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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: February 26, 1997
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:
Gail A. Siart
Treasurer
Dated: February 26, 1997
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), its order approving the
provision by that subsidiary of additional services including energy marketing
and energy management services (HCAR No. 26487; File No. 70-8773; May 31, 1996),
and its supplemental order authorizing expansion of retail energy marketing
activities by that subsidiary (HCAR No. 26650;File No. 70-8773; January 21,
1997).
Exhibits
Exhibit A - Description of the various consulting, energy marketing, energy
management 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 - Statement of energy marketing expenses incurred by Unitil
Resources, Inc.
Exhibit F - Statement of energy sales.
Exhibit G - Financial Statements.
EXHIBIT A
Page 1 of 1
Description of Various Consulting, Energy Marketing, Energy Management and
Other Activities 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.
Consulting Services
A. 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.
Energy Marketing Activities
A. New Hampshire Pilot Program. As of July 1, 1996, Unitil Resources became
eligible to begin marketing electricity at retail to statewide participants
in the New Hampshire Pilot Program. This 24-month program allows 3% of all
electric customers in the State of New Hampshire to purchase electricity from
the supplier of their choice. Revenues generated from this activity during the
fourth quarter of 1996 and for the year ended December 31, 1996 were $88,137 and
$152,501 respectively.
Energy Management Services
No contracts/activities to date.
EXHIBIT B
Statement of the Amount of Funds Invested by Unitil Corporation in Unitil
Resources, 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 fourth quarter of 1996 included
regulatory, finance, accounting, marketing, energy management and administrative
services and ranged in number from thirteen to seventeen employees on a
part-time basis each month. Services provided by Unitil Service cumulatively
to date included the same catagories and ranged in number from thirteen to
seventy-four employees on a part-time basis each month. The following are the
percentages of Unitil Service time that were expended on Unitil Resources
activities in the fourth quarter of 1996 and cumulatively to date:
Consulting Energy Energy
& Other Marketing Mgmt. Total
First
Quarter 0.20% 0.00% 0.00% 0.20%
Second Quarter 0.00% 3.40% 0.00% 3.40%
Third Quarter 0.00% 2.13% 0.00% 2.13%
Fourth Quarter 0.00% 1.01% 0.00% 1.01%
Year To Date 0.07% 1.70% 0.00% 1.77%
EXHIBIT D
Description of the Intellectual Property:
No intellectual property was purchased or received during the quarter.
EXHIBIT E
Statement of Energy Marketing Expenses:
Quarter Ended Year-To-Date
December 31, 1996 Period
Retail Energy Marketing Expenses ($20,095) $437,680
Wholesale Energy Marketing Expenses -- --
Total Energy Marketing Expenses ($20,095) $437,680
EXHIBIT F
Statement of Energy Sales:
Kilowatt Hour Sales
for Quarter Ended Year to Date
December 31, 1996 Kilowatt Hour Sales
Retail Energy Marketing
Residential 2,711,286 4,234,543
Commercial 185,510 288,581
Industrial 477,179 535,228
Total Retail Energy Marketing 3,373,975 5,058,352
Wholesale Energy Marketing -- --
Total Energy Marketing 3,373,975 5,058,352
EXHIBIT G
Page 1 of 5
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
STATEMENTS OF EARNINGS
(UNAUDITED)
Three Months Ended Twelve Months
December 31, Ended December 31,
1996 1995 1996 1995
Revenues:
Service Revenues $ -- $259,694 $15,427 $910,954
Electric Revenues 88,137 -- 152,501 --
Total Revenues 88,137 259,694 167,928 910,954
Operating Expenses:
Purchased Power 122,385 -- 200,909 --
Administrative and General(17,594) 165,761 449,543 583,075
Total Operating Expenses 104,791 165,761 650,452 583,075
Operating Income (16,654) 93,933 (482,524) 327,879
Nonoperating Income 214 3,459 13,847 3,669
Earning Before Income Taxes (16,440) 97,392 (468,677) 331,548
Income Taxes:
Federal (4,536) 30,758 (147,533) 104,908
State (910) 6,817 (32,567) 23,208
Total Income Taxes (5,446) 37,575 (180,100) 128,116
Net Income ($10,994) $59,817 ($288,577) $203,432
Exhibit G
Page 2 of 5
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
BALANCE SHEETS
(UNAUDITED)
December 31, December 31
ASSETS: 1996 1995 1995
Current Assets:
Cash $2,491 $411,781 $411,781
Accounts Receivable 71,604 258 258
Unbilled and Acc Rev. 39,623 4,181 4,181
Total Current Assets 113,718 416,220 416,220
Deferred Debits -- -- --
Total Assets $113,718 $416,220 $416,220
LIABILITIES AND
STOCKHOLDERS EQUITY:
Current Liabilities:
Accounts Payable $102,806 $50,862 $50,862
Taxes Accrued & Othe (44,206) 21,663 21,663
Total Current Liab 58,600 72,525 72,525
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 45,118 333,695 333,695
Total Stockholder's Equity 55,118 343,695 343,695
Total Liabilities and Equity $113,718 $416,220 $416,220
Exhibit G
Page 3 of 5
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Twelve Months
Ended December 31,
1996 1995
Net Cash Flow from Operating Activities:
Net Income $(288,577) $203,432
Change in Assets and Liabilities
(Increase) Decrease in:
Accounts Receivable (71,346) 65,307
Unbilled and Accrued Revenue (35,442) 4,766
Deferred Debits --- 1,484
Increase (Decrease) in:
Accounts Payable 51,944 (1,141)
Taxes Accrued & Other (65,869) 39,218
Net Cash Provided by Operating Activities (409,290) 313,066
Net Increase in Cash (409,290) 313,066
Cash at beginning of year 411,781 98,715
Cash at December 31, $2,491 $411,781
Exhibit G
Page 4 of 5
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Twelve Months Ended December 31, 1996
Other
Electric Energy Energy
Consulting Power Commodity Mgmt.
& Other Marketing Sales Services Total
Net Cash Flow from
Operating Activities:
Net Income $7,958 $(296,535) -- -- $(288,577)
Change in Assets
and Liabilities
(Increase) Decrease in:
Accounts Receivable 258 (71,604) -- -- (71,346)
Unbilled and
Accrued Revenue 3,824 (39,266) -- -- (35,442)
Increase (Decrease) in:
Accounts Payable (20,450) 72,394 -- -- 51,944
Taxes Accrued & Other (4,115) (61,754) -- -- (65,869)
Net Cash Provided
by Operating Activities(16,349) (396,765) -- -- (409,290)
Net Increase in Cash (409,290)
Cash at beginning of year 411,781
Cash at December 31, $2,491
Exhibit G
Page 5 of 5
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
STATEMENTS OF RETAINED EARNINGS
(UNAUDITED)
For the Three Months Ended
December 31,
1996 1995
Retained Earnings, Beginning of Period $56,112 $273,878
Net Income (10,994) 59,817
Retained Earnings, End of Period $45,118 $333,695
For the Twelve Months Ended
December 31,
1996 1995
Retained Earnings, Beginning of Period $333,695 $130,263
Net Income (288,577) 203,432
Retained Earnings, End of Period $45,118 $333,695