As filed with the Securities and Exchange Commission on
January 9, 2001
File No. 70-9633
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------------------------------------
POST-EFFECTIVE AMENDMENT NO. 4 TO
APPLICATION-DECLARATION
ON FORM U-1
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
-------------------------------------------------
UNITIL CORPORATION
CONCORD ELECTRIC COMPANY
EXETER & HAMPTON ELECTRIC COMPANY
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
UNITIL POWER CORP.
6 Liberty Lane West
Hampton, New Hampshire 03842-1720
------------------------------------------------
(Name of companies filing this statement and
address of principal executive offices)
UNITIL CORPORATION
6 Liberty Lane West
Hampton, New Hampshire 03842-1720
-------------------------------------------------
(Name of top registered holding company parent)
Mark H. Collin
Treasurer
UNITIL CORPORATION
6 Liberty Lane West
Hampton, New Hampshire 03842-1720
-------------------------------------------------
(Name and address of agent for service)
The Commission is requested to mail copies of
all orders, notices and communications to:
Joanne C. Rutkowski LeBoeuf,
Lamb, Greene & MacRae, L.L.P.
1875 Connecticut Ave., N.W.
Washington, DC 20009
Unitil Corporation, a New Hampshire corporation ("Unitil") and a registered
holding company under the Public Utility Holding Company Act of 1935, as amended
(the "Act"), and its wholly owned subsidiary companies, Concord Electric Company
("Concord"), Exeter & Hampton Electric Company ("Exeter"), Fitchburg Gas and
Electric Light Company ("Fitchburg"), Unitil Power Corp. ("Unitil Power"),
Unitil Realty Corp. ("Unitil Realty"), Unitil Resources, Inc. ("Unitil
Resources") and Unitil Service Corp. ("Unitil Service" and, together with
Concord, Exeter, Fitchburg, Unitil Power, Unitil Realty and Unitil Resources,
the "Subsidiaries" or "Money Pool Participants") hereby request increases in
certain authorized borrowing amounts./1 As explained more fully below,
Applicants require relief on an expedited basis and so ask the Commission to
issue an order granting the requested authority no later than January 31, 2001.
On June 9, 2000, Unitil and the Subsidiaries, received authority under
Sections 6(b), 7, 9(a), 10 and 12(b) of the Act and the Rules 43, 45 and 52
thereunder with respect to (i) short-term borrowing by Unitil, (ii) short-term
borrowings by Fitchburg and (iii) the continued use of the system money pool
("Money Pool") by Unitil and the Money Pool Participants, pursuant to the Cash
Pooling and Loan Agreement (the "Pooling Agreement") among Unitil and the Money
Pool Participants dated as of February 1, 1985, as amended, Holding Co. Act
Release No. 27182 (the "Order"). On December 15, 2000, in response to a
post-effective amendment, the Commission authorized Unitil to increase its short
term borrowing to $35 million. Holding Co. Act Release No. 27307 (Dec. 15, 2000)
("Post-Effective Amendment No. 3").
The Applicants hereby file this post effective amendment ("Amendment") to
their application-declaration on Form U-1 relating to the above-referenced
transactions (the "Original Application-Declaration") under the Act in order to
increase certain authorized borrowing amounts authorized in the Order.
ITEM 1. DESCRIPTION OF PROPOSED TRANSACTIONS
The Applicants hereby submit this Amendment for authorization and approval
under Sections 6(a), 7, 9(a), 10 and 12(b) of the Act and the Rules 43, 45 and
52 thereunder to increase Unitil's authorized short-term borrowing to $45
million from $35 million and Fitchburg's authorized short-term borrowing to $30
million from $20 million. The prices that Unitil's subsidiaries, Unitil Power
and Fitchburg, pay for wholesale electric and natural gas energy commodities has
become unpredictably volatile and has sharply risen putting a heavy strain on
Unitil's working capital and significantly increased its short-term borrowing
requirements. Despite the recent granting of rate relief from the state
regulatory authorities, rising wholesale energy commodity costs are expected to
continue at this time to outstrip the effect of such relief reflecting the
inherent lag in the regulatory cost recovery process. The Applicant's
subsidiaries are absorbing an increasing portion of these costs by deferring
such energy costs for recovery in a later period. Despite recent authorized
increases in the borrowing authority granted to Unitil and Fitchburg by this
Commission and the above-mentioned rate relief, the Applicants are currently
experiencing an acute need to borrow additional funds to principally satisfy the
cost of their
- --------
1 For purposes of this Application-Declaration, Unitil and the Subsidiaries
are collectively referred to as the "Applicants".
