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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________
Application of UNITIL Corporation )
) CERTIFICATE PURSUANT TO
and its Subsidiaries on Form U-1 ) RULE 24 UNDER THE PUBLIC
) UTILITY HOLDING COMPANY ACT
(File No. 70-8074) ) OF 1935
______________________________________________________________
Pursuant to the requirements of Rule 24 under the Public
Utility Holding Company Act of 1935, UNITIL Corporation, on
behalf of itself and its subsidiary, UNITIL Resources, Inc.
hereby files the attached quarterly report as required by the
Securities and Exchange Commission's order approving the
formation of a subsidiary company to provide consulting
services to non affiliates (HCAR. No. 25816; File No. 70-8074;
May 24, 1993).
Exhibit
Exhibit A - Description of the various consulting and other activities
undertaken by UNITIL Resources, Inc.
Exhibit B - Statement of the amount of funds invested by UNITIL in
UNITIL Resources, Inc.
Exhibit C - Description of staffing.
Exhibit D - Description of the intellectual property.
Exhibit E - Financial Statements.
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company
Act of 1935, the undersigned company has duly caused this Certificate
to be signed on its behalf by the undersigned thereunto duly authorized.
UNITIL Resources, Inc.
by: /s/ GAil A. Siart
Gail A. Siart
Treasurer
Dated: August 31, 1995
EXHIBIT A
Description of Various Consulting and Other Activities
Undertaken by UNITIL Resources Inc:
Staff providing services under the assignments listed below
(unless otherwise indicated) are located at UNITIL Service Corp.
(UNITIL Service), 216 Epping Road, Exeter, NH 03833, where most
client work is performed. From time to time staff visit other
locations, predominately in New England, representing client
interests.
A. Great Bay Power Corporation (GBP) Marketing Agent. UNITIL
Resources provides marketing services for power sales from GBP's
12.1324% ownership interest in the Seabrook nuclear power
station, pursuant to a Marketing Agent Agreement between GBP and
UNITIL Corporation dated April 1, 1993. Services provided by
UNITIL Resources in the second quarter of 1995 involved the
marketing of power in the wholesale market. Charges to GBP
under this contract totalled $56,616 in the second quarter of
1995.
B. Great Bay Power Corporation (GBP) Management and
Administrative Services. UNITIL Resources provides
comprehensive management and administrative services to GBP, in
a variety of functional areas including accounting, budgeting,
finance, risk management (insurance), overview of plant
operations, and general management. These services are
currently provided pursuant to a Management and Administrative
Services Agreement between GBP and UNITIL Corporation dated
November 23, 1994. Charges to GBP under this contract totalled
$142,912 in the second quarter of 1995.
C. Milford, L.P. Consultancy. Milford L.P. is a PURPA QF
facility located in Milford MA which had, pursuant to an
agreement dated February 8, 1994, engaged UNITIL Resources for
advice, consultation and support on matters involving the New
England Power Pool, marketing and power contracting. There were
no charges to Milford L.P. in the second quarter of 1995, and
the agreement with Milford expired as of April 30, 1995.
D. Kingston-Warren Corporation Consultancy. An agreement was
signed as of December 30, 1994 between UNITIL Resources and
Kingston-Warren Corporation (K-W) under which UNITIL Resources
will assist K-W in the conduct of studies relating to
alternatives to K-W's current retail power supply arrangements.
No charges have been assessed to date on this contract.
EXHIBIT B
Statement of the Amount of Funds Invested by UNITIL Corporation
in UNITIL Resources, Inc.:
The initial investment in UNITIL Resources, Inc. was $10,000.
There has been no further investment.
EXHIBIT C
Description of Staffing:
Staff involved in providing service to UNITIL Resources,
Inc. (UNITIL Resources) are located at UNITIL Service Corp.
(UNITIL Service). Service is provided to UNITIL Resources
pursuant to a service agreement between UNITIL Service and
UNITIL Resources dated July 1, 1993. Services provided by
UNITIL Service during the second quarter of 1995 included power
brokering, regulatory, finance, accounting, and administrative
services and ranged in number from twenty-eight to thirty
employees on a part-time basis each month. The following are
the percentages of UNITIL Service time each month that were
expended on UNITIL Resources activities in the second quarter of
1995:
April 3.79%
May 2.96%
June 3.27%
EXHIBIT D
Description of the Intellectual Property:
No intellectual property was purchased or received during
the quarter.
EXHIBIT E
Page 1 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
STATEMENTS OF EARNINGS
(UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Revenues 199,534 70,641 411,670 176,439
Operating Expenses:
Administrative and General 122,448 61,767 249,798 141,467
Total Operating Expenses 122,448 61,767 249,798 141,467
Operating Income 77,086 8,874 161,872 34,972
Nonoperating Income 105 473 105 473
Earning Before Income Taxes 77,191 9,347 161,977 35,445
Income Taxes:
Current Federal 24,408 2,956 51,217 11,208
Current State 5,403 654 11,339 2,481
Total Income Taxes 29,811 3,610 62,556 13,689
Net Income 47,380 5,737 99,421 21,756
Exhibit E
Page 2 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
BALANCE SHEETS
(UNAUDITED)
June 30, December
31,
ASSETS: 1995 1994 1994
Current Assets:
Cash 257,273 20,522 98,715
Accounts Receivable 4,996 25,990 65,565
Unbilled and Accrued Revenue 21,781 49,581 8,948
Total Current Assets 284,050 96,093 173,228
Deferred Debits -- 145,248 1,483
Total Assets 284,050 241,341 174,711
LIABILITIES AND
STOCKHOLDERS EQUITY:
Current Liabilities:
Accounts Payable 44,888 158,714 52,003
Taxes Accrued & Other (5,233) (4,529) (17,556)
Total Current Liabilities 39,655 154,185 34,447
Stockholder's Equity:
Common Stock, $1.00 par value
Authorized - 10,000 shares
Outstanding - 10,000 shares 100 100 100
Premium on Common Stock 9,900 9,900 9,900
Retained Earnings 229,685 77,156 130,264
Total Stockholder's Equity 239,685 87,156 140,264
Total Liabilities and Equity 279,340 241,341 174,711
Exhibit E
Page 3 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Six Months Ended
June 30,
1995 1994
Net Cash Flow from Operating Activities:
Net Income 99,421 21,756
Change in Assets and Liabilities
(Increase) Decrease in:
Accounts Receivable 60,569 103,085
Unbilled and Accrued Revenue (12,833) (26,396)
Deferred Debits 1,484 (82,885)
Increase (Decrease) in:
Accounts Payable (7,116) 30,021
Taxes Accrued & Other 17,033 (29,435)
Net Cash Provided by Operating Activities 158,558 16,146
Net Increase in Cash 158,558 16,146
Cash at beginning of year 98,715 4,376
Cash at June 30, 257,273 20,522
Exhibit E
Page 4 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
STATEMENTS OF RETAINED EARNINGS
(UNAUDITED)
For the Three Months Ended
June 30,
1995 1994
Retained Earnings, Beginning of Period 182,305 71,419
Net Income 47,380 5,737
Retained Earnings, End of Period 229,685 77,156
For the Six Months Ended
June 30,
1995 1994
Retained Earnings, Beginning of Period 130,264 55,400
Net Income 99,421 21,756
Retained Earnings, End of Period 229,685 77,156