NORTHEAST UTILITIES
2014 Financial Review
Thomas J. May
Chairman, President and
Chief Executive Officer
James J. Judge
Executive Vice President and
Chief Financial Officer
Werner J. Schweiger
Executive Vice President and
Chief Operating Officer
These materials provide updated
operating and financial information for
Northeast Utilities (NU) consolidated
and each of NU’s operating subsidiaries
and supplement the 2013 NU company
annual reports.
OPERATIONS
i n f o r m a t i o n
Sales and Revenues
2013
2012*
2011
2010
2009
Northeast Utilities Consolidated
Regulated Sales (GWh)
Residential
Commercial
Industrial
Wholesale
Total
21,896
27,787
5,648
855
56,186
19,719
24,537
5,462
2,154
51,872
14,766
14,628
4,418
1,020
34,832
Revenues (Thousands)
Residential
Commercial
Industrial
Wholesale
Miscellaneous and Eliminations
Total Electric
Natural Gas
$3,073,181
2,387,535
339,917
486,515
56,547
$6,343,695
855,601
$2,731,951
1,604,661
753,974
357,223
130,137
$5,577,946
572,857
$2,091,270
1,236,374
252,878
350,413
47,485
$3,978,420
430,799
$2,336,078
1,346,228
268,598
506,475
(29,878)
$4,427,501
434,277
$2,569,278
1,495,821
297,854
445,261
128,118
$4,936,332
449,571
Total Electric and Natural Gas
Other and Eliminations
$7,199,296
101,908
$6,150,803
122,984
$4,409,219
56,438
$4,861,778
36,389
$5,385,903
53,527
$7,301,204
$6,273,787
$4,465,657
$4,898,167
$5,439,430
Total
14,913
14,836
4,481
3,423
37,653
14,412
14,810
4,423
4,183
37,828
* The 2012 results include the operations of NSTAR beginning April 10, 2012.
2013
2012
2011
2010
2009
The Connecticut Light and Power Company
Sales (GWh)
Residential
Commercial
Industrial
Wholesale
Total
Revenues (Thousands)
Residential
Commercial
Industrial
Wholesale
Miscellaneous
Total
10,314
9,770
2,320
851
23,255
9,978
9,705
2,426
1,155
23,264
10,092
9,809
2,414
1,592
23,907
$1,294,160
780,585
129,557
219,367
18,672
$1,263,845
732,620
126,165
214,807
70,012
$1,345,290
758,145
126,783
278,751
39,418
$1,597,754
853,956
144,463
441,660
(38,731)
$1,840,750
958,224
151,839
386,034
87,691
$2,442,341
$2,407,449
$2,548,387
$2,999,102
$3,424,538
1.
10,196
10,002
2,467
3,040
25,705
9,848
9,991
2,427
3,434
25,700
Sales and Revenues
2013
2012
2011
2010
2009
NSTAR Electric Company
Retail Sales (GWh)
Residential
Commercial
Industrial
Total Retail
Retail Revenues (Thousands)
Residential
Commercial
Industrial
Other
Total Retail
6,831
13,163
1,312
21,306
6,741
13,115
1,353
21,209
6,727
13,357
1,418
21,502
6,818
13,359
1,477
21,654
6,440
13,236
1,296
20,972
$1,066,673
1,181,678
98,130
17,092
$2,363,573
$1,000,038
1,114,622
94,130
85,885
$2,294,675
$1,001,627
1,146,044
100,653
$2,248,324
$1,046,497
1,108,074
94,996
$2,249,567
$1,090,200
1,150,772
92,589
$2,333,561
2013
2012
2011
2010
2009
Public Service Company of New Hampshire
Retail Sales (GWh)
Residential
Commercial
Industrial
Total Retail
Retail Revenues (Thousands)
Residential
Commercial
Industrial
Other
Total Retail
3,208
3,357
1,373
7,938
3,138
3,338
1,345
7,821
3,141
3,338
1,336
7,815
3,175
3,333
1,339
7,847
3,097
3,335
1,318
7,750
$483,716
293,509
71,012
21,665
$511,036
319,262
82,141
33,948
$532,813
346,815
85,845
20,332
$529,992
367,042
90,243
13,159
$506,725
414,074
112,460
35,139
$869,902
$946,387
$985,805
$1,000,436
$1,068,398
2013
2012
2011
2010
2009
Western Massachusetts Electric Company
Retail Sales (GWh)
Residential
Commercial
Industrial
Total Retail
Retail Revenues (Thousands)
Residential
Commercial
Industrial
Other
Total Retail
1,544
1,496
643
3,683
1,517
1,503
663
3,683
1,533
1,493
669
3,695
1,542
1,516
675
3,733
1,467
1,498
679
3,644
$228,632
131,763
41,218
(882)
$213,494
127,431
40,207
5,973
$213,167
131,414
40,250
(11,980)
$208,332
125,230
33,892
(4,105)
$221,803
123,523
33,555
5,498
$400,731
$387,105
$372,851
$363,349
$384,379
2.
HISTORICAL FINANCIAL
i n f o r m a t i o n
Northeast Utilities Consolidated
(Thousands of Dollars, except Share Information and Percentages)
2013
2012*
2011
2010
2009
Operating Revenues
$7,301,204
$6,273,787
$4,465,657
$4,898,167
$5,439,430
Operating Income
$1,529,435
$1,118,206
$794,176
$799,891
$751,375
Net Income Attributable to
Controlling Interest:
Transmission
Distribution & Generation
Other
Net Income Attributable to
Controlling Interest - Total
$286,986
487,931
11,090
$249,710
323,074
(46,839)
$199,561
220,817
(25,685)
$177,803
206,227
3,919
$164,297
159,209
6,527
$786,007
$525,945
$394,693
$387,949
$330,033
$2.49
$2.49
$30.49
$1.90
$1.89
$29.41
$2.22
$2.22
$22.65
$2.20
$2.19
$21.60
$1.91
$1.91
$20.37
315,311,387
316,211,160
$1.47
$45.66
$38.60
$42.39
277,209,819
277,993,631
$1.32
$40.86
$33.48
$39.08
177,410,167
177,804,568
$1.10
$36.47
$30.02
$36.07
176,636,086
176,885,387
$1.03
$32.21
$24.68
$31.88
172,567,928
172,717,246
$0.95
$26.33
$19.45
$25.79
* The 2012 results include the operations of NSTAR beginning April 10, 2012.
Common Share Data:
Basic Earnings Per Share
Diluted Earnings Per Share
Book Value Per Share (end of year)
Weighted Average Shares Outstanding
Basic
Diluted
Dividends Declared Per Share
Market Price - High
- Low
- End
Capitalization, end of period (includes current maturities)
Long-Term Debt
Preferred Stock
Common Equity
Total Capitalization
Short-Term Debt
$8,310,179
155,568
9,611,528
$18,077,275
46.0 %
0.9
53.1
100.0 %
$7,963,494
155,568
9,237,050
$17,356,112
45.9 %
0.9
53.2
100.0 %
$4,946,495
116,200
4,012,670
$9,075,365
54.5 %
1.3
44.2
100.0 %
$4,699,152
116,200
3,811,176
$8,626,528
54.5 %
1.3
44.2
100.0 %
$4,559,221
116,200
3,577,902
$8,253,323
$1,093,000
$1,120,196
$317,000
$267,000
$100,313
$0
$82,139
$112,260
$181,572
$442,436
Baa2/BBB/BBB
N/A
Baa2/BBB-/BBB
N/A
Baa2/BBB-/BBB
N/A
Rate Reduction Bonds
55.2 %
1.4
43.4
100.0 %
Moody's/Standard & Poor's/Fitch Securities Ratings
NU Sr. Unsecured Notes
Commercial Paper
Baa2/BBB+/BBB+**
P-2/A-2/F-2
Baa2/BBB+/BBB+
P-2/A-2/F-2
** Moody's raised NU's Senior Unsecured Debt rating to Baa1 on 1/31/14.
Cash Flows From Operations
2013
Cash Flows Provided by Operating Activities
Retirements of Rate Reduction Bonds (included in
Financing Activities)
Cash Flows Provided by Operating Activities
net of Rate Reduction Bond Payments
$
2012*
1,663,539
$
(82,139)
$
1,581,400
* The 2012 results include the operations of NSTAR beginning April 10, 2012.
