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Profile C ommonwealthholding company with investments Energy in four operating System is an ex public utility companies located in central, eastern and south-eastern Massachusetts. | |||
System electric operations are involved in the production and sale of electricity in 41 communities including New Bedford, Plymouth, Cambridge and the geographic area comprising Cape Cod. Gas operations serve 49 communities including New Bedford, Cambridge, Plymouth and Worcester. | |||
In addition to the utility companies, the System includes a steam distribution company, five real estate trusts, a company engaged in the operation of LNG facilities and tv,o new subsidiaries that are pursuing energy-related business opportunities. | |||
The System is a business trust organized in 1926 under the laws of Massachusetts. Subsidiaries of the System have common executive and financial management and receive technical assis-tance as well as f%ncial, data processing, accounting, legal and other services f.'am a services company subsidiary. | |||
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Profile C ommonwealth Energy holding company with investments System is an ex in four operating public utility companies located in central, eastern and south-eastern Massachusetts. | |||
System electric operations are involved in the production and sale of electricity in 41 communities including New Bedford, Plymouth, Cambridge and the geographic area comprising Cape Cod. Gas operations serve 49 communities including New Bedford, Cambridge, Plymouth and Worcester. | |||
In addition to the utility companies, the System includes a steam distribution company, five real estate trusts, a company engaged in the operation of LNG facilities and two new subsidiaries that are pursuing energy-related business opportunities. | |||
The System is a business trust organized in 1926 under the laws of Massachusetts. Subsidiaries of the System have common executive and financial management and receive technical assis-tance as well as financial, data processing, accounting, legal and other services from a services company subsidiary. | |||
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Comycrative Highlights COMEnergy-Commonwealth Energy System and Subsidiary Companies | |||
~ Three-Year ' | |||
~ Cr wt e 1996 1995 1994 :(%)L | |||
: Finemelal Date (in' millions)- | |||
Operadng Revenue? $1,010.9 $929.3 - ' $977.6 t ' 2.5 ? | |||
' Operating incomei ' $96.7 $94.5 $91.8, L 4.2 ' | |||
' ~ | |||
Net'Idcorhe' ' $59.2 . $51M . $49.0 . 8.9 Ccenenen Sleere Date ~ *- | |||
Earnings; $2.70 - $2.36 - $2.29 . [7.4 | |||
' Dividends' Paid ' ~$1.53 $1.50 $1.49 ~ 1.6 Dividend Yield - . 6.6% 6.7% 8.2% Ln/a ' | |||
Closing Mark'et Price Range .$25W$21% '$23 -$17% -. $22W$17% n/a >' | |||
Market Price at End 'of Year .$23% $22%- $18 n/a'- - | |||
~ Average Shares Outstanding 21,529,676 21,311,836 20,827,362 .1.8 ' | |||
Book Value $19.31 $18.15 $17 24 5.7 - | |||
; Dividend Payout Ratio 56.7 63.6 64.9 -n/a Price / Earnings Ratio' ~ 8.7 9.5 7.9 . ~n/a < | |||
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& Y 1 Bernings; Dividends Paid Return.en Average-. | |||
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T Common Share data has b'een restaied for prior periods to reflect a two-for-one stock split that became effective June 5,1996. | |||
1 | |||
To @ur Shareholders e are pleased to report to you that COM/ Energy achieved our May 1997 record financial results for 1996. In this annual report we dividend Is the 200th will be explaining the details of those results in a question and consecutive quarterly dividend paid without a decrease, a record raised by shareholders and the investment community. | |||
of accomplishment stretching 50 years, What are the highlights of COM/ Energy's 1996 tearting lust after the financialperformance? | |||
cnd of World War II. | |||
In 1996: | |||
1 COM/ Energy reached record year-end earnings of $2.70 per share. This is an increase of 14.4% over the $2.36 per share achieved in 1995, and marked the fifth consecutive year that earnings per common share increased. | |||
Return on common equity was 14.4%, compared to 13.3% last year, and ranks among the highest in the industry. | |||
M Value Une Peer Group Cash flow increased from $5.33 per share in 1995 to $5.78 pt ti tg gS 2 3 2 sl per share in 1996. This new mark exceeds the common dividend rate by nearly four times. | |||
COM/ Energy's market price closed 1996 at $23%, an increase of 5% over last year's close of $22%. This price appreciation coupled with the $1.53 paid in dividends during the year provided a total shareholder return of about 12% | |||
for the year. This compares very favorably to the weighted average of 1.5% achieved by our peer group of 91 electric utilities followed by Value Line, Inc. COM/ Energy's total return ranked in the top 20% of the peer group for the cumulative U five-year period. | |||
Total Return to The common equity component of total capitalization, exclu- | |||
'' ' ' sive of short-term debt, increased from 48% io 52%, while p gods Ended 1996 long-term debt decreased from 50% to 46%. | |||
2 | |||
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1 What is COM: Energy's payment history on common dividends? | |||
In March 1996, we increased our annual dividend to $1.54 from | |||
$1.50 per share, achieving a dividend payout ratio of 57%. Since 1990, the dividend has increased three times. Your Board of Trustees will continue, over time, to review the System's financial performance and other factors influencing the rate of dividends paid. Our May 1997 dividend is the 200th consecutive quarterly dividend paid without a decrease, a record of accomplishment stretching 50 years, starting just after the end of World War ll. , | |||
1 q | |||
Why did COM/ Energy split its shares in 1996? | |||
After a detailed review of the trading patterns of our shares and an analysis of the motivation behind investor trading decisions, a determination was made to split COM/ Energy shares, two-for-one. Over time, we feel this action will increase trading activity; broaden our shareholder base; improve market liquidity for our shares; put the share price in a range consistent with the rest of the industry; and, generate greater investor interest and a subsequent increase in share price. At the time of the split, COM/ Energy shares were among the highest-priced utility shares in the country. LWliam G. Poist. | |||
President and Chief Executive Officer How will COM/ Energy be affected financially by the restructuring of the electric industry? | |||
Efforts now underway to restructure the electric industry in Massachusetts could have a significant impact on the way our electric businesses recover their costs. In working with state officials on this issue, we have taken an active and aggressive role ;n making our views known and in helping to define the final plan. At this point (March 1997), we are encouraged by proposals made by the Massachusetts Attorney General, the Massachusetts Department of Public Utilities, and the Governor of Massachusetts 3 | |||
that recognize the rights of utilities to recover 100% of their proven Cespite the fact that " stranded" costs. A more detailed discussion of Massachusetts' j efforts to restructure the electric utility industry is included on page 11 of this annual report. | |||