1
wholesale energy obligations. Applicants expect that this is a temporary
phenomenon, but nevertheless one which requires additional borrowing authority
to enable Applicants to pay for wholesale natural gas and electricity purchases.
Accordingly, Applicants ask the Commission to Expeditiously approve this
Amendment.
Unitil's Board of Directors authorized this short-term borrowing limit of
$45 million on _____, and Fitchburg's Board of Directors authorized the new
limit of $30 million on _______. See Exhibits B-2 and B-3.
Any borrowings undertaken pursuant to this authorization will remain
subject to the parameters set forth in the Order, as supplemented, except for
the new aggregate limits of $45 million for Unitil and $30 million for
Fitchburg. While some of these parameters are discussed or repeated in this
Amendment, the decision not to repeat or describe a specific aspect of the Order
or Original Application-Declaration does not affect its continuing validity.
After the Commission authorized the borrowing authority requested in
Amendment No. 3, Unitil began to utilize this new authority and had incurred
approximately $33 million in short term debt as of December 31, 2000.
As discussed in the Original Application-Declaration, Unitil requests
authority to secure both formal and informal credit lines with a number of
lending institutions. Formal credit lines under the proposed facilities may be
subject to compensating balances and/or fee requirements. Compensating balance
requirements will not exceed 5% of the committed credit line amount, and fees
will not exceed 50 basis points times the total line of credit per annum. Unitil
may change its credit line arrangements and obtain additional formal or informal
credit lines over time.
Applicants anticipates that most of Fitchburg's borrowings will be made
through the Money Pool. However, the Fitchburg board resolutions do not prohibit
Fitchburg from short-term borrowing outside of the Pooling Agreement.
Accordingly, Fitchburg seeks Commission authorization for short-term borrowings
up to $30 million through the Money Pool and through direct borrowings from
commercial banks on terms similar to those on which Unitil borrows.
The proposed transactions are not subject to Rules 53 and 54 under the Act.
Neither Unitil nor any Subsidiary thereof presently has, or as a consequence of
the proposed transactions will have, an interest in any exempt wholesale
generator ("EWG") or foreign utility company ("FUCO"), as those terms are
defined in Sections 32 and 33 of the Act, respectively. None of the proceeds
from the proposed transactions will be used to acquire any securities of, or any
interest in, an EWG or FUCO. Moreover, neither Unitil nor any of the
Subsidiaries is, or as a consequence of the proposed transactions will become, a
party to, and such entities do not and will not have any rights under, a
service, sales or construction contract with any affiliated EWGs or FUCOs except
in accordance with the rules and regulations promulgated by the Commission with
respect thereto. Consequently, all applicable requirements of Rule 53(a)-(c)
under the Act are satisfied as required by Rule 54 under the Act.
2
ITEM 2. FEES, COMMISSIONS AND EXPENSES
The fees, commissions and expenses of the Applicants expected to be
paid or incurred, directly or indirectly, in connection with the transactions
described above are estimated as follows:
Legal fees .......................................... $5,000
Miscellaneous .......................................... $3,000
Total .......................................... $8,000
ITEM 3. APPLICABLE STATUTORY PROVISIONS
Sections 6(a), 7, 9(a), 10 and 12(b) of the Act, and Rules 43, 45 and 52
thereunder, are directly applicable to this Application-Declaration.
ITEM 4. REGULATORY APPROVALS
No state or federal agency other than the Commission has jurisdiction with
respect to any of the proposed transactions other than as described in this
item.
