ML19261E531

Forwards Financial Data for PSC of Nh for Second Quarter of 1979 in Response to NRC 790717 Request for Addl Financial Info

ML19261E531
Person / Time
Site:	Seabrook
Issue date:	08/20/1979
From:	Ritsher J ROPES & GRAY
To:	Rubenstein L Office of Nuclear Reactor Regulation
References
NUDOCS 7908280615
Download: ML19261E531 (25)

Text

- .

ROPES & GRAY 225 FRANKLIN STREET BOSTON 02110 CABLE 4DDm(5s ROPGRALOW a n t a c oD E 617 423 6 00

• E t t a suuw e r e 940589 August 20, 1979 S. Subenstein, Branch Chier

ht ..ater Reactors, Eranch #4

1. vision of Project Management United States Nuclear Regulatory Commission Washington, D. C. 20555 Re: Public Service Company of New Hampshire, Docket Nos. 50-443 and 50-444; Staff Request for Additional Financial Informa-tion dated July 17, 1979

Dear Mr. Rubenstein:

Enclosed herewit., are twenty-five copies each of the Report to Shareowners and Form 10-Q for the second quarter of 1979 of Public Service Company of New Hampshire which were promised, when available, in the material furnished by my letter of August 9, 1979.

Very truly yours,

, ,g L Joh A. Ritsher JAR:vm1 l )

Enclosures d cc: Attached List

\

7908280

, . us]

"^0 314

Copies to:

Alan S. Rosenthal, Chairman E. Tupper Kinder, Esqu' ire Atomic. Safety and Licensing As'sistant Attorney General Appeal Board Environmental Protection Division U.S. Nuclear Regulatory Commission Office of the Attorney General Washin5 ton, D.C. 20555 208 State House Annex Concord, New Hampshire 03301 Dr. John H. Buck -

Atomic Safety and Licensing Karin P. Sheldon, Esquire J neal Board Sheldon Harmon, Rot man & Weiss Nuclear Regulatory Commission Suite 566

..ast. nsten, D.C. 20555 .

1725 I Street, N.W.

Washin5 ton, D.C. 20006 el C. Farrar, Esqulre -

m -

.c _ _fety and Licensing Dr. Ernest O. Salo Appeal Board Professor of Fisheries Research U.S. Nuclear Re5ulatory Comm13sion Institute Washington, D.C. 20555*

College of Fisheries University of Washington Ivan W. Smith, Esquire Seattle, Washington 98195 Atomic Safety and Licensing

• Board Panel Dr. Kenneth A. McCollum U.S. Nuclear Regulatory Commission 1107 West Knapp Street Washington, D.C. 20555 Stillwater, Oklahoma 74074 Joseph F. Tubridy, Esquire Robert A. Backus, Esquire 410.0 Cathedral Avenue, N.W. O'Neill Backus Spielman Washington, D.C. 20016 116 Lowell Street Manchester, New Hampshire 03105 !

Dr. Marvin M. Mann '

Atomic Safety and Licensing Laurie Burt, Esquire Board Panel Assistant Attorney General U.S. Nuclear hegulatory Commission One Ashburton Place Washington ,- D . C . 20555 Boston, Massachusetts 02108 Lawrence Brenner, Esquire Office of the Executive Legal Director U.S. Nuclear Regulatory Commission Washington, D.C. 20555

'"^0 315

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4 l -. t n..-..: e 9 Report to ShareownerS Second Quarter

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EARNINGS STATEMENT .

Eamings for the Second Quarter of 1979 were 47 cents per share, com- '

pared to 61 cents per share for the ,

same period in 1978. For the 12 u g~. ~

months ending June 30, earnings -^ ~~. AW. -

z per share were $2.93, compared to

^ *

• D.?$f'd5 M ~ '

S2.94 a year ago. In both compari- ,

sons,it should be noted that there " '

has been more than a 25% increase ~"

- ~

in average number of common -

shares outstanding over the same , , ,

penod last year. *- '

y inflationary pressures continue to - C' T impact on operating costs resulting in a downward trend of earnings. For F  % ,

,' b -h ~

g the Second Quarter of 1979, operat- e ..

d er-',$(D

~

ing expenses rose 20%, while .

M operating revenues increased only -

15% increased rate levels are This serial view of Seabrook Station taken in late July shows construction progress on cleariy necessary. both reactor units and the steam turbine generator building.

RETAIL RATE INCREASE DIVIDEND REINVESTMENT AND On May 25,1978, the New Hampshire by approximately $3 million per an- COMMONSTOCKPURCHASEPl AN Public Utilities Commission granted num and would intensify the Operation of the Company's Drvidend the Company an increase in its New Company's need for extemal cash to Reinvestment and Common Stock Hampshire retail rates designed to meet construction costs. Whether or Purchase Plan has been resumed, produce additional revenues of not the NHPUC orders the elimination with the mailing of a current prospec-

$30,134,232 per annum based on a of CWIP, the Company intends to take tus to participating stockholders. Ap-test year ending in April,1977. The appropriate steps to ensure continu- plications to join the Plan are now increase was based in part on the in- ance of at least its present level of being accepted. Through the Plan, clusion of CWIP (Construction Work in revenues. participating stockholoers can pur-Progress) associated with major gen- The Company has announced its in- ci ase additional shares of the erating facilities, and the order was af- tention to file new and higher retail Company's common stock without the firmed by the New Hampshire Su- rates by the end of the Third Quarter, payment of brokerage commissions or preme Court on May 17,1979. 1979, and expects prior to that time to service charges. Interested stockhold-On May 7,1979, a New Hampshire ask the NHPUC for higher rates ers may obtain a copy of the current statute purporting to prohibit the inclu- through an interim rate adjustment. prospectus by writing to:

sion of CWIP in the rate base became The First National Bank of Boston law and the NHPUC instituted pro- PSNH Dividend Reinvestment and ceedings requiring the Company to I show cause why CWIP should not be eliminated from the rate base. Elimina-tion of CWIP would reduce net income Common Stock Purchase Plan P.O. Box 1681 Boston, Massachusetts 02105 o^0M6

