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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM U-9C-3
QUARTERLY REPORT PURSUANT TO RULE 58
UNITIL CORPORATION
(Name of Registered Holding Company)
6 Liberty Lane West, Hampton, New Hampshire 03842-1720
(Address of principal executive offices)
ITEM 1 - ORGANIZATION CHART
Name of Energy or Date of State of Percentage Nature of
reporting gas-related organization organization of voting business
company company securities
held
Unitil Corporation
Unitil
Resources,
Inc. Energy 5/26/93 NH 100% Energy
Marketing &
Consulting
Description of Various Consulting, Energy Marketing, Energy Management
and Other Activities Undertaken by Unitil Resources Inc.:
Staff providing services under the activities listed below (unless
otherwise indicated) are located at Unitil Service Corp. (Unitil Service),
6 Liberty Lane West, Hampton, NH 03842-1720, where most client work is
performed. From time to time staff visit other locations, predominately in
New England, representing client interests.
Energy Marketing Activities
New Hampshire Pilot Program. As of July 1, 1996, Unitil Resources, Inc.
(Unitil Resources), became eligible to begin marketing electricity at
retail to statewide participants in the New Hampshire Pilot Program. This
program, which originally was scheduled to last 24 months, allows 3% of all
electric customers in the State of New Hampshire to purchase electricity
from the supplier of their choice. In 1998, the State of New Hampshire
extended this program beyond the original 24 month period. Revenues
generated from this activity during the first quarter of 1999 were $237,510.
Electricity and Natural Gas Brokerage. On March 25, 1999 Unitil Corporation
acquired a minority interest in North American Power Brokers, Inc., a
privately held company providing Internet technology solutions to the energy
industry. Unitil Corporation, through Unitil Resources, has licensed and
deployed North American Power's innovative Internet-based technology for
brokering electricity and natural gas energy transactions between retail
consumers and energy suppliers. Unitil Resources will offer the retail
energy electronic commerce system developed and owned by North American
Power, Inc. to medium and large commercial and industrial customers,
co-branded under the name "Usource", powered by North American Power's World
Wide Retail Energy Exchange. Unitil Resources did not receive any revenue
from this service in the first quarter of 1999.
ITEM 2 - ISSUANCES AND RENEWALS OF SECURITIES AND CAPITAL CONTRIBUTIONS
Associate Reporting
company company Type Net
advancing receiving of Change
funds funds transaction in contributions
Unitil Unitil Capital contribution None
Corporation Resources
Inc.
ITEM 3 - ASSOCIATE TRANSACTIONS
Part I - Transactions Performed by Reporting Companies on Behalf of
Associate Companies
None.
Part II - Transactions Performed by Associate Companies on Behalf of
Reporting Companies
Associate Reporting
company company Types of Direct Indirect Total
rendering receiving services costs costs Cost of amount
services services rendered charged charged capital billed
Unitil Unitil Energy $17,958 $17,160 $0 $35,119
Service Resources Marketing
Corp. Inc. and
Consulting
Staff involved in providing service to Unitil Resources, Inc. are
located at Unitil Service Corp. Service is provided to Unitil Resources
pursuant to a service agreement between Unitil Service and Unitil Resources
dated July 1, 1993. Consulting services provided by Unitil Service during
the first quarter of 1998 included regulatory, finance, accounting,
marketing, energy management and administrative services.
ITEM 4 - SUMMARY OF AGGREGATE INVESTMENT
(Dollars in Thousands)
Investments in Energy-related Companies:
Total consolidated capitalization
as of March 31, 1999 $165,751
Total capitalization multiplied by 15% 24,863
Greater of $50 million or line 2 $50,000
Total current aggregate investment:
Energy-related business:
Unitil Resources, Inc. 590
Total current aggregate investment 590
Difference between the greater of $50 million
or 15% of capitalization and the total aggregate
investment of the registered holding company
system (line 3 less line 4) $49,410
Investments in Gas-related Companies
None.
ITEM 5 - OTHER INVESTMENTS
Other Other Reason for
Major line of investment in investment in difference in
energy-related last U-9C-3 this U-9C-3 other
business report report investment
Energy Marketing $10,000 * $0 n/a
and Consulting
* The initial investment by Unitil Corporation in Unitil Resources, Inc. was
$10,000.
ITEM 6 - FINANCIAL STATEMENTS AND EXHIBITS
A. Financial Statements - Page 1 of 2
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
BALANCE SHEET
(UNAUDITED)
March 31
ASSETS: 1999
Fixed Assets $100,000
Current Assets:
Cash 88,397
Accounts Receivable 132,470
Prepayments 446
Unbilled and Accrued Revenue 146,313
Total Current Assets 367,626
Deferred Debits 7,707
Total Assets $475,333
LIABILITIES AND CAPITALIZATION:
Capitalization:
Common Stock, $1.00 par value
Authorized - 10,000 shares
Outstanding - 10,000 shares $100
Premium on Common Stock 9,900
Miscellaneous Paid in Capital 590,000
Retained Earnings (200,038)
Total Stockholder's Equity 399,962
Current Liabilities:
Accounts Payable 72,175
Taxes Accrued & Other 3,196
Total Current Liabilities 75,371
Total Liabilities and Capital $475,333
ITEM 6 - FINANCIAL STATEMENTS AND EXHIBITS
A. Financial Statements - Page 2 of 2
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
STATEMENT OF EARNINGS
(UNAUDITED)
Three Months
Ended
March 30, 1999
Revenues:
Electric Revenues $237,510
Operating Expenses:
Purchased Power 167,835
Administrative and General 43,761
Provision for Income Taxes 9,983
Total Operating Expenses 221,579
Operating Income 15,931
Non-Operating Income, Net 1,837
Income Before Interest Expense 17,768
Interest Expense 205
Net Income $17,563
B. Exhibits
None.
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 Corporation
By: /s/ Mark H. Collin
Mark H. Collin
Treasurer
Dated: May 27, 1999
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 Corporation
By:
Mark H. Collin
Treasurer
Dated: May 27, 1999