996. 4.2 Statement of Income per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 5. Holyoke Water Power Company 5.1 Balance Sheet, per books and pro forma as of March 31, 1996. 5.2 Statement of Income per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 6. North Atlantic Energy Corporation 6.1 Balance Sheet, per books and pro forma as of March 31, 1996. 6.2 Statement of Income per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 7. Northeast Utilities and Subsidiaries (consolidated) 7.1 Consolidated Balance Sheet, per books and pro forma, as of March 31, 1996. 7.2 Consolidated Statement of Income, per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 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. SIGNATURES Pursuant to the requirements of the Public Utility Holding Company Act of 1935, as amended, the undersigned have duly caused this Application to be signed on behalf of each of them by the undersigned thereunto duly authorized. Date: June 19, 1996 NORTHEAST UTILITIES THE CONNECTICUT LIGHT & POWER COMPANY WESTERN MASSACHUSETTS ELECTRIC COMPANY PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE HOLYOKE WATER POWER COMPANY NORTH ATLANTIC ENERGY CORPORATION By: /s/David R. McHale David R. McHale Assistant Treasurer File No. ______ INDEX TO EXHIBITS AND FINANCIAL STATEMENTS FILED WITH FORM U-1 of NORTHEAST UTILITIES, THE CONNECTICUT LIGHT AND POWER COMPANY, WESTERN MASSACHUSETTS ELECTRIC COMPANY, PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE, HOLYOKE WATER POWER COMPANY AND NORTH ATLANTIC ENERGY CORPORATION (a) Exhibits A.5 Terms of the NU System Money Pool. B.2 Preliminary Terms and Conditions of the Facility. D.3 Application to the New Hampshire Public Utilities Commission for approval of the PSNH Facility. D.4 Order of the New Hampshire Public Utilities Commission approving the PSNH Facility. G. Financial Data Schedules. H.1(a) Cash Receipts and Disbursements -- NU, NAEC, HWP, RR and Quinnehtuk, HEC, and NNECO (1996). H.1(b) Cash Receipts and Disbursements -- NU, NAEC, HWP, RR and Quinnehtuk, HEC, and NNECO (1997). H.1(c) Cash Receipts and Disbursements -- NU, NAEC, HWP, RR and Quinnehtuk, HEC, and NNECO (1998). 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 -- NAEC. 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 March 31, 1996. 1.2 Statement of Income, per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 2. The Connecticut Light and Power Company 2.1 Balance Sheet, per books and pro forma, as of March 31, 1996. 2.2 Statement of Income, per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 3. Western Massachusetts Electric Company 3.1 Balance Sheet, per books and pro forma, as of March 31, 1996. 3.2 Statement of Income, per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 4. Public Service Company of New Hampshire 4.1 Balance Sheet, per books and pro forma as of March 31, 1996. 4.2 Statement of Income per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 5. Holyoke Water Power Company 5.1 Balance Sheet, per books and pro forma as of March 31, 1996. 5.2 Statement of Income per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 6. North Atlantic Energy Corporation 6.1 Balance Sheet, per books and pro forma as of March 31, 1996. 6.2 Statement of Income per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. 7. Northeast Utilities and Subsidiaries (consolidated) 7.1 Consolidated Balance Sheet, per books and pro forma, as of March 31, 1996. 7.2 Consolidated Statement of Income, per books and pro forma, for 12 months ended March 31, 1996 and capital structure, per books and pro forma, as of March 31, 1996. EXHIBIT A.5 PROPOSED TERMS OF THE NU MONEY POOL (Revised June, 1996) GENERAL 1. The members of the Money Pool (the Pool) are Northeast Utilities (NU), The Connecticut Light and Power Company (CL&P), Western Massachusetts Electric Company (WMECO), Northeast Nuclear Energy Company (NNECO), Holyoke Water Power Company (HWP), The Rocky River Realty Company (RRR), The Quinnehtuk Company (Quinnehtuk), Public Service Company of New Hampshire (PSNH), North Atlantic Energy Corporation (North Atlantic) and HEC Inc. (HEC). 2. The Pool will be administered by Northeast Utilities Service Company (Agent). 3. Each member will determine each day, on the basis of cash flow projections, the amount of surplus funds it has available for contribution to the Pool (Surplus Funds). In addition to its own Surplus Funds, NU may borrow funds from third party lenders (Excess Funds) in order to make these Excess Funds available to meet the borrowing needs of NNECO, HWP, RRR, Quinnehtuk, PSNH, North Atlantic 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, HWP, 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 directly, or indirectly through an investment fund, in any of the following instruments: (a) obligations issued or guaranteed by the United States of America; (b) obligations issued or guaranteed by any entity controlled, sponsored by, or supervised by and acting as an instrumentality of the United States of America pursuant to authority granted by the Congress of the United States, including but not limited to the obligations of the Government National Mortgage Association (GNMA), Student Loan Marketing Association (SLMA), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA); (c) obligations issued or guaranteed by any state or political subdivision thereof, provided that such obligations are rated for investment purposes at not less than "A" by Moody's Investors Service, Inc. ("Moody's") or by the Standard & Poor's Rating Group ("S&P"); (d) certificates of deposit issued or banker's acceptances drawn on and accepted by commercial banks which are members of the Federal Deposit Insurance Corporation and which have a combined capital, surplus and undistributed profits of at least $100,000,000; (e) commercial paper rated not less than "P-1" by Moody's or not less than "A-1" by S&P; (f) repurchase agreements with any commercial or investment bank secured by obligations issued or guaranteed by the United States of America or an instrumentality thereof provided collateral is held by a third party; and (g) such other instruments as are permitted by Rule 40(a)(1) under the Act and approved by the Massachusetts Department of Public Utilities (the "DPU") pursuant to Massachusetts General Laws Chapter 164, Section 17A and the regulations thereunder. TERMINATION 16. Any member may terminate its participation in the Pool at any time without notice. EX-99 2 EXHIBIT B.2 [INDICATIVE TERMS FOR DISCUSSION ONLY. THE SUMMARY THAT FOLLOWS IS SUBJECT TO CREDIT APPROVAL AND DOES NOT CONSTITUTE AN OFFER OR COMMITMENT] NORTHEAST UTILITIES THE CONNECTICUT LIGHT AND POWER COMPANY WESTERN MASSACHUSETTS ELECTRIC COMPANY SUMMARY OF PRINCIPAL TERMS AND CONDITIONS [$450,000,000] THREE-YEAR REVOLVING CREDIT FACILITY BORROWERS: Northeast Utilities ("NU"), The Connecticut Light and Power Company ("CL&P") and Western Massachusetts Electric Company ("WMECO"; collectively with NU and CL&P, the "BORROWERS"; individually, a "BORROWER"). As used in this Summary of Terms, a "Principal Subsidiary" of a Borrower means a direct or indirect Subsidiary which represents a material portion of such Borrower's consolidated assets or such Borrower's consolidated net income (or loss), it being understood that CL&P, WMECO, Public Service Company of New Hampshire ("PSNH") and North Atlantic Energy Corporation ("NAEC") shall in all events be considered Principal Subsidiaries of NU, but no other Principal Subsidiaries of any other Borrower presently exist. FACILITY: Three-Year Revolving Credit Facility (the "FACILITY") in an amount not to exceed [$450,000,000] (the "TOTAL COMMITMENT"). Within the limits of the Total Commitment: (i) up to [$200,000,000] will be available for direct borrowing by NU; (ii) up to [$375,000,000] will be available for direct borrowing by CL&P; and (iii) up to [$150,000,000] will be available for direct borrowing by WMECO (each of the foregoing being referred to as a "BORROWER SUBLIMIT"). Subject to the limit of the Total Commitment, the Borrower Sublimits may be increased from time to time with the approval of all of the Lenders. PURPOSE: For general corporate purposes and to replace the Borrowers' existing three-year and 364-day revolving credit facilities dated as of December 1, 1992 with individual banks (the "EXISTING FACILITIES"). ARRANGER: Citicorp Securities, Inc. AGENT: Citibank, N.A. ("CITIBANK") will act as Administrative Agent and Documentation Agent for the Facility (collectively, the "AGENT"). LENDERS: Citibank and other financial institutions acceptable to the Agent and the Borrowers. The Facility will be syndicated by the Arranger with the active support and assistance of the Borrowers and Northeast Utilities Service Company. CLOSING DATE: August 15, 1996, or such other date as may be agreed upon by the Borrowers and the Agent. COMMITMENT TERMINATION AND FINAL MATURITY Third anniversary of the Closing Date. DATE: SECURITY: The Facility will be unsecured. PRICING: Based on the Applicable Rating Level for each Borrower as set forth for such Borrower on the Pricing Supplement attached hereto as Exhibit A. APPLICABLE RATING LEVELS: The Applicable Rating Levels used to determine fees and interest rate margins for each Borrower will be determined on the basis of the ratings of Standard & Poor's Rating Group ("S&P") and Moody's Investors Service, Inc. ("MOODY'S") applicable from time to time to such Borrower's Reference Securities. In the event of a split rating, the lower rating shall control. The Applicable Rating Level shall be redetermined upon any change in the S&P rating or the Moody's rating, as the case may be. In the case of NU, the "REFERENCE SECURITIES" shall be NU's long-term senior debt securities not entitled to external credit support. In the case of CL&P and WMECO, the Reference Securities shall be their respective First Mortgage Bonds not entitled to external credit support. At the Borrowers' option: INTEREST RATE OPTIONS: (i) Eurodollar Rate Advances for interest periods of 1, 2, 3 or 6 months; (ii) Base Rate Advances; (iii) Competitive Bid Advances. The Eurodollar Rate is a periodic fixed rate equal to LIBOR plus the Applicable Margin for Eurodollar Rate Advances. LIBOR is the average rate per annum (rounded upward to the nearest 1/16 of 1%) at which deposits in U.S. dollars are offered by the Reference Banks to prime banks in the London interbank market at 11:00 A.M. (London time) two business days before the first day of the Interest Period and in amounts approximately equal to the Reference Banks' pro rata share of the contemplated Eurodollar Rate Advances for a given Interest Period and with a maturity equal to such Interest Period. Citibank and one or more other Lenders reasonably satisfactory to the Borrowers will act as Reference Banks under the Facility. The Base Rate is a fluctuating rate per annum equal at all times to the highest of (i) Citibank's publicly announced "base" rate, (ii) 1/2 of 1% percent per annum above the latest three-week moving average of secondary market morning offering rates in the United States for three-month certificates of deposit of major U.S. money market banks, adjusted to the nearest 1/16 of 1%, and (iii) a rate equal to 1/2 of 1% per annum above the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, plus, in each case, the Applicable Margin for Base Rate Advances. APPLICABLE Determined for each Borrower on the basis of such MARGIN: Borrower's Applicable Rating Level as set forth on the Pricing Supplement attached hereto as Exhibit A. If any amount of principal is not paid when due, the Applicable Margin shall increase by 200 basis points per annum, and if such Advance is a Eurodollar Rate Advance, it will convert to a Base Rate Advance at the end of the Interest Period then in effect for such Eurodollar Rate Advance. The interest rate (including margin) for each Competitive Bid Advance will be determined by the auction relating to such Competitive Bid Advance. All other amounts not paid when due shall bear interest at the Base Rate plus 200 basis points. FACILITY FEE: Payable by the Borrowers on the Lenders' commitments (whether used or unused), quarterly in arrears and on the Commitment Termination Date, based on the Borrowers' respective Applicable Rating Levels, as set forth on the Pricing Supplement attached hereto as Exhibit A. The Facility Fee will be deemed to be allocated among the Borrowers pro rata in accordance with their respective Borrower Sublimits, although all of the Borrowers will remain jointly and severally liable for the payment of the Facility Fee. The Facility Fee shall be calculated on the basis of actual number of days elapsed in a year of 360 days. [NB: ALLOCATION AMONG BORROWERS NEEDS MORE THOUGHT; WHAT'S HERE WORKS IF THE FACILITY IS UNDRAWN, BUT, BECAUSE OF THE DIFFERENTIAL FEE RATES, DOES NOT RESULT IN THE RIGHT TOTAL RETURNS ON DRAWN OUTSTANDINGS.] INTEREST Interest on LIBOR Advances and Competitive Bid PAYMENTS: Advances will be paid at the end of each Interest Period for such Advances, but at least quarterly. Interest on Base Rate Advances will be paid quarterly in arrears. Interest to be computed on a 365/366-day basis for Base Rate Advances and a 360- day basis for Eurodollar Rate Advances. AVAILABILITY: From the Closing Date and prior to the Commitment Termination Date, the Borrowers may, subject to the terms of the Facility, borrow, repay and reborrow. BORROWINGS: Borrowings shall be in minimum principal amounts of $10,000,000 and integral multiples of $1,000,000 in excess thereof. All Advances (other than Competitive Bid Advances) shall be made by the Lenders ratably in proportion to their respective Commitments. Borrowings will be available on same day notice for Base Rate Advances and three business days notice for Eurodollar Rate Advances. COMPETITIVE BID OPTION: Each Borrower may request the Agent to solicit competitive bids from the Lenders and one or more Designated Bidders (individually a "BIDDER" and collectively the "BIDDERS") for Advances for requested maturities of 30 days or more. Each Bidder may bid at its discretion. The Borrower's notice requesting such bids will be given to the Agent at least one business day prior to the proposed Advance date for fixed rate bids and at least four business days prior to the proposed Advance date for LIBOR based bids, and will specify the proposed date of Advance, amount and maturity date of the proposed Advance, interest payment schedule, the interest rate basis to be used by the Bidders in bidding, and such other terms as the Borrower may specify. The Agent will advise the Bidders of the terms of the Borrower's notice, and such Bidders as elect may submit bids, which the Agent shall provide to the Borrower. The Borrower may accept one or more bids, PROVIDED THAT the aggregate outstanding Advances of all Lenders on the date of, and giving effect to, any Competitive Bid Advances shall not exceed the aggregate Commitments at such time. Bids will be accepted in order of the lowest to the highest rates ("BID RATES"). The Borrower may not accept bids in excess of the requested bid amount for any maturity. If two or more Bidders bid at the same Bid Rate the amount to be borrowed at such Bid Rate will be allocated among such Bidders in proportion to the amount which each Bidder bid at such Bid Rate. Each Borrowing under the Competitive Bid Option shall be in an amount of not less than $10,000,000 and integral multiples of $1,000,000 in excess thereof. While any such Borrowing is outstanding, it will be deemed usage of the Facility for the purposes of availability and the Commitment of each Lender (whether or not a Bidder) shall be reduced and deemed used for all purposes by its pro rata share (based on its respective Commitment) of an amount equal to the outstanding amount of such Borrowing. However, each Lender's Advance made under the Competitive Bid Option shall not reduce such Lender's obligation to lend its pro rata share of the remaining undrawn Commitment. COMPETITIVE BID ADMINISTRATIVE As agreed between the Agent and the Borrower. FEE: ANNUAL AGENCY As agreed between the Agent and the Borrower. FEE: REPAYMENT: The Borrower shall repay (i) each Advance (other than a Competitive Bid Advance) no later than on the Commitment Termination Date and (ii) each Competitive Bid Advance at the maturity date specified in the Borrower's notice requesting such Competitive Bid Advance (which maturity date shall occur on or prior to the Commitment Termination Date). OPTIONAL PREPAYMENT: Advances (other than Competitive Bid Advances) may be prepaid without penalty, with notice not later than 11:00 A.M. for Base Rate Advances and with one day's notice for Eurodollar Rate Advances, in minimum amounts of $10,000,000 and increments of $1,000,000 in excess thereof. The Borrower will bear all costs related to the prepayment of a Eurodollar Rate Advance prior to the last day of its interest period. Competitive Bid Advances may not be prepaid. FACILITY DOCUMENTATION: The Commitments will be subject to preparation, execution and delivery of mutually acceptable loan documentation which will contain conditions precedent, representations and warranties, covenants, events of default and other provisions customary for facilities of this nature, including, but not limited to, those noted below. Conditions Precedent to Effectiveness: Customary for facilities of this type, and including, in any event: - Finalized and fully-executed definitive Credit Agreement and notes satisfactory to the Agent and the Lenders. - Certified copies of the resolutions of the Board of Directors of each Borrower authorizing the execution, delivery and performance of the Credit Agreement and the related notes. - A certificate of incumbency signed by the Secretary or an Assistant Secretary of each Borrower certifying the names and true signatures of the officers of such Borrower authorized to sign the loan documents and the other documents to be delivered by it. - Certified copies of the orders of the Securities and Exchange Commission ("SEC") and any other necessary govern mental approval, order, etc., authorizing each Borrower's execution and delivery of the Credit Agreement for each Facility, the issuance of the related notes and all borrowings, all of which shall be in full force and effect and not subject to appeal or rehearing. - Opinions of counsel for the Borrowers acceptable to the Agent, as to such matters as the Lenders may reasonably request, and the opinion of Agent's counsel, as to such matters as the Agent may reasonably request. - Copies of consolidated financial statements of each Borrower, as at and for the periods ended December 31, 1995 and March 31, 1996. CONDITIONS PRECEDENT TO NEW MONEY AND COMPETITIVE BID ADVANCES: The obligation of the Lenders to make new money Advances or Competitive Bid Advances shall be subject to the further conditions precedent that on the date of any such Advances (as certified by the relevant Borrower in the relevant Borrowing notice): - The representations and warranties of such Borrower shall be true and correct on and as of the date of such Advances as though made on and as of such date. - No event shall have occurred and be continuing, or would result from such Advances, that constitutes an Event of Default or would constitute an Event of Default but for the requirement that notice be given or time elapse, or both. CONDITIONS PRECEDENT TO ROLLOVER ADVANCES (OTHER THAN COMPETITIVE BID ADVANCES): The obligation of the Lenders to make any other Advances shall be subject to the further conditions precedent that on the date of such Advances (as certified by the relevant Borrower in the relevant Borrowing notice): - The representations and warranties of such Borrower (other than with respect to material adverse change and material adverse litigation) shall be true and correct on and as of the date of such Advances as though made on and as of such date. - No event shall have occurred and be continuing, or would result from such Advances, that constitutes an Event of Default. REPRESENTATIONS AND WARRANTIES: Each Borrower will make representations and warranties customary for facilities of this type and substantially similar to those contained in the Existing Facilities, including but not limited to: - Due organization, existence and qualification to do business of such Borrower and its Principal Subsidiaries; - Due authorization, execution, delivery and enforceability of all loan documents; - Execution, delivery and performance of the loan documents will not contravene such Borrower's charter documents, or any law or legal restriction, or any contractual obligation of such Borrower or any of its Principal Subsidiaries; - No existing violation by such Borrower and its Principal Subsidiaries of laws, rules, regulations, injunctions or decrees that could have a material adverse effect, except as disclosed in such Borrower's Annual Report on Form 10-K for the year ended December 31, 1995, its Quarterly Report on Form 10-Q for the quarter ended March 31, 1996 and any Current Report on Form 8-K delivered to the Lenders reasonably in advance of the Closing Date (the "DISCLOSURE DOCUMENTS"); - All governmental approvals obtained; - Accuracy of financial statements and no material adverse change since March 31, 1996; - No litigation or other proceedings pending or overtly threatened affecting the Existing Facilities or the Facility, and, except as disclosed in the Disclosure Documents, no such litigation or proceedings affecting such Borrower or any of its Principal Subsidiaries as to which there is a reasonable possibility of an adverse determination and which, if adversely determined, would materially and adversely affect the financial condition, results of operations, properties or prospects of the Borrower as a whole; - Certain ERISA matters; - Such Borrower (or a Principal Subsidiary) has good title to the electric generating plants named in Item 2 of the Borrowers' Annual Report on Form 10-K for the year ended December 31, 1995; - All common stock of CL&P, WMECO, PSNH and NAEC is held by NU free and clear of any liens; - Tax returns filed and taxes paid by such Borrower and its Principal Subsidiaries; - No misleading information supplied to Agent or Lenders; - Proceeds of Advances to be used for general corporate purposes, including to backstop commercial paper and to provide liquidity to the NU System Money Pool; and - Compliance with Federal Reserve Regulation U. FINANCIAL COVENANTS: COMMON EQUITY: Each of the Borrowers will be required to maintain at all times a ratio of Common Equity to Total Capitalization as follows:
1996 1997 1998 NU (CONSOL.) 0.30:1.00 0.31:1.00 0.32:1.00 CL&P 0.31:1.00 0.32:1.00 0.33:1.00 WMECO 0.30:1.00 0.31:1.00 0.31:1.00
For which purpose: "COMMON EQUITY" of any Borrower shall mean for any period, an amount equal to the sum of the aggregate of the par value of, or stated capital represented by, the outstanding common shares of such Borrower and its subsidiaries and the surplus, paid-in, earned and other, if any, of such Borrower and its subsidiaries as determined on a consolidated basis in accordance with generally accepted accounting principles; and "TOTAL CAPITALIZATION" of any Borrower shall mean the sum of the Common Equity, Preferred Stock and all long-term and short-term Debt of such Borrower and its consolidated subsidiaries (including the current portion thereof); and "DEBT" of any Person shall mean, without duplication, (i) indebtedness of such Person for borrowed money, including but not limited to obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (ii) obligations of such Person to pay the deferred purchase price of property or services (excluding any obligation of such Person to the United States Department of Energy or its successor with respect to disposition of spent nuclear fuel burned prior to April 3, 1983), (iii) obligations of such Person as lessee under leases which shall have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases, (iv) obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in clauses (i) through (iv), above, and (v) liabilities in respect of unfunded vested benefits under ERISA Plans. INTEREST COVERAGE: Each of the Borrowers will be required to maintain for each fiscal quarter in each fiscal year a ratio of Operating Income to Interest Expense as follows:
1996 1997 1998 NU (CONSOL.) 1.50:1.00 2.50:1.00 3.50:1.00 CL&P --- 3.50:1.00 4.50:1.00 WMECO --- 1.50:1.00 3.00:1.00
For which purpose: "OPERATING INCOME" of any Borrower shall mean, for any period, such Borrower's consolidated operating income for such period, adjusted as follows: (i) INCREASED by the amount of income taxes paid by such Borrower and its consolidated subsidiaries during such period, if and to the extent deducted in the computation of such Borrower's consolidated operating income for such period; and (ii) INCREASED by the amount of any depreciation and amortization deducted in the computation of such Borrower's consolidated operating income for such period; and (iii) DECREASED by the amount of any capital expenditures paid by such Borrower or its consolidated subsidiaries to the extent not deducted in the computation of such Borrower's consolidated operating income for such period; and "INTEREST EXPENSE" of any Borrower shall mean for any period, the aggregate amount of any interest on consolidated Debt of such Borrower and its Subsidiaries (including long-term and short-term Debt). HOLDING COMPANY DEBT: NU shall not create, incur or suffer to exist any Debt, other than (i) Debt arising under the Facility and (ii) other Debt not to exceed $300,000,000 at any one time outstanding. OTHER AFFIRMATIVE AND NEGATIVE COVENANTS: Customary for facilities of this type and substantially similar to those contained in the Existing Facilities, including but not limited to: - Payment of taxes by each Borrower and its Principal Subsidiaries; - Maintenance by each Borrower and its Principal Subsidiaries of appropriate insurance; - Preservation of existence of each Borrower and its Principal Subsidiaries; - Compliance in all material respects by each Borrower and its Principal Subsidiaries with all applicable laws; - Inspection of books, etc. of each Borrower and its Principal Subsidiaries; - Maintain and cause Principal Subsidiaries to maintain books in accordance with GAAP; not change its accounting policies or reporting practices other than as required by the FASB or other accounting authorities; - Conduct and cause each Principal Subsidiary to conduct its primary business in substantially the manner conducted on the Closing Date; without limiting the foregoing, no Borrower, nor any subsidiary, shall sell, transfer or otherwise dispose of (by lease or otherwise) any portion of its generation, transmission or distribution assets in excess of 10% of the net utility plant assets of such Borrower or subsidiary during the term of the Facility; - Maintenance of properties by each Borrower and its Principal Subsidiaries; - Obtain all governmental approvals except those the absence of which would not have a material adverse effect; - Maintain S&P and Moody's Ratings in respect of the Reference Securities; - In the case of NU, not create, assume or permit any Lien on the stock of any of its Principal Subsidiaries; - In the case of CL&P and WMECO, not create, assume or permit any Lien on the stock of any of their respective Principal Subsidiaries (if any) or create, assume or permit any other Lien except for: - liens existing on the Closing Date and their extensions, renewals or replacements in each case to the extent of the indebtedness secured thereby as of the Closing Date; - liens created under their existing indentures; - liens securing debt of subsidiaries owed to such Borrower or to other subsidiaries of the same Borrower; - purchase money liens and liens existing on property (including subsidiary stock) at the time acquired; - liens resulting from legal proceedings being contested in good faith, so long as reserved in accordance with (and to the extent required by) GAAP; - liens created in favor of the other contracting party in connection with advance payments and progress payments; - liens in favor of any state or the United States; - liens arising under capital leases, conditional sales and similar agreements, including leases of nuclear fuel from the Niantic Bay Fuel Trust; - with respect to financings of pollution control equipment, liens on funds, accounts and similar intangibles created or arising under the relevant indenture and pledges of the related loan agreement with the relevant issuing authority; - the lien on the Millstone I nuclear unit created by the Open End Mortgages and Trust Agreements, dated as of October 1, 1986 made by CL&P and WMECO, respectively, in favor of State Street Bank and Trust Company, as successor trustee, to the extent of the indebtedness secured thereby as of the Closing Date and, in the case of any future indebtedness to be secured thereby, subject to the limitations on incurrence of additional indebtedness secured by such lien set forth elsewhere in this Summary of Terms; - liens on accounts receivable and power contracts resulting from financing transactions; - any other liens incurred in the normal course of business other than to secure indebtedness; and - extensions, replacements and renewals of the foregoing, subject to certain limitations; - In the case of NU, not merge with or into any other person or entity, or acquire all or substantially all of the assets or stock of any person or entity (whether directly or indirectly) for a purchase price (including liabilities assumed) in excess of $50,000,000 and then only if no Default or Event of Default shall have occurred or be continuing; PROVIDED, that the foregoing shall not apply to (i) acquisitions or other investments made by or through NU's Charter Oak Energy subsidiary so long as the aggregate amount of all such acquisitions and investments, whether presently existing or to be made in the future, does not exceed $200,000,000 and (ii) acquisitions made through CL&P or WMECO in accordance with the next paragraph; - In the case of CL&P and WMECO, not merge with or into any other person or entity, or acquire all or substantially all of the assets or stock of any person or entity, or sell, transfer or otherwise dispose of (by lease or otherwise) all or any substantial part of its assets, except for the following (and then only if no Default or Event of Default shall have occurred or be continuing and all regulatory approvals have been obtained): - mergers, acquisitions or dispositions of or by any wholly-owned subsidiary with, from or to another wholly-owned subsidiary; - mergers or consolidations with or into another Borrower or another wholly-owned subsidiary of NU; - mergers or consolidations with or into another person, or purchases of stock in or assets of another person, in each case in connection with the exercise of "step-in" rights under pre- existing contracts or pursuant to regulatory action and then only subject to additional conditions similar to those contained in the Existing Facilities; - the purchase of a joint venture interest in a mutual insurance company providing nuclear liability or nuclear property replacement power insurance; - sales of accounts receivable on reasonable commercial terms (including a commercially reasonable discount) to obtain short term funding; Without limiting the generality of the foregoing, a sale, transfer or disposition of 10% of the consolidated assets of a Borrower (whether in one or a series of transactions) shall be deemed to constitute a disposition of a "substantial part" of such Borrower's assets; - Cause or permit to cause any ERISA plan to terminate which would result in a liability in excess of $1 million. - If after the date of the Facility, any Borrower shall incur any secured indebtedness or shall secure any outstanding indebtedness that is presently unsecured in each case whether by the issuance of such Borrower's first mortgage bonds or otherwise, such Borrower shall cause the Facility to be secured equally and ratably with such other indebtedness. The foregoing shall not apply to: - collateral additions and substitutions made in the ordinary course and in accordance with any Borrower's existing mortgage indentures, or the existing terms of the Niantic Bay Fuel Trust; - the issuance by either CL&P or WMECO of first mortgage bonds to obtain funds for operations or investment or to replace maturing first mortgage bonds (but no other indebtedness); provided that: - all such first mortgage bonds shall be sold in one or more public offerings to investors (and not in privately negotiated transactions with banks, insurance companies or similar institutions) for cash in any amount, not less than the fair market value of such first mortgage bonds at the time of such issuance (less normal underwriting discounts and commissions); - all such first mortgage bonds shall mature after the initial Termination Date of the Facility; and - all such first mortgage bonds shall bear interest at a fixed rate to maturity or otherwise not be subject to repricing prior to the initial Termination Date of the Facility; - issuances by CL&P or WMECO of first mortgage bonds to secure presently outstanding floating rate pollution control bonds (but not any letter of credit in respect thereof) upon conversion of such bonds to a fixed rate mode, either to stated maturity or for a period of years first expiring after the initial Termination Date of the Facility; and - obligations of a Borrower incurred after the Closing Date in respect of tax-exempt pollution control and similar bonds (whether as a result of the issuance of such bonds after the Closing Date or the replacement after the Closing Date of a retiring letter of credit bank) if the security therefor consists only of the lien on the Millstone I nuclear unit created by the Open End Mortgages and Trust Agreements, dated as of October 1, 1986 made by CL&P and WMECO, respectively, in favor of State Street Bank and Trust Company, as successor trustee. REPORTING REQUIREMENTS: Customary for facilities of this type and substantially similar to those included in the Existing Facilities, including but not limited to: - Annual and quarterly financial statements; - Annual and quarterly no-default certificates; - Notices of certain ERISA events; - Notices of material litigation; - Notice of any change in each Borrower's short-term borrowing limit as established by the SEC. EVENTS OF DEFAULT: The Events of Default under the Facility will be customary for facilities of this type and substantially similar to those included in the Existing Facilities, including but not limited to: - Failure to pay principal when due or to pay interest or other amounts within two days of the day when due; - Misrepresentation; - Failure to maintain existence, breach of financial covenants, breach of negative covenants relating to mergers and sales of assets, failure to notify of default; - Breach of any other covenant not remedied within 30 days of notice thereof from the Agent or any Lender; - Cross-default to indebtedness in excess of $10,000,000 of a Borrower or any of its Principal Subsidiaries; - Bankruptcy and similar events affecting a Borrower or its Principal Subsidiaries; - Adverse judgment in excess of $10,000,000 against a Borrower or its Principal Subsidiaries; - NU shall cease to own all of the issued and outstanding common stock of its Principal Subsidiaries, free and clear of any Lien; - Change of control events as follows: (A) any Person or "group" (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended) shall either (1) acquire beneficial ownership of more than 50% of any outstanding class of common stock of NU having ordinary voting power in the election of directors of NU or (2) obtain the power (whether or not exercised) to elect a majority of NU's directors or (B) the Board of Directors of NU shall not consist of a majority of Continuing Directors. "CONTINUING DIRECTORS" shall mean the directors of NU on the Closing Date and each other director of NU, if such other director's nomination for election to the Board of Directors of NU is recommended by a majority of the then Continuing Directors. REMEDIES: Upon the occurrence and continuance of an Event of Default, the Lenders will be able to exercise customary remedies against any or all of the Borrowers, including terminating the Lender's Commitments to such Borrowers and accelerating the maturity of all amounts outstanding under the Facility to such Borrowers. ASSIGNMENTS AND PARTICIPATIONS: The Lenders may assign their interests by novation or otherwise in the loans and commitments under the Facility with the prior approval of the Borrowers (which will not be unreasonably withheld; no approval will be required for assignments to affiliates of Lenders). The Lenders may sell participation interests in the loans and commitments under the Facility without the prior approval of the Borrowers, provided that the Lenders shall not afford any voting rights to participants except with respect to changes proposed to interest rates or amounts, principal amounts, fees, maturity and material collateral releases. The parties to any assignment shall pay to the Agent a processing and recordation fee of $3,000. COST AND YIELD PROTECTION: The Facility documentation will include customary provisions with respect to prepayments and breakage, capital adequacy and capital requirements, increased costs, illegality, change in circumstances, reserves, withholding taxes and the like. OTHER: The Facility documentation will include: - provisions for indemnification of the Agent and Lenders and their respective affiliates, officers, directors, employees, agents and advisors for any liabilities and expenses arising out of the Facility or the use of proceeds; - normal agency provisions. MAJORITY LENDERS: Lenders holding 66 2/3% of the Commitments, or if the Commitments have been terminated or in the case of a decision to exercise remedies on default, Lenders holding 66 2/3% of the outstanding Advances. The consent of all the Lenders will be required to increase the size of the Facility, to extend the maturity, to decrease interest rates or fees and for similar changes to fundamental economic terms. GOVERNING LAW: The Facility documentation will be governed by and construed in accordance with the laws of the State of New York; all parties to agree to waiver of jury trial. COUNSEL TO THE AGENT: King & Spalding. EXPENSES: The Borrower shall reimburse Citicorp Securities and Citibank for all reasonable out-of-pocket expenses (including fees and expenses of counsel to the Agent) incurred by them in the negotiation, syndication and execution of the Facility. Such expenses shall be reimbursed by the Borrower upon presentation of a statement of account, regardless of whether the transaction contemplated is actually completed or the Facility documents are signed.All other terms and conditions of the Facility shall be subject to further discussion and mutual agreement. THE ABOVE TERMS DO NOT CONSTITUTE AN OFFER OR COMMITMENT AND ARE SUBJECT TO NEGOTIATION, CREDIT APPROVAL AND SATISFACTORY DOCUMENTATION. EXHIBIT A of EXHIBIT B.2 PRICING SUPPLEMENT The Applicable Rating Levels, Applicable Margins and Facility Fees for each Borrower shall be determined as follows:
APPLICABLE RATING LEVEL NU CL&P WMECO Level I BBB+ and Baa1 BBB+ and Baa1 BBB+ and Baa1 Level II BBB and Baa2 BBB and Baa2 BBB and Baa2 Level III BBB- and Baa3 BBB- and Baa3 BBB- and Baa3 Level IV BB+ and Ba1 BB+ and Ba1 BB+ and Ba1 Level V BB and Ba2 or lower BB and Ba2 or lower BB and Ba2 or lower
APPLICABLE MARGIN APPLICABLE ` NU CL&P AND WMECO RATING LEVEL EURODOLLAR RATE BASE RATE EURODOLLAR RATE BASE RATE ADVANCES ADVANCES ADVANCES ADVANCES Level I 35.0 0 35.0 0 Level II 37.5 0 37.5 0 Level III 50.0 0 50.0 0 Level IV 87.5 100.0 87.5 100.0 Level V 100.0 100.0 100.0 100.0
FACILITY FEE APPLICABLE RATING LEVEL NU CL&P AND WMECO Level I 17.5 15 Level II 20.0 17.5 Level III 25.0 20.0 Level IV 50.0 37.5 Level V 62.5 50.0
EXHIBIT D.3 February 14, 1996 Dr. Sarah P. Voll, Ph.D. Executive Director and Secretary State of New Hampshire Public Utilities Commission 8 Old Suncook Road, Building No. 1 Concord, New Hampshire 03101-7319 RE: Public Service Company of New Hampshire Petition for Waiver of Short Term Debt Limit of Puc. 312.01 and for Approval to Mortgage Property Pursuant to RSA 369:2 to Secure Short Term Debt Dear Dr. Voll, Enclosed please find an original and eight copies of Public Service Company of New Hampshire's "Petition for Waiver of Short Term Debt Limit of Puc. 312.01 and for Approval to Mortgage Property to Secure Short Term Debt" in connection with the amendment, restatement and extension of PSNH's existing Revolving Credit Agreement. Also enclosed is an original and eight copies of the supporting testimony of David R. McHale, with attachments. Copies of this material have also been provided to the Office of the Consumer Advocate. As discussed in the Petition, PSNH proposes to amend, restate and extend the existing Revolving Credit Agreement to (i) convert the borrowings under the Revolving Credit Agreement from long term to short term by amending the maturity of any borrowing under the agreement such that borrowings can not exceed 270 days, (ii) increase the aggregate principal amount available to PSNH from $125 million to $225 million for a one year period by adding to the three year $125 million Revolving Credit Agreement an additional $100 million 364 day revolving credit facility which will expire on May 14, 1997, (iii) extend the maturity of the resulting $125 million short term Revolving Credit Agreement for three years until May 14, 1999 and (iv) continuing the existing Collateral Agency Agreement and second PSNH Mortgage as security for short term borrowings under the Amended and Restated Revolving Credit Agreement. PSNH plans to utilize the short term credit facility resulting from the amendment, restatement and extension of the existing Revolving Credit Agreement in connection with the retirement of the $172.5 million Series A First Mortgage Bonds maturing on May 15, 1996, to meet the requirements of potential wood-fired small power producer buyouts and to fund normal working capital requirements. To ensure availability of funds for the bond retirement, the closing of the proposed transaction is scheduled for April 30, 1996. To allow time for the now thirty day rehearing period of RSA 541:3 to expire prior to closing, PSNH respectfully requests that the Commission notice this matter and adopt a schedule which would result in the issuance of a final Commission Order no later than March 29, 1996. Furthermore, as the proposed terms and conditions of amended, restated and extended Revolving Credit Facility are not expected to be substantially different from the terms and conditions of the existing Revolving Credit Facility, approved by the Commission in DR 89-244, Order No. 19,889, and the Second Series D Letter of Credit and Reimbursement Agreement dated as of May 1, 1995, approved by the Commission in DF 95-072, Order No. 21,585, and existing second PSNH mortgage and associated Collateral Agency Agreement, approved by the Commission DR 89-244, Order No. 19,889, will remain in place, PSNH submits that no investigation or hearing in this matter is required. Accordingly, PSNH requests that the Commission consider issuing the requested approval pursuant to an Order NISI. PSNH proposes that the Commission issue an Order NISI on or before February 26, 1996, for publication on February 28, 1996, with interested parties filing written statements or comments or requesting an opportunity to be heard by March 8, 1996, and unless otherwise ordered, the Order would be effective March 18, 1996. This proposed schedule would allow time for hearing, if necessary, and the expiration of the rehearing period noted above prior to the currently scheduled April 30, 1996 closing date. If you have any questions or require any additional information regarding this filing, please let either me or Jane Seidl know. Thank you for your prompt attention to this matter. Very truly yours, February 14, 1996 By: /s/_____________________________ Catherine E. Shively Senior Counsel Public Service Company of New Hampshire 1000 Elm Street P.O. Box 330 Manchester, New Hampshire 03105 (603) 634-2326 cc: Michael W. Holmes, Esq. Office of the Consumer Advocate (with enclosures) THE STATE OF NEW HAMPSHIRE BEFORE THE NEW HAMPSHIRE PUBLIC UTILITIES COMMISSION Docket No. DF 96-048 PETITION OF PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE FOR WAIVER OF SHORT TERM DEBT LIMIT OF PUC. 312 AND FOR APPROVAL TO MORTGAGE PROPERTY PURSUANT TO RSA 396:2 TO SECURE SHORT TERM DEBT NOW COMES Public Service Company of New Hampshire and petitions the New Hampshire Public Utilities Commission (the "Commission" or "NHPUC") for (i) a specific order of the Commission pursuant to RSA 369:7, waiving Puc. 312.01 pursuant to Puc. 201.05, authorizing until May 14, 1997 a short-term debt limit of $225 million, which is in excess of ten percent (10%) of net assets less depreciation and (ii) authorization pursuant to RSA 369:2 to continue the existing PSNH Mortgage as security for short term debt pursuant to the terms and conditions of the proposed Revolving Credit Agreement. These approvals are requested in connection with the amendment, restatement and extension of PSNH's existing $125 million Revolving Credit Agreement and associated second mortgage (the "PSNH Mortgage"). In support of this petition PSNH says: 1. On July 20, 1990, in Docket No. DR 89-244, the NHPUC issued its Order No. 19,889, which among other things, approved the reorganization of PSNH and PSNH's acquisition by Northeast Utilities. In connection with its approval of the PSNH reorganization and acquisition by Northeast Utilities, the Commission approved the borrowing of up to $200 million from time to time by PSNH from a group of banks under a revolving credit facility and the granting of a second mortgage on substantially all of PSNH's present and future New Hampshire property to secure both the revolving credit facility and a $487 million term credit facility. DR 89-244, Report and Order No. 19,889, pp. 187-189 (1990). 2. In connection with its reorganization, PSNH entered into a Revolving Credit Agreement dated May 1, 1991 among PSNH, the banks named therein and Bankers Trust Company, Chemical Bank and Citibank N.A., as co-agents and Chemical Bank as administrative agent. PSNH also entered into a Collateral Agency Agreement and PSNH Mortgage securing borrowings under the Revolving Credit Agreement and Term Credit Agreement. Pursuant to the terms and conditions of the Revolving Credit Agreement, the credit line was reduced from $200 million to $125 million on June 5, 1992, the date of the merger between PSNH and Northeast Utilities. The Commission approved extension of the Revolving Credit Agreement from May 14, 1994 to May 14, 1996 in Docket No. DF 94-039. DR 94-039, Order No. 21,180 (1994). 3. PSNH proposes to amend, restate and extend the existing Revolving Credit Agreement to (i) convert the borrowings under the Revolving Credit Agreement from long term to short term by amending the maturity of any borrowing under the agreement such that borrowings can not exceed 270 days, (ii) increase the aggregate principal amount available to PSNH from $125 million to $225 million for a one year period by adding to the three year $125 million Revolving Credit Agreement an additional $100 million 364 day revolving credit facility which will expire on May 14, 1997, (iii) extend the maturity of the existing $125 million Revolving Credit Agreement for three years until May 14, 1999 and (iv) continuing the existing Collateral Agency Agreement and PSNH Mortgage as security for short term borrowings under the Amended and Restated Revolving Credit Agreement. 