UNITED STATES

 

 

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

 

 

FORM U-9C-3

 

 

 

QUARTERLY REPORT PURSUANT TO RULE 58

For the Quarter Ended June 30, 2002

 

 

 

 

 

UNITIL CORPORATION

(Name of Registered Holding Company)

 

 

6 Liberty Lane West, Hampton, New Hampshire 03842-1720

(Address of principal executive offices)

 

 

 

 

 

 

 

 

ITEM 1 - ORGANIZATION CHART

 

Name of reporting company

Energy or 
gas-related 
company

Date 
of 
organization

State 
of 
organization

Percentage of voting securities held

Nature 
of 
business

 

     

Indentation indicates subsidiary relationship

       
           

Unitil Corporation

         
           

  Unitil Resources, Inc.

Energy

5/26/93

NH

100%

Energy Brokering & Consulting Services

 

 

Description of Various Energy Brokering & Consulting Services Undertaken by
Unitil Resources Inc:

Staff providing services under the activities listed below (unless otherwise indicated) are located at Unitil Service Corp. (Unitil Service), 6 Liberty Lane West, Hampton, NH 03842-1720, where most client work is performed. From time to time staff visit other locations, predominately in New England, representing client interests.

 

Energy Brokering and Consulting Services:

Unitil Resources Inc. is Unitil Corporation's wholly-owned non-utility subsidiary and has been authorized by the Securities and Exchange Commission, pursuant to the rules and regulations of the 1935 Act, to engage in business transactions as a competitive marketer of electricity, gas and other energy commodities in wholesale and retail markets, and to provide energy brokering, consulting and management related services within the United States.

In April 2000, Unitil formed Usource, Inc. and Usource L.L.C. , collectively "Usource", to operate its Internet-based brokering and related energy products and services businesses. Usource, Inc. is a wholly owned subsidiary of Unitil Resources, Inc. and an indirect subsidiary of Unitil Corporation. Usource, Inc. is the sole member of Usource L.L.C.

Usource is an Internet-based energy marketplace that provides customers access to a customer-driven auction process for energy commodities and to a suite of value-added energy products, services and tools. Usource runs on the transactional-based software and energy commodity exchange developed and licensed from Enermetrix.com (The "Exchange") to assist customers with their energy procurement process and to ensure competitive, time-sensitive bids from energy suppliers. Usource acts as a broker, not an energy supplier. The Exchange provides energy suppliers with an Internet-based energy marketplace to offer energy consumers products and services. Usource will also provide data and information services to commercial and industrial customers desiring to control their energy procurement process and manage their energy usage.

The Federal Communications Commission has determined that Usource, Inc. and Usource LLC are exempt telecommunications companies, as that term is defined in PUHCA Section 34(a)(1), as amended. Accordingly, financial information for Usource, Inc. and Usource LLC is not included in the financial statements that follow.

 

 

 

 

ITEM 2 - ISSUANCES AND RENEWALS OF SECURITIES AND CAPITAL CONTRIBUTIONS

 

Associate company advancing funds

Reporting company receiving funds

Type of 
transaction

Net Change in
contributions

       

Unitil Corporation

Unitil Resources Inc

Capital contribution

None

 

 

 

 

 

 

 

ITEM 3 - ASSOCIATE TRANSACTIONS

 

Part I - Transactions Performed by Reporting Companies on Behalf of Associate Companies

None.

 

 

Part II - Transactions Performed by Associate Companies on Behalf of Reporting Companies

 

Associate company rendering services

Reporting company receiving services

Types of services rendered

Direct 
costs charged

Indirect costs charged

Cost
of 
capital

Total amount billed

Unitil Service Corp

Unitil Resources, Inc.

