ML19318D188
| ML19318D188 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 03/14/1980 |
| From: | CONNECTICUT LIGHT & POWER CO. (SUBS. OF NORTHEAST |
| To: | |
| Shared Package | |
| ML19318D157 | List: |
| References | |
| NUDOCS 8007080040 | |
| Download: ML19318D188 (21) | |
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D$ Connecticut Light and Power Company March 14,1980 To the Shareholders: The Annual Report of Northeast Utilities, which provides coverage of the entire Northeast Utilities system, including The Connecticut Light and Power Company, has been mailed to all CL&P preferred stockholders. This report is brief for that reason. The financial statements and statistical data included in this report show the results of operations of the Company in 1979. As you will note, the Company's earnings showed a decline during 1979 and remained significantly below the return allowed by the Connecticut Division of Public Utility Control (DPUC). Additional revenues generated by a $53.7 million rate increase, approved by the DPUC in June of 1979, were offset by the effects of rapid inflation, higher fossil fuel costs, expenses required for service restoration following storms, costs associated with im-plementing new requirements of the Nuclear Regulatory Commission as well as higher short-term interest rates. In addition, earnings were adversely affected by a lower level of nuclear generation than in 1978 and the operation, during the last five months of the year, of the Generation Utilization Adjustment Clause (GUAC), which was authorized by the DPUC as part of its 1979 rate decision. The GUAC should have a stabilizing effect on earnings in the future, however. The Company expects . file shortly for increased electric and gas rates. Carroll A. Caffrcy and Walter T. Schultheis were elected Vice Presidents in 1979. Robert S. Bromage, Vice President, retired after 43 years of system service and Warren A. Greten, Vice President, resigned after 30 years of system service. Warren F. Brecht, previously Vice President - Financial Control and Information Services, was named Vice President - Management Information Systems and Controller when Warren A. Hunt became System Director - Revenue Requirements. Sincerely,
.
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President Chairman 1
The Connecticut Light and Power Company STATEMENTS OF INCOME For Ihe Years Ended December 31. I979 1978(a) (Thousands of DollarsI Operating Revenues tNote 2) S501,626 $505.838 Operating Expenses: Operation - Fuel used in generation 162,295 114,422 Gas purchased for resale 54,519 4o,075 Other 121,723 100,53o Maintenance 43,1o3 37,024 Depreciation 50,925 40,90o Federal and state income taxes (Note 3) o,480 13.305 Taxes other than income taxes 50,669 45,109
- Total operating expenses 442,774 407.277 Operating income o8,852 08,5ol Other Income:
Allowance for equity f unds used during construction 9,542 10,473 Equity in earnings of regional nuclear generating companies 2,878 2,097 Other, net (737) 342 income taxes applicable to other income-credit (Note 3) 639 424 Net other income 12,322 13.336 Income before interest (harges 111,174 111,807 Int rest Charges: Interest on long-term debt 57,049 So,319 0:her interest 7,279 4,757 Allowan(c for borrowed f unds used during construcion (11,051) (10.654) Totalinterest charges 53,327 50 '2_ Net Income (Note 2) $ 57,847 5 61.475 (a) The 1978 financial statemencs have been restated, as discussed in Note 10. STATEMENTS OF RETAINED EARNINGS
~
l For Ihe Year s Fnded Decentber 31, 1474 1078 (Thousarols of Dollars) llalance at beginning of period 5170,448 $158,747 Net income 57347 61,475 Cash dividends on preferred stoc k (14,645) (14,644) Cash dividends on common stock (33,170) (34.630) llalance at end of period (a) 5180,471 $170.948
.g (a) At December 31, 1979, retained earnings of $67,000,000 were available for payment of cash !
dividends on common stock under the provisions of the Company's Indenture of Mortgage and Deed of Trust. ; i The accompanying notes are an integral part of these financial statements. l 2
The Connecticut Light and Power Company STATEMENTS OF SOURCES OF FUNDS FOR GROSS PROPERTY ADDITIONS For the Years Ended December 31, 1979 1978(a) (Thousands of Dollars) Funds Generated From Operations Net income S 57,847 5 61,475 Principal noncash items - Depreciation 50,925 49,906 Deferred income taxes, net 6,004 9,557 Amortization of deferred charges and other noncash items 2,544 3,476 Amortization of deferred fuel costs 2,553 1,413 Allowance for funds used during construction (20,593) (21,127) Total funds from operations 99,280 104,700 Less - Cash dividends paid on: Common stock 33,179 34,630 Preferred stock 14,645 14,644 Net funds generated from operations 51,456 55,426 Funds Obtained From Financing Increase in short-term debt 40,045 1,105 Proceeds from issuance of long-term debt - 39,755 Repayment of long-term debt (31) (16,031) Net funds from financing 40,014 24,829 Other Sources (Uses) Of Funds Decrease (ir. crease) in net current assets (excluding short-term debt, long-term debt due within one year and preferred stock to be redeemed within one year): Cash and special d. posits 3,500 3,573 Receivables and accrued utility revenues (29,834) (7,071) Fuel, materials anJ supplies (14,579) (3,200) Accounts payable 27,655 (3,421) Accrued taxes 2,374 2,352 Revenues to be refunded to customers (Note 2) - 10,022 Other, net (21,218) 6,194 Net change (32,102) 8,449 Sales of utility plant (Note 9) 44,227 11,732 Energy adjustment clauses, net (7,185) 306 Other, net 4,437 (1,074) Net other sources (uses) of funds 9,377 19,413 Total Funds for Construction From Above Sources 100,847 99,668 Allowance For Funds Used During Construction 20,593 21,127 GROSS PROPERTY ADDITIONS S121,440 $120,795 Composition Of Gross Property Additions: Electric utility plant 5108,540 $114,796 Gas utility plant 6,480 3,790 Nuclear fuel 6,420 2,209 Total S121,440 $120,795 (a) The 1978 financial statements have been restated, as discussed in Note 10. The accompanying notes are an integral part of these financial statements. 3
The Connecticut Light and Power Company BALANCE SHEETS At December 31, 1979 1978 (TIwusand> of Dollars 1 ASSETS Utility Plant, at original cost: Electric S1,412,073 $1,386,400 Gas 125,549 120.646 1,537,622 1,507,136 Less: Accumulated provision for depreciation 403,954 362,215 1,133,668 1,144,921 Construction work in progress (Note 9) 320,938 200,121 Nuclear futiin process, net 9,195 7,288 Total net utility plant 1,463,801 1.442,330 Other Property and Investments: Investmente in regional nuclear generating companies, at equity 24,743 23,643 Investment a in subsidiary companies, at equity 4,746 5,743 Other, at cost 5,826 5,816 35,315 35.202 Current Assets: Cash and special deposits (Note 4) 1,561 5.06i Receivables, less accumulated provision for uncollectible accounts of $2,060,000 in 1979 and $1,899,000 in 1978 - o0,475 44,944 Due from affiliated companies 25,873 15.035 Accrued utility revenues 29,347 24,982 Fuel, materials and supplies, at average cost 49,584 35,005 Prepayments ana other 2,02o 847 168,8o0 126.774 Deferred Charges: Unamortized debt expense 1,777 1,038 Energy adjustment clauses, net 9,174 4,157 Other 6,882 o, loo 17,833 15,285 Total Assets 51,685,818 $1.610.501 1 l The accempanying notes are an integral part of these financial statements. 4
