File No. 70-10177




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 December 31, 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 December 31, 2004, NU's aggregate investment in EWGs was approximately $448.2 million, or 52.4% of its average Consolidated Retained Earnings for the most recent four quarters of approximately $855.4 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.


 

As of December 31, 2004

 

(Thousands
of Dollars)

 

%  

 

NU's aggregate investment in EWGs

$

448,174 

 

- 

%

a) Total consolidated capitalization

 

7,020,134 

 

6.4 

 

b) Net utility plant

 

5,864,161 

 

7.6 

 

c) Total consolidated assets

 

11,655,834 

 

3.8 

 

d) Aggregate market value of NU's common equity

 

2,296,711 

 

19.5 

 


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

As of December 31, 2004

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

$

2,296,711 

 

32.7 

%

Preferred stock

 

116,200 

 

1.7 

 

Long-term and short-term debt

 

3,060,733 

 

43.6 

 

Rate reduction bonds

 

1,546,490 

 

22.0 

 
 

$

7,020,134 

 

100.0 

%








The Connecticut Light and Power Company (CL&P)

As of December 31, 2004

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

$

822,292 

 

26.6 

%

Preferred stock

 

116,200 

 

3.8 

 

Long-term and short-term debt

 

1,157,916 

 

37.4 

 

Rate reduction bonds

 

995,233 

 

32.2 

 
 

$

3,091,641 

 

100.0 

%


Public Service Company of New Hampshire (PSNH)

As of December 31, 2004

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

$

399,699 

 

30.4 

%

Long-term and short-term debt

 

487,590 

 

37.0 

 

Rate reduction bonds

 

428,769 

 

32.6 

 
 

$

1,316,058 

 

100.0 

%


Western Massachusetts Electric Company  (WMECO)

As of December 31, 2004

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

$

164,472 

 

30.7 

%

Long-term and short-term debt

 

248,584 

 

46.4 

 

Rate reduction bonds

 

122,489 

 

22.9 

 
 

$

535,545 

 

100.0 

%


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 December 31, 2004:


 

NGC

 

NU Consolidated

                                                                                                  (Thousands of Dollars)


Beginning balance as of October 1, 2004

$

41,643 

 

$

833,237 

 

Additions:

      

   Net income

 

11,139 

  

33,062 

 

Deductions

      

   Dividends declared - common shares

 

7,000 

  

20,956 

 

Ending balance as of December 31, 2004

$

45,782 

 

$

845,343 

 


5)

A statement of revenues and net income for each EWG for the twelve months ending as of the end of the quarter:


Twelve Months Ended December 31, 2004

NGC

 

(Thousands of Dollars)

  

Revenues

$153,891

Net Income

$  42,016







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

    February 25, 2005