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 June 30, 2005, 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 June 30, 2005, NU's aggregate investment in EWGs was approximately $448.2 million, or 59.4% of its average Consolidated Retained Earnings for the most recent four quarters of approximately $755.1 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 June 30, 2005

 

(Thousands
of Dollars)

 

%  

 

NU's aggregate investment in EWGs

$

448,174 

 

- 

%

a) Total consolidated capitalization

 

6,885,062 

 

6.5 

 

b) Net utility plant

 

6,075,216 

 

7.4 

 

c) Total consolidated assets

 

11,950,556 

 

3.8 

 

d) Aggregate market value of NU's common equity

 

2,705,442 

 

16.6 

 


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 June 30, 2005

 

(Thousands
of Dollars)

 

%  

 

Common shareholder's equity

$

2,102,369 

 

30.5 

%

Preferred stock

 

116,200 

 

1.7 

 

Long-term and short-term debt

 

3,216,732 

 

46.7 

 

Rate reduction bonds

 

1,449,761 

 

21.1 

 
 

$

6,885,062 

 

100.0 

%





The Connecticut Light and Power Company (CL&P)

As of June 30, 2005

 

(Thousands
of Dollars)

 

%  

 

Common stockholder's equity

$

953,476 

 

29.3 

%

Preferred stock

 

116,200 

 

3.6 

 

Long-term and short-term debt

 

1,255,015 

 

38.6 

 

Rate reduction bonds

 

926,870 

 

28.5 

 
 

$

3,251,561 

 

100.0 

%


Public Service Company of New Hampshire (PSNH)

As of June 30, 2005

 

(Thousands
of Dollars)

 

%  

 

Common stockholder's equity

$

420,161 

 

31.4 

%

Long-term and short-term debt

 

510,195 

 

38.2 

 

Rate reduction bonds

 

406,068 

 

30.4 

 
 

$

1,336,424 

 

100.0 

%


Western Massachusetts Electric Company  (WMECO)

As of June 30, 2005

 

(Thousands
of Dollars)

 

%  

 

Common stockholder's equity

$

171,888 

 

31.8 

%

Long-term and short-term debt

 

252,023 

 

46.6 

 

Rate reduction bonds

 

116,823 

 

21.6 

 
 

$

540,734 

 

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 June 30, 2005:


 

NGC

 

NU Consolidated

                                                                                                  (Thousands of Dollars)


Beginning balance as of April 1, 2005

$

49,879 

 

$

706,619 

 

Additions:

      

   Net income/(loss)

 

12,294 

  

(27,704) 

 

Deductions:

      

   Cash dividends on common shares

 

8,000 

  

43,694 

 

Ending balance as of June 30, 2005

$

54,173 

 

$

635,221 

 


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 June 30, 2005

NGC

 

(Thousands of Dollars)

  

Revenues

$155,240

Net Income

$  44,767




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

August 25, 2005