===== = = = . = = = = = = = = -

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5, 1

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRti COMPARATIVE REPORT OF EARNINGS FOR PERIODS ENDING JUNE 30 Three Months Six Months Twelve Months 1979 1978 1979 1978 1979 1978 (Thousands of Dollars)

Operating Revenues $65,866 $57,038 $145,938 $129.018 S277.671 $238,787 Operating Expenses Operation and Maintenance 46,849 36,522 98,048 80.217 182,241 155,882 Depreciation 3,848 3,669 7,672 7,321 15,103 14,428 Federal & State Taxes on income 1,746 3,167 8,478 10.319 17,825 15,442,

Other Taxes, Principally Property Taxes 3,741 3,561 7,300 6,847 14,038 13,001

[ 56,184 46,919 121,498 104,704 229,207 198,753 Total Operating income 9,682 10,119 24,440 24,31_4 48,464 40,034" Other income and (Deductions)

Interest on Long-Term Debt (6,529) (4,821) (13.063) (9,626) (24,510) (19,158)

Other Interest (3,438) (1,966) (6,361) (3,752) (10,810) (5,381)

Allowance for Funds Used During Construction: ,

Borrowed Funds 4,219 1,802 8,032 3,348 12.446 6,932 Equity Funds 2,945 1,818 5,605 3,376 10,057 6,914 Miscellaneous-Net 588_ 240 1,031 616 _ 2,2_68 1,423 Total (2,215) (2,927) (4,756) (6,038) (10,549) (9,270)

Net income 7,467 7,192 19,684 18,276 37,915 30,764 Preferred Dividend Requirements 1,952 1,599 3.538 3,199 6,730 5,914 Balance for Common Stock S 5,515 $ 5,593 S 16,146 S 15,077 $ 31,185 $ 241850 Average Shares of Common Stock Outstanding (Thousands) 11,823 9.109 11.573 8,780 10,660 8.454 Earnings Per Average Share of Common Stock $0.466 S0614 $1.395 $1.717 S2.925 $2.939 These statements are for information purposes only and 1979 f;gures are subject to audit and adjustment by independent auditors.

W FINANCING On May 22,1979, Public Service sold PRIME ENERGY SALES 1.2 million shares of Sinking Fund in Megawatt-Hours Preferred Stock,11.24% Dividend Series, S25 par value. The sale Second Quarter Second Quarter Change Since produced $30 million in proceeds to 1979 1978 1978 the Company which were used to Residential 412,648 406,080 1.62%

repay short-term loans incurred to Industrial 458,537 431,185 6.34%

help finance Public Service's con- Other 442,176 420,418 5.18%

struct;on program. The Company also completed a sale of 2 million Totals 1,313,361 1,257,683 4.43%

shares of common stock on July 19.

I Public Service realized nearly $38 million in proceeds from that sale, whichalsowereusedtorepay Agreement was increased from $95 New Hampshire banks, continues to short-term loans. to $115 million on April 30,1979. This play an important role in the financing The commitment by seven major Agreement, along with approximately of Seabrook Station and other banks under a Revolving Credit $5 million in lines of credit with projects. .

' o ^ 0 317

27*

ELECTRIC POWER RESEARCH INSTITUTE ALLOCATION OF ENERGY RESEARCH FUNDS 1973-1983 ENERGY AN LLYsis AND ENVIRONMENT

, Energy Anasses N Eneronmenta. Assessment 87%

~

97%

ELECTRICAL SYSTEMS Transmission FosslL FUEL AND Power systems ADVANCED sYsTE MS Fossel Fuet Power Plants Advanced Fossel Power systems 16 4 %

New Energy Resources Energy Management and 79%

Utilaation Technology Water Reactor systems 51% 7g Technology Rehabihty. Availabihty.

N 85%

70%

$3%

and Econornics Fuels, waste and Environment Developing Apphcations and Technology ENERGY RESEARCH FOR THE Nlllrj 'e 1 g. 4 PSNH President William C. Tallman discusses earnings andperformance FUTURE THROUGH EPRI ig4:i  : ., ,4 ,' . '

Through the Electnc Power Research , pg -

figures at the Company's AnnualMeeting.

Institute (EPRI), the Company joins ,

.3 with other electric utilities across the g ,

nation to pool funds to research rg every phase of energy technology. ,dv ,

9 ,

This organization has as its respon-Q, ty ,

sibility the investigation of near-term , , ,

s technologies (available within ten 4 years)in which the emphasis is to ,' ,4 -2 q

increase performance and reliability .

of present equipment;mid-term i ,

technologies (available in ten to twenty-five years)in which the .

emphasis is to meet possible re-source and environmentallimitations; and emerging technologies (major ea s)i wh ch he mpha is to NNUA1. MEETING

SUMMARY

. status of the Company's construc-Public Service held its ar.nual meeting tion financing plan, and the outlook ensure availability of new energy of stockholders on May 10 at the for future generating needs. In his sources. Highway Hotelin Cancord, N.H. words,"Whether our load growth The Company's support of this Robert J. Harrison, Financial Vice increases at a rate of 6.5% annually, program, both through financial President, was electeci to the as the Company predicts, or at a contributions and participation by Company's Board of Directors, slower rate of 4.5%,it is apparent Company employees in activities of succeeding Marston Heard who that we face the likelihood of the Institute, enables it to fulfill its served on the Board f or 25 years. capacity shortfallin the mid-1980's obligations as a responsible member All other board memters were with only a 28% ownership in of the energy industry. re-elected. Seabrook Station." He said that any in his address to the stockholders, shortf all which develops will have to I The chart shown above sets forth the areas in which research is planned showing the percentage of funds to be expended.

Company President William C. be made up with purchased elec-Tallman reported on Nblic Service's tricity, resulting in a significant First Quarter,1979, e arnings, the financial penalty to customers.

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SEABROOK STATION - g *% Q-, *p' j,

in the First Quarter R9 ort, the Com- J F ~

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g.U-. . J ? *

7. - Q,/.f4 pany advised Shareowners of its de- . O, sj!p'h-. h cision to reduce its ownership in the p ( ' "f &- p Seabrook Nuclear Units and that 4 ..

