ML20094F930
| ML20094F930 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 12/31/1994 |
| From: | Pardus D, Stevens J EASTERN UTILITIES ASSOCIATES |
| To: | |
| Shared Package | |
| ML20094F919 | List: |
| References | |
| NUDOCS 9511090148 | |
| Download: ML20094F930 (46) | |
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*t flGHUGHTS 1994 1993 1992 FINANCIAL DATA ($in thousands)
Operating Revenues $ 564,278 $ 566,477 $ 541,9M Consolidated Net Earnings 47,370 44,931 34,111 Return on Average Common Equity 13.6 % 15.0 % 13.2% Common Shamholder Equity-
% of Capitalization (Year-End) 42.8 % 38.7 % 34.5 %
Total Assets 1,234,049 1,203,137 1,203,320 Cash Construction Expenditums m 50,519 76,391 71,365 COMMON SHARE DATA Consolidated Earmngs per Share $ 2.41 $ 2.44 $ 2.00 Dividends Paid perShare $ 1.515 $ 1.42 $ 1.36 AnnualDividend Rate $ 1.54 $ 1.44 $ 1.36 TotalCommonShares Outstanding 19,936,980 19,032,598 17,237,788 Average Common Shares Traded Daily 35,359 42,854 30,511' Book Value per Sham (Year-End) $ 18.33 $ 17.50 $ 15.48 MarketPrice *High 27% 29% 25%
- Low 21% 23% 20%
- Year End 22 28 24M OPERATING DATA TotalPrimary Sales (mwh) 4,410,000 4,352,000 4,279,000 System Requirements (mwh) 4,643,000 4,599,000 4,520,000 System Peak Demand (mw) 921 854 849 System ReserveMargin(At Peak) 22.4 % 37.1 % 46.1 %
System Load Factor 57.5 % 61.5 % 57.5 % Customers (Year-End) 293,707 291,799 291,123 Employees (Year-End) - Core Electric 720 766 806
-Energy Related 240 238 150 l -Corporate 437 440 443 m 1993 and 1992 amounts restated to confirm with current pr presentation.
Earnings & Dividends Per Share Dividend Payout Ratio Return On Equity U ~ 9(yt -- 20 %
$2.00 - - -- ------
80 % 15% 70 % 10%
$1.00 -
50.50 -
- 60% --
5% 1992 1993 1994 1992 1993 1994 1992 1993 1994 D Earnings per Share B Dividends per She 5 EUA E Indutry Average E EUA E Industry Average 1
e TO OUR SHAREHOLDERS y 1994 was the year we tion. PaineWebber has upgraded its recommendation on mom clearly defined EUA shares to " accumulate." Eastern Utilities in 1994, the average dividend increase for the utility Associates as a diversi- industry was only 2.4%. The dividend on your EUA shares,
- fled energy senices on the other hand, was increased 6.9% to an annual rate of l company. This was $1.54 - consistent with our goal of providing annual divi-j '
I part of management's dend increases above the utility industry average, while
, p ,, continuing commit- maintaining a conservative dividend payout ratio.
ment to enhance the In 1994, our Core Electric and Corporate Business units long-term value of your contributed 76% to consolidated earnings. We see signs in investment. the growth of electricity use that economic recovery has We want you to finally taken hold in our region: know why EUAis
- 1994 marked the third consecutive year of improved
{ .
# conau a cardus evolving from the elec- primary sales of ekctricity, sparked by a 4.2% incmase in chain = as aef natig" tric utility of the past to sales to our industrial customers and increased use by resi-the diversified energy services company of the future. dential customers.