F At December 31, 1979 1978
=
(Titonsands of Dollars)
- CAPITAllZATION AND LIABILITIES Capitalization:
Common stock - 510 par value Authorized 20,000,000 shares: outstanding 8,931,014 shares S 89,310 5 89.310 Capital surplus, paid in (no change during years) 208,614 208,614 Retained earnings . 180,971 170,948 Total common stockholder's equity 478,895 468,872 Preferred stock not subject to mandatory redemption (cumulative) - 550 par value. Authorized 5,600,000 shares: outstanding 3,500,000 shares (Note 5) 175,000 175,000 Preferred stock subject to mandatory redemption (cumulative') - $50 par value. Authorized 400,000 shares: outstanding 400,000 shares (Note 6) 19,000 20,000 Long-term debt, net (Note 7) 756,596 771,541 Total capitalization 1,429,491 1,435,413-Current Liabilities: Notes payable to banks (Note 4) 23,000 5,500 Commercial paper (Note 4) 65,245 42,700 Long-term debt due within one year (Note 7) 15,031 31 Preferred stock to be redeemed withia se year (Note 6) 1,000 - Accounts payable 21,531 10,528 Due to affiliated companies 38,042 22,118 Accrued taxes 25,953 23,579 Accrued interest 18,848 19,974 Revenues to be refunded to customers (Note 2) - 14,720 Other 7,385 8,074 216,035 147,224 Deferred Credits: Accumulated deferred income taxes 7,864 7,400 Accumulated deferred investment tax credits 26,914 22,456 Other 5,514 7.008 40,292 36,054 Commitments and Contingencies (Notes 2 and 9) Total Capitalization and Liabilities $1,685,818 $1.619.591 0 5'
x - The Connecticut Light and Power Company NOTES TO FINANCIAL STATEMENTS (1)
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
. General: The Connecticut Light and Power Company (the Company), The Hartford Electric Light Company (HELCO), Western Massachusetts Electric Company (WMECO) and Holyoke Water Power Company are the principal operating subsidiaries comprising the Northeast Utilities system (the system) and are wholly owned by Northeast Utilities, a registered holding company under the Public Utility Holding Company Act of 1935. Other wholly owned subsidiaries of Northeast Utilities providing substantial support services to the system operating companies include Northeast Utilities Service Company (NUSCO) (a system service company supplying centralized administrative, . accounting, engineering, financial, legal, operations, planning, purchasing and other services to the system companies), Northeast Nuclear Energy Company (NNECO) (agent for the system companies in construction and
- operation of nuclear generating facilities and the financing of nuclear fuel for such facilities) and The Rocky River Realty Company and The Quinnehtuk Company (each a real estate company which rents administrative facilities to the system companies). All transactions 1 among affiliated companies are on a recovery of cost basis, except for transactions with NNECO, which also include amounts representing a return on equity, and are subject to approval of various federal and state regulatory commissions having jurisdiction. I The Company and HELCO have consolidated their oparations by means of a transfer of all HELCO regional personnel (other than production personnel) to the Company. The Company is responsible for meeting the local service needs of customers of both companies and bills HELCO for work performed for HELCO on a recovery of cost basis. The Company and HELCO have been investigating the feasibility of a corporate merger, in which the Company would be the surviving corporation.
The Company is part of a New England bulk power system which provides for purchases and sales of electric energy through a regional dispatch control agency. Arrangements among the Company and system companies, outside agencies and other utilities covering inter-connections, interchange of electric power and sales of utility property are subject to regulation by the Federal Energy Regulatory Commission (FERC) or the Securities and Ex-change Commission (SEC). The Company is subject to further regulation by FERC and the Connecticut Division of :>ublic Utility Control (DPUC) and follows the accounting policies i prescribed by the respective commissions. The Company is a part owner with other system and New England electric utilities of the stock of four regional nuclear generating companies. These companies, together with the Company's ownership interest shown parenthetically are: Connecticut Yankee Atomic Power Company (25 percsnt), Yankee Atomic Electric Company (15 percent), Maine Yankee Atomic Power Company (8 percent) and Vermont Yankee Nuclear Power Corporation (6 percent). The Company's investment in these companies is accounted for on an equity basis. The electricity produced by these facilities is committed to the participants based on their ownership interests and is billed pursuant to contractual agreements which are approved by FERC. Reecnues: Revenues are based on authorized rates applied to customer consumption of utility services. Rates may not be increased without a formal proceeding before the afpropriate regulatory commission. The Company accrues an estimate for energy delivered but unbilled at the end of accounting periods. Nuclear Fuel: The Company, HELCO and WMECO own Millstone I and 11 as tenants in common. NNECO owns the nuclear fuel for such units. The cost of NNECO's nuclear fuel is , l amortized on a unit-of-production method at rates based on estimated kilowatt-hours of energy to be provided and is billed to the companies based on their percentage ownership in l the units. The amount of nuclear fuel expense charged to the Company, based on its 53 l percent ownership, aggregated 513,543,000 and $10,404,000 in 1979 and 1978, respectively. This includes a provision in 1979 for estimated spent nuclear fuel disposal costs on the Millstone units which the Company is allowed by the DPUC to collect from customers: however, amounts collected from customers must be deducted from rate base. The Company is not paying NNECO, the owner of the nuclear fuel, until NNECO has to make payments for 6
~
such costs. The unpaid spent nuclear fuel costs, which amounted to $1,900,000 in 1979, were transferred from accounts payable to the accumulated provision for amortization of nuclear fuel assemblies. As approved by the DPUC, the estimated spent fuel disposal costs pertaining to fuel amortized prior to 1979 are being amortized over a ten-year period. Storage for spent fuel at the Millstone nuclear station, including the facilities currently under construction at
' Millstone III, will be sufficient until at least the mid-1990's.
