SEC Info - National Grid Group PLC - ‘U-1/A’ on 8/18/99

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National Grid Group PLC – ‘U-1/A’ on 8/18/99 – EX-99.3

On: Wednesday, 8/18/99 · Accession #: 898080-99-241 · File #: 70-09519

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/18/99  National Grid Group PLC           U-1/A                  4:61K                                    Dewey & Leboeuf LLP

Pre-Effective Amendment to Application or Declaration — Form U-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: U-1/A       Grid Financing U-1 Ad #1                               5     18K 
 2: EX-99.1     Exhibit C-2                                           11     46K 
 3: EX-99.2     Exhibit D-2                                            8     24K 
 4: EX-99.3     Exhibit D-3                                            5±    25K

EX-99.3 — Exhibit D-3

EX-99.3 1st “Page” of 2 TOC ↑Top Previous Next ↓Bottom Just 1st
 
Exhibit D-3                                                                     

                                                        [Enlarge/Download Table]

                                                              Dividends from Subs                                                 
                                                                   1994-1998                                                      
                                                              Dollars in thousands                                                

1998                                                                                                                              
----                                                                                                                              
                              NEP     Mass   Narragansett  Granite State  NEPSCo  NEHTECI  NEHTC  NERC   Total (1)                
                              ---     ----   ------------  -------------  ------  -------  -----  ----   ---------                
                                                                                                                                  
Earnings                    122,895  50,386     32,253         3,167       1,839   7,835   4,831  2,908                           
less: Preferred Dividends    (1,230)   (873)      (567)            0           0       0       0      0                           
less or plus: Loss or Gain                                                                                                        
  on Preferred stock                                                                                                              
  redemption                   (264)   (165)    (1,176)            0           0       0       0      0                           
                            -------  ------     ------        ------       -----   -----   -----  -----                           
Equals: Balance available                                                                                                         
  for Common                121,401  49,348     30,510         3,167       1,839   7,835   4,831  2,908  190,042 NEES Consolidated
                                                                                                                 Net Income       

Dividends paid to parent    130,610  41,967     73,612         2,174       1,839   7,975   5,769  1,250  265,196 Total Dividends  
                                                                                                                 from Subs        
                                                                                                         145,648 NEES Dividend    
                                                                                                                 Declared         
Payout Ratio (%)               108%     85%       241%           69%        100%    102%    119%     43%     77% NEES Consolidated
                                                                                                                 Payout Ratio     

1997                                                                                                                              
----                                                                                                                              
                              NEP     Mass   Narragansett  Granite State  NEPSCo  NEHTECI  NEHTC  NERC   Total (1)                
                              ---     ----   ------------  -------------  ------  -------  -----  ----   ---------                
Earnings                    144,543  65,758     27,932         2,209       1,839   8,221   5,190  2,540                           
less: Preferred Dividends    (2,075) (2,821)    (1,955)            0           0       0       0      0                           
less or plus: Loss or Gain                                                                                                        
  on Preferred stock                                                                                                              
  redemption                      0  (3,736)    (1,666)            0           0       0       0      0                           
                            -------  ------     ------        ------       -----   -----   -----  -----                           
Equals: Balance available                                                                                                         
  for Common                142,468  59,201     24,311         2,209       1,839   8,221   5,190  2,540  220,038 NEES Consolidated
                                                                                                                 Net Income       

Dividends paid to parent    135,448  23,981     14,722         1,027       1,839   8,035   5,139  1,000  191,191 Total Dividends  
                                                                                                                 from Subs        
                                                                                                         152,812 NEES Dividend    
                                                                                                                 Declared         
Payout Ratio (%)                95%     41%        61%           46%        100%     98%     99%    39%      69% NEES Consolidated
                                                                                                                 Payout Ratio     

1996                                                                                                                              
----                                                                                                                              
                              NEP     Mass   Narragansett  Granite State  NEPSCo  NEHTECI  NEHTC  NERC   Total (1)                
                              ---     ----   ------------  -------------  ------  -------  -----  ----   ---------                
Earnings                    152,483  37,926     22,954         1,704       1,839   8,932   5,447  2,835                           
less: Preferred Dividends    (2,574) (3,114)    (2,143)            0           0       0       0      0                           
less or plus: Loss or Gain                                                                                                        
  on Preferred stock                                                                                                              
  redemption                  1,368       0          0             0           0       0       0      0                           
                            -------  ------     ------        ------       -----   -----   -----  -----                           
Equals: Balance available                                                                                                         
  for Common                151,277  34,812     20,811         1,704       1,839   8,932   5,447  2,835  208,936 NEES Consolidated
                                                                                                                 Net Income       

