New England Power Company
`
`FERC FORM NO.1
`FISCAL YEAR SUPPLEMENTAL STATEMENTS
`WITH CPA CERTIFICATION
`YEAR ENDED MARCH 31, 2020
`
`
`
`
`
`Independent Auditors’ Report
`
`Part 1: Identification – Attestation
`
` Comparative Balance Sheet
`
`
`
`
`
`
`
`Statement of Income
`
`Statement of Retained Earnings
`
`Statement of Cash Flows
`
`Page 1
`
`Pages 110 – 113
`
`Pages 114 – 117
`
`Pages 118 – 119
`
`Pages 120 – 121
`
` Notes to Financial Statements
`
`Pages 122.1 – 122.30
`
`
`
`Statements of Accumulated Comprehensive
`Income, Comprehensive Income, and
`Hedging Activities
`
`Pages 122a – 122b
`
`

`

`INDEPENDENT AUDITORS' REPORT
`
`To the Board of Directors of
`New England Power Company
`
`We have audited the accompanying financial statements of New England Power Company (the "Company"), which
`comprise the balance sheet – regulatory basis as of March 31, 2020, and the related statements of income –
`regulatory basis, retained earnings – regulatory basis, cash flows – regulatory basis and statements of accumulated
`comprehensive income, comprehensive income, and hedging activities – regulatory basis for the year then ended,
`included on pages 110 through 122b of the accompanying Federal Energy Regulatory Commission Form No.1 Fiscal
`Year Supplemental Statements, and the related notes to the financial statements.
`Management’s Responsibility for the Financial Statements
`Management is responsible for the preparation and fair presentation of these financial statements in accordance
`with the accounting requirements of the Federal Energy Regulatory Commission as set forth in its applicable
`Uniform System of Accounts and published accounting releases. Management is also responsible for the design,
`implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
`statements that are free from material misstatement, whether due to fraud or error.
`Auditors’ Responsibility
`Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
`audit in accordance with auditing standards generally accepted in the United States of America. Those standards
`require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
`are free from material misstatement.
`
`An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
`statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of
`material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,
`the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial
`statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
`expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such
`opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
`of significant accounting estimates made by management, as well as evaluating the overall presentation of the
`financial statements.
`
`We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
`opinion.
`Opinion
`In our opinion, the regulatory-basis financial statements referred to above present fairly, in all material respects, the
`assets, liabilities, and proprietary capital of New England Power Company as of March 31, 2020, and the results of
`its operations and its cash flows for the year then ended in accordance with the accounting requirements of the
`Federal Energy Regulatory Commission as set forth in its applicable Uniform System of Accounts and published
`accounting releases.
`
`

`

`Basis of Accounting
`We draw attention to Note 1 of the financial statements, which describes the basis of accounting. As discussed in
`Note 1 to the financial statements, these financial statements were prepared in accordance with the accounting
`requirements of the Federal Energy Regulatory Commission as set forth in its applicable Uniform System of
`Accounts and published accounting releases, which is a basis of accounting other than accounting principles
`generally accepted in the United States of America. Our opinion is not modified with respect to this matter.
`Restricted Use
`This report is intended solely for the information and use of the board of directors and management of the Company
`and for filing with the Federal Energy Regulatory Commission and is not intended to be and should not be used by
`anyone other than these specified parties.
`
`July 15, 2020
`
`

`

`01 Exact Legal Name of Respondent
`
`REPORT OF MAJOR ELECTRIC UTILITY, LICENSEES AND OTHERS
`IDENTIFICATION
`Year/Period of Report
`
`March 31, 2020
`New England Power Company
`03 Previous Name and Date of Change (If name changed during year)
`N/A
`04 Address of Principal Office at End of Year (Street, City, State, Zip Code)
`
`40 Sylvan Road, Waltham, MA 02451
`05 Name of Contact Person
`
`Julia Horan
`07 Address of Contact Person (Street, City, State, Zip Code)
`
`One Metrotech Center, Brooklyn, NY 11201-3850
`08 Telephone of Contact Person, Including Area Code
`
`(929) 324-4360
`
`06 Title of Contact Person
`
`Director, FERC Accounting
`
`09 This Report Is:
`X
`(1)
`An Original
`(2)
`A Resubmission
`
`10 Date of Report
`(Mo, Da, Yr)
`
`The undersigned officer certifies that:
`I have examined this report and to the best of my knowledge, information, and belief all statements of fact contained in this report are correct
`statements of the business affairs of the respondent and the financial statements, and other financial information contained in this report,
`conform in all material respects to the Uniform System of Accounts.
`
`QUARTERLY CORPORATE OFFICER CERTIFICATION
`
`01 Name
`
`03 Signature
`
`Christopher McCusker
`02 Title
`Vice President and NE Controller
`Title 18, U.S.C. 1001, makes it a crime for any person knowingly and willingly to make to any Agency or Department of the United States any
`false, fictitious or fraudulent statements as to any matter within its jurisdiction.
`
`21 Date Signed
`
`Page 1
`
`7/15/2020
`
`7/15/2020
`
`