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agreements had been reached with * -

other New England utilities which -k' g} f [, '

-a f would result in reducing the v d i Company's ownership from 50% to 28% Completion of this transaction , .

y dy ,,

remains one of Management's top

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priorities. The New Hampshire Public Utilities Commission has approved the y@# J8

, ,ug transfers to some of the utilities in- , , ,, . . 9gj, volved in the transaction and has - -

[f[g. gYE

[7 scheduled further hearings with re-spect to the other proposed transfers. "r~ y L .-g y -

My ..W.

' - Conditional approval has been re- .

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P d%.

ceived from the Vermont Public Serv- , .7 M .

ice Board, and the two Vermont utilit es

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-~ 3 involved are assessing the conditions contained in the Board's Ord9r. Other

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. required regulatory approvals are

• beirig sought. The Company is continu-

• f.

ing its efforts to sell all of its ownership M0rt$ essassumeBIP*

interests in the Pilgrim #2 and Mill- ,

ABOVE: Preparation for the pounnp of ,

f m , the 10 foot thick mat (or base slab)of -

stone #3 Units. ' the Unit n2 reactor containment is in pro-

< Constn ction progress of the Seabrook gress with tons of 2%-inch reinforcing 4 Nuclear facility during the last quarter -

steelbars being installed NE N',- " Pg was slowed somewhat as a result of a ,

c* 45-day-long carpenters'stnke and un- ? - '

• rJM

.1f p' M - MIDDLE: The white steellinerplate of the reactor containment butiding is seasonably wet weather. However.

gL'-,'--

with the end of the stnke, a catch-up rising toward completion on Unit ,f. TN g liner forms the pressuetigN bamer on I plan was implemerted to recover as i i

much of the schedule as poss!ble. 9 3 concrete containment building ~

At the end of the Quarter, Unit #1 and g portions of the project which are com- .,,,

{

BELOW:Seabrook Station willhave n [

mon to both units stood at 22.3% com- W ,4 : m. simulator liA e this one installed at the ,

plete, while the overall project includ- W* U' h I training center for advanced and con- ,

1 tinued training of nuclear reactor

~

ing Unit F was 15.9% complete. ~

-A e l.' operators. .

Two recent cares before the United ,,

+

States First Circuit Court of Appeals in Dr .n e 1 which actions by regulatory agencies challenged by intervenors were de-on the suitability of the site and the cided in a manner favorable to the proposed cooling system had been project. SEABROOK TO HAVE FULL ,e SCALE SIMULATOR Vggg, %My p,w - -- -- _2 4 . ~-

Seabrook Station is in the forefront of those nuclearinstallations svhich .

i. *" will have a full scale simulator ,

located on site for the trarning of

's nas dhashes i k.gggggg-ARIIML mn asi E i E a Ei k l operators. Housed in a separate training center, the simulator is an 2 exact duplicate of one of the station

.$ ' m Mb $Y,"["h"j }.

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egen nakA: control rooms.

dtilized in the Operator Training i

3 N,,, h M,4 ' g

'%. g (2l review training of operators dunng *'

Program prior to startup and in the

+

4 , ,' . { the life of the plant, all normal and many abnormal plant conditions can 8

be duplicated to familianze the J . ~ operator with plant controls and

- .j ... procedures before having to face

, ya ** . p ', the "real thing".

va It is quite likely that all new nuclear

- uA4 plants will be required to have such

_hM f es w simulators for gelat r tra ning

. si s i s

..= = =

3 SECURITIES AND EXCHANGE COMMISSION 6

Washington, D. C. 20549 FORM 10-0 QUARTERLY REPORT UNDER SECTION 13 OR 15(d) 0F THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended June 30, 1979 Commission File Number 1-6392 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

([ XACT NAMC Or REGISTRANT AS SPECIFfCD IN ITS CH ARTER )

NEW HAMPSHIRE 02-0181050 (STATE OR OTHER JURISDICTION Or (IRS EMPLOYER INCORPORATION OR ORGANI Z ATI ON ) lCCNTIFICATICN NO. )

6 1

1000 ELM STREET, MANCHESTER, NEW HAMPSHIRE 03105

( ADDRC SS OF PRINCIPAL CXECUTlVC OFFICCS) (28P CODC )

Registrant's telephone number, including area code (603) 669-4000 NO CHANGE (f0RMCR NAME. FORMER ADDRESS AND FORMER FlSCAL YCAR, IF CHANGCD SINCC LAST REPCRT)

INDICATC BY CHCCK MARK WHCTHER THE REGISTRANT (1 ) HAS FILCD ALL REPORTS TO SC FILCD BY SCCTION 13 OR 15 (D ) OF THC SCCuRITIES ExCHAuct ACT or 1934 DURING THE PRECCDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS RCOUIRED TO FILC SUCH RE POR TS ), AND (2) HAS RCCN SueJECT TO SUCH F I L I NG REQUIREMENTS FOR THE PAST 90 DAYS. .

YES . . . NO . . . . .

INDICATE THC NUMBER OF SHARES CUTSTANDING Or CACH OF THE ISSUCR'S CLASSES OF COMMON STOCK. AS of THE CLOSC OF THC PERIOD COvCRED SY THIS REPORT.

Conunon Stock, $5 Par Value, 11,824,423 shares outstanding at June 30, 1979.

Page 1 of 19 Pages o"0 320

. CUARTERLY REPORT, FCRM 10-Q FCR ~

PUBLIC SERvlCE COMPANY CF NEW HAMPSHIRC FOR THE CUAATCn ENCCD JUNC 30, 1474 INDEX Page Number Cover 1 Index 2 Part I. Financial Information Condensed Balance Sheets June 30, 1979 and June 30, 1978 3 Condensed Statements of Income Three MontFs and Six Months Ended June 30, l'sn and June 30, 1978 4 Condensed Statements of Changes in Financial Position Six Months Ended June 30, 1979 and June 30, 1978 5 Notes to Condensed Financial Statements 6 Management's Discussion and Analysis of the Condensed Statements of Income 7-9 Review by Independent Public Accountants 9 Exhibit Statement of Limited Review by Independent Public Accountants 10 Part II. Other Information Item 1. Legal Proceedings 11-12 Item 5. Increases in Amount of Securities or Indebtedness 13 Item 7. Submission of Matters to a Vote of Security Holders 13-14 Item 8. Other Materially Important Events 14 Item 7. Exhibits and Reports on Form 8-K 14-18 Signature 19 O O li 2 1 2

