ML19309F880
| ML19309F880 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 04/24/1980 |
| From: | Merrill D PUBLIC SERVICE CO. OF NEW HAMPSHIRE |
| To: | |
| Shared Package | |
| ML19309F878 | List: |
| References | |
| NUDOCS 8005010526 | |
| Download: ML19309F880 (49) | |
Text
{{#Wiki_filter:. LJ PUBLIC SERVICE F [ l Companyof NewHampshir e
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(_- April 2t, 1960 United States Nuclear Regulatory Commission Directorate of Licensing Office of Regulation Washington, D. C. 20045 Attention: D_ rector Re: Supplement No. 5 to Amendment 40 to License Application Dated March 30, 1973 (Docket Nos. 50-443 & 50 444) and Request for Partial ) Transfer of Construction Permits Nos. CPPR-135 and CPPR-136 Gentlemen: Pursuant to the Atomic Energy Act of 1954, as amended, . and the Commission's Rules and Regulations thereunder, Public Service Company of New Hampshire (PSCo), on behalf of itself and the other licensees named in the above Construction Per-mits, hereby further supplements Amendment 40 to the above License Application as filed on May 16, 1979 To supolement the information heretofore supplied and in further support of the request for partial transfer, the Applicants hereby supply the following information: A. Supporting Material
- 1. Filed herewith as Attachment 1 are twenty-five copies of descriptive material relating to New Hampshire Electric Co-operative, Inc. (NH Coop) which, as indicated by Supplement No.
8 005 010h
3, will constitute a new participant upon acquisition of its 2.17391% Ownership Share from PSCo. All necessary regulatory - approvals, except that of the Commission, have been received (see Enclosure 6(e) to Supplement No. 3). The-Appl 1 cants &:- knowledge notification from the NRC Staff that antitrust review material is not required in view of the size of NH Coop's par-f ticipation.
- 2. In response to the NRC Staff request for additional i
financial information contained in the letter dated April 2, 1980 from L. S. Rubenstein to W. C. Tallman, President of PSCo, the Applicants submit the following: (a) In response to Question 1, copies of the Joint Ownership Agreement and all amendments thereto have been previously filed as part of the Application. 4 (b) In response to Questions 2b, 3e, and 4a, reference is made to Paragraph 15 of the Joint Owner-h ship Agreement which provides that each Participant , 1
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is entitled to receive its Ownership Share of the i capacity and hourly generation of the Units. There-fore, its " percentage ownership share in the facility" and "its percentage _ entitlement in the electrical capacity and output" are the same.
.( c) In response to the balance of Question 4, there are enclosed herewith as Attachment-2 twenty ,
five copies of responses prepared by lui Coop. (d) In response to Question 5, there - are enclosed herewith as Attachment 3 twenty-five copies 4 , . . . - , _
of the m.sst recent construction cost estimate for Seabrook Station. (e) In response to the balance of Question 2, there are enclosed herewith twenty-five copies of responses prepared by:
-(1) Montaup Electric Company - including its individual responses and: Statement of.
Source of Funds with assumptions; Estimated Cash Requirements for Construction; 1979 Annual Report to Stockholders of Eastern Utilities Associates with 1979 Financial Supplement; and Annual Reports for 1979 of Eastern Edison Company and Eastern Utilities Associates (Con-solidated). (Attachment 4) (2) New Bedford Gas and Edison Light Company - including its individual responses and: Pro Forma Source of Funds Schedule with assumptions; Annual Report for 1979 on Form 10-K; Rate Developments with DPU Order dated January 31, 1980 and related testimony. Also included is'a Pro Forma Source ~of Funds Schedule for Canal Electric Company, an affiliate of this Applicant to which this Applicant intends ulti-mately to transfer its interests in Seabrook Station, after seeking' requisite regulatory ap-proval. (Attachment 5) s
I (3) Bangor Hydro-Electric Company - includ-ing its individual responses and: Pro Forma Source of Funds Schedule with. assumptions, Annual Report on Form 10-K with Annual Report to Stock-holders, recent rate request material. (Attach-ment 6) (4) Fitchburg Gas and Electric Light Company - in response to Question 2c, the 1979 ; Annual Report to Stockholders, the Annual Report on Form 10-K and a preliminary prospectus. (Attachment 7) The balance of the responses will be filed before May 7, 1980. (f) In responsecto the balance of Question 3, there . 1 are enclosed herewith twenty-five copies of responses 8 prepared by: L (1) Town of Hudson, Massachusetts, Light ! and Power Department - including its individual. responses and Comparative Balance Sheet and State-g ment of Income as at December-31, 1979 (Attach-ment 6) E (2) Massachusetts Municipal Wholesale Electric 1 E Company - including its individual responses and its i 1979 Annual Report. (Attachment 19)
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I S E b a h.
B. Recuested Modifications of Construction Permits On the basis of the material filed herewith and heretofore in connection with Amendment No. 40 to,the License Application, the Applicants respectfully request that the modifications and Y partial transfers of the Construction Permits be approved as i soon as possible. The Applicants submit that each of those entities has-demonstrated its financial qualifications to acquire such interests. Such approval by the Commission would permit the Adj ustment-Period provided for in the Tenth Amendment to , commence as soon as the Massachusetts Department of Public Utilities approval is obtained.
! In addition, the Applicants respectfully reiterate their request for prompt approval of the modifications and partial transfers of the Construction Permits relating to the transfer.
f by The United Illuminating Company to Central Maine Power Company I and Montaup Electric Company. Those transfers are unrelated to the transactions by PSCo and the former transaction can be imple-mented without any regulatory approval other_than that of the i Commission. Early implementation of that transfer would permit' ( those two Applicants to more efficiently. plan their long-term financing program. C. General ] This Supplement'No. 5 to Amendment 40 (three signed origi-
-l nals, under oath, and twenty-two copies). is being submitted by . l PSCo on behalf of all- the current participants in the ' project 1
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as well as the above-named new participant. Appointment of Agent forms authorizing PSCo to act on behalf of the other participants have previously been filed. Respectfully submitted, PUBLIC SERVICE COMPAIJY OF NEW HAMPSHIRE By /D. N. Merrill D. N. Merrill Executive Vice President i I l 1 STATE OF NEW HAMPSHIRE COUNTY OF HILLSBOROUGH Personally appeared before me this 2hth day of April, 1980, D. N. Merrill, who,'being duly sworn, did state that he is Executive Vice President of Public Service Companyoof New Hampshire, Eua applicant herein, that he is duly authorized to execute and file the foregoing supplement in the name and on behalf of Public Service Company of New Hampshire, and that the statements in said supplement are true to the best of his. knowledge and belief.
/ Judith M. Taggart Notary Public My Commission. Expires: April 21, 1982 i
CERTIFICATE OF SEEVICE I, John A. Ritsher, one of the attorneys for the applicants herein, hereby certify that on Acril 30, 1980 I made service of the within Supplement No. 5 to Amendment 40 by mailing copies thereof, postage prepaid, first class, to: Alan S. Rosenthal, Chairman E. Tupper Kinder, Esquire Atomic Safety and Licensing Assistant Attorney General Appeal Board Environmental Protection Division U.S. Nuclear Regulatory Commission Office of the Attorney General Washington, D.C. 20555 208 State House Annex Concord, New Hampshire 03301 Dr. John H. Buck Atomic Safety and Licensing Karin P. Sheldon, Esquire Appeal Board Sheldon, Harmon, Roisman & Weiss U.S. Nuclear Regulatory Commission Suite 506 Washington, D.C. 20555 1725 I Street, N.W. Washington, D.C. 20006 Michael C. Farrar, Esquire Atomic Safety and Licensing Dr. Ernest O. Salo ; Appeal Board Professor ox Fisheries Research U.S. Nuclear Regulatory Commission Institute Washington, D.C. 20555 College of Fisheries j University of Washington l 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 4100 Cathedral Avenue, N.W. O'Neill Backus Spielman Washington, D.C. 20016 116 Lowell Street Manchester, New Hampshire 03105 Dr. Marvin M. Mann Office of the Attorney General Atomic Safety and Licensing Board Panel One Ashburton-Place U.S. Nuclear Regulatory Commission Boston, Massachusetts 02108 Washington, D.C. 20555 Edwin J. Reece, Esquire Office of the Executive Legal Director U.S. Nuclear. Regulatory Commission L Washington, D.C. 20555
/ John A. Ritsher John A. Ritsher j
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C . NEW llN4PSHIRE ELECTRIC COOPERATIVE, INC. Units No. 1 and No. 2 Seabrook Nuclear Power Station Seabrook, New Hampshire Information furnished pursuant to 50.33 of Commission 's Rules and Regulations as part of Request for Partial Transfer of Construction Permits April 15, 1980 , l l
d . I. ORGANIZATION AND CONTROL Name of Applicant New flampshire Electric Cooperative, Inc. Address of Applicant RFD 2, Tenney Mountain Ilighway Plymouth, New Hampshiro 03264 _ Description of Business of Applicant The New Hampshire Electric Cooperative, Inc. (NH Coop) is an electric distribution cooperative operating as a New llampshire corporation.with principal offices at Tenney Mountain liighway, Plymouth, New Ilampshire. Corporate Organization nil Coop is a corporation organized under the Laws of New Itampshire. Corporate Officers and Directors Name Address 1 Everett Sackett, President RFD 2, Dover, N.H. 03820 l James Page, Vice President RFD 2, Pike, N.II. 03780 'l Edwin Moulton, Secretary Quarry Road, Meredith, N.l! 03253 Fletcher Adams, Treasurer RFD 3, Stoney Brook Rd. , Plymouth,N.II. 03264 Ezra Mann 16 Pine St., Woodsville, N.H. 03785 Gail Paine Lower Road, Intervale, N.II 03845 Arthur Wadleigh RFD 3, Plymouth, N.II. 03264 Theodore Putnam RFD, Charlestown,' N.II. 03603 Grace Bean Box 392, Waterville Valley, N.H. 03223 Whitman Ide Fairfield, South Rd. , Belmont, N.H. 03220 William Bardsley RFD, Taunton Hill, Andover, N.ll. 03216 All of the directors and principal officers of NH Coop are citizens of the-United States of America. II. FINANCIAL QUALIFICATIONS The Cooperative has applied to the Rural Electrification Administration to borrow money necessary for purchase of its 2.17391 percent ownership of Seabrook. The Coop has been an REA borrowcr for 40 years. III. REGULATORY AGENCIES AND PUBLICATIONS : Regulatory Agencies The Cooperative is subject toLthe jurisdiction of the New Ilampshire Public Utilities Commission and the Vermont Public Service Board. The Coop is not owned, controlled or ' dominated by an alien, foreign ~ corporation or~ foreign government.. 1
o e Publications The following publications are used by N1f Coop for official notifica-tions, and/or are otherwise appropriate for notices regarding this unit: The Manchester Union Leader, a newspaper with statewide readership is used by the NH Coop for official notifications and it is appropriate for notices regarding this unit. 1 i l l l l
AI TM H/w N i z e
e NEW llAMPS!! IRE ELECTRIC COOPERATIVE, INC. ; Docket Nos: 50-443 I 50-444 i Scabrook Station, Units 1"& 2 Requests for Additional Financial Information May 1, 1980 e e
Request for Additional Financial Information Seabrook Station, Unit Nos. 1 & 2 ,i l
- h. For the Cooperative applicant
- b. The Cooperative has applied to the R.E. A. for $75,000,000 of borrowing to purchase its share of Seabrook which is estimst .'