Certainly, our Core Electric Business continues to provide
- The summer of 1994 marked the first increase in peak I a stable earnings foundation. However, growth prospects demand in three years, surpassing the presious all-time for the utility industry in the Northeast are limited. Our high set in 1991.
continued emphasis on cost control and strategic planning in May, our Montaup Electric subsidiary was authoriad strengthened our position as competition continues to by the Federal Energy Regulatory Commission (FERC) to o velop w ithin the electric utility industry. implement a $10.1 million reduction in the wholesale rates it The contribution of our non-utility energy related busi- charges other utilities, nesses, on the other hand, grew to almost 24% of consolidat- including our Retail core business ed net earnings in 1994. Just fwe years ago the energy mlat- Business unit companies. ed contribution to camings was less than 1/2 of 1%. This decrease was passed nf aTkefi1#8 dCfivifM EUA 's 1994 consolidated net camings of $47.4 million thmugh to the customem esc 4I4fes represented a 5.4% increase over 1993 eamings. Despite this of our retail utilities. We incmase, EUA's share price declined during 1994, as did have filed settlement agreements with all wholesale cus-those of most electric utili- tomers to increase that rate mduction to approximately $14 million. We await FERC certification of the settlements, EUA recognized ties. The primary reasons for theindustry-wide down- which will enable our retail utilities to further reduce the as differentfront turnin stocu pricc,cre ,mouni tscy ca,,3c cng.usc,s. ofIler nfiliffes uncertainties regarding com- Red ucing electric rates is one step we can take in promot-petition and the risinginter- ing economic growth in our service territories. By helping est rate emironment that existed throughout 1994. our customers control their energy costs, we contribute Historically, utility Mocks trade inversely to interest rates - directly to their ability to remain competitive and continue as interest rates rise, utility stock prices typically decline. their important contributions to the economic health of our We wem painted with the same broad negative brush as service area. mom typical utility companies. However, we believe this To succeed in the competitive environment, we must pro-view of EUA is changing. Recent analyst recommendations vide a competitively priced product, and we must respond provide evidence for our belief that the investment commu- efficiently to the changing needs of our customers. Accord-nity is beginning to appreciate that EUA differs significantly ingly, effective in April 1993, we are reorganizing and con-from other electric utilities. Analysts are beginning to recog- solidating our core electric utility business - the Retail, nize that we are a diversified energy senices company. Wholesale and Corporate business units - under a central-Standard & Poor's, for example, gave EUA four STARS in ind management structure. This consolidation will not its Stock Appreciation Ranking System and included us on only reduce costs, but will also allow us to continue our high a list of eight " attractive" utility stocks in a recent publica- levelof service to our customers. 2
y i
'the new marketing plan being implemented in 1995 by to enhance the value of our Retail Business unit companies will enable us to work yourinvestment. Our ..9 4' g g even more closely with our largest customers. We can con- medium sizeis a plusin tribute to their business success by helping them manage this search,which we their ekctnc use in the most efficient way possible. willcontinue. Aninvest-Energy related diversification continues to play a mle of ment thatcontributes as j increasing importance to EUA. Companies within our Energy Related Business unit made significant prognss little as $1 million to earnings equates to5 j
toward meeting their long-term goals of: (i) prvviding an cents per share for EUA. s increasing pen entage of camings;(ii) maintaining EUA At alargercompany,that Cogenex's leadership position in the enen;y services indus- contribution could get try; and (iii) investigating new energy related business lost in the rounding. . opportunities. We vary theinvest-EUA Cogenex remains the most active of our diversified ment opportunities we Me sm.m businesses, with energy service contracts in M states and consider. But,theyhavea P"d"a"Nf4"h"X O f" the District of Columbia. EUA Cogenex has begun to common thread: They'm all energy mlated. We don't put expand its operations into Canada, and we recently our available investment funds into one company or one received an order fmm the Securities and Exchange industry. Our key is that we diversify our diversification. l Commission which removed the prohibition on EUA But we do so without making any overly large investments l Cogenex conducting mom than 50% of its business outside up fmnt. We plan to continue our program of mlatively the New England /New York area. ~ 1A Cogenex's record conservative investments in niche-type companies. Our of success, quality sen ice and the financial stability of being diversification plans are discussed in more detail in the part of the EUA System have combined to make it one of Business and Strategies section beginning on Page 5. the top three companies in its field nationwide! We appn ciate the contribution of all EUA System Acquisition of Citizens Conservation Corporation of employees to our successes to date. And we appreciate Boston enables EUA Cogenex to apply to govemment sub- your loyalty as shareholders. We