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 September 30, 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 September 30, 2001, NU's aggregate investment in EWGs was
approximately $469.5 million, or 80% of its average Consolidated Retained
Earnings of approximately $586.2 million.
2) Consolidated capitalization ratios of NU as of the end of that quarter,
with consolidated debt to include all short-term debt and nonrecourse
debt of the EWG:
NU Consolidated Capitalization
As of September 30, 2001
------------------------
(thousands
of dollars) %
----------- -----
Common shareholders' equity $2,133,851 31.6%
Preferred stock 116,200 1.7
Long-term and short-term debt 2,391,557 35.4
Rate reduction bonds 2,118,400 31.3
---------- -----
$6,760,008 100.0%
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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 September 30, 2001
NU
NGC Consolidated
--- ------------
(Thousands of Dollars)
Beginning balance as of July 1, 2001 $47,195 $610,248
Additions:
Net income 9,766 34,631
Miscellaneous elimination adjustment - 1
Deductions:
Dividends declared-common shares - (6)
------- --------
Ending balance as of September 30, 2001 $56,961 $644,886
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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 September 30, 2001
(Thousands of Dollars)
Revenues $132,284
Net Income $ 41,806
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
November 14, 2001