-----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, SF0P+5B1Qb69C/qcKWZheBGYHLSb1B43fjx3OljsJXbAqEz7/9UWdQXzYBldacaL MslBNji1+kbWT5rA+nY++g== 0000755001-97-000004.txt : 19970304 0000755001-97-000004.hdr.sgml : 19970304 ACCESSION NUMBER: 0000755001-97-000004 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19970228 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITIL CORP CENTRAL INDEX KEY: 0000755001 STANDARD INDUSTRIAL CLASSIFICATION: 4931 IRS NUMBER: 020381573 STATE OF INCORPORATION: NH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: 1935 Act SEC FILE NUMBER: 070-08074 FILM NUMBER: 97547035 BUSINESS ADDRESS: STREET 1: 6 LIBERTY LAND WEST CITY: HAMPTON STATE: NH ZIP: 03842 BUSINESS PHONE: 6037720775 U-1 1 SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned company has duly caused this Certificate to be signed on its behalf by the undersigned thereunto duly authorized. Unitil Resources, Inc. By: /s/ Gail A. Siart Gail A. Siart Treasurer Dated: February 26, 1997 SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned company has duly caused this Certificate to be signed on its behalf by the undersigned thereunto duly authorized. Unitil Resources, Inc. By: Gail A. Siart Treasurer Dated: February 26, 1997 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ Application of Unitil Corporation ) ) CERTIFICATE PURSUANT TO and its Subsidiaries on Form U-1 ) RULE 24 UNDER THE PUBLIC ) UTILITY HOLDING COMPANY (File No. 70-8074) ) ACT OF 1935 _______________________________________________________________________________ Pursuant to the requirements of Rule 24 under the Public Utility Holding Company Act of 1935, Unitil Corporation, on behalf of itself and its subsidiary, Unitil Resources, Inc. hereby files the attached quarterly report as required by the Securities and Exchange Commission's order approving the formation of a subsidiary company to provide consulting services to non affiliates (HCAR No.25816; File No. 70-8074; May 24, 1993), its order approving the provision by that subsidiary of additional services including energy marketing and energy management services (HCAR No. 26487; File No. 70-8773; May 31, 1996), and its supplemental order authorizing expansion of retail energy marketing activities by that subsidiary (HCAR No. 26650;File No. 70-8773; January 21, 1997). Exhibits Exhibit A - Description of the various consulting, energy marketing, energy management and other activities undertaken by Unitil Resources, Inc. Exhibit B - Statement of the amount of funds invested by Unitil in Unitil Resources, Inc. Exhibit C - Description of staffing. Exhibit D - Description of the intellectual property. Exhibit E - Statement of energy marketing expenses incurred by Unitil Resources, Inc. Exhibit F - Statement of energy sales. Exhibit G - Financial Statements. EXHIBIT A Page 1 of 1 Description of Various Consulting, Energy Marketing, Energy Management and Other Activities Undertaken by Unitil Resources Inc: Staff providing services under the activities listed below (unless otherwise indicated) are located at Unitil Service Corp. (Unitil Service), 6 Liberty Lane West, Hampton, NH 03842-1720, where most client work is performed. From time to time staff visit other locations, predominately in New England, representing client interests. Consulting Services A. Kingston-Warren Corporation Consultancy. An agreement was signed as of December 30, 1994 between Unitil Resources and Kingston-Warren Corporation (K-W) under which Unitil Resources will assist K-W in the conduct of studies relating to alternatives to K-W's current retail power supply arrangements. No charges have been assessed to date on this contract. Energy Marketing Activities A. New Hampshire Pilot Program. As of July 1, 1996, Unitil Resources became eligible to begin marketing electricity at retail to statewide participants in the New Hampshire Pilot Program. This 24-month program allows 3% of all electric customers in the State of New Hampshire to purchase electricity from the supplier of their choice. Revenues generated from this activity during the fourth quarter of 1996 and for the year ended December 31, 1996 were $88,137 and $152,501 respectively. Energy Management Services No contracts/activities to date. EXHIBIT B Statement of the Amount of Funds Invested by Unitil Corporation in Unitil Resources, Inc.: The initial investment in Unitil Resources, Inc. was $10,000. There has been no further investment. EXHIBIT C Description of Staffing: Staff involved in providing service to Unitil Resources, Inc. (Unitil Resources) are located at Unitil Service Corp. (Unitil Service). Service is provided to Unitil Resources pursuant to a service agreement between Unitil Service and Unitil Resources dated July 1, 1993. Services provided by Unitil Service during the fourth quarter of 1996 included regulatory, finance, accounting, marketing, energy management and administrative services and ranged in number from thirteen to seventeen employees on a part-time basis each month. Services provided by Unitil Service cumulatively to date