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Title: |
Decision |
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Entities: |
Connecticut Light & Power Co.; Northeast Utilities System; Jack R. Goldberg; Glenn Arthur; Department of Public Utility Control |
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Date: |
2001 |
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Size: |
Preview shows 3KB of 25KB total |
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Price: |
$36 |
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ID: |
#263790 |
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Start of Preview |
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August 31, 2001
By the following Commissioners:
Jack R. Goldberg
Glenn Arthur
John W. Betkoski, III
DECISION
DECISION
I. INTRODUCTION
A. Summary
B.
In this Decision, the Department of Public Utility Control
extends The Connecticut Light and Power Company's Receivables
Program through July 8, 2004. The Receivables Program provides
additional financial flexibility at a cost lower than the
Company's primary source of alternate short-term funding.
However, the Company is directed to use its own cash through
Northeast Utilities System Money Pool borrowing whenever such
borrowing proves beneficial.
A. B.Petition
B.
By supplemental application filed July 2, 2001
(Application), The Connecticut Light and Power Company (CL&P or
Company) requested approval of the Department of Public Utility
Control (Department) for the extension of the Company's
Receivable Program until July 8, 2004.
A. C.Background Of The Proceeding
B.
By Decision dated June 5, 1996, in above captioned Docket,
the Department of Public Utility Control (Department) approved
the sale from time to time of up to $200 million fractional
undivided ownership interests in billed and unbilled accounts
receivable (Receivables Program) of The Connecticut Light and
Power Company (CL&P or Company), pursuant to Section 16-43 of the
General Statutes of Connecticut (Conn. Gen. Stat.). In a
supplemental application dated June 30, 1997 (Supplemental
Application), filed pursuant to Conn. Gen. Stat. Section 16-43,
CL&P requested that the Department approve the formation of CL&P
Receivables Corporation (CRC) and the restructuring of the
Receivables Program from a one-step to a two-step sales
transaction. By Decision dated September 10, 1997 (Supplemental
Decision), the Department approved the formation of CRC and the
restructuring of the Receivables Program; and set forth, among
others, Order Nos. 4 and 6 as follows:
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