ML20216D924
| ML20216D924 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 06/23/1987 |
| From: | George Thomas PUBLIC SERVICE CO. OF NEW HAMPSHIRE |
| To: | NRC OFFICE OF ADMINISTRATION & RESOURCES MANAGEMENT (ARM) |
| Shared Package | |
| ML20216D932 | List: |
| References | |
| NYN-87082, NUDOCS 8706300616 | |
| Download: ML20216D924 (38) | |
Text
-,
George S. Thomas WI
% nm*.cw moom 4
Putse Service of New Hampshire i
7
^
N w Hampshire Yankee Division NYN-87082 June 23, 1987 United States Nuclear Regulatory Commission Washington, DC 20555 Attention: Document Control Desk
Reference:
Construction Permits CPPR-135 and CPPR-136, Docket Nos. 50-443 and 50-444 Subj ect:
Submittal of 1986 Annual Financial Reports
Dear Sir:
Pursuant to 10CFR50.71(b), enclosed is one copy of the 1986 Annual Financial Report for each of the Seabrook Station Joint Owners identified in Attachment A.
In cases where the Joint Owner is a subsidiary, the Consolidated Annual Financial Report of the parent corporation is provided.
If you need additional information or copies of these reports, please contact Mr. A. L. Legendre, Jr. at (603) 474-9574, extension 2373.
Very truly yours, C/yh Georg6 S. Thomas Attachments cc: United States Nuclear Regulatory Commission Region I 631 Park Avenue King of Prussia, PA 19406 Mr. Antone C. Cerne NRC Senior Resident Inspector Seabrook Station Seabrook, NH 03874 p;P3ned8188lha ebb I(f 1
P.O. Box 300. Seabrook, NH 03874. Telephone (603) 474-9574
-n.
~
- - l, ATTACHMENT A l
Seabrook Station Joint Owners 1
- Public Service Company of New Hampshire j
United. Illuminating Company Massachusetts Municipal Wholesale Electric Company New England Power Company Connecticut: Light and~ Power Company (See. Note 1)
Canal' Electric Company (See Note 2)
Montaup Electric Company (See Note 3)
New Hampshire Electric Cooperative, Inc.
Vermont Eletric Generation and Transmission Cooperative
.Taunton Municipal Lighting Plant Hudson Light and Power Department-Notes:
1.
Annual Report for the Connecticut Light and Power Company and its parent company. Northeast Utilities.
I L
. 2.
Annual Report for~the parent company Commonwealth Energy. System provided for Canal Electric Company.
I 3.-
Annual' Report for the parent company Eastern Utilities Associates provided for Montaup Electric Company.
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I..............
s 3
e
The placement of Unit 1 into service. customers in 1986. an increase of willinvolve some wrenclung rate.
6Epercent.) And when Seabrook
-4, 'e o
, regulatory, financial, pobtical and
. Unit I comes on Ime.New: Hamp-986.was_ marked by a se. ries of. competitive changes.In' recognition shire will have ' capacity.to meet its accomplishments,for Public -
.P g
- <7:
Semce of New Hampslure; A. f these changes, the Company hasi growth,in'the midst of a capacity-o t'
J plarined a new strategic dire'ction.N shortYegion, f6r some years to come.
6 Our achievements during the. 9
-%a year are especially signihcintl D,In' July, PSNH ann 6unced Pathway -
- G %'C a
- 6/
- W **## W "I 2000, a plan to begin rec 6veiing its strain we'vh beerfundei for severa! ffmanndr aito kee
' when one considers the fmancial %invesuhent in Sehbrock iniuch a gpw mcreaspgge
,compen
~
c
- yeais. We are heartened bp'thes'e}Mregainlinindial health' i T r -
fM5ispftitivh'and/at the'saine time,
'D
- .#** "# 'N '
t g, 7altemau.ve fuels."f6r heating accomplishments,'akho0gh much
~E s
" remains to be'done. ',.
d Pithway 2000 also envisions rnajor poses, conservation arid modest.
M.c k-W u
.H-e
- 1.n February, the Company com.
,3
- .jei 6'fforts iri mark'bting and cus-X h ~ G of 6E-
. pleted a 5325 million financing"1 lrtom' r relations, as dis usshd latei b.ar ounour servi r
1 rit6ty is rapidlyI e
- composed 6f def, erred interest third ;f programs are'a! ready underwa s
, mortgage bonds and tax _ exempt '
ypetitive. Major cusiomers now have pollution control revenue bonds.
Oshd PSNH intends to implement the 'numer3us~coge6eration'ahd self-
^
The proceeds were used to fund
- rest as'quickly as p' ssible,'on its " '.g' rieration'hltefnatives.Nashua, o
'e PSNH's final construction obligationTown.,or with regulatory appr6vs!) jtheisEdorid larbist dity 6n' our '
c,.
.for Scabrook Unit 1..
,y
- when necessary. y w W sfcsystem, hs formed a study corn?
9' 3 uln May, the Company filed a requesi fWe be$ieve'that the elidtric uiidy-ginittee to donsideiits(energy ' N -
M ptions mc'uding the, formation'
. with the Public Utilities Commission'Eindustry is undergoing a basic l
u
".,4 gPUC) for a two-step increase in' itiansf6rriGtion.The"politicaland [ NII. wn numcipalelectric com-7 retail rates to cover increase.d., tec6ndmic' forces that revolutionized C.P2"7: E,fecuve October 1 Concord f.
f
~
p expensesfand to ieflect in rate base 'long-distance telep) hone 'se'rvic c
S./ q -
El
^
1 investments not associated with ' " tiavel and'even'the hstal shrvideN.H,ampton Electric l Company termi;
,l.,
A Seabrook.The first step of this ~
4 are how'beginning to' focus tip6n. jpated theitjotal requirements i
n:
increase, representing a 14 percent - ouF owri t'egulatory dii'jron e
mg
. addition to retail rates went into,
r Traditionally, the ' coin ~panies iri'our';Dindust'rp hav
,, effect. subject to refund, on Januar 1,1987. A final decision is due from' ';rn6nopolies. In ret'urrifor an exclu".purchasd the.ir energy nee'ds.
~
- he PUC on'or before July 1 of this year;it is the Company's first in....f sive right, or franchise, to'p'r60idegUNI t
c fele2tiic power withiri s ' defined 6 ' E8.upply contracts from sources y ther than PSNH.S, mall power;
. < : crease sought in; base' rates in moreJ' 'h2rvice territofy, c6mpanies haN than three years. ' <,' f
. [acdiptid the'obligatioh'is ^
d The c6nstiuctiod of Seabiook Uriit -, electridity to all custorfir's'p/ovidewithin'.
'that territory,'as well as iegulatiori..Y. pf altemate.capacitgwithin "our - Q
.1 was finish' d during the summst ' 7dve'r p'rics.Inhereritln this frasch'isg ;sernce t e
~
. and, in October, thE Nuclear.
~
c Regulato'ry Coinmis' iori(NRC@,$greenst, Evhich 5onic BbseffeiM.plarge indus,tria,1 customers are,
s
~
~gauemptmg to purchase their.powe.r.
dlab.el the?re.gulitory[
- full forty ye.a.r o.peraubir.'e' Yank..ee_ai.g.;the u<nd.e<rstan. d.ing th,c6
' Jgranthd.. Ndw N. ar.i.ips.. l,i~c..e.n.
dfr nce were s.o.m low >er...n..ee.dhe
.se.fo.r.,.h.
at t at. levels.whi.
s..n.s., w
. the..lant, subj... m.g n
A nd. ;transmi. it to t n a tions. The ~c...di..o ce.rtain.condi.g. t.be. s.e.
c would
.p ect t.
. f th,e license.,, e...y nable....
o s -
.re. co.very o,f co.-, d. ~h. e %.,.%..th,,e.:. lo
. m m.,t
. ir.m tilit transmiss.. ion T-
.a sts an
. wh,ich m.ust be m.tio.%
e to eam a reasonabl'e'3 on ns o.,,
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M Ltem A. n,
.,eown.-ers still ha.v..e. -
et pnor to fulli power ope.ra.uo.,n are eli. ibility f.o%r.u opportunit. s.tum on investment y :.+tr.id. in,ona. l oPc.ons.,o.f.6.i.l, n. atura s
w..-.y.
r the s
. ere g
- S' PO*ir tesung and,the resolutionJNow% m;. vg,. y nc
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wood.;in pla.ce of electncity. -
gas andw ~
.s m-os
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,howeyer,both the a, hises ;to heaftheir h67rnes' W A
' of issues regarding emergency :. q gc' r'icept'Eiid 6ena'dit'ibEaliat&p' Mmay po 6
Ame z.
response planning. At the date of.1dfiking'p'rEs'sisesnith' tie *disfdte.
er,pmducer.s, present a this report. fuel has, beEn loaded andjalliig acidsi'th'h'dbuhtr'f'OiUr%({[.uhgu(
g pre-operational tests have been 3 p. Pop 5fatidffnGionm'eht libe26 fring they are no all completed. Efforts.to ineet theQi *inciE3 singly'c6rnp6Iitive Es's Tesj gability to cogpegitj.tojcfipp u,t
,o,thers/,I; hey conditions of the, opera are currently underway,t,ing license.W'of(c6n6mic k
' tM@ri @!!P!delisibhs'hiihi'statfand fdder$1 ap ode %
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requiled by statela'nd feddrilhw t6'.[We'itie'surhou reco'g'ize, th6u~ h/ ? strides
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'4 a purchaie?all of their'duthtitj il theyh (fat ths'Compinf terrsIhs'under/2 ithit fo$. in dreatir g an, enviro 6me j -
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so chb 5se:The reccht rates that N Gevefe 'finahcial' onstraints' Until JW imong all itserhploye'es. KrecFE'VjW
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' YmanagerhEt audit of the~C6mpa?if ? 3,8 1
FSNH lAs)Acit reci0 ired l~y'ths' TSEabr7)ok Udit'f starts"tb '
3 PUC tlo pap these producers for Msh,rviyfind PSNI.i begiri' pfovidethf ' w
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' hig,cre~atirig t2th.'atir,x..tiUe finaR..Z, in t.hs.'pl.a. h. t','the C..o.in. '. iny f.uinb.l.e'7'coEdti.rred.i.i,th I
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.lc'uding..*Th.is core of competent.c.4 ;. 7'r L...-
. ctal in.centives to large and smau... < to generate sufficient; cash..to fuUy -
' ' developers hiikeLand unacceptabiel1 p'ay f$r 6;icihting and oth'er tiusiC lc 'clediEate' $6fsTNis%ives thkC6m'-UVQ M 'N' d
rate' levels for our customers. In', ? ness Expe6ses'. Iiithis ' 6ason, 3:Ipanyss'trodg fo'tinda6cn for dealingGS". 0.,
' fact, the" cost'for'this power'is 'about7 dsidend papinen'ts oit ' hares.of( q,with fut,ir'eJcha11dn r
l s
i l
'?'
a
. threeltinics the Company's incre-
. comsin and preferred stock,which' This $n'd'ir)(t$d${i6N[beliefive'veNN ' Y ~
mentalcost to generate or otherwise were suspendid in the first, quarter. Ilong heli!'a'nQo'istrVnj;t%f this
- d '19" '
I' buy thy same amount of electricity.
of 1984. have not yet be,en_ r..csumedi: /Compaii/isits he.b'ple.Ediplopebs ;1i " ~
PSNilis very concemed about the impact of these higher prices. both?.;The Company re,matns committed'.fthroughotit PSNH froiiihe'w'peopli 7^
tog process,that will permit the.q.T at begirineildiels to our 66st.' MY.
I 6
1 eon its customers-who retmburse resumptiorrofl divide'nd paymentsQsiasonh'd veterahs,IharFariindei M ? '
PSNH douir for dollar for ' uch
, e need for curr,ful of shareowhers'- as soohjts possible,. H s
. purchasesJand also on the Com-we are mind
? ness to adcept chinge. We think '
1 pany's ability _ to pnce electricity
' riding concern must'be,,our over. i and praEse'ouf feU6w'ernployee' h:4 ent return,
~
s
. coinpetitively.We have been seek-and is. the. - for'their, dedicatiori and we thank i continued viability of your in. vest
'G ing changes in the policies and rates rnestlt,present, cash conservau-y you.)helhaia6wners, for your,'.. I 2';'ion establishe'd by the PUC withi respect'to sm'111 power producers _
~
remainsjtn essentialingredient.in 7 paithrddV5hidtffidult years.Xs 3 and it appears that our. efforts are '
the Company's formula for financial we face the.Ehallenges'that remain. @
l' now meeting with some success.
yodr in'tbrists;as' the. Company's '
recoyery..
1
' The PUC has placed a moratorium ' To meet our heed f5r externaf
'shireodndrsias dell'as those 'of l'
. on fdture small power producer apit'al 'the Company'is currently-our cdst6ihsis an'd' employees. ivill -,
i filings and set hearings to deter... seeking autholization from the PUG c6ntinue (6.tFever-[srcsent~
mine new rate levels. In January, it to issue aJditi6nal debt secdrities:It
' n'our min'ds.L i
. dismissed over 200 megawatts of ;
' s anticipated ihat the securities to O. 9 ~.f
~
i
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i smau power producer fihngs that be issued wiu be a coinbination of
[
l previously had applied for the.
deferred interest third mortgage' higher rate.
bonds and tax-exempt pollution,
While recognizing the immensity of contr61 revenue bonds. Subject tol-
~
the chauenges which we face, we'.
. PUC apprbval, PSNH plans to'use N. Robert J.'H'arrison f
intend that PSNH prosper in this a portion of the proceeds for non/ ' President and..
increasingly competitive environ-Seabrook related cans' truction '
Chief Executive Ofhcer.
N ment. As New Hampshire's energy expenditures and the remainder for.. ~
m -
l experts, we plan to maintain our -
Sbabrook related costs and.,
C I
market leaJership through constant ' expenses. We anticipate that markeung. We see the chauenges may occur particularly for that pori 4'. '
attention to senice and aggressive ' extended hearings before the PUC -
~
which we face today nut as a spec-tion of the fmincing related to '
John C. Duffett ter but as a tremendous opportunity Seabrook. It is not possible to pre-Executive Vice President and to adapt and succeed.
dict when the PUC decision on this Chief Operating Officer matter will be issued and,if favor-l able, whether it would be upheld
.Mitch 5,1987 on appeal.
It is not necessanly thow com-panics which are the strongest in a reg'ulatsd emironment that wiu also excel when ! aced with competition.
~
As deregulation continue's tb ~
change the electric utthty industry..
' we believe it is the compinies.
which are the most tlexible and innovative that wtll do best. We al30
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beheve that PSNH has made great a
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John P. Edwards, Vice President for Public Affairs at the Company since June
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17,1985. Vice President-Corporate
{
Communications at Public Service of Indiana from 1982 to 1985. Community
{
-.2*
Affairs FAanager at Caterpillar Inc.from j
s 1976 1982. "Our operating environment
, i g
is increasingly competitive as a result of public policy decisions at the state and j
federallevels.. and competition means that there will be both winners and losers.
We intend for PSNH to be a winner."
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N Seabro'ok Stction'.W'gd N ffinndis', tb e5 amine'the e56nts and 7AdditionaUy NHY is pursuing W.fqgp a gg4,pf Qcglf f j[$tfie design of Chernobyland the <
pfN the development of emergenc.y
',,..t 4 3;. -
, g";w.
' relevance of that xcident td th'e.
response' plans for the Massachu-
' 'M he construcuon of Sea-N Msifety of Seabiook Unit 1.'The ^padel sitts comm0nities-a strategy broo,kgiult,;1ps., completed,0 'c"ohclUdei! that designirsi ins't
,. grya dllqq yg7Mg upumngr andyn.10ctobe,rN*tiohlil'diffeie'ncss betifeMth'eWo in 'a~sii6ilafs'ituatioii for 'the '
g t - @d,Y ? %;.;
QegRey.lapry3.4%inis ire sd fundaniehTal~tfiat th'e $ Shorehar6 ~Plini oh'12ng Island.
5 psfireJa L ee %grante!f3ScfvEt'ascidin'tJdoes rEtYliI RCi NA
'J M.3. N J.yNew H,any PRijp19[n th.yr6'yisuide'cisi6ns i6ad'df">iftWe h'asiast'dcidb'tlE tti6 '6fficacy of '
f F ],3 :,J plaht syaryagemept prgan3zati.9p3 usifety'of s'Sdabro6k!f p@la$t.N@Mthe'Shorsha a
.,:c '
r t
Mmilafd'tdd/cdfiduthd q fullfortyfyeltr 6peratinglicj
.Q 7 specific conddI6ns. Underj,ense w!
g cgh;0ftist idr the"CdiEnU6whildi Y. h'oGer,'the NRCissb' 9
-e<
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c
- d,, ',Gl. provisions; NHY has successense, of a prbp5sedidlen'uking that fully NEf Massachusitts riport'e'd findi6gi-Sould alldw a' planilike Seabrook' Tdl.1 aded fuel and,conduc,te;d a moryth@g$Jhich'c!dsely' paralleled f8 **l.ips og,ppw;eg,sh diahtj Go0erfor Sun'6riu's panel.fthat,'despite theff,best effdrts, a
~
e
,7 rior,to full power operation, two ' QTh,ese conclusions support the 1 dlack of cooperation of states and P
-e i,. Inajor L6riditionidust be meifthe Oc. Cordpany's b'elist th5t Siabrook.
,towris prdvents' full compliance -
F first of whichis t5jeNife ' app ~ rov' af yUnid,6i piobfbl/the si,feitlhiici,sar)with NRC enfergency planning
~
t
. : Tfor' low power (not more than five'.t -
. requirements.
- ")Psicent 6f'cipaicityj testing. Whl.le,' ) power plant ever built. A.
.; 5 ' +Nh$ past Jdly, the Comp
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r D$sktNfdcifibie9eIdits c5f l
.a Jhe authonzatign,Jp cgnduct pchj.cEthese' studies, the"Comf6cnwdalth.1. ' released the results of an iride
. i.tes mg ha' been expecte'd in d
yJan(uary, t,he NRC decided tha. 6JF, ~.df Massachusetts'stilliefuses th" 2 V den tit MF @ die n'smd@sf Iifi NHY ddtpe$onM Ci$'PLG.The"
- . Jhould ca, n
- 'r;gthe,quego, duct a further reyiew of M plann' ins effoits' thu oc g was to is' ess rnahigement's. per-s J. response plans [@ust be su,mergency,ggg; tigatf6thsMays'io'lidense Wi n ol ctlier e s
bmitted..ge coripleted planEAfteTcifefully fproces,itnd t6 revidw the ' cost m
for th full l
ne
, ~< y:i.t belo..e fowten.,.m.,ile. P an.n,in8,zo, g.: oevaluating all option"s r"egarding ?
e
.w v
r e commence,.yg,,d 7 E re.
pop:er testing can.,y., thd 'emeigelicy re'sp6iis'e 'plah' ing V, schedules'of Seabrook Unit I to h
g M 'q
-. pio ess. NfW filed wft'h the NRC ' ~, determine thelt reasoriableness.
~
~1The sbIohdEnditi 6 t! resoldNon Dece'r'nbef18 for 'a'leductioH in*!PLG concluded'that nidnagement
- J.
[ tion'of iss0esie'glir' ing'ein'ergenbShaErbok Stadon's 6f'ficiAl ' rrirgencyyperformance was ' timely, well con-d e
S response ' lids'withih a ten-mile. la (esp 6nsdplanning16ndio a'onb! Osiderdd, and therefore reasonable l
p
'radi6s'of thEplaiitfc6n'tiiidss'io beWihile ridius'around the ~plarii. ' E.,' Jand prudent.
c
>;a sub[edoQrestls'crutink. Thel jNHY'reciufstbd'the c' h'trdEihthe f
$ yearkend.PSNH's investment in Ai
, 7pnncipal problems,tn this area are.jdme'rgency'plannirig zbne following '. Unit I totaled over $1.8 billio a result of,a lack of co.operatiori by N
'the,Co,mmonwedh of Massachu;,(y.a'r'eview completed byihe Brbbki. Co h
~
g setts in th,e emergency planning J. M haveiiTre~o7tIdis prepsred u6 der. c'S30 million each rnonth that'6pera
'p
' efforts for the s,tx hiassachusetts 6/cbhirili t'o'ths NRC afts NFW, -
ition is dela' ed. While'PSNHs.
y
, communities witlyr[th'Efep-nul n. zone In.. Sept.e.mb. e.a
.e, G.o.vem..$ TMhske'd th'e'NRC t6(revie@*th'ed'd owhership in Se
- o -
r th e
<.r. +:.e. up'da~ted +afe*ty assessment of Sea u a signtScant invest' ment, t'he Com-
-r o,
e *.
a u +, -
s s -
,f b,iassach.
l w.4. u.ld n.s.
u.setts sta ed. that h.et. q1 brook Station preparecf by the%r..P ~nyv,m! b'eheves that Seabrook
-- v
- ~
gpa fir s
gaesporW pla,,b.<.mg;4
- o c~
- ~
nwo <..o..t su emer enc ' s c ~ "va^te management and e~ngineerewcapacity is an invaluable resour'ce-
'A..".