. CtJ ARTE QLY PEPORT, FORM 10-Q FOR SUSLIC $ERylCE CCMPANY CF NEW HAMD$ HIRE FCR THC CUARTER CNOCD .UNC 30, 1974 PART I. FINANCIAL INFORMATION CONDENSED BALANCE SHEETS (Unaudited)

June 30, 1979 1978 ASSETS (Thousands of Dollars)

UTILITY PLANT, AT ORIGINAL COST Electric Plant $514,781 $491,009 Less Accumulated Provision for Depreciation _141,608 128,196 373,173 362,813 Unfinished Construction 415,931 257,335 Net Utility Plant 789,104 620,148 I!WESTMENTS 14,045 13,983 CURRENT ASSETS Cash 1,193 547 Temporary Cash Investments 3,400 4,000 Receivables - Net 26,361 19,843 Fuel, Materials and Supplies 23,387 14,686 Other Current Assets 19,757 14,542 Total Current Assets 74,098 53,618 OIHER ASSETS 9,565 4,375

$886.812 $692.124 CAPITALIZATION AND LIABILITIES CAPITALIZATION Common Stock $ 59,122 $ 48,773 Other Paid-In Capital 138,503 107,988 Retained Earnings 66,484 65,859 Total Common Stock Equity 264,109 222,620 Prefer ed Stock 113,098 83,827 Long-Term Debt 261,461 203,868 Total Capitalization 638,668 510,315 CURRENT LIABILITIES Short-Term Debt 114,100 61,325 Long-Term Debt to be Retired Within One Year 27,216 34,962 Accounts Payable 37,664 29,457 Dividends Payable 8,640 -

Taxes Accrued 12,142 9,442 Interest Accrued 7,422 3,113 Other Current Liabilities 1,159 13,157 Total Current Liabilities 208,343 151,456 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 13,565 12,323 ACCUMULATED DEFERRED TAXES ON INCOME 25,736 17,291 OTHER DEFERRED CREDITS AND RESERVES 500 739

$886.812 $692.124 See Accompanying Notes to Condensed Financial Statements 3

o^0 322

. CUARTERLY REF RT, FCRM 10.C rCR PU9LIC SERVICC CCMPANY CF NEW H AMPSHI RC Fcm Twt CUARTER ENOCD JUNC 30, 1979 PART I. FINANCIAL INFORMATION (Continued)

CONDENSED STATEMENTS OF INCOME (Unaudited)

Three Months Six Months Ended June 30, Ended June 30, 1979 1978 1979 1978 (Thousands of Doliars)

Operating Revenues (Note 1) $65,866 $57,038 $145,938 $129,018 Operating Expenses:

Operation Fuel 23,532 14,000 52,375 33,002 Purchased and Interchanged Power 9,905 10,357 19,038 23,294 Other 8,864 7,960 17,749 15,441 Maintenance 4,548 4,205 8,886 8,480 Depreciation 3,848 3,669 7,672 7,321 Federal and State Taxes on Income 1,746 3,167 8,478 10,319 Other Taxes, Principally Property Taxes 3,741 3,561 7,300 6,847 Total Operating Expenses 56,184 46,919 121,498 104,704 Operating Income 9,682 10,119 24,440 24,314 Other Income Allowance for Equity Funds Used During Construction 2,945 1,818 5,605 3,376 Other - Net 588 240 1,031 616 Total Other Income 3,533 2,058 6,636 3,992 Income Before Interest Charges 13,215 12,177 31,076 28,306 Interest Charges 9,967 6,787 19,424 13,378 Allowance for Borrowed Funds Used During Construction (4,219) (1,802) (8,032) (3,348)

Net Interest Charges 5,748 4,985 11,392 10,030 Net Income 7,467 7,192 19,684 18,276 Preferred Dividend Requirements 1,952 1,599 3,538 3,199 Balance for Common Stock $ 5.515 $ 5.593 $ 16.146 $ 15.077 Shares of Common Stock Outstanding -

Weighted Average (000) 11,823 9,109 11,573 8,780 Earnings Per Average Share of Common Stock Af ter Preferred Dividends $0.47 $0.61 $1.40 $1.72 Dividends Declared Per Common Share $1.06 -

$1.59 $0.94 Quarterly Declarations 2 0 3 2 See Accompanying Notes to Condensed Financial Statements "O 323

. OVAFTERLY PEPORT, FCmd 10-0 FCR PUSLI C seryl CE CCMPt.NY CF NEW H AM ASHI RC Fom TMC CUAm7CR ENCCD JUNC 30, 1974 PART I. FINANCIAL INFORMATION (Continued)

CONDENSED STATEMENTS OF CHANGES IN FINANCIAL POSITION (Unaudited)

Six Months Ended June 30, 1979 1978 (Thousands of Dollars)

Source of Funds:

From Operations:

Net Income $ 19,684 $ 18,276 Principal Non-Cash Charges (Credits) to Income:

Depreciation 7,672 7,321 Allowance for Equity Funds Used During Construction (5,605) (3,376)

Deferred Taxes and Investment Credit Adjustments 5,097 2,434 Total From Operations 26,848 24,655 From Outside Sources:

Sale of Preferred Stock 30,000 -

Sale of Common Stock 39,994 23,881 Increase in Short-Term Borrowing 28,775 6,212 Advance Payments from Joint Project Participants 51 12,000 Total from Outside Sources 98,820 42,093 Decrease (Increase) in Working Capital (A) (1,284) 36,645 Total $124.384 S103.393 Application of Funds:

Property Additions $ 77,400 $ 65,940 Allowance for Equity Funds Used During Construction (5,605) (3,376)

Divideads Declared 24,340 11,142 Reduction of Long-Term Debt 25,836 29,242 Other Applications - Net 2,413 445 Total $124.384 S103.393 (A) Decrease (Increase) in Working Capital Other than Short-Term Debt:

Cash and Cash Investment -

$ (2,714) $ 382 Receivables 1,227 2,149 Inventories (2,644) 2,350 Long-Term Debt to be Retired Within One Year 21,985 26,334 Accounts Payable (30,371) (5,453)