4. The proposed $225 million, secured short term facility has been designed to provide flexibility in connection with the retirement of the $172.5 million Series A First Mortgage Bonds which will mature on May 15, 1996, to meet the requirements of potential wood-fired small power producer buyouts and to fund normal working capital requirements. The $125 million three year and $100 million one year structure of the facility has been designed to reflect the bridge of short term cash needs of the company associated with these anticipated financings. 5. PSNH is currently in negotiations with the banks with respect to the terms and conditions of the amended Revolving Credit Agreement. The covenants are not expected to be materially different than those included in the current Revolving Credit Agreement and will be compatible with those negotiated in the Second Series D Letter of Credit and Reimbursement Agreement approved by the Commission in Docket No. DR 95-072, Order. No. 21,585. Additional information regarding the terms, conditions and covenants anticipated in the Revolving Credit Agreement is included in the supporting testimony of David R. McHale, Attachment C. The proposed form of the amended, restated and extended Revolving Credit Agreement will be filed with the Commission when it is available. The current Collateral Agency Agreement and the PSNH Mortgage will remain in place without significant amendment or modification, except that Chemical Bank will be substituted as the Collateral Agent in place of the current agent, Bankers Trust Company. 6. Pursuant to RSA 369:7, PSNH requests a specific order of the Commission waiving Puc. 312.01, pursuant to Puc. 201.05, authorizing for a one year period a short-term debt limit of $225 million, which is approximately $25 million in excess of ten percent (10%) of PSNH's net assets less depreciation. Under Puc. 201.05, the Commission may waive the requirements of Puc. 312.01 if it finds that the waiver is in the public interest and that existing peculiarities or unusual circumstance warrant the departure from the rule. Waiver of the requirement is in the public interest since it is for a limited one year period ending on May 14, 1997 only and the resulting increase in short term debt permits PSNH to utilize the most economic alternative to (i) meeting the maturity of the $172.5 Series A First Mortgage Bond, (ii) meet the requirements of potential wood-fired small power producer buyouts and (iii) fund normal working capital requirements. 7. PSNH also seeks authorization pursuant to RSA 369:2 to continue the existing PSNH Mortgage and associated Collateral Agency Agreement as security for short term debt pursuant to the terms and conditions of the proposed amended, restated and extended Revolving Credit Agreement. 8. Pursuant to RSA 369:3, estimated expenses of the proposed Revolving Credit Facility are set forth in the supporting testimony of David R. McHale, Attachment D. WHEREFORE, PSNH respectfully requests that Commission: a. Issue a specific order of the Commission pursuant to RSA 369:7, waiving Puc. 312.01, pursuant to Puc. 201.05, and authorizing a short-term debt limit of $225 million for PSNH for the period May 14, 1996 to May 14, 1997, finding that waiver of Puc 312.01 is in the public interest since the resulting increase in short term debt permits PSNH to utilize the most economic alternative to meet the maturity of the $172.5 million Series A First Mortgage Bond, (ii) meet the requirements of potential future financings and (iii) fund normal working capital requirements. b. Determine under RSA 369:2 that the continuation of the existing Collateral Agency Agreement and second PSNH Mortgage granted by PSNH on substantially all of its present and future New Hampshire property, to secure payment of short term debt under the terms and conditions of the proposed amended, restated and extended Revolving Credit Agreement is consistent with the public good and is approved; and c. Grant such other or further relief and make such other or further findings or orders as shall be just and reasonable. Respectfully submitted, PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE February 14, 1996 By: /s/_________________________________ Jane P. Seidl Senior Counsel Northeast Utilities Service Company 107 Selden Street Berlin, Connecticut 06037 (203) 665-5051 By: /s/________________________________ Catherine E. Shively Senior Counsel Public Service Company of New Hampshire 1000 Elm Street P.O. Box 330 Manchester, New Hampshire 03101 (603) 634-2326 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE APPLICATION WITH RESPECT TO WAIVER OF SHORT-TERM DEBT LIMIT OF PUC.312.01 AND FOR APPROVAL TO MORTGAGE PROPERTY PURSUANT TO RSA 369:2 TO SECURE SHORT-TERM DEBT TESTIMONY OF DAVID R. MCHALE Q. Would you please state your name, business address and position of employment? A. My name is David R. McHale. My business address is Selden Street, Berlin, Connecticut. I am Assistant Treasurer-Finance of Public Service Company of New Hampshire ("PSNH"), Northeast Utilities ("NU"), Northeast Utilities Service Company ("NUSCO") and other NU subsidiaries, including The Connecticut Light and Power Company and Western Massachusetts Electric Company. Q. Would you please describe your duties as Assistant Treasurer-Finance? A. I am responsible for the capital requirements of NU and the system's subsidiaries, including PSNH. I have been employed by NU for 14 years and have experience prior to my current position, as Manager-Project and Short-term Finance, Manager-Investor Relations, and various analyst positions in Corporate Financial Forecasting and Marketing. Q. Are you familiar with the description of the proposed financing set forth in the application in this proceeding? A. Yes. Q. Would you please describe the petition which is the subject of this proceeding? A. Yes. This is a petition requesting an order of the Commission pursuant to RSA 369:7, waiving Puc. 312.01 pursuant to Puc. 201.05 authorizing a short-term debt limit in excess of ten percent (10%) of net assets and authorizing the mortgaging of property in connection with the issuance of short-term debt pursuant to RSA 369:2 in connection with the amendment and extension of PSNH's existing $125 million Revolving Credit Agreement. PSNH proposes to amend and extend the existing Revolving Credit Agreement to (i) convert the $125 million of borrowings under the Revolving Credit Agreement from long-term to short-term by amending the maturity of any borrowing under the agreement, such that borrowings cannot exceed 270 days, (ii) extend the maturity of the resulting $125 million short-term Revolving Credit Agreement for three years, (iii) increase the aggregate principal amount available to PSNH from $125 million to $225 million by adding to the three year $125 million Revolving Credit Agreement an additional $100 million 364-day revolving credit facility, and (iv) continue the existing Collateral Agency Agreement and PSNH Mortgage as security for short-term borrowings under the Amended and Restated Revolving Credit Agreement. Q. Please explain the circumstances underlying the extension and amendment of the Revolving Credit Agreement. A. On July 20, 1990, in Docket No. DR 89-244, the New Hampshire Public Utilities Commission issued Order No. 19,889 which, among other things, approved the reorganization of PSNH and PSNH's acquisition by Northeast Utilities. In connection with its approval of the PSNH reorganization and acquisition by Northeast Utilities, the Commission approved the borrowing of up to $200 million from time to time by PSNH from a group of banks under a revolving credit facility and the granting of a second mortgage on substantially all of PSNH's present and future New Hampshire property to secure both the revolving credit facility and a $487 million term credit facility. DR 89-244, Report and Order No. 19,889, pp. 187-189 (1990). In connection with its reorganization, PSNH entered into a Revolving Credit Agreement dated May 1, 1991 among PSNH, the banks named therein and Bankers Trust Company, Chemical Bank and Citibank, N.A., as co-agents, and Chemical Bank, as administrative agent. PSNH also entered into a Collateral Agency Agreement and PSNH Mortgage securing borrowings under the Revolving Credit Agreement and Term Credit Agreement. Pursuant to the terms and conditions of the Revolving Credit Agreement, the credit line was reduced from $200 million to $125 million on the merger date, June 5, 1992. The Commission approved the extension of the Revolving Credit Agreement and associated second mortgage from May 14, 1994 to May 14, 1996 in Docket No. DF 94-039. DR 94-039, Order No. 21,180 (1994). Q. Why is PSNH seeking a specific order of the Commission pursuant to RSA 369:7, waiving Puc. 312.01 pursuant to Puc. 201.05 and authorizing a short-term debt limit in excess of ten percent (10%) of net assets? A. A calculation of PSNH's short-term debt limit based on unaudited financial statements as of December 31, 1995 has been included herein as Attachment A. The resulting calculation, as defined under Rule 312.01, would limit PSNH's short-term debt borrowings to $199,879,887. Since the short-term debt limit calculated in accordance with Puc. 312.01 is below the proposed $225 million revolving credit facility amount, PSNH requests a specific Commission order approving a $225 million short-term debt limit for PSNH. Q. Please describe why PSNH is proposing to increase its size of the Revolving Credit Agreement to $225 million? A. The proposed $225 million credit facility has been designed to (i) provide financing for the retirement of PSNH's $172.5 million Series A First Mortgage Bond issue which will mature on May 15, 1996, (ii) meet the requirements of potential future wood-fired small power buyouts and (iii) fund normal working capital requirements. A two year cash flow statement for PSNH, including assumptions which support the increase in size of the facility., has been provided in Attachment B. Q. Please describe how PSNH's short-term debt forecast, as presented in Attachment B, warrants a $225 million Revolving Credit Agreement and corresponding increase in the Company's short-term debt limit. A. During 1996, two distinct events could, independent of each other, increase PSNH's short-term debt requirements. The first event, which is certain, is the maturity of the $172.5 million Series A First Mortgage Bonds on May 15, 1996. PSNH anticipates meeting this maturity through drawings under the proposed $225 million credit facility which, according to company estimates, would be paid down over the following months, thereby eliminating the need for a long-term debt issue. Although PSNH estimates that cash on hand will approach $92 million at the time of the bond maturity, prudent cash management would dictate contingency planning and the assumption that no cash would be available on the date of the bond maturity. In this conservative case, PSNH would be able to utilize the full amount of the revolving credit facility and still meet normal working capital requirements with a short-term debt limit of $225 million; a lower limit may jeopardize PSNH's liquidity position. Within a year's time, as short-term debt levels approach normal levels, PSNH would have the option to cancel the 364-day component of the revolving credit line. A second event which could increase PSNH's short-term debt requirement is the potential financing of several non-utility generator wood-fired small power producer buyouts. The forecast in Attachment B assumes that a financing of approximately $130 million will occur in July 1996. This event would increase PSNH's short-term debt needs to $207 million in that month. Although short-term debt levels would rise if this financing were to occur, the forecast assumes repayment of amounts drawn on the revolving credit line over the next twelve months, thereby potentially eliminating the need for a long-term bond issuance. Q. What "existing peculiarity or unusual circumstances" justifies a waiver of the short-term debt limits established by Puc 312.01 and why is the waiver in the public interest? A. PSNH is seeking authority to increase its short-term debt limit to the estimated amount required to (i) fund the retirement of $172.5 million Series A First Mortgage Bond maturity on May 15, 1996, (ii) fund approximately $130 million of potential wood fired small power producer buyouts, and (iii) meet normal working capital requirements. Current cash flow projections indicate that internally generated funds will be sufficient to pay down anticipated short-term debt to the short-term debt limits established by Puc. 312.01 over the next twelve months. A one year increase in PSNH's short-term debt limit is preferable to the issuance of long-term debt under these circumstances. Waiver of the requirement is in the public interest since the increase in the short-term debt limit is for one year only and the resulting increase will permit PSNH to potentially avoid unnecessary issuance of long-term debt and utilize the most economic financing alternative for (i) meeting the retirement of the $172.5 million Series A First Mortgage Bonds maturing on May 15, 1996, (ii) meeting the requirements of potential future wood-fired small power producer buyouts, and (iii) funding normal working capital requirements. Q. Could there be a series of incidents which trigger the need to issue a long-term bond? A. Yes. If the maturity of the $172.5 million Series A First Mortgage Bond and the financing of the non-utility generator wood-fired small power producer buyouts occur within a narrow time frame of each other, and lower cash flows than forecast materialize, it could be feasible that PSNH would be in a situation which would warrant the need to issue a long-term bond. Under those conditions PSNH would petition the Commission for approval to issue a First Mortgage Bond. Q. Would you please describe the terms and conditions of the proposed financing? A. PSNH is currently in negotiations with certain banks with respect to the terms and conditions applicable to the Amended and Restated Revolving Credit Agreement. Attachment C sets forth general terms, conditions, and covenants which may be included as part of the proposed facility, subject to final negotiation. The covenants will not be materially different than those included in the current Revolving Credit Agreement. To ensure consistency among the PSNH credit facilities, however, the covenants will be revised to be compatible with those negotiated in connection with the Second Series D Letter of Credit and Reimbursement Agreement dated as of May 1, 1995 and approved by the Commission in DF 95-072, Order No. 21,585 (1995). Under the Amended and Restated Revolving Credit Agreement, two financial ratios will be utilized to measure PSNH's performance: a leverage test and an interest coverage ratio. PSNH will be required to maintain a common equity to total capitalization ratio of .285 to 1.00 through June 30, 1997 and .300 to 1.00 from July 1, 1997 through the termination date of the credit facility. Based on the unaudited financial statements as of December 31, 1995, PSNH's ratio of common equity to total capitalization was .364. PSNH will also be required to maintain a ratio of operating income to interest expense of 1.75 to 1.00 through June 30, 1997 and 2.00 to 1.00 through the termination date of the facility. Based on unaudited financial statements as of December 31, 1995, PSNH's ratio of operating income to interest expense was 2.74. Q. Will the current administrative agent or mix of lending banks change for the proposed financing? A. Chemical Bank will remain administrative agent for the Amended and Restated Revolving Credit Agreement. Due to the increase in the size of the facility to $225 million, the current mix and lending commitments of the 19 participating banks will change. There will be no co-agents for the Amended and Restated Revolving Credit Agreement, but rather co-managers who will support the facility through a larger lending commitment. Q. How will the rate of interest be determined on any borrowing? A. Under the proposed terms of the Amended and Restated Revolving Credit Agreement, advances will bear interest, at PSNH's option, on one or more of the following four bases: (i) Eurodollar rate, (ii) alternative base rate, (iii) certificate of deposit rate, or (iv) competitive auction facility advances. A summary of the borrowing options and their applicable margins has been included in the terms and conditions summarized in Attachment C. Q. What fees or expenses are expected to be incurred by PSNH in connection with the proposed transaction? A. Consistent with the current Revolving Credit Agreement, it is expected that PSNH will pay the following fees in connection with the proposed transaction, (i) one-time upfront and arrangement fees, (ii) annual administrative and collateral agent fees, and (iii) quarterly commitment or facility fees. In connection with the proposed amendment and extension of the Revolving Credit Agreement, it is estimated total fees for the facility will be $1,642,500 over the maximum proposed three year facility term. A detailed calculation and summary of fees and expenses has been included herein as Attachment D. Q. Will PSNH's obligations under the amended Revolving Credit Agreement continue to be secured? A. Yes. PSNH's obligations under the Amended and Restated Revolving Credit Agreement will continue to be secured by the original second mortgage on PSNH's present and future New Hampshire property (the "PSNH Mortgage") and associated Collateral Agency Agreement which were approved by the Commission in DR 89-244, Order No. 19,889. Minor amendments to the mortgage to reflect the proposed transaction may be necessary, but no significant substantive amendments are proposed. Chemical Bank will be substituted as the Collateral Agent and Mortgagee in place of the current agent, Bankers Trust Company. Q. How will Commission approval of this facility affect PSNH short-term borrowing from the NU Money Pool or other available sources? A. PSNH will continue to have the ability to borrow on a short-term basis from the NU Money Pool under the same terms and conditions as previously presented to the Commission. PSNH, however, cannot plan on the availability of Money Pool funds in the amounts required over the next three years, as such amounts may or may not be available. If both Money Pool and Revolving Credit Facility funds were available and appropriate to meet a particular short-term need, PSNH would borrow from the least expensive source. PSNH's combined borrowing from the proposed Revolving Credit Facility, the Money Pool or any other available source of short-term debt will not exceed the $225 million short-term debt limit proposed in this proceeding. Q. What obligation will the banks have to roll-over the short-term borrowings during the three year term of the $125 million facility? A. Provided no Event of Default or Unmatured Default as defined in the Amended and Restated Revolving Credit Agreement has occurred, the banks will be obligated to make advances to PSNH upon request, up to the $125 million limit of the facility. Q. Have you provided financial statements of the Company? A. Yes. Financial results for the quarterly period ended September 30,1995 (Form 10-Q) are enclosed. Also provided are unaudited financial results for PSNH as of December 31, 1995. Q. Have you prepared exhibits which demonstrate the effect of borrowing under the Amended and Restated Revolving Credit Agreement? A. Yes. The statements included as part of Attachment E show the proforma effects of full borrowing under the proposed amended revolving credit facility and assume $172.5 million of the proceeds will be used to retire the Series A First Mortgage Bonds on May 15, 1996 and the balance to cash to be used for future working capital requirements. Q. What regulatory body has jurisdiction over the Amended and Restated Revolving Credit Agreement? A. New Hampshire Public Utilities Commission approval of the proposed transaction is required due to (i) the requirement that PSNH obtain a specific order of the Commission pursuant to RSA 369:7, waiving Puc. 312.01 pursuant to Puc. 201.05 and authorizing a short-term debt limit in excess of ten percent (10%) of net assets less depreciation, and (ii) the continuation of the PSNH Mortgage as security for short-term borrowings. Q. What regulatory approvals must be obtained before the Company will be able to carry out the proposed transaction? A. No regulatory approval, other than the approvals of the New Hampshire Public Utilities Commission described above, is required in connection with the proposed short-term transaction. The approval of the Securities and Exchange Commission ("SEC") under the Public Utility Holding Company Act of 1935 ("1935 Act") is no longer required to be obtained by utility subsidiaries of registered holding companies for financings which are approved by state regulators such as the Commission, pursuant to SEC Rule 52 issued under the 1935 Act. Q. When does PSNH need a Commission Order in this docket? A. PSNH respectfully requests that the Commission issue an Order in this docket that is effective no later than March 29, 1996. PSNH plans to close the proposed transaction by April 30, 1996. If a final Commission Order is issued by March 29, 1996, this will allow for expiration of the thirty day rehearing period of RSA 541:3 prior to the closing date. Q. Mr. McHale, in your opinion, are the proposed terms and conditions of the Amended and Restated Revolving Credit Agreement subject to this petition consistent with the public good? A. Yes. The proposed terms and conditions of the Amended and Restated Revolving Credit Agreement provide PSNH with the most economic alternative to (i) meeting the maturity of the Series A First Mortgage Bonds, (ii) meeting the requirements of potential future wood-fired small power producer buyouts, and (iii) funding normal working capital requirements. Q. Does this conclude your testimony? A. Yes, it does. ATTACHMENT A PSNH SHORT-TERM DEBT CEILING AS OF DECEMBER 31, 1995 PER UNAUDITED YEAR-END FINANCIAL STATEMENTS
Net Utility Plant $1,613,906,000 Less Seabrook Power Contract 910,837,128 Total Net Utility Plant 703,068,872 Total Other Property/Investments 22,500,000 Total Current & Accrued Assets 199,474,000 Total Deferred Debits (Regulatory Assets) 1,073,756,000 Total Assets & Other Debits 1,998,798,872 10% Ceiling x .10 PSNH Short-term Debt Limit $ 199,879,887 NOTE : The above short-term debt limit has been calculated in accordance withPuc. 312.01.
ATTACHMENT B PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE CASHFLOW STATEMENT ASSUMPTIONS 1996/1997 FORECAST - Reflects the 1995 year-end actual balances. - Reflects the sales forecast dated 8/25/95. The average five-year growth rate is 1.4%. 1996 1997 GWH's 7,085 7,225 - Base revenue reflects the final 5.5% increases on 6/1/96. - FPPAC is in existence through year-end 1996. - Reflects CERA May 1995 projection of fuel costs for oil and the May 1995 J.D. Energy forecast for coal. x - Seabrook is assumed to operate at an 86% capacity factor between refueling outages. - Capital expenditures and non-fuel O&M reflect the 1996 Business Plan Base Case and are summarized as follows: 1996 1997 Capital (millions) 52 38 a) O&M (millions) 182 168 b) c) - Estimated regular tax NOL carry forward as of 12/31/95 is 572 million. These NOL's can only be used to offset taxable income of PSNH and may not be used to offset taxable income of any other members of the NU affiliated group. x x x x x - The forecast assumes a contingency for financing non-utility generator buyouts (woodburners) for the amounts indicated below: x 1996 1997 Bridgewater 52.00 - a) Hemphill 6.58 6.58 Whitefield 7.95 7.95 Bio Energy 35.00 1.95 Pinetree 30.00 - Total 131.53 16.48
ATTACHMENT B PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE CASH FLOW STATEMENT 1996 FORECAST (WITH AND W/O CONTINGENCY FOR WOODBURNERS) JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT (1)BEGINNING CASH BALANCE 19,445 34,795 60,455 77,231 91,946 0 0 0 500 (2)Total Cash Receipts 76,775 81,031 78,847 74,745 73,068 70,666 68,404 69,793 70,273 (3)Total Cash Disbursements 57,941 51,100 57,391 55,935 78,135 68,146 49,216 45,978 54,771 (4)CASH GENERATION 18,834 29,931 21,456 18,810 (5,067) 2,520 19,188 23,815 15,502 BEFORE CONSTRUCTION (2-3) (5)Construction Expenditures 3,484 4,271 4,680 4,095 3,989 4,052 3,984 3,944 3,952 (6)CASH BEFORE MATURITY (1+4-5) 34,795 60,455 77,231 91,946 82,890 (1,532) 15,204 19,871 12,050 (7)Total Bond Maturity 0 0 0 0 (172,500) 0 0 0 0 (8)CASH AFTER MATURITY (6+7) 34,795 60,455 77,231 91,946 (89,610) (1,532) 15,204 19,871 12,050 (9)Debt Borrowed 0 0 0 0 89,610 1,532 0 0 0 (10Debt Repaid 0 0 0 0 0 0 (15,204) (19,371) (11,550) (11NET FINANCINGS (9+10) 0 0 0 0 89,610 1,532 (15,204) (19,371) (11,550) (12ENDING CASH BALANCE (8+11) 34,795 60,455 77,231 91,946 0 0 0 500 500 (13SHORT-TERM DEBT (11 YTD) 0 0 0 0 89,610 91,142 75,938 56,567 45,017 (14CONTINGENCY FOR FINANCING NON-UTILITY GENERATOR BUYOUTS (WOODBURNERS) 0 0 0 0 0 0 131,530 0 0 (15SHORT-TERM DEBT PLUS CONTINGENCY (13+14 YTD) 0 0 0 0 89,610 91,142 207,468 188,097 176,547
FULL OCT NOV DEC YEAR (1)BEGINNING CASH BALANCE 500 500 0 19,445 (2)Total Cash Receipts 71,352 73,206 76,884 663,602 (3)Total Cash Disbursements 51,539 78,549 62,975 518,613 (4)CASH GENERATION 19,813 (5,343) 13,909 144,989 BEFORE CONSTRUCTION (2-3) (5)Construction Expenditures 3,948 3,932 4,073 36,451 (6)CASH BEFORE MATURITY (1+4-5) 16,365 (8,775) 9,836 127,983 (7)Total Bond Maturity 0 0 0 (172,500) (8)CASH AFTER MATURITY (6+7) 16,365 (8,775) 9,836 (44,517) (9)Debt Borrowed 0 8,775 0 91,142 (10Debt Repaid (15,865) 0 (9,336) (46,125) (11NET FINANCINGS (9+10) (15,865) 8,775 (9,336) 45,017 (12ENDING CASH BALANCE (8+11) 500 0 500 500 (13SHORT-TERM DEBT (11 YTD) 29,152 37,927 28,591 28,591 (14CONTINGENCY FOR FINANCING NON-UTILITY GENERATOR BUYOUTS (WOODBURNERS) 0 0 0 131,530 (15SHORT-TERM DEBT PLUS CONTINGENCY (13+14 YTD) 160,682 169,457 160,121 160,121
ATTACHMENT B PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE CASH FLOW STATEMENT 1997 FORECAST (WITHOUT CONTINGENCY FOR WOODBURNERS) JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT (1)BEGINNING CASH BALANCE 500 500 34,232 64,296 85,853 66,997 68,686 92,258 115,645 (2)Total Cash Receipts 84,568 88,398 86,867 82,730 80,713 77,281 74,222 74,939 76,110 (3)Total Cash Disbursements 51,799 50,467 53,690 58,060 71,456 72,479 47,537 48,439 57,082 (4)CASH GENERATION 32,769 37,931 33,177 24,670 9,257 4,802 26,685 26,500 19,028 BEFORE CONSTRUCTION (2-3) (5)Construction Expenditures 5,264 3,113 3,113 3,113 3,113 3,113 3,113 3,113 3,113 (6)CASH BEFORE RETIREMENT (1+4-5) 28,005 35,318 64,296 85,853 91,997 68,686 92,258 115,645 131,560 (7)Cash Retirements-Preferred Sto 0 0 0 0 (25,000) 0 0 0 0 (8)CASH AFTER RETIREMENT (6+7) 28,005 35,318 64,296 85,853 66,997 68,686 92,258 115,645 131,560 S/T Debt (12/31/96 Bal w/o woo 28,591 (9)Debt Borrowed 0 0 0 0 0 0 0 0 0 (10Debt Repaid (27,505) (1,086) 0 0 0 0 0 0 0 (11NET FINANCINGS (9+10) (27,505) (1,086) 0 0 0 0 0 0 0 (12ENDING CASH BALANCE (8+11) 500 34,232 64,296 85,853 66,997 68,686 92,258 115,645 131,560 (13SHORT-TERM DEBT (11 YTD) 1,086 0 0 0 0 0 0 0 0
FULL OCT NOV DEC YEAR (1)BEGINNING CASH BALANCE 131,560 155,383 150,896 500 (2)Total Cash Receipts 77,080 79,178 84,150 725,828 (3)Total Cash Disbursements 50,144 80,552 67,278 511,009 (4)CASH GENERATION 26,936 (1,374) 16,872 214,819 BEFORE CONSTRUCTION (2-3) (5)Construction Expenditures 3,113 3,113 3,113 30,168 (6)CASH BEFORE RETIREMENT (1+4-5) 155,383 150,896 164,655 185,151 (7)Cash Retirements-Preferred Sto 0 0 0 (25,000) (8)CASH AFTER RETIREMENT (6+7) 155,383 150,896 164,655 160,151 S/T Debt (12/31/96 Bal w/o woods) (9)Debt Borrowed 0 0 0 0 (10Debt Repaid 0 0 0 (28,591) (11NET FINANCINGS (9+10) 0 0 0 (28,591) (12ENDING CASH BALANCE (8+11) 155,383 150,896 164,655 131,560 (13SHORT-TERM DEBT (11 YTD) 0 0 0 0
ATTACHMENT B PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE CASH FLOW STATEMENT 1997 FORECAST (WITH CONTINGENCY FOR WOODBURNERS) JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT (1BEGINNING CASH BALANCE 500 500 500 500 500 0 500 500 500 (2Total Cash Receipts 84,568 88,398 86,867 82,730 80,713 77,281 74,222 74,939 76,110 (3Total Cash Disbursements 51,799 50,467 53,690 58,060 71,456 72,479 47,537 48,439 57,082 (4CASH GENERATION 32,769 37,931 33,177 24,670 9,257 4,802 26,685 26,500 19,028 BEFORE CONSTRUCTION (2-3) (5Construction Expenditures 5,264 3,113 3,113 3,113 3,113 3,113 3,113 3,113 3,113 (6CASH BEFORE RETIREMENT (1+4-5) 28,005 35,318 30,564 22,057 6,644 1,689 24,072 23,887 16,415 (7Cash Retirements-Preferred Stoc 0 0 0 0 (25,000) 0 0 0 0 (8CASH AFTER RETIREMENT (6+7) 28,005 35,318 30,564 22,057 (18,356) 1,689 24,072 23,887 16,415 S/T Debt (12/31/96 Bal w woods) 160,121 (9Debt Borrowed 0 0 0 0 18,356 0 0 0 0 (1Debt Repaid (27,505) (34,818) (30,064) (21,557) 0 (1,189) (7,092) (23,387) (15,915) (1NET FINANCINGS (9+10) (27,505) (34,818) (30,064) (21,557) 18,356 (1,189) (7,092) (23,387) (15,915) (1ENDING CASH BALANCE (8+11) 500 500 500 500 0 500 500 500 500 (1SHORT-TERM DEBT (11 YTD) 132,616 97,798 67,734 46,177 64,533 63,344 56,252 32,865 16,950 (1CONTINGENCY FOR FINANCING NON-UTILITY GENERATOR BUYOUTS (WOODBURNERS) 0 0 0 0 0 0 16,480 0 0
FULL OCT NOV DEC YEAR (1BEGINNING CASH BALANCE 500 7,373 2,886 500 (2Total Cash Receipts 77,080 79,178 84,150 725,828 (3Total Cash Disbursements 50,144 80,552 67,278 511,009 (4CASH GENERATION 26,936 (1,374) 16,872 214,819 BEFORE CONSTRUCTION (2-3) (5Construction Expenditures 3,113 3,113 3,113 30,168 (6CASH BEFORE RETIREMENT (1+4-5) 24,323 2,886 16,645 185,151 (7Cash Retirements-Preferred Stoc 0 0 0 (25,000) (8CASH AFTER RETIREMENT (6+7) 24,323 2,886 16,645 160,151 S/T Debt (12/31/96 Bal w woods) (9Debt Borrowed 0 0 0 18,356 (1Debt Repaid (16,950) 0 0 (161,527) (1NET FINANCINGS (9+10) (16,950) 0 0 (143,171) (1ENDING CASH BALANCE (8+11) 7,373 2,886 16,645 16,645 (1SHORT-TERM DEBT (11 YTD) 0 0 0 0 (1CONTINGENCY FOR FINANCING NON-UTILITY GENERATOR BUYOUTS (WOODBURNERS) 0 0 0 16,480
ATTACHMENT C PSNH REVOLVING CREDIT AGREEMENT Preliminary Terms and Conditions February 1996 BORROWER Public Service Company of New Hampshire (the "Obligor"), a public utility and corporation duly organized and validly existing under the laws of the State of New Hampshire. PROPOSED FACILITY $125 million 3 year secured revolving credit facility $100 million 364-day secured revolving credit facility MATURITY OF Borrowings under the agreement are short-term with a maximum BORROWINGS maturity of 270 days. Subject to satisfaction of certain conditions, PSNH may reborrow for successive periods through the termination date. PURPOSE Borrowings under the Revolving Credit Agreement will be used support the repayment at maturity of $172.5 million First Mortgage Bonds which will mature on May 15, 1996, and meet the requirements of potential future wood-fired small power producer buyouts, and fund routine working capital requirements, LEAD MANAGER/ Chemical Securities Inc. ARRANGER ADMINISTRATIVE Chemical Bank AGENT CO-AGENTS The current facility lists Bankers Trust Company, Chemical Bank, and Citibank, N.A. as co-agents. The new facility will have no co-agents, but rather co-managers who will support the facility through a larger lending commitment and thus receive a greater up front fee. The co-managers are to be determined in consultation with the Obligor. CLOSING DATE The Obligor is targeting a Closing Date no later than of April 30, 1996. SECURITY Second Mortgage lien on physical and other assets of the Obligor as consistent with the current Collateral Agency Agreement among Bankers Trust Company as collateral agent and Chemical Bank as revolving agent. COLLATERAL Chemical Bank shall be substituted as the collateral agent AGENT in place of the current agent, Bankers Trust Company. NON-FINANCIAL As consistent with Article 7.01, Affirmative Covenants and COVENANTS Article 7.02, Negative Covenants in the Public Service Company of New Hampshire's Second Series D Letter of Credit and Reimbursement Agreement dated May 1, 1995. FINANCIAL Leverage Test COVENANTS The Facilities will require the Obligor to maintain a ratio of Common Equity to Total Capitalization as follows : Closing Date through and 0.285 : 1.00 including 6/30/97 7/1/97 through and 0.300 : 1.00 including the Termination Date INTEREST COVERAGE RATIO The Facilities will require the Obligor to maintain a ratio of Operating Income to Interest Expense as follows : Closing Date through and 1.75 : 1.00 including 6/30/97 7/1/97 through and 2.00 : 1.00 including the Termination Date BORROWING As consistent with the current facility. Advances will bear OPTIONS interest at the following borrowing options : (i) EURODOLLAR RATE ADVANCES - advances will be made equal to the average of the co-agents' London Interbank Offered Rates plus a margin based on the pricing grid below. Ratings will be based on the lower of S&P and Moody's Secured Debt Rating on the Obligors outstanding First Mortgage Bonds. Borrowings under the Eurodollar Rate option may have maturities of 1,2,3 or 6 months. 364 DAY FACILITY Drawn: 80.0 BP 3 YEAR TERM FACILITY BBB-/Baa3 BB+/Ba1 BB/Ba2 BB-/Ba3 or better or below Drawn: 55.0 bp 75.0 bp 87.5 bp 125.0 bp (ii) ALTERNATIVE BASE RATE ADVANCES - advances will be made equal to the greater of Chemical Bank's prime lending rate or the Federal Funds Rate in effect plus a margin of 50 basis points. (iii) CD RATE ADVANCES - advances will be made equal to the average of the co-agents' certificate of deposit rates plus a margin of 87.5 basis points. (iv) COMPETITIVE AUCTION FACILITY (CAF) ADVANCES - advances will be made based on a rate bid by some or all of the participating banks in a competitive bid procedure. COMMITMENT Payable on the unused portion of the lenders' commitments, quarterly FEE in arrears and on the commitment termination date. Fees will be based on the lower of S&P and Moody's secured debt rating on PSNH outstanding First Mortgage Bonds according to the grid on page 13. 364 DAY FACILITY Undrawn: 20.0 bp 3 YEAR TERM FACILITY BBB-/Baa3 BB+/Ba1 BB/Ba2 BB-/Ba3 or better or below Undrawn: 20.0 bp 25.0 bp 37.5 bp 50.0 bp ATTACHMENT D REVOLVING CREDIT AGREEMENT ESTIMATED FEES (i) One Time Fees paid at Closing : Upfront Fee (15.0 b.p. x $225,000,000) $ 337,500 Arrangement Fee 100,000 (ii) Annual Fees : Administrative Fee ($10,000 x 3 yrs.) 30,000 Collateral Agent Fee ($12,500 x 3 ys.) 37,500 (iii) Quarterly Commitment or Facility Fees : ** 364 Day Facility (20.0 b.p. per annum x $100,000,000) 200,000 3 Year Facility (25.0 b.p. per annum x $125,000,000 x 3 yrs.) 937,500 TOTAL FEES PAID OVER THE LIFE OF THE FACILITY $ 1,642,500 ** A commitment or facility fee will be payable on the unused portion of the Lenders' commitment. Fees will be based on the lower of S&P and Moody's secured debt rating on PSNH outstanding First Mortgage Bonds according to the grid in attachment C. PSNH's current bond rating is BB+/Ba1.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE ATTACHMENT E BALANCE SHEET (unaudited) As of December 31, 1995 (Thousands of Dollars) PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOKS ADJUSTMENTS TRANSACTION ASSETS ------------- ------------ ------------ UTILITY PLANT, AT ORIGINAL COST: ELECTRIC $2,109,590 $2,109,590 OTHER 0 0 ------------- ------------ ------------ TOTAL 2,109,590 2,109,590 LESS: ACCUMULATED PROVISION FOR 0 DEPRECIATION 513,244 513,244 ------------- ------------ ------------ 1,596,346 1,596,346 CONSTRUCTION WORK IN PROGRESS 15,975 15,975 NUCLEAR FUEL, NET 1,585 1,585 ------------- ------------ ------------ TOTAL NET UTILITY PLANT : 1,613,906 1,613,906 ------------- ------------ ------------ OTHER PROPERTY AND INVESTMENTS: OTHER PROPERTY 0 0 INVESTMENTS IN REGIONAL NUCLEAR GENERATING COMPANIES AND SUBSIDIARIES, AT EQUITY 19,300 19,300 NUCLEAR DECOMMISSIONING TRUSTS, AT MARKET 2,437 2,437 OTHER, AT COST 763 763 ------------- ------------ ------------ TOTAL OTHER PROPERTY AND INVESTMENTS : 22,500 22,500 ------------- ------------ ------------ CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 456 52,500 (a) 52,956 NOTES RECEIVABLE FROM AFFILIATED CO'S 19,100 19,100 RECEIVABLES,LESS PROVISION FOR UNCOLLECTED ACCTS. 91,535 91,535 ACCOUNTS RECEIVABLE FROM AFFILIATED COMPANIES 1,486 1,486 ACCRUED UTILITY REVENUES 33,984 33,984 MATERIAL AND SUPPLIES, AT AVERAGE COST 41,717 41,717 PREPAYMENTS AND OTHER 11,196 11,196 ------------- ------------ ------------ TOTAL CURRENT ASSETS : 199,474 52,500 251,974 ------------- ------------ ------------ DEFERRED CHARGES: REGULARORY ASSETS 1,022,911 1,022,911 DEFERRED RECEIVABLE FROM AFFILIATED COMPANY 33,284 33,284 UNAMORTIZED DEBT EXPENSE 14,165 14,165 OTHER 3,396 3,396 ------------- ------------ ------------ TOTAL DEFERRED CHARGES : 1,073,756 0 1,073,756 ------------- ------------ ------------ TOTAL ASSETS : 2,909,636 $52,500 2,962,136 ============= ============ ============ PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE ATTACHMENT E BALANCE SHEET (unaudited) As of December 31, 1995 (Thousands of Dollars) PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOKS ADJUSTMENTS TRANSACTION ------------- ------------ ------------ CAPITALIZATION AND LIABILITIES CAPITALIZATION: COMMON STOCK $1 $1 CAPITAL SURPLUS, PAID IN 422,385 422,385 RETAINED EARNINGS 143,039 (6,914) 136,125 ------------- ------------ ------------ TOTAL COMMON STOCKHOLDER'S EQUITY : 565,425 (6,914) 558,511 CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION 0 0 CUMULATIVE PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 125,000 125,000 LONG-TERM DEBT 686,485 686,485 ------------- ------------ ------------ TOTAL CAPITALIZATION : 1,376,910 (6,914) 1,369,996 ------------- ------------ ------------ OBLIGATIONS UNDER SEABROOK POWER CONTRACT AND 0 OTHER CAPITAL LEASES 874,292 874,292 ------------- ------------ ------------ CURRENT LIABILITIES: NOTES PAYABLE TO BANKS 0 225,000 (a) 225,000 LONG-TERM DEBT - CURRENT PORTION 172,500 (172,500)(a) 0 OBLIGATIONS UNDER SEABROOK POWER CONTRACT AND OTHER CAPITAL LEASES-CURRENT PORTION 40,996 40,996 ACCOUNTS PAYABLE 65,668 65,668 ACCRUED TAXES 798 (4,524)(c) (3,726) ACCRUED INTEREST 9,648 11,438 (b) 21,086 ACCRUED PENSION BENEFITS 38,606 38,606 OTHER 19,077 19,077 ------------- ------------ ------------ TOTAL CURRENT LIABILITIES : 347,293 59,414 406,707 ------------- ------------ ------------ DEFERRED CREDITS: ACCUMULATED DEFERRED INCOME TAXES 229,057 229,057 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 5,060 5,060 DEFERRED CONTRACT OBLIGATION-YAEC 18,814 18,814 DEFERRED REVENUE FROM AFFILIATED COMPANY 33,284 33,284 OTHER 24,926 24,926 ------------- ------------ ------------ TOTAL DEFERRED CREDITS : 311,141 0 311,141 ------------- ------------ ------------ OPERATING RESERVES 0 0 0 ------------- ------------ ------------ TOTAL CAPITALIZATION AND LIABILITIES : 2,909,636 $52,500 2,962,136 ============= ============ ============ PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE INCOME STATEMENT (unaudited) ATTACHMENT E As of December 31, 1995 (Thousands of Dollars) PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOKS ADJUSTMENTS TRANSACTION OPERATING REVENUES : $979,590 $0 $979,590 ------------- ------------ ------------ OPERATING EXPENSES: OPERATION - FUEL 0 0 PURCHASED AND INTERCHANGE POWER, NET 257,008 257,008 OTHER 313,390 313,390 MAINTENANCE 42,244 42,244 DEPRECIATION 44,337 44,337 AMORTIZATION/DEFERRAL OF 0 REGULATORY ASSETS, NET 55,547 55,547 FEDERAL AND STATE INCOME TAXES 69,758 (4,524)(c) 65,234 TAXES OTHER THAN INCOME TAXES 41,786 41,786 ------------- ------------ ------------ TOTAL OPERATING EXPENSES : 824,070 (4,524) 819,546 ------------- ------------ ------------ OPERATING INCOME 155,520 4,524 160,044 ------------- ------------ ------------ OTHER INCOME: AFUDC-OTHER FUNDS 0 0 DEFERRED NUCLEAR PLANT RETURN - OTHER FUNDS 0 0 EQUITY IN EARNINGS OF REGIONAL NUCLEAR GENERATING COMPANIES 1,645 1,645 OTHER, NET 3,329 3,329 INCOME TAXES - CREDIT (829) (829) ------------- ------------ ------------ OTHER INCOME, NET 4,145 0 4,145 ------------- ------------ ------------ INCOME BEFORE INTEREST CHARGES 159,665 4,524 164,189 ------------- ------------ ------------ INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 76,320 76,320 OTHER INTEREST 90 11,438 (b) 11,528 ALLOWANCE FOR BORROWED FUNDS USED DURING 0 CONSTRUCTION 0 0 DEFERRED NUCLEAR PLANTS RETURN - BORROWED FUNDS, NET OF INCOME TAXES 0 0 AMORT OF DEBT DISCOUNT, PREMIUM & EXPENSE, NET 0 0 ------------- ------------ ------------ INTEREST CHARGES, NET 76,410 11,438 87,848 ------------- ------------ ------------ INCOME BEFORE PREFERRED DIVIDENDS $83,255 ($6,914) $76,341 PREFERRED STOCK DIVIDENDS 0 0 0 ------------- ------------ ------------ EARNINGS AVAILABLE FOR COMMON STOCK $83,255 (6,914) $76,341 ------------- ------------ ------------ ATTACHMENT E PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE CAPITAL STRUCTURE (unaudited) As of December 31, 1995 (Thousands of Dollars) PRO FORMA GIVING EFFECT PRO FORMA TO PROPOSED PER BOOKS % ADJUSTMENT TRANSACTION % --------------------- ------------ -------------------- CAPITAL STRUCTURE : LONG-TERM DEBT, NET $686,485 $686,485 - CURRENT PORTION 172,500 (172,500) 0 TOTAL LONG-TERM DEBT 858,985 55.44% (172,500) 686,485 50.11% PREF. STOCK SUBJECT TO MANDATORY REDEMPTION 125,000 125,000 - CURRENT PORTION 0 0 TOTAL PREFERRED MANDATORY REDEMPTION 125,000 125,000 PREF. STOCK NOT SUBJECT TO MANDATORY REDEMP. 0 0 TOTAL PREFERRED STOCK 125,000 8.07% 0 125,000 9.12% COMMON STOCK 1 1 CAPITAL SURPLUS 422,385 422,385 RETAINED EARNINGS 143,039 (6,914) 136,125 COMMON STOCK EQUITY 565,425 36.49% (6,914) 558,511 40.77% ------------- -------------------- -------------------- TOTAL CAPITALIZATION : $1,549,410 100% ($179,414) 1,369,996 100% ============= ==================== ============ ======= PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE ATTACHMENT E EXPLANATION OF PRO FORMA ADJUSTMENTS (Thousands of Dollars) DEBIT CREDIT (a) CASH 52,500 L/T DEBT-CURRENT PORTION 172,500 NOTES PAYABLE TO BANKS 225,000 225,000 225,000 To record the additional proposed borrowing up to the entire $225 million available to the company and record its use to pay off the PSNH Series A $172.5 million First Mortgage Bond and the balance to cash to be used for future working capital requirements. DEBIT CREDIT (b) OTHER INTEREST EXPENSE 11,438 ACCRUED INTEREST 11,438 11,438 11,438 To record the interest expense on the additional proposed borrowing at LIBOR (90 day rate as of 1/29/96), plus a margin of 75 basis points. (Interest Expense on $225 million borrowing) $225,000 x 6.25%= 14,063 (Interest Income on cash) $52,500 x 5.00%= 2,625 Net Interest Expense 11,438 DEBIT CREDIT (c) ACCRUED TAXES 4,524 FED. & STATE INC. TAX EXP. 4,524 4,524 4,524 To record the reduction in Federal and State income taxes due to the higher interest expenses. Effective tax rate for PSNH is 39.55. $11,438 x 39.55% = 4,524
EX-99 3 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-1004 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 1-6392 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE (Exact name of registrant as specified in its charter) NEW HAMPSHIRE 02-018150 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 1000 ELM STREET, MANCHESTER, NEW HAMPSHIRE 03105 (Address of principal executive offices) (Zip Code) (603) 669-4000 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at October 31, 1995 Common Shares, $10.00 par value 1,000 shares PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE TABLE OF CONTENTS Page No. Part I. Financial Information Item 1. Financial Statements Balance Sheets - September 30, 1995 and December 31, 1994 2 Statements of Income - Three and Nine Months Ended September 30, 1995 and 1994 4 Statements of Cash Flows - Nine Months Ended September 30, 1995 and 1994 5 Notes to Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II. Other Information Item 1. Legal Proceedings 12 Item 5. Other Information 12 Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14 PART I. FINANCIAL INFORMATION PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE BALANCE SHEETS (Unaudited)
September 30, December 31, 1995 1994 ASSETS (Thousands of Dollars) - ------ Utility Plant, at original cost: Electric $2,072,021 $2,038,625 Less: Accumulated provision for depreciation 503,300 474,129 1,568,721 1,564,496 Construction work in progress 27,816 17,781 Nuclear fuel, net 1,782 2,248 Total net utility plant 1,598,319 1,584,525 Other Property and Investments: Nuclear decommissioning trusts, at market 2,286 1,815 Investments in regional nuclear generating companies and subsidiary company, at equity 19,405 19,551 Other, at cost 638 394 22,329 21,760 Current Assets: Cash and special deposits 610 322 Notes 105,500 35,000 Receivables, net 80,305 76,173 Accounts receivable from affiliated companies 958 3,779 Accrued utility revenues 27,554 36,547 Fuel, materials, and supplies, at average cost 44,454 37,453 Prepayments and other 20,892 20,829 280,273 210,103 Deferred Charges: Regulatory assets: Unamortized acquisition costs 611,426 678,974 Income taxes, net 76,412 66,466 Unrecovered contract obligation--Yankee Atomic Electric Company 26,392 28,572 Recoverable energy costs 214,552 194,994 Other 2,428 2,499 Unamortized debt expense 15,012 17,064 Deferred receivable from affiliated company 33,284 33,284 Other 2,726 7,726 982,232 1,029,579 Total Assets $2,883,153 $2,845,967
See accompanying notes to financial statements. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE BALANCE SHEETS (Unaudited)
September 30, December 31, 1995 1994 CAPITALIZATION AND LIABILITIES (Thousands of Dollars) - ------------------------------ Capitalization: Common stock--$1 par value. Authorized and outstanding 1,000 shares $1 $1 Capital surplus, paid in 422,231 421,784 Retained earnings 148,006 125,034 570,238 546,819 Total common stockholder's equity Preferred stock subject to mandatory redemption 125,000 125,000 Long-term debt 686,485 905,985 Total capitalization 1,381,723 1,577,804 Obligations Under Seabrook Power Contract and Other Capital Leases 856,401 849,776 Current Liabilities: Long-tem debt-current portion 243,000 94,000 Obligations under capital leases-current portion 43,448 38,191 Accounts payable 34,456 45,984 Accounts payable to affiliated companies 15,878 17,309 Accrued taxes 19,578 4,304 Accrued interest 23,686 10,496 Accrued pension benefits 38,022 36,269 Other 28,727 20,350 446,795 266,903 Deferred Credits: Accumulated deferred income taxes 107,296 62,080 Accumulated deferred investment tax credits 5,198 5,614 Deferred contract obligation--Yankee Atomic Electric Company 26,392 28,572 Deferred revenue from affiliated company 33,284 33,284 Other 26,064 21,934 198,234 151,484 Commitments and Contingencies (Note 3) Total Capitalization and Liabilities $2,883,153 $2,845,967
See accompanying notes to financial statements. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE STATEMENTS OF INCOME (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 (Thousand of Dollars) Operating Revenues $249,626 $227,976 $734,812 $688,130 Operating Expenses: Operation -- Fuel, purchased and net interchange power. 64,613 53,090 202,922 162,655 Other 80,737 76,149 226,269 228,081 Maintenance 8,722 10,640 29,595 34,549 Depreciation 11,837 9,820 32,883 28,992 Amortization of regulatory assets, net 13,212 13,176 41,323 41,503 Federal and state income taxes 20,470 16,507 57,291 48,045 Taxes other than income taxes 10,380 9,881 31,536 29,763 Total operating expenses 209,971 189,263 621,819 573,588 Operating Income 39,655 38,713 112,993 114,542 Other Income: Equity in earnings of regional nuclear generating companies and subsidiary company 453 399 1,228 1,127 Other, net 1,664 (907) 1,711 125 Income taxes--credit 416 635 1,158 (1,137) Other income, net 2,533 127 4,097 115 Income before interest charges 42,188 38,840 117,090 114,657 Interest Charges: Interest on long-term debt 18,994 19,474 58,367 56,783 Other interest (1) 104 (187) 333 Interest charges, net 18,993 19,578 58,180 57,116 Net Income $23,195 $19,262 $58,910 $57,541
