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SHORT-TERM CREDIT ARRANGEMENTS
 12 Months Ended
Dec. 31, 2013
SHORT TERM CREDIT ARRANGEMENTS [Abstract]  
SHORT-TERM CREDIT ARRANGEMENTS
(D)  SHORT‑TERM CREDIT ARRANGEMENTS

UIL Holdings, UI, CNG, SCG, and Berkshire are parties to a revolving credit agreement with a group of banks that will expire on November 30, 2016 (the UIL Holdings Credit Facility).  The borrowing limit under the UIL Holdings Credit Facility is $400 million, all of which is available to UIL Holdings, $250 million of which is available to UI, $150 million of which is available to each of CNG and SCG, and $25 million of which is available to Berkshire.  The UIL Holdings Credit Facility permits borrowings at fluctuating interest rates and also permits borrowings for fixed periods of time specified by each Borrower at fixed interest rates determined by the Eurodollar interbank market in London (LIBOR).  The UIL Holdings Credit Facility also permits the issuance of letters of credit of up to $50 million.

As of December 31, 2013, there were no borrowings outstanding under the UIL Holdings Credit Facility.  UIL Holdings has outstanding standby letters of credit in the aggregate amount of $4.4 million, which expire on June 16, 2015 January 31, 2015.  Available credit under the UIL Holdings Credit Facility at December 31, 2013 totaled $395.6 million for UIL Holdings and its subsidiaries in the aggregate.  UIL Holdings records borrowings under the UIL Holdings Credit Facility as short‑term debt, but the UIL Holdings Credit Facility provides for longer term commitments from banks allowing UIL Holdings to borrow and reborrow funds, at its option, until the facility’s expiration, thus affording UIL Holdings flexibility in managing its working capital requirements.

As of December 31, 2013, UIL Holdings had no short-term borrowings outstanding under its money market loan arrangement with JPMorgan Chase Bank.

In October 2012, UIL Holdings entered into a credit agreement with a borrowing limit of $100 million that expired on October 31, 2013 (the Credit Agreement).  The outstanding balance was repaid upon expiration.
 
Information with respect to short-term borrowings is set forth below:

 
 
2013
  
2012
 
 
 
($ In Thousands)
 
UIL Holdings
 
  
 
 
 
  
 
Maximum aggregate principal amount of short-term borrowing outstanding at any month-end
 
$
202,000
  
$
168,000
 
Average aggregate short-term borrowings outstanding during the year*
 
$
152,455
  
$
109,268
 
Weighted average interest rate*
  
1.43
%
  
1.61
%
Principal amounts outstanding at year-end
 
$
-
  
$
157,000
 
 
        
UI
        
 
        
Maximum aggregate principal amount of short-term borrowing outstanding at any month-end
 
$
60,000
  
$
243,000
 
Average aggregate short-term borrowings outstanding during the year*
 
$
13,510
  
$
78,533
 
Weighted average interest rate*
  
1.40
%
  
1.58
%
Principal amounts outstanding at year-end
 
$
-
  
$
30,000
 
 
        
Gas Companies
        
 
        
Maximum aggregate principal amount of short-term borrowing outstanding at any month-end
 
$
-
  
$
6,000
 
Average aggregate short-term borrowings outstanding during the year*
 
$
-
  
$
128
 
Weighted average interest rate*
  
0.00
%
  
1.59
%
Principal amounts outstanding at year-end
 
$
-
  
$
-
 
 
* Average short‑term borrowings represent the sum of daily borrowings outstanding, weighted for the number of days outstanding and divided by the number of days in the period.  The weighted average interest rate is determined by dividing interest expense by the amount of average borrowings.