-n-
+e n
e m
. nsjog t,, eja
$ff.td Ne#Englaad 'onsiEners' For i
. sens towns.;mamtainmg[tg$$,M i8g corTsiiltirig'filis diPicidrd @hN4this'r c
m t,r3of'i Lbwe$nd Ga/riclilnc3PLGE
" also.. plans, wou!'d be adequ,,at.e.r a g.g'.:PLGi ass;EMd6t7d Het suc.h en
~
~ < w %
~~-
~
Brookhaven~,in acc'ordancenth.
ursue the re" solution pleg ed to 7 ior(of the pgpppose,the. opera g g
f allissues re f51.! owed t.he tinfo,hsfectggri,yggg mas ~ 6ddEiuM6d'6vshtStatioh so'thit thbj+lant' t
t.,1 y-
~ -
at Chernob}l~1a.v.rtu.nate.ac. cid.e.nt %
ll methodolo<gy"and c~onc'lu^s * <4 r'ovidm"g service t% customers x
e ta
' ions a p m ~
. cl int.enstf.i.dd t.h'.e.st A n.l.v e P. which ' X,. IE v ~
"t of a.reduct"on. *the '. M; pra o s'i a s
+.w e v% 3 -k
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h s < m suppor em
. genera
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,e, r N.s
. concern and, opp...n ~ pub c...r o wemergency pla+nn+mg~zo~ne.gr,c#.cm. r
~
+
A
,4 cmq o.
,. w y Pm.Wi albun'd the'.Qildgd,%"4 ',;osttion to nuclear.Mt,is n,ot 9.. y memev %.
.. dt.
will
~ A Mc. V i.r
~8 T. 1ssue a decisiQn on this Ehn % 4.p.. m
.p? 7. y a
e n
To better ury.dergtan C.gernobilc.MRigsdtdsF6f tlitoutE67ie
'- W,NM.iv-- PW W;#.N<
4
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.W of u g. m recognged nu,cle3ry9 m -
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4 %4-the full teno.le zone.
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lfsh'pshile'Iselieves 'thItMM* t,h,,.e Wyomise for bhth the Corn ';!"Fltude,w;as n
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',, p;. g,7 Qh,,g g rg y g.7,;7 p
~ ne in,t,he ful[tielie'lihat as p
.1 h6db'isinessefof New Ham %hfr'%".as do.
u in Wegestjnter,es,tj.Tlie PR(w.g'p.prQ; g;[{.,g
- hpinYand theWsideEtD
.y gC eg Pompany'ig 4Seabroofep,,rudenc,e audit [esults yp y;g@o y*gfy;q,sgh v..p.y y Pi,tftw'ayl2000 i
, comprehens.. i,s,.he i.
h anticipale drid re'spbnd to new '%n' J dem.onst.r.a,t.ed th.d to l' ll r:e.,. er.s.g %@y,y.
,.2
.. at s,harcown e
o tve, integrated plan..to
. ~
4
'challeng8s and op@t0Mtie's'lwhiieX eSeabrook investment!Ma
- wpuld,~ bepptgle coyery ofz.p
,,y a,,.y c j,,f.,2 ;,13 W.
u ih carniBg'on andiecovering ib Sejgmen,t egnclu.ded. h'owever, that 4
..7.9.'
lirook Unit 1 invest' ment'so tha't thy made no sense tdseek,to rais,d ltlicy.,yg -.Q g; e rates t J,,i ;
a
~ ;iMCprppany's imestmgr}t in theseg! ~ -g,... c g?;y /. y jz 6,.
-g,'y/q :*
Coinp'ihy c' Neventually regaili f.O;#
~
to a level which fully,refle,cte m./
v
' 7 ', ;;y w,',A ;.5 g;;jg';
~ nnanc.ia.l heakiC ~ %
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5
?# w. 4 uru,ts if the resu, lt was, to driveda... fu' ' '"
The Pathway 2000 plan.w/4as un-C i,Uy cuniiisyk 7.9 -36 M'i r.* a W r4
' ' *Sii '
a
. Veded this past summer when PSNH N
r-expect 5To ble a an'nb6 tic'ed its proposal for refidcic V.T. he_ Company,.f rmal requqst for,thepabrookli
,. g;.;.. ;. g(
y.
f y.c.p. g -,
- irig th'c Se'2b' ook'Stapion investment r r
,y
~
'iii retail raics?The Company in'di-greases later tjus y,c,g w,h6 g _ f,
,s j
q c.-
3 g,s
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ntedit w'ould selk five adnualin-s m-semce date p(theplant q more -
y.,
,,y;M crelsEEof 10 i>srcerii in overall rate. certain. According t.o state law.;t.he
'3;f W
,4
- d. Q.,-
levels,'ekclusive'of changes in fuel PUC must reach i
revenues'thr'ou'gh the Energy Costi. request withm e n decision on the.
ightqn months of 9
,.1,P Recovbry MechanisniiECRM), the e the proposed effecuye date con-f i,
' receipt of the two-stepil4 percent'. O tain_ed in that h!:ng,although,th~e ~
and 7 percent) non-Seabrook in'-
first increase may,go,nto crtect i
. crease desenbed' earlier, and any under bond and subject to retund
. -c-extraordinary or unforeseeable ;
'.before that date. State law also
,d mandates that no rates be collecte l Residential' events.This proposal anticipates.
, Customer Grow.th that t1le Company s sharcow.ners to reflect the Company's investme. nt -
- Annu p u.ntd.ne e
.. Seabrook Unit 1 until the plant :
in wdf forego sigmbcant future net
~
income which they would otherwise ; ts adua!!y providm.g semce to
..n 7
,i have cipected from ' normal' rate-
. customers. As a result, the financial l-6 making.
' rec very process has been initiated
- 4
. with the announcement of Pathsvav A.second element of this fmancial
- 2000,'but timing remains uncertaifi.'
~
proposal is a Conipany otter not to As part of Pathway 2000. PSNH,w. -
7 f;_._
ill -
.;
- y seek recovery of its investment in the Pdgrim Unit 2 and Seabrook,
als ask the PCC to adopt a long-
- 3 Unit 2 nuclear generating stations-term energy policy and formal
.g from New Hampshire cusmmers.
assurances which would a!!aw ;
- 2 shareowners to benett from the-At this date Pdgnm Unit 2 has
~
3 been irrevocably cance!!eJ. %rk cost advantages of nuclear genera-on Seabrook Urut 2 wa3 h.aed in 1 tion when oil prices begin their l,. l.,
o.
c 19M and in late me. the jant inevitable move upward once aga.tn.
Owners detem'. N.i M r. aquoh The prNipimus drop in fossil tuel
' e e u e so.
prices has made it impossible to r
that urut's cone m.
ta the NRC anJ ate r ze ?.iiY to e mpeauMy prke xabx,ok powa begin the.<a:e et a:l -ab.a.;eab e oa a traitimi tulcost rcomy cor'uponents and equ7 ment. The basis. PSNH believes it is important s-
$MS mi!! ion loss a3wated with t look ahead, though,, and recog-mze that Seabrook was budt to meet customers' long-term energy'
,needs. net just for one period of
' dropping oil prices.Shareowners are bearing the costs no{viit's only fair that they be allowed to share some of the pronts in the future.
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h-Robert J. Harrison, President and Chief i
Executive Officer of the Company since March 1,1983. President and Chief Operat-w.
ing Officer from 1981 to 1983. Thirty pg,
, g,g.,,,,,,,,.
j years of service with PSNH "A major
- .,,. f,g 7.,,,,,,
strength oIPSNH is its peopte Employees t;,
,.3 throughout the Company share an inde-y,,
l.,,,
pendent,'can do' spirit I am looking 7,
f (,
forward to the future with optimism because of the confidence level of our
. ([,'
.t.
people and their willingness to accept g.,
3.,,a and initiate change."
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, ??r:lig'l:Jul the bCatt::f:tl:'J:C ??.Ncw Il.:nipshgre for Over smr ',:.ir l.:r:cw:1kcrs like Tem \\aliten m !ca l.l: uJnack L%trict scri'i e :be C mf. mis net-Work OfliHCS JU fr'ICS WhiGb I.::C a;rOSS th: 5 Jlg. fryvikng Ct'cr;[y' 10 lbs iliNHS d'il bit 3inCSSC$ Oi.NCW
$ $dH!f$bilC.
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' *:t 9 %N A John C. Duffett, Executive Vice President f
and Chief Operating Officer of the Com-pany since January 9,1986. Senior Vice President from1982 to 1966. Thirty three years of service with PSNH."As we prepare to put Seabrook into service, we are doing everything we can to maximize the benefits of this facility.While most media and investor attention has focused on Seabrook over the years, we have continued to operate the ' rest of the i
business'-our utility function-in a commendable fashion."
a 1
. c,Y u
7 athway 2000, continued savings for residentialcustomers P
+
. l
. to industrial seminars and. economic H
. development programs.' -
' i AM
. s the electric business Pathway 2000 is PSNIfs plan both
. becomes increasingly "c'ompetitive.PSNH musty to deal with some serious threats 4*
'and has-started treating,.to our business and to ma.ximize 4
those it serves m6te like : :.new opportunities:De' spite the ;.g.,.
,55 7
. (
> 0 " V ' Mrlcust6mers,andless liEe 'raiepayers.* _ Co,mpany,s' difficult circumstances.
l
'. 'i '" The safe and reliabid' electric servicd',' over thy past few years', manage..
,, ' j, - '$which this Company has'pr6vided lf'.. ment believes thatJt pas a salpable;,
3'
'i tcIits'c6siomers for the'past sixty. gesource in employees,w th the E
- " d
y ars is no longer enough:i6 day; 3. talents and dedication to achieve
~
i
. s these consiimers also want ser.v NPathway 2000's amby.ious goals..
5 N
N. '.vice and options that meet [ahdO ',This conviction way r t
fref uently anticipate, both their R'Y.- ported in a management audit " cons
?' ',
l ch'anging energy needs and their ; ; ducied by Cresap. McCormick and -
~
want their~eldctricg,Paget (CMP),'an indepercient con
' budgets: They'spond t6 their criergy u~sulting firm. In n
~
compahy to re h r,eport, they noted,'Semor ma,nage-
.'p'roblenis and concerns. lf PSNH
me6t of PSNp! has been successful can't sneet tiiese expectations,1, s
d l
f d
"self gendiatiori ofg6 elsewhe' rep &.in eve opinga c
. ciisiomers'may everitually' install. looking group of executive
~
- ? managers committed to achieving
.J:;-
i u
2
- PSNH w, ill.nt. is de. t, ermined.#t t. e,- corporate' ob
, Manageme
~
4 l
.6
. prosper in,th..is mcreas# add. Whefcareful selection and ^
l 7'a.h..e. P.a. th, wa78.0.s..P an. P
.ingly competiuve environment.
)
.t 00 l n
c
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~
.'r - -teamwork and a destre to success- -
.->w-i c
2.
, f ne* narketing and customer sgr-J'y fully acc'omplish'tisks"to'the j vice trutiatives. PSNH s marketing Xben' fit bf ratep'apdrs, sliireh'olders, e
group is developmg a more aggres.,.
sive customer o. rienta. tion. and new u,-asd Compariy tural on.entation 4as~not only,
.4 s
7 programs 4ill be. troduced.
Ejdvident'to CMP during the a0dit but tn Prime kthroughoist1987 1so confirmed by many external d.
a E
.E.'.l
~
n' er the umbrCla of Pathw.'i
.. Sales Growth
'3 ay F observers.This core 6f competent, hundsows -
3 "1
,i.
2000, PSNH will offer ctistbmers a. - dedicated persons givds the Com-s
~ ~
7
~; i..
1 larger array.of ot tions to incr'eas%.j pany a sirong foundaiion foi dealing :
+:
/ their. control ctver the time, use 'and ' J,with future challenges.'
6 l cost of elediric energy.Ne$ proMM
. b.,?
s will also be offeredio he.lp.
O,. gra. m..; -. ho.w. the. Co........mpanys care m
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> unterests ofi.div. ers.,e needs,a.nd
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?,, t i V 5,.b@'. 5 N, i/. '.4 tory approval ar.o. t iim. plemeiited.'Tiiey Mvef'a Widd 48@. e
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Y f.\\ %:._ ; Q m', *s~ 1,3 g... k'z*
.n..
. y.Q. r. s, g
., (..*s g'
\\.,t f.h*b
. '*.
- d J.
~ *
.l1-r
, w
.;,, w,o d.u,. ~.. ' *.m*% P..
t. c. n.1, L
.. e.:.. n, W s t,m %. Wr
~
a x..
.' n *.Q
, ' * *., A D}'4 s-s' y.l;;^ W5,Q,j;yf - Q r
- [
1;'
' 11
~r
~
.~.,.
. ;,l.
.u s
f;c.y,;;, g.p p.. >a N ; g *
. 4., p y,. h,.r,
,.}
.j,r,.s
- e.,,.4,.. - -
r..
w s.
~
i u
<3
.a g
,
- e, !' s '6.%.. -
n
- a.
I
[
.4
. s.m a, ;u..., \\.p.
n., %
g
./
~
...',*lw.*y a
%* f s.yw,f... :- r pot,h,qh % i.1-p q f ':;j.p.c; ^
-r-
-r
,p+. ".,
,,.M g,o. y,3)e; %u..
.-l9 o. R
.',, s,,
g**
- :.Q
'%.:g,,. 7 % - 4:d W s
,,,. s. wg. _
- Q J (,Ca.d Re..t.ts,.e's.d. m es.,1:V IO> q~ Ove. r. -
- t.,/,.e ;, _,
. :.s.
. a, a
..0
,3
.g..,.
- s.. D.,,
placi R tirc the past deca,d,d, PSNH h.'a,s..'t.l. l711rn.F. 6f ary 1987,.,..ak, 'de.w a,nd.,.:in.c.pW.,.T[,...
m, al. tern.ative.s thaw a.n,u
- x. system 7 -
.s Com, p.y.y: w...as.:,
an quiru.ne tspjg, ua r go.og M. du.. cit pa an w,.
e
.-> pany,~
41
(,,shor e
ustomer
,,,A.
r g;
.u. ld e,. n :
m _.
s c.m epen ence on reign ot!.w,
. ds..- hn.,t o. ~f m..z.2ts own c,e.t.i_ng c.o m,. 3 ce a
s %, 4
- m... ywe g. a.
r.
x.
u.
p5"*[". trong '.W, growing energle'tWdp HsriiN}iffe'e.A,p,e e wit a
h.f.W'qQhhipdig'tE,rne ha o'ftfall,%1iist.kMe W y
- frfeddsmes'e'effo.n6Tif6f it.Gser0e,fup"P y, fE6m fC P WE
~
l
.Engla.nd s s w continue today. PSNH ts CConomic recovery a > *a/ N ~ + f opuo"ns,,'. < lupursuingv neig%
.- w 4 e.
s
-r ku s-4 p.1 + es me r r.
.r s j
~
o s ding >w a
owever.
.w.
y.vanety o. :
i m.. rconservauori, load ma.nc nagemen.t,%u%. re. sources
.ofre - ; - -
,m.ost catego+nes.h,cen.t ye.arseln...
v 4
~. cl c, r.
~ "
~
a
. h re mu
,..., v. 2 w
te w% ~m: a.c o ower frorn; NEPOOL'P.ger
~
e n -
%g in
.s ew Hamp. h.ir.e,is r he importation of h s
.-w n
urc
-.,, %,,h. m.
..xt o p-nl19 recast.
4 fo.the top oth,ew E glan'd.
at. w n
s per
- ~
Hanipshire is icading th,New, - > : Ca ada~a"nd~the p.. hase of ne<rgy,.F Ne 1
~
e North,,. rom smai1,. "depe'nde
~ e aw
~
~
vw-rmance. Fo~r example,.
9
' east in pyulatfoh'ind'edip!dyYnint. ;Iri April 1986, the, c :.,nt"p>ro'du~ c"ers.*%
in t
N w.
N
.c..
- s. e Company addedM the.e 1990ge r. ; h S,f
,,..g.f.m ur mad,-'
ven wit
-f
~
E
..; growth -sw'elliry from 830.000 Q., 33 me'gawatf0MW) t6its systerh$p ' U it.1 and{ha g;
Jresidents'irU975 (66vh ur:5"thillibn 3 hen,th'e'Mi1Is'tb^n~h ill }iiIcte'arS d
.JC
'lada[y,Mith employmen,t risins by, (plant begaEproyidirQsFrvicejo-(?
[.f
, egk,,
.; customers.Jhe Company owns;2.8gp,s..:,,ppercent of the Conne
- more.than 60 percent at the'same gg g, 4;gs.w g r ;
time. Iri fact.'as of December 1986,-
- Ne'v Harppshire boasted the lowest L riuclear pl.intQyri,en'Seabrobk i Mir]ob PSNH has'ddne successfuUy rt'
- J uheinp' loymen't rat' of any statifor/. comes bn,lifid PSNH killEdd an 7f"fornii.d0"farsiAshe~Fchallenges*.V f
v e
. the siiteenth consecutive month
' additi8nal 409 MTV,to its capacity.V/ a'rElieEhfib'csies hvolbe:thetomE. ~
in a rbk.
7. ~ ',. -
"'No additional.b'td,eload capa.ci.ty's #
.should be required un. l the late. %' w'd6EbinifaU e ' b. en.efs. E.-".T
.. - ti
- h. oenever possible, cont B " ' ' ',
' ' 'd I
.1990s.;.
h},
'-j
-[
"e
'and th den d r el c c go PSNH isla inerhber of NEPQOL,:.,,ug@ew Hampspre s erggy l arid operates onb of four NEPOOL,, needs now and,tn'ths, future. g-,
l
!wdinihand, PSNH is w6rking ~
s both'indhpendently and in concert with other New England utilities satelbte control'c' enters in New'. ~ W C,iQ W.,, f7Yh.
' through the New England Ibwer England. Among strides NEPOOL
,;y, $(M, " ^ VG C
.y.
Rxyl(NEPOOU to secure a diverse'..has taken to augment New.
. g., _
V.
~,
mix of energy resources that wiu ' England's energy supply is the,
if-Q
,n ',
support this region's continued
- negotiation of an Il-year agreemenP
.'d X~a Mi economic growth.
with the Canadian utility HydroO b',
. hydroelectncity. Phase 1.of.a Pro
,r" 1. [ n
' [Sourcis ~ ~
c, for,the purchase of surplus 2 Recent competitive and regulatory se of capacity -
trends, coupled with an increased s
r.rcn demand for electricity by New
' p sed twoghase interconnection ' gy.q ;'.f.n.n.ma,gg.
l Hampshire businesses and resi-was placed tn service last Octobe_r,. g...
1 100 '
, _.,.g and will provide New England with jg,,.
- m,3,
L l
dents ahke, have prompted PSNII ppmMmately 33 btllion kilowatt,7 y. Q' n. ;'. g 9g
's a to adopt a least-cost planning' hours of.e.lectncity o
- 80
"=c the contract. PSNH..ver the.h.fe of, 7 philosophy that focuses on cus-
. a :.
n; s anticipated,:; -; e p. l: 7,o
_.- g ;
f.
tomers' overau needs for energy f the Phase I agreement is pd
(-
presently 7.6 percent. Phase 116f Wh{ ; Q:b. '*
's e
services, such as hght, heat and 2,
power. instead of the more tradi-n.
tional focus on kilowatt hour sa'es.
the pmject is slated for completion; 7s' in 1990, and'will Provide New
.s
,No The goal ofleast-cost planm.nos ta evaluate both suppiv and demand England with an additi6nal 7.0 billion --
y side options. includmg con:.crvan. - kilowatt-hours of electncity at a 2
- r and non.ca!!ty generb '. and c st below the' average cost of New. :
an
.,o
)
England fossil energy. PSNH's 10 then employ the comNnanon of.
particioant share of Phase 11 is mannsses alternatis.es that tu..,a cu+tomers t
83 84 y 8 89 energy requirements in the nnst appr x:mately 10 percent over a
, a Nx] ears economical manner..Managenwnt 10-year period. -
.g beheves that this apprmch w dl Seab, rook Station was initiated by
- aw.
help the Company renum a nurket PSNH because of customer growth
..,C.,.. y
- eg 3.
leader in meeting customers' energy in the 1960s and the Company's -
a smamer Nixers needs affordably, while ultimately expectation that it would continue '
'. 1
. 7:.t -
5 -N providing a competitive retum '
into future decades. PSNH currently.
~%
to investors.
does not have an~ adequate energy
-w supply to meet its peak de.marids,', :,>: 'N ' d much less a reserve to fall back on should an urgent situation develop.
Prehminary cbta shows that at the 12
.t:
L
./
I k
I s
tf 97 4
- v...
m
' $ \\ '-
c '
' L U\\ s M.
8_$'. '
l
.~
.. I.-l,'
?'.
1:.
. N. 'g_.
l y.
.U y
, d.\\s,$;. \\U '
)
g !s h'.
g Charles E. Bayless, Financial Vice
'\\
President of the Company since March
,_'3$
1,1981. Director of Special Corporate Projects for Consumers Power Company
'l hi t':< ' r ^JJt - b
't 'n': ::,tn-in Michigan from 1978 ta 198t. Originally I"J NN F"* i' ' ' 1:1J'.'<
.r.
joined Consumers Power as an attorney l'?'.M I:4 'JJn':: J3
- 7.. ' : 'l'i'!i in 1972. in addition to a JD degree, holds t
0 l'?, '
i' -
masters degrees in electrical engineering l' f n J' J'J-
- 'l'r-'
- "J' and business administration. " Pathway i:': ' ': e f ' " -' IJ l ' ' ;'.
2000 is our plan to place Seabrook into
-"::.':n'c r: ! 'cr ci *
rates in a way that will keep our prices l' ! "* ". !!'c l ' " ;' d '
' l/ I ' ' ' ;
M! ".'":6;J0" competitive and, at the same time, enable the Company to regain financial health."
':R ;t. ' ' -
' " J. f '
n :wJ x:',,'. ' ! 5:
cr r; gr;r r
, Ig h f,
I f
1 lg 1
. II
%b
.i s
/.
l I
((,$
f,
\\%
K
~
t
ef;. l ? -
/
. - {h t,I.