ITEM 5. PROCEDURE
It is requested that the Commission issue and publish no later than January
12, 2001 such notice specifying January 27, 2001 as the date by which comments
may be entered and the date on which an order granting and permitting the
Application-Declaration to become effective may be entered by the Commission and
that the Commission enter not later than January 31, 2001, an appropriate order
granting and permitting this Application-Declaration to become effective.
The Applicants respectfully request that appropriate and timely action be
taken by the Commission in this matter. No recommended decision by a hearing
officer or other responsible officer of the Commission is necessary or required
in this matter. The Division of Investment Management of the Commission may
assist in the preparation of the Commission's decision in this matter. There
should be no thirty-day waiting period between the issuance and effective date
of any order issued by the Commission in this matter, and it is respectfully
requested that any such order be made effective immediately upon the entry
thereof.
ITEM 6. EXHIBITS AND FINANCIAL STATEMENTS
a) Exhibits
Exhibit No. Description of Exhibit
----------- ----------------------
B-1 Cash Pooling and Loan Agreement, as amended (previously
filed with Post-Effective Amendment No. 1).
3
B-2 Resolutions of Fitchburg Board of Directors authorizing
short-term borrowing limit of $30 million (to be filed
by amendment).
B-3 Resolutions of Unitil Board of Directors authorizing
short-term borrowing limit of $45 million (to be filed
by amendment).
F-1 Opinion of Counsel (to be filed by amendment).
F-2 "Past Tense" Opinion of Counsel (to be filed by
amendment).
G-1 Financial Data Schedule (to be filed by amendment).
H-1 Proposed Form of Notice.
b) Financial Statements
No. Description of Financial Statement
FS-1 Actual and Pro Forma Balance Sheet and Statement of
Earnings for the period ending September 30, 2000 for:
(a) Fitchburg;
(b) Unitil Corporation and Subsidiary Companies; and
(c) Unitil Company only.
FS-2 Unitil Corporation and Subsidiary Companies
Consolidated Actual Balance Sheets and Statement of
Earnings, September 30, 2000 (filed with the Commission
with Unitil's 10-Q for the period ended September 30,
2000 and incorporated by reference herein).
ITEM 7. INFORMATION AS TO ENVIRONMENTAL EFFECTS
None of the matters that are the subject of this Application-Declaration
involve a "major federal action" nor do they "significantly affect the quality
of the human environment" as those terms are used in Section 102(2)(C) of the
National Environmental Policy Act. None of the proposed transactions that are
the subject of this Application-Declaration will result in changes in the
operation of the Applicants that will have an impact on the environment. The
Applicants are not aware of any federal agency which has prepared or is
preparing an environmental impact statement with respect to the transactions
proposed herein.
4
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of
1935, the Applicants have duly caused this Application-Declaration to be signed
on their behalf by the undersigned thereunto duly authorized.
Dated: January 9, 2001
UNITIL CORPORATION
By: /s/ Mark H. Collin
-------------------
Name: Mark H. Collin
Title: Treasurer
5
Exhibit H
Proposed Form Of Notice
SECURITIES AND EXCHANGE COMMISSION
(Release No. 35-_____)
Filings under the Public Utility Holding Company Act of 1935, as amended ("Act")
__, 2001
Notice is hereby given that the following filing(s) has/have been made with
the Commission pursuant to provisions of the Act and rules promulgated
thereunder. All interested persons are referred to the application(s) and/or
declaration(s) for complete statements of the proposed transaction(s) summarized
below. The application(s) and/or declaration(s) and any amendments thereto
is/are available for public inspection through the Commission's Office of Public
Reference. Interested persons wishing to comment or request a hearing on the
application(s) and/or declaration(s) should submit their views in writing by __,
2001 to the Secretary, Securities and Exchange Commission, 450 5th Street, N.W.,
Washington, D.C. 20549, and serve a copy on the relevant applicant(s) and/or
declarant(s) at the address(es) as specified below. Proof of service (by
affidavit or, in case of an attorney at law, by certificate) should be filed
with the request. Any request for hearing shall identify specifically the issues
of fact or law that are disputed. A person who so requests will be notified of
any hearing, if ordered, and will receive a copy of any notice or order issued
in the matter. After __, 2001, the application(s) and/or declaration(s), as
filed or as amended, may be granted and/or permitted to become effective.