want you to know that sidized public housing the same sort of shared-savings pro- EUA is committed to success in the changing utility world. grams it applies to commercial, industrial and other pro- Our strengths are based on the firm foundation of otr core jects. Acquisition of the Highland Energy Group in electric utility business, the success of our energy mlated Boulder, Colorado, will bring under the EUA Cogenex diversification efforts to date, and our ability to continue umbmila conservation and energy management programs those successes. Our Strategic Plan sets goals and strate-in Colorado, Texas, Ohio and North Carolina. gies designed to integrate the success of each oGU A's EUA Ocean State continued its significant contribution to business units - Retail, Wholesale, Energy Reimed and the Energy Related Bustness unit through its equity invest- Corporate - into enhanced value of your investment as a ment in the Ocean State Power project - the first true inde- shareholder. pendent power producer in New England. TransCapacity L P., the gas industry software developer g in whidt we invested through our EUA Energy Investment dd V & subsidiary in 1993, introduced its Capacity Scout system Donald G. Pardus to potential customers nationwide in late 1994. Capacity Chairman and Chief Executive Officer Scout"enableslocalgas companies guestfor and other gas users to find the most ' economic source of supply and es fFPortunrtr. aci;yc,y, quictiy ,na cfficicniiy, vi, 'ContrHHes an electronic interface with a single John R. Stevens , source. President and Chief Operating Officer The quest for niche-type investment opportunities for our Energy Related Business unit is another strategy designed March 15,1995 3
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. BUSINESSES AND STRATEGIES J! Overview Valley Electric in northem Rhode Island; when companies At EUA, we believe it's important that you know not only in the textile industry incmase their use of electricity by how we did last year, but also, whem we're headed and how nearly 10%, we see definite signs that the economy is we are positioning our System for the competitive challenges improving. Through our intensified marketing efforts and of thefuture. our continued involvement with kical and state economic The role of competition has incmased steadily in wcent development agencies, we play an important role in ensur- l years. Today it is the single biggest challenge faced by electric utilities nationwide. We recognized early that in order to sur- A Care [Ully Crafted Strategic plan provideS vive in the competitive environment, we would have to re-thefrainctvork tvhich led to our Current think the way we do business. As the industry retools to deal business unit Structure and tvhich tvill m a competitive marketplace, we're making adjustments, . both in our Core Electric Business and as we pursue a con _ g!Ude our[ulure SNCCcSS. trolled diversification program into energy related businesses. At EUA, we are not complacently waiting to see what the ing this upward trend continues. future brings. We're taking a measumd approach during the Historically, electric rates in the northeastem United States transition kom the age of monopoly to the era of competition. have been higher than those in most other sections of the Our strategic plan provides the framework which led to our country. Some reasons for this are the lack of indigenous current business unit structure and which will guide our fuel and the high cost of transporting fuel needed to gener-future success, ate ekctricity. One of the primary goals of our Core Electric Our Core Electric Business includes two business units: Business is to reduce our costs relative to other utilities in Retail and Wholesale. Dese continue to be the foundation the Northeast and to position ourselves competitively as the on which we build. The Energy Related Business unit com- utility of choice by offering our customers added value. bines our energy related diversification efforts. It provides us How do you achieve this goal in an increasingly competi-the vehicle to invest in opportunities that have the potential tive business environment? Here are some of the steps EUA to enhance shareholder value. The Corporate Business unit has taken: provides professional and technical services to all EUA .In May 1994, we decreased the rates charged by our System companies. Wholesale Business unit. This decrease was passed through The following business review shows the strategic direc- to all customers of our Retail Business unit companies. By tion EUA is taking to succeed in today's increasingly compet- reducing ekctric rates we are helping our customers control itive environment. their costs, contributing directly to their ability to be com-Core Electric Business petitim nd mntinue their mntributions to the economic vi bility of our wrvice area. The Retail and Wholesale business units of EUA's Core Electric Business continue to be the base of EUA's financial
- A new marketing plan being implemented by the Retail strength;in 1994 these business units combined to contribute Business unit will help us to leam even more about how we
$1.88 of EUA's consolidated eamings per share. can best meet our customers' needs, and will enable us to Overall, the economic condition of the territories sermd by work more closely with our largest customers to contribute our Retail Business unit continued a steady, albeit slow, to their business success by helping them manage ekctric mcovery. The number of requests for new and upgraded use in the most efficient way possible.
