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northheast utillities 2008_Financial_Review

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  • 1. Financial Review 2008
  • 2. Charles W. Shivery Chairman of the Board, President and Chief Executive Officer These materials provide updated operating and financial information on Northeast Utilities (NU) consolidated and each of the largest operating David R. McHale subsidiaries of the NU System. Senior Vice President The tables and charts, which are and Chief Financial Officer updated through June 30, 2008, supplement the 2007 NU System annual reports. Leon J. Olivier Executive Vice President and Chief Operating Officer On the cover: NU’s Bethel-Norwalk 345-kV Project strengthens the reliability of the power grid in New England.
  • 3. OPERATIONS information Sales and Revenues 2007 2006 2005 2004 2003
  • 4.   Regulated Sales-kWh (millions) 15,051 Residential 14,652 15,518 14,866 14,824 15,103 Commercial 14,886 15,234 14,710 14,471 5,635 Industrial 5,750 6,023 6,274 6,223 353 Streetlighting and Railroads 332 348 348 348 36,142 Subtotal - Retail 35,620 37,123 36,198 35,866 3,855 Wholesale 8,777 4,856 5,787 6,813 39,997 Total 44,397 41,979 41,985 42,679 Revenues (thousands) $2,558,547 Residential $2,409,414 $2,080,395 $1,707,434 $1,669,199 1,735,923 Commercial 1,977,444 1,727,278 1,429,608 1,411,881 412,381 Industrial 589,742 577,834 513,999 514,076 45,880 Streetlighting and Railroads 52,853 47,769 41,976 44,977 - Competitive 583,829 1,212,176 857,355 660,145 $4,752,731 Subtotal - Retail $5,613,282 $5,645,452 $4,550,372 $4,300,278 514,185 Gas 453,894 503,303 407,812 361,470 418,667 Wholesale 408,798 1,055,902 2,066,857 2,089,568 $5,685,583 Total Electric and Gas $6,475,974 $7,204,657 $7,025,041 $6,751,316 136,643 Other and Eliminations 401,713 141,569 (544,357) (854,242) $5,822,226 Total $6,877,687 $7,346,226 $6,480,684 $5,897,074 2007 2006 2005 2004 2003 
  • 5.       
  • 6.   Sales-kWh (millions) 10,336 Residential 10,053 10,760 10,305 10,359 10,128 Commercial 9,995 10,307 9,922 9,829 3,264 Industrial 3,306 3,501 3,623 3,630 304 Streetlighting and Railroads 284 298 298 298 24,032 Subtotal - Retail 23,638 24,866 24,148 24,116 3,563 Wholesale 3,749 4,179 5,375 5,885 27,595 Total 27,387 29,045 29,523 30,001 Revenues (thousands) $1,854,404 Residential $1,709,700 $1,440,142 $1,155,492 $1,151,707 1,182,196 Commercial 1,405,281 1,170,038 939,579 960,678 208,087 Industrial 380,479 327,598 275,730 290,526 35,370 Streetlighting and Railroads 42,099 37,054 31,897 35,358 $3,280,057 Subtotal - Retail $3,537,559 $2,974,832 $2,402,698 $2,438,269 347,514 Wholesale 318,958 344,650 295,833 322,955 54,246 Miscellaneous 123,294 146,938 134,393 (56,700) $3,681,817 Total $3,979,811 $3,466,420 $2,832,924 $2,704,524 1.
  • 7. Sales and Revenues 2007 2006 2005 2004 2003      
  • 8.   Sales-kWh (millions) 1,539 Residential 1,511 1,596 1,546 1,521 1,589 Commercial 1,574 1,616 1,583 1,567 842 Industrial 862 910 935 909 25 Streetlighting and Railroads 25 25 25 26 3,995 Subtotal - Retail 3,972 4,147 4,089 4,023 178 Wholesale 189 176 169 255 4,173 Total 4,161 4,323 4,258 4,278 Revenues (thousands) $246,526 Residential $232,197 $190,023 $167,275 $165,871 140,531 Commercial 132,336 133,356 128,425 133,122 48,036 Industrial 43,131 59,937 62,347 63,990 4,492 Streetlighting and Railroads 5,025 5,030 4,782 4,817 $439,585 Subtotal - Retail $412,689 $388,346 $362,829 $367,800 20,131 Wholesale 17,421 19,064 8,646 14,347 5,029 Miscellaneous 1,399 1,983 7,754 9,031 $464,745 Total $431,509 $409,393 $379,229 $391,178 2007 2006 2005 2004 2003     
  • 9.      Sales-kWh (millions) 3,176 Residential 3,087 3,162 3,015 2,944 3,403 Commercial 3,342 3,342 3,235 3,100 1,528 Industrial 1,582 1,612 1,716 1,684 24 Streetlighting and Railroads 23 24 25 23 8,131 Subtotal - Retail 8,034 8,140 7,991 7,751 105 Wholesale 985 501 242 674 8,236 Total 9,019 8,641 8,233 8,425 Revenues (thousands) $457,616 Residential $467,517 $450,230 $384,667 $351,622 413,196 Commercial 439,828 423,884 361,603 318,081 156,258 Industrial 166,132 190,299 175,921 159,560 6,018 Streetlighting and Railroads 5,729 5,685 5,297 4,801 $1,033,088 Subtotal - Retail $1,079,206 $1,070,098 $927,488 $834,064 25,030 Wholesale 52,255 34,688 19,712 38,622 24,954 Miscellaneous 9,439 23,641 21,549 15,500 $1,083,072 Total $1,140,900 $1,128,427 $968,749 $888,186 2.