`

`Name of Respondent
`
`New England Power Company
`
`This Report Is:
`(1) _X_ An Original
`(2) __ A Resubmission
`
`Date of Report
`(Mo, Da, Yr)
`July 15, 2020
`
`Year of Report
`
`March 31, 2020
`
`COMPARATIVE BALANCE SHEET (ASSETS AND OTHER DEBITS)
`Ref.
`Page No.
`(b)
`
`Balance at
`March 31, 2020
`(c)
`
`Balance at
`March 31, 2019
`(d)
`
`3,487,869,779
`136,049,358
`3,623,919,137
`607,425,291
`3,016,493,846
`-
`-
`-
`-
`-
`-
`-
`3,016,493,846
`-
`-
`
`5,141,902
`572,475
`-
`3,519,623
`
`-
`41,007
`-
`-
`-
`11,439,956
`-
`-
`-
`19,570,013
`
`-
`33,453
`-
`-
`-
`-
`5,286,678
`6,029,238
`1,221,251
`43,570,016
`99,755,900
`11,223
`-
`-
`2,810,517
`-
`-
`-
`-
`
`3,161,823,723
`242,859,406
`3,404,683,129
`547,066,067
`2,857,617,062
`-
`-
`-
`-
`-
`-
`-
`2,857,617,062
`-
`-
`
`5,154,738
`69,742
`-
`3,231,732
`
`-
`41,007
`-
`-
`-
`11,728,969
`-
`-
`-
`20,086,704
`
`-
`8,168
`-
`-
`-
`-
`2,312,542
`3,770,100
`559,352
`18,364,159
`77,456,076
`30,135
`-
`-
`1,598,547
`-
`-
`-
`-
`
`Title of Account
`Line
`(a)
`No.
`UTILITY PLANT
`1
`2 Utility Plant (101-106, 114)
`3
`Construction Work in Progress (107)
`4
`TOTAL Utility Plant (Enter Total of lines 2 and 3)
`5
`(Less) Accum. Prov. for Depr. Amort. Depl. (108, 110, 111, 115)
`6 Net Utility Plant (Enter Total of line 4 less 5)
`7 Nuclear Fuel in Process of Ref., Conv.,Enrich., and Fab. (120.1)
`8 Nuclear Fuel in Materials and Assemblies-Stock Account (120.2)
`9 Nuclear Fuel Assemblies in Reactor (120.3)
`10 Spent Nuclear Fuel (120.4)
`11 Nuclear Fuel Under Capital Leases (120.6)
`12 (Less) Accum. Prov. For Amort. Of Nucl. Fuel Assemblies (120.5)
`13 Net Nuclear Fuel (Enter Total of lines 7-11 less 12)
`14 Net Utility Plant (Enter Total of lines 6 and 13)
`15 Utility Plant Adjustments (116)
`16 Gas Stored Underground - Noncurrent (117)
`OTHER PROPERTY AND INVESTMENTS
`17
`18 Nonutility Property (121)
`19 (Less) Accum. Prov. For Depr. And Amort. (122)
`20 Investments in Associated Companies (123)
`21 Investment in Subsidiary Companies (123.1)
`22 (For Cost of Account 123.1, See Footnote Page 224, line 42)
`23 Noncurrent Portion of Allowances
`24 Other Investments (124)
`25 Sinking Funds (125)
`26 Depreciation Fund (126)
`27 Amortization Fund - Federal (127)
`28 Other Special Funds (128)
`29 Special Funds (Non Major Only) (129)
`30 Long-Term Portion of Derivative Assets (175)
`31 Long-Term Portion of Derivative Assets - Hedges (176)
`32 TOTAL Other Property and Investments (Lines 18-21 and 23-31)
`CURRENT AND ACCRUED ASSETS
`33
`34 Cash and Working Funds (Non-major Only) (130)
`35 Cash (131)
`36 Special Deposits (132-134)
`37 Working Fund (135)
`38 Temporary Cash Investments (136)
`39 Notes Receivable (141)
`40 Customer Accounts Receivable (142)
`41 Other Accounts Receivable (143)
`42 (Less) Accum. Prov. For Uncollectible Acct.-Credit (144)
`43 Notes Receivable from Associated Companies (145)
`44 Accounts Receivable from Assoc. Companies (146)
`45 Fuel Stock (151)
`46 Fuel Stock Expenses Undistributed (152)
`47 Residuals (Elec) and Extracted Products (153)
`48 Plant Materials and Operating Supplies (154)
`49 Merchandise (155)
`50 Other Materials and Supplies (156)
`51 Nuclear Materials Held for Sale (157)
`52 Allowances (158.1 and 158.2)
`
`200-201
`200-201
`
`200-201
`
`202-203
`
`202-203
`
`224-225
`
`228-229
`
`227
`227
`227
`227
`227
`227
`202-203/227
`228-229
`
`PAGE 110
`
`

