ML20082N501
| ML20082N501 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 12/31/1990 |
| From: | Geoffrey Edwards, Grossi R UNITED ILLUMINATING CO. |
| To: | |
| Shared Package | |
| ML20082N499 | List: |
| References | |
| NUDOCS 9109090209 | |
| Download: ML20082N501 (56) | |
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financial Highlights im Oyratmg Rctemws Mu n $ W )77 Net iname (L@0 W S CD5W LarnmgqkM per Sharc of ummon Stxk $ (5 Q DmJerd< twlaud rer Shoc JOsmon 5 uel 5 23: Puout Rano { th erage Retum on Eqmrs - (18 9" i lbk Valuc pei 5 hare $ 2611 Equin Captal ation 27 5" Common $txk Sh re C itetandmg U N7.74 s Sab of Enero - (M\\ H) . On7 tu s Peak leaJ (MW) - IN44 Tat 21 Custamen bvergd 307M4 lL 7
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Number d ErnrWees T he UnitcJ l!hmtinatine Comranv b an operaung electne pubhe uni,ts company,incorporatcJ undet the tw of the bte of Connecticu in 1 %N lt u enpced prinapauy m the prs ducivin. purchase, tr;uta:suon, Jrtnbouon and ale of , elCCtriaty for reWJential, commercial and "dacrial putTwes in a xTvice area of ah nit 3 U square mde in the soiith-Western part of the State of Connecteu: The populanon of tha area e approumatch 72fu m or 21% of the prula. tion of the Ste.The service area,largely urban and suburban in character, inJuJes the rnnapal anc, of Budeepon and New Haven anJ their surround:n; areas S: teated tn the servee area are retad traJe anJ ervice ecmcr . e u cl! e large anJ sman industnes pnJu:ine a wide vancty of pndues inetuJtne helicopters and other trantorianon eqmp rnent, cicetneal equpnent, chenu.:ab anJ pharnuecuteab v m mpm~yym-vg p % g y -m7m7mp wem-q w my m :W W -
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3 letter to Share 0Whers 1 d
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e alc ver) plea 3cJ to report that 1Mi w as an outstanJmpcar f er l'naCJ liluminaang and in sharcowners Two very major milestones - the commercial operation of the S abank l' nit I nuslear powci r! ant anJ the Coinran0 imr'c' l !.ive retum to strong 6naneul pmtitaNhty - m.uicJ the fuln!! ment of commitmenu maJe to vou w hen our recovery strategy fin t twl shape tive yi ars ago Seabrook's per6vma' lee, together w ith our conhJence that contmueJ prontakaty on i scahed pronptcJ the it ,arJ of I brec tors. in Iebruary IWl, to arrrove a new iAcatcJ annual JniJenJ of 52 44 per snare, a 5 2 % iacrease m er the preuous { rate. T% represents the Erst JmJenJ inacase smcc Novenc tu t ex5 Earnine per share were $3 55 anJ retum on common equity w a,13 4"< Our return. which wu ah>ve average for the industry, a thmm mom _a m _ ,
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within the range al' owed in our rate >cttlement acreement in
., - 'C" y 1 ; y aJJition.hnk value per share rose to $27 35, a nve percent , i ., .- a
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increMe oVer l959 Net ceh flow frUm operatine actmhes i l?
"., 4 amounteJ to $$ 49 per share, up 4" > from 1W) ) ."{ j l' l' p
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i ' Note oflut year's outstanding accomph hments occurreJ by chance. - ; l [F a 4 During the mid-19% (Ts manacement in:natcJ a comprehen- ; - $ [' " l sive ebn to chan the comranyi future. Thi3 pun wm not a vague f'g j g
, 3 outline, but a ennerete set of coqwate goah and fu!!y J.xcloped [ , ?
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'trategies Whleh wou!J move us towarJ those dared ends .
Seabrook's operanon wu at the heart of our plan Ilut, we al o set coah 3 v - Qa ja {
- relating to fuel dwersa), the ent:ronmem, operanne efticiencies. (
i rehahthty, pubhc anJ p>vernmenta! affairs cost containment, s I l snancial operatmns and businos devchrment. In other u orJs. we M. . , O
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Were aheddy lot sking h'vond beabrCxd anJ det c}Op:3R a 4Cenario , l s that wou!J maximcc the Comp.uwi future growth pential (
, .~.a . n , r, , . au a + w a, We made commitments and we haec kept then We saiJ that w e wotJJ get Seabrook mto commereu! operation, and we i I
have. Seabn*;k is now fu!!y operanonal and tu rate treatment sett!cd The un + 3 generation we c' of capacity 63r 19m I an ouutandme achrvement for any generatmg plant. eJ e recu!h one in the carit months ofits operaune hfe We said that we would free the Company ofits 92% rehance on od thr generation, aaJ w e have.14v 9 arvad, i:11 od JepeuJenev l haJ Jrorped to 249 : and, during I W1, it wdl fa ! even further to 16", Our neh fuci Mend of coal nu&ar. cu, treh to energy and oil afford, mr custnrners pnce stahht , l 2 !
We saIJ that we woulJ operate our generating planta in an environmentally refonsible manner, and we have It is c'Preullr notewvnhv that Urs fasd fuel operations today emit far Ic3s sulfur Jmide than n allowed unJer the new C!c2n Air Act. This is expceted to yield necu emwions enJia or " allowances," w hich can be mid to ather utihties Convquently, I whereu many utihties and their emtomen wilbrend bilhom of dollars over the nat 10 yean to comply with new sulfur dioxide standards UI will Ukely nnd itselfin the advantageous petion ofbemg able to enhance shanvwner value Neause it already complies with the new standards Our management team he now tunrJ its attention to the future and has formulated veci6e long range goak manhahng both internal and external remurecs, maintaining tight contml over costs and streamlining operatiom to take maximum aJvan tace ofemergmg opportunities
- Unlike the mid 19% we are now operat mg from a swition otitrength. \\' hereat w e were driven by t he need to sunive, today we are Jnven by opponunity. Our 1990 rate Jeeision i< an neellent example of the impmved pnepects of the Company .it provido us with a number of perfonnance ineentives to enhance our revenues through 1992 We plan to take full aJvantage ofevery opportunity.
While we fully reali:e that our mdustry is nperiencing signi6 cant change, UI is a forward knLing company We do not, and will not, simply react to eventand conditions. We do and wi!!, p!an in such a way as to shape and contnd our future Every goal we set, every decision we make and every challenge we undertake wdl be arected toward rnduemg superior value for our shareewnen and custamen
- Om principal goal is to increue shareowtwr wealth by regtdar, predietable mercues in common stock avidena, anJ by achieving growth m common equity capitalcation anJ bmk value fly takmg aJvantage of the performance ineentives provided in the 1990 rate decision, we expect to cam higher than our "allowcJ" returm, an accomphshment we tchieved in 19M However, our pnmary strategy for reaching our 6nancial goals o to direct our etiorts toward pmvidmg maximum value to out .
customers We are dedicated to perfannance excellence and the effective ualcation of every asset and remurec at our command to pmvide our customen with energy pnducts anJ urvices of a kind anC quality not available from other energy companies M
- We believe that the most effective meam of maint.uning a positive working relatmnship w ith our regulaton, ther eby inereuing out opponumtics to earn enhanced performance related returns, a by comutently demonstrating execlience anJ etTiaency in operations. conserving resources and providmg value aJJed services to our customen,. We plan to use our 1990 rate decision a a modelin the future, in order to expand our customer related programs and services and to allow us maximum
' tiexibihty _in our operatiom.
He entire Company is involved in achievmg thee goak Every employee he been challenged with both individual and team goals that are directly tieJ to operational ef6cienaes, customer service retthrmans e and 6naneul profitabihty. Every employee hu a fmancial ineentive to help achin e the goak 3
i Abo, since vatually every employee is a Ul sharcowner, shareowner interess and emp!ovce interests are increu;ne!v alheJ anJ every udviJual deciuon and action is Jriven by Comrany' wide targets and goah Wt of thi3 yeari Annual Rep 3rt is devoted to a discusion of how w e are utih:ing perfonnance excellence in each area of the Ceimpany to macue the value and quahty of our shareow nen' invetment through strategic planning eincient operations anJ an unMinking fxu< e total customer se,.iec We ur ge you to read t carefully. so that you may better underst:mJ how w e meuure our own perfonnance and come to a beuer appreciaton of the strength of mur Company. One aJJnional point: UI operates m a pihtical environment, as Joe every Publie utihtv f ven a strong company can only succeed to the extent that it3 regulaton and other pubhc of6aak support its actions Ul manacement h& alw ays been copu: ant that no success is p ssuble wahout strong albes Throughout the 196, we w orked u ch reguk,: ors, uith state and k>eal pubbe of6aak tech consunct anJ entminmental groups, treh busmeu anJ trade awyeiations, weh the news media and u nh es erv other constituency we cou!J iJenufy Productive relationships, ba-J on mutua! Inst anJ respect, were developed with all these gmups Our effectiv oru have w on us the support of our customen, u es iJenced by their 95"o favorable ratme of our quabty at service Our three-year rate Jeeison, the drst ofiu kinJ in Conneeucut, wu an outgrowth of the Companyi credibility And our col!aborative efforts wah both pubbe and private enuties to promote conservation and einaent energy use have gained us w;Jespreadtraise from groups tvrically su4picious oithe commament of unhties to thcne goah. Nenher lut yeari resula, nor projections for the penod aheai ought to be attnbuted to luel or w shful thmkina t wu, and will be, a matter of doing whatever is necessary to meet the 6nanaal, operational and gos ernmental commuments we have made all along it hu not been cuy, nor will it be cuy The etTees of the economie reecssion have been felt by Ul and other area utihues. ksues relating to meteued competition and demanJ-side marketing must be addrewed in ways that will benent the Company, iu shareuwners and its customen But our track record in overcoming aJvenity and des eloping opportumties for growth has been excellent and, we believe, will continue to get even better The success w e have achieved through keepmg to a steaJy, well considered plan makes us con 6 dent about your Company's future. We drmly beheve that the same Ibnnula that kept Ul a strone viable Company through the J:f6 ult 19% w ill bnne it continued succesumJ growth a we move through thn new JecaJe.
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, Mc., - 3y43o4 MWti w,d - 431 I arning Ivr ib.ac - $3 55 NuJcc - 2m Return on common equ:n - 13 4% al- 24" U 14my car:tah: anon - 277. of to: J cape.d Cocencianon F r Gu - 3" Ibk s alue rei shate - 527 M Seabrook livJm - l'
- Commerc .d operanon - Junc 3R lon EnvironmentM 0peraticms Superut operatme pciforruna 42" capac;n Cican A:r - l'l plan', env' ics -u!hn Juude thin tactor ,dlmud under new ncan An Act
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tioni e oI)anu.lP. 27,19)1 Y In IbriC 'IC[*I Excellent "5Wematic Awe rnen: oflacen,ee $cahmL tccos erv ot 5No rmNn phecJ in os er ICr!IsilBanJC" ( NABI ) ra!!ngs Iro'n N uJ! Car ' T C ) Cars To Jur ina nts: thra \c, irs liccu!atav Comn sion W Prouston AJm:racn: prouJew au: , man: L On s'tJ ind o![s!!C ernCfyCDJ)' C.sCTs ; C' " Mcd la:c adu3:ciCD Iti Jo\ Ci 'h.ir!!.il! m !C:ad %dcs and
'Upftlor by Nticicar lice \d itorv lic.rni sh e, r equivalen to .in aJ1:mnal 3 4" , iax increa<
and Feder.J Em recnev N!anaaemen: Acenev Threc wat opporiumn to earn rrenounue: urn by System Operations n 'amm; hmeti , of ficnCra lon -PitCCCJs f riCl add;'liin.il Ca{ Jd\ va!O
- Ef6aency 0350 BTl ' per K\\~H il:1 tel unn - Propert\ alo ranked 7th most t t6acn: ra .na'4 , - Opera rne cost tcJ e ets C As adahd *v - Ml4" ; Bee n l 'I h: n- - inm saund ro f retinans m;s ,ind imprm cd
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n, improved Hnanrial He ubihty In3uunce HicherCred:t Raimo - bbra oivranon rcJuecJ hahhtv insuranec c W4% n;yrajed L:1 cicJa utne to Baa3 p:ce < n,bs 512 ccbo m NanJard U P.un ruun:4ined BBB - ratme
- - t Ts seit-m urcJ procum h mas ed C"mp.cn a hteh Investar s %ruct uperaJed l'l Jdynt u:e> $15 nu' mn over 6cc years to BBB - Wot Lthree RcJuco in L Duri& Phe!rs i:nnaamed uting at BB - ConnnucJ eommumem to reduce ceplovec bec Scabr- xi Nile and Lea,cback thrco.:h annbon and mb :re.un!mme
~ 5250 ranon in proceeds u-cd to retire bonJ, and 1p - 1.5s7 cmployce- IN - 1.627 cmphces shoaterm debt at rate 3 that ranced from 10 25", Rgh Customer Apptmal to 12Wo u 9P', approval of LTs quaht) oficmec Cost Containment !cononne Development interest Savmas 5accerful procrams and in:natn es at staic and h.ca!