Depreciation: The provision for depreciation is computed using the straight-line method at i approved rates which are based on the estimated service lives of depreciable utility plant in service and estimated removal costs less expected salvage. The depreciation rates for the several classes of electric plant, which are equivalent to a composite rate of 3.5 percent in 1979 and 3.7 percent in 1978, and for several classes of gas piant, which are equivalent to a com-posite rate of 2.8 percent in 1979 and 2.7 percent in 1978, are applied to the average plant in
- service during the year, other than for major facilities which are depreciated from the time such facilities are placed in service. At the time depreciable property is retired from service, the original cost, plus cost of removal less salvage of such property, is charged to the ac-cumulated provision for depreciation.
A study completed in 1979 indicates that the complete removal commencing at the time of retirement of the two nuclear units in which the Company has a 53% ownership interest is the most viable and economic method of decommissioning these units. The Company's share of the total estimated decommissioning cost is $70.8 million. Depreciation rates recognized for regulatory rate setting for the Company include an element of decommissioning costs. It is estimated that, at such time as the costs indicated in the 1979 study are allowed by the DPUC, depreciation expense will increase from approximately St.1 million per year for the Company
. to approximately $2.8 million per year.
Maintenance: The cost of maintenance, repairs and replacements of minor items of property is charged to maintenance expense. Replacements and renewals of items considered to be units of property are charged to the utility plant accounts. FederalIncome Taxes: The tax effect of timing differences (differences between the periods in which transactions affect income in the financial statements and the periods in which they affect the determination of income subject to tax), is accounted for as prescribed by and in accordance with the rate-making treatment of the applicable regulatory commissions. The Company follows the flow-through method except for FERC jurisdictional operations and the additional investment tax credits received as a result of the Tax Reduction Act of 1975, which requires normalization of such additional credits. It is expected that deferred taxes not provided for currently will be collected in customers' rates when such taxes become payable. See Note 3 Ior the detail of income tax expense. Allowance for Frnds Used During Construction: The allowance for funds used during con-struction (AFUDC) represents the estimated cost of capital funds used to finance the Com-pany's construction program. The costs of construction are not recognized as part of the rate base for rate-making purposes until facilities are brought into service and, as permitted by
- applicable regulatory commissions, the Company charges AFUDC to the construction cost of utility plant. The AFUDC rate applied to construction work in progress for 1979 and 1978 was 9 percent. Through 1979, the Company did not record the effect of compounding such rate.
i Effective January 1,1980, the Company adopted an AFUDC rate of 9.5 percent and also adopted, subject to the approval by the DPUC, net-of-income tax accounting treatment. In addition AFUDC on Millstone 111 and on that portion of Seabrook not currently under contract to be sold will be compounded semi-annually. Retirement Plan: The Company participates in the Northeast Utilities Service Company Retirement Plan (the Plan). The Plan, which covers all regular employees, is non-
- ' contributory. The system's policy is to annually fund an actuarially determined contribution, i which includes that year's normal cost, the amortization of prior years' actuarial losses over i fifteen years, and the amortization of prior service costs over forty years. At December 31,
! 1979, it is estimated that the Plan's unfunded liability was approximately $111,200,000 and . . that the Plan's assets exceeded the value of vested benefits. The Company's allocated portion - L *
-of the system's contribution, part of which was charged to utility plant, approximated
(~ $9,600,000 in 1979 and $9,700,000 in 1978. 7
, e
~
f } Er.ergy Adjustmeni Clauses: The Company's retail electric and gas rates include adjustment clauses under which certain fossil fuel and purchased power costs and purchased gas costs, Erespectively,'above or below base rate levels are charged or credited to customers. As
- prescribed by the DPUC, costs not currently recovered under the adjustment clauses are
~ deferred until recovery is permitted by the DPUC.
~
- Effective August 1,1979, the Company ' implemented a Generation Utilization Ad-justment Clause (GUAC), as approved by the DPUC. Monthly, this clause levelizes the effect
'on fuel costs caused by variations from'a 70 percent nuclear generation factor. At the end of the twelve-month period, ending July 31 of each year, any deferred balance resulting from the actual nuclear generation factor being above or below 70 pcrcent will be either refunded to or collected from customers over the subsequent twelve-month period. For the period August 1, 1979 to December 31, 1979, the nuclear capacity factor was 76.6 percent, resulting in a ieveling charge to fuel expense of $5,242,000.
' As of December 31,1979, the components included in the energy adjustment clauses, net .
- are as follows: .
Fuel and Purchased Power 510,027,000 Gas Purchased for Resale 4,389,000 GUAC (5,242,000) Total - 59,174.000 (2)- - RATEMATTERS
= In June 1979, the DPUC issued a decision granting the Compary an increase in retail electric and gas revenues of $53.7 million. The level granted was 61 percent of the 587.6 million the
' Company had requested. The new rates went into effect in July 1979.