included the same catagories and ranged in number from thirteen to seventy-four employees on a part-time basis each month. The following are the percentages of Unitil Service time that were expended on Unitil Resources activities in the fourth quarter of 1996 and cumulatively to date: Consulting Energy Energy & Other Marketing Mgmt. Total First Quarter 0.20% 0.00% 0.00% 0.20% Second Quarter 0.00% 3.40% 0.00% 3.40% Third Quarter 0.00% 2.13% 0.00% 2.13% Fourth Quarter 0.00% 1.01% 0.00% 1.01% Year To Date 0.07% 1.70% 0.00% 1.77% EXHIBIT D Description of the Intellectual Property: No intellectual property was purchased or received during the quarter. EXHIBIT E Statement of Energy Marketing Expenses: Quarter Ended Year-To-Date December 31, 1996 Period Retail Energy Marketing Expenses ($20,095) $437,680 Wholesale Energy Marketing Expenses -- -- Total Energy Marketing Expenses ($20,095) $437,680 EXHIBIT F Statement of Energy Sales: Kilowatt Hour Sales for Quarter Ended Year to Date December 31, 1996 Kilowatt Hour Sales Retail Energy Marketing Residential 2,711,286 4,234,543 Commercial 185,510 288,581 Industrial 477,179 535,228 Total Retail Energy Marketing 3,373,975 5,058,352 Wholesale Energy Marketing -- -- Total Energy Marketing 3,373,975 5,058,352 EXHIBIT G Page 1 of 5 Unitil Resources, Inc. (A Wholly-owned Subsidiary of Unitil Corporation) STATEMENTS OF EARNINGS (UNAUDITED) Three Months Ended Twelve Months December 31, Ended December 31, 1996 1995 1996 1995 Revenues: Service Revenues $ -- $259,694 $15,427 $910,954 Electric Revenues 88,137 -- 152,501 -- Total Revenues 88,137 259,694 167,928 910,954 Operating Expenses: Purchased Power 122,385 -- 200,909 -- Administrative and General(17,594) 165,761 449,543 583,075 Total Operating Expenses 104,791 165,761 650,452 583,075 Operating Income (16,654) 93,933 (482,524) 327,879 Nonoperating Income 214 3,459 13,847 3,669 Earning Before Income Taxes (16,440) 97,392 (468,677) 331,548 Income Taxes: Federal (4,536) 30,758 (147,533) 104,908 State (910) 6,817 (32,567) 23,208 Total Income Taxes (5,446) 37,575 (180,100) 128,116 Net Income ($10,994) $59,817 ($288,577) $203,432 Exhibit G Page 2 of 5 Unitil Resources, Inc. (A Wholly-owned Subsidiary of Unitil Corporation) BALANCE SHEETS (UNAUDITED) December 31, December 31 ASSETS: 1996 1995 1995 Current Assets: Cash $2,491 $411,781 $411,781 Accounts Receivable 71,604 258 258 Unbilled and Acc Rev. 39,623 4,181 4,181 Total Current Assets 113,718 416,220 416,220 Deferred Debits -- -- -- Total Assets $113,718 $416,220 $416,220 LIABILITIES AND STOCKHOLDERS EQUITY: Current Liabilities: Accounts Payable $102,806 $50,862 $50,862 Taxes Accrued & Othe (44,206) 21,663 21,663 Total Current Liab 58,600 72,525 72,525 Stockholder's Equity: Common Stock, $1.00 par value Authorized - 10,000 shares Outstanding - 10,000 shares 100 100 100 Premium on Common Stock 9,900 9,900 9,900 Retained Earnings 45,118 333,695 333,695 Total Stockholder's Equity 55,118 343,695 343,695 Total Liabilities and Equity $113,718 $416,220 $416,220 Exhibit G Page 3 of 5 Unitil Resources, Inc. (A Wholly-owned Subsidiary of Unitil Corporation) STATEMENTS OF CASH FLOWS (UNAUDITED) For the Twelve Months Ended December 31, 1996 1995 Net Cash Flow from Operating Activities: Net Income $(288,577) $203,432 Change in Assets and Liabilities (Increase) Decrease in: Accounts Receivable (71,346) 65,307 Unbilled and Accrued Revenue (35,442) 4,766 Deferred Debits --- 1,484 Increase (Decrease) in: Accounts Payable 51,944 (1,141) Taxes Accrued & Other (65,869) 39,218 Net Cash Provided by Operating Activities (409,290) 313,066 Net Increase in Cash (409,290) 313,066 Cash at beginning of year 411,781 98,715 Cash at December 31, $2,491 $411,781 Exhibit G Page 4 of 5 Unitil Resources, Inc. (A Wholly-owned Subsidiary of Unitil Corporation) STATEMENTS OF CASH FLOWS (UNAUDITED) For the Twelve Months Ended December 31, 1996 Other Electric Energy Energy Consulting Power Commodity Mgmt. & Other Marketing Sales Services Total Net Cash Flow from Operating Activities: Net Income $7,958 $(296,535) -- -- $(288,577) Change in Assets and Liabilities (Increase) Decrease in: Accounts Receivable 258 (71,604) -- -- (71,346) Unbilled and Accrued Revenue 3,824 (39,266) -- -- (35,442) Increase (Decrease) in: Accounts Payable (20,450) 72,394 -- -- 51,944 Taxes Accrued & Other (4,115) (61,754) -- -- (65,869) Net Cash Provided by Operating Activities(16,349) (396,765) -- -- (409,290) Net Increase in Cash (409,290) Cash at beginning of year 411,781 Cash at December 31, $2,491 Exhibit G Page 5 of 5 Unitil Resources, Inc. (A Wholly-owned Subsidiary of Unitil Corporation) STATEMENTS OF RETAINED EARNINGS (UNAUDITED) For the Three Months Ended December 31, 1996 1995 Retained Earnings, Beginning of Period $56,112 $273,878 Net Income (10,994) 59,817 Retained Earnings, End of Period $45,118 $333,695 For the Twelve Months Ended December 31, 1996 1995 Retained Earnings, Beginning of Period $333,695 $130,263 Net Income (288,577) 203,432 Retained Earnings, End of Period $45,118 $333,695 -----END PRIVACY-ENHANCED MESSAGE-----