* * * * *
Unitil Corporation (70-9633)
Unitil Corporation ("Unitil"), of 6 Liberty Lane West, Hampton, New
Hampshire 03842-1720, a registered holding company, and its subsidiary
companies, Concord Electric Company, Exeter & Hampton Electric Company,
Fitchburg Gas and Electric Light Company ("Fitchburg") and Unitil Power Corp.
all of 6 Liberty Lane West, Hampton, New Hampshire 03842-1720 have filed a
post-effective amendment under Sections 6(a), 7, 9(a), 10 and 12(b) of the
Public Utilities Holding Company Act of 1935, as amended ("Act") and Rules 43,
45 and 52 thereunder to an application-declaration previously filed under the
Act.
On June 9, 2000, Unitil and its wholly owned subsidiary companies, Concord
Electric Company ("Concord"), Exeter & Hampton Electric Company ("Exeter"),
Fitchburg Gas and Electric Light Company ("Fitchburg"), Unitil Power Corp.
("Unitil Power"), Unitil Realty Corp. ("Unitil Realty"), Unitil Resources, Inc.
("Unitil Resources") and Unitil Service Corp. ("Unitil Service" and, together
with Concord, Exeter, Fitchburg, Unitil Power, Unitil Realty and Unitil
Resources, the "Subsidiaries" or "Money Pool Participants") (Unitil and the
Subsidiaries are collectively referred to as the "Applicants"), received
approval under the Act from the Securities and Exchange Commission (the
"Commission") for the authorization and approval under Sections 6(b), 7, 9(a),
10 and 12(b) of the Act and the Rules 43, 45 and 52 thereunder with respect to
(i) short-term borrowing by Unitil, (ii) short-term borrowings by Fitchburg and
(iii) the continued use of the system money pool ("Money Pool") by Unitil and
the Money Pool Participants, pursuant to the Cash Pooling and Loan Agreement
(the "Pooling Agreement") among Unitil and the Money Pool Participants dated as
of February 1, 1985, as amended, Holding Co. Act Release No. 27182 (the
"Order"). On December 15, 2000, in response to a post-effective amendment, the
Commission authorized Unitil to increase its short term borrowing to $35
million. Holding Co. Act Release No. 27307 (Dec. 15, 2000).
Applicants now seek approval to increase Unitil's authorized short-term
borrowing to $45 million from $35 million and Fitchburg's short-term borrowings
to $30 million from $20 million. Any borrowings undertaken pursuant to this
authorization will remain subject to the parameters set forth in the Order,
except for the new aggregate limits of $45 million for Unitil and $30 million
for Fitchburg. The prices that Unitil's subsidiaries, Unitil Power and
Fitchburg, pay for wholesale electric and natural gas energy commodities has
become unpredictably volatile and has sharply risen putting a heavy strain on
Unitil's working capital and significantly increased its short-term borrowing
requirements. Applicants expect to use the proceeds derived from short-term bank
borrowings authorized by this Commission pursuant to this
application/declaration for: (i) loans or advances to Subsidiaries through the
Pooling Agreement, (ii) payment of indebtedness, (iii) short-term cash needs
which may arise due to payment timing differences, (iv) greater flexibility in
financial planning and (iv) other general purposes.
For the Commission, by the Division of Investment Management, pursuant to
delegated authority.