/,
'r p
[j h
h W
^
,f, f ;7 ' '~
, A.,[h b' -
, ' }8.
O. Pierre G. Cameron, Jr., Vice President s
,g and General Counsel for the Company
/
/, /
(
J..
since September 24,1980. Associate f.
. f) l b'
General Counsel-Corporate and then m/
s.
4,
'b Treasurer and Assistant Secretary with 4
Baltimore Gas and Electric Company in Maryland from 1970 to 1980. Experience prior to 1970 includes four years with the Division of Corpor;te Finance of the Securities and Exchange Commission in Washington. 0.C, "We are serving a s
healthy and growing service area economy, That economic growth means rising kilowatt hour sales.Once Seabrook Unit lis in service, we will have the capacity to meet this growth for some 4
years to come."
<s
s l
L.
s Jankee Ingenuity,
deposit assessments. Automation l
- 3. -
-~
. applications that were not previ-
.n p f
,df m
ously cost-effective in numerous'
(
ubbe Sem..ce of New smaller offices can now be under-1
- S,.,. y.
r p q e,,.a,
H,ampshire isfery,much. - stakeh for'the Coinpany'asiwhole.
a part of New Hampshire.
.o, pe, and w, el.l chdra.ct.e.nzed b.y.hlriaddition',
m
~
s s
.u
~
nctes
} ingenuity, fro,m,te,'s,sptnt of.T.
k.e.e....
able to' track. ty' pes and.fregue.
..~
,.-.q.,,
- o..,;
..< #_.. v
,a...
t 7.,
f an 9
.,,t;, the,,sta 4..
..v,.
{" Customer inquiriesjor use,in '
~s.
',., \\.M, /
g..
- $, [.; ',
M Q *y operatidns to,straQ'[
,. t...g.utegic plannmg, PSNH employees c.%gggfg < 4.*M i
, 4
./;> :
~
erj 4;r.
9 A new., du-. rate jiliiig sys. tem was ;
m..
('v e
- y, vjf.,"Ise'ek nesv.ijobs Ths folkWing high gintroducedl dear t dn'd often iriiovative ways yo.;ito do thel
.* Y. ear The new system gives PSSH 4' Ynot fully chcompass,'the Companj(spgreater Oexibi lights are iepr~essntative 6f, but do 4
changing regu,latory requirements..
many ope 7ating and nianagement ;. 7.It' abo. automates t accomplishments in 1986..
j y
. - 3 In July,3PSNH impleme, nte'd a... ;, vast am6ents of historical and forci
-.,.. y
f,
- casted data needed fof these filings, new sak managerneig progra'm. en-
~
. cabling management tp more effec-.: enabling th'e C'ompany to file a e
x.
s
' case rnore quickly and kith fewer onitor the perforrnancf of. g egplel Management c"6nsiders the
,tively m.
u p
. operating perspnnel.The com.
? greater efficiencies and flexibihty c.
. 4' g
,puterize,d prograrr) provides
%gg systems such as this to be -
~*
, automated report,s on line crew,
~Chrhid!'in"the,Companf;'s bid to
..su' h as.tiv. i.tf and o. th.er inforrhation..', *e, r'emain competitive
. produc 3.
m.. D..
a 4
' 4~
c Work force utthzation.The ;
- sysisin also tracks'tredas in these.M; <. x sspecial employee task fo 0-
?'
~
b.
,., [., ;.
. Tindicaiors', h,ividg m' 'nah,crs ari early.
(' ' ' Marnihg of deVBloping pioblemsf,,' assisted by Co a
Planmng. created and implemented
./
3-i'
'The'ieports a're being used bp hne ;a new issues. management tracking '
_ isup'e'msors to m' ore:acciirately p'lan gys, tem in 19.86. The system, syhich -
~L W
the time' required to accomplish' 'f. involves the reyiew of selected local
. wbik,' eriibling 'tli'em' to meet tliel % and natlor}al publications to identify.
.. c grosing demands placid on'the.. ', potential emerging issues,is
'N
?sysiem bp high customer j;rowth? M expected to strengthen PSNH's a
3 Mariaj;elpent esEimates annualM ; abihty to take advantage of devel-E savings in excess of $3.6'rn'llick
' oping positive trends and to avoid,
i
~*
?
J, : gained efficienciesh:f." i "fthe impact of negatiye trends.
from
.E!{N' N r.tss
. P,l v N. ' u ; % O 1The new system eiemplifies the.'
o
&e In customer semce,use of a new,.JCompan 's:c6mm!. ment to be pro _.
< nn teons oNoc.ye. '
i al..
.y.
t
'. m9gcomputenzed,mem reading l.f/ active,'rath6r than reactive,in. ~
.. ~... u a device, h'a.
'.30
%p. ; S,b, reading ps gre..atly.im.
rov.e.d.me.ter a v dap^ ting to change.
-r e.
m.
- v.. -
.a s.
M@.. '
roductivity treductng : @' 2.
u
... ~
As Seahook ap.. v'he?s.
e
.g....
<..e na v,
. training tiine a~n'd ininualinput e.
proac s,tn-servic.e, M
,j,J/. D
/inefficiericles."ThE'Compahy estj. a operatiorgPSNHj4 otng eyeryn, d
.~
A.9.M d
.5rdates th.it"thErieEdivices hive ;phing ppgble to p W
Company
. j'f Jf dN.y'," ' ecrea'shd biihn[erioWand pg ip pos,ition to maximize d
M,$"J(9.2. Ire'duaed laticifmiiefialandda1 tilgf this fac,ilityyh!!e nost' media 51 13 -
3 p" 4,, a. 'D.
. D ' fccsts'b'ybre thafiS350,000 anA and inveytor' attention has focused '
.i I.Dnu' illy.The spite (ieduc6s*tfle'l@$6n,Spabrook in recent yests, PSNH g
%!"; A me frbm'niete'r'iehding t6 billing '? has quietly,and, effectively con
.~
1o s.
ti
(
R.;7%. I to just'orG dafYor the maj{drity.of J.)?g;..T.c
. ;.E.
tinu'ed to pr6 vide eficient.'a6d feli-3 no. the.aand Susinesses throughedt
..M +3.y
..%.N c y
.s m r
.%.:. c a.:,.Jn Jan. u..ar.y 19_8, PSNH.. to.ok. a.
r,q. o r. ew !pamps3in;..- t.,.y.
a
-~
.4
-n
- M.o,...,,i:n+ step to t-ett custome -
3
.,f
, i;Jg.i pJ ;ghe. s reng~~.~
. r semc.e ; Q.my;.N;..em.~4.A.
m, :s. p.
o 83. s. 83. %
e.
n
- r. g, y,ggc,.. ;p%
n,the Co,mpany opened a newy a tengEnDet(
g
% heterredste.' 4(.M.
. centrabze'd customer semcc center.+.r -
,. a paneannetz...f /e s'S i \\ N' h.The Company"is c'e'rEisizing tlhisRD,t:
13:
.n.
.3cy%%j$ ';.,,* '..
Q
..M s.. tite, t.o improve.. p.r.o. ddcuv a cannms<da.c
- o
~
&,.~
foirhe'd iriBff@(th),bukt th kh k$);
D'2 [:W M..m[ h j;h Y
.c. r v
.g,.p-
.v,
- consistent _treatm*ent of g.y,s,g.J pg mg.
,Dp.m.,.,.. ' c...,.
'n
..r e
.~
- ,W y; :, ensurQ'e' rs in sticn are."L9 as.pu.[uuy e.;, w.h,M%Q y,
3-g
~-
i.r.g...
$, t. J ;.t F.:.j ;-
', 2,.2.
JV
-,.'O'.-
s. +; -
.r
.m
.:f- % -&
"s1 =n sw I'O..
'.
- Custom q e~ E
- b. m.
w r
n,.g.,9. c. n. w+,.D y m ewe. M.h f @h2[
~
< ?'
,, hap [digr bditM'Ck.h *
- 4b e c
. r t
w 7 v.r.,
.r. n,.
,v... - u-.
.g.y
..m;so.v
- w.e.v;j,m,4g..,
r 4
'^
w y....
.Y<
.. ;.., p q ;. - W. %w,..'"','.,,e '
15 v
.n 3'
- g z.
e
,0,. O.
3 4
f o. i
" g
,.e' (*.0 / b, q'b 4 '
,,'g' ~ \\,.. s )j
-d i g '.' V s/e'.P*
5
' y.3 7 'j.
a.g.
- g
'*.c.,'
p p$ '.'.Q V
. r 1% i,_'. l Q, g e y' ' ' ? Cn - -
k 6
pj.6 l ~sS
?
W'
'4_
y
- .. -w:nmyp;-"wm:.vmW:~.y myy.v;~;x r. 7.m y rmmr ;. v n-... ;. mn
..Mb~Ik Y'
h E;
m;ugg;& t,
- M r
- :.
w a s 2.3 ~ g c.
- A w y.e f
~
d Miriale~ineni's Disius'sio' fCaplt'al RefruiTements'and LiqEtiditi g'gTha CdrE'M n
~
bMis'sTisiea tidi'tNeTom'prehedsive'E.
y e
4 C6EdiWon'id~ d Reinlis of *caEh'is'insU!ficieEt to'sausfp its'c'ipital]Eiztfu'e4 discEsid' bEh"diiPTth@ ~2000 pr,
'5 sal.". S
-lMhSMW.%[d@hm'en'ts'Tr'Y6KiyYdt'8ibst'on th'elCo$ pan,gs*o0lNh EhpTid'6y'piE e!'oje7alWidMC??C anys c'.% VEbfri5 fete [indebtucfneU6Th76Igfi' din financirigkPalhWay%0U0 pr6ddilI8n s'taEdih"g 'hTebiGi?yJp88,'thdCoispar@hasMSha6 p
" u qp q./Mr&;d'fuhdOu~fficient idffifestirRaibd casiMWindN[ook'ielat6d rate inU6 4 g W'@'.g 14lt di t.-
g iit'(983 $nd'SAabio62 fifdie'd IEcf65i6' 1 i s
-. o'. p%.. + ; $.se. 9. /m ? icybi/er6.EritsUd.i.il J.0i)61987,"a't.whEh,' tim,8?the rfo 107'ic "1
J L
3
..E5tE ~e'ridi
.,.e 3.;p t. e e w Companyyid hav~e exh~austed its available> fun Company his. assume r estimauon pur.
c e
c n.
w
~
", Cuniess It h,.Ei6dFS'Co.li.w.2o.rfip!E.ihTr.w.n e.r- "" YtE.lt.t.le. ihi.s'efiide. 7. lthou6
,,Y,. h D.,,? M M,
.r - ab t8 ieFeY m
-~
.EatI e a l.financtng;The.
y
. w..m -
mpany is tn the process,. f Id bd anuary.1;1988J y.
gh. tis unlikel,; m.
.na o
i
' * @ q.; O M,;'
.. seeking fi6m thb.NHPUC huth6rilitionid issuc$ "tha{ths t6%11 be7/ieiUf'5Iiyon,e'df h
y d@ c t.
- $"ldeslj;iedio)yiefd pioheeds td ths 'CIimpa5y'e2sth
$ sufficient rldcipat inMriiWdebi'snOfitief fife ihErESEiEs W6't fpp'd idNd b7ih'e'NHPUC%
- 'c
,..f # ' 1
,jg
'th$lEfe[j6rit'eniplate 3 00lthe'M
~
/f '"
.,f H.dted.to.II.e.ridc'es.,siry t6,Ei.n. ble thh'Coi.npa'ny
.rerE. ddj..d..$,l'o iri i,e seri.e.s.%. f,'i.nc, Yea.s2..s' r a h'av. h.
~
9, r
, to satisfy:itrcash equ.irements through..the en e
s ww be.a usted compensacon Since it.now ap c 3.1 '
, ' " E Bf 1988. Siffe ihd(NHPOC ilid tis 8eG Harn;@%rellie m,
- M blis ti$i'ihItd' tal 6f th' iniIial 6orCSeabrook. ' '
~ 's6ir6 S'upr6ise~C6brt decisib65 ninEe'aSe s-X.
o fm'aRci.ngh fdr Seab.r6Ekf
~
, / c.om.preh.. ens. iv.e.i_e.v.iewbf. Company lited/sU'bi.e.quent'd.
. ly unable to necessary.Th,' Compan is.d.ju,s.t.m.en.
~a related expenditures. 'the m
e y current sdek authoriiatidn to issue initially' $220'.000,000 r'idictifie6'dr if'such rate reIlif'may be granted
~
% L-
,,4 j principal amdb6t of longJ errii debt ses6titidslthch or'as nE$tionEd'earlie'r,'thf in@fvice' date for t
s
% prdiecdiof whic@a;5prokirnatelys'i45:000'000M'SLb'r'ooIiUdiY1'.'lh ad S
c-k req'uirernhnts for noh-Seabro6' related conaK'.$' rate6f liicEeEs5 in load'growthMll av i struction elxpehditures during the periodMu$. F a
/
. pe6ijn"d'rh thorization tofraise approximately $100.000.0.00 QMg,ggldG/iiisth,e y ' access to the securities markets g
to meet Seabrook related costs and expenses. D s'dep6EdeEt nbt ' nly'upon (Ed factbrs directh' o
during the same' period through the issuance of Welating#tbh6' Company's fithncial condition.'but ~
additional long-Prm debt securities'will sObse'- Yalso up6tif35t' ors'not within the Company's con-quentlp be pursued before the NHPUC;it is..
WroijhdM'biheff;ictors include timely regulatory anticipated that extended heartngs and court i Iap i b ' lirdduired for such financings, which in
.7 e; r vath rec'chtpa5t have only beeh obtained a appeals will most l.ke!y o,ccur before such e.1 authonzauon becomes final,if at all. If NHPUC; jextidrM'lyldnjthy~an'd contested proceedings'..
~
approval of the inmal segment of,r.his extcrnal *. ' he eff6 cts 6n the financial markets of the political financmg prc. gram is not granted on a timely'
? uncertainties ' relating to'the licensing of the basis and if alternative short-term financing 7
. S6abrook'Pla'niand thd financial condition of (which would not require NHPUC approvall.. s '
r should not be available to re, P.enish its avai. lab.le m.- ;oihe' electric unlit.ies w l
mW%
1
.c c struccon progra'ms (including the other Joint funds. the Company w 11,be unabic to meet iis.'5[Cirie'r's'of the Scabrock Plant),'and the accep-s
~
obligations as they become due?
4d d@the'5ccuritic's markets of the secunties The Compan/s external finahcili'g'for ihe peii5dh beihg'6ffe$d:The Compinyl5' ability to finance 1987 -1991 is estimated to be 5630 million'. Thath.{inap be amount is h' eded,in excess of estimated inte'r -Id the ioG,li'mited not just by market fac c
1 ani66nt'of debt service which the Com-nal cash gen'eiation, to fuhd cbnstr0ction expenf MAPyErfasonably expect to carry. This limit d:tures of $482.3 million, to refinance debt - ' y may,de 'functidn not only of whether and when matunties and pay sinking fund requirements ' ' Seabrook.Uniil begins to provide service agregaung S431 million, and to meet workingE
, to customers, but of the po!;tical economic capital and other requirements. This amount is and competitiv.c limits in New Hampshire oh predicated upon receipt of the rate increases
' rate increases even after Unit I commences desenbed below, and if such rate increases are
.operati6ni i.
granted in part or are delayed, the Company's
, ppocgedings bhf' ore' the NHPUC f5r authorizafion extemal fmancing requirements for this penod of the Comssty's financing cbmpleted in Febru-will increase substantially.
M1986 included among other issues considera-
,7 on ofilh' ther the Compan should con ti e
- s'incuic'xtbrrGl f;nancing to fund its Seabrook
. VobligatIcins'o'ihbuld seek protection under the r
5 Bankruptc C6de. In its order ap' roying the e'
p I financtng, t6s NHPUC concluded that bank-O ruptcy.of the' Company did not serve the inter-
.s iN m
16
.')-
a-a o,
j g
1
' ests of the Company's security holders,its' above.There is no issura. ice that the Company
! customers or the State of New Hampshire. This ;. could obtain such financing.
l
' pue may again be tonsidered in proceedings 7 U?cnSter Unit 1 is placed in service, attempts
- invoMng future financings and,if considered,the
c 0 yCompany cannot predict wgther the NH(UC g. Emight be made' to reducs iates in
' I, t Finy lohg'ter'r6' outage of Unit 1lwhich~c6uld 7
. j.- i mgCom.e.a. ch.the sam.e c.onclu..s. ion. In' addition, the,f,.g., s.tmpos n...ill.r N
,s w
pany,cannot predict wh' thse er the NHPUC6becadse Unit I c'oiastiiuiEimore'than tw6 thirds.
.N
~ - pproceedings ayd any court appeals w;til uph61d.M.F so"urc+e of the Coni i.such.finan.c,t.ng or w significant portion ofits electnc. -
l
. %. i.e. ntly timely,bds.,. ill be. c.oncidded o..n.'a s. u
- u - ~.
~
~
ts..m. nab.le. h
~.r a ; w:. - x. % ;.. -
c to e t
y m
1 s
w ecome due.
w m: w.~s
-Y &
. M.
+.
,,... MMResults of Operations'. ; ; i :,
4 s
-(' Pgocc, tin;g ; m.m.the Companys Uriit 1 inve:stment ing~."MratGgiehen'uerde C
- ' crates ongbasts w;hichukeeps the Company's i f 1.1% 1n 1985' aiid iri&dised 13.4% in 1984, The..
~
, Arafes competitive with other sources of poger *, $ddireasiffreven~ es for 1986 and 1985 was u
- ).3hlch mightin
,., ; 7 fentical to the fu,the short term be available ts,1,.,r0 ipanyauh to the decline s
ture well being of the gom.pany. i
, g:lf thd, Company were not permdted to reflect a '[Jben 7
l.
lower fu' l Eosts,is phme Ynesanatt-hour sales e
reasonable po,rtion o its Unit'l irwestment'in. 4 iniased 2.8%.in 19Sd'and 4.7,%'iri 1985, even
-rates on a timely bas [s, or if'the Company's rateshafteithe lossIc 1
t j becoms so high that a number _of its substiritial dthe Company's~whole' ale cdstoniers, w' ich for
'I s
h g customers tume.d tb other, sources, it wyuld be t-E h~e twelve'inonths ended September 30,1986 t
, y Mer[ difficult for the' Company to' meet its.pbli{ j7l;3cegdntedfo(12% of the Company's total prim "A ' M. f.(gations as they,become due.See No,te[l ofpotes $5dlfiind ippi Sc.s -
to Financia} Sta,tements...
- . A;$.hF eslFoF198 f u;. The Com,pany ca. -...,q.,.,p, s > a.v.. c :.f.io.rW p'r,im.,e, sal,due,to i
. s... r t 1
o
,s r
nnot predict the rate treatment trevenues was eased pnme megawatt-I
'S
+,.p;pany. ".a..dh. orgled U.. n. it 1 b. ylt.he NH.P.UC. Th'...ComW h,w
. A %
..r....<r
. ; /.t'o be e
6ufsileiof 6
~
l r,-
n
.w m
..g u
a p.
anticipates,if the b{HPUC does not agree U.{The aggiisitiof fuelind purchased indinter-(f ", y to the Company's Pathway 2000 pro,posal or tj,chchEnged poielixpbnse/o 77somelstmilar plan and the ra,te proceedingshMipcovery rWentie's are based /deifeased 12.2% -
,c ;before the NHPUC fol, low customary rateymaking 9. lor 1986 and 4.1% for 1985 and
, ~ '
. practices, that there will be ding the amou,troversy-for 1984 Other opeiafiit extenstve con in those proceedings regar nt,of j in~come tiuieslincreased 11.0% for 1986 snd 16.7%
f_. -
yqth,e costs of constructing Unit l includible in.th:f f6r 1985; resdliinkmainly from increases in main-
~
,' ~ - Com, pany's rate base. Allegations have be,en,-
C terianEs~and deprec'istion.In 1984 these expenses
,,made that construction of Unit 1 has beenl mis- ?.{ decreased'slightly. W '
managed and that such mismanagement has u
.+.
- resulted in excessiv61y'high'ciistscOn'ly' costs., Jhe n.. a..
.- d.c A,. *et of Operapg F.xpenses
'l, axes op, Ofoddd b/the"NHPUC to have been rudestfy'$gincome and,Othjr In,co p
4t incurie'd would be incidded iiii6ECo' 'pahfs.
Taxes on income res.ults in a credit of S30.212,000 '
~
m 3 rats bitse. it'is'p8ssible thafa subsiariilalpork 7(I$,dge,pyysents' l
.tidiifih'e C'ompany's' share'of the'chsstrtisfid@ crg come tax benefits ansing from
)
!i i2 o
J 'c' /t6 the'ist'sht such d6Ais"aie h8t'illoWed in'ritsifPurposeS3e tax begf 1c6sts'of'Uniil svill not be allowed fiiiafd basef8/ a, net opgrating Icss (excluding AFUDC J
=.
dbdselihECoinpd67w66fd b6icij6fiEd td chirgy6% to'4,0%lirl!19,86 to qc full ilhddisiillsvid aniciunt'against' earnings:M5rd-X Uuse of the net operating loss The. tax
, j.