`

`Name of Respondent
`
`New England Power Company
`
`This Report Is:
`(1) _X_ An Original
`(2) __ A Resubmission
`
`Date of Report
`(Mo, Da, Yr)
`July 15, 2020
`
`Year of Report
`
`March 31, 2020
`
`COMPARATIVE BALANCE SHEET (ASSETS AND OTHER DEBITS) (Continued)
`Ref.
`Page No.
`(b)
`
`Title of Account
`Line
`(a)
`No.
`53 (Less) Noncurrent Portion of Allowances
`54 Stores Expense Undistributed (163)
`55 Gas Stored Underground - Current (164.1)
`56 Liquefied Natural Gas Stored and Held for Processing (164.2-164.3)
`57 Prepayments (165)
`58 Advances for Gas (166-167)
`59 Interest and Dividends Receivable (171)
`60 Rents Receivable (172)
`61 Accrued Utility Revenues (173)
`62 Miscellaneous Current and Accrued Assets (174)
`63 Derivative Instrument Assets (175)
`64 (Less) Long-Term Portion of Derivative Instrument Assets (175)
`65 Derivative Instrument Assets - Hedges (176)
`66 (Less) Long-Term Portion of Derivative Instrument Assets - Hedges (176)
`67 Total Current and Accrued Assets (Lines 34 through 66)
`DEFERRED DEBITS
`68
`69 Unamortized Debt Expenses (181)
`70 Extraordinary Property Losses (182.1)
`71 Unrecovered Plant and Regulatory Study Costs (182.2)
`72 Other Regulatory Assets (182.3)
`73 Prelim. Survey and Investigation Charges (Electric) (183)
`74 Preliminary Natural Gas Survey and Investigation Charges 183.1)
`75 Other Preliminary Survey and Investigation Charges (183.2)
`76 Clearing Accounts (184)
`77 Temporary Facilities (185)
`78 Miscellaneous Deferred Debits (186)
`79 Def. Losses from Disposition of Utility Plt. (187)
`80 Research, Devel. and Demonstration Expend. (188)
`81 Unamortized Loss on Reacquired Debt (189)
`82 Accumulated Deferred Income Taxes (190)
`83 Unrecovered Purchased Gas Costs (191)
`84 Total Deferred Debits (lines 69 through 83)
`85 TOTAL ASSETS (lines 14-16, 32, 67, and 84)
`
`227
`
`230a
`230b
`232
`
`233
`
`352-353
`
`234
`
`Balance at
`March 31, 2020
`(c)
`
`Balance at
`March 31, 2019
`(d)
`
`-
`-
`-
`-
`7,542,396
`-
`-
`51,006
`-
`-
`-
`-
`-
`-
`163,869,176
`
`4,078,479
`-
`-
`83,345,665
`19,940,920
`-
`-
`3,992
`-
`23,323,469
`-
`-
`-
`110,535,662
`-
`241,228,187
`3,441,161,222
`
`-
`-
`-
`-
`867,643
`-
`-
`39,485
`-
`1,416,147
`-
`-
`-
`-
`105,303,650
`
`4,527,850
`-
`-
`91,228,480
`13,124,318
`-
`-
`4,082
`-
`19,282,556
`-
`-
`-
`130,593,373
`-
`258,760,659
`3,241,768,075
`
`PAGE 111
`
`

`

`Name of Respondent
`
`New England Power Company
`
`This Report Is:
`(1) _X_ An Original
`(2) __ A Resubmission
`
`Date of Report
`(Mo, Da, Yr)
`July 15, 2020
`
`Year of Report
`
`March 31, 2020
`
`COMPARATIVE BALANCE SHEET (LIABILITIES AND OTHER CREDITS)
`Ref.
`Page No.
`(b)
`
`Balance at
`March 31, 2020
`(c)
`
`Balance at
`March 31, 2019
`(d)
`
`72,397,920
`1,111,700
`-
`-
`-
`1,442,581,000
`-
`-
`-
`157,866,371
`(1,114,502)
`-
`-
`(275,884)
`1,672,566,605
`
`792,600,000
`-
`-
`-
`-
`2,487,593
`790,112,407
`
`1,036,952
`-
`750,606
`-
`1,783,595
`-
`-
`-
`94,926
`3,666,079
`
`-
`23,511,735
`-
`30,909,471
`784,335
`28,649,392
`5,207,141
`-
`-
`
`72,397,920
`1,111,700
`-
`-
`-
`1,317,581,000
`-
`-
`-
`185,470,673
`(1,402,392)
`-
`-
`40,281
`1,575,199,182
`
`692,600,000
`-
`-
`-
`-
`2,577,649
`690,022,351
`
`-
`-
`817,241
`-
`1,915,262
`-
`-
`-
`94,299
`2,826,802
`
`-
`19,741,301
`-
`25,585,345
`560,360
`36,004,281
`5,085,128
`-
`-
`
`Title of Account
`Line
`(a)
`No.
`PROPRIETARY CAPITAL
`1
`Common Stock Issued (201)
`2
`Preferred Stock Issued (204)
`3
`Capital Stock Subscribed (202, 205)
`4
`Stock Liability for Conversion (203, 206)
`5
`Premium on Capital Stock (207)
`6
`7 Other Paid-In Capital (208-211)
`8
`Installments Received on Capital Stock (212)
`9
`(Less) Discount on Capital Stock (213)
`10 (Less) Capital Stock Expense (214)
`11 Retained Earnings (215, 215.1, 216)
`12 Unappropriated Undistributed Subsidiary Earnings (216.1)
`13 (Less) Reacquired Capital Stock (217)
`14 Noncorporate Proprietorship (Non-major only) (218)
`15 Accumulated Other Comprehensive Income (219)
`16 Total Proprietary Capital (lines 2 through 15)
`LONG-TERM DEBT
`17
`18 Bonds (221)
`19 (Less) Reacquired Bonds (222)
`20 Advances from Associated Companies (223)
`21 Other Long-Term Debt (224)
`22 Unamortized Premium on Long-Term Debt (225)
`23 (Less) Unamortized Discount on Long-Term Debt-Debit (226)
`24 TOTAL Long-Term Debt (Enter Total of lines 18 through 23)
`OTHER NONCURRENT LIABILITIES
`25
`26 Obligations Under Capital Leases - Noncurrent (227)
`27 Accumulated Provision for Property Insurance (228.1)
`28 Accumulated Provision for Injuries and Damages (228.2)
`29 Accumulated Provision for Pensions and Benefits (228.3)
`30 Accumulated Miscellaneous Operating Provisions (228.4)
`31 Accumulated Provision for Rate Refunds (229)
`32 Long-Term Portion of Derivative Instrument Liabilities
`33 Long-Term Portion of Derivative Instrument Liabilities - Hedges
`34 Asset Retirement Obligations (230)
`35 Total Other Noncurrent Liabilities (lines 26 through 34)
`CURRENT AND ACCRUED LIABILITIES
`36
`37 Notes Payable (231)
`38 Accounts Payable (232)
`39 Notes Payable to Associated Companies (233)
`40 Accounts Payable to Associated Companies (234)
`41 Customer Deposits (235)
`42 Taxes Accrued (236)
`43 Interest Accrued (237)
`44 Dividends Declared (238)
`45 Matured Long-Term Debt (239)
`
`250-251
`250-251
`
`253
`252
`254
`254
`118-119
`118-119
`250-251
`
`122(a)(b)
`
`256-257
`256-257
`256-257
`256-257
`
`262-263
`
`PAGE 112
`
`