See accompanying notes to financial statement. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September 30, 1995 1994 (Thousand of Dollars) Operating Activities: Net Income $58,910 $57,541 Adjustments to reconcile to net cash from operating activities: Depreciation 32,883 28,992 Deferred income taxes and investment tax credits, net 52,946 48,707 Recoverable energy costs, net of amortization (903) (39,333) Amortization of acquisition costs 41,323 41,503 Other sources of cash 20,229 2,662 Other uses of cash - (7,457) Changes in working capital: Receivables and accrued utility revenues 7,682 10,275 Fuel, materials, and supplies (7,001) (1,176) Accounts payable (12,959) (5,763) Accrued taxes 15,274 18,898 Other working capital (excludes cash) 4,602 6,111 Net cash flows from operating activities 212,986 160,960 Financing Activities: Net decrease in short-term debt - (2,500) Reacquisitions and retirements of long-term debt (70,500) (70,500) Cash dividends on prefered stock (9,938) (9,937) Cash dividends on common stock (26,000) - Net cash flows used for financing activities (106,438) (82,937) Investment Activities: Investment in plant: Electric utility plant (35,113) (21,252) Nuclear fuel 186) (362) Net cash flows used for investments in plant (35,299) (21,614) NU System Money Pool (70,500) (61,750) Other investment activities, net (461) (87) Net cash flows used for investments (106,260) (83,451) Net Increase (Decrease) in Cash For The Period 288 (5,428) Cash and special deposits - beginning of period 322 5,995 Cash and special deposits - end of period $610 $567
See accompanying notes to financial statement. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. General The accompanying unaudited financial statements should be read in conjunction with the Annual Report of Public Service Company of New Hampshire (the company or PSNH), a wholly owned subsidiary of Northeast Utilities (NU), on Form 10-K for the year ended December 31, 1994 (1994 Form 10-K). In the opinion of the company, the accompanying financial statements contain all adjustments necessary to present fairly the financial position as of September 30, 1995, the results of operations for the three and nine months ended September 30, 1995 and 1994, and the statements of cash flows for the nine months ended September 30, 1995 and 1994. The results of operations for the three and nine months ended September 30, 1995 and 1994 are not necessarily indicative of the results expected for a full year. Certain reclassifications of prior period data have been made to conform with the current period presentation. 2. Accounting for Long-Lived Assets The company's accounting policies and the accompanying financial statements conform to generally accepted accounting principles applicable to rate-regulated enterprises and reflect the effects of the ratemaking process in accordance with Statement of Financial Accounting Standards No. 71, "Accounting for Certain Types of Regulation" (SFAS 71). If any portion of the company's operations was no longer subject to the provisions of SFAS 71, as a result of a change in the cost-of-service based regulatory structure or the effects of competition, the company would be required to write off related regulatory assets and liabilities. The company would also be required to determine any impairment to other assets and write down these assets to their fair value. Statement of Financial Accounting Standards No. 121, "Accounting for the Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed Of" (SFAS 121), issued in March 1995 and effective January 1, 1996, establishes accounting standards for the impairment of long-lived assets. SFAS 121 requires that regulatory assets that are no longer probable of recovery through future revenues be charged to earnings. Based upon the current regulatory environment in the company's operating service area, it is not expected that the adoption of SFAS 121 would have a material impact on the company's financial position or results of operations. This conclusion may change in the future as competitive factors influence wholesale and retail pricing in the electric utility industry, or if the cost-of-service based regulatory structure were to change. 3. Commitments and Contingencies Construction Program: For information regarding PSNH's construction program, see the Notes to Financial Statements in PSNH's 1994 Form 10-K. PSNH Rate Agreement: For information regarding the PSNH rate agreement, see the Notes to Financial Statements in PSNH's June 30, 1995 Form 10-Q and 1994 Form 10-K. Environmental Matters: For information regarding environmental matters, see the Notes to Financial Statements in PSNH's March 31, 1995 Form 10-Q and 1994 Form 10-K. Nuclear Insurance Contingencies: For information regarding nuclear insurance contingencies, see the Notes to Financial Statements in PSNH's 1994 Form 10-K. Purchased Power Arrangements: For information regarding purchased power arrangements, see the Notes to Financial Statements in PSNH'S 1994 Form 10-K. Hydro-Quebec: For information regarding Hydro-Quebec, see the Notes to Financial Statements in PSNH's 1994 Form 10-K. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE Management's Discussion and Analysis of Financial Condition and Results of Operations This section contains management's assessment of PSNH's (the company) financial condition and the principal factors having an impact on the results of operations. The company is a wholly-owned subsidiary of Northeast Utilities (NU). This discussion should be read in conjunction with the company's financial statements, footnotes, and Part II, Other Information, of this report and Management's Discussion and Analysis in the 1994 Form 10-K and the First and Second Quarter 1995 Form 10-Qs. FINANCIAL CONDITION Overview Net income increased to approximately $23 million for the three months ended September 30, 1995 from approximately $19 million for the same period in 1994. Net income increased to approximately $59 million for the nine months ended September 30, 1995 from approximately $58 million for the same period in 1994. Net Income for the three-month period increased primarily due to higher revenues from regulatory decisions and higher retail kilowatt-hour sales. Retail kilowatt-hour sales for the quarter were up 1.9 percent from 1994 as a result of hotter summer weather. Workforce Reductions In July 1995, NU announced a program aimed at reducing the nuclear organization's total workforce by approximately 250 employees. The NU system-wide estimated pre-tax cost of the early retirement that was charged to expense in the third quarter was approximately $7 million. This estimate was based on 121 eligible employees accepting the early retirement. The balance of the workforce reduction will be achieved through attrition and layoffs. The estimated cost of the early retirements and layoffs to the NU system could be in the range of $2 million to $3 million. Regulatory Matters On September 15, 1995, PSNH filed with the New Hampshire Public Utilities Commission (NHPUC) a request for a reduced Fuel and Purchased Power Adjustment Clause (FPPAC) rate to take effect on December 1, 1995 and continue through May 31, 1996. If approved, the effective rate would reduce PSNH's overall rate level by about one percent. A final decision is expected by the end of November. The costs associated with purchases by PSNH from certain nonutility generators (NUGs) over the level assumed in rates are deferred and recovered over ten-year periods through the FPPAC. At September 30, 1995, the unrecovered deferrals were approximately $189 million. PSNH has reached tentative agreements with the six remaining wood-fired NUGs. These agreements call for substantial upfront and continuing payments, and are subject to the approval of the NHPUC. If the NHPUC's proposal for a retail wheeling pilot is not revised to provide for full recovery of stranded investments, management will need to reevaluate whether to proceed with the NUG buy-out agreements. Nuclear Performance The Seabrook nuclear power plant operated at a capacity factor of 92.8 percent for the nine months ended September 30, 1995, as compared to 48.5 percent for the same period in 1994. The lower 1994 capacity factor was primarily the result of a 23-day shutdown for an unplanned outage that began in January and a 114-day refueling and maintenance outage that began in April. Seabrook began a 50-day refueling and maintenance outage in November 1995. Liquidity And Capital Resources Cash provided from operations increased approximately $52 million for the first nine months of 1995, as compared with the same period in 1994, primarily due to higher fuel recoveries. Cash flows used for financing activities increased approximately $24 million in 1995 primarily due to the payment of common stock dividends in 1995. Cash used for investments increased approximately $23 million for the first nine months of 1995 primarily due to an increase in construction expenditures in 1995 and higher investment in the NU system money pool. PSNH's construction program expenditures amounted to approximately $35 million for the first nine months of 1995, as compared to approximately $21 million for the same period in 1994. The increase is primarily due to the costs associated with the installation of the pollution control system at Merrimack Station. On October 18, 1995, Moody's Investors Service lowered its ratings of PSNH and North Atlantic Energy Corporation (NAEC) securities, bringing the rating for PSNH's First Mortgage Bonds below investment grade. Standard and Poor's had previously downgraded PSNH and NAEC securities below investment grade. With both of the major nationally recognized securities rating organizations that rate PSNH and NAEC securities rating them below investment grade, PSNH's and NAEC's borrowing costs have been adversely affected and the future availability and cost of funds for those companies could be adversely affected. Results of Operations Comparison of the Third Quarter 1995 with the Third Quarter of 1994 - ------------------------------------------------------------------- The components of the change in operating revenues are as follows:
Changes in Operating Revenues Increase/Decrease (Millions of Dollars) Regulatory decisions $ 5 Fuel, purchased power, and 17 FPPAC cost recoveries Retail Sales Volume 2 Other (2) Total revenue change $ 22
Revenues related to regulatory decisions increased primarily because of the June 1995 retail rate increase. Fuel, purchased power, and FPPAC cost recoveries increased primarily due to an increase in base fuel recoveries and higher sales to other utilities. Retail kilowatt-hour sales increased 1.9 percent for the quarter from 1994 levels as a result of hotter summer weather. Fuel, purchased and net interchange power expense increased approximately $12 million in the third quarter of 1995 primarily due to the timing in the recognition of fuel expenses under the FPPAC. Other operation and maintenance expense increased approximately $3 million in the third quarter of 1995 primarily due to the higher costs under the Seabrook Power Contract. Federal and state income taxes increased approximately $4 million in the third quarter of 1995 primarily due to higher book taxable income. Comparison of the First Nine Months of 1995 with the First Nine Months - ---------------------------------------------------------------------- of 1994 - ------- The components of the change in operating revenues are as follows:
Increase/Decrease Changes in Operating Revenues (Millions of Dollars) Regulatory decisions $ 15 Fuel, purchased power, and 42 FPPAC cost recoveries Retail Sales Volume (3) Wholesale revenues (4) Other (3) Total revenue change $ 47
Revenues related to regulatory decisions increased primarily because of the June 1994 and 1995 retail rate increases. Fuel, purchased power, and FPPAC cost recoveries increased primarily due to higher sales to other utilities and higher base fuel recoveries. Fuel, purchased and net interchange power expense increased approximately $40 million in the first nine months of 1995 primarily due to the timing in the recognition of fuel expenses under the FPPAC. Other operation and maintenance expenses decreased approximately $7 million in the first nine months of 1995 primarily due to lower capacity charges under the Seabrook Power Contract and lower storm costs in 1995. Federal and state income taxes increased approximately $11 million in the first nine months of 1995 primarily due to higher book taxable income and lower tax benefits associated with the Seabrook intercompany loss. PART II. OTHER INFORMATION Item 1. Legal Proceedings 1. On or about November 1, 1995, the New Hampshire Office of Consumer Advocate (OCA) and the Campaign for Ratepayers Rights filed suit in Superior Court against the NHPUC seeking a declaratory ruling that special contracts entered into by and between PSNH and certain retail customers are prohibited by the 1989 rate agreement between PSNH and the State of New Hampshire (Rate Agreement). The petition is based on an alleged inconsistency between the New Hampshire statute that allows special contracts agreed to by a utility and a customer when deemed appropriate by the NHPUC and the legislation accepting the Rate Agreement wherein PSNH received protection against NHPUC actions fixing rates other than in the manner agreed upon in the Rate Agreement. The court petition alleges that the special contracts also constitute a breach of the Rate Agreement by PSNH, thereby stopping PSNH from claiming benefits under the Rate Agreement. The New Hampshire Attorney General will represent the NHPUC in this action. While PSNH believes this proceeding should be dismissed on procedural grounds, it cannot predict the outcome of this proceeding or its ultimate effect on PSNH or NAEC at this time. Item 5. Other Information 1. On October 9, 1995, the NHPUC issued preliminary guidelines for an Electric Retail Competition Pilot Program (Program). The Program is proposed to be a three-year retail wheeling experiment under which a randomly selected group of retail users will be free to purchase up to 60 MW of power from other suppliers besides their franchised local utility, of which 44 MW of the prospective loss is allocated to PSNH. This amount of power equals three percent of PSNH's peak load. If the program were implemented as proposed, participants would be responsible for arranging their own electricity supply and would be free to negotiate the terms for such supply with any potential supplier. Under the proposed guidelines, utilities would not be allowed to charge exit or re-entry fees to customers who go off and on their systems, but recovery of stranded costs resulting from the Program would be split equally between utility investors and participating customers. Finalization of the guidelines is expected in December 1995, subject to further comments and hearings. For additional information on this matter, see "Other Information" in PSNH's 1995 Form 10-Q for the quarter ended June 30, 1995. 2. On September 1, 1995, PSNH filed a petition with the New Hampshire Supreme Court, which was accepted on November 2, 1995, appealing the NHPUC's decision in the proceeding involving Freedom Electric Power Company, now known as Freedom Energy Company, LLC (Freedom), that PSNH's franchise was not exclusive as a matter of law. For additional information on this matter, see "Other Information" in PSNH's 1995 Form 10-Q for the quarter ended June 30, 1995. 3. New Hampshire's Limited Electrical Energy Producers Act (LEEPA) purportedly allows a qualifying generator of not greater than 5 MW capacity to sell its output to up to three retail customers. LEEPA also provides that the local franchised utility could be ordered to wheel the energy to these retail customers. On October 3, 1995, the NHPUC issued an order stating that the LEEPA retail wheeling provision was not pre-empted by federal law and that it had authority to order such retail wheeling service if it was found to be in the public good. PSNH and Connecticut Valley Electric Company filed motions for rehearing of this order with the NHPUC on November 2, 1995. 4. On October 4, 1995, the U.S. Court of Appeals for the District of Columbia Circuit granted a motion to intervene filed by Northeast Utilities Service Company, Connecticut Yankee Atomic Power Company and North Atlantic Energy Service Company as party petitioners in the lawsuit brought by other nuclear utilities seeking a judicial declaration that the Nuclear Waste Policy Act of 1982, as amended, unconditionally binds the U.S. Department of Energy to begin acceptance of spent nuclear fuel and high-level radioactive waste beginning on January 31, 1998. For additional information on this matter, see "Item 1. Business - Electric Operations - Nuclear Generation - High-Level Radioactive Waste" in PSNH's 1994 Form 10-K. 5. On October 12, 1995, the NRC issued an order halting major dismantling or decommissioning activities at the Yankee Rowe Nuclear Plant (Yankee Rowe) until after completion of an adjudicatory hearing process. The NRC intends to issue a Notice of Opportunity for a hearing on the NRC staff-approved Yankee Rowe decommissioning plan and, if a hearing is requested, order an expedited hearing. The NRC's action was taken in response to a recent federal appeals court decision finding that the NRC should have offered a hearing opportunity prior to authorizing Yankee's Component Removal Program in 1993. For additional information on this matter, see "Other Information" in PSNH's 1995 Form 10-Q for the quarter ended June 30, 1995. Item 6. Exhibits and Reports on Form 8-K (a) Listing of Exhibits: Exhibit Number Description 27 Financial Data Schedule (b) Reports on Form 8-K: No reports on Form 8-K have been filed during this reporting period. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE --------------------------------------- Registrant Date November 13, 1995 By /s/ Bernard M. Fox Bernard M. Fox Chairman, Chief Executive Officer, and Director Date November 13, 1995 By /s/ John W. Noyes John W. Noyes Vice President and Controller EX-99 4 March 18, 1996 Sarah P. Voll, Ph.D. Executive Director and Secretary New Hampshire Public Utilities Commission Eight Old Suncook Road, Building One Concord, NH 03301-7319 Re: Petition for Waiver of Short Term Debt Limit of Puc. 312.01 and for Approval to Mortgage Property Pursuant to R.S.A. 369:2 to Secure Short Term Debt Docket No. DF-048 Dear Dr. Voll: Public Service Company of New Hampshire ("PSNH") hereby submits for filing an original and eight copies of PSNH's proposed draft forms of a $125 Million Three-Year Amended and Restated Revolving Credit Agreement (the "$125 Million Credit Agreement") and a $100 Million 364-Day Revolving Credit Agreement (the "$100 Million Credit Agreement"; together with the $125 Million Revolving Credit Agreement, the "Agreements") which, taken together, constitute the revolving credit agreement which is proposed to be amended and restated in this docket. While the original Petition in this docket contemplated one amended and restated revolving credit agreement, PSNH was able to negotiate more favorable financing terms by agreeing to document the 364-day, $100 million principal amount portion of the $225 million credit facility in a second, closely-related agreement. The banks are able to offer PSNH better pricing on the $100 million portion of the facility as less capital needs to be committed under bank capital regulations when the 364-day portion is separately documented. Functionally, however, the two agreements are closely linked and differ materially only in term and principal amount. The enclosed draft credit agreements contain several modifications to the terms and conditions set forth in the petition. PSNH's Petition sought authority to borrow up to $125 million for a three-year term; Section 2.04 of the enclosed draft of the $125 Million Credit Agreement provides for successive one- year extensions upon the request of PSNH and with the consent of the banks. In the event that PSNH determines that it is desirable to seek to so extend the term of the $125 Million Credit Agreement, PSNH will submit a petition to the Commission requesting such authority prior to the termination of the original three-year term. Although there is no similar extension provision in the $100 Million Credit Agreement, it is possible that PSNH may similarly seek authority from the Commission to extend the term of that portion of the revolving credit facility, subject to future financial analysis and negotiations with the lenders. The Petition provides in Attachments C and D that a commitment fee will be payable to the lenders based only on the unused portion of each lender's commitment; however, this fee will actually be based on each lender's aggregate commitment, whether used or unused, as reflected in Section 2.02 of the agreements. (This adjustment does not alter the calculation of estimated fees presented in Attachment D, however.) Moreover, the certificate of deposit interest rate option has been eliminated. Lastly, subject to further negotiation, the Agreements may also provide (as does the existing credit agreement) that a default, termination or modification of the Rate Agreement among Northeast Utilities Service Company, the Governor and Attorney General of the State of New Hampshire adopted by PSNH as of July 10, 1990, as amended, would constitute an event of default. If you have any questions or require any additional information regarding this filing, please do not hesitate to contact me or Catherine Shively (603-634-2326). Thank you for your expeditious handling of this matter. Very truly yours, Jane P. Seidl Senior Counsel Northeast Utilities Service Company P.O. Box 270 Hartford, CT 06141-0270 (860-665-5051) Enclosures cc: Service List EX-99 5 EXHIBIT D.4 DF 96-048 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE PETITION FOR WAIVER OF SHORT TERM DEBT LIMIT OF PUC. 312.01 AND FOR APPROVAL TO MORTGAGE PROPERTY PURSUANT TO RSA 369:2 TO SECURE SHORT TERM DEBT ORDER NISI GRANTING PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE WAIVER OF SHORT TERM DEBT LIMIT OF PUC. 312.01 AND FOR APPROVAL TO MORTGAGE PROPERTY PURSUANT TO RSA 396:2 TO SECURE SHORT TERM DEBT O R D E R N O. 22,030 February 28, 1996 On February 14, 1996 Public Service Company of New Hampshire (PSNH or the Company) filed with the New Hampshire Public Utilities Commission (the "Commission" or "NHPUC") requesting an order from this Commission pursuant to RSA 369:7, waving Puc. 312.01 pursuant to Puc. 201.05, authorizing a short-term debt limit of $225 million, which is in excess of ten percent (10%) of net assets less depreciation. PSNH also is requesting authorization pursuant to RSA 369:2 to continue the second PSNH Mortgage as security for short-term debt pursuant to the terms and conditions of the proposed Amended and Restated Revolving Credit Agreement. These approvals are requested in connection with the amendment, restatement and extension of PSNH's existing $125 million Revolving Credit Agreement dated as of May 1, 1991, as amended ("Revolving Credit Agreement"; as amended and restated, the "Amended and Restated Revolving Credit Agreement") and associated second mortgage. The Commission approved the extension of the Revolving Credit Agreement from May 14, 1994 to May 14, 1996 in Docket No. DF 94-039, Order No. 21,180 (1994). PSNH Proposes to amend, restate and extend the Revolving Credit Agreement to: (i) convert the borrowing under the Revolving Credit Agreement from long-term to short-term by amending the maturity of any borrowing under the agreement such that the borrowing cannot exceed 270 days, (ii) extend the maturity of the existing $125 million Revolving Credit Agreement for three years, until May 14, 1999, (iii) increase the aggregate principal amount available to PSNH from $125 million to $225 million for a one year period by adding to the three year $125 million Revolving Credit Agreement an additional $100 million 364-day revolving credit facility, which will expire on May 14, 1997, and (iv) continue the existing Collateral Agency Agreement and PSNH Mortgage as security for short-term borrowing under the Amended and Restated Revolving Credit Agreement. The Company's proposed $225 million secured short-term facility has been designed to provide flexibility to: (i) retire the $172.5 million Series A First Mortgage Bonds which will mature on May 15, 1996, (ii) meet the requirements of renegotiated wood-fired small power producer rate orders, and (iii) fund normal working capital requirements. The $125 million three year and $100 million one year structure of the facility has been designed to meet the financing requirements of the Company during this period. PSNH states that it is currently engaged in negotiations with certain banks with respect to the terms and conditions of the Amended and Restated Revolving Credit Agreement. The covenants are not expected to be materially different than those included in the current Revolving Credit Agreement and will be compatible with those currently in effect. Additional information, attached to the petition as Attachment C, to Mr. McHale's testimony provides information regarding the terms, conditions and covenants anticipated in the Amended and Restated Revolving Credit Agreement. The Company states that the final form of the Amended and Restated Revolving Credit Agreement will be filed with the Commission when it is available. The current Collateral Agency Agreement and the PSNH Mortgage will remain in place without significant amendment or modification, except that Chemical Bank will be substituted as the Collateral Agent in place of the current agent, Banker's Trust Company. Pursuant to RSA 369:7, PSNH is requesting an order from this Commission waiving Puc. 312.01, pursuant to Puc. 201.05, authorizing a short-term debt limit of $225 million, which is approximately $25 million in excess of ten percent (10%) of PSNH's net assets. Under Puc. 201.05, the Commission may waive the requirements of Puc. 312.01 if it finds that the waiver is in the public interest and that existing peculiarities or unusual circumstance warrant a departure from the rule. PSNH states that this waiver of the requirement is in the public interest since it is for a one year period only and the resulting increase in short-term debt will permit PSNH to utilize the most economic alternative for: (i) meeting the maturity of the $172.50 million Series A First Mortgage Bonds, (ii) meeting the requirement of renegotiated wood-fired small power producer rate orders, and (iii) funding normal working capital requirements. Finally, PSNH also seeks authorization pursuant to RSA 369:2 to continue the existing PSNH Mortgage and associated Collateral Agency Agreement as security for short-term debt pursuant to the terms and conditions of the proposed Amended and Restated Revolving Credit Agreement. Pursuant to RSA 369:3, estimated expenses of the proposed Amended and Restated Revolving Credit Facility are set forth in Attachment D. COMMISSION ANALYSIS We have reviewed the petition and supporting testimony or Mr. McHale. As explained by Mr. McHale, PSNH must request a waiver of the 10% Short-Term Debt limit as shown in Attachment A to his testimony. PSNH does not have net assets which would allow it to stay under the 10% short term debt ceiling. As shown on Attachment A of the filing the Company has net Assets of $1,999,798,872 as of December 31, 1995 which would allow for a short term debt ceiling of $199,879,887. We find that the use of this financing will provide the flexibility to refinance PSNH's 87/8 First Mortgage Bonds with a lower interest rate debt instrument, with the purported ability to repay the borrowing under the refinancing of the bonds with internally generated cash by approximately February of 1997. The funding of the renegotiated wood-fired small power producer rate orders with this financing as either a bridge financing until long term debt can favorably be arranged or by repaying the financing for the renegotiated rate orders from internally generated cash by late 1997, as shown in Attachment B to Mr. McHale's testimony, is in the public good. BASED UPON THE FOREGOING, IT IS HEREBY ORDERED, that the Commission pursuant to RSA 369:7, waives Puc. 312.01, pursuant to Puc. 201.05; and it is FURTHER ORDERED, that the short-term debt limit for PSNH of $225 million shall be in effect for the period May 14, 1996 to May 14, 1997; and it is FURTHER ORDERED, that the Revolving Credit Agreement in the amount of $125 Million is extended from May 14, 1996 to May 14, 1999; and it is FURTHER ORDERED, that the Commission finds waiving of Puc. 312.01 is in the public interest since the resulting increase in short-term debt permits PSNH to utilize the most economic alternative to (i) meet the maturity of the $172.5 million Series A First Mortgage Bonds, (ii) meet the requirements of renegotiated wood-fired small power producer rate orders, and (iii) fund normal working capital requirements; and it is FURTHER ORDERED, that PSNH may continue it's existing Collateral Agency Agreement and Second PSNH Mortgage granted by PSNH on substantially all of its present and future New Hampshire property, to secure payment of short-term debt under the terms and conditions of the proposed Amended and Restated Revolving Credit Agreement; and it is FURTHER ORDERED, that on January 1 and July 1 of each year, the Company shall file with this Commission a detailed statement, duly sworn by its Treasurer, showing the disposition of the proceeds of said securities, until the entire proceeds shall have been fully accounted for; and it is FURTHER ORDERED, that pursuant to N.H. Admin. Rules, Puc. 1601.05, the Petitioner shall cause a copy of this Order Nisi to be published once in a newspaper of general circulation in the area it serves, such publication to be no later than March 6, 1996 and to be documented by affidavit filed with this office on or before March 13, 1996; and it is FURTHER ORDERED, that all persons interested in responding to this petition be notified that they may submit their comments or file a written request for a hearing on this matter before the Commission no later than March 13, 1996; and it is FURTHER ORDERED, that any party interested in responding to such comments or request for hearing shall do so no later than March 20, 1996; and it is FURTHER ORDERED, that this Order Nisi shall be effective March 27, 1996, unless the Commission provides otherwise in a supplemental order issued prior to the effective date. By order of the Public Utilities Commission of New Hampshire this twenty-eighth day of February, 1996. ____________________ ____________________ ____________________ Douglas L. Patch Bruce B. Ellsworth Susan S. Geiger Chairman Commissioner Commissioner Attested by: _____________________________ Claire D. DiCicco Assistant Secretary EX-99 6
EXHIBIT G CONNECTICUT LIGHT AND POWER COMPANY FINANCIAL DATA SCHEDULE AS OF MARCH 31, 1996 (THOUSANDS OF DOLLARS) PRO FORMA GIVING EFFECT ITEM TO PROPOSED # DESCRIPTION PER BOOK TRANSACTION 1 Total Net Utility Plant 3,929,136 3,929,136 2 Other Property and Investments 317,614 317,614 3 Total Current Assets 504,753 879,753 4 Total Deferred Charges 1,182,489 1,182,489 5 Balancing amount for Total Assets 0 0 6 Total Assets 5,933,992 6,308,992 7 Common Stock 122,229 122,229 8 Capital Surplus, Paid In 638,401 638,401 9 Retained Earnings 754,263 741,188 10 Total Common Stockholders Equity 1,514,893 1,501,818 11 Preferred Stock Subject to Mandatory Rede 155,000 155,000 12 Preferred Stock Not Subject to Mandatory 116,200 116,200 13 Long Term Debt, Net 1,814,832 1,814,832 14 Short Term Notes 0 375,000 15 Notes Payable 0 0 16 Commercial Paper 0 0 17 Long Term Debt-Current Portion 9,372 9,372 18 Preferred Stock-Current Portion 0 0 19 Obligations Under Capital Leases 101,736 101,736 20 Obligations Under Capital Leases-Current 60,011 60,011 21 Balancing amount of Capitalization and Li 2,161,948 2,175,023 22 Total Capitalization and Liabilities 5,933,992 6,308,992 23 Gross Operating Revenue 2,445,229 2,445,229 24 Federal and State Income Taxes Expense 164,551 155,088 25 Other Operating Expenses 1,992,867 1,992,867 26 Total Operating Expenses 2,157,418 2,147,955 27 Operating Income (Loss) 287,811 297,274 28 Other Income (Loss), Net 11,272 11,272 29 Income Before Interest Charges 299,083 308,546 30 Total Interest Charges 126,892 149,430 31 Net Income 172,191 159,116 32 Preferred Stock Dividends 15,559 15,559 33 Earnings Available For Common Stock 156,632 143,557 34 Common Stock Dividends 184,566 184,566 35 Total Annual Interest Charges on All Bond 123,186 123,186 36 Cash Flow From Operations 0 0 37 Earnings Per Share-Primary 0.00 0.00 38 Earnings Per Share-Fully Diluted 0.00 0.00
EXHIBIT G HOLYOKE WATER POWER COMPANY FINANCIAL DATA SCHEDULE AS OF MARCH 31, 1996 (THOUSANDS OF DOLLARS) PRO FORMA GIVING EFFECT ITEM TO PROPOSED # DESCRIPTION PER BOOK TRANSACTION FINANCIAL DATA SCHEDULE AS OF MARCH 31, 1996 (THOUSANDS OF DOLLARS) GIVING EFFECT ITEM TO PROPOSED # DESCRIPTION PER BOOK TRANSACTION 1 Total Net Utility Plant 56,985 56,985 2 Other Property and Investments 3,357 3,357 3 Total Current Assets 19,736 24,736 4 Total Deferred Charges 3,800 3,800 5 Balancing amount for Total Assets 0 0 6 Total Assets 83,878 88,878 7 Common Stock 2,400 2,400 8 Capital Surplus, Paid In 6,000 6,000 9 Retained Earnings 12,869 12,692 10 Total Common Stockholders Equity 21,269 21,092 11 Preferred Stock Subject to Mandatory Rede 0 0 12 Preferred Stock Not Subject to Mandatory 0 0 13 Long Term Debt, Net 38,300 38,300 14 Short Term Notes 0 5,000 15 Notes Payable 0 0 16 Commercial Paper 0 0 17 Long Term Debt-Current Portion 0 0 18 Preferred Stock-Current Portion 0 0 19 Obligations Under Capital Leases 0 0 20 Obligations Under Capital Leases-Current 0 0 21 Balancing amount of Capitalization and Li 24,309 24,486 22 Total Capitalization and Liabilities 83,878 88,878 23 Gross Operating Revenue 34,031 34,031 24 Federal and State Income Taxes Expense (1,267) (1,391) 25 Other Operating Expenses 33,866 33,866 26 Total Operating Expenses 32,599 32,475 27 Operating Income (Loss) 1,432 1,556 28 Other Income (Loss), Net 461 461 29 Income Before Interest Charges 1,893 2,017 30 Total Interest Charges 1,611 1,912 31 Net Income 282 105 32 Preferred Stock Dividends 0 0 33 Earnings Available For Common Stock 282 105 34 Common Stock Dividends 0 0 35 Total Annual Interest Charges on All Bond 1,678 1,678 36 Cash Flow From Operations 0 0 37 Earnings Per Share-Primary 0.00 0.00 38 Earnings Per Share-Fully Diluted 0.00 0.00
EXHIBIT G NORTH ATLANTIC ENERGY CORPORATION FINANCIAL DATA SCHEDULE AS OF MARCH 31, 1996 (THOUSANDS OF DOLLARS) PRO FORMA GIVING EFFECT ITEM TO PROPOSED # DESCRIPTION PER BOOK TRANSACTION 1 Total Net Utility Plant 699,626 699,626 2 Other Property and Investments 16,343 16,343 3 Total Current Assets 53,096 103,096 4 Total Deferred Charges 251,542 251,542 5 Balancing amount for Total Assets 0 0 6 Total Assets 1,020,607 1,070,607 7 Common Stock 1 1 8 Capital Surplus, Paid In 160,999 160,999 9 Retained Earnings 61,367 59,550 10 Total Common Stockholders Equity 222,367 220,550 11 Preferred Stock Subject to Mandatory Rede 0 0 12 Preferred Stock Not Subject to Mandatory 0 0 13 Long Term Debt, Net 540,000 540,000 14 Short Term Notes 0 50,000 15 Notes Payable 0 0 16 Commercial Paper 0 0 17 Long Term Debt-Current Portion 20,000 20,000 18 Preferred Stock-Current Portion 0 0 19 Obligations Under Capital Leases 0 0 20 Obligations Under Capital Leases-Current 0 0 21 Balancing amount of Capitalization and Li 238,240 240,057 22 Total Capitalization and Liabilities 1,020,607 1,070,607 23 Gross Operating Revenue 159,862 159,862 24 Federal and State Income Taxes Expense 10,706 9,518 25 Other Operating Expenses 96,661 96,661 26 Total Operating Expenses 107,367 106,179 27 Operating Income (Loss) 52,495 53,683 28 Other Income (Loss), Net 12,579 12,579 29 Income Before Interest Charges 65,074 66,262 30 Total Interest Charges 40,944 43,949 31 Net Income 24,130 22,313 32 Preferred Stock Dividends 0 0 33 Earnings Available For Common Stock 24,130 22,313 34 Common Stock Dividends 23,500 23,500 35 Total Annual Interest Charges on All Bond 60,122 60,122 36 Cash Flow From Operations 0 0 37 Earnings Per Share-Primary 0.00 0.00 38 Earnings Per Share-Fully Diluted 0.00 0.00
EXHIBIT G NORTHEAST UTILITIES AND SUBSIDIARIES FINANCIAL DATA SCHEDULE AS OF MARCH 31, 1996 (THOUSANDS OF DOLLARS) PRO FORMA GIVING EFFECT ITEM TO PROPOSED # DESCRIPTION PER BOOK TRANSACTION GIVING EFFECT 1 Total Net Utility Plant 6,351,132 6,351,132 2 Other Property and Investments 523,757 523,757 3 Total Current Assets 973,372 1,883,372 4 Total Deferred Charges 2,649,048 2,649,048 5 Balancing amount for Total Assets 0 0 6 Total Assets 10,497,309 11,407,309 7 Common Stock 680,259 680,259 8 Capital Surplus, Paid In 944,965 944,965 9 Retained Earnings 1,016,660 983,845 10 Total Common Stockholders Equity 2,448,047 2,415,232 11 Preferred Stock Subject to Mandatory Rede 301,000 301,000 12 Preferred Stock Not Subject to Mandatory 169,700 169,700 13 Long Term Debt, Net 3,701,066 3,701,066 14 Short Term Notes 40,000 950,000 15 Notes Payable 0 0 16 Commercial Paper 0 0 17 Long Term Debt-Current Portion 218,225 218,225 18 Preferred Stock-Current Portion 1,500 1,500 19 Obligations Under Capital Leases 138,398 138,398 20 Obligations Under Capital Leases-Current 78,407 78,407 21 Balancing amount of Capitalization and Li 3,400,966 3,433,781 22 Total Capitalization and Liabilities 10,497,309 11,407,309 23 Gross Operating Revenue 3,834,057 3,834,057 24 Federal and State Income Taxes Expense 251,433 229,557 25 Other Operating Expenses 3,024,602 3,024,602 26 Total Operating Expenses 3,276,035 3,254,159 27 Operating Income (Loss) 558,022 579,898 28 Other Income (Loss), Net 31,585 31,585 29 Income Before Interest Charges 589,607 611,483 30 Total Interest Charges 294,273 348,964 31 Net Income 295,334 262,519 32 Preferred Stock Dividends 33,682 33,682 33 Earnings Available For Common Stock 261,652 228,837 34 Common Stock Dividends 222,766 222,766 35 Total Annual Interest Charges on All Bond 308,082 308,082 36 Cash Flow From Operations 0 0 37 Earnings Per Share-Primary 2.07 1.81 38 Earnings Per Share-Fully Diluted 2.07 1.81
EXHIBIT G NORTHEAST UTILITIES (PARENT COMPANY) FINANCIAL DATA SCHEDULE AS OF MARCH 31, 1996 (THOUSANDS OF DOLLARS) PRO FORMA GIVING EFFECT ITEM TO PROPOSED # DESCRIPTION PER BOOK TRANSACTION 1 Total Net Utility Plant 0 0 2 Other Property and Investments 2,722,053 2,695,489 3 Total Current Assets 1,702 161,702 4 Total Deferred Charges 7,238 7,238 5 Balancing amount for Total Assets 0 0 6 Total Assets 2,730,993 2,864,429 7 Common Stock 680,259 680,259 8 Capital Surplus, Paid In 944,965 944,965 9 Retained Earnings 1,016,660 983,845 10 Total Common Stockholders Equity 2,448,047 2,415,232 11 Preferred Stock Subject to Mandatory Rede 0 0 12 Preferred Stock Not Subject to Mandatory 0 0 13 Long Term Debt, Net 204,000 204,000 14 Short Term Notes 40,000 200,000 15 Notes Payable 0 0 16 Commercial Paper 0 0 17 Long Term Debt-Current Portion 14,000 14,000 18 Preferred Stock-Current Portion 0 0 19 Obligations Under Capital Leases 0 0 20 Obligations Under Capital Leases-Current 0 0 21 Balancing amount of Capitalization and Li 24,946 31,196 22 Total Capitalization and Liabilities 2,730,993 2,864,429 23 Gross Operating Revenue 0 0 24 Federal and State Income Taxes Expense (8,471) (11,837) 25 Other Operating Expenses 12,287 12,287 26 Total Operating Expenses 3,816 450 27 Operating Income (Loss) (3,816) (450) 28 Other Income (Loss), Net 290,267 263,703 29 Income Before Interest Charges 286,451 263,252 30 Total Interest Charges 24,799 34,415 31 Net Income 261,652 228,837 32 Preferred Stock Dividends 0 0 33 Earnings Available For Common Stock 261,652 228,837 34 Common Stock Dividends 222,766 222,766 35 Total Annual Interest Charges on All Bond 19,435 19,435 36 Cash Flow From Operations 0 0 37 Earnings Per Share-Primary 2.07 1.81 38 Earnings Per Share-Fully Diluted 2.07 1.81
EXHIBIT G PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE FINANCIAL DATA SCHEDULE AS OF MARCH 31, 1996 (THOUSANDS OF DOLLARS) PRO FORMA GIVING EFFECT ITEM TO PROPOSED # DESCRIPTION PER BOOK TRANSACTION 1 Total Net Utility Plant 1,609,923 1,609,923 2 Other Property and Investments 22,896 22,896 3 Total Current Assets 260,206 485,206 4 Total Deferred Charges 1,061,903 1,061,903 5 Balancing amount for Total Assets 0 0 6 Total Assets 2,954,928 3,179,928 7 Common Stock 1 1 8 Capital Surplus, Paid In 422,549 422,549 9 Retained Earnings 168,272 160,098 10 Total Common Stockholders Equity 590,822 582,648 11 Preferred Stock Subject to Mandatory Rede 125,000 125,000 12 Preferred Stock Not Subject to Mandatory 0 0 13 Long Term Debt, Net 686,485 686,485 14 Short Term Notes 0 225,000 15 Notes Payable 0 0 16 Commercial Paper 0 0 17 Long Term Debt-Current Portion 172,500 172,500 18 Preferred Stock-Current Portion 0 0 19 Obligations Under Capital Leases 873,361 873,361 20 Obligations Under Capital Leases-Current 40,557 40,557 21 Balancing amount of Capitalization and Li 466,203 474,377 22 Total Capitalization and Liabilities 2,954,928 3,179,928 23 Gross Operating Revenue 997,174 997,174 24 Federal and State Income Taxes Expense 72,264 66,916 25 Other Operating Expenses 766,471 766,471 26 Total Operating Expenses 838,735 833,387 27 Operating Income (Loss) 158,439 163,787 28 Other Income (Loss), Net 5,448 5,448 29 Income Before Interest Charges 163,887 169,235 30 Total Interest Charges 73,910 87,433 31 Net Income 89,977 81,803 32 Preferred Stock Dividends 13,250 13,250 33 Earnings Available For Common Stock 76,727 68,553 34 Common Stock Dividends 52,000 52,000 35 Total Annual Interest Charges on All Bond 73,630 73,630 36 Cash Flow From Operations 0 0 37 Earnings Per Share-Primary 0.00 0.00 38 Earnings Per Share-Fully Diluted 0.00 0.00
EXHIBIT G WESTERN MASSACHUSETTS ELECTRIC COMPANY FINANCIAL DATA SCHEDULE AS OF MARCH 31, 1996 (THOUSANDS OF DOLLARS) PRO FORMA GIVING EFFECT ITEM TO PROPOSED # DESCRIPTION PER BOOK TRANSACTION 1 Total Net Utility Plant 815,721 815,721 2 Other Property and Investments 90,833 90,833 3 Total Current Assets 70,463 207,413 4 Total Deferred Charges 152,013 152,013 5 Balancing amount for Total Assets 0 0 6 Total Assets 1,129,030 1,265,980 7 Common Stock 26,812 26,812 8 Capital Surplus, Paid In 150,255 150,255 9 Retained Earnings 113,194 108,192 10 Total Common Stockholders Equity 290,261 285,259 11 Preferred Stock Subject to Mandatory Rede 21,000 21,000 12 Preferred Stock Not Subject to Mandatory 53,500 53,500 13 Long Term Debt, Net 347,956 347,956 14 Short Term Notes 13,050 150,000 15 Notes Payable 0 0 16 Commercial Paper 0 0 17 Long Term Debt-Current Portion 0 0 18 Preferred Stock-Current Portion 1,500 1,500 19 Obligations Under Capital Leases 19,328 19,328 20 Obligations Under Capital Leases-Current 14,250 14,250 21 Balancing amount of Capitalization and Li 368,185 373,187 22 Total Capitalization and Liabilities 1,129,030 1,265,980 23 Gross Operating Revenue 428,547 428,547 24 Federal and State Income Taxes Expense 14,355 11,127 25 Other Operating Expenses 355,523 355,523 26 Total Operating Expenses 369,878 366,650 27 Operating Income (Loss) 58,669 61,897 28 Other Income (Loss), Net 2,859 2,859 29 Income Before Interest Charges 61,528 64,756 30 Total Interest Charges 26,362 34,593 31 Net Income 35,166 30,164 32 Preferred Stock Dividends 4,873 4,873 33 Earnings Available For Common Stock 30,293 25,291 34 Common Stock Dividends 31,680 31,680 35 Total Annual Interest Charges on All Bond 25,860 25,860 36 Cash Flow From Operations 0 0 37 Earnings Per Share-Primary 0.00 0.00 38 Earnings Per Share-Fully Diluted 0.00 0.00
EX-99 7
NORTHEAST UTILITIES PARENT CO. EXHIBIT H.1a PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS) JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 NU PARENT : ENDING SHORT-TERM DEB(a) 52,621 53,094 25,912 37,491 75,205 44,601 61,610 61,171 39,203 55,265 54,457 56,408 CONTINGENCIES: (b) 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 (c) 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 (d) 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 ----------------------------------------------------------------------------------------------------------- 123,621 124,094 96,912 108,491 146,205 115,601 132,610 132,171 110,203 126,265 125,457 127,408 NAEC : ENDING SHORT-TERM DEB(a) (9,209) (16,930) (15,513) (28,530) (36,891) (1,203) (10,548) (19,794) (23,935) (32,796) (42,080) (27,707) 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 (e) 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 ----------------------------------------------------------------------------------------------------------- 30,791 23,070 24,487 11,470 3,109 38,797 29,452 20,206 16,065 7,204 (2,080) 12,293 HWP : ENDING SHORT-TERM DEB(a) (6,349) (6,558) (6,609) (6,606) (6,714) (6,682) (6,963) (7,204) (6,891) (6,557) (6,753) (5,890) CONTINGENCIES: (f) 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 ----------------------------------------------------------------------------------------------------------- 4,651 4,442 4,391 4,394 4,286 4,318 4,037 3,796 4,109 4,443 4,247 5,110 RR & QUINN : ENDING SHORT-TERM DEB(a) 21,351 21,236 21,346 21,195 21,149 21,654 21,868 21,861 21,782 21,768 21,706 21,478 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 ----------------------------------------------------------------------------------------------------------- 24,351 24,236 24,346 24,195 24,149 24,654 24,868 24,861 24,782 24,768 24,706 24,478 HEC INC. : ENDING SHORT-TERM DEB(a) 297 241 180 169 113 102 46 (10) (162) (218) (274) (285) 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 ----------------------------------------------------------------------------------------------------------- 3,297 3,241 3,180 3,169 3,113 3,102 3,046 2,990 2,838 2,782 2,726 2,715 NNECO : ENDING SHORT-TERM DEB(a) (27,518) (27,438) (27,544) (27,677) (28,133) (27,917) (28,379) (28,283) (28,067) (28,535) (29,001) (28,763) CONTINGENCIES: (b) 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 ----------------------------------------------------------------------------------------------------------- 1,482 1,562 1,456 1,323 867 1,083 621 717 933 465 (1) 237 TOTAL NU PARENT : ENDING SHORT-TERM DEB(a) 31,193 23,645 (2,228) (3,958) 24,729 30,555 37,634 27,741 1,930 8,927 (1,945) 15,241 CONTINGENCIES: (b) 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 ----------------------------------------------------------------------------------------------------------- 188,193 180,645 154,772 153,042 181,729 187,555 194,634 184,741 158,930 165,927 155,055 172,241 (a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Contingency based on an estimate of average monthly variances of actual high and low cash balances between June 1995-June 1996. (c) Contingency assumes additional investments by Charter Oak Energy not contained in the forecast, estimated to be $25 million. (d) Contingency assumes additional investments in telecommunication or other diversification projects not contained in the forecast, estimated to be $26 million. (e) Includes an estimated $30 million contingency to refinance the NAEC bank term loan. (f) HWP has been in cash over the past year, however a contingency of $11 million was assumed to arrive at HWP's current and proposed short-term debt limit of $5 million.