c $6 mdhon h>rrowmg cost tcJuction sl'N1) Jue : levd, ta n: prove busme- des clopment lo'N-Cb t proCced3 trO"1 ScabrD k S.de alKI bCaic SecrD A e and t';CXib!c rate Je gn am! marke me back u .l to retire h:ch cost Jeb prograrc s u h:ch emphece buimer ietennon and C Add!!'da! 1091 Vvi: > from ne% 573 n[!!On (X[an903 revo!vir.f cTCd:t acrceZCn! and reneg ,tia cd t'ud increased Sutzidiary Activities - bor.'.ptiterecJ btl pay m1 ut sv3 < < -
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Jens ed from a retum to opcrauunJ h< a:tn of O meencut prouJc far stahht m rctunn on mtv, as w di RecNrc s % Yanker and the cor nucJ csedient perbm.m.e of the u."utcance ef ar acho en a
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MJlstane Unit .1 m IW1 To'it Tm h:chlytted UI e a ut;!n w Lwh had AcaA Thc Company m !NJ the surcnor ;vr' rnan, c ot :t gencrat- nude the Fr.J, nt w nc h aw a. tmm an our rcLance on m mg una, and the cul:cnt rchaNhn of a trarrm.en "' Environment tem e esct3 t.4 bdp it a: tan ah* c mJusta .n craw retum' AD the u h& w c w cic resheng the t 'empam
- cencr.c on capaNh-We arc comautted to contmumg ta unke thesc auc9 in no ed man m u e u . s acWa nwnun m enu much the umc war toics sugnor n'tunn m IW1 and n,r menta %id cute', That he ruJ ort lWns d bevond .m enct adhe:cna ta thi enwonmcr* . ' amu maane~
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i Business Development - I .s nited Illuminating prc+ pen shen btsinews thrive in itnervwe tenitor3% do stohareownen and eustonwrr o Acknowledging the importance of a strong business environment anJ itupecial relationshil w wah hith governnental i and busims weton hu trumpted UI to take an expantkd role in orpniang ceonomic imJ bustness do clopment
< ,n initiativcs on both the local and State wiJe levek our etrom have targeted , ,,
_ _ __ - - - , , . - . - , - ' ' i h ~' [1pa!KSng the Imk htween government and the pnute sector; allow commcreu! and mdustnal wtor9en to ehw the pne-Encoungirg enere pmeies that suppn economie growth. my pnyam that best 3uas their indiudaalapedahmi net d, er , Dewkpinonautivo that w ill p.ovde mervavJ cmphwment We aLa has e specu! cenname devchymeni rato to *ist oppemmities m our senice terntan compmies trying to est abhsh a capanJ their operanors in
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__ nur sernec tenrmrv In aJJ:tm v e haw Jewhpd a huse "Taking Care of Business" ra rceown rate, whwh h+ rrown extreme!y unful m Central to UT determination to expadmd strengthen capen: ion aJdrewing the neeJ3 ofindustnil customen esteiencing
> , s hers een be.d gowrnem anJ busmer t> itcTaking Care vvere ceonome Jiticuluet
< r of Busme"" rngam Thh imtidi : works un the partner. Our econd pnman etion fwuses on thc4: ate govemmental16d
- $1up pnnegle. urirg mumarahne,wah hmneues m The Comrany ts wmkmg w ah manu6eturers te encourage ,,
totally focused. commumtyhed ceonomie dachyment state loci p&ies and trututiws that suppn business , pnyrats growth and dadyment.1.ast year. UI w orked ch aciv w ah
. In only four years,"Taking Care of Business" he hrn un!ced m two state Icgwlante eummit:co, one stuJying kames 3 <rpor- g
- - arpmimately halfof the muniegahtio in our ervue tern. runma m the state ed the other kolmg at enerp *ts to L tery In every eme, the pnyam ha Nen successfulin better manpaeturert Ul made a stror.g use for the creanun of mtegranna the concerm oflocal buunesseunto the owail more economie dewbrment meenen e rates, the av.u14Nhty munierpalplann
- nptructure Newchannelsofeommunica. of kweat capta! to manu6cturen implementmg energv ;
nom haw been opened between rubbe andi nvate groupo efi,eney imrrowments and for an ownli renew of the
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rem! ting in many nav ind dynamic pro active buunew starei buunew tu strueture. inciatrws in 1@l, the Company will be a kev Participm in a new hvanvc Manufacturing esmm. nee compud of terresentanves from the puNe and UI is nm endavonng to exercise a pmain inthnee on the state of pnvate ,e. tors wLng to aJanee a comprehenstw hames,
. manufaturin;in southwestem Connecteut. Our e%rts in ruhev asnda tbr Conneetgut_
this area h.we hrn two-fold. Building Pattnerships First, u valued customers, UI otien manuherurers a host ofineen- Because ele unique rdatanshp wah hith covemmc ra and ha-t:w rngram> for carrying out energy ediciener impnwe. new. Ul tinJ3 ttse!f m the putmn of Nmg a pnmary force m ments at ther faci!aio Thm improwments mataMy nWt brmgmg repre ernnvo from thew tao crote tocether Our l-m signitieant enervatings and help panicipating companies suem in Joinco has hrn a result of the high decree of compete in theirown market > and re nain enancia!!v sound re-pect wnh w hich we are held Our buunew customer. 18
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Subsidiary Development i s nited !!!ummatmg has four u holh owned suhslane+ Bnheport Ocetue Company (BID i a smgic pur, tinaneul o whiele which owns and !cuo to l'1 gener.mnanc at BnJgeport H.uh4 Station. Research Center. Inc. (RCD hu been forrned to partiarate in larec ivwet pn duct:on prmeets aw utcJ u ah coacneraton and mJcreident pow er pnducen which are sub6eet to some Jccree of , tate anior fcJeral regulation UmtcJ Lncret International. Inc. tlTh ha h en orcanacJ to pur3ac enemy r el ucJ epport umac, out -ide of the l'n:teJ States Unregulated Subsidiaries mJust r.ah m.a- ppb customs n rcqurs a Wha bd The founh J,rcet suMian of t 1. UmtcJ Rno ,.s Inc 1RI. anJ gu% of p e er tW their wwe sc dectramc cqupmet ' and a3 the paunt wrporamn fut LT unrecu!reJ bw PPI o C+"rped iW!c! tuth crar oc aum and c"mrictc t-news cach of w hwh a merecJ wyarrA ta pamarau n. min paig T!i t;pc of senim mchde es ake.on m now au latcJ bumm entut o which comp!cment and anJ Jup+nc au; of froNem . etencenng sen m u m enhance (T deetne buunos and scnt the .me ci!3 of:n mg qvancanorn. pur,ha c c4upment anJ pcmut, anJ Congarr uharrowr.as anatu 4 t amn- su;vnd ng eon-trueuon and tranung A!! thev wr.im ars Currentiv, faur subuJanes of URI han been farmed Thema! avaHaHc w tth fcuHe tnanaal opuan' PrnuJcJ by the Encg:es. Inc (TEI w& meorparatcJ m 1N tW the putpu equ:pment manufactmen of owrung and o;vtrne faa mo w hich pmJuce and is nb. Arcncan Pavmcr.t Astem Inc APM w as formed m bm to d . ute thenral energt m the ic-mt of hot and ;hacJ v ata to an automecd m pr on acener paunen micm tm ducs pr'fc1dc hCatmg and air sbnd'tain7 g wn'ts( 10 O dib lera.J Many t;t hti cu tcat'r3 pJy the!r }[ s at agendo suJh e and mdustru! budJmp phamaan anJ :onsernence ore,locatcJ w :thm their sen-TEl r presently mvolved m tu enerr. cents r croices m Jow r. tow n tce terntory APSProudes as mtuuth a sma3 mrcutcr tcr-Lw Has cn One nf the pnnect, gpheo themal ence t > mmal w hic h record, the ; torneri ravn.ent rroude' a
&w HaseninewOr> HA the Ha:1of RecorJ,anJ!s reccirt. sumrurucs Jaa transaetr , b 3n pc and rroudc3 twemy ce non Conneencut Fmanaa! Centa TEl ohon- the capabday to w tre tranAer Jady payments and Jea to the tam ohectnc n to connect the twe etcrmntcrs to um a udtv Jsnet hermg and em!:nnycan anJ ,ci! nama! cnc ev to Enhancing Our Business adat malautomen l!! n !cemg to subslana r ah* 4teaJ3 ewth Junn the
%uw est mn Pmpemes inc APh w a fornrJ n 1 N ta cmcr mto a decaJc. mdcanth tnhanem;tata! reunue,k the vcar real emte da dorment pr geet 'Pi e a pa=ct in the Lw W L ! n onh intcrnted m %NJun scn i:n which Hasen Melcal Hotd.a ncw concept a hca!th earc w hich enhance: s core de. tne b:s nos. are aNe to maLc uw of Z En ip the cap between hmpcal ard at-pancrt care and mcmv af the tenurces it ec 5 smos proude, and J, mon-which cp ncJ for orcranon m J muan- ! #1 : rate o~ne p(maa!! ,increas the s abc o> our hare-Precien Pow c Inc. (PPI s a:wmeorprrcJ m 1%.1 ,and mu-6 ms ntn.crt 2 imtal mw er :nnd.tsmrequipment n enmaaa: anJ
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{$Ary sw N 511.437 $4W9 m,N $16,790 - Capit.alequ&u% cdudme AftiC mis $77ml - IMP $D29 $11fu24 Other Financist and Statistical Data
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.3;I8in f .i ,$i ) ikY No d5.b7 i ( ' ' H F) i g ' jj 3 i(g-( j$[] V W,-[j { { ( .I h i! 4 % g thc Co q e, w p m; wnt is the tud h s J on tL y Qpr c -n , ru s mo s tor e ' M m Jsc' coe w th; io or ot the t ict C :hc !m , p q .: apj t p. 3 a p km , d na m i . c#t4 In J K r a bc; tevru , dq qcc e,,, , 5 dj os o c m.n % aind mi0P.! ",eq v hw adFi ' n pr4 : > s 6,r -!,,qr W 6, ap 7. i 3a. M 10 t n '. L; i-(i m i f pnip ad omt J veutute iditmgto pewer pnMhan bd Oky W MwurpmdonmMom photubnuJ The Ibard ofihnston of the Cot og thn.uch the f w! f ud adwinrat d4use ; he eut hat ecJ the ms niment of up to $10 milhq in ; ug 3,g yn,gy npe,m. in iW deocavJ e mpecJ w one or wrc suhadarc or ad&an J corperanons h r thew 9 9 p,g g y % ,cg, g n m y m 3.nc,,ngn , PS P e* se uhmc non the mdab&y of Scahnd Umt 1,wbeh j more than ufhet the rifcet of the :cJuccd audahhty of i Rnuits of Operatitm$ n,ha rulca uma m 19 u Tud ad ervro exp'ne in i Lammp lw r. hare for IVM w cre $) M p1 durn compued to 1949 m?Icaed ovel 106. Juc to higha kilowatt hour , illu% of 9 @ p*f $ hare hd NM Trin Jd!cicmc w e des and sti mercaw in purchun or pwn gcirt atcd by } duc p,meedly to thc nonwhwntcwf m Aucut a reponal v.etc bonune f nht y at pwcuonudoab!v IVM reqared by Stateant of hnancul Aaounung hyba than the Compann n a qc et per Ldo,vatt- %idud@l AN L M to reduce the rccm crab!c hour RcJaccJ mddaty Juc to whiJaled outges f ar annunt of the Companyi im utnwnt m 5cabud I bt oveduul of the O.mpanyi two nnst ctbut fwd hrcJ
- 1. punuant to the kabnd N1denrot Agreement. ,ud generatmg uma aku contnbuteJ to h;gher crkTgv com to othn pnmons of that agtr-cment Turthomore, mhW cartunp per Lee for IVM ndude 29 cenu ni shaic c .
Capaan porcheed npeninkticeco m iVM from the 19W a inu!! o! !ccot Jmg :n the wonJ qiarttr the b,ofur,e . . ird due to the taminanon of a lame cap > cit v put.her n) $ dMrc ot (bc kdbf Wk bait k materlifl and $uppna , , . agiccment with anothn ut&tyl,apaatc purchecJ inventory comcidmt with the l/ rut s commacuhrp . npcnw uwreecJ m Nw funn the iuw; kwd due to !lon $r) aditfoft lYAIca!hm@ Were incrched by O. 'ra . the ah vc mcnnorad purchee amcenent and increml cents per hh4rc in the thirJ qaatter a!d 6 cent
- m the custo:n but u.de to an overhaul at the Unrntwat f.ourth Quarter due to the frfunJ of. amounts pnYoudy advanEJ bv the Company to funJ the kabnd proicct.
dunng the construcuan p rn! Other operaton and mamtenance upcno merca nhn !?M ; UVer 19% due ptifD}MNy to tbf Tecordma of N,hnd (.Arninf pcr hhatc [Gr l9Q bebre QUtti){ cbeit to bl,dh. . p L,mt I operation and rnaintenance nieron begmning ao. W aJ!astmenh woe $$ m p r thatc, a dracee or- . . Januity I, IV)l Otbet opiathin and maintetturc $214 from low, Tho deacasc we due prumpalh to - apensn inat ml m 19het IVv.duc prmapalh w ' h#rr tuel and crrrn (mtagher ruintenance - amwemnngaperre of $3 5 milhan to rcp,. ace dcice npense,iower non ceh allowark c ior furds used due . rlve butldMg skimg at a genc!atIng $1atIOn, *lolM dam-in gconstilkDon Md (Dn cMh t h.o p3 that w oc ordovJ , ge tcp.or npense of $2,/ noh, ion, and higha pn roh, by the D1,1 E to reu,uce l .1,3 pine,ted 199 rcgulatcJ cannne ta the 16 4% hwcl authon:ed m nat rate , desmion 19s4 without afiut6: cunent revenua or ikpecunon nn:n< mercecu . # w vn W R Joe Primar i cash fhm in hecordance.with thn DPUC orda.the dy to the commena ment of Seabrook Una 1 Jerreda Company wrote od a roulof $14 A mdhon in IVM con- tun, which began in mid Nn Thn inacce raore th.m + sonip / tend repure hec seminno amountmg to $4 6 oh, the ab cn:c of adJ1oonal Ahltanc l mt .1 dente-nuBon, net of menme um. mu $102 mdhon of aJJe aanon charps recordeJ m 19w pursuant to a D! t:C tmna) dernxiation charps rdated to Nhbtone Umt 3 mJn to reduce ( !!i poiccted 199 carnine to the kTd ; = authorced m in Ns4 ratc Jecision by tw ans of non l Retad kilowatt how ul6 for 10# were 1 L, bdow 10R c uh ch. urn Deprcc aton npense macceJ m 19W due to mdJa weatha anJ a w cakenmg regional ccan- e ova NM Juc ta thiuJJinonal Ah!htorr i,mt 3 omy in 199 there mu a modest inacase mer the pnor deprecution )far, dde to ifnpros cJ connnerdJ actwit v rx! bgher resJentiahoe tbth years oraicuccd a etannal income t ucu hiaged to operating npwr inacecJ m 100 dvdcer in Indlbina} ectIDIY- a!d decrchi d m hM pimiipaNV at J f&u}t of dangW - mtauNeinioFW. raliPg rtTeimd Iur IN I krErcVed fTo'h I!IGr IN b't due rnmanly to the IWo rate increw ard an aar% of Abw ne for fumh u-cJ duringourucnon t Al lM the enureIvnst albwable for IMr unda a bmacd dccreawJ m 190 compocJ to the prcccJmg yeat Joe ulo promion aJptnrm thgwe Jnigrwd to mmpen pnrady to thnhwunnnoance of AIUDC on Scabo d ute fort anatians fnem pqcctcd retad uich ch e t in I wincidem u ith thn ommawcment of the phee-povideJ m the DPUCh iate inerea Jcemn Opcat- m ot'the umt into ur bec, cricenaJanuary L Nu mg trwnun aho mirceed m 194 compared to the Conaatentk Ihc G ep;_nv began !cedJMe a non t eh prior yraf, dx to h%ha sua volume anJ hichcr fad Jci< rrcJ cmm on the p con of the recovcubic ka Tut %maku mnw&um 29 .;.__ m . . _ ___ = * * - - ^ ^ - A 3... . _j ,w gy Amg da ( L 4 . f - , &I J kj Ij '$ k \ $k $$h* j 5 y I 'ad g. Ib f cy P#t Lt v i i Ail TC m 1M t 41 pani to W L ,- O . o t ht ~ s Jc tm wu p iw -in nm sl od u n ds to almu All'lC in xd Mct (i ! 'm m lb, & ils !% yh mutu' a di emur (du non %d, ui Prym %m ic ~hm M A% > + eh Jand wtum A W l L w en s e unmu , m -a n - r u .n Lw. $ % funomcanJJ btr e rul M AliIIC ndd-- 1}w pi dj,cdag*pihji 2 . d p.q i itau d &fmcJ trunin 4. N tfnn i maca cJ m im ny ut kn. w tec < w ,;vn An , e un- W ou < th 1 N pt e d An4 fJ , , enhw i .e un v y N n m wcn xJ mn w s - <,u, 4 ac oJr . .Itbe t syn *hm a: N AL l 'a q l w hm e th ictu u < < ' M ut W u nbiaul 5 n&ti d anJ Mpjw s iN ct iys h evi.i=!cht u Rh th( [t4n d j h 'k 5 i. w kofa prs n ofth oathota uc Apn m un jum M i /> L d , em Q-p , un tm. m u. thi un ' a lm i sud s tean oi cnn s on Jetimdt mp m rwu 4 mwNJ w" imp wo shr m ; nu% 4 n 5,1) In ajjn a Mo hrted um > :he i/ai y M a a min e toogf a cd a h 6 m l & ,ti 'n nj 1 M mjWs e noeA mh,wlhmetimp., g i uneJ u he & p n o ~ % + h, in ItmJ the %cMm A posit duury thc wnecuc% lw ogi h-tm t-p iici an, n J op a m H !be i of pcrM M hn ; t}v hm d tk in) u nN W o! l hN w hob dc pu ci uh s the bas of u M h c ecid O W 1PJtH f cJ tri G im4 S vi Wd h t he } N S.3 3 kch w d t bmdi }W iiru n; i ;! he ayP ai dt f c }}hi p[; qi ! W: 1 pro !mc auJ ' (WT Pp3 gid dal n tom m N M and au po S ted to k ppmwit k W rf i c\( th11H( il k l[d ,i l'H SN (E t I )b'5, U; s II i 9 k't f ll h' h!b8 Ed11 r l4k ktf nDj jdj to 8 a a rod of Mhk l'nq ! onwom nt m aimd m/ tir Ump % !s sm,m m i N ;& H $M ruik that m u. mhd m mn uJm 4;..own ech D nu ' .n m a a e ~ ac p cr eh tiw trtms tithc N Ind %Mcant 4ccxnt a em s FM that rwe the uba rum Ad dolu. tm mdudmg p> Nthough A (.* m m M,e m th.a e N un w out,m k mJ m m, thewre aliMt.wt i p u? nce ad npcw g, m au mW, ic to h a.l-cm c h ,aM W h namei -- 4 . " - -_ I . 1 - L i9 .i g -h - IN per4 Jac pneurdy ta ihe A , ,c of t hr .a M ( b e m iin.c 21 sta% <d Emncmg ,a;uh h t o di racd awnmon of bud n Jcnpthn pcw . , con tolv vrMb to ren ehm tacto . MuJq m mdcd m the 6nt ymnct of IvW pun uw 'o ibc aultm m de sa unnc; r Mcx em t , wnl ITIL udct to rcJmc l% parctcJ l9huomhv unv thc tn ef of thc( Arany mmnw ,od wh h na arn W nonoh ;h gn The o vna 4th-c iom ud hw!.am .sJ tcranon Jnipunts mduJm w e pruh cdb ci m Im W hhi n,tmi nn n 4 m the m of mehwe u ah mcwsA tu mgm um shmt tc,mlune.ino h 10%rh t mv tr't ch.arn um at.J !cMuon an.i wpubm mac.c<d inen th u !W levd, Jac to the ade:.acJ j amoniwtbu of bmj gdcepaon permum tc ot &J m inflabon the hN quna of 19W pormn: to the l Tl WnJa , k s imas of A, tm anJ :ncn.mnicm nncom, .ci) 17 u 1 I%dalmn prierred ed Ocw J m Imh 9 3 nn> > o.n wcecrntuhr ev - acJ a of n Amt iht anJ m lWby D 1 nun" e a v4t olicJapu"ni Um g.m 4nd w r e nsoda w % UsAta Thnc wJi mrt m u c:e nuJc aPrt o% O rpan- , t A c ccJ tbc h+nsi c+f mch f.ch up tu J pnpra,(ufbndng b h m t s zum at Lem te ,- inthe b i,id eermcm %cc the G epam i racs -Ik. .k e e e 1 Outlock on the mi of } rMny ab en u e anJ iuw ccm , f et acu Om trne p tr.4 in f ct'.cct mac.md At* of f'nal to IW, thc L,ompra ,s ca!m mauju! a ,: e i , 4 ' V! Vih . t he l,W'h W Iicun s ' th? Mit bh.1 h p,. i of.ym :chh AR ,!C, As a w- + W thdown N ' ,1 ; IM IW1 (,.cac Jccon kmume Imw 1 tw, . hd ' . b 11 rm 5 U'n Ynic m thi f W uw w 0 4 4 lc. . nv m nwow ith< mnw nu,on 3%,e i 1 1 Al l 14., w,utcJ to Scao, s u. l., a i uw t x m t mucJ - mqt fot Danor srv mu nI 'rJ to new e nsuu wm Comunent the Ompm 5 estane bem tus a a wh nwm m a3 cmwdlc enccru ' m wbW lloit I thatmn ;b i nto Laclw. nwwh i dicwJ cu t% : rntn hed h thc lti t a4 f nnah McrreJ mm outN pn e tV . s o-Ruwma : tLa s c!ajeh - m tmc dam g 30 TeUw x ~ > .n e S r i f ' i Consolidated Statement et locome hed m I e - l c 41 o*_ > ea - t i in, n.n.i < : .m ,e 4 pe r pa . Opetating RennuW D fv - poi r; y44 y j Omeg I yvm ogo% s l ~ < l ind 4 9J M y i tt Yt Gk I L ] ^[ ! % l% 2 V/g f y a; y }N!!hav j - n_~l j? 4L< 2 4_ , , , t.L j 'j t hN % DA 44) * .Tj$ j M.vid uiu i 44 9 J 4;6 1_ t t s hn mm am ;49-; Attu at in n ul Jch m J h>d t a ' 9^ i,24' t Amm :eu itua.rir ! "u hi p t , b , sli 10 41% US ln, a p_= t n -r> M6 .1 P%) 4 4.94j (Mn taca ; l '. - 44341 49 f.4 ; l#/ 4m ; O -C i M f u; yf Opetuting income vt N !!i en Dther intome and Dettuttions , Adrias ( f,r #8 Ph h ,'d d w r g ;; vWi _ t u IJh4 M %* ' 4 Gt!