Dividends paid to parent    134,158  19,184      9,060         1,057         165  11,600   4,767  2,000  181,991 Total Dividends  
                                                                                                                 from Subs        
                                                                                                         153,173 NEES Dividend    
                                                                                                                 Declared         
Payout Ratio (%)                89%     55%        44%           62%          9%    130%     88%    71%      73% NEES Consolidated
                                                                                                                 Payout Ratio     

1995                                                                                                                              
----                                                                                                                              
                              NEP     Mass   Narragansett  Granite State  NEPSCo  NEHTECI  NEHTC  NERC   Total (1)                
                              ---     ----   ------------  -------------  ------  -------  -----  ----   ---------                
Earnings                    151,427  29,101     23,910         1,412         165   9,924   6,023  4,602                           
less: Preferred Dividends    (3,433) (3,114)    (2,143)            0           0       0       0      0                           
less or plus: Loss or Gain                                                                                                        
  on Preferred stock                                                                                                              
  redemption                      0       0          0             0           0       0       0      0                           
                            -------  ------     ------        ------       -----   -----   -----  -----                           
Equals: Balance available                                                                                                         
  for Common                147,994  25,987     21,767         1,412         165   9,924   6,023  4,602  204,757 NEES Consolidated
                                                                                                                 Net Income       

Dividends paid to parent    135,488  12,590      5,096           363         158  18,000   7,610  5,000  184,305 Total Dividends  
                                                                                                                 from Subs        
                                                                                                         152,273 NEES Dividend    
                                                                                                                 Declared         
Payout Ratio (%)                92%     48%        23%           26%         96%    181%    126%   109%      74% NEES Consolidated
                                                                                                                 Payout Ratio     

1994                                                                                                                              
----                                                                                                                              
                              NEP     Mass   Narragansett  Granite State  NEPSCo  NEHTECI  NEHTC  NERC   Total (1)                
                              ---     ----   ------------  -------------  ------  -------  -----  ----   ---------                
Earnings                    149,373  34,726     14,589         1,057         158   9,067   5,938  4,891                           
less: Preferred Dividends    (3,440) (3,114)    (2,143)            0           0       0       0      0                           
less or plus: Loss or Gain                                                                                                        
  on Preferred stock                                                                                                              
  redemption                      0       0          0             0           0       0       0      0                           
                            -------  ------     ------        ------       -----   -----   -----  -----                           
Equals: Balance available                                                                                                         
  for Common                145,933  31,612     12,446         1,057         158   9,067   5,938  4,891  199,426 NEES Consolidated
                                                                                                                 Net Income       

Dividends paid to parent    119,323  29,977      2,549           362         158  12,000   4,600  5,000  173,969 Total Dividends  
                                                                                                                 from Subs        
                                                                                                         148,456 NEES Dividend    
                                                                                                                 Declared         
Payout Ratio (%)                82%     95%        20%           34%        100%    132%     77%   102%      74% NEES Consolidated
                                                                                                                 Payout Ratio     

(1)  Only the NEES companies that paid a dividend to the parent are shown above.
     Net  Income  total is NEES  Consolidated,  which  includes  other  subs and
eliminations.                                                         

EX-99.3 Last “Page” of 2 TOC 1st Previous Next ↓Bottom Just 2nd
                                                        [Enlarge/Download Table]

                                       Earnings and Payout Ratios                                                          
                                          Dollars in thousands                                                             
                                                                                                                5-Year     
                                                                                                               Weighted    
                                       New England Power Company                                                Average    
---------------------------------------------------------------------------------------------------------     ----------   
                                                      1998       1997       1996        1995       1994                    

                                                                                                                           
Earnings                                            122,895    144,543    152,483     151,427    149,373                   
less: Preferred Dividends                            (1,230)    (2,075)    (2,574)     (3,433)    (3,440)                  
less or plus: Loss or Gain on Preferred stock                                                                              
  redemption (a)                                       (264)         0      1,368           0                              
                                                    -------    -------    -------     -------    -------                   
Equals: Balance available for Common                121,401    142,468    151,277     147,994    145,933                   

Dividends paid to parent                            130,610    135,448    134,158     135,488    119,323                   

Payout Ratio (%)                                       108%        95%        89%         92%        82%          92%      

