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0001193125-07-041918.txt : 200702280001193125-07-041918.hdr.sgml : 2007022820070228090454ACCESSION NUMBER:0001193125-07-041918CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:42CONFORMED PERIOD OF REPORT:20070228ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20070228DATE AS OF CHANGE:20070228

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:NORTHEAST UTILITIESCENTRAL INDEX KEY:0000072741STANDARD INDUSTRIAL CLASSIFICATION:ELECTRIC SERVICES [4911]IRS NUMBER:042147929STATE OF INCORPORATION:MAFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-05324FILM NUMBER:07655293

BUSINESS ADDRESS:STREET 1:ONE FEDERAL STREETSTREET 2:BUILDING 111-4CITY:SPRINGFIELDSTATE:MAZIP:01105BUSINESS PHONE:8606655000

MAIL ADDRESS:STREET 1:107 SELDEN STCITY:BERLINSTATE:CTZIP:06037-1616

FORMER COMPANY:FORMER CONFORMED NAME:NORTHEAST UTILITIES SYSTEMDATE OF NAME CHANGE:19961121

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:WESTERN MASSACHUSETTS ELECTRIC COCENTRAL INDEX KEY:0000106170STANDARD INDUSTRIAL CLASSIFICATION:ELECTRIC SERVICES [4911]IRS NUMBER:041961130STATE OF INCORPORATION:MAFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-07624FILM NUMBER:07655294

BUSINESS ADDRESS:STREET 1:ONE FEDERAL STREETSTREET 2:BUILDING 111-4CITY:SPRINGFIELDSTATE:MAZIP:01105BUSINESS PHONE:4137855871

MAIL ADDRESS:STREET 1:107 SELDEN STCITY:BERLINSTATE:CTZIP:06037-1616

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:PUBLIC SERVICE CO OF NEW HAMPSHIRECENTRAL INDEX KEY:0000315256STANDARD INDUSTRIAL CLASSIFICATION:ELECTRIC SERVICES [4911]IRS NUMBER:020181050STATE OF INCORPORATION:NHFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-06392FILM NUMBER:07655295

BUSINESS ADDRESS:STREET 1:780 N. COMMERCIAL STREETCITY:MANCHESTERSTATE:NHZIP:03105-0330BUSINESS PHONE:6036694000

MAIL ADDRESS:STREET 1:780 N. COMMERCIAL STREETCITY:MANCHESTERSTATE:NHZIP:03105-0330

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:CONNECTICUT LIGHT & POWER COCENTRAL INDEX KEY:0000023426STANDARD INDUSTRIAL CLASSIFICATION:ELECTRIC SERVICES [4911]IRS NUMBER:060303850STATE OF INCORPORATION:CTFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-00404FILM NUMBER:07655296

BUSINESS ADDRESS:STREET 1:SELDEN STREETCITY:BERLINSTATE:CTZIP:06037-1616BUSINESS PHONE:8606655000

8-K1d8k.htmFORM 8-K

Form 8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549-1004

FORM 8-K

CURRENT REPORT

Pursuant to Section13or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February28, 2007

Commission
FileNumber

Registrant; State of Incorporation
Address; and TelephoneNumber

I.R.S.Employer
IdentificationNo.

1-5324

NORTHEAST UTILITIES04-2147929

(a Massachusetts voluntary association)

One Federal Street, Building 111-4

Springfield, Massachusetts 01105

Telephone: (413) 785-5871

0-00404

THE CONNECTICUT LIGHT AND POWER COMPANY06-0303850

(a Connecticut corporation)

107 Selden Street

Berlin, Connecticut 06037-1616

Telephone: (860) 665-5000

1-6392

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE02-0181050

(a New Hampshire corporation)

Energy Park

780 North Commercial Street

Manchester, New Hampshire 03101-1134

Telephone: (603) 669-4000

0-7624

WESTERN MASSACHUSETTS ELECTRIC COMPANY04-1961130

(a Massachusetts corporation)

One Federal Street, Building 111-4

Springfield, Massachusetts 01105

Telephone: (413) 785-5871

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the followingprovisions:

Written communications pursuant toRule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section7-Regulation FD

Item7.01Regulation FD Disclosure

On February28, 2007, NU gave a slideshow presentation at the UBS Natural Gas and UtilityConference in New York, NY. The slides are attached hereto as Exhibit 99, incorporated in this Item7 by reference thereto, and are furnished pursuant to Regulation FD.