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- d u-04 UM6 Apphration of VA$ No 90 N 3y(Jrte'e n -
*217 3
- NN8 Ac t ndahof'w A *d}',4fJjp1 smr!<ctu-n 4L '
4 lf) 4 4lV , A;yh S eu m .rtht,3 1' M( ft);, it;f; S ti m .1- N Ns k iM . 2s o ItlC O Jhr himu it wi M,u lwrrst Wgn mm :3 t eji Da M htterest Charge 4 h9 w-t - on in .a nn J+t W* v1 '! ?6 E2 i Ot hcr intrrn+ B v. :: u > !1 +.; A!!cs%16 a toiwxrd f un5 bwd J mm %no t i 6&h 07inli hc 4x to bmis e %bk to the em n i 1 a 6n u 3 5 -d all Wj :19942.r Nct henot ( bre ' l'4 C NA N% Net incomo (Loss) 54 + 03 wc 5N Dividends on Prefetr ed $tock a J '4! *2U iUe intorne (Loss) Apphcable to Common Stotk ie
- ia1M i rJ ? il _'
Average Number of Common Shores Outstandmg i- Dm Dm Iarnings (Lose per chan of Common Stock U" Mc HU Cah Owidemts Declared pm Share of Conimon 5tm k ); 't UU $' U q<,;sev, e 4 v s %nr:a4m .h ! t94 gIw - 4 - a , o 1e ; l ~ o Fy- Lm Cv o en tvqme ? _.jh?da tqu W% m t d A.c .W a y h m p 's 4 - L(> $ /cJIn n Vunu W : , d; T d '* s La > . Ju-i d ll1 k ' I '! j D li 1% T ,(.- 1 f%N . , _ ~ _ . - - - . . _ , . , . - .- . _ _ _ _ _ _ _ _ . _ . , _ , _ _ _ , _ ,_._ _. _. _ _ . _ _ _ _, _ ___..,_..,_ _ . ___ _ _ _. _ i ( Consolidated Balance Sheet . t NrnN 31 Im WWnd Hu i $$II b f9f ugb Of .J5 ' a- 'M' )YS) fy$% Utahty Plant at Origisial Cost lD kTVit* - 4 i .5 H M $ 804 f1K $ 6' A7s ] 1 "4 tru ucunda:cJ rm um ("f Arte-cuten J21"7 - N7 ~72 l 12D % 5?C) h t9m G mtnxten w*d m pn cca + N 67);o 1 Fl?;46 hlur bl . N n!7 73.7N 749u llant td.ited rerdator) awS .-- . ._ $ 1.7(,A ., . .NON Y$ l !I dN .. , , ,, k Diher hoperty and investments 12 w wal M76 Oment Assets Coh anJ ien ;wan c uh invotmenu am - vftt; pgls-AGttW\t>1CctaYbNC Ctstoms, hs allma ana fin 4 mbik! acwwmd D,Ia1 $2_130 anJ $ l .%) Um 304 son-i ; Dhcr DF ;4)u 11,123 AccrucJ utity rnenues 2.' 4912 21 9/1. { l ud. nuterkb aid *arrhtut aver.we W 9?M JWJ ;02% hqaninas Ita );e 2 4 v, i Oh cunent me !:I - Td2 1 .r<- 170_ C3 - . Itk2.0 - . Deferred Detats . twn.kd defmed manme tuo me 34;r 3sM76 1 brmnt:n!w.cclied nudar pmwcu 4" : M 3961 5 o 79 , Uranutiud rcJcminm aa nm 3lN4 47p ri ' I AlertcJ incon.c tam 17 & 176A21 143 ~71 IhJ murn - SoM..il'mt 1 m3 - - IWncJ fuil fx1 at, tu! - . Nin J,ustnwrit inenuo 3 .9 ' ; 07; 1CM D.hcr -. 9.5 # . 3 $ 2.2
- 2 8 ' i $2,1%27$7 $2.E3(63 The i,m-tpnewn.cnn4 Mary IV deon) h in c ma.hud rmeuahuus mnwaum d et,c 6u., ,u' 3umncui I
I l ' ' ) [sI kk hlfN 'W1 {'h hYb i Consolidated Balance Sheet i IbmM.\l,lm F%J Fm Capitatustion and tiatoltties %ma sN n- No tN No Capitatistion O<mmmitd causn G mmin stu.k 5 27 % $ 277 inn i 277 ura < Opt A wd on nu 0 :v;; ; 3.28-l i Ofa Rd.mcJ wnne I;n i m 77 2 zulj7: \7 e.* i2 3f,2.%4 473 f,74 ~ Pu foicthtd ,W iu 6 tteranjstarricacn7 mn < Ni %u m 7 wry M&ct w malanc. trJoop r.a - - 34 mi b rbp terti ck ht LW? O VA *A4 .%22E7 hd i VW. t 301,4'a 10;41 _ Noncunent tjehibties (b}@f1MbunJctiap!dIow/9 H I 5.! h6At1 111,17) tu l _' > W _ 40 5 laul enm 1t'7xt i - t aml Currem tiahd*es - Cunent pu.emikeg ten 9 M 4 41// 7 15tW7 3(47 diMmf f [Y)'O'W t/i.2 ] } (A(fI77 42$/9 S!ck p.#)2 k- 133 t.' 45 tDi - IWdenis p.624 W7 CU 3D M% TairsurucJ ;U2 ) 22N; 21.9;; l'enuam 4c.crucJ i ul? 94N 7 104 Intenst acaucJ N.J ,J 27 719 27,112 0:6pina unju urtid lue 2 472 10!% 1JI4 UtN-r mr A d !'Aht,(- 12 A _ l'i=17 ID2D . lot J MD7 2 W 49 12$j#3 Defened Ciedits (bturw%4r.co n.r a.rrtnuie '24/ 3, t h 2340 AccumchwJ Jcfrned m ottm ta cadh 21 N 2 21,7 3 52,124 LWuahd dicrnd ira cw ino 31,Mi 339 0 @ $4 IWnrd iname uxo 515 # 41 474.M - 52fdN I kicm J pn on ulc of util-r> lhu 503 In417 N2.4 !\-f encd f
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~ J fa6 ,.f 14 ) Tota W.2 t q 451 y7:27 ! Comenitments and Contenpncies U 232 42 + 12 t u 2 LJ $2 3(.W & ar xponeuwnn,thunw P& .s N ' h in anu # m u. m W_i mithnu o e in let(V Mlili.1ne wiim A 5 33 k i Consolidated Statement of Cash Hom forw w Iydrwe- nuit sw r.J pu (Hm Wt ib i Mu !vs4 im Cnh flom f rom 0perating Aetvit>es Net income (Loss) ye 5 yt w $yN AJ9em t.uta dc na nome o or; coh pwij k y suctmun Dcpc. m nd wm;a m . 315 t MT' 4 Ni
- Dtiemj imme w.o ' ,' A 194 4B j ST AS L 40 w rten - net ,, 74- l t2147 11.014 Shm 1 pmkrue m,ta 21.2P -
Dd.RalF M.'"Wi.ttu :tt3h - hd 2lJ C2 7%, :1Ml@ , AhaN C fitii)%b bM J dgf;fg OtYt rtuthir) Il 44) !(d 444} (74 f:56l IkfencJ wn -- N 64 Uw I :: <n - - % adstment ret enm a: .. _ - . , hJ iacch ec a nd cym mu . Er leM 4.13 j Chaw in c et enhJ hA?tu ! A:;xnts furrd it t 9, i ;.t i f- _ Mi! (iOM il ! A cre,i u:lt, rr , a 2~ ;3m2 64 lhd ? .MOdh dik} f gI:rt i~ i :8% 44 %%f 12 A::r:n pdle * + 71:4 nr c Tao 8:ma J D "' tM ic: letant acend iM w n3m OJwr- rA \W G U$4 Ub W in nana tf rnt Nhe dert enr- v 2*n ) *4 4 ( A-4
- I42 AAMmenti N iWi 3 V.72 t Net c.a pnmJcj % 0;uat;rg Accuto %'t "; O j4 311 Cod Hows fium Finanung Attivit,es vend dev&d pns c1J; '
A . Lmg tcua Jcl< .! " - 2' n o 17<'m , Lw Acatico
- 3 Lie. HJ2 i 4;mnu rend cJ redecm,i mduJw pt,tnmu lYefecchtd N (.C t s.n Nub f orstern dcht s s 47 eum p (67.
