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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 Resources, Inc.
By: /s/ Gail A. Siart
Gail A. Siart
Treasurer
Dated: May 18, 1995
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________
Application of UNITIL Corporation )
) CERTIFICATE PURSUANT TO
and its Subsidiaries on Form U-1 ) RULE 24 UNDER THE PUBLIC
) UTILITY HOLDING COMPANY ACT
(File No. 70-8074) ) OF 1935
_________________________________________________________________
Pursuant to the requirements of Rule 24 under the Public
Utility Holding Company Act of 1935, UNITIL Corporation, on
behalf of itself and its subsidiary, UNITIL Resources, Inc.
hereby files the attached quarterly report as required by the
Securities and Exchange Commission's order approving the
formation of a subsidiary company to provide consulting services
to non affiliates (HCAR. No. 25816; File No. 70-8074; May 24,
1993).
Exhibit
Exhibit A - Description of the various consulting and other
activities undertaken by UNITIL Resources, Inc.
Exhibit B - Statement of the amount of funds invested by
UNITIL in UNITIL Resources, Inc.
Exhibit C - Description of staffing.
Exhibit D - Description of the intellectual property.
Exhibit E - Financial Statements.
EXHIBIT A
Page 1 of 2
Description of Various Consulting and Other Activities Undertaken by UNITIL
Resources Inc:
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Staff providing services under the assignments listed below
(unless otherwise indicated) are located at UNITIL Service Corp.
(UNITIL Service), 216 Epping Road, Exeter, NH 03833, where most
client work is performed. From time to time staff visit other
locations, predominately in New England, representing client
interests.
A. Great Bay Power Corporation (GBP) Marketing Agent. UNITIL
Resources provides marketing services for power sales from GBP's
12.1324% ownership interest in the Seabrook nuclear power
station, pursuant to a Marketing Agent Agreement between GBP and
UNITIL Corporation dated April 1, 1993. Services provided by
UNITIL Resources in the first quarter involved the marketing of
power in the wholesale market. Charges to GBP under this contract
totaled $62,350 in the first quarter of 1995.
B. Great Bay Power Corporation (GBP) Management and
Administrative Services. UNITIL Resources provides comprehensive
management and administrative services to GBP, in a variety of
functional areas including accounting, budgeting, finance, risk
management (insurance),
overview of plant operations, and general management. These
services are currently provided pursuant to a Management and
Administrative Services Agreement between GBP and UNITIL
Corporation dated November 23, 1994. Charges to GBP under this
contract totaled $139,987 in the first quarter of 1995.
C. Milford, L.P. Consultancy. Milford L.P. is a PURPA QF
facility located in Milford MA which has, pursuant to an
agreement dated February 8, 1994, engaged UNITIL Resources for
advice, consultation and support on matters involving the New
England Power Pool, marketing and power contracting. Charges to
Milford L.P. in the first quarter of 1995 totaled $830. The
agreement with Milford is expected to expire as of April 30,
1995.
D. University of Pennsylvania Consultancy. The University of
Pennsylvania, through a letter contract with UNITIL Resources
dated November 7, 1994, engaged the services of a UNITIL employee
for the purpose of assisting in the presentation of a conference
on emerging energy markets in India, held in Hyberyadad, India,
the week of January 23, 1995. Services totaling $8,969 were
charged in the first quarter of 1995, including charges of $1,483
which had been deferred from the fourth quarter of 1994.
EXHIBIT A
Page 2 of 2
E. Kingston-Warren Corporation Consultancy. An agreement was
signed as of December 30, 1994 between UNITIL Resources and
Kingston-Warren Corporation (K-W) under which UNITIL Resources
will assist K-W in the conduct of studies relating to
alternatives to K-W's current retail electrical supply from
Public Service Company of New Hampshire. No charges have been
assessed to date on this contract.
EXHIBIT B
Statement of the Amount of Funds Invested by UNITIL
Corporation in UNITIL
Resources, Inc.:
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The initial investment in UNITIL Resources, Inc. was
$10,000. There has been no further investment.
EXHIBIT C
Description of Staffing:
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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. Services provided by UNITIL
Service during the first quarter included power brokering,
regulatory, finance, accounting, and administrative services and
ranged in number from twenty-five to twenty-eight employees on a
part-time basis each month. The following are the percentages of
UNITIL Service time each month that were expended on UNITIL
Resources activities in the first quarter of 1995:
January 5.43%
February 3.61%
March 3.70%
EXHIBIT D
Description of the Intellectual Property:
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No intellectual property was purchased or received during the quarter.
EXHIBIT E
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
STATEMENTS OF EARNINGS
(UNAUDITED)
Three Months Ended
March 31,
1995 1994
Revenues 212,136 105,798
Operating Expenses:
Administrative and 127,350 79,700
General
Total Operating 127,350 79,700
Expenses
Operating Income 84,786 26,098
Earning Before Income 84,786 26,098
Taxes
Income Taxes:
Current Federal 26,809 8,252
Current State 5,935 1,827
Total Income 32,744 10,079
Taxes
Net Income 52,042 16,019
Exhibit E
Page 2 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
BALANCE SHEETS
(UNAUDITED)
March 31, December 31,
ASSETS: 1995 1994 1994
Current Assets:
Cash 226,407 66,556 98,715
Accounts Receivable 11,160 64,700 65,565
Unbilled and Accrued 2,751 35,930 8,948
Revenue
Total Current 240,318 167,186 173,228
Assets
Deferred Debits 78 79,923 1,483
Total Assets 240,396 247,109 174,711
LIABILITIES AND
STOCKHOLDERS EQUITY:
Current Liabilities:
Accounts Payable 32,902 130,706 52,003
Taxes Accrued 15,189 34,984 -17,556
Total Current 48,091 165,690 34,447
Liabilities
Stockholder's Equity:
Common Stock, $1.00
par value
Authorized -
10,000 shares
Outstanding - 100 100 100
10,000 shares
Premium on Common 9,900 9,900 9,900
Stock
Retained Earnings 182,305 71,419 130,264
Total 192,305 81,419 140,264
Stockholder's Equity
Total Liabilities and 240,396 247,109 174,711
Equity
Exhibit E
Page 3 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Three Months Ended
March 31,
1995 1994
Net Cash Flow from Operating
Activities:
Net Income 52,042 16,019
Change in Assets and
Liabilities
(Increase) Decrease in:
Accounts Receivable 54,405 64,375
Unbilled and Accrued 6,197 -12,745
Revenue
Deferred Debits 1,405 -17,561
Increase (Decrease) in:
Accounts Payable -19,101 2,013
Taxes Accrued 32,744 10,079
Net Cash Provided by Operating 127,692 62,180
Activities
Net Increase in Cash 127,692 62,180
Cash at beginning of year 98,715 4,376
Cash at March 31, 226,407 66,556
Exhibit E
Page 4 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
STATEMENTS OF RETAINED EARNINGS
(UNAUDITED)
For the Three Months Ended
March 31,
1995 1994
Retained Earnings, 130,264 55,400
Beginning of Period
Net Income 52,041 16,019
Retained Earnings, End of 182,305 71,419
Period