3.
1,161,229
2011
$
(114,433)
$
1,046,796
970,386
2010
$
(69,312)
$
901,074
1,093,463
(260,864)
$
832,599
HISTORICAL FINANCIAL
i n f o r m a t i o n
The Connecticut Light and Power
Company (CL&P), Connecticut’s
largest electric utility, provides service
in 149 cities and towns across the state
William P. Herdegen III
to approximately 1.2 million customers.
President
This figure includes 1.1 million
residential customers, 104,500
commercial customers, and 7,500
industrial customers.
THOMPSON
O
WINSTED
N
N
GRANBY
GOSHEN
WEST
HARTHARTFORD FORD
BRISTOL
THOMASTON
EAST
HARTFORD
WETHERSFIELD
NEWNEW INGTON
BRITAIN
PLAINVILLE
SHERMAN
WOLCOTT
WATERTOWN
SPRAGUE
MARLBOROUGH
GRISWOLD
LEBANON
PORTLAND
COLCHESTER
BOZRAH
NORWICH
PRESTON
MIDDLETOWN
WATERBURY
MERIDEN
MIDDLEFIELD
CHESHIRE
MIDDLEBURY
WALLINGFORD
SEYMOUR
BY
NEW HAVEN
ST
DE R
N
ONIA
SHELTON
REDDING
HA
VE
MONROE
KILLINGWORTH
ORANGE
WESTHAVEN
GUILFORD
MILFORD
STRATFORD
WILTON
FAIRFIELD
CLINTON
MADISON
BRANFORD
TRUMBULL
WESTON
DEEP
RIVER
BRIDGEPORT
WESTPORT
NORWALK
DARIEN
4.
STONINGTON
WATERFORD
GROTON
EAST
LYME
ESSEX
HAMDEN
WOODBRIDGE
EA
ANS
LEDYARD
LYME
CHESTER
NORTH
NORTH BRANFORD
HAVEN
NEWTOWN
BETHEL
MONTVILLE
DURHAM
BEACON
FALLS
BETHANY
NORTH
STONINGTON
SALEM
EAST
HADDAM
HADDAM
SOUTHBURY
BROOKFIELD
OXFORD
GREENWICH
CANTERBURY
CROMWELL
PROSPECT
NAUGATUCK
NEW
CANAAN
PLAINFIELD
SCOTLAND
HEBRON
ROCKY
HILL
SOUTHINGTON
ROXBURY
BRIDGEWATER
STAMFORD
WINDHAM
GLASTONBURY
EAST
HAMPTON
WOODBURY
EASTON
HAMPTON
FRANKLIN
BERLIN
BETHLEHEM
RIDGEFIELD
CHAPLIN
MANSFIELD
COLUMBIA
PLYMOUTH
WASHINGTON
POMFRET
MANCHESTER BOLTON
ANDOVER
FARMINGTON
KENT
MORRIS
PUTNAM
VERNON
SOUTH
WINDSOR
HARWINTON
LITCHFIELD
T
BROOKLYN
WARREN
DANBURY
U
ASHFORD
WILLINGTON
COVENTRY
AVON
NEW
FAIRFIELD
C
EASTFORD
TOLLAND
BURLINGTON
NEW
MILFORD
I
KILLINGLY
BLOOMFIELD
NEW
HARTFORD
TORRINGTON
T
ELLINGTON
WINDSOR
CANTON
CORNWALL
C
WINDSOR
LOCKS
EAST
WINDSOR
SIMSBURY
SHARON
E
EAST
GRANBY
BARKHAMSTED
STE
RLIN
G
CANAAN
WOODSTOCK
ENFIELD
VO
LUN
TOW
N
C
NORFOLK
SALISBURY
SUFFIELD
UNION
STAFFORD
SOMERS
HARTLAND
COLEBROOK
LIS
BO
N
NORTH
CANAAN
OLD
WEST- SAYBROOK
BROOK
OLD
LYME
HISTORICAL FINANCIAL
i n f o r m a t i o n
The Connecticut Light and Power Company
(Thousands of Dollars, except Percentages)
2013
2012
2011
2010
2009
$2,442,341
$2,407,449
$2,548,387
$2,999,102
$3,424,538
Operating Income
$539,576
$426,989
$463,183
$487,650
$465,106
Net Income
$279,412
$209,725
$250,164
$244,143
$216,316
Operating Revenues
Capitalization, end of period (includes current maturities)
Long-Term Debt
Preferred Stock
Common Equity
Total Capitalization
$2,741,208
116,200
2,702,494
$5,559,902
Short-Term Debt
49.3 %
2.1
48.6
100.0 %
$2,862,790
116,200
2,538,329
$5,517,319
51.9 %
2.1
46.0
100.0 %
$2,583,753
116,200
2,407,552
$5,107,505
50.6 %
2.3
47.1
100.0 %
$2,583,102
116,200
2,397,475
$5,096,777
50.7 %
2.3
47.0
100.0 %
$2,582,361
116,200
2,373,183
$5,071,744
$287,300
$99,296
$89,525
$6,225
$0
$0
$0
$0
$0
$195,587
Rate Reduction Bonds
50.9 %
2.3
46.8
100.0 %
Moody's/Standard & Poor's/Fitch Securities Ratings*
Senior Secured Debt
Preferred Stock
A3/A/A
Ba1/BBB/BBB
A3/A/A
Ba1/BBB/BBB
A2/A-/ABaa3/BBB-/BBB
A2/BBB+/ABaa3/BB+/BBB-
A2/BBB+/ABaa3/BB+/BBB
*Moody's raised CL&P's Senior Secured Debt rating to A2 and preferred stock rating to Baa3 on 1/31/14.
Utility Plant
As of December 31, 2013
Description
Utility
Plant
Accumulated
Depreciation
As of December 31, 2012
Net
Utility Plant
Utility
Plant
Accumulated
Depreciation
Net
Utility Plant
Distribution Plant
Transmission Plant
$4,930,696
3,071,888
$1,311,787
492,303
$3,618,909
2,579,585
$4,691,343
2,796,097
$1,255,848
442,276
$3,435,495
2,353,821
Total Utility Plant
$8,002,584
$1,804,090
$6,198,494
$7,487,440
$1,698,124
$5,789,316
2013
2012
2011
2010
Distribution Rate Base
$3,000,000
$2,900,000
$2,600,000
$2,300,000
Transmission Rate Base
$2,200,000
$2,200,000
$2,100,000
$2,100,000
2013
2012
2011
2010
Rate Base
Capital Expenditures
Distribution Capital Expenditures
$298,540
$312,754
$338,505
$305,411
Transmission Capital Expenditures
$211,900
$182,519
$128,649
$107,246
Cash Flows From Operations
2013
Cash Flows Provided by Operating Activities
Retirements of Rate Reduction Bonds
(included in Financing Activities)
Cash Flows Provided by Operating Activities,
net of Rate Reduction Bond Payments
2012
$495,257
$495,257
2011
$211,893
-
2010
$513,283
-
$211,893
5.
$513,283
$697,305
(195,587)
$501,718
HISTORICAL FINANCIAL
i n f o r m a t i o n
NSTAR Electric Company provides
service to approximately 1.2 million
customers in 81 towns in eastern
Massachusetts, including Cape
Craig A. Hallstrom
Cod. This figure includes
President
1.0 million residential customers,
166,000 commercial customers, and
AMESBURY
SALISBURY
MERRIMAC
1,200 industrial customers.
W.
NEWBURY
NEW
BURY
PO
RT
HAVERHILL
NEWBURY
GROVELAND
METHUEN
ASHBY
DUNSTABLE
PEPPERELL
TOWNSEND
E
DRACUT
IPSWICH
BOXFORD
N.
