DF 98-016
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
Petition for Approval of Extension, Modification and/or
Amendment of Various Finance Arrangements, for Issuance
of First Mortgage Bonds and for the Granting of
Additional Security
Order Granting Public Service Company
of New Hampshire's Motion for Confidential
Treatment of Certain Information
O R D E R N O. 22,923
May 11, 1998
On February 20, 1998, Public Service Company of
New Hampshire (PSNH) filed with the New Hampshire Public
Utilities Commission (Commission) a petition for approval
under RSA 369, inter alia, for extension, modification
and/or amendment of various finance arrangements for
issuance of first mortgage bonds and for the granting of
additional security.
On March 9, 1998, PSNH filed with the Commission a
Motion for Protective Order (Motion) with respect to certain
confidential financial information requested by the Staff in
this matter. The information requested to be treated as
confidential is a certain "Information Memorandum" which is
provided to participating banks in connection with PSNH's
proposed financing. The Information Memorandum contains
confidential projections of PSNH earnings over the next year
which assume electric restructuring and which were prepared
for use in confidential settlement negotiations. PSNH
provided the information to Staff and the Office of Consumer
Advocate (OCA).
In its Motion, PSNH states that the information is
confidential and competitive information which falls within
the exemption from public disclosure of RSA 91-A:5,IV and
N.H. Admin. Rules, Puc 204.06. PSNH further states that
release of the information could be harmful to PSNH's
business position and could affect financial markets, and
that its release would be inappropriate. PSNH also
states in its Motion that the identified information is not
general public knowledge and has been distributed on a
limited need-to-know basis only. Further, it contends that
the Securities and Exchange Commission does not allow
projected earnings of companies with publicly traded stock
to be disclosed, PSNH requested confidential treatment.
The Commission recognizes that the information
identified above is the type of information which was
anticipated would be protected when N.H. Admin. Rules, Puc
204.06 was adopted. The Commission also recognizes that the
information contained in the filing is sensitive commercial
information in a competitive market. Thus, based on PSNH's
representations, under the balancing test we have applied in
prior cases, e.g., Re New England Telephone & Telegraph
Company (Auditel), 80 NH PUC 437 (1995); Re Bell Atlantic,
Order No. 22,851 (February 17, 1998); Re EnergyNorth Natural
Gas, Inc., Order No. 22,859 (February 24, 1998), we find
that the benefits to PSNH of non-disclosure in this case
outweigh the benefits to the public of disclosure. The
information, therefore, is exempt from public disclosure
pursuant to RSA 91-A:5,IV and N.H. Admin. Rules, Puc 204.06.
Based upon the foregoing, it is hereby
ORDERED, that PSNH's Motion for Protective Order,
filed on March 9, 1998, is GRANTED;
FURTHER ORDERED, that this Order is subject to the
ongoing rights of the Commission, on its own motion or on
the motion of Staff, any party or any other member of the
public, to reconsider this Order in light of RSA 91-A,
should circumstances so warrant.
By order of the Public Utilities Commission of New
Hampshire this eleventh day of May, 1998.
Douglas L. Patch Bruce B. Ellsworth Susan S.
Geiger
Chairman Commissioner Commissioner
Attested by:
Thomas B. Getz
Executive Director and Secretary