earnings in 1996, j the consolidaticn of O riur utility operations l kl What are COM2nergy's plans for continued gr is an important in addition to our continuing efforts to increase sales, reduce forward looking . | |||
operating costs, meet and exceed customer expectations and build a dedicated and creative workforce, we have recently taken action to make the two important actions that we believe will improve our competitive necessary changes position and allow COM/ Energy to generate continued positive ) | |||
today that will financial results for many years to come. | |||
allow us to First, the System established two new unregulated companies: | |||
COM/ Energy Enterprises, Inc. and COM/ Energy Resources, Inc. | |||
seize opportunities The former is dedicated to pursuing business opportunities in the tomorrow. emerging unregulated energy-related markets that are now being created as a result of the restructuring of the gas and electric utility J industries and the emergence of new energy-related technologies. | |||
Its initial focus is the acquisition, development and/or manage-ment of electric, heating, and cooling systems for individual or groups of institutional, commercial and industrial customers. l COM/ Energy Resources' initial charge is to develop and mar-ket a portfolio of natural gas supplies, including liquefied natural gas from our facility in Hopkinton. | |||
Mr. Leonard R. Devanna, vice president for strategic planning e*9 5 n 33g3 gf and new business development, was appointed president and chief operating officer of both companies. Len has held senior management positions with COM/ Energy for the past fifteen years. | |||
Additionally, we welcomed Mr. Robert A. Paul, senior vice president for corporate planning, in the first quarter of 1997. | |||
Bob joins the COM/ Energy Management Committee and will focus his attention on the development of a strategic vision and plans, as well as alliances for COM/ Energy in the new restructured arena. He comes to COM/ Energy with many years of experience, both in high technology and utility operations. | |||
Also in 1996, we finalized our planning for the consolidation of the management of our utility operations. This consolidation, l which was announced in the first quarter of 1997, is eliminating | |||
= = =1= = = duplication and promoting efficiency through the combination of Consolidated certain customer service, administrative, and support functions. | |||
Not income awu wa These important effic:encies, over and above the gains we had 4 | |||
f 4 already achieved in controlling costs of our previously stand-alcne utility units, willlead to the elimination of approximately 15% of our 2,000 positions system-wide, creating an estimated 8% ($20 million) reduction in our annual operating costs. | |||
Despite the fact that we had record earnings in 1996, the con-solidation of our utility operations is an important forward-looking action to make the necessary changes today that will allow us to seize opportunities tomorrow. We are most hopeful that we can make these changes through attrition and a personnel reduction program to be offered during the second quarter of 1997. And, as a result of these efforts, we are confident that our customers will see only positive changes; safety, reliab::ity, and customer satis-faction will continue to be top prioritier. Both units will continue j to operate under their existing COM/ Gas and COM/ Electric names. jj(( | |||
la line with our consolidation efforts, Russell D. Wright, presi-dent and chief operating officer of our electric division since 1993, , | |||
&ccepted the position of president and chief operating officer of our gas division as well. Russ has been with the system for 27 years, | |||
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Efforts to control operating costs are not new to COM/ Energy. h , | |||
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Since 1990, the company has reduced its workforce by 23%. , | |||
[ h h j The consolidation of our gas and electric units will bring that @ ' | |||
@ d total to approximately 37%. | |||
In another important change to our management team, p y d | |||
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Mr. John R. Williams, vice president of operations for the electric y ' | |||
* M l n h division, has become vice president of corporate services and a Lj h | |||
= a a member of both the System's Management Committee and the amminas Board of Directors of our regulated affiliates. John has served Full time | |||
. Employees in a number of senior management positions in our gas, electric, and services companies since 1974. Mr. Kevin F. Roberts suc-l ceeded John as vice president of electric operations. | |||
In closing, we are confident that our experience, skills, prep- l aration and tradition of excellence will enable COM/ Energy to not only weather the storms of industry restructuring but to take advan-tage of a number of emerging opportunities to grow our business. | |||
We extend our thanks to you, our shareholders, for your con-fidence and continued support of Commonwealth Energy System. j l | |||
l Sincerely, l 1 | |||
WW /& | |||
William G. Poist President and Chief Executive Officer | |||
[ 5 1 | |||
\ . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ N | |||
Utility Operations What were the utility operations' financial results for 1996? | |||
1996 was an outstanding year with record net income for both electric and gas operations. Net income was more than $41 million for electric operations and almost $17 million for gas operations. Firm gas sales reached an all-time high and retail electric sales reached near record levels. In addition, earnings were significantly increased through | |||
*' ~ | |||
. ~ ' .. f,. . - | |||
ongoing aggressive cost control efforts and improved operating | |||
+ : ' procedures. We're continuing on that track in 1997, looking at h)q I % additional ways to reduce costs, increase sales, and position Q ( [, - f - | |||
~ | |||
ourselves for further success in the upcoming years. | |||
3 ,- | |||
What are you doing specifically to lower operating costs? | |||
l | |||
~*% | |||
During thu past several years we have embarked on an aggressive cost-cutting program in our electric, gas and service units. In 1996, | |||
.r we continued on that course by planning the consolidation of man-Russel/ D. Wright. agement and operation functions. This consolidation creates one President and Chiel Operating Otticer management team, and in 1997 we began merging like functions COM Gas and COM Electric and activities to eliminate duplication and create the most efficient and cost-effective operation possible. | |||
This move will cut annual operating expenses by approximately | |||
$20 million and will significantly enhance our position in the energy arena. As Bill Poist noted in his letter to you, we began this consoli-dation in a year of record earnings to improve our competitive posi-tion for the future. I believe this move should be viewed as a state- | |||
: j. l f7 M ment of strength and forward thinking by the management of Commonwealth Energy System. | |||
- ' f' . ( . , | |||
.,[- | |||
o In addition to our ongoing consolidation, we are continuously fine- | |||
. ~ h ,' ' tuning our operations for maximum efficiency-saving money where | |||