EX-99 8
### NUPARENT 1996 1Thursday, May 2, 1996 5:20:41 pm NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 11490 4879 4406 4906 () 500 439 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ESOP RECEIPTS 1400 1409 1417 1425 1433 1442 1450 1458 1467 OTHER REVENUE INTEREST INCOME 38 19 17 17 DIVIDENDS RECEIVED 75582 75581 75581 OTHER RECEIPTS (1) (1) (1) (1) (1) (1) (1) (1) (1) PAYMENTS FROM ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 1437 1427 77015 1441 1432 77022 1449 1457 77047 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX (5790) (2310) (3237) STATE INCOME TAX O&M LABOR 457 584 549 577 636 501 253 156 159 O&M NON-LABOR 1766 1066 1364 1282 1348 1485 1170 590 365 INTEREST ON SHORT-TERM DEBT 249 249 249 133 162 325 195 266 266 INTEREST ON LONG-TERM DEBT 2430 7121 2179 PREFERRED DIVIDEND COMMON DIVIDEND 5577 39242 16818 39294 16840 39346 MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 8048 1899 43833 13020 2146 46417 18458 1013 39079 CASH GENERATION BEFORE CONST (6611) (472) 33182 (11579) (714) 30604 (17009) 444 37968 CONST EXP - LABOR CONST EXP - NON-LABOR INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS 4879 4406 37588 (6673) (714) 30604 (16509) 444 38407
1Thursday, May 2, 1996 NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 () 500 11490 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ESOP RECEIPTS 1475 1484 1492 17352 OTHER REVENUE INTEREST INCOME 91 DIVIDENDS RECEIVED 75581 302325 OTHER RECEIPTS (1) (1) (1) (12) PAYMENTS FROM ASSOC. COS __ ________ ________ ________ _____ TOTAL RECEIPTS 1474 1483 77072 319756 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX (3282) (14619) STATE INCOME TAX O&M LABOR 130 128 127 4258 O&M NON-LABOR 372 303 298 11410 INTEREST ON SHORT-TERM DEBT 172 239 238 2743 INTEREST ON LONG-TERM DEBT 7121 18852 PREFERRED DIVIDEND COMMON DIVIDEND 16863 50657 224636 MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 17536 670 55160 247281 CASH GENERATION BEFORE CONST (16062) 813 21912 72475 CONST EXP - LABOR CONST EXP - NON-LABOR INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS (15562) 813 22412 83965
EX-99 9
1Thursday, May 2, 1996 5:20:41 pm NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE (5) CAPITAL CONTR TO SUBS (37000) (16000) CASH RETIREMENTS-LTD (6000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (6000) (37000) (5) (16000) CASH BEFORE AUTOMATIC FINANCINGS 4879 4406 31588 (6673) (37714) 30604 (16509) 439 22407 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 6673 37714 16509 SHORT-TERM DEBT REPAID (26682) (30104) (21907) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (26682) 6673 37714 (30104) 16509 (21907) ENDING CASH BALANCE 4879 4406 4906 () 500 439 500 ENDING BALANCES: --------------- CASH () 500 () 500 439 500 TEMP CASH INVESTMENTS 4879 4406 4406 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 4879 4406 4906 () 500 439 500 SHORT TERM DEBT 57500 57500 30818 37491 75205 45101 61610 61610 39703 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (52621) (53094) (25912) (37491) (75205) (44601) (61610) (61171) (39203)
1Thursday, May 2, 1996 NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE (5) (10) CAPITAL CONTR TO SUBS (15863) (68863) CASH RETIREMENTS-LTD (8000) (14000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (5) (23863) (82873) CASH BEFORE AUTOMATIC FINANCINGS (15562) 808 (1451) 1092 SHORT-TERM DEBT BORROWED 15562 1451 77908 SHORT-TERM DEBT REPAID (308) (79001) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS 15562 (308) 1451 (1092) ENDING CASH BALANCE 500 () 0 ENDING BALANCES: --------------- CASH () 500 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE () 500 SHORT TERM DEBT 55265 54957 56408 56408 __ ________ ________ ________ _____ NET CASH + TCI - STD (55265) (54457) (56408) (56408)
EX-99 10
#### NAEC 1996 1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 11585 9209 16930 15513 28530 36891 1203 10548 19794 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED (360) OTHER REVENUE INTEREST INCOME 10 34 64 61 109 142 5 39 75 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 13313 12535 12521 13090 13002 13895 13972 13969 14086 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 12963 12569 12585 13151 13111 14037 13977 14008 14161 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 265 294 313 256 313 304 265 313 304 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 142 143 128 1466 117 5524 118 116 89 FEDERAL INCOME TAX (5765) (5206) (4169) STATE INCOME TAX 160 O&M LABOR 1078 1080 1005 1016 1136 1024 1044 1082 1001 O&M NON-LABOR 5039 2516 2520 2346 2370 2650 2390 2436 2524 INTEREST ON SHORT-TERM DEBT 35 INTEREST ON LONG-TERM DEBT 3562 19113 3955 PREFERRED DIVIDEND COMMON DIVIDEND 5500 5500 5500 MISC DISBURSEMENTS 63 63 63 63 63 64 64 64 64 NUCLEAR DECOMMISSIONING 285 285 285 285 285 285 285 285 285 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 6914 4388 13542 (326) 4291 29264 4173 4302 9560 CASH GENERATION BEFORE CONST 6049 8181 (957) 13477 8820 (15228) 9804 9706 4601 CONST EXP - LABOR 43 43 43 43 43 43 43 43 43 CONST EXP - NON-LABOR 383 417 417 417 417 417 417 417 417 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 426 460 460 460 460 460 460 460 460 INTERNAL CASH BEFORE FINANCINGS 17209 16930 15513 28530 36891 21203 10548 19794 23935
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 BEGINNING CASH BALANCE 23935 32796 42080 11585 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED (360) OTHER REVENUE INTEREST INCOME 91 126 162 918 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 13720 13783 13828 161714 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 13811 13909 13990 162272 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 681 304 313 3925 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 79 88 4368 12377 FEDERAL INCOME TAX (4199) (19339) STATE INCOME TAX 32 192 O&M LABOR 1039 994 1005 12505 O&M NON-LABOR 2337 2423 2320 31872 INTEREST ON SHORT-TERM DEBT 35 INTEREST ON LONG-TERM DEBT 18209 44838 PREFERRED DIVIDEND COMMON DIVIDEND 5500 22000 MISC DISBURSEMENTS 64 64 64 764 NUCLEAR DECOMMISSIONING 285 285 285 3420 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 4491 4166 27903 112669 CASH GENERATION BEFORE CONST 9320 9743 (13913) 49603 CONST EXP - LABOR 43 43 43 510 CONST EXP - NON-LABOR 417 417 417 4971 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 460 460 460 5481 INTERNAL CASH BEFORE FINANCINGS 32796 42080 27707 55707
EX-99 11
1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 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 (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 17209 16930 15513 28530 36891 1203 10548 19794 23935 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID (8000) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (8000) ENDING CASH BALANCE 9209 16930 15513 28530 36891 1203 10548 19794 23935 ENDING BALANCES: --------------- CASH 500 500 500 500 500 500 500 TEMP CASH INVESTMENTS 8709 16430 15513 28030 36391 1203 10048 19294 23435 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 9209 16930 15513 28530 36891 1203 10548 19794 23935 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 9209 16930 15513 28530 36891 1203 10548 19794 23935
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 32796 42080 27707 35707 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID (8000) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (8000) ENDING CASH BALANCE 32796 42080 27707 27707 ENDING BALANCES: --------------- CASH 500 500 TEMP CASH INVESTMENTS 32296 41580 27707 27707 __ ________ ________ ________ _____ TOTAL CASH BALANCE 32796 42080 27707 27707 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 32796 42080 27707 27707
EX-99 12
#### HOLY 1996 1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 7055 6349 6558 6609 6606 6714 6682 6963 7204 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 544 590 538 569 585 519 605 544 505 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 191 60 60 60 60 60 60 60 60 INTEREST INCOME 27 25 25 25 25 25 25 25 26 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 762 674 622 653 669 603 689 629 591 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 2436 1744 1740 1692 1724 1564 1502 1775 1742 NUCLEAR FUEL PURCHASED POWER (15) (15) (15) (10) (10) (15) (15) (15) (8) INTERCOMPANY BILLINGS - NUGT (2903) (2751) (2717) (2878) (2676) (2541) (2879) (2888) (2484) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 476 60 59 479 47 53 476 45 42 FEDERAL INCOME TAX 32 47 32 STATE INCOME TAX 18 18 22 O&M LABOR 306 313 304 338 331 310 327 352 307 O&M NON-LABOR 833 715 731 710 790 771 722 763 822 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 90 174 243 50 130 203 50 130 203 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS (6) (6) (6) (6) (6) (6) (6) (6) (6) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 12 12 12 12 12 12 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 1229 246 352 437 341 416 189 168 684 CASH GENERATION BEFORE CONST (466) 428 271 216 328 188 500 461 (93) CONST EXP - LABOR 20 20 20 20 20 20 20 20 20 CONST EXP - NON-LABOR 219 199 199 199 199 199 199 199 199 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 239 220 220 220 220 220 220 220 220 INTERNAL CASH BEFORE FINANCINGS 6349 6558 6609 6606 6714 6682 6963 7204 6891
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 BEGINNING CASH BALANCE 6891 6557 6753 7055 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 547 540 526 6612 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 60 60 60 847 INTEREST INCOME 26 26 26 305 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 633 625 611 7764 CASH DISBURSEMENTS: FOSSIL FUEL 1457 1834 1951 21161 NUCLEAR FUEL PURCHASED POWER (8) (11) (11) (149) INTERCOMPANY BILLINGS - NUGT (2353) (3061) (2060) (32192) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 491 35 21 2284 FEDERAL INCOME TAX 82 194 STATE INCOME TAX 18 75 O&M LABOR 388 372 165 3813 O&M NON-LABOR 716 904 867 9346 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 50 130 203 1656 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS (6) (6) (6) (72) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 146 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 747 210 1244 6263 CASH GENERATION BEFORE CONST (114) 415 (632) 1501 CONST EXP - LABOR 20 20 31 255 CONST EXP - NON-LABOR 199 199 199 2412 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 220 220 231 2667 INTERNAL CASH BEFORE FINANCINGS 6557 6753 5890 5890
EX-99 13
1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 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 6349 6558 6609 6606 6714 6682 6963 7204 6891 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 6349 6558 6609 6606 6714 6682 6963 7204 6891 ENDING BALANCES: --------------- CASH 209 260 256 365 333 500 500 187 TEMP CASH INVESTMENTS 6349 6349 6349 6349 6349 6349 6463 6704 6704 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 6349 6558 6609 6606 6714 6682 6963 7204 6891 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 6349 6558 6609 6606 6714 6682 6963 7204 6891
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 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 6557 6753 5890 5890 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 6557 6753 5890 5890 ENDING BALANCES: --------------- CASH 196 TEMP CASH INVESTMENTS 6557 6557 5890 5890 __ ________ ________ ________ _____ TOTAL CASH BALANCE 6557 6753 5890 5890 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 6557 6753 5890 5890
EX-99 14
#### RRQ 1996 1Thursday, May 2, 1996 5:20:20 pm ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 125 115 5 156 202 6 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 895 891 890 889 887 885 884 890 889 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 895 891 890 889 887 885 884 890 889 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 190 191 191 191 190 190 199 198 198 FEDERAL INCOME TAX 319 (70) (70) (70) STATE INCOME TAX (48) 0 0 0 O&M LABOR 15 15 15 15 15 15 15 15 15 O&M NON-LABOR 45 36 35 36 35 34 34 35 35 INSURANCE INTEREST ON SHORT-TERM DEBT 92 92 92 92 92 92 94 95 95 INTEREST ON LONG-TERM DEBT 593 314 289 289 288 311 560 308 285 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 5 5 5 5 5 5 5 5 5 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 940 653 899 558 625 578 907 656 563 CASH GENERATION BEFORE CONST (45) 238 (9) 331 262 307 (22) 234 326 CONST EXP - LABOR () () 8 13 (1) 9 9 14 14 CONST EXP - NON-LABOR 38 () () 74 124 (13) 87 87 137 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 38 () 7 87 122 (4) 95 101 150 INTERNAL CASH BEFORE FINANCINGS 42 238 98 249 295 514 (118) 134 182
1Thursday, May 2, 1996 ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 BEGINNING CASH BALANCE 86 100 162 125 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 888 887 886 10,664 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 888 887 886 10,664 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 198 197 197 2,330 FEDERAL INCOME TAX (70) 40 STATE INCOME TAX 0 (48) O&M LABOR 15 15 15 180 O&M NON-LABOR 34 35 34 429 INSURANCE INTEREST ON SHORT-TERM DEBT 95 95 95 1,120 INTEREST ON LONG-TERM DEBT 285 284 283 4,090 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 5 5 5 60 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DIBURSEMENTS 631 631 560 8,202 CASH GENERATION BEFORE CONST 257 257 326 2,462 CONST EXP - LABOR 10 0 1 76 CONST EXP - NON-LABOR 137 99 0 768 __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 147 99 1 844 INTERNAL CASH BEFORE FINANCINGS 196 258 486 1,743
EX-99 15
1Thursday, May 2, 1996 5:20:20 pm ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 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) (96) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (93) (123) (93) (93) (93) (816) (96) (127) (96) CASH BEFORE AUTOMATIC FINANCINGS (51) 115 5 156 202 (303) (214) 6 86 AUTOMATIC FINANINGS SHORT-TERM DEBT BORROWED 51 303 214 SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 51 303 214 ENDING CASH BALANCE () 115 5 156 202 () () 6 86 ENDING BALANCES: --------------- CASH 115 5 156 202 6 86 TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 115 5 156 202 6 86 SHORT TERM DEBT 21,351 21,351 21,351 21,351 21,351 21,654 21,868 21,868 21,868 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (21,351) (21,236) (21,346) (21,195) (21,149) (21,654) (21,868) (21,861) (21,782) (
1Thursday, May 2, 1996 ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 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) (1,920) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F __ ________ ________ ________ _____ NET PLANNED FINANCING (96) (96) (96) (1,920) CASH BEFORE AUTOMATIC FINANCINGS 100 162 390 (178) SHORT-TERM DEBT BORROWED 568 SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS 568 ENDING CASH BALANCE 100 162 390 390 ENDING BALANCES: --------------- CASH 100 162 390 390 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 100 162 390 390 SHORT TERM DEBT 21,868 21,868 21,868 21,868 __ ________ ________ ________ _____ NET CASH + TCI - STD ( 21,768) (21,706) (21,478) (21,478)
EX-99 16
### HEC 1996 1Thursday, May 2, 1996 5:20:37 pm HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 1,322 400 400 400 400 400 400 400 400 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 10 10 10 10 10 10 10 10 10 DIVIDENDS RECEIVED OTHER RECEIPTS 1,305 1,305 1,305 1,305 1,305 1,305 1,305 1,305 1,305 PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 1,315 1,315 1,315 1,315 1,315 1,315 1,315 1,315 1,315 CASH DISBURSEMENTS FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX 35 35 (106) STATE INCOME TAX (5) 11 11 11 O&M LABOR O&M NON-LABOR 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1,231 1,231 INSURANCE INTEREST ON SHORT-TERM DEBT 8 8 8 8 8 8 8 8 8 INTEREST ON LONG-TERM DEBT PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 20 20 20 20 20 20 20 20 20 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SBK II SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 1,259 1,259 1,254 1,304 1,259 1,304 1,259 1,259 1,163 CASH GENERATION BEFORE CONST 56 56 61 11 56 11 56 56 152 CONST EXP - LABOR CONST EXP - NON-LABOR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS 1,378 456 461 411 456 411 456 456 552
1Thursday, May 2, 1996 HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 BEGINNING CASH BALANCE 400 400 400 1,322 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 10 10 10 121 DIVIDENDS RECEIVED OTHER RECEIPTS 1,305 1,305 1,305 15,660 PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 1,315 1,315 1,315 15,781 FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX 35 (3) STATE INCOME TAX 11 38 O&M LABOR O&M NON-LABOR 1,231 1,231 1,231 14,772 INSURANCE INTEREST ON SHORT-TERM DEBT 8 8 8 101 INTEREST ON LONG-TERM DEBT PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 20 20 20 235 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SBK II SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DIBURSEMENTS 1,259 1,259 1,304 15,143 CASH GENERATION BEFORE CONST 56 56 11 638 CONST EXP - LABOR CONST EXP - NON-LABOR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS 456 456 411 1,960
EX-99 17
1Thursday, May 2, 1996 5:20:37 pm HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 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 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING CASH BEFORE AUTOMATIC FINANCINGS 1,378 456 461 411 456 411 456 456 552 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID (978) (56) (61) (11) (56) (11) (56) (56) (152) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (978) (56) (61) (11) (56) (11) (56) (56) (152) ENDING CASH BALANCE 400 400 400 400 400 400 400 400 400 ENDING BALANCES: --------------- CASH 400 400 400 400 400 400 400 400 400 TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 400 400 400 400 400 400 400 400 400 SHORT TERM DEBT 697 641 580 569 513 502 446 390 238 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (297) (241) (180) (169) (113) (102) (46) 10 162
1Thursday, May 2, 1996 HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 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 __ ________ ________ ________ _____ NET PLANNED FINANCING CASH BEFORE AUTOMATIC FINANCINGS 456 456 411 1,960 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID (56) (56) (11) (1,560) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (56) (56) (11) (1,560) ENDING CASH BALANCE 400 400 400 400 ENDING BALANCES: --------------- CASH 400 400 400 400 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 400 400 400 400 SHORT TERM DEBT 182 126 115 115 __ ________ ________ ________ _____ NET CASH + TCI - STD 218 274 285 285
EX-99 18
### NNEC 1996 1Thursday, May 2, 1996 5:20:28 pm NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 27,005 27,518 27,438 27,544 27,677 28,133 27,917 28,379 28,283 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 32,424 27,307 24,712 28,111 29,763 26,896 27,006 28,221 27,779 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 105 105 105 105 106 108 108 109 109 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 32,529 27,412 24,817 28,216 29,869 27,003 27,114 28,330 27,888 CASH DISBURSEMENTS FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 519 1,772 1,174 1,184 947 951 1,087 1,441 933 FEDERAL INCOME TAX 1 240 240 244 STATE INCOME TAX 86 86 87 O&M LABOR 8,038 6,568 7,463 8,762 7,624 7,405 7,889 8,179 7,007 O&M NON-LABOR 23,084 18,755 15,326 17,415 20,445 17,790 17,277 18,409 19,083 INSURANCE INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 147 146 146 146 146 146 146 145 PREFERRED DIVIDEND COMMON DIVIDEND 350 350 350 MISC DISBURSEMENTS 319 219 219 219 219 220 222 222 223 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 31,960 27,462 24,681 28,052 29,382 27,189 26,621 28,396 28,073 CASH GENERATION BEFORE CONST 569 (50) 136 164 487 (185) 492 (65) (185) CONST EXP - LABOR 0 () 0 0 0 0 0 0 0 CONST EXP - NON-LABOR 26 0 () 0 0 0 0 0 0 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 26 0 () 0 0 0 0 0 0 INTERNAL CASH BEFORE FINANCINGS 27,548 27,468 27,574 27,707 28,164 27,948 28,409 28,313 28,097
1Thursday, May 2, 1996 NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 BEGINNING CASH BALANCE 28,067 28,535 29,001 27,005 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 26,300 28,230 28,619 335,368 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 109 109 111 1,290 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 26,409 28,340 28,730 336,657 FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 870 756 714 12,348 FEDERAL INCOME TAX 247 972 STATE INCOME TAX 88 348 O&M LABOR 8,322 7,300 10,113 94,671 O&M NON-LABOR 16,349 19,419 17,034 220,387 INSURANCE INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 145 145 145 1,603 PREFERRED DIVIDEND COMMON DIVIDEND 350 1,400 MISC DISBURSEMENTS 223 223 223 2,752 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DIBURSEMENTS 25,909 27,843 28,914 334,481 CASH GENERATION BEFORE CONST 499 497 (184) 2,176 CONST EXP - LABOR 0 0 23 24 CONST EXP - NON-LABOR 0 0 0 29 __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 0 0 24 53 INTERNAL CASH BEFORE FINANCINGS 28,566 29,032 28,794 29,128
EX-99 19
1Thursday, May 2, 1996 5:20:28 pm NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 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) (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) (30) CASH BEFORE AUTOMATIC FINANCINGS 27,518 27,438 27,544 27,677 28,133 27,917 28,379 28,283 28,067 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 27,518 27,438 27,544 27,677 28,133 27,917 28,379 28,283 28,067 ENDING BALANCES: --------------- CASH 500 420 500 500 500 284 500 404 188 TEMP CASH INVESTMENTS 27,018 27,018 27,044 27,177 27,633 27,633 27,879 27,879 27,879 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 27,518 27,438 27,544 27,677 28,133 27,917 28,379 28,283 28,067 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 27,518 27,438 27,544 27,677 28,133 27,917 28,379 28,283 28,067
1Thursday, May 2, 1996 NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 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) (365) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F __ ________ ________ ________ _____ NET PLANNED FINANCING (30) (30) (30) (365) CASH BEFORE AUTOMATIC FINANCINGS 28,535 29,001 28,763 28,763 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 28,535 29,001 28,763 28,763 ENDING BALANCES: --------------- CASH 500 500 262 262 TEMP CASH INVESTMENTS 28,035 28,501 28,501 28,501 __ ________ ________ ________ _____ TOTAL CASH BALANCE 28,535 29,001 28,763 28,763 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 28,535 29,001 28,763 28,763
EX-99 20
#### NUP 1997 NORTHEAST UTILITIES PARENT CO. EXHIBIT H.1b PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS) JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 NU PARENT : ENDING SHORT-TERM DEB(a) 61,109 60,067 44,066 57,403 56,358 54,411 71,573 70,523 40,494 57,581 56,427 58,950 CONTINGENCIES: (b) 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 (c) 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 (d) 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 ----------------------------------------------------------------------------------------------------------- 132,109 131,067 115,066 128,403 127,358 125,411 142,573 141,523 111,494 128,581 127,427 129,950 NAEC : ENDING SHORT-TERM DEB(a) (36,384) (44,874) (37,120) (36,923) (45,470) (7,098) (15,973) (23,800) (22,237) (30,972) (40,603) (29,368) 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 (e) 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 ----------------------------------------------------------------------------------------------------------- 3,616 (4,874) 2,880 3,077 (5,470) 32,902 24,027 16,200 17,763 9,028 (603) 10,632 HWP : ENDING SHORT-TERM DEB(a) (5,676) (6,950) (6,955) (6,751) (7,330) (6,568) (6,637) (6,752) (6,337) (6,203) (4,709) (5,393) CONTINGENCIES: (f) 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 ----------------------------------------------------------------------------------------------------------- 5,324 4,050 4,045 4,249 3,670 4,432 4,363 4,248 4,663 4,797 6,291 5,607 RR & QUINN : ENDING SHORT-TERM DEB(a) 21,610 21,514 21,375 21,230 21,081 21,744 21,875 21,788 21,652 21,511 21,371 21,237 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 ----------------------------------------------------------------------------------------------------------- 24,610 24,514 24,375 24,230 24,081 24,744 24,875 24,788 24,652 24,511 24,371 24,237 HEC INC. : ENDING SHORT-TERM DEB(a) (352) (419) (482) (489) (556) (563) (630) (698) (705) (772) (839) (846) 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 ----------------------------------------------------------------------------------------------------------- 2,648 2,581 2,518 2,511 2,444 2,437 2,370 2,302 2,295 2,228 2,161 2,154 NNECO : ENDING SHORT-TERM DEB(a) (29,007) (28,913) (28,829) (28,921) (29,387) (28,971) (29,444) (29,307) (28,894) (29,375) (29,850) (29,438) CONTINGENCIES: (b) 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 ----------------------------------------------------------------------------------------------------------- (7) 87 171 79 (387) 29 (444) (307) 106 (375) (850) (438) TOTAL NU PARENT : ENDING SHORT-TERM DEB(a) 11,300 425 (7,945) 5,549 (5,304) 32,955 40,764 31,754 3,973 11,770 1,797 15,142 CONTINGENCIES: (b) 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 ----------------------------------------------------------------------------------------------------------- 168,300 157,425 149,055 162,549 151,696 189,955 197,764 188,754 160,973 168,770 158,797 172,142 (a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Contingency based on an estimate of average monthly variances of actual high and low cash balances between June 1995-June 1996. (c) Contingency assumes additional investments by Charter Oak Energy not contained in the forecast, estimated to be $25 million. (d) Contingency assumes additional investments in telecommunication or other diversification projects not contained in the forecast, estimated to be $26 million. (e) Includes an estimated $30 million contingency to refinance the NAEC bank term loan. (f) HWP has been in cash over the past year, however a contingency of $11 million was assumed to arrive at HWP's current and proposed short-term debt limit of $5 million.
EX-99 21
### NUPARENT 1997 1Thursday, May 2, 1996 5:20:41 pm NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 BEGINNING CASH BALANCE 500 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ESOP RECEIPTS 1547 1556 1565 1575 1584 1593 1603 1612 1622 OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED 70969 70973 70980 OTHER RECEIPTS (1) (1) (1) (1) (1) (1) (1) (1) (1) PAYMENTS FROM ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 1546 1555 72533 1574 1583 72565 1602 1611 72601 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX (3873) (469) (7828) STATE INCOME TAX O&M LABOR 72 74 680 90 75 648 74 71 645 O&M NON-LABOR 297 168 172 1587 209 174 1513 172 165 INTEREST ON SHORT-TERM DEBT 250 271 269 198 254 252 243 317 315 INTEREST ON LONG-TERM DEBT 2179 6778 1927 PREFERRED DIVIDEND COMMON DIVIDEND 5629 39456 16910 39513 16934 39571 MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 6247 513 42755 14911 538 46897 18765 560 34796 CASH GENERATION BEFORE CONST (4701) 1042 29778 (13337) 1045 25668 (17163) 1051 37805 CONST EXP - LABOR CONST EXP - NON-LABOR INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS (4701) 1042 30278 (12837) 1045 26168 (16663) 1051 38305
1Thursday, May 2, 1996 NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 BEGINNING CASH BALANCE 500 500 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ESOP RECEIPTS 1631 1641 1650 19179 OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED 70999 283921 OTHER RECEIPTS (1) (1) (1) (12) PAYMENTS FROM ASSOC. COS __ ________ ________ ________ _____ TOTAL RECEIPTS 1630 1640 72648 303088 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX (1398) (13568) STATE INCOME TAX O&M LABOR 69 69 648 3214 O&M NON-LABOR 1506 162 161 6289 INTEREST ON SHORT-TERM DEBT 182 255 252 3059 INTEREST ON LONG-TERM DEBT 6778 17663 PREFERRED DIVIDEND COMMON DIVIDEND 16959 50953 225923 MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 18716 486 57394 242578 CASH GENERATION BEFORE CONST (17086) 1154 15254 60510 CONST EXP - LABOR CONST EXP - NON-LABOR INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS (16586) 1154 15754 60510
EX-99 22
1Thursday, May 2, 1996 5:20:41 pm NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS (7777) (7777) (7777) CASH RETIREMENTS-LTD (6000) CASH RETIREMENTS-COMMON STK (15944) CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (13777) (23721) (7777) CASH BEFORE AUTOMATIC FINANCINGS (4701) 1042 16501 (12837) 1045 2447 (16663) 1051 30528 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 4701 12837 16663 SHORT-TERM DEBT REPAID (542) (16001) (545) (1947) (551) (30028) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 4701 (542) (16001) 12837 (545) (1947) 16663 (551) (30028) ENDING CASH BALANCE 500 500 500 500 500 500 ENDING BALANCES: --------------- CASH 500 500 500 500 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 500 500 500 500 500 500 SHORT TERM DEBT 61109 60567 44566 57403 56858 54911 71573 71023 40994 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (61109) (60067) (44066) (57403) (56358) (54411) (71573) (70523) (40494)
1Thursday, May 2, 1996 NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS (7777) (31108) CASH RETIREMENTS-LTD (10000) (16000) CASH RETIREMENTS-COMMON STK (15944) CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (17777) (63052) CASH BEFORE AUTOMATIC FINANCINGS (16586) 1154 (2023) (2542) SHORT-TERM DEBT BORROWED 16586 2023 52810 SHORT-TERM DEBT REPAID (654) (50268) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS 16586 (654) 2023 2542 ENDING CASH BALANCE 500 () () ENDING BALANCES: --------------- CASH 500 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 500 SHORT TERM DEBT 57581 56927 58950 58950 __ ________ ________ ________ _____ NET CASH + TCI - STD (57581) (56427) (58950) (58950)
EX-99 23
#### NAEC 1997 1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 BEGINNING CASH BALANCE 27707 36384 44874 37120 36923 45470 7098 15973 23800 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 592 633 435 592 224 249 2458 2323 113 OTHER REVENUE INTEREST INCOME 111 143 177 148 147 180 28 62 93 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 14196 12535 12521 13090 13002 13895 13972 13969 14086 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 14899 13311 13133 13830 13373 14324 16458 16354 14292 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 1844 285 4698 11536 313 304 1844 313 730 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 149 150 146 1468 112 5666 270 273 130 FEDERAL INCOME TAX 621 (3367) (2894) (2828) STATE INCOME TAX 82 O&M LABOR 1049 1048 1049 1052 1056 1055 2116 2112 1048 O&M NON-LABOR 2344 2447 2446 2447 2454 2465 2461 4938 4927 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 3955 18209 3955 PREFERRED DIVIDEND COMMON DIVIDEND 7000 7000 7000 MISC DISBURSEMENTS 66 66 66 66 66 66 66 67 67 NUCLEAR DECOMMISSIONING 297 297 297 297 297 297 297 297 297 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 5755 4300 20365 13506 4305 32174 7061 8006 15333 CASH GENERATION BEFORE CONST 9143 9011 (7232) 324 9069 (17851) 9397 8348 (1041) CONST EXP - LABOR 48 48 48 48 48 48 48 48 48 CONST EXP - NON-LABOR 418 473 473 473 473 473 473 473 473 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 466 521 521 521 521 521 521 521 521 INTERNAL CASH BEFORE FINANCINGS 36384 44874 37120 36923 45470 27098 15973 23800 22237
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 BEGINNING CASH BALANCE 22237 30972 40603 27707 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED (165) 457 5700 13611 OTHER REVENUE INTEREST INCOME 89 122 160 1460 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 13720 13783 13828 162597 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 13644 14362 19688 177668 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 411 231 313 22822 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 112 110 4556 13142 FEDERAL INCOME TAX (3462) (11930) STATE INCOME TAX 82 O&M LABOR 1049 1049 1049 14731 O&M NON-LABOR 2446 2447 2448 34271 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 17304 43422 PREFERRED DIVIDEND COMMON DIVIDEND 7000 28000 MISC DISBURSEMENTS 67 67 890 1619 NUCLEAR DECOMMISSIONING 297 297 297 3564 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 4388 4208 30401 149804 CASH GENERATION BEFORE CONST 9256 10153 (10713) 27864 CONST EXP - LABOR 48 48 48 579 CONST EXP - NON-LABOR 473 473 473 5624 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 521 521 521 6203 INTERNAL CASH BEFORE FINANCINGS 30972 40603 29368 49368
EX-99 24
1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 36384 44874 37120 36923 45470 7098 15973 23800 22237 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 36384 44874 37120 36923 45470 7098 15973 23800 22237 ENDING BALANCES: --------------- CASH 500 500 500 500 500 TEMP CASH INVESTMENTS 35884 44374 37120 36923 44970 7098 15473 23300 22237 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 36384 44874 37120 36923 45470 7098 15973 23800 22237 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 36384 44874 37120 36923 45470 7098 15973 23800 22237
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 30972 40603 29368 29368 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 30972 40603 29368 29368 ENDING BALANCES: --------------- CASH 500 500 TEMP CASH INVESTMENTS 30472 40103 29368 29368 __ ________ ________ ________ _____ TOTAL CASH BALANCE 30972 40603 29368 29368 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 30972 40603 29368 29368
EX-99 25
#### HOLY 1997 1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 BEGINNING CASH BALANCE 5890 5676 6950 6955 6751 7330 6568 6637 6752 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 543 600 547 579 595 528 615 554 514 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 24 47 59 62 63 64 65 64 64 OTHER REVENUE 60 60 60 60 60 60 60 60 60 INTEREST INCOME 24 23 26 26 26 27 26 26 26 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 650 730 692 727 744 679 766 705 664 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 2375 705 1746 1806 1935 1983 1813 2010 1856 NUCLEAR FUEL PURCHASED POWER (11) (10) (11) (7) (7) (11) (11) (11) (9) INTERCOMPANY BILLINGS - NUGT (3110) (2843) (2936) (3025) (3536) (2918) (3128) (3097) (2859) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 496 61 60 502 49 55 500 47 43 FEDERAL INCOME TAX 123 61 38 STATE INCOME TAX 33 17 20 O&M LABOR 335 319 343 334 500 346 352 373 372 O&M NON-LABOR 385 782 743 801 780 1166 808 822 871 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 50 132 207 51 133 208 51 133 208 PREFERRED DIVIDEND COMMON DIVIDEND 221 221 225 MISC DISBURSEMENTS (5) (5) (5) (5) (5) (5) (5) (5) (5) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 12 12 12 12 12 12 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 527 (849) 381 626 (140) 1135 392 285 774 CASH GENERATION BEFORE CONST 123 1579 310 102 884 (456) 374 420 (109) CONST EXP - LABOR 28 28 28 28 28 28 28 28 28 CONST EXP - NON-LABOR 308 277 277 277 277 277 277 277 277 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 337 305 305 305 305 305 305 305 305 INTERNAL CASH BEFORE FINANCINGS 5676 6950 6955 6751 7330 6568 6637 6752 6337
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 BEGINNING CASH BALANCE 6337 6203 4709 5890 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 556 549 535 6715 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 64 64 64 702 OTHER REVENUE 60 60 60 724 INTEREST INCOME 25 25 19 298 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 706 698 678 8440 CASH DISBURSEMENTS: FOSSIL FUEL 1611 2612 1133 21585 NUCLEAR FUEL PURCHASED POWER (8) (11) (12) (118) INTERCOMPANY BILLINGS - NUGT (2861) (2057) (3188) (35558) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 514 36 22 2385 FEDERAL INCOME TAX 68 289 STATE INCOME TAX 27 97 O&M LABOR 352 346 373 4346 O&M NON-LABOR 868 820 808 9655 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 51 133 208 1566 PREFERRED DIVIDEND COMMON DIVIDEND 242 909 MISC DISBURSEMENTS (5) (5) (5) (62) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 146 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 535 1887 (311) 5242 CASH GENERATION BEFORE CONST 171 (1189) 989 3198 CONST EXP - LABOR 28 28 28 339 CONST EXP - NON-LABOR 277 277 277 3356 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 305 305 305 3695 INTERNAL CASH BEFORE FINANCINGS 6203 4709 5393 5393
EX-99 26
1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 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 5676 6950 6955 6751 7330 6568 6637 6752 6337 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 5676 6950 6955 6751 7330 6568 6637 6752 6337 ENDING BALANCES: --------------- CASH 500 500 296 500 69 183 TEMP CASH INVESTMENTS 5676 6450 6455 6455 6830 6568 6568 6568 6337 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 5676 6950 6955 6751 7330 6568 6637 6752 6337 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 5676 6950 6955 6751 7330 6568 6637 6752 6337
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 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 6203 4709 5393 5393 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 6203 4709 5393 5393 ENDING BALANCES: --------------- CASH 500 500 TEMP CASH INVESTMENTS 6203 4709 4893 4893 __ ________ ________ ________ _____ TOTAL CASH BALANCE 6203 4709 5393 5393 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 6203 4709 5393 5393
EX-99 27
#### RRQ 1997 1Thursday, May 2, 1996 5:20:20 pm ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 BEGINNING CASH BALANCE 390 258 354 493 500 500 88 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 894 906 906 906 902 900 898 927 927 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 894 906 906 906 902 900 898 927 927 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 198 200 200 200 199 198 230 230 230 FEDERAL INCOME TAX 11 3 3 3 STATE INCOME TAX 0 2 2 2 O&M LABOR 20 20 21 20 20 20 20 20 20 O&M NON-LABOR 36 46 46 48 46 46 46 46 48 INSURANCE INTEREST ON SHORT-TERM DEBT 97 97 97 97 96 96 96 97 97 INTEREST ON LONG-TERM DEBT 556 303 281 280 279 304 521 297 276 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 5 5 5 5 5 5 5 5 5 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 911 671 660 655 646 674 918 696 680 CASH GENERATION BEFORE CONST (17) 235 246 252 256 226 (21) 231 247 CONST EXP - LABOR 1 1 1 1 1 1 1 1 1 CONST EXP - NON-LABOR 13 5 5 5 5 5 5 5 5 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 14 5 5 5 5 5 5 5 5 INTERNAL CASH BEFORE FINANCINGS 360 488 595 739 751 721 (26) 226 329
1Thursday, May 2, 1996 ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 BEGINNING CASH BALANCE 224 364 500 390 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 924 923 923 10,937 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 924 923 923 10,937 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 229 229 231 2,573 FEDERAL INCOME TAX 3 22 STATE INCOME TAX 2 7 O&M LABOR 20 20 21 240 O&M NON-LABOR 46 46 46 547 INSURANCE INTEREST ON SHORT-TERM DEBT 97 97 97 1,161 INTEREST ON LONG-TERM DEBT 276 275 274 3,923 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 5 5 5 60 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DIBURSEMENTS 673 672 679 8,534 CASH GENERATION BEFORE CONST 251 251 244 2,403 CONST EXP - LABOR 1 1 1 6 CONST EXP - NON-LABOR 5 5 5 68 __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 5 5 5 74 INTERNAL CASH BEFORE FINANCINGS 469 610 739 2,719
EX-99 28
#### RRQ 1997 1Thursday, May 2, 1996 5:20:20 pm ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (102) (134) (102) (102) (102) (884) (105) (138) (105) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (102) (134) (102) (102) (102) (884) (105) (138) (105) CASH BEFORE AUTOMATIC FINANCINGS 258 354 493 638 649 (163) (131) 88 224 AUTOMATIC FINANINGS SHORT-TERM DEBT BORROWED 163 131 SHORT-TERM DEBT REPAID (138) (149) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (138) (149) 163 131 ENDING CASH BALANCE 258 354 493 500 500 () () 88 224 ENDING BALANCES: --------------- CASH 258 354 493 500 500 88 224 TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 258 354 493 500 500 88 224 SHORT TERM DEBT 21,868 21,868 21,868 21,730 21,581 21,744 21,875 21,875 21,875 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (21,610) (21,514) (21,375) (21,230) (21,081) (21,744) (21,875) (21,788) (21,652) (
1Thursday, May 2, 1996 ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (105) (105) (105) (2,088) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F __ ________ ________ ________ _____ NET PLANNED FINANCING (105) (105) (105) (2,088) CASH BEFORE AUTOMATIC FINANCINGS 364 505 634 631 SHORT-TERM DEBT BORROWED 295 SHORT-TERM DEBT REPAID (5) (134) (425) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (5) (134) (131) ENDING CASH BALANCE 364 500 500 500 ENDING BALANCES: --------------- CASH 364 500 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 364 500 500 500 SHORT TERM DEBT 21,875 21,871 21,737 21,737 __ ________ ________ ________ _____ NET CASH + TCI - STD ( 21,511) (21,371) (21,237) (21,237)
EX-99 29
### HEC 1997 1Thursday, May 2, 1996 5:20:37 pm HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 BEGINNING CASH BALANCE 400 400 419 482 489 556 563 630 698 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 2 2 2 2 2 2 2 2 2 DIVIDENDS RECEIVED OTHER RECEIPTS 1,255 1,255 1,255 1,255 1,255 1,255 1,255 1,255 1,255 PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 1,257 1,257 1,257 1,257 1,257 1,257 1,257 1,257 1,257 CASH DISBURSEMENTS FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX 0 46 46 46 STATE INCOME TAX 5 14 14 14 O&M LABOR O&M NON-LABOR 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 INSURANCE INTEREST ON SHORT-TERM DEBT 3 3 3 3 3 3 3 3 3 INTEREST ON LONG-TERM DEBT PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 21 21 21 21 21 21 21 21 21 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SBK II SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 1,189 1,189 1,194 1,250 1,189 1,250 1,189 1,189 1,250 CASH GENERATION BEFORE CONST 67 67 62 7 67 7 67 67 7 CONST EXP - LABOR CONST EXP - NON-LABOR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS 467 467 482 489 556 563 630 698 705
1Thursday, May 2, 1996 HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 BEGINNING CASH BALANCE 705 772 839 400 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 2 2 2 20 DIVIDENDS RECEIVED OTHER RECEIPTS 1,255 1,255 1,255 15,060 PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 1,257 1,257 1,257 15,080 FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX 46 184 STATE INCOME TAX 14 60 O&M LABOR O&M NON-LABOR 1,166 1,166 1,166 13,992 INSURANCE INTEREST ON SHORT-TERM DEBT 3 3 3 32 INTEREST ON LONG-TERM DEBT PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 21 21 21 250 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SBK II SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DIBURSEMENTS 1,189 1,189 1,250 14,519 CASH GENERATION BEFORE CONST 67 67 7 561 CONST EXP - LABOR CONST EXP - NON-LABOR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS 772 839 846 961
EX-99 30
1Thursday, May 2, 1996 5:20:37 pm HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 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 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING CASH BEFORE AUTOMATIC FINANCINGS 467 467 482 489 556 563 630 698 705 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID (67) (48) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (67) (48) ENDING CASH BALANCE 400 419 482 489 556 563 630 698 705 ENDING BALANCES: --------------- CASH 400 400 400 400 400 400 400 400 400 TEMP CASH INVESTMENTS 19 82 89 156 163 230 298 305 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 400 419 482 489 556 563 630 698 705 SHORT TERM DEBT 48 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 352 419 482 489 556 563 630 698 705
1Thursday, May 2, 1996 HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 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 __ ________ ________ ________ _____ NET PLANNED FINANCING CASH BEFORE AUTOMATIC FINANCINGS 772 839 846 961 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID (115) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (115) ENDING CASH BALANCE 772 839 846 846 ENDING BALANCES: --------------- CASH 400 400 400 400 TEMP CASH INVESTMENTS 372 439 446 446 __ ________ ________ ________ _____ TOTAL CASH BALANCE 772 839 846 846 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 772 839 846 846
EX-99 31
### NNEC 1997 1Thursday, May 2, 1996 5:20:28 pm NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 BEGINNING CASH BALANCE 28,763 29,007 28,913 28,829 28,921 29,387 28,971 29,444 29,307 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 32,617 28,818 34,135 44,130 47,780 44,397 33,879 28,045 27,923 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 114 114 114 114 114 115 115 116 116 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 32,731 28,932 34,249 44,244 47,894 44,513 33,994 28,160 28,038 CASH DISBURSEMENTS FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 436 1,778 1,164 1,202 972 979 1,121 1,520 961 FEDERAL INCOME TAX 8 292 291 293 STATE INCOME TAX 40 88 88 89 O&M LABOR 7,820 8,592 12,159 13,791 13,868 10,296 7,969 7,773 8,052 O&M NON-LABOR 23,597 18,247 20,048 28,371 32,179 32,360 24,023 18,594 18,138 INSURANCE INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 145 144 144 144 144 144 143 143 143 PREFERRED DIVIDEND COMMON DIVIDEND 504 508 510 MISC DISBURSEMENTS 228 231 231 231 231 231 232 232 233 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 32,226 28,993 34,299 44,119 47,394 44,895 33,489 28,263 28,418 CASH GENERATION BEFORE CONST 505 (60) (50) 125 500 (383) 505 (103) (380) CONST EXP - LABOR 0 0 0 0 0 0 0 0 0 CONST EXP - NON-LABOR 228 0 0 0 0 0 0 0 0 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 228 0 0 0 0 0 0 0 0 INTERNAL CASH BEFORE FINANCINGS 29,040 28,946 28,862 28,954 29,420 29,005 29,477 29,340 28,927
1Thursday, May 2, 1996 NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 BEGINNING CASH BALANCE 28,894 29,375 29,850 28,763 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 28,447 31,986 37,384 419,541 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 115 115 117 1,378 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 28,562 32,102 37,502 420,920 FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 897 779 736 12,546 FEDERAL INCOME TAX 292 1,175 STATE INCOME TAX 89 394 O&M LABOR 7,988 11,800 8,345 118,453 O&M NON-LABOR 18,787 18,639 27,532 280,515 INSURANCE INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 143 143 142 1,723 PREFERRED DIVIDEND COMMON DIVIDEND 512 2,034 MISC DISBURSEMENTS 233 232 232 2,776 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DIBURSEMENTS 28,048 31,593 37,880 419,616 CASH GENERATION BEFORE CONST 514 509 (379) 1,303 CONST EXP - LABOR 0 0 0 0 CONST EXP - NON-LABOR 0 0 0 231 __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 0 0 0 231 INTERNAL CASH BEFORE FINANCINGS 29,408 29,884 29,471 29,836
EX-99 32
1Thursday, May 2, 1996 5:20:28 pm NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (33) (33) (33) (33) (33) (33) (33) (33) (33) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (33) (33) (33) (33) (33) (33) (33) (33) (33) CASH BEFORE AUTOMATIC FINANCINGS 29,007 28,913 28,829 28,921 29,387 28,971 29,444 29,307 28,894 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 29,007 28,913 28,829 28,921 29,387 28,971 29,444 29,307 28,894 ENDING BALANCES: --------------- CASH 500 406 323 414 500 84 500 364 TEMP CASH INVESTMENTS 28,507 28,507 28,507 28,507 28,887 28,887 28,944 28,944 28,894 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 29,007 28,913 28,829 28,921 29,387 28,971 29,444 29,307 28,894 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 29,007 28,913 28,829 28,921 29,387 28,971 29,444 29,307 28,894
1Thursday, May 2, 1996 NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (33) (33) (33) (397) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F __ ________ ________ ________ _____ NET PLANNED FINANCING (33) (33) (33) (397) CASH BEFORE AUTOMATIC FINANCINGS 29,375 29,850 29,438 29,438 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 29,375 29,850 29,438 29,438 ENDING BALANCES: --------------- CASH 481 500 88 88 TEMP CASH INVESTMENTS 28,894 29,350 29,350 29,350 __ ________ ________ ________ _____ TOTAL CASH BALANCE 29,375 29,850 29,438 29,438 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 29,375 29,850 29,438 29,438
EX-99 33 ### NUPARENT 1998
NORTHEAST UTILITIES PARENT CO. EXHIBIT H.1c PROJECTED MONTH ENDING SHORT-TERM DEBT LEVEL (THOUSANDS OF DOLLARS) JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 NU PARENT : ENDING SHORT-TERM DEB(a) 64,927 64,324 43,389 55,890 55,214 32,139 48,375 47,634 13,759 29,907 29,050 29,456 CONTINGENCIES: (b) 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 (c) 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 (d) 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 ----------------------------------------------------------------------------------------------------------- 135,927 135,324 114,389 126,890 126,214 103,139 119,375 118,634 84,759 100,907 100,050 100,456 NAEC : ENDING SHORT-TERM DEB(a) (47,938) (64,501) (67,697) (78,779) (95,266) (57,819) (75,262) (92,794) (94,525)(111,583)(128,822)(113,508) 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 (e) 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 ----------------------------------------------------------------------------------------------------------- (7,938) (24,501) (27,697) (38,779) (55,266) (17,819) (35,262) (52,794) (54,525) (71,583) (88,822) (73,508) HWP : ENDING SHORT-TERM DEB(a) (4,603) (6,472) (6,565) (6,114) (6,003) (5,811) (6,106) (6,445) (6,189) (4,356) (5,476) (5,704) CONTINGENCIES: (f) 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 ----------------------------------------------------------------------------------------------------------- 6,397 4,528 4,435 4,886 4,997 5,189 4,894 4,555 4,811 6,644 5,524 5,296 RR & QUINN : ENDING SHORT-TERM DEB(a) 21,343 21,262 21,129 21,008 20,874 21,625 21,715 21,643 21,532 21,407 21,283 21,173 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 ----------------------------------------------------------------------------------------------------------- 24,343 24,262 24,129 24,008 23,874 24,625 24,715 24,643 24,532 24,407 24,283 24,173 HEC INC. : ENDING SHORT-TERM DEB(a) (913) (980) (1,041) (1,048) (1,115) (1,123) (1,190) (1,257) (1,264) (1,331) (1,398) (1,405) 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 ----------------------------------------------------------------------------------------------------------- 2,087 2,020 1,959 1,952 1,885 1,877 1,810 1,743 1,736 1,669 1,602 1,595 NNECO : ENDING SHORT-TERM DEB(a) (29,919) (29,780) (29,702) (29,797) (30,269) (29,850) (30,328) (30,165) (29,744) (30,226) (30,702) (30,284) CONTINGENCIES: (b) 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 ----------------------------------------------------------------------------------------------------------- (919) (780) (702) (797) (1,269) (850) (1,328) (1,165) (744) (1,226) (1,702) (1,284) TOTAL NU PARENT : ENDING SHORT-TERM DEB(a) 2,897 (16,147) (40,487) (38,840) (56,565) (40,839) (42,796) (61,384) (96,431) (96,182)(116,065)(100,272) CONTINGENCIES: (b) 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 157,000 ----------------------------------------------------------------------------------------------------------- 159,897 140,853 116,513 118,160 100,435 116,161 114,204 95,616 60,569 60,818 40,935 56,728
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Contingency based on an estimate of average monthly variances of actual high and low cash balances between June 1995-June 1996. (c) Contingency assumes additional investments by Charter Oak Energy not contained in the forecast, estimated to be $25 million. (d) Contingency assumes additional investments in telecommunication or other diversification projects not contained in the forecast, estimated to be $26 million. (e) Includes an estimated $30 million contingency to refinance the NAEC bank term loan. (f) HWP has been in cash over the past year, however a contingency of $11 million was assumed to arrive at HWP's current and proposed short-term debt limit of $5 million.