ANDOVER
TYNGSBORO
ASHBURNHAM
ROWLEY
GEORGETOWN
NC
RE
W
LA
ANDOVER
LOWELL
ROCKPORT
TOPSFIELD
HAMILTON
TEWKSBURY
GROTON
LUNENBURG
FITCHBURG
ESSEX
MIDDLETON
CHELMSFORD
WESTFORD
N. READING
GARDNER
MANCHESTER
DANVERS
AYER
SHIRLEY
GLOUCESTER
WENHAM
BEVERLY
BILLERICA
WILMINGTON
ACTON
WOBURN
CONCORD
STERLING
RD
NA
AY
M
STOW
CLINTON
W.
BOYLSTON
LINCOLN
ARLINGTON
BE
L
BERLIN
HUDSON
WALTHAM
SUDBURY
PAXTON
SH
WORCESTER
NT
CA
M
BR
SOUTHBOROUGH
FRAMINGHAM
AD
NAHANT
REVERE
T
ET
CHELSEA
LE
WINTHROP
E
HULL
NATICK
NEEDHAM
WESTBOROUGH
ASHLAND
DEDHAM
LEICESTER
SHERBORN
MILLIS
SCITUATE
H
UT
O
M
EY
HOLBROOK
ABINGTON
NORWELL
MARSHFIELD
HANOVER
SHARON
BROCKTON
FRANKLIN
WHITMAN
PEMBROKE
FOXBORO
PROVINCETOWN
HANSON
WRENTHAM
DUXBURY
E. BRIDGEWATER
EASTON
W. BRIDGEWATER
PLAINVILLE
MANSFIELD
TRURO
HALIFAX
N. ATTLEBORO
KINGSTON
BRIDGEWATER
NORTON
PLYMPTON
WELLFLEET
RAYNHAM
ATTLEBORO
TAUNTON
PLYMOUTH
MIDDLEBORO
CARVER
EASTHAM
REHOBOTH
DIGHTON
BERKLEY
LAKEVILLE
ORLEANS
WAREHAM
ROCHESTER
FREETOWN
SWANSEA
BREWSTER
U
AC
T
NE
FALL RIVER
DENNIS
SANDWICH
SH
SO
ME
RS
ETT
BLACKSTONE
NORFOLK
SE
EK
ON
K
DOUGLAS
MILLVILLE
UXBRIDGE
WEBSTER
W
AVON
STOUGHTON
LE
BELLINGHAM
DA
MENDON
DUDLEY
WALPOLE
MEDWAY
HO
PE
NORTHBRIDGE
RANDOLPH
CANTON
MILFORD
SUTTON
HINGHAM
BRAINTREE
MEDFIELD
NORWOOD
UPTON
OXFORD
COHASSET
WESTWOOD
HOLLISTON
MILLBURY
CHARLTON
QUINCY
MILTON
DOVER
HOPKINTON
GRAFTON
AUBURN
SOUTHBRIDGE
ER
BOSTON
WELLESLEY
Y
UR
EV
WESTON
NEWTON
BO
RO
UG
H
ID
G
ER
VIL
RO
CK
LA
ND
SPENCER
R
SB
EW
MARLBOROUGH
SO
M
BR
O
O
KL
NO
RT
H
W
AY
LA
N
BOYLSTON
HOLDEN
M
O
MALDEN
MEDFORD
WATERTOWN
D
RUTLAND
OAKHAM
MELROSE
WINCHESTER
LEXINGTON
BOLTON
LYNN
SAUGUS
IN
E
PRINCETON
PEABODY
SALEM
HAM
STONE
BOXBORO
LANCASTER
HUBBARDSTON
LYNNFIELD
WAKEFIELD
BURLINGTON
BEDFORD
HE
READING
CARLISLE
HARVARD
LE
LITTLETON
LEOMINSTER
M
AR
B
WESTMINSTER
MARION
BOURNE
HARWICH
NEW
BEDFORD
BARNSTABLE
YARMOUTH
MATTAPOISETT
FAIRHAVEN
MASHPEE
DARTMOUTH
WESTPORT
FALMOUTH
MARTHA’S VINEYARD
NANTUCKET
6.
CHATHAM
HISTORICAL FINANCIAL
i n f o r m a t i o n
NSTAR Electric Company Consolidated
(Thousands of Dollars, except Percentages)
Operating Revenues
2013
2012
2011
2010
2009*
$2,493,479
$2,300,997
$2,403,053
$2,366,201
$2,564,411
Operating Income
$508,156
$381,416
$486,173
$478,812
$466,250
Net Income
$268,546
$190,242
$252,494
$248,575
$240,691
Capitalization, end of period (includes current maturities)
Long-Term Debt
Preferred Stock
Common Equity
Total Capitalization
$1,801,067
43,000
2,413,453
$4,257,520
Short-Term Debt
42.3 %
1.0
56.7
100.0 %
$1,602,561
43,000
2,203,030
$3,848,591
41.7 %
1.1
57.2
100.0 %
$1,604,994
43,000
2,231,748
$3,879,742
41.4 %
1.1
57.5
100.0 %
$1,616,698
43,000
2,151,114
$3,810,812
42.4 %
1.1
56.5
100.0 %
$1,447,830
43,000
2,092,699
$3,583,529
$103,500
$276,000
$141,500
$227,500
$341,000
$0
$43,493
$127,860
$174,815
$269,758
A2/A-/A+
P-1/A-2/F-1
Baa1/BBB/A-
A1/A+/AAP-1/A-1/F-1+
A3/A-/A
A1/A+/AAP-1/A-1/F-1+
A3/A-/A
A1/A+/AAP-1/A-1/F-1+
A3/A-/A
Rate Reduction Bonds
40.4 %
1.2
58.4
100.0 %
Moody's/Standard & Poor's/Fitch Securities Ratings
Senior Unsecured Debt
Commercial Paper
Preferred Stock
A2/A-/A+
P-1/A-2/F-1
Baa1/BBB/A-
*2009 data reflects information that was provided prior to the NU/NSTAR merger. Therefore, classifications may be different from the current year presentation.
Utility Plant
Description
Distribution Plant
Transmission Plant
Total Utility Plant
Capital Expenditures
Distribution Capital Expenditures
Transmission Capital Expenditures
Cash Flows From Operations
Cash Flows Provided by Operating Activities
Retirements of Rate Reduction Bonds
(included in Financing Activities)
Cash Flows Provided by Operating Activities,
net of Rate Reduction Bond Payments
Utility
Plant
$4,694,678
1,772,355
$6,467,033
2013
$260,000
$221,000
2013
$510,423
(43,493)
$466,930
As of December 31, 2013
Accumulated
Depreciation
$1,210,395
420,941
$1,631,336
2012
$231,000
$192,000
2012
$591,281
(84,367)
$506,914
7.
Net
Utility Plant
$3,484,283
1,351,414
$4,835,697
2011
$209,000
$159,000
2011
$746,328
(84,346)
$661,982
Utility
Plant
$4,539,930
1,529,708
$6,069,638
2010
$203,000
$87,000
2010
$545,732
(119,014)
$426,718
As of December 31, 2012
Accumulated
Depreciation
$1,209,094
331,080
$1,540,174
Net
Utility Plant
$3,330,836
1,198,628
$4,529,464
HISTORICAL FINANCIAL
i n f o r m a t i o n
Western Massachusetts Electric
Company (WMECO), western
Massachusetts’ largest electric
utility, provides service to
Craig A. Hallstrom
approximately 207,000 customers in
President
59 communities throughout the
western part of the state. This
figure includes 188,000 residential
customers, 17,600 commercial
customers, and 1,400 industrial
MONROE
NORTH ADAMS
WILLIAMSTOWN
HEATH
AR
LEYDEN
ROWE
COLRAIN
WARWICK
BE
RN
CLARKSBURG
DS
TO
N
customers.