  • 10. HISTORICAL FINANCIAL information Northeast Utilities Consolidated (Thousands of Dollars, except Share Information and Percentages) 12 Months Ended June 30, 2008 2007 2006 2005 2004 Operating Revenues $5,572,248 $5,822,226 $6,877,687 $7,346,226 $6,480,684 Operating Income/(Loss) $537,331 $539,481 $235,971 $(252,153) $290,498 Net Income-Transmission $113,189 $82,475 $59,822 $41,101 $28,221 Net Income-Dist./Gen. 153,913 146,171 197,464 122,298 127,334 Net Income-NU Enterprises 8,409 11,732 211,282 (398,155) (15,078) Net Income-Other (36,434) 6,105 2,010 (18,732) (23,889) Net Income/(Loss) - Total $239,077 $246,483 $470,578 $(253,488) $116,588 Common Share Data: Basic Earnings/(Loss) $1.54 Per Share $1.59 $3.06 $(1.93) $0.91 Book Value Per Share $18.90 (end of period) $18.79 $18.14 $15.85 $17.80 Average Shares 155,180,462 Outstanding 154,759,727 153,767,527 131,638,953 128,245,860 $0.80 Dividends Per Share $0.78 $0.73 $0.68 $0.63 $32.83 Market Price - High $33.53 $28.81 $21.79 $20.10 $24.01 - Low $26.93 $19.24 $17.61 $17.30 $25.53 - End $31.31 $28.16 $19.69 $18.85 Capitalization, end of period (includes current maturities) $4,144,574 Long-Term Debt 57.6 % $3,637,885 54.6 % $2,965,312 50.4 % $3,049,961 54.5 % $2,880,733 54.4 % 116,200 Preferred Stock 1.6 116,200 1.7 116,200 2.0 116,200 2.1 116,200 2.2 2,939,456 Common Equity 40.8 2,913,835 43.7 2,798,179 47.6 2,429,244 43.4 2,296,711 43.4 $7,200,230 Total Capitalization 100.0 % $6,667,920 100.0 % $5,879,691 100.0 % $5,595,405 100.0 % $5,293,644 100.0 % $87,000 Short-Term Debt $79,000 $ - $32,000 $180,000 $802,259 Rate Reduction Bonds $917,436 $1,177,158 $1,350,502 $1,546,490 Moody's/Standard & Poor's/Fitch Securities Ratings Baa2/BBB-/BBB NU Sr. Unsecured Notes Baa2/BBB-/BBB Baa2/BBB-/BBB Baa2/BBB-/BBB Baa1/BBB/BBB NU Quarterly Dividends Per Share First Second Third Fourth Year-End Quarter Quarter Quarter Quarter Outstanding Shares 2008 $0.2000 $0.2000 $0.2125 $0.2125 N/A 2007 $0.1875 $0.1875 $0.2000 $0.2000 155,079,770 2006 $0.1750 $0.1750 $0.1875 $0.1875 154,233,141 2005 $0.1625 $0.1625 $0.1750 $0.1750 153,225,892 2004 $0.1500 $0.1500 $0.1625 $0.1625 129,034,442 2003 $0.1375 $0.1375 $0.1500 $0.1500 127,695,999 2002 $0.1250 $0.1250 $0.1375 $0.1375 127,562,031 2001 $0.1000 $0.1000 $0.1250 $0.1250 130,132,136 2000 $0.1000 $0.1000 $0.1000 $0.1000 143,820,405 1999 No dividend No dividend No dividend $0.1000 131,870,284 3.
  • 11. HISTORICAL FINANCIAL information The Connecticut Light and Power Company (Thousands of Dollars, except Percentages) 12 Months Ended June 30, 2008 2007 2006 2005 2004 Operating Revenues $3,475,126 $3,681,817 $3,979,811 $3,466,420 $2,832,924 Operating Income $321,076 $284,542 $236,070 $202,049 $215,624 Net Income-Transmission $93,840 $68,241 $48,100 $30,712 $19,766 Net Income-Distribution 71,267 65,323 151,907 64,133 68,250 Net Income-Total $165,107 $133,564 $200,007 $94,845 $88,016 Capitalization, end of period $2,330,694 Long-Term Debt 53.2 % $2,028,546 50.9 % $1,519,440 52.7 % $1,258,883 51.8 % $1,052,891 52.9 % 116,200 Preferred Stock 2.7 116,200 2.9 116,200 4.0 116,200 4.8 116,200 5.8 1,932,257 Common Equity 44.1 1,842,251 46.2 1,251,029 43.3 1,055,517 43.4 822,292 41.3 $4,379,151 Total Capitalization 100.0 % $3,986,997 100.0 % $2,886,669 100.0 % $2,430,600 100.0 % $1,991,383 100.0 % $52,325 Short-Term Debt $38,825 $258,925 $26,825 $105,025 $464,746 Rate Reduction Bonds $548,686 $743,899 $856,479 $995,233 Moody's/Standard & Poor's/Fitch Securities Ratings A3/BBB+/A- Bond A3/BBB+/A- A3/BBB+/A- A3/BBB+/A- A2/A-/A- Baa1/BBB-/BBB+ Unsecured Debt Baa1/BBB-/BBB+ Baa1/BBB-/BBB+ Baa1/BBB-/BBB+ A3/BBB/BBB+ Baa3/BB+/BBB Preferred Stock Baa3/BB+/BBB Baa3/BB+/BBB Baa3/BB+/BBB Baa2/BBB-/BBB Utility Plant As of December 31, 2006 As of December 31, 2007 Accumulated Accumulated Depreciation Depreciation Utility and Net Utility and Net Plant Amortization Utility Plant Plant Amortization Utility Plant Description Transmission Plant $1,339,756 $368,318 $971,438 $1,098,900 $326,553 $772,347 Distribution Plant 3,559,319 911,379 2,647,940 3,458,300 933,973 2,524,327 Total Utility Plant $4,899,075 $1,279,697 $3,619,378 $4,557,200 $1,260,526 $3,296,674 Rate Base End of Period End of Period End of Period End of Period 12/31/07 12/31/06 12/31/05 12/31/04 Distribution Rate Base $1,894,000 $1,792,000 $1,393,000 $1,212,000 Transmission Rate Base (a) $1,257,300 $841,100 $424,100 $297,600 (a) Includes 50% CWIP on southwest CT projects beginning 2/1/06. Capital Expenditures 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12/31/07 12/31/06 12/31/05 12/31/04 Distribution Capital Expenditures $283,258 $210,271 $254,626 $254,800 Transmission Capital Expenditures $660,590 $415,574 $215,308 $132,747 4.