`

`Name of Respondent
`
`New England Power Company
`
`This Report Is:
`(1) _X_ An Original
`(2) __ A Resubmission
`
`Date of Report
`(Mo, Da, Yr)
`July 15, 2020
`
`Year of Report
`
`March 31, 2020
`
`COMPARATIVE BALANCE SHEET (LIABILITIES AND OTHER CREDITS)
`Ref.
`Page No.
`(b)
`
`Title of Account
`(a)
`
`Line
`No.
`46 Matured Interest (240)
`47 Tax Collections Payable (241)
`48 Miscellaneous Current and Accrued Liabilities (242)
`49 Obligations Under Capital Leases-Current (243)
`50 Derivative Instrument Liabilities (244)
`51 (Less) Long-Term Portion of Derivative Instrument Liabilities
`52 Derivative Instrument Liabilities - Hedges (245)
`53 (Less) Long-Term Portion of Derivative Instrument Liabilities-Hedges
`54 Total Current and Accrued Liabilities (lines 37 through 53)
`DEFERRED CREDITS
`55
`56 Customer Advances for Construction (252)
`57 Accumulated Deferred Investment Tax Credits (255)
`58 Deferred Gains from Disposition of Utility Plant (256)
`59 Other Deferred Credits (253)
`60 Other Regulatory Liabilities (254)
`61 Unamortized Gain on Reacquired Debt (257)
`62 Accum. Deferred Income Taxes-Accel. Amort.(281)
`63 Accum. Deferred Income Taxes-Other Property (282)
`64 Accum. Deferred Income Taxes-Other (283)
`65 Total Deferred Credits (lines 56 through 64)
`66 TOTAL LIABILITIES AND STOCKHOLDER EQUITY (lines 16, 24, 35, 54, and 65)
`
`Balance at
`March 31, 2020
`(c)
`
`Balance at
`March 31, 2019
`(d)
`
`-
`-
`44,493,891
`178,455
`-
`-
`-
`-
`133,734,420
`
`-
`1,877,049
`-
`26,672,517
`337,063,749
`-
`-
`445,521,497
`29,946,899
`841,081,711
`3,441,161,222
`
`-
`-
`41,149,221
`-
`-
`-
`-
`-
`128,125,636
`
`-
`2,123,377
`-
`32,520,931
`332,225,004
`-
`-
`445,155,551
`33,569,241
`845,594,104
`3,241,768,075
`
`266-267
`
`269
`278
`
`272-277
`
`PAGE 113
`
`