Dividends Payable 8,640 -

Accrued Taxes (207) 8,563 Other 2,800 2,320 Total Decrease in Working Capital Other than Short-Term Debt S (1.284) $ 36.645 See Accompanying Notes to Condensed Financial Statements 5

o^0 324

. CUARTERLY PEPORT, FCFM 10-C FCR PU9LI C SER 'I CE CCvPANY OF NEW H AMPSH; RE FCm Twt CUAntEn enc 50 JUNt 30, 1973 e

PART I. FINANCIAL INFORMATION (Continued)

NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited)

In April 1978 the Company filed new Wholesale-for-Resale rates with the Federal Energy Regulatory Commission that would increase wholesale revenues approximately $2,377,000 on an annual basis. The, new rates went into effect subject to refund on July 29, 19)S, and increases billed subject to refund are as follows:

Third quarter of 1978 $ 356,188 Fourth quarter of 1978 590,655 First quarter of 1979 710,366 Second quarter of 1979 535,992

$2.193.201 "O 325 6

. OUARTERLY REPCRT, FCPM 10-Q FCR PU9U C IERv8 CE CCMPANY CF NEW Mt#PSHIRC Fen Tsc Cuantta ENOCD JUNt 10, 1974 PART I. FINANCIAL INFORMATION (Continued)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE CONDENSED STATEMENTS OF INCOME The following is Management's discussion and analysis of certain significant factors which have affected the Company's earnings during the periods included in the accompanying condensed statements of income.

A summary of the period to period changes in the principal items included in the statements of income is shown below:

Comparison of Three Months Six Months Three Months Ended Ended Ended June 30, 1979 & June 30, 1979 June 30, 1979 &

June 30, 1978 & June 30,1978 March 31, 1979 Increases (Decreases)

(Dollars in Thousands)

Operating Revenues $8,828 15.5% $16,920 13.1% $(14,206) (17. 7)%

Fuel Expense 9,532 68.1 19,373 58.7 (5,311) (18.4)

Purchased and Interchanged Power (452) (4.4) (4,256)(18.3) 772 8.5 Other Operating Expenses 904 11.4 2,308 14.9 (21) (0.2)

Maintenance Expenses 343 8.2 406 4.8 210 4.8 Depreciation 179 4.9 351 4.8 24 0.6 Federal and State Taxes on Income (1,421) (44.9) (1,841)(17.8) (4,986) (74.1)

Other Taxes, Principally Property Taxes 180 5.1 453 6.6 182 5.1 Other Income 1,475 71.7 2,644 66.2 430 13.9 Net Interest Charges 763 15.3 1,362 13.6 104 1.8 Preferred Dividend ~ Requirements 353 22.1 339 10.6 366 23.1 Balance for Common Stock (78) (1.4) 1,069 7.1 (5,116) (48.1)

Three Months Ended June 30, 1979 as compared with Three Months Ended June 30, 1978 Operating Revenues increased $8,828,000 principally due to (1) the operation of the fuel adjustment clause (S5,770,000), (2) an increase in unit power sales ($710,000), (3) an increase in rates to New Hampshire retail customers of approximately $3,000,000 on an annual basis effective June 1, 1978, (4) an increase in rates to wholesale customers of approximately

$2,400,000 on an annual basis effective July 29, 1978, and (5) an increase in prime energy sales.

Fuel Expense increased $9,532,000 because a larger percentage of total power supply was generated by Company-owned fossil fuel plants and because of higher unit costs of oil and coal.

^^0 376 7

a CUARTERLY REPORT, FCPM 10.Q FCR PUBLI C SERVI CE CCMP ANY CF NCW H AMPSHI RE Fen Twc Cuamven ENor.D JUNC 10, 1974 PART I. FINANCIAL INFORMATION (Continued)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE CONDENSED STATEMENTS OF INCOME (Continued)

Three Months Ended June 30,1979 ss Compared with Three Months Ended June 30, 1978 - Continued Other Operating Expenses increased $904,000 principally because of the effect of inflation on wages, supplies and services and employee benefits.

Federal and State Taxes on Income decreased $1,421,000 primarily due to a decrease in taxable income.

Other Income increased $1,475,000 primarily because of the increase in the equity portion of allowance for funds used during construction (AFUDC) due to the increase in the Company's construction program, primarily the Seabrook nuclear plant, together with the change in the gross AFUDC rate from 9-1/2% to 107. effective January 1, 1979.

Net Interest Charges increased $763,000 primarily due to an increase in the rates and level of short-term borrowings from banks as an interim method of financing construction of new facilities.

Preferred Dividend Requirements increased $353,000 due to an increase in the number of preferred shares outstanding.

Six Months Ended June 30, 1979 as Compared with Six Months Ended June 30, 1978 Operating Revenues increased $16,920,000 principally due to (1) the operation of the fuel adjustment clause ($8,603,000), (2) an increase in unit power sales ($2,230,000), (3) an increase in rates to New Hampshire retail customers of approximately $3,000,000 on an annual basis effective June 1, 1978, (4) an increase in rates to wholesale customers of approximately -

$2,400,000 on an annual basis effective July 29,1979 and (5) an increase in prime energy sales.

Fuel Expense increased $19,373,000 because a larger percentage of total power supply was generated by Company-owned fossil fuel plants and because of higher unit costs of oil and coal.

Purchased and Interchanged power decreased $4,256,000 because a smaller percentage of total power supply was required to be purchased. (See Fuel Expense above.)

Other Operating Expenses increased $2,308,000 principally because of the effect of inflation on wages, supplies and services and employee benefits.

Federal and State Taxes on Income decreased $1,841,000 primarily due to a decrease in taxable income.

8 o"0 327

. OUARTERLY REPORT, FCRM 10-Q FCR PUBLIC SERVICE CCMPANY OF NEW HAMPSHIRE FCR TMC CUARTCn CNOCO JUNC 30, 1974 PART I. FINANCIAL INFORMATION (Continued)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE CONDENSED STATEMENTS OF INCOME (Continued)

Six Months Ended June 30, 1979 as Compared with Six Months Ended June 30, 1978 - Continued Other Income increased $1,841,000 primarily because of the increase in the equity portion of AFUDC due to the increase in the Company's construc-tion program, primarily the Seabrook nuclear plant, together with the change in the gross AFUDC rate from 9-1/2% to 10% effective January 1, 1979.