Mefif thENHPUCse to' find sorhe p'ortibh~of gJec9grtized in 1986 re
,3 s
h
' TJdtEs CSEf(ahFishdiEof Unis1'cipacity to beMdersalo(
ior years i9. ex'ceE'bf 6e'C6tEparifs rias'oMibl{nss~ds/thggh%aru,xpgeteil to turr) aroundjit in.thel
, WNHPOC cBuld,is was poiMed out in the'dec g' 9Igrgfdgard period"o
~
' Osibd 6f ihiNew^9ampshiie SuprirrilCdurt Up-l4 nterest'chaigid irleicased sigriificsiitly ovdr 1985
- Mhokling'th~e NHPOCs appr6v'alof th'e'Compan 's Ydu'sTo bi'iss0ainc'EslEFebrudry.1985 AFUDC
+fmahcing EoEfipleied in Februiry 19867 Eici
%IriffeisE "duTfdtie;iiidelsed' investment in i
D i s6ch portiorffrom the"Cospanys'ratB bisF{r)M@NilinEliea chiisitrt
~
%.k $.d,"
l 8:ihe'gro,uhd..s ihi,i'i.t,isnot'.used a.nd. bs'e' fur until
@p,f
@ 4,.g.
7 47 such c.w.ty is required for thmw q
- n- ~
such time as.
apaci e,.s j pN dj: D,G..*;1,M,.. k ;?w%. o 9 I
%,c. u. m, weeither..i,ri.y's. red,.s!!ow,ble.fice.he,'lCom,the Nen.I5l 9 s6Ba
- ds In
.. PCo. mp N
'e
% gy4.,& c m. &'s.
.n
~
... w.
- u. w.
.such dis ance,t panys fu~ture,
w.
.. W m
V4['harhingi6ould tdina'teiially'adveribly;iffedtid vg WdhhdMtQ
- g.,,
c
? J.2W J.
M im'd Extfridt fini' icing w661dfe t' quired iydQ g,,,, W %WjMMM.O,S,
M?m 'BingthEtpojelts3i;n'tli6Iolecdst de'scilbed PSg!th
-Q e,.d. f r M S".c
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K
,mt
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J Aff@f f f &. $7 gM WQ.%w&g., y
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ll qWV 3.gsg gggg o
fMES.S"MO W QiM AZ' 7
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. ~ ' "
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..M. ~,
.. 'CD'n Juifj$l'98 th"e Company a6nounce'd a'-
y.,[.t,e".
.gh.%..~;.jg% prop 6sedTeisiip(rehinhive rate )ldn;known a'6 lJated'entErp' rise
~
rM.cwp+. u((.g';g.#.* FMYtRaftfie C8m~p ~'gned to'assur,e itFcu 4MfIp
. Pathway,2000,9dsi,
sM a{s.Spje'd Acibuntidsprindiples for.en NFI
.yZn
% cW - '
i
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nilIY6m'ais'd6mpeiitiVe.5 " YS "E U Nby [N #Ob'" '
TOM,, e i.,.dh@n.,,NWYljfc,.ThIC. 6IC.I.ny,b.. s riitithGiay'2. 0.d i
P
- 00. ~Pr,'op.6sa. l a. d. iitEii8,brook relatdd costs and rat. increases allowed -
e y
.la. d non Scabroo.k.
. e..
..,c 14,M,in.19 7 and 7%. t.n...,88. rate.in. b. r. ease.s of ~,,r.e d ths..
~. late. --~ cr -
te
. p. g.r.q bu..
re
-m-s FASB o:n~these m.of any staternents tssue 1.% e.ac,h,o.ver f..d. S,ea,o.o.k.fe.l.it.ed,.. an e content
. i 19 an
,a
. - w atters, it.- e.is possi e that then 2
.. o, 9 (
-n r.
1 iv.e.. yea md req"uired to recognize loss ~es:.c..
- t.. t.
,', increases o. Another gf the. s.rs..co.mmenc.
Company ~w. l be.an offei 6y ~tliE'CompanEn.ot.t
.+ -
s f M, {,g.,'e',[e '., ~r
>w
.>c m
prpposed p isf..that' mgi.n1988.'
M"a.v
~q.
v%
.ery w'
?
- - ~. d earntngs or result.. ~ ~ -in substantial.:-
a~
s'retaine
~
u
.s.
.- from Ne*. H4m~psfu...,re. customers of its inve. st c ~,, retained deficit.s. It s also+p+o V
n:. %.
,~ 3s.
i a.
. e ;~
li.
a.n m.
. n me.nts.h.t, Slab.io..6.k. Unit 2.....d.. Pt!gn. Unit 2;..v... f Co"mpany will determine 4 -
L.
- r..
.+
c~-
m
.s M.S.. ~ince t e.Coinpany beh.
any finaljie,ck ! aphropriate. io'capitaliie' APUDC felated tolers gon by,th(NHPUC,on.ges,that.
s tts proposedp jonclude po provtsion for any such recov,lan will;rf6tain SeabrookhosU w M-
.'g (, h,, -) - < N s < Compan.y as,of. Jun,e 30.,,1986,,.rec.c rded o -
r
-e
-.m-~
net cancella, tion ch.a.e. serv,.e.,. ; rate incred$es suff
... w a
, gest.-imated -
D.mncludin.
arges, t e a e,
. W."l p g prpvide for possible non. recovery of the invest.-7 g.erssly affect 6d during'ariy'Ju'ch'pe'ricidcThe^-
. ~.
,7
'{. ments in,those assets.The(Company has et,ected..: Comp'a'nP,ii curre'ntif unable to predict the level' m
not to file,with the b'ew Hampshire Supre,me-6
.. \\
- (m',. i.; Co'urt any,hiither appeal of the ' decision of.pd ;Oor form bf S' abro
' '? e/
4 7,
.,3
?.:. NHPUC to. deny r,ecoveryof its investmen$g.'th'e 7
Vdf dny scfditiodal'ststementAisstled by ihs FASB -
- %. g,
.t g
, Seabroo, Unit 2 In early hovembef 19,86 the Pilgnm hattelite't'o'thsE initt'els.'.; N.L i
C, 7,
i. : :. &., w, e v.W W<'...
t k J6 int ' Owners, recogmzing that Seaa.c e brook. Unit 2 is ' ffectiv'ely cancelled, Voted to c Inflation coritinues to affect Cornp....any operations.
Jf '.. ;. ~ v
~
e
'relinquisfito the NRC the constiuctiori peimi[t ; '. ' since under existing regulatory practice'the '
' /'
investment,ir[util ty plant,hEs be6nLiecovered at.
for Seabrook' Unit 2 hnd initiated a'piogram for >i histpf,ical cost but replace i
y' ' '
the dispdsition'of Unit 2 squiptrient having a n'et many y. ears, the raics'necessarly to reco
' salvage value. Th' refor'e, the Ccinpahy's invest.
~
e meist in these asseis was charged agairist the :t~
c -(
(reserv6~previously provided.'and the e' stimate'd} }ccumula'tsd inflition ahd cairying costs.may be -
cancellation charges for Seabrook Udit'2 revissd ' in excess.of what the customers for that power,
'. can piy. Thu' somethirig lels,s..than historical cost -
~
' based on further studj, s
[cf e
.In Decembbr 1986., th'e Fidancial Account'ng. ( [e-s ts i
4 rec ere h ough'
~
Standarcis Bo.ar.d (FASB) issued a.s.tatement tSEM. -
-90) that significantly changes certain generaUy. ; energy' cost recovery mechanisms pr rate fih.
- ngs,
...~.
~
as necessdry. ' 7
.a accepted ;tccounting principles for regulated"
- s. c _ -
enterprisei SFAS 90 revised accdunting iequire
- The re. r..sults of operations discuss
~
ments for plan't abando6rhents, regulitory dis #
L notpecessarily indi'cativ'e of futu_r,e eatnings. !t allowances of plant. costs and capitalization of ; ~ ts expected that high'er operattng. costs and.
AFUDC. SFAS 90 will be effective for fiscal 1988i
- carrying charges, on increased investment ini ing requirements fEr phase-16 plans.'After con..
P ant,if not; offset by a similar increase in operat-
~
l The FASB has also been reviewing ihe account.-
ing revenues (produced eith.ei by periodic rate '
sidering comments received concerning phase-in.. relief or increases in. megawatt. hour sales), will plans'in10i carlici exposure draft,' the FASB con-. adversely affect future earnings. Continued cluded that adciitional consideration is necessary ' gm*th.in negawatt-h6ur, sales wiu be dependent and will consider phase-in plans further at a later on the rate of economic growth in New Hamp-date. The FASB is also reviewing the accciunting shire. weather, the use of oth* r energy sources e
requirements for enterpris,es that shoilld nb and suppliers and the' price'ofl electricity.
longer apply current' accounting principles for
~ f regulated industries (SFAS 'll) and cciuld. as'a '
part of the process, establish criteria for situa-a '
'1' tions where it would be appropriate for a regu-f ?,
1 s.,
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,, ?
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x1 7 Report ofIndependent $p "y y
i;
-/
M,0: ^ %
o s
'~ %
e 7 tie Boafd of Directorsi 0,.% uM S...
TCertified Public:
'e
' "i PUBUC SERVICE COMPANY OF NEW HAMPSHIRE ~
j fAccoun'tants [ l7M y f(pfy;g Min [dMbceM $d siatements of capitalization of Public Service Company j
~
' i 2 6f Ndw Hamp'shirei yf 7 gg POSg.s 6f December *31,1986 an'd 1985 and the related statement r.
(
m.
- .g m
.w
,. o,. -....d. d Dec._an.d. dru.ingis.in c,omriiord. iock_equitj fo.r ea.ch.of.th. e')
si
.,%~.
m.riod en. e - ember 31.19.86.O.ur. examinations we.re.m.a.d in.
generally decepted
~
g)./ auditing standards andiaccordirigly, included,s,uc ith.
a pe a
e accountidg..n.ce w 3
~
~-
s n?
E.
r; -
records and such other ~
a a's S
vkr.Udiilng probiduSSIs%..m 2consideisdiiecdssdr i l
. W. ~
- c~. As more fully $
- y v,;*d irtNotc 1:.c w... 'y i1[he licu'riislascds s
a wrc,. /
M a ',:~..
w.
c aJ scusse the. Company has a substantial investment
.t.
Ng.g,
, g/ 'IEingd6fdiiETE$ia'tioni,f Seabrook Uriit l anfidbtainingadequate ratsielief upbn its 7, Y 'cornindretal operifidh:a're d' p6n' dent lipod minffast6rs, miny^of w h
4 e--
e C."."contr61/Th6A fEt6fs'in'ciude favorabl6 decisions'from v'aiiouile'gdlatdry tiodies.The Nuclear '
i
- f. Qjijekula. tory' Comm'isiloh 63s'giantdd an 'oper' iing' licerise.foY Seabr5ok Und I subje.ct to certain
~
a
+
-
- y : dconditTons,'the'riibst significant of which is.thd' completion'of thdiological errergencyresponse~ plans N
J Wthat are corisidere'd ' satisfactory b various'regGiaiory bodies. Achieving' commercial operation of
~
,, Jl?.i(Sehbr6ok Un. it 1 ad.'d obiainliig ade' uate. faie iricieases upon its codimarcial cperatidn are ne
'!..',V
.,f t/
t ny to ma q.
.,.. for.he Compa. =...,, intain its financial viability.Th_e, accompan....ying financidstatements do not T.
. J., ', 9 ':> b. Tiscludelany adjust'msnts' relating to'the recoverabiliiy and classificatio E
the a'modnts'and classificatiori of liabipties that r6ight,be nbdessary should thd Company be unable
.' o
,.'y
- td maintain its fina6Eial viabilityf 4 -. C 3
.m
?
y [e u
~
<.r 4-
,a.,.s.
i. t w <..(vin our report da.o.. w #tsd Februarp 10,1986, our_opiriiori*on the 1985"and 1984 finan
.m.,
e
.c
.-m:.w w,:
g; c
H:
4 0,j cidahfiec} subjektg the.lrecoveiy'6f the Coinphnysiniestment in Seabrook U s1
'i
/ Note.1/thd Compaf}y'dedide)!iri1986 n' f to seelgesofery fr6m its ratep'ayers'o.f its' investment in
- o
.; f...;.f. Seabrook Unit 2. ' s a re' suit, the Companyis irivestmin't 'was ~ charged,tc[ operations as required bp A
!c
~';,
4.* generally accepted accounting princ,iples4cc,otdinglf, our prdsent opini6n on the 1985 and 1984 } r
~.. s financial stitenier.,ts, as pr.esented h.ersin,is,'no longe.r.y;.alified with respect to t.his ~ matter.'
qu 2 -,.
c,uw y. c 7 m r 7-
.:n...
re.
S : In ouF6 pinion, subject io the effe' ts on the finkricial statements of such adjustments,if any,' as' c
Einight liave bdeiirectuired had'the'o'utcome of the.'uriceitainty'about th~e recoverabilit and cfassifi-
, '[3 fc 3l
^
lcatior olreccidid asset anio'urits and the amoitritiahd classification of liabilities referred t6in'the.'
sec6nd predding J asgiaph' been knowii, ths aforeinenticine'd financial stater 6ents present fair'l/the i
n
' ~'
.} [~finincial pcditibn of Public S.ervice, Company ' f Ifep.Harnpshife alDecember 31,1986'and 1985 and o
~
'. ~ th'elresialts ofits. operations and chinges'in'its fmancial position for each of the years in the three-jyea;r pdriod erided December 31.1986. in donformitykith'generapy acceptect accounting principles J
- r. applied on a' consistent b. asis.
i'
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b re,
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g.ri v
22.728 1
.cy.
$m.46.'.107. -
5.6,119-
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>e kOpdhkMid'9^Taxe...M *.
, "'24.221i
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on I.n
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', [ * ;42i.302 4 138.567' 438.341' s
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'49.179 -
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'4 2.722, y '.3.1i8 '
3.122 Equity in Earnings of Aftliated Companies r
i
- Interest and Dtvidends.a v
11.649 -"
',15.3,80
- 6.519
.lloss on CanceHation of Nucleaf ' W -
'I * ;.
'- Projects (Note 1(
~ ( 348321) '
E.
10ther-Net (5.124)
(6.095)
- (5.207) t Total Othe' Income and DedEtions -
1(141.340) 194.686 156.637 r
Income Before In'terest Charges ~
.(57.452) 275.35'9 '
243.581 Iriterest Charges Interest on Long-Term Debt.
' 206.400 171.989 105482 Othe' Interest r
'4.0911
,8.699 21.920 Allowance for Borrowed Funds Used During
' Construction (Note 3) f69375)
(5 ).571)
(40.121)
' Net Interest Charges 140.913 121.117
~
87.281
~
. Net indor6e iLoss)
(198.365) 154.742 156.000 4
Preferred Dtvidend Requirementi?h..
- 40.981 40.981 40.983 s
s
.s i
Earnings l Available for Comm6n Stock
- ,.S'239.346) 5113.761
.S115.017
~
Weighted Average Commeri and Common
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$307 Dmdends IW Common Share 5033 4
a I
20 sa a:sune rm=..a s:a:e ca
o
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4.,
. Balance Sheets'..
f.
?
^-
. December 31.
~..
.',., Thousands of Dollarst
- 1986 -
1985
(
~ ASSEl'S.
4, e v M
~
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,,-l:t g; TO.
2. ( % Utility Plant a,t'Or"igEl' Cost
'/ E "$,pSt Jr M.9 %' Q@h.M. $.EE,.,
- g Af.r,;;>;.
a.
l 4
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- %.. -*, Electric Plant 1%h A~
G ?% f51894.744;
.$ 7.37.010*
- V.a A YLessiAc'cuiM!$ed'Pi6visfon for Depreciatidn'i b f-
~.d; 1. ' :NIh4266'.490.. I 1240.752.
- 3..,
gg..
!g:hy.qemd',p
.,gQ;g. gf.j9 "628.254 W496.258 [ '
,ggg.
yw -
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n e d,.,
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I P
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- T. F
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- CI.
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i, /. ",.
'; r t.7.997,
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4, '-
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'176
~ 191'
. 7~.
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. w. " :-19.885
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+ X, e -
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~
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- Accodnt.s.R..e.ceivable.'..(Ne.i...of A. llowance.bf..$92.5..a.<nd' 59 02,..ah.. '. . '....f 34.534 46.573.
."1i61986 and 19.85fre,spectively),..
s..,..
.,.Unbi.lled Revenu. e Sm.., y.3.! '
...L '.O. ~W't. x$. ; P.c...,
- 114.359 ?. v.12.661
~
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M.; 4ygw. M.23.837 f.' %25.647 1
.. 'y a : f.:, w Other.M., s,,
'. Y
. e' O
, ' 7.383.
J10.340 a
J. ' m'. :. u.
e 1,
s co.
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g.,;mAi 4'W;..m.,
s
'.c.,.vt, Assets... c W. Total Current Asset's ',
, 12.994 t;
EE 2 142.654 -
1 1
N, gym q q.
4,',. g; w.g, *
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.g. '
m.
nu Other
~
. - QSpedial Dep6 sits 2;$m.. e m. >U[. u e1%r Q% ~ ? ',
- 7.641 4-
. '3.p58.
P. I l -:
Cost of Cancelled Pilgrim ~ Unit 2 Pr6 ject (Note 1).
15.008 '
N..
7.']Other I 1
.V:fW.A L.
' ' ',2 '% ",. I' E"
- 035.121
'18.406
^
- s..a,
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f, 4A;... Total Other 'Assa.ts. : 4
.iJ c:.V ~ *..
x.
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42.762',
- 37.372
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- ' $2.707.844 "$2.662.384
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- ,'.sCAPITAUZATION AND.UABluTIES ~n
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. Capitalization (Seelse[iariite statemehtshis :P
,G:
3.I MC Stock Eciuitysl N C'G YY.W '.<
$~ ?V(*NV,$[.763.867:j;$
Pr'Eferie'd St6ckNM'demption RequiremF
'i I
ti4
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M24.495. ' M..I.3
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3
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. 'O J.%MToAld'urEn#; b ihti5s.j,.[.;y%,f
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3 % Accumulated Defer' red Investment. Tax C@reditsJNdte 4)M p g.
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- a
. #. r2:
r S 'J
'.'., l%
N ;4 D@17.083.2 MJ7.5
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~&. v.
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g? S2.707.844 :.:52.662.38
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j N22 MGrSMU@ ih R 4!.P., W w..e
', December 31.
b"U.t.gW:.>.%[,M*y'i ;.~ %,. Comn.. Stqck Equd: y.,..
(Capit tMr Mij hT(Th6(sinds 'o(Doll.irWM *G i>@ Ql>$5r WP.hiYSN 19 &5'
$ AWWjj9%Qniti.S[c'ckh$5.RitValuefaf~ gg%~ y;Q~.e,Q. M.'/.4 J.. Qn Q.p,g,(cr pp
.,...c,,
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MY:?,h.v.,e g:-
..,1',g W
u,y mqn Q&.r,w.rgy.gi;g l,,.Q.QQ;:.v a.
i w H.e mum..n.
,,re,d L 00 37,1d)., Sha.
.. Outstanding,6. 0.,000.0896'Sh res. w.a.
, r.. s
... o ". _1 s ares m 1986 a.r.:d 37,191,896 in 1985 : '?.f+e.M.a.n.
- t w. u, e-
.m, rm.
s.-
c.
M,.S..' % g.s 4..
ro m
Capita.l@ MOW:@4FYiMTV.NN.4 S185.969 #.f."Y,.185.959 '.
't <;.-
S.
c.
n
. M36.2'i8 m,yl 7y i4 i,'l i. Other Pifd-l.h.an 5
l e:
L 436,219
.s,y.; z Re+ tamed Earmngs (b)gg:p. w[gng.:
g y.,
',s. a m s x 7g.,. m w.. v-w 14 f.6802 "'.. 447.594 '
,e
- r..
e w.
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W....
.. w w:
.p* c.;
.; w % m. 9 p s s a
a e y;.
cp e u,;,gy:~, v.
s
.1. :MTotil CommBn St'o'ck Equ,..m, p,?p AMy
-m.763.867; m. J1.069,772 -
"Cumulitive Preferred StockV WU. W..s.a. @M:4.TFpW, ?;'..
s.,i. jf2R' p '., p,(
- w.;34p it x x..m.f.p:p.4 -
- -..i f.'
r./
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- ~ '.
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- 6.W).fl.t
^
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. ", ' 'p' g 7. ! $ MM9:MQOyts'Edini(B15,408 Shsesi
~
t j~
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6,.
2
, v; y.'n. - A.-
d 4, l'.
l4g..'g..
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- Cgut' dn[ ding 1,0,4 6,D00 Slures-2 "4
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=,
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f., j ' 5
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' ' 9.g
. [ ~. rY,
7:
's y' ' Dividend:
9 ' "'
Redemption Re
~
With Maridatory$.1.YS'100 $quirements 6 9['chN WP ' l' iD. ' 14,636 12.000
(.
4f S,. 4y! ',,. '
~
. f.F11.26@Q.H JN M.j.l'i25" :%1,206.,000% l.428:19E.
. 15,840~
'l 7.64%M.:[
?.23,120,00d
'MMI53 B.
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'15.00.% ~ '.,i : ! gG ':/ 25 ~' M, '" 2,400.000 J.U.J,427.81 7. "25, -
1.200,00di c.
e
~K' '. 42,937;
' 30,000.
(
- 15
- 44 - ' W,.O 628.86 "
- 86.634 60.000 I
13.'001 >
O,.i N .)25Q.
!1,40'0,000?J %28.25 -
0:. e.
Q
., j 4
li 48.081 ~
- 35.000 13.80
.#'s. ; '
,{
,. 51 '...2,400,000.
V, i. 28..:457 y:
83.805
/60.000
?2.
j
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. 380,389..
272.840 j-
,lis' : Preferred St6ck R. edemption Due Cd,tre'ntly
's a,. '.'
(22.740F 113:680)
. s. '
s.
,. s
~
357.649.
259.160
-f. 3 2
.. m.
Without Mandatory Redemption Requiiements (b) -
3.35 %
' :$100 <.' '
102,000 ' 1 $ 100.00'.