`

`Name of Respondent
`
`New England Power Company
`
`This Report Is:
`(1) _X_ An Original
`(2) __ A Resubmission
`
`Date of Report
`(Mo, Da, Yr)
`July 15, 2020
`
`Year of Report
`
`March 31, 2020
`
`STATEMENT OF INCOME FOR THE YEAR (Continued)
`
`1. Report amounts for accounts 412 and 413, Revenue
`and Expenses from Utility Plant Leased to Others, in another
`utility column (i,k,m,o) in a similar manner to a utility depart-
`ment. Spread the amount(s) over lines 02 thru 24 as ap-
`propriate. Include these amounts in columns (c) and (d)
`totals.
`2. Report amounts in account 414, Other Utility Operating
`Income, in the same manner as accounts 412 and 413 above.
`3. Report data for lines 7, 9, and 10 for Natural Gas com-
`panies using accounts 404.1, 404.2, 404.3, 407.1 and 407.2
`4. Use page 122 for important notes regarding the state-
`ment of income for any account thereof.
`
`5. Give concise explanations concerning unsettled rate
`proceedings where a contingency exists such that refunds
`of a material amount may need to be made to the utility's
`customers or which may result in a material refund to the
`utility with respect to power or gas purchases. State for each
`year affected the gross revenues or costs to which the con-
`tingency relates and the tax effects together with an explana-
`tion of the major factors which affect the rights of the utility
`to retain such revenues or recover amounts paid with respect
`to power and gas purchases.
`6. Give concise explanations concerning significant
`amounts of any refunds made or received during the year
`
`Line
`No.
`
`Account
`
`(a)
`UTILITY OPERATING INCOME
`1
`2 Operating Revenues (400)
`3 Operating Expenses
`4 Operation Expenses (401)
`5 Maintenance Expenses (402)
`6 Depreciation Expense (403)
`7 Depreciation Expense for Asset Retirement Costs (403.1)
`8
`Amort. & Depl. of Utility Plant (404-405)
`9
`Amort. of Utility Plant Acq. Adj. (406)
`10 Amort. Property Losses, Unrecov Plant and Regulatory Study Costs (407)
`11 Amort. of Conversion Expenses (407)
`12 Regulatory Debits (407.3)
`13 (Less) Regulatory Credits (407.4)
`14 Taxes Other Than Income Taxes (408.1)
`15 Income Taxes - Federal (409.1)
`16
`- Other (409.1)
`17 Provision for Deferred Income Taxes (410.1)
`18 (Less) Provision for Deferred Income Taxes-Cr. (411.1)
`19 Investment Tax Credit Adj. - Net (411.4)
`20 (Less) Gains from Disp. of Utility Plant (411.6)
`21 Losses from Disp. of Utility Plant (411.7)
`22 (Less) Gains from Disposition of Allowances (411.8)
`23 Losses from Disposition of Allowances (411.9)
`24 Accretion Expense (411.10)
`25 TOTAL Utility Operating Expenses (Enter Total of lines 4 thru 24)
`26 Net Util Oper Inc (Enter Tot line 2 less 25) Carry to Pg 117, line 27
`
`PAGE 114
`
`(Ref.)
`Page
`No.
`(b)
`
`300-301
`
`320-323
`320-323
`336-337
`336-337
`336-337
`336-337
`
`262-263
`262-263
`262-263
`234,272-277
`234,272-277
`266
`
`TOTAL
`
`Current Year
`
`Prior Year
`
`(c)
`
`(d)
`
`439,763,606
`
`421,995,484
`
`86,932,154
`20,091,685
`67,480,122
`-
`330,518
`-
`-
`-
`-
`42,323
`53,490,581
`27,092,200
`6,970,789
`23,666,300
`7,009,351
`(246,328)
`-
`-
`-
`-
`-
`278,756,347
`161,007,259
`
`88,939,265
`25,897,575
`62,917,797
`-
`232,118
`-
`-
`-
`-
`42,323
`51,830,784
`14,520,368
`5,684,832
`30,520,555
`7,554,347
`(272,029)
`-
`-
`-
`-
`4,007
`272,678,602
`149,316,882
`
`

`

`Name of Respondent
`
`New England Power Company
`
`This Report Is:
`(1) _X_ An Original
`(2) __ A Resubmission
`
`Date of Report
`(Mo, Da, Yr)
`July 15, 2020
`
`Year of Report
`
`March 31, 2020
`
`STATEMENT OF INCOME FOR THE YEAR
`
`resulting from settlement of any rate proceeding affecting
`revenues received or costs incurred for power or gas pur-
`chases, and a summary of the adjustments made to balance
`sheet, income, and expense accounts.
`7. If any notes appearing in the report to stockholders are
`applicable to this Statement of Income, such notes may be at-
`tached at page 122.
`8. Enter on page 122 a concise explanation of only those
`changes in accounting methods made during the year which
`
`had an effect on net income, including the basis of allocations
`and apportionments from those used in the preceding year.
`Also give the approximate dollar effect of such changes.
`9. Explain in a footnote if the previous year's figures are
`different from that reported in prior reports.
`10. If the columns are insufficient for reporting additional
`utility departments, supply the appropriate account titles, lines
`2 to 23, and report the information in the blank space on page
`122 or in a supplemental statement.
`
`Line
`No.
`
`1
`
`23
`
`4
`5
`6
`7
`8
`9
`10
`11
`12
`13
`14
`15
`16
`17
`18
`19
`20
`21
`22
`23
`24
`25
`26
`
`-
`
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`
`ELECTRIC UTILITY
`
`GAS UTILITY
`
`OTHER UTILITY
`
`Current Year
`
`Previous Year
`
`Current Year
`
`Previous Year
`
`Current Year
`
`Previous Year
`
`(e)
`
`(f)
`
`(g)
`
`(h)
`
`(i)
`
`(j)
`
`439,763,606
`
`421,995,484
`
`86,932,154
`20,091,685
`67,480,122
`-
`330,518
`-
`-
`-
`-
`42,323
`53,490,581
`27,092,200
`6,970,789
`23,666,300
`7,009,351
`(246,328)
`-
`-
`-
`-
`-
`278,756,347
`161,007,259
`
`88,939,265
`25,897,575
`62,917,797
`-
`232,118
`-
`-
`-
`-
`42,323
`51,830,784
`14,520,368
`5,684,832
`30,520,555
`7,554,347
`(272,029)
`-
`-
`-
`-
`4,007
`272,678,602
`149,316,882
`
`-
`
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`
`-
`
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`
`-
`
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`-
`
`PAGE 115
`
`