EX-99 34
### NUPARENT 1998 1Thursday, May 2, 1996 5:20:41 pm NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 BEGINNING CASH BALANCE 500 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ESOP RECEIPTS 1710 1720 1731 1741 1752 1762 1773 1784 1795 OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED 71490 71499 71500 OTHER RECEIPTS (1) (1) (1) (1) (1) (1) (1) (1) (1) PAYMENTS FROM ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 1709 1719 73220 1740 1751 73260 1772 1783 73294 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX (3791) (546) (6667) STATE INCOME TAX O&M LABOR 247 247 247 247 247 247 247 247 247 O&M NON-LABOR 1511 576 576 576 576 576 576 576 576 INTEREST ON SHORT-TERM DEBT 266 293 293 198 252 252 147 218 217 INTEREST ON LONG-TERM DEBT 1927 6349 1676 PREFERRED DIVIDEND COMMON DIVIDEND 5661 39692 17011 39756 17038 39820 MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 7686 1116 42735 14241 1075 46634 18009 1041 35869 CASH GENERATION BEFORE CONST (5977) 603 30485 (12501) 676 26626 (16237) 742 37425 CONST EXP - LABOR CONST EXP - NON-LABOR INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS (5977) 603 30985 (12001) 676 27126 (15737) 742 37925
1Thursday, May 2, 1996 NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 BEGINNING CASH BALANCE 500 500 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ESOP RECEIPTS 1806 1817 1828 21219 OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED 71501 285990 OTHER RECEIPTS (1) (1) (1) (12) PAYMENTS FROM ASSOC. COS __ ________ ________ ________ _____ TOTAL RECEIPTS 1805 1816 73328 307197 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX 597 (10408) STATE INCOME TAX O&M LABOR 247 247 247 2965 O&M NON-LABOR 576 576 576 7846 INTEREST ON SHORT-TERM DEBT 64 135 133 2471 INTEREST ON LONG-TERM DEBT 6349 16302 PREFERRED DIVIDEND COMMON DIVIDEND 17066 51282 227327 MISC DISBURSEMENTS NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 17953 958 59185 246503 CASH GENERATION BEFORE CONST (16148) 858 14144 60694 CONST EXP - LABOR CONST EXP - NON-LABOR INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS (15648) 858 14644 60694
EX-99 35
1Thursday, May 2, 1996 5:20:41 pm NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS (3550) (3550) (3550) CASH RETIREMENTS-LTD (6000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (9550) (3550) (3550) CASH BEFORE AUTOMATIC FINANCINGS (5977) 603 21435 (12001) 676 23576 (15737) 742 34375 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 5977 12001 15737 SHORT-TERM DEBT REPAID (103) (20935) (176) (23076) (242) (33875) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 5977 (103) (20935) 12001 (176) (23076) 15737 (242) (33875) ENDING CASH BALANCE 500 500 500 500 500 500 ENDING BALANCES: --------------- CASH 500 500 500 500 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 500 500 500 500 500 500 SHORT TERM DEBT 64927 64824 43889 55890 55714 32639 48375 48134 14259 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (64927) (64324) (43389) (55890) (55214) (32139) (48375) (47634) (13759)
1Thursday, May 2, 1996 NORTHEAST UTILITIES PARENT CO. RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS (3550) (14200) CASH RETIREMENTS-LTD (11000) (17000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (14550) (31200) CASH BEFORE AUTOMATIC FINANCINGS (15648) 858 94 29494 SHORT-TERM DEBT BORROWED 15648 49363 SHORT-TERM DEBT REPAID (358) (78763) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS 15648 (358) (29400) ENDING CASH BALANCE 500 94 94 ENDING BALANCES: --------------- CASH 500 94 94 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 500 94 94 SHORT TERM DEBT 29907 29550 29550 29550 __ ________ ________ ________ _____ NET CASH + TCI - STD (29907) (29050) (29456) (29456)
EX-99 36
#### NAEC 1998 1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 BEGINNING CASH BALANCE 29368 47938 64501 67697 78779 95266 57819 75262 92794 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 9984 9798 9591 9496 9151 9037 9157 9242 9225 OTHER REVENUE INTEREST INCOME 119 193 260 273 318 385 235 304 375 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 14196 12535 12521 13090 13002 13895 13972 13969 14086 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 24299 22526 22372 22859 22471 23317 23364 23515 23686 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 278 304 332 268 332 322 278 332 322 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 144 143 162 1484 135 5843 126 134 125 FEDERAL INCOME TAX 2241 3642 3912 4042 STATE INCOME TAX (31) 867 867 995 O&M LABOR 1132 1132 1132 1132 1132 1132 1132 1132 1132 O&M NON-LABOR 2447 2642 2642 2642 2642 2642 2642 2642 2642 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 3955 17304 3955 PREFERRED DIVIDEND COMMON DIVIDEND 7000 7000 7000 MISC DISBURSEMENTS 890 890 891 891 891 891 891 891 891 NUCLEAR DECOMMISSIONING 308 308 308 308 308 308 308 308 308 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 5206 5426 18639 11240 5447 40227 5384 5446 21419 CASH GENERATION BEFORE CONST 19093 17100 3733 11619 17024 (16910) 17980 18069 2268 CONST EXP - LABOR 50 50 50 50 50 50 50 50 50 CONST EXP - NON-LABOR 473 487 487 487 487 487 487 487 487 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 523 537 537 537 537 537 537 537 537 INTERNAL CASH BEFORE FINANCINGS 47938 64501 67697 78779 95266 77819 75262 92794 94525
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 BEGINNING CASH BALANCE 94525 111583 128822 29368 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 9082 8945 10209 112917 OTHER REVENUE INTEREST INCOME 382 452 522 3820 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 13720 13783 13828 162597 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 23184 23180 24559 279334 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 501 322 332 3923 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 108 102 4729 13236 FEDERAL INCOME TAX 4825 18662 STATE INCOME TAX 1071 3769 O&M LABOR 1132 1132 1132 13585 O&M NON-LABOR 2641 2641 2641 31505 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 16399 41612 PREFERRED DIVIDEND COMMON DIVIDEND 7000 28000 MISC DISBURSEMENTS 892 892 892 10693 NUCLEAR DECOMMISSIONING 308 308 308 3696 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 5588 5404 39336 168763 CASH GENERATION BEFORE CONST 17596 17776 (14777) 110571 CONST EXP - LABOR 50 50 50 596 CONST EXP - NON-LABOR 487 487 487 5836 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 537 537 537 6432 INTERNAL CASH BEFORE FINANCINGS 111583 128822 113508 133508
EX-99 37
1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 47938 64501 67697 78779 95266 57819 75262 92794 94525 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 47938 64501 67697 78779 95266 57819 75262 92794 94525 ENDING BALANCES: --------------- CASH 500 500 500 500 500 500 500 500 TEMP CASH INVESTMENTS 47438 64001 67197 78279 94766 57819 74762 92294 94025 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 47938 64501 67697 78779 95266 57819 75262 92794 94525 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 47938 64501 67697 78779 95266 57819 75262 92794 94525
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 111583 128822 113508 113508 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 111583 128822 113508 113508 ENDING BALANCES: --------------- CASH 500 500 TEMP CASH INVESTMENTS 111083 128322 113508 113508 __ ________ ________ ________ _____ TOTAL CASH BALANCE 111583 128822 113508 113508 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 111583 128822 113508 113508
EX-99 38
#### HOLY 1998 1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 BEGINNING CASH BALANCE 5393 4603 6472 6565 6114 6003 5811 6106 6445 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 552 610 556 589 605 537 625 563 523 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 58 52 50 49 48 48 48 48 48 OTHER REVENUE 60 64 64 64 64 64 64 64 64 INTEREST INCOME 20 19 24 25 25 24 24 24 24 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 691 745 694 726 742 674 761 698 659 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 2736 372 1830 1905 2176 1641 1689 1951 1926 NUCLEAR FUEL PURCHASED POWER (12) (11) (11) (8) (8) (11) (11) (11) (9) INTERCOMPANY BILLINGS - NUGT (3381) (3164) (3230) (3007) (2984) (3005) (3270) (3247) (3240) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 520 62 62 526 50 57 523 48 45 FEDERAL INCOME TAX 13 178 192 201 STATE INCOME TAX 48 48 48 O&M LABOR 397 397 397 397 397 397 397 397 397 O&M NON-LABOR 870 926 926 926 926 926 926 926 926 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 51 134 210 52 135 211 52 135 211 PREFERRED DIVIDEND COMMON DIVIDEND 242 250 250 MISC DISBURSEMENTS (5) (5) (5) (5) (5) (5) (4) (4) (4) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 12 12 12 12 12 12 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 1189 (1276) 448 1025 700 713 313 207 762 CASH GENERATION BEFORE CONST (499) 2021 246 (298) 41 (39) 448 491 (103) CONST EXP - LABOR 14 14 14 14 14 14 14 14 14 CONST EXP - NON-LABOR 277 138 138 138 138 138 138 138 138 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 291 153 153 153 153 153 153 153 153 INTERNAL CASH BEFORE FINANCINGS 4603 6472 6565 6114 6003 5811 6106 6445 6189
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 BEGINNING CASH BALANCE 6189 4356 5476 5393 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 566 558 544 6828 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 48 48 48 592 OTHER REVENUE 64 64 64 762 INTEREST INCOME 24 18 20 270 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 702 687 676 8452 CASH DISBURSEMENTS: FOSSIL FUEL 1927 650 1622 20425 NUCLEAR FUEL PURCHASED POWER (8) (12) (12) (125) INTERCOMPANY BILLINGS - NUGT (1459) (2726) (3309) (36021) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 540 37 22 2493 FEDERAL INCOME TAX 134 718 STATE INCOME TAX 46 190 O&M LABOR 397 397 397 4763 O&M NON-LABOR 926 926 926 11057 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 52 135 211 1588 PREFERRED DIVIDEND COMMON DIVIDEND 250 992 MISC DISBURSEMENTS (4) (4) (4) (54) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 146 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 2382 (585) 295 6172 CASH GENERATION BEFORE CONST (1681) 1272 381 2280 CONST EXP - LABOR 14 14 14 169 CONST EXP - NON-LABOR 138 138 138 1799 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 153 153 153 1969 INTERNAL CASH BEFORE FINANCINGS 4356 5476 5704 5704
EX-99 39
1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 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 4603 6472 6565 6114 6003 5811 6106 6445 6189 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 4603 6472 6565 6114 6003 5811 6106 6445 6189 ENDING BALANCES: --------------- CASH 500 500 49 295 500 244 TEMP CASH INVESTMENTS 4603 5972 6065 6065 6003 5811 5811 5945 5945 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 4603 6472 6565 6114 6003 5811 6106 6445 6189 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 4603 6472 6565 6114 6003 5811 6106 6445 6189
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 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 4356 5476 5704 5704 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 4356 5476 5704 5704 ENDING BALANCES: --------------- CASH 500 500 500 TEMP CASH INVESTMENTS 4356 4976 5204 5204 __ ________ ________ ________ _____ TOTAL CASH BALANCE 4356 5476 5704 5704 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 4356 5476 5704 5704
EX-99 40
#### RRQ 1998 1Thursday, May 2, 1996 5:20:20 pm ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 BEGINNING CASH BALANCE 500 394 475 500 500 500 72 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 927 926 925 924 922 920 917 921 921 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 927 926 925 924 922 920 917 921 921 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 228 230 230 230 230 230 237 236 237 FEDERAL INCOME TAX 11 11 11 STATE INCOME TAX 1 3 3 3 O&M LABOR 21 21 21 21 21 21 21 21 21 O&M NON-LABOR 48 48 48 48 48 48 48 48 48 INSURANCE INTEREST ON SHORT-TERM DEBT 98 98 98 98 97 97 98 98 98 INTEREST ON LONG-TERM DEBT 516 292 272 271 270 297 478 285 267 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 5 5 5 5 5 5 5 5 5 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 917 694 675 687 671 711 887 694 689 CASH GENERATION BEFORE CONST 10 232 250 237 251 209 30 227 231 CONST EXP - LABOR 1 1 1 1 1 1 1 1 1 CONST EXP - NON-LABOR 5 5 5 5 5 5 5 5 5 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 5 5 5 5 5 5 5 5 5 INTERNAL CASH BEFORE FINANCINGS 505 620 720 731 745 704 25 222 298
1Thursday, May 2, 1996 ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 BEGINNING CASH BALANCE 183 308 432 500 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 919 918 917 11,058 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 919 918 917 11,058 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 236 236 237 2,798 FEDERAL INCOME TAX 11 45 STATE INCOME TAX 3 13 O&M LABOR 21 21 21 248 O&M NON-LABOR 48 48 48 580 INSURANCE INTEREST ON SHORT-TERM DEBT 98 98 98 1,174 INTEREST ON LONG-TERM DEBT 266 265 264 3,743 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 5 5 5 60 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DIBURSEMENTS 674 673 687 8,660 CASH GENERATION BEFORE CONST 245 245 230 2,398 CONST EXP - LABOR 1 1 1 6 CONST EXP - NON-LABOR 5 5 5 60 __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 5 5 5 66 INTERNAL CASH BEFORE FINANCINGS 422 547 657 2,832
EX-99 41
1Thursday, May 2, 1996 5:20:20 pm ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (111) (146) (111) (111) (111) (955) (115) (150) (115) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (111) (146) (111) (111) (111) (955) (115) (150) (115) CASH BEFORE AUTOMATIC FINANCINGS 394 475 609 620 634 (251) (90) 72 183 AUTOMATIC FINANINGS SHORT-TERM DEBT BORROWED 251 90 SHORT-TERM DEBT REPAID (109) (120) (134) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (109) (120) (134) 251 90 ENDING CASH BALANCE 394 475 500 500 500 () () 72 183 ENDING BALANCES: --------------- CASH 394 475 500 500 500 72 183 TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 394 475 500 500 500 72 183 SHORT TERM DEBT 21,737 21,737 21,629 21,508 21,374 21,625 21,715 21,715 21,715 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (21,343) (21,262) (21,129) (21,008) (20,874) (21,625) (21,715) (21,643) (21,532) (
1Thursday, May 2, 1996 ROCKY RIVER & QUINNEHTUK RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (115) (115) (115) (2,269) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F __ ________ ________ ________ _____ NET PLANNED FINANCING (115) (115) (115) (2,269) CASH BEFORE AUTOMATIC FINANCINGS 308 432 542 564 SHORT-TERM DEBT BORROWED 341 SHORT-TERM DEBT REPAID (42) (405) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (42) (64) ENDING CASH BALANCE 308 432 500 500 ENDING BALANCES: --------------- CASH 308 432 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 308 432 500 500 SHORT TERM DEBT 21,715 21,715 21,673 21,673 __ ________ ________ ________ _____ NET CASH + TCI - STD ( 21,407) (21,283) (21,173) (21,173)
EX-99 42
### HEC 1998 1Thursday, May 2, 1996 5:20:37 pm HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 BEGINNING CASH BALANCE 846 913 980 1,041 1,048 1,115 1,123 1,190 1,257 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 2 2 2 2 2 2 2 2 2 DIVIDENDS RECEIVED OTHER RECEIPTS 1,325 1,325 1,325 1,325 1,325 1,325 1,325 1,325 1,325 PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 1,327 1,327 1,327 1,327 1,327 1,327 1,327 1,327 1,327 CASH DISBURSEMENTS FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX 47 47 47 STATE INCOME TAX 6 13 13 13 O&M LABOR O&M NON-LABOR 1,234 1,234 1,234 1,234 1,234 1,234 1,234 1,234 1,234 INSURANCE INTEREST ON SHORT-TERM DEBT 4 4 4 4 4 4 4 4 4 INTEREST ON LONG-TERM DEBT PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 22 22 22 22 22 22 22 22 22 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SBK II SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 1,260 1,260 1,266 1,320 1,260 1,320 1,260 1,260 1,320 CASH GENERATION BEFORE CONST 67 67 61 7 67 7 67 67 7 CONST EXP - LABOR CONST EXP - NON-LABOR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS 913 980 1,041 1,048 1,115 1,123 1,190 1,257 1,264
1Thursday, May 2, 1996 HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 BEGINNING CASH BALANCE 1,264 1,331 1,398 846 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 2 2 2 20 DIVIDENDS RECEIVED OTHER RECEIPTS 1,325 1,325 1,325 15,900 PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 1,327 1,327 1,327 15,920 FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES FEDERAL INCOME TAX 47 189 STATE INCOME TAX 13 57 O&M LABOR O&M NON-LABOR 1,234 1,234 1,234 14,808 INSURANCE INTEREST ON SHORT-TERM DEBT 4 4 4 47 INTEREST ON LONG-TERM DEBT PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS 22 22 22 260 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SBK II SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DIBURSEMENTS 1,260 1,260 1,320 15,361 CASH GENERATION BEFORE CONST 67 67 7 559 CONST EXP - LABOR CONST EXP - NON-LABOR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES INTERNAL CASH BEFORE FINANCINGS 1,331 1,398 1,405 1,405
EX-99 43
1Thursday, May 2, 1996 5:20:37 pm HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 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 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING CASH BEFORE AUTOMATIC FINANCINGS 913 980 1,041 1,048 1,115 1,123 1,190 1,257 1,264 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 913 980 1,041 1,048 1,115 1,123 1,190 1,257 1,264 ENDING BALANCES: --------------- CASH 400 400 400 400 400 400 400 400 400 TEMP CASH INVESTMENTS 513 580 641 648 715 723 790 857 864 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 913 980 1,041 1,048 1,115 1,123 1,190 1,257 1,264 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 913 980 1,041 1,048 1,115 1,123 1,190 1,257 1,264
1Thursday, May 2, 1996 HEC RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 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 __ ________ ________ ________ _____ NET PLANNED FINANCING CASH BEFORE AUTOMATIC FINANCINGS 1,331 1,398 1,405 1,405 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 1,331 1,398 1,405 1,405 ENDING BALANCES: --------------- CASH 400 400 400 400 TEMP CASH INVESTMENTS 931 998 1,005 1,005 __ ________ ________ ________ _____ TOTAL CASH BALANCE 1,331 1,398 1,405 1,405 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 1,331 1,398 1,405 1,405
EX-99 44
### NNEC 1998 1Thursday, May 2, 1996 5:20:28 pm NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 BEGINNING CASH BALANCE 29,438 29,919 29,780 29,702 29,797 30,269 29,850 30,328 30,165 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 28,919 29,444 29,388 29,424 29,178 29,187 29,336 29,115 29,172 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 119 120 120 120 120 121 121 121 121 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 29,038 29,564 29,508 29,544 29,298 29,308 29,457 29,236 29,294 CASH DISBURSEMENTS FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 449 1,882 1,212 1,245 1,005 1,011 1,157 1,577 993 FEDERAL INCOME TAX 0 302 300 303 STATE INCOME TAX 40 81 81 81 O&M LABOR 8,221 8,221 8,221 8,221 8,221 8,221 8,221 8,221 8,221 O&M NON-LABOR 19,471 19,181 19,181 19,181 19,181 19,181 19,181 19,181 19,181 INSURANCE INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 142 142 142 142 141 141 141 141 141 PREFERRED DIVIDEND COMMON DIVIDEND 513 515 516 MISC DISBURSEMENTS 238 240 241 241 241 241 242 242 242 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DIBURSEMENTS 28,521 29,667 29,549 29,412 28,789 29,691 28,942 29,362 29,678 CASH GENERATION BEFORE CONST 517 (103) (41) 132 509 (383) 515 (126) (384) CONST EXP - LABOR 0 0 0 0 0 0 0 0 0 CONST EXP - NON-LABOR 0 1 1 1 1 1 1 1 1 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 0 1 1 1 1 1 1 1 1 INTERNAL CASH BEFORE FINANCINGS 29,955 29,815 29,737 29,832 30,305 29,885 30,363 30,201 29,780
1Thursday, May 2, 1996 NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 BEGINNING CASH BALANCE 29,744 30,226 30,702 29,438 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL 29,108 28,981 28,939 350,192 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE INTEREST INCOME 121 121 123 1,447 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS RECEIVED _ ASSOC. COS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 29,229 29,102 29,062 351,640 FOSSIL FUEL NUCLEAR FUEL PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 926 805 760 13,022 FEDERAL INCOME TAX 301 1,206 STATE INCOME TAX 81 365 O&M LABOR 8,221 8,221 8,221 98,647 O&M NON-LABOR 19,181 19,181 19,181 230,467 INSURANCE INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 140 140 140 1,693 PREFERRED DIVIDEND COMMON DIVIDEND 517 2,061 MISC DISBURSEMENTS 242 242 242 2,894 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DIBURSEMENTS 28,711 28,589 29,444 350,355 CASH GENERATION BEFORE CONST 518 513 (382) 1,285 CONST EXP - LABOR 0 0 0 1 CONST EXP - NON-LABOR 1 1 1 11 __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 1 1 1 12 INTERNAL CASH BEFORE FINANCINGS 30,262 30,738 30,320 30,711
EX-99 45
1Thursday, May 2, 1996 5:20:28 pm NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (36) (36) (36) (36) (36) (36) (36) (36) (36) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (36) (36) (36) (36) (36) (36) (36) (36) (36) CASH BEFORE AUTOMATIC FINANCINGS 29,919 29,780 29,702 29,797 30,269 29,850 30,328 30,165 29,744 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 29,919 29,780 29,702 29,797 30,269 29,850 30,328 30,165 29,744 ENDING BALANCES: --------------- CASH 500 360 283 378 500 80 500 338 TEMP CASH INVESTMENTS 29,419 29,419 29,419 29,419 29,769 29,769 29,828 29,828 29,744 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 29,919 29,780 29,702 29,797 30,269 29,850 30,328 30,165 29,744 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 29,919 29,780 29,702 29,797 30,269 29,850 30,328 30,165 29,744
1Thursday, May 2, 1996 NORTHEAST NUCLEAR ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (36) (36) (36) (427) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F __ ________ ________ ________ _____ NET PLANNED FINANCING (36) (36) (36) (427) CASH BEFORE AUTOMATIC FINANCINGS 30,226 30,702 30,284 30,284 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 30,226 30,702 30,284 30,284 ENDING BALANCES: --------------- CASH 482 500 82 82 TEMP CASH INVESTMENTS 29,744 30,202 30,202 30,202 __ ________ ________ ________ _____ TOTAL CASH BALANCE 30,226 30,702 30,284 30,284 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 30,226 30,702 30,284 30,284
EX-99 46
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 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT-TERM DEBT 60,871 (4,230) (36,505) 25,077 (76,717) (34,512) (3,224) (15,829) (937) 25,934 (3,763) 26,942 CONTINGENCIES: (b) 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 (c) 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 (d) (160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000) ------------------------------------------------------------------------------------------------------------ 305,871 240,770 208,495 270,077 168,283 50,488 81,776 69,171 84,063 110,934 81,237 111,942 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 ENDING SHORT-TERM DEBT 53,592 32,505 21,843 273,854 246,544 278,220 286,168 253,949 249,152 235,779 171,824 244,325 CONTINGENCIES: (b) 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 (c) 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 (d) (160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000) ------------------------------------------------------------------------------------------------------------ 138,592 117,505 106,843 358,854 331,544 363,220 371,168 338,949 334,152 320,779 256,824 329,325 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 ENDING SHORT-TERM DEBT 417,119 377,580 349,285 392,847 329,965 368,666 372,978 328,423 351,372 341,992 278,709 319,100 CONTINGENCIES: (b) 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 (c) 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 (d) (160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000)(160,000) (e) (166,364)(166,364)(166,364)(166,364)(166,364)(166,364)(166,364)(166,364)(166,364)(166,364)(166,364)(166,364) ------------------------------------------------------------------------------------------------------------ 335,755 296,216 267,921 311,483 248,601 287,302 291,614 247,059 270,008 260,628 197,345 237,736
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Contingency based on an estimate of average monthly variances of actual high and low cash balances between June 1995-June 1996, calculated to be approximately $85 million. (c) Contingency based on an assumption that the NBFT may not be available and CL&P will have to fund the nuclear units, estimated to be 80% of $200 million or $160 million. (d) Contingency based on the assumption that CL&P will issue a bond for $160 million in the month of June 1996. (e) Contingency based on the assumption that CL&P will not fund the costs associated with the disposal of spent fuel which have been included in the forecast [line (a)].
EX-99 47
1Thursday, May 2, 1996 #### CLP 1996 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 337 4230 36505 76717 34512 3224 15829 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 97732 98912 94559 86268 77192 72801 78501 83392 79377 COMMERCIAL 69827 70401 69897 68355 67506 69310 73992 76879 74628 INDUSTRIAL 28489 25384 26272 26614 26769 26323 27726 28127 27132 OTHER RETAIL 3098 3019 3190 2844 2852 3098 2938 2979 3173 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 8739 9770 9804 9814 9817 8069 8072 8072 8072 INTEREST INCOME 15 140 297 135 13 60 DIVIDENDS RECEIVED 160 1240 204 160 1240 204 160 1240 OTHER RECEIPTS 542 542 542 542 542 542 542 542 542 PAYMENTS FROM ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 208427 208188 205517 194781 184837 181681 192109 200163 194223 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 16472 15064 5241 4772 23525 25513 25829 34813 32355 NUCLEAR FUEL 13752 1081 1155 15365 1033 1136 14221 1175 1136 PURCHASED POWER 27237 25688 25516 26147 26357 26387 26161 26224 27661 INTERCOMPANY BILLINGS - NUGT 5137 5566 5312 5393 4825 4992 5134 5348 4860 INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 42934 13911 2209 36570 2354 3302 47988 18570 2048 FEDERAL INCOME TAX 57978 14551 1552 STATE INCOME TAX 2108 18392 4982 2788 O&M LABOR 15499 14194 15159 18882 20021 19840 21941 20910 19474 O&M NON-LABOR 56769 39260 36217 38467 47155 49817 48873 53780 51375 INTEREST ON SHORT-TERM DEBT 224 263 108 INTEREST ON LONG-TERM DEBT 15507 10332 1897 14930 2151 12554 16177 10496 2105 PREFERRED DIVIDEND 1435 847 1524 1435 847 1524 1435 847 1524 COMMON DIVIDEND 59814 33814 46814 MISC DISBURSEMENTS 687 688 688 689 689 690 690 691 691 NUCLEAR DECOMMISSIONING 2645 2645 2645 3312 3312 3312 3312 3312 3312 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 1225 1225 1225 1225 1225 1225 1225 1225 1225 ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 199524 130763 160710 243555 133603 203640 212987 177390 198923 CASH GENERATION BEFORE CONST 8903 77425 44807 (48775) 51234 (21959) (20878) 22773 (4700) CONST EXP - LABOR 1139 1155 1198 1050 1010 965 941 939 978 CONST EXP - NON-LABOR 17222 11170 11333 11758 10304 9909 9469 9229 9214 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 18361 12325 12531 12808 11314 10874 10410 10169 10192 INTERNAL CASH BEFORE FINANCINGS (9121) 65100 36505 (25077) 39920 43884 3224 15829 937
1Thursday, May 2, 1996 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 BEGINNING CASH BALANCE 937 3763 337 CASH RECEIPTS: RESIDENTIAL 73901 76528 85681 1004845 COMMERCIAL 71097 68766 66973 847630 INDUSTRIAL 28602 26997 25368 323802 OTHER RETAIL 3196 3466 3268 37120 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 8072 8072 8072 104446 INTEREST INCOME 4 13 676 DIVIDENDS RECEIVED 204 1603 6415 OTHER RECEIPTS 542 542 542 6500 PAYMENTS FROM ASSOC. COS __ ________ ________ ________ _____ TOTAL RECEIPTS 185617 184370 191520 2331432 CASH DISBURSEMENTS: FOSSIL FUEL 24591 26321 32256 266753 NUCLEAR FUEL 18944 1136 1175 71310 PURCHASED POWER 27672 29436 29709 324196 INTERCOMPANY BILLINGS - NUGT 5066 5511 5693 62836 INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 34483 1690 1454 207513 FEDERAL INCOME TAX 1344 75426 STATE INCOME TAX 555 28825 O&M LABOR 21334 19076 24700 231029 O&M NON-LABOR 48023 52364 47098 569199 INTEREST ON SHORT-TERM DEBT 112 708 INTEREST ON LONG-TERM DEBT 15137 2359 12339 115985 PREFERRED DIVIDEND 1435 847 1524 15221 COMMON DIVIDEND 46814 187256 MISC DISBURSEMENTS 692 692 693 8280 NUCLEAR DECOMMISSIONING 3312 3312 3312 37743 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 1225 1225 1225 14700 ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 201913 144081 209890 2216980 CASH GENERATION BEFORE CONST (16296) 40289 (18370) 114452 CONST EXP - LABOR 980 977 2747 14080 CONST EXP - NON-LABOR 9594 9615 9587 128404 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 10574 10592 12335 142484 INTERNAL CASH BEFORE FINANCINGS (25934) 29697 (26942) (27695)
EX-99 48
1Thursday, May 2, 1996 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT 62500 PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (9372) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE (625) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING 61875 (9372) CASH BEFORE AUTOMATIC FINANCINGS (9121) 65100 36505 (25077) 101795 34512 3224 15829 937 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 9121 25077 SHORT-TERM DEBT REPAID (60871) (25077) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 9121 (60871) 25077 (25077) ENDING CASH BALANCE 0 4230 36505 () 76717 34512 3224 15829 937 ENDING BALANCES: --------------- CASH 500 500 500 500 TEMP CASH INVESTMENTS 3730 36005 76217 34512 3224 15329 937 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 4230 36505 76717 34512 3224 15829 937 SHORT TERM DEBT 60871 25077 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (60871) 4230 36505 (25077) 76717 34512 3224 15829 937
1Thursday, May 2, 1996 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT 62500 PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (9372) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE (625) __ ________ ________ ________ _____ NET PLANNED FINANCING 52503 CASH BEFORE AUTOMATIC FINANCINGS (25934) 29697 (26942) 24808 SHORT-TERM DEBT BORROWED 25934 26942 87074 SHORT-TERM DEBT REPAID (25934) (111882) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS 25934 (25934) 26942 (24808) ENDING CASH BALANCE () 3763 () () ENDING BALANCES: --------------- CASH 500 TEMP CASH INVESTMENTS 3263 __ ________ ________ ________ _____ TOTAL CASH BALANCE 3763 SHORT TERM DEBT 25934 26942 26942 __ ________ ________ ________ _____ NET CASH + TCI - STD (25934) 3763 (26942) (26942)
EX-99 49
1Thursday, May 2, 1996 #### CLP 1997 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 BEGINNING CASH BALANCE 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 96411 95729 91244 83728 75596 71883 78202 83424 79746 COMMERCIAL 68079 67904 67830 66697 66632 69135 74281 77509 75770 INDUSTRIAL 24403 23919 25125 24683 25347 26600 26518 27638 26815 OTHER RETAIL 3062 2851 3134 2826 2755 3054 2957 3024 3160 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 8072 8733 8733 8733 8733 8733 8733 8733 8733 INTEREST INCOME DIVIDENDS RECEIVED 167 1443 204 167 1443 204 167 1443 OTHER RECEIPTS 542 542 542 542 542 542 542 542 542 PAYMENTS FROM ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 200568 199845 198051 187412 179772 181389 191436 201037 196209 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 34227 31048 19814 19201 21090 14861 15148 26346 14687 NUCLEAR FUEL 15399 1059 1136 14333 795 882 11215 1060 1125 PURCHASED POWER 29957 26576 26638 27319 28445 27750 28291 31250 27683 INTERCOMPANY BILLINGS - NUGT 4815 5216 5220 5261 5429 4844 4347 4863 5009 INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 11772 17608 2635 35003 1825 2707 46105 19089 1670 FEDERAL INCOME TAX 22581 10745 15084 STATE INCOME TAX 186 7025 3402 7147 O&M LABOR 19396 18001 21819 21580 17802 16158 15734 14584 16054 O&M NON-LABOR 60306 47948 44696 53600 53046 44231 40392 39404 36723 INTEREST ON SHORT-TERM DEBT 119 238 146 99 1214 1095 1233 1269 1128 INTEREST ON LONG-TERM DEBT 16177 10532 2138 15171 2399 12620 15913 10536 2138 PREFERRED DIVIDEND 1435 847 1524 1435 847 1524 1435 847 1524 COMMON DIVIDEND 41869 41869 41869 MISC DISBURSEMENTS 710 711 711 712 712 713 713 714 715 NUCLEAR DECOMMISSIONING 3411 3411 3411 3411 3411 3411 3411 3411 3411 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 1225 1225 1225 1225 1225 1225 1225 1225 1225 ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 198949 164418 173168 227957 138240 188037 185163 154596 177190 CASH GENERATION BEFORE CONST 1619 35428 24883 (40545) 41532 (6648) 6273 46440 19019 CONST EXP - LABOR 1315 1315 1315 1315 1315 1315 1315 1315 1315 CONST EXP - NON-LABOR 26954 12906 12906 12906 12906 12906 12906 12906 12906 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 28269 14221 14221 14221 14221 14221 14221 14221 14221 INTERNAL CASH BEFORE FINANCINGS (26650) 21206 11162 (54266) 27311 (20369) (7948) 32219 5298
1Thursday, May 2, 1996 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 BEGINNING CASH BALANCE 500 500 500 CASH RECEIPTS: RESIDENTIAL 74431 77324 86759 994478 COMMERCIAL 72483 70187 68394 844900 INDUSTRIAL 28832 27130 25453 312464 OTHER RETAIL 3223 3518 3223 36787 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 8733 8733 8733 104135 INTEREST INCOME DIVIDENDS RECEIVED 204 1813 7255 OTHER RECEIPTS 542 542 542 6500 PAYMENTS FROM ASSOC. COS __ ________ ________ ________ _____ TOTAL RECEIPTS 188448 187433 194917 2306518 CASH DISBURSEMENTS: FOSSIL FUEL 5608 8625 19286 229941 NUCLEAR FUEL 17218 886 900 66007 PURCHASED POWER 27116 25960 26335 333319 INTERCOMPANY BILLINGS - NUGT 5392 4168 9046 63610 INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 33564 1372 1339 174689 FEDERAL INCOME TAX 51679 100089 STATE INCOME TAX 15800 33560 O&M LABOR 16263 17962 22327 217678 O&M NON-LABOR 40149 40639 44605 545739 INTEREST ON SHORT-TERM DEBT 1107 1048 764 9460 INTEREST ON LONG-TERM DEBT 7651 2399 12373 110046 PREFERRED DIVIDEND 1435 847 1524 15221 COMMON DIVIDEND 41869 167475 MISC DISBURSEMENTS 715 716 716 8558 NUCLEAR DECOMMISSIONING 3411 3411 3411 40932 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 1225 1225 1225 14700 ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 160855 109256 253197 2131025 CASH GENERATION BEFORE CONST 27594 78177 (58280) 175493 CONST EXP - LABOR 1315 1315 1315 15786 CONST EXP - NON-LABOR 12906 12906 12906 168920 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 14221 14221 14221 184706 INTERNAL CASH BEFORE FINANCINGS 13872 64456 (72001) (9212)
EX-99 50
1Thursday, May 2, 1996 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (119) (197245) (10807) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (119) (197245) (10807) CASH BEFORE AUTOMATIC FINANCINGS (26650) 21087 11162 (251511) 27311 (31176) (7948) 32219 5298 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 26650 251511 31176 7948 SHORT-TERM DEBT REPAID (20587) (10662) (26811) (31719) (4798) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 26650 (20587) (10662) 251511 (26811) 31176 7948 (31719) (4798) ENDING CASH BALANCE () 500 500 () 500 () () 500 500 ENDING BALANCES: --------------- CASH 500 500 500 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 500 500 500 500 500 SHORT TERM DEBT 53592 33005 22343 273854 247044 278220 286168 254449 249652 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (53592) (32505) (21843) (273854) (246544) (278220) (286168) (253949) (249152) (
1Thursday, May 2, 1996 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (208171) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (208171) CASH BEFORE AUTOMATIC FINANCINGS 13872 64456 (72001) (217383) SHORT-TERM DEBT BORROWED 72001 389287 SHORT-TERM DEBT REPAID (13372) (63956) (171904) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (13372) (63956) 72001 217383 ENDING CASH BALANCE 500 500 () () ENDING BALANCES: --------------- CASH 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 500 500 SHORT TERM DEBT 236279 172324 244325 244325 __ ________ ________ ________ _____ NET CASH + TCI - STD 235779) (171824) (244325) (244325)
EX-99 51
1Thursday, May 2, 1996 #### CLP 1998 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 BEGINNING CASH BALANCE 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 96534 96321 93254 86943 79049 73746 79150 85307 82329 COMMERCIAL 68728 68888 69797 69643 70082 71389 75716 79711 78709 INDUSTRIAL 24181 24148 25648 25540 26423 27249 26823 28249 27497 OTHER RETAIL 3448 3328 3668 3268 3176 3485 3298 3414 3635 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 8733 8970 8970 8970 8970 8970 8970 8970 8970 INTEREST INCOME DIVIDENDS RECEIVED 171 1545 204 171 1545 204 171 1545 OTHER RECEIPTS 542 542 542 542 542 542 542 542 542 PAYMENTS FROM ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 202165 202368 203423 195110 188412 186926 194703 206364 203227 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 20092 20324 7820 8215 3638 8431 10403 18079 15575 NUCLEAR FUEL 13608 1059 1173 15213 1173 1135 15208 1173 1135 PURCHASED POWER 27028 26324 26670 27308 27171 26900 26764 26408 27009 INTERCOMPANY BILLINGS - NUGT 5316 5773 5605 6060 5685 5680 5566 5670 5572 INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 12198 18067 2333 34720 1886 2794 46378 19392 1725 FEDERAL INCOME TAX 3470 47229 37223 38014 STATE INCOME TAX 4853 12930 10240 10412 O&M LABOR 17493 16233 16232 17493 16232 16233 17492 16232 16232 O&M NON-LABOR 54738 43440 40503 40497 46380 40502 40498 43439 40502 INTEREST ON SHORT-TERM DEBT 1104 1884 1708 1580 1774 1493 1665 1685 1486 INTEREST ON LONG-TERM DEBT 15913 10554 2155 7667 2418 12389 15280 10556 2155 PREFERRED DIVIDEND 1435 847 1524 1435 847 1524 1435 847 1524 COMMON DIVIDEND 42758 42758 42758 MISC DISBURSEMENTS 738 739 739 740 741 741 742 742 743 NUCLEAR DECOMMISSIONING 3623 3623 3623 3623 3623 3623 3623 3623 3623 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 1225 1225 1225 1225 1225 1225 1225 1225 1225 ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 174511 150091 162392 225935 112793 212890 186279 149072 209690 CASH GENERATION BEFORE CONST 27654 52276 41032 (30825) 75619 (25964) 8425 57292 (6463) CONST EXP - LABOR 1178 1178 1178 1178 1178 1178 1178 1178 1178 CONST EXP - NON-LABOR 12906 11559 11559 11559 11559 11559 11559 11559 11559 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 14084 12737 12737 12737 12737 12737 12737 12737 12737 INTERNAL CASH BEFORE FINANCINGS 13570 39539 28795 (43062) 62882 (38201) (4312) 44555 (18700)
1Thursday, May 2, 1996 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 BEGINNING CASH BALANCE 500 500 CASH RECEIPTS: RESIDENTIAL 76512 79012 88971 1017127 COMMERCIAL 74946 72098 70303 870011 INDUSTRIAL 29497 27591 25840 318688 OTHER RETAIL 3654 3998 3680 42053 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 8970 8970 8970 107402 INTEREST INCOME DIVIDENDS RECEIVED 204 1920 7680 OTHER RECEIPTS 542 542 542 6500 PAYMENTS FROM ASSOC. COS __ ________ ________ ________ _____ TOTAL RECEIPTS 194324 192211 200226 2369460 CASH DISBURSEMENTS: FOSSIL FUEL 13268 9601 13890 149337 NUCLEAR FUEL 18735 1141 1180 71933 PURCHASED POWER 27882 28263 28435 326162 INTERCOMPANY BILLINGS - NUGT 4221 5693 6625 67465 INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 33831 1417 1386 176126 FEDERAL INCOME TAX 44105 170040 STATE INCOME TAX 12069 50505 O&M LABOR 17492 16232 16233 199830 O&M NON-LABOR 40496 43439 40501 514935 INTEREST ON SHORT-TERM DEBT 1587 1547 1261 18772 INTEREST ON LONG-TERM DEBT 7667 2418 12389 101563 PREFERRED DIVIDEND 1435 847 1456 15153 COMMON DIVIDEND 42758 171034 MISC DISBURSEMENTS 744 744 745 8899 NUCLEAR DECOMMISSIONING 3623 3623 3623 43476 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 1225 1225 1225 14700 ADVANCE PAYMENTS TO EUA PAYMENTS TO ASSOC. COS __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 172207 116191 227881 2099930 CASH GENERATION BEFORE CONST 22118 76020 (27655) 269530 CONST EXP - LABOR 1178 1178 1178 14138 CONST EXP - NON-LABOR 11559 11559 11559 140053 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 12737 12737 12737 154191 INTERNAL CASH BEFORE FINANCINGS 9381 63783 (39892) 115339
EX-99 52
1Thursday, May 2, 1996 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK (3750) CASH RETIREMENTS-PRIOR SPENT F (166364) FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (186364) (3750) CASH BEFORE AUTOMATIC FINANCINGS (172794) 39539 28795 (43062) 62882 (38201) (4312) 44555 (22450) AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 172794 43062 38201 4312 22450 SHORT-TERM DEBT REPAID (39039) (28295) (62382) (44055) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 172794 (39039) (28295) 43062 (62382) 38201 4312 (44055) 22450 ENDING CASH BALANCE () 500 500 () 500 () () 500 () ENDING BALANCES: --------------- CASH 500 500 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 500 500 500 500 SHORT TERM DEBT 417119 378080 349785 392847 330465 368666 372978 328923 351372 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (417119) (377580) (349285) (392847) (329965) (368666) (372978) (328423) (351372) (
1Thursday, May 2, 1996 CONNECTICUT LIGHT & POWER RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK (3750) CASH RETIREMENTS-PRIOR SPENT F ( (166364) FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING ( (190114) CASH BEFORE AUTOMATIC FINANCINGS ( 9381 63783 (39892) (74775) SHORT-TERM DEBT BORROWED 39892 320710 SHORT-TERM DEBT REPAID (8881) (63283) (245935) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (8881) (63283) 39892 74775 ENDING CASH BALANCE 500 500 () () ENDING BALANCES: --------------- CASH 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 500 500 SHORT TERM DEBT 342492 279209 319100 319100 __ ________ ________ ________ _____ NET CASH + TCI - STD ( 341992) (278709) (319100) (319100)
EX-99 53
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 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT-TERM DEBT 23,840 12,858 11,243 21,018 18,179 27,270 28,669 28,375 36,690 44,022 41,820 49,732 CONTINGENCIES: (b) 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 (c) 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 (d) 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 (e) (50,000) (50,000) (50,000) (50,000) ----------------------------------------------------------------------------------------------------------- 126,840 115,858 114,243 124,018 121,179 130,270 131,669 131,375 89,690 97,022 94,820 102,732 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 ENDING SHORT-TERM DEBT 57,429 56,106 75,195 84,820 82,780 86,869 81,543 73,451 74,840 73,717 63,834 78,313 CONTINGENCIES: (b) 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 (c) 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 (d) 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 (e) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) ------------------------------------------------------------------------------------------------------------ 110,429 109,106 128,195 137,820 135,780 139,869 134,543 126,451 127,840 126,717 116,834 131,313 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 ENDING SHORT-TERM DEBT 119,891 115,053 125,096 133,001 124,401 132,124 128,481 121,318 127,384 128,741 119,926 128,368 CONTINGENCIES: (b) 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 (c) 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 (d) 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 (e) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (f) (39,024) (39,024) (39,024) (39,024) (39,024) (39,024) (39,024) (39,024) (39,024) (39,024) (39,024) (39,024) ----------------------------------------------------------------------------------------------------------- 133,867 129,029 139,072 146,977 138,377 146,100 142,457 135,294 141,360 142,717 133,902 142,344
(a) Short-term debt levels based on the Company's Receipt and Disbursement Forecast (attached). (b) Contingency based on an estimate of average monthly variances of actual high and low cash balances between June 1995-June 1996, calculated to be approximately $30 million. (c) Contingency based on an assumption that the NBFT may not be available and WMECO will have to fund the nuclear units, estimated to be 20% of $200 million or $40 million. (d) Assumes a contingency for refinancing WMECO Dutch Auction Rate Transferrable Securities of $33 million. (e) Contingency based on the assumption that WMECO will issue a bond for $50 million in the month of September 1996. (f) Contingency based on the assumption that WMECO may not fund the costs associated with the disposal of spent fuel which have been included in the forecast [line (a)].
