UNITED STATES

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM U-9C-3

 

 

QUARTERLY REPORT PURSUANT TO RULE 58

For the Quarter Ended September 30, 2001

 

 

 

 

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 reporting company

Energy or gas-related company

Date of organization

State of organization

Percentage
 of voting securities held

Nature of business

 

     

(Indentation indicates subsidiary relationship)

       
           

Unitil Corporation

         
           

  Unitil Resources, Inc.

Energy

5/26/93

NH

100%

Energy Brokering & Consulting Services

 

Description of Various Energy Brokering & Consulting Services 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 Brokering and Consulting Services:

Unitil Resources Inc. is Unitil Corporation's wholly-owned non-utility subsidiary and has been authorized by the Securities and Exchange Commission, pursuant to the rules and regulations of the 1935 Act, to engage in business transactions as a competitive marketer of electricity, gas and other energy commodities in wholesale and retail markets, and to provide energy brokering, consulting and management related services within the United States.

In April 2000, Unitil formed Usource, Inc. and Usource L.L.C., collectively "Usource", to operate its Internet-based brokering and related energy products and services businesses. Usource, Inc. is a wholly owned subsidiary of Unitil Resources, Inc. and an indirect subsidiary of Unitil Corporation. Usource, Inc. is the sole member of Usource L.L.C.

Usource is an Internet-based energy marketplace that provides customers access to a customer-driven auction process for energy commodities and to a suite of value-added energy products, services and tools. Usource runs on the transactional-based software and energy commodity exchange developed and licensed from Enermetrix.com (The "Exchange") to assist customers with their energy procurement process and to ensure competitive, time-sensitive bids from energy suppliers. Usource acts as a broker, not an energy supplier. The Exchange provides energy suppliers with an Internet-based energy marketplace to offer energy consumers products and services. Usource will also provide data and information services to commercial and industrial customers desiring to control their energy procurement process and manage their energy usage.

The Federal Communications Commission has determined that Usource, Inc. and Usource L.L.C. are exempt telecommunications companies, as that term is defined in PUHCA Section 34(a)(1), as amended. Accordingly, financial information for Usource, Inc. and Usource L.L.C. is not included in the financial statements that follow.

 

 

 

ITEM 2 - ISSUANCES AND RENEWALS OF SECURITIES AND CAPITAL CONTRIBUTIONS

 

Associate company advancing funds

Reporting company receiving funds

Type of transaction

Net Change in contributions

       

Unitil Corporation

Unitil Resources Inc

Capital contribution

None

 

 

 

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 company rendering services

Reporting company receiving services

Types of services rendered

Direct costs charged

Indirect costs charged

Cost
of capital

Total amount billed

             

Unitil Service Corp

Unitil Resources, Inc.

Admin and General

$121,900

$101,875

$0

$223,776

 

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 third quarter of 2001 included regulatory, finance, accounting, marketing, energy management and administrative services.

 

 

 

ITEM 4 - SUMMARY OF AGGREGATE INVESTMENT

(Dollars in Thousands)

 

 

Investments in Energy-related Companies:

   
     

(1)  Total consolidated capitalization as of September 30, 2001

$185,817

 

(2)  Total capitalization multiplied by 15%

27,873

 
     

(3)  Greater of $50 million or line 2

 

$50,000

     
     

Total current aggregate investment:

   
     

   Energy-related business:

   

(4)    Unitil Resources, Inc.

65

 
     

(5)    Total current aggregate investment

 

65

     
     

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 5)

 

$49,935

     
     
     

Investments in Gas-related Companies

 

$0

     

 

 

 

ITEM 5 - OTHER INVESTMENTS

Major line of energy-
related business

Other investment in last U-9C-3 report

Other investment in this U-9C-3 report

Reason for difference in other investment

       

Energy Brokering and Consulting

$0

$0

n/a

       

 

 

 

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)

 

ASSETS:

September 30, 2001

   

Current Assets:

 

  Cash

$245,097 

  Accounts Receivable

83,306 

  Accounts Receivable from Associated Companies

305,891 

  Prepayments

52,705 

  Refundable Taxes

57,902 

    Total Current Assets

744,901 

   

Deferred Income Taxes

73,820 

   

Total Assets

$818,721 

   

LIABILITIES AND STOCKHOLDER'S EQUITY:

 
   

Current Liabilities:

 

  Notes Payable

$657,461 

  Accounts Payable

96,955 

  Misc current liabilities

(244)

    Total Current Liabilities

754,172 

   

Stockholder's Equity:

 

  Common Stock, $1.00 par value

 

    Authorized - 10,000 shares

 

    Outstanding - 100 shares

100 

  Premium on Common Stock

9,900 

  Miscellaneous Paid in Capital

1,178,867 

  Retained Earnings

(1,124,318)

    Total Stockholder's Equity

64,549 

   

Total Liabilities and Stockholder's Equity

$818,721 

 

 

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
September 30, 2001

Nine Months
Ended
September 30, 2001

     

Revenues:

   

  Service Revenues to Associated Companies

---   

$138,058 

    Total Revenues

---   

138,058 

     

Operating Expenses:

   

  Purchased Power

(1,389)

(7,285)

  Administrative and General

147,691 

295,514 

  Provision for Income Taxes

(87,410)

(95,718)

    Total Operating Expenses

58,892 

192,511 

     

Operating Loss

(58,892)

(54,453)

     

  Non-operating Expenses, Net

---   

(50)

     

Loss before Interest Expense

(58,892)

(54,503)

     

  Interest Expense, net

16,570 

16,603 

     

Net Loss

($75,462)

($71,106)

 

 

  1. 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: November 28, 2001