  • 12. HISTORICAL FINANCIAL information The Connecticut Light and Power Company (CL&P), Connecticut’s largest electric utility, provides service in 149 cities and towns across the state Raymond P. Necci to approximately 1.2 million customers. President and Chief Operating Officer This figure includes 1.1 million residential customers, 103,000 commercial customers, and 6,300 industrial customers. CONNECTICUT THOMPSON UNION STAFFORD SOMERS WOODSTOCK NORTH HART- SUFFIELD ENFIELD CANAAN LAND COLEBROOK NORFOLK C O N N E C T I C U T GRANBY SALISBURY PUTNAM EAST GRANBY ELLINGTON WINDSOR CANAAN WINSTED EASTFORD LOCKS BARK- EAST HAMSTED POMFRET WINDSOR ASHFORD WILLINGTON TOLLAND WINDSOR SIMSBURY KILLINGLY BLOOM- CANTON FIELD SOUTH VERNON WINDSOR CORNWALL GOSHEN SHARON NEW BROOKLYN TORRINGTON HARTFORD COVENTRY CHAPLIN MANSFIELD HAMPTON MANCHESTER BOLTON AVON EAST WEST HART- HARTFORD HARTFORD FORD G BURLINGTON WINDHAM ANDOVER RLIN PLAINFIELD SCOT- HARWINTON LITCHFIELD LAND STE COLUMBIA CANTERBURY WARREN WETHERS- FARMINGTON GLASTONBURY KENT FIELD NEW- HEBRON NEW INGTON SPRAGUE BRISTOL PLAIN- BRITAIN GRISWOLD ROCKY THOM- MORRIS VILLE MARL- LEBANON HILL ASTON BOROUGH N PLYMOUTH TOW FRANKLIN WASHINGTON CROMWELL N BERLIN LUN BO BETHLEHEM SOUTHINGTON PORTLAND WOLCOTT LIS VO WATERTOWN NEW COLCHESTER NORWICH EAST BOZRAH MILFORD HAMPTON PRESTON SHERMAN WOODBURY MIDDLETOWN WATERBURY ROXBURY MERIDEN MIDDLE- CHESHIRE MIDDLE- BRIDGE- NORTH FIELD SALEM BURY WATER STONINGTON MONTVILLE EAST PROSPECT HADDAM LEDYARD HADDAM NAUGATUCK NEW DURHAM SOUTHBURY WALLINGFORD FAIRFIELD BROOK- FIELD STONINGTON BEACON WATERFORD LYME FALLS CHESTER GROTON OXFORD BETHANY NORTH EAST NORTH BRANFORD KILLING- DEEP LYME HAVEN WORTH DANBURY NEWTOWN RIVER ESSEX SEYMOUR OLD HAMDEN LYME WOOD- BETHEL OLD ANS BRIDGE WEST- SAYBROOK ONIA MONROE BROOK CLINTON DE R GUILFORD NEW HAVEN N BY VE MADISON HA BRANFORD SHELTON REDDING ST RIDGEFIELD ORANGE WEST- EA HAVEN EASTON TRUMBULL MILFORD STRAT- WESTON FORD BRIDGE- WILTON PORT FAIRFIELD NEW WESTPORT CANAAN NORWALK STAMFORD DARIEN GREENWICH 5.
  • 13. HISTORICAL FINANCIAL information Public Service Company of New Hampshire (Thousands of Dollars, except Percentages) 12 Months Ended June 30, 2008 2007 2006 2005 2004 Operating Revenues $1,121,547 $1,083,072 $1,140,900 $1,128,427 $968,749 Operating Income $126,096 $116,831 $112,885 $94,964 $103,008 Net Income-Transmission $14,986 $10,720 $8,331 $7,881 $6,754 Net Income- Distribution/Generation 44,616 43,714 26,992 33,858 39,887 Net Income-Total $59,602 $54,434 $35,323 $41,739 $46,641 Capitalization, end of period $686,753 Long-Term Debt 54.0 % $576,997 51.8 % $507,099 52.0 % $507,086 52.8 % $457,190 53.4 % 584,147 Common Equity 46.0 537,867 48.2 467,562 48.0 452,504 47.2 399,699 46.6 $1,270,900 Total Capitalization 100.0 % $1,114,864 100.0 % $974,661 100.0 % $959,590 100.0 % $856,889 100.0 % $ - Short-Term Debt $21,300 $36,500 $15,900 $30,400 $257,638 Rate Reduction Bonds $282,018 $333,831 $382,692 $428,769 Moody's/Standard & Poor's/Fitch Securities Ratings Baa1/BBB+/BBB+ Bond Baa1/BBB+/BBB+ Baa1/BBB/BBB+ A3/BBB/BBB+ A3/BBB+/BBB+ Utility Plant As of December 31, 2006 As of December 31, 2007 Accumulated Accumulated Depreciation Depreciation Utility and Net Utility and Net Plant Amortization Utility Plant Plant Amortization Utility Plant Description Transmission Plant $290,980 $88,773 $202,207 $244,674 $76,779 $167,895 Distribution Plant 1,128,729 316,985 811,744 1,077,035 330,968 746,067 Generation Plant 590,511 332,159 258,352 577,231 316,017 261,214 Total Utility Plant $2,010,220 $737,917 $1,272,303 $1,898,940 $723,764 $1,175,176 Rate Base End of Period End of Period End of Period End of Period 12/31/07 12/31/06 12/31/05 12/31/04 Distribution & Generation Rate Base $908,000 $838,000 $736,000 $712,000 Transmission Rate Base $171,300 $134,400 $114,900 $97,300 Capital Expenditures 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12/31/07 12/31/06 12/31/05 12/31/04 Distribution & Generation Capital Expenditures $123,649 $109,596 $143,664 $120,627 Transmission Capital Expenditures $80,730 $36,142 $28,540 $29,793 6.