Admin and General

$175,543

$116,066

$0

$291,609

 

Staff involved in providing service to Unitil Resources, Inc. (Unitil Resources) are located at Unitil Service. Service is provided to Unitil Resources pursuant to a service agreement between Unitil Service and Unitil Resources dated July 1, 1993. Consulting services provided by Unitil Service during the first six months of 2002 included regulatory, finance, accounting, marketing, energy management and administrative services.

 

 

 

 

 

ITEM 4 - SUMMARY OF AGGREGATE INVESTMENT

(Dollars in Thousands)

 

 

 

Investments in Energy-related Companies:

   
     

(1)  Total consolidated capitalization as of June 30, 2002

$180,925

 

(2)  Total capitalization multiplied by 15%

27,139

 
     

(3)  Greater of $50 million or line 2

 

$50,000

      
     

Total current aggregate investment:

   
     

   Energy-related business:

   

(4)    Unitil Resources, Inc.

6

 
     

(5)    Total current aggregate investment

 

6

      
     

Difference between the greater of $50 million or 15% of capitalization
and the total aggregate investment of the registered holding company system (line 3 less line 5)

 

$49,994

      
   
     

Investments in Gas-related Companies

 

$0

     

 

 

 

 

ITEM 5 - OTHER INVESTMENTS

 

Major line of energy-
related business

Other investment in 
last U-9C-3 report

Other investment in 
this U-9C-3 report

Reason for difference 
in other investment

       

Energy Brokering and Consulting

$0

$0

n/a

       

 

 

 

 

 

ITEM 6 - FINANCIAL STATEMENTS AND EXHIBITS

A. Financial Statements 

 

 

Unitil Resources, Inc.

(A Wholly-owned Subsidiary of Unitil Corporation)

BALANCE SHEET

(UNAUDITED)

 

 

ASSETS:

June 30, 2002

      

Current Assets:

   

  Cash

$

303,819 

  Accounts Receivable

 

2,458 

  Accounts Receivable

  

123,261 

   Total Current Assets  

429,538  

 

Prepayments

 

52,718 

Refundable Taxes

 

4,948 

 

Total Assets

$

487,204 

     
     
     

LIABILITIES AND STOCKHOLDERS EQUITY:

   
     

Current Liabilities:

   

  Notes Payable

$

358,927 

  Accounts Payable

121,809 

  Misc Current Liabilities

 

539 

    Total Current Liabilities

 

481,275 

     

Stockholder's Equity:

   

  Common Stock, $1.00 par value

   

    Authorized - 10,000 shares

   

    Outstanding - 10,000 shares

 

100 

  Premium on Common Stock

 

9,900 

  Miscellaneous Paid in Capital

 

1,178,867 

  Retained Earnings

 

(1,182,938)

    Total Stockholder's Equity

 

5,929 

     

Total Liabilities and Equity

$

487,204 

 

 

 

 

 

Unitil Resources, Inc.

(A Wholly-owned Subsidiary of Unitil Corporation)

STATEMENT OF EARNINGS

(UNAUDITED)

 

 

Three Months Ended
June 30, 2002

Six Months 
Ended
June 30, 2002

          

Revenues:

       

  Service Revenues

 

287,016 

 

574,461 

    Total Revenues

$

287,016 

$

574,461 

         

Operating Expenses:

       

  Purchased Power

 

(2,622)

 

(3,115)

  Administrative and General

 

291,896 

 

586,312 

  Provision for Income Taxes

 

(1,309)

 

(3,673)

    Total Operating Expenses

 

287,965 

 

579,524 

         

Operating Loss

 

(949)

 

(5,063)

         

  Nonoperating Income

 

--- 

 

93 

         

Net Loss

$

(949)

$

(4,970)

 

 

 

 

  1. Exhibits

 

None.

 

 

 

 

 

SIGNATURE

 

 

 

Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned company has duly caused this Certificate to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

 

Unitil Corporation

   
   
 

By:      /s/  Mark H. Collin

 

                 Mark H. Collin

 

                 Treasurer

 

 

 

 

Dated: August 29, 2002