Net Interest Charges increased $1,362,000 primarily due to an ir. crease in the rates and level of short-term borrowings from banks as an interim method of financing construction of new facilities.

Preferred Dividend Requirements increased $339,000 due to an increase in the number of preferred shares outstanding.

Three Months Ended June 30, 1979 as Compared with Three Months Ended March 31, 1979 Operating Revenues decreased $14,206,000 which represents the normal seasonal decrease in kilowatt hour sales between the first two quarters of a year.

Fuel Expense decreased $5,311,000 for the same reason.

Federal ar.d State Taxes on Income decreased $4,986,000 primarily for the same reason.

Preferred Dividend Requirements increased $366,000 due to an increase in the number of preferred shares outstanding.

REVIEW BY INDEPENDENT PUBLIC ACCOUNTANTS With respect to the condensed financial statements included herein, in the opinion of Management all adjustments necessary to a fair statement of the results of operations for such interim periods have been included. The financial information for the Company included in this form has been reviewed prior to the filing by the Company's independent public accountants, and all adjustments or additional disclocures proposed by the independent public accountants have been reflected in the financial information presented.

0 328 9

P5:AT, }IA RWIC K, 31ITC H ELL & CO.

CERTIFICD PUBLIC ACCOUNTANTS ONE DOSTON PLACE DOSTON, MASSACIIUSETTS O2108 017-723-770 0 The Board of Directors Public Service Company of New Hampshire:

We have made a review of the condensed balance sheet of Public Service Company of New Hampshire as of June 30, 1979 and 1978 and the related condensed statements of income and changes in financial position for the three and six month periods then ended, in accordance with standards established by the American Institute of Certified Public Accountants.

A review of interim financial information consists principally of obtaining an understanding of the system for. the preparation of interim financial information, applying analytical review procedures to financial data, and making inquiries of persons responsibt.e for financial and accounti. matters.

It is 3@stantially less in scope than an examination in accordance with generally accepted auditing standards, the cbjective of which is the expression of an epinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opini,on.

Based on our review, we are not aware of any material modifications that should be. cade to the accompanying financial statements for them to be in conformity

~

with generally accepted accounting principles.

O i ca , MM s.

July 27, 1979

" O 329 10

. CUARTERLY REPCRT, FCRM 10-Q FOR PUELIC $ERVICE CCMPANY CF NEW H & PSHIRE Fca Tpt CuamTCn ENete JuNC 30 1970 9

PART II. OTHER INFORMATION Item 1. Legal Proceedings Reduction of Construction Program. On May 4, 1979, the

' Company filed an application with the New Hampshire Public Utilities Commission ("NHPUC") seeking authorization to reduce its ownership interest in the 2300 MW nuclear plant under construction in Seabrook, New Hampshire from its present 50% ownership interest to an ownership interest of 28%. On July 27, 1979, the NHPUC approved a reduction in the Company's ownership interest aggregating 14.03% of the total ownerstip interests in the plant and a corresponding increase in the ownership of other utilities. The NHPUC declined, however, to grant its approval with respect to the 7.97% balance of the proposed 22% adjustment, pending the outcome of a further hearing, which took place on August 6,1979. Included in the portion of the proposed adjustment approved by the NHPUC is an adjustment of a 2%

interest in the plant involving two Vermont utilities. On July 19, 1979, the Vermont Public Service Board conditionally approved that adj us tment, and the Vermont utilities are assessing whether to proceed with the increase in their ownership interests notwithstanding the conditions imposed. Timely approvals for the proposed reduction

n. the Company's interest in the Seabrook plant are essential to enable the Company to maintain its construction program and to conduct its business operations.

Rate Proceeding - New Hampshire Retail. On May 17, 1979, the New Hampshire Supreme Court affirmed an order of the NHPUC granting the Company an increase in its New Hampshire retail rates of $30,134,232 on an annual basis and thereby dismissed appeals by the Legislative Utility Consumers' Council relating to the increase.

The order allowed the Company a return on common equity of 14%, an overall rate of return of 10.19%, and included in rate base construction work in progress ("CWIP") associated with major generating facilities.

On May 7, 1979, a New Hampshire statute prohibiting the inclusion of CWIP in the Company's rate base became law, and the NHPUC has instituted proceedings requiring the Company to show cause why it should not eliminate from its rates that portion which is based on CWIP. At a hearing on June 5,1979, the NHPUC ruled that the Company could not present evidence as to its general revenue requirements, and that the only question before the NHPUC uas whether the statute mandated immediate elimination of the CWIP presently in rate base. Briefs have been filed and the dect. ion of the NHPUC is pending.

On July 19, 1979, the NHPUC terminated its inquiry into the Company's fuel adjustment clause. During the course of that proceeding, all aspects of the Company's fuel adjustment charge were reviewed, including the Company's fuel procurement policies.

" O 11

. CUARTERL" PEPCRT, rCcM 10-C FCR PUBU C SERVICE COMPANY CF NEW HAMPSHIRE ren Tat Quapitm CNOCD JuNC 30, 1970 PART II. OTHER INFORMATIGN (CONTINUED)

Rate Proceedings - Other. In a proceeding before the Federal Energy Regulatory Commission ("FERC"), the FERC ruled that the Company had no right to collect through a surcharge approximately

$1,850,000 of accrued but unbilled fuel clause revenue and ordered the Company to refund approximately $1,622,000 with interest, the balance not having been billed. The Company made the refund and appealed the FERC's decision to the Court of Appeals for the District of Columbia Circuit, which affirmed the Commission's decision. On August 1, 1979, the Company filed-a petition for a writ of certiorari with the Supreme Court of the United States requesting review of the decision of the Court of Appeals. In another phase of the same proceeding, the FERC has affirmed a hearing officer's decision ordering a refund of the higher cost of spot-market purchases of coal by the Company; the Company has been granted a rehearing on the order.

