ANNUAL REPORT (1)

                           FOR THE PERIOD

 Beginning    January 1, 1994    and Ending    December 31, 1994

                             TO THE 

              US SECURITIES AND EXCHANGE COMMISSION

                               OF 

                      UNITIL RESOURCES, INC.







Date of Incorporation    May 26, 1993

State of Incorporation   New Hampshire  

Location of Principal Executive Offices of Reporting Company:
216 Epping Road
Exeter, New Hampshire  03833-4571

Name, Title and address of officer to whom correspondence
concerning this report should be addressed:       
Gail A. Siart, Vice President and Treasurer
216 Epping Road
Exeter, New Hampshire  03833-4571

Name of Principal Holding Company:
UNITIL Corporation

(1) This report is being filed pusuant to the requirements of H.C.A.R. Number
35-25816, which specifies that UNITIL Resources, Inc. must file an annual
report using, where applicable, Form U-13-60 reporting format.


ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994    


LISTING OF SCHEDULES AND ANALYSIS OF ACCOUNTS           Page
                                                       Number
Description of Schedules and Accounts    Schedule or 
                                          Account              
                                           Number    

COMPARATIVE BALANCE SHEET                Schedule I     4-5
  SERVICE COMPANY PROPERTY               Schedule II    6-7
  ACCUMULATED PROVISION FOR                          
DEPRECIATION                                                   
  AND AMORTIZATION OF SERVICE COMPANY   Schedule III     8
PROPERTY                                                       
  INVESTMENTS                            Schedule IV     9
  ACCOUNTS RECEIVABLE FROM ASSOCIATE                 
  COMPANIES                              Schedule V      10
  FUEL STOCK EXPENSES UNDISTRIBUTED      Schedule VI     11
  STORES EXPENSE UNDISTRIBUTED          Schedule VII     12
  MISCELLANEOUS CURRENT AND ACCRU       Schedule VIII    13
  ASSETS                                                   
  MISCELLANEOUS DEFERRED DEBITS          Schedule IX     14
  RESEARCH, DEVELOPMENT, OR                          
  DEMONSTRATION                                                  
  EXPENDITURES                           Schedule X      15
  PROPRIETARY CAPITAL                    Schedule XI     16
  LONG-TERM DEBT                        Schedule XII     17
  CURRENT AND ACCRUED LIABILITIES         Schedule       18
                                            XIII               
  NOTES TO FINANCIAL STATEMENTS         Schedule XIV     19
                                                     
COMPARATIVE INCOME STATEMENT             Schedule XV     20
  ANALYSIS OF BILLING - ASSOCIATE        Account 457     21
   COMPANIES                                                      
  ANALYSIS OF BILLING - NONASSOCIATE     Account 458     22
   COMPANIES                                                      
  ANALYSIS OF CHARGES FOR SERVICE -                  
   ASSOCIATE AND NONASSOCIATE COMPANIES Schedule XVI     23
  SCHEDULE OF EXPENSE BY DEPARTMENT OR               
  SERVICE FUNCTION                      Schedule XVII  24-25
  DEPARTMENTAL ANALYSIS OF SALARIES      Account 920     26
  OUTSIDE SERVICES EMPLOYED              Account 923     27
  EMPLOYEE PENSIONS AND BENEFITS         Account 926     28
  GENERAL ADVERTISING EXPENSES         Account 930.1     29
  MISCELLANEOUS GENERAL EXPENSES       Account 930.2     30
  RENTS                                  Account 931     31
  TAXES OTHER THAN INCOME TAXES          Account 408     32
  DONATIONS                              Account 426.1   33
  OTHER DEDUCTIONS                       Account 426.5   34
  NOTES TO STATEMENT OF INCOME          Schedule XVIII   35
  FINANCIAL DATA SCHEDULE               Schedule XIX     36


ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

                                                    
LISTING OF INSTRUCTIONAL FILING REQUIREMENTS         Page            
                                                     Number
          Description of Reports or Statements                                 
                                                    
                                                    
       ORGANIZATION CHART                              36
                                                    
                                                    
       METHODS OF ALLOCATION                           37
                                                    
                                                    
       ANNUAL STATEMENT OF                             38
       COMPENSATION FOR USE                                 
       OF CAPITAL BILLED                            
                                                    
                                                    
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

           SCHEDULE I - COMPARATIVE BALANCE SHEET  
   Give balance sheet of the Company as of December 31 of the current
                         and prior year.