electric services continues to increase. The 4.2% increase in . Cost control continues to phy an important role in the kilowatthour sales to our ind ustrial customer class is an indi- success of our Retail Business unit. In 1994, this business catorof theeconomicrevival. unit's controllable operation and maintenance expenses When companies such as Hood Enterprises announce the were essentially flat compared to 1993 - despite a near 3% move of its luxury yacht-building facility from the Far East to increase in the Consumer Price Index. This was accom-our Newport Ekctric territory; when Molten Metal plished by reducing our Retail Business unit workforce by Technology, Inc. doubles the size of its technologically an additional 3%, bringing the total reductions since 1990 to advanced operation in Fall River; when Osram Sylvania over 14%, and by keeping an ever tighter rein on how our plans a significant expansion of its manufacture of glass bulbs operations and maintenance expense dollars are spent. for energy-efficient lighting at a plant serwd by Blackstone 5
e'
- During 1994, the Wholesale Business unit determined that ty, home environment and biomass technology. In essence, it would not be economically feasible to bring a 42-year-old we've diversified our diversification.
generating unit into compliance with 1995 requirements of EUA Cogenex, the most active member of this business the Clean Air Act Amendments; we shut down the unit and unit, continues to be a national leader in the field of energy transferred it to cold storage while we explore available gen- conservation and demand side management. Its record of cration options for the future. success and quality service, coupkd with financial stability,
*Our Wholesale Business unit saw a reduction of more than make EUA Cogenex one of the top three companies in its 13% in contmilable operation and maintenance costs and its field nationwide. It has projects under contract in 34 states workforce was mduced an additional 21% in 1994, bringing and the District of Columbia. Expansion of its services into the total workforce reductions since 1990 to almost 31%. Canada is undenvay. And, a recent decision from the Securities and Exchange Commission removed that We will continue our cost control efforts at our Com agency's rule mstricting Cogenex from conducting mom Electric Business, to seek additional workforce reductions, than 50% of its business outside the New England /New to continue to lower our wholesale power cost relative to yg other suppliers and to k>ok for ways to work with all of our EUA Cogenex plans to continue its controlled growth customers so we will remain their " utility of choice."
with its March 1995 acquisition of the principal energy ser-The outlook for our Core Electric Business is a stable one: vi o Miom of Citizens Conservation Corporation of stable investment, stable rate base, and stable annual Boston and the proposed acquisition of Highland Energy income potential. Also, we expect to have sufficient gener-Group,Inc.,of Boulder, Colorado. Highland manages con-ating capaaty available to meet the needs of customers
. servation and energy management programs in Colorado, thmugh the latter part of this decade. Each company w;ith- Texas, Ohio and North Carolina. The largest assets we m this business unit is obtained with the Citizens Conservation acquisition are con-Our Core Electric Business expected to cam at or tracts with various public and private housing authorities.