`

`Blank Page
`Blank Page
`(Next Page is 117)
`(Next Page is 117)
`
`

`

`Name of Respondent
`
`New England Power Company
`
`This Report Is:
`(1) _X_ An Original
`(2) __ A Resubmission
`
`Date of Report
`(Mo, Da, Yr)
`July 15, 2020
`
`Year of Report
`
`March 31, 2020
`
`STATEMENT OF INCOME FOR THE YEAR (Continued)
`
`Line
`No.
`
`Account
`
`(a)
`27 Net Utility Operating Income (Carried forward from page 114)
`28 Other Income and Deductions
`29 Other Income
`30 Nonutility Operating Income
`31 Revenues From Merchandising, Jobbing and Contract Work (415)
`32 (Less) Costs and Exp. of Merchandising, Job & Contract Work (416)
`33 Revenues From Nonutility Operations (417)
`34 (Less) Expenses of Nonutility Operations (417.1)
`35 Nonoperating Rental Income (418)
`36 Equity in Earnings of Subsidiary Companies (418.1)
`37 Interest and Dividend Income (419)
`38 Allowance for Other Funds Used During Construction (419.1)
`39 Miscellaneous Nonoperating Income (421)
`40 Gain on Disposition of Property (421.1)
`41 TOTAL Other Income (Enter Total of lines 31 thru 40)
`42 Other Income Deductions
`43 Loss on Disposition of Property (421.2)
`44 Miscellaneous Amortization (425)
`45 Donations (426.1)
`46 Life Insurance (426.2)
`47 Penalties (426.3)
`48 Exp.for Certain Civic, Political & Related Activities (426.4)
`49 Other Deductions (426.5)
`50 TOTAL Other Income Deductions (Total of lines 43 thru 49)
`51 Taxes Applic. to Other Income and Deductions
`52 Taxes Other Than Income Taxes (408.2)
`53 Income Taxes-Federal (409.2)
`54 Income Taxes-Other (409.2)
`55 Provision for Deferred Inc. Taxes (410.2)
`56 (Less) Provision for Deferred Income Taxes-Cr. (411.2)
`57 Investment Tax Credit Adj.-Net (411.5)
`58 (Less) Investment Tax Credits (420)
`59 TOTAL Taxes on Other Income and Deductions (Total of lines 52-58)
`60 Net Other Income and Deductions (Total of lines 41, 50, 59)
`61 Interest Charges
`62 Interest on Long-Term Debt (427)
`63 Amort. of Debt Disc. and Expense (428)
`64 Amortization of Loss on Reacquired Debt (428.1)
`65 (Less) Amort. of Premium on Debt-Credit (429)
`66 (Less) Amortization of Gain on Reacquired Debt-Credit (429.1)
`67 Interest on Debt to Assoc. Companies (430)
`68 Other Interest Expense (431)
`69 (Less) Allowance for Borrowed Funds Used During Construction-Cr. (432)
`70 Net Interest Charges (Enter Total of lines 62 thru 69)
`71 Income Before Extraordinary Items (Total of lines 27, 60 and 70)
`72 Extraordinary Items
`73 Extraordinary Income (434)
`74 (Less) Extraordinary Deductions (435)
`75 Net Extraordinary Items (Total of line 73 less line 74)
`76 Income Taxes-Federal and Other (409.3)
`77 Extraordinary Items After Taxes (line 75 less line 76)
`78 Net Income (Total of line 71 and 77)
`
`PAGE 117
`
`(Ref.)
`Page
`No.
`(b)
`
`119
`
`340
`340
`
`262-263
`262-263
`262-263
`234,272-277
`234,272-277
`
`340
`340
`
`262-263
`
`TOTAL
`
`Current Year
`
`Prior Year
`
`(c)
`161,007,259
`
`(d)
`149,316,882
`
`-
`-
`308,618
`443,211
`800
`287,890
`1,016,084
`6,076,565
`434,480
`-
`7,681,226
`-
`10,455
`-
`55,147
`(6,124)
`179
`119,205
`2,337,194
`2,516,056
`
`184,298
`(47,715)
`(1,293)
`485
`-
`-
`-
`135,775
`5,029,395
`
`19,599,422
`808,986
`-
`-
`-
`597,604
`8,678,858
`1,411,709
`28,273,161
`137,763,493
`
`-
`-
`-
`-
`-
`137,763,493
`
`-
`-
`85,929
`829,315
`800
`166,245
`5,049,161
`9,828,816
`632,278
`-
`14,933,914
`-
`-
`-
`28,157
`39,546
`-
`197,660
`2,399,218
`2,664,581
`
`176,220
`285,293
`125,737
`160,434
`-
`-
`-
`747,684
`11,521,649
`
`20,212,321
`823,653
`-
`-
`-
`11,722
`7,341,755
`964,071
`27,425,380
`133,413,151
`
`-
`-
`-
`-
`-
`133,413,151
`
`

