File No. 70-9839
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Application of Northeast Utilities, ) CERTIFICATE PURSUANT TO RULE 24
The Connecticut Light and Power Company ) UNDER THE PUBLIC UTILITY HOLDING
Western Massachusetts Electric Company ) COMPANY ACT OF 1935
on Form U-1 )
Pursuant to the requirements of Rules 42, 43, 44, 46(a)and 54 under the
Public Utility Holding Company Act of 1935, Northeast Utilities ("NU"), a
registered holding company, Western Massachusetts Electric Company ("WMECO"),
an electric utility subsidiary of NU and The Connecticut Light and Power
Company ("CL&P"), an electric utility subsidiary of NU, hereby files this
quarterly report as required by the Securities and Exchange Commission's order
authorizing the repurchase of common stock out of capital or unearned surplus
from parent. (HCAR No. 35-27529, May 16, 2002, File No. 70-9839) ("Order").
For the quarter ended September 30, 2002, the following information is
reported pursuant to the Order.
1) A total capitalization calculation to include a breakdown of the common
stock equity account and by percentage for each equity and debt category
for the period ending for each Applicant that indicates the amount of
dividends paid to NU and/or the amount of stock repurchased from NU during
the quarter; total capitalization is to include all short-term debt
and current maturities.
The Connecticut Light and Power Company (CL&P)
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As of September 30, 2002
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(Thousands of Dollars) %
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Common shareholders' equity
Common stock $ 68,120 2.3%
Capital surplus, paid in 369,414 12.6
Retained earnings 301,775 10.2
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Total common shareholder's equity 739,309 25.1
Preferred stock 116,200 3.9
Long-term and short-term debt 827,071 28.0
Rate reduction bonds 1,271,834 43.0
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$2,954,414 100.0%
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A common dividend of $15,054,506.74 was declared on September 20, 2002,
and was paid to NU on September 27, 2002.
Western Massachusetts Electric Company (WMECO)
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As of September 30, 2002
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(Thousands of Dollars) %
---------------------- -----
Common shareholders' equity
Common shares $ 10,866 2.3%
Capital surplus, paid in 69,715 14.4
Retained earnings 70,739 14.7
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Total common shareholders' equity 151,320 31.4
Long-term and short-term debt 186,505 38.6
Rate reduction bonds 144,980 30.0
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$482,805 100.0%
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A common dividend of $4,003,154.13 was declared on September 26, 2002
and was paid to NU on September 30, 2002.
2) The current senior debt ratings of CL&P and WMECO, including a
representation that such ratings are at or above investment
grade.
As of September 30, 2002, the senior debt ratings issued by Standard and
Poor's Corporation and Moody's of CL&P and WMECO are each BBB+ and A3,
respectively which are investment grade ratings.
3) The Utilities' cash-on-hand both during the quarter and as of the end
of each quarter and a representation as to whether internal cash funds
available during the quarter were sufficient to fund each company's
normal business operations or had to be supplemented with borrowings from
working capital facilities.
CL&P and WMECO represent that during the quarter ended September 30, 2002,
internal cash funds available during the quarter, confirmed with financing
activities set forth below, were sufficient to fund each company's normal
business operations.
Internal cash funds available during the quarter were supplemented with
external borrowings for CL&P and WMECO.
Net cash
Net cash Net cash flows
Cash flows flows (used in)/
beginning provided by used in provided by Cash end
of period operating investing financing of period
7/1/2002 activities activities activities 9/30/2002
--------- ----------- ---------- ----------- ---------
(Thousands of Dollars)
CL&P $2,477 $141,349 $(65,400) $(70,599) $7,827
WMECO 1 7,053 (10,839) 3,786 1
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of
1935, the undersigned companies have duly caused this certificate to be signed
on their behalf by the undersigned thereunto duly authorized.
NORTHEAST UTILITIES
THE CONNECTICUT LIGHT AND POWER COMPANY
WESTERN MASSACHUSETTS ELECTRIC COMPANY
/s/ John P. Stack
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John P. Stack
Vice President - Accounting and Controller
P.O. Box 270
Hartford, CT 06141-0270
November 26, 2002