EXHIBIT 10.16.4
FOURTH AMENDMENT TO THE RATE AGREEMENT
THIS FOURTH AMENDATORY AGREEMENT dated as of the date last written below
is between the parties to the agreement dated as of November 22, 1989, as
amended by the First Amendatory Agreement dated as of December 5, 1989, the
Second Amendatory Agreement dated as of December 12, 1989, and the Third
Amendatory Agreement dated as of December 28, 1993 (the "Rate Agreement")
between Northeast Utilities Service Company, acting on behalf of its parent
Northeast Utilities, and the Governor and Attorney General of the State of
New Hampshire, acting on behalf of the State of New Hampshire (the "State").
WHEREAS, the parties desire to amend the Rate Agreement in the respects
specified below, and the Attorney General is authorized to act for the State
in agreeing to such amendments.
NOW, THEREFORE, in consideration of the mutual agreement below, the
Parties agree as follows:
I. By Report and Order No. 21,090 in Dockets DR 93-092 and DE 93-114,
North Atlantic Energy Corporation (NAEC) was granted permission to purchase
and acquire an ownership interest in Seabrook Station Unit I from the Vermont
Electric Generation and Transmission Cooperative, Inc. Pursuant to the same
order, the Commission accepted a recommendation to approve PSNH's decision to
enter into a unit power sales contract with NAEC under which PSNH would
purchase the output of this new ownership interest from NAEC. These
approvals were conditioned upon there being no change in rates paid by
customers of PSNH under base assumptions. The transfer of ownership was
completed on February 15, 1994.
II. In order to accomplish the objective of generating no increase in
base rates due to the newly acquired interest in Seabrook, the "BA"
assumptions under the Exhibit C, Schedule 1 of the Rate Agreement, as
amended, need to be recalculated. A change to the "BA" assumptions
necessitates an amendment to the Rate Agreement. The Parties hereby agree
that the Rate Agreement is amended so that base rates reflect the "BA"
figures which are depicted in Schedule A to this Fourth Amendment. This
Fourth Amendment is subject to the approval of the New Hampshire Public
Utilities Commission under Paragraph 17 of the Rate Agreement.
III. This Fourth Amendment is executed by the parties subject to the
approval of PSNH creditors and the New Hampshire Public Utilities Commission.
IN WITNESS WHEREOF, each of the Parties has duly executed this Fourth
Amendatory Agreement as of the day and year first above written.
NORTHEAST UTILITIES SERVICE COMPANY
By /s/ John J. Roman
Date: 9-9-94
THE STATE OF NEW HAMPSHIRE
Jeffrey R. Howard
Attorney General
By /s/ Wynn E. Arnold,
Assistant Attorney General
Date: 9-21-94
SCHEDULE A
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
RESTATEMENT OF THE FPPAC BA FACTOR
REFLECTING EFFECT OF VEG&T ENTITLEMENT
(1)
1994
Updated, Restated 1994
Calculation of BA Change Costs Using Act. (2) Updated, Restated
for Effect of the VEG&T NAEC Capital Adjust for Reflecting
Seabrook Entitlement Structure VEG&T VEG&T
- -----------------------------------------------------------------------------
- -
Energy costs for own
generating units,
purchases and sales of
energy in Accounts 501,
518, 547 and 555 103,285 103,285
Small power producer
costs net of
amortizations 109,767 109,767
Seabrook Power Contract,
non energy 133,419 1,352 134,771
NHEC buyback agreement
costs, non energy 7,864 7,864
NU to NUNH slice transfer
of capacity - 0
Costs of Sharing Agreement
and NEPOOL (24,937) (24,937)
- ----------------------------------------------------------------------------
Total Amount - ENf 329,398 1,352 330,750
Total Amount - PCf - - -
Total Amount - EA - - -
- ----------------------------------------------------------------------------
Total Costs 329,398 1,352 330,750
============================================================================
Total system requirements -
kWh Req. 8,511,000 8,511,000
Delivery Efficiency
- DE .930233 .930233
- ----------------------------------------------------------------------------
Net system sales 7,917,213 7,917,213
============================================================================
Base Factor - BA ($/KWh) $ .04161 $ .04178
============================================================================
(1) As filed in Docket DR 92-165
(2) Reflects the impact of the VEG&T entitlement on Joint Dispatch Savings
and the prospective level of Seabrook Nuclear Property Tax approved by
the State in House Bill 53 on April 16, 1993.