, by Public Service Company of New Hampshire to ecst the Coop
$69,000,000 inclusive of fuel cost and AFUDC.
, c. Payment by the Coop will follow the schedule set out for the adjustment period as defined in the October 11, 1979 offer (see Attachment 2 to Supplement No. 3).
- d. The R.E.A. has made no commitment as yet to the N.H. Coop which is still in process of completing its application. A letter from R.E.A. Administrator Feragen (copy attached) promises to expedite consideration of the loan request. Th( N.H. Coop has been a borrower of REA for LO years. In acquiring ownership of Seabrook, the Cooperative %. 1 be operating under the general statutes relating to corpot .lons in New Hampshire.
- e. The N.H. Coop rates are set by the N.H. Public Utilities Commission (and by the Vermont Public Service Board for
' approximately 200 members). The P.U.C. vill be asked to approve rates necessary for it to operate as a utility. New Hampshire Public Utility Commission authority must be given-for Coop borrowing from R.E.A. and for Coop investment in Seabrook before the Coop can acquire ownership.
- g. Copies of the operating statement for 12 months ended Decem-ber 31, 1979 and the balance sheet at December 31, 1979 are attached. The Operating Statement for March 1980 and 1980
- year-to-date are attached.
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UNITED STATES DEPARTMENT OF AGRICULTURE. RURAL ELECTRIFICATION ADMINISTRATION WASHINGTON. D.C. 20250
"' "'^ *"'**"^' "
January 4, 1980 Mr. John Pillsbury, Manager New Hampshire Electric Cooperative, Inc. RfD 2, Tenney Mountain Highway Plymouth, New Hampshire 03264
Dear John:
You are right in your reaction to the newspaper story quoting Mr. Sutton of REA's staff. You are also right in believing that the decision on a. loan to New Hampshire Electric Cooperative for participation in the Seabrook Nuclear Unit will be made by the Administrator. I regret the newspaper article and unfortunately several of our staff people have been misquoted or quoted out of context recently. I am issuing a sharp reminder to all staff regarding their respon-sibilities with respect to public announcements. I hope the article and REA staff statements have caused you the minimum of inconvenience. As I said previously, the entire loan cannot be a 5 percent insured loan but could be a mix of insured and guaranteed funds. We will review the subject with the greatest of care and tyill do it promptly. We will then meet with you to discuss our concerns and set a schedule for resolving any problems. For example, I am concerned about the conditions of the purchase agreement, which we must review carefully. As of this date, I am accelerating the review of your application and will respond as quickly as possible to your request. You can expect prompt action by REA. Any suggestion that we will delay action on the cooperative's application as a means of preventing its participation in Seabrook is erroneous in the extreme. in ely, 1 ROBERT W. FERAGEN Administrator . e
th further_fQs may be p~ld rut vnder IMs r vorram unless this report s ' e mpl:t'd and fit'd as required 17 (ISC 901 et are.V* Fzrm Apprmd USDA-REA
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FINANCIAL AND STATISTICAL REPORT BORPOWER DESIGNATION o, u.S. DEPARTMENT OF AGRICULTURE. REA. WASHING TON.D.C. 20250 McW llampShire Merrimack MONTH ENDING REA USE ONLY ESTitVCTIONS: Submit original and /our copies of this report to REA. aund sll amounts t a nearest dollar. December 31, 1979 , > nEA suverm sos 1. PART A. STATEMENT OF OPERATIONS YEA R .TO. DAT E THIS ITEM THIS YEAR BUDGET MONTH LAST YEAR b c d a 16,749,378 19,131,717 18,857,315 1,637,876
- 1. OpMting itevenue & Petronage t.apital . . . . . .
- 2. Pow:r ProduCtlon Expense . ...........
10,771,390 12,842,189 12,441,690 1,228,167
- 3. C:st cf Purchased Power . . . ..........
5,978 6.500 2,465
- 4. Transmission E x pense . . . . . . . . . . . . . . . 3.709 492,779 539,853 530,500 52,919
- 5. Distribution Expense - Operation . . ......
564,180 641,708 643,152 34,824
- 6. Distribution Expense - Maintenance . . . . . . . .
548,606 593,4R4 613,518 51,058
- 7. C nsumsr Accounts Expense . . . ........
7.1 Cust mer Service and Intoernational 10,851 14,261 24,000 1,080 Exp:nse .... .................
- 8. 5:Es Expense . .. ..... .........
- 9. Administrative & General Expense . . . . .... 1,034,279 1,156,833 1,082,780 138,336 13,425,794 15,794,306 15,342,140. 1,508,R49
- 10. Total Opstation & Maintenance Expense (2 thru 9).
1,305.428 1,432,457 1,420,203 124,087
- 11. o:pr:clation 8. Amo.tiration Expense . . . . . .
363,745 390,701 420,000 5,702
- 12. Tex Expsnse - Property . . . . . . . . . . . . . .
164,476 143,270 177,243 (18,268)
- 13. Tex Expsnie - Otner . . . .... ......
1,041,583 1,221,758 1,226,815 110,150
- 24. Int:rsit on Long Term Debt . ....... .
( ) ( ) B4.1 Int:r:st Cnarged to construction. Credit . . . . . ( ) ( ) 34.2 Int:r:st Expense - Otner ..... ...... 3,880 6,045 4,050 4,504
- 15. Othcr oeductions .... .......
16,304,906 18,988,537 18,390,451 1,735,024
- 16. Tct:0 Cost of Electric Service (10 thru 15) . ..
444,472 143,180 266,864 (77,148)
- 17. P:tionise Capital & Operating Margins (1 minus 16) 71,667 165,450 97,687 15,689
- 18. Non Optrating Margins - Interest .......
- 19. Allowance For Funds Used During Construction .
- 20. N an Optrating Margins - Other . . . . . . . .. 5,138 (3,959) 5,782 (416)
- 21. G:n: ration & Te ansmission Capital Credits . . .
21.1 Oth;r Capital Crecits & Patronage Olvidends . .
- 22. Extraordinary}tems . ............
- 23. Patronage Capitai or Margins (17 inru 22) . . 521 277 304.671 370,333 (61.8751 20 CIntributions for Debt Service Not licluded in El ctric Energy Revenues PART B. DATA ON TRANSMISSION AND DISTRIBUTION PLANT Y E A R.T O.O AT E YEAR.TO DATE ITEM LAST YEAR THIS YEAR ITEM LAST YEAR THIS YEAR b a b a
l 1. N:w $1rvices Connected
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1.705 1.433 5. Mnes Trar. mission 31.09 34.90 l 2. $ rucss Retired 166 106 6. MHe5 D'stribution.o*=ad 3,642.75 3,701.36
- 13. niai S:rvices 6n Place 43,995 45,322 7 U"" oistribuuon.undorxt 120,58 136.59 Ie im S:rvices IExci. Seasonal) 2,576 s. mal Mans Wims. 45+6+D 3,794.42 3,872.75 2.585 ,
CERTIFICAT.ON We hereby certify that the entries in this report and sn REA Form 7a ifsuch form is attached hereto are in accordance teith the accounts and other records of the system and reflect the status of the system to the best of our knowledge and belief. A bo // (( . d,
- January 24, 1980 DATE SIGNATURE CF OFFICE MANAGER OR ACCOUNTANT b January 24, 1980 SIGNATURE OF MthNAGER DATE
) / ' Page 1 of 2 pages CEA Form 7 ) Rev 7 79
USDA-CEA DORROWE R DESPCNATION New Hampshire Merritme-k . MONTH ENDING REA USL ONLY FINANCIAL AND STATISTICAL REPORT December 31, 1979 , u .TnUCTIONS - SCC RC A DULLETIN 1081. PART C. BALANCE SHEET . ASSETS AND OTHER DEBITS L(ABILITIES AND OTHER CREDITS
- 1. Tstal utisity nant in service . . . . . . . . . . .
44,250,670 2 s. Me mberships . . . . . . . . . . . . . . . . . . 375,107 2c, patronage Capitai . . . . . . . . . . . . . . . . 1,185,850
- 2. Censtruction Work in Progress . . . . . . . . . . (17,223) 44,625,777 27. Operating Margins - Prior Years . . . . . . .
- 3. Tetil Utility Plant (1 e 2) ........... 10,260,OW3 143,180
- c. Accum. Provision for Depreciation and Amort. . 28. Operating #dargins - Current Year . . . . . .
34,J65,688 161,490
- 29. Non Operating Margins . . . . . . . . . . . .
- 5. Not Utility Plant (3 - 4) . . . . . . ......
228,555 30. Other Margins and Equities . . . . . . . . . .
- 6. Nonutility Propert y - Not . . . . . . . . . .
20,008 1,473.297
- 7. Invist. in Assoc. Org.-Patronage Capitat . . . . . 31. Total Margins & Equities ,(25 thru 30). . . .