EX-99 54
1Thursday, May 2, 1996 #### WMECO 1996 WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 202 210 500 500 500 294 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 15888 15992 15048 13396 12204 11593 12104 12345 11956 COMMERCIAL 11078 10942 10625 9994 10014 10389 11128 11380 11174 INDUSTRIAL 6517 6361 6396 6156 6451 6442 6833 6652 6929 OTHER RETAIL 500 413 443 381 322 317 354 346 402 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 2059 1111 1030 1007 1000 996 990 990 990 INTEREST INCOME DIVIDENDS RECEIVED 42 342 51 42 342 51 42 342 OTHER RECEIPTS 58 58 58 58 58 58 58 58 58 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 36101 34919 33941 31043 30092 30138 31518 31813 31850 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 142 1171 523 454 4464 4340 4956 6087 5835 NUCLEAR FUEL 3125 240 257 3486 229 253 3229 261 253 PURCHASED POWER 6076 5630 5589 5717 5636 5658 5623 5624 5961 INTERCOMPANY BILLINGS - NUGT (2234) (2815) (2594) (2515) (2149) (2451) (2255) (2459) (2376) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 478 2784 451 5578 473 538 432 2832 422 FEDERAL INCOME TAX 9994 459 (2176) STATE INCOME TAX 317 1880 178 O&M LABOR 3377 3142 3286 4163 4267 4265 4411 4632 4509 O&M NON-LABOR 16914 8409 7860 8197 10244 10486 10481 10822 11340 INTEREST ON SHORT-TERM DEBT 104 104 58 51 91 81 118 124 124 INTEREST ON LONG-TERM DEBT 2489 179 4123 179 179 3473 2242 179 4120 PREFERRED DIVIDEND 386 456 276 386 703 662 427 276 COMMON DIVIDEND 8891 8891 8891 MISC DISBURSEMENTS 111 111 111 111 111 111 111 111 111 NUCLEAR DECOMMISSIONING 427 427 527 527 527 527 527 527 527 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 250 250 250 250 250 250 250 250 250 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 31644 20088 29925 38458 25024 37058 30786 29418 38066 CASH GENERATION BEFORE CONST 4457 14831 4017 (7415) 5068 (6920) 732 2395 (6215) CONST EXP - LABOR 217 222 220 207 201 197 194 194 197 CONST EXP - NON-LABOR 4232 2127 2182 2154 2028 1973 1937 1906 1903 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 4449 2349 2402 2361 2229 2170 2131 2100 2100 INTERNAL CASH BEFORE FINANCINGS 210 12692 2115 (9275) 2839 (8591) (1400) 294 (8021)
1Thursday, May 2, 1996 WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 202 CASH RECEIPTS: RESIDENTIAL 11439 11909 13032 156906 COMMERCIAL 10737 10494 10059 128014 INDUSTRIAL 6813 6573 6029 78152 OTHER RETAIL 483 521 517 4999 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 990 992 992 13144 INTEREST INCOME DIVIDENDS RECEIVED 51 434 1739 OTHER RECEIPTS 58 58 58 700 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 30571 30547 31121 383655 CASH DISBURSEMENTS: FOSSIL FUEL 5434 4333 6045 43783 NUCLEAR FUEL 4316 253 261 16162 PURCHASED POWER 5960 6480 6582 70537 INTERCOMPANY BILLINGS - NUGT (2713) (2450) (3633) (30644) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 5647 352 201 20188 FEDERAL INCOME TAX (2837) 5439 STATE INCOME TAX 2376 O&M LABOR 4463 4310 5653 50476 O&M NON-LABOR 11051 10944 10588 127335 INTEREST ON SHORT-TERM DEBT 159 190 183 1386 INTEREST ON LONG-TERM DEBT 179 179 3473 20996 PREFERRED DIVIDEND 386 703 4662 COMMON DIVIDEND 8891 35565 MISC DISBURSEMENTS 111 111 111 1330 NUCLEAR DECOMMISSIONING 527 527 527 6124 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 250 250 250 3000 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 35770 26183 36295 378715 CASH GENERATION BEFORE CONST (5199) 4364 (5174) 4940 CONST EXP - LABOR 197 232 464 2742 CONST EXP - NON-LABOR 1936 1930 2274 26581 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 2133 2162 2738 29323 INTERNAL CASH BEFORE FINANCINGS (7331) 2202 (7412) (24182)
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1Thursday, May 2, 1996 5:20:02 pm WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 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 (1500) CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (1500) CASH BEFORE AUTOMATIC FINANCINGS 210 11192 2115 (9275) 2839 (8591) (1400) 294 (8021) AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 9275 8591 1400 8021 SHORT-TERM DEBT REPAID (10692) (1615) (2339) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (10692) (1615) 9275 (2339) 8591 1400 8021 ENDING CASH BALANCE 210 500 500 () 500 () () 294 () ENDING BALANCES: --------------- CASH 210 500 500 500 294 TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 210 500 500 500 294 SHORT TERM DEBT 24050 13358 11743 21018 18679 27270 28669 28669 36690 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (23840) (12858) (11243) (21018) (18179) (27270) (28669) (28375) (36690)
1Thursday, May 2, 1996 WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 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 (1500) CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (1500) CASH BEFORE AUTOMATIC FINANCINGS (7331) 2202 (7412) (25682) SHORT-TERM DEBT BORROWED 7331 7412 42030 SHORT-TERM DEBT REPAID (1702) (16348) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS 7331 (1702) 7412 25682 ENDING CASH BALANCE () 500 () () ENDING BALANCES: --------------- CASH 500 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 500 SHORT TERM DEBT 44022 42320 49732 49732 __ ________ ________ ________ _____ NET CASH + TCI - STD (44022) (41820) (49732) (49732)
EX-99 56
#### WMECO 1997 1Thursday, May 2, 1996 5:20:02 pm WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 BEGINNING CASH BALANCE 500 () () 500 () 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 15077 15139 14590 13271 12144 11700 12442 12801 12258 COMMERCIAL 10422 10418 10497 10102 10141 10739 11756 12152 11746 INDUSTRIAL 5861 5754 6006 5839 6290 6795 6967 7022 7269 OTHER RETAIL 459 368 423 369 308 315 358 341 396 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 1214 1467 1576 1609 1617 1623 1632 1632 1632 INTEREST INCOME DIVIDENDS RECEIVED 44 397 51 44 397 51 44 397 OTHER RECEIPTS 58 58 58 58 58 58 58 58 58 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 33091 33249 33548 31300 30603 31627 33264 34049 33756 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 4999 4907 3897 3529 3319 691 933 1887 955 NUCLEAR FUEL 3493 235 252 3249 172 195 2532 235 252 PURCHASED POWER 6641 5705 5739 5890 6173 6019 6121 6800 5969 INTERCOMPANY BILLINGS - NUGT (1704) (2373) (2285) (2237) (1893) (1926) (1219) (1767) (2150) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 595 2947 555 5732 372 424 344 2795 339 FEDERAL INCOME TAX 2958 1554 2095 STATE INCOME TAX (1110) 560 300 843 O&M LABOR 3832 3842 4561 4343 3691 3294 2941 2895 3123 O&M NON-LABOR 13802 9558 9581 11259 10749 9230 8248 7425 7318 INTEREST ON SHORT-TERM DEBT 220 255 251 333 376 369 385 364 328 INTEREST ON LONG-TERM DEBT 2242 184 4125 184 184 3478 2246 184 3702 PREFERRED DIVIDEND 662 427 283 386 682 669 399 283 COMMON DIVIDEND 7350 7350 7350 MISC DISBURSEMENTS 114 114 114 114 114 114 114 115 115 NUCLEAR DECOMMISSIONING 750 750 750 750 750 750 750 750 750 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 250 250 250 250 250 250 250 250 250 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 35896 26802 34313 37300 24939 32092 24314 22333 31521 CASH GENERATION BEFORE CONST (2805) 6446 (765) (6000) 5664 (465) 8950 11716 2235 CONST EXP - LABOR 335 335 335 335 335 335 335 335 335 CONST EXP - NON-LABOR 4556 3289 3289 3289 3289 3289 3289 3289 3289 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 4892 3624 3624 3624 3624 3624 3624 3624 3624 INTERNAL CASH BEFORE FINANCINGS (7697) 2822 (3889) (9624) 2040 (3589) 5326 8592 (889)
1Thursday, May 2, 1996 WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 BEGINNING CASH BALANCE 500 500 CASH RECEIPTS: RESIDENTIAL 11558 11955 12941 155876 COMMERCIAL 11064 10699 10129 129864 INDUSTRIAL 6836 6563 6009 77212 OTHER RETAIL 465 499 501 4802 WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 1632 1633 1633 18898 INTEREST INCOME DIVIDENDS RECEIVED 51 492 1968 OTHER RECEIPTS 58 58 58 700 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 31663 31406 31763 389318 CASH DISBURSEMENTS: FOSSIL FUEL 934 325 2058 28435 NUCLEAR FUEL 3945 198 199 14958 PURCHASED POWER 5845 5599 5673 72173 INTERCOMPANY BILLINGS - NUGT (2531) (2111) (5857) (28052) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 5850 279 170 20401 FEDERAL INCOME TAX 10587 17194 STATE INCOME TAX 1924 2516 O&M LABOR 3008 3721 6393 45646 O&M NON-LABOR 7848 7580 9244 111843 INTEREST ON SHORT-TERM DEBT 332 329 285 3827 INTEREST ON LONG-TERM DEBT 184 184 3478 20373 PREFERRED DIVIDEND 386 682 4860 COMMON DIVIDEND 7350 29399 MISC DISBURSEMENTS 115 115 115 1374 NUCLEAR DECOMMISSIONING 750 750 750 9000 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 250 250 250 3000 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 26916 17900 42617 356945 CASH GENERATION BEFORE CONST 4747 13506 (10855) 32373 CONST EXP - LABOR 335 335 335 4023 CONST EXP - NON-LABOR 3289 3289 3289 40732 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 3624 3624 3624 44755 INTERNAL CASH BEFORE FINANCINGS 1124 10383 (13979) (12381)
EX-99 57
1Thursday, May 2, 1996 5:20:02 pm WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (14700) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK (1500) CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (1500) (14700) CASH BEFORE AUTOMATIC FINANCINGS (7697) 1322 (18589) (9624) 2040 (3589) 5326 8592 (889) AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 7697 18589 9624 3589 889 SHORT-TERM DEBT REPAID (822) (1540) (4826) (8092) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 7697 (822) 18589 9624 (1540) 3589 (4826) (8092) 889 ENDING CASH BALANCE 0 500 () () 500 () 500 500 0 ENDING BALANCES: --------------- CASH 500 () () 500 () 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 500 () () 500 () 500 500 SHORT TERM DEBT 57429 56606 75195 84820 83280 86869 82043 73951 74840 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (57429) (56106) (75195) (84820) (82780) (86869) (81543) (73451) (74840)
1Thursday, May 2, 1996 WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (14700) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK (1500) CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (16200) CASH BEFORE AUTOMATIC FINANCINGS 1124 10383 (13979) (28581) SHORT-TERM DEBT BORROWED 13979 54367 SHORT-TERM DEBT REPAID (624) (9883) (25786) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (624) (9883) 13979 28581 ENDING CASH BALANCE 500 500 () () ENDING BALANCES: --------------- CASH 500 500 () () TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 500 500 () () SHORT TERM DEBT 74217 64334 78313 78313 __ ________ ________ ________ _____ NET CASH + TCI - STD (73717) (63834) (78313) (78313)
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#### WMECO 1998 1Thursday, May 2, 1996 5:20:02 pm WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 BEGINNING CASH BALANCE () () 500 () () 500 () 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 14599 14683 14411 13369 12344 11574 12011 12435 12171 COMMERCIAL 10096 10008 10249 10057 10182 10465 11176 11621 11511 INDUSTRIAL 5559 5389 5763 5776 6265 6633 6516 6641 6926 OTHER RETAIL 456 371 433 391 326 310 346 347 415 WHOLESALE ADDITIONAL REQUIRED (122) (230) (286) (291) (289) (289) (305) (315) (312) OTHER REVENUE 1700 1795 1828 1837 1840 1842 1844 1844 1844 INTEREST INCOME DIVIDENDS RECEIVED 45 425 51 45 425 51 45 425 OTHER RECEIPTS 58 58 58 58 58 58 58 58 58 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 32346 32120 32881 31248 30771 31018 31697 32677 33038 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 481 1913 764 710 363 311 690 1445 1137 NUCLEAR FUEL 3102 235 261 3450 261 252 3448 261 252 PURCHASED POWER 5828 5663 5757 5889 5861 5814 5781 5689 5828 INTERCOMPANY BILLINGS - NUGT (1935) (2609) (2375) (3052) (2701) (2675) (2295) (2424) (2332) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 488 2896 474 5938 384 438 355 2847 350 FEDERAL INCOME TAX 7207 5958 5054 STATE INCOME TAX 219 1317 1092 1095 O&M LABOR 3407 3407 3407 3407 3407 3407 3407 3407 3407 O&M NON-LABOR 15484 8514 8515 8513 8514 8514 8513 8514 8514 INTEREST ON SHORT-TERM DEBT 354 542 522 565 601 564 597 583 550 INTEREST ON LONG-TERM DEBT 2246 186 3704 186 186 3480 2249 186 3374 PREFERRED DIVIDEND 669 399 289 386 659 675 370 289 COMMON DIVIDEND 6950 6950 6950 MISC DISBURSEMENTS 118 118 118 118 118 118 118 118 118 NUCLEAR DECOMMISSIONING 800 800 800 800 800 800 800 800 800 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 250 250 250 250 250 250 250 250 250 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 31291 22314 29655 35685 18703 35273 24586 22046 35636 CASH GENERATION BEFORE CONST 1055 9806 3226 (4437) 12068 (4255) 7111 10631 (2598) CONST EXP - LABOR 321 321 321 321 321 321 321 321 321 CONST EXP - NON-LABOR 3289 3147 3147 3147 3147 3147 3147 3147 3147 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 3609 3468 3468 3468 3468 3468 3468 3468 3468 INTERNAL CASH BEFORE FINANCINGS (2555) 6338 258 (7905) 8600 (7223) 3643 7663 (5566)
1Thursday, May 2, 1996 WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 BEGINNING CASH BALANCE () () 500 () CASH RECEIPTS: RESIDENTIAL 11563 11946 13120 154226 COMMERCIAL 10968 10621 10240 127194 INDUSTRIAL 6794 6508 5984 74754 OTHER RETAIL 482 512 525 4915 WHOLESALE ADDITIONAL REQUIRED (302) (301) (304) (3348) OTHER REVENUE 1844 1845 1845 21908 INTEREST INCOME DIVIDENDS RECEIVED 51 521 2084 OTHER RECEIPTS 58 58 58 700 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 31458 31189 31989 382433 CASH DISBURSEMENTS: FOSSIL FUEL 1349 679 1633 11474 NUCLEAR FUEL 4267 254 262 16305 PURCHASED POWER 6019 6137 6205 70471 INTERCOMPANY BILLINGS - NUGT (2763) (2966) (3316) (31444) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 6240 288 176 20873 FEDERAL INCOME TAX 6717 24937 STATE INCOME TAX 1224 4948 O&M LABOR 3407 3407 3406 40882 O&M NON-LABOR 8513 8514 8514 109137 INTEREST ON SHORT-TERM DEBT 575 581 544 6577 INTEREST ON LONG-TERM DEBT 186 186 3480 19649 PREFERRED DIVIDEND 386 659 4781 COMMON DIVIDEND 6950 27799 MISC DISBURSEMENTS 118 118 118 1418 NUCLEAR DECOMMISSIONING 800 800 800 9600 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 250 250 250 3000 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 29348 18906 36964 340406 CASH GENERATION BEFORE CONST 2111 12283 (4974) 42027 CONST EXP - LABOR 321 321 321 3850 CONST EXP - NON-LABOR 3147 3147 3147 37909 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 3468 3468 3468 41758 INTERNAL CASH BEFORE FINANCINGS (1357) 8815 (7942) 268
EX-99 59
1Thursday, May 2, 1996 5:20:02 pm WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (9800) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK (1500) CASH RETIREMENTS-PRIOR SPENT F (39024) FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (39024) (1500) (9800) CASH BEFORE AUTOMATIC FINANCINGS (41578) 4838 (9542) (7905) 8600 (7223) 3643 7663 (5566) AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 41578 9542 7905 7223 5566 SHORT-TERM DEBT REPAID (4338) (8100) (3143) (7163) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 41578 (4338) 9542 7905 (8100) 7223 (3143) (7163) 5566 ENDING CASH BALANCE () 500 () () 500 () 500 500 () ENDING BALANCES: --------------- CASH () 500 () () 500 () 500 500 () TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE () 500 () () 500 () 500 500 () SHORT TERM DEBT 119891 115553 125096 133001 124901 132124 128981 121818 127384 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (119891) (115053) (125096) (133001) (124401) (132124) (128481) (121318) (127384) (
1Thursday, May 2, 1996 WESTERN MASSACHUSETTS ELECTRIC COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (9800) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK (1500) CASH RETIREMENTS-PRIOR SPENT F (39024) FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (50324) CASH BEFORE AUTOMATIC FINANCINGS (1357) 8815 (7942) (50055) SHORT-TERM DEBT BORROWED 1357 7942 81114 SHORT-TERM DEBT REPAID (8315) (31059) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS 1357 (8315) 7942 50055 ENDING CASH BALANCE () 500 () () ENDING BALANCES: --------------- CASH () 500 () () TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE () 500 () () SHORT TERM DEBT 128741 120426 128368 128368 __ ________ ________ ________ _____ NET CASH + TCI - STD ( 128741) (119926) (128368) (128368)
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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 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT-TERM DEBT (36,095) (61,760) (89,364)(108,026) 73,467 91,837 204,265 184,380 176,717 156,955 166,216 157,667 CONTINGENCIES: (b) 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 ----------------------------------------------------------------------------------------------------------- (16,095) (41,760) (69,364) (88,026) 93,467 111,837 224,265 204,380 196,717 176,955 186,216 177,667 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 ENDING SHORT-TERM DEBT 130,635 99,141 76,012 53,249 76,025 80,217 72,538 52,931 43,421 19,215 27,760 17,121 CONTINGENCIES: (b) 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 ----------------------------------------------------------------------------------------------------------- 150,635 119,141 96,012 73,249 96,025 100,217 92,538 72,931 63,421 39,215 47,760 37,121 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 ENDING SHORT-TERM DEBT (8,430) (30,632) (42,740) (60,651) 137,856 145,676 145,353 132,570 130,716 114,561 119,461 116,204 CONTINGENCIES: (b) 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 ----------------------------------------------------------------------------------------------------------- 11,570 (10,632) (22,740) (40,651) 157,856 165,676 165,353 152,570 150,716 134,561 139,461 136,204
(a) Short-term debt levels based on the Company's Receipt and Disbursement Forecast (attached). (b) Contingency based on an estimate of average monthy variances of actual high and low cash balances between June 1995-June 1996.
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#### PSNH 1996 1Thursday, May 2, 1996 5:20:11 pm PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 19445 36095 61760 89364 108026 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 32341 32856 31710 28879 26577 24237 23353 23592 23714 COMMERCIAL 24331 25115 24370 22895 22586 22273 22349 22856 23008 INDUSTRIAL 12335 13133 12543 12807 14038 15300 14470 15157 15271 OTHER RETAIL 515 508 493 533 560 552 524 479 509 WHOLESALE 4975 5719 5951 5796 5499 4818 4366 4343 4293 ADDITIONAL REQUIRED OTHER REVENUE 2804 3019 3019 3019 3019 3019 3019 3019 3019 INTEREST INCOME 74 139 239 347 419 DIVIDENDS RECEIVED 67 180 85 67 180 85 67 180 OTHER RECEIPTS (601) 481 348 433 367 288 238 280 278 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 76775 81036 78853 74792 73131 70666 68404 69793 70273 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 9336 5973 5052 3671 2890 3109 2300 2835 3256 NUCLEAR FUEL 1080 1060 1056 PURCHASED POWER 6123 5697 5143 5730 5331 5179 4891 5072 6336 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO 15463 12535 12521 13090 13002 13895 13972 13969 14086 INTERCOMPANY BILLINGS - IRREG OTHER TAXES 1194 491 565 2589 3166 12612 996 599 2296 FEDERAL INCOME TAX (468) (468) (697) STATE INCOME TAX 1866 640 O&M LABOR 3771 3711 4354 3978 4486 3820 3821 4249 4787 O&M NON-LABOR 10972 9756 9616 11117 10239 11424 9870 9873 10871 INTEREST ON SHORT-TERM DEBT 318 397 883 800 INTEREST ON LONG-TERM DEBT 350 1253 399 399 26893 399 399 1816 399 PREFERRED DIVIDEND 3312 3312 3312 COMMON DIVIDEND 26000 13000 MISC DISBURSEMENTS 291 288 289 290 291 292 293 294 294 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT 167 167 167 167 167 167 167 167 167 SPP SETTLEMENT 7744 7767 8312 8396 8207 7448 138537 2745 2912 COST OF REMOVAL 150 150 150 150 150 150 150 150 150 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 56641 51100 46568 52036 78135 84984 176849 45964 58657 CASH GENERATION BEFORE CONST 20133 29937 32284 22757 (5004) (14318) (108445) 23829 11616 CONST EXP - LABOR 391 438 380 368 375 369 365 366 365 CONST EXP - NON-LABOR 3093 3832 4300 3727 3613 3683 3619 3578 3587 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 3484 4271 4680 4095 3989 4052 3984 3944 3952 INTERNAL CASH BEFORE FINANCINGS 36095 61761 89364 108026 99033 (18370) (112429) 19885 8163
1Thursday, May 2, 1996 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 BEGINNING CASH BALANCE 500 500 19445 CASH RECEIPTS: RESIDENTIAL 24633 26353 29875 328119 COMMERCIAL 23371 23641 24307 281100 INDUSTRIAL 15074 15157 14164 169449 OTHER RETAIL 566 572 542 6352 WHOLESALE 4227 4197 4368 58552 ADDITIONAL REQUIRED OTHER REVENUE 3019 3019 3019 36010 INTEREST INCOME 1218 DIVIDENDS RECEIVED 85 332 1328 OTHER RECEIPTS 378 268 278 3036 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 71352 73206 76884 885164 CASH DISBURSEMENTS: FOSSIL FUEL 3374 3761 3685 49242 NUCLEAR FUEL 1001 4197 PURCHASED POWER 6394 5580 6199 67675 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO 13720 13783 13828 163864 INTERCOMPANY BILLINGS - IRREG OTHER TAXES 485 10125 7298 42416 FEDERAL INCOME TAX (468) (2102) STATE INCOME TAX 2506 O&M LABOR 4855 3937 4686 50455 O&M NON-LABOR 12128 12286 10145 128298 INTEREST ON SHORT-TERM DEBT 766 681 719 4564 INTEREST ON LONG-TERM DEBT 399 20525 399 53632 PREFERRED DIVIDEND 3312 13250 COMMON DIVIDEND 13000 52000 MISC DISBURSEMENTS 295 296 297 3510 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT 167 167 167 2000 SPP SETTLEMENT 3908 3932 4156 204064 COST OF REMOVAL 150 150 150 1800 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 47642 78535 64261 841372 CASH GENERATION BEFORE CONST 23710 (5329) 12623 43792 CONST EXP - LABOR 364 364 507 4651 CONST EXP - NON-LABOR 3584 3569 3566 43752 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 3948 3932 4073 48403 INTERNAL CASH BEFORE FINANCINGS 20262 (8761) 8549 14834
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1Thursday, May 2, 1996 5:20:11 pm PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 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 (1) (172500) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (1) (172500) CASH BEFORE AUTOMATIC FINANCINGS 36095 61760 89364 108026 (73467) (18370) (112429) 19885 8163 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 73467 18370 112429 SHORT-TERM DEBT REPAID (19385) (7663) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS 73467 18370 112429 (19385) (7663) ENDING CASH BALANCE 36095 61760 89364 108026 0 0 () 500 500 ENDING BALANCES: --------------- CASH 500 500 500 500 500 500 TEMP CASH INVESTMENTS 35595 61260 88864 107526 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 36095 61760 89364 108026 500 500 SHORT TERM DEBT 73467 91837 204265 184880 177217 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 36095 61760 89364 108026 (73467) (91837) (204265) (184380) (176717) (
1Thursday, May 2, 1996 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (172501) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (172501) CASH BEFORE AUTOMATIC FINANCINGS 20262 (8761) 8549 (157667) SHORT-TERM DEBT BORROWED 8761 213027 SHORT-TERM DEBT REPAID (19762) (8049) (54860) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (19762) 8761 (8049) 158167 ENDING CASH BALANCE 500 0 500 500 ENDING BALANCES: --------------- CASH 500 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 500 500 500 SHORT TERM DEBT 157455 166216 158167 158167 __ ________ ________ ________ _____ NET CASH + TCI - STD 156955) (166216) (157667) (157667)
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#### PSNH 1997 1Thursday, May 2, 1996 5:20:11 pm PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 BEGINNING CASH BALANCE 500 500 500 500 500 500 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 34721 34791 33184 30093 27818 25246 23964 23984 24034 COMMERCIAL 26545 27002 26202 24687 24283 23445 23097 23508 23712 INDUSTRIAL 12906 13546 13200 13850 14716 15447 14728 15039 15819 OTHER RETAIL 534 531 521 521 578 565 536 524 525 WHOLESALE 4808 5683 6143 6098 5918 5198 4695 4664 4620 ADDITIONAL REQUIRED OTHER REVENUE 3019 3192 3192 3192 3192 3192 3192 3192 3192 INTEREST INCOME DIVIDENDS RECEIVED 70 209 85 70 209 85 70 209 OTHER RECEIPTS 253 253 253 253 253 253 253 253 253 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 82785 85068 82904 78778 76827 73554 70549 71233 72365 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 4537 6798 5620 4633 3644 3832 3374 3554 3436 NUCLEAR FUEL 859 1049 809 PURCHASED POWER 6463 6258 5781 6355 6118 4671 2343 3127 3769 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO 14196 13127 13154 13525 13594 14119 14221 16427 16409 INTERCOMPANY BILLINGS - IRREG OTHER TAXES 1242 497 577 2729 3261 13059 1027 618 2344 FEDERAL INCOME TAX 70 (18) (18) (18) STATE INCOME TAX (915) 3105 1510 O&M LABOR 3529 3463 4067 4174 4512 4136 3488 3635 3526 O&M NON-LABOR 12032 9332 9178 10587 10794 11582 10706 9194 9536 INTEREST ON SHORT-TERM DEBT 701 581 442 339 238 337 356 324 237 INTEREST ON LONG-TERM DEBT 399 1838 409 409 20571 409 409 1862 409 PREFERRED DIVIDEND 3312 3312 2650 COMMON DIVIDEND 13000 13000 13000 MISC DISBURSEMENTS 302 302 303 303 304 304 305 305 306 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT 167 167 167 167 167 167 167 167 167 SPP SETTLEMENT 5913 4635 4659 5394 4825 7373 22402 6501 6470 COST OF REMOVAL 150 150 150 150 150 150 150 150 150 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 50490 50460 56661 52901 71490 74632 59756 48513 59742 CASH GENERATION BEFORE CONST 32295 34608 26243 25877 5337 (1078) 10792 22720 12623 CONST EXP - LABOR 288 288 288 288 288 288 288 288 288 CONST EXP - NON-LABOR 4976 2825 2825 2825 2825 2825 2825 2825 2825 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 5264 3113 3113 3113 3113 3113 3113 3113 3113 INTERNAL CASH BEFORE FINANCINGS 27532 31994 23629 23263 2724 (4192) 7679 20107 10010
1Thursday, May 2, 1996 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 BEGINNING CASH BALANCE 500 500 500 CASH RECEIPTS: RESIDENTIAL 24932 26652 30093 339509 COMMERCIAL 24093 24394 25115 296081 INDUSTRIAL 15587 15638 14899 175374 OTHER RETAIL 561 571 539 6504 WHOLESALE 4545 4508 4710 61589 ADDITIONAL REQUIRED OTHER REVENUE 3192 3192 3192 38132 INTEREST INCOME DIVIDENDS RECEIVED 85 364 1456 OTHER RECEIPTS 253 253 1076 3859 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 73248 75207 79987 922505 CASH DISBURSEMENTS: FOSSIL FUEL 5541 9134 5145 59248 NUCLEAR FUEL 1016 3733 PURCHASED POWER 4066 3215 3185 55351 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO 13833 13618 14285 170508 INTERCOMPANY BILLINGS - IRREG OTHER TAXES 500 10429 7532 43815 FEDERAL INCOME TAX (18) 0 STATE INCOME TAX 910 4610 O&M LABOR 3572 3421 4036 45560 O&M NON-LABOR 9283 9389 9037 120649 INTEREST ON SHORT-TERM DEBT 195 87 123 3960 INTEREST ON LONG-TERM DEBT 409 20571 409 48106 PREFERRED DIVIDEND 2650 11925 COMMON DIVIDEND 13000 52000 MISC DISBURSEMENTS 306 307 307 3652 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT 167 167 167 2000 SPP SETTLEMENT 6891 7502 7966 90531 COST OF REMOVAL 150 150 150 1800 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 45928 80639 66235 717448 CASH GENERATION BEFORE CONST 27320 (5432) 13752 205057 CONST EXP - LABOR 288 288 288 3456 CONST EXP - NON-LABOR 2825 2825 2825 36055 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 3113 3113 3113 39511 INTERNAL CASH BEFORE FINANCINGS 24706 (8045) 10639 166046
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1Thursday, May 2, 1996 5:20:11 pm PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 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 (25000) CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (25000) CASH BEFORE AUTOMATIC FINANCINGS 27532 31994 23629 23263 (22276) (4192) 7679 20107 10010 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 22276 4192 SHORT-TERM DEBT REPAID (27032) (31494) (23129) (22763) (7179) (19607) (9510) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (27032) (31494) (23129) (22763) 22276 4192 (7179) (19607) (9510) ENDING CASH BALANCE 500 500 500 500 0 0 500 500 500 ENDING BALANCES: --------------- CASH 500 500 500 500 500 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 500 500 500 500 500 500 500 SHORT TERM DEBT 131135 99641 76512 53749 76025 80217 73038 53431 43921 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD (130635) (99141) (76012) (53249) (76025) (80217) (72538) (52931) (43421)
1Thursday, May 2, 1996 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 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 (25000) CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (25000) CASH BEFORE AUTOMATIC FINANCINGS 24706 (8045) 10639 141046 SHORT-TERM DEBT BORROWED 8045 34513 SHORT-TERM DEBT REPAID (24206) (10139) (175059) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (24206) 8045 (10139) (140546) ENDING CASH BALANCE 500 () 500 500 ENDING BALANCES: --------------- CASH 500 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 500 500 500 SHORT TERM DEBT 19715 27760 17621 17621 __ ________ ________ ________ _____ NET CASH + TCI - STD ( (19215) (27760) (17121) (17121)
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#### PSNH 1998 1Thursday, May 2, 1996 5:20:11 pm PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 BEGINNING CASH BALANCE 500 8430 30632 42740 60651 () 323 500 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL 34645 34751 33916 31225 28728 25731 24214 23804 23943 COMMERCIAL 27421 27963 27538 26170 25737 24760 24202 24085 24331 INDUSTRIAL 12951 13552 13493 14327 15168 15712 14823 14894 15760 OTHER RETAIL 515 513 513 520 577 559 498 478 497 WHOLESALE 5200 6249 6813 6769 6610 5791 5225 5188 5141 ADDITIONAL REQUIRED OTHER REVENUE 3192 2878 2878 2878 2878 2878 2878 2878 2878 INTEREST INCOME 32 123 172 245 DIVIDENDS RECEIVED 72 224 85 72 224 85 72 224 OTHER RECEIPTS 1075 1075 1075 1075 1075 1075 1075 1075 1075 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 84999 87087 86572 83221 81089 76730 72999 72475 73850 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 4946 7323 6167 5482 4595 4289 2978 3228 3813 NUCLEAR FUEL 1110 1067 1029 PURCHASED POWER 3481 3726 3993 4273 4126 3396 2919 3270 3623 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO 19896 22519 22319 22681 22498 23046 23009 23126 23328 INTERCOMPANY BILLINGS - IRREG OTHER TAXES 1238 514 597 2806 3360 13449 1060 637 2355 FEDERAL INCOME TAX STATE INCOME TAX 1146 1674 573 O&M LABOR 4075 4075 4075 4075 4117 4117 4117 4117 4117 O&M NON-LABOR 10466 10557 10557 10557 10557 10656 10656 10656 10656 INTEREST ON SHORT-TERM DEBT 80 623 658 658 601 INTEREST ON LONG-TERM DEBT 409 1876 414 414 20603 414 414 1894 414 PREFERRED DIVIDEND 2650 2650 1987 COMMON DIVIDEND 13000 13000 13000 MISC DISBURSEMENTS 315 315 316 316 317 317 318 318 319 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT 167 167 167 167 167 SPP SETTLEMENT 10012 8015 8566 8650 8459 7523 22371 6653 6622 COST OF REMOVAL 150 150 150 150 150 150 150 150 150 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 56345 61887 71468 62313 81600 81553 69679 56696 68999 CASH GENERATION BEFORE CONST 28654 25199 15105 20908 (511) (4823) 3320 15780 4851 CONST EXP - LABOR 277 277 277 277 277 277 277 277 277 CONST EXP - NON-LABOR 2825 2720 2720 2720 2720 2720 2720 2720 2720 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 3103 2997 2997 2997 2997 2997 2997 2997 2997 INTERNAL CASH BEFORE FINANCINGS 26051 30632 42740 60651 57144 (7820) 323 13106 2354
1Thursday, May 2, 1996 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 BEGINNING CASH BALANCE 500 500 500 CASH RECEIPTS: RESIDENTIAL 24915 27111 30667 343651 COMMERCIAL 24832 25611 26440 309090 INDUSTRIAL 15584 15914 15264 177442 OTHER RETAIL 566 588 547 6371 WHOLESALE 5058 5014 5246 68305 ADDITIONAL REQUIRED OTHER REVENUE 2878 2878 2878 34850 INTEREST INCOME 571 DIVIDENDS RECEIVED 85 381 1524 OTHER RECEIPTS 1075 1075 1075 12900 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 74993 78191 82498 954705 CASH DISBURSEMENTS: FOSSIL FUEL 4032 4064 4246 55163 NUCLEAR FUEL 1037 4243 PURCHASED POWER 4019 4210 4169 45205 INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO 22945 22865 22773 271005 INTERCOMPANY BILLINGS - IRREG OTHER TAXES 516 10743 7742 45018 FEDERAL INCOME TAX STATE INCOME TAX 3393 O&M LABOR 4117 4117 4117 49241 O&M NON-LABOR 10656 10656 10656 127287 INTEREST ON SHORT-TERM DEBT 593 520 540 4271 INTEREST ON LONG-TERM DEBT 414 12809 414 40491 PREFERRED DIVIDEND 1987 9275 COMMON DIVIDEND 13000 52000 MISC DISBURSEMENTS 320 320 321 3812 NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT 833 SPP SETTLEMENT 7042 7653 8116 109682 COST OF REMOVAL 150 150 150 1800 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 55841 80094 76244 822720 CASH GENERATION BEFORE CONST 19151 (1903) 6254 131985 CONST EXP - LABOR 277 277 277 3326 CONST EXP - NON-LABOR 2720 2720 2720 32741 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 2997 2997 2997 36067 INTERNAL CASH BEFORE FINANCINGS 16654 (4400) 3257 96417
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1Thursday, May 2, 1996 5:20:11 pm PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (170000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK (25000) CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (195000) CASH BEFORE AUTOMATIC FINANCINGS 26051 30632 42740 60651 (137856) (7820) 323 13106 2354 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED 137856 7820 SHORT-TERM DEBT REPAID (17621) (12606) (1854) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (17621) 137856 7820 (12606) (1854) ENDING CASH BALANCE 8430 30632 42740 60651 0 0 323 500 500 ENDING BALANCES: --------------- CASH 500 500 500 500 () 323 500 500 TEMP CASH INVESTMENTS 7930 30132 42240 60151 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 8430 30632 42740 60651 () 323 500 500 SHORT TERM DEBT 137856 145676 145676 133070 131216 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 8430 30632 42740 60651 (137856) (145676) (145353) (132570) (130716) (
1Thursday, May 2, 1996 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (170000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK (25000) CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (195000) CASH BEFORE AUTOMATIC FINANCINGS 16654 (4400) 3257 (98583) SHORT-TERM DEBT BORROWED 4400 150076 SHORT-TERM DEBT REPAID (16154) (2757) (50993) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (16154) 4400 (2757) 99083 ENDING CASH BALANCE 500 0 500 500 ENDING BALANCES: --------------- CASH 500 500 500 TEMP CASH INVESTMENTS __ ________ ________ ________ _____ TOTAL CASH BALANCE 500 500 500 SHORT TERM DEBT 115061 119461 116704 116704 __ ________ ________ ________ _____ NET CASH + TCI - STD 114561) (119461) (116204) (116204)
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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 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT-TERM DEBT (6,349) (6,558) (6,609) (6,606) (6,714) (6,682) (6,963) (7,204) (6,891) (6,557) (6,753) (5,890) CONTINGENCIES: (b) 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 ------------------------------------------------------------------------------------------------------------ 4,651 4,442 4,391 4,394 4,286 4,318 4,037 3,796 4,109 4,443 4,247 5,110 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 ENDING SHORT-TERM DEBT (5,676) (6,950) (6,955) (6,751) (7,330) (6,568) (6,637) (6,752) (6,337) (6,203) (4,709) (5,393) CONTINGENCIES: (b) 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 ------------------------------------------------------------------------------------------------------------ 5,324 4,050 4,045 4,249 3,670 4,432 4,363 4,248 4,663 4,797 6,291 5,607 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 ENDING SHORT-TERM DEBT (4,603) (6,472) (6,565) (6,114) (6,003) (5,811) (6,106) (6,445) (6,189) (4,356) (5,476) (5,704) CONTINGENCIES: (b) 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 ------------------------------------------------------------------------------------------------------------ 6,397 4,528 4,435 4,886 4,997 5,189 4,894 4,555 4,811 6,644 5,524 5,296
(a) Short-term debt levels based on the Company's Receipt and Disbursement Forecast (attached). (b) HWP has maintained a cash position over the past year, however a contingency of $11 million was assumed to arrive at HWP's short-term debt limit of $5 million.
