Certificate 70-9541

File No. 70-9541



UNITED STATES OF AMERICA

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



Application of Northeast Utilities,

)

 

The Connecticut Light and Power Company,

)

 

Public Service Company of New Hampshire,

)

 

Western Massachusetts Electric Company,

)

 

NU Enterprises, Inc.,

)

CERTIFICATE PURSUANT TO RULE 24

Northeast Generation Company,

)

UNDER THE PUBLIC UTILITY HOLDING

Northeast Generation Services Company,

)

COMPANY ACT OF 1935

Select Energy, Inc.,

)

 

Select Energy Services, Inc.,

)

 

Select Energy Contracting, Inc.,

)

 

Reeds Ferry Supply Co., Inc.,

)

 

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 payment of dividends out of capital or unearned surplus and/or the repurchase of capital stock.  (HCAR No. 35-27147, March 7, 2000, File No. 70-9541) ("Order").  


For the quarter ended March 31, 2005, 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, if any, of dividends paid to NU and/or the amount of repurchased stock 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)

As of March 31, 2005

 

(Thousands
of Dollars)

 

%  

 

Common stockholder's equity

   

 

 

  Common stock

$

60,352 

 

1.9 

%

  Capital surplus, paid in

 

436,661 

 

13.6 

 

  Retained earnings

 

358,861 

 

11.2 

 

  Total common stockholder's equity

 

855,874 

 

26.7 

 

Preferred stock

 

116,200 

 

3.6 

 

Long-term and short-term debt

 

1,273,665 

 

39.8 

 

Rate reduction bonds

 

958,485 

 

29.9 

 
 

$

3,204,224 

 

100.0 

%


A common dividend of $13,458,507.15 was declared on March 16, 2005, and was paid to NU on March 31, 2005.




Public Service Company of New Hampshire (PSNH)

As of March 31, 2005

 

(Thousands
of Dollars)

 

%

 

Common stockholder's equity

   

 

 

  Common stock

$

- 

 

- 

%

  Capital surplus, paid in

 

156,338 

 

11.7 

 

  Retained earnings

 

245,937 

 

18.5 

 

  Total common stockholder's equity

 

402,275 

 

30.2 

 

Long-term and short-term debt

 

513,493 

 

38.5 

 

Rate reduction bonds

 

418,055 

 

31.3 

 
 

$

1,333,823 

 

100.0 

%


A common dividend of $6,127,758.00 was declared on March 16, 2005, and was paid to NU on March 31, 2005.


Western Massachusetts Electric Company (WMECO)

As of  March 31, 2005

 

(Thousands
of Dollars)

 

%

 

Common stockholder's equity

   

 

 

  Common stock

$

10,866 

 

2.0 

%

  Capital surplus, paid in

 

75,776 

 

14.0 

 

  Retained earnings

 

    80,371 

 

14.8 

 

  Total common stockholder's equity

 

167,013 

 

30.8 

 

Long-term and short-term debt

 

256,336 

 

47.2 

 

Rate reduction bonds

 

119,612 

 

22.0 

 
 

$

542,961 

 

100.0 

%


A common dividend of $1,921,166.26 was declared on March 16, 2005, and was paid to NU on March 31, 2005.


There were no other dividends paid to NU and/or repurchased stock from NU for the other applicants during this quarter.


2)

The current senior debt rating of each Applicant to include a representation that the rating is at or above investment grade.  


As of March 31, 2005, the senior secured (or, in the case of WMECO, senior unsecured) debt ratings issued by Standard and Poor's Corporation of CL&P, PSNH and WMECO are A-, BBB+ and BBB+, respectively.  Each company represents that such ratings are “investment grade” ratings.


3)

The amount of cash-on-hand both during the quarter and as of the end of each quarter for CL&P, PSNH  and WMECO to include 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.  


NU represents that during the quarter ended March 31, 2005, internal cash funds available during the quarter, combined with financing activities set forth below, were sufficient to fund each company's normal business operations.  




 



Cash

beginning of

period

01/01/05




Net cash flows

provided by

operating

activities

 



Net cash flows

(used in)

investing

activities

 



Net cash flows

provided by

financing

activities

 



Cash

end of

period

 03/31/05

 

(Thousands of Dollars)

  

CL&P

$5,608 

 

$6,729 

 

$(96,062)

 

$84,910 

 

$1,185 

 

PSNH

4,855 

 

30,990 

 

(43,557)

 

9,146 

 

1,434 

 

WMECO

1,678 

 

7,751 

 

(11,213)

 

2,425 

 

641 

 
           




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

(Registered Holding Company)

 

/s/ John P. Stack


     John P. Stack

     Vice President - Accounting and Controller

     Northeast Utilities

     P.O. Box 270

     Hartford, CT 06141-0270

     May 26, 2005