36,304,305
- 32. Long. Term Debt RCA (Net) . . . . . . . . .
- 8. in,(st. In Assoc. Org.-Other. General Funds . . .
* (Payments Unapplied $ )
8.1 innst. In Assoc. Org. Other.Nongeneral Funds . 569,576 2'000 3 3. Long-Ter m Debt . Ot her . . . . . . . . . . . .
- 9. Othst invest ments . . . . . . . . . . . . . . . . M n ' 19 r, 36,873,881
- 34. Total Long Term Debt . (32 + 33) . .....
- 12. Spec ial F u nds . . . . . . . . . . . . . . . . . .
1 ' 7 ) R-*~1e-- 3 5. Not es Pa yable . . . . . . . . . . . . . . . . .
- 11. Totti Other Property & Investments (6 thru 10) . 1,346,792 246'603 35.1 Accounts Payable . . . . . . . . . . . . . .
- 12. Cash . General Funds .............
1,000 W,M 3c, con ,o m ,,, 0.po,ig, , , , , , , , , , , , , , ,
- 13. Cash Construction Funds . Trustee . . . . . . . *
- 14. Spielal De p osits . . . . . . . . . . . . . . . . . 37. Other Current & Accrued Liabilities . . . . .
' ' 1
- 15. Ttmporar y investments . . . . . . . . . . . . .
1.230.000 38. Total Current & Accrued Liabilities (35 thru 37'
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- 39. Deferred Credits . . . ............
- 16. N otts Rsc eiv a ble . Net . . . . . . . . . . . . . .
1,386,621 40. Miscenaneous Operating neserves . . . . . . .
- 17. Accounts Receivable . Not . ..........
720 I29 41. Contributeons in And of Construction . . . . .
- 18. Mittrials & Suppfles . Electric . . . . . . . . .
9 9M 42. Total Liabilities & Other Credits (31 + 34 + 38
- 19. Mattrials & SuppIles . Other . . . . . . . . . . . 40,846,227 169.11R thru 4ti. ,
23 Pnpayments . . . . . . . . . . N "I
- 21. OthIt Current & Accrued Assets . . . . . . . . . 2*1 3- d 43 Current Assets to Current Liabil. Ratlo (22 38)
- 22. Total Current & Accrued Assets (12 thru 21) . . 3.60%
973 9IE 44. Margins & Equities as % of Assets (31 24)xtoo
- 23. D:fstrad Debits . .... ....... .. 82.62%
- 24. TntM Assets & Otur Deits f 5 + 11 + 2? + 231 40 RM r227 45. Long Term Debt as *'o nf Plant (344-3) w 100 PART D. CONSUMER SALES AND REVENUE DATA THIS MONTH YEAR-TO-DATE No.Minimurn Avg.No. Re. kW4 Sold Amount CLASS OF SERVICE No. R eceiving kWh Sold Amount calving Serv. Cumulative Cumulative Service Ollis a b c d e f 9
- 1. ntsid1ntini saies (e=ci seas.) 36,955 19,391,628 1,180,186 6,665 36,389 225,600,334 1,3,089,205
- 2. Hisidsntial Sales haasonal
- 3. Irrisation Sales 3,687 3,.266,327 233,473 644 3,630 44,164,037 2,986,636 I
- c. Comm. s ind..SokV A or k.a 145 4,340,362 221,340 6 139 54,392,343 2,598,639!
- s. Comm. & Indus.-over ookvr
- 6. Pubitc St.& Highway Lghtng - 1,944 115,905 16,266 1,922 1,343,329 186,804i
- 7. Oth5r Sales to Public Auth.
- 8. 5alis for Resale.RE A Dorf.
9.5 alls for Resale Others
- 13. Tctal Sales of Electr.c En:rgy (I thru s) 42,731 27,114,222 1,651,265 7,315 42,080 325,500,043 18,861,284
- 11. Oth2r Eiectric R. venue 6,611 ' ~
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270.433} 19.131,717i
- 12. Totai llo + 11) . -{- 1,657,876 PART E. kWh AND kW: STATISTICS ITEM THIS MONTH Y EA R.TO.D AT E.
ITEM THis MONTH Y EA R.T O-D AT E a b a~ b
- 1. Net kWh Generated . . . . 6. Ot tice Use . . . . . . . . . . 82,969 1,075,325 1
- 2. kWh Purchased . . . . . . 32,063,199 359,148,858 7. Totai unaccounted for
- 3. Interchange kWh . Net . . , (4 Less 5 & 6) . . . . . . . . . 4,Bri6.008 32,573,490 C. Tit:I kwh (1 thru s) . . . 32,063,199 359,148,858 8. Percent system Loss (7uixtoo 15.18% 9.075 l
- 9. Maulmum Demand (kW) . . . 92.419 98.95A !
. 5. Tx tai kWh . Snto 27,114,222 125,500.043 lo. Month when Ma=imum Demand Occured . Page 2 of 2 pages f CEA Form 7 Rev 7 79
.a "No further funds ma=, be prid out under thin progrsm unt,,e skl, report le rempleted and file,t as required 47 USC 901 et seq.D**
5 US D A-R CA Form Approved m ni n e s tar FINANCI AL AND STATISTICAL REPORT DOR ROWER DESIGNATION i TO: U.S. OrPA R TMLt4T OF AGRICULTURE. RC A. WASHINGTON,0.C. 20250 New Ilamoshire -d' "O"rimack MONTH LNDING REA USL ONLY lHST RUCTIOtJS: Sut.mit ongmal end four copies of thia report to REA.
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! N,"Id:*4 $2/.7:"/'dll "If'" d ""' March 31, 1980 f PART A. STATEMENT OF OPERATIONS Y E A R .TO .D AT E THIS ITEM LAST YEAR THIS YEAR DUOGET MONTH b c d
.a 5,673,654 6,568,938 6,598,252 2,346,277 1 1. Operating Revenue & Patronne Capitai . . . . . .
I t 2. Power Production Ex pense . ........ .. 3,919,094 4,902,027 4,742,510 1,696,854 t 3. Cost or rurcnased Power ..... . ... 130 326 4
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- 4. Transmission Expense .... .. ..... 741 148,844 135,397 130,537 53,769 i s. Distrioution txpense - Operation . .......
176,211 113,687 127,525 62,5491 i s. Distrit ution t, pens - Maintenance ...... 144,347 143,741 157,112 47,07bl 1 7. Consu m,
- Ac c ou nt s E x pense . . . . . . . . . ..
7.1 Custome, Service and Informational 4,805 4,582 5,473 1,649 j c x p e n s. ..... ......... ... .. ( i s. Saesexperse r . ...... ......... 263,455 300,782 310,030 96,483l
- a. Aeminntrauve & Genera: Expens. . . . . . . ..
i lo. Totai Operation & uaintenance txpense t2 thru s). 4,657,497 5,605,346 5,473,513 1,958,3861 348,119 37),437 376,550 127,01El 1 11. Depreclauan & A*nortitatlan Cypense . . . . 105,6JO 112,500 112,500 37,50C!
! 12. Tax r, pense - property .. ........
48,417 37,580 42,190 10,6251
! 13. Tax tweense - Otner . . .. . ..
14 Interest on Long Term Debt . . ... . 284,350 332,314 333,037 115,789 j 14.1 Interest Charged to Construction-Credit . ... ( } ( ) ( ) ( I 14.7 Interest Expense - Other . .. . ... 973 1,285 1,900 17Fl
- 15. Other Deductions . ..... ..
5,444,356 6,463,462 6,339,690 2,249,493l
- 16. Totai Cost ot tiectric Servica tio thru 15) ..
229,298 100,476 258,562 96,784
- 17. Patronage Capitai & Operating Margins (1 minus as) 31,787 63,840 54,583 24,4lE 1s. Non O.,erating Margins - interest .....
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- 19. Anowance For Funds Used During Construction .
- 20. Non Operating Margins - Other . .... .. 3,338 (13,275) 973 494 l
- 21. Generation & Transmission Capital Credits ..
( 21.1 Other Capital Credits & Patronage olvidends . . . l
- 22. Extraordinary items .............
l 23. P2tronage CapitAo~r Margins (17 thru 22) . . . 264,423 143,041 314,118 121,696
- 24. Contritsutions for Det?t Service teot inciudad in t iectric F nergy Revenues .
PARTB. DATA ON TRANSMISSION AND DISTRIBUTION PLANT Y E A H-T O-D A T E YEAR TO DATC l ITEM LAST YEAR THIS YEAR ITEM LAST YEA R THIS YEAR a b a b i 1. New Ser kes Corvnected 171 215 s. Mues 'ranstnission 31.09 34.801
- 2. Services Retired 18 33 6. Miies Distribution-Ommys 3,650.63 3,705.09 9 3. Totai ser. ices in riace 44,148 45,504 7. Mues Distrieution owns 123.16 138.26 i 4 idie Servues (t=ci. Seasonai) 2,723 2,661 s. Tou Mw R *%yt (5 4 t o7) .
3,804.88 3,878.15 CERTIFICATION We hereby certify that the entries in this report and in REA Form 7a ifsuch form is attached hereto are in accordance with the accounts and other records of the system and reflect the status of the system to the best of our knowledge and belief.
- Fuel Charges Expensed and Recovered Above - $736,073 ta f N b/ . .
April 15, 1980 DATE SIGNATURE OF OFF(CE MANAGER OR ACCOUNTANT ak ( mum SIGNATURE OF MAN AGERi An'ril 15. 1980 DATE RCA Form 7 Page 1 of 2 pages Rev 7-79
~ DOHHOWCH DEstGNATION US DA-f4 E A
!;ew llanpnhire Merrimack ..
uONTH tNDiNo HEA vst ONLY FINANCIAL AND STATISTICAL REPORT March 31, 1980 _ KTHUCTIONS -$EE HEA nULLETIN 1081. PART C. DALANCE SHEET . L(AD(LITIES AND OTHER CREDITS ASSETS AND OTHER DED(TS
- 1. Total Utliity Plant In Servko . . . . . . . . . . 44,803,4R4 25. Member ships . . . . . . . . . . . . . . . . . .
600,742 26. Pat ronage Capital . . . . . . . . . . . . . . . . 1.473,297
- 7. Construction Work in Progress . . . . . . . . . .