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#### HOLY 1996 1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 7055 6349 6558 6609 6606 6714 6682 6963 7204 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 544 590 538 569 585 519 605 544 505 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 191 60 60 60 60 60 60 60 60 INTEREST INCOME 27 25 25 25 25 25 25 25 26 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 762 674 622 653 669 603 689 629 591 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 2436 1744 1740 1692 1724 1564 1502 1775 1742 NUCLEAR FUEL PURCHASED POWER (15) (15) (15) (10) (10) (15) (15) (15) (8) INTERCOMPANY BILLINGS - NUGT (2903) (2751) (2717) (2878) (2676) (2541) (2879) (2888) (2484) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 476 60 59 479 47 53 476 45 42 FEDERAL INCOME TAX 32 47 32 STATE INCOME TAX 18 18 22 O&M LABOR 306 313 304 338 331 310 327 352 307 O&M NON-LABOR 833 715 731 710 790 771 722 763 822 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 90 174 243 50 130 203 50 130 203 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS (6) (6) (6) (6) (6) (6) (6) (6) (6) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 12 12 12 12 12 12 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 1229 246 352 437 341 416 189 168 684 CASH GENERATION BEFORE CONST (466) 428 271 216 328 188 500 461 (93) CONST EXP - LABOR 20 20 20 20 20 20 20 20 20 CONST EXP - NON-LABOR 219 199 199 199 199 199 199 199 199 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 239 220 220 220 220 220 220 220 220 INTERNAL CASH BEFORE FINANCINGS 6349 6558 6609 6606 6714 6682 6963 7204 6891
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 BEGINNING CASH BALANCE 6891 6557 6753 7055 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 547 540 526 6612 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED OTHER REVENUE 60 60 60 847 INTEREST INCOME 26 26 26 305 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 633 625 611 7764 CASH DISBURSEMENTS: FOSSIL FUEL 1457 1834 1951 21161 NUCLEAR FUEL PURCHASED POWER (8) (11) (11) (149) INTERCOMPANY BILLINGS - NUGT (2353) (3061) (2060) (32192) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 491 35 21 2284 FEDERAL INCOME TAX 82 194 STATE INCOME TAX 18 75 O&M LABOR 388 372 165 3813 O&M NON-LABOR 716 904 867 9346 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 50 130 203 1656 PREFERRED DIVIDEND COMMON DIVIDEND MISC DISBURSEMENTS (6) (6) (6) (72) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 146 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 747 210 1244 6263 CASH GENERATION BEFORE CONST (114) 415 (632) 1501 CONST EXP - LABOR 20 20 31 255 CONST EXP - NON-LABOR 199 199 199 2412 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 220 220 231 2667 INTERNAL CASH BEFORE FINANCINGS 6557 6753 5890 5890
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1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 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 6349 6558 6609 6606 6714 6682 6963 7204 6891 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 6349 6558 6609 6606 6714 6682 6963 7204 6891 ENDING BALANCES: --------------- CASH 209 260 256 365 333 500 500 187 TEMP CASH INVESTMENTS 6349 6349 6349 6349 6349 6349 6463 6704 6704 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 6349 6558 6609 6606 6714 6682 6963 7204 6891 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 6349 6558 6609 6606 6714 6682 6963 7204 6891
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 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 6557 6753 5890 5890 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 6557 6753 5890 5890 ENDING BALANCES: --------------- CASH 196 TEMP CASH INVESTMENTS 6557 6557 5890 5890 __ ________ ________ ________ _____ TOTAL CASH BALANCE 6557 6753 5890 5890 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 6557 6753 5890 5890
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#### HOLY 1997 1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 BEGINNING CASH BALANCE 5890 5676 6950 6955 6751 7330 6568 6637 6752 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 543 600 547 579 595 528 615 554 514 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 24 47 59 62 63 64 65 64 64 OTHER REVENUE 60 60 60 60 60 60 60 60 60 INTEREST INCOME 24 23 26 26 26 27 26 26 26 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 650 730 692 727 744 679 766 705 664 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 2375 705 1746 1806 1935 1983 1813 2010 1856 NUCLEAR FUEL PURCHASED POWER (11) (10) (11) (7) (7) (11) (11) (11) (9) INTERCOMPANY BILLINGS - NUGT (3110) (2843) (2936) (3025) (3536) (2918) (3128) (3097) (2859) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 496 61 60 502 49 55 500 47 43 FEDERAL INCOME TAX 123 61 38 STATE INCOME TAX 33 17 20 O&M LABOR 335 319 343 334 500 346 352 373 372 O&M NON-LABOR 385 782 743 801 780 1166 808 822 871 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 50 132 207 51 133 208 51 133 208 PREFERRED DIVIDEND COMMON DIVIDEND 221 221 225 MISC DISBURSEMENTS (5) (5) (5) (5) (5) (5) (5) (5) (5) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 12 12 12 12 12 12 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 527 (849) 381 626 (140) 1135 392 285 774 CASH GENERATION BEFORE CONST 123 1579 310 102 884 (456) 374 420 (109) CONST EXP - LABOR 28 28 28 28 28 28 28 28 28 CONST EXP - NON-LABOR 308 277 277 277 277 277 277 277 277 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 337 305 305 305 305 305 305 305 305 INTERNAL CASH BEFORE FINANCINGS 5676 6950 6955 6751 7330 6568 6637 6752 6337
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 BEGINNING CASH BALANCE 6337 6203 4709 5890 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 556 549 535 6715 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 64 64 64 702 OTHER REVENUE 60 60 60 724 INTEREST INCOME 25 25 19 298 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 706 698 678 8440 CASH DISBURSEMENTS: FOSSIL FUEL 1611 2612 1133 21585 NUCLEAR FUEL PURCHASED POWER (8) (11) (12) (118) INTERCOMPANY BILLINGS - NUGT (2861) (2057) (3188) (35558) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 514 36 22 2385 FEDERAL INCOME TAX 68 289 STATE INCOME TAX 27 97 O&M LABOR 352 346 373 4346 O&M NON-LABOR 868 820 808 9655 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 51 133 208 1566 PREFERRED DIVIDEND COMMON DIVIDEND 242 909 MISC DISBURSEMENTS (5) (5) (5) (62) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 146 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 535 1887 (311) 5242 CASH GENERATION BEFORE CONST 171 (1189) 989 3198 CONST EXP - LABOR 28 28 28 339 CONST EXP - NON-LABOR 277 277 277 3356 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 305 305 305 3695 INTERNAL CASH BEFORE FINANCINGS 6203 4709 5393 5393
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1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 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 5676 6950 6955 6751 7330 6568 6637 6752 6337 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 5676 6950 6955 6751 7330 6568 6637 6752 6337 ENDING BALANCES: --------------- CASH 500 500 296 500 69 183 TEMP CASH INVESTMENTS 5676 6450 6455 6455 6830 6568 6568 6568 6337 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 5676 6950 6955 6751 7330 6568 6637 6752 6337 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 5676 6950 6955 6751 7330 6568 6637 6752 6337
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 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 6203 4709 5393 5393 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 6203 4709 5393 5393 ENDING BALANCES: --------------- CASH 500 500 TEMP CASH INVESTMENTS 6203 4709 4893 4893 __ ________ ________ ________ _____ TOTAL CASH BALANCE 6203 4709 5393 5393 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 6203 4709 5393 5393
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#### HOLY 1998 1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 BEGINNING CASH BALANCE 5393 4603 6472 6565 6114 6003 5811 6106 6445 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 552 610 556 589 605 537 625 563 523 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 58 52 50 49 48 48 48 48 48 OTHER REVENUE 60 64 64 64 64 64 64 64 64 INTEREST INCOME 20 19 24 25 25 24 24 24 24 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 691 745 694 726 742 674 761 698 659 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL 2736 372 1830 1905 2176 1641 1689 1951 1926 NUCLEAR FUEL PURCHASED POWER (12) (11) (11) (8) (8) (11) (11) (11) (9) INTERCOMPANY BILLINGS - NUGT (3381) (3164) (3230) (3007) (2984) (3005) (3270) (3247) (3240) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 520 62 62 526 50 57 523 48 45 FEDERAL INCOME TAX 13 178 192 201 STATE INCOME TAX 48 48 48 O&M LABOR 397 397 397 397 397 397 397 397 397 O&M NON-LABOR 870 926 926 926 926 926 926 926 926 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 51 134 210 52 135 211 52 135 211 PREFERRED DIVIDEND COMMON DIVIDEND 242 250 250 MISC DISBURSEMENTS (5) (5) (5) (5) (5) (5) (4) (4) (4) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 12 12 12 12 12 12 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 1189 (1276) 448 1025 700 713 313 207 762 CASH GENERATION BEFORE CONST (499) 2021 246 (298) 41 (39) 448 491 (103) CONST EXP - LABOR 14 14 14 14 14 14 14 14 14 CONST EXP - NON-LABOR 277 138 138 138 138 138 138 138 138 INV NOT INCLUDED IN CONST __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 291 153 153 153 153 153 153 153 153 INTERNAL CASH BEFORE FINANCINGS 4603 6472 6565 6114 6003 5811 6106 6445 6189
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 BEGINNING CASH BALANCE 6189 4356 5476 5393 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL 566 558 544 6828 OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 48 48 48 592 OTHER REVENUE 64 64 64 762 INTEREST INCOME 24 18 20 270 DIVIDENDS RECEIVED OTHER RECEIPTS RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 702 687 676 8452 CASH DISBURSEMENTS: FOSSIL FUEL 1927 650 1622 20425 NUCLEAR FUEL PURCHASED POWER (8) (12) (12) (125) INTERCOMPANY BILLINGS - NUGT (1459) (2726) (3309) (36021) INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 540 37 22 2493 FEDERAL INCOME TAX 134 718 STATE INCOME TAX 46 190 O&M LABOR 397 397 397 4763 O&M NON-LABOR 926 926 926 11057 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 52 135 211 1588 PREFERRED DIVIDEND COMMON DIVIDEND 250 992 MISC DISBURSEMENTS (4) (4) (4) (54) NUCLEAR DECOMMISSIONING MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL 12 12 12 146 __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 2382 (585) 295 6172 CASH GENERATION BEFORE CONST (1681) 1272 381 2280 CONST EXP - LABOR 14 14 14 169 CONST EXP - NON-LABOR 138 138 138 1799 INV NOT INCLUDED IN CONST __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 153 153 153 1969 INTERNAL CASH BEFORE FINANCINGS 4356 5476 5704 5704
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1Thursday, May 2, 1996 5:20:06 pm HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 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 4603 6472 6565 6114 6003 5811 6106 6445 6189 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 4603 6472 6565 6114 6003 5811 6106 6445 6189 ENDING BALANCES: --------------- CASH 500 500 49 295 500 244 TEMP CASH INVESTMENTS 4603 5972 6065 6065 6003 5811 5811 5945 5945 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 4603 6472 6565 6114 6003 5811 6106 6445 6189 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 4603 6472 6565 6114 6003 5811 6106 6445 6189
1Thursday, May 2, 1996 HOLYOKE WATER POWER COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 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 4356 5476 5704 5704 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 4356 5476 5704 5704 ENDING BALANCES: --------------- CASH 500 500 500 TEMP CASH INVESTMENTS 4356 4976 5204 5204 __ ________ ________ ________ _____ TOTAL CASH BALANCE 4356 5476 5704 5704 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 4356 5476 5704 5704
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NORTH ATLANTIC 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 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 ENDING SHORT-TERM DEBT (9,209) (16,930) (15,513) (28,530) (36,891) (1,203) (10,548) (19,794) (23,935) (32,796) (42,080) (27,707) 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) 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 ------------------------------------------------------------------------------------------------------------ 30,791 23,070 24,487 11,470 3,109 38,797 29,452 20,206 16,065 7,204 (2,080) 12,293 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 ENDING SHORT-TERM DEBT (36,384) (44,874) (37,120) (36,923) (45,470) (7,098) (15,973) (23,800) (22,237) (30,972) (40,603) (29,368) 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) 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 ------------------------------------------------------------------------------------------------------------ 3,616 (4,874) 2,880 3,077 (5,470) 32,902 24,027 16,200 17,763 9,028 (603) 10,632 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 1998 ENDING SHORT-TERM DEBT (47,938) (64,501) (67,697) (78,779) (95,266) (57,819) (75,262) (92,794) (94,525)(111,583)(128,822)(113,508) 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) 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 ------------------------------------------------------------------------------------------------------------ (7,938) (24,501) (27,697) (38,779) (55,266) (17,819) (35,262) (52,794) (54,525) (71,583) (88,822) (73,508)
(a) Short-term debt levels based on the Company's Receipt and Disbursements Forecast (attached). (b) Contingeny based on an estimate of average monthly variances of actual high and low cash balances between June 1995-June 1996, calculated to be approximately $10 million. (c) Includes an estimated $30 million contingency to refinance the $225 million, five-year NAEC bank term loan.
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#### NAEC 1996 1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 1996 1996 1996 1996 1996 1996 1996 1996 BEGINNING CASH BALANCE 11585 9209 16930 15513 28530 36891 1203 10548 19794 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED (360) OTHER REVENUE INTEREST INCOME 10 34 64 61 109 142 5 39 75 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 13313 12535 12521 13090 13002 13895 13972 13969 14086 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 12963 12569 12585 13151 13111 14037 13977 14008 14161 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 265 294 313 256 313 304 265 313 304 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 142 143 128 1466 117 5524 118 116 89 FEDERAL INCOME TAX (5765) (5206) (4169) STATE INCOME TAX 160 O&M LABOR 1078 1080 1005 1016 1136 1024 1044 1082 1001 O&M NON-LABOR 5039 2516 2520 2346 2370 2650 2390 2436 2524 INTEREST ON SHORT-TERM DEBT 35 INTEREST ON LONG-TERM DEBT 3562 19113 3955 PREFERRED DIVIDEND COMMON DIVIDEND 5500 5500 5500 MISC DISBURSEMENTS 63 63 63 63 63 64 64 64 64 NUCLEAR DECOMMISSIONING 285 285 285 285 285 285 285 285 285 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 6914 4388 13542 (326) 4291 29264 4173 4302 9560 CASH GENERATION BEFORE CONST 6049 8181 (957) 13477 8820 (15228) 9804 9706 4601 CONST EXP - LABOR 43 43 43 43 43 43 43 43 43 CONST EXP - NON-LABOR 383 417 417 417 417 417 417 417 417 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 426 460 460 460 460 460 460 460 460 INTERNAL CASH BEFORE FINANCINGS 17209 16930 15513 28530 36891 21203 10548 19794 23935
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 BEGINNING CASH BALANCE 23935 32796 42080 11585 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED (360) OTHER REVENUE INTEREST INCOME 91 126 162 918 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 13720 13783 13828 161714 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 13811 13909 13990 162272 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 681 304 313 3925 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 79 88 4368 12377 FEDERAL INCOME TAX (4199) (19339) STATE INCOME TAX 32 192 O&M LABOR 1039 994 1005 12505 O&M NON-LABOR 2337 2423 2320 31872 INTEREST ON SHORT-TERM DEBT 35 INTEREST ON LONG-TERM DEBT 18209 44838 PREFERRED DIVIDEND COMMON DIVIDEND 5500 22000 MISC DISBURSEMENTS 64 64 64 764 NUCLEAR DECOMMISSIONING 285 285 285 3420 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 4491 4166 27903 112669 CASH GENERATION BEFORE CONST 9320 9743 (13913) 49603 CONST EXP - LABOR 43 43 43 510 CONST EXP - NON-LABOR 417 417 417 4971 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 460 460 460 5481 INTERNAL CASH BEFORE FINANCINGS 32796 42080 27707 55707
EX-99 76
1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1996 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 (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 17209 16930 15513 28530 36891 1203 10548 19794 23935 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID (8000) __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS (8000) ENDING CASH BALANCE 9209 16930 15513 28530 36891 1203 10548 19794 23935 ENDING BALANCES: --------------- CASH 500 500 500 500 500 500 500 TEMP CASH INVESTMENTS 8709 16430 15513 28030 36391 1203 10048 19294 23435 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 9209 16930 15513 28530 36891 1203 10548 19794 23935 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 9209 16930 15513 28530 36891 1203 10548 19794 23935
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1996 1996 1996 1996 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 32796 42080 27707 35707 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID (8000) __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS (8000) ENDING CASH BALANCE 32796 42080 27707 27707 ENDING BALANCES: --------------- CASH 500 500 TEMP CASH INVESTMENTS 32296 41580 27707 27707 __ ________ ________ ________ _____ TOTAL CASH BALANCE 32796 42080 27707 27707 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 32796 42080 27707 27707
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#### NAEC 1997 1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 BEGINNING CASH BALANCE 27707 36384 44874 37120 36923 45470 7098 15973 23800 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 592 633 435 592 224 249 2458 2323 113 OTHER REVENUE INTEREST INCOME 111 143 177 148 147 180 28 62 93 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 14196 12535 12521 13090 13002 13895 13972 13969 14086 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 14899 13311 13133 13830 13373 14324 16458 16354 14292 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 1844 285 4698 11536 313 304 1844 313 730 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 149 150 146 1468 112 5666 270 273 130 FEDERAL INCOME TAX 621 (3367) (2894) (2828) STATE INCOME TAX 82 O&M LABOR 1049 1048 1049 1052 1056 1055 2116 2112 1048 O&M NON-LABOR 2344 2447 2446 2447 2454 2465 2461 4938 4927 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 3955 18209 3955 PREFERRED DIVIDEND COMMON DIVIDEND 7000 7000 7000 MISC DISBURSEMENTS 66 66 66 66 66 66 66 67 67 NUCLEAR DECOMMISSIONING 297 297 297 297 297 297 297 297 297 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 5755 4300 20365 13506 4305 32174 7061 8006 15333 CASH GENERATION BEFORE CONST 9143 9011 (7232) 324 9069 (17851) 9397 8348 (1041) CONST EXP - LABOR 48 48 48 48 48 48 48 48 48 CONST EXP - NON-LABOR 418 473 473 473 473 473 473 473 473 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 466 521 521 521 521 521 521 521 521 INTERNAL CASH BEFORE FINANCINGS 36384 44874 37120 36923 45470 27098 15973 23800 22237
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 BEGINNING CASH BALANCE 22237 30972 40603 27707 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED (165) 457 5700 13611 OTHER REVENUE INTEREST INCOME 89 122 160 1460 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 13720 13783 13828 162597 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 13644 14362 19688 177668 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 411 231 313 22822 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 112 110 4556 13142 FEDERAL INCOME TAX (3462) (11930) STATE INCOME TAX 82 O&M LABOR 1049 1049 1049 14731 O&M NON-LABOR 2446 2447 2448 34271 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 17304 43422 PREFERRED DIVIDEND COMMON DIVIDEND 7000 28000 MISC DISBURSEMENTS 67 67 890 1619 NUCLEAR DECOMMISSIONING 297 297 297 3564 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 4388 4208 30401 149804 CASH GENERATION BEFORE CONST 9256 10153 (10713) 27864 CONST EXP - LABOR 48 48 48 579 CONST EXP - NON-LABOR 473 473 473 5624 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 521 521 521 6203 INTERNAL CASH BEFORE FINANCINGS 30972 40603 29368 49368
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1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1997 1997 1997 1997 1997 1997 1997 1997 1997 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 36384 44874 37120 36923 45470 7098 15973 23800 22237 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 36384 44874 37120 36923 45470 7098 15973 23800 22237 ENDING BALANCES: --------------- CASH 500 500 500 500 500 TEMP CASH INVESTMENTS 35884 44374 37120 36923 44970 7098 15473 23300 22237 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 36384 44874 37120 36923 45470 7098 15973 23800 22237 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 36384 44874 37120 36923 45470 7098 15973 23800 22237
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1997 1997 1997 1997 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 30972 40603 29368 29368 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 30972 40603 29368 29368 ENDING BALANCES: --------------- CASH 500 500 TEMP CASH INVESTMENTS 30472 40103 29368 29368 __ ________ ________ ________ _____ TOTAL CASH BALANCE 30972 40603 29368 29368 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 30972 40603 29368 29368
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#### NAEC 1998 1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 BEGINNING CASH BALANCE 29368 47938 64501 67697 78779 95266 57819 75262 92794 CASH RECEIPTS CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 9984 9798 9591 9496 9151 9037 9157 9242 9225 OTHER REVENUE INTEREST INCOME 119 193 260 273 318 385 235 304 375 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 14196 12535 12521 13090 13002 13895 13972 13969 14086 RESERVES FROM SWAP __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL RECEIPTS 24299 22526 22372 22859 22471 23317 23364 23515 23686 CASH DISBURSEMENTS CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 278 304 332 268 332 322 278 332 322 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 144 143 162 1484 135 5843 126 134 125 FEDERAL INCOME TAX 2241 3642 3912 4042 STATE INCOME TAX (31) 867 867 995 O&M LABOR 1132 1132 1132 1132 1132 1132 1132 1132 1132 O&M NON-LABOR 2447 2642 2642 2642 2642 2642 2642 2642 2642 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 3955 17304 3955 PREFERRED DIVIDEND COMMON DIVIDEND 7000 7000 7000 MISC DISBURSEMENTS 890 890 891 891 891 891 891 891 891 NUCLEAR DECOMMISSIONING 308 308 308 308 308 308 308 308 308 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL OPERATING DISBURSEMENT 5206 5426 18639 11240 5447 40227 5384 5446 21419 CASH GENERATION BEFORE CONST 19093 17100 3733 11619 17024 (16910) 17980 18069 2268 CONST EXP - LABOR 50 50 50 50 50 50 50 50 50 CONST EXP - NON-LABOR 473 487 487 487 487 487 487 487 487 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CONSTR EXPENDITURES 523 537 537 537 537 537 537 537 537 INTERNAL CASH BEFORE FINANCINGS 47938 64501 67697 78779 95266 77819 75262 92794 94525
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 BEGINNING CASH BALANCE 94525 111583 128822 29368 CASH RECEIPTS: RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER RETAIL WHOLESALE ADDITIONAL REQUIRED 9082 8945 10209 112917 OTHER REVENUE INTEREST INCOME 382 452 522 3820 DIVIDENDS RECEIVED OTHER RECEIPTS PAYMENTS FROM ASSOC. COS 13720 13783 13828 162597 RESERVES FROM SWAP __ ________ ________ ________ _____ TOTAL RECEIPTS 23184 23180 24559 279334 CASH DISBURSEMENTS: FOSSIL FUEL NUCLEAR FUEL 501 322 332 3923 PURCHASED POWER INTERCOMPANY BILLINGS - NUGT INTERCOMPANY BILLINGS - NAECO INTERCOMPANY BILLINGS - IRREG OTHER TAXES 108 102 4729 13236 FEDERAL INCOME TAX 4825 18662 STATE INCOME TAX 1071 3769 O&M LABOR 1132 1132 1132 13585 O&M NON-LABOR 2641 2641 2641 31505 INTEREST ON SHORT-TERM DEBT INTEREST ON LONG-TERM DEBT 16399 41612 PREFERRED DIVIDEND COMMON DIVIDEND 7000 28000 MISC DISBURSEMENTS 892 892 892 10693 NUCLEAR DECOMMISSIONING 308 308 308 3696 MMWEC SETTLEMENT SPP SETTLEMENT COST OF REMOVAL __ ________ ________ ________ _____ TOTAL OPERATING DISBURSEMENT 5588 5404 39336 168763 CASH GENERATION BEFORE CONST 17596 17776 (14777) 110571 CONST EXP - LABOR 50 50 50 596 CONST EXP - NON-LABOR 487 487 487 5836 INV NOT INCLUDED IN CONSTR __ ________ ________ ________ _____ TOTAL CONSTR EXPENDITURES 537 537 537 6432 INTERNAL CASH BEFORE FINANCINGS 111583 128822 113508 133508
EX-99 80
1Thursday, May 2, 1996 5:20:16 pm NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Jan Feb Mar Apr May Jun Jul Aug Sep 1998 1998 1998 1998 1998 1998 1998 1998 1998 PLANNED FINANCINGS FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 47938 64501 67697 78779 95266 57819 75262 92794 94525 AUTOMATIC FINANCINGS SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 47938 64501 67697 78779 95266 57819 75262 92794 94525 ENDING BALANCES: --------------- CASH 500 500 500 500 500 500 500 500 TEMP CASH INVESTMENTS 47438 64001 67197 78279 94766 57819 74762 92294 94025 __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ TOTAL CASH BALANCE 47938 64501 67697 78779 95266 57819 75262 92794 94525 SHORT TERM DEBT __ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ _________ NET CASH + TCI - STD 47938 64501 67697 78779 95266 57819 75262 92794 94525
1Thursday, May 2, 1996 NORTH ATLANTIC ENERGY COMPANY RECEIPTS AND DISBURSEMENTS REVISED 1996 FORECAST - CASE 2 - NEGATIVE SCENARIO Oct Nov Dec Year 1998 1998 1998 1998 FIRST MORTGAGE BONDS OTHER LONG-TERM DEBT PREFERRED STOCK COMMON STOCK ISSUE CAPITAL CONTR TO SUBS CASH RETIREMENTS-LTD (20000) CASH RETIREMENTS-COMMON STK CASH RETIREMENTS-PFD STK CASH RETIREMENTS-PRIOR SPENT F FINANCING EXPENSE __ ________ ________ ________ _____ NET PLANNED FINANCING (20000) CASH BEFORE AUTOMATIC FINANCINGS 111583 128822 113508 113508 SHORT-TERM DEBT BORROWED SHORT-TERM DEBT REPAID __ ________ ________ ________ _____ NET AUTOMATIC FINANCINGS ENDING CASH BALANCE 111583 128822 113508 113508 ENDING BALANCES: --------------- CASH 500 500 TEMP CASH INVESTMENTS 111083 128322 113508 113508 __ ________ ________ ________ _____ TOTAL CASH BALANCE 111583 128822 113508 113508 SHORT TERM DEBT __ ________ ________ ________ _____ NET CASH + TCI - STD 111583 128822 113508 113508
EX-99 81 EXHIBIT I PROPOSED FORM OF NOTICE (Release No. 35-_____; 70-_____) APPLICATION WITH RESPECT TO (1) PROPOSED REVOLVING CREDIT FACILITY FOR NORTHEAST UTILITIES ("NU"), THE CONNECTICUT LIGHT AND POWER COMPANY ("CL&P") AND WESTERN MASSACHUSETTS ELECTRIC COMPANY ("WMECO") AND (2) INCREASES AND EXTENSIONS OF SHORT-TERM BORROWING LIMITS OF NU, CL&P, WMECO, PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE, HOLYOKE WATER POWER COMPANY AND NORTH ATLANTIC ENERGY CORPORATION UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 _________________, 1996 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 & Power Company ("CL&P"), Western Massachusetts Electric Company ("WMECO"), Public Service Company of New Hampshire ("PSNH"), Holyoke Water Power Company ("HWP") and North Atlantic Energy Corporation ("NAEC"), each of which is a wholly-owned subsidiary of NU (the "Applicants"), have filed an application/declaration (the "Application") with this Commission pursuant to Sections 6(a), 7, 9(a), 10 and 12 of the Act and Rules 43 and 45 thereunder. NU and WMECO are located at 174 Brush Hill Avenue, West Springfield, Massachusetts 01090-0010, CL&P is located at 107 Selden Street, Berlin, Connecticut 06037, PSNH and NAEC are located at 1000 Elm Street, Manchester, NH 03105 and HWP is located at Canal Street, Holyoke, MA 01040. Authorization is requested at this time for the Applicants to enter into a revolving credit facility (the "Facility") aggregating up to $450 million with certain lending institutions and for the borrowers to issue notes in connection therewith. Each of the Applicants will have its own maximum borrowing limit under the Facility as follows: NU ($200 million), CL&P ($375 million) and WMECO ($150 million). The Facility will be used to repay outstanding borrowings and for working capital and other corporate purposes. The Facility will be unsecured unless, subject to some exceptions, an Applicant incurs any secured indebtedness or secures any outstanding indebtedness which is now unsecured in which event such Applicant must cause the Facility to be secured equally and ratably with such other indebtedness. Although the Applicants state that they expect most banks wanting to continue to lend to the Applicants will do so under the new Facility, it is possible that one or more of the banks which lend to the Applicants and other NU subsidiaries under the existing revolving credit agreements may want to continue their present lending arrangements. The Applicants will pay interest on any borrowings under the facility at a rate determined, at their election, by reference to the base rate of certain reference banks, the federal funds rate, or the London interbank offering rate ("LIBOR"), in each case plus a margin which will depend on the lower of the Standard & Poor's or Moody's rating of the borrowing Applicant's long-term senior debt. In no event will the margin exceed 1% above the base rate, 1 1/2 % above the federal fund rate, or 2% above LIBOR, unless the Loan is in default. The Borrowers will pay an annual facility fee based on each lender's pro-rata share of the commitment, whether used or unused. The amount of the fee will depend on the credit rating of the borrowing applicant but will not exceed .75% In addition, the Applicants request an increase and extension to December 31, 2000 of their maximum short-term borrowing limit authorization, as previously approved by the Commission. These increases and extensions will enable the Applicants to meet their working capital and other corporate needs. By order of the Commission dated December 28, 1994 (HCA Rel. No. 26207) (the "December 1994 Order"), the Commission authorized, through December 31, 1996: (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, WMECO, CL&P, PSNH and HWP; 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 1994 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, $150 million; WMECO, $60 million; CL&P, $325 million; PSNH, $175 million; NAEC, $50 million and HWP, $5 million. The Applicants now propose: (1) to make short-term borrowings from time to time after the date of the Commission's authorization pursuant to the Application through December 31, 2000, evidenced (i) in the case of NU, CL&P, WMECO and PSNH by short-term notes ("Short-Term Notes") issued to 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, 2000, of the Money Pool to assist in meeting the short-term borrowing needs of the Applicants and certain other NU subsidiaries; (3) in the case of all Applicants by borrowing under the existing revolving credit agreements until those agreements are terminated; and (4) that NU make open account advances, through December 31, 2000, to PSNH, Northeast Nuclear Energy Company ("NNECO"), NAEC, The Quinnehtuk Company ("Quinnehtuk"), Rocky River Realty Company ("RR") and HEC, Inc. ("HEC"). The aggregate amount of all short-term borrowings through December 31, 2000, 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 $200 million for NU, $375 million for CL&P, $150 million for WMECO, $225 million for PSNH, $5 million for HWP, and $50 million for NAEC. Each of the Applicants, except for HWP and NAEC, 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, 2000, 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 to a particular lending institution at or prior to the first borrowing under the Grid Note from that lender. 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 the 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 will either be at a fixed interest rate or a floating interest rate determined with reference to an agreed-upon index (such as a lending institution's prime 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. 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 (including lost profits) as a result of the prepayment. The Applicants (other than HWP and NAEC) 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 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, 2000, 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 the Facility (or existing revolving credit agreements if all are not terminated when the new Facility becomes effective) 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, 2000. 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 Applicants also state that NNECO, Quinnehtuk, RR and HEC are exempt from the Act by virtue of Rule 52 thereunder. 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 ________, 1996, 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 said date, the Application, as field or as it may be further amended, may be granted. For the Commission, by the Division of Investment Management, pursuant to delegated authority. __________________________ Secretary EX-99 82
EXHIBIT J.1 THE CONNECTICUT LIGHT AND POWER COMPANY 20% UNSECURED DEBT CALCULATION TEST 31-Mar-96 -($000)- ACTUAL Common Equity $1,514,893 Preferred Stock: Non-Redeemable 116,200 Redeemable 155,000 Total First Mortgage Bonds 1,297,245 Total Other Secured Long-Term Debt 315,500 Unamortized Debt Discount and Premium (7,164) 3,391,674 X 20% Unsecured Debt Limit 678,335 Less Unsecured Debt: Seabrook Pollution Control Bonds 46,400 CRRA Financing 20,179 Other - Montville /Hopmeadow 103 MIPS 100,000 Money Pool 0 Commercial Paper 0 Bank Borrowings 0 166,682 Additional Available Unsecured Debt 511,653 Add Back Short-Term Debt Outstanding on 3/31/96 0 Total Available Short-Term Debt $511,653
EXHIBIT J.2 WESTERN MASSACHUSETTS ELECTRIC COMPANY 20% UNSECURED DEBT CALCULATION TEST 31-Mar-96 -($000)- ACTUAL Common Equity $290,261 Preferred Stock - Non Redeemable 53,500 - Redeemable 21,000 Total First Mortgage Bonds 259,500 Total Other Secured Long-Term Debt 53,800 Unamortized Debt Discount and Premium (987) 677,074 X 20% Unsecured Debt Limit 135,415 Less Unsecured Debt: Money Pool 13,050 Bank Borrowings 0 13,050 Additional Available Unsecured Debt 122,365 Add Back Short-Term Debt Outstanding on 3/31/96 13,050 Total Available Short-Term Debt $135,415
EX-99 83 NORTHEAST UTILITIES (PARENT) BALANCE SHEET AS OF MARCH 31, 1996 (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 $2,698,522 ($26,564)(d) $2,671,958 INVESTMENTS IN TRANSMISSION COMPANIES, AT EQUITY 23,262 23,262 OTHER, AT COST 269 269 ------------------------------------------------ TOTAL OTHER PROPERTY & INVESTMENTS 2,722,053 (26,564) 2,695,489 CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 20 160,000 (a) 160,020 NOTES RECEIVABLE FROM AFFILIATED CO'S 925 925 NOTES AND ACCOUNTS RECEIVABLES 0 0 ACCOUNTS RECEIVABLE FROM AFFILIATES 660 660 PREPAYMENTS 97 97 ------------------------------------------------ TOTAL CURRENT ASSETS 1,702 160,000 161,702 ------------------------------------------------ DEFERRED CHARGES: ACCUMULATED DEFERRED INCOME TAXES 6,873 6,873 UNAMORTIZED DEBT EXPENSE 0 0 OTHER 365 365 ------------------------------------------------ TOTAL DEFERRED CHARGES 7,238 0 7,238 ------------------------------------------------ TOTAL ASSETS $2,730,993 $133,436 $2,864,429 *EXPLANATION AT FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
NORTHEAST UTILITIES (PARENT) BALANCE SHEET AS OF MARCH 31, 1996 (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 $680,259 $680,259 CAPITAL SURPLUS, PAID IN 944,965 944,965 DEFERRED BENEFIT PLAN - ESOP (193,837) (193,837) RETAINED EARNINGS 1,016,660 (32,815) 983,845 ------------------------------------------------ TOTAL COMMON STOCKHOLDER'S EQUITY 2,448,047 (32,815) 2,415,232 LONG-TERM DEBT, NET 204,000 204,000 ------------------------------------------------ TOTAL CAPITALIZATION 2,652,047 (32,815) 2,619,232 200 CURRENT LIABILITIES: NOTES PAYABLE TO BANK 40,000 160,000 (a) 200,000 ACCOUNTS PAYABLE 14,954 14,954 ACCOUNTS PAYABLE TO AFFILIATED CO'S 192 192 CURRENT PORTION OF LONG-TERM DEBT 14,000 14,000 ACCRUED TAXES 4,148 (3,366)(c) 782 ACCRUED INTEREST 5,133 9,616 (b) 14,749 OTHER 6 6 -------------------------- ------------------- TOTAL CURRENT LIABILITIES 78,433 166,250 244,683 DEFERRED CREDITS: OTHER 513 513 ------------------------------------------------ TOTAL DEFERRED CREDITS 513 0 513 ------------------------------------------------ TOTAL CAPITALIZATION AND LIABILITIES $2,730,993 $133,436 $2,864,429 *EXPLANATION AT FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
NORTHEAST UTILITIES (PARENT) INCOME STATEMENT FOR 12 MONTHS ENDED MARCH 31, 1996 (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 12,257 12,257 FEDERAL AND STATE INCOME TAXES (8,471) (3,366)(c) (11,837) TAXES OTHER THAN INCOME TAXES 30 30 ------------------------------------------------ TOTAL OPERATING EXPENSES 3,816 (3,366) 450 ------------------------------------------------ OPERATING INCOME (3,816) 3,366 (450) ------------------------------------------------ OTHER INCOME: EQUITY IN EARNINGS OF SUBSIDIARIES 286,332 (26,564)(d) 259,768 EQUITY IN EARNINGS OF TRANSMISSION COMPANIES 3,693 3,693 OTHER, NET 242 242 ------------------------------------------------ OTHER INCOME, NET 290,267 (26,564) 263,703 ------------------------------------------------ INCOME BEFORE INTEREST CHARGES 286,451 (23,199) 263,252 ------------------------------------------------ INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 19,435 19,435 OTHER INTEREST 5,364 9,616 (b) 14,980 ------------------------------------------------ TOTAL INTEREST CHARGES 24,799 9,616 34,415 ------------------------------------------------ NET INCOME 261,652 (32,815) 228,837 ------------------------------------------------ EARNINGS FOR COMMON SHARES 261,652 (32,815) 228,837 EARNINGS PER COMMON SHARE 2.07 1.81 COMMON SHARES OUTSTANDING (AVERAGE) 126,704,283 126,704,283 *EXPLANATION AT FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
NORTHEAST UTILITIES (PARENT) CAPITAL STRUCTURE AS OF MARCH 31, 1996 (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 $218,000 $218,000 ------------------------------------------------ TOTAL DEBT 8.2% 218,000 0 218,000 8.3% COMMON EQUITY: COMMON SHARES 680,259 680,259 CAPITAL SURPLUS, PAID IN 944,965 944,965 DEFERRED BENEFIT PLAN - ESOP (193,837) (193,837) RETAINED EARNINGS 1,016,660 (32,815) 983,845 ------------------------------------------------ TOTAL COMMON STOCKHOLDER'S EQUITY 91.8% 2,448,047 (32,815) 2,415,232 91.7% ------------------------------------------------ TOTAL CAPITAL 100.0% $2,666,047 (32,815) $2,633,232 100.0%
NORTHEAST UTILITIES (PARENT) EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 1.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $160,000 NOTES PAYABLE $160,000 To record the additional proposed borrowing up to the entire $200 million available to the company. (b) OTHER INTEREST EXPENSE 9,616 ACCRUED INTEREST 9,616 To record the interest expense on the additional proposed borrowing at LIBOR as of 6/10/96 [5.46%] + 0.55%: $160,000 x 6.01% = 9,616 (c) ACCRUED TAXES 3,366 FEDERAL AND STATE INCOME TAX EXPENSE 3,366 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $9,616 x 35.00% = 3,366 (d) EQUITY IN EARNINGS OF SUBSIDIARIES 26,564 INVESTMENT IN SUBSIDIARY COMPANIES 26,564 Consolidating entry to reflect the changes in all the subsidiaries short-term debt levels on NU parent books. NOTE 1 : The LIBOR rate and tax rate reflected above represent the current rates in effect as of the filing date. NOTE 2 : Proforma financials reflect company borrowings at the proposed SEC limit and the associated interest expense without reflecting equity or interest earnings of such borrowings.