Jonathan G. Katz
Secretary
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
CONSOLIDATED BALANCE SHEETS (000's) (A)
(UNAUDITED)
September 30,
ASSETS: 2000 Adjustments Pro Formed
------------------ ----------------- --------------------
Utility Plant (at cost):
Electric $57,716 $57,716
Gas 35,860 35,860
Common 5,411 5,411
Construction Work in Progress 2,611 18,170 (E) 20,781
------------------ ----------------- --------------------
Utility Plant 101,598 18,170 119,768
Less: Accumulated Depreciation 26,942 26,942
------------------ ----------------- --------------------
Net Utility Plant 74,656 18,170 92,826
------------------ ----------------- --------------------
Other Property and Investments 18 18
------------------ ----------------- --------------------
Current Assets:
Cash 197 197
Accounts Receivable 7,627 7,627
Due from Affiliates 1,626 1,626
Materials and Supplies (at average cost) 2,397 2,397
Prepayments 510 510
Accrued Revenue (338) (338)
------------------ ----------------- --------------------
Total Current Assets 12,019 12,019
Noncurrent Assets
Regulatory Assets 138,391 138,391
Unamortized Debt Issuance Costs 407 407
Prepaid Pension Costs 3,330 3,330
Other 15,598 15,598
------------------ ----------------- --------------------
Total Noncurrent Assets 157,726 157,726
------------------ ----------------- --------------------
TOTAL $244,419 $18,170 $262,589
================== ================= ====================
(The accompanying Notes are an integral part of these statements.)
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
CONSOLIDATED BALANCE SHEETS (000's) (A)
(UNAUDITED)
September 30,
CAPITALIZATION AND LIABILITIES: 2000 Adjustments Pro Formed
------------------ ----------------- --------------------
Capitalization:
Common Stock Equity 39,526 (593)(D) 38,933
Preferred Stock, Redeemable 2,272 2,272
Long-term Debt, Less Current Portion 40,000 40,000
------------------ ----------------- --------------------
Total Capitalization 81,798 (593) 81,205
Current Liabilities:
Long-term Debt, Current Portion 3,000 3,000
Capitalized Lease Obligations 201 201
Short-Term Debt 11,830 18,170 (F) 30,000
Accounts Payable 4,081 4,081
Due to Affiliate 760 760
Dividends Declared and Payable 1,387 1,387
Refundable Customer Deposits 306 306
Taxes Payable 1,165 (361)(B) 804
Interest Payable 612 954 (C) 1,566
Other Current Liabilities 507 507
------------------ ----------------- --------------------
Total Current Liabilities 23,849 18,763 42,612
Deferred Income Taxes 30,915 30,915
------------------ ----------------- --------------------
Noncurrent Liabilities:
Power Supply Contract Obligations 99,553 99,553
Capitalized Lease Obligations 2,009 2,009
Other Noncurrent Liabilities 6,295 6,295
------------------ ----------------- --------------------
Total Noncurrent Liabilities 107,857 107,857
------------------ ----------------- --------------------
TOTAL $244,419 $18,170 $262,589
================== ================= ====================
(The accompanying Notes are an integral part of these statements.)
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS (000's) (A)
(UNAUDITED)
Nine Months Ended
September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
Operating Revenues:
Electric $41,345 $41,345
Gas 14,677 14,677
------------------ ----------------- --------------------
Total Operating Revenues 56,022 56,022
------------------ ----------------- --------------------
Operating Expenses:
Fuel and Purchased Power 23,574 23,574
Gas Purchased for Resale 8,261 8,261
Operating Expenses, Other 9,395 9,395
Maintenance 1,155 1,155
Depreciation and Amortization 4,847 4,847
Provisions for Taxes:
Federal and State Income 1,854 (361)(B) 1,493
Local Property and Other 952 952
------------------ ----------------- --------------------
Total Operating Expenses 50,038 (361) 49,677
------------------ ----------------- --------------------
Operating Income 5,984 361 6,345
Non-operating Expense 91 91
------------------ ----------------- --------------------
Income Before Interest Expense 5,893 361 6,254
Interest Expense, Net 2,399 954 (C) 3,353
------------------ ----------------- --------------------
Net Income 3,494 ($593)(D) 2,901
Less Dividends on Preferred Stock 117 117
------------------ ----------------- --------------------
Net Income Applicable to Common Stock $3,377 ($593) $2,784
================== ================= ====================