?,.g f,0 ~ -' - _ Af#; possible and improving service for our customers. Some examples | |||
- N of our cost savings measures include | |||
,;, i 9'S I'h! . | |||
Cutting the total value of our inventories through use of advanced | |||
( ' | |||
computerized inventory control systems and innovative partner-ships with suppliers. COM/ Electric's inventory is down almost l . ; | |||
K- ) , . .. | |||
.'m 0 | |||
A 12% from December 1995. COM/ Gas is installing a new bar cod-ing system, further reducing stock requirements and dramatically In the mid-50s, Cambridge Electric's cus. reducing labor costs. | |||
tomer service operators were dependent on papenecords. - | |||
Increasing the use of trenchless technologies at COM/ Gas with devices such as a miniature camera to inspect the inside walls of low pressure gas mains without interrupting service to customers; 6 | |||
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C O M M O N W E A LT H ENERGY SYSTEM lt)t)O or the " Bullet," a device which aliows us to replace old gas lines with polyethylene pipe without costly, disruptive and time-consuming street excavations. | |||
Negotiating long-term contracts with five of eight of our collective bargaining units that call for an average annual increase of 1 %% | |||
through the year 2000. The remaining three contracts will be renegotiated over the next two years. | |||
* Continuing installation of our automated meter reading system. | |||
This system is slashing meter reading costs while improving service by eliminating estimated bills and minimizing inconvenience for our customers. Approximately 98% of COM/ Gas' meters and 21% of COM/ Electric's meters are now being read electronically. | |||
Plans call for the conversion of an additinnal 10% of our electric meters in 1997. | |||
Rj.]f? f<@%;yf&M;ggg What is COM Electric doing to assure recovery of its stranded . | |||
; $$ ; O0:$ | |||
costs in preparation for the restructuring of the industry? q fn 6 % n Sasut % 2 6 ' | |||
y t1T a { | |||
' J ' Of - _ l, Yi ' fy ; & - f . t', 4 ' \ ? {& | |||
The majority of our stranded costs would be the result of contracts | |||
;u- 3 - , - | |||
'2* | |||
made with non-utility generators (NUGs) while prudently fulfilling our ..If'- | |||
~ | |||
statutory obkgation to serve our customers. Over the past several - - %* . # | |||
years we have moved aggressively to reduce those costs, canceling | |||
"~ | |||
7 $ -E ' . ' . /' - | |||
or renegotiating 10 contracts with NUGs for a combined savings of p [M well over $1 billion. , | |||
_ (; w 'z | |||
[g 's We will continue to be very active in this area by continually looking | |||
[- | |||
'E~ | |||
for ways to work with our various power suppliers in order to improve g h g yh[. l: | |||
8 61 ',}~ | |||
our agreements in ways that produce savings for our customers. ? | |||
' g# ' ' ? w % ' ~ " | |||
* F*~ | |||
In addition, as outlined in our " Competitive Challenge" presented to the Massachusetts Department of Public Utilities (DPU) in early Prior to the advent of computer technology. | |||
1996 in response to interest in creating a competitive power market, CC " | |||
we proposed auctioning all our power entitlements as a final step in | |||
[e and w h reducing stranded costs. Work to develop an auction is continuing and will be submitted to the DPU by the end of the first quarter of 1997. | |||
What are COM/ Electric and COM' Gas doing to improve service and reliability for their customers? | |||
Despite our continued focus on cost containment, we undertook a number of projects to ensure that our service and reliabikty continue to excel. Here's what we've done in 1996: | |||
Introduced Direct Pay and Pay-By-Phone options to provide con-venience for our customers while reducing administrative cocts. | |||
9 J | |||
C O M M O N W E A LT H ENERGY SYSTEM IL)L)O a | |||
Developed " statement billing," an easy way for customers with multiple accounts to be billed simultaneously. This was something | |||
\ our customers asked us for, and we responded. We are currently working on another option that will allow customers to receive | |||
: t. < | |||
, .g 1.f . | |||
W;j their bills and research their account history via the Internet. | |||
Ef,112sgsam mNesomer#g 411 Q Expanded the use of our Interactive Voice Response System to allow customers to get their balance and payment information, caH in meter readings or establish a payment plan on an overdue CAPABILITY- 1,534.3 MW, including sales under long-term contracts with bill-all by s. imply using a touch tone phone. | |||
Other utilities of 424.5 MWresulting in a net capability of 1,109.8 MW | |||
* Combined our credit and customer service areas within each Peak demand (1996) 668 MWon company so that customers get true "one-stop-shopping" by August 23 calling a single toll-free number. | |||
Installed a new underwater electric cable to Martha's Vineyard to handle the projected increased load on the island. l | |||
. Began development of a Trouble Call Management System that will be one of the first integrated electronic trouble call systems in 1000 Retall Electric Unit Sales North America and is scheduled for operation for electnc customers by the end of 1997. This system analyzes power outage information ind s rial from customers' calls and alerts dispatchers where to direct line Other crews. The system will also provide customer service representa-1% tives with detailed information about the restoration process. | |||
Commercial 52 % Throughout these efforts, we are continually improving our service to meet the needs of our customers and communities. | |||
Residential 38% | |||
What growth potential exists in the gas and electric l service areas? | |||
r The areas we serve have pockets of strong growth which continue to provide excellent potential. A prime example of this is the 9/90 Crossing project in Framingham, Massachusetts, where over one 1 Energy h million square feet of office space is being developed on a 150-acre p rcel. An office supply giant is scheduled to move its world head-N 38% quarters to the site. The Worcester area also continues to thrive with nearly $1 billion in development activity underway. | |||
Oil COM/ Gas is generally experiencing fast growth in industrial markets 21 % | |||
with new manufacturing capacity, expansion of existing plants and 9aturalGas Hydro conversions from oil to gas. A number of new residential subdivisions 8% are planned in the gas service area and most of those will be using natural gas. | |||
Waste to-energy Nuclear 9% 24 % (continued on page 13) 10 | |||
mm , | |||
: se _ ; *e, . | |||
fstoevst port Mirch 1007 DesseclausettPTEfforts to Restructure Jtins Electrl#Utilitylndustry; | |||
, m , | |||
lans'to restructure the state's electric utility ' metering services relating to distribution charges as industry took a major, step forward on q well as charges for the new power suppliers. | |||
P; Department of Public Utilities submitted December 30/1996 when the Massachusetts . . . | |||
R Customers won't have to pick a new electricity sup-L Massachusetts Legislature its 400-page *Model Rules - ply company if they don't chooss to. Local distribu- | |||
{cnd Proposed Legislation.1The plan is designed to L : tion companies will offer customers " standard offer" guide the creatioh of a ~co' m petitive market for electricity, generation service for the next five years, with the , | |||