45,404,226 2 7. Operating Margins - Prior Years . . . . . . .
- 3. Total Utliit y Plant (1 + 2) . . . . . . . . . . . . 1GOs47C
- 28. Operating f'argins - Current Year . . . . . .
4, Accum. Provhlon for Depreciation and Amort. . . s r,5 14,R70,941 29. Non Operating Margins . . . . . . . . . . . . s, mt ut nit y Plant (3 - 4) . . . . . . . . . . . . . 226,366 3 3, g , n,, y , , , ,,, ,,, c ,,,,,,, , , , , , , , , , ,
- s. Nonutuity Property - Net . . . . . . . . . . .
I O'
' 31. Total Margins & Coulties ,(25 thru 30). . . .
- 7. in,sst. in Assoc. Org.. Patronage Capital . . . . . 37,641,657 g
- 32. Long. Term Debt HC A (Net) .........
O. Inysst. in Assoc. Org.-Other. General Funds . . 819'433 ' (Payments Unappued$ ) 1.1 invest. in Assoc. Org. Other.Nongeneral Funds . 2,W % A .m7 , 33, L ,n,7 ,, , g ,3,,g,,,, ,,,,,,,,,,,
- 3. Othsr investments . . . . . ..........
- 34. Total Long Term Debt . (32 + 33) . . . . . . .
38.207'75"* .
- 3. S pMal f u n d s . . . . . . . . . . . . . . . . . .
I T' A 3 5. N o t e s Pa y a ble . . . . . . . . . . . . . . . . .
- 1. T otal Other Property & Investments (6 thru lo) .
IOI; W 3 5.1 Ac cou nt s Pa y a b le . . . . . . . . . . . . . . 9 ;1M,"2
- 2. Cash . Gene r al F u nds . . . . . . . . . . . . . .
' 36. Consumers Deposits . . . . . . . . . . . . . .
N'091 ,
- 3. Cgsh . const,uction Funds . T rustee . . . . . . . 334'On
l4. Speclat Deposits . . . . ...........
- 37. Other Current & Accrued Liabiff ties . . . . . 2'600,104 1,390,000 38. Total Current & Accrued Liabilities (35 thru 37?
l5. Temporary Investments ... ........ 116,466 3 9. Deter re d Credit s . . . . . . . . . . . . . . . . is. Notes Receivanie . Not ...... ....... 1,850'904 40. Miscellaneous Operating Heserves ......
- 17. Auounts Receivable . Net ........... 799,397 b 3. Materials & SuppHes . Electric . . . . . . . . . . 41. Contributions in Aid of Construc! Ion . . . . . .
11,068 42. Total Liabilities & Other Credits (31 + 34 + 38
- 19. Materials & Supplies . Other .......... 42,545,R62 304,197 inm a n .
to Prepayments ...... ... ....... Ib 'N Pl. Other Current & Accrued Assets . . . . .... 1*7b 43 Current Asiets to Current Llabil. Hallo (22 38)_ J2. Total Current & Accrued Assets (12 thru 21) . . 2,0 % ,422* 3.81%
- 44. Margins & tauities as w ot Assets (31+24lxtoo
- 23. Deferred Debits . ... ......
42,545,862 a,,, u ,., u,n, n+t as *u can.nf n4 m v inn 94.1 % 2.t. Tot ni wu r. nwr nets <<, + n + ?? . ? 31 PART D. CONSUMER SALES AND REVENUE DATA THIS MONTH YEAH-TO-DATE No. Minimum As g.No. He. kWh Sold Amount CLASS OF SCHVtCE No Receiving Cumulative kWh Sold Amouat Ultis cetving Serv. Cumulative Service d e f 9 a b c 37,050 26,005,693 1,662,566 8,526 37,016 76,916.086 4,661 .' ? 4
- 1. nesidentias saies texci seas.)
- 2. Hesidentian saies susonai
- 3. Irrtoation Sales 3,699 4,334,617 317,665 795 3,702 12,641,007 892.755
- 4. Comm. a lnd..sokv A or ts 344,265 8 147 17,915,297 940,302
- s. Comm. & indus..over sekvr 148 6,128,416 1,946 112,757 17,581 1,950 342,973 51,287
- e. subHc st.& Hoh*av tsning.
- 7. Other Sates to PubHe Autn.
- 8. Sales f or Hesale.Ht A 63 ore.
9.5 ales for Hesafe Others to.1otai Sates of Liectr4 6,545,772 42,843 36,581,483 2,342,077 9,329 42,815 107,815,363 rnergy (I tnru s) 4,ZUU s - 23,lt5c j
- 11. Other rintric nevenue - i- . . . . <
~
- r. _ r r, q _ n x !
12.10t41(1o + 11) D 2.346.277 PART E. kWh AND kW, STATISTICS ITEM THIS MONTH Y EA R.T O.D AT E. ITEM THl$ MONTH Y E A R.T O-DAT E a D D a
- 6. Of fic e use . . . . . . . . . .
126,926 397,416l
- 1. Nst kWh Generated . . . .
- 2. kWh Purchased . . . . . . 36, M ,223 119,391,488 7. Total Unaccounted For (4 Less 5 & 6) . . . . . . . . 250,814 11,178,709
- 3. Int:rch1nge kWn . Net . . .
36,959,223 119,391,488 s. Percent System Loss (7+4)n too . 7 ts 9.361 C. Tttat kWh (1 thru 3) . . . 82,407 86,3921
- 9. Maximum Demand (kW) . . .
36,581,483 107,815,363 10. Month When Maximum Demand Occured Feb. j
' S. T* t al kWh . Sold
*Unbilled fuel charges paid suppliers $1,968,438 h
I - , _ l l
ATTACH!ENT NO. 3
. .e Question 5 In the event that the cost estimates submitted with Amendment No. 40, dated May 14, 1979 have changed significantly, provide the most recent cost esti-mate grouped as follows: (a) total nuclear production plants' costs; (b) transmission, distribution, and general plant costs; and (c) nuclear fuel inventory cost tor.the first core. The cost estimates should be in dollars escalated through the year of construction completion. Also, complete the attached schedule entitled, " Plant Capital Investment Summary," using the most recent cost estimates. Indicate the estimated site labor requirements
? expressed as " man-hours /KWE." Indicate the average site labor pay rate in dollars per hour (including fringe benefits) effective at month and year of NSSS purchase. Also, indicate any changes in the estimated month and year of construction start for each unit and the earliest and latest estimated dates for completion of construction of the unit. Answer 5 The construction cost estimate for Seabrook Station, including both Units 1 and 2, with AFUDC estimated for the entire project calculated according to PSNH's methods, is as follows: DOLLARS IN THOUSANDS UNIT 1 and UNIT 2 (a) Total nuclear production plant costs 1 $3,160,000 (b) Transmission, distribution, and general plant cost 2 36,190 (c) Nuclear fuel inventory costs for first core 3 175,470
$3,371,660 Also, attached is " Plant Capital Investment Summary Schedule" for Seabrook Station.
The cost estimate is a preliminary revision and does not provide total esti-mated manual site labor man-hours. The estimated average site labor pay rate (including fringe benefits) as of January 1973 was $8.88/ hour and as of ! April 1979 is $12.95/ hour. Construction of both units was started in July j 1976 and is expected to be completed in the month of commercial operation or April 1983 and February 1985 respectively. End of construction dates have- , not been estimated on an earliest or latest estimated date basis. 1 Estimated March 1980, includes AFUDC; but excludes nuclear fuel. 2 Costs estimated in 1980, includes all transmission facilities with land l rights estimated for New Hampshire only; excludes AFUDC. Distribution and general plant costs are included in (a) above. l 3 Estimated February 1980 does not include AFUDC. l l 1
r. PLANT CAPITAL INVESTMENT
SUMMARY
BASIC DATA Seabrook Station Name of plant Units 1 and 2 Cost basis: at start of construction Net capacity (1150 MW each unit) (2300 MW total) Reactor type Westinghouse PWR Location Seabrook. N.h. Type of cooling
? Design and construction period Run of river Natural draft cooling Month, year NSSS order towers placed January, 1973 Machanical draft cooling Month, year of commercial towers operation April, 1983 Unit 1 Other (describe) Atlantic Ocean February, 1985 Unit 2 Length of workweek 40 hours, 5 days Interest rate, interest during construction 12 MMrstrT. or compound?
COST
SUMMARY
Total Cost Account Number Account Title (thousand dollars) DIRECT COSTS 20 Land and land rights...................$ 1,500 PHYSICAL PLANT 21 Structures and site facilities.........$ 472,000 22 Reactor plant equipment................ 351,500 23 Turbine plant equipment................ 144,500 24 Electric plant equipmer.t. . . . . . . . . . . . . . . 112,000 25 Misc. plant equipment.................. 54,500 Subtota1........................$ 1,136,000 Spare parts allowance.................. 15,000 Contingency allowance.................. 79,000 Subtota1........................$ 1,230,000 INDIRECT COSTS 91 Construction facilities, equipment, and services.............................$ 137,000 92 Engineering and const, mg't. services.. 363,500 93 Other costs............................ 134,500
; 94 Interest during construction........... 1,075,000
{ Subtota1........................$ 1,710,000 Start of construction cost............. 2,940,000
- Escalation during const. ( % Yr.). 220,000 Total plant capital invest. ($1,374/KW)$ 3,160,000 4
- *Escal.ttion Rates:
Material - 12% for 1980, 10% for 1981, 8% thereafter Labor - 8% Note: Cost data above is for Unit # 1 and Unit # 2. Date of preliminary construction cost estimate is March, 1980.