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION
CONSOLIDATED BALANCE SHEETS (000's) (A)
ASSETS: (Unaudited)
September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
Utility Plant
Electric $169,013 $169,013
Gas 35,860 35,860
Common 21,192 21,192
Construction Work in Progress 3,845 23,775 (E) 27,620
------------------ ----------------- --------------------
Utility Plant 229,910 23,775 253,685
Less: Accumulated Depreciation 69,831 69,831
------------------ ----------------- --------------------
Net Utility Plant 160,079 23,775 183,854
------------------ ----------------- --------------------
Miscellaneous Property & Investments 7,763 7,763
------------------ ----------------- --------------------
Current Assets:
Cash 2,170 2,170
Accounts Receivable 17,593 17,593
Materials and Supplies 3,228 3,228
Prepayments 1,189 1,189
Accrued Revenue 4,374 4,374
Taxes Refundable 611 458 (B) 1,069
------------------ ----------------- --------------------
Total Current Assets 29,165 458 29,623
Noncurrent Assets:
Regulatory Assets 138,391 138,391
Prepaid Pension Costs 9,807 9,807
Debt Issuance Costs 1,343 1,343
Other Noncurrent Assets 24,185 24,185
------------------ ----------------- --------------------
Total Noncurrent Assets 173,726 173,726
------------------ ----------------- --------------------
TOTAL $370,733 $24,233 $394,966
================== ================= ====================
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION
CONSOLIDATED BALANCE SHEETS (000's) (A)
CAPITALIZATION AND LIABILITIES: (Unaudited)
September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
Capitalization:
Common Stock Equity $77,615 ($790)(D) $76,825
Preferred Stock, Non-Redeemable 225 225
Preferred Stock, Redeemable 3,465 3,465
Long-term Debt, Less Current Portion 81,811 81,811
------------------ ----------------- --------------------
Total Capitalization 163,116 (790) 162,326
Current Liabilities:
Long-term Debt, Current Portion 3,203 3,203
Capitalized Lease, Current Portion 831 831
Accounts Payable 15,138 15,138
Short-Term Debt 21,225 23,775 (F) 45,000
Dividends Declared and Payable 1,848 1,848
Refundable Customer Deposits 1,298 1,298
Interest Payable 1,311 1,248 (C) 2,559
Other Current Liabilities 7,307 7,307
------------------ ----------------- --------------------
Total Current Liabilities 52,161 25,023 77,184
Deferred Income Taxes 44,534 44,534
------------------ ----------------- --------------------
Noncurrent Liabilities
Power Supply Contract Obligations 99,553 99,553
Capitalized Leases, Less Current Portion 3,245 3,245
Other Deferred Credits 8,124 8,124
------------------ ----------------- --------------------
Total Noncurrent Liabilities 110,922 110,922
------------------ ----------------- --------------------
TOTAL $370,733 $24,233 $394,966
================== ================= ====================
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS (000's) (A)
(Unaudited)
Nine Months Ended
September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
Operating Revenues:
Electric 118,925 118,925
Gas 14,677 14,677
Other 87 87
------------------ ----------------- --------------------
Total Operating Revenues 133,689 133,689
------------------ ----------------- --------------------
Operating Expenses:
Fuel and Purchased Power 81,127 81,127
Gas Purchased for Resale 8,261 8,261
Operating and Maintenance 18,929 18,929
Depreciation and Amortization 8,926 8,926
Provisions for Taxes:
Local Property and Other 3,802 3,802
Federal and State Income 2,277 (458)(B) 1,819
------------------ ----------------- --------------------
Total Operating Expenses 123,322 (458) 122,864
------------------ ----------------- --------------------
Operating Income 10,367 458 10,825
Non-operating Expense, Net 194 194
------------------ ----------------- --------------------
Income Before Interest Expense 10,173 458 10,631
Interest Expense, Net 5,151 1,248 (C) 6,399
------------------ ----------------- --------------------
Net Income 5,022 (790)(D) 4,232
Less Dividends on Preferred Stock 197 197
------------------ ----------------- --------------------
Net Income Applicable to Common Stock $4,825 ($790) $4,035
================== ================= ====================
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION (COMPANY ONLY)
BALANCE SHEETS (000's) (A)
ASSETS: September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
Other Property and Investments
Investment in Associate Companies $72,251 $23,775 (E) $96,026