  • 14. HISTORICAL FINANCIAL information Public Service Company of New Hampshire (PSNH), New Hampshire’s largest electric utility, provides service in Gary A. Long 211 towns and cities throughout President and Chief Operating Officer the state to approximately 492,000 customers. This figure includes 418,000 residential customers, 71,000 commercial customers, and 3,400 industrial customers. CLARKSVILLE GILMANTON & ATKINSON ACADEMY GRANT STEWARTSTOWN DIX'S SECOND GRANT COLLEGE COLEBROOK GRANT DIXVILLE NEW WENTWORTH'S LOCATION COLUMBIA ERVING'S LOCATION ERROL MILLSFIELD HAMPSHIRE ODELL STRATFORD CAMBRIDGE DUMMER STARK MILAN NORTH- UMBERLAND SUCCESS KILKENNY BERLIN LANCASTER JEFFERSON RANDOLPH GORHAM SHELBURNE DALTON WHITEFIELD LITTLETON MARTIN'S LOW & BURBANK'S LOCATION GRANT CARROLL THOMPSON BEAN'S & MESERVE'S GREEN'S MONROE PURCHASE PURCHASE GRANT BETHLEHEM CRAWFORD'S LYMAN SARGENT'S PURCHASE PURCHASE LISBON SUGAR HILL BEAN'S STATE GRANT FOREST FRANCONIA REG'N JACKSON BATH CUTT'S GRANT LANDAFF CHATHAM LIVERMORE EASTON HADLEY'S PURCHASE LINCOLN HART'S BARTLETT LOCATION HAVERHILL HALE'S BENTON LOCATION LIVERMORE CONWAY WOODSTOCK PIERMONT ALBANY WATERVILLE WARREN THORNTON OXFORD ELLSWORTH MADISON EATON WENTWORTH TAMWORTH SANDWICH RUMNEY CAMPTON FREEDOM LYME DORCHESTER OSSIPEE HOLDERNESS EFFINGHAM PLYMOUTH GROTON MOULTONBOROGH HANOVER ASHLAND TUFTON- BORO CANAAN BRIDGEWATER ORANGE NEW MEREDITH HAMPTON LEBANON ALEXANDRIA WOLFEBORO WAKE- BRISTOL ENFIELD FIELD LACONIA GRAFTON BROOKFIELD GILFORD PLAINFIELD SANBORNTON HILL DANBURY GRANTHAM MIDDLETON SPRINGFIELD ALTON CORNISH TILTON WILMOT NEW FRANKLIN CROYDON ANDOVER DURHAM MILTON GILMANTON NEW LONDON NORTHFIELD SUNAPEE SALISBURY CLAREMONT FARMINGTON NEWPORT BARNSTEAD CANTERBURY SUTTON LOUDON BOSCAWEN NEWBURY WEBSTER ROCHESTER UNITY PITTSFIELD STRATFORD GOSHEN WARNER SOMERS- WORTH CHICESTER CONCORD BRADFORD CHARLES- ROLLINS- LEMSTER EPSOM BARRINGTON TOWN NORTHWOOD FORD HOPKINTON WASHINGTON ACWORTH DOVER MADBURY PEMBROKE LANGDON HENNIKER MARLOW DEERFIELD ALLENSTOWN HILLSBOROUGH BOW NOTTINGHAM LEE DURHAM ALSTEAD NEW- WINDSOR INGTON DUMBARTON STODDARD WEARE DEE ING HOOKSETT NEWMARKET PORTS- CANDIA WALPOLE GILSUM EPPING GREEN-MOUTH ANTRIM NEWFIELDS RAYMOND LAND GOFFSTOWN SULLIVAN STRATHAM RYE BENN- FRANCES- SURRY EXETER NORTH INGTON NELSON MANCHESTER AUBURN FREMONT TOWN HAMPTON NEW BOSTON CHESTER BRENTWOOD HANCOCK GREENFIELD SANDOWN HAMPTON KEENE WESTMORELAND ROXBURY BEDFORD EAST KENS- HARRISVILLE DAN- KINGS- HAMPTON VILLE KINGSTON TON INGTON FALLS PETER- LYNDE- MOUNT BOROUGH SEA- BOROUGH VERNON SOUTH LONDON- HEMP- DUBLIN CHESTERFIELD DERRY HAMPTON MERRIMACK BROOK MARLBOROUGH STEAD DERRY NEWTON AMHERST SWANZEY ATKINSON PLAIS- LITCH- WILTON FIELD TOW JAFFNEY HINSDALE TROY SHARON TEMPLE MILFORD WINDHAM WINCHESTER HUDSON SALEM GREEN- RICHMOND HOLLIS VILLE FITZWILLIAM RINDGE IPSWICH BROOK- NASHUA PELHAM LINE MASON NEW 7.