~1 | |||
. providing consumers with the opportunity to ' achieve D ' | |||
Price of that " standard offer" increasing over time to Llower electric bills. . | |||
encourage electric customers to buy their electricity | |||
!Also in late 1996, tlie[Mdssachusetti Attorneyy ' . 1in the competitive power market. . | |||
General's Office (AG) reached an agreement with the L | |||
~ | |||
, s state's' largest electric ' utility and a tentative agree' ment - ~ " Customers who still choose not to buy their power 0n the market after five years, or customers who for with two others'that require those companies to gener-:- . | |||
; allyLdNest their electric generation bu'sinesses and to some reason lose their independent power supply, j | |||
. provide a 10% reduction in customers electric bills, will still be able to buy their electricity through a j | |||
;The' agreement also allows.for recovery of stranded " default" service priced at daily spot market prices. I casts through an access charge.L COM/ Electric has { | |||
- had discussions with the AG to reach a similar accord . The regulations called forlocal utilities to present j including an ' expression of our willingness to' sell all of ; model bills by March 3,1997, showing the breakdown j our generation assets and power entitlements and . of b!iling items into four categories: generation, trans- | |||
] | |||
J provids the same rate reduction for our customers in mission, distribution and eccess charge. The access ! | |||
Eexchange.for the same guarantee o' f recovery of all'of . . charge relates to the charge for electric generating j | |||
' our' stranded costsE The rate reduction would be made - | |||
: capacity bought for customers, under current DPU j | |||
( possible by spreading costs over time.- ' regulations, to meet customers' projected need for j uin February 1997, Governor William F. Welda electricity. This access charge is often referred to j tnnounced his vision for industry restructuring which . as " stranded cost" and for COM/ Electric reflects the | |||
] | |||
[ mirrored the regulations proposed by the DPU in late l difference between the contractual obligations we j s Orember and reiterated the ability of utilities to recover _ have to buy power over the next 25 years or so, | |||
~ | |||
21004of their ht'a' rnded costs. and the cost of that power in today's market. ) | |||
' The DPU approved the AG's settlement agreementj ._ | |||
.) | |||
z with one utility company'in late. February 1997 and the Customer Transiflon Charge l Legislature [which had the' ultimate say in the matter, is In 1995, the Massachusetts Institute of Technology ] | |||
now considering (March 1997) the proposed legislation . (10% of Cambridge Electric's load) began generating | |||
' 1 that would be required to allow it all to happen. much of its own electricity, while remaining connected 3 g The' Governor's plan and the.DPU's plan are both; .to our service and depending on us for supplemental, ! | |||
7 designed to allow consumers to buy.their electricity . emergency, and planned backup service. Given the (on the open market,-' starting January 1,1998, with a ~ rate impact that the loss of large customers would i competitive market forces l working to lower electric : ;have on all remaining customers, we developed a ) | |||
7 l rrtes for all customers. Under their plans: , ' customer transition charge that would apply to any 1 s . . | |||
of our seven largest customers who opted to leave - | |||
' (. Electric customers will be able to buy their power on _- | |||
Cambridge Electric while remaining in Cambridge. | |||
2 the open market from newly formed and registered. ' Following the DPU's approval of most of our rate Lelectric generating companiesipowerbrokers or - | |||
request, MIT unsuccessfully challenged the ruling before l fpower marketers! | |||
the Federal Energy Regulatory Commission anr' 'he l United States District Court. Also, in October 1996, l | |||
& Local electric companies such as COM/ Electric will. | |||
MIT appealed the DPU's ruling to the Massachusetts Eprovide only electric distribution and related services. Supreme Judicial Court. The Court's decision is j We anticipate that we will also handle billing and : expected in the second quarter of 1997. j 1 | |||
^11 | |||
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C O M M O N W E A LT H ENERGY SYSTEM lt)L)O In addition, we see further growth opportunities in new technolo-gies. Improved natural gas engir,e-driven cooling and absorption chillers are increasing in popularity and are desirable off-peak summer load additions. In 1996, COM/ Gas added 1,700 tons of cooling load with customers such as Mount Auburn Hospital and Lesley College in Cambridge. | |||
At COM/ Electric, we are using our expertise in the commercial and industrial area to market products and services such as surge protectors, power factor correction and power system analysis. | |||
As restructuring of the electric industry continues, we anticipate expanding this initiative considerably, creating value-added products and services that place the company in a competitively superior position. , *; . ,c COM/ Electric has taken an aggressive role in working with c- ' ' f - 1 4 | |||
economic development councils and local and state government | |||
={e ' de. ,, : | |||
to promote our area as an ideal place for business to prosper. | |||
As part of that effort, we developed an advertising campaign to generate interest in our service area for the relocation and " | |||
I development of new business. ..- .% | |||
We are also working closely with a host of local, state and "" | |||
. [ g,,g federal officials, and chambers of commerce to bring new < c - E.- P g ,, | |||
business and important infrastructure improvements to our er _ | |||
area. Major projects in progress in 1996 were a new casino, ' , M . . , .. - | |||
?I expanded airports, designation of downtown New Bedford as a '- n | |||
. :M National Historic Park, and development of a major aquarium. Street excavation for gas pipes in 1951. | |||
In recognition of our contribution to the area's tourism industry, COM< Electric received the Commonwealth of Massachusetts Governor's 1996 Leadership Award. _ | |||
COM/ Energy Steam Company, a non-regulated affiliate, continues $gh b gegg$ges > | |||
to achieve exceptional results, enjoying another record year with ;g g revenues of over $17 million. We continue to strive to provide )234,500' high-quality service to our steam customers, and are exploring W + | |||
every opportunity to expand our steam sales into new markets. | |||
7,067 square miles covering 49 - | |||
communities (including 12 served with electricity suppliedby.. | |||
COM' Electric) with ipopulation of What is COMGas doing to maximize revenue in the approximately 1,128,000 increasingly deregulated gas industry? | |||
Gas Plant: | |||
Distribution Lines - 2,778 miles At COM/ Gas, we identified opportunities that take advantage of our Peak day firm send out (1996)- | |||
facilities as Well as changes in state and federal regulation. One 339.773 MMBTU on February 4 of these opportunities is the expanded service options we can offer . | |||