Ncre, ra9Me
- 4' M C Ly moofwua 1 73:3 ' ,4 4+ (4 pro
. Dmin.h ' hcicced w a - ye Utc sil AW Ca UJ M EA-i ....t O 2j[) {2} lD t Nct :.wh prwdey(used au l m.m in; Ad che '.4 12 d JyM 34,2 H Mt wh i% tha Orc emg rd 1 m.aneing Aa du 42 % !MU 11 0 % , Cnh invested in Plant. includmg nuclear fuet MN p 4n M 73.9 Cash and Temporas y Cad investments: Net change for the period *4m ; t,DI > 34 91 lunce e inmmr-g ti;vrv.) "~ Wy_l; 2p? IWac c et cad ofpern! +1 $ NOW
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.i % N.- Cash paid danng the petiod for; Imetot hict --f amut ccrit&cJ ! '! i!" 5 41.201 .i k 471 . Inn,mc Turs 3 $ 14 M1 . .$ .21.71 % I (;
- tw w w n, m ..w ~ u w a cn n - > . , n., ,
A cqw a n < l Th v,wpr s r-e % rr F A:. a q Pc ' , N 3 t.d , iJad ! r Jw. 4 e u2p > & s r: *3 m 34- I re t k-' mi < , s ir - nau u r l- . _ -..__ _ . - . . _ . _ . - _ . . . _ _ _ _ _ . _ . -,.. _ ,, _ .- _ .. . _ , _ , _ - - . , _ , . , _ , _ . _ . - , - _ _ _ _. .__m . . _ _ . . _ . -. . _ _ _ . _ _ _ . _ _ _ - . _ - _ _ _ - . - - . . _.._.___m._.. . . _ Consolidated Staternent of Retained Earnings fu ik L ci fad l unh d ?, FM.h M .ed I-M - (TL wt,tufD.-% : , ;10 ;e'J 1m s . Balant e Januar y 1 s s ? s;< Un]yr1 $nAyy Nct incoma (less) R4 g3 3u ' 39a / Diu.ount opphenble to tedemption til pielerre d stoc k lu [apenses anociated with preferred stock teds +med _ _ f4) ; 14: x I;s(C! 244.ms - ! 4 Deduct Cash Omdends Dedared h strrJ b k 4 H 7pN ! !.m (Di'it'F in NA IL 3, ,2 l d .3M lO Tail S- v;ol 41.5n'; i B8Iftf1Ge Uptemlter 3) t h' t $ Q%lO Oc}.Cl The n mtre u s.cen,-u u%: vn P.: . . ca .V .:.m W J % . 4 ' , oo o vrp reu .! e r h , o a,, r f([ ., .N 4 )[ h k.hi O j d. A 1 ID[ % .-. . ---. . . _ _ . . . _ _ _ _ . _ _ ~ . - - . _ _ _ , . . _ . _ _ _ . _ , . . _ , _ _ _ . . _ . _ . , _ . ., . . _ , . . _ . - . . , _ ,._ __._,..- ,.. _ _ ,.. ,. _-- _ _,.,,..._.....,. b ? Statement of Accounting Policios j l s i Accounting Phase in Plan -Rocards ! In otJa tmav the i npact m roto th a ruy rms tum,the ; The acmunung rcu& are mantains, m axorw, nec w nh the r ads, nan to r.cc hac a. de c+t a cwt rm taa 4 umR>rm sysicmni account _, pcAnin, h the ., n,.eral > w n JJ uo:e in,g 1., .dJ.cJ to Lac Foe bv sedas i bric Regu,atory C,omneun ti t.Ph, ed the L,on-m , .m:b+un puum m a phec m pbn T.he Luwn' - ~ ncetgut liepsternt ofI,ubhc l . ti.h*v ( onnw iDi,l ,C ! .A i M.drumn of thc l'Pl G. mph meinnphe % bMA Vit}cnwat ALrcenrnt mc!uJo .i phrsc in phm for Principles of 2 recm en of the Omfami:mestnca m whm, (.nd 2 Consohdation I that wmpho w ah M,A5 No CI AS No 9URet i 9 The coneJated fmanad statc:ni no induJe the accounn <d u!a cd i:ntc71on - Aummtmg to: Piem P:d - ' the C qunv and :t* v hoHmwwd whnJano, BnJee ntMnheuntena far a phwe m Tb n atd tc+ "a-port Eccmc Dmpany (BECL UmtcJ Roaurccdne, amonc othet t' mo the aea dcfencJ k r iatute rem United [ncrtn International Inc. sad Rcsca'ch Cen;er, cry unjet a phawe pLn can he up abeJ tW imansui hte Intercompny accounts and transactros have hcen repmiiN pur e onh d Or f ate rcp24 tots aNw j i dim'nated in comohdation recWcty of thoc deferred co-tm ahn a ten yrar pctiad of umcomJ th.a the per,cntage mcue m t.acoched Utility Plant AJ utda the pLn on be no penhan ihe pnce 4- - The co t of aJJam:0 uti,atv p, ant anJ the ont ut enm,n - ac inacu in nc.n shedded u:&t thM' n for es b , percj%ee ard betterr:wnu ac captatccd (,ut conmu of a% , .n stenah, vnicci anJ certain irdrect constructen r - ADOW%c0 for funds cats mdadmg an ailow ar.cc fot !wd useu, Jermpo Uwd Qutifsg 0.mstruction strucun 1,he ctnt Of current repair 3 and met rep!acc- , menu h chateed to appapriec cpenting cx;m in ace rJana wnh dr qAcMc regubtury miemmt ucounu.The opal at of utikv pbnnewtd ucounu the Q:rraq uptheon uruwe fut or otherwx dspacJ of and the cat of remove ley an& med duq comaomArt T>CL which tcpe 1 salvacc are chargeJ to the ceouted poei ion :e4 eta the wmeute cwt of Jcht :nd c amty antal deprveix;on. dwe %nni unar cun4trochon in axutdace n nh TERC pcnmhed xcountmc the petien of the abw - . i Abandonments and a, e apphcBe to benuwed funds k pesented m the Disallowances of CmhdatcJ btenem ofincome u a rtdacuon of l Pbnt Costs romt chuga. w hile the portion of the abwance apphabk m equay funJ, is peecnted amther income in 10SS, the Grapmy ackpted buwm of fmancW . A.nhowh the ah,ow anx d o not repusent current ta-h Accountir.g Standards (STAS $. o 90. ' PquLted incor: cat ha h.atmcaUy been reem erab,.c under ihe [.nttipfN$ - ANOlmtmg b3r A.b3fidanmCDS add bW - i , nic makmg rnxcwcer the servwe hvcu.f the rcuted abw ancemf.PLnt (,au , anJ c!cctcJ to restate pnor . . any con p uicmrannualh inc prtoa sFA3 No W requims that, ta comp,eteJ pLnt popen es The Ge'u mmor:w>nstruction ponts ah,owance app,ucub,ic ' f achuca,3}} clou d$dVWed fdT riate Dikini, fuq% . inuit hc recr$ cd N M kR bev against mame M WD M IrRV10 AN the birfany xcounIed [Or the porMn Df tbe the disabwance be~one probdc anJ can bC reMdn- abWanCC aprilcMe IO !MrIUw ed f unb on d tkt 'Of IM aHy esumated SFASW 00 do renuirn that a N bc be a far all concruction pn necu bccame mtutst recorJed for any Jaabwance of the im otment in an charge > awuted with comtruction poicca wete abandoned [Lnt facility. and for ihe Jba11mvata c t a expenvJ curtcady 6x tu puqwt* ikner chine retarn on invesment, renrdb of the fast that rceute .bnu uy L 1M or Tn Rcnwm Act of 1946 ha , tors have pnxided funehven of the fuU un estment requred the apaahunon for tas 0" quo of ime"" - The he to be recorded for the daa!bwance of a return chargemoccJ wah wmtruenon pn.jcen, necpt ne f h mesured by the d;fference betw cen the nwverde pojecinoch e Scabnd Una 1 that u ett begun poer
- ,m emnma -nawf r a im mmcm awh m uma maawh+ w f~ AS Ibn ddkrCncC decTeMS UVd tbC PCHOd UIICQvery months of 1% AIUDC ur SedNd Cnit I wM Gm-of the orignd im estnent, the km iuevened through puu d on a nct of tu b:m and AFUDC for an oder racnau, w Wh h rvmensd anname. pojem o computchn a befon'ta buit CoinaJcut with the ta in~enie d ac for SabM l 'na 1 ofjunc 1, NM the AtUDC ute 64 aH cisk pLnt addniun' ha&en wmputcJ on a before tu beis i 36 m manwe.m,w t
- -. - .. _. - .-.~. _ _ ,_ ._.- _ _...__ _ .._ _ _ _ _ _ _ , . _ . _ . _ . - . - _ - - , _ , . - - - . _ - _ - - - ~ ~ - - - . - - - - - - - - - . - . _ N . 1 ! AFUDC rain m ctlect dunng im 1W ate hwn bckm refw aucuan !% which he wunicJ for the m;uynon of theITC generated ha accountmg put-Before Tex Basis Netof Tan Des.ts p% the (unpow pac 6cn fuh.wrmahmian bi ,dl 19 4 12 3 % 10( 4 , I.TL,irated to ican crabic r! ant invest ments currt f"t g* 'p 9 "p" ; (bc dC f claid to f he rCLOvCrd$c p!ani HW(stment in 19X) lim nW M M N 1FIC W W m mm w h M a imutwna, t e th.we mvntmenu wnttm uhn accor DeprecMion . ; dan:e with the povniom of St AS L W, were taken ; . Prdvisions [of depreciation on Utibfy p!Jf t! for tin dG PWTan, mto ixomc wlwn the rclated 5f 3 S Nu w u rite-off+ enluJmg a a amLted wah the 1984 reentctsnn of werc reco ded PICi pbn to a dual fired caphday, are computed on a nraight bne be!5. u,mg cytimated icruce hvn detce Accrued Unkty Revenues mined by mJepedem engirren One half ycan dque-Ec esumated naount of unhty n venues (lew :cbted exp a o ciatxin a taken m thm car of alhtion anj Jugesiuon of - . and apr,ueaNe tauw for ctvice icn1 red but w,t bi!lcJ unhty plant. execpt n the c:oc of maior operaunt uma . ~ is a erued at the enJ of cach accountmg n naJ on which depreciation conimenen in the month they are placed in i.ctwe and ccan m the mont h thev are Sales Adjustmerrt Revenues removed from sovice During thqvan 1941Vs9, deprecianon awnted wnh NCi reconveruon awu The Omrann 1M raic Jemon guntcJ by the DPUC was wnputed on an annu:ry beim er the original ahn the Cornpany to aJn,t in enues for devution-ten year pad that this plant wa bemg leded to the ovithm pnenbcd hmag from the khvart-hour Wcs Gimpany by lif.C CommenemgJanuary 1, IVA the levch upon whxh rates were ntabhod Tbm reve-recons enion emis ue Irms depechted on otraight- nues ac accrued in de year m which the do uuon hae ben over a renoJ cndmgJuly sm The agacpte - oautred iud baled to emtomcu in the ut6cqucnt yee. Annua pmemoni tbr des ceiation fix the ym 19% sub;cet to regulaton approval by the DPUC 1989 and 19n were equivalent to appoumatdy 2 99%,4 31% anJ )Ma, rcycurdy, of:he origmal investments art ofdepreciabic propeny, u restated for the eficct of .. The t,empanyi mvot ment m ihe l.anneeneut h. nkce Atomie SFAS h.o. W The angrepte pmwon for 1949 indado Pmver L,ompany hmt srnt are, a nudcas gener4ung a one time mercaw of $102 nu,dion in Milhtone Umt - company in which the (.vmpany he a e_ i1 stak imer h.a3 depeeution chargn a pcunbed m a 1999 cat. is accountcJ tor on an equay im DPUC order Thh earn:np reJuction meeure wa initiated m ordet to kmtr the Cotnranyi ro um o" ' Nsi4uelCosts Ccmmun Stod equity for ra e maung purpmes wahout impacting rn enun or cash tim See Note ICi 'Tute The amount of fwa fud cats that cannot be ret'ead cue related Regubtory Pn ccedmp" rently in etatomas' bdh rursuant to the fuct ad>ustment das (FCA) m t he Companyi rain n defened at the . income Taxes - cnd of cach accounting pad Since adoption of the dciened accounting procedme m 1VN. tate decmom by In accordance with SFAS W 9PAccotmtinde ln ome the DPUL, anJ a* PrcJeovon have constcnt!> made c Tun., which wu adopted m.-the 6rst quatn o iwg. spect6e povision int amon.:aton .ud rate making ucat. the Company hu ponded dchned taes for all tenro ment of the l,empany
- emang dck.tred fod f ud cat rary twk tu daTerencn ame the habihty method The -
. baLnen. habihty method requito that deterred tu balanen be aJpted to wf!cct enacted future ta rates that ae anti # Hesearch and irated to be m encet when the temporary itterenec' Development Costs revene in a: ordance with generally acapted account. ing pnnap!cs far regubted mJusnin the Company ha Research anJ devekyment cowndu,hng environment al estabbhed meu and heditin that ;etIcet anticipated studies ac captah:cJ a ichtd tn spa 6e consttucuon future racmakinpffecu of deferrcJ tu prmvions ari, proicca anJ dq recated over th. hves of the nLted ing fibfD the iDplernentalhOn of S[AS N 96 MOU dhcf roeMd afid(k'veh ment f emB are he Gmpmy hu deacd to taic intestntnt ta crcJiu (lTC) apphaNe to kcrerm auroction proicca on a pror Ttu OnCD Im MNTN,G%D %Y N - ., _--.-.-.a__--.-_._.._.., - . _ . _ , - . - _ _ - - - - , - , . , - . - - Notes to Consolidated Mnancial Statements rm M ms, twa nnJmt limoc n mms . Ow . W iu a ac % A g ro .! it @ Ornru;4)an e <! rt w , (Al CapilahmtJm at DM tmber 31,19% " N' O M U $ "A Shares $ hares Amount *W = * " LL "# 'W4 'W#E , Authorised Outstandmg Woo s) M "'i"' i * "" " % "? - - - ~ if enbW e W w !M H ont Cy().@n %1 Lyty 99 gy; h' fin At k kTni pdf l-g g)y j g ,gg \dir nilh!-dtf M f.li g4u , j g4 y ,j gy 4l ??Atwo 13 47 "a - Iva g gg iN 17.3nw n W 744 gp g , pg,. j y' ,.g ;' 1 As) Mo vi n I M C 744 $;9 w gy gg Ceu *td eqvw 02 g,%,ggg3 gy j Rrund carwy a i P6,4n ,; -3 . pjg 9, gg ;y; gg ; L&a x#d 1& 0 r; % , J,, N e nA r 1. ; gy N!2 2W2 nye , i IfNTTV) Uid h d4 9 100 *!. A h, (' - '- IU*
- I i I -- $
Q:mviaw p&md 2 44 3dD sta l$10 @r n h Utah i d Rm Ibe 4m,%A wo . W% hW aare 1 4 "s u w h&6 s 4 7;iNm h 75 a n \m A k NP W L2M WO 4 on h C 'yj i L's ten d ed M $I , } kf-gi f,} 5 ( f l_3 'k -' N1 \I 'I 7NiNmL 123 9 o ,turg u tn $It /1O m , M 7 tm., Vno F plo n I W H % lW brd I W M U m M +9" ! ( m mb du Wa 44 t W 1 _i. 47./o $47m --[o k A & cce 2muo CW scpdawJ i 4C42 % @t( $23 fut i ac - - ;.m I r Womd tl+st disco,m? L a pt twJn MNP4-.IO \rc 2,4. F 4 8W ' (it ! P l! } i f t.O at{\senhirM l#1 , 17M r u.n.w mv prtm we ht4 L $23 p! v.M 4 MMt1 - ,b'I d 'IE N M NI W Tct4 pdened imen er t ;ehm t inJ M im1 -' blld not MIji\1 O I 4- $ ta nundi:ory 1ou!l+ perm JM mJ dcJ m redcmptim __N 7;n Ocs.c m y>,t M b ng terr lW ;& IntmpWAn $13RM ineprm Mentwcs 4% iWL Senn, jam D, pct $ ton n , if % M knn,dm O,t.% 1. f a) Common Stac k - PM (5%fS nprshwd m 1 M h M40 . b, ,.+ tu. 5cna,du Aupt ,L 1% Aiihr 19 U Annua Mertme ew cws. urn agnn rj an , Dau , C.,1W7 &na duc jurw I 5, !v6 ;2SU " N '" W O i" O" M IM W "" d "" 7* 19hnaducJoury D, Rh Hao fu Wir hom D'l"W D L ' WM O "WM- , hTA.Nn0 Seno,durjunE MWU I Ler on ,tcd, ngar n!ue, au:!mra, at Ibn3u R b, M t i $ 11.M 9 tervJwea.m 1M.9 ' 7W 2(02 btJ6c Mder L 2iO2 219 U 1-M ndM MHRns tewn cd for the C 4;. W 2 M &ncs duc Dnenkt 13 nn Irriom %k Omter PW d Ch Thm 210 g(0 vrre no adluon, to !MP m NW PRJ nr l# t s u 122 ,2017 ba da As.pt 1.2017 2FN mwrx ut acJn i emaGr for bl)P cd.f at Net ($Q22 nyurebd m luu !w R IW7 Therewm nMucs of comwnd kna Jdvntec> - W m h WM PAM M miennpen;dy a to 51/C ff!TipM dowmt m Nard 41 O t , , t'Eh fd he *,tJM IWI h I@h IN-b d4 $/NfnA!@dm!M4 il f/4 2 ND23 38 .. s u unu , ao< s _ u g4 . . . . . . . g- ,_ m em m,qggggg. - _ _ - . . _ _ . _ _ . _ _ . g g ,.,_. _-_ _ i j 1 ( Th & r g o h edm A e 3 mLet, m h h N l h I w hr 1+R :he Ogg po&cd nJ remeJ Mm j imh&Prncy 2 y H the DmJco.! kmwe ' &amt ns $!!U p a wue 4 C Pwicncd %d )
- Phn. ICl$2 Aau m im 1%9 ian a h'W N ews C a t a d m nt oj gpro satdyPOt erduc.