ACCOUNT    ASSETS AND OTHER DEBITS                   AS OF DECEMBER 31  
                                                     CURRENT      PRIOR

         SERVICE COMPANY PROPERTY                  
         ------------------------
  101    Service company property (Schedule II)              0          0 
  107    Construction work in progress (Schedule II)         0          0 
             Total Property                                  0          0 
                                                     
  108    Less accumulated provision                  
         for depreciation                                     
         and amortization of service                 
         company property (Schedule III)                     0          0
             Net Company Property                            0          0 
                                                   
         INVESTMENTS                               
         -----------
  123    Investments in associate                            0          0 
         companies  (Schedule IV)                             
  124    Other investments (Schedule IV)                     0          0 
            Total investments                                0          0 
                                                   
         CURRENT AND ACCRUED ASSETS                
         --------------------------
  131      Cash                                         98,715      4,376
  134      Special deposits                                  0          0 
  135      Working funds                                     0          0 
  136      Temporary cash investments (Schedule IV)          0          0 
  141      Notes receivable                                  0          0 
  143      Accounts receivable                          65,565    129,074 
  144      Accumulated provision for               
           uncollectable accounts                            0          0 
  146      Accounts receivable from                
           associate companies (Schedule V)                  0          0
  152      Fuel stock expense                                0          0 
           undistributed (Schedule VI)                        
  154      Materials and supplies                            0          0 
  163      Stores expense undistributed (Schedule VII)       0          0 
  165      Prepayments                                       0          0
  173      Unbilled and Accrued Revenues               
           (Schedule VIII)                               8,948     23,186
             Total Current and Accrued Assets          173,228    156,636 
                                                   
         DEFERRED DEBITS                           
         ---------------
  181      Unamortized debt expense                          0          0 
  184      Clearing accounts                                 0          0
  186      Miscellaneous deferred debits (Schedule IX)   1,483     62,362 
  188      Research, development, or demonstration
           expenditures (Schedule X)                         0          0 
  190      Accumulated deferred income tax                   0          0 
             Total Deferred Debits                       1,483      1,483
                                                   
          TOTAL ASSETS AND OTHER DEBITS                174,711    218,998
                                                              

ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

                                                     
                   SCHEDULE I - COMPARATIVE BALANCE SHEET   
                                                     
ACCOUNT     LIABILITIES AND PROPRIETARY CAPITAL      AS OF  DECEMBER 31
                                                      CURRENT     PRIOR
         PROPRIETARY CAPITAL                         
         -------------------
  201      Common stock issued   (Schedule XI)            100        100 
  211      Miscellaneous paid-in-capital (Schedule XI)  9,900      9,900
  215      Appropriated retained earnings (Schedule XI)     0          0 
  216      Unappropriated retained                    130,264     55,400 
           earnings (Schedule XI)                               
             Total Proprietary Capital                140,264     65,400 
                                                      
         LONG-TERM DEBT                              
         --------------
  223      Advances from associate                          0          0 
           companies (Schedule XII)                             
  224      Other long-term debt (Schedule XII)              0          0 
  225      Unamortized premium on long-term debt            0          0 
  226      Unamortized discount on long-term dbt-debit      0          0 
             Total Long-Term Debt                           0          0 
                                                     
  227      Obligations under capital                        0          0
           leases - non-current                                   
                                                     
         CURRENT AND ACCRUED LIABILITIES             
         -------------------------------         
  231      Notes payable                                    0          0 
  232      Accounts payable                                 0          0
  233      Notes payable to associate                
           companies   (Schedule XIII)                      0          0
  234      Accounts payable to associate             
           companies   (Schedule XIII)                 52,003    128,693 
  236      Taxes accrued                              (17,556)    24,905 
  237      Interest accrued                                 0          0 
  238      Dividends declared                               0          0 
  241      Tax collections payable                          0          0 
  242      Miscellaneous current and accrued
           liabilities   (Schedule XIII)                    0          0
  243      Obligations under capital leases - current       0          0 
             Total Current and Accrued Liabilities     34,447    153,598 
                                                     
         DEFERRED CREDITS                            
         ----------------
  253      Other deferred credits                           0          0 
  255      Accumulated deferred investment tax credits      0          0 
             Total Deferred Credits                         0          0 
                                                     