our customers. For example, where possible we are providing the service, reliability and pricing to encourage interruptible customers to switch to firm transportation rates which provide enhanced service to customers and stronger year-end financial results for COM/ Gas. | |||
Our innovative quasi-firm service rates also continue to be attractive to former interruptible sales customers who require gas for longer periods than the interruptible selling season allows, but less than 13 | |||
C O M M O N W E A LT H ENERGY SYSTEM lt)L)O 1096 Firm Gas Unit Sales year-round firm service. Our margin-sharing proposal on the quasi-firm rates was approved in early 1997 by the DPU and will have a posi-Industrial tive impact on net income in the future. | |||
11 / COM, Gas' supply portfolio optimization efforts keep our gas costs Commercia 28 % among the lowest in Massachusetts. By aggressively maximizing our 5% f capacity release and off-system sales, we sell temporary excess gas to reduce the cost of gas to firm customers. These activities will Othe9r. | |||
have a positive effect on income as a result of the DPU's margin-sharing policy related to these services. | |||
Residential 56 % What is your relationship with the community? | |||
l We have built excellent relationships in the areas we serve. Our l community relations program includes participation in the activities of | |||
, . . . chambers of commerce, economic development agencies, and major | |||
_._[. k- h ! | |||
civic organizations. We meet regularly with local selectmen, fire, P' police and emergency management representatives, and a host of elected and appointed state officials. | |||
Our contributions policy targets important community programs, and we encourage and support our employees in volunteer efforts to i assist a variety of local causes. We are most proud of our efforts for c.,_ 1996 which include: | |||
(k. y . | |||
La ' r t %g,, , | |||
* United Way's " Month of Canng" for which almost 300 of our employees worked in 37 different United Way agencies for a day; Worcester Gas Light Company's storage tanks circa 1930. | |||
* Partners in Education where over 140 employees visit local schools to read, tutor and mentor students, | |||
. Sponsorship of Kindervision, a program designed to teach school 1 t | |||
age children how to protect themselves; and l | |||
[ | |||
IC96 Total Throughput (astu) - Annual beach clean-up, where 500 employees and local residents joined together to clean up three area beaches. | |||
Quasi-firm Off-system e b N god neighs and inmW mehs d me Interruptible . | |||
4% N community is an integral part of our business decisions. A good example of this is a program which began soveral years ago at our Transportation 9% x Canal Electric plant when we began meeting regularly with local resi-dents to hear their concerns about air quality. On September 30,1996, Total Firm as a result of those meetings, we were able to invite the community I 80% to join us in a ceremony to celebrate the conversion of Canal Electric's Unit Two to clean burning natural gas. By burning natural gas up to nine months of the year, annual emissions from Unit Two are expected to be reduced an additional 25%. | |||
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Latest revision as of 18:02, 30 December 2020
| ML20204G410 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 12/31/1996 |
| From: | Poist W COMMONWEALTH ENERGY SYSTEM |
| To: | |
| Shared Package | |
| ML20204G407 | List: |
| References | |
| NUDOCS 9903260142 | |
| Download: ML20204G410 (43) | |
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be B Gas Service Area ca. c.a s,, E Elect oc Service Area E Gas and Electric Service Area e p -. - Profile C ommonwealth Energy holding company with investments System is an ex in four operating public utility companies located in central, eastern and south-eastern Massachusetts. System electric operations are involved in the production and sale of electricity in 41 communities including New Bedford, Plymouth, Cambridge and the geographic area comprising Cape Cod. Gas operations serve 49 communities including New Bedford, Cambridge, Plymouth and Worcester. In addition to the utility companies, the System includes a steam distribution company, five real estate trusts, a company engaged in the operation of LNG facilities and two new subsidiaries that are pursuing energy-related business opportunities. The System is a business trust organized in 1926 under the laws of Massachusetts. Subsidiaries of the System have common executive and financial management and receive technical assis-tance as well as financial, data processing, accounting, legal and other services from a services company subsidiary.
' l f, 4 -:
Comycrative Highlights COMEnergy-Commonwealth Energy System and Subsidiary Companies
~ Three-Year '
~ Cr wt e 1996 1995 1994 :(%)L
- Finemelal Date (in' millions)-
Operadng Revenue? $1,010.9 $929.3 - ' $977.6 t ' 2.5 ?
' Operating incomei ' $96.7 $94.5 $91.8, L 4.2 '
' ~
Net'Idcorhe' ' $59.2 . $51M . $49.0 . 8.9 Ccenenen Sleere Date ~ *- Earnings; $2.70 - $2.36 - $2.29 . [7.4
' Dividends' Paid ' ~$1.53 $1.50 $1.49 ~ 1.6 Dividend Yield - . 6.6% 6.7% 8.2% Ln/a '
Closing Mark'et Price Range .$25W$21% '$23 -$17% -. $22W$17% n/a >' Market Price at End 'of Year .$23% $22%- $18 n/a'- -
~ Average Shares Outstanding 21,529,676 21,311,836 20,827,362 .1.8 '
Book Value $19.31 $18.15 $17 24 5.7 -
; Dividend Payout Ratio 56.7 63.6 64.9 -n/a Price / Earnings Ratio' ~ 8.7 9.5 7.9 . ~n/a <
.'s acwr j -
[ . . { f
& Y 1 Bernings; Dividends Paid Return.en Average-.
Per Sleare
- - Per sleere s Ceansmen Begelty'-
T Common Share data has b'een restaied for prior periods to reflect a two-for-one stock split that became effective June 5,1996. 1
To @ur Shareholders e are pleased to report to you that COM/ Energy achieved our May 1997 record financial results for 1996. In this annual report we dividend Is the 200th will be explaining the details of those results in a question and consecutive quarterly dividend paid without a decrease, a record raised by shareholders and the investment community. of accomplishment stretching 50 years, What are the highlights of COM/ Energy's 1996 tearting lust after the financialperformance? cnd of World War II. In 1996: 1 COM/ Energy reached record year-end earnings of $2.70 per share. This is an increase of 14.4% over the $2.36 per share achieved in 1995, and marked the fifth consecutive year that earnings per common share increased. Return on common equity was 14.4%, compared to 13.3% last year, and ranks among the highest in the industry. M Value Une Peer Group Cash flow increased from $5.33 per share in 1995 to $5.78 pt ti tg gS 2 3 2 sl per share in 1996. This new mark exceeds the common dividend rate by nearly four times. COM/ Energy's market price closed 1996 at $23%, an increase of 5% over last year's close of $22%. This price appreciation coupled with the $1.53 paid in dividends during the year provided a total shareholder return of about 12% for the year. This compares very favorably to the weighted average of 1.5% achieved by our peer group of 91 electric utilities followed by Value Line, Inc. COM/ Energy's total return ranked in the top 20% of the peer group for the cumulative U five-year period. Total Return to The common equity component of total capitalization, exclu-
' ' sive of short-term debt, increased from 48% io 52%, while p gods Ended 1996 long-term debt decreased from 50% to 46%.