i anjj41,W.shm NIM tcs@ ng m a tm tmNc ajJm'n to com o eyay of i In N O, du UDT en 'n }m Wd uY lh t S W d thi UJfiWh ' -,'" w'..- c A y M o (n opp;mcJ 6 ed oft, d yb f ai Pha mJ kc> Thcu a twJmpra ymenwnu for pict, ocJ mL out- l # m.u <w pwm me.w m*, uu , c Ifla' e'j e d Tbr1 Lu p: . 4 dch thc.M N of . , Won ot p cten cJ ,tu h.w c pefcnntw, dmJmi xd b.p I optw_< m pt s Lnc up b d uf r%bnc. of m. c (,e ra , datum 11ght* mcf wha!cs of iothn ota k PictcHrd i rs 'mwn e d m et prow, d ;.re ow toten e i um hM, is Mc not enth, d to Kctu ta,, wt N !:2 ' hwu g mt;a u,th Ocn Wpwh a mnw, ,t hs _ } hart er, d any prc?cticJ delcO ate tu st ats fot octcnc pu of wh opt wn e dn ic,' ;Lm dw v. o a kn . w, e of the o i w ma oMhc Jn of aw mm , ,, o m nu4 asuncr s of d wine other n ud of o,cf auh i 6 s ~ Muhp cIcitcd tha;c}r udm W cnuded to ch ct 4 t k h fi @ tO pL haC .NID d. ? ditc;WO h k ,i - m onw ithc it ud of Dsred% untd a,J phin rcJ ancm w pnaM$3C.perthuc.., m e n o! , , - ,on e d a a cwe pac 6153 3! pa sha admJ mco mc puu,mhument of Jcuah rs , tman c d . n:1! M k O dain hidm ' i t . e k . ! an c uri br pi a c e! 4 Sil 193 hac h'ev SmVJ h thelbdoi Rrre 6 brfercaic e d 9 a fM tn of sta.i t hat h imuot im prir!!cd [ nd in mm ocrn!ix Onuny R 10)l. ed h t scwt bcomtruchd. h a not ubsi to thr ram DO tot cM f 47mm mw or nham tapid nnd tin adw: !un uM acattn r 0%.t n can rmt d m x of tho l , ugh requacmenn scrnme the nmacc of pcitncJ ( hvani mmum A2 b.wu, u;m the dM,J >%, sta k Thne wcrc nmharew of preferen,oud not. ruket rem sc ebw rmuw,om' n ed u ' onJmu Dxce, ct 31, IM) n o coy o9, m a c ww' m tom w lw e, , unJcr he O mpsdm tmu Nrnm c porar ib h!)long Term Debt , plan n Ao 3ukcci!a DPl C4ptm The i.4a! non . ( In b mr 2 ( lM l_1hc (,Af Dpdf-n ix4 foWed f rg-1 the lIdmtHM bc of non W cowr,n N tLi n >v to ed mJa Uciclepvh! AuthofitY of thC Ntdie of h.cW SfrphNe NW NP Icl DiinccMiW j'f Vt # % b @J n &J, l t * . , thcl num, of the Authont%uance of $We. m M. nharn hawN- , cn du .Jud oMct ik, pn gi,un to of ta ncmp: ab.uNc rge shJ h, ie lh' e,4 lier o m M,Wd d lAn e m hiMe l to pisc h - enue IMS, IM 'vHn d dW Sqld:dTr I. Nl3 lof ; pm' arn out rwr the nem t wmear rm J ' DnanCIM ra7f ullf p%% lb(Mc hiuJs a c c.ia m ned e ~ . a cuncnt lab 0tv bccause (Lc im estm h;n c the i @t to (td Retain ud iarnings Rutnctmo e,wct . . Las e thi ir h ah nyorcha d vaannua!!y 1 The adet tmc udict u hih 21 of the Mp.mMiynt mn >mlcm hc h na cc toowm J to tiwJ iate accunnes i iur mucJ piacn hmaate on the rauaent of ceh dni The rtfcore annuJ unctest txc. 5 m onpnAh; w.c. l derd on the comrwn md of the Company mj on the chmJ to 6 B on Sepcmh r L 1M the hnt mch ! amounff th4! ?du bc G[ChicJ io pmte or rcdectn wr nomJ rer: ;oictme Jo The nct pmetwh werc , NN N $ (k M.niS! III .J NffNm (s a ,O thK ()>t thcJ ta rcir:dtir-c tlie limpm hir a p nim dsta dtor , pan)'s rellwod canimp Af IW aba 31, Isi!) anle ut ephtmc:t inc }oJing founcmg co,ts,ichiang to , j tbcd l$1! tbf MfDer.t Of JNidnided ad the f Nhbc (crtdiu v did u e:r J9d iditics cona nx titi ad tcpacJ im the ormuan .,f Scahnok Umt l ] ot redemruon of
- hares of %-k uwe cuced.nc thoc hmiutiom Oa AhJu;t Q NM th(.ompany md, to MhI,it.oed hd hom l
k) Pretened enri Preference Stock .m run trua ibh4cJ (b the bendt of a finan;al m+tnunao a pom n of the Corn' nyi hadivd d om The ra v due of ca h of thee Wn u a acJncJ to the grn- ,. , src unne in scabm, U,na L for Spodraatuy $3, - punte stu, aiarmi and c3 pet A teu, tcd to .ht w muc3 rm on Ahh wn, the tra *amun concutc5 p.& n!- were chavd tn capna, ; tM open~c , e, ack fm :n pommN pwpeca ihe n, den-w , twt Wdef Wbidh MI of t bc h5!hpARN ddSt Dtuit A die a mucd. a o ucced e a hoc tcrm huanaan (ohth ! nmnad npriing wwl tatcming purp A The ch 1 g k.t JWLd Pdelp! fJ'O OD tA b40i lng b h 4]I s .I. .he f I h I + > f ni kI' O F fl. 1 %J 8. ? l' fi NI4\! I i -.- _ _ _ _ _ ~ ~ . _ _ _ - - ._-_ __ _ - -,_,- _ . - , ,,_- J .. .__._.. _ - m. _ . _ . _ _ ___._. - _ _.- _ - - - __ r l' i > Ccaley umi thna t pud a put to tcJact; shon $7 rmbn. w hu h mount h lutrg anut ecJ over the term iwnw% and ta icpsbase mt4tanJtng dden- 31 year temnithc ult icadad anannwn tunes. hh r ptche anwted 14 - The t,ompany alw used a ptten of hc remainder of theule. $NMWp%hnu.a of 1061%cntmesc leadad tranuction pnuch to redeem the il %ehn i Ud kT;cs plinapal aciount D[!!A I19 NcHdl IMemuf c5 fEmdm ! il DIVJW runa;6fant d NS 1%cntu!cs mg out<tandmg c n M crnber 15. lW after a vnal 2nWn naunty (/ $2 tm! bon on that Jatc lWL92?J m prmcral amount of 12 s D&nt ures Maturloc* anJ rmr. .tori 3 redcriptiom'icrasinent.* a>J ertnual 2u.17 Sere mtae t npense on ewting long-term debt arc set fonh Prer&6 pod arhra turred a connecten u nh the*c bclow #;rrer rcresam owntM tt up!Mtmatch r Um IW2 IW1 tm IM ih Q')) ,. 1mtwnh kr w 4rm.$1) WO 5W.2N W.92 SMC5 DU9 , A tu m n im o o o f 4/s u -! Wodatr<ty Nhtt p drepnwnt3 9.1% If-fd 7G7 MfM 72 4%7 inngtermdAalenJof t mMit WC 5 2 - $492 SW d $7,M 79 IW%92 Annd mictrc? weid"d with ntsimg 1+t d)(2 5 P.339 . 5 %!M - I 77A34 5 7RO!9 $ D.313 hwJ enson ofiwan c epm aad repuuhay penimne anuicd mth cumr dcbf 5 % i sfrV $ 6 670 $ 5M $ UW ,
- 0) tio nwAle $ W nadmitn-ces abMe ra MJ Wa lk;W Rn omc IM 9%nes A dt.c hcncmber 1.2015.
- d mmcJ un the Cm;unhb e uurrem L Ahty untena ra tm VcAt !n Giauh IW19 61"-)
r2) IM nm trM u,.ars e%ny new brmme that n,n hc :cycd inahanum redempr e or pLnt aM tm m anm rn year I (BI Rate Anteo Regulatory Proceedings m 1@,516 9 ndhon in 1WI i.nJ $16 7 tmliion m ' 1992 The rate Je:wn w e ba4cd on a Julv 6, IVN ! On I,cbnuns,.3,19R the IM,L.L, mucJ a Jeadon m a agreement (the $.cabmok Settlcment Agree xnti procecjmg that it cocanenced on O.cto,rer11.I N. to m among the t,empany anJ the (,enneeth;ut i,ubhc im enigate the operational and immcial statm of the . - . l,drtn . (coPisting rd the l..oImesticut C!th e of l,an' (3enpany 'T he deathn orJcred the Company to sumer (,nurad. tbc C~ onnecticut Attorney h,encrA rcJ xc iti ! .m. return on egmt> tar rate makmg pur- . a ADJ Ibf blD*CCUIG/3 Ih. .VDioNoIIbfbbb b, Wbkb - Imn to 164 u+ the inu authan:cd in it3 then most ] the DPUC approved on August J, , low ! rectnt rac we in 1V44 Accordme'y, m 19W.the Compny wrme off a totJ of $14 S mIion,conmune The scabrook Sett!cment Agtecment m adJition in dctcr-g of bonJ repurchne r remiumi amountina to $44 irob raming the ratc treatment of the Companyi 17.P-Mn, net of ichted incorne ta m, imJ $ 10 2 milhun of cm nenhtp in the Scabmok proccet, abo seithsi many additiond Jerreaaton cnarra rdecJ to Mdhtone penJmg 8eabrook rckcJ irucs,incluJmg termma Una 3 in in demmn the DPUC nated that it con-s (;on of the DPUCi prudence aud;t of the planrung tman to be enutivc to the need to ma, itun the Com- and cone ructmn of scabrmk Umts 1 and 2. the am piirly'6 b*1anaal integn(y anJ therefore h ad appros ej p inyi hen pending application to mc rease its rates by l earning reduction t rasurn tkt did not iiiicct reve- yptounctdv 9 M, in NM by phasing $in mdion nun or cunent cash flotvs ofits invntrncnt m Seabnd Urut 1 into rate baw - over four y eam the Conne:ricut unutory mues re!r ln3dN1HoDu,d!C dn uafy .,,4,1 %M tht' h!,[L.giantcu, - ,. m base rate macae of L. w 6:1, 4 anJ .,.53om for the to an gpropnac rhase m iened tor Nabnu. kIru! l, tbc (,Mrn[Jlnb haVmg eM N RcDerat mg the year- NR 1091 inJ IR., rc* pun,u,m R, oc ~ capaat9 and the ndmn imm ratn of revenues I f atc mcf cars u hich are cfie, tn eJanurc 1 of cch , - q cde to scabrook l . ret I (..unstruenon h. , m Prog'- year,were t,rgne_a :n rm revene by L,1 mu, hon 40 m v , e n m m u c. c. ~ . _ . _ . ~ , . , . - , , _ - . _ - , - _ , _ . _ _ , _ _ _ _ _ _ . , _ . . _ . - - . _ . _ _ _ . _ _ _ - - mk+3,_e.d_4 ae4 #4.,ahDE,.a.4ma.Ame m.i.-44 ae h4 2-m v Am%b- JA A umE .- A hM% 8 mm.A A_Ami.d44.-im.Ah.M a - an.m_ amah a 4 A 4b"amiO G -Jumana-.4ei_Gm.si.A,.4h-.,,.6.44am,gs5&h ui,,mLA.e i4a._wsa.ah4- M..&_aJ35a.___i,.ab.m4him-44,... J LCM rd cDuc5 coOccled by tfW COthpany atfc! 19h3 (p in ifWD!! Mint $ net UIlmt erhDillon (Jpgicgat dig Tha agreement abo rendved DPl'C accountmg and aponnumatdy $30 radhun os er the IVA4W2 pcr uh , tax mun wah rc+cct to Seabuell'ni tI and tenni- wh dh%I to cani a pwmium ret unn(up to 3 % ha'n! uveral DPUC dontu s in ot. n pnNenhDR* over the O rmpanO w nghtcJ owt of c apn d anJ all of thc law 4ma renJmpn .x Connec ticut ^ "*' "*"""#""T"""""'" t Sunrior Court amm he panin and the DPln it ' supulatcJ that tht G Impany woald icecu bne r,ac '" C""" "P '" "" "M" '""M I "" '" MA *? m M nJ V4 m lW2 Arn.un ub in ch were not macets to cu tomen toolbogbetween n anJ ll% aan ayna wue um adumd m M ou r the three year gnod lu)thioogh M2, w ah " # " ' " " # "N^ " " 'C' i the DPUC *ubwquently deternumne the act ua! rate mcreue for ca:h we. taling mto un'unt the arem """"""k",w w,th the 5PA the 0+mpany ha IW ud DPl ppuul to hdho automen m 1Wl . pt iate levd of Imancia} hc4lth f or the Wmpany and
- he dicct of the inueecwn the Companyi cocomen . """""#' " #'"'i#4"**k"""d U ^ h
- t
" " " " ' ' ' " """E i ashhucho!Jcn. L 'nJer the ar'recment, the amnum of the Dampanyi Scabrod Umt l mvr*ttwnt that on # I""?*" ON#" P"PN"NA """ hdM""#"'P' k iccoverrd thmuch emtoner atn heIan hrnned tpu ** e npann hdud A&wnt , to $40 rndimn. phned inm tate but over a fwcSor 1 ler nd that bron m 19# The greenent funhcr piw a ie n.a. * - 4,J Accouming Ior l%ue in Pitut Maa r** viegn tgat the t>empann. rate nding rate oficturn UD Olmfhon SOX h rqm!y ( RO[) durmg the thf er lhe Company n phuinginto fMe b.isc de AIhah!r mi61- " yun 1MI 1992 wd be hnuted io a cohng of 119% , nent m Scabn*,L Umt I, annunt .a ui $MU mdhon . l.i Z Z,. ~ wgh a fbt of 9X cakulatej ruf the Gmpan>i The phonn plan 41ow, the Gmp.my io record a ~ ~ ' ratin of Comtnon Stock equey uptabanon to tatal defcn cd retum on ihe p guon of diowaNe mmtovnt " ~~'" ' capaahmmn we 401:1 . If the act al ROE exerca ndoJed fe en ruc Le duny he phac-m p rmJ Ai ' ~ - D%, the amount of caninp m mm of the whq; I kcenba 31. M), the Gmpanyi t a bec indodeJ $ ~ wdl be apphed agenst defened revenuo rdmd to the $4s nn;1 ion ofin diow. N mvoiment m scahnok unt I Sabnok Umt I phuc,n. The Gmpany nuy tequest I in mdana wrJuhe phocan p!an. wmmenong abbijohJll Arc f(bi'[i[the NO((404 hclow 9h on a janugy l, [VM the hmpany lygan phayng m thc bal g projected basit .mee oNUuwsNc mecsuncnt oen a fhe ga grud - w . w +. murdnSnuay L m tWdencd niu.n w W The rate incnonnnteJ by the DPUD lanuay 2t Dm h anao rm hw anMynnmg of cach ycu om a duison wcre compmed using a 12 0% ROf Lcd on the Compann pn.juted 0,mr un Stak qua urna haye gnM enhe uw pn panion anhc phayn mkn ntim of ?9(% fw I#00 % for IVM m1 #h"#" u on yd ta oc p n h pheanpLut P 0% for W?. llowever, etatcd above,the am "U "" ?"s cephe DPUP m a huuay 24. ; pany h authoiad to carn a higher ROL m acadawr me dumon that p anicJ the Gm;uny base ute wah the Schnuk Senhwnt Agrcenrnt. The demon in:rcae for 194 iwl ud pmjun comphance wnh ahd plon1% arhongot het thmg for phaung the (,e Si A5 No 9. 2 . "Rcculated Emorne - Acountmethr pann nwenbk Scabnr ik intnuncnt intn iec be "" "' * #"""" O '*' O' U ""f"") cver a 5 ga gthd commene mg lanuuv 1, DA4 for h rccmcry of defencJ phecan coE danng ihe u5e ""P*'" ""$""' "@ "I *""** "U""" "N' *" quent 53car g ioJ comotent w ah STAS Nn 92 ' O"' " P """ #" " accomaMcd durmg Whnd IW1 nta rate base by ancria, her r ate daign dunp to enceurge exrgy convrv Ation. and for a uh pn.vidon Justm1a 6PAi M""#F h #2 ""# """N ""d dh,"* ' deuM ta compwate fd dcrunom fmm fonu t uh "?' "#"""#" P "" ""'" *"W "*"1"" ' -levek wnhin pnwrihcd hmm. and 3uheet to DPUC "" bd * * ** appmv-d The dccien gmutuhe GApny to n ain ""W"d """"""m."3 ""I tohrnover""O the 4""#Y h lW4 TN( ompany w be allowed =i. the f enc 6u ofwhobale p.wei sab deve pnxnhed - s, kncd nturn over a in e g;n pand commencinSn- ~ Ind expen< rniuctum. pmpen pab and unpmecd * " #F b "' '"E '*P"") "* tmdcar perfunaance, and erxubc Company ro up - 1 detencd mum reLard umlbnuk l na 1 of $20 twe comerution pn sco lhesc opaahud c.onsen c , muhan. Lot w u'humuwuum 41- - -- a~___-__,.. . _ _ . _ - - _ , _ _ . . _ . _ . , . . . _ , . . . _ _ , , _ _ _ _ - _ - , _ . _ _ , _ _ , , . . _ .. . - . - . ~.-- - -- - - - - . ..- ~. - - - - . . _ . - - - t l (D)laceme Tsacs A:cun4Ja J M,rcJ mcw lumuc tu rnux tmmts of 13 0 IN 10 % ta amnot tbrnber 31 No leJ IN i Opntmg apus 6LM) {$ WC , Ourn11t - .,SWO? $_25_MI $2_2 3_ _13 1%nt du!N an;cs $1Dlo2 $12 W 7 $UOM I Acdnatcd ucpraatw.n 13324 5,ic t 5,M U "'A C "O*k i IwnvJ fad tacha t, $N1 O t4 (26 "#""Jt
- 11 # 2 - -
Premnunc on l#) Wnw oots (7% 4Fil 3Al9 ! dchTdu?f ftdmpliara WI - - ' ' Gn;traton m cihcal 13 J4 (W4 ! lie) M"d f IE*" ~ 4020 U2 ft1mo crata MM f441} i(05) m hle o utth!v phnt -- 1/07 1 117 J2N _ 9 75 jp Inetment tu cndt, . Okr _ - amortesun M (1,02h (1 029) 5177 4 6 $17M21 514Cl
- Premiumm Bl C M A;cuawad u,rfeneJ mer.c i
tedempw .b 2% !7pm. Q)Ma
- ta hh, ihur Ihemhcr 31 G.nceh!nu brpnie,ta U.,- -4i to, 705 1635% gg g, , g.,3 gg gy N.h!!*d 6Mc;IP,Whd Ifdfl4K.119D I ! ! ~= i e, =
Aurier d denmten 49 4a S. ILVs1 AWI Inmme ta attrbutJk ta l,ud@!tl cd ddi n thC d.pA afy N'T $ y., g ., hervueJ tunJ3 - IWo4 ty % Cmotnttion ar-:hrasi 4, omm, , 10,41,f 12 A _,4 Ahernatnr ramtmum tax 4,5M fWl) b,am.on 91c ofuth y IWned be%Iwo 011 - - -- dht%3the !!Mhf fin.!L fan p! ant = {T'O) .* ~ (Met - Nt 2W Q 4 3) ^ lOJ ( )-h;r _.Al. - l - - Tutaden,Ted 4,1% 1272 21.732 p]3u gg 4f Totahveratmg ,g zhumulacJ Jekrud O 4e " * " * "
- nPW _J7?) _44 J3!
