SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 14, 2000
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Commission File Number 1-5324
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NORTHEAST UTILITIES
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(Exact name of registrant as specified in its charter)
MASSACHUSETTS 1-5324 04-2147929
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
174 BRUSH HILL AVENUE, WEST SPRINGFIELD, MASSACHUSETTS 01090-0010
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(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code)
(413) 785-5871
(Former name or former address, if changed since last report)
Not Applicable
Item 5. Other Events.
A. On March 14, 2000, The Connecticut Light and Power Company (CL&P) and
Western Massachusetts Electric Company (WMECO), two public utility
subsidiaries of Northeast Utilities (NU), completed the sale of approximately
1,289 megawatts (MW) of hydroelectric and pumped storage generating assets in
Connecticut and Massachusetts to Northeast Generation Company (NGC), a
wholly-owned subsidiary of NU Enterprises, Inc. (NUEI), the holding company
for unregulated companies in the NU system. The purchase price paid for
these assets was $865.5 million with CL&P receiving approximately $680
million, and WMECO approximately $185 million. The assets sold were 10
hydroelectric facilities in Connecticut, including the seven facilities of
CL&P's Housatonic River System (123 MW), three facilities that make up CL&P's
Eastern Connecticut System, and one gas turbine (27 MW), and the Northfield
Mountain pumped storage station (owned 81% by CL&P and 19% by WMECO) and the
Cabot and Turners Falls No. 1 hydroelectric stations located in Massachusetts
and owned by WMECO. The Massachusetts facilities have a combined capability
of 1,139 MW. Another unregulated subsidiary of NUEI, Northeast Generation
Services Company has contracted with NGC to manage and operate the plants.
NGC has also contracted to market the capacity and output of the plants
through NUEI's competitive marketing subsidiary, Select Energy, Inc.
CL&P sold its generation assets in accordance with its restructuring plan
which was approved by the Connecticut Department of Public Utility Control in
1999. CL&P had previously sold approximately 2,235 MW of fossil-fueled
generation in Connecticut to NRG Energy, Inc., a subsidiary of Northern
States Power Company, of Minneapolis, Minnesota.
WMECO's sale is in conformity with its restructuring plan which was approved
by the Department of Telecommunications and Energy in 1999. WMECO had
previously sold approximately 290 MW of fossil and hydro generation in
Massachusetts to a subsidiary of Consolidated Edison Company of New York.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 Press Release issued by Northeast Utilities System dated March 14,
2000.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NORTHEAST UTILITIES
(registrant)
/s/ Randy A. Shoop
Randy A. Shoop
Assistant Treasurer-Finance
Date: March 28, 2000