2
s . l l 1 What is COM: Energy's payment history on common dividends? In March 1996, we increased our annual dividend to $1.54 from
$1.50 per share, achieving a dividend payout ratio of 57%. Since 1990, the dividend has increased three times. Your Board of Trustees will continue, over time, to review the System's financial performance and other factors influencing the rate of dividends paid. Our May 1997 dividend is the 200th consecutive quarterly dividend paid without a decrease, a record of accomplishment stretching 50 years, starting just after the end of World War ll. ,
1 q Why did COM/ Energy split its shares in 1996? After a detailed review of the trading patterns of our shares and an analysis of the motivation behind investor trading decisions, a determination was made to split COM/ Energy shares, two-for-one. Over time, we feel this action will increase trading activity; broaden our shareholder base; improve market liquidity for our shares; put the share price in a range consistent with the rest of the industry; and, generate greater investor interest and a subsequent increase in share price. At the time of the split, COM/ Energy shares were among the highest-priced utility shares in the country. LWliam G. Poist. President and Chief Executive Officer How will COM/ Energy be affected financially by the restructuring of the electric industry? Efforts now underway to restructure the electric industry in Massachusetts could have a significant impact on the way our electric businesses recover their costs. In working with state officials on this issue, we have taken an active and aggressive role ;n making our views known and in helping to define the final plan. At this point (March 1997), we are encouraged by proposals made by the Massachusetts Attorney General, the Massachusetts Department of Public Utilities, and the Governor of Massachusetts 3
that recognize the rights of utilities to recover 100% of their proven Cespite the fact that " stranded" costs. A more detailed discussion of Massachusetts' j efforts to restructure the electric utility industry is included on page 11 of this annual report. earnings in 1996, j the consolidaticn of O riur utility operations l kl What are COM2nergy's plans for continued gr is an important in addition to our continuing efforts to increase sales, reduce forward looking . operating costs, meet and exceed customer expectations and build a dedicated and creative workforce, we have recently taken action to make the two important actions that we believe will improve our competitive necessary changes position and allow COM/ Energy to generate continued positive ) today that will financial results for many years to come. allow us to First, the System established two new unregulated companies: COM/ Energy Enterprises, Inc. and COM/ Energy Resources, Inc. seize opportunities The former is dedicated to pursuing business opportunities in the tomorrow. emerging unregulated energy-related markets that are now being created as a result of the restructuring of the gas and electric utility J industries and the emergence of new energy-related technologies. Its initial focus is the acquisition, development and/or manage-ment of electric, heating, and cooling systems for individual or groups of institutional, commercial and industrial customers. l COM/ Energy Resources' initial charge is to develop and mar-ket a portfolio of natural gas supplies, including liquefied natural gas from our facility in Hopkinton. Mr. Leonard R. Devanna, vice president for strategic planning e*9 5 n 33g3 gf and new business development, was appointed president and chief operating officer of both companies. Len has held senior management positions with COM/ Energy for the past fifteen years. Additionally, we welcomed Mr. Robert A. Paul, senior vice president for corporate planning, in the first quarter of 1997. Bob joins the COM/ Energy Management Committee and will focus his attention on the development of a strategic vision and plans, as well as alliances for COM/ Energy in the new restructured arena. He comes to COM/ Energy with many years of experience, both in high technology and utility operations. Also in 1996, we finalized our planning for the consolidation of the management of our utility operations. This consolidation, l which was announced in the first quarter of 1997, is eliminating
= = =1= = = duplication and promoting efficiency through the combination of Consolidated certain customer service, administrative, and support functions.
Not income awu wa These important effic:encies, over and above the gains we had 4
f 4 already achieved in controlling costs of our previously stand-alcne utility units, willlead to the elimination of approximately 15% of our 2,000 positions system-wide, creating an estimated 8% ($20 million) reduction in our annual operating costs. Despite the fact that we had record earnings in 1996, the con-solidation of our utility operations is an important forward-looking action to make the necessary changes today that will allow us to seize opportunities tomorrow. We are most hopeful that we can make these changes through attrition and a personnel reduction program to be offered during the second quarter of 1997. And, as a result of these efforts, we are confident that our customers will see only positive changes; safety, reliab::ity, and customer satis-faction will continue to be top prioritier. Both units will continue j to operate under their existing COM/ Gas and COM/ Electric names. jj(( la line with our consolidation efforts, Russell D. Wright, presi-dent and chief operating officer of our electric division since 1993, ,
&ccepted the position of president and chief operating officer of our gas division as well. Russ has been with the system for 27 years,
]4 q
,i q l including five years as our chief financial officer. S j d h [
]
Efforts to control operating costs are not new to COM/ Energy. h ,
]
Since 1990, the company has reduced its workforce by 23%. , [ h h j The consolidation of our gas and electric units will bring that @ '
@ d total to approximately 37%.
In another important change to our management team, p y d f { {] Mr. John R. Williams, vice president of operations for the electric y '
- M l n h division, has become vice president of corporate services and a Lj h
= a a member of both the System's Management Committee and the amminas Board of Directors of our regulated affiliates. John has served Full time
. Employees in a number of senior management positions in our gas, electric, and services companies since 1974. Mr. Kevin F. Roberts suc-l ceeded John as vice president of electric operations.
In closing, we are confident that our experience, skills, prep- l aration and tradition of excellence will enable COM/ Energy to not only weather the storms of industry restructuring but to take advan-tage of a number of emerging opportunities to grow our business. We extend our thanks to you, our shareholders, for your con-fidence and continued support of Commonwealth Energy System. j l l Sincerely, l 1 WW /& William G. Poist President and Chief Executive Officer [ 5 1 \ . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ N
Utility Operations What were the utility operations' financial results for 1996? 1996 was an outstanding year with record net income for both electric and gas operations. Net income was more than $41 million for electric operations and almost $17 million for gas operations. Firm gas sales reached an all-time high and retail electric sales reached near record levels. In addition, earnings were significantly increased through
*' ~
. ~ ' .. f,. . -
ongoing aggressive cost control efforts and improved operating
+ : ' procedures. We're continuing on that track in 1997, looking at h)q I % additional ways to reduce costs, increase sales, and position Q ( [, - f -
~
ourselves for further success in the upcoming years. 3 ,- What are you doing specifically to lower operating costs? l
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During thu past several years we have embarked on an aggressive cost-cutting program in our electric, gas and service units. In 1996,
.r we continued on that course by planning the consolidation of man-Russel/ D. Wright. agement and operation functions. This consolidation creates one President and Chiel Operating Otticer management team, and in 1997 we began merging like functions COM Gas and COM Electric and activities to eliminate duplication and create the most efficient and cost-effective operation possible.
This move will cut annual operating expenses by approximately
$20 million and will significantly enhance our position in the energy arena. As Bill Poist noted in his letter to you, we began this consoli-dation in a year of record earnings to improve our competitive posi-tion for the future. I believe this move should be viewed as a state-
- j. l f7 M ment of strength and forward thinking by the management of Commonwealth Energy System.
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o In addition to our ongoing consolidation, we are continuously fine-
. ~ h ,' ' tuning our operations for maximum efficiency-saving money where
?,.g f,0 ~ -' - _ Af#; possible and improving service for our customers. Some examples
- N of our cost savings measures include
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Cutting the total value of our inventories through use of advanced ( ' computerized inventory control systems and innovative partner-ships with suppliers. COM/ Electric's inventory is down almost l . ; K- ) , . ..
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A 12% from December 1995. COM/ Gas is installing a new bar cod-ing system, further reducing stock requirements and dramatically In the mid-50s, Cambridge Electric's cus. reducing labor costs. tomer service operators were dependent on papenecords. - Increasing the use of trenchless technologies at COM/ Gas with devices such as a miniature camera to inspect the inside walls of low pressure gas mains without interrupting service to customers; 6 t----- - - - - . - _ - . . - - .- - _ ------.-- ----- _ -----_ - _ __ _ --------.----------_---- _ ---- __ -- -
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C O M M O N W E A LT H ENERGY SYSTEM lt)t)O or the " Bullet," a device which aliows us to replace old gas lines with polyethylene pipe without costly, disruptive and time-consuming street excavations. Negotiating long-term contracts with five of eight of our collective bargaining units that call for an average annual increase of 1 %% through the year 2000. The remaining three contracts will be renegotiated over the next two years.