In January 1979, the DPUC approved the recovery of an aggregate of 56,588,000 by the Company from its electric and gas customers, representing previously unrecovered costs l- which were found by the Connecticut Supreme Court to have been imp.operly disallowed by the DPUC in its 1977 rate case decision. The recovery of these costs was recorded in revenues
, during the first half of 1979
- The 514,720,000 of revenues to be refunded to customers as of December 31, 1978 resulted from FERC approved settlements between gas distribution companies and their gas suppliers which required refunds to ultimate customers. The refunds were passed on to the Company's customers by reducing their gas bills in February 1979, l The Company has collected certain revenues subject to possible refund under wholesale-
! rate cases filed with FERC. Based on management's and its counsel's evaluations of the facts in l these cases, it is the opinion of management that, if refunds are required in excess of provisions which have been recorded, any additional amounts would not have a material l* effect on the Company's results of operations. i i' (3) . INCOME TAX EXPENSE The detail of federal an'd state income tax provisions charged to operations is set forth below: l Year Ended December 31, 1979 1978 (Thousands of Dollars) Current income taxes: [. Federal 5 656 5 113 [ State 2,181 3,211_ i Total current 2,837 3,324
- Deferred income taxes, net:
! Investment tax credits - 5,630 10,210 L - Federal 210 (473) l State _ 164 -(180) Total deferred - 6,004 9,557 p Totalincome taxes - S 8,841 S12.881 ['
- 8 e
L: .
Year Ended December 31, 1979 1978 (Thousands of Dollars) Such provision (credit) is included in the accompanying statements of income as follows: Operating expenses S 9,480 513,305 Other income (639) (424) Totalincome taxes S 8,841 512.881 Deferred income taxes are comprised of the tax effects of timing differences as follows: Investment tax credits S 5,630 $10,210 Liberalized depreciation
- 963 849 Unbilled revenues (1,254) (474)
Settlement credits - nuclear fuel (2,007) - Energy adjustment clauses 2,910 (788) Other (238) (240) Deferred income taxes, net S 6,004 5 9,5a7 The principal reasons for the difference between total tax expense and the amount calculated by applying the federal in-come tax rate to pretax income are Ma"ows: - Expected tax, at 46% of pretax incor .n 1979 (48% in 1976) S30,677 535,691 Tax effect of differences: Additional depreciation for tax purposes (7,896) (8,864) Allowance for funds used during construction - not recognized as income for tax purposes (9,473) (10,142) Overhead costs of construction - expensed for tax purposes (2,245) (2,217) Investmen' tax credits (2,812) (1,691) Allocated affiliated companiei losses (1,273) (1,517) Cost of removal - expensed for tax purposes (1,367) (697) State tax, net of federal benefit 1,266 1,576 Other, net 1,964 742 Totalincome taxes S 8,841 512,881 Effective income tax rate 13 % 17 % At December 31,1979, the Company had unused and unrecorded investment tax credits amounting to approximately 59,600,000, which are available to offset federal income tax , provisions for years tbrough 1986. (4) - SHORT-TERM DEBT The Company utilizes bank loans and commercial paper to finance temporarily its continuing construction program. The system companies have joint bank credit lines with terms calling for interest rates equal to the prime rate or the prime rate plus a fraction thereof, at the time of borrowing The credit lines expire at various times in 1980 and, although these lines are generally renewable, the continuing availability of the unused lines of credit is subject to review by the banks involved. At December 31, 1979, the amount of unused available borrowing capacity under the credit lines available to the Company was $164,505,000: however, substantially all of these joint credit lines are also available to other system com-panies. The maximum amount of short-term borrowings as currently authorized by the SEC is
,$135,000,000.
Essentially all of the cash of the Company represents compensating balances in support of the system's lines of credit: however, the compensating balances are not subject to contractual restrictions on withdrawal. 9
L Additionalinformation with respect to short-term debt is as follows: I 1979 1978 Weighted average interest rate for borrowings outstanding at end of period (excluding effect of compensating balances) 14.7 % 11.2 % Maximum amount of borrowings outstanding .
, at any month-end 588,245,000 559.900.000
- Average daily borrowings during period $49,228,000 539,189,000 Weighted average interest rate during the period (based on the daily amounts out- l standing and excluding effect of compensating balances) 12.3 % 8.6%
Rangeof maturities
- at December 31 (in days) 2-91 2-47 (5) PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION l Details of preferred stock outstanding are as follows:
Par Value Currerst Shares December 3!, Description Redemption Price Outstartding 1979 1978
! Thousands of Dollars)
$2.00 Series of 1947 554.00 336,088 5 16,804 5 16,804
$1.90 Serits of 1947 52.50 163,912 8,196 8,196
$2.20 Series of 1949 52.50 200,000 10,000 10,000
$2.04 Series of 1949 52.00 100.000 5,000 5,000 52.06 Series E of 1954 51.00 200,000 10,000 10,000 1 52.09 Series F of 1955 51.00 100,000 5,000 5,000 1 53.24 Series G of 1968 52.65* 300,000 15,000 15,000 l 54.48 Series H of 1970 54.45' 300,000 15,000 15,000 1
$4.48 Series I of 1970 54.56* 400,000 20,000 20,000 l
$3.80 Series J of 1971 54.00* 400,000 20,000 20,000 i 54.56 Series K of 1974 54.36* 1,000,000 50,000 50,000 Total preferred stock not subject to mandatory redemption 3,500.000 $175,000 $175,000
- Redemption price reduces in f uture years.
All or any part of each outstanding serics of preferred stock may be redeemed by the Company at any time at established redemption prices plus accrued dividends to the date of ! redemption. j (6) PREFERRED STOCK SUBJECT TO M ANDATORY REDEMPTION Details of preferred stock outstanding are as follows: Par Value Current Shares December 31. Description Redemption Price Outstanding 1979 1978 (Thousands.of Dollars) 55.52 Series L of 1975 55.52* ' 400,000 20,000 20,000 Less preferred stock t_o be redeemed within o..e year (1,000) - Total preferred stock subject to mandatory redemption 19,000 g
' Redemption price reduces in future years.