i // MH/[NT // l l
1 DOCKET NOS. 50-443 & 58-444 SEABROOK STATION, UNITS 1 AND 2 NUCLEAR REGULATORY C0!@iISSION REQUEST DATED APRIL 2, 1980 FOR ADDITIONAL FINANCIAL INFORMATION
)
RESPONSE OF MONTAUP ELECTRIC COMPANY APRIL 1980
MONTAUP ELECTRIC COMPANY Item 2 a(A)_ Attached hereto as Schedule 1 is Montaup Slectric Company's (the Applicant) Statement of Sources of Funds for Constructica Expenditures During Period of Construction of Subject Nucicar Power Plant for the period 1977-1985. An Estimate of Cash Requirements for Construct ion for the period 1979-1985 is also attached hereto as Schedule 2. Page 1 of Schedule 2 reflects expenditures for each Company within the Eastern Utilities system as well as a summary for the entire system. Page 2 of Schedule 2 reflects more detailed expenditures of the Applicant. Assumptions utilized in the Sources of Funds statement: (a) Return on Average Common Equity: The assumed returns on average common equity for the period 1981-1985 are 11.80%, 11.77%, 11.80%, 11.74% and 11.76%, respectively. The above returns are slightly higher than the average 11.30% return that the /pplicant has earned during the period 1976-1979. (b) Preferred Stock Dividend Rate: No preferred stock vas assumed to be issued by the Applicant during the for(cast period. (c) Interest Rate on Long-Term and Short-Term Borrowings: Interest on long-term debt issued in 1980 was assumed at the rate of 14%. For the period 1981-1985 the rate on long-term debt was assumed at 12%. W
Interest on short-term debt was assumed at the rate of 16% for 1980 and 12% for the period 1981-1985. All interest on short-term debt was calculated using an effective rate of 125% of the basic rate. The above interest rate assumptions represent management's best estimate as to the level of rates that will prevail during the construction period. (d) Market / Book Ratio on Common Stock Sales: The Applicant's common stock is held by its Parent Company, Eastern Edison Company and therefore is not publicly traded. For this reason no such ratio is available. It is assumed that sales of common stock by the Applicant will be at par value of $100 per share. (e) Common Stock Dividend Payment Ratio: The common stock dividend rate has been established at $12 per share throughout the construction period. This payment rate has been determined by management as necessary to support Eastern Edison Company's investment in the Applicant. (f) Year-By-Year Capital Structure:
' See Schedule 3 attached for year-by-year capital structure. The project capital structure is consistent with the practice of maintaining a level of approximately 50% debt and 50% equity for the Applicant.
(g) Resultant SEC and Indenture Coverages: Coverages during the period 1980-1985 are also included on Schedule 3. The Indenture coverages are those of
the Applicant's Parent Company, Eastern Edison Company since that is the entity that sells permanent securities to the public to provide permanent capital to finance the Applicant's construction program. (h) Crowth Rate in KWH Sales and Price Per KWH: The assumed growth rate in KWH sales is 3.2% for the period 1980-1983 and 3.6% for the period 1984-1985. The growth rates are consistant with other estimates that management has developed for other planning purposes. Price per KWH is not available however the total revenue increases for the Applicant are assumed as follows: 1981 - $19.8 million; 1982 - $2.3 million; 1983 - $3.4 million; 1984 - $2.1 million; and 1985 -
$3.8 million. (See (i) below for assumption on inclusion of a portion of Construction Work in Progress in Rate Base).
(i) Other Significant Assumptions: The forecast has assumed that the Applicant's acquisition of the additional 3.1% Seabrook interests will take place on July 1, 1980. The Applicant currently has a Petition before the Federal Energy Regulatory Commission (FERC) seeking permission to include a portion of its Construction Work in Progress (CWIP) in rate base through the in-service date of Seabrook Unit No. 2. The attached Schedules include the assumption that a portion of the Applicant's ,CWIP will be included in rate base for the period 1981-1985. The percentage of CWIP included in rate base is as follows: 1981 - 81%, 1982 - 68%, 1983 - 49%, 1984 - 40%, and 1985 - 31%.
Federal Energy Regulatory Commission approval must be obtained before the Applicant can file for increased rates which include any Construction Work in Progress in Rate Base. 3 Although the Applicant's direct testimony and exhibits have not yet been filed and no hearing schedule has been established by FERC, the attached schedules assume a portion of CWIP in rate base effective January 1, 1981. Management is unable to predict whether FERC will approve the Applicant's request as filed; i approve it with modification; approve alternate means of relief, such as granting an extremely high return on common equity; or deny the request. Public Service Company of New Hampshire, the lead i participant in the Seabrook Units has recently impicmented a slowdown in construction of the units. Public Service has also i announced that the total estimated cost has been increased due to the severe inflation that is being experienced. The Applicant has not had sufficient time to revise its forecast of cash requirements to include these higher estimated construction costs. Based on a preliminary analysis the current reduced construction activity will reduce the Applicant's cash requirements by approximately $7.3 million in 1980 (assuming a July 1, 1980 acquisition takes place and construction is slowed for one year). For the years after 1980 it is estimated that cash requirements i will be increased by the following amounts: 1981 - $3.4 million; i ! 1982 - $4.5 million; 1983 - $6.6 million; 1984 - $5.7 million; 1985 - $5.8 million and 1986-$1.3 million. ;
Item 2 c(A) Copies of the Eastern Utilities Annual Report to Shareholders is included as well as a Financial Supplement which includes financial statements of the Applicant. Only ten copies of the Forms 10-K of the Applicant's Parent Company Eastern Edison Company and of Eastern Utilities Associates (Consolidated) are also included since these items are in short supply. , Item 2 d(A) No change from response provided in August 1979. Item 2 f(A)_ No change from response provided in August 1979 as it relates to long-term debt, preferred stock, preference stock and common stock. See Schedule 4 attached for current short-term debt arrangements. Item 2 g(A) No change from response provided in August 1979 however see response to Item 2 (1)(A) included herein relative to a Petition filed with the Federal Energy Regulatory Commission seeking approval to include a portion of Construction Work in Progress in Rate Base. Item 2 h(A) See Page 2 of Schedule 2 included in Item 2 a(A) herein. Item 2 (A) Completed Financial Statistics of the Applicant for the' years ended December 31, 1979, 1978 and 1977 are included herein on S'chedule 5. l l I l
APPLICANT: MONTAUP ELECTRIC COMPANY NUCLEAR PLANT: SEABROOK #1 & #2
- SOURCES OF FUNDS FOR CONSTRUCTION EXPENDITURES DURING PERIOD OF CONSTRUCTION OF SUBJECT NUCLEAR POWER PLANT (millions of dollars)
Construction Years of Subject Nuclear Power Plant Actual Estimated 1977 1978 1979 1980 1981 1982 1983 Security Issues & Other Funds 1984 1985 Common stock 10.3 7.2 7.0 Long-term debt 26.0 10.0 10.0 9.6 12.0 9.3 - 20.0 24.0 11.5 7.9 15.0 13.0 Notes payable 7.8 (3.8) 13.6 28.8 (26.9) 3.3 (2.4) (6.3) (17.1) Total 18.1 20.8 5.5 55.8 23.1 24.8 15.5 18.3 7.9 Internal Funds Net income 5.9 7.1 4.2 8.6 10.5 12.7 13.9 15.0 16.4 Less: preferred dividends 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 common dividends 7.2 6.7 6.3 7.6 9.4 12.2 13.2 13.9 15.8 Retained earnings (1.5) 0.2 2.1 (3. 6) 0.9 0.3 Deferred taxes 0.5 0.9 0.4 0.9 0.9 1.4 0.5 1.3 1.4 2.5 3.8 4.2 Investment tax credit 0.2 1.6 1.4 (0.2) 2.9 2.3 1.8 1.8 Depreciation & 6mirtization 1.3 4.8 4.7 4.8 4.9 4.9 4.9 6.9 9.1 11.9 Other - - - - -- - - -- - AFUDC (1.9) (3.8) (6.1) (9.4) (2.8) (4.6) (6.6) (9.0) (9.4) Total 2.5 3.6 3.6 (7.8) 7.2 4.3 5.1 6.6 8.4 TOTAL FUNDS 20.6 9.1 24.4 48.0 30.3 29.1 20.6 24.9 16.3 Crnstruction Expenditures
- Nuclear power plants 14.3 8.5 11.5 47.1 30.5 23.9 Other 20.4 20.5 14.4 1.4 5.1 4.1 0.8 1.1 1.1 1.2 2.7 1.4 Total 15.7 13.6 15.6 47.9 31.6 25.0 21.6 23.2 15.8 Other Capital Requirements Redemption of bonds - - - -- -
5.4 - -- -- Changes in working capital 4.9 (4.5) 8.8 0.1 (1.3) (1.3) (1.0) 1.7 0.5 g TOTAL CAPITAL REQUIREMENTS 20.6 y 24.4 48.0 30.3 29.1 y 24.9 16.3 y
!5 in LExclusive of AFUDC (Allowance for funds used during construction) . H
E ASTEltN ITTTLITII:S ASSOCIATES Schidula 2 P.tga 1 Or 2 ES1'DIATE OF CAsil ItEQUntEMEPTTS 1014 CONSTRUCTION with CWIP transferred to Plant in 1981 1979 - 1955 . (000) 1979 1980_ 1981 1982_ 1983_ 1984 _ 1985_ BIACKSTONE VALLEY ELECTRIC 448 324 2,230 1,381 795 308 368 Transmission 2,678 3,879 4,203 3,859 3,953 3,968 4,399 Distribution General 889 470 356 385 421 441 406
~
Tota 1 Experditures 4,015 4,673 6.7 89 5.625 5,169 4,717 5,173 101 193 2 88 485 185 82 130 AlvDC in Total 3,914 4,480 6,501 5,140 , 4,9 M 4,635 5,043 Net Cash Rutuirement EASTERN EDISON - DitOCKTON 206 41 44 47 52 91 ' 1,174 Transmission Distribution 3,991 3,653 3,9 84 4,003 4, M0 4,816 5,490
. Genen! 2,243 2,550 1,223 758 814 741 6 84 Total Experditures 6,440 6,244 5,251 4,a08 5,706 5, 648 7,348 AFUDC in Total 151 373 109 64 139 192 90 6.289 5. 871 5,142 4,744 5,567 5.456 7,268 Net Cash RNutrement EASTERN EDISON - FALL RIVER Transmission 0 0 0 0 0 0 0 Distribution 1,740 4,089 3,672 3,198 2,813 2,721 2,867 General 365 283 219 235 259 243 205 Total Experxtitures 2,105 4,372 3,891 3.433 3,072 2,9 64 3,072 28 53 51 39 38 66 AltDC in Total 126 2,077 4.246 3.838 3, 3 82 3.033 2,926 3,006 Net Cash Revluirement MONTAUP E1 ECTRIC 17,198 56,694 33,798 29,032 27,433 29,853 23,971 J. O. Units Steam Prtx!uction 3.296 295 304 313 323 200 ' 211 Transmission 1,251 248 225 238 463 2,200 9 52 General 72 36 32 29 30 32 33 Total Expermlitures 21,817 57,273 34,359 29,612 28,251 32.284 25,166 6,242 9.398 2.758 4,585 6,G15 9,063 9,356 AITDC in Total '
Net Cash Bquirement 15,575 47.875 31,601 25,027 21.,63G 23,221 15,810 ~ EUA SERVICE COttPORATION Non-Utility Property 259 52 55 58 62 66 70 Total Expowlitures 259 52 55 58 62 66 70 AYUDC in Total 0 0 0 0 0 0 0 Net Cash Requirement 259 52 55 58 62 66 70
, EUA SYSTEM SUMhtARY 17,198 56,694 33,798 29.032 27,433 29,853 23,971 J.O. Units 3,296 295 3 04 313 323 200 211 Steam Production 1,905 613 2,499 1,666 1,312 2,599 2,494 Transmisalon .