10,200 10.200
+
4.50l
-100. 3
? 75.000 '- ' 102.00'
'7,500'
' 7,500 i
5.50 (Convertible)
'100 ',',
110.008' '. 0 100.00 ',
,u.
1.001 1.001.
7.927 1 i
100:
I 150.0001 103.96c 15,000' 15.000 25 '
i600.000 26.25.
' 15.000 15.000 i
-1100-
\\
- s. s
- 48.701 48.701 u...,m.
Total Cumulative Preferred Stock--Net-a d.
.E.'./a.,
. b.,e,..
$406.350 S 307.861-e,3.%
...l f
~
- c i
m Mk p
/
,g g'..--
4 y
.. J., -.
~
f-
)
~
s.
j
~
s 4
/
l j
J i
y e
2 m p 4
S
.,.e.-
e.
2
--8 O
.y,
d 4
s.(
g,
<..",I. ;.,.j4.=,
j f, N.
,c, i,
A
.s l
36)
F g
' f December 31.
- (Thousands of Ddlars) 1936
'1985-Long-Term Debt (di -
f
'f - First h!'origa'ge Bonds feb
.. r
- 7.., p Ji -
7
' Series.. 5 -. R.. ate. '
~ Maturit >
- ~'
M_,
,.?~
6,710 1 ;l,;
3
- ht 9. "i-1992
- 3%% ' -
1 a.
o
. $i.-
'S' 1986
, I',' A O@N@' " < E20, 4
' K.;N?, h.]b/s',; %S6J/s" ' ?]<1996 c',
E21'034 o
s s
7'
'l A-
~ T15.069
,n.;
MO:
N 36%.
%.f. 4 113.462
.-.1997e H
f 7,y g ;M >~ 1998' 13343
',r < % l $ 13343 13,625 1,
7 pg, p<,% 9 N.' Y;' 2000'
~
5 l g$;/ '
. ;M:'..;18,3' 81
~ -18,382 '
'Q,.7 l
.f ?> ' O. '.18,274,. -L
.R(.J"
~ ; 7% 1~
~- 1.2002 7
a
- . 9 c2004~
i l8,571
- r., 9 S
~.N 18,725
- .18.841-
.' V ;
. ; 9W, 71 12006 l 14,30.4.
- '<, 4
1 4.304 1
t f
, A 1W,
- '10 W.
-1993.
Z.
Variable :
- :1991'
- 's,
~
',J l.v'T ; < j,.9,658' E., 9,727
,e 1
- f,X- '
12,
M /1999 5.,
9,126' -
_ ; ? l^
.....F24,135'
- 24.135' y
,y-18 a
- 01989
' 'b
$10.080*
?l0.080*
3 i.
l.
-2 185,662 193.299:
' Less: First hfortgage Bon'ds PiPledged as Security for' r'
,,, iGeneral and Refunding Mortgage Bonds.
J
- y A52.999)l
-(53,127)
Tota!First Moitgage,Bolids
- 3., A..TM '.h132,663 '
1140.172
.,'s y.; W, ' ' Gerieral ahd Refunding Mortgagd Bon'ds
"f.
J 7.by.
U O d 38,160
- 1 V '
, y. A.
,
- 1 A 10W%l.
1999 M M m:
N 1993i q;c&.c.
' 43.620
, ',~.', :B.
~12 :
- 60,000'
- 1 60,000 a
.C N
' ' 14 W ' ' + 2000
>9 7$s"' D -
c 4
'.D-17 1990
' @,~ ' I '
"Y30.060 1
30,000
,;23.000,, ' 23.000
- El
. 18 1989.
^
- e "J -
- v. f 7 50:600
< 50,000
. H
{,'.
.:Mariable1
?1991.
.<: y - :112.500 ". 112.500 "
~
- Less
- . General and Refunding Mortgage Bondsl") Pledged as;V. Secu
~~
~
..~f 9
,- : arid Promissory Not'e;Due 1991 J~'
.'.(112.500) 1112300i Third Mortgage Bonds.
l j* '. g. <.. ;
A-
' - 13%% y 1996.J
- 4. -
~
225,000
- B... J 1.0 W 4
.'2016_
1 $.,,J
.m100,000 *",
Less: Third Mortgage Bonds ("*) pledged as secbity for ibllution ; '
,.C
..f.,
. LContro Revenue Bonds
-?~'
\\1 v :.L,(100.000) ~
-45.000
~
4 Nuclear Fuel Obliga'tionidue'19s1(No'te 5) U 1
'.T.#, -w e..M:d5,000d5,00.0 V74 i
r
- Promissory Note, duc 1991(Note 5f.t :(C. ~ ', S
.c.
i Eurodollai Teini LoEdue' 1991 (Note 5 I
D b -
~
,,j d ' c Of '.' OsF.. pW. ' ' C.. 22.50 3 M.22300.
Y,./.. '.Proin.is's.o. '.N..o,ts. s,'1. 7% D,dh.1986 % i:4.1,,1. :s,, M M. s c,' M,
.. - M. m-l' V.s.3, 0,000 '
l L '5p
,en.ue Bo;.
a.~M,@. <
?!.,,1,bilu. ti.o.g.n..,C.ontrol Re. v.., ge....,., ;,,x,'12 W - 13VW. nds e.
n,JJ., M.
. e.
%.W;y.s..g. w W: Wl20.00 u.. m... _.
m 3198.8;2003 N
?, c.',
ls.
.ii20..
s 1 Debe'ntuf@,es}.2.'2 T'?',' M2016$p".,
j
. A };
.?l0 W c. %
'.c
. 4,..
x.,
. T.h c-7-QW '/'35,000 ? ' h ;..,;
33
, $ % @.?
i# ' ", 'j c
's,.*
- A qQ 15%% 3 1,.
- 1988 ;.
(-
J.75,000 -
J; % M M M 1'4 % p di J1991 T o 7:g $q y!,W.M.100,0002 011'00,0'00 CY
... /.i 15 / -
? ~ 2003 (
e.l.@i %.43,N WIDO,600 r "R100.0 g
. ;M.17 W ',
i '2004
c.MM.W:yp,G R a, N25,000.'
W' 2425,000'
' ~ Promisso.ry No'te'. Due 19'87 (Note. 5)
.g %
- mM
.2. U.S!15A37L 2 f8.437.
,a : g -
', Total Long'-Term Debt..
. N: v1
.o..'. 7dju
'1,227,729.
1
'..i.essito'ng-Ter'm' Debt td b8Re'ir' iEWithin 05ETe37.<WM.W
~
i te
, %.r.<$.MM dM< N. (il'?,~6' 0iv... ' 9(95.044if.I
....- {,U,.:rianiortizbd Premium ad Disco.udt 8
n 1/. f. ' S,, c,..K g, u 4;p4...g g K,
, w...... : m - ;.
i
. i.. ton,h.. Term Debt-Net;.r(,.a,' ;?-
3
.c
?,
ATotg.gtapja,t. ion 4,.4 g~.e 2p <,. s g.,g_...,
?g3gga m,pS2$12.8624.52.467.555.
r m.
a s
v.-
[. k&,.>} ' *^e &+U.lf.$ g v. ; v ', r
=.,.,,.w[e 4 *m,.e.%
. =
- pe, ^[.
g ? 6 w,, ?,n O {,*.[ <$.r& *:.lC,W,. x[8 * &. ~*"#
n
,.. ~,
, s ** ($' -I ' N s DL,% a t.,,
N jd*
We.
.Q
~
-,'*,q',
s
< D..:.; r
- o. h '
e
'n
< vu --
?. :%
pr s
c
=.
.g h
..[.'- =Y 7
.Ye O **$
v.
. j
. y M.-
. g[
4
- T,
.l %"> f * *
[*
$T
'A.g'4
- g. ' '
48 8'*#
- 4.,.
=...'4-
.-.y
- 4J,. ; s.dhg v c=+m #,,(.[Y b M MWld%h'h.-), h', cc -
g%
- .,,1pp n
m.%
f o.
-p*s e qh' M,..[
q
.,[ MhMh.
3 W.6m*
e.4 a
,r's i
~
4*M' *.
W Q ;* y.' %:,y. y.; + : %..y
..~-L. Q.i. 5 0.$. g w( %,, f.y
.Q y - :
rtd[7&.,
r yh s
j
/, y..
.. w a
,, :;.,, y b; %z. 3..
- c. H.4'?4::!,:.g f. n,.- w.
,,. e c[ x. wps. g s-Q&
4,.,cy; &..n:y u s;..g 4
y yl{%,Q'$
.>r.
v
..n
'v n lg ' K $
., I-
[f.. ? ':.
f.'.
~ ' *
.1.*
.. ; c.a~w :Ab < ion.'y ]:l:%
m,r c.
.. m w,:~
u w,*.-
See'accompanymg Notes to Financia!Stitements and to Statementiof Qap:
i italilit
'23'
)
e v,.
MJ p
- 7 u
n.,ya 'M *,
,7' ;;? v.;
. yy :
- i,~ '. e
't, 9. M;;vs: m ; y yl
. ' _., G:f;(;).jU;. y:f1;.K '.~g. c 1 e
-A s
e. ' $ QiNy
,~.ps, M n, >wm).g;h :.Qs.
y' c.
% _ ; +,
i,. g. '
.m w.w..s w ~.'?,. '
p s.C.
\\
=
e f9'.f. Q.y f *PW.M Q t. W :% &l)ftC'*
'V.10 s
- T M T:$
"~*q.yyy :- p~m.vopWg%g.cy.
r s v ~* m W vu e a.
, W.M,y'0/py k +,.%
w,t r yy* Q.n ' c';i'l ~ ' ' 'M, :
3,gm a.# ww3 as..v.
- NN
~
s
.M'hDG I
M '
M" 7
GWi
?..
- .,.n. :6m js0 h9J,.1 WhWifM;2.
. ; Notes to Stateinens " 's i DS)lnDecer'n5'6I1
~
thEd6S'E End'd d'o'f CapitalliatibriDfy18.375.00DWErahi5 iii'cf$'1f allo #GliN@derifin%{Qt[ajd[n;dE51 p
~
q '%a%.7,',a.4 Qggyb, w '@w.~lhEEPshiri f Comm'Est"6Ilf afdh,?~ ti.~a186n.w.Comh.E.ri$tocR
.. g wQ e,n v. yW.>.
r t6 the
+:'-
6'.
rsh~arejheMearrants inco s
accumuyated *afte anuaryJQ9J8 le~ss the.
e
~n
~ ~ -
s
~.s
..f f
%;~ %4('C*abqd
,..' Q.,,,%;t.h.'.y 6.exerctse,prge o
~
L y )~Sirice Apnjl984
-7 p%WAfieIn 1991 ggqEeg am8Ei3 fall n paid de WP m
' @M.ar larid. ' n S ails.'bf PIeferre.3. %
+ ;.Y.NdiEidends.'c8sKaEEs 6fIUIC6mrnofaEU Piefe M
c c
..,, J b
'e Co..mpany onutt o
- o 2
~
1
' 7.s-f r 3,1 lj88,Q. -
, y g
', ^4StM6Ms'and sWce May~lp81his ndds'nE'ye'ciuire'db.
egmgs,bj,S10(g9gerg,gi,ot
' ystdkinifEhd hayirients dEiKaETl f d.: n,
- kSMh(hj;g Y
c ~l
'6-, 'f-
"Sto'cksc!IWPrefdirEdS'tEk'EfKi3e7 Ids 7r cIlm0Q,
utremsstsloh b h',
"latiUe and the'AiticfesT6f Agie$riisni'o~f'theg,$/
fdrIEd$tl20fith'mahdatbTy Fede'mpltioriW",.-
R Comp'infisciUiie thatthEdiiiddiids"oldhares'6ffrequYe'meEisTeTs j61f5Wsi1987Isid arreariges6
' C Preferr'ed Stock' beMid ifeldie"ahy fiiiidInds4.[$ 22. 07006M988 $10 7' ohlini6f6f Coldmin'S't$ck'ild bFhaid.he Mi$ $13,810,6dd%dild0g 0
19914515,810.00' 0.NoW' .
'* iNHPUC hisinix$le'd*a E5n'~ditidEthatMe'CdrhTE Pre erredSideklinkiEs' Upsn[hE)'n6t" pay di'videBds an shale'i'ff Pie-% bien"rfjidtsiEc6 hfay,198d.W@ ' WE j!
11
^
MAMW "MD WD rt er NHPUQ.5,.c, der, h,,ltu.th6fEze.~d16..',db..Md) The Lo t
fist FUE ferred ahd.d J.o by fu., h ommo 1
.. u n
e go. 9 m-
~-
~
c c v.,3.?orwpn A- +cel w, Sin' king F,u"nd requtr"ements are as fouows:.c.
s
- q. p e
'If and when dividends payable on shards'dfGj;;. Pre feridd Sidck 'ars in '
s l
SI3M49,000i1990' S36.808,006.ihd 19912 ; E
- i
. to idir ' full'quirteil idi9idE6dshh'e"hoide'riof5 $$203:808.0'00lOnddithIterm5 Bfthe Cor6pa6y's(
~
shai5s bf Prefeire'd Stbck havE th's right'tseldEt f. Tis 5ftfiss indbni6fesTsuEstin'tiIlly an utility If a'mijoritp of the B6hid of D'rEcI6(s.Since * ?,gDrdperty'of thb CorEpany is'subj6d to the lienQ' i
November 15,1985, the Compiny has failed to ?. / the're6f.
- 3
' pay lin' excess of four fullqtiirtsrly' dividends dnUyg(cp:.On J a
shares of Preferred.S.tock.' arid.thd. hol.ders of thex First Mortgage Inde~nture, no s"gntfi^ cant amount
~ -
v.
3 i.
~
Preferred Stock, ottng as a class, have elected a majonty of the Board Of Directors of the ~../ ~bf F isihidrtgaj;c B6 rids map be iss
" operating license is obtaihed ib(Seabro6k Unit 1.
Company at the annual meettngs held since' r.
~
then. Holders 'of the Preferred Stock will reta'in; c
3-this right until such time as all the dividend.
,s arrearages are paid in full ~
3 The table below indicates tNe amounts of'divis dends in arrears at December 31,1986i 6'
Dwidend
?
Rate Shares ltr Share 1 ~
Total With Mandatory Redemption Re'quirements:w, '.M ;
,?
'M 7.64 % -. i 120,000. ~ $2L965 x ? S ' 2.635,800.
i,
E e,
9.00' i 158.400.
25.875,
4,098,600
.4
~
- b m 11.24.'
l.200.000.
l8.079~ t 29,694,500.
W i:
17.00' 1.200.000 12.219 '
f4.662.500~~';E
. ' N '
2 15.00 1.200.000.. > 10.781 12.937,500:
15.44 2.400.000.
11.098 26.634.000
.j,c.
13.00 1.400.000 9.344.. 13.081.250 13.50 2.400.000 9.919 23.805.000 i S107,549.150 Without Mandatory Redemption Requiremerits:'
335%
102.000 5 9.631 5
982.358-4.50 75.000 12.938 970.313 i
[f., J 5.50 '
10.008 15.813 153.251 7.92 150.000, 22.770..
3.415,500 11.00 600.000 7.906.
. -t743.750.,
.~
.1
- ?
. "n n
S.10.270.202 3 e '
e hy d
p
.;ll,
~
sy,
,{:-
s-
.s
=
e-g e-
e, wg e <.,, w..,?, s., m".,..,. c~ '. s,: a.,, "r E.
- yo9 W.
n
,v.
n t
3 s
.p :.:.,. g.
~,.
- 4..
- y..
. m>;
-, y;y;, e - %,4,.*j,,
. V g [*
e
+l 3
n
}!
. StatnnEnts of CliangesMy,F W -
~
For the Year Endid December 31.
Jn Financ s;ggMw@Q.,,lal Position' ' y.%Thousa'nds of DonarO
+ ' ' '
19 %
J1985.
19A M Wg?y< OSodtbe'of Funds-M~"
4 o,,,..'.
~
. d i_,. n,/;. M W A & F O, p..erationsN w; 1.n
.m gyp, e
'. _n, A. 3
- , n y, G.y% p..n,,. ~.w.s $(198.3651'CS 154.74 3
p VK ; -@w@pMyM.. rom,et in.. ~ ~ Lcss. n,v..,..
wu %. O..
7 come( n ).nm.
,.A@t. p;'i(m w
.... ~
.a s
yy c
c.'
ih.9]f!P i i lNo'n-Cash Qharges(Credits /tBIric~ome'(JM;f.MMNO ^ '.
r:S 156.600
'M$.[:%h2QThkd. ; rncpa gDept,c2iaii' g;p?$.p.p %.[.MbflgQs29.79'5%h25.6k. (22.728 o
~
yf g.gp.A,JTA. lld. dan.c.ifcii. E.(l.l.iity. Funds Used,T.. 22...'#m w4
. Amortization.of Bond Premium and Discount ? -
..1.694 -
g j'.
/f
- . f.; -
, t..l,y. 9.,,n.J g
nstruction$ i W.ebMg.n1..W. Mn a.-Y.M.mpM.124.69
^,
W owl
'j : g,;M,e,.+,n.g
~
p.,pDu. ing Co..
~
..f 4103.9121:
i r
a
- jg ggq eg.gg.eDeferrfdTaiesTridIrssstmentCredit'ndjdstrnents M(30212)W 't13.85' 17 TE. 4.590.
i a Era H
V L'dProvision for Cahcellation'of SeabrookE F ' MN? 1,'q:ME e #
p44.. f5,T.,Pyovision fo.jectiW. f,Pilgr.im ~. M 7,
m
~
1
, m..J.%..
Gh.,e..!. 8.y y;T..
,c u.
r.e.V:
h
. Unit 2 Pro t
.f m
z Jg'n r Cance!!atio.no
- p '
, a ',y.n;..;..,r P Unit 2 Project'4.# -
~
U v,
15.008.
t-J n
yrw w y M,...f;. jpc, Tota. l fro + x.. m Operation.s.,
- M.. p i e
y
.O
- 153.140
. 81.700 w,. w 'ic/ 37.869, mfrom Outs.de'Sou;r..s. g ~
....: m;
.,. s,.. e -m
., e.
~
e W
i ces e 3
+4
',s w %: % r.Incicase 16 Long-Term Deb't u A ib t})cd. '.281.065 l'30.936'.-
v
~
~
341.706 L
, -..,. - / Sals of Cdmnion Stock snd Warianish iS m A.. ~ S ' '.
- 7. &$..
23.841 J
gQ% Change in Short-Term.,Borrowings.pf %.:.p,:. -# M i F <(145.485) 145.485..
T... [ Totaffroni U.iitiidE.S.o.urce' M.. '.,. L'I15..h e.
R s
314.549P 5'11.032 m
%.sDeprease in Working Capital,, y h,w.s.,. 2 :.$
C../-E:.M257.869
/-.
S'
. p.-
^
. ; 7Ahpl., Tot.al:,;.-f t;'c,Uc / t.9. 9%u(pl s
e.
- v,; y
..2
.7 O ;., D, @,, y c,Q.$ 318.934 :,s '296.460L. S 592.732 f
'. s
.,a 7$
.c ication'of Fynds"m..x
. v ? M< ' vVi '
.T'.g? g-%@2MPrcsieMdditioMN$$NCfi@m.,..M.~
.w r
a
.o f%d.O %';S36k6lTei8 ~ 2 S'3595'O
~
4M J2:
3 342) 84 m L., CTAllopance for Ecluity, Funds;Used i
.. '.. Y
? M. ; J/'.
gd, During Construction'.N,. < '.. 'zl ~ TQ.e:W.,. j(124.697! ~
t.t w,
W. ' N.... nf* 1e.
..: 1.,
s.
. *(103.912).
,mu 24Dwidends -.' 9;.,3 b y
^ '..,: <,W..
' Y.Redu.ctio'n 'of Lo_dg,T.. erin.D.eb.t '* -
55 %
- ~
." - " ' W..
c Q.
./.
"o
.. 4 24,701.
i22.972 170.381
' Reduction of Prelerred Stock '
19.060 i 6,072
-'6.060 hr Y fIncreaseinWorldsgCapital. - 9 S.
-.C i
.29,103.s
- 247.518
^
t
'#,,,fQ'Special Dep6sitsMW j e,H q * ",'. L., k.p 3.683 -
1.527 ' g 2226
?-)+
.1 Other Applicstions-Net?A.
J.,
- * $ 9.396.. ' V167'
' c(2.384)
.4M Y,
Thid!"4, Y,.,Y k$
~ l 's #..2
'S 3'18.934,YS 296.4601 I $ 592.732J.
'~
~.. ; incre'ase (Decresse) in. Work,.., '
s.,
I... u,. 4.,.
. r,. m,. _&.
- ,C.....
m, e
ing Capital Other~",
~
5
- <, aM W ',...
'?
W..,
7'
- ?. *,..-
W.5M+y.Thar.s.Sh.or.t-Term. Borr5/.i.r.igs e.i.' Cash and,Ter6pci T
' ' ~ C..U. cr.:
ir ;..
+. -
~s
- 4!Vjp.2. j $ 144.768 L.'$(244.483M.S.179.769f x
%.i C CY Receivables'hWMbMM # M[s,$$8.N(1.8 M :(12.039P d@9448) - ' % I3256)
' f 'c bt to tie.. M'is"EM-h
. C,7 [ $;.f.f.
inyn'tolij$$N' Retire ~d Within One;Ye te 9M
^ 't,'f/(2.664) $p17.529) 1 9
y
. U r.@e?"{a Preferreerrn D. e.k Redem tion'Du~
Long-T 18268"u 422.3_33) h...
n 4m 4
- d Stoc p
FM9.060). M J. 6.060)
/'-
44 s.
-;'n
.v (6.060) s.