, Other inconw and ! deduct = In auwdance wuh SIM L % the Gimpany hubo ucci,t c na <l?A22) i t.4M remi&dl'ntunJcJ1)c!cnedin onrTn regulaturv #"d investnar,t ta awets emd luNh:ics mhwn in the O>nwhd.itcJ ' CM\bf4 i l l.lV; (2172'll - 0:hcrut -.-- n74 . (7 m 122 k iLMd dedUilt Pfd l )!5I} f l,,2 ) .f _N l STAS N9 91 wnttwh - lbnt Animont - L744 2,4% !.5M Cettwuan werhcal - f1,M 3) (f>4h inve>tment ta crcJa . (7,N4 ) (thw I!Mit Julman cs ._ igy) il2 r3)J T(td SFA% w I wnted - _ - 1.741 _161,22,.7..) (_132_r3_21 N N'@d Ill L c qcng - - 120 y 1 A l?2, $29 4 /7 L l 42 Tm tw Im w m c , m l-i +s- e.wn , , - , , <+-m,., - , - , . - - .,an,-i,,m,.,,-:--,..,,i..,,-..,-n ,~,.,.w. ,r..+- -.sm-,-ns vs.--e-, AM A 6. 4 m, mcu.aE- - ' - * %-2ik fs + mmB44.mpaa" - M h .' = ' " M e ad%,Jm--,45'.S-emW--Es.J.-,-m4+--a.pe+>-p--4.JJi4,WA.M--A"' - ---'M'-_W.e4--W p J.- & 1i M w sM 6 M*, ..a* :.:n f. Ah 4 J M J a.e'$Sl--_4"'My I l l The amounu rerncJ for deral i:xeme ta expcinc for the The Tas Rt riern At of leo pros do for 4 im.tc corirrdwn yem im 19mnJ IVss dscrcJ from the ammmn me corpoote ahernanw nunmmm ta (Ah!T) for yr.m , computtJ by applymg the tcJet al aunc ta sta:utory bconmnoter IV4 Tothc otent da ue AhfT Dtn LO buuk thcOBc lds!Y fedcralimice tac I'he curd, thi fedcol m, one in somputcJ e statutorv ; rccoru feuch J!femecure Alou s mtes the em net lv paid m aJJmn to the tyde y % % in bbats Iof to pmpct the new ruJ m any yu car iv carned forwarJ inlefmitdy aid oN! c met any MC futu v yean repLr tu labdey m cw 01 th.a yee Netmcand $ $1M 3D ffhU trn'ata c A\fl'. Sar thc t=nyany s tcch ta jabd < 1 = n l Totahreux ta unw w (M172 M44 mund J in tcam c Mil hNtv hv % 9 mbn Im a su mn;vrne f f jl:)fp W yjgg,a ,.,,y 7,,e L >M p were - IcJeri! uom ta of Jtdc _ R"O fM _20. C2 nJud ua>4@ ed de MIT onyfevvJ. $W 7 hk insne bdn federal neon at lhendvr 3 L IVi7, we redaccJ to $.4 L nul ingwe te 7f PA (124 5 1 V' 41 hon at Decendv1 }l, IM lbrmP lW9, the Capanyk federJ amnw tmun; tory @m 6hh cucciksJ its tentatwe AMT LMny a _i s - J% - . - . . .W k a mod ptet thM h 8 'hJhon DWN \M tractabn mme tot etur de we '4i a 4% u u. '~ M r@m M.:ht> nsccdcJ m tenta- ., t b, rect m te of two AMT LNhtv As ii redt, therc w.o no AhR l\(mtd retarn - Stud ng med forw arJ at thcmher 31.190 ard l#n - Unit ! - o4h - Inmet t.u adu tau n (E)Shon Term Cieth! Arranyments n.mme aw twm i:D A W M MKCfofcqdIYS U O ' Y Y } group ofbankrce 19M On October I, l@, the uwJ drme mtra:tnn apucd im hd. Company re;wd the entin i H mdhon b atowM out-ruq% not ua% sta.hng mder ths agm ment ed dd no: vci exten-nom.e w m,24w 06n mn of the n,rccment bevonJ an udulcJ atAr m A;phosn of Si AG W pp gg . - hd tn W Jftnronak - 32 n4 UK }M brcaanon m acu [jicctre Ichrum;3,1991 the Comp.iny cnterniin u a new simmomMecJ ta avoim' creda meement with a group of banb The dc wdathan 4'A-3.W 44 f48fl1MinQldmt(ffibblA1b!V,%b ~* cWIC!lthy GI(1 i ' (Off %w - net il d3i -N,ll il.314) 10fanuaN 31,lV C b W m h'n Thc arcenent Icdmbre w u2 cyvnse sM i s'om $ an2 SdMdmmmmuMnbEd ~ U9:w fidmhncorv 6 m the event la na:en.d ath enc cha:Sc in tlc bdhics naa :w am w' o vnn,% dfm, awcts or coalinon, nnandahn other-W be. Ut [Htpff ts of b a!L} iD Fub6didhh 00 3 (DiW P Dunng 1W, D% artl IM the fewmg anuunts of mmt. J.ccd beis . racnt tu ernN w crr tden i no inwne in 19Mc Gepny entord mta a rem!vmg cred t arec- . @ !9W IN McDt WMh thc umc hnahCid iWh!Dtian Wdh M bkh d le a sale ud icecbad arranecam tbr ndrar fact
- m. - - -
M 3k f Vi .IB4 Irc d) M.lf Rfecrudt . cc
- oIe Rce @ pke @ Tod hn;_nang Wir 4:ons ad 0:her Leasc Obb-un ntunt ra sn7m 5 - punnC Thn rna mg aedt agarnrnt en#io the -
Lmcenvn& rbnt Gmpan tMtow up to $7$ rulhon,ontd Aug t 31, irmtnrnt (7 M 'l96 j y)l, tbr Rcrnd caprate purp m ed wnhm an Amoncatmuleged - - erWld Mba int W1wtuding tiaanaN tmyagut umw y gg gg gggg a,pw< to ran Lbm,. , , t $ ,& N fdhi e hVirt ll LD
- Td * , *
.S.M- :., RW l l ' 'I , f 9w-u.-r~ ~ ,rww .w~%...m..e m',--ww w-v -~im. - - ., - . - - - , . - . ..w.-mee.,--,--'-,w -www-cre.+---w,en'- .me -- - - - -- ~.- - ---- - - - - - - - - - - - - - - - - a 2-4 I S ctrit agrecment d annue of scvriel cinhnons not (G) Pension arid Other He*cment flonents 4- satn6ed at the utx of a sequc tcJ twww ing As (d . , .The b. nyua 3 quahh.e d penwn p!an, w hd b lwd on the 1icct&t 31, N% then werc $I$ Mon n!.!vmm -
- Sc3t conwcuta c htcc wars of pg, ceveis subsum - i try wtuning under thn xtecment. y i
an of i 4 miph3ce, mi m ents c<e t h lume by . t bc ComIuny. Ihc('ompant A he a non-qualsed In6mation u .th trywt tmham!crmx l mwirp a e sur'pOhld! pbtn hi alid1D cAcCbti.N Ef hrt jfft -. ta:h m a sn dMa for th;v pians for 1M 169 anj IV U w cie !>U WW Nvi ilP)9 4 $30aB U ml $1MVW topecth ch' U" The CompanO inhne phy for thc quah6cd PLn a to com Musor appu pnqM tubutc och vcar the net p nah; Unnon e et for that - ouet ofM is . I bor owq uwomiaot nAt Hect, the c< cthhutton for any ) car wdi noi lic 6 m neth rn! OCD $7mso Icw than thc !;ununuto requ: red mmributon udct fed- , Atriage gyn pic At ter cui Lw r4 vutet than the mum;um taukJuaNr lutwmc emunJJi mount Duc to the cyvnence of the f u s!, the Gmt j dum c the > car
- WC NM -
iyny h3 ncg }g.cn tes su* d to mh a contnbanon see m n 3 ci.nmpnwru gg , n WMd Pnrqd , et, w m N . The gudncd p;ani :ncuOMc met fud consts pnnapa4y at wcnj i iw iMU - Aq.ne, anJ kJ m;ome m urtuem! rcal cue
- AnnukcJ mine*t ratc on - y,pm no in appn,usub ibc followmg p tienir.'er
- pong 41 um quuand q e r e nd N 19 4 s Percentage of
, Anet Categary Total Fund 1
- Am.yv kn-m&mo w tcpacnt thoum of de Nmmy i j'
outstadg migWd is dw nekr(idm matalmg ed Iquit y $ccuntin M dmJd by tbr nodd tidm m the p nd De v e ! #d M n
- ford : tcom bhucs 30 ractest ute n MenwJ taudug miemt n;we h b anM jy g g;p 10 of awyc herww Dumt' ent f%iep" match 17WiM
$NWilarJ !eNsupod e mnz p4 DW anJ IM , Pr % g tiwharmJudd tv Ti k okuw %f thNdul auwc mienst ta:c $am) Ibi ti- y1th ?1tidt'!Ki}YD wih ueb Mrfi (f) $0ppleth0fft4fy lHI9ffmtt100 e flaw , 8 , w m :m h iu mJameg The .dauunt of n.cn!ctunx. ah crtWng M. and t he no ci :he p.j y ym 3 3, w sn4r spea aimunia:wwnm, otherihm Kt hwi at on m.4 J hncM i sirth m de Con ukJated NmucM of bwnc, are not Men 4 :iN U.47 ! wniscant, anj thew a no ndum AtwJa w a Sn m O W 444 ~ Nt unmn ,ina dhl H/ - ^7MS ! Tnet rdher than incoinc tan duqcd to aw and cyn% my sd fadh behw- %gmj 3 ;, n 3@ ! .% gm uscJiae u na in 'cN IM mm k h14 0 1(Mt i )[ y 1 ~ $. 45 h .u. : W. ~ .h t a v n op. .. c a ,n, 6 TIM t NQ QM tJTDinf~ . l.ryt4J b tr't!Med p r m1 h -, ' i lt i, e i Laaued cott mJ prm e-g { Ty(ft( l ! '/ } 4 l([!U )),M { ONWT, p?r qd i }WR # * ~4*D . fl i_O !" 1 Ji $49 m tVQy , (ht& tu -Tn o gwr int $44 so HV4; Otheraa m a; ' - 2)t 4fA f (17N l' '- $4U44 , .M 'i m ;p ig *q mio m I t t~ December 31,ini Dec ember 31, tWr9 Ouahhed Supplemental Quahhed Supplemental Plan Plan Plan Plan i wnro The furo d it atus ,tisl ariu mm < rtayuded m balam t aira .rc as fob Aunal per<nt n!uc of hwtit eptm hted hwiit d6 tun i M 41 $ 1A iUS $ U4 . Acumi hted hwtit olktra % e M425 94 l bncibanon of acenwJ pwn IRty + 4 PawedivwrinWem 4!:4M iw $1402- 5 N7 - les f.m u!ue of phn ancis F.? % D ;1C @ D Prr9ected hntf (prmt)lco t}un plan m1. JM +11 _ M it 7;7 + i t 'niceneaad paar vm,r cat 9m o i4vu; d Unnow.cd oct en banen rast aw"cna 7M N IM" 'I:H Unn wgonej trt aw i Mon in e der ohnmi y; !voan - !_6 Jgi p) 17pu psh - AccnsJ ;wm lan ime 3m 50% $m 1 t Dunng IM thc Comnmv JcyckycJ a ndy retircmimt in Darnhr im.the FAMiisucJ hfAS No IWDnplov incentme pneram for non tauon emplo3res who w cre - cri Aanimtmgfor Pu,t scurcornt Ikwnt30thcr Than . pcfKio't ( bhblc Asicp{d!We bithiA progrant, WhNb t* ~ Pety b st)[ ThN b!sti MicH!, V hkb muu lic k h sphd by stuctly volonuuy on the part of the cmphbrv is hterJ - !#\ tequenarympher thmgs that the hahht) for l to indniJuah w hw rcurcment would tesuh in a vJoc e h knc6v must be dr ud our ihe penod comnene- - tion cithe work torce and lower pcrwnnd aux IW mg u ith an cmphiyecidait ihnt uuni the der that , penen cmte for thh pnytam, whuh i< unfurded. the emphnec i chdic to cokt hnchuA cost
- of amounted to 53 Woo. thew hec 6a are euncoth opensed on a py-as pmp -
- kais The impa,t of thn irw stedarJ has not hvn fu"v in adition to rruvid;ng pernion kncta rhe c.ompm prw - Jetenna J, but ihe change Lke h willinuh m wmn-vdes certain hcahh care anJ hfe msurance berrbu 6r . . camly peata nn,t< hing rccogmxd for provmon of retired emplopn s ubentulh allof the b, rap.my,6 . thee hwho The b, mpnv.i picent npectanom m e ' caployect become chgdh for thev knchts when they l, that the m.aeased henc65 npense wu,l nther N ' reach retircucn age whn,e wcrLing for the bmpnv rf em ricd cutTent!Y t hidugh Iateb of IbJt et I(Tu!atoli Thee ad similar bencha for acove emplown arc pru awet w illbe umJcd to n b,ut enound ta be acovercJ vided thmugh imurance compnin ed hee.t h maae , thmuch rates m the t'utme e the cmu a pid ud that tance organiatiom whov premiuna and ovmi enhp - the. btc nwnt sbJJ not have a wmf; cant impct on frente bued on the hwfa3 pmval mJ the clam. a , , the (.ompDy b bn.t4 i A! juihon of f rHlit5 id U[YrahoM r Apenenm! dur ing thr inwi nd y pecedauating - mir.Th Compnv iccopunn the cmt of pmadmg 4H) Jm.nt!y Owned Plant . 't hew hw69 to renred anJ a uve t rarl" yen nn a py amor bas by eyeming the annual mmnna At ihmk131, IVu the Compmv lud thc fuNwmc mta- l l pntuums u hich wcrr 53 I mibn, $M n>ilhon ud em m tomth ow ned plants ; $U mahan for the ycm Ie,10And IM, icipw Ownership / l tndy. At I Accm' er 31,1M.t l&, mpny we prord. bmht,ld Plaret in - Accumulated
- . ine thne benents for 1,5%cuve emphy.ccanj sn.,,s s ,me Depreciation appimimatdy $3s trtuces or their koefrurin The
- CMt Of pf0Vidma~ thev hw6n 6ir retirecs i4 tint now . N. ," * . reaudy r.eparable f rom the M.! of providing henc63 for Nc Al ook l. nit i 17 5'- "LM' O - $9 b;biODe k ,01! 3 3Dd l)4 44 aitwe emplovco - ' Nnt !!4ven Hab>n Nanon 9C IN 59 l' Turn urinmuv0 urm 45 l' l ..-.,. , - % ....~sm.m, -.mmm,,,._,,..n,.. .._.....,-..._,,,_,,,.m._,---_,.%_.,_,,mm __ .~cm.,--_ m.r, ~ l i I Tir accumulatej prm ma for jcjacetatp q Ier WWac Unit ~ 13 eJJ@ a td the nuclQt fad Ic.te dew Ibcd ahive, the O tn, 3 mdudce nir tmr innemill: 5 tm nn wJ U0.2 ranv to i n.acJ mio o:hcr icao Mnc of whih are miNn remrded in 1H7 and IM 7c>get redy, a+ pu an J ia%n;bdmg m.qen.cw for th< uoi , uJed m DPUO.rptnud struLtcJ unenp qce J n rn cc m o nd " % eq+ P wnt,cch d c* n e nwn9 m 199 and a 1N DPUC order The Cm;vni- space and od tae Thum unount of awa recotded hate of the ogratmuu,:s dydn@ ounrJ 6.uia h a der op, tai Icees and the echtcd d.hanonu/he included m the y porna:c cxg r-c capuan+ m the kecm!!W Ar 31. l@ re rguided on the M On ohdatcd %cment dIncone. acc sheet heure warmm h-c py rxnn uskmptalican that J, - 0) Unamortised Cancelled Nuclear Proj.ect . - not mo,uae th< ,ed kat,; w Nc h a bcieg u ated a4 S;nce the Ocpany ha not been AceJ a return on the h antena 6 nan.nu a:e emmted to be o to: iou, Imk Unit 2 mvraumt that ;t n tecm cnne throu6 , bt tm p A sh 500 ra+c3,it remrded, m the bTht quartef pf IWi a hD%dh wntedId;q rnm:wdy $ 10 malmn. ncui nbad IM -5 00 - , inwne tn eff ceu,bv rmanng the inunmbe~u%. r *v" i."m =. JR 4434-the p aa 1954 thnia6 NE - ;g }Q In Augud im the Gerany rtconkd addnionJ non-; ah W W w nient6 of appne atdy $2 6 mahon, nc: W tcLen) ^"" # 'NE 1 incontin chets :o a wriu the pn6A dddu R :anm w W W r = ,m' ", WM j ,* w" ' c~. n , ,,~, p' ' rg3 'bEC uf d hiUCI OD d tkUlld I'l AD abiihlI4-h WlNi ' '' - Scabad Una 2 for w huh nxm cry h4 n it uhn Pet d" dm h urhP= M apprmed See S+xcment r/ Aa emung Pdcis -