  • 15. HISTORICAL FINANCIAL information Western Massachusetts Electric Company (Thousands of Dollars, except Percentages) 12 Months Ended June 30, 2008 2007 2006 2005 2004 Operating Revenues $442,798 $464,745 $431,509 $409,393 $379,229 Operating Income $51,224 $54,151 $39,973 $40,274 $34,464 Net Income-Transmission $6,158 $5,109 $4,636 $3,945 $3,014 Net Income-Distribution 15,508 18,495 11,008 11,140 9,359 Net Income-Total $21,666 $23,604 $15,644 $15,085 $12,373 Capitalization, end of period $305,038 Long-Term Debt 53.8 % $303,872 55.5 % $261,777 54.5 % $259,487 59.1 % $207,684 55.8 % 262,269 Common Equity 46.2 243,250 44.5 218,966 45.5 179,336 40.9 164,472 44.2 $567,307 Total Capitalization 100.0 % $547,122 100.0 % $480,743 100.0 % $438,823 100.0 % $372,156 100.0 % $3,300 Short-Term Debt $14,900 $30,800 $14,900 $40,900 $79,876 Rate Reduction Bonds $86,731 $99,428 $111,331 $122,489 Moody's/Standard & Poor's/Fitch Securities Ratings Baa2/BBB/BBB+ Unsecured Debt Baa2/BBB/BBB+ Baa2/BBB/BBB+ Baa2/BBB/BBB+ A3/BBB+/BBB+ Utility Plant As of December 31, 2006 As of December 31, 2007 Accumulated Accumulated Depreciation Depreciation Utility and Net Utility and Net Plant Amortization Utility Plant Plant Amortization Utility Plant Description Transmission Plant $132,446 $52,973 $79,473 $123,100 $46,674 $76,426 Distribution Plant 596,266 152,770 443,496 580,600 154,425 426,175 Total Utility Plant $728,712 $205,743 $522,969 $703,700 $201,099 $502,601 Rate Base End of Period End of Period End of Period End of Period 12/31/07 12/31/06 12/31/05 12/31/04 Distribution Rate Base $363,000 $278,000 $239,000 N/A Transmission Rate Base $74,500 $70,600 $65,800 $53,600 Capital Expenditures 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12/31/07 12/31/06 12/31/05 12/31/04 Distribution Capital Expenditures $34,006 $29,998 $32,448 $32,089 Transmission Capital Expenditures $19,258 $12,986 $12,863 $6,525 8.
  • 16. HISTORICAL FINANCIAL information Western Massachusetts Electric Company (WMECO), western Massachusetts’ largest electric utility, provides service in Rodney O. Powell 59 communities throughout the President and Chief Operating Officer western part of the state to approximately 206,000 customers. This figure includes 188,000 residential customers, 17,000 commercial customers, and 1,500 industrial customers. MASSACHUSETTS CLARKSBURG MONROE LEYDEN N TO DS ROWE HEATH COLRAIN WARWICK AR FLORIDA RN NORTH ADAMS WILLIAMSTOWN BE NORTHFIELD GILL CHARLEMONT LD ERVING ADAMS IE NF SHELBURNE NEW EE SAVOY ASHFORD GR ORANGE BUCKLAND HAWLEY MONTAGUE CHESHIRE WENDELL CK ASHFIELD CO LANESBORO WINDSOR PLAINFIELD H AN CONWAY TON DEERFIELD ND LEVERETT D AL LA ER CUMMINGTON PITTSFIELD ND GOSHEN RY ESBU WHATELY SU SHUT NEW SALEM HINSDALE PERU WILLIAMSBURG WORTHINGTON PELHAM RICHMOND HATFIELD CHESTERFIELD LENOX WASHINGTON HADLEY MIDDLEFIELD AMHERST NORTHAMPTON GE N GE TO RID RID MP CK B T LEE E N CHESTER TON CKB STO WES EASTHAMP TO WARE BECKET HA EY BELCHERTOWN ING ST GRANBY STO DL WE NT HA HU TH SOUTHAMPTON U TYRINGHAM SO RD Y N ER TO O E OM NG ALF LUDLOW OK RI OTIS PALMER G BLANDFORD NT AR LY MO TB CHICOPEE HO EA GR MONTEREY WESTFIELD RUSSELL WEST WILBRAHAM EGREMONT SPRING- SPRINGFIELD FIELD SANDISFIELD TOLLAND MONSON NEW MARLBORO EAST ON GRANVILLE LONG- LONG- HAMPDEN IN T AGAWAM MEADOW MEADOW GT SH UN SOUTHWICK SHEFFIELD WA MO 9.