""'i " ""d" '
provides a solid base on Our EUA Ocean State subsidiary continued to provide a
" "" significant earnings contribution to this business unit during W/liCll to build a h con uc i n
. 1994 through its mvestment in the Ocean State Power (OSP) requirements with
, pmM Over time, the camings contribution of this invest-mternally generated funds. While we expect the Core ment is expected to decline gradually as the asset base on Electric Business to be stable, it will provide only limited which we camis depreciated.
finanaal growth potential over the next few years. An investment of our EUA Energy Investment subsidiary Energy Related Business in 1993 was TransCapacity LP., a gas industry software Energy related diversification plays a significant role in developer. In late 1994, TransCapacity introduced its EUA's financial sucmss, although we believe many in the Capacity Scout program for the computerized tracking of investment community do not yet fully recognize how natural gas pipeline capacity pricing and availability to important a factor it is. The goals of our Energy Related potential customers in major gas hubs nationwide. Capacity Business unit are to provide an increasing percentage of EUA System camings, maintain EUA Cogenex's leadership EARNINGS CONTRIBtJIION COMPARISON in the energy services industry, and investigate and develop Anumnts an % new energy related business opportunities that will enhance shareholder value. The camings contributions of our energy related diversifi-
- K T cation efforts grew from less than 1/2 of 1% just five years ago to almost 24% at year-end 1994. From a modest start g g' 4-
~~
with the acquisition of EUA Cogenex we have spread our - diversification to other fields. Today, our Energy Related mj' Business unit includes an independent power producer and 3939 3994 companies involved in energy conservation and demand side management, the natural gas industry, power reliabili- O Con **KoT"* O EnmN 6
- . , . , . . fj
O Scout gathers, sorts and stores data from pipelines and mal positive camings contribution in 1995. However, other suppliers, enabling users to find the most economic because of the preliminary nature of the pilot program,it is source of gas supply and delivery, quickly and efficiently, difficult to assess long-term camings expectations at this time. without the need to check numerous individual pipeline The second of EUA Energy's investments in 1994 is a electronic bulletin boards. potential 45% ownership in the BIOTEN partnership with
'lhe first systems were installed at customer kications in the RBS/ Wood Group. BIOTEN is developing the commer-mid October 1994 and by year-end, TransCapacity had seven cialization of a biomass-fired combustion turbine electric customers operatingin five states. generation system. Research and development of system During 1995, TransCapacity expects to enhance its system design and engineering, including a prototype plant, are to pmvide automated ordering and scheduling of pipeline expected to be complete by January 1996. Additional invest-capacity through Electronic Data Interchange (EDI). This ments beyond 1996 by EUA Energy am dependent on the enhancement will enable customers to actually order, buy, sell successof thisR&Deffort. Again,becauseof thepreliminary and use their interstate gas pipeline capacity electronically. natum of this undertaking, assessing long-term camings TransCapacity is not expected to provide any significant expectations is prematum.
eamings contributions to EUA in 1995. However, we believe EUA Energy will continue to seek energy-related niche-TransCapacity has the potential to be a significant source of type investments that are designed to enhance shareholder camings for EUA by the 1996-1997 time period assuming value over the long term. that its EDI senices and information enhancements are suc- We continue to believe it is in the best interests of our cessful. shareholders to pursue a controlled diversification program. Another of EUA Energy's investments is a 9.9% interest in We klok fonvard toincreased Quality Power Systems (QPS). This smallinvestment pro- camings contributions of EUA IraS Cnreiged aS vides potential camings contributions, as well as a product EUA Cogenex asit capital- .
# #EN we can market to our Core Ekctric Business and EUA izes onits solid mputationin Cogenex customers. QPS is designing an uninterruptible the energy servicesindustry. ScruiCCS Colnpany power supply system designed to protect sensitive electmnic EUA Cogenex will continue equipment from power surges. The QPS product is in the to be a major contributor to the Energy Related Business unit final development and testing stages, and sales are expected for the foreseeable future.