The information contained in this Item7.01, including Exhibit 99, shall not be deemed filed with the Securities and Exchange Commissionnor incorporated by reference in any registration statement filed by Northeast Utilities, The Connecticut Light and Power Company, Public Service Company of New Hampshire or Western Massachusetts Electric Company under the Securities Act of 1933, asamended, unless specified otherwise.

Section9-Financial Statements and Exhibits

Item9.01-Financial Statements and Exhibits.

(d)Exhibits.

Exhibit

Number

Description

Exhibit99

Northeast Utilities slide presentation before the UBS Natural Gas and Utility Conference, dated February 28, 2007.

[SIGNATURE PAGE TOFOLLOW]

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

NORTHEAST UTILITIES

THECONNECTICUT LIGHT AND POWER COMPANY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

WESTERN MASSACHUSETTS ELECTRIC COMPANY

(Registrants)

By:/s/David R. McHale

Name:David R. McHale

Title:Senior Vice President and Chief Financial Officer

Date: February28, 2007

EX-992dex99.htmNORTHEAST UTILITIES SLIDE PRESENTATION

Northeast Utilities Slide Presentation

UBSNatural Gas and Utility Conference February 28, 2007 Energy / Growth / Leadership Exhibit 99

2 Safe Harbor Provisions This presentation contains statements concerning NUs expectations, plans,objectives, future financial performance and other statements that are nothistorical facts. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In somecases, a listener can identify these forward-looking statements by wordssuch as estimate, expect, anticipate, intend, plan, believe, forecast,should, could, and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Factors that may causeactual results to differ materially from those included in theforward-looking statements include, but are not limited to, actions by state and federal regulatory bodies; competition and industry restructuring; changes ineconomic conditions; changes in weather patterns; changes in laws,regulations or regulatory policy; changes in levels and timing of capitalexpenditures; developments in legal or public policy doctrines; technological developments; changes in accounting standards and financial reportingregulations; fluctuations in the value of our remaining competitiveelectricity positions; actions of rating agencies; and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in ourreports to the Securities and Exchange Commission. We undertake noobligation to update the information contained in any forward-lookingstatements to reflect developments or circumstances occurring after the statement is made.

3 Agenda for Today 2006 accomplishments 2006 financial performance 2007 guidance Regulated investment strategy Rate cases Legislative update

4 2006 Highlights Competitive businesses Sold competitive generation for $1.34 billion (including $320 million of assumed debt) Sold retail business Served out more than 50% of wholesale obligations Sold most services businesses Regulated businesses Completed Bethel-Norwalk Completed Northern Wood Power Project Commenced construction of 3 remaining SW Connecticut projects Secured legislative endorsement for PSNH coal plant scrubber Settled WMECO distribution rate issues without rate case Filed settlement this week on PSNH distribution rate case Filed Yankee Gas rate case Financial Met earnings guidance Strengthened balance sheet considerably

5 $122.3 $41.1 $197.5 $59.8 $2.0 -$18.7 ($20.0) $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 2005 2006 2006 Regulated/Parent Results Distribution and Regulated Generation Transmission Parent/Other $115.8 $81.7* *$74 million from PLR and $7.7 million from competitive generation sale

6 $60.0 $33.9 $17.3 $147.6 $27.0 $11.0 $11.9 $11.1 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 2005 2006 Distribution/Regulated Generation Results CL&P PSNH WMECO $65.9 *$74 million from PLR and $7.7 million from competitive generation sale Yankee Gas $81.7*

