Amendment No. 3
to
Power Contract
AMENDMENT, dated as of this 24th day of April, 1985, between VERMONT
YANKEE NUCLEAR CORPORATION ("Vermont Yankee"), a Vermont corporation, and
THE CONNECTICUT LIGHT AND POWER COMPANY, a Connecticut corporation (the
"Purchaser"), for itself and as successor to The Hartford Electric Light
Company ("HELC"), to the Power Contracts dated February 1, 1968, as
heretofore amended on June 1, 1972 and April 15, 1983, one between Vermont
Yankee and HELC (collectively the "Power Contract"), as previously amended.
WITNESSETH
WHEREAS, pursuant to the Power Contract, Vermont Yankee supplies to
the Purchaser and, pursuant to separate power contracts substantially
identical to the Power Contract except for the names of the parties, to the
other Sponsors of Vermont Yankee, each of whom is contemporaneously
entering into an amendment to its power contract which is identical hereto
except for the necessary changes in the names of the parties, all of the
capacity and the electric energy available from the nuclear generating unit
owned by Vermont Yankee at a site adjacent to the Connecticut River at
Vernon, Vermont (such unit being herein together with the site and all
related facilities owned by Vermont Yankee, referred to as the "Unit").
WHEREAS, Vermont Yankee, the Purchaser and the other Sponsors of
Vermont Yankee believe that the monthly payments provided in the Power
Contracts are no longer sufficient to provide a return on the equity
investment in the Unit which is equal to the return achieved on investments
of comparable risk.
WHEREAS, in order to assure the maintenance of an appropriate level of
return on common equity, Vermont Yankee and the Purchaser have agreed to
enter into this Agreement.
NOW, THEREFORE, in consideration of the above and of other good and
valuable consideration, receipt of which is hereby acknowledged, the
parties hereto agree that the Power Contract is hereby amended as follows:
1. Terms used herein and not defined shall have the meanings set
forth in the Power Contract.
2. The fourth paragraph of Section 7 of the Power Contract is amended
to read as follows:
"Equity percentage" as of any date shall be eight and one-half percent
(8 1/2%) or such greater percentage, if any, as shall be obtained by
dividing (a) the sum of (i) fifteen and one-half percent (15.5%) multiplied
by common stock equity investment as of such date plus (ii) the stated
dividend rate per annum of each issue of preferred stock bearing a
particular dividend rate outstanding on such date multiplied by the
aggregate par value of said issue, by (b) equity investment as of such
date.
This Agreement shall become effective on May 14, 1985, or upon such
later date as it shall be permitted to become effective by the Federal
Energy Regulatory Commission or other governmental regulatory authority
having jurisdiction.
The Agreement may be executed in any number of counterparts and each
executed counterpart shall have the same force and effect as an original
instrument and as if both parties to all of the counterparts had signed the
same instrument. Any signature page of the Agreement may be detached from
any counterpart without impairing the legal effect of any signatures
thereon, and may be attached to another counterpart of this contract
identical in form hereto but having to it one more signature pages.
IN WITNESS WHEREOF, the parties have executed this Agreement by their
respective officers hereto duly authorized, as of the date first above
written.
VERMONT YANKEE NUCLEAR POWER CORPORATION
By /s/John T. Pearson
-------------------------
Its Treasurer
-------------------------
Title
Address:
THE CONNECTICUT LIGHT AND POWER COMPANY
By /s/E. James Ferland
------------------------------
E. JAMES FERLAND
Its PRESIDENT AND CHIEF OPERATING
OFFICER
Title
Address: 107 SELDEN STREET
BERLIN, CT 06307
Amendment No. 3
to
Power Contract
AMENDMENT, dated as of this 24th day of April, 1985, between VERMONT YANKEE
NUCLEAR CORPORATION ("Vermont Yankee"), a Vermont corporation, and PUBLIC
SERVICE COMPANY OF NEW HAMPSHIRE, a New Hampshire corporation (the "Purchaser"),
for itself and as successor to The Hartford Electric Light Company ("HELC"), to
the Power Contracts dated February 1, 1968, as heretofore amended on June 1,
1972 and April 15, 1983, one between Vermont Yankee and HELC (collectively the
"Power Contract"), as previously amended.
WITNESSETH
WHEREAS, pursuant to the Power Contract, Vermont Yankee supplies to the
Purchaser and, pursuant to separate power contracts substantially identical to
the Power Contract except for the names of the parties, to the other Sponsors of
Vermont Yankee, each of whom is contemporaneously entering into an amendment to
its power contract which is identical hereto except for the necessary changes in
the names of the parties, all of the capacity and the electric energy available
from the nuclear generating unit owned by Vermont Yankee at a site adjacent to
the Connecticut River at Vernon, Vermont (such unit being herein together with
the site and all related facilities owned by Vermont Yankee, referred to as the
"Unit").
WHEREAS, Vermont Yankee, the Purchaser and the other Sponsors of Vermont
Yankee believe that the monthly payments provided in the Power Contracts are no
longer sufficient to provide a return on the equity investment in the Unit which
is equal to the return achieved on investments of comparable risk.
WHEREAS, in order to assure the maintenance of an appropriate level of return on
common equity, Vermont Yankee and the Purchaser have agreed to enter into this
Agreement.
