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) June 24, 2004
-------------------
Commission Registrant; State of Incorporation I.R.S. Employer
File Number Address and Telephone Number Identification No.
1-5324 NORTHEAST UTILITIES 04-2147929
(a Massachusetts voluntary
association)
174 Brush Hill Avenue
West Springfield, Massachusetts
01090-0010
Telephone (413) 785-5871
0-11419 THE CONNECTICUT LIGHT AND POWER 06-0303850
COMPANY
(a Connecticut corporation)
107 Selden Street
Berlin, Connecticut 06037-1616
Telephone (860) 665-5000
Not Applicable
---------------------
(Former name or former address, if changed since last report)
Item 5. Other Events and Regulation FD Disclosure
On June 24, 2004 the Connecticut Department of Public Utility
Control (DPUC) issued a Draft Decision (the Draft) in The
Connecticut Light and Power Company's (CL&P) December 31, 2003
petition for reconsideration of certain aspects of the DPUC's
final decision dated December 17, 2003 concerning CL&P's August
1, 2003 application to set the distribution and transmission
components of its retail rates. The Draft is not a final
decision of the DPUC, and the final decision, scheduled to be
issued on August 4, 2004, may differ from the Draft.
The Draft reconsidered all five requests that CL&P proposed for
reconsideration. In the Draft, the DPUC allows CL&P to recover
the following approximate amounts: $15.726 million in deferred
pension costs, $8.204 million in incentive compensation, $5.976
million in rent expense, and $5.211 million in income taxes. The
total amount of recovery granted by the Draft is $35.117 million.
Pursuant to the Draft, the recovery of these amounts will not
result in changes in CL&P's rates, but will reduce the level of
Competitive Transition Assessment (CTA) overrecoveries that CL&P
must return to customers. The Draft applied a present value
methodology to the total recovery of the $35.117 million total,
resulting in a present value pre-tax benefit to CL&P of
approximately $26.664 million.
The Draft, however, rejected CL&P's request that the DPUC apply a
six-year statute of limitations to claims by customers for
refunds due to inaccurate streetlight billing. The Draft finds
that any refunds should be calculated back to 1986. The Draft allows
CL&P to net overcollections and undercollections. CL&P
has not yet quantified the financial implications from this
element of the Draft.
For further information in this matter, reference is made to
"Item 1 Business - Rates and Electric Utility Restructuring -
Connecticut Rates and Restructuring" in CL&P's Annual Report on
Form 10-K for 2003 and to CL&P's Quarterly Report on Form 10-Q
for the period ended March 31, 2004.
This Current Report on form 8-K includes forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995, which are statements of future
expectations and not facts. Actual results or developments might
differ materially from those included in the forward-looking
statements because of factors such as competition and industry
restructuring, changes in economic conditions, changes in weather
patterns, changes in laws, regulations or regulatory policies,
developments in legal or public policy doctrines, technological
developments, volatility in electric and natural gas commodity
markets, and other presently unknown or unforeseen factors.
Other risk factors are detailed from time to time in NU's reports
to the Securities and Exchange Commission.
SIGNATURE PAGE TO FOLLOW
SIGNATURE
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrants have duly caused this report to be
signed on their behalf by the undersigned hereunto duly
authorized.
NORTHEAST UTILITIES
(Registrant)
By: /s/ Gregory B. Butler
Name: Gregory B. Butler
Title: Senior Vice President, Secretary
and General Counsel
THE CONNECTICUT LIGHT AND POWER COMPANY
(Registrant)
By: /s/ Gregory B. Butler
Name: Gregory B. Butler
Title: Senior Vice President,
Secretary and General Counsel,
Northeast Utilities Service Company,
as Agent for all of the above-named
company
Date: June 28, 2004