  282    ACCUMULATED DEFERRED INCOME TAXES                  0          0
                                                     
                                                     
         TOTAL LIABILITIES AND PROPRIETARY CAPITAL    174,711    218,998


ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

            SCHEDULE II - SERVICE COMPANY PROPERTY      
                                                        
                    BALANCE            RETIREMENTS   OTHER     BALANCE
                      AT                   OR     CHANGES 1/   AT CLOSE 
 DESCRIPTION BEGINNING OF YEAR ADDITIONS SALES                 OF YEAR

COMPANY PROPERTY                                                   

Account             None                                    
                                                        
301  ORGANIZATION                                      
                                                        
303  MISCELLANEOUS INTANGIBLE PLANT
                                                        
304  LAND AND LAND RIGHTS                                                
                                                        
305  STRUCTURES AND IMPROVEMENTS         
                                                        
306  LEASEHOLD IMPROVEMENTS                                                    
                                                        
307  EQUIPMENT 2/    
                                                        
308  OFFICE                                             
     FURNITURE AND EQUIPMENT                  
                                                        
309  AUTOMOBILES,OTHER
     VEHICLES AND                                                             
     RELATED GARAGE                                                          
     EQUIPMENT                                                               
310  AIRCRAFT AND                                       
     AIRPORT EQUIPMENT                                                       
                                                        
311  OTHER                                  
     COMPANY PROPERTY 3/                                               
                                                        
    SUB-TOTAL                0         0       0          0            0
                                                        
107  CONSTRUCTION                                       
     WORK IN                                                         
     PROGRESS                                       
    TOTAL                    0         0       0          0            0

1/ PROVIDE AN EXPLANATION OF THOSE CHANGES CONSIDERED MATERIAL:
                                                        


ANNUAL REPORT OF UNITIL SERVICE CORP.
FORM U-13-60
For the Year Ended December 31, 1994


                            SCHEDULE II - CONTINUED                      

2/ SUBACCOUNTS ARE REQUIRED FOR EACH CLASS OF EQUIPMENT OWNED. THE SERVICE
   COMPANY SHALL PROVIDE A LISTING BY SUBACCOUNT OF EQUIPMENT ADDITIONS DURING 
   THE YEAR AND THE BALANCE AT THE CLOSE OF THE YEAR:
                                                                
                                                                
          SUBACCOUNT DESCRIPTION                ADDITIONS     BALANCE AT
                                                               CLOSE OF 
                                                                 YEAR   


                                                                
                                                                
                                                                
                                         TOTAL         0             0

3/  DESCRIBE OTHER COMPANY PROPERTY:                          
NONE                                                            
                                                                
                                                                
4/  DESCRIBE CONSTRUCTION WORK IN PROGRESS:
NONE                                                            
                                                                
                                                                

ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

                               SCHEDULE III                               
                                                       
                ACCUMULATED PROVISION FOR DEPRECIATION AND   
                 AMORTIZATION OF SERVICE COMPANY PROPERTY    
                                                       
                  BALANCE AT   ADDITIONS             OTHER       
                  BEGINNING     CHARGED             CHANGES    BALANCE AT   
DESCRIPTION        OF YEAR    TO ACCOUNT   RETIRE-    ADD       CLOSE OF    
                                403        MENTS   (DEDUCT)1/     YEAR
Account                                                
                                                       
301 ORGANIZATION                                                    
                                                       
303 MISCELLANEOUS                                                   
    INTANGIBLE PLANT                                                
                                                       
304 LAND AND LAND                                                            
    RIGHTS                                         

035 STRUCTURES                                        
    AND IMPROVEMENTS  
                                                       
306 LEASEHOLD                                         
    IMPROVEMENTS                                                    
                                                       
307 EQUIPMENT      
                                                       
308 OFFICE                                            
    FURNITURE                                                       
    AND EQUIPMENT
                                                       
309 AUTOMOBILES,                                                    
    OTHER                                          
    VEHICLES                                       
    AND RELATED                                        
    GARAGE                                                          
    EQUIPMENT        
                                                       
310 AIRCRAFT                                          
    AND AIRPORT                                            
    EQUIPMENT                                                       
                                                       
311 OTHER                                                        
    COMPANY PROPERTY                                                        
                                                       
     TOTAL             0           0          0         0          0

1/ PROVIDE AN EXPLANATION OF THOSE CHANGES CONSIDERED MATERIAL:
                                                       

ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

                               SCHEDULE IV - INVESTMENTS

INSTRUCTIONS: Complete the following schedule concerning investments.
              Under Account 124 "Other Investments" state each investment
              separately, with description, including, the name of issuing
              company, number of shares or principal amount.