8,4 09 11,621 11.859 11,000 11,606 11,505 12,756 Distribution General 3,569 3,339 1,830 1,407 1,524 1,4 57 1,328 52 55 $8 62 66 70 Non-t;tility Property 259 34,636 72,614 50,345 43,53G 42,200 45,680 40,830 Total Expenlitures - 6,522 10,090 3,208 5.185 6,978 9,376 9,633 AlVDC in Total Cash Resguirements 28,114 62.524 47,137 38,351 35,282 36,304 31,197 WWF/ cme April 17,1980 .
MONTAUl* 1:1.1;CTitlU C0111'ANY , ESTIMATE OF CASil REQUlHEMENTS FOR CONSTRUCTION . with CWIP transferred to Plant in 1981 1979 - 1985 (000) Line % Share In-Service Previously No. Ownership (MW) Date Spent 1979 1980 1991 1982 1983 1984 1985 1 Seabrook Units i1 - #2 5.000 115 11,712 7,917 45,640 23,247 13,186 9,080 7, 89 3 656 2 5 2^ Millstone Unit #3 4.009
- 46 5/86 22,365 6,957 7,627 3,79 8 8,007 9,563 9,706 8,875
- -3 Pilgrim Unit #2 2,150 25 5/87 5,918 1, 842 2.825 4,099 5,158 5,980 7,834 8,039 4 Uncommitted Coal Unit 33,333 200 6/92 0 0 200 624 662 634 639 856 5 NEPCO Unit #1 4.348 50 - 1,676 378' 281 153 0 0 0 0 G Montague Unit #1 2.000 23 -
829 104 121 142 159 178 216 731 7 Peaking Capacity , 12/89 0 0 0 0 0 0- 0 8 Nuclear Reloads - 0 0 1,735 1,860 1,998 3,565 4. 815 i 9 Total J. O. Unite , 42,500 17,198 56,694 33,798 29,032 27,433 29,853 23.971 10 Steam Production 3,296 295 304 313 323 200 211 11 Transmission 1,251 248 225 238 465 2,200 952 12 General 72 3G 32 29 30 31 32 13 Total Expenditures 21,817 57,273 34,359 29,612 28,251 32,2S4 23,1GG ' 14 AFUDC to Total 6,24 2 9,398 2,758 4,585 6,615 9,063 9.356 15 Net Cash Requirement i 5. 57 5 47,875 31,601 25,027 21,636 23,221 15,810 For Construction 5$ mw WWF/emo -
- E.
April 17,1980 N$ oa N M
. . . . . _ . _ ___- ~
......r.,- . . . . . . ~.
1.---.--..-. . - . - , . . . . . . - ' .- . : - - ., - d : .. . . . L-- -
MONTAUP ELECTRIC COMPANY Actual Estimated 1977 1978 1979 1980 1981 S % $ % S % $ % S % C2pital Structure Long-term debt 65,600 50.4 74,875 53.6 74,875 50.3 94,875 55.2 118,875 53.4 Preferred stock- 1,500 1.2 1,500 1.1 1,500 1.0 1,500 0.9 1,500 0.7 Common equity 63,035 48.4 63,209 45.3 72,484 48.7 75,499 43.9 102,377 -45.9
,g 100.0 139,584 100.0 148,859 100.0 171,874 100.0 222,752 100.0 Crverages SEC Basis 1.26 1.93 Indenture (Coverage of Eastern Edison Co.) 1.88 2.38 Estimated 1982 1983 1984 1985 C pital Structure Long-term debt 119,525 51.1 132,825 51.6 147,825 52.2 160,825 52.2 Preferred stock 1,500 0.7 1,500 0.6 1,500 0.5 1,500 0.5 Common equity 112,653 48.2 123,136 47.8 133,631 47.3 146,025 47.3 233,678 100.0 257,461 100.0 282,956 100.0 308,350 100.0 Coverages SEC Basis 2.11 2.05 2.04 2.20
-Indenture (Coverage of Eastern Edison Co.) 2.45 2.45 2.38 2.35 Ei O
m, G3
Sch:duls 4 MONTAUP ELECTRIC COMPANY Response to Item 2 f(A) Issuance of short-term debt by the Applicant is subject to approval by the Securities and Exchange Commission under the Public Utility Holding Company Act of 1935. The Applicant is currently authorized to borrow up to
$63.5 million during the period ending December 1980.
The Applicant currently has Lines of Credit with a number of banks which aggregate $70 million, $18.5 million of which is shared with other system companies. These lines of credit have been established under various arrange-ments which include: (1) borrowing at prime rate with no formal compensating balance; (2) borrowing at prime rate with compensating balances of up to 20%; and borrowing at the prime rate or at the prime rate times a percentage thereof with a commitment fee based on a fraction of the prime rate. At. March 31, 1980 the Applicant had outstanding $30.8 million in short-term borrowings. _.m -
SCHEDULE 5 l l
- NONTAUP El.tCTRIC COM ANY_
RESPONSE TO ITEM 21(a) .i FINANCIAL STATISTICS _ Year 1979 1978 1977 (dollars in millions) Earnings available to common equity $ 8.6 $ 7.1 $ 5.9 Average common equity $ 67.8 $ 63.1 $ 58.6 Rate of return on average connon equity 12.7 11.3 10.1 Times total interest earned before F17: Cross income (incl. AFUDC) + current and deferred FIT + total interest charges + amortisation of debt discount and empense 1.86 2.01 1.80 Times long-ters interest earned before FIT Cross income (incl. AFUDC) + current and deferred FIT + long-term interest charges + amortization of debt discount and expense 2.83 2.66 2.16 Bond ratiegs (end of period) Standard & Poor's N/A N/A N/A-Moody's N/A N/A N/A Times interest and preferred dividends earned afte FIT Cross income (incl. AFUDC) + total interest charges + amortization of debt discount and expense + preferred dividends 1.79 1.86 1.80 AFUDC $ 6.1 $ 3.8 $ 1.9 Net income after preferred dividends $ 8.6 $ 7.1 $ 5.9 I 70.9% 53.0% 32.01 Market price of common * $ 11.75 $ 14.25 $ 16.625 Book value of common * $ 17.33 $ 17.85 $ 17.82 Market-book ratio (end of period)* 682 20% 93Z i Earnings avail. for common less AfvDC
+ depreciation and amortization, deferred taxes, and invest. tax credit adjust.-deferred $ 8.4 $ 8.7 $ 9.3 Common dividends $ 6.3 $ 6.7 $ 7.2 Ratio 1.33 1.30 1.29 Short-term debt Bank loans $ 30.1 $ 16.5 $ 20.3 Commercial paper _ $ ,
Capital! ration (Amount & Fercent) Long-term debt $ 74.9 50.3% $ 74.9 53.6% $ 65.6 50.41 Preferred Stock 1. 5 ' 1.0 1.5 1.1 1.5 1.2 Common equity -72.5 48.7 63.2 45.3 63.0 4 8.4 __ g48.9 100.0% $139.6 100.0% $130.1 100.0%
*11 subsidiary company, use parent's data. (Data reflected is that of Eastern Utilities Associates).
I O i I l 4 I Eastern Utilities Associates l l pq --
.r. J Ibd ! r 0 ; and Subsidiaries :
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Ertern Utilities A:soci:tes A Massachusetts Voluntary Association 99 High Street, Boston, Massachusetts Telephone: (617) 357-9590 Malling Address: P.O. Box 2333, Boston 02107 Eastern Utilities Associates is the parent company for two retail electric utility operating companies: Blackstone Valley Electric Company and Eastern Edison Company; Montaup Electric Company, a wholesale generation and transmission company; and a service company, EUA Service Corporation. Effective July 31,1979 Fall River Electric Light Company was merged into Brockton Edison Company and on August 1,1979 Brockton's name was changed to Eastern Edison Company, i Executive Officers John F.G. Eichorn, Jr. Donald G. Pardus President and Chief Executive Officer of the Vice President and Treasurer of the Association Association Robert E. Maguire er ary f e Associadon Executive Vice President of the Association William R. Bisson Richard M. Burns Vice President of the Association Comptroller of the Association The retail electric operating subsidiaries of Eastern Utilities Associates are as follows: Blackstone Valley Electric Company Eastern Edison Company Washington Highway, Lincoln, RI 02065 36 Main Street, Brockton, MA 02403 74,588 customers in 7 communitier in northern 148,301 customers in 22 communities in Rhode Island southeastern Massachusetts Stanley S. Ribb, President Atlan K. Har1er, President Table of Contents EUA System Highli0hts 1 Dividends Paid Price Range of Common Shares EUA Consolidated and Subsidiary Companies' income and Retained Earnings Statements 2 EUA Consolidated and Subsidiary Companies' Balanco Sheets 4 , I i EUA Consolidated and Subsidiary Companies' Statements of l Changes in Financial Position 6 EUA Consolidated Capitalization 8 EUA System Consolidated Operating Statistics 9 This booklet has been prepared primarily for institutionalInvestors and security analysts as a reference source. It is not intended for use in connection with any sale, or offer to sell, or solicitation of an offer to buy any securities. Allinquiries should be directed to Donald G. Pardus, Vice President and Treasurer.