. #FAEd6n'ts Piyable?.W.I.y%@*S,i$,$p+f@ g$
j8.336M'ti $,2480 6 ~43.799 M".,2Estirnated Canc~e,t,llatiod..:g%.c Mi^hrGejlTak,ey]%.3,f g-%gf; %
/.d T< Accrued Interes.
.,y
. m m
~
(16.190)
}
Au osts for Seabr.,k Un..s g+,m..J. 22421.v"2s315.. -
. v. 4
..s
. it 2 W.
y 9:
J
.W ~
.'.;O.tfuir?g$.0.,M.s.3. w@he.c @. W.dr. d,.3. M M E.. @...
l3.9.6.0)> @D15.323f M ;rv ' r-s.
i oo MO
_TP.',o'sht'ioNf Prhth'ditibh%.f@Mh y&,g,kh, 5,31.1. 401M. 3'.M.
w 9 D T,oty g.g g /gj; q lj g, K.gp MggS 029.103 L.J S(257.869)'. j $ 247.518 N QC i
$$/' $
e
" Join 9h.W Jg.yh.94N R1J).5.25p. S w
~4 w
e lear.fpel G.W h.'g gy ?W 4
m 9,445 eg 4
- [.
e a i.
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, gene, Company is a 35:6% joidiohmer of a nuclear'
' Notes to Financial,,,1 The requirements.This amount is predicated upon rating plant in Seabrodk, New Hanipshire.
' ieceipt of the rate increases described below and
+
Statements
~ Construction of Unit I of the Seabro6k Plant is if such'iale increases 'are gianted only in part or
^
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^
- {4 1.Cornniitnients and r i,"c6mpJetelAi December 31.j9863h8.Coinpany's '.. are' delayed,the Company's Eicternal' financing 1
'. ' ', Eih0estmeni in Unit 1 @'C6rdpEfs rotal asse'ts.?
sil.87'6,050.000, which Griquirhme6ts'for this p6riodiillincrea' e L Contingencies.1 s
' 1 fep'risenti69% of the i
- '%., g ipy,gurs;uirit t6 Ngw Him'pshirela'w,'ri6firt.of the $,1s6bstintiallyf
5
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j.,,, 3.g Cornpanyp.invesdne,nt,in,tfih,Seabrook Plaht 4. ;rj3 depchdent 60t onlyI@on th'effactois directly 3
,imay tje reffe{d ng segcepthe'Companysl?! fals6 t$oN~faci
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'(
.mpnces,pr,cni i
' customers.;j, gyagggg.4 4 g Ar' trol.Thsse'ottist factorsiriclUddt'iniety reg'ulatory
- p
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'Insu//fei,qir;CMFliwiC6rrently ths Corhpinp'sf ap'piotils~requiidd for'such.finsn'cings, which.in St
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'.'interrially gene. : rated.,ca.s.h,is..liistiffi,c.,ient'.t.'o sat.isff,/ the, 'r'.c
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-e rit'past hav
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,~
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- nd contesteql procee. dings,
~
. s its capital requirements.or,to pay mterest o,n they extreme u.
f-7 wCompany's outstanding' indebtedness.Through.c H the effects on the financial markets of the polit-
~
' tiie, financings completed in Feb' ba'ry'1986lthe C; ital unceitairities ietating to th6 licensing of the t.
r
' cash r. n. y faised. funds. huff.il, led.foi.Ys estimitid.(,.Seab.r6ok Plaht an. d.
.C.o. m. ;E m
~
equirements until June 1987, at which time g other ' electric u'tilit2s with. nuclear power con /
1 ithe Comp'any will ha0(exhausted its'availabie;.Mstrucilon'ptdgrimi(including the other Joint.
lfuri~ s Onless it has bden iblit8 c6/nhlete'inew; TOwndis of the Seabiook Plant), and the accep-
[
d
^
extein'al financing lThe',Co' %rifis'in the prof # tiiiciby thE sechrities markets of the securities
.i.
n
' cess of seskirij fr6fn the NHPUC 'a6'thorizatidni
-b'lnfoffeie'. The Company's ability to finance l'
e d
l
/
' to issue a sufficient principhl Ahibbrit of debt 1 J may be limitbd not'just by'mdrket fa'ctors but
~
^
~
" k.. J sic.'ur.it.E,s.',dd. sign.ed t,jield pi.cR. h. bcis t'o. 'thW'3.d. eby' tfieTotal. a.mou.K.t of del.st"se'r.v. il..d w 1.,
,7
' 7 Company. estimated to.be~necessa.ry to enable pCompany can reason. bly e...xpect to carry.Tlu.s
~
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' ths Company't6 satisfy its Eash reciuifements' ' Slithit may be'a funcition.not'ontf of whether '
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f th~rdUglithEend of1988;Siiice tlisNHPUC irid Marid wh2n'Seabr6ok Unit l'be'gihs'td provide "A.
l
.T
( ? tis New Hanipshiie Suprsme Coiist decisioiisMservicd to customers! bui of the political, eco-1
- .M :f6r Seibr'o6kihlatdd'expshcliiursi'ihe CompanM;nomic and conijsetit
' A inianda'te'a comptshensive"ieviek df firiancirijs3
~
M ',
on rate'incrbaseshn'afte'r Unit I coin ~niences -
j-d l t,./tnterids io seek a'uthorizition i6'iss6e initially.M'}$PrNeding servMe.T d, 4 % @ ' R' 7,l $220,0g0,000 principil'adddril;of 16ni-te m debt- ( secuntie 1
li
~
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, !,145,000,000iwill be,used,tiy ti qmeet'its cash requirements.for.ff Company to ; " 1Februaiy 1986 include
. n66-S
- reigtyd construction expendit,u,res du,eabrook, g.sicleiati6n of *he
,e nng the ' fcohtintie't'o 15 cur 'extirrial fiEinding to fund it's
,, ' penod. Abthonzation to raise approximately Z. i Seabfock'obligati6ris#cr should seek protection
, s s
, r.
$J00,,000,000 to meet,Se,abrook related costs and H nndei the Bankfu
<)ssuance of,additionallongjerm@ debt secunties Jcxpenses,,,dunng ihe,sameyeri the NHPUC. concluded that"
. f(
4 E Wtll stibsequently'bh'gursued bdfore the NHPUC finibEsts of'ths C6m"panp's sec'u'rity holders','
Y, J ^
f 1
~.it,is..anticipat,e'd.,that exten,ded hear,mgs and,courtjfgjfy Bipe SUtebf New Hampshlid..Th
.I "appegw! roost,likelyoc, cur,before suc'h auth, issu'8'inapigain tid 6risideisd injroceeclihgs-qnzatgnjecomes, final,if at,all. IiNHPUC jpc.g;fy;jVing; future?firEindirgaEdlif c6n'sikred, th
- C% inan,cgn,g M,t@,t,ia,1,segngt $fihis,extynal NCdniiiny'ihij
( - l8PP!93a(of candoi'p'rdidtivhether,the NhlPUC e
basis anj ifayeppg,ippog, andp,qn a timelp[MFreashsho f
ogram I
Jg,;. phic;h'wo,uld got requty,NHPQC approvald
.,shoufdrtot be wailable to.replentsh its availabib such fiiancins 6r.Et E
L ': funds,p6 Company.vgty.be unakle to meet itg.0,tc entif tisdly bMi&EnibId the Chinpiny to
, Abga,nons y they become dugg' Tginy,es,tipfQM,;$
ly.gg d26me'due?
MGhgall66Ethe M,hfFyxiNiit 3ifit
, mates (based on the assum%Co f
o.
ptions Begnbddg*
NRC dahtEd a'J0?yist M(belogthat it will'need ep,erna,1 f,inanctng d r
O
'dit' ions lFurther G -
.e pcnod.1q87,-]9916f approximatElf$fj0 -
.h g
d
.<l.,,.
rmlhpgnst, amount is needed,g er sitmated' internal cash generauon, exc6ss,of.K@3y
'[
n tn frcidrlto consr6en'di ltion'6f Unit 1,it is
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ar pow 3h Jg.6the'op(bbdr aridlEro hEer"teits hivilicenN%
i;Y((, C -
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on er'aIinylicdnse.'Ftielloadin$as 65rsplefed f y
inteNenorslifthENRC'pfoc6ddin'gs,9 I o
itMM YUdt incliidinTth QM*h@;' h%["lo%fdt'e'dilEfdweFt'estirigE W
M4 dridth'e ' 'Tatsuran?Ittnf EticKifitfrVeittioES-
~ 7, E
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c't.tcT. P.L vill ho(elap*'6.0.eTati8nTrith.c'e7cisIof WA'J tEeWC'iS
? e.)4.*go,rg, site; emergency pre ~paredn.iN,~.w.;tfdis~PS"dtngs Ka
,;,N. '?.g<p~. >, n. u
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. mare not expected to be made befdre Xpn11987 4 reftEtl to cooperate in the p!dn$ing process p
s/.e...:;$.gf!' 4Y %, u.
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lity is not trf,nWpted?.
.~. lv e nEBb on y
? make the a..ctual.dafe:o NRC an y%' % %qwg.f op:w"rauon inestimable.p;Aby"t
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- z. e.J f.':.;
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..The NRC s curr - re -
ency g.sc.;n y. m g g
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' J' / M py. a..e.w.,en.t.%.gulations will not pe, r.trut, e1 v, p etion ol'co
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.:43iPt nm-
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t/-
3 response ^ plans,ation,.until,. diol, g1 cal.cmcrg.
3 F
er pper ra o
- Tithin iteMrhill'rdditis.of the S' fab (bold PlanP@yTh,e second alternative is re are in place for' cities and towns on of'the size ofr thclErrierfe5cpiespcidd$rie'for esaiu' li6n Y a'
Mwhich*inciuffis'1N6 sis iii NeW Harnpshird nd %Grp6 sis basedIlpd
.: 3
~
sIMiri KiisiEhdsetti. In'itial em~ rgehcyYdsp6nhef Seabr861Qlahi's des'igrddifsafei fdctoFsia C j 1 d aIs foiNddismpshire have been'submitie'd $^rFdU' tion ofihe'dOEuati6 e
- " < Y pl
~
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' AOME NNl'aEd revisions to the plani'desip5d.7 radius'p8u'ld'eicliIdithilbGs lo' at6d irM E 5
~
c
' l]'ah b@ia'ti6nal drill are currentj6 address nitain deficiencies r'evealeddun s'
e
~ ' by the app'ropriate agencies. Hearings before'anO].. New Hainh y beinsevaluated Deccinbdr 2198stiffou'Uner'nbers 6f the. " "
^
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> > %...pRC.. Atomic Safety and L.ic,ensing BcMd on the] [ in a,let.i8r t6.th.'d.,Chiir.m. a..hT, o 4
f
~'
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adequacy of th'e New Hampshire plans ha,vey 7 their oppos1 tion to any'acu,on by the.NRC which' d..
, 5 t ti.e.ch, schedule.d id hiay 1987..
No plani fdr $Issachtiseits or the sidiassai.M. w. w. ld. re' uc, e't
+~
ou L
~
I
,,emergqncy pgarednns. Q.P
- ' P *",lcemba B J 8C"CY P.^^*"8 * "* I ' ""'IC^f I
' chusetts kxdlities have been submitted by".
~ c 1986 suc.h a pr.oposal was filid with the NRC by -
hiassa. huser's authonu.es to the appropriate 4
o
' federal agencies for review and approval. The.
the Jo. int Owners.The Compan..y is not a,ble to;
- Governor of hiassachusetts has stated that h....-e is.. predict when the NRC s.til complete its review.
actively opposed to the operation of Seabrook of the proposal a'nd iake ac..
hereon. -
uon t
.i and will not submit such plans. In view of the
, Consequently, the Com...panyy is unable to predict.
h'f assachusetts Governor's refusal to submit When or'if operation will in fict occur. If
~
plans, there ire only tso altematives for com.
Seabrook Unit I were riot 311 owed to com-p!cting the planning process. One altern'ative Is
. mence operatio'n the Company ivould then most approval by the NRC of a plan prepared by the
- likely be unable to meet its obligations as they Company without the cooperation of hiassachu. become due.
4,'gc setts atithenties. The Joint Owners have been For curreht financial forecast purposes, the
~
, preparing such a plan, but there can be no assur, Company has, ass'umed that operatiorm:ill com-ance that this alt.emative plan of action will.
" mence on' January 1.19,88!although it i,s unlikely.
succe'ed in_ obtaining NRC permission to begin.. that it will'do'so). At that time, the Company's' '
operation of Unit 1. In late February, the NRC /. investment in Seabrook U6it 1 is esiirdated -
issued for public~c6mment a nbtice'of proposed E.'to b'e $2.060.000,000 (idclu' ding AFUDC of
~
ru!e making to ' hange its existing rules with 5 $960.000.000 but excludins the initial core of c
respect to emergencp response plinnins. lf the ' '.[uraniurn fuel of $ 75500,000). Delays in 'com-
. rule as proposed becomes fmal. commencement m' ncement of operation of,U. nit I willincrease e
of full power ope ~ ration would,in limited circum -.the Compiny's share of the cost of Unit 1, prin-vances, be ' allowed even when there is an ab '
icipally AFUDC, by approxirhately $30,000.000 sence of state or local govemmental cooperation - ? per month.
~
in erf. site emergency response planning.
Limited Rhenue Flexih!!:y. Reflecting the Com-There;is continuing strong local opposition iri pany's Unit 1 investme' nt in rates on a basis which '
hiassichusetts 'and New Hampshire to
. keeps, thd Compiny's rates competitive with participation in the planning process and the oiher sources ~of power which might in the'short accident at Chernobyl has intensif:ed that
. terrn be available is cri,tical to the future well-'
opposition as well.as more general opposi-
. beirig of thd Company. If the. Company were not
, permitted tojre'flect a reasonable portion of its Unit l investment in rates on a timely basis, or if thb Compahy's'r'at'es bec'oine so high that a ntimtier of its subsianiiil 20ffbmers tumed to oth'e'r sources, it'would be v'ery difScult for the Company to meet its obligitions as they become 4
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1 %dui.EffeitWe'OctobeFI;198d,two of the Com.
- electric power needs.The Company cannot pre-f.; piny's fo'fnefwholesale custbmers,which for
- didt whether such a proposal will be acceptable
', ~
r r
~ bthe twelfe' months' ended September 30.1986 r to ths NHPUC. If accepted by the NHPUC. the
, jacc'odst'ed for 12% bf the Company's total prime 1 proposal will result in the Company's share-
'?'
. 1silis' ndn
. b- :,s jfiord,jiiE. e..ppr6xiinalely 8% ofits total revenues '
a i
.t.a.le. s.,.
.'.' fi_vs ysai. period. F. or.the first three years of that 4
.J 9k......x "lC C
[d.8,5Jh.yJ 4 comprehe..
..m.a..n a' rioun.ce'd ath3N h ' flan. known as 7 s c CO.'thmo stock W6uld be' negative!Andther result n
-a e
w P
nsive rate p
.g,2 pro
' Ithitih'e Cdinpa6ys rateswiliisthain'competiX
%r$
f2000, desighed tb inu/s its custorders : TPayment of divi n th6 Company's Com-
,I
^
ed Stocks;cven if men.t of such
' X@Iivel,Ths'Coinpinj's Pathssp 2000 pr6posal
.c oi}t6riipla;tsd nonjS'eabrook Mlated rate in-N.digeg,.
' ' ' ~
j
.,p,
' MO creas'es,oj l4% in 1987 and *(% in.1988 andlSeibrook ietated inc' ea
' nThe Company anticipates lif the NHPUC does r
. a ?.,yesif'c' inm6n'cinh is 1988. The Cdmpany has
.ixsal or some similar plan and the rate proceed-
)
d
.' Naisjmid forlistimition purposes'th'at the ini :
3 ngs.before the NHPUC follow customary rate-J i
~4 service operation of Unit I would be January 1, m,
. making practices, that theie will be extensive
', s; [Jinei).If.snp'n ('of these rath'incre'se
'N
" 19881ilthougtg iiis'unlikely thIat this date%ill be. icontroversp'in those proceedings regarding the -
J amo'unt of the* costs of constructing Unit 1 includ.
>'., Mppfoidd b one a
Pathway 2000, the rem,leicinnte'mW jible in the Conipjidy's rate h NHPUCst'the L
ainder of the,
3have been'made that construction of Unit 1 has
" / ~ @plited
. m. J se,r,i,d. s."w,reise.s m.a'y ha. vi to..bs. adjus. ts.li fr,ij 3, tieerfrhytnanag's inc d
initialnon Seabroo.k re ted.r.s that. t e.to.tal xhc~. s,r.e.s.ul.t.ed in. ex. ce
.now a. pea..
v
,n,sabog.,S.ince. 'i.t.
.r e. e.s.c,o a
s
.... increases t, costs found by the NHPUC to have been piu-
~.
i @,wof
+ *.. S,,+-l%-c$b!dbsTs d d
.~.htipin' t.h.b~ase. It,uld. be included..i Tde c fed Wo
-.. ~
y,ysubse~quen.ig.ifica tly le.ss.:'t.h..an. cont.emp:latsd,-t adj~ustments,ma panys rate is possible that.a substantial
~.. n n
'.d Compiny is currently unable to predict when -
- f. po'rtion'of th'e'Companys shaie of the' construe;
~E' Qafid if such*rateTelief maf be granted or as men '. tion' costs'of Unit 1
- 7 d
TUnit'1. N' M' ' :
2.S 4.
- M :iai~ tiase, th Company c6uld be're' quired to e
r chaige the' disallowed amount against eamings.
- 5. A$o'thei t bl
< ; d b the CorEdanythe p(oposed plan is 'an ciffer 1
7 not to seeldecovery frbm
- In the dvent of such disallowance or a pro.-
4 ' 3 New Hampshire cbstomsrs of its investments in. ;l nged phase-in, the Company,s future earnings
' S6ab' ook Uriit 2 and Pilgrim 'Uriit 2. Since th'c ' w uld be materially adversely affected nd addi-r 3
.CC6mpahy' believes tha't any fin' l'decis'io'n' by the '. tionakxtemal financing would be required.
a
- m. provision for# p'ro. posed..p.lan.,w.ill i.n. blade. n.'
, y sThery is go assurance that the C,ompany could f.3, HPUC o, n its i N o
s any such. recovery, the Com any as,.obtain such fi,nanct.nSa.- ; '>-
sof Jun'eE30~1986lrecofded a7esdrvs.lncl0 ing QJEMoredver,if ths NHPUC were tIfind some por-t
.r 3:es.o. iniat.6d he lid 2,bilati6r,i"dhiry.s,,t.b.'.p'r6.. vide fhr Ation'.of'th'e Company's' shire df. Unit.1' capacity ;
.'l poss.b,le.s..t t
,u_
.wm~v
. ~ >.
m 4those as%..ec.. Com..of th vc.. investmen.ts.in G...,;.4to. b,e.in ex.ces,s of t r..e. asonable.,
i.
non-r,.o.ve.r.y e
s 3
sets,.7he pany ha#s ele ~cted n.ot,to v v u
.o
.r V filsliih'th~e Ndw'Ha~mpshiriS0pielfe Cob'r't'3n9%. - needs,,the NHP th'e'decisidrE6f th'dNISHimbshirdS6pieme o
' 5. 9. fdrther'd,pp~sa!. 6,s f its investment.s h N,HP.U,Um.i..to.2.a Co%
gC6uit$h.3!d,is,[n.s'N.m.m t6 SPUC's'appio0al. o. -
f the~d.ec. i.si65'6f th C
~
s financing comple,tedin Febru u
. deny,~reco..
~.
1 s
Pi.lgn.s In sally" $ vein 6ei.196thESc$fd6ok'JointW$iO88. pan,y,_' Ele,'stich' veryo m
t.i m in ry
.m 1 c, M'. f.,, effec.y.s E..c.s,nizi.ngi. h.at Se. l.b.ido Exclu
~'
f ' j.M.t.r(. b5s Dwridr,
at 9
- :. y. u v. m..
tiveycan eiled.. voted to reltnquish to t j
ntilsuch time as such capac.ity..is required vib.e$'RC,th4.o
. Mand initiated.h.s.tr6ciio, nTe. ridit fdi'Sc.as.r6.6k Uriit 2 Vlo. s.'t.hB.Co. rhpI i
E.6 b
i ab a program for the disp' osition of Unit l W.9pany cannot predidt the'ra. treatment to be
%.4 o
s sp ?e..
f.
..V LTT2 Eq6ipihchthvin
. ac'coided Uiiit l'by~the NHPUC) Fut6're'eunings '
diSTE, the^Chijany^g a'n'dt'sa!Yags Valu'e'. The*r'e? @WoEld! b
's frivEstniefit in thds$ asset #
iil'aie d' sn ESi@i.d agiinst ths sese6eyeDicin. sly FrNN'yIcict.ifit,t.h
'. Y.a e-6. w.
.M.,.w(' wide
- s. d..ths
..r.. d.. 2.lStio..s. ha. _ for wJ. e.flected. c.. mg..' ate,s E. p >p.,.uM,y
,..s v
T-
- d., -
e estimate cance nc rge.s. m eab.. a.n tn
- y.g y
- ;:-.. p,, m a.
p,;; m. rook U,mt 2 re w ~ md.,,
a v w~.
n vised base onj:urther study.Iw,. u
.a
,w. n. 4..
. a w m., 7.wz.y,C;pq.p;d.M..
N'-
n,
,,m. wc W+.. g. ild.'t.he,Com, pany;ha;s not made a,:
fornialfihng wE g'
W 7,..,. @ w: 7,'
. r. s.. 4 Mt.C y h
,J.