              Under Account 136, "Temporary Cash Investments", list each
              investment separately.

                                                   BALANCE AT  BALANCE AT
                                                   BEGINNING     CLOSE 
DESCRIPTION                                         OF YEAR     OF YEAR
                                                             
ACCOUNT 123 - INVESTMENT IN ASSOCIATE                     0           0
              COMPANIES                                       
                                                             
                                                             
                                                             
ACCOUNT 124 - OTHER INVESTMENTS                           0           0
                                                             
                                                             
                                                             
                                                             
ACCOUNT 136 - TEMPORARY CASH INVESTMENTS                  0           0
                                                             
                                                             
                                                             
                                   TOTAL                  0           0


ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

                                                     
          SCHEDULE V - ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES    
                                                     
INSTRUCTIONS: Complete the following schedule listing accounts receivable
              from each associate company.  Where the service company has
              provided accomodation or convenience payments for associate
              companies, a separate listing of total payments for each
              company, number of shares or principal amount associate 
              company by subaccount should be provided.
              
                                           BALANCE           BALANCE
                                              AT               AT   
       DESCRIPTION                         BEGINNING         CLOSE
                                           OF YEAR          OF YEAR
                                                     
ACCOUNT 146 - ACCOUNTS RECEIVABLE FROM               
              ASSOCIATE COMPANIES
                                                     
NONE

                                                     
                                    TOTAL         0               0
                                                     
ANALYSIS OF CONVENIENCE OR ACCOMMODATION   
PAYMENTS:                                                      
                                                     


                                      TOTAL PAYMENTS              0
                                                               

ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

                                                         
                 SCHEDULE VI - FUEL STOCK EXPENSES UNDISTRIBUTED       
                                                     
INSTRUCTIONS:     Report the amount of labor and     
                  expenses incurred with respect            
                  to fuel stock expense during the year     
                  and indicate amount                       
                  attributable to each associate     
                  company.  Under the section               
                  headed "Summary" listed below give an     
                  overall report of the                     
                  fuel functions performed by the    
                  service company.                          
                                                     
DESCRIPTION                             LABOR      EXPENSE       TOTAL
                                                     
                                                     
ACCOUNT 152 - FUEL STOCK EXPENSE          0           0            0 
UNDISTRIBUTED                                               
                                                     
                                                     
                                                     
                                 TOTAL    0           0            0 

SUMMARY:                                             
                                                     
                                                     

ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

                                                       
                 SCHEDULE VII - STORES EXPENSE UNDISTRIBUTED  
                                                       
INSTRUCTIONS:  Report the amount of labor and expenses 
               incurred with respect stores expense during the
               year and indicate amount attributable to each
               associate company.                                              
                                                       
            DESCRIPTION                      LABOR   EXPENSE   TOTAL
                                                       
                                                       
ACCOUNT 163 - STORES EXPENSE                    0        0        0 
UNDISTRIBUTED                                                   
                                                       
                                                       
                                                       
                                                       
                               TOTAL            0        0        0 



ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

                                                 
                                   SCHEDULE VIII            
                                                 
                           UNBILLED AND ACCRUED REVENUE
                                                 
INSTRUCTIONS: Provide detail of items in this account.  Items    
              less than $10,000 may be grouped, showing the number    
              of items in each group.  
                                                 
                                     BALANCE AT    BALANCE AT
DESCRIPTION                           BEGINNING       CLOSE
                                      OF YEAR        OF YEAR
                                                 

ACCOUNT 173 - ACCRUED AND 
          UNBILLED REVENUE               23,186         8,948
                                                 
                                                 
                                                 
                                                 
                                                 
                             TOTAL       23,186         8,948



ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

                                                  
                    SCHEDULE IX - MISCELLANEOUS DEFERRED DEBITS           
                                                  
INSTRUCTIONS: Provide detail of items in this account. Items less
              than $10,000 may be grouped by class showing the number
              of items in each class.
                                                  
                                      BALANCE AT   BALANCE AT
   DESCRIPTION                         BEGINNING      CLOSE
                                        OF YEAR      OF YEAR
                                                  