i EUA Syst::m Highlights
% Increase 1979 1978 (Decrease) income, Earnings, Dividends:
Consolidated Net income $ 8,526,000 $ 8,656,000 (1.5%) l Average Common Shares Outstanding 4,871,667 4,266,921 14.2 % Consolidated Earnings per Average Common Share $1.75 $2.03 (13.8%) Dividends Paid Per Share $1.60 $1.60 Sales and Customers: Total Operating Revenues $185,875,000 $159,195,000 16.8 % Total Electric Sales (KWH) 4,115,000 3,925,000 4.6% Customers, Year End 222,896 220,090 1.3% Property and Plant: Net Utility Plant $289,559,000 $271,663,000 6.6% Construction Expenditures $ 30,498,000 $ 25,948,000 17.5% Dividends Paid Per Shara en the Common Shares of Eastern Utilities Associates 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter The Year 1979 $0.40 $0.40 $0.40 $0.40 $1.60 1978 $0.40 $0.40 $0.40 $0.40 $1.60 Price Range of Common Shares of Eastern Utilities Associates 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1979 - High 15 % 14 % 15 14 %
- Low 14 % 13 % 13 % 11 %
1978 - High 17 167/s 16 % 16 %
-Low 16 15 % 15 14 %
The Common Shares of Eastern Utilities Associates are listed on the New York Stock Exchange. Ticker symbol- EUA. l Financial Information included herein are not intended to represent complete financial statements.
Erst:rn Utilities Associrt:s cnd Subsidiary C:mp:nl:s income Statements Years Ended December 31, Eastern Utilities Associates Consolidated (in Thousands) 1979 1978 Operating Revenues $185,875 $159,195 Operating Expenses: Operation - Fuel 82,133 56,295
- Purchased Power - Net 22,403 21,577
- Other 28,662 27,330 133,198 105,202 Maintenance 5,153 5,210 Depreciation 9,729 9,377 Amortization of Investment Credit (Credit) (446) (414)
Taxes- Other Than Federal Income 12,724 13,286
- Federal income (Credit) (48) 4,804
- Deferred (Credit) 2,515 (122)
Total Operating Expenses 162,825 137,343 Operating income 23,050 21,852 Interest from Associated Company Equity in Earninqs of Subsidiaries 807 679 Allowance for Uther Funds Used During Construction 1,608 982 Other income and (Deductions)- Net 238 73 income Before interest Charges 25,703 23,586 Interest Charges: Interest on 1.ong-Term Debt 11,401 10,385 Amortization of Debt Expense and Premium 123 210 Other interest Expense 8,680 5,639 Alicwance for Borrowed Funds Used During Construction (Credit) (4,660) (2,937) Net interest Charges 15,544 13,297 income After Interest Charges 10,159 10,289 Preferred Dividends Requirsment 1,633 1,633 l Net income $ 8,526 $ 8,656 Eastern Utilities Associates and Subsidiary Companies Retained Estnings Statements Years Ended December 31, Retained Earnings- Beginning of Year $ 22,998 $ 21.116 i income Af ter interest Charges 10,159 10,289 Total 33,157 31,405 Dividends Paid- Preferred 1,633 1,633
- Common 7,738 6,774 Retained Earnings- End at Year 4 23,786
$ 22,998 Financial Information included herein are not intended to represent complete financial statements.
2
i l Blackstone Valley Eastern Edison Montaup Electric i Electric Company Company Company l 1979 1978 1979 1976 1979 1978 $62,068 $54,245 $100,563 $89,768 $133,189 $110,276 35 31 82,096 56,264 1 1 f 42,594 34,993 69,226 57,115 21,995 21,169 7,376 6,981 12,616 11,796 12,112 11,866 49,971 41,975 81,877 68,942 116,203 89,299 , 1,267 1,299 1,936 2,123 1,951 1,788 1,874 1,812 3,083 2,818 4,772 4,746 l (82) (71) (123) (117) (242) (226) 4,221 4,002 6,157 6,766 2,347 2,519 (686) 788 1,095 3,514 (457) 501 938 131 215 (1,127) 1,361 873 57,503 49,936 94,240 82,919 125,935 99,500 4,565 4,309 6,323 6,849 12,254 10,776 7,102 6,224 8,589 7,122 807 679 20 13 1,589 969 (52) (56) (16) (8) 278 108 4,533 4,266 21,998 20,187 14,928 12,532 8,840 7,887 7,102 6,224 63 57 39 109 2 2 3,957 2,837 1,013 792 3,709 2,016 (53) (76) (133) (30) (4,474) (2,832) 3,967 2,818 9,759 8,758 6,339 5,410 566 1,448 12,239 11,429 8,589 7,122 289 289 1,344 1,344 $ 277 $ 1,159 $ 10,895 $10,085 $ 8,589 $ 7,122 l $ 6,810 $ 6,388 $ 18,517 $16,848 $ 6,809 $ 6,635 ; 566 1,448 12,239 11,429 8,589 7,122 7,376 7,836 30,756 28,277 15,398 13,757 289 289 1,344 1,344 169 180 763 737 9,225 8,416 6,345 6,768 $ 6,324 $ 6,810 $ 20,187 $18,517 8 8,884 $ 6,809 3 1
Ea t:rn Utiliti:s Associrt:s and Subsidiary Compani:s Eastern Utilities Balance Sheets Associates December 31 Consolidated (in Thousands) 1979 1978 Assets Utility Plant and Other investments: Utility Plant (at Cost): In Service $322,684 $312,601 Less Accumulated Provision for Depreciation 94,618 87,728 Not Utility Plant in Servico 228,066 224,873 Construction Work in Progress 61,493. _46,790_ _ Not Utility Plant 289,559 271,663 Nonutility Property - Net 1,630 992 Investment in Subsidiary Companies (at equity) 7,401 7,232 Other Investments (at cost) 67 67 Total Utility Plant and Other investments 298,657 279,954 Current Assets: Cash and Temporary Investments 2,187 5,767 Accounts Receivable: Customers-Not of Reservo 25,288 20,507 Others 879 328 Associated Companies Materials and Supplies (at average cost): Fuel 10,702 3,329 Plant Materials, Operating Supplies and Other 4,646 4,217 Other Current Assets 559 337 Total Current Assets 44,261 34,485 Deferred Debits: Unamortized Debt Expenso 739 699 Extraordinary Property Loss 2,065 Other Deferred Debits 3,875 3,562 Total Deferred Debits _ 6,679. 4,261 Total Assets $349, _$31_8,700
= _597 .
Liabilities Capitalizatica: Common Equity $ 94,260 $ 86,299 Non-Redeemablo Preferred Stock of Subsidiarios 15,079 15,079 Redeemablo Preferred Stock of Subsidiarios 5,607 5,921 Long-Term Debt 123,485 97,870 Total Capitalization 238,431 205,169 Current Liabilities: Long-Term Debt Duo Within Ono Year 20,770 Notes Payablo - Banks 63,300 50,450 Accounts Payablo- Public 13,336 8,780
- Associated Companies Redeomablo Preferred Stock Sinking Fund Requirement 314 Customer Deposits 1,270 1,143 Taxes Accruod 2,550 4,051 Doforred Taxes 1,573 1,522 Interest Accrued 2,752 1,926 Other Current Liabilities 533_
1,957 Total Cu ent Liabilities 85,628 90,599 Deferred Credits: Unamortized Investment Credit 10,186 9,673 Other Deferred Crodits 69_ 336 Total Deferred Credits 10,255 10,009_ Accumulated Doferred Taxes 15,283 12,923 Total Liabilities and Capitalization $349,597 $318,700 Financial information included herein are not intended to represent complete financial statements. 4
l l Blackstone Valley Eastern Edison Montaup Electric Electric Company Company Company 1979 1978 1979 1978 1979 1978
$64,811 $ 62,101 $ 97,316 $ 93,631 $160,556 $155,527 16,744 15,838 24,189 21,799 53,685 60,091 48,067 46,263 73,127 71,832 106,871 105,436 1,823 2,144 2,039 523 57,632 45,465 49,890 48,407 75,166 72,355 164,503 150,901 51 51 821 110 21 21 148,859 139,584 7,401 7,232 51 51 l 49,941 48,458 224,897 212,100 171,925 158,154 250 1,499 135 2,148 1,434 1,537 8,254 6,723 10,153 9,832 6,881 3,951 587 8 283 111 3,861 183 203 358 17 18 5,974 4,531 ;
10,702 3,329 840 805 2,175 1,825 1,629 1,587 152 39 223 118 178 174 10,286 9,432 12,986 14,052 30,659 15,292 22 75 448 477 37 39 2,065 l 1,041 1,593 1,260 1,472 1,260 295 l 1,063 1,068 1,708 1,949 3,362 334 ,
.$61,290
$ 59,558 $239,591 $228,101 $205,946 $173,780
$16,134 $ 16,621 $99,078 $ 90,279 $ 72,484 $ 63,209 6,130 6,130 8,949 8,949 1,500 1,500 5,607 5,921 100,985 81,202 74,875 74,875 22,264 22,751 214,619 186,351 148,859 139,584 15,000 25,800 25,000 7,400 8,950 30,100 16,500 134 298 767 654 12,304 7,535 3,750 3,218 2,845 2,038 316 404 314 450 388 820 754 2,785 2,428 3,572 2,861 51 (1,261) 757 747 815 775 1,186 831 757 789 105 32 70 59 3 1,880 460 16 34,932_ 32,969 17,293 33,701 43,336 23,226 1,426 1,794 2,082 2,621 6,678 5,258 24 225 27 30 5 6 1,450 2,019 2,109 2,651 6,683 5,264 2,644 1,819 5,570 5,398 7,068 5,706
$61,290__ $ 59,558 $239,591 $228,101 $205,946 $173,780 5