Other Investments 5,411 5,411
------------------ ----------------- --------------------
Net Service Property And Investments 77,662 23,775 101,437
------------------ ----------------- --------------------
Current Assets:
Cash 1,161 1,161
Due from Affiliates 2,784 1,248 (B) 4,032
Refundable Taxes 1,995 1,995
------------------ ----------------- --------------------
Total Current Assets 5,940 1,248 7,188
Noncurrent Assets 123 123
------------------ ----------------- --------------------
TOTAL $83,725 $25,023 $108,748
================== ================= ====================
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION (COMPANY ONLY)
BALANCE SHEETS (000's) (A)
September 30,
CAPITALIZATION AND LIABILITIES: 2000 Adjustments Pro Formed
------------------ ----------------- --------------------
Capitalization:
Common Stock Equity $57,751 $57,751
------------------ ----------------- --------------------
Total Capitalization 57,751 57,751
Current Liabilities:
Short-Term Debt 21,225 23,775 (D) 45,000
Due to Affiliates 2,569 2,569
Dividends Declared and Payable 1,781 1,781
Interest Payable 125 1,248 (B) 1,373
Misc. Current Assets 274 274
------------------ ----------------- --------------------
Total Current Liabilities 25,974 25,023 50,997
------------------ ----------------- --------------------
TOTAL $83,725 $25,023 $108,748
================== ================= ====================
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION (COMPANY ONLY)
STATEMENT OF EARNINGS (000's) (A)
Nine Months Ended
September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
Operating Expenses:
Operating Expenses, Other $528 $528
Provisions for Taxes:
Federal and State Income (116) (116)
------------------ ----------------- --------------------
Total Operating Expenses 412 412
------------------ ----------------- --------------------
Operating Income (412) (412)
Non-operating Income 5,073 1,248 (B) 6,321
------------------ ----------------- --------------------
Income Before Interest Expense 4,661 1,248 5,909
Interest Expense, Net 1,248 (C) 1,248
------------------ ----------------- --------------------
Net Income $4,661 $4,661
================== ================= ====================
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION
Notes to Pro Forma Consolidated Financial Statements
(A) These statements have been pro formed to reflect an increase in Short- Term
Debt to the requested borrowing limit and the corresponding impact on
expenses and Net Income.
(B) The reduction in taxes reflect the rise in interest expense which reduced
income for tax purposes.
(C) The cost of this increase in Short-Term Debt is reflected in higher
interest costs for the six months period.
(D) Lower Net Income and Common Equity (e.g. Retained Earnings) reflects the
impact of higher interest expense.
(E) Assumes all borrowings are made to fund capital additions to plant.
(F) Relects the incremental increase in Short-Term Debt to reach the borrowing
limit.
UNITIL CORPORATION (Company Only)
Notes to Pro Forma Financial Statements
(A) These statements have been pro formed to reflect an increase in Short- Term
Debt to the requested borrowing limit and the corresponding impact on
Interest Expenses and Non-operating Income.
(B) Assumes interest costs will be billable through the Cash Pool to the client
companies and will become a receivable.
(C) The cost of this increase in Short-Debt is reflected in higher interest
costs for the six months period.
(D) Reflects the incremental increase in Short-Term Debt to reach the borrowing
limit.
(E) Assumes all borrowed funds are reflected as an investment in the Cash Pool.
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
Notes to Pro Forma Financial Statements
(A) These statements have been pro formed to reflect an increase in Short- Term
Debt to the recently authorized borrowing limit and the corresponding
impact on expenses and Net Income.
(B) The reduction in taxes reflect the rise in interest expense which reduced
income for tax purposes.
(C) The cost of this increase in Short-Term Debt is reflected in higher
interest costs for the six months period.
(D) Lower Net Income and Common Equity (e. g. Retained Earnings) reflects the
impact of higher interest expense.
(E) Assumes all borrowings are made to fund additions to Utility Plant.
(F) Reflects the incremental increase in Short-Term debt to reach the borrowing
limit.