. The Series 1. preferred stock (the Series) requires a sinking fund sufficient to retire a minimum of 20,000 shares at 550 per share each year commencing September 1,1980. In case of default on sinking fund payments, no payments may be made on any junior stock by way
-of dividends or otherwise (other than in shares of junior stock) so long as the default con-tinues. The Company's preferred stock provisions would prohibit the redemption or purchase 10 .-
of shares of the Series if the Company is in arrears with respect to payment of dividends on any outstanding shares of preferred stock. There were no changes during the year in the Series. All or part of the Series may be redeemed by the Company at any time at established redemption prices plus accrued dividends to the date of redemption, except that during the initial five-year redemption period, the Series is subject to certain refunding limitations.
=-(7) LONG-TERM DEBT Details of long-term debt outstanding are as follows:
December 31, 1979 1978 (Thousands of Dollars) First Martgage Bonds: 3% Series K, due 1980 S 15,000 5 15,000 23/4% Series L, due 1981 10,000 10,000 31/4% Series M, due 1982 35,000 35,000 31/4% Series N, due1985 20,000 20,000 37/8% Series O, due1988 30,000 30,000 47/8% Series P, due 1990 25,000 25,000 41/2% Series Q, due 1986 9,600 9,600 43/8% Series R, due 1993 25,000 25,000 6% Series S, due 1997 30,000 30,000 61/2% Series T, due 1998 20,000 20,000 67/8% Series U, due 1998 40,000 40,000 83/4% Series V, due 2000 40,000 40,000 87/8% Series W, due2000 40,000 40,000 73/8% Series X, due 2001 30,000 30,000 75/8% Series Y, due 2002 50,000 50,000 75/8% Series 2, due 2003 50,000 50,000 83/4% Series AA, due 2004 65,000 65,000 9% Series BB, due1982 85,000 85,000 11 % Series CC, due 2000 50,000 50,000 87/8% Series DD, due 2007 45,000 45,000 91/4% Series EE, due 2008 40,000 40.000 Total First Mortgage Bonds 754,600 754,600 Pollution Control Notes: 5.90%, due 1998 6,175 6,175 6.50%, due 2007 11,870 11,870 Other 218 248 Less due within one year 15,031 31 Unamortized premium and discount, net (1,236) (1,321) long-term debt, net $756,596 5771,541 Long-term debt maturities and cash sinking fund requirements on debt outstanding at December 31,1979, are as follows: 1980, $15,031,000; 1981, 52,531,000; 1982, 5122,531,000; 1983, $2,531,000 and 1984, $12,531,000. In addition, there is an annual 1 percent sinking and improvement fund requirement, which amounts to $5,850,000 for 1980. Such sinking and imprevement fund requirement may be satisfied by the deposit of cash or bonds, or by cer-tification of property additions. All or any part of each outstanding series of first mortgage bonds may be redeemed by the Company at any time at established redemption prices plus accrued interest to the date of-redemption, except certain series which are subject to certain refunding limitations during their respective initial five-year redemption periods. The Series CC bonds require a sinking
- fund sufficient to retire a minimum of $2,500,000 in principal amount each year commencing September 1,1981.
Essentially all utility plant is subject to the lien of the mortgage indenture. ! (8) LEASES The Company has entered into lease agreements for the use of substation equipment, data processing and office equipment, vehicles and office space. Since lease rentals are charged to 11 a
expense for rate-m: king purposes, capitalization of these leases is not required. Had the Company capitalized the leased property at the beg...ains of the lea <.a terms, the effect on assets, liabilities, expenses or net income wc.ald not be material. Rental payments charged to operations, including rental payments on capitalizable leases, amounted to $5,775,000 for 1979 and 55,329,000 for 1978. Future minimum rental payments, excluding executory costs such as real estate taxes, state use taxes, insurance and maintenance, under long-term noncancellable leases are ap-proximately as follows: 1980, 56,800,000: 1981, 55,600,000: 1982, $5,100,000: 1983, 55.200,000: 1984, 54,500,000; and for the years subsequent to 1984, an aggregate of 557,700,000. (9) CONSTRUCTION PROGRAM, FINANCING AND CONTINGENCIES The Company is engaged in a continuous construction program and currently forecasts construction expenditures, including nuclear fuel, to be approximately $159.2 million in 1980 and 5845 million for the years 1981-1985. The construction program is subject to periodic review and revision, and actual con-struction expenditures may vary from such estimates dee to various factors such as revised load estimates, inflation, the availability and cost of capital, and the granting of timely and adequate rate relief by regulatory commissions. It is expected that compliance with present and developing regulations established by various acrhorities in the areas of nuclear plant licensing and safety, land use. water and air quality, and other environmental matters will require additional capitas expenditure < and increased oprating costs not now determinable in amount. Substantial capital and operating expenditures have been budgeted by the Company in response to known and anticipated requirements,of the U.S. Nuclear Regulatory Com-mission (NRC) as a result of its analysis of the Thru Mile Island accident. However, ad-ditional expenditures may be required as a result of fdther NRC analysis of the accident. In addition, uncertainties related to the reprocessing or vermanent storage of nuclear fuel may require revisions in future nuclear fuel costs. At December 31,1979, construction work i, progress included an investment of $285.6 million in jointly owned nuclear generating facilities, as follows: a 34.5 percent interest in Millstone ill of $232.3 million, a 4.5 percent interest in the Seabrook nuclear plant of $38.8 million, and a 39.8 percent interest in the proposed Montague nuclear plant cf 514.5 million. All the companies owning undivided interests in these jointly owned facilities are required to provide their own financing in order to support their portion of construction costs. The Millstone !!! nuclear unit is being constructed for a 1986 in-service date. The an-ticipated cost of the Company's 34.5 percent ovmcrship share of the unit, assuming approval by the appropriate regulatory commissions of the net-of-income tax accounting