  • 17. HISTORICAL FINANCIAL information Yankee Gas Services Company (Thousands of Dollars, except Gas Sales) 12 Months Ended June 30, 2008 2007 2006 2005 2004 Gas Sales-Firm and Non-firm (mcf-millions) 13,133 Residential 13,742 11,743 13,634 13,528 15,112 Commercial 15,080 13,237 14,949 14,733 21,525 Industrial 21,008 20,271 19,243 19,039 - Other - - - - 49,770 Total 49,830 45,251 47,826 47,300 Gas Revenues $246,402 Residential $238,489 $212,097 $237,308 $200,295 156,391 Commercial 148,145 127,830 141,144 115,975 129,591 Industrial 117,321 104,669 106,365 81,276 11,994 Other 7,736 6,971 14,812 5,570 $544,378 Total Gas $511,691 $451,567 $499,629 $403,116 2,594 Miscellaneous 2,494 2,327 3,674 4,696 $546,972 Total $514,185 $453,894 $503,303 $407,812 $546,972 Operating Revenues $514,185 $453,894 $503,303 $407,812 $61,741 Operating Income $52,329 $30,182 $39,549 $34,107 $26,286 Net Income $22,603 $11,872 $17,290 $14,085 Capitalization (includes current maturities) $307,343 Long-Term Debt $311,327 $269,987 $273,622 $242,865 617,972 Total Common Equity (a) 598,576 542,310 503,412 517,752 $925,315 Total Capitalization $909,903 $812,297 $777,034 $760,617 $32,500 Short-Term Debt $63,300 $80,000 $74,000 $59,600 (a) Includes equity associated with acquisition premium, which was approximately $287.6 million in all periods shown. Utility Plant As of December 31, 2006 As of December 31, 2007 Accumulated Accumulated Depreciation Depreciation Utility and Net Utility and Net Description Plant Amortization Utility Plant Plant Amortization Utility Plant Total Utility Plant $977,545 $277,424 $700,121 $858,961 $271,498 $587,463 Rate Base End of Period End of Period End of Period End of Period 12/31/07 12/31/06 12/31/05 12/31/04 Total Rate Base $602,000 $483,000 $462,000 $438,000 Capital Expenditures 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12/31/07 12/31/06 12/31/05 12/31/04 Total Capital Expenditures $63,737 $89,911 $78,549 $62,151 10.
  • 18. HISTORICAL FINANCIAL information Yankee Gas Services Company is the largest natural gas distribution company in Connecticut, and provides Raymond P. Necci service in 71 towns President and Chief Operating Officer throughout the state to approximately 204,000 customers. This figure includes 180,000 residential customers, 22,000 commercial customers, and 2,000 industrial customers. YANKEE GAS THOMPSON NORTH UNION STAFFORD SOMERS CANAAN HART- WOODSTOCK SUFFIELD COLEBROOK ENFIELD LAND NORFOLK SALISBURY GRANBY EAST CANAAN PUTNAM GRANBY WINDSOR WINSTED ELLINGTON LOCKS BARK- EASTFORD HAMSTED EAST WINDSOR POMFRET ASHFORD WILLINGTON TOLLAND WINDSOR SIMSBURY BLOOM- KILLINGLY CANTON FIELD VERNON SOUTH CORNWALL SHARON GOSHEN WINDSOR NEW TORRINGTON HARTFORD BROOKLYN COVENTRY CHAPLIN MANSFIELD HAMPTON MANCHESTER BOLTON AVON WEST EAST HART- HARTFORD FORD HARTFORD BURLINGTON ANDOVER WINDHAM ING HARWINTON LITCHFIELD PLAINFIELD SCOT- RL WARREN LAND KENT STE COLUMBIA WETHERS- FARMINGTON CANTERBURY GLASTONBURY FIELD NEW- BRISTOL HEBRON NEW INGTON PLAIN- BRITAIN MORRIS SPRAGUE THOM- ROCKY VILLE ASTON GRISWOLD HILL MARL- LEBANON BOROUGH PLYMOUTH WASHINGTON N FRANKLIN OW CROMWELL BERLIN BETHLEHEM NT N SOUTHINGTON BO WOLCOTT NEW WATERTOWN PORTLAND LU MILFORD LIS COLCHESTER VO EAST NORWICH BOZRAH HAMPTON SHERMAN PRESTON WOODBURY WATERBURY MIDDLETOWN ROXBURY MERIDEN BRIDGE- MIDDLE- MIDDLE- CHESHIRE WATER FIELD BURY SALEM NORTH PROSPECT STONINGTON EAST MONTVILLE NAUGATUCK HADDAM NEW HADDAM LEDYARD SOUTHBURY FAIRFIELD DURHAM WALLINGFORD BROOK- FIELD BEACON FALLS STONINGTON WATERFORD LYME OXFORD CHESTER BETHANY GROTON NORTH NORTH BRANFORD DANBURY EAST KILLING- NEWTOWN DEEP HAVEN LYME WORTH RIVER SEYMOUR ESSEX HAMDEN OLD BETHEL WOOD- LYME ANS OLD ON BRIDGE IA MONROE WEST- SAYBROOK DER NEW HAVEN GUILFORD CLINTON BROOK BY N VE MADISON HA SHELTON REDDING BRANFORD RIDGEFIELD ST ORANGE WEST- EA HAVEN EASTON TRUMBULL MILFORD WESTON STRAT- FORD WILTON BRIDGE- PORT FAIRFIELD NEW WESTPORT CANAAN NORWALK STAMFORD DARIEN GREENWICH 11.