FLORIDA
NORTHFIELD
LD
NF
EE
ERVING
GR
SHELBURNE
NEW
ASHFORD
GILL
IE
CHARLEMONT
ADAMS
SAVOY
ORANGE
BUCKLAND
HAWLEY
MONTAGUE
WENDELL
ASHFIELD
WINDSOR
PLAINFIELD
DEERFIELD
CUMMINGTON
PITTSFIELD
GOSHEN
WHATELY
RICHMOND
WASHINGTON
TON
OTIS
BLANDFORD
MO
G
NT
LUDLOW
PALMER
CHICOPEE
WESTFIELD
RUSSELL
WEST
SPRINGFIELD
EGREMONT
SANDISFIELD
SPRINGFIELD
WILBRAHAM
TOLLAND
SHEFFIELD
WARE
SO
U
SOUTHAMPTON
Y
ER
OM
MONTEREY
BELCHERTOWN
GRANBY
TH
EASTHAMP
HA
DL
EY
NORTHAMPTON
HO
LY
OK
E
ALF
O
WE
ST
HA
MP
TO
N
CHESTER
BECKET
HU
NT
ING
TO
N
GE
GE
RID
CKB
STO
RD
STO WES
CK B T
RID
AMHERST
TYRINGHAM
NEW MARLBORO
NEW SALEM
HADLEY
MIDDLEFIELD
WA MO
SH UN
IN T
GT
ON
RY
PELHAM
HATFIELD
CHESTERFIELD
ON
GT
IN
RR
A
TB
EA
GR
ESBU
SHUT
WILLIAMSBURG
WORTHINGTON
LEE
E
LEVERETT
PERU
HINSDALE
LENOX
RL
AN
D
CONWAY
SU
ND
E
LANESBORO
D AL
TON
H AN
CO
CK
CHESHIRE
GRANVILLE
SOUTHWICK
8.
AGAWAM
EAST
LONGLONGMEADOW MEADOW
MONSON
HAMPDEN
HISTORICAL FINANCIAL
i n f o r m a t i o n
Western Massachusetts Electric Company
(Thousands of Dollars, except Percentages)
2013
2012
2011
2010
2009
Operating Revenues
$472,724
$441,164
$417,315
$395,161
$402,413
Operating Income
$119,347
$110,774
$88,363
$58,657
$58,581
$60,438
$54,503
$43,054
$23,090
$26,196
Net Income
Capitalization, end of period (includes current maturities)
Long-Term Debt
Common Equity
Total Capitalization
$629,389
579,106
$1,208,495
52.1 %
47.9
100.0 %
$605,270
558,009
$1,163,279
52.0 %
48.0
100.0 %
$499,545
462,301
$961,846
51.9 %
48.1
100.0 %
$400,288
357,584
$757,872
52.8 %
47.2
100.0 %
$305,475
246,807
$552,282
Short-Term Debt
$0
$31,900
$0
$20,400
$136,100
Rate Reduction Bonds
$0
$9,352
$26,892
$43,325
$58,735
Baa2/BBB/BBB+
Baa2/BBB/BBB+
55.3 %
44.7
100.0 %
Moody's/Standard & Poor's/Fitch Securities Ratings
Senior Unsecured Debt
Baa2/A-/A-*
Baa2/A-/A-
Baa2/BBB+/BBB+
*Moody's raised WMECO's Senior Unsecured Debt rating to A3 on 1/31/14.
Utility Plant
As of December 31, 2013
Description
Utility
Plant
Accumulated
Depreciation
As of December 31, 2012
Net
Utility Plant
Utility
Plant
Accumulated
Depreciation
Net
Utility Plant
Distribution Plant
Generation Plant
Transmission Plant
$756,616
21,093
826,388
$218,090
1,941
51,488
$538,526
19,152
774,900
$724,150
21,143
583,715
$202,296
1,202
48,650
$521,854
19,941
535,065
Total Utility Plant
$1,604,097
$271,519
$1,332,578
$1,329,008
$252,148
$1,076,860
2011
2010
Rate Base
2013
2012
Distribution & Generation Rate Base
$400,000
$400,000
$400,000
$400,000
Transmission Rate Base
$600,000
$600,000
$500,000
$300,000
Capital Expenditures
2013
2012
2011
2010
Distribution & Generation Capital Expenditures
$46,258
$38,348
$53,456
$43,131
Transmission Capital Expenditures
$87,252
$214,708
$236,762
$95,200
Cash Flows From Operations
2013
Cash Flows Provided by Operating Activities
Retirements of Rate Reduction Bonds
(included in Financing Activities)
Cash Flows Provided by Operating Activities,
net of Rate Reduction Bond Payments
$178,807
(9,352)
$169,455
2012
2011
$94,547
(17,540)
$77,007
9.
$124,395
(16,433)
$107,962
2010
$65,865
(15,410)
$50,455
HISTORICAL FINANCIAL
i n f o r m a t i o n
Public Service Company of New
Hampshire (PSNH), New
Hampshire’s largest electric
utility, provides service in
William J. Quinlan
211 towns and cities throughout
President
the state to approximately 501,000
customers. This figure includes
424,600 residential customers,
72,800 commercial customers, and
3,600 industrial customers.
PITTSBURG
CLARKSVILLE
GILMANTON
& ATKINSON
ACADEMY GRANT
STEWARTSTOWN
COLEBROOK
DIXVILLE
DIX'S SECOND
GRANT COLLEGE
GRANT
WENTWORTH'S
LOCATION
COLUMBIA
ERVING'S
LOCATION
ERROL
MILLSFIELD
ODELL
STRATFORD
CAMBRIDGE
DUMMER
STARK
MILAN
NORTHUMBERLAND
SUCCESS
KILKENNY
BERLIN
LANCASTER
DALTON
JEFFERSON
BETHLEHEM
LYMAN
CRAWFORD'S
PURCHASE
LISBON SUGAR
HILL
LANDAFF
JACKSON
CUTT'S
GRANT
CHATHAM
LIVERMORE
EASTON
HADLEY'S
PURCHASE
LINCOLN
HAVERHILL
BARTLETT
HART'S
LOCATION
BENTON
HALE'S
LOCATION
LIVERMORE
CONWAY
WOODSTOCK
PIERMONT
ALBANY
WATERVILLE
WARREN
OXFORD
THORNTON
ELLSWORTH
MADISON
WENTWORTH
RUMNEY
LYME
PLYMOUTH
GROTON
HANOVER
FREEDOM
OSSIPEE
HOLDERNESS
CANAAN
BRIDGEWATER
ORANGE
ALEXANDRIA
TUFTONBORO
NEW
HAMPTON
MEREDITH
WOLFEBORO
BRISTOL
ENFIELD
BROOKFIELD
GILFORD
PLAINFIELD
SANBORNTON
HILL
DANBURY
SPRINGFIELD
WILMOT
CROYDON
TILTON
FRANKLIN
ANDOVER
NEW LONDON
SALISBURY
EPSOM
HOPKINTON
HILLSBOROUGH
STODDARD
SURRY
NELSON
ROXBURY
HARRISVILLE
MARLBOROUGH
DUBLIN
BENN- FRANCESINGTON
TOWN
CANDIA
TROY
FITZWILLIAM
JAFFNEY
MANCHESTER AUBURN
NEW
IPSWICH
DURHAM
CHESTER
EPPING
NEWFIELDS
DERRY
MASON
BROOKLINE
NEWTON
TOW
WINDHAM
SALEM
HOLLIS
NASHUA
HEMPSTEAD
ATKINSON PLAIS-
LITCHFIELD
MILFORD
HAMPTON
EAST KENSDANKINGSHAMPTON
VILLE KINGSTON TON INGTON FALLS
LONDONDERRY
MERRIMACK
WILTON
GREENVILLE
NEWINGTON
NEWMARKET
SANDOWN
LYNDEMOUNT
BOROUGH VERNON
SHARON TEMPLE
RINDGE
LEE
PORTSGREEN-MOUTH
LAND
STRATHAM
RYE
EXETER
NORTH
FREMONT
HAMPTON
BRENTWOOD
BEDFORD
HUDSON
RICHMOND
NOTTINGHAM
RAYMOND
AMHERST
WINCHESTER
DEERFIELD
GOFFSTOWN
NEW BOSTON
SWANZEY
HINSDALE
HOOKSETT
GREENFIELD
PETERBOROUGH
SOMERSWORTH
ROLLINSFORD
DOVER
MADBURY
BARRINGTON
DUMBARTON
ANTRIM
HANCOCK
CHESTERFIELD
WEARE
DEE"ING
SULLIVAN
KEENE
ALLENSTOWN
BOW
WINDSOR
GILSUM
WALPOLE
NORTHWOOD
PEMBROKE
HENNIKER
MARLOW
ALSTEAD
ROCHESTER
STRATFORD
CHICESTER
CONCORD
BRADFORD
WASHINGTON
LANGDON
WESTMORELAND
PITTSFIELD
WARNER
LEMSTER
ACWORTH
LOUDON
BOSCAWEN
WEBSTER
GOSHEN
MILTON
FARMINGTON
BARNSTEAD
CANTERBURY
SUTTON
NEWBURY
CHARLESTOWN
NEW
DURHAM
GILMANTON
NORTHFIELD
SUNAPEE
NEWPORT
UNITY
MIDDLETON
ALTON
CORNISH
WAKEFIELD
LACONIA
GRAFTON
GRANTHAM
EFFINGHAM
MOULTONBOROGH
ASHLAND
LEBANON
EATON
TAMWORTH
SANDWICH
CAMPTON
DORCHESTER
CLAREMONT
BEAN'S
PURCHASE
SARGENT'S
PURCHASE
BEAN'S
GRANT
STATE
FOREST
REG'N
FRANCONIA
BATH
SHELBURNE
GORHAM
MARTIN'S
LOW & BURBANK'S
LOCATION
GRANT
THOMPSON
& MESERVE'S GREEN'S
PURCHASE GRANT
CARROLL
MONROE
RANDOLPH
WHITEFIELD
LITTLETON
PELHAM
10.