treatment, as discussed in Note 1, will be 5713 million. As part of its effort to finance its construction program and to reduce construction expenditures, the Company has sold a 7.5 percent interest in Seabrook and is attempting to sell its remaining 4.5 percent interest in Seabrook. The Company currently anticipates selling a 1.5 percent interest in Seabrook in 1980, which would reduce the Company's current six year construction and nuclear fuel program expenditures approximately $19 million. The Company continues to attempt to sell its remaining interest. In 1978, because of regulatory delays and financial constraints, the system suspended its early site review effort for the Montague facility but continues to perform meteorological and aquatic studies of the site and to capitalize AFUDC. In 1980, the Company's construction program is expected to be financed from internal sources, long-term financing and short-term debt. Future earnings and the Company's ability to meet earnings coverage requirements for long-term financing will be affected by a number of factors, including timely and adequate rate relief, growth in sales, performance of nuclear generating units, inflation, interest and preferred stock dividend rates and other factors, the nature and effect of which cannot be determined in advance. The current six-year construction program does not include any funds for the conversion of any of the Company's oil-fired generating units to coal. Certain of the Company's units may be subject to federal orders prohibiting the use of oil. The estimated cost of conversion of units which the Company believes are presently under consideration by the federal govern-12
ment for conversion, ranges from approximately $137 million 'o approximately 1306 million, depending on the environmental requirements appliable to each unit. An antitrust action was instituted against NU, CL&P, HELCO and NUSCO in 1973 by six Cormectkut municipally owned electric utilities claiming $64,500,000 in treble damages. Three of the plaintiffs have settled their claims for amounts which have been accrued by the system companies as of December 31,1979. The claims of the remaining three plaintiffs, for which amounts have also been accrued, must proceed to trial. In the opinion of counsel fcr the system, based upon all the facts now known to them, the system companies will not be held li3ble for the antitrust offenses claimed in the plaintiffs' complaint. (10) TERMINATION OF AGREEMENT FOR THE SALE OF THE GAS PROPERTIES On October 1,1979, the Company, HELCO and Connecticut Natural Gas Corporation (CNG) jointly terminated their agreement under which gas properties of the Company and
!!ELCO would be sold to CNG. The Company and HELCO are currently reevaluating the future of their gas businesses in light of SEC requirements that a registered holding company limit its utility operations to providing either electric or gas service. The 1978 financial data has been restated to eliminate the discontinued operations disclosure reflected in the 1978 Annual Report in order to conform with the 1979 presentation.
(11) SEGMENTS OF BUSINESS Segments of Businest information relating to the Company's electric and gas operations for the years ended December 31,1979 and 1978 can be located in the Statements of Segments of Business on page 19 of Ihis Annual Report. (12) QUARTERLY FINANCIAL DATA (UNAUDITED) (a) Summarized quarterly financial data for 1979 and 1978 are as follows: Quarter Ended March 31 June 30 September 30 December 31 1979 (Thousands of Dollars) Operating Revenues $160,081 S125,896 5144,889 S160,760 Operating Income S 31,423 S 15,397 S 25,667 5 26,365 Net Income S 21,195 5 5,819 S 15,442 S 15,391 1978 (b) Operating Revenues $148,190 5114,2h $116.112 5127 314 Operating Income 5 22,449 5 20,389 5 25,651 5 30,072 Net Income S 13,653 5 11,289 5 16.358 S 20,165 (a) Fluctuations between quarters within a year and as compared to the previous year are primarily due to seasonal variations and the impact of nuclear performance. However, the comparison of the third and fourth quarters of 1979 have been levelized for the impact of nuclear performance due to the implementation of the GUAC, as discussed in Note 1, Energy Adjustment Clauses. (b) 197e data has been restated to include amounts related to gas operations. (13) IMPACT OF CHANCING PRICES (UNAUDITED) The following supplementary information was prepared on the basis prescribed by the Financial Accounting Standards Board in Statement of Financial .'.ccounting Standards No. 33, " Financial Reporting and Changing Prices", for the purpose of providing certain in-formation about the effects of changing prices. It should be viewed as an estimate of the approximate effect of inflation, rather than a precise measure. S ecifically, fixed assets, and related depreciation expense appearing in the primary, historical cost financial statements have been restated on two bases, constant dollar and current cost amounts. Restatement of other items would not materially affect the restated amount of net income. 13
Statement of Income Adjusted for Changing Prices For the Year Ended December 31,1979 Conventional Constant Dc'lar Current Cost Historical Average Average Cost 1979 Dollars 1979 Dollars fAfillions of Dollars) Operating revenues $592 5592 5592 Fuel used in generation 162 162 162 Cas purchoed for resale 54 54 54 Depreciation and nuclear fuel amor tiration 50 97 113 Other operatic.n and maintenance expenses 167 167 167 Federal and state income taiies 9 9 9 Interest expense 53 53 53 Taxes other than income taxes 51 51 51 Other income J 12 12 Net income (loss) (excluding reduction to net recoverable cost) $ 58 5 11(b) S (5) Increase in specific prices (current rost) of fixed assets and nuclear fuel held during the year (a) 5308 Reduction to net recoverable cost S(87) (11) Ef fe(t of increase in general price level (367) Excess of increase in general pric e level over increase in specific prices af ter reduction to net recoverable cost (70) Cain from decline in purchasing power of net amounts owed 128 128 Net _5 41__ 158__. (a) At December 31,1979, current cost of fiited assets and nuclear fuel, net of accumulated depreciation, was
$3,037,656,000, while historical cost or net cost recoverable tbrough depreciation was $1,469,451,000.
