File No. 70-10177
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Application of Northeast Utilities, ) CERTIFICATE PURSUANT TO RULE 24
NU Enterprises, Inc., ) UNDER THE PUBLIC UTILITY HOLDING
Select Energy, Inc. ) COMPANY ACT OF 1935
on Form U-1 )
Pursuant to the requirements of Rule 24 under the Public Utility Holding
Company Act of 1935, Northeast Utilities ("NU"), a registered holding company,
hereby files this quarterly report as required by the Securities and Exchange
Commission's order authorizing the use of proceeds of financing transaction
for investment in Exempt Wholesale Generators. (HCAR No. 35-27868, June 30,
2004, and HCAR No. 35-27868A, July 2, 2004, File No. 70-10177) ("Order").
For the quarter ended June 30, 2004, the following information is
reported pursuant to the Order.
1) A computation in accordance with rule 53(a) (as modified by the
Commission's order in this proceeding) of NU's aggregate investment
in EWGs.
As of June 30, 2004, NU's aggregate investment in EWGs was
approximately $448.2 million, or 53.6% of its average Consolidated
Retained Earnings for the most recent four quarters of approximately
$836.0 million.
2) A computation in accordance with rule 53(a) setting forth NU's
"aggregate investment" in EWGs as a percentage of (a) total
consolidated capitalization; (b) net utility plant; (c) total
consolidated assets; and (d) aggregate market value of NU's common
equity, all as of the end of the quarter.
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As of June 30, 2004
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(Thousands of Dollars) %
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NU's Aggregate investment in EWG's $ 448,174 -
a) Total consolidated capitalization 6,684,850 6.7%
b) Net utility plant 5,641,750 7.9
c) Total consolidated assets 11,513,789 3.9
d) Aggregate market value of NU's common equity 2,323,458 19.3
3) Consolidated capitalization ratios of NU, CL&P, PSNH and WMECO as of the
end of the quarter, with consolidated debt to include all short-term debt
and non-recourse debt of the EWG(s):
NU Consolidated
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As of June 30, 2004
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(Thousands of Dollars) %
---
Common shareholders' equity $2,323,458 34.8%
Preferred stock 116,200 1.7
Long-term and short-term debt 2,605,848 39.0
Rate reduction bonds 1,639,344 24.5
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$6,684,850 100.0%
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Connecticut Light and Power Company (CL&P)
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As of June 30, 2004
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(Thousands of Dollars) %
---
Common shareholder's equity $ 741,196 25.1%
Preferred stock 116,200 3.9
Long-term and short-term debt 1,032,383 35.0
Rate reduction bonds 1,060,902 36.0
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$2,950,681 100.0%
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Public Service Company of New Hampshire (PSNH)
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As of June 30, 2004
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(Thousands of Dollars) %
---
Common shareholder's equity $ 385,795 29.5%
Long-term and short-term debt 469,385 36.0
Rate reduction bonds 450,814 34.5
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$1,305,994 100.0%
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Western Massachusetts Electric Company (WMECO)
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As of June 30, 2004
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(Thousands of Dollars) %
---
Common shareholder's equity $ 162,336 34.4%
Long-term and short-term debt 181,754 38.5
Rate reduction bonds 127,628 27.1
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$ 471,718 100.0%
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4) Analysis of the growth in consolidated retained earnings which segregates
total earnings growth of NGC and each additional EWG from that
attributable to other subsidiaries of NU.
Retained earnings statement as of June 30, 2004:
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NU
NGC Consolidated
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(Thousands of Dollars)
Beginning balance as of April 1, 2004 $34,618 $857,197
Additions:
Net income 11,787 22,883
Deductions:
Dividends declared-common shares 7,000 39,998
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Ending balance as of June 30, 2004 $39,405 $840,082
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5) A statement of revenues and net income for each EWG for the twelve months
ending as of the end of the quarter.
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Twelve Months Ended June 30, 2004 NGC
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(Thousands of Dollars)
Revenues $148,736
Net Income $ 39,443
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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.
NORTHEAST UTILITIES
/s/ John P. Stack
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John P. Stack
Vice President - Accounting and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
August 25, 2004