Note: In 1998 NEP repurchased 2.7 million shares of its common stock from NEES for $418 million.   Approximately $194      
      million in connection with the repurchase was charged to retained earnings.                                          
Note: In 1996, NEP realized a gain of $1,818,180 on redemption of preferred which was not credited to retained earnings    
      but to paid in capital in accordance with FERC accounting rules. If this gain were excluded, NEP's payout ratio would
      have been 90%                                                                                                        

                                     Massachusetts Electric Company                                                        
---------------------------------------------------------------------------------------------------------                  
                                                      1998       1997       1996        1995       1994                    

Earnings                                             50,386     65,758     37,926      29,101     34,726                   
less: Preferred Dividends                              (873)    (2,821)    (3,114)     (3,114)    (3,114)                  
less or plus: Loss or Gain on Preferred stock                                                                              
  redemption                                           (165)    (3,736)                     0          0                   
                                                    -------    -------    -------     -------    -------                   
Equals: Balance available for Common                 49,348     59,201     34,812      25,987     31,612                   

Dividends paid to parent                             41,967     23,981     19,184      12,590     29,977                   

Payout Ratio (%)                                        85%        41%        55%         48%        95%          64%      

                                   The Narragansett Electric Company                                                       
---------------------------------------------------------------------------------------------------------                  
                                                      1998       1997       1996        1995       1994                    

Earnings                                             32,253     27,932     22,954      23,910     14,589                   
less: Preferred Dividends                              (567)    (1,955)    (2,143)     (2,143)    (2,143)                  
less or plus: Loss or Gain on Preferred stock                                                                              
  redemption                                         (1,176)    (1,666)         0           0          0                   
                                                    -------    -------    -------     -------    -------                   
Equals: Balance available for Common                 30,510     24,311     20,811      21,767     12,446                   

Dividends paid to parent                             73,612     14,722      9,060       5,096      2,549                   

Payout Ratio (%)                                       241%        61%        44%         23%        20%          96%      

Note: in 1998 The Narragansett Electric Company received approximately $40 million for sale to USGen of its percentage     
      of Manchester Street Station                                                                                         
The Payout Ratio excluding this payment is:  111%                                                                          

                                     Granite State Electric Company                                                        
---------------------------------------------------------------------------------------------------------                  
                                                      1998       1997       1996        1995       1994                    

Earnings                                              3,167      2,209      1,704       1,412      1,057                   
less: Preferred Dividends                                 0          0          0           0          0                   
less or plus: Loss or Gain on Preferred stock                                                                              
  redemption                                              0          0          0           0          0                   
                                                    -------    -------    -------     -------    -------                   
Equals: Balance available for Common                  3,167      2,209      1,704       1,412      1,057                   

Dividends paid to parent                              2,174      1,027      1,057         363        362                   

Payout Ratio (%)                                        69%        46%        62%         26%        34%          52%      

                                       Nantucket Electric Company                                                          
---------------------------------------------------------------------------------------------------------                  
                                                      1998       1997       1996        1995       1994                    

Earnings                                                567        503        356                                          
less: Preferred Dividends                                 0          0          0                                          
less or plus: Loss or Gain on Preferred stock                                                                              
  redemption                                              0          0          0                                          
                                                    -------    -------    -------                                          
Equals: Balance available for Common                    567        503        356                                          

Dividends paid to parent                                  0          0          0                                          

Payout Ratio (%)                                         0%         0%         0%                                  0%      

1996 Numbers are for the 9 months ended 12/31/96.                                                                          

                                        Total, NEP & the Retails                                                           
---------------------------------------------------------------------------------------------------------                  
Net Income available for common dividends           204,993    228,692    208,960     197,160    191,048                   
Dividends paid to parent                            248,363    175,178    163,459     153,537    152,211                   

Payout Ratio (%)                                       121%        77%        78%         78%        80%          87%

EX-99.3	1st “Page” of 2	TOC	↑Top	Previous	Next	↓Bottom	Just 1st

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Filing Submission 0000898080-99-000241 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

National Grid Group PLC – ‘U-1/A’ on 8/18/99 – EX-99.3

On: Wednesday, 8/18/99 · Accession #: 898080-99-241 · File #: 70-09519

Previous ‘U-1’: ‘U-1/A’ on 7/12/99 · Next: ‘U-1/A’ on 9/28/99 · Latest: ‘U-1/A’ on 3/15/00

Pre-Effective Amendment to Application or Declaration — Form U-1Filing Table of Contents

EX-99.3 — Exhibit D-3

Pre-Effective Amendment to Application or Declaration — Form U-1
Filing Table of Contents