East:rn Utilities As:ocittes end Subsidirry Comprni:2 Statements of Changes in Financial Position Years Ended December 31, Eastern Utilities Associates Consolidated (in Thousands) 1979 1978 SOURCE OF FUNDS: From Operations: Income Af ter Interest Charges $10,159 $10,289 Principal Non-Cash Charges (Credits) to income: Depreciation 9,992 9,592 Amortization of Debt Expertse and Premium 123 210 Deferred Federal Income Tax 2,360 1,378 investment Tax Credits, Less Amortization 514 2,751 Equity in Undistributed Earnings of Subsidiaries (169) Allowance for Funds Used During Construction (6,268) (3,920) Total Funds From Operations 16,711 20,300 External Sources: Increase (Decrease) in Short Term Notes Payable to Banks 12,850 (1,400) Proceds From Sale of Bonds Proceeds From Sale of Notes 42,500 Proceeds From Sale of Common Stock 7,331 9,001 Other - Net 921 Total Funds From External Sources 62,681 _8,522 Total Source of Funds $79,392 $28,822 APPLICATION OF FUNDS: Construction Expenditures $30,498 $25,948 Less: Allowance fer Funds Used During Construction (6,268) (3,920) Not Construction Expenditures 24,230 22,028 Purchase of Montaup Common Stock Purchase of Montaup Bonds Retirement of Long-Term Debt 37,637 3,880 Dividends Paid -Preferred Stock 1,633 1,633
- Common Stock 7,738 6,774 Increase (Decrease) in Working Capital 7,142 (5,875)
Other Application-Net 1,012 382 Total Application of Funds $79,392 $28,822 CHANGES IN COMPONENTS OF WORKING CAPITAL (Excluding Short-Term Debt): Increase (Decrease) in Current Assets: Cash and Temporary Investments 3 (3,580) $ 1,938 Accounts Receivable 5,332 (822) l Materials and Supplies 7,802 (2,496) ! Other Current Assets 223 (229) 9,777 (1,609) Increase (Decreace) in Current Liabilities: Accounts Payable 4,557 817 Accrued Taxus (1,452) 1,177 Other Current and Accrued Liabilities (470) 2,272 2,635 4,266 increase (Decrease) in Working Capital 3 7,142 $ (5,875) Financial Information included herein are not intended to represent complete financial statements. 6
Blackstone Valley Eastern Edison Montaup Electric Electric Company Company Company 1979 1978 1979 1978 1979 1978 $ 566 $ 1,448 $12,239 $11,429 $ 8,589 $ 7,122 1,885 1,797 3,170 2,904 4,772 4,746 I 63 57 39 109 2 2 825 288 172 216 1,362 873 (368) 484 (539) 644 1,420 1,623 (2,075) (173) (169) (73) (89) (133) (30) (6,062) (3,801) 2,898 3,985 12,873 15,099 9,914 10,565 800 (1,550) 2,475 13,600 (3,875) 9,275 20,000 7,133 9,275 7,200 552 640 214 234 1,352 640 25,797 11,984 20,800 5,400 $ 4,250 $ 4,625 $38,670 $27,083 $30,714 $15,965 $ 3,367 $ 3,355 $ 6,692 $ 5,146 $20,439 $17,447 (73) (89) (133) (30) (6,062) (3,601) 1 3,294 3,266 6,559 5,116 14,377 13,646 7,200 9,275 15,200 3,880 289 289 1,344 1,344 169 180 763 737 9,225 8,416 6,345 6,768 I (307) 87 (893) (953) 8,858 (4,894) I 211 246 35 5 965 265 ! $ 4,250 $ 4,625 $38,670 $27,083 $30,714 $15,965 l $ (1,249) $ 870 $ (2,013) $ 1,215 $ (104) $ (268) 1,955 (430) 492 (1,979) 8,050 (2,737) 35 (22) 351 (102) 7,416 (2,372) 114 (2) 105 (3) 5 19 855 416 (1,065) (869) 15,367 (5,358) 818 (488) 920 (3,621) 4,682 792 - 367 585 752 1,761 1,312 (1,266) l (23) 232 (1,844) 1,944 515 10 1,162 329 (172) 84 6,509 (464) $ (307) $ 87 $ (893) $ (953) $ 8,858 $ (4,894) l . l
Ect:rn Utilities Associrt:s and Subsidiary Compani:s Consolidated Capitalization December 31, 1979 1978 1979 1978 Eastern Utilities Associates: Common Sharos (in Thousands) (Capitalization Ratios)
$5 par value, authorized 7,000,000 shares, outstanding 5,438,969 shares (1978, 4,835,598 shares) $ 27,195 $ 24,178 Other Paid-In Capital 44,382 40,068 Common Shares Expense (1,103) (945)
Retained Earnings 23,786 22,998 Total Common Equity -94,260 86,299 39.5 % 42.1 % Preferred Stock of Subsidiaries: Non-Redeemable Preferred: Blackstone Valley Electric Company: 4.25%, $100 par value 35,000 sharest 3,500 3,500 5.60%, $100 par value 25,000 sharest 2,500 2,500 Premium 129 129 Eastern Edison Company: 4.64% , $100 par value 60,000 sharest 6,000 6,000 8.32%, $100 par value 30,000 sharest 3,000 3,000 Premium 48 48 Expense (98) (98) 15,079 _15,079 6.3 7.3 Redeemable Preferred: Eastern Edison Company: 13.60%, $100 par value 60,000 sharest 6,000 6,000 Premium 8 8 Expense (87) (87) Sinking Fund Requirement (314) 5,607 5,921 2.4 2.9 Long-Term Debt: Eastern Utilities Associates: Collateral Trust Bonds,3% % due 1979 2,437 Seriai Notes duo 1982 20,000 Senior Notes 10% % due 1999 22,500 Eastern Edison Company: First Mortgage and Collateral Trust Bonds: 3%% due 1983 6,800 6,800 7% % due 1983 (second series) 5,000 5,000 4% % due 1983 (third series) 2,196 2,196 3%% due 1985 6,000 6,000 12% duo 1985 (second series) 19,800 20,000 ! 4%% due 1987 3,000 3,000 l 4%% due 1988 3,000 3,000 4% % due 1993 5,000 5,000 6% % due 1997 7,000 7,000 8%% due 1999 5,000 5,000 7%% due 2002 8,000 8,000 8%% due 2003 10,000 10,000 Note Payable due 1979 15,000 Note Payable due 1984 (Prime x 104.8%) 5,000 Note Payable due 1985 (Prime x 109%) 15,000 Unamortized Premium 189 207 123,485 118,640 Less Portion Due Within One Year 20,770 Total 123,485 97,870 51.8 47.7 Total Capitalization $238,431 $205,169 100.0 % 100.0 % t Authorized and outstanding. Financial Information included herein are not intended to constitute complete financial statements. 8
EUA Syst:m Ccnsolidated Opercting Stcti: tics 1979 1978 Energy Generated and Purchased (millions kwh): Generated - by EUA System 792 660 , -by Equity-Owned Nuclear Units 479 530
- by Jointly-Owned Units 1,795 1,865 Interchange with NEPOOL (600) (620)
Purchased Power- Unit Power 1,649 1,490 Total Generated and Purchased 4,115 3,925 Operating Revenues (thousands): Residential $ 63,468 $ 56,613 Commercial 53,012 46,976 Industrial 38,192 32,440 Other Electric Utilities 12,435 10,220 Other 7,502 7,505 Total Primary Sales Revenues 174,609 153,754 Unit Contracts 11,266 5,441 Total Operating Revenues $185,875 $159,195 Energy Sales (millions kwh): Residential 1,150 1,123 Commercial 1,052 1,011 Industrial 859 815 Other Electric Utilities 398 403 Other 44 49 Total Primary Sales 3,503 3,401 Losses and Company Use 226 290 Total System Requirements 3,729 3,691 Unit Contracts 386 234 Total Energy Sales 4,115 3,925 Number of Customers at December 31: Residential 201,435 198,910 Commercial 20,073 19,781 Industrial 1,222 1,213 Other Electric Utilities 16 15 Other 150 171 Total Customers 222,896 220,090 Average Revenue per Residential Customer ($) 315 285 Average Use per Residential Customer (kwh) 5,708 5,646 Average Revenue per KWH: Residential 5.52c 5.04C Commercial 5.049 4.65C Industrial 4.44# 3.98C Capability (kw) at Time of Peak Load Somerset Station-Steam 252,100
- Jets 48,000 (12-19-79) Canal No. 2 292,000 Wyman No. 4 12,100 l Nuclear 149,400 Other-Purchases 242,700 1 Total 996,300 Less Unit Sales 88,400 Net Available to EUA System 907,900 i 1979 EUA Peak Load 677,200 Reserve Capacity 230,700 9
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Eastern Utilities Associates is the parent company Eastern Utilities Associates for two retail electric companies, a wholesale generation 99 High Street and transmission company and a service company. Boston, Mass. 02110 The EUA System furnishes electric service to portions of (617)357-9590 Southeastern Massachusetts and Northern Rhode Island. Blackstone Valley Electric Company The neme Eastern Utilities Associates is the desig-nation of the Trustees for the time being under a Declara Washington Highway tion of Trust dated April 2,1928, as amended, and all Lincoln R.I. 02865 persons dealing with Eastern Utilities Associates must (401) 333-1400 look solely to the trust property for the enforcement of Eastern Edison Company any claims against Eastern Utilities Associates as neither 36 Main Street the Trustees, officers nor shareholders assume any Brockton, Mass. 02403 personal liability for obligations entered into on behalf (617)580-1213 of Eastern Utilities Associates. Montaup Electric Company 1606 Riverside Ave. Somerset, Mass. 02726 (617) 678-5283 EUA Service Corporation 99 High Street Boston, Mass. 02110 (617) 357-9590 The Cover Annual Meeting Eastern Utilities Associates' two retail subsidiaries, The 1980 Annual Shareholders Meeting will be Eastern Edison Company and Blackstone Valley Electric, held on Tuesday, April 22,1980 at 10 a.m. in the serve 29 cities and towns in Massachusetts and Rhode Board Room on the 33rd Floor at State Street Bank Island. They share a heritage unique in the history of our and Trust Company,225 Franklin Street, Boston, Mass. country. The illustrations in this Annual Report reflect this sense of tradition and economic growth. r Utilities h.d Associates
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