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November 30, 1995
OFICS Filer Support
SEC Operations Center
6432 General Green Way
Alexandria, VA 22312-2413
Gentlemen:
Enclosed is one (1) conforming paper copy of our Certificate
Pursuant to Rule 24 Under the Public Utility Holding Company Act
of 1935, for the third quarter of 1995, which is being submitted
pursuant to Rule 901(d) of Regulation S-T.
Please acknowledge your receipt of this letter and its
enclosures by stamping the enclosed copy of this letter and
returning it in the enclosed stamped self-addressed envelope.
Sincerely,
Scott R. Frock
Manager of Finance
Enclosure
cc: Mr. Robert P. Wason
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: November 30, 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
(File No. 70-8074) ) ACT 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 1
Description of Various Consulting and Other Activities Undertaken by UNITIL
Resources Inc:
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 third quarter of 1995 involved
the marketing of power in the wholesale market. Charges to GBP under this
contract totalled $104,623 in the third 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 totalled $134,966 in the third quarter of 1995.
C. 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 power supply arrangements.
No charges have been assessed to date on this contract.
EXHIBIT B
Statement of the Amount of Funds Invested by UNITIL Corporation in UNITIL
esources, Inc.:
The initial investment in UNITIL Resources, Inc. was $10,000. There
has been no further investment.
EXHIBIT C
Description of Staffing:
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 third quarter of 1995 included power brokering,
regulatory, finance, accounting, and administrative services and ranged in
number from twenty-eight to twenty-nine 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 third quarter of
1995:
July 5.15%
August 4.60%
September 4.30%
EXHIBIT D
Description of the Intellectual Property:
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 Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
Revenues $239,590 $89,161 $651,260 $265,600
Operating Expenses:
Administrative and General 167,516 83,269 417,314 224,736
Total Operating Expenses 167,516 83,269 417,314 224,736
Operating Income 72,074 5,892 233,946 40,864
Nonoperating Income 105 1,170 210 1,643
Earning Before Income Taxes 72,179 7,062 234,156 42,507
Income Taxes:
Current Federal 22,933 2,451 74,150 13,659
Current State 5,052 501 16,391 2,982
Total Income Taxes 27,985 2,952 90,541 16,641
Net Income $44,194 $4,110 $143,615 $25,866
Exhibit E
Page 2 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
BALANCE SHEETS
(UNAUDITED)
September 30, December 31,
ASSETS: 1995 1994 1994
Current Assets:
Cash $305,802 $26,855 $98,715
Accounts Receivable -- 43,807 65,565
Unbilled and Accrued Revenue 25,824 54,779 8,948
Total Current Assets 331,626 125,441 173,228
Deferred Debits -- 136,874 1,483
Total Assets $331,626 $262,315 $174,711
LIABILITIES AND
STOCKHOLDERS EQUITY:
Current Liabilities:
Accounts Payable $48,799 $201,247 $52,003
Taxes Accrued & Other (1,052) (30,197) (17,556)
Total Current Liabilities 47,747 171,050 34,447
Stockholder's Equity:
Common Stock, $1.00 par value
Authorized - 10,000 shares
Outstanding - 10,000 shares 100 100 100
Premium on Common Stock 9,900 9,900 9,900
Retained Earnings 273,879 81,265 130,264
Total Stockholder's Equity 283,879 91,265 140,264
Total Liabilities and Equity $331,626 $262,315 $174,711
Exhibit E
Page 3 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Nine Months Ended
September 30,
1995 1994
Net Cash Flow from Operating Activities:
Net Income $143,615 $25,866
Change in Assets and Liabilities
(Increase) Decrease in:
Accounts Receivable 65,564 85,268
Unbilled and Accrued Revenue (16,876) (31,594)
Deferred Debits 1,484 (74,512)
Increase (Decrease) in:
Accounts Payable (3,204) 72,554
Taxes Accrued & Other 16,504 (55,103)
Net Cash Provided by Operating Activities 207,087 22,479
Net Increase in Cash 207,087 22,479
Cash at beginning of year 98,715 4,376
Cash at September 30, $305,802 $26,855
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
September 30,
1995 1994
Retained Earnings, Beginning of Period $229,685 $77,155
Net Income 44,194 4,110
Retained Earnings, End of Period $273,879 $81,265
For the Nine Months Ended
September 30,
1995 1994
Retained Earnings, Beginning of Period $130,264 $55,399
Net Income 143,615 25,866
Retained Earnings, End of Period $273,879 $81,265