ACCOUNT 186 - MISCELLANEOUS DEFERRED              
DEBITS                                                         
                                                  
                                                  
Deferred Billings                       62,362          1,483 
                                                  
                                                  
                               TOTAL    62,362          1,483 


ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

                                              
                             SCHEDULE X           
                                              
        RESEARCH, DEVELOPMENT OR DEMONSTRATION EXPENDITURES      
                                              
INSTRUCTIONS: Provide a description of each material research,
              project which incurred costs by the service
              corporation during the year.                                  
                                              
                                                   BALANCE AT
                 DESCRIPTION                          CLOSE
                                                     OF YEAR
                                              
ACCOUNT 188 - RESEARCH, DEVELOPMENT OR        
              DEMONSTRATION EXPENDITURES                   0 
                                              
                                              
                                              
                                              
                                        TOTAL              0 



ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994



                 SCHEDULE XI - PROPRIETARY CAPITAL       
                                      PAR OR       OUTSTANDING CLOSE  
                         NUMBER OF     STATED          OF PERIOD       
              CLASS OF    SHARES       VALUE         NO. OF    TOTAL
   ACCOUNT     STOCK    AUTHORIZED   PER SHARE      SHARES    AMOUNT   
   NUMBER                                                          
                                                       
     201       COMMON      10,000        1.00           100      100
STOCK ISSUED                                                     

INSTRUCTIONS: Classify amounts in each account with brief        
              explanation, disclosing the general                
              nature of transactions which gave rise to the      
              reported amounts.                                  

              DESCRIPTION                                   AMOUNT
                                                       
ACCOUNT 207 - PREMIUM ON COMMON STOCK                       9,900
                                                       
ACCOUNT 215 - APPROPRIATED RETAINED EARNINGS           
                                                       
                                                       
                                                 TOTAL      9,900 


                          BALANCE     NET               BALANCE
                            AT      INCOME                AT     
    DESCRIPTION          BEGINNING    OR     DIVIDENDS   CLOSE
                          OF YEAR    (LOSS)     PAID    OF YEAR
ACCOUNT 216 -                                          
UNAPPROPRIATED                                         
RETAINED                                                         
EARNINGS                   55,400     74,864         0   130,264
                                                       
                                                       
                   TOTAL   55,400     74,864         0   130,264


ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 1994

                                                                 
                             SCHEDULE XII - LONG-TERM DEBT

INSTRUCTIONS: Advances from associate companies should be reported separately  
              for advances on notes, and advances on open account.
              Names of associate companies from which advances were     
              received shall be shown under the class and series of
              obligation column.  For Account 224 - Other long-term   
              debt provide the name of creditor company or organization,
              terms of the obligation,date of maturity, interest    
              rate, and the amount authorized and outstanding.
                                                                 