SOUTH
HAMPTON
SEABROOK
HISTORICAL FINANCIAL
i n f o r m a t i o n
Public Service Company of New Hampshire
(Thousands of Dollars, except Percentages)
2013
2012
2011
2010
2009
Operating Revenues
$935,402
$988,013
$1,013,003
$1,033,439
$1,109,591
Operating Income
$225,219
$205,095
$180,104
$176,186
$134,587
Net Income
$111,397
$96,882
$100,267
$90,067
$65,570
Capitalization, end of period (includes current maturities)
Long-Term Debt
Common Equity
Total Capitalization
Short-Term Debt
$1,049,006
1,131,876
$2,180,882
48.1 %
51.9
100.0 %
$997,932
1,086,515
$2,084,447
47.9 %
52.1
100.0 %
$997,722
1,078,363
$2,076,085
48.1 %
51.9
100.0 %
$836,365
926,447
$1,762,812
47.4 %
52.6
100.0 %
$836,255
727,445
$1,563,700
$86,500
$63,300
$0
$77,900
$26,700
$0
$29,294
$85,368
$138,247
$188,113
Rate Reduction Bonds
53.5 %
46.5
100.0 %
Moody's/Standard & Poor's/Fitch Securities Ratings
Senior Secured Debt
A3/A/A*
A3/A/A
A3/A-/A-
A3/BBB+/BBB+
A3/BBB+/BBB+
*Moody's raised PSNH's Senior Secured Debt rating to A2 on 1/31/14.
Utility Plant
As of December 31, 2013
Description
Utility
Plant
Accumulated
Depreciation
As of December 31, 2012
Net
Utility Plant
Utility
Plant
Accumulated
Depreciation
Net
Utility Plant
Distribution Plant
Generation Plant
Transmission Plant
$1,608,244
1,131,235
695,577
$482,177
455,612
83,922
$1,126,067
675,623
611,655
$1,520,142
1,125,484
599,154
$450,513
428,583
74,933
$1,069,629
696,901
524,221
Total Utility Plant
$3,435,056
$1,021,711
$2,413,345
$3,244,780
$954,029
$2,290,751
2013
2012
2011
2010
$1,700,000
$1,600,000
$1,600,000
$1,200,000
$500,000
$400,000
$400,000
$300,000
Rate Base
Distribution & Generation Rate Base
Transmission Rate Base
Capital Expenditures
2013
Distribution & Generation Capital Expenditures
Transmission Capital Expenditures
2012
2011
2010
$112,221
$125,554
$223,562
$261,002
$99,685
$55,747
$68,095
$49,061
Cash Flows From Operations
2013
Cash Flows Provided by Operating Activities
Retirements of Rate Reduction Bonds
(included in Financing Activities)
Cash Flows Provided by Operating Activities,
net of Rate Reduction Bond Payments
$188,107
(29,294)
$158,813
2012
2011
$230,298
(56,074)
$174,224
11.
$204,705
(52,879)
$151,826
2010
$195,273
(49,867)
$145,406
HISTORICAL FINANCIAL
i n f o r m a t i o n
NSTAR Gas Company provides service to approximately 274,500
customers in 51 towns in central and southeastern Massachuetts.
This figure includes 251,000 residential customers, 22,500
commercial customers, and 1,000 industrial customers.
AMESBURY
SALISBURY
MERRIMAC
W.
NEWBURY
NEW
BURY
PO
RT
HAVERHILL
NEWBURY
GROVELAND
METHUEN
ASHBY
DUNSTABLE
PEPPERELL
TOWNSEND
E
DRACUT
IPSWICH
BOXFORD
N.
ANDOVER
TYNGSBORO
ASHBURNHAM
ROWLEY
GEORGETOWN
NC
RE
W
LA
ANDOVER
LOWELL
ROCKPORT
TOPSFIELD
HAMILTON
FITCHBURG
TEWKSBURY
GROTON
LUNENBURG
ESSEX
MIDDLETON
CHELMSFORD
WESTFORD
N. READING
GARDNER
MANCHESTER
DANVERS
AYER
SHIRLEY
GLOUCESTER
WENHAM
BEVERLY
BILLERICA
WILMINGTON
WAKEFIELD
ACTON
HAM
STONE
BOXBORO
WOBURN
CONCORD
RD
NA
AY
M
STOW
W.
BOYLSTON
LINCOLN
ARLINGTON
BE
L
BERLIN
HUDSON
WALTHAM
SUDBURY
PAXTON
SH
WORCESTER
NT
CA
M
BR
SOUTHBOROUGH
EV
NAHANT
REVERE
T
ET
CHELSEA
LE
WINTHROP
E
FRAMINGHAM
BOSTON
WELLESLEY
RY
HULL
NATICK
NEEDHAM
WESTBOROUGH
ASHLAND
DEDHAM
LEICESTER
SHERBORN
MILLIS
SCITUATE
H
UT
O
M
EY
HOLBROOK
ABINGTON
NORWELL
MARSHFIELD
HANOVER
SHARON
BROCKTON
FRANKLIN
WHITMAN
PEMBROKE
FOXBORO
PROVINCETOWN
HANSON
WRENTHAM
DUXBURY
E. BRIDGEWATER
EASTON
W. BRIDGEWATER
PLAINVILLE
MANSFIELD
TRURO
HALIFAX
N. ATTLEBORO
KINGSTON
BRIDGEWATER
NORTON
PLYMPTON
WELLFLEET
RAYNHAM
ATTLEBORO
TAUNTON
PLYMOUTH
MIDDLEBORO
CARVER
EASTHAM
REHOBOTH
DIGHTON
BERKLEY
LAKEVILLE
ORLEANS
WAREHAM
ROCHESTER
FREETOWN
SWANSEA
BREWSTER
U
AC
T
NE
FALL RIVER
DENNIS
SANDWICH
SH
SO
ME
RS
ETT
BLACKSTONE
NORFOLK
SE
EK
ON
K
DOUGLAS
MILLVILLE
UXBRIDGE
WEBSTER
W
AVON
STOUGHTON
LE
BELLINGHAM
DA
MENDON
DUDLEY
WALPOLE
MEDWAY
HO
PE
NORTHBRIDGE
RANDOLPH
CANTON
MILFORD
SUTTON
HINGHAM
BRAINTREE
MEDFIELD
NORWOOD
UPTON
OXFORD
COHASSET
WESTWOOD
HOLLISTON
MILLBURY
CHARLTON
QUINCY
MILTON
DOVER
HOPKINTON
GRAFTON
AUBURN
SOUTHBRIDGE
ER
WESTON
NEWTON
BO
RO
UG
H
ID
G
ER
VIL
RO
CK
LA
ND
SPENCER
R
U
SB
EW
MARLBOROUGH
SO
M
BR
O
O
KL
NO
RT
H
W
AY
LA
N
BOYLSTON
HOLDEN
M
O
MALDEN
MEDFORD
WATERTOWN
D
RUTLAND
OAKHAM
MELROSE
WINCHESTER
LEXINGTON
BOLTON
CLINTON
LYNN
SAUGUS
IN
E
STERLING
SALEM
BURLINGTON
BEDFORD
PRINCETON
PEABODY
AD
CARLISLE
HARVARD
LANCASTER
HUBBARDSTON
LYNNFIELD
HE
LEOMINSTER
READING
LE
LITTLETON
M
AR
B
WESTMINSTER
MARION
BOURNE
HARWICH
NEW
BEDFORD
BARNSTABLE
YARMOUTH
MATTAPOISETT
FAIRHAVEN
MASHPEE
DARTMOUTH
WESTPORT
FALMOUTH
MARTHA’S VINEYARD
NANTUCKET
12.