(b) Including the reduction to net recoverable cost, net income (loss) on a constant dollar basis would have been ($76,000.000) for 1070 Five Year Comparison Of Selected Supplementary Financial Data Adjusted For Effects Of Changing Prices Years Ended December 31, 1979 1978 1977 1976 1975 (lor klillions of Average 1979 dollars) Operating revenues 5502 5563 5568 5574 5565 4 lii+torical cost information adjusted for l generalinflation Net income (loss)(excluding reduction io net l recoverable cost) $ 11 Net assets at year-end at net recoverable cost $453 j Current cost information l Net income (loss) (excluding reduction to net I recoverable cost) $ (5) i Excess of increase in general price level over increase in specific prices after reduction to net recoverable cost S 70 Net assets at year-end at net recoverable cost 5453 l GeneralInformation - Cain from decline in purchasing power of net l amounts owed $128 l Average consumer price index 217.3 195.4 181.5 170.5 161.2 14
Constant dollar amounts represent historical costs stated in terms of dollars of equal purchasing power, as measured by the average level of the Consumer Price Index for all Urban Consumers (CPI-U) during the year. With the exception of CWIP, which has been escalar d for AFUDC during the construction period, the data for plant was determined by applying the applicable CPI-U to the historical cost of each plant function for which an average age was determined. Constant dollar restatement corrects distortions caused by recording transactions in dollars of varying purchasing power. The restated amounts do not purport to be appraised value, replacement cost, current value, or the individual prices of particular goods and services in the current market: nor are they indicative of the Company's future capital requirements. Current cost amounts reflect the changes in specific prices of plant from the date the plant was acquired to the present, and are based on estimates of the costs to acquire or produce today, assets identical to those owned or assets having the same service potential as the assets owned. The current cost of plant and equipment was determined by indexing the historical costs of each plant functio , for which an average age was determined by the applicable Handy-Whitman Index of Public Utility Construction Costs. Both the constant dollar and current cost amounts of land have been estimated by using the CPI-U. The current year's depreciation expense for both constant dollar and current cost methods was d rtermined by applying the Company's depreciation rates to the indexed plant amounts. Ac-cumulated depreciation under both methods was estimated for each major plant function by multiplying the respective cost data by a percentage representing the expired life of existing facilities of each function at December 31,1979. Fossil fuel inventories and the cost of fossil fuel used in generation have not been restated from their historical cost as regulation permits the recovery of fuel costs through the operation of ad-justment clauses. For this reason, fuel inventories are considered to be monetary assets. As prescribed in Statement of Financial Accounting Standards No. 33, income taxes were not adjusted. The excess of the increase in general prices over the increases in specific prices of plant indicates that, for the year 1979, general inflation was greater than the increase in specific prices of plant. Under the rate-making process prescribed by the regulatory commissions to which the Company is subject, only the historical cost of plant is recoverable in revenues as depreciation. Therefore, the excess of the cost of plant stated in terms of constant dollars or current cost that exceeds the historical cost of plant is not presently recoverable in rates as depreciation, and is reflected as a reduction ta net recoverable cost. During a period of inflation, holders of monetary assets suffer a loss of general purchasing power while holders of monetary liabilities experience a gain. The gain from the decline in purchasing power of net amounts owed is primarily attributable to the substantial amount of debt which has been used to finance property, plant and equipment. Auditors' Report To the Board of Directors of The Connecticut Light and Power Company: We have examined the balance sheets of The Connecticut Light and Power Company (a Con-necticut corporation and a wholly owned subsidiary of Northeast Utilities) as of December 31,1979, and 1978, and the related statements of income, retaine.d earnings and sources of funds for gross i property additions for the years then ended. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the financial statements referred to above present fairly the financial position of The Connecticut Light and Power Company as of December 31,1979, and 1978, and the results of its l operations and the sources of funds for gross property additions for the years then ended, in con-formity with generally accepted accounting principles applied on a consistent basis. l ARTHUR ANDERSEN & CO. ! ' Hartford, Connecticut. February 20,1980. 15
The Connecticut Light asid Power Company
SUMMARY
OF OPERATIONS (a) For IIw Years Ende<l Daember31, 1979 1978 Operating Hevenues 559I.626 5505.838 i
. Operating Expenses:
Operation and maintenance 381,700 298,057 Depreciation 50,925 49,006 Federal and state income taxes 9,480 13,305 "s . exes other than income taxes 50,660 45.100 Total operating expenses 442,774 407,277 Operating Income 98,852 98,561 Other Income, Net 12,322 13,336 l Income Hefore Interest Charges 111,174 111,807 i Interest Charges, Net 53,327 50.422 income before cumulative cffect of accounting changes 57,847 61,475 Cumulative effect prior to January 1,1974 of accounting changes, relating to energy adjustment clauses and unbilled revenues, net of applicable Income taxes of 55,672,000 I Net income 5 57,847 5 61.475 L l'ro Forma Net Income (assuming the 1974 accounting changes above were applied retroactively) j (a) These financial statements have been restated, as discussed in Nt.te 10. (b) The pro forma change for 1969 is estimated to be immaterial and, therefore, has not been computed. l I l l 16
1977 1976 1975 1974 1960 (Tisonsamis of Dollars)
$474.0o6 $450,261 $410,3o1 5386 080 $1o5.310 282.879 250,751 273,027 234,151 01,52o 49,300 30,008 20,o24 28,058 13,212 7,273 8,381 (1,172) 4,021 5,003 43,135 42,710_ 37,370 34.000 10,525 382,503 340,040 338,840 301,226 129,271 01,473 100,312 80,512 85,7o3 30,048 11,013 0,536 12,300 11.105 3,609 103.38o 100,848 02.812 0o.058 30,657 45.827 44.847 36,225 36.814 12,480 57,550 o5,001 5o,587 60,144 27,177 13.375 -
5 57,550 5 65.001 5 56,587 $ 73 510 $ 27177 5 60.144 (b) I i 17
The Connecticut Light & Power Company MANAGEMENT DISCUSSION AND ANALYSIS OF