Conversion of Generating Units from 011 to Coal. On May 7, 1979, the Department of Energy notified the Company that it was rescinding the order (which had never become effective) prohibiting two 50 MW units at the Company's Schiller Station from burning oil as their primary fuel. On July 2,1979 the NHPCC ordered hearings to commence September 4,1979 on whether Schiller Seccion should be converted from burning oil to burning natural gas or coal.

Nuclear Regulatory Commission Construction Permits.

On May 30, 1979, the Court of Appeals for the First Circuit dismissed an appeal by certain intervenors from a decision by the Nuclear Regulatory Commission ("NRC") terminating the environmental review of alternate sites in southern New England for the Seabrook project.

In March, 1979, after the Company announced its decision to reduce its ownership interest in the Seabrook project, an intervenor filed a request with the NRC staff for issuance of a show cause order as to why the construction permits should not be suspended or revoked because of the Company's alleged lack of financial qualifications and lack of review of financial qualifications of the participants whose ownership interests are proposed to be increased. The staff on April 6,1979, gave public notice that it would take action on that request within a reasonable time. On May 2, 1979 the same intervenor filed a further request with the NRC staff for issuance of a show cause order as to why the construction permits should not be suspended or revoked because of the NRC's failure to require development of evacuation plans beyond the low population zone and to evaluate the consequences of certain types of accidents including the possibility of such evacuation.

Other Proceedings. Certain other pending legal proceedings are not described herein because they have been previously reported in the Company's Annual Report on Form 10-K for the year ended December 31, 1978 and in the Company's Quarterly Report on Form 10sQ for the quarter ended March 31, 1979.

o^n TTi 12

CUARTERLY REPORT, FCRM 10sQ FCR DUBLI C SERVI CE COMPANY CF NEW H AMD$HI RE fo rt THE CUAeTC9 ENCCC JUNC 30 1974 i

PART II. OTHER INFORMATION (CONTINUED)

Item 5. Increases in Amount Outstanding of Securities or Indebtedness (Reference is hereby made to Registration Statement File No.

2-64294 filed with the Commission en April 26, 1979, and Amendment No. 1 thereto filed on May 15, 1979 covering the issue of 1,200,000 shares of Sinking Fund Preferred Stock 11.24% Dividend Series, $25 par value.)

Item 7. Submission of Matters to a Vote of Security Holders (a) Annual meeting of stockholders was held May 10, 1979, and adjourned sessions thereof were held on Jurs 6, 1979 and June 21, 1979. Special meeting of Connon Stockholders was held on March 20, 1979 and adjourned sessions thereof were held on April 18, 1979, May 5, 1979 and May 22, 1979.

(b) At the annual meeting of stockholders the following directors were elected:

William A. Adams, Jr.

Robert J. Bottoms George A. Dorr, Jr.

Priscilla K. Frechette Harlan L. Goodwin Albert W. Hamel Robert J. Harrison Franklin Hollis David N. Merrill Ann R. Moody William H. Scranton William C. Tallman Hugh C. Tuttle Richard E. West, David S. Williams (c) Other matters voted upon at said annual and special meetings:

May 10,1978 (annual meeting)

The election by voice vote of Russell A. Winslow as Clerk.

"^0 332 13

GUARTERLY PEPCRT, FCRM 10-0 FCR CUSLIC SERV:Ct CCMPANY Cr NEW HAMPSHIRC FCR T*C CUAmTCR EacCD JUNr 10 197Q PART II. OTHER INFORMATION (CONTINUED)

May 15, 1979 (adjourned session of special meeting)

Amendment to Articles of Agreement to establish a new series of preferred stock; namely, Sinking Fund Preferred Stock 11.24% Dividend Series, $25 par value; and to fiF the terms and provisions relating thereto.

(Vote of Common Stock:

Affirmative - 7,057,215; Negative - 231,572)

(For text of the amendment, see Exhibit 2 attached hereto.)

June 21, 1979 (adjourned session of annual meeting)

Increase in authorized Preferred Stock, $25 par value, from 2,000,000 shares to 5,000,000 shares; approval of amendment to Articles of Agreement reflecting such increase; and authorization to Directors to issue such shares.

(Vote of Preferred Stock, $100 par value:

Affirmative - 546,879; Negative - 26,610)

(Vote of Preferred Stock, $25 par value:

Affirmative - 422,577; Negative - 32,745)

(Vote of Common Stock:

Affirmative - 6,272,561; Negative - 369,23?'

Item 8. Other Materially Important Events No other materially important events have occurred which have not been previously reported.

Item 9. Exhibits and Reports on Form 8-K (a) Exhibits

1. Not applicable.

2. Affidavit of Amendment of Articles of Agreement relating to the issue of Sinking Fund Preferred Stock 11.24% Dividend Series, $25 par value.

^^0 333 14

. Of)ARTERLY REPCRT, FCRM 10.Q FOR DUSLIC SERVICE CCMPANY CF NEW HAMASHIRE Fen Twc Cuanten Eseco JUNt 30 197Q PART II. OTHER INFORMATION (CONTINUED)

3. Copy of page 17 from the Company's 'roxy Statement dated April 13, 1979 containing the text of the proposal voted on at an adjourned session of the Company's annual meeting. See Exhibit 2 for the text of the proposal voted on at an adjourned session of the special meeting.

4. Not applicable.

5. Not applicable.

(b) No reports on Form 8-K were filed during the second quarter of 1979.

"O 334 15

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRI AFFIDAVIT OF AMENDMENT OF ARTICLES OF AGREEMENT We, the undersigned, being the Treasurer and a majority of the Directors of Public Service Conpany of New Hampshire, a New Hampshire corporation, with its principal place of business in Manchester, New Hampshire, io hereby certify that at an adjourned session of a Special Meeting of Common Stockholders of said corporation duly called for the purpose and held on March 20, 1979, said adjourned session having been held on May 15, 1979, in Manchester, New Hampshire, at which adjourned -

, session a quorum of the Common Stock, $5 par value, was present and acting throughout, with 7,057,215 shares of stock voting in the affirmative and 231,572 shares of stock voting in the negative, being at least the statutory nu=ber of the Co==on Stockholders present or represented by proxy and entitled to vote, a vote was adopted, of which the following is a true copy:

VOTED that Article V of the Articles of Agreement be amended by inserting the following new subdivision 12K i=sediately following present subdivision 12J:

12K. In addition to the Preferred Stock 11% Dividend Series, $25 par value, there shall be a series of the Preferred Stock, S25 par value, designated as Sinking Fund Preferred Stock 11.24% Dividend Series, S25 par value, for which the annual dividend rate is fixed at 11.24% and which shall constitute a series of the Preferred Stock, S25 par value, as provided in these Articles of Agreement.

