File No. 70-9543
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Application of Northeast ) CERTIFICATE PURSUANT TO
Utilities and Northeast ) RULE 24 UNDER THE PUBLIC
Generation Services ) UTILITY HOLDING COMPANY ACT
Company on Form U-1 ) OF 1935
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. 35-27148, March 7,
2000, File No. 70-9543) ("Order").
For the quarter ended March 31, 2001, 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 March 31, 2001, NU's aggregate investment in EWGs was approximately
$469.5 million, or 78% of its average Consolidated Retained Earnings of
approximately $605.2 million.
2) Consolidated capitalization ratios of NU as of the end of that quarter,
with consolidated debt to include all short-term debt and non-recourse debt
of the EWG:
NU Consolidated Capitalization
As of March 31, 2001
--------------------
(thousands
of dollars) %
----------- -----
Common shareholders' equity $2,319,082 31.0%
Preferred stock 240,468 3.2
Long-term and short-term debt 3,479,304 46.6
Rate reduction bonds 1,438,400 19.2
---------- -----
$7,477,254 100.0%
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3) Analysis of the growth in consolidated retained earnings which
segregates total earnings growth of Northeast Generation Company (NGC) from
that attributable to other subsidiaries of NU.
Retained Earnings statement as of March 31, 2001
NU
NGC CONSOLIDATED
--- ------------
(Thousands of Dollars)
Beginning balance as of December 31, 2000 $23,260 $495,873
Additions:
Net income 10,721 112,163
Deductions:
Dividends declared-common shares - (14,390)
------- --------
Ending balance as of March 31, 2001 $33,981 $593,646
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4) A statement of revenues and net income for the EWG for the twelve months
ending as of the end of that quarter.
NGC
Twelve months ended March 31, 2001
(Thousands of Dollars)
Revenues $135,639
Net Income $ 34,581
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.
/s/ John J. Roman
-----------------------------
John J. Roman
Vice President and Controller
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
May 29, 2001