SUMMARY
OF OPERATIONS A summary of the changes in the principal items affecting earnings is shown below: Increase /(Decrease) 1979 vs.1978 1978 vs.1977 Amount IFrcent & mount Pertml f Timusands of Dollars 1 Operating revenues. ... ......... $85,788 17.0 531,772 6.7 Operation and maintenance expenses: Cost ol fuel and gas . . . . . .... 55,417 34.3 2,704 1.7 Other operation expenses. . ... 21,187 21.1 7,422 8.0 hiaintenance . . . .... ....... 6,139 16.6 5,952 19.2 Provision for depreciation. . ..... . 1,019 2.0 600 1.2 Provision for income taxes . . . .. . (3,825) (28.7) 6,032 82.9 Ot her ta xes . . . . . . . . . . . . . . . , . . 5,560 12.3 1,974 4.6 Allowance for funds used ding construction . ..... . ..... (534) (2.5) 3,057 16.9 Interest and other charges (excluding allowance for borrowed funds used during construction) . . . ... . . 3,302 5.4 6,575 12.1 Operating Revenues The revenue increase in 1979 resulted principally frem the rate increase granted by the DPUC in July 1979 and from additional fuel cost recoveries resulting from rising fuel prices. Additional revenues were received in 1979 due to a temporary surcharge amounting to $6.5 million to recover costs which were found by the Connecticut Supreme Court to have been improperly disallowed by the DPUC. The revenue increase in 1978 was primarily due to a rate increase which was received late in 1977 and higher LWh sales. Operation and hiaintenance Expenses Operation and maintenance expenses increased in 1979 and 1978 by $82.7 million (28 percent) and $16.1 million (6 percent), respectively. The most significant portion of the increase in 1979 was a fuel and gas cost increase of $55.4 million (34 percent). Fuel cost increases in 1979 were attributable to escalating fossil fuel prices, additional purchases of interchange power, and increased nuclear fuel costs. Nuclear fuel expenses increased due to an increase in fuel prices and the provision for the ultimate disposal of spent fuel. Another contributing factor was the implementation of GUAC which deferred fuel cost reductions related to the high nuclear performance for the months of August .~ through December 1979. The most significant portion of the operation and maintenance expense increase in 1978 related to costs asmciated with the Niillstone I and 11 outages for refueling and maintenance. Alaintenance expense increases in 1979 were due to increased maintenance expenditures on fossil and nuclear plants of $3.2 million (22 percent) and the continuing impact of inflation. Taxes Federal and Connecticut state income taxes decreased in 1979 due to lower taxable income and the lower federal statutory rate. Income taxes increased in 1978 due to higher taxable income and increased normalitation of investment tax cred:ts. Taxes other than income taxes increased in 1970 largely due to an increased Connecticut gross earnings tax as a result of higher revenues, in Con-necticut,5 percent of all utility revenues are paid to the state as a gross earnings tax. Other income Other income consists mainly of the allowance for equity funds used during construction (AFUDC). Total AFUDC, including the portion classified as a credit to interest charges, decreased by
- $500.000 (3 percent) in 1979 and increased by $3.1 million (17 percent) in 1978. The decrease in 1979 is due to the impact on construction wczk in progress of the s. le of a portion of the Company's in.
terest in the Seabrook nuclear project. Interest Charges Total interest charges (excluding the credit for allowance for borrowed funds used during construction) increased in 1979 and 1978 by $3.3 million (5 percent) and 56.6 million (12 percent), respectively. Increases in 1979 were due to increased short-term borrowings at higher rates. Ad-ditional interen charges were incurred in both 1979 and 1978 due to the interest on a new bond issue in April 1978.
)
18 '
'The Connecticut Light and Power Company STATEMENTS OF SEGMENTS OF BUSINESS 1979 197tt 1977 1976 1975 ITItonsamis of Dollars)
For the Year Ended December 31, Operating Information Electric Operations: Operating revenues 5505,970 5431,465 5403,500 5381,614 5363,210 Operating expenses, excluding provision for income taxes 404,975 325,589 309,311 281,586 291,644 Pre-tax operating income 100,995 105,876 94,189 100,028 71,566 Provision (credit) for income taxes 9,798 14,175 8,747 8,729 (1,259) Allowance for funds used during construction (AFUDC) 20,496 20.992 17,820 14,247 20,666 Operating income and AFUDC 5111,693 5112,693 5103,262 S105,546 593,491 Depreciation expense S47,709 546,909 546,512 536,456 527,052 Capital expenditures 5114,960 S117,005 5131,870 5134,162 5146,797 Cas Operations:
- Operating revenues 585,656 574,373 170,566 568,647 556,151 Operating expenses, exc!uding provision for income taxes 78,319 68,383 66,000 50,081 48,377 Pre-tax operating income 7,337 5,900 4,557 8,665 7,774 Provision (credit) for income taxes (318) (870) (1,474) (348) 87 AFUDC 97 135 249 124 136
! Operatingincomeand AFI'DC 57,752 So,995 56,280 59,137 57,823 Depreciation expense 53,216 52,007_ S2,794 52,642 52,572 Capital expenditures 56.880 S3,790 56,442 55,674 55,294 At December 31, Investment Information: Identifiable assets (a) Electric S1,365,867 51,347,958 51,294,262 51,233,318 51,148,267
- Cas 106,651 102,135 101,434 97,790 95,173 Nonallocable assets 213,300 169,498 161,097 161,972 175,791 t Total assets 51,685,818 51,619,591 fl,556,793 51,493,080 51,419,231 (a) Includes construction work in progress, materials and supplies and allocated common utility property.
l l l l l l l 19
7 The Connecticut Light and Power Company STATISTICS Operating Revenues Utility Plant December 31, (Thousands) (Thousands) Electric Gas Total _ 1969 5 731,564 $139,112 526,207 $165,319 1974 1,338,057 338,257 48,732 386,989 1975 1,482,884 363,210 56,151 419,361 l 1976 1,605,256 381,614 68,647 450,261 1977 1,710,880 403,500 70,566 474,066 1978 1,804,545 431,465 74,373 505,838 1979 1,867,755 505,970 85,656 591,626 Average Average Annual Annual Cubic Feet Residential Electric Gas Kwh Sales Residential of Gas Sales Cubic Feet Customers Custorners Ernployees (Millions) Kwh Use (Millions) of Gas Used (Average) (Average) (December 31) 1969 7,161 6,436 17,910 78,491 476,743 113,316 3,251 1974 9,358 7,774 18,965 80,736 538,526 113,563 3,456 1975 9,175 7,694 17,564 75,622 546,407 113,356 3,263 l 1976 9,802 8,057 19,246 82,084 555,.319 113,187 3,105 1977. 10,221 8,079 18,420 78.458 565,224 113,374 3,540(a) 1978 10,560 8,077 18,720 79,358 574,438 113,621 3,936(a) 1979 0,882 8,080 20,572 76,733 585,034 114,723 3,834 (a) Increases are due to the consolidation of the Company's and HELCO's operations. l l 4 P i 20 - L u-
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