  • 19. FUNDING information The Connecticut Light and Power Company
  • 20. Amount Principal First General Outstanding at Amount Date Call Call June 30, 2008 Issue Issued Issued Maturity Date (a) Price (b) 1994 Series D 7.875% $140,000,000 $139,845,000 10/12/94 10/01/24 No Call N/A 2004 Series A 4.800% 150,000,000 150,000,000 09/15/04 09/15/14 Callable Make-Whole 2004 Series B 5.750% 130,000,000 130,000,000 09/15/04 09/15/34 Callable Make-Whole 2005 Series A 5.000% 100,000,000 100,000,000 04/07/05 04/01/15 Callable Make-Whole 2005 Series B 5.625% 100,000,000 100,000,000 04/07/05 04/01/35 Callable Make-Whole 2006 Series A 6.350% 250,000,000 250,000,000 06/07/06 06/01/36 Callable Make-Whole 2007 Series A 5.375% 150,000,000 150,000,000 03/27/07 03/01/17 Callable Make-Whole 2007 Series B 5.750% 150,000,000 150,000,000 03/27/07 03/01/37 Callable Make-Whole 2007 Series C 5.750% 100,000,000 100,000,000 09/17/07 09/01/17 Callable Make-Whole 2007 Series D 6.375% 100,000,000 100,000,000 09/17/07 09/01/37 Callable Make-Whole 2008 Series A 5.650% 300,000,000 300,000,000 05/27/08 05/01/18 Callable Make-Whole Subtotal $1,669,845,000 Less: Due Within One Year - Total $1,669,845,000   
  • 21.     Amount Principal First General Outstanding at Amount Date Call Call June 30, 2008 Issue Issued Issued Maturity Date (a) Price (b) Seabrook Pollution Control Bonds 1986 Series 5.90% $15,400,000 $15,400,000 12/23/86 11/01/16 11/01/05 101.00 Seabrook Pollution Control Bonds 1988 Series A 5.90% 10,000,000 10,000,000 10/27/88 08/01/18 10/01/08 102.00 Seabrook Pollution Control Bonds 1992 Series A 5.85% 21,000,000 21,000,000 12/17/92 12/01/22 10/01/08 102.00 Pollution Control Revenue Bonds 1993 Series A 5.85% 245,500,000 245,500,000 9/22/93 09/01/28 10/01/08 102.00 Pollution Control Revenue Bonds 1993 Series B 5.95% 70,000,000 70,000,000 9/22/93 09/01/28 10/01/08 102.00 Pollution Control Revenue Bonds 1996 A Series (variable rate) (c) 62,000,000 62,000,000 5/21/96 05/01/31 10/01/08 100.00 Fees and Interest Due for Spent Nuclear Fuel Disposal Costs 241,432,829 Subtotal $665,332,829 Less: Due Within One Year - Unamortized Premiums and Discounts, Net (4,484,231) Total Long-Term Debt (not including current maturities) $2,330,693,598 (a) A First Call Date refers to the initial date at which CL&P has the right to redeem all or part of a Series at its option, at a premium to par or subject to a make-whole redemption. Please refer to a prospectus for additional details. (b) As of June 30, 2008, or at the First Call Date. (c) On October 1, 2008, the bonds were subject to mandatory tender and as of that time were held by the company in a flexible interest rate mode. 12.
  • 22. The Connecticut Light and Power Company Amount Outstanding at Amount Par Date Call June 30, 2008 Issue Issued Value Issued Price Not Subject to Mandatory Redemption 3.90% Series $8,000,000 $50 par $8,000,000 09/13/49 $50.50 4.50% Series 5,200,000 $50 par 5,200,000 05/01/56 50.75 4.96% Series 5,000,000 $50 par 5,000,000 10/29/58 50.50 4.50% Series 8,000,000 $50 par 8,000,000 03/01/63 50.50 5.28% Series 10,000,000 $50 par 10,000,000 04/20/67 51.43 6.56% Series 10,000,000 $50 par 10,000,000 02/08/68 51.44 $1.90 Series 8,195,600 $50 stated value 8,195,600 04/24/47 52.50 $2.00 Series 16,804,400 $50 stated value 16,804,400 04/30/47 54.00 $2.20 Series 10,000,000 $50 stated value 10,000,000 04/20/49 52.50 $2.04 Series 5,000,000 $50 par 5,000,000 11/22/49 52.00 $2.06 Series E 10,000,000 $50 par 10,000,000 06/17/54 51.00 $2.09 Series F 5,000,000 $50 par 5,000,000 11/15/55 51.00 $3.24 Series G 15,000,000 $50 par 15,000,000 01/24/68 51.84 Total Preferred Stock $116,200,000 Western Massachusetts Electric Company
  • 23.    Amount Principal First General Outstanding at Amount Date Call Call June 30, 2008 Issue Issued Issued Maturity Date (a) Price (b) Pollution Control Revenue Bonds 1993 A Series 5.85% $53,800,000 $53,800,000 09/22/93 09/01/28 10/01/08 102.00 Senior Series A Notes 5.00% 55,000,000 55,000,000 09/30/03 09/01/13 Callable Make-Whole Senior Series B Notes 5.90% 50,000,000 50,000,000 09/23/04 09/15/34 Callable Make-Whole Senior Series C Notes 5.24% 50,000,000 50,000,000 08/11/05 08/01/15 Callable Make-Whole Senior Series D Notes 6.70% 40,000,000 40,000,000 08/17/07 08/15/37 Callable Make-Whole Fees and Interest Due for Spent Nuclear Fuel Disposal Costs 56,755,963 Subtotal $305,555,963 Less: Due Within One Year - Unamortized Premiums and Discounts, Net (518,175) Total Long-Term Debt (not including current maturities) $305,037,788 (a) A First Call Date refers to the initial date at which WMECO has the right to redeem all or part of a Series at its option, at a premium to par or subject to a make-whole redemption. Please refer to a prospectus for additional details. (b) As of the First Call Date. 13.