to begin in mid-1995. We do not expect our small investment will pmduce significant contributions to EUA camings at may There is no blueprint to direct the change occurring in the first, but we do expect small positive contributions by the ekttric industry. However, the transition from the age of 1997-1998 time period. m n p listic utilities to the era of competition provides us EUA Energy's quest for niche-type energy related invest-with a window of opportunity to continue EUA's carefully ments continued in 1994. Initial research and development c nstructed plan to build a new kind of company. EUA's investments were madein 1 ability to diversify successfully will continue to be one of its weCont,.nue to Seek new
;o n;;3reiatg , p,ima,y st,a,egig go,i . is we stand on the b, ink of c3ange, EUA can no longer be described as an ' electric utility holding
{Helgy1FlaredinUCSilnC# alinvestments may be UpportunitifS company.' We've emerged as a diversified energy senices madeif certain miiestones company, poised for competition and the opportunities it am reached in 1995. pr vides. The first of these new investments is a potential 70% inter-est in the Home & Family LP. Home & Family develops, markets and sells home envimamental audit senices and rtr-ommends remediation of home environmental problems. Phase 11 of a research and development pilot program will be completed in June 1995. At that time, EUA Energy will evalu-ate the results to determine whether to proctu! with this busi-ness opportunity on a regional, and ultimately, a national level. If we decide to move forward, we would expect a mini-7
SELECTED CONSOUDATED FINANCIAL DATAN ,. Years Ended Deceber 31, (In1housands Except Common Share Data) 1994 1993 1992 1991 1990 INCOME STATEMENT DATA: Operating Revenues $ 564,278 $ 566,477 $ M1,9M $ 522,583 $ 465,685 OperatingIncome 73,130 75,406 M,347 66,336 55,385 Consolidated Net Earnings (Loss) 47,370 44,931 34,111 26,260 (130,182) l BALANCE SHEET DATA: PlantinService 1,020,859 1,016,453 1,002,717 990,726 985,138 Constmction Workin Progress 8,389 8,728 4,943 6,881 6,809 Gross Utility Plant 1,029,248 1,025,181 1,007,660 997,607 991,947 Accumulated Depreciationand Amortization 304,034 29_6,995 274,725 251,503 241,128 __ Net Utility Plant _ 725,214 _ _ 728,1_86- 732,935 _ _ 746,104 _ 750,819 Total Assets _1,234,049_ 1,203,137 1,203,32p__1,163,776_1,094,740_ _ CAPITALIZATION: Long-Term Dtbt-Net 455,4U 4 %,816 462,958 488,452 443,595 Redeernable PrefernxiStock-Net 25,390 25,053 28,4 % 29,980 34,530 Non-Redeemable Preferred Stock - Net 6,900 6,900 15,850 15,850 15,850 Common Equity _ 365,443 333,165 266_,855 248,598 237,393 _ TotalCapitalization 853,145 861,934 774,159 78_2,880 731,368 Short-Term Debt 31,678__ 37,168 _ _ 109,936_ _ 72,449 _ j3,071___ COMMON SHARE DATA: Consolidated Eanungs (loss) per Average Common Shan> $ 2.41 $ 2.44 $ 2.00 $ 1.58 $ (8.18) Average Number of Shares Outstanding 19,671,970 18,391,147 17,039,224 16,608,090 15,917,255 Retum on AverageCommon Equity 13.6 % 15.0 % 13.2 % 10.8 % (42.5%) Market Price-High 27X 29 % 25X 25 41M
-low 21X 23% 20% 15X 20X
-Year-End 22 28 24X 20% 23%
Dividends Paid perShare $ 1.515 $ 1.42 $ 1.36 $ 1.45 $ 2.575 m includespnancialand operating statisticsfor Newport Electric Corporationfrom Apr01,1990 and EUA Pouxr Corporation through thremier 31,1990 at uhich time EUA Pourr uus deconsolidated)brpnancial reporting purposes. 8
S MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
., AND REVIEW 0FOPERATIONS Overview The Effect of Rate Changes reflects base rate increases for:
Consolidated net camings for the year ended December 31, (i) Blackstone Valley Electric Company (Blackstone) effec-1994 were $47.4 million on mvenues of $564.3 million, a tive in April 1992; (ii) Newport Electric Corporation 5.4% increase over 1993 consolidated net earnings of $44.9 (Newport) effective October 1992; (iii) Eastern Edison million, or $2.44 per share, on mvenues of $566.5 million. Company (Eastem Edison) effective January 1993; and (iv) Per share earnings for 1994 were $2.41 and reflected the a wholesale rate decrease for Montaup Electric Company l dilutive impact of a 7.0% increase in the average number of (Montaup) implemented on May 21,1994. (see Rate common shams outstanding in 1994 resulting from: (i) a Activity-Core Electric Business) full-year's impact of the April 1993 issuance of 13 million Revenues attributable to Unit Contracts and sales to the common shares, (ii) shams issued under the Dividend New England Power Pool (NEPOOL) reflect revenues from Reinvestment and Common Share Purchase Plan, and (iii) such short-term contracts and Montaup's and Newport's shares issued in connection with the December 1993 and interchange sales to NEPOOL January 1994 acquisitions by EUA's energy services sub- The change in revenues associated with kWh Sales and sidiary, EUA Cogenex Corporation (EUA Cogenex). Other reflects the effect of kWh sales on base revenues and Net Earrungs and Eamings Per Share by business unit: changes in other operating revenues. 1994 1993 Energy Related Business: Revenues of this Business unit
- are generated entimly by EUA Cogenex. The 1994 increase D D g$y g,ning of $7.6 million was due primarily to increased mvenues of James L Day Co.1nc., renamed EUA Day and Northeast
._ _ _._ M_ PerShare _ __ (Ws) PerShare Core Electric Business 5 36.897 5 1.88 $ 33,461 5 1.82 Energy Management, Inc. (NEM) aggregating approximate-Energy Related Business 11,290 0.57 7,243 0.39 ly $8.5 million. EUA Co8enex acquired EUA day and corporate 1817) (0.04) 4.227 .. _ o.23 considated $ 47,370 .$ 2.41 5 44.931 $ 2.44 NEM in December 1993 and January 1994, respectively.
Partnership revenues and paid from savings contract rev-Major impacts on 1994 earnings by business unit are enues also incmased in 1994. These increases were offset described in the following paragraphs. somewhat by a decline in project sales revenues recognized Operating Revenues in 1994. The 1993 increase was due primarily to mvenues The table below sets forth estimates of the factors which fmm its EUA Nova division which was acquired in contributed to the change in Operating Revenues from 1992 December 1992 and incmased revenues related to project through1994: sales recogruzed in 1993. T**C",'s") Core Electric Business kWh Sales (s in millionsE __ _ __ . 1994 1993 _ Total primary sales of electricity incmased 13% in 1994, l Operating Revenue change attnbutable to:_ despite the fourth quarter's mild weather, causing an 18.7% NRecovery 5 (8.0) $ 7.0 decrease in heating degree days compared to those of the l Recovery of fuelCosts 0.4) (2.3) fourth quarter 1993. An on-going review of our customer Effect of Rate Changes (6.4) 8.6 classes resulted in the reclassification of certain customers j i ' Unit Contracts and Sales to NEPOOL 1.8 (13.1) from the commercial class to the residential and industrial Kikwatthour(kWh) Sales and Other 4.2 15 . Energy Related Busss: classes m. 1994. The impact of these reclassifications is _ EU3 M L _ _ _ ________ _ . _ _7.6 ._ _ _22 8 reflected in the table Total s (2.2> 5245 below. Removing the primary kWh SalBSgrCW Core Electric Business: The revenues attributable to impactsof the reclassifications again in 1994 pdCed by G Purchased Power Recovery reflect our retail companies, , recovery of purchased power capacity costs. resultsin salesincmas- StrongindnSin,alSCClor esof Ll%,0.6%and Revenues attributable to Recovery of Fuel Costs result 3M to our residential, commercial and industrial cus-from the operation of fuel adjustment clauses. The change in such revenues reflects corresponding underlying tomers, respectively, signaling continued economic recov-l changesin fuelcosts. cry in our service territories. Economic indicators suggest that this moderate trend will continue for the foreseeable 9
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