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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
(Indentation indicates subsidiary relationship)
Unitil
Corporation
Unitil
Resources, Inc. Energy 5/26/93 NH 100% Energy
Marketing
and
Consulting
Usource,
Inc. Energy 3/31/00 DE 100% Energy
Marketing
and
Consulting
Usource,
LLC Energy 3/31/00 DE 100% Energy
Marketing
and
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.,
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. Unitil Resources discontinued
this program effective December 31, 1999. Unitil Resources had negative
revenue from this program of $1,411 in the first quarter of 2000 which were
a result of billing adjustments related to the prior year.
Electricity and Natural Gas Brokerage. On March 25, 1999 Unitil Corporation
acquired a minority interest in Enermetrix.com (formerly known as North
American Power Brokers, Inc.), a privately held company providing Internet
technology solutions to the energy industry. The Federal Communications
Commission has determined that Enermetrix.com is an exempt telecommunications
company, as that term is defined in PUHCA Section 34(a)(1), as amended.
Unitil Corporation, through Unitil Resources, has licensed and deployed
Enermetrix.com's innovative Internet-based technology for brokering
electricity and natural gas energy transactions between retail consumers and
energy suppliers. Unitil Resources offers the retail energy electronic
commerce system developed and owned by Enermetrix.com to medium and large
commercial and industrial customers, co-branded under the name "Usource",
powered by Enermetrix.com's World Wide Retail Energy Exchange. Usource has
expanded service to New York, Pennsylvania, Massachusetts, Maine and New
Hampshire. Revenues generated from this activity during the first quarter of
2000 were $32,453.
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 $166,370 $143,580 $0 $309,950
Service Resources Marketing
Corp. Inc. and
Consulting
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. Consulting services
provided by Unitil Service during the first quarter of 2000 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, 2000 $163,896
Total capitalization multiplied by 15% 24,584
Greater of $50 million or line 2 $50,000
Total current aggregate investment:
Energy-related business:
Unitil Resources, Inc. 1,090
Total current aggregate investment 1,090
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) $48,910
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: 2000
Service Company Property:
Intangible Assets $1,041,518
Equipment 163,221
Total Service Company Property 1,204,739
Less: Accumulated Depreciation and
Amortization (152,201)
Net Service Company Property 1,052,538
Current Assets:
Cash 20,891
Accounts Receivable 65,770
Prepayments 82,971
Total Current Assets 169,632
Deferred Debits 80,050
Total Assets $1,302,220
LIABILITIES AND
STOCKHOLDERS EQUITY:
Current Liabilities:
Notes Payable $1,231,227
Accounts Payable 135,500
Taxes Accrued and Other (141,557)
Total Current Liabilities 1,225,170
Stockholder's Equity:
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 1,090,000
Retained Earnings (1,022,950)
Total Stockholder's Equity 77,050
Total Liabilities and Equity $1,302,220
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 31, 2000
Revenues:
Electric Revenues (1,411)
Service Revenues 32,453
Total Revenues 31,042
Operating Expenses:
Purchased Power (16,604)
Depreciation and Amortization 52,467
Administrative and General 406,954
Provision for Income Taxes (142,186)
Total Operating Expenses 300,631
Operating (Loss) Income (269,589)
Interest Expense, net 12,089
Net (Loss) Income $(281,678)
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 26, 2000
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 26, 2000