  • 24. FUNDING information Public Service Company of New Hampshire
  • 25. Amount Principal First General Outstanding at Amount Date Call Call June 30, 2008 Issue Issued Issued Maturity Date (a) Price (b) 2004 Series L 5.25% $50,000,000 $50,000,000 07/22/04 07/15/14 Callable Make-Whole 2005 Series M 5.60% 50,000,000 50,000,000 10/05/05 10/05/35 Callable Make-Whole 2007 Series N 6.15% 70,000,000 70,000,000 09/24/07 09/01/17 Callable Make-Whole 2008 Series O 6.00% 110,000,000 110,000,000 05/27/08 05/01/18 Callable Make-Whole Subtotal $280,000,000 Less: Due Within One Year - Total $280,000,000   
  • 26.     Amount Principal First General Outstanding at Amount Date Call Call June 30, 2008 Issue Issued Issued Maturity Date (a) Price (b) Pollution Control Revenue Bonds Series A Variable Rate $89,250,000 $89,250,000 12/19/01 05/01/21 Callable 100.00 Series B 4.75% 89,250,000 89,250,000 12/19/01 05/01/21 06/21/13 102.00 Series C 5.45% 108,985,000 108,985,000 12/19/01 05/01/21 05/01/12 101.00 Series D 6.00% 75,000,000 75,000,000 12/17/92 05/01/21 05/01/08 102.00 Series E 6.00% 44,800,000 44,800,000 12/15/93 05/01/21 05/01/08 102.00 Subtotal $407,285,000 Less: Due Within One Year - Unamortized Premiums and Discounts, Net (532,299) Total Long-Term Debt (not including current maturities) $686,752,701 (a) A First Call Date refers to the initial date at which PSNH has the right to redeem all or part of a Series at its option, at a premium to par or subject to a make-whole redemption. Please refer to a prospectus for additional details. (b) As of June 30, 2008, or at the First Call Date. 14.
  • 27. Other System Companies y p
  • 28.  Amount Principal First General Outstanding at Amount Date Call Call June 30, 2008 Issue Issued Issued Maturity Date (a) Price NU Parent Senior Series A, 7.25% $263,000,000 $263,000,000 04/04/02 04/01/12 Callable Make-Whole Change in Fair Value (b) 1,840,208 Senior Series C, 5.65% 250,000,000 250,000,000 06/05/08 06/01/13 Callable Make-Whole Subtotal $514,840,208 Less: Due Within One Year - Unamortized Premiums and Discounts, Net (93,417) Total Long-Term Debt $514,746,791 Yankee Gas Services Company Revolver loan - variable rate $45,000,000 $45,000,000 06/29/07 12/17/09 N/A N/A Series B, 8.48% 20,000,000 20,000,000 04/01/92 03/01/22 Callable Make-Whole Series E, 7.19% 30,000,000 17,142,858 04/01/97 04/01/12 Callable Make-Whole Series F, 6.20% 50,000,000 50,000,000 01/25/99 04/01/09 Callable Make-Whole Series G, 4.80% 75,000,000 75,000,000 01/30/04 01/01/14 Callable Make-Whole Series H, 5.26% 50,000,000 50,000,000 11/15/04 11/01/19 Callable Make-Whole Series I, 5.35% 50,000,000 50,000,000 07/21/05 07/15/35 Callable Make-Whole Purchase Price Adjustment Due To Merger 199,547 Subtotal $307,342,405 Less: Due Within One Year 54,285,714 Total Long-Term Debt $253,056,691 (a) A First Call Date refers to the initial date at which the company has the right to redeem all or part of a Series at its option, at a premium to par or subject to a make-whole redemption. Please refer to a prospectus for additional details. (b) Change in fair value represents the change in fair value of the NU Parent 7.25% Senior Series A Notes and related fixed to floating interest rate swap entered into to swap the related interest payments. The change in fair value was recorded as an adjustment to long-term debt with an equal adjustment to derivative assets. 15.
  • 29. Expected Rate Reduction Bond Amortization Schedules The Connecticut Light and Power Company CL&P A-5, 6.21% Principal Balance Date as of 12/31 2008 378,195,343 2009 195,586,975 2010 0 Public Service Company of New Hampshire PSNH A-3, 6.48% Principal Balance Date as of 12/31 2008 235,139,122 2009 188,113,319 2010 138,246,734 2011 85,367,758 2012 29,294,415 2013 0 Western Massachusetts Electric Company WMECO A-1, 6.53% Principal Balance Date as of 12/31 2008 73,176,352 2009 58,735,305 2010 43,325,013 2011 26,891,856 2012 9,351,812 2013 0 16.
  • 30. Financial Review 2008 David R. McHale Senior Vice President and Chief Financial Officer Telephone: (860) 665-5601 Randy A. Shoop Vice President and Treasurer Telephone: (860) 665-3258 Jeffrey R. Kotkin Vice President, Investor Relations Telephone: (860) 665-5154 Fax: (860) 665-3847 E-mail: kotkij@nu.com Patricia C. Cosgel Assistant Treasurer Telephone: (860) 665-5058 Aaron J. Cullen Manager – Corporate Finance Telephone: (860) 665-5784 Barbara F. Nieman Investor Communications Specialist Telephone: (860) 665-3249 E-mail: niemabf@nu.com Inquiries relating to this document This document presents historical should be directed to: information pertaining to Northeast Investor Relations Utilities and subsidiaries frequently Northeast Utilities requested by security analysts and P. O. Box 270 members of the financial community. Hartford, CT 06141-0270 Some of the the data contained herein www.nu.com are estimates that may be subject to significant change and are qualified in their entirety by reference to the 10-Ks, 10-Qs and 8-Ks filed by NU and its sub- sidiaries. Data are provided for general information purposes only and are not intended for use in the solicitation of offers to buy any securities of the NU system companies. HP10081.2M