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23
significant additional expense and operating restrictions on our facilities or increased compliance costs, which may not be fully
recoverable in distribution company rates. The cost impact of any such laws, rules or regulations would be dependent upon the specific
requirements adopted and cannot be determined at this time. For further information, see Item 1, Business - Other Regulatory and
Environmental Matters, included in this Annual Report on Form 10-K.
As a holding company with no revenue-generating operations, NU parent’s liquidity is dependent on dividends from its
subsidiaries, primarily the Regulated companies, its commercial paper program, and its ability to access the long-term debt
and equity capital markets.
NU parent is a holding company and as such, has no revenue-generating operations of its own. Its ability to meet its debt service
obligations and to pay dividends on its common shares is largely dependent on the ability of its subsidiaries to pay dividends to or repay
borrowings from NU parent, and/or NU parent’s ability to access its commercial paper program or the long-term debt and equity capital
markets. Prior to funding NU parent, the Regulated companies have financial obligations that must be satisfied, including among
others, their operating expenses, debt service, preferred dividends (in the case of CL&P and NSTAR Electric), and obligations to trade
creditors. Additionally, the Regulated companies could retain their free cash flow to fund their capital expenditures in lieu of receiving
equity contributions from NU parent. Should the Regulated companies not be able to pay dividends or repay funds due to NU parent,
or if NU parent cannot access its commercial paper programs or the long-term debt and equity capital markets, NU parent’s ability to
pay interest, dividends and its own debt obligations would be restricted.
Item 1B. Unresolved Staff Comments
We do not have any unresolved SEC staff comments.
Item 2. Properties
Transmission and Distribution System
As of December 31, 2013, NU and our electric operating subsidiaries owned the following:
Electric
Electric
NU
Distribution
Transmission
Number of substations owned
520
62
Transformer capacity (in kVa)
41,928,000
17,827,000
Overhead lines (distribution in pole miles and
transmission in circuit miles)
52,022
3,870
Capacity range of overhead transmission lines (in kV)
69 to 345
Underground lines (distribution in conduit bank miles and
transmission in cable miles)
12,785
677
Capacity range of underground transmission lines (in kV)
69 to 345
CL&P
NSTAR Electric
PSNH
WMECO
Distribution
Transmission
Distribution
Transmission
Distribution
Transmission
Distribution
Transmission
Number of substations owned
183
19
138
20
156
15
43
8
Transformer capacity (in kVa)
18,951,000
3,117,000
11,374,000
9,575,000
7,617,000
3,868,000
3,986,000
1,267,000
Overhead lines (distribution in
pole miles and transmission
in circuit miles)
18,375
1,654
16,579
708
13,274
1,003
3,794
505
Capacity range of overhead
transmission lines (in kV)
69-345
115-345
115-345
69-345
Underground lines (distribution
in conduit bank miles and
transmission in cable miles)
1,171
402
9,592
243
1,730
1
292
31
Capacity range of underground
transmission lines (in kV)
69-345
115-345
115
115
NSTAR
NU
CL&P
Electric
PSNH
WMECO
Underground and overhead
line transformers in service
627,962
286,922
131,500
166,866
42,674
Aggregate capacity (in kVa)
34,361,049
14,946,332
10,289,291
7,024,239
2,101,187