SCHEDULE A
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
RESTATEMENT OF THE FPPAC BA FACTOR
REFLECTING EFFECT OF VEG&T ENTITLEMENT
(1)
1995
Updated, Restated 1995
Calculation of BA Change Costs Using Act. (2) Updated, Restated
for Effect of the VEG&T NAEC Capital Adjust Reflecting
Seabrook Entitlement Structure for VEG&T VEG&T
- -----------------------------------------------------------------------------
Energy costs for own
generating units,
purchases and sales of
energy in Accounts 501,
518, 547 and 555 124,292 124,292
Small power producer
costs net of amortizations 116,190 116,190
Seabrook Power Contract,
non energy 147,284 1,268 148,552
NHEC buyback agreement
costs, non energy 8,625 8,625
NU to NUNH slice transfer
of capacity - 0
Costs of Sharing Agreement
and NEPOOL (20,301) (20,301)
Total Amount - ENf 376,090 1,268 377,358
Total Amount - PCf - - -
Total Amount - EA - - -
- -----------------------------------------------------------------------------
Total Costs 376,090 1,268 377,358
=============================================================================
Total system requirements -
kWh Req. 8,751,000 8,751,000
Delivery Efficiency - DE .930233 .930233
- -----------------------------------------------------------------------------
Net system sales 8,140,469 8,140,469
=============================================================================
Base Factor - BA ($/KWh) $ .04620 $ .04636
=============================================================================
(1) As filed in Docket DR 92-165
(2) Reflects the impact of the VEG&T entitlement on Joint Dispatch Savings
and the prospective level of Seabrook Nuclear Property Tax approved by
the State in House Bill 53 on April 16, 1993.
SCHEDULE A
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
RESTATEMENT OF THE FPPAC BA FACTOR
REFLECTING EFFECT OF VEG&T ENTITLEMENT
(1)
1996
Updated, Restated 1996
Calculation of BA Change Costs Using Act. (2) Updated, Restated
for Effect of the VEG&T NAEC Capital Adjust for Reflecting
Seabrook Entitlement Structure VEG&T VEG&T
- ---------------------------------------------------------------------------
Energy costs for own
generating units,
purchases and sales of
energy in Accounts 501,
518, 547 and 555 145,862 145,862
Small power producer
costs net of amortizations 122,602 122,602
Seabrook Power Contract,
non energy 154,211 1,119 155,330
NHEC buyback agreement
costs, non energy 10,019 10,019
NU to NUNH slice transfer
of capacity - 0
Costs of Sharing Agreement
and NEPOOL (20,204) (20,204)
- --------------------------------------------------------------------------
Total Amount - ENf 412,490 1,119 413,609
Total Amount - PCf - - -
Total Amount - EA - - -
- --------------------------------------------------------------------------
Total Costs 412,490 1,119 413,609
==========================================================================
Total system requirements -
kWh Req. 8,974,000 8,974,000
Delivery Efficiency - DE .930233 .930233
- --------------------------------------------------------------------------
Net system sales 8,347,911 8,347,911
=========================================================================
Base Factor - BA ($/KWh) $ .04941 $ .04955
=========================================================================
(1) As filed in Docket DR 92-165
(2) Reflects the impact of the VEG&T entitlement on Joint Dispatch Savings
and the prospective level of Seabrook Nuclear Property Tax approved by
the State in House Bill 53 on April 16, 1993.