`

`Name of Respondent
`
`New England Power Company
`
`This Report Is:
`(1) _X_ An Original
`(2) __ A Resubmission
`
`Date of Report
`
`(Mo, Da, Yr)
`July 15, 2020
`
`Year of Report
`
`March 31, 2020
`
`STATEMENT OF RETAINED EARNINGS FOR THE YEAR
`
`1. Report all changes in appropriated retained earnings,
`unappropriated retained earnings, and unappropriated un-
`distributed subsidiary earnings for the year.
`2. Each credit and debit during the year should be iden-
`tified as to the retained earnings account in which recorded
`(Accounts 433, 436-439 inclusive). Show the contra primary
`account affected in column (b).
`3. State the purpose and amount for each reservation or
`appropriation of retained earnings.
`4. List first Account 439, Adjustments to Retained Earn-
`ings, reflecting adjustments to the opening balance of retained
`earnings. Follow by credit, then debit items, in that order.
`
`5. Show dividends for each class and series of capital
`stock.
`6. Show separately the State and Federal income tax ef-
`fect of items shown for Account 439, Adjustments to
`Retained Earnings.
`7. Explain in a footnote the basis for determining the
`amount reserved or appropriated. If such reservation or ap-
`propriation is to be recurrent, state the number and annual
`amounts to be reserved or appropriated as well as the totals
`eventually to be accumulated.
`8. If any notes appearing in the report to stockholders are
`applicable to this statement, attach them at page 122.
`
`Item
`
`(a)
`UNAPPROPRIATED RETAINED EARNINGS (Account 216)
`Balance - Beginning of Year
`Changes (Identify by prescribed retained earnings accounts)
`Adjustments to Retained Earnings (Account 439)
`Implementation of recognition and measurement of financial assets and liabilities standard
`
`Contra
`Primary
`Account
`Affected
`(b)
`
`Current Year
`
`Previous Year
`
`(c)
`
`(d)
`
`185,470,673
`
`271,752,173
`
`(13,203)
`
`1,119,045
`
`TOTAL Credits to Retained Earnings (Account 439)
`
`(13,203)
`
`1,119,045
`
`Line
`No.
`
`1
`2
`3
`4
`
`56789
`
`10
`11
`12
`13
`14
`15 TOTAL Debits to Retained Earnings (Account 439)
`16 Balance Transferred from Income (Account 433 less Account 418.1)
`17 Appropriations of Retained Earnings (Account 436)
`18
`19
`20
`21
`22 TOTAL Appropriations of Retained Earnings (Acct. 436)
`23 Dividends Declared-Preferred Stock (Account 437)
`24 Dividends Declared-Preferred Stock (Account 437)
`25
`26
`27
`28
`29 TOTAL Dividends Declared-Preferred Stock (Acct. 437)
`30 Dividends Declared-Common Stock (Account 438)
`31 Dividends Declared-Common Stock
`32
`33
`34
`35
`36 TOTAL Dividends Declared-Common Stock (Acct. 438)
`37 Transfers from Acct. 216.1, Unappropriated Undistributed Subsidiary Earnings
`38
`Balance-End of Year (Total 1, 9, 15, 16, 22, 29, 36 and 37)
`APPROPRIATED RETAINED EARNINGS (Account 215)
`
`39
`40
`
`PAGE 118
`
`-
`137,475,603
`
`-
`133,246,906
`
`-
`
`-
`
`(66,702)
`
`(66,702)
`
`(66,702)
`
`(66,702)
`
`(165,000,000)
`.
`
`(220,000,000)
`
`(165,000,000)
`-
`157,866,371
`
`(220,000,000)
`(580,749)
`185,470,673
`
`

`

`Name of Respondent
`
`New England Power Company
`
`This Report Is:
`(1) _X_ An Original
`(2) __ A Resubmission
`
`Date of Report
`
`(Mo, Da, Yr)
`July 15, 2020
`
`Year of Report
`
`March 31, 2020
`
`Line
`No.
`
`Item
`
`(a)
`
`STATEMENT OF RETAINED EARNINGS FOR THE YEAR
`Contra
`Primary
`Account
`Affected
`(b)
`
`Current Year
`
`Previous Year
`
`(c)
`
`(d)
`
`41
`42
`43
`44
`45 TOTAL Appropriated Retained Earnings (Account 215)
`APPROP.RETAINED EARNINGS - AMORT. RESERVE, FEDERAL (Account 215.1)
`46 TOTAL Approp. Retained Earnings-Amort. Reserve, Federal (Account 215.1)
`47 TOTAL Approp. Retained Earnings (Accounts 215, 215.1) (Total 45, 46)
`48 TOTAL Retained Earnings (Account 215, 215.1, 216) (Total 38, 47) (216.1)
`UNAPPROPRIATED UNDISTRIBUTED SUBSIDIARY EARNINGS (Account 216.1)
`
`49 Balance - Beginning of Year (Debit or Credit)
`50 Equity in Earnings for Year (Credit) (Account 418.1)
`51 (Less) Dividends Received (Debit)
`52 Transfers from Account 216, appropriated Undistributed Subsidiary Earnings
`53
`Balance - End of Year (Total lines 49 thru 52)
`
`-
`
`-
`
`-
`157,866,371
`
`-
`185,470,673
`
`(1,402,392)
`287,890
`-
`-
`(1,114,502)
`
`(2,149,386)
`166,245
`-
`580,749
`(1,402,392)
`
`PAGE 119
`
`