NOW, THEREFORE, in consideration of the above and of other good and valuable
consideration, receipt of which is hereby acknowledged, the parties hereto agree
that the Power Contract is hereby amended as follows:
1. Terms used herein and not defined shall have the meanings set forth in
the Power Contract.
2. The fourth paragraph of Section 7 of the Power Contract is amended to
read as follows:
"Equity percentage" as of any date shall be eight and one-half percent (8
1/2%) or such greater percentage, if any, as shall be obtained by dividing (a)
the sum of (i) fifteen and one-half percent (15.5%) multiplied by common stock
equity investment as of such date plus (ii) the stated dividend rate per annum
of each issue of preferred stock bearing a particular dividend rate outstanding
on such date multiplied by the aggregate par value of said issue, by (b) equity
investment as of such date.
This Agreement shall become effective on May 14, 1985, or upon such later
date as it shall be permitted to become effective by the Federal Energy
Regulatory Commission or other governmental regulatory authority having
jurisdiction.
The Agreement may be executed in any number of counterparts and each
executed counterpart shall have the same force and effect as an original
instrument and as if both parties to all of the counterparts had signed the same
instrument. Any signature page of the Agreement may be detached from any
counterpart without impairing the legal effect of any signatures thereon, and
may be attached to another counterpart of this contract identical in form hereto
but having to it one more signature pages.
IN WITNESS WHEREOF, the parties have executed this Agreement by their
respective officers hereto duly authorized, as of the date first above written.
VERMONT YANKEE NUCLEAR POWER CORPORATION
By /s/John T. Pearson
-------------------------------
Its Treasurer
-------------------------------
Title
Address:
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
By /s/R. J. Hanson
--------------------------------
Its PRESIDENT AND CHIEF EXECUTIVE OFFICER
Title
Amendment No. 3
to
Power Contract
AMENDMENT, dated as of this 24th day of April, 1985, between VERMONT YANKEE
NUCLEAR CORPORATION ("Vermont Yankee"), a Vermont corporation, and WESTERN
MASSACHUSETTS ELECTRIC COMPANY, a Massachusetts corporation (the "Purchaser"),
for itself and as successor to The Hartford Electric Light Company ("HELC"), to
the Power Contracts dated February 1, 1968, as heretofore amended on June 1,
1972 and April 15, 1983, one between Vermont Yankee and HELC (collectively the
"Power Contract"), as previously amended.
WITNESSETH
WHEREAS, pursuant to the Power Contract, Vermont Yankee supplies to the
Purchaser and, pursuant to separate power contracts substantially identical to
the Power Contract except for the names of the parties, to the other Sponsors of
Vermont Yankee, each of whom is contemporaneously entering into an amendment to
its power contract which is identical hereto except for the necessary changes in
the names of the parties, all of the capacity and the electric energy available
from the nuclear generating unit owned by Vermont Yankee at a site adjacent to
the Connecticut River at Vernon, Vermont (such unit being herein together with
the site and all related facilities owned by Vermont Yankee, referred to as the
"Unit").
WHEREAS, Vermont Yankee, the Purchaser and the other Sponsors of Vermont
Yankee believe that the monthly payments provided in the Power Contracts are no
longer sufficient to provide a return on the equity investment in the Unit which
is equal to the return achieved on investments of comparable risk.
WHEREAS, in order to assure the maintenance of an appropriate level of
return on common equity, Vermont Yankee and the Purchaser have agreed to enter
into this Agreement.
NOW, THEREFORE, in consideration of the above and of other good and
valuable consideration, receipt of which is hereby acknowledged, the parties
hereto agree that the Power Contract is hereby amended as follows:
1. Terms used herein and not defined shall have the meanings set forth in
the Power Contract.
2. The fourth paragraph of Section 7 of the Power Contract is amended to
read as follows:
"Equity percentage" as of any date shall be eight and one-half percent (8
1/2%) or such greater percentage, if any, as shall be obtained by dividing (a)
the sum of (i) fifteen and one-half percent (15.5%) multiplied by common stock
equity investment as of such date plus (ii) the stated dividend rate per annum
of each issue of preferred stock bearing a particular dividend rate outstanding
on such date multiplied by the aggregate par value of said issue, by (b) equity
investment as of such date.
This Agreement shall become effective on May 14, 1985, or upon such later
date as it shall be permitted to become effective by the Federal Energy
Regulatory Commission or other governmental regulatory authority having
jurisdiction.
The Agreement may be executed in any number of counterparts and each
executed counterpart shall have the same force and effect as an original
instrument and as if both parties to all of the counterparts had signed the same
instrument. Any signature page of the Agreement may be detached from any
counterpart without impairing the legal effect of any signatures thereon, and
may be attached to another counterpart of this contract identical in form hereto
but having to it one more signature pages.
IN WITNESS WHEREOF, the parties have executed this Agreement by their
respective officers hereto duly authorized, as of the date first above written.
VERMONT YANKEE NUCLEAR POWER CORPORATION
By /s/John T. Pearson
----------------------------
Its Treasurer
-----------------------------
Title
Address:
WESTERN MASSACHUSETTS ELECTRIC COMPANY
By /s/E. James Ferland
----------------------------------
E. JAMES FERLAND
Its PRESIDENT AND CHIEF OPERATING