                                                                 
TERMS OF OBLIG CLASS DATE BALANCE NAME OF & SERIES OF INTEREST AMOUNT 1/ AT CLOSE CREDITOR OF OBLIGATION MATURITY RATE AMORTIZED ADDITIONS DEDUCTIONS OF YEAR ACCOUNT 223 - ADVANCES FROM ASSOCIATE COMPANIES 0 0 0 0 ACCOUNT 224 - OTHER LONG-TERM DEBT: 0 0 0 0 0 0 0 0 1/ GIVE AN EXPLANATION OF DEDUCTIONS:
ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 SCHEDULE XIII - CURRENT AND ACCRUED LIABILITIES INSTUCTIONS: Provide balance of notes and accounts payable to each associate company. Give description and amount of miscellaneous current and accrued liabilities. Items less than $10,000 may be grouped, showing the number of items in each group. BALANCE AT BALANCE AT BEGINNING CLOSE DESCRIPTION OF YEAR OF YEAR ACCOUNT 233 - NOTES PAYABLE TO ASSOCIATE COMPANIES 0 0 TOTAL 0 0 ACCOUNT 234 - ACCOUNTS PAYABLE TO ASSOCIATE COMPANIES UNITIL Service Corp. 123,693 52,003 TOTAL 0 0 ACCOUNT 242 - MISCELLANEOUS CURRENT AND ACCRUED LIABILITIES 0 0 TOTAL 0 0 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 SCHEDULE XIV NOTES TO FINANCIAL STATEMENTS INSTRUCTIONS: The space below is provided for important notes regarding the financial statements or any account thereof. Furnish particulars as to any significant contingent assets or liabilities existing at the end of the year. Notes relating to financial statements shown elsewhere in this report may be indicated here by reference. Selected Notes to the Financial Statements: UNITIL Resources, Inc. (URI), a wholly-owned subsidiary of UNITIL Corporation, a public utility holding company provides consulting and other services on energy related matters to non-affiliates. These services include power brokering, financial, accounting, regulatory and related operational services. URI is subject to the jurisdiction of the Securities and Exchange Commission (SEC) under the Public Utility Holding Company Act of 1935. URI prepares its financial statements in conformity with generally accepted accounting principles. Please refer to the 1994 UNITIL Corporation Form 10-K for additional disclosures ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 SCHEDULE XV STATEMENT OF INCOME ACCOUNT DESCRIPTION CURRENT PRIOR YEAR YEAR INCOME ------ 457 Services revenue 593,111 326,823 451.01 Accrued and unbilled service revenue 1,449 23,186 419 Interest Income 0 0 421 Miscellaneous income or loss 2,291 0 Total Income 596,851 350,009 EXPENSE ------- 920 Salaries and wages 0 0 921 Office supplies and expenses 691 31 922 Administrative expense transferred - credit 0 0 923 Outside services employed 472,879 259,348 924 Property insurance 0 0 925 Injuries and damages 513 0 926 Employee pensions and benefits 0 0 928 Regulatory commission expense 0 0 930.1 General advertising expense 0 0 930.2 Miscellaneous general expense 0 0 931 Rents 0 0 932 Maintenance of structures and equipment 0 0 403 Depreciation and 0 0 amortization expense 408 Taxes other than income taxes 0 0 409 Income taxes 47,426 35,230 410 Provision for deferred 0 0 income taxes 411 Provision for deferred income taxes - credit 0 0 411.5 Investment tax credit 0 0 426.1 Donations 0 0 426.5 Other deductions 99 0 427 Interest on long-term debt 0 0 430 Interest on debt to associate companies 0 0 431 Other interest expense 0 0 Total Expense 521,987 294,609 Net Income or (Loss) 74,864 55,400 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 ANALYSIS OF BILLING ASSOCIATE COMPANIES ACCOUNT 451 DIRECT INDIRECT COMPENSATION TOTAL COSTS COSTS FOR USE AMOUNT NAME OF ASSOCIATE CHARGED CHARGED OF CAPITAL BILLED COMPANY 451 451 451 NONE TOTAL 0 0 0 0 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 ANALYSIS OF BILLING NONASSOCIATE COMPANIES ACCOUNT 451 DIRECT INDIRECT COMPENSATION EXCESS NAME OF COSTS COSTS FOR USE TOTAL OR TOTAL NONASSOCIATE CHARGED CHARGED OF CAPITAL CHARGES DEFICIENCY AMOUNT COMPANY 451 451 451 451 BILLED Great Bay Power Corporation 529,739 0 529,739 0 529,739 Milford LP 47,734 0 47,734 0 47,734 World Bank 15,638 0 15,638 0 15,638 Total 593,111 0 0 593,111 0 593,111 INSTRUCTIONS: Provide a brief description of the services rendered to each nonassociate company. GBPC - Power brokering, asset management, and administrative services for 12.1324% ownership in Seabrook nuclear power station. Milford LP - Power brokering services World Bank - Consulting Services ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994