7 2007 Guidance Primary Drivers 2006 Actual 2007 Guidance In 2007 Distribution/Regulated Generation $0.75* $0.80 - $0.90 PSNH, Yankee Gas rate cases, retail sales Transmission $0.39 $0.50 - $0.60 Increased investment Parent & Other Affiliates $0.02 $0.00 - $0.05 Cash from generation sale Total, Excluding Competitive Businesses $1.16 $1.30 - $1.55 All the above *Excludes CL&P PLR and impact of competitive generation sale

8 Improved Balance Sheet $3,442 $116 $2,032 Total Debt Preferred Stock Common Equity $2,965 $116 $2,798 Total Debt Preferred Stock Common Equity 9/30/05 12/31/06

9 2007-2011 Projected Capital Expenditures $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Distribution Capex Transmission Capex 2006 Actual 2007 2010 2011 2008 2009 $908* $779* $874* $1,183* $1,126* $880* *Excludes approximately $18 million per year at corporate service companies

10 Projected Distribution and Regulated Generation Year-End Rate Base $1,765 $1,964 $2,083 $2,220 $2,359 $2,466 $868 $974 $1,092 $1,153 $1,225 $1,293 $340 $367 $388 $406 $422 $436 $493 $646 $655 $656 $669 $679 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2006 2007 2008 2009 2010 2011 CL&P PSNH WMECO Yankee Gas Projected Distribution & Generation Rate Base CAGR of 7%

11 Major Distribution/Regulated Generation Projects Yankee Gass 1.2 Bcf liquid natural gas production facility in Waterbury, CT $108 million cost About 90 percent complete Scheduled to be in service for 2007- 2008 heating season Will enhance reliability, help insulate customers from price volatility Conversion of PSNHs 50 MW Schiller unit in Portsmouth, NH from coal to wood $74 million cost Commenced operation in December Enhances fuel diversity, reduces sulfur, NOx, mercury emissions

12 The Next Five Years: Transmission Capital Expenditures $0.00 $100.00 $200.00 $300.00 $400.00 $500.00 $600.00 $700.00 $800.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Other NEEWS Major CT Historic Forecast Up To $2.5 Billion The New England East-West Solution (NEEWS) family of projects is growing in scope and definition. Over the next three years, a high level of capital spending is associated with projects that have already received siting approval. $1,062 Million $1.1 Billion of major CT projects in 2007-2011 forecast period; $1.65 billion in total NEEWS family of projects estimated at $710 million during the 2007- 2011 forecast period

13 Projected Transmission Year-End Rate Base $840 $2,117 $2,218 $2,461 $140 $175 $276 $282 $335 $325 $75 $80 $132 $173 $208 $239 $1,512 $1,173 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2006 2007 2008 2009 2010 2011 CL&P PSNH WMECO Transmission Rate Base 2006-2011 CAGR of 23% *Reflects FERC approved 50% CWIP for southwest CT projects * * *

14 Four Major SW Connecticut Projects A $1.65 Billion Investment SWCT improvements have been a top priority in each of ISO-NEs last four regional transmission expansion plans. Our four major projects there total about $1.65 billion in investment. 50% of CT Load Bethel-Norwalk 345 kV Underground & Overhead $350 Million 21 miles345kV (56% underground) 10 miles 115kV (100% underground) Completed October 2006 at a cost of $340 million Middletown-Norwalk 345 kV Underground & Overhead $1,047 Million (NU Share) Glenbrook Cables 115 kV underground $183 Million 9 miles 115kV underground Projected in-service date: 2008 Under contract construction under way, 20% complete Long Island Cable 138 kV cross sound $72 Million (NU share) 11 miles 138kV submarine cable Joint project with LIPA Projected in-service date: 2008 Under contract cable being manufactured 69 miles 345kV (35% underground) 57 miles 115kV (1% underground) Joint project with United Illuminating Projected in-service date: 2009 Construction under way, 16% complete

15 LUDLOW MILBURY CARD NORTH BLOOMFIELD Rhode Island Connecticut Springfield Interstate FROSTBRIDGE AGAWAM WEST FARNUM KENT COUNTY LAKE ROAD We Have Selected the Preferred Routes For NEEWS The four components, identified to date, are: A Rhode Island Reliability Component A CT East-West Reliability Component A Springfield Reliability Component An Interstate Reliability Component Total Planning Grade Estimate: $1.1 - $1.4 Billion Post-NEEWS Import Capability is expected to grow to 3600 MW

