Eversource 2005 Annual Report Download - page 88

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86
Other in the tables includes the results for Mode 1 Communications,
Inc., an investor in Globix, the results of the non-energy-related
subsidiaries of Yankee (Yankee Energy Services Company, Yankee
Energy Financial Services Company, and NorConn Properties, Inc.),
the non-energy operations of HWP, and the results of NU’s parent and
service companies. Interest expense included in other primarily relates
to the debt of NU parent.
Other includes pre-tax investment write-downs totaling $6.9 million,
$13.8 million, and $1.4 million in 2005, 2004, and 2003, respectively.
Intercompany Transactions: Select Energy has served a portion of CL&P’s
TSO or standard offer load for 2004 and 2003. Total Select Energy
revenues from CL&P for CL&P’s standard offer load, TSO load and
for other transactions with CL&P, represented approximately $53.4 million
for the year ended December 31, 2005, $611.3 million for the year
ended December 31, 2004 and $688 million for the year ended
December 31, 2003, of total NU Enterprises’ revenues. Total CL&P
purchases from Select Energy are eliminated in consolidation.
WMECO’s purchases from Select Energy for standard offer and default
service and for other transactions with Select Energy represented
$36.3 million, $108.5 million and $143 million of total NU Enterprises’
revenues for the years ended December 31, 2005, 2004 and 2003,
respectively. Total WMECO purchases from Select Energy are eliminated
in consolidation.
Customer Concentrations: Select Energy revenues related to contracts with
NSTAR companies represented $296.7 million of total NU Enterprises’
revenues for the year ended December 31, 2005 and represented
$300.2 million of total NU Enterprises’ revenues for the year ended
December 31, 2004. Select Energy also provides basic generation
service in the New Jersey and Maryland market. Select Energy revenues
related to these contracts represented $530 million of total NU
Enterprises’ revenues for the year ended December 31, 2005,
$334.2 million for the year ended December 31, 2004 and $380.4 million
for the year ended December 31, 2003. No other individual customer
represented in excess of 10 percent of NU Enterprises’ revenues for
the years ended December 31, 2005, 2004, or 2003.
Due to the decision to exit the wholesale business, all wholesale
revenues, including intercompany revenues, have been included in
fuel, purchased and net interchange power beginning in the second
quarter of 2005.
NU’s segment information for the years ended December 31, 2005,
2004, and 2003 is as follows (some amounts may not agree between
segment schedules due to rounding):
For the Year Ended December 31, 2005
Utility Group
Distribution NU
(Millions of Dollars) Electric Gas Transmission Enterprises Other Eliminations Total
Operating revenues $4,836.5 $503.3 $167.5 $ 1,963.6 $ 353.0 $ (426.5) $ 7,397.4
Wholesale contract market changes, net — — — (440.9) — — (440.9)
Restructuring and impairment charges — — — (44.1) — — (44.1)
Depreciation and amortization (549.1) (22.0) (24.0) (14.7) (17.8) 13.6 (614.0)
Other operating expenses (4,010.0) (440.8) (72.6) (2,001.4) (355.1) 427.6 (6,452.3)
Operating income/(loss) 277.4 40.5 70.9 (537.5) (19.9) 14.7 (153.9)
Interest expense, net of AFUDC (169.5) (17.1) (15.0) (49.7) (34.9) 16.4 (269.8)
Interest income 3.6 0.3 0.6 6.6 17.0 (19.2) 8.9
Other income/(loss), net 38.8 (0.3) (1.5) (5.6) 150.6 (153.6) 28.4
Income tax (expense)/benefit(41.1) (6.1) (12.5) 212.3 18.4 (8.2) 162.8
Preferred dividends (5.6) — — — — — (5.6)
Income/(loss) from continuing operations 103.6 17.3 42.5 (373.9) 131.2 (149.9) (229.2)
Loss from discontinued operations —— — (23.3) — — (23.3)
Income/(loss) before cumulative
effect of accounting change 103.6 17.3 42.5 (397.2) 131.2 (149.9) (252.5)
Cumulative effect of accounting
change, net of tax benefit —— — (1.0) — — (1.0)
Net income/(loss) $ 103.6 $ 17.3 $ 42.5 $ (398.2) $ 131.2 $ (149.9) $ (253.5)
Total assets (1) $8,923.3 $1,195.3 $ — $ 2,424.7 $4,796.3 $(4,770.5) $12,569.1
Cash flows for total investments in plant $ 400.9 $ 74.6 $247.0 $ 23.2 $ 29.7 $ — $ 775.4
(1) Information for segmenting total assets between electric distribution and transmission is not available at December 31, 2005 or December 31, 2004.
On a NU consolidated basis, these distribution and transmission assets are disclosed in the electric distribution columns above.