SCHEDULE XVI ANALYSIS OF CHARGES FOR SERVICE ASSOCIATE COMPANY AND NONASSOCIATE COMPANIES DESCRIPTION OF ITEMS DIRECT INDIRECT DIRECT INDIRECT DIRECT INDIRECT COST COST TOTAL COST COST TOTAL COST COST TOTAL 920 SALARIES AND WAGES 0 0 0 0 0 921 OFFICE SUPPLIES AND EXPENSES Non-applicable 0 0 0 0 0 922 ADMIN EXPENSE TRANS-CREDIT 0 0 0 0 0 923 OUTSIDE SERVICES EMPLOYED 0 0 0 0 0 924 PROPERTY INSURANCE 0 0 0 0 0 925 INJURIES AND DAMAGES 0 0 0 0 0 926 EMPLOYEE PENSIONS 0 0 0 0 0 AND BENEFITS 928 REGULATORY COMMISSION 0 0 0 0 0 EXPENSE 930.1 GENERAL ADVERTISING 0 0 0 0 0 EXPENSE 930.2 MISC. GENERAL EXPENSE 0 0 0 0 0 931 RENTS 0 0 0 0 0 932 MAINT. OF STRUCT.& EQUIP 0 0 0 0 0 403 DEPR. AND AMORT. EXPENSE 0 0 0 0 0 408 TAXES OTHER THAN INCOME 0 0 0 0 0 409 INCOME TAXES 0 0 0 0 0 410 PROV FOR DEF INC TAXES 0 0 0 0 0 411 PROV FOR DEF INC TAX CREDIT 0 0 0 0 0 411.5 INVESTMENT TAX CREDIT 0 0 0 0 0 419 INTEREST INCOME 0 0 0 0 0 426.1 DONATIONS 0 0 0 0 0 426.5 OTHER DEDUCTIONS 0 0 0 0 0 427 INTEREST ON LONG-TERM DEBT 0 0 0 0 0 431 OTHER INTEREST EXPENSE 0 0 0 0 0 SUBTOTAL EXPENSES 0 0 0 0 0 0 0 0 0 COMPENSATION FOR USE OF EQUITY CAPITAL 0 0 0 430 INTEREST ON DEBT TO 0 0 0 0 0 0 0 0 0 ASSOCIATE COMPANIES TOTAL EXPENSES 0 0 0 0 0 0 0 0 0 421 MISCELLANEOUS INCOME 0 0 0 0 0 0 0 0 0 TOTAL COST OF SERVICE 0 0 0 0 0 0 0 0 0
ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 SCHEDULE XVII SCHEDULE OF EXPENSE DISTRIBUTION BY DEPARTMENT OR FUNCTION DEPARTMENT OR FUNCTION TOTAL OVER- AMOUNT HEAD NONE 920 SALARIES AND WAGES 0 921 OFFICE SUPPLES AND 0 Non-applicable EXPENSES 922 ADMIN. EXPENSE 0 TRANS-CREDIT 923 OUTSIDE SERVICES EMPLOYED 0 924 PROPERTY INSURANCE 0 925 INJURIES AND DAMAGES 0 926 EMPLOYEE PENSIONS AND 0 BENEFITS 928 REGULATORY COMMISSION 0 EXPENSE 930.1 GENERAL ADVERTISING 0 EXPENSE 930.2 MISC. GENERAL EXPENSE 0 931 RENTS 0 932 MAINT. OF STRUCT. & 0 EQUIP. 403 DEPR. AND AMORT. EXPENSE 0 408 TAXES OTHER THAN INCOME 0 409 INCOME TAXES 0 410 PROV. FOR DEF. INC. TAXES 0 411 PROV. FOR DEF. INC. TAX 0 CREDIT 411.5 INVESTMENT TAX CREDIT 0 426.1 DONATIONS 0 426.5 OTHER DEDUCTIONS 0 427 INTEREST ON LONG-TERM DEBT 0 430 INTEREST ON DEBT TO 0 ASSOCIATE COMPANIES 431 OTHER INTEREST EXPENSE 0 TOTAL EXPENSES - 0 0 0 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 DEPARTMENTAL ANALYSIS OF SALARIES ACCOUNT 920 DEPARTMENTAL SALARY EXPENSE NAME OF INCLUDE IN AMOUNTS NUMBER DEPARTMENT BILLED TO PERSONNEL Indicate each TOTAL PARENT OTHER NON END OF department AMOUNT COMPANY ASSOCIATES ASSOCIATES YEAR or service function Non-applicable TOTAL 0 0 0 0 0 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 OUTSIDE SERVICES EMPLOYED ACCOUNT 923 INSTRUCTIONS: Provide a breakdown by subaccount of outside services employed. If the aggregate amounts paid to any one payee and included within one subaccount is less than $25,000, only the aggregate number and amount of all such payments included within the subaccount need be shown. Provide a subtotal for each type of service. RELATIONSHIP "A"= ASSOCIATE FROM WHOM PURCHASED ADDRESS "NA"=NON AMOUNT ASSOCIATE Outside Services-Accounting and Management UNITIL Service Corp. 216 Epping Road A 457,490 Exeter, NH 03833 Outside Services - Legal LeBoef, Lamb, Green & 260 Franklin Street NA 15,389 MacRae Boston, MA 02110-3173 ------- Total 472,879 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 EMPLOYEE PENSIONS AND BENEFITS ACCOUNT 926 INSTRUCTIONS: Provide a listing of each pension plan and benefit program provided by the service company. Such listing should be limited to $25,000. DESCRIPTION AMOUNT NONE TOTAL 0 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 GENERAL ADVERTISING EXPENSES ACCOUNT 930.1 INSTRUCTIONS: Provide a listing of the amounts included in Account 930.1 "General Advertising Expenses", classifying