`

`Name of Respondent
`
`New England Power Company
`
`This Report Is:
`(1) _X_ An Original
`(2) __ A Resubmission
`
`Date of Report
`(Mo, Da, Yr)
`July 15, 2020
`
`Year of Report
`
`March 31, 2020
`
`Schedule Page: 118 Line No.: 4 Column: c
`
`FOOTNOTE DATA
`
`The Company implemented ASU 2018-02 (Income Statement-Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax
`Effects from Accumulated Other Comprehensive Income) for the fiscal year ended March 31, 2020, with a net impact of $13 thousand. See
`Note 2 "Summary of Significant Accounting Policies" for details.
`
`

`

`Name of Respondent
`
`New England Power Company
`
`This Report Is:
`(1) _X_ An Original
`(2) __ A Resubmission
`
`Date of Report
`(Mo, Da, Yr)
`July 15, 2020
`
`Year of Report
`
`March 31, 2020
`
`STATEMENT OF CASH FLOWS
`
`1. If the notes to the cash flow statement in the respondents
`annual stockholders report are applicable to this state-
`ment, such notes should be attached to page 12. Infor-
`mation about noncash investing and financing activities
`should be provided on page 12. Provide also on page 12
`a reconciliation between "Cash and Cash Equivalents at
`End of Year" with related amounts on the balance sheet.
`
`2. Under "Other" specify significant amounts and group
`others.
`
`3. Operating Activities--Other: include gains and losses
`pertaining to operating activities only. Gains and losses
`pertaining to investing and financing activities should
`be reported in those activities. Show on Page 12 the
`amounts of interest paid (net of amounts capitalized) and
`income taxes paid.
`
`Description (See Instructions for Explanation of Codes)
`(a)
`
`Line
`No.
`1 Net Cash Flow from Operating Activities:
`2 Net Income (Line 78(b) on page 117)
`3 Noncash Charges (Credits) to Income:
`4 Depreciation and Depletion
`5 Amortization of Debt Discount and Expense
`6 Amortization of Loss on Reacquired Debt
`7 Amortization of Regulatory Debits and Credits, Net
`8 Deferred Income Taxes (Net)
`9 Investment Tax Credit Adjustments (Net)
`10 Net (Increase) Decrease in Receivables
`11 Net (Increase) Decrease in Inventory
`12 Net (Increase) Decrease in Allowances Inventory
`13 Net Increase (Decrease) in Payables and Accrued Expenses
`14 Net (Increase) Decrease in Other Regulatory Assets
`15 Net Increase (Decrease) in Other Regulatory Liabilities
`16 (Less) Allowance for Other Funds Used During Construction
`17 (Less) Undistributed Earnings for Subsidiary Companies
`18 Other (provide details in footnote):
`19 Accounts receivable from/payable to affiliates, net
`20
`21
`22 Net Cash Provided by (Used in) Operating Activities (Total of lines 2 thru 21)
`23
`24 Cash Flows from Investment Activities:
`25 Construction and Acquisition of Plant (including land):
`26 Gross Additions to Utility Plant (less nuclear fuel)
`27 Gross Additions to Nuclear Fuel
`28 Gross Additions to Common Utility Plant
`29 Gross Additions to Nonutility Plant
`30 (Less) Allowance for Other Funds Used During Construction
`31 Other (provide details in footnote):
`32 Cost of Removal
`33
`34 Cash Outflows for Plant (Total of lines 26 thru 33)
`35
`36 Acquisition of Other Noncurrent Assets (d)
`37 Proceeds from Disposal of Noncurrent Assets (d)
`38
`39 Investments in and Advances to Assoc. and Subsidiary Companies
`40 Contributions and Advances from Assoc. and Subsidiary Companies
`41 Disposition of Investments in (and Advances to)
`42 Associated and Subsidiary Companies
`43
`44 Purchase of Investment Securities (a)
`45 Proceeds from Sales of Investment Securities (a)
`
`PAGE 120
`
`Current Year to Date
`(b)
`
`Previous Year to Date
`(c)
`
`137,763,493
`
`133,413,151
`
`67,810,640
`808,986
`-
`(42,323)
`16,657,434
`(246,328)
`(65,795,652)
`(1,193,058)
`-
`115,567
`15,574,593
`5,143,549
`6,076,565
`287,890
`(33,940,505)
`44,237,058
`
`63,149,915
`823,653
`-
`(42,323)
`23,126,642
`(272,029)
`1,583,785
`100,524
`-
`20,000,429
`(35,908,540)
`20,694,533
`9,828,816
`166,246
`6,378,374
`(17,216,440)
`
`180,528,999
`
`205,836,612
`
`-
`(217,075,821)
`-
`-
`12,836
`(6,076,565)
`(9,674)
`(4,879,385)
`
`-
`(174,360,623)
`-
`-
`-
`(9,828,816)
`(383)
`(6,954,055