(a) In the event of any voluntary liquidation, dissolution or winding up of the affairs of the corporation, or upon any redemption and retirement of the whole or any part of the Sinking Fund Preferred Stock 11.24% Dividend Series, S25 par value, other than pursuant to clause (b) below, the premium fixed for the Sinking Fund Preferred Stock 11.24% Dividend Series, S25 par value, shall be $2.81 per share if the date fixed for redemption and retirement as set forth in subdivision 12D of Article V of these Articles of Agreement or for payment of the distributive amounts as set forth in subdivision 12E of Article V of these Articles of Agreement is prior to May 15, 1984, $2.11 per share if the date so fixed is on or after May 15, 1984 and prior to May 15, 1989, $1.40 per share if the date so fixed is on or af ter May 15, 1989 &nd prior to May 15, 1994, $0.70 per share if the date so fixed is on or af ter May 15, 1994 and 16 g-}

. prior to May 15,1999, and $-0 per share if the date so fixed is on or after May 15, 1999, plus in each case accrued dividends; provided, however, that no shares of Sinking Fund Preferred Stock 11.24% Dividend Series, $25 par value, may be redeemed at the option of the corporation prior to May 15, 1984, directly or indirectly, from the proceeds.of or in anticipation of any refunding operation involving the application, directly or indirectl;, of borrowed funds or the proceeds of an issue of any class of stock ranking prior to or on a parity with the Preferred Stock es to dividends or ' assets if such borrowed funds or such stock shall have an interest or dividend cost to the corporation (calculated in accordance with generally accepted financial practice) of less than 11.24% per annum. (b) The corporation shall, on or before May 15, 1985 and on or before each May 15 thereafter,(each such date being hereinafter referred to as a " sinking fund payment date") set aside all funds necessary for the redemption of, and the corporation shall on each such May 15 redeem, 60,000 shares of. Sinking Fund Preferred. Stock ~ 11.24% Dividend Series, S25 par value, or such lesser number of sharas thereof as shall then be outstanding. The sinking fund shall be cumulative so that, if in any year the full amount required

     . c) be set aside for such year (including any amount carried over f rom any preceding year) is not so set aside for any reason, the deficiency shall be added to the requirements of the sinking fund for the next year. In addition, the corporation shall have a non-cumulative option to redeem on each sinking fund payment date (but only upon the conte =peraneous satisfaction of the sinking fund redemption due on said date) not more than 60,000 additional shares of Sinking Fund Pref erred Stock 11.24% Dividend Series, $25 par value. The amount to be paid in respect cf each share redeemed pursuant to this clause (b) shall be the par value thereof, together with all dividends accrued thereon to the redemption date, without any premium.

Signed under penalties of perjury.

                                             /

• W. W .1L C '1, % , Treasurer u

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May 16, 1979 17

0 EXHIBIT A The following are the amendments to the Artiles of Agreement of the Compar.y relating to the proposal to increase the authorized Preferret Stock, $25 par value. (For the purpose of identification, the language to be deleted by each proposal is bracketed, and the language to be added by each proposal is italicized.) (A) Article IV would be amended to read as follows:

        "The capital stock of the corporation shall consist of Preferred Stock having a par value of
 $100 per share, Preferred Stock having a par value of $25 per share, and Common Stock having a par value of SS per share, and the total number of authorized shares shall be one million three hundred fifty thousand (1,350,000) shares of Preferred Stock S100 par value, [two million (2,000,000)] five million (5,000,000) shares of Preferred Stock, 525 par value, and eighteen million (18,000,000) shares of Common Stock, 55 par value."

(B) Paragraph (a) of subdivision 7 of Article V would be amended to read as follows:

        "7. So long as any shares of any series of Preferred Stock,5100 par value, are outstanding, the corporation shall not, except upon the affirmative vote at a meeting called for the purpose of the holders of at least two-thirds (as) of the shares of all series of Preferred Stock, $100 par value, then issued and outstanding, voting as a single class:
              "(a) Authorize any shares of preferred stocks in addition to the authorized one million three hundred fifty thousand (1,350,000) shares of Preferred Stock, $100 par value, and

[two million (2,000,000)] five million (5,000,000) shares of Preferred Stock, S25 par value, or any securities convertible into such additional shares of preferred stocks, unless such additional shares or such securities are to be issued for the purpose of refunding all shares of Preferred Stock, $100 par value, and Preferred Stock, $25 par value, then outstanding; or" (C) Paragraph (a) of subdivision 12G of Article V would be amended to read as follows:

         "12G. So long as any shares of any series of Preferred Stock, S25 par value, are outstanding, the corporation shall not, except upon the affirmative vo'e at a meeting called for that purpose of the holders of at least two-thirds (25) of the shares of all series of Preferred Stock, $25 par value, then issued and outstanding, voting as a single class:
               "(a) Authorize any shares of preferred stocks in addition to the authorizcd one million three hundred fifty thousand (1,350,000) shares of Preferred Stock, $100 par value, and

[two million (2,000,000)] five million (5,000,000) shares of Preferred Stock, $25 par value, or any securities convertible into such additional shares of preferred stecks, unless such additional shares or such securities are to be issued for the purpose of refunding all shares of Preferred Stock,5100 par value, and Preferred Stock,525 par value, then outstanding; or"

                                                      -1A "O 337 18

I CUARTERLY PEPCRT, FORM 10-Q FCR otSLIC EERVICE CCMPANY OF NEW HAMPSHIPE Fen T-C CuAaTCn ENOCD JUNC 30, 1973 i SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE (Regis trant) Date Au gust 13, 1979 /s/E. L. Littlefield E. L. LITTLEFIELD Comptroller

                                                ^^0 338 19}}