the items according to the nature of the advertising and as defined in the account description. If a particular class includes an amount excess of $3,000 applicable to a single payee, show separately the name of the payee and the aggregate amount applicable thereto. DESCRIPTION NAME OF PAYEE AMOUNT NONE TOTAL 0 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 MISCELLANEOUS GENERAL EXPENSES ACCOUNT 930.2 INSTRUCTIONS: Provide a listing of the amount includedin Account 930.02 "Miscellaneous General Expense", classifying such expenses according to their nature. Payments and expenses permitted by Section 321 (b) (2) of the Federal Election Campaign Act, as amended by Public Law 94-283 in 1976 (2 U.S.C. 441(b)(2) shall be separately classified. DESCRIPTION AMOUNT State of New Hampshire 100 SEC Filing Fees 250 Miscellaneous 29 TOTAL 379 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 RENTS ACCOUNT 931 INSTRUCTIONS: Provide a listing of the amount included in Account 931, "Rents" classifying such expenses by major groupings of property, as defined in the account definition of the Uniform System of Accounts. TYPE OF PROPERTY AMOUNT NONE TOTAL 0 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 TAXES OTHER THAN INCOME TAXES ACCOUNT 408 INSTRUCTIONS: Provide an analysis of Account 408, "Taxes Other Than Income Taxes". Separate the analysis into two groups: (1) other than U. S. Government and (2) U.S. Government taxes. Specify each of the various kinds of taxes and show the amounts there of. Provide a subtotal for each class of tax. KIND OF TAX AMOUNT NONE TOTAL 309,066 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 DONATIONS ACCOUNT 426.1 INSTRUCTIONS: Provide a listing of the amount included in Account 426.1, "Donations", classifying such expenses by its purpose. The aggregate number and amount of all items of less than $3,000 may be shown in lieu of details. NAME OF RECIPIENT PURPOSE OF DONATION AMOUNT NONE TOTAL 0 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 OTHER DEDUCTIONS ACCOUNT 426.5 INSTRUCTIONS: Provide a listing of the amount included in Account 426.5 "Other Deductions", classifying such expenses according to their nature. DESCRIPTION NAME OF PAYEE AMOUNT Penalty Internal Revenue Service 99 TOTAL 99 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 SCHEDULE XVIII NOTES TO STATEMENT OF INCOME INSTRUCTIONS: The space below is provided for important notes regarding the statement of income or any account thereof. Furnish particulars as to any significant increases in services rendered or expenses incurred during the year. Notes relating to financial statements shown elsewhere in this report may be indicated here by reference. See page 19. ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 ORGANIZATION CHART See page 36A. ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 ORGANIZATION CHART AS OF DECEMBER 31, 1994 POSITION NAME President G.R. GANTZ Vice President M.J. Dalton Vice President J.G. Daly Vice President - Treasurer G.A. Siart Secretary S.L. Walker ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 METHODS OF ALLOCATION See UNITIL Service Corp. U-13-60 ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 ANNUAL STATEMENT OF COMPENSATION FOR USE OF CAPITAL BILLED Non applicable ANNUAL REPORT OF UNITIL RESOURCES, INC. For the Year Ended December 31, 1994 SIGNATURE CLAUSE Pursuant to the requirements of the Public Utility Holding Company Act of 1935 and the rules and regulations of the Securities and Exchange Commission issued thereunder, the undersigned company has duly caused this report to be signed on its behalf by the undersigned officer thereunto duly authorized, UNITIL Resources, Inc. (Name of Reporting Company) By: George R. Gantz ----------------------------- (Signature of Signing Officer) George R. Gantz, President (Printed Name and Title of Signing Officer) Date: April 26, 1995
 

OPUR2 06 UNITIL Resources, Inc. DEC-31-1994 DEC-31-1994 YEAR PER-BOOK 0 0 173,228 1,483 0 174,711 140,264 0 0 0 34,447 0 0 174,711 593,111 1,449 2,291 596,851 0 0 521,987 521,987 74,864 0 0 521,987 0