. 4
- p. J jf+. ff,.,., # rate pla.,N...HPU..C wit.h., -...,,.. h A thtfye-
-.j Nr, n, tbx a ~ dl w.. spec,.t.to its Pat. ayas,,puNi:cly a~n~nounted,,;'Q7 re s.
A
'" w.n egopo a
n
'ad i
f.
r
- ;fQ~h,JO '
n~...y.a.ny; Id. d,r.i.ss the.'Eoffe'rIdo,,filib'?OI,'b-T>-M. v.. G Ib. ? 7. E '
theM t6.
,3
.t
, ~ :ble,s y%
('r
.f
.U L. ~$.&.
k,j rpf,,, ' t.,'.
- o.
<. W -{.;.]1
.pd,.g.
panyg jomCrs'as poSsi j
. ra.te.li.icr,e. a.ses..and.to enable cu..s. ;.. lan with~res
. g~ n ' 4 t.hd,'$.,e.'a.b.r Me st 5,
...,. w..
T.
w
~ w -at qi;& Q Q;tomegjo
'n y, g.,,, 3,.at q y.%)qf..Ylc:.,s tery $ y q g ' :t ir
- g. a...,
if.g.
.. w
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e..wkp,a -
p.
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, n: ;
29
,m >
r.3 :
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e~t
,<.,- g n 'ty,.. n.,w.
.v o i, rn. c se rl '. A.., = 'eWm. yQ, W:
Q;.
4 y ;*.
,[,,f V.
I
'.G XUMW!v.,.s.9WTfpp QWE e
'2% %'.
L,W'F MyA'M ? 7
- M !p ' 7.m.%. p %c;& * ? W
- M M W m:iaw " ^!.L;DY 'Q b".*<
- n. = K
- k. t.Y$.Y.M,,,,%Even afie,( Unitlis ladbd in.T.~er idbefa'tte,inhts b.:~ ~ ^ v J O s *
. U;vEQ
~
rs a
. i.
. u.m -
~
g
,. /. %,/ y -., w.
.y
%m..y,m, u. s gh~t n
e w.
+(%(o.t,1.in. hi.c event..o.,f,%.x,ciu.e.
.own.s.%ith.i:h. wits' service area have -.
4-ni uce. fat.es.
.w.
~
.m
.an,y long.tcrm e e, et
.,.. e..
Uni. w.
could..
v
..v
,tmpoEs..n.,oinif, car ot. r possi ~ m. s.,o rce
. /_T.%g, ~, id.,A
<,b,e_ lid.." ist fc'o(ns,fifu,tS..fr.,f.E, rEdW.'th.i,Y M,.c."s.ed. br.i,ti lude lfgeneration.m f,3on, sm
.i y
s
~
m m
r any W, power, w rg inc se u en r %.:.. 6. ~
of the q. ommpan co P
o
.-- gA:
s
- o. U. s:.W
$...;F,, m..
sources of su.-
e short term such.
oral a,s..s.~ets and !
the
.- w.- h.t bw..pplyd t
~ d.o. n ofits el~ectn. c ge.n.r%u...e._.available
.a.. A.g<n m.u
~
wmnn>-
u e,ofa
.. ialw,a 3.,:s. m.u n,.v_m.so..rc..gu. p.signi can
. A nyg e
n r
~
s..
w.4 4
. o.
.y-W.
wer f w ~
Un iisc~o:mpreHertsfve ;w,. m.~.r.om Slab ~roo.
- igg.,
.r..
craun ca acit y4.%' a'1%.%;..v f!'he Corh,ppy e~ e -
w,
.+.
.x
- w..qt.
I cp. 4
'. M
>u m e-
- /..
cergpacit t.
.WScM.Y#.Y N rs'te Froyosil. Path %a%2dO0cd6kenb'e'dib* i'eith e..@} cant a]
o ounc d
mately mcteapate.s suhtantially more t$MM MEsure'its'ctis'ibfndrsithithbtEih'sMdity t'h'eg gth n got!,Seab, rook U4if,p Rate increases of N
9
!d T.f' MQlMW,dotentialidf Scaffo'o'kYe6te'dlifiinfrnsbsithbp%.Pd"Y d
g sjnaggtudpgou!,
V 'E ',7 g y;?$'4 Cdnipiny's"rifes,h'ilfreinaftfc'driip'etitiE Dudi'6',i v.M{sh'e2u osjtton and'the overall
,i S.
, g
>l d
y-;.iMdMA
< %j D% Sea 6r' oM r'als'indelse?;aEdinbdfofth^e Cor%% :'s.C ' &
Y,fn.Q..,N? $.& h klQ S & h W & & $ C'
,1.
l, 1
l" Standards Changes - Q- ? NSiarid.iid's BoarilFFASB1 issued a'staiefnent G "that may 2; Acc6untidg (.m F,. :
^
~
l
> ' M'rSFAS 90'{thitsij;nificantif chih[es'ccrtain" s " the NHPUC iill alld@ Seabrb6k relat'ed iate -
l
y i
- g'eneraIly~ accepted accdtinting'pridcipibs'fdr Win'cre'ases'th3tYvduld ciualif9. urider 'statemsnts ' '
x-N '. regulitsd en'ter;irise's. SFAS 90 revised accotirit-./ that may be issued by the FASB, as a phase-in
~
". ting requirer 6ehti fdr' plint'abandonmerits.' 'Ed
',j
'regulatork'disallopanciis"61 plint 20sts'andf. [.J. 'pla'n"or teat wduld ciEse
~,-
s3..;
~
a dete'rinind that it isojohg' i met ihe~ criteria 'fof e
capitallialion Bf AFUDC. SFAS_90 wiil be effed: ' appl 9inj;SFAS 71, '
~
,i g
s
- j.,tive for fiscal,1988; The FASB has 'also been '. U l D6[ending upoh' the uitimat[!evbl ' nd forr'n3f '
~
a
, reviewing the ac_coun, ting requirements for,
.+
phase-in plans. After considering comments,
. Seabrook'relat'ed'cos~ts and rat'e increases.
- allowed and the conteht 6f a6y stateme6ts received concerning phasciin plans in an earlier
-issued by th' FASB on these matters,it is c
exposure draft.'the FASB concluded that addi-
"possible that the Company will be required to ',
' tional consideration is necessary and will con:
recognife losse's that could in the' ac,gregate
, sider phase-in plans further at a later date. The eliminate the Company's retained earnings or FASB is also reviewing the xcounting require-result in s'ubstantial retained deficits. It is also ~
ments for en~terpnses that should no longer possible that the Company will determine that it apply current accounting principles fo.r regulated is no longer appropriate to capitalize AFUDC industries USFAS 71') and could, as a part of the related to certain Seabrook costs without reason-process l establish criteria for situations where it.
ablc' assurance that the NHPUC will a!!cw would be appropriate for a regulated enterprise Seabrook related rate increases sufficient to to retroactively apply general!y accepted.. g
. recover those costs. The Company's earnings 7.,
accounting principles for enterpnses in general; cou!d be materially adversely atfected during any
'It is posstble that the NHPUC will disa!!ow'some such pericid.The Company is currently unable.
amount of Seabiock Unit 1 cMt's. Under SFAS 90c to predict the icvel or form of Seabrook related any such disallosncs ivould be rec'orded as a ;. rate. increases that the NHPUC will ultimately loss at the time'the dis' llowance became' probable - allow or the content of any additional state-a and the Company could estimate the amount. -
~ ments issued by the FASB that ielate to these SEAS 90 would also equire that the Company matters.
d e
S S
oh a
r
e 3.Surnmary of. '
Regulation ami Opcmtions. The Company is sub-mates differ from actual costs incurred. the.
Accounting Policies ject, as to rates accounting and other matters, differences are deferred and refunded or charged q
to the regulatory authority of the NHPUC, the to customers through periodic raie ' adjustments.
Federal Eneigy Regulatory Commission and, to The, Company records an estimate of revenue
.a lesser extent th'e public utihties'c'omnussions
' for service rendered but not billedf
'a -
^
- in. o. th' i NeW E,ngla.n,'d sta.tes 'where'.i.h6.Com2R"etail @ customers are bi!Ied a"levelized energy
^
.~
- ~
e
- .3-
.c (Pany us,igesspygg,,j ; ;y '. cost rate tWed on'six-month;ir'ojeetsd data fori 7'
Inwstments. The. 'omp1ny foUows)h'e) hts in' $.
ctistomers are' billed urider fuel ad, fu quity ' _
l method of xcounting for its investrne l
.p.(
' f nuclesfg'enentisfcoinpihies 5 whouytodied ' "clatises.7 [W
- l. #%justment -
/
.m.
, real es, tate subsljinry.The debt issued by the. > lAl!5vlmicfor Fund overseas fitianii^subsidia?y an_d a whoUy-owned i
~
(AFUDC).'AFUDC is 'the estimat'ed ' cost, during -
- : overseas finance subsidiary was repaid in,d. Th'e. the pdricid of construction, of fund 1986
.iand th.e..su,b.s. i_di^O"subse9uen.,ti..h uidate. h. f ' the construcuon program wl e-t
~
79;
.Co..mpany owns four to seven percent of eac o.
r from 'c'ust'omers through current revenues. Su'ch' l -
c
. four New En8 and ni; clear 8en.eratin8.'.o.mPantes aUowance :s=not realized in cash"cu;r ently but c
~
r i
and, pursuant to purchased power contracts, is under the ra'te-making process the amo6nt of
. entitled to its ownership percent opotal plant -
the allowance is expecte' to be recovered in '
d output and is obbgated to pay a simtlar share ~of cash over the sdrVice life of the plant in the' l operating expenses and returns on tgvestedicap. ital. Approximately 7.5
^
~
the Companys total energy requtrements were ' Sof higher'pldni costs.'The'Com AFUDC at" net-of-tax ' annual rates'of 11.7%,12.1%.
~
. furnishe,d gy,.these companies in 1986,1985 and.. dad 11.9% for 1986,1985 and 1984,' espdctively. -
~
r 1984. respectively.
t.:. O ;. : v.-.
_ w - p y;; v,..
'. :3,
- s. -
, ;j, Utility Plant. Provision for depicciation of.utihty. ". Earnirigs Ikr Co
..7
'.Sb$e. In N86 the loss per commori shape w
'c,
7
'/~ plant is co.mpu,ted on a straight;line method at.U. 'calculatsti by dividing earninjs'available for ;
- salvage valu,on. estimated service lives ~and.1 - i.7 conirnoh's'tock by the crates based es of theleveia!, classes of property 7 mon stock'outstahding. Earnings per comnion The depreciation provisions were equivalent to 2 ioverall effective rates of 390%. 3.93% and,3.73%. < dnd comm'on. e a, 1 of deprecia6!e property for 1986.1985, anc 1984s,. in 1985 arid 1984 by'
- &g despectively.,
.'(experise t; hat so' ld; result from the application u
.;Maintenan,ce, and repairs of property a'e. charged gof the proceeds from the. assumed, exercise of.
r
- to maintenance expense. Replacements and 18,37.2,999 common stock purchase warrants, at
.; better'meAthire charsed to utility plantJAt theS an exerdisejirice of $5 per shareiin excess of
~
f tim 6 ' pro'pytles[are retired, t'he cost of propert',
those'prodeeds used to_ repurchase 20% of the..
y t : retired plus costs of removalle4s salvage are
_ Company's outstanding shares of common stock, "chaf[;dd t6 thiaccu'mulated provision for'.:. *. : to the re'ductioniof outstand
~
h.!> V: and (ii) tiifresultirig change in'AF Ydeprecia'tfo'n$ '/d J ' Y U. 4.lC
. Op~ra:m,;.w eq,.. d; 9.gReven.ues.,Rev.enu_es are pt 7b
., c ;.
re.sbltiE'Edh..in8s av ilable.~.fSr'cbin.hi.on.
n u, w e.
-..r,egulatory c :awas then d. ivided b..a 8.
.o. n,w
.~
.. n h.
stock o<utstand. in,g 7 the wei8 te
.6.~.
.t..
..o r.e,,sb.illtn.g rates, au,th,monz.ed b _ pplica.l.e..-
.c.o.m. nussio,ns, w;h. h a.y a. h..d to r
- ..~~
ic r stom
.u J. common..
v,.. n
- o
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..e a. pp.e....~ cu.m...e,rs
... ~..... -cost of e.ty.These ra.t,es tnclu.de
. on 'the. ; exercise of'.
m e
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-- 2
, of w..,eP,urch,ases.o;f c.om_
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o %
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{ '
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-,T. M d.D. M l$ M S D % M yr g h sj g b y pju % t p 4 '5.' ' '.'* i -
d.4. Iric6me'Ta'xes' @My@M'$4houlisdiof D'ollahiWrVW&/7dd4~#
.W/IheMomp6ne'ntk6f iric6mh tax ey3MestipbN& w;~.M$:2 W"~
nsile~as follows mwd W
l
%).?[h*.Mp';f w % mev%+* m W %
x r
YI
. 1984 4
N. %.I w$$h?gg['w,, Y I
r 9--
Dq(age;g 5 32.064
"%;@turrent-Federalg. %e
^ 4, S 31,.444. $ 43,386.
a G y: /,f
3.{ % 7. $ / p#
.[,
b[h.kS$l5' k
.YI2.jj 91%02 1.52'5 ? '
'4.823 h
ck E,q"y'.5. '
k,Mi}'66d 3'2,969 f., Q8.209 l
/' W M M:.4..,.$..
h N M'NlR h,H.%. g"$ M W g:$,j[,yZi d,W,p;.n.s Ag yv.;'.O, I.nv,estme.,WQ',g".;J%y.p.Wm.,WF.. Guy ~<
DefdrgdyFederal
/qTG$Qg.'i(511)4.v 1
.a
- nt.T.a.;c,Cred.i.t A.d.ju,stments 469).. '
?(499)
~m
~
m/pg)y?.T.(,.g Mr%R,p %316598S'46.i073f5 56.119
%, p p 9 6 g % 4 ^ w.
. (;
- B;.p+M[n; a@. @g;1;,2 ;4InclGde'd i f
sp ws:.4, <...
~&
i
- ; ~ % v Tl
..s%
F[; '?Cntrefi@FedeIalVr ' Wi 1..
p g Q.~.j
.f,f gy, ^.%C5rrlch[tf:StaiE>;fl[* b ggFMI,'..';T 9%/ 4M Z.:M...;.,Q. f$M'Wg,@.c. 7:f.M/w'9'(39 j l. '[ ' p Q7.['
g hY
- f0,$.3.M.MM1,6.03)h (27.184) ~
.'.fDeferred -Federal.
v;
.O.
t (3.133)
.....'.w-
- o,
..,: - 6<
m.
h..
,s s
....r
?
m!14+.. 7 ; p.p.,..
. w, g
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{
~ 'S(49.179) 4, yh ga. pense. Federal ml7.,wp j $-@
- 'y w.- Q y n z. ;m, y mq gy:;gg
- g... _,
s.,
S 6,937
- 7
-StateiM.., t.J;c p u g..M X $(30,21$)4 $(18,950)
.TotalIncome Tax Ex
<., - pV 1, g.
.M. r.y@4.t..,;P.D1M(1
' ", f.r.@. ~.a@~.5pe:
3 3
n.
,. y:e, wg n
w p..g; w _..
<~
M.,
. nps g.; $(30.212)q $(18.947)
S 6.940
..y W
,s.
^ *, y.,., u g....a,.. Q..... _. p. ',;; :yf,gg.QR?.W:
7
..,r.
.~
- On October 22,1986, the Tc.x Rbform Act of ;.. d.I; vestment tax credits" utilized are deferred and
' '.4 n
- .t 1986 (the 'Act')WaWigned into Is.v. This ActWill!6 aniortiisFtoEcome o'ver th'e' lives of the related Nadverse. ly affe.ct' c. ash f. low'but'd,ub to'the.. ' '
H roper' tie' '.A..a.e. cb..i.nber'31,1986 tiie Company tD
' r. transitiori rules to implement the riew tax law /M; t ad m. -
,s.
, e, a.
n Company.s current tax posioon and favorabje.;
vestment, tax cre.d;ts available to carry fcirward which expire between 1994 and 2001.
no materialimpact is expect'ed iri the near future.
~ < The significant reduction in thb top' corp 3 rite ( ].i It is' cig'y^cted that
.lafter the adjtisiments rcquired by the Act wiu be
' tax rate from 46 percent to 40 percent in 1987,.,
$65,000.000J and to 34 percent in 1988 and aftbr.,is expected. ::gg igge; of dif[erences between pretax to reduce revenue requirements so that no g.
ncome in the firian~cial statements and income material increase in reported eamings is antict-subject to'taxfwhich ' re the result of timing a
pated. Furthermor'e, it is not expected that the,
differendes, dre acEdunied for as prescnbed by effect of tax rate reduction on deferred taxes NU and in acebrdance with the rate-making policies have a materialimpact on revenue requireme.nts.
of the NHPUC. Ac'cordingly, provisions for The investment tax credit has been repealed Aferred income taxes'are recognized for all effective January I',1986. Favorable transtuen
- >eci'ied timirig differences. Taxes attnbutable to
. ' rules wtH pcimit the Company to. qualify all et gther timirig' differences are flowed through to
' the Seabrook Unit i expenditures for the credit,,
. net incdme as adjustments to income tax althesh credits used after 1986 will be red,uced.. expense / As of December 31,1986 'the Company A: Decemb' r 31.1986 the Comp'any Hfs, fo' tax" had not providediumulative deferred taxes of e
r purposes, a net operating loss' cariy forwar;d 6ff. approxims.tely $47.0.00.000 relating to various approx:mately 5385,000.000 expiring in the year. ' tax deductions w hich had been flowed through.
2001; for financial statement purposes the net
'Ihe principal timitig ditference which has been operating loss ' arry-forward is approximately;.
flowed through is the excess of tax over book c
$247,000.000. When the excess of tax net operat-. depreciation for assets placed in service before ing loss over the book net operating loss is 1971. Provisichs for deferred income taxes are uu!med, deferred taxes will be provided for recognized for the following timing differences:
fmancial statement purposes at the then current income tax rate..
,, J fBousands of Do' tars)
~
~
'1956 '
1955 1954
~
' ' l
- 4. l Normalized Timing Dtfferences -
~7 2.
' i s
Relating to Plant '
',' >lM.: c. ?, ' ' JS l'3,742'
.$ 9425
$11!45 l.257 f J. > usa
- Deferred Fuel Cos,ts D
',, M 1,530).
Excess of Tax over Bcek. Unused.
a
.r
- O'
- A, ~3.333-
~.
Net Operating Loss Carry-forward
'~,
i.
5.245)-
(24.733)
Other (3.526)
I2.061)
. Si29,700)
St 13.577)
$ 5.276 b
32
,7.-~
'. c'.
.t J
Le principal reasons for the ddferences between calculated by applying the federalincome tax rate
~
[totalincome tax. expense and the amount
. (46%) tolincoine before income tax are as follows;
. s. s
., l.. t./
- - (Thousands of Dollars)
F 1936 1985 1984
/
c
\\
. (7W,:.lp c y. fj. !hdd (IM,,Bef,dre. Income Tax... '.
- x.
" f. 3,$O05145); ~$ ~62 466
$f228.577f $135.795 ($ 163.540
.g
., ; r
..t v.
Expected Tax Expen'se (Behefit).
u
..,Lv
.$ 75228 i
f
.,2 Incteises',(Reatictions)in Taxes Resuiting from.' ~ '.1.. Y$ ?f.W.i....'. : 6,M..
'_.~ W t,s '
J.l'AFUDCEcitiitp /,i:! Q. ';.g y t
.4 i +E W%57,3611 f$.53.465) ?.(47.799) j
' Net-of.TaEMeth' d of Recordirig AFUDC.
%.MM32.006)f.J27,403)
.U -.
.4.;i
@RevdMAFyDC on Candelled Nddehr Projects {, j o
- c. v - n 9
d,h V Difference be' tween Bool(ahdTaxV, '
d 4$
@ 3 9.
. Depre'c'iatlon-Not Normalized,
+ ' - m " J M3,018.'... 2.343 X M 1,969
~
r
' lOther Deduc'tiSsi and' Adjustments [:
y ' d M 1.660')
Ii2.8'88f $4209)l
'X
- i. Unused Book Net. Operating Loss,,
' g$$ (30212P $ (18947) '
- .113.547 ? '
N n, J..' Tost Income Tax'Ex;5ense J.940 ^
3 2
~~$
~.
6
- n..
s.
s.
a
/.
'y,..
D. w g n^ ' t..I.
- f. ~ O
,j 5.Short Term ' o -
7There was no short-term debt'outstandirg at
.1985 the maturity of $130,937.000 of this debt Borro.wsngs '
' Decembe'r 31.1986 arid 1985. Sh'orider/n debt
- was exte' de'd to vafious futbre' dates in excess.
n
- outstandirig at Decembei 31'1984 consisted of a of'one yea'r[ Q _3l
- i
$50.000,000 lipclear IUel obligstioredit from the' ' as~o'crEaliori k;Irdih,short'/ eri Mof bank debt'and $20,485.000.of cri, $75,000.000
.Inf t
. follow f M-W.h i '.i-
' 1
,s c i,;/ architect / engineer for the Seabrook Plant. During"..,+1. :.png.;E.. M.;l6,;
..e 4
- . - u..
,.4s.
- .2.
- v.,
c.
,... iThousands'of Do!!ars)
.s
L.M.1986.
't
- Y1985'"
1984 M Maximum'Shdrt-Term Borrowings ' Jr
' '.SM i $ 4E$ #0,000 ?$145.485[$'242 e
^.,;gM. 6.137.4 $ 83.048
' rAverage A' modnt Outsunding'..u?
,1 -Average,Ir'iler6siRate (Including' Fees) -
./ " W Y d. i., '
' ? 9:At Y. eaf End. f. 4.,'.,'.e' 1
' M... :i e.