CONNECTICUT LIGHT AND POWER COMPANY BALANCE SHEET AS OF MARCH 31, 1996 (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 $6,191,374 $6,191,374 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 2,472,181 2,472,181 ------------------------------------------ 3,719,193 0 3,719,193 CONSTRUCTION WORK IN PROGRESS 78,620 78,620 NUCLEAR FUEL, NET 131,323 131,323 ------------------------------------------------ TOTAL NET UTILITY PLANT 3,929,136 0 3,929,136 ------------------------------------------------ OTHER PROPERTY AND INVESTMENTS: NUCLEAR DECOMMISSIONING TRUST, AT MARKET 245,796 245,796 INVESTMENTS IN REGIONAL NUCLEAR GENERATING COMPANIES, AT EQUITY 54,843 54,843 OTHER, AT COST 16,975 16,975 ------------------------------------------------ 317,614 0 317,614 ------------------------------------------------ CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 169 375,000 (a) 375,169 RECEIVABLES, NET 251,082 251,082 RECEIVABLES FROM AFFILIATED COMPANIES 15,374 15,374 ACCRUED UTILITY REVENUES 74,170 74,170 FUEL, MATERIAL AND SUPPLIES, AT AVERAGE COST 68,150 68,150 NET-CURRENT RECOVERABLE ENERGY COSTS 41,431 41,431 PREPAYMENTS AND OTHER 54,377 54,377 ------------------------------------------------ TOTAL CURRENT ASSETS 504,753 375,000 879,753 ------------------------------------------------ DEFERRED CHARGES: REGULATORY ASSET-INCOME TAXES, NET 863,521 863,521 UNAMORTIZED DEBT EXPENSE 14,737 14,737 RECOVERABLE ENERGY COSTS, NET 6,075 6,075 DEFERRED CONSERVATION AND LOAD- MANAGEMENT COSTS 100,200 100,200 DEFERRED DOE ASSESSMENT 0 DEFERRED COSTS - NUCLEAR PLANTS 3,878 3,878 COGENERATION COSTS 100,952 100,952 UNRECOVERED CONTRACT OBLIGATION-YAEC 52,180 52,180 OTHER 40,946 40,946 ------------------------------------------------ TOTAL DEFERRED CHARGES 1,182,489 0 1,182,489 ------------------------------------------------ TOTAL ASSETS $5,933,992 $375,000 $6,308,992
* EXPLANATION AT FINANCIAL STATEMENT 2.2 PAGE 3 OF 3 CONNECTICUT LIGHT AND POWER COMPANY BALANCE SHEET AS OF MARCH 31, 1996 (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 638,401 638,401 RETAINED EARNINGS 754,263 (13,075) 741,188 ------------------------------------------------ TOTAL COMMON STOCKHOLDER'S EQUITY 1,514,893 (13,075) 1,501,818 PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION 116,200 116,200 PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 155,000 155,000 LONG-TERM DEBT, NET 1,814,832 1,814,832 ------------------------------------------------ TOTAL CAPITALIZATION 3,600,925 (13,075) 3,587,850 OBLIGATIONS UNDER CAPITAL LEASES 101,736 101,736 MINORITY INTEREST IN CONSOLIDATED SUB 100,000 100,000 CURRENT LIABILITIES: NOTES PAYABLE TO BANKS 0 375,000 (a) 375,000 NOTES PAYABLE TO AFFILIATED COMPANY 0 0 COMMERCIAL PAPER 0 0 LONG-TERM DEBT AND PREFERRED STOCK - CURRENT PORTION 9,372 9,372 OBLIGATIONS UNDER CAPITAL LEASES - CURRENT PORTION 60,011 60,011 ACCOUNTS PAYABLE 84,298 84,298 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 28,376 28,376 ACCRUED TAXES 85,586 (9,463)(c) 76,123 ACCRUED INTEREST 31,058 22,538 (b) 53,596 OTHER 49,571 49,571 -------------------------- ------------------- TOTAL CURRENT LIABILITIES 348,272 388,075 736,347 DEFERRED CREDITS: ACCUMULATED DEFERRED INCOME TAXES 1,468,183 1,468,183 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 140,605 140,605 DEFERRED CONTRACT OBLIGATION-YAEC 52,180 52,180 DEFERRED DOE OBLIGATION 0 0 OTHER 122,091 122,091 ------------------------------------------------ TOTAL DEFERRED CREDITS 1,783,059 0 1,783,059 ------------------------------------------------ TOTAL CAPITALIZATION AND LIABILITIES $5,933,992 $375,000 $6,308,992
* EXPLANATION AT FINANCIAL STATEMENT 2.2 PAGE 3 OF 3 CONNECTICUT LIGHT AND POWER COMPANY INCOME STATEMENT FOR 12 MONTHS ENDED MARCH 31, 1996 (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 $2,445,229 $0 $2,445,229 ------------------------------------------------ OPERATING EXPENSES: OPERATION - FUEL PURCHASED AND INTERCHANGE POWER 672,060 672,060 OTHER 658,982 658,982 MAINTENANCE 199,892 199,892 DEPRECIATION 244,474 244,474 AMORTIZATION/DEFERRALS OF REGULATORY ASSETS, NET 42,361 42,361 FEDERAL AND STATE INCOME TAXES 164,551 (9,463)(c) 155,088 TAXES OTHER THAN INCOME TAXES 175,098 175,098 ------------------------------------------------ TOTAL OPERATING EXPENSES 2,157,418 (9,463) 2,147,955 ------------------------------------------------ OPERATING INCOME: 287,811 9,463 297,274 ------------------------------------------------ OTHER INCOME: ALLOWANCE FOR OTHER FUNDS USED DURING CONSTRUCTION 0 0 DEFERRED NUCLEAR PLANTS RETURN-OTHER FUNDS 3,910 3,910 EQUITY IN EARNINGS OF REGIONAL NUCLEAR GENERATING COMPANIES 7,308 7,308 WRITE OFF OF PLANT COSTS 0 0 OTHER, NET 5,601 5,601 INCOME TAXES - CREDIT (5,547) (5,547) ------------------------------------------------ OTHER INCOME, NET 11,272 0 11,272 ------------------------------------------------ INCOME BEFORE INTEREST CHARGES 299,083 9,463 308,546 ------------------------------------------------ INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 123,186 123,186 OTHER INTEREST 5,005 22,538 (b) 27,543 DEFERRED NUCLEAR PLANTS RETURN - BORROWED FUNDS, NET OF INCOME TAX (1,299) (1,299) ------------------------------------------------ TOTAL INTEREST CHARGES 126,892 22,538 149,430 ------------------------------------------------ NET INCOME 172,191 (13,075) 159,116
* EXPLANATION AT FINANCIAL STATEMENT 2.2 PAGE 3 OF 3 CONNECTICUT LIGHT AND POWER COMPANY AS OF MARCH 31, 1996 (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 50.5%$1,824,204 0 $1,824,204 50.7% PREFERRED STOCK: NOT SUBJECT TO REDEMPTION 116,200 116,200 SUBJECT TO REDEMPTION 155,000 155,000 ------------------------------------------------ TOTAL PREFERRED STOCK 7.5% 271,200 0 271,200 7.5% COMMON EQUITY: COMMON SHARES 122,229 122,229 CAPITAL SURPLUS, PAID IN 638,401 638,401 RETAINED EARNINGS 754,263 (13,075) 741,188 ------------------------------------------------ TOTAL COMMON STOCKHOLDER'S EQUITY 42.0% 1,514,893 (13,075) 1,501,818 41.7% ------------------------------------------------ TOTAL CAPITAL 100.0%$3,610,297 (13,075) $3,597,222 100.0%
CONNECTICUT LIGHT AND POWER COMPANY EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 2.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $375,000 NOTES PAYABLE $375,000 To record the additional proposed borrowing up to the entire $375 million available to the company. (b) OTHER INTEREST EXPENSE 22,538 ACCRUED INTEREST 22,538 To record the interest expense on the additional proposed borrowing at LIBOR as of 6/10/96 [5.46%] + 0.55%: $375,000 x 6.01% = 22,538 (c) ACCRUED TAXES 9,463 FEDERAL AND STATE INCOME TAX EXPENSE 9,463 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $22,538 x 41.99% = 9,463 NOTE 1 : The LIBOR rate and tax rate reflected above represent the current rates in effect as of the filing date. NOTE 2 : Proforma financials reflect company borrowings at the proposed SEC limit and the associated interest expense without reflecting equity or interest earnings of such borrowings.
WESTERN MASSACHUSETTS ELECTRIC COMPANY BALANCE SHEET AS OF MARCH 31, 1996 (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 $1,242,737 $1,242,737 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 472,017 472,017 ------------------------------------------ 770,720 0 770,720 CONSTRUCTION WORK IN PROGRESS 14,961 14,961 NUCLEAR FUEL, NET 30,040 30,040 ------------------------------------------------ TOTAL NET UTILITY PLANT 815,721 0 815,721 ------------------------------------------------ OTHER PROPERTY AND INVESTMENTS: NUCLEAR DECOMMISSIONING TRUST, AT MARKET 71,662 71,662 INVESTMENTS IN REGIONAL NUCLEAR GENERATING COMPANIES, AT EQUITY 14,881 14,881 OTHER, AT COST 4,290 4,290 ------------------------------------------------ 90,833 0 90,833 ------------------------------------------------ CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 97 136,950 (a) 137,047 RECEIVABLES, NET 41,295 41,295 RECEIVABLES FROM AFFILIATED COMPANIES 1,018 1,018 ACCRUED UTILITY REVENUES 11,844 11,844 FUEL, MATERIAL AND SUPPLIES, AT AVERAGE COST 5,234 5,234 PREPAYMENTS AND OTHER 10,975 10,975 ------------------------------------------------ TOTAL CURRENT ASSETS 70,463 136,950 207,413 ------------------------------------------------ DEFERRED CHARGES: UNAMORTIZED DEBT EXPENSE 1,449 1,449 INCOME TAXES, NET 87,829 87,829 DEFERRED DOE ASSESSMENT 0 RECOVERABLE ENERGY COSTS 10,919 10,919 AMORTIZABLE PROPERTY INVESTMENT - 0 UNRECOVERED CONTRACT OBLIGATION-YAEC 14,908 14,908 OTHER 36,908 36,908 ------------------------------------------------ TOTAL DEFERRED CHARGES 152,013 0 152,013 ------------------------------------------------ TOTAL ASSETS $1,129,030 $136,950 $1,265,980 * EXPLANATION AT FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
WESTERN MASSACHUSETTS ELECTRIC COMPANY BALANCE SHEET AS OF MARCH 31, 1996 (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 150,255 150,255 RETAINED EARNINGS 113,194 (5,002) 108,192 ------------------------------------------------ TOTAL COMMON STOCKHOLDER'S EQUITY 290,261 (5,002) 285,259 PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION 53,500 53,500 PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 21,000 21,000 LONG-TERM DEBT, NET 347,956 347,956 ------------------------------------------------ TOTAL CAPITALIZATION 712,717 (5,002) 707,715 OBLIGATIONS UNDER CAPITAL LEASES 19,328 19,328 NOTES PAYABLE TO AFFILIATED COMPANIES 13,050 13,050 NOTES PAYABLE TO BANKS 0 136,950 (a) 136,950 LONG-TERM DEBT AND PREFERRED STOCK - CURRENT PORTION 1,500 1,500 OBLIGATIONS UNDER CAPITAL LEASES - CURRENT PORTION 14,250 14,250 ACCOUNTS PAYABLE 10,667 10,667 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 7,925 7,925 ACCRUED TAXES 10,561 (3,228)(c) 7,333 ACCRUED INTEREST 4,239 8,231 (b) 12,470 REFUNDABLE CONSERVATION COSTS - NET 0 0 OTHER 17,571 17,571 ------------------------------------------------ TOTAL CURRENT LIABILITIES 79,763 141,952 221,715 DEFERRED CREDITS: ACCUMULATED DEFERRED INCOME TAXES 256,522 256,522 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 25,935 25,935 DEFERRED CONTRACT OBLIGATION-YAEC 14,908 14,908 DEFERRED DOE OBLIGATION 0 0 OTHER 19,857 19,857 ------------------------------------------------ TOTAL DEFERRED CREDITS 317,222 0 317,222 ------------------------------------------------ TOTAL CAPITALIZATION AND LIABILITIES $1,129,030 $136,950 $1,265,980 * EXPLANATION AT FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
WESTERN MASSACHUSETTS ELECTRIC COMPANY INCOME STATEMENT FOR 12 MONTHS ENDED MARCH 31, 1996 (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 $428,547 $0 $428,547 ------------------------------------------------ OPERATING EXPENSES: OPERATION - FUEL PURCHASED AND INTERCHANGE POWER 94,890 94,890 OTHER 148,374 148,374 MAINTENANCE 39,293 39,293 DEPRECIATION 38,130 38,130 AMORTIZATION/DEFERRALS OF REGULATORY ASSETS, NET 15,692 15,692 FEDERAL AND STATE INCOME TAXES 14,355 (3,228)(c) 11,127 TAXES OTHER THAN INCOME TAXES 19,144 19,144 ------------------------------------------------ TOTAL OPERATING EXPENSES 369,878 (3,228) 366,650 ------------------------------------------------ OPERATING INCOME: 58,669 3,228 61,897 ------------------------------------------------ OTHER INCOME: DEFERRED NUCLEAR PLANTS RETURN-OTHER FUNDS 0 0 EQUITY IN EARNINGS OF REGIONAL NUCLEAR GENERATING COMPANIES 1,989 1,989 OTHER, NET 585 585 INCOME TAXES - CREDIT 285 285 ------------------------------------------------ OTHER INCOME, NET 2,859 0 2,859 ------------------------------------------------ INCOME BEFORE INTEREST CHARGES 61,528 3,228 64,756 ------------------------------------------------ INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 25,860 25,860 OTHER INTEREST 502 8,231 (b) 8,733 DEFERRED NUCLEAR PLANTS RETURN - BORROWED FUNDS, NET OF INCOME TAX 0 0 ------------------------------------------------ TOTAL INTEREST CHARGES 26,362 8,231 34,593 ------------------------------------------------ NET INCOME 35,166 (5,002) 30,164 * EXPLANATION AT FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
WESTERN MASSACHUSETTS ELECTRIC COMPANY AS OF MARCH 31, 1996 (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 48.7% $347,956 0 $347,956 49.1% PREFERRED STOCK: NOT SUBJECT TO REDEMPTION 53,500 53,500 SUBJECT TO REDEMPTION 22,500 22,500 ------------------------------------------------ TOTAL PREFERRED STOCK 10.6% 76,000 0 76,000 10.7% COMMON EQUITY: COMMON SHARES 26,812 26,812 CAPITAL SURPLUS, PAID IN 150,255 150,255 RETAINED EARNINGS 113,194 (5,002) 108,192 ------------------------------------------------ TOTAL COMMON STOCKHOLDER'S EQUITY 40.7% 290,261 (5,002) 285,259 40.2% ------------------------------------------------ TOTAL CAPITAL 100.0% $714,217 (5,002) $709,215 100.0%
WESTERN MASSACHUSETTS ELECTRIC COMPANY EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 3.2 PAGE 3 OF 3
$136,950 x 6.01% = 8,231 DEBIT CREDIT (a) CASH $136,950 NOTES PAYABLE $136,950 To record the additional proposed borrowing up to the entire $150 million available to the company. (b) OTHER INTEREST EXPENSE 8,231 ACCRUED INTEREST 8,231 To record the interest expense on the additional proposed borrowing at LIBOR as of 6/10/96 [5.46%] + 0.55%: $136,950 x 6.01% = 8,231 (c) ACCRUED TAXES 3,228 FEDERAL AND STATE INCOME TAX EXPENSE 3,228 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $8,231 x 39.23% = 3,228 NOTE 1 : The LIBOR rate and tax rate reflected above represent the current rates in effect as of the filing date. NOTE 2 : Proforma financials reflect company borrowings at the proposed SEC limit and the associated interest expense without reflecting equity or interest earnings of such borrowings.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE BALANCE SHEET AS OF MARCH 31, 1996 (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 $2,117,510 $2,117,510 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 524,128 524,128 ------------------------------------------- 1,593,382 0 1,593,382 CONSTRUCTION WORK IN PROGRESS 15,189 15,189 NUCLEAR FUEL, NET 1,352 1,352 --------------------------------------------------- TOTAL NET UTILITY PLANT 1,609,923 0 1,609,923 OTHER PROPERTY AND INVESTMENTS: NUCLEAR DECOMMISSIONING TRUST, AT MARKET 2,584 2,584 INVESTMENTS IN REGIONAL NUCLEAR GENERATING AND SUBSIDIARY COMPANIES, AT EQUITY 19,200 19,200 OTHER, AT COST 1,112 1,112 --------------------------------------------------- TOTAL OTHER PROP. & INVEST. 22,896 0 22,896 CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 222 225,000 (a) 225,222 RECEIVABLES, NET 93,649 93,649 ACCOUNTS RECEIVABLE FROM AFFILIATES 1,214 1,214 NOTES RECEIVABLE FROM AFFILIATED COS. 86,850 86,850 ACCRUED UTILITY REVENUES 29,443 29,443 FUEL, MATERIAL AND SUPPLIES, AT AVERAGE COST 43,553 43,553 ENERGY ADJUSTMENT CLAUSE - CURRENT 0 0 PREPAYMENTS AND OTHER 5,275 5,275 --------------------------------------------------- TOTAL CURRENT ASSETS 260,206 225,000 485,206 DEFERRED CHARGES: UNAMORTIZED ACQUISITION COSTS 566,394 566,394 UNRECOVERED CONTRACT OBLIGATIONS-YAEC 14,908 14,908 UNAMORTIZED DEBT EXPENSE 13,308 13,308 REGULATORY ASSET - INCOME TAXES NET 200,905 200,905 ENERGY ADJUSTMENT CLAUSE 226,133 226,133 DEFERRED RECEIVABLE FROM ASSOCIATED COMPANY 33,284 33,284 OTHER 6,971 6,971 --------------------------------------------------- TOTAL DEFERRED CHARGES 1,061,903 0 1,061,903 --------------------------------------------------- TOTAL ASSETS $2,954,928 $225,000 $3,179,928
* EXPLANATION AT FINANCIAL STATEMENT 4.2 PAGE 3 OF 3 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE BALANCE SHEET AS OF MARCH 31, 1996 (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 422,549 422,549 RETAINED EARNINGS 168,272 (8,174) 160,098 --------------------------------------------------- TOTAL COMMON STOCKHOLDER EQUITY 590,822 (8,174) 582,648 PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 125,000 125,000 LONG-TERM DEBT 686,485 686,485 --------------------------------------------------- TOTAL CAPITALIZATION 1,402,307 (8,174) 1,394,133 OBLIGATIONS UNDER CAPITAL LEASES 873,361 873,361 CURRENT LIABILITIES: NOTES PAYABLE TO BANK 0 225,000 (a) 225,000 LONG-TERM DEBT CURRENT PORTION 172,500 172,500 OBLIGATIONS UNDER CAPITAL LEASES - CURRENT PORTION 40,557 40,557 ACCOUNTS PAYABLE 24,381 24,381 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 18,855 18,855 ACCRUED TAXES 2,567 (5,348)(c) (2,781) ACCRUED INTEREST 23,737 13,523 (b) 37,260 ACCRUED PENSION BENEFITS 39,506 39,506 OTHER 23,754 23,754 --------------------------- --------------------- TOTAL CURRENT LIABILITIES 345,857 233,174 579,031 DEFERRED CREDITS: DEFERRED CONTRACT OBLIGATION-YAEC 14,908 14,908 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 4,923 4,923 ACCUMULATED DEFERRED INCOME TAXES 255,461 255,461 DEFERRED REVENUE FROM AFFILIATED CO. 33,284 33,284 OTHER 24,827 24,827 --------------------------------------------------- TOTAL DEFERRED CREDITS 333,403 0 333,403 --------------------------------------------------- TOTAL CAPITALIZATION AND LIABILITIES $2,954,928 $225,000 $3,179,928
* EXPLANATION AT FINANCIAL STATEMENT 4.2 PAGE 3 OF 3 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE INCOME STATEMENT FOR 12 MONTHS ENDED MARCH 31, 1996 (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 $997,174 $0 $997,174 --------------------------------------------------- OPERATING EXPENSES: OPERATIONS - FUEL, PURCHASED AND NET INTERCHANGE POWER 263,105 263,105 OTHER 317,359 317,359 MAINTENANCE 41,836 41,836 DEPRECIATION 45,098 45,098 AMORTIZATION OF REGULATORY ASSET 55,712 55,712 FEDERAL AND STATE INCOME TAXES 72,264 (5,348)(c) 66,916 TAXES OTHER THAN INCOME TAXES 43,361 43,361 --------------------------------------------------- TOTAL OPERATING EXPENSES 838,735 (5,348) 833,387 --------------------------------------------------- OPERATING INCOME: 158,439 5,348 163,787 --------------------------------------------------- OTHER INCOME: EQUITY IN EARNINGS OF REGIONAL NUCLEAR GENERATING COMPANIES AND SUBSIDIARY COMPANY 1,895 1,895 OTHER, NET 5,162 5,162 INCOME TAXES - CREDIT (1,609) (1,609) --------------------------------------------------- OTHER INCOME, NET 5,448 0 5,448 --------------------------------------------------- INCOME BEFORE INTEREST CHARGES 163,887 5,348 169,235 --------------------------------------------------- INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 73,630 73,630 OTHER INTEREST 280 13,523 (b) 13,803 --------------------------------------------------- TOTAL INTEREST CHARGES 73,910 13,523 87,433 --------------------------------------------------- NET INCOME 89,977 (8,174) 81,803
* EXPLANATION AT FINANCIAL STATEMENT 4.2 PAGE 3 OF 3 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE CAPITAL STRUCTURE AS OF MARCH 31, 1996 (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 $686,485 $686,485 LONG-TERM DEBT CURRENT PORTION 172,500 172,500 --------------------------------------------------- TOTAL DEBT 54.5% 858,985 0 858,985 54.8% PREFERRED STOCK: PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 7.9% 125,000 0 125,000 8.0% COMMON EQUITY: COMMON SHARES 1 1 CAPITAL SURPLUS, PAID IN 422,549 422,549 RETAINED EARNINGS 168,272 (8,174) 160,098 --------------------------------------------------- TOTAL COMMON STOCKHOLDER EQUITY 37.5% 590,822 (8,174) 582,648 37.2% TOTAL CAPITAL 100.0% $1,574,807 (8,174) $1,566,633 100.0%
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 4.2 PAGE 3 OF 3
$225,000 x 6.01% = 13,523 DEBIT CREDIT (a) CASH $225,000 NOTES PAYABLE $225,000 To record the additional proposed borrowing up to the entire $225 million available to the company. (b) OTHER INTEREST EXPENSE 13,523 ACCRUED INTEREST 13,523 To record the interest expense on the additional proposed borrowing at LIBOR as of 6/10/96 [5.46%] + 0.55%: $225,000 x 6.01% = 13,523 (c) ACCRUED TAXES 5,348 FEDERAL AND STATE INCOME TAX EXPENSE 5,348 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $13,523 x 39.55% = 5,348 NOTE 1 : The LIBOR rate and tax rate reflected above represent the current rates in effect as of the filing date. NOTE 2 : Proforma financials reflect company borrowings at the proposed SEC limit and the associated interest expense without reflecting equity or interest earnings of such borrowings.
HOLYOKE WATER POWER COMPANY CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1996 (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 $95,465 $95,465 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 40,100 40,100 ------------------------------------------ 55,365 0 55,365 CONSTRUCTION WORK IN PROGRESS 1,620 1,620 ------------------------------------------------ TOTAL NET UTILITY PLANT 56,985 0 56,985 ------------------------------------------------ OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, AT EQUITY 3,355 3,355 OTHER INVESTMENTS, AT COST 2 2 ------------------------------------------------ 3,357 0 3,357 ------------------------------------------------ CURRENT ASSETS: CASH 153 5,000 (a) 5,153 NOTES RECEIVABLE FROM AFFILIATES 10,000 10,000 ACCOUNTS RECEIVABLE 4,374 4,374 ACCOUNTS RECEIVABLE FROM AFFILIATES 58 58 FUEL, MATERIAL AND SUPPLIES, AT AVERAGE COST 4,976 4,976 PREPAYMENTS AND OTHER 175 175 ------------------------------------------------ TOTAL CURRENT ASSETS 19,736 5,000 24,736 ------------------------------------------------ DEFERRED CHARGES: UNAMORTIZED DEBT EXPENSE 986 986 DEFERRED CHARGES -- SFAS 109 2,489 2,489 OTHER 325 325 ------------------------------------------------ TOTAL DEFERRED CHARGES 3,800 0 3,800 ------------------------------------------------ TOTAL ASSETS $83,878 $5,000 $88,878
* EXPLANATION AT FINANCIAL STATEMENT 5.2 PAGE 3 OF 3 HOLYOKE WATER POWER COMPANY CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1996 (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 12,869 (177) 12,692 ------------------------------------------------ TOTAL COMMON STOCKHOLDER'S EQUITY 21,269 (177) 21,092 LONG-TERM DEBT, NET 38,300 38,300 ------------------------------------------------ TOTAL CAPITALIZATION 59,569 (177) 59,392 CURRENT LIABILITIES: ACCOUNTS PAYABLE 2,364 2,364 ACCOUNTS PAYABLE TO AFFILIATES 482 482 NOTES PAYABLE 0 5,000 (a) 5,000 ACCRUED TAXES 1,757 (124)(c) 1,633 ACCRUED INTEREST 179 301 (b) 480 OTHER 1,233 1,233 -------------------------- ------------------- TOTAL CURRENT LIABILITIES 6,015 5,177 11,192 DEFERRED CREDITS: ACCUMULATED DEFERRED INCOME TAXES 12,392 12,392 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 2,902 2,902 OTHER 3,000 3,000 ------------------------------------------------ TOTAL DEFERRED CREDITS 18,294 0 18,294 ------------------------------------------------ TOTAL CAPITALIZATION AND LIABILITIES $83,878 $5,000 $88,878
* EXPLANATION AT FINANCIAL STATEMENT 5.2 PAGE 3 OF 3 HOLYOKE WATER POWER COMPANY CONSOLIDATED INCOME STATEMENT FOR 12 MONTHS ENDED MARCH 31, 1996 (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 $34,031 $0 $34,031 ------------------------------------------------ OPERATING EXPENSES: OPERATION - FUEL PURCHASED AND INTERCHANGE POWER 16,789 16,789 OTHER 9,703 9,703 MAINTENANCE 3,260 3,260 DEPRECIATION 1,954 1,954 FEDERAL AND STATE INCOME TAXES (1,267) (124)(c) (1,391) TAXES OTHER THAN INCOME TAXES 2,160 2,160 ------------------------------------------------ TOTAL OPERATING EXPENSES 32,599 (124) 32,475 ------------------------------------------------ OPERATING INCOME: 1,432 124 1,556 ------------------------------------------------ OTHER INCOME: OTHER, NET 541 541 INCOME TAXES - CREDIT (80) (80) ------------------------------------------------ OTHER INCOME, NET 461 0 461 ------------------------------------------------ INCOME BEFORE INTEREST CHARGES 1,893 124 2,017 ------------------------------------------------ INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 1,678 1,678 OTHER INTEREST (67) 301 (b) 234 ------------------------------------------------ TOTAL INTEREST CHARGES 1,611 301 1,912 ------------------------------------------------ NET INCOME 282 (177) 105
* EXPLANATION AT FINANCIAL STATEMENT 5.2 PAGE 3 OF 3 HOLYOKE WATER POWER COMPANY CAPITAL STRUCTURE AS OF MARCH 31, 1996 (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 64.3% $38,300 0 $38,300 64.5% ------------------------------------------------ COMMON EQUITY: COMMON SHARES $2,400 2,400 CAPITAL SURPLUS, PAID IN 6,000 6,000 RETAINED EARNINGS 12,869 (177) 12,692 ------------------------------------------------ TOTAL COMMON STOCKHOLDER'S EQUITY 35.7% 21,269 (177) 21,092 35.5% ------------------------------------------------ TOTAL CAPITAL 100.0% $59,569 (177) $59,392 100.0%
HOLYOKE WATER POWER COMPANY EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 5.2 PAGE 3 OF 3
$5,000 x 6.01% = 301 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 301 ACCRUED INTEREST 301 To record the interest expense on the additional proposed borrowing at LIBOR as of 6/10/96 [5.46%] + 0.55%: $5,000 x 6.01% = 301 (c) ACCRUED TAXES 124 FEDERAL AND STATE INCOME TAX EXPENSE 124 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $301 x 41.18% = 124 NOTE 1 : The LIBOR rate and tax rate reflected above represent the current rates in effect as of the filing date. NOTE 2 : Proforma financials reflect company borrowings at the proposed SEC limit and the associated interest expense without reflecting equity or interest earnings of such borrowings.
NORTH ATLANTIC ENERGY CORPORATION BALANCE SHEET AS OF MARCH 31, 1996 (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 $774,474 $774,474 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 104,804 104,804 ------------------------------------------ 669,670 0 669,670 CONSTRUCTION WORK IN PROGRESS 4,619 4,619 NUCLEAR FUEL, NET 25,337 25,337 ------------------------------------------------ TOTAL NET UTILITY PLANT 699,626 0 699,626 OTHER PROPERTY AND INVESTMENTS: NUCLEAR DECOMMISSIONING TRUST, AT MARKET 16,343 16,343 ------------------------------------------------ TOTAL OTHER PROP. & INVEST. 16,343 0 16,343 CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 4,018 50,000 (a) 54,018 RECEIVABLES FROM AFFILIATED COMPANIES 24,309 24,309 NOTES RECEIVABLE FROM AFFILIATES 6,500 6,500 TAXES RECEIVABLE 3,608 3,608 FUEL, MATERIALS, AND SUPPLIES, AT AVERAGE COST 12,610 12,610 PREPAYMENTS AND OTHER 2,051 2,051 ------------------------------------------------ TOTAL CURRENT ASSETS 53,096 50,000 103,096 DEFERRED CHARGES: UNAMORTIZED DEBT EXPENSE 5,381 5,381 DEFERRED COST - SEABROOK 170,008 170,008 REGULATORY ASSET - INCOME TAXES 43,231 43,231 DEFERRED DOE ASSESSMENT 30,264 30,264 OTHER DEFERRED DEBITS 2,658 2,658 ------------------------------------------------ TOTAL DEFERRED CHARGES 251,542 0 251,542 ------------------------------------------------ TOTAL ASSETS $1,020,607 $50,000 $1,070,607
*EXPLANATION AT FINANCIAL STATEMENT 6.2 PAGE 3 OF 3 NORTH ATLANTIC ENERGY CORPORATION BALANCE SHEET AS OF MARCH 31, 1996 (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 $1 $1 CAPITAL SURPLUS, PAID IN 160,999 160,999 RETAINED EARNINGS 61,367 (1,817) 59,550 ------------------------------------------------ TOTAL COMMON STOCKHOLDER EQUITY 222,367 (1,817) 220,550 LONG-TERM DEBT 540,000 540,000 ------------------------------------------------ TOTAL CAPITALIZATION 762,367 (1,817) 760,550 CURRENT LIABILITIES: NOTES PAYABLE TO AFFILIATED COMPANY 0 50,000 (a) 50,000 ACCOUNTS PAYABLE 4,808 4,808 LONG TERM DEBT CURRENT PORTION 20,000 20,000 ACCRUED TAXES 0 (1,188)(c) (1,188) OTHER 1,118 1,118 ACCRUED INTEREST 10,987 3,005 (b) 13,992 -------------------------- ------------------- TOTAL CURRENT LIABILITIES 36,913 51,817 88,730 DEFERRED CREDITS: DEFERRED CONTRACT OBLIGATIONS TO ASSOCIATED COMPANY 33,284 33,284 ACCUMULATED DEFERRED INCOME TAXES 185,836 185,836 DEFERRED SEABROOK TAX SETTLEMENT 0 0 OTHER 2,207 2,207 ------------------------------------------------ TOTAL DEFERRED CREDITS 221,327 0 221,327 ------------------------------------------------ TOTAL CAPITALIZATION AND LIABILITIES $1,020,607 $50,000 $1,070,607
*EXPLANATION AT FINANCIAL STATEMENT 6.2 PAGE 3 OF 3 NORTH ATLANTIC ENERGY CORPORATION INCOME STATEMENT FOR 12 MONTHS ENDED MARCH 31, 1996 (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 $159,862 $0 $159,862 ------------------------------------------------ OPERATING EXPENSES: OPERATIONS - FUEL 12,088 12,088 OTHER 36,880 36,880 MAINTENANCE 12,453 12,453 DEPRECIATION 23,572 23,572 FEDERAL AND STATE INCOME TAXES 10,706 (1,188)(c) 9,518 TAXES OTHER THAN INCOME TAXES 11,668 11,668 ------------------------------------------------ TOTAL OPERATING EXPENSES 107,367 (1,188) 106,179 ------------------------------------------------ OPERATING INCOME: 52,495 1,188 53,683 ------------------------------------------------ OTHER INCOME: DEFERRED SEABROOK RETURN 8,602 8,602 OTHER, NET 1,326 1,326 INCOME TAXES - CREDIT 2,651 2,651 ------------------------------------------------ OTHER INCOME, NET 12,579 0 12,579 INCOME BEFORE INTEREST CHARGES 65,074 1,188 66,262 ------------------------------------------------ INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 60,122 60,122 OTHER INTEREST (506) 3,005 (b) 2,499 DEFERRED SEABROOK RETURN - BORROWED FUNDS (18,672) (18,672) ------------------------------------------------ TOTAL INTEREST CHARGES, NET 40,944 3,005 43,949 NET INCOME 24,130 (1,817) 22,313
* EXPLANATION AT FINANCIAL STATEMENT 6.2 PAGE 3 OF 3 NORTH ATLANTIC ENERGY CORPORATION CAPITAL STRUCTURE ON MARCH 31, 1996 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 6.2 PAGE 2 OF 3
PER BOOK ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % LONG-TERM DEBT 71.6% $560,000 $560,000 71.7% COMMON SHARES 1 1 CAPITAL SURPLUS, PAID IN 160,999 160,999 RETAINED EARNINGS 61,367 (1,817) 59,550 ------------------------------------------------ TOTAL COMMON STOCKHOLDER EQUITY 28.4% 222,367 (1,817) 220,550 28.3% ------------------------------------------------ 100.0% $782,367 (1,817) $780,550 100.0%
NORTH ATLANTIC ENERGY CORPORATION EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 6.2 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 3,005 ACCRUED INTEREST 3,005 To record the interest expense on the additional proposed borrowing at LIBOR as of 6/10/96 [5.46%] + 0.55%: $50,000 x 6.01% = 3,005 (c) ACCRUED TAXES 1,188 FEDERAL AND STATE INCOME TAX EXPENSE 1,188 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $1,188 x 39.55% = 1,188 NOTE 1 : The LIBOR rate and tax rate reflected above represent the current rates in effect as of the filing date. NOTE 2 : Proforma financials reflect company borrowings at the proposed SEC limit and the associated interest expense without reflecting equity or interest earnings of such borrowings.
NORTHEAST UTILITIES AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1996 (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 & OTHER $9,710,597 $9,710,597 LESS: ACCUMULATED PROVISION FOR DEPRECIATION 3,713,481 3,713,481 ------------------------------------------ 5,997,116 0 5,997,116 CONSTRUCTION WORK IN PROGRESS 165,965 165,965 NUCLEAR FUEL, NET 188,051 188,051 ------------------------------------------------ TOTAL NET UTILITY PLANT 6,351,132 0 6,351,132 ------------------------------------------------ OTHER PROPERTY AND INVESTMENTS: NUCLEAR DECOMMISSIONING TRUST, AT MARKET 336,163 336,163 INVESTMENTS IN REGIONAL NUCLEAR GENERATING COMPANIES, AT EQUITY 82,355 82,355 INVESTMENTS IN TRANSMISSION COMPANIES, AT EQUITY 23,262 23,262 OTHER, AT COST 81,977 81,977 ------------------------------------------------ 523,757 0 523,757 ------------------------------------------------ CURRENT ASSETS: CASH AND SPECIAL DEPOSITS 130,034 910,000 (a) 1,040,034 RECEIVABLES, NET 451,365 451,365 RECEIVABLES FROM AFFILIATED COMPANIES 0 0 ACCRUED UTILITY REVENUES 115,457 115,457 FUEL, MATERIAL AND SUPPLIES, AT AVERAGE COST 201,649 201,649 RECOVERABLE ENERGY COSTS, NET-CURRENT POSITION 36,113 36,113 PREPAYMENTS AND OTHER 38,754 38,754 ------------------------------------------------ TOTAL CURRENT ASSETS 973,372 910,000 1,883,372 ------------------------------------------------ DEFERRED CHARGES: REGULATORY ASSET-INCOME TAXES, NET 1,184,304 1,184,304 UNAMORTIZED ACQUISITION COSTS - PSNH 566,394 566,394 UNAMORTIZED DEBT EXPENSE 36,232 36,232 RECOVERABLE ENERGY COSTS, NET 245,427 245,427 DEFERRED CONSERVATION AND LOAD- MANAGEMENT COSTS 100,200 100,200 COGENERATION COSTS - CLP 100,952 100,952 DEFERRED COSTS - NUCLEAR PLANTS 173,886 173,886 AMORTIZABLE PROPERTY INVESTMENT - 0 0 UNRECOVERED CONTRACT OBLIGATION-YAEC 81,996 81,996 OTHER 159,657 159,657 ------------------------------------------------ TOTAL DEFERRED CHARGES 2,649,048 0 2,649,048 ------------------------------------------------ TOTAL ASSETS $10,497,309 $910,000 $11,407,309
* EXPLANATION AT FINANCIAL STATEMENT 7.2 PAGE 3 OF 3 NORTHEAST UTILITIES AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1996 (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 i CAPITALIZATION: COMMON SHARES $680,259 $680,259 CAPITAL SURPLUS, PAID IN 944,965 944,965 DEFERRED BENEFIT PLAN-EMPLOYEE STOCK OWNERSHIP PLAN (193,837) (193,837) RETAINED EARNINGS 1,016,660 (32,815) 983,845 ------------------------------------------------ TOTAL COMMON STOCKHOLDER'S EQUITY 2,448,047 (32,815) 2,415,232 PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION 169,700 169,700 PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION 301,000 301,000 LONG-TERM DEBT, NET 3,701,066 3,701,066 ------------------------------------------------ TOTAL CAPITALIZATION 6,619,813 (32,815) 6,586,998 OBLIGATIONS UNDER CAPITAL LEASES 138,398 138,398 MINORITY INTEREST IN CONSOLIDATED SUB 99,931 99,931 CURRENT LIABILITIES: NOTES PAYABLE TO BANKS 40,000 910,000 (a) 950,000 COMMERCIAL PAPER 0 0 LONG-TERM DEBT AND PREFERRED STOCK - CURRENT PORTION 219,725 219,725 OBLIGATIONS UNDER CAPITAL LEASES - CURRENT PORTION 78,407 78,407 ACCOUNTS PAYABLE 249,369 249,369 ACCOUNTS PAYABLE TO AFFILIATED COMPANIES 0 0 ACCRUED TAXES 112,985 (21,876)(c) 91,109 ACCRUED INTEREST 76,038 54,691 (b) 130,729 ACCRUED PENSION BENEFITS 91,630 91,630 OTHER 116,022 116,022 -------------------------- ------------------- TOTAL CURRENT LIABILITIES 984,176 942,815 1,926,991 DEFERRED CREDITS: ACCUMULATED DEFERRED INCOME TAXES 2,147,566 2,147,566 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 175,654 175,654 DEFERRED CONTRACT OBLIGATION-YAEC 81,996 81,996 DEFERRED DOE OBLIGATION 0 0 OTHER 249,775 249,775 ------------------------------------------------ TOTAL DEFERRED CREDITS 2,654,991 0 2,654,991 ------------------------------------------------ TOTAL CAPITALIZATION AND LIABILITIES $10,497,309 $910,000 $11,407,309
* EXPLANATION AT FINANCIAL STATEMENT 7.2 PAGE 3 OF 3 NORTHEAST UTILITIES AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT FOR 12 MONTHS ENDED MARCH 31, 1996 (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 $3,834,057 $0 $3,834,057 ------------------------------------------------ OPERATING EXPENSES: OPERATION - FUEL PURCHASED AND INTERCHANGE POWER 983,339 983,339 OTHER 1,018,666 1,018,666 MAINTENANCE 297,247 297,247 DEPRECIATION 357,484 357,484 AMORTIZATION/DEFERRALS OF REGULATORY ASSETS, NET 112,853 112,853 FEDERAL AND STATE INCOME TAXES 251,433 (21,876)(c) 229,557 TAXES OTHER THAN INCOME TAXES 255,013 255,013 ------------------------------------------------ TOTAL OPERATING EXPENSES 3,276,035 (21,876) 3,254,159 ------------------------------------------------ OPERATING INCOME: 558,022 21,876 579,898 ------------------------------------------------ OTHER INCOME: ALLOWANCE FOR OTHER FUNDS USED DURING CONSTRUCTION 0 0 DEFERRED NUCLEAR PLANTS RETURN-OTHER FUNDS 12,567 12,567 EQUITY IN EARNINGS OF REGIONAL NUCLEAR GENERATING COMPANIES 14,527 14,527 WRITE OFF OF PLANT COSTS 0 0 OTHER, NET 8,791 8,791 INCOME TAXES - CREDIT (4,300) (4,300) ------------------------------------------------ OTHER INCOME, NET 31,585 0 31,585 ------------------------------------------------ INCOME BEFORE INTEREST CHARGES 589,607 21,876 611,483 ------------------------------------------------ INTEREST CHARGES: INTEREST ON LONG-TERM DEBT 308,082 308,082 OTHER INTEREST 6,209 54,691 (b) 60,900 ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION 0 0 DEFERRED NUCLEAR PLANTS RETURN - BORROWED FUNDS, NET OF INCOME TAX (20,018) (20,018) ------------------------------------------------ TOTAL INTEREST CHARGES 294,273 54,691 348,964 ------------------------------------------------ INCOME BEFORE PREFERRED DIVIDENDS 295,334 (32,815) 262,519 PREFERRED DIVIDENDS OF SUBSIDIARIES 33,682 33,682 ------------------------------------------------ NET INCOME 261,652 (32,815) 228,837 EARNINGS FOR COMMON SHARE 261,652 (32,815) 228,837 EARNINGS PER COMMON SHARE 2.07 1.81 COMMON SHARES OUTSTANDING (AVERAGE) 126,704,283 126,704,283
* EXPLANATION AT FINANCIAL STATEMENT 7.2 PAGE 3 OF 3 NORTHEAST UTILITIES AND SUBSIDIARIES CAPITAL STRUCTURE AS OF MARCH 31, 1996 (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 7.2 PAGE 2 OF 3
PER BOOK ADJUSTED TO PRO FORMA REFLECT % PER BOOK ADJUSTMENT PRO FORMA % DEBT: LONG-TERM DEBT 57.3%$3,919,291 0 $3,919,291 57.6% PREFERRED STOCK: NOT SUBJECT TO REDEMPTION 171,200 171,200 SUBJECT TO REDEMPTION 301,000 301,000 ------------------------------------------------ TOTAL PREFERRED STOCK 6.9% 472,200 0 472,200 6.9% COMMON EQUITY: COMMON SHARES 680,259 680,259 CAPITAL SURPLUS, PAID IN 944,965 944,965 DEFERRED BENEFIT PLAN-EMPLOYEE STOCK OWNERSHIP PLAN (193,837) (193,837) RETAINED EARNINGS 1,016,660 (32,815) 983,845 ------------------------------------------------ TOTAL COMMON STOCKHOLDER'S EQUITY 35.8% 2,448,047 (32,815) 2,415,232 35.5% ------------------------------------------------ TOTAL CAPITAL 100.0%$6,839,538 (32,815) $6,806,723 100.0%
NORTHEAST UTILITIES AND SUBSIDIARIES EXPLANATION OF ADJUSTMENTS (THOUSANDS OF DOLLARS) FINANCIAL STATEMENT 7.2 PAGE 3 OF 3
DEBIT CREDIT (a) CASH $910,000 NOTES PAYABLE $910,000 To record the additional proposed borrowing up to an aggregate amount of $950 million that will be available to all applicants seeking authorization to borrow outside the NU system. The consolidated amount being requested excludes NAEC and HWP which will only be able to borrow internally through the Money Pool. NU (Parent) $200,000 CL&P 375,000 WMECO 150,000 PSNH 225,000 ------------------- SUM 950,000 (less currently outstanding 40,000 ------------------- $910,000 (b) OTHER INTEREST EXPENSE 54,691 ACCRUED INTEREST 54,691 To record the interest expense on the additional proposed borrowing at LIBOR as of 6/10/96 [5.46%]+ 0.55%: $910,000 x 6.01% = 54,691 (c) ACCRUED TAXES 21,876 FEDERAL AND STATE INCOME TAX EXPENSE 21,876 To record the reduction in Federal and State income taxes due to the higher interest and fee expenses: $54,691 x 40.00% = 21,876 NOTE 1 : The LIBOR rate and tax rate reflected above represent the current rates in effect as of the filing date. NOTE 2 : Proforma financials reflect company borrowings at the proposed SEC limit and the associated interest expense without reflecting equity or interest earnings of such borrowings.
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