- Continuing installation of our automated meter reading system.
This system is slashing meter reading costs while improving service by eliminating estimated bills and minimizing inconvenience for our customers. Approximately 98% of COM/ Gas' meters and 21% of COM/ Electric's meters are now being read electronically. Plans call for the conversion of an additinnal 10% of our electric meters in 1997. Rj.]f? f<@%;yf&M;ggg What is COM Electric doing to assure recovery of its stranded .
; $$ ; O0:$
costs in preparation for the restructuring of the industry? q fn 6 % n Sasut % 2 6 ' y t1T a {
' J ' Of - _ l, Yi ' fy ; & - f . t', 4 ' \ ? {&
The majority of our stranded costs would be the result of contracts
;u- 3 - , -
'2*
made with non-utility generators (NUGs) while prudently fulfilling our ..If'-
~
statutory obkgation to serve our customers. Over the past several - - %* . # years we have moved aggressively to reduce those costs, canceling
"~
7 $ -E ' . ' . /' - or renegotiating 10 contracts with NUGs for a combined savings of p [M well over $1 billion. , _ (; w 'z [g 's We will continue to be very active in this area by continually looking [-
'E~
for ways to work with our various power suppliers in order to improve g h g yh[. l: 8 61 ',}~ our agreements in ways that produce savings for our customers. ?
' g# ' ' ? w % ' ~ "
- F*~
In addition, as outlined in our " Competitive Challenge" presented to the Massachusetts Department of Public Utilities (DPU) in early Prior to the advent of computer technology. 1996 in response to interest in creating a competitive power market, CC " we proposed auctioning all our power entitlements as a final step in [e and w h reducing stranded costs. Work to develop an auction is continuing and will be submitted to the DPU by the end of the first quarter of 1997. What are COM/ Electric and COM' Gas doing to improve service and reliability for their customers? Despite our continued focus on cost containment, we undertook a number of projects to ensure that our service and reliabikty continue to excel. Here's what we've done in 1996: Introduced Direct Pay and Pay-By-Phone options to provide con-venience for our customers while reducing administrative cocts. 9 J
C O M M O N W E A LT H ENERGY SYSTEM IL)L)O a Developed " statement billing," an easy way for customers with multiple accounts to be billed simultaneously. This was something
\ our customers asked us for, and we responded. We are currently working on another option that will allow customers to receive
- t. <
, .g 1.f .
W;j their bills and research their account history via the Internet. Ef,112sgsam mNesomer#g 411 Q Expanded the use of our Interactive Voice Response System to allow customers to get their balance and payment information, caH in meter readings or establish a payment plan on an overdue CAPABILITY- 1,534.3 MW, including sales under long-term contracts with bill-all by s. imply using a touch tone phone. Other utilities of 424.5 MWresulting in a net capability of 1,109.8 MW
- Combined our credit and customer service areas within each Peak demand (1996) 668 MWon company so that customers get true "one-stop-shopping" by August 23 calling a single toll-free number.
Installed a new underwater electric cable to Martha's Vineyard to handle the projected increased load on the island. l
. Began development of a Trouble Call Management System that will be one of the first integrated electronic trouble call systems in 1000 Retall Electric Unit Sales North America and is scheduled for operation for electnc customers by the end of 1997. This system analyzes power outage information ind s rial from customers' calls and alerts dispatchers where to direct line Other crews. The system will also provide customer service representa-1% tives with detailed information about the restoration process.
Commercial 52 % Throughout these efforts, we are continually improving our service to meet the needs of our customers and communities. Residential 38% What growth potential exists in the gas and electric l service areas? r The areas we serve have pockets of strong growth which continue to provide excellent potential. A prime example of this is the 9/90 Crossing project in Framingham, Massachusetts, where over one 1 Energy h million square feet of office space is being developed on a 150-acre p rcel. An office supply giant is scheduled to move its world head-N 38% quarters to the site. The Worcester area also continues to thrive with nearly $1 billion in development activity underway. Oil COM/ Gas is generally experiencing fast growth in industrial markets 21 % with new manufacturing capacity, expansion of existing plants and 9aturalGas Hydro conversions from oil to gas. A number of new residential subdivisions 8% are planned in the gas service area and most of those will be using natural gas. Waste to-energy Nuclear 9% 24 % (continued on page 13) 10
mm ,
- se _ ; *e, .
fstoevst port Mirch 1007 DesseclausettPTEfforts to Restructure Jtins Electrl#Utilitylndustry;
, m ,
lans'to restructure the state's electric utility ' metering services relating to distribution charges as industry took a major, step forward on q well as charges for the new power suppliers. P; Department of Public Utilities submitted December 30/1996 when the Massachusetts . . . R Customers won't have to pick a new electricity sup-L Massachusetts Legislature its 400-page *Model Rules - ply company if they don't chooss to. Local distribu- {cnd Proposed Legislation.1The plan is designed to L : tion companies will offer customers " standard offer" guide the creatioh of a ~co' m petitive market for electricity, generation service for the next five years, with the ,
~1
. providing consumers with the opportunity to ' achieve D '
Price of that " standard offer" increasing over time to Llower electric bills. . encourage electric customers to buy their electricity
!Also in late 1996, tlie[Mdssachusetti Attorneyy ' . 1in the competitive power market. .
General's Office (AG) reached an agreement with the L
~
, s state's' largest electric ' utility and a tentative agree' ment - ~ " Customers who still choose not to buy their power 0n the market after five years, or customers who for with two others'that require those companies to gener-:- .
; allyLdNest their electric generation bu'sinesses and to some reason lose their independent power supply, j
. provide a 10% reduction in customers electric bills, will still be able to buy their electricity through a j
;The' agreement also allows.for recovery of stranded " default" service priced at daily spot market prices. I casts through an access charge.L COM/ Electric has {
- had discussions with the AG to reach a similar accord . The regulations called forlocal utilities to present j including an ' expression of our willingness to' sell all of ; model bills by March 3,1997, showing the breakdown j our generation assets and power entitlements and . of b!iling items into four categories: generation, trans-
]
J provids the same rate reduction for our customers in mission, distribution and eccess charge. The access ! Eexchange.for the same guarantee o' f recovery of all'of . . charge relates to the charge for electric generating j
' our' stranded costsE The rate reduction would be made -
- capacity bought for customers, under current DPU j
( possible by spreading costs over time.- ' regulations, to meet customers' projected need for j uin February 1997, Governor William F. Welda electricity. This access charge is often referred to j tnnounced his vision for industry restructuring which . as " stranded cost" and for COM/ Electric reflects the
]
[ mirrored the regulations proposed by the DPU in late l difference between the contractual obligations we j s Orember and reiterated the ability of utilities to recover _ have to buy power over the next 25 years or so,
~
21004of their ht'a' rnded costs. and the cost of that power in today's market. )
' The DPU approved the AG's settlement agreementj ._
.)
z with one utility company'in late. February 1997 and the Customer Transiflon Charge l Legislature [which had the' ultimate say in the matter, is In 1995, the Massachusetts Institute of Technology ] now considering (March 1997) the proposed legislation . (10% of Cambridge Electric's load) began generating
' 1 that would be required to allow it all to happen. much of its own electricity, while remaining connected 3 g The' Governor's plan and the.DPU's plan are both; .to our service and depending on us for supplemental, !