- U- ' d I"* "" " fd 6 HWS CN "Acmunting fur Abandonnena and Ddkn ans of Ted a < am + 1 ten Pknt Cate C, Nala Din d !cae he N3 :f0put '.tu income, N;KC tlg sum
- 9) f uel Hnancing Obligations and Other iene d i'
- Ci" "f a Em a@ hnnumton Obbgations 'k kddO""n equab the ind ann < aHou ed l for rmaak:ng pugwcs The Gimpany he sde and leedw i arm;enena wbh a 6naneial m3tnuaan puwiJm; thr nocicar fud niuncma Rend t'aymu chv4 ta optmumnn-mn 19% IW ,
up to $N tdhon far N And Un;! I arJ 17 to 90 mJ W wuwd to M2 A neun. $D.8 mdbon mJ tmhn for Wbtone Unit ) Under these arnnectnenu $ W d"n "'i"""IY the G4mpany a rayin;pect for ihe iud becJ on the opa 3ang 93,cs u hich se chupsd :o operatmg exgne, con. Jheet cati to the kssor of the fw!, pha the led * * + da Luc nu h4 cd r&nvdyshort.tcmt, 6nancinp*tt At IVccirber 31, im approxmatdy n%ye ,g.cnynt, foi a mde orico dr.ppmmt . $M nuihon Of nudcat fuel was beinj 0n wed undct tbe agreenrnu MW bC{4ny .Ns0 bM 4 fUcl nN'Itc add Mi[f V! 'Wieffncrit with the ame naancal butution preil rg fm the ikDJAinydUj110 b@ C1 !! Oil in f04 d bid pid.MCA j k u the omount of the Gmnn out>tandeMe lioni to lht umc bnrglid mMnuwn E*r wint fuc! - and oder cogwate puye Tha acccment wd! espircons cpcmtcr 30. lW1 Ne Notc(Lnhe IdW Ch'ditAfrAOp enb'diDNC b f31. M , appodmately $M niRon of iwd f a:l puuhro wn c beng 6nared ud r ths greenro! .0 h T!n ! ' ' D lll 5-MIN ' O 3D W . , . - - . . . , , , . , . . , _ . . _ - , . _ . ~ . _ _ - _ _ _ . _ . . - , _ . _ _ _ , _ . _ _ _ . - . _ _ _ . . . . _ _ . - i i (K)Comrnitments and Contingencies Jue 40,ecJ# cay IV% AikoA Vt G,,p roumcJ ! [ p.au d pyment v avh ec etip rating tiudmg lw { ' Constration Program mert metJuly L 19% u .nt mon to be in def auli Dr(,Mmpdny }m erderCJ ddJ coandtWrh mi em;!rm unit the r ut mrr&p anrowu! for the Na!wl ! .. Onoc1 & dci wna m ptowt f wxhng on axount ul > mth a cor,hnu ng coa->nutaniproya whh e pra cDdy C tmMitb at AppM&Ct !Y wt _I.a i t '% inm;dOil Nid, , \. ,t t op a, buit L ,rw n at J n bong nmJe op h ing Al M, JSJ If,Nd Duuc ir b_KI ON5. lOf M,I dunm by the G pny ad eJ the uther poi j 4 thuuch 1WL \, rue tha potum w a km J by p.m ui own a:1.h e & (.,unpm i share d d dich (rn Ao1 N14 4 { bc*d dcim4iin;_hN <t"e Oid ed (11 ' ;+n rdaad to tbc coneruaan ut 5= cham,1.n: 1 I yprmatch 512 t.a:, on at t h cmNr 31. lW n pr ato .uM i the racce e+tmerc mdal o.m,il,; < < NNH h;a 49ad to pufchs.c Vt C a p.owndEp m@ui Oi @!* f Cutid il *1c% e aIH S Whnh 2, s < ch 4 y= we a mn a. ;%Ne s af tn th Mectnr dac W de ! Mra p, nuny 1 M1 for thu mth : M Iitid p n Cath b pl m m pb NI O ,iauk m ph ilIlDM1 !
- gg gg tr# ud Yt Npim mieJ that a mura tme .i .l mtia unbe d rv ueds ta n rrdy n6 cad !
fmaneul Gwenn hmnt danpene. W bm ou rder eccunt Aftemperenardnarwng fmend it% berutng m May N4 d# d"uq pnyn t praedes the ulJmon to the lVC PuW 4rna Goujuny of b H.uydurc ""*""Id"E*" f"' Md! b
- P"Thard'd- I WNHL w hwh ho!J4 the hrmt ownmhip > hare th'"th" Pd"*P""t*F # 4' pro :hc Jcfaalong !
05 W m the %bnd pmgctsnwneed y neccd- P"P" *F d"GIFF"*M dM "t n ! mg urkki ( lapM 11 of dc RmiruMcv G de on).mu m , honJ the Den v anJ other N abrook rama j ary 2& IVM Unbr thintatute.15NH n conamnwt, pum ,ce mmdning w hat wanc d aainn to pumx . eraadom w hde wvimp nuanewi reoronkanon. in *M D U "n Imoum of us dMt d the & 3 NR vvm! eumyting nm umtuhas for P5NH goodm nat mdM ; were filcJ wab the hmkmpta ;oun, eduJing ph licnung Pn(ccdgs subn.tted by 1 h by BNH ed by Northc.ut Unb f (nut The NL noroneen Pbn iescn cd igne hke omeng uno am@ !o the hunungpur ; appov.d fmm the affected PsNH tharchen and menn of thc Ndu Mukoo Onnson N ! cndtmrd u w. unfirmcJ by the bankmpuy won on mi nhe hea w M of19h mded a ; Apol 24194. aid on July 2R IM the New Hay a mety of othet mie anj tcJaJncioncmen9 it hn [ dure Pu% Udhtie3 Canmien appoved an wrc. 6m the n pena oh hc da-ow unby nhy out i rnent Mwcen NU ed the St.ac of New Hmnpshne thes"*N'""d 'rmd ormdowf thor mutun- t rden e to future PSNH ekark ratet Ihmever, the '""Et ; ""d'N"Mf"Wht h"h'.ng rcere r,cm, thuith uhe hus hac u, Aho ininw the NU pbn faaue4ambloppoatbn m pnoedme hbe the hderRnngv Regubtury Ocensmn, anj * "f the m.twJ to deby thm ontbon daew , I; ea nmum preapt.ying c malbnon, of poicct3 ; a Se; unties W EnLmge Gwar.uun,a nrja appuving the pbn a bemphdcoveJ m coun pmccMon .ed anenhmmdmac or Luc ames on mn -! thne iiro amance du: all nvahtory Spmob oithc TMam md Sdn d i ht I w Splk lengdw i NU pun w dHv obtaimi or that the pbn w dH e unple- 40 unJ mnne tobc opmd M a manr u min- I mented GmequendyAhagh a now grw hie 4 An nnps who hwe pamapated utady in aJada- 'I the BNH w dHc wevfo!!y rnenwd unJn the wnvc pmenh, &j nan,aua4vauiturd ~! Rmkruptcy Osk; the otna mibskrupv prcmd- jn.y g ad ath m n w o m a O W M rII I mid is unpndwtaMe ard the Compny n unnhic to pre pg die MC iwd a fd O ga opmmg lune f.4 -l Jwt u hat trapet. if any. thoe pu mdme w di hm on lbifedrMud im3M H,,wcm d$ 6nw ! the OnpanyVmanaa! cmJun w nbmt t%everal conj &n4 that haJ to bc sanded ~ $ YCMiWitjdriidpant m the 5ehd po 4Vennog [L . (a pHM W nd pro ycen frodud Mng ( tric Qwraten ardTune un Npnante toa (n
- bd we eviecd on t khk 2119% through i 099.wbx h h& 0 m owwnhph.uc he ind 1*F wa tonng v hvh wedwted Ja ng Ev i to maic comuuavm d eyrmng 6m hnqqmcnv j l
I h i I 'I m: a n m . m .. , p k -_ _ _ _ _ _ _ _ _ __ _ __ _ _ _ _ _ __ _ t l aidJche d19d anj imaDy to fuD p>wer oytx Un. adJ tinn, it the suw .:D pWw hat dt y d nma aid lepl On March 15, Ne the NRC JctermiaeJ that thex uts ari mg from any nudar najent exceeds the mai-enJ;tioa haJ bee, ryt al uotingly su;hweJ fu& mum fumed m%nt of numeid protutun, ca,;h trae prxcr operation of the orit After succcufully com;@t nr qvs.or c,.n be accd on ,Jition,d 5% of $M , n ing an ertenm e pievpcrat emJ tening pagran Umt i shen ot M 2 mu m The maimum aement n , i a:hieved commercud oyrnior *tatus enJune M IW) aJ;uced at Ica t every hvc yem to rdica the impat of f md fu"pnver eperWn un July R IM Intrn cw d m m IW J on ituunent inteinb m tudcat umts ' in he NRCicensivpracdmx mpededtutheli nueJ the Gmpmy estancmu mawwm Lhbtv uv2J bc , Stm Coun3 of App;ab tbr the Det rit of C.Ja-M $2n .1 rdi on p:r m dent Ha n cr. amewmenta w odJ , w Uch ha uphdJ the NRC\ Mv;h 15, IM Jccwn. be bra:cJ to 91 r b on per maJent. per yeat Eth : Nthough ihc cou i hu rmded one kav tw a hcen< tc3pect t ca;h of the cy,aing tmdce exn.tm; uno m; sue to the NRC fur farther crnnJctatsnat sceu m u ha the Gmpany ha an meercat, the Geranv iMy that tha iuue has hru rendaed cwt b, b!ct win o%med to pay o ou nmh p anJ 'or !ca FWJ v c4 (ntt However,intervenots continue to pursue dars of am gatutory ameent Iceahmg frutn a appah wnhin ,he NRC (mm decwas rule by its mr !c.u meident it any nuck a gerereme uwt. bc<nsag im d+ anJ to 61c mn* sulman oanon. 'lnc N.RL, regam no;tcar gcrkwt:ng imits to obtain pro; vin or suspenson, of the tuD pwcr opnnne , acense f-e - tmaran;c coteracc m a nun: mum amount of $1n Nb l,mt 1, mJ N,M,. pwerinp ni u.ncq' ahom e m and to estab,ash a Sv*m of p Wotecd u4c of the rmmpicJ by thew appeah ad motions by u.wumes . - aura:c pmyd3 m the event of a nua, car mm,ent f rom C,oni;rmmen, and by h,RL, ,acensm.g'karjcomd, u The stem reqdres that the nnt $1 m L.uaon of m3ur = - cratien of techtkal cumentions oue expceted to con . an;c pm cc h W u ed to,tabe.,e the nua. car reactor to tmue for en ernd of tane mio the f uture pevera u. sgnifcant n4 to pouc hea, 3na anhafety 1 Regubtory pnuu'np w nh resgct to the trander of rc>pwi- anJ then for decont.urunanon anJ deanup operanons hhty for nangencTud funhcr constnut;on v.td md Only roHowmpompletion of thee twla wou!J the bJ f* opstion of kabnek Unii I to New flarnp4irc ancc if any,of rhe segnpted worance rnwel become - Unice Ucetric Grporanon (NHYLD, an enuty ac- avadaNe to the und nwnm l'or ca h of the nudcar ced h the Scabnok pint owncre for thne expro pur- pereing uns m which the umpany he en owner pm ar: pendmt Nfore the Mw achumts iicpartrxnt sh>p inwc<t. the Company n requircJ to pay its owner-of Pubhc l'tihues Appnn d of tha trande: N the NRC ddp shm of the cost of part huinpuch m urance. w !1 aho be te+ ired. N the PSNH hmkrerter pnueJ-mg descrded at Tinmca; Conectn? aWwe, the pst - Other Commitments ant! Contingencies ing reorpraution pb 1 pngno the tramfer of_ , . . T.be C,mpany he a 9 5,4 manm m.L owncrddp Jare irt reon htv for m magemen! n>J operan.on o! 5eto e s - + . (ennccticut h. ,nxec Atome Power (,ompany R,annect Unit I to a rev subsdhry o! NU rather than to u i - icut L.mku)m. wh>c..oWm anJ opues a nuacu,retne NfD.ED., and the b.,enomy and sacrd othi r isnt owte v , gervrating 6tation m Hada.m ,mk, Connce rn. (,on-en of the usat have aped tu suppun t% pLn. . nect gut h, nkee ,Wecn crued tr. a comt nwhun pne gram that iuvemial to nuintam m station y a Nuclear Inwrance Contmgencies . depenJaMe wurce of hww ~, tne pnver m N,ew he Pnce Anderma Act hrrju puM2 bAdm for miuncunJ Engbnd Au conden of tb de it funnemp mge Jamage resuhing from a enrie inaJent at a nudcar menu fit thn cone rec % pne s the lenJm havc powTT p! ant. The Nr>t $M rdijon Qithu ha[a :ty i3 tu from time to t;De. ?qun a (JirP .cn frG!D the dtW - k futk!cd by pureh:isne the tunimum armiunt of;ow ow n n ofC.intreut %s . m this reptd ik
- k'iCUUy aViubdC WuranJe Albtiand funing D to Company is DNpted 10 Nt U U UIban*Nti2Vt be pnwidrJ by an mess:vnt of $8 rahn per incident, Unicebpdal rcqone und with:rapc6ficd bs kvieJ on uwh of the nudcar una n;eneJ to operate in Cunrntk the thonyyuarantce ILh hty t for imhare the Umted stamuhmt u a mummm armment of of h wut biccilong tena dM iuuo manu
$10 mahtm per imJent yr nud:ar umt m any ya - In tmppromatdy $15 man. I 48 immon wwvwn _ _ _. .-._a_-~., _ _ . . . - _ . _ _ . _ . - _ - . ~ _ . _ _ . _ . _ _ . , _ _ . _ - .;._-,_,__,__ l \ i. I I The Comper dumed kanJonwnt ten im in puqe the Ncw EndanJ pnicpnu in the Pha< 11 p o,c< t of noth in; vet to bbrook Unit 2 of4pnmmech $727 7 eaihon nmwanhoun per ga, u di na bctmac & l mi! bun m IW4.ud $ m2 mi%un 10+ lbng 09% :n c unul the taat o .uc op r .,He a fidi Jc3ign equ ! the intem.d Knenue k ruce d Rhmmenal an n An micum agreenwnt pmvde 64 crucc dda crs cuminnim of the bhool pnwet np naturci on u iv Phae 11 at io uurcat capety k vd Ahhough j l :
- sh e 2st, m .w m _ ,p . # mta _ _ m .