' - J.113.23%
~
s...
%During the Year P. ' T '-
N
,o?..-' 18.31%*
'13.41%
. 20.68 %
'Does. hot iri.clude..com. mission an.d, prepayinent premium aggrega. ting $2 800.0,00.1.,.
3,
- -, s.y j M._',-
- . p
- .
+,
- 6. l\\istemployment, Ibnsioir Pla'ndhe Company has i'non/contribu-
~
- The' weighted aver ~ ge assumed raie.of return, -
a Beriefits tory pensiori. plan covering substantially all '.,
used in determining th'e.dctuarial present value employee's. T.h.e'.C. om' pan.y'.s policy',i,sto. fund - -*,'of, accumula.cte.d.., pl.a..n be.nEfits wh. 9..%. i.n. '19
~
n,
- m; -
current pension costs accrued. Costs.were :. ",, and 1985. ' a.G.y' "% ' *
- t;,
x n ^ ^ N ' *d
- $5.148. 0.00l $5,343.000... arid.$5 572,0. 00.in 1986 c'-
t tization of p.84.~esPCcti,v.ely,and,,in..clude.>... :.,. Hea
..19.85..,.and. 1.9..
n
. c 3 -
.r.
- m. am,or. p;provides certain h' ealth ca~re and. life insurance.
s
'
- Acc.um..ulated.P.an,'bdne. fits and.er 25ye.s,.
ast service. costs,ov ars J
bdd'efits for'er'n)fdyde's.'Sobstaniiaflyallof the' '
p I
u c
be -
c l
enefit pla,n. n,. t.,s.:m Co" ~pany,s employe'es P.a.,n. net asse m
,.7 M. anua_e.Compan.. t.ie, f.i,ne.d..b. s s
fo.r th
%,of,
g continue.those benefits if th ~ reach < retirement as e.-
w-
.s..
,ry,;
c.y. year is a,s follows..W U ; >'
1 of e.n m.
-x-v-
e - -
a
. e >D e. age w.h.4le wo,rking for_th+Com.. pan. y.
i e
. os..e m q m-
.., beg. pts.are prpgid,e,d or admtms,t, y
.lThousands%f Dolfars #M'4986M.M1985 '
e r
.-insurance companies wh6se premiums or, e.
. A,c..tua. rial Present Value o. f a.. e.fgiy'..
.pF..y.QediM+d on thb'bEniffis"pailduring e
,.-w
~.
' ' ".9Acc.um.uf.itEd P.lan.B.ene. fits.$ 7 87
.w
%. y
.t
- s.. : thee y'e'ar.'Th"e Compan~y,re~ cognizes the+ cost of
+
e a
2.V.es. ted. '.' *, d.' e ^.
. - S. 2,261 ? ann ~ual~ insurance premiu 9
62 730 <',.,s.
45 66 e' p+"^ovidu: (."those be' n<efits' by"exp~en's'tng"th"e. n'
. z..,4 4
e a ~
r g
.up r
". $....N.Mm.e..ste.M.A;.g. 4 I <)
onv
.d s
- - ~-
.a -
ae i
r tie,;.... [$5'0.217 Q.x$47.930)s. is.stefy"$1',200'000.
' y d.a..a e.
fi 51 P-l vailable g;; '7.s. w%.;.,.gW.,. - gempfoyees.in 1986 and 1985, re.,,
c.....e.e...n 7
.s
.~3 m -
- e -
.p..qpjnr%pectively.: A9. w ; e
. - r. m.
g..
Ny s
. ' Net Assets g
x, p.wm.%2&. $&5.269,fM 569.846W,0,5 y
.for'BenM?fG9^/ G y
.s.
m :..
.g. %, m:M w.6 M M fEt? %.& c.
M W
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et
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- *,'*tP9 Oef. afwp *7.**W&*4cr,7yp<NJri'*Narw**,wJ f*,fM*.g.
Q vl'f L) R r.
$er
- as sap 44 7 w..p ar "Q q. Q.c.yw.-a.eg?l-Q &,.g ~ y.ry w'
m.
w*-y gy y
e.,
)g = SMw';.)4;M.:f %;; Dy.a -A fG L....
.- e
', %. % 3 r' y q w n y. s.g S. f i
Jy p..gw pW.M.. n.q W. E g,; g
~ ;i, ';-
Q,po g.g.e:,,+3 m.;. % y. p g p.. ma.],...w;e.@qy l,?.
s m:
~.,e. m,, m
- n w.m v
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..g Wgy,,
M gg.,
wg E.
,'x,7. Lea,ses WQe d.fJy ;-S.e,T.he..C,orn 7..
M n o th.d n As a le'ipirigN'h.e. eire.,n.t 16r.af.a.a/ le.u..f,iy..i6e.r.i. for,,6orics. pe,lla
.v, l.
h.
r' 9 ase p
4.L.c. y {y,ug,c2.Wari portio uc!'elt fuel for.t e Seabrg#ok Planta! eases werus' t
's g m m
%ed N N' d V, W -fl
'.m@.. %. fQh,@p;Q,s/F,DNWryi8rti.ng'yu'.5.W'MMp6/,.EW.D-3ThQ;lreese as tieciPcip'itilised for f!Ea6culDWM. NM W
N ~ t
~
1,p89/%,p#'VF, ' *?9,.
WSM5,9,00'01 '
y gA.w. 4y le... mas.. - m
. nd,r,N,c.l. n.r.
s m
e.. s pe,rtyjrom a'wh, l.ly,.~
d,re l6 8a
- E o
q 4.. ww.es.c.e. rtain ro.3.M 4M*h("[f",a.v.19f}.1m*
o owne
~
~ "-
.H m
.. n. ~,.. m. - J..
.w w w n.....e.. n
. ',[,[b,.j%[,m y. estate subn.
o.
diary.
s 83 7
730,000' hh' m
-.ffMhhh
.h hMg'Mf@' D,M3'32',0'06snd $4.'398.000
).f g
3 2',d0 khh f @, i,,U.N 19g4Ge*$
' ' ( o.,, 4
- c. I.2
( m f4 b,er,ea 28.895,000"..
, M. ffc3pe,cij e. is,'.
.'d. owne.d real e.inc.w!Ud.iff.r.E..t.a.,,lftd.1,17, tr.i1.986e.A@MW[(.
- -(ivfi.olfy:/.W/e%.w tR l
., e,,a.., 4 3.l w-om p'a,Ag
. w.f.*r.
state subsidiary o $.
a.d
., 5.j.
9.m,e,#n62es^ P%a $50,740.000*
,4 w.
y. ~.
~
.At Dec.
b.n f
..n.,Rd ~uture mintmum ;
mjdh,y P..s.g..g%, in W.,p em er 3,1986,estimat f w
1
..x.
.s. t "m.
- Ns.n.f. w. w.,ssgqpKEtW e,+.
L.>
g
- 8. Udaudited Quaite ly i' ' iThe followirij@uaiterl inform
~
irt'ers ieflect the seasonalW '
f Q'.f Vand,i6'thE opinion 6f insnageme'ntUfa fairs QTnat6'rfof t!SECorntari Irdormatiori" -
e
~ "~
/
i %<'
1
+j
~ -.g W.., < %. p. y * % : gg: ?,.. ~ ~% p..
,a q f.g.p..h.p. n..
.7,
.. N M.
- > /.Wfy,O xe.,V' y J.# rMA '.,.W i W- %%ie MMui r.nhedVt.b#r"W.T i T'" - M
'e
,c.
W, f Q ; Cy y yog/s,J3t.W: E Sidd6r M.M'4WMe C.% -: Mech 3L't'.
s.
h
~'f, [ITh' Ends cxicpt br Sha A$nt's)
~51986.' . + M85N 53% '
- 1985.'1 J'.'986PM' W85N.b94.-
% 198$ b -
% 76perating Revenues ' ? )R.y"/..i $1194361, hf 20.4803 D.735
$133.705'. $111,723.. 5121.601/> $116.6.40r $1pd7f S157,19' j $146.747..
i
+
. r Operating!ncome' d N ' M 22,649s f4 6
, & ess on Care.cIlatioWof IN" ', 4, h"5.000 ;? - C w w 2
,W D'.O M O. 8. ch 8' %'(W'*2 ~S i 1.<-
.l e<
m
,. ^
.r....
T43.726,.M/.u;,~ m?s.'%...: : e h.*,..C '3321 D :
.,,t 42.782 -
.d-7.
M : " * \\ l.
c.
, _; Nude ~ar Proj.ects..
d...
r
.c r
g,q 35 f.f
,c.
1,. r N,eiIric.ome II.issN..? L. J
..!41.034. t.$ 32.687 4,g. 38.235 f J. Preferred Dividind Requirements 1. } 10.24O,10.240, ' 10.245 c,
't.47.;dj
.iO245. i 10.245, o310.24r 4.10.245_.
10.2 4,-
Earnings Avada,ble for; : g' t ' ', %Q ; ' T. ~J.,,}h
., f {.';.
, s,M.,,
,7 ~
s:.
.-. 22.4451.?,37.138f,.;,' 32337,.
- Common Weighted A, Stock.+.,
33.479 9 ! 30.789 r 22 442 '/1i27 990 (332.405L verage C,ommo_n., d. w.z,.......
48.128 V48.128
'48.128 9, 9,5..
.. 15 %.. '. t./ f 7; ?
, ', y..,g...,-<
, n O.
aro Common Equivalent Shares !
7 48.128' " 37.194 f."
48.128. % 48.I'8
~ 43128 9
?... , ;
- Earnings FN Common'and
. ?
i)
.P: 3.S,l /. !
$031? 50.781 50 72'
- Commo'n Equivalent Share. / _
$0,72
- $0.66 #
- 50'49'
$0.61 > - $;8.931 -
v Effective Jun'e 30.1986.,the Company recorded a reserve for*the non'-re'coverf of it's inve'itments in Seabro6k Unit 2 and Pdgrim Unit 2. Frdm the Company's perspectde. the event Was uriusu'ai and was not expec@d to re6ccur. theiefore th'e loss
~
was classified as extraordinary. In February of 1987 the SEC informed the Company that the accounting st.tf of the SEC.in view of the accounung and economic enbron'mentIikwhich the Company l@erates, did hoIagree that the wnte.ods were :
both unusual and infrequently occurring Th4 loss has accordingly been reclas'sd:ed as an isnusual(tem and the presentation
~
of carning's pet share has been r'evised. l
j
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. Ten Year y yl 1,1,p. Selectid Financial Data Comparative Sumrnary -/ [;tThousands;exc'eptWr Share 1
l1986
. I1985
' 1984 '.
"1983
..1982 1976
'. m,.,;L.';3 '..,. *, i Q > S Arnourits'and Ratids) '
~
.<r N. :$.'505,190 -$ 519.740,5 52538515j463.484 5 423,290 $.196.674
, y tn,y ;'G r/f:y- 'E -S Operating'Revendes ?.. My/ f S3 8882 /81173 g.
Y? hla Pu M d W F
'K217,64 b247,809 '258316 M 2349715 4 224.830 I-/'91.349
- gp t/y,p$J$[;':OpMatingIddme *..G}-T[ y
- j ;3.,
Y., f.7 [.S f.[8724'4 Qp.'68.150 M,783.469 - [(31953
. h y.
. ?;f W.j UTotal'Ah1DChr;)io.n of
'..p, 9.~.d!4.mMe, *.fi",~lCE,S,n;D.T.y,n..llV,e.1 W 4
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. n.e :?. Nuclear Projects n.a;r ; 4
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&d%/. 9 9y M(198365iS154,742 +V156,60'04.ng s c:.n.pml 420S95 x..
3
. Net Ir co6 151.658 iM1,623 i
a; r
.,,y y,.
7 D:'Averag'e Common and CoIntnon*'A WN..U:.h.4 'A :.V.E.% Of;F'UWh'dWM. '
4,8128.. N M,37. S.26' M,34.,026. M 3,,58D,, p":
?.lM.V C.3.7,194_,N, #
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- Farnings Wr,,Com,EeW 'M.
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- 0.$2.73,ti$233, l
s.
. Equivalent Sh' ire (Average) ?? '
$6 i$2.50 7 $3.07
;;. 'l:p K.M V Dividends'hrShire 41(* ' 4'jQ. i '.44) m y. }'E,50.53j:::.ld ~$2.12., , ~' ?, :1 M **r*a l lCe .lNM l.:, "b ~ M W:.":,@c 9404.758 i l. )$1.86 - b $2.12 " .i " Q* @; '.628254 ] '1496,208 '464.731 % 7438.644
- M ~n'.}.' Common.St.o'cki i,
- O p:
O. J W jt l m358.923 1 }.'-Net Utility Plant in Service - ';%,M Unfinished Constructionf.1.- M'1 bl,874.289 v1989.164 ti,691A551,1,398.134 ::1, l c Jotal Ass' ts M f f .' 32,707,844 32662384% 2.565283 Q.085.783 M1,615.523 . ;;, j e 1.372.585 3 089.S22,, l 999.60.1.- ;,-726.777 4. . 637,808. 217.298 1 C '..u V.,41.on'g. Term' De. b,t ;..,.t.... i;" sy ,,1 %.,u
- Preferred Stock.datory Redemptio. m...,.'.. 1..* '..
,M .3.. .s, -e ,s, w ~' a.. d. -. a F W"ith Man.... ,7 %m. 2 M < ~ n Requirements.).. J.* ;4 Q80.389 6 272.840 *,272.840 2 272.840 g l78.920y12,000. I' a 'Without Mandatory Redemp; tion'" 7N *...,. c e
- ..F o
9 "' d ;;, i,48.701 L.48.701 g,1 It8,713.u. /..48.983 'lp49229 s , J55.012 ,'....T h - R Req 0irernents.. ' i. 763.867.:l;1.069,772.'.' 915.127.9 ' 764,368. ;535,625E ;.162.942 ,W " ' Common,StockEq'uity .. N. NTotalCapitalization g , i,L l ,..2.542,802 0 2A67355 Y 3228,661 b,l,811.408 'i1 A65,102 - L'4' 47,252 .;;+ ~ / ^ ; "2 % NC.'145485 'i.'O.. ' *.! ~ E, . Not.es. Pavable ?',O i., J ' s ~-* ~.i. - N, . h. 7.4.'. ', !*.'f '. ' '....Nr ><.'.4 i
- a
. O t,. s,,*[ '- # r ' - : Operating' Statistics a N ' ' i. M. ' ' ' ~., - - g W.W . t
- 7Cus'tomer'DatalAverage)..
V E *1,N D. 1.* y.. M T..d $ ). N M 2342,414 y ' 322,656.c. 309.464. n 298,078Me'291,612 ?.261.346 '4' E Ef,.TotalCustomeis : ':SDVH IVr Residerit'ialCds.tomery'd @,119 d. - 6,989 7.067 < 6.944 '., f 6.946.' O. -! 4 P. 4 ' 7279 'a . ' V..,
- ..' Cents Ibr,K.Wt-I.Resi. den.'tia.l is N. 8'.85 - 7.6 9.24W;; 9.78.'
4 9.13, ' 2 8.60 ' 44.601 + 3. ;.; ~ a ..... w,., ..J i' :
- 3
~ ~ Prime Sales (Thousands of M%HC 3. ~.. C ~ ' M ', ',1917.5 ' ~ 1.819 ' 1.781 1.677 .- d.. -l Residential.T., # A. /.1 '.O. 2,135 . 1978- . 3. T.a
- 1.818 1.762
,.1.539 , *MIndustrial ;, U. -, sCommerc,ialand Other j/f^, ' j, 2.099 Q. 2.046 y ;<1.920, '4.914 i J, e F ^12.399A. 2.425 ; 4 2.322 y c ' 2.169 ' 2.060 .1.698 1W
- "Gerier.., Total P. rime Sales '. '. 3s.
@ 6.633 ;;, t6.449. H6.159 ' .. - n. ,, m, f,'s 3 n.. ,' M v. ating Capabilit ' +%,.:. ^ :. -f ,. gl, i. J.G.. Coal. N.. b..; y--MW % ;WMJ, J622 !..H. i,622 / 1465'..?. ?465'. F. 458,C..i.L456 i e v<n w .:..cs G B Hydro l4,s i.tp JOil.Q. h 7/p:0 595. e.d 595'y~,..f 749 $..,. :743 '. .760 c.754, y',.3.,2d, ' / Mucleaf @.W W,t' W,@9,MMM((13'lQ;l98 M '.. ) 9 69f's.D % 69.. y.65
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60 ; - 48. .p@g . ' 98 M; 'M Peak Load 2 Net WV/WMc +'. d @f.l 375,9.9.1,320 J g; 1202 191220 ;...".]1.176 ?. :'"'1.11T t p ; l
- N... r o e > x 0%J..M:,. u.%582. hl'$44%
. t ?..vG./.::An.thTaiPririE,+lhid Fa'c,N,.r a ;, W. &. P58.9%S,3 59.9.% u:, ':.62.4V : ww .,w.- .t.. '. 59 LiU - e- .%w& ; w w 3ianih
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I Ph YiiIbithH$A5&-hiff. William JQ E&f TNekp' ort lNEWl:* ?.Mh!!% ? nNW N AfQtl&& ]ExiiittiNVice Presiden' [ arid C15t$ .WQ MCNuifett y& fP$lhB,ident g{. kfi< ffM0hW[f.ancbesterfy&g. om WC,$Yohhe R k&& si?.G&M Q VO}erating Officer bf thi Company &ywTile,Bigel6w CompanyJnc.V. ViipQes t f g t g. ' M@QFfMirEbiReriMlWQf[&g 'eaftir %J y& Mf?fUS Manchester,NH-kTr ~: j8Mdfe.27psilip S.Du$ lap I dhiilia SMffErNryhjf hpTu 'icePresident. Treasurer [.&$j[ Nixed (fiscol@l arkct Ineg y $ ,.?&p!%y.)_f:i-)No' thern Railroad ; SkridefDjpa D _.f g; g 344,. r ' '% t.:p;s Behr$tearns an, . g < p - s m g,... &. t ..'jh. ~ a,.,.. q m ;, .,, kr..n.g:. w y a ,i s,a>,~+,. .s - CD');.? Smitb*; Ba.r,,iilder,. n %., W. ~ y. ~, tne_r.a.
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.r...r y ;p ^ Al ' 1. T YLeb&iRNH s g y.p g. W @ p,' 0.' Qs m p% e$ ' X>. h ! @ ; fm"...u.. { ', '. Mg q , m,. vm ss .4.; y 2.(Officeis ? ' .., M'; lRobertJ. Harrison.5513dC fY Piesidentand,ChiefExciutikOJ)1ce'r%lted'CYddIniM0nf."3EIN li l15) M. 3 M., Vice Preadent%.':YQ Oat.Qsytant Vice Pres: .., _7 . D DNcw Hadipsbirh)Yarihi DjvisionF&'fg Robert G. O . ' @Q'Q ' f ,1}7 3(q,, Q..; john C.Duffett 59(33) '~ p Execittive.VicePresident arid ' YWhii$T.Er ' s,kicePre'sid,enfh.d.Qj-@&Y.Qmpt'rft!cr:jQ 'J2 t0U2 f.
- Charles E. Bayless.ficer '
Chief O cra. t.ing>Of f:Cl .v.5 132v,.' QWarren,A.Harv.e:p 60(39)j Am....h. *[1 Russell A 3". a. ~*? . 44 (6) rn w .w w <~ t-
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! y L'3 && h.W Kathlyne M:Hadley,33(10)1 V ' ' Finaricial Vice President 'yicePrisident !.M i h Mh[A f 'E D. Pierre G. Cameron,Jr.,52(6i ' I :iRaihS'J61$s~on 18 ?. S3 5tafit Treasu,rcr; t . Vice President and General Counsel,T, Vice Pr,isid.en.t.;.$,.,. ~ M.?. O 6 QO. Kay Jones. 31(8. John P. Edwards,44.(1)
- 4. WeMie11 P.' Johnson". 64 (3)"l.4
. ASS:Stant Secretary. ...a. i ~ Vice Presidentfor hblic Affairs. -[ ddmEsi?Sdvins,'52i18i.6'6;3JYice Presidenty. Dennis D. RaceQ8.(5) William B. Derrickson,46 (3) J.' ~ ~ - Senior Vice President- ~ M VicWPrdideWMN h.. .W Paul E. Ramsey.'33 (11)n gob ~eXhja}k[Ali18)l;;QQf fAssistant Comptrol! cry ; '. '. Nuclear Energy ^ Roy G. Barbour,59(23) ' VicePreiidditM&.w & Bruc~e W. )Viggett,40 (l'2) @e5&&n&4ib)Qy%g.yssista.nitComptroller .Vice Presihnt George Branscombe,39 (7) ^ " W;VidePresident4NacludrProduction:;;%r.. E ;i '. lVice President and Treasur'cr t ' Assista..nt to thin. Y:.I0il.7)lEl0x.E.... ? .YrNe.rWP '~ T .e e President;y :. m * - :. ~. ~ 2 .g < gp.m Divisional Edward A. Brown.57(2) 7 ' ', fQ;..,;h.1,.g f.,,.ql. s., g
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,3. ;, 'I ' 7(.l ' K'- } '.'., ' l' Officee President and Chic lExecutii. _ l w-: n %, ac v.4 ~ ' . ~. Officer-New Hampsbire '; \\ Ymkce Division ~ ~.7 +. i V ny 'j b .J ) denotes age and years of semce/ ~ ~- }' '~ ^ ~
- Elected c:fecuve 2/1/87 s
.(*,'.'.. "Reured effectae 2/1/87 .,.?..... c ;.,!..:9 ' 4 .*..4 4 4e 'l
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