Eversource Energy (d/b/a) · NYSE:ES
Eversource Energy (d/b/a) — Northeast Utilities — UBS Meetings June 7-8, 2011
20 slides from Eversource Energy (d/b/a)'s conference presentation, Jun 8, 2011
Slide 1: UBS Meetings
Slide 2: Forward-looking statements and non-GAAP disclosure
events, future financial performance or a histor a statement Private Securities Litigation Reform Act of 1995. In some cases, a listener or reader, can identify these forward-l anticipate", intend’, ‘plan’, “project”, "believe essions. assumptions or projections of management and are not guarantees
Slide 3: NSTAR Merger cautionary statement
t r NSTAR Merger In addition to historical information, this communication may contain a number of “forward-looking statements” as defined in the Private Secutities Litigation Reform Act of 1995. Wards such as anticipate, expect, project, intend, plan, believe, and words and terms of similar substan
Slide 4: Topics for Today
Topics for Today NU-NSTAR merger status First quarter results and 2011 outlook Electric distribution/generation segment Transmission segment @ Northeast Uilites 4
Slide 5: A Compelling Combination — Creates Largest Utility Company in New England
A Compelling Combination — Creates Largest Utility Company in New England >» Significant infrastructure investment Combined Service Territory opportunities combined with balance sheet c strength provides for substantial growth potential >» Larger, diverse and better positioned to support economic gr
Slide 6: Key Merger Terms
Key Merger Terms Balanced Terms and Governance Timing / Approvals: » Expected to close in the second half of 2011 Headquarters: » Dual — Hartford and Boston Company Name: » Northeast Utilities Consideration: » 100% stock Exchange Ratio: » 1.312 shares of Northeast Utilities per NSTAR share Pro Forma
Slide 7: NU-NSTAR Merger Status
NU-NSTAR Merger Status « NU and NSTAR shareholders overwhelmingly approved the merger on March 4 « Hart-Scott-Rodino waiting period expired in February without objection « FCC review complete without objection « NHPUC ruled in April it did not have jurisdiction « Maine approved merger in May subject
Slide 8: First Quarter Earnings
g First Quarter Earnings $130.0 $110.0 $90.0 @ $70.2 5 iS @ 5 3 01 pSlaz 3 = $30.0 $10.9 $04 18 $10.0 s Distribution/Generation Transmission Parent/Other™ Total® = 2010 = 2011 *Excludes $8.3 million of after-tax merger-related expenses Northeast @ Uaities 8
Slide 9: 2009 and 2010 Results and Standalone 2011 Guidance
2009 and 2010 Results and Standalone 2011 Guidance 2009 2010 Actual Actual NU Consolidated EPS (GAAP) $1.91 $2.19 $2.05 - $2.20 Distribution/Generation $0.92 $1.16 $1.25 - $1.35 | Transmission $0.95 $1.00 $1.05-$1.10 Competitive $0.09 $0.05 NA NU Parent/Other ($0.05) ($0.05) ($0.05) NU Consolidated
Slide 10: Improved Earnings Have Resulted in Rising Dividends
Improved Earnings Have Resulted in Rising Dividends EPS m Dividends paidideclared persharem © Payout ratios —— 275 700% 625% ee $2.25 -2.40¢ coon 225 200 soo% 178 now a 125 00% 100 1.108 b1.025 07 0.825, aoa a $0.775 oo now 025 s000 00% 2008 2007 2008 2009 2010 2NE + Excludes net income of competiti
Slide 11: Net Income in millions
$30.0 $25.0 Net Income in millions Northeast Uites $20.0 $15.0 $10.0 $5.0 $0.0 $28.5 $21.5 S226 $19.6 $143 | $144 $5.7 $2.9 CL&P PSNH WMECO Yankee Gas 9 1Q2010 #192011
Slide 12: Improved Results Due In Part to Final Resolution of All Three Electric Rate Cases
Improved Results Due In Part to Final Resolution of All Three Electric Rate Cases Five-year settlement approved by NHPUC on 6/28/2010 $45.5 million increase on 7/1/10 in addition to 8/1/09 temporary increase of $25.6 million $2.9 million decrease on THAN 2012 & 2013 projected increases of $9.5 milli
Slide 13: Major Generation, Gas Distribution Projects Moving
6 Major Generation, Gas Distribution Projects Moving PSNH Generation Business Plan + Five-year strategy preserves existing 1,200 MW New Hampshire fleet ++ Completes the Merrimack Scrubber ¢ Estimated cost reduced from $487 million to $430 million ¢ $320.9 million capitalized at 3/31/11 ¢ Ahead of sc
Slide 14: Transmission Business Strategy: Major Initiatives
Transmission Business Strategy: Major Initiatives Expanding Across Wider New England Geography Potential Wind Sites Renewables & Clean Energy (MEMNHVT): Projects in Development/ High Wind potential areas 3 Northern Pass Transmission (NPT) Line between Québec and New Hampshire 2 Connecticut Borders (
Slide 15: NEEWS Projects Advance
NEEWS Projects Advance Current Status Report Greater Springfield Reliability Project + Received siting approval in CT and MA + Substation construction commenced in MA in Dec. 2010 + Commenced overhead site work in MA in February 2011 + Commence overhead construction in CT in early 2012 following rec
Slide 16: Northern Pass Transmission
Northeast Uites Des Cartons @ see HVDC Line tivoc Converter e ‘Station 346-4 Line @ Existing beertietd Substation To be owned by Northern Pass Transmission LLC - NU (75%) and NSTAR (25%) 1,200 MW transfer capability Northern terminus at Des Cantons (Québec), southern terminus in Franklin (New Hampsh
Slide 17: Transmission capital investment forecast
$800 $700 $600 $500 $400 In Millions $300 $200 $100 sl Northeast Uites Forecast $261 Million $2.9 Billion Successful completion of PP PP PSS PHP Mo pr ors” Ease Reliability Major SouthwestCT MNEEWS m Northern Pass Northern Pass HVDC Line to Canada NEEWS projects ramping up
Slide 18: Capital Program Benefits Customers and Provides Attractive Rate Base Growth
Capital Program Benefits Customers and Pro Attractive Rate Base Growth Actual and Projected Total Rate Base 2009-2015 CAGR of 8.4% (using $12,000 2009 as hase year) Projected Natural Gas Distribution CAGR of 5.8% $10,000 $8,000 Projected Generation CAGR of 11.0% $6,000 Projected Electric Distributio
Slide 19: NU Appendix
Slide 20: 2006 — 2011 NU Consolidating EPS
2006 — 2011 NU Consolidating EPS GAAP / Non-GAAP Reconciliation 2006 Actual | 2007 Actual | 2008 Actual | 2009 Actual | 2010 Actual | 2011 Guidance Distribution/Generation $0.80 $0.94 $0.96 $0.92 $1.18 $1.25 -$1.35 Transmission 0.39 053 0.89 0.95 7.00 705-1.10 Total Regulated 119 147 1.85 1.87 2.18