16 Rate Case Status: Transmission NUs FERC-approved transmission tariffs fully track all transmission costs We have forward-looking rates, adjusted every six months, with an annual true-up provision to ensure timely recovery of transmission investment FERC decision on New England transmission ROE issued on October 31, 2006 Base ROE set at 10.2% for the period 2/1/2005 through 10/31/2006 and 10.9% beyond that Incentive adders include: 50 basis points for joining an RTO 100 basis points for new transmission identified by ISO-NE within its regional system planning process November 30 th request for rehearing by New England transmission owners apparent 30 basis point error in base ROE Other parties seeking to reduce incentive ROEs

17 Rate Case Status Distribution, Regulated Generation DTE approved settlement effective 1/1/07 Settlement filed 2/26/07 to be effective 7/1/07 Pending To be filed around mid-year and effective early 2008 Rate case status 9.6% 6.4% 5.9% 7.5% Actual 2006 Regulatory ROE 8% - 12% 9.62% for Generation; 9.67% for Distribution per settlement 9.9% 9.85% Allowed ROE $127 million $360 million $224 million $740 million Average common equity supporting rate base in 2006 WMECO PSNH Yankee Gas CL&P

18 PSNH Distribution Rate Case Settlement Joint settlement with NHPUC staff, Consumer Advocate filed this week Proposed effective date of 7/1/07 Key elements 9.67% ROE, 7.55% overall cost of capital Transmission tracker to be reset annually $37.7 million estimated annualized increase ($26.45 million for distribution; $11.24 million for transmission) in addition to $24.5 million increase effective 7/1/06 Incremental increase includes: $8.76 million, 12-month increase to recoup revenues not collected between 7/1/06 and 6/30/07 $9.2 million related to storm costs to be recovered over three years Generation ROE of 9.62% unaffected

19 Yankee Rate Case Highlights Net increase of $37 million (8.4%) Base rate increase of $68 million Lower pipeline, commodity charges due to LNG facility of $26.5 million Savings from expected property tax abatement of $4 million Expected effective date of July 1, 2007 Most recent increase January 1, 2005 $68 million base rate increase driven by: Improved returns ($17.5 million)* Higher rate base ($14 million)* Amortization of deferred hardship and environment remediationcosts ($11 million) Higher O&M ($11 million, including $3 million for LNG facility electricity)*Higher depreciation over July 1, 2005 June 30, 2006 test year ($9 million)* Higher property and other taxes ($6 million)* *Partially related to LNG facility Overall total related to LNG facility about $20 million

20 WMECO Rate Settlement Approved by DTE Rates effective January 1, 2007 $1 million distribution increase, plus pension, other trackers, higher energy costs resulted in 17.8% increase $3 million distribution increase to be effective January 1, 2008 Expect distribution ROE to remain in 9-10% range through 2008 Next rate case to be filed around 7/1/08

21 Legislative Update Connecticut 2005: Energy Independence Act Grants/loans for customer-side generation $200/kw one-time incentives to host utilities 15-year capacity-only conventional generation contracts with utilities$25/kw one-time incentives to utilities Bids submitted to the DPUC in December 2006 2007: Legislation Governor and legislative leadership identified energy as one of top 3 prioritiesFocus initially on conservation, renewable energy, incenting new generation, possible tax reductions Session ends June 6 New Hampshire 2006: Legislation Approved enabling bill to install scrubber at Merrimack by 7/1/13 2007: Legislation Considering legislation to allow PSNH to build another biomass unit

22 NUs Transformation Producing Solid Results, Prospects Strategic plan elements announced one year ago are on or ahead of schedule Financial flexibility is significantly improved Financial performance consistent with projections Transmission business is growing rapidly to meet customer needs Distribution results expected to improve as reasonable rate case outcomes are implemented Additional infrastructure needs being identified

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