Lu o ineverahithe wint ou nca ofihc rancet, the i um be gv Conu act 3hou!J paducc i tryy et [ l ! induJmg the Company. m the gat 41M4.edor 199 on me, for the kv Lndand powt pnupana. the { On Mmh 2R 19so, the IRS eav manner sued a mnnddy rumt N / Uch fuunaabappen paurnu I {. n>uce n! popr<d adju urat scumg fmth the IR$ p w At kun w nh the bemler I conermJ up-ranon ,
- tion th.a then wu no Audonnwnt of 5 ab.k Umt 2 ac opstcJ to acnd tk sadne enauns tmul vi nc i l m the 3rm mder ault it almtard the 116 pmuun tenurr the Fum Erna Gmuut bram cEecin r t thaya the evem new faco md urcucuttnm beyord The Compmh d 46 pruapone dwr m the ;
j
- i. the nanuncion !cvd reveal that an abndonernt km. Pha,e 11 pmbt. and in correyeduphm of the mp l dJ oa;ur m 19s4 arWor 19A the dxned kucs ma,t p,q shagem dhpponmedy Mmn op, month, N nduced by the uivace vand$cen4 (Jna 2 in aJ1unn m pymentwf grounutdy WUm pa l m wh that an aircadv trug madein eqwn ohdacJ mets In a kiter JncJJuly 17,19c9 the IRS DMna j
Director mufwd the Gmpny i4 propmd to a+ew n ammWepicoucinfonecrna that were pbccJ in I nWnM for the > card Wl, lW4 arJ 1915 aruig fnim a senice in lac 19_o I draUowance of de abxdonwnt 6 JcArtion daimed by the Gimpany in 19s4--The G4mpny nspuJcd to N '" " "" """* d "T" I o #"*I"N"h"ha cons and furt da hprnain c the w ad other aca ! .,hn unuce, w, greemg w ita i the prop +ed acomcnu } l OICrWiMmineDta,(Onec% ! tmhdy> Ic1' p- htMin at icJ- i. and nquceting a conftrence with the 110appe!bte thn cal anJ stme ievca m thc hclJn4 w atci md a gahir ! MofL 4qoc h 0 confcf cnic w M hdJ ;Ud ID 3 ;'?!R r d4cui g ,, a m lmW 2b, NM the lRN hanfarJ Apprah Orher noufvJ E9a uhu . nun a tum ,, mow mn an,an 3 1 ~ - unt%d %h d wamdng>7, hawdom wete lon i t I Nic b, >Mpfly f bdt 4 mUIUd,V satbIactoW bNdu! fun of d,me and died tmic substawn aid decun maguruc - L this meter canmt be rexheJ' a the appi.ia a nuon ' - d "P"Y M " #"'"N"Ddk"Pd I levd AccorJinid yfen Syctnber l9. IM the Cone pnv 6kd a pentwn with the UmteJ Statn Ta G >urt " P'"E " fd N" P""! "#"""* ^"d d*""b i fm a tcJewtminanom4 these mmcm. and the t ,e monnonn;quipwnt md awdme Awn aJ a mn acur aJ1annah paannm pwn Ha n cr. t he ('ont pany npects to antet the .c auerreno ies in,uS m P h * *d " *'" b b* ! Ta Ciutt piwco.bne If the IRS dudJ pwrad the rmFem i!l be rnwer,Ne d.muc'h tL utenug G engny woulJ wei to reaner the aJJen.d a#er , ., pmm the total amount of thew apadtunw not mens through rato charpcd to M frt:Oi custnmerN hut Thi# didQ Ju} de NaiTe fidn be na avlirance ds l') whether or to what nient the DECC woulJ grant 4uch teCOVcTV. IA l9d the GsmpnV O m encd d Mnv den H.Wh6 - %uon to a du d fud capbaty 14 natur.d p anJ od The L,ompany a a paucipam in the HrJmQudve I,hac 11 - . l Wer an ascennt with.Trnapm a a.nmon of project, an atendon eithe Phase I lacihts, that wth, i Tenum the U, opm r obbpud m hum epns ifkrchW (bc (apMily O[tbis tr3MmiNon l'1TfUe bDkity ' ' matry M bdhon Olbri Icci of pia per yeat. durFy NW ; M, . Enged and Quehw L, mad ( firan tm mcp : nen Leants rwnths and a ben of kn d by Tennm o at - wata to a innimam of 2, 0 thneswans .The .1,hac 11 , i a pnJc th,1! b colnpidive M1th 90 l ha agtecwnt faahues were p$uced in commeraal c.puriou on nwah mbnuay 1,.s.m1 Ifl .bhoulJ da to tet. , h.ovember 1, IM, at a manmum sancit y *(12m i . rm air a te pun aa e agt tenrht w :th l.cnog.ncn incgawattA p1dmg the comrktron re numun m t tcnnuunon fecu(op:o $,14 me,, n mulJ bc ocum J r tem fradduahans m Quchec t,.ut w o,f pennrt operliuan ; <ithe facihda up to full descuapuity Such operatuin is opsted by ed 1991 A ten war brm Encrp uin- l naa, whwh pm4Jn im ihe uie by Hydm Quckc tu i Tm t vtu6 uwun a cmry 3 49 e w __, . t n)Nudear fuelDisposaland hr A l'rci i up mt tctacment m W 4 mhn(m Nudear Plant Decommir,sioning IN u,g,,rn TNmunt wmnm.cd exh w.a J a L1r der tnes.audat %..ac Ju i aAct of 10, tg% .a u crcl e 1W h a r enuhnthti<n fast entd Schnd u i c kb I I b40 EF: NC'?b. ..9 FTnW i Cd arxirp, tth em:rn: r ime wt ueM.cy 64 the hw t'mm. c>te; P' ., m,e,o: nu*.ccsi mcmivan if Mend t na 1 thet.u n> ny
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pra t on th hs len ic4 red to r ic : , ""W r atm ut a< ur % o; N etidn m aug cm3 mt ;a inM fund ^ , .~ < r [3 i ,!!ft*iTh%ilu!ibyClirk f h M (JAtyleOf l opcumaa.u gerne:ng tr m i i reem emus;, ,w- ihitisbi J iXR ,Yd !% the ht.dr P! Nc N NMDpbh - in a part Of %,Ca' f ua cyYny w, ! Leo D cuc U t.'ici , i ne DI.I ,t, a, u cu, s c b, a , m . ung e% i g t.auu: Metra % ace rcc> of SlM nd, sa fbr Mb',DUC ['.il? 3 hq }!)? d d]m - ~ - - mJ t hc L..ngn 8 cunentyienkp %cd m;h *L % - . $ - # k j ( % N kh ,j" j l . non 3 m tac 'ille m anj J p e c s hc mbcs' hjh sud m,oon s wdl hwcwej a,J revyj inna tux u level mes mJ ment nuJea fed b pnnbau tu danng the W of the ue. Arc h ner act thw IWv 1Lm eva. the IOE h o a wouxJ thet m in wh bang wh r ea tu m ecm .ano! fat high lci d wwwpwmy dot h-in o;tre:v skc e ~ ,.uin u n,4 u r n ra w n cm xi than 2010. %t stant 4 tM W%umn a,J wntractttd rc 7omih ry to h,v J-;w! of Edr h id taJmuve w.e en v. alhmag n . lea thejmey 3 L IM [. IntU the kJerA} pVentracDi hyN f cCt i. mi such Mdh Wb in nerina rch the Noacer Ltc hay Act tqvre- .U12 Bde!rdt KTCMilDM THti Wb hec)lh if1450 kityI1 hvd w wa ut.bptu:iuci un4ne or anc other pnrce , siore 64 their me c Norge fkst:n far M&w Unit 3 Me ti;nted t"N aJceler ne th.:pwctej bfc of the urot Starwe fahties for the Osweticut Unice une are equ ted to be adequ uc thmgh the rnJ ink %rc 6dth f,r $ca%L Enn 1 er cqntcd te hJ@dIc untN Mt lCdd .\ll0 bO A CYPT,IUc) ft AdlJ t' uun anJ mmprtun techWev,m h mg Jeu hpeJ and ;ue opecteJ to pouJe alquer stuuct (.qd a for thc prmccted hvn of t hr OmectKot brire Cnit anj 4cabrmk l?nn i Th Ogans ii so recnarng the uh eL uic mwe tatc4 ituhue of :he cerued &mr.o unmpu h w 1 rd Una 1 arJ M&mne (Jnit 1 in lanuantm the heHa9 arNmbrIVm h man ; Tc mm i Gnm::ae ea Ahrd thn et of Jn w aq: b f 4 ..,,.f hj * ,- e. _ , . - . . . . . _ , . . . --_.._..-,,--m..-,----,--,,,- ,,---.-m,_.---.-.-,,,--.v--r,-.,,,.~,-.r .-______._.._____..m_._.._ - _ ._ _. _ .._...._ .____ _ __ _ . . b i (M) Quarterly financial Data (Linaudited) Market for the Company's Common [quity and Related Stockholder Martm Selected ytannly financial dat. for lhJ 149 iac set ; fonh belove Ul' Ocmon sud is tuJalon the Nnv%L sud < larnings(loss) g wh the hh.mJ Iow Ah ] nm dunng , Net Per Share M bd W "dr e fem' Ope # sting Operating income of Cornmon ggg,g g 3,;, pg3 Quorter P.evenues (1) locome (Loss) Stock (2X3) High Low thgh low AWN hra Qwan % lv. 2% :su M SconJ Queirr ;D 27% /& ; fmt $14$f 43 5:{JD i 0.2 ! A $# n.,g g,., 7.p , y jg 7q % ni 1M141 W.N L4U M , ,m g y y y 9 Thud if0H7 RM2 203 iM h unh i$2M7 21.0 N 12 '.42 76 Ol hi> pdd quartch-JnUmJs on su t imnno bud u ( .pg 1M The quanctly dMJenjddand n 1%! Tmt $1 N 14 11.'M i 9.7M $M Miwcte at a raic of 5Ncnu persharr t had D4N$ li W <r> ) ( 15) ~ y , hfd ID2ih ~ 2hM!4 ~ (AI M } I6 fd ! turo are mu%u c e :atiora on the p.rcunt of c e-b twnh t wM: 101 ku 4;. 4, dT idenion tfg Ccmo15nd of the Cenpr>y a:d fl)%bksic prxa ulct Esrwr!> rceorded as redo. t -in m ti ammns that an be opadcd u> pur, hec o: Operati,g Eyvne. hac inn trhErd .o 0;wating mkttn ,hanwf G em,n hi Hun er Al thi Om Rcwnnes m accordince u,th IlitC requacmeno panO tetamed camings at t ermM 31, im were free obush hnntatiom (2) Ibcd on wcu:hted averate nunfo of share. ouStanJing ~ cach quaner A+ 0U c'"m 31. lW1 there u ne n $16 0m,n Sud - shta wwncn of n creJ _(3) fanunryrt sh.ue for 1m a:d 1939 iridu& the trt t1futs g t k9 t~ t' - foh ing awunts 6x the nrst thrmgh toonh quar-tn respecuwht . 19M $il.12) Stl 20) $377) $ 13 (4) Earnme for the ibonh quanct of hN inJabne tiw upenscuw.:iated with rerhbng defceth r nJmpt a yhCT,1!Ing 614! O!),((ati in CunDCetiun WIth !bc CifuM 10 ddi5ttC %ith l'5Nd (hnmgh it> [Wn[fuptcy m>rpni? tion prxceJmes anhtonna+ts Aho included att utt-RWili4Jd With 40 MINkled DNSICNn:C Out age of the 0,nnceti.ut brJee power phnt ad su%ntuN ltWef di'lM 5 DOC 10 bMa$ bD k Wf'!h 'dib hD IN The acep:e red action Juc to the.c fac:no we apprmi:natok [h3 per dwe. i-l- l l 1 1: 1m 6 %Ie w M mu $1 . _ . , _ _ . - . _ . . . . . _ ~ _ _ _ _ . _ _ . . . _ _ _ _ . _ , _ . _ . - _ _ _ _ _ _ _ _ _ . . . _ _ _ _ _ _ _ Report of Indepen' dent Accountants i io the Shareownm and Dnectors of 4 The United liluminating Con pany: We have audited the accompanying comolidatcJ balance sheets ofThe UmtcJ IDuminartng 0,tnpany as of - Ihcrakr 31,1990,1989 and 10% anJ aclated consoli- ; dated statements ofinconw retaard canunp and ceh fox 5 64 the vean hen mded Thesc 6rancial state- ! cents are the'rogm+iHlity of the Compann nianace- l - ncnt Our rc<ponnbihty a to exprenn (pnion m ! these nnanciabtateinents beed on our audu We corduct.~.J our audit > in accordan:e with generally ' accepted auJ:tingtaalara Thx stanJ4rd< require
- hat we plan and perforrn the aud:t to obtain teaenabic avurance aluut whether the finanei.ti naterncou are free of material misstatenrnt An aud:t in ludes examin-
- ing on a tot hans, enJence sup;witng the arwnt> mj ssdmurn in the fmanciahtatements. An au&t ab; indudes assessing the accounting prinaries uwd and ei nifant estimates made by management, as well as eval uating the m erall fmanciabtatement preentanon, We _ ,s behrte that our audiu rn' vide a re amnable bass for our cetmort in our opimon, the fmancial staterrrti referrnJ to above Pre-r,cnt fairly, m all mater al respea, the conv>!idated
- 6nancial pation of The United !!iu ninating Gimpany as of Decetnber 31, IWO,1989 and 19% ard the con 3ob idated icsults ofits operations and its cash flon fbr the vean then mJed in confmnity wnh gerally acaTted
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