7 designed to allow consumers to buy.their electricity . emergency, and planned backup service. Given the (on the open market,-' starting January 1,1998, with a ~ rate impact that the loss of large customers would i competitive market forces l working to lower electric : ;have on all remaining customers, we developed a ) 7 l rrtes for all customers. Under their plans: , ' customer transition charge that would apply to any 1 s . . of our seven largest customers who opted to leave -
' (. Electric customers will be able to buy their power on _-
Cambridge Electric while remaining in Cambridge. 2 the open market from newly formed and registered. ' Following the DPU's approval of most of our rate Lelectric generating companiesipowerbrokers or - request, MIT unsuccessfully challenged the ruling before l fpower marketers! the Federal Energy Regulatory Commission anr' 'he l United States District Court. Also, in October 1996, l
& Local electric companies such as COM/ Electric will.
MIT appealed the DPU's ruling to the Massachusetts Eprovide only electric distribution and related services. Supreme Judicial Court. The Court's decision is j We anticipate that we will also handle billing and : expected in the second quarter of 1997. j 1
^11
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C O M M O N W E A LT H ENERGY SYSTEM lt)L)O In addition, we see further growth opportunities in new technolo-gies. Improved natural gas engir,e-driven cooling and absorption chillers are increasing in popularity and are desirable off-peak summer load additions. In 1996, COM/ Gas added 1,700 tons of cooling load with customers such as Mount Auburn Hospital and Lesley College in Cambridge. At COM/ Electric, we are using our expertise in the commercial and industrial area to market products and services such as surge protectors, power factor correction and power system analysis. As restructuring of the electric industry continues, we anticipate expanding this initiative considerably, creating value-added products and services that place the company in a competitively superior position. , *; . ,c COM/ Electric has taken an aggressive role in working with c- ' ' f - 1 4 economic development councils and local and state government
={e ' de. ,, :
to promote our area as an ideal place for business to prosper. As part of that effort, we developed an advertising campaign to generate interest in our service area for the relocation and " I development of new business. ..- .% We are also working closely with a host of local, state and ""
. [ g,,g federal officials, and chambers of commerce to bring new < c - E.- P g ,,
business and important infrastructure improvements to our er _ area. Major projects in progress in 1996 were a new casino, ' , M . . , .. -
?I expanded airports, designation of downtown New Bedford as a '- n
. :M National Historic Park, and development of a major aquarium. Street excavation for gas pipes in 1951.
In recognition of our contribution to the area's tourism industry, COM< Electric received the Commonwealth of Massachusetts Governor's 1996 Leadership Award. _ COM/ Energy Steam Company, a non-regulated affiliate, continues $gh b gegg$ges > to achieve exceptional results, enjoying another record year with ;g g revenues of over $17 million. We continue to strive to provide )234,500' high-quality service to our steam customers, and are exploring W + every opportunity to expand our steam sales into new markets. 7,067 square miles covering 49 - communities (including 12 served with electricity suppliedby.. COM' Electric) with ipopulation of What is COMGas doing to maximize revenue in the approximately 1,128,000 increasingly deregulated gas industry? Gas Plant: Distribution Lines - 2,778 miles At COM/ Gas, we identified opportunities that take advantage of our Peak day firm send out (1996)- facilities as Well as changes in state and federal regulation. One 339.773 MMBTU on February 4 of these opportunities is the expanded service options we can offer . our customers. For example, where possible we are providing the service, reliability and pricing to encourage interruptible customers to switch to firm transportation rates which provide enhanced service to customers and stronger year-end financial results for COM/ Gas. Our innovative quasi-firm service rates also continue to be attractive to former interruptible sales customers who require gas for longer periods than the interruptible selling season allows, but less than 13
C O M M O N W E A LT H ENERGY SYSTEM lt)L)O 1096 Firm Gas Unit Sales year-round firm service. Our margin-sharing proposal on the quasi-firm rates was approved in early 1997 by the DPU and will have a posi-Industrial tive impact on net income in the future. 11 / COM, Gas' supply portfolio optimization efforts keep our gas costs Commercia 28 % among the lowest in Massachusetts. By aggressively maximizing our 5% f capacity release and off-system sales, we sell temporary excess gas to reduce the cost of gas to firm customers. These activities will Othe9r. have a positive effect on income as a result of the DPU's margin-sharing policy related to these services. Residential 56 % What is your relationship with the community? l We have built excellent relationships in the areas we serve. Our l community relations program includes participation in the activities of
, . . . chambers of commerce, economic development agencies, and major
_._[. k- h ! civic organizations. We meet regularly with local selectmen, fire, P' police and emergency management representatives, and a host of elected and appointed state officials. Our contributions policy targets important community programs, and we encourage and support our employees in volunteer efforts to i assist a variety of local causes. We are most proud of our efforts for c.,_ 1996 which include: (k. y . La ' r t %g,, ,
- United Way's " Month of Canng" for which almost 300 of our employees worked in 37 different United Way agencies for a day; Worcester Gas Light Company's storage tanks circa 1930.
- Partners in Education where over 140 employees visit local schools to read, tutor and mentor students,
. Sponsorship of Kindervision, a program designed to teach school 1 t
age children how to protect themselves; and l [ IC96 Total Throughput (astu) - Annual beach clean-up, where 500 employees and local residents joined together to clean up three area beaches. Quasi-firm Off-system e b N god neighs and inmW mehs d me Interruptible . 4% N community is an integral part of our business decisions. A good example of this is a program which began soveral years ago at our Transportation 9% x Canal Electric plant when we began meeting regularly with local resi-dents to hear their concerns about air quality. On September 30,1996, Total Firm as a result of those meetings, we were able to invite the community I 80% to join us in a ceremony to celebrate the conversion of Canal Electric's Unit Two to clean burning natural gas. By burning natural gas up to nine months of the year, annual emissions from Unit Two are expected to be reduced an additional 25%. 14 L-_----______._ . J
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