CHATHAM
HISTORICAL FINANCIAL
i n f o r m a t i o n
NSTAR Gas Company
(Thousands of Dollars, except Natural Gas Sales)
2013
Natural Gas Sales - Firm (million cubic feet)
Residential
Commercial
Industrial
Other
Total
2012
2011
2010*
21,911
21,341
5,773
49,025
18,385
19,095
5,205
42,685
20,595
19,662
5,226
45,483
$250,270
132,730
17,625
$400,625
$212,428
110,493
14,243
$337,164
$257,131
124,093
13,577
$394,801
$432,183
$48,573
$22,216
$351,647
$31,988
$11,924
Capitalization, end of period (includes current maturities)
Long-Term Debt
$210,000
Total Common Equity
291,747
Total Capitalization
$501,747
Natural Gas Revenues
Residential
Commercial
Industrial
Total Retail Natural Gas
Operating Revenues
Operating Income
Net Income
Short-Term Debt
Moody's/Standard & Poor's/Fitch Securities Ratings
Senior Secured Debt
2009*
20,153
18,494
5,166
2,945
46,758 **
*
*
*
*
21,021
19,472
5,272
3,094
48,859 **
$254,500
133,927
16,125
$404,552
$302,762
144,676
14,233
$461,671
$446,650
$48,745
$21,854
$427,756
$50,232
$23,000
$484,713
$49,694
$25,643
$210,000
285,530
$495,530
$210,000
289,606
$499,606
$210,000
284,564
$494,564
$210,000
349,564
$559,564
$102,950
$87,325
$79,100
$115,600
$4,900
NA/A/A+
NA/A/A+
NR/AA-/A
NR/AA-/A
NR/AA-/A
* The prior period data reflects information that was provided prior to the NU/NSTAR merger. Therefore, classifications may be different from the current year presentation.
** 2010 and 2009 sales include firm and non-firm natural gas sales.
Utility Plant
As of December 31, 2013
Description
Total Utility Plant
Utility
Plant
$1,004,451
Accumulated
Depreciation
$318,248
As of December 31, 2012
Net
Utility Plant
$686,203
Utility
Plant
Accumulated
Depreciation
$938,614
Rate Base
2013
Total Rate Base
$500,000
2012
$500,000
2011
$400,000
2010
$400,000
Capital Expenditures
2013
Total Capital Expenditures
$77,409
2012
$70,776
2011
$67,695
2010
$55,144
Cash Flows From Operations
2013
Cash Flows Provided by Operating Activities
$72,016
2012
$87,521
2011
$119,376
2010*
$29,591
*2010 data reflects information that was provided prior to the NU/NSTAR merger. Therefore, classifications may be different from the current year presentation.
13.
$298,422
Net
Utility Plant
$640,192
HISTORICAL FINANCIAL
i n f o r m a t i o n
Yankee Gas Services Company is the largest natural gas distribution
company in Connecticut, and provides service in 71 towns throughout
the state to approximately 214,600 customers. This figure includes
188,500 residential customers, 24,500 commercial customers, and
1,600 industrial customers.
THOMPSON
NORTH
CANAAN
HARTLAND
COLEBROOK
NORFOLK
GRANBY
EAST
GRANBY
WINDSOR
LOCKS
BARKHAMSTED
GOSHEN
BLOOMFIELD
KILLINGLY
BROOKLYN
COVENTRY
AVON
WEST
HARTHARTFORD FORD
BURLINGTON
EAST
HARTFORD
ANDOVER
HARWINTON
LITCHFIELD
MANSFIELD
CHAPLIN
HAMPTON
MANCHESTER BOLTON
WINDHAM
WETHERSFIELD
FARMINGTON
BRISTOL
MORRIS
THOMASTON
PLAINVILLE
NEWNEW INGTON
BRITAIN
SPRAGUE
MARLBOROUGH
WOLCOTT
WATERTOWN
FRANKLIN
SOUTHINGTON
PORTLAND
COLCHESTER
EAST
HAMPTON
SHERMAN
WOODBURY
MIDDLEBURY
MIDDLEFIELD
CHESHIRE
SALEM
PROSPECT
NAUGATUCK
WALLINGFORD
BROOKFIELD
OXFORD
ORANGE
EASTON
WESTHAVEN
EA
ST
HA
VE
N
SHELTON
REDDING
RIDGEFIELD
GUILFORD
MILFORD
STRATFORD
WILTON
FAIRFIELD
NEW
CANAAN
STAMFORD
GREENWICH
BRIDGEPORT
WESTPORT
NORWALK
DARIEN
14.
DEEP
RIVER
CLINTON
MADISON
BRANFORD
TRUMBULL
WESTON
STONINGTON
WATERFORD
GROTON
KILLINGWORTH
SEYMOUR
HAMDEN
WOODANS
ON BRIDGE
IA
DER
NEW HAVEN
BY
LEDYARD
LYME
CHESTER
BETHANY
NORTH
NORTH BRANFORD
HAVEN
MONROE
NORTH
STONINGTON
MONTVILLE
DURHAM
BEACON
FALLS
NEWTOWN
BETHEL
EAST
HADDAM
HADDAM
SOUTHBURY
DANBURY
NORWICH
MIDDLETOWN
MERIDEN
BRIDGEWATER
NEW
FAIRFIELD
BOZRAH
PRESTON
WATERBURY
ROXBURY
GRISWOLD
LEBANON
CROMWELL
BERLIN
BETHLEHEM
NEW
MILFORD
CANTERBURY
HEBRON
ROCKY
HILL
PLYMOUTH
WASHINGTON
COLUMBIA
GLASTONBURY
PLAINFIELD
SCOTLAND
WARREN
KENT
POMFRET
VERNON
SOUTH
WINDSOR
NEW
HARTFORD
TORRINGTON
EASTFORD
ASHFORD
WILLINGTON
TOLLAND
WINDSOR
SIMSBURY
CANTON
CORNWALL
PUTNAM
ELLINGTON
EAST
WINDSOR
STE
RL
ING
WINSTED
VO
LU
NT
OW
N
CANAAN
SHARON
WOODSTOCK
ENFIELD
LIS
BO
N
SALISBURY
UNION
STAFFORD
SOMERS
SUFFIELD
EAST
LYME
ESSEX
OLD
WEST- SAYBROOK
BROOK
OLD
LYME
HISTORICAL FINANCIAL
i n f o r m a t i o n
Yankee Gas Services Company
(Thousands of Dollars, except Natural Gas Sales)
2013
Natural Gas Sales - Firm (million cubic feet)
Residential
Commercial
Industrial
Total
2012
2011
2010
2009
14,866
18,874
15,493
49,233
12,488
16,567
15,787
44,842
13,508
17,175
16,197
46,880
$217,843
129,788
57,951
$405,582
$194,110
118,124
61,767
$374,001
$214,451
129,584
72,843
$416,878
$221,519
129,194
70,960
$421,673
$216,634
140,422
81,699
$438,755
$423,730
$82,727
$39,703
$385,009
$61,685
$26,264
$430,799
$69,560
$31,672
$434,277
$70,470
$32,662
$449,571
$54,686
$20,983
Capitalization, end of period (includes current maturities)
Long-Term Debt
$345,682
Total Common Equity
661,829
Total Capitalization
$1,007,511
$345,805
673,551
$1,019,356
$350,206
665,384
$1,015,590
$354,583
657,348
$1,011,931
$308,937
619,050
$927,987
$70,600
$42,500
$8,900
$53,000
Natural Gas Revenues
Residential
Commercial
Industrial
Total Retail Natural Gas
Operating Revenues
Operating Income
Net Income
Short-Term Debt
$139,700
Moody's/Standard & Poor's/Fitch Securities Ratings
Senior Secured Debt
A3/NA/NA**
-
13,403
16,515
22,692
52,610 *
-
-
13,570
16,033
23,044
52,647 *
-
* 2010 and 2009 sales include firm and non-firm natural gas sales.
** Moody's raised Yankee Gas' Senior Secured Debt rating to A2 on 1/31/14.
Utility Plant
As of December 31, 2013
Description
Total Utility Plant
Utility
Plant
$1,421,421
Accumulated
Depreciation
$359,807
As of December 31, 2012
Net
Utility Plant
Utility
Plant
$1,061,614
$1,335,623
2011
2010
Rate Base
2013
Total Rate Base
$800,000
2012
$800,000
$800,000
$700,000
Capital Expenditures
2013
Total Capital Expenditures
$97,758
2012
$103,342
2011
$102,848
2010
$94,627
Cash Flows From Operations
2013
Cash Flows Provided by Operating Activities
$73,673
2012
$88,616
15.
2011
$93,365
2010
$74,190
Accumulated
Depreciation
$341,039
Net
Utility Plant
$994,584
FUNDING
i n f o r m a t i o n
The Connecticut Light and Power Company
First Mortgage Bonds
Issue
1994 Series D 7.875%
2004 Series A 4.800%
2004 Series B 5.750%
2005 Series A 5.000%
2005 Series B 5.625%
2006 Series A 6.350%
2007 Series A 5.375%
2007 Series B 5.750%
2007 Series C 5.750%
2007 Series D 6.375%
2008 Series A 5.650%
2009 Series A 5.500%
2013 Series A 2.500%
2014 Series A 4.300%
Subtotal
Less: Due Within One Year
Total
Principal
Amount
Issued
$140,000,000
150,000,000
130,000,000
100,000,000
100,000,000
250,000,000
150,000,000
150,000,000
100,000,000
100,000,000
300,000,000
250,000,000
400,000,000
250,000,000
Amount
Outstanding at
June 30, 2014
$139,845,000
150,000,000 (c)
130,000,000
100,000,000
100,000,000
250,000,000
150,000,000
150,000,000
100,000,000
100,000,000
300,000,000
250,000,000
400,000,000
250,000,000
$2,569,845,000
250,000,000
$2,319,845,000
Date
Issued
10/12/94
09/15/04
09/15/04
04/07/05
04/07/05
06/07/06
03/27/07
03/27/07
09/17/07
09/17/07
05/27/08
02/13/09
01/15/13
04/24/14
Maturity
First
Call
Date (a)
General
Call
Price (b)
10/01/24
09/15/14
09/15/34
04/01/15
04/01/35
06/01/36
03/01/17
03/01/37
09/01/17
09/01/37
05/01/18
02/01/19
01/15/23
04/15/44
No Call
Callable
Callable
Callable
Callable
Callable
Callable
Callable
Callable
Callable
Callable
Callable
Callable
Callable
N/A
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Other Long-Term Debt
Issue
Principal
Amount
Issued
Pollution Control Revenue Bonds
1996 A Series 1.550%
$62,000,000
2011 A Series 4.375%
120,500,000
Fees and Interest Due for Spent
Nuclear Fuel Disposal Costs
Subtotal
Less: Due Within One Year
Unamortized Premiums and Discounts, Net
Total Long-Term Debt
(not including current maturities, if applicable)
Amount
Outstanding at
June 30, 2014
$62,000,000 (d)
120,500,000
244,468,509
Date
Issued
5/21/96
10/24/11
Maturity
First
Call
Date (a)
General
Call
Price (b)
05/01/31
09/01/28
04/01/15
09/01/21
N/A
N/A
$426,968,509
62,000,000
(5,222,477)
$2,679,591,032
(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 the prospectus for such securities for additional details.
(b) As of June 30, 2014.
(c) Matured on September 15, 2014.
(d) The bonds carry a coupon of 1.55% during the current fixed-rate period and are subject to a mandatory tender for
purchase on April 1, 2015, after which CL&P can remarket the bonds.
16.
NSTAR Electric Company
Issue
Debenture 5.750%
Debenture 5.625%
Debenture 5.500%
Debenture 2.375%
Debenture Variable Rate
Debenture 4.400%
Subtotal
Less: Due Within One Year
Total
Sewage Facility Revenue Bonds 7.375%
Subtotal
Less: Due With One Year
Unamortized Premiums and Discounts, Net
Total Long-Term Debt
Principal
Amount
Issued
$200,000,000
400,000,000
300,000,000
400,000,000
200,000,000
300,000,000
$24,500,000
Amount
Outstanding at
June 30, 2014
$200,000,000
400,000,000
300,000,000
400,000,000
200,000,000
300,000,000
$1,800,000,000
$1,800,000,000
$4,700,000
$4,700,000
4,700,000
(7,297,914)
$1,792,702,086
Debentures
Date
Issued
03/16/06
11/19/07
03/16/10
10/15/12
05/17/13
03/07/14
11/15/91
Western Massachusetts
MassachusettsElectric
ElectricCompany
Company
Issue
Senior Series B Notes
Senior Series C Notes
Senior Series D Notes
Senior Series E Notes
Senior Series F Notes
Senior Series G Notes
5.90%
5.24%
6.70%
5.10%
3.50%
3.88%
Fees and Interest Due for Spent
Nuclear Fuel Disposal Costs
Subtotal
Less: Due Within One Year
Unamortized Premiums and Discounts, Net
Total Long-Term Debt
(not including current maturities, if applicable)
Principal
Amount
Issued
$50,000,000
50,000,000
40,000,000
95,000,000
250,000,000
80,000,000
Amount
Outstanding at
June 30, 2014
$50,000,000
50,000,000
40,000,000
95,000,000
250,000,000
80,000,000
Maturity
First
Call
Date (a)
General
Call
Price (b)
03/15/36
11/15/17
03/15/40
10/15/22
05/17/16
03/01/44
Callable
Callable
Callable
Callable
05/17/14
Callable
Make-Whole
Make-Whole
Make-Whole
Make-Whole
100.00
Make-Whole
Other Long-Term Debt
05/15/15
05/15/01
Long-Term Debt
Date
Issued
09/23/04
08/11/05
08/17/07
03/08/10
09/16/11
11/14/13
Maturity
First
Call
Date (a)
General
Call
Price (b)
09/15/34
08/01/15
08/15/37
03/01/20
09/15/21
11/15/23
Callable
Callable
Callable
Callable
Callable
Callable
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
57,344,465
$622,344,465
6,587,416
$628,931,881
(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 the prospectus for such securities for additional details.
(b) As of June 30, 2014.
17.
100.00
FUNDING
i n f o r m a t i o n
Public Service Company of New Hampshire
First Mortgage Bonds
Issue
2004 Series L 5.25%
2005 Series M 5.60%
2007 Series N 6.15%
2008 Series O 6.00%
2009 Series P 4.50%
2011 Series Q 4.05%
2011 Series R 3.20%
2013 Series S 3.50%
Subtotal
Less: Due Within One Year
Total
Principal
Amount
Issued
$50,000,000
$50,000,000
70,000,000
110,000,000
150,000,000
122,000,000
160,000,000
250,000,000
Amount
Outstanding at
June 30, 2014
Date
Issued
$50,000,000 (c) 07/22/04
50,000,000
10/05/05
70,000,000
09/24/07
110,000,000
05/27/08
150,000,000
12/14/09
122,000,000
05/26/11
160,000,000
09/13/11
250,000,000
11/14/13
$962,000,000
50,000,000
$912,000,000
Maturity
First
Call
Date (a)
General
Call
Price (b)
07/15/14
10/05/35
09/01/17
05/01/18
12/01/19
06/01/21
09/01/21
11/01/23
Callable
Callable
Callable
Callable
Callable
Callable
Callable
Callable
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Other Long-Term Debt
Issue
Principal
Amount
Issued
Pollution Control Revenue Bonds
Series A Variable Rate
$89,250,000
Subtotal
Less: Due Within One Year
Unamortized Premiums and Discounts, Net
Total Long-Term Debt
(not including current maturities, if applicable)
Amount
Outstanding at
June 30, 2014
Date
Issued
$89,250,000 (d) 12/19/01
$89,250,000
(2,093,470)
Maturity
First
Call
Date (a)
General
Call
Price (b)
05/01/21
Callable
100.00
$999,156,530
(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 the prospectus for such securities for additional details.
(b) As of June 30, 2014.
(c) Matured on July 15, 2014
(d) The interest rate on the bonds is reset every 35 days through an auction process. The bonds are currently in a failed auction rate
mode under which the current applicable interest rate is 175% of 30-day non-financial commercial paper.
18.
Other System Companies
Issue
Principal
Amount
Issued
NU Parent
Debenture 4.50%
$350,000,000
Senior Notes Series E 1.45%
300,000,000
Senior Notes Series F 2.80%
450,000,000
Purchase Price Adjustment Due to Merger
Subtotal
Less: Due Within One Year
Unamortized Premiums and Discounts, Net
Total Long-Term Debt
(not including current maturities, if applicable)
NSTAR Gas - First Mortgage Bonds
Series J 9.95%
$25,000,000
Series K 7.11%
35,000,000
Series M 7.04%
25,000,000
Series N 4.46%
125,000,000
Subtotal
Less: Due Within One Year
Total Long-Term Debt
(not including current maturities, if applicable)
Amount
Outstanding at
June 30, 2014
Other Long-Term Debt
Date
Issued
Maturity
First
Call
Date (a)
$350,000,000
300,000,000
450,000,000
216,783,060
$1,316,783,060
28,882,680
(1,179,650)
11/17/09
05/13/13
05/13/13
11/15/19
05/01/18
05/01/23
Callable
Callable
Callable
Make-Whole
Make-Whole
Make-Whole
$25,000,000
35,000,000
25,000,000
125,000,000
$210,000,000
-
12/01/90
12/30/93
09/26/97
01/28/10
12/01/20
12/30/33
09/30/17
01/01/20
Callable
Callable
Callable
Callable
Make-Whole
Make-Whole
Make-Whole
Make-Whole
03/01/22
11/01/19
07/15/35
10/01/18
04/01/20
01/02/44
Callable
Callable
Callable
Callable
Callable
Callable
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
Make-Whole
$1,286,720,730
$210,000,000
Yankee Gas Services Company - First Mortgage Bonds
Series B 8.48%
$20,000,000
Series H 5.26%
50,000,000
Series I 5.35%
50,000,000
Series J 6.90%
100,000,000
Series K 4.87%
50,000,000
Series L 4.82%
100,000,000
Purchase Price Adjustment Due To Merger
Subtotal
Less: Due Within One Year
Total Long-Term Debt
(not including current maturities, if applicable)
General
Call
Price (b)
$20,000,000
50,000,000
50,000,000
100,000,000
50,000,000
100,000,000
625,885
$370,625,885
-
04/01/92
11/15/04
07/21/05
10/07/08
04/22/10
01/02/14
$370,625,885
(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 the prospectus for such securities
for additional details.
(b) As of June 30, 2014.
19.
FUNDING
i n f o r m a t i o n
The Connecticut Light and Power Company
Preferred Stock
Issue
Amount
Issued
Amount
Outstanding at
June 30, 2014
Par
Value
Date
Issued
Call
Price (a)
Not Subject to Mandatory Redemption
3.90% Series
4.50% Series
4.96% Series
4.50% Series
5.28% Series
6.56% Series
$1.90 Series
$2.00 Series
$2.20 Series
$2.04 Series
$2.06 Series E
$2.09 Series F
$3.24 Series G
Total Preferred Stock
$8,000,000
5,200,000
5,000,000
8,000,000
10,000,000
10,000,000
8,195,600
16,804,400
10,000,000
5,000,000
10,000,000
5,000,000
15,000,000
$50 par
$50 par
$50 par
$50 par
$50 par
$50 par
$50 stated value
$50 stated value
$50 stated value
$50 par
$50 par
$50 par
$50 par
$8,000,000
5,200,000
5,000,000
8,000,000
10,000,000
10,000,000
8,195,600
16,804,400
10,000,000
5,000,000
10,000,000
5,000,000
15,000,000
$116,200,000
09/13/49
05/01/56
10/29/58
03/01/63
04/20/67
02/08/68
04/24/47
04/30/47
04/20/49
11/22/49
06/17/54
11/15/55
01/24/68
$50.50
50.75
50.50
50.50
51.43
51.44
52.50
54.00
52.50
52.00
51.00
51.00
51.84
NSTAR Electric Company
Preferred Stock
Issue
Amount
Issued
Amount
Outstanding at
June 30, 2014
Par
Value
Date
Issued
Call
Price (a)
Not Subject to Mandatory Redemption
4.25% Series
4.78% Series
Total Preferred Stock
$18,000,000
25,000,000
$100
$100
(a) All series are callable as of June 30, 2014.
20.
$18,000,000
25,000,000
$43,000,000
06/13/56
07/10/58
$103.63
102.80
NU Quarterly Dividends Per Share
First
Quarter
Second
Quarter
Third
Quarter
2014
$0.39250
$0.39250
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
$0.36750
$0.29375
$0.27500
$0.25625
$0.23750
$0.20000
$0.18750
$0.17500
$0.16250
$0.15000
$0.13750
$0.12500
$0.10000
$0.10000
No dividend
$0.36750
$0.34300
$0.27500
$0.25625
$0.23750
$0.20000
$0.18750
$0.17500
$0.16250
$0.15000
$0.13750
$0.12500
$0.10000
$0.10000
No dividend
* Not declared as of October 1, 2014.
Fourth
Quarter
Year-End
Outstanding Shares
$0.39250
*
$0.36750
$0.34300
$0.27500
$0.25625
$0.23750
$0.21250
$0.20000
$0.18750
$0.17500
$0.16250
$0.15000
$0.13750
$0.12500
$0.10000
No dividend
$0.36750
$0.34300
$0.27500
$0.25625
$0.23750
$0.21250
$0.20000
$0.18750
$0.17500
$0.16250
$0.15000
$0.13750
$0.12500
$0.10000
$0.10000
N/A
315,273,559
314,053,634
177,158,692
176,448,081
175,620,024
155,834,361
155,079,770
154,233,141
153,225,892
129,034,442
127,695,999
127,562,031
130,132,136
143,820,405
131,870,284
2014 Financial Review
James J. Judge
Executive Vice President and Chief Financial Officer
Telephone: (617) 424-2410
Philip J. Lembo
Vice President and Treasurer
Telephone: (781) 441-8100
John Moreira
Director, Financial Forecasting & Investor Relations
Telephone: (781) 441-8887
E-mail: John.Moreira@nu.com
John F. Gavin
Manager, Investor Relations
Telephone: (781) 441-8118
E-mail: John.Gavin@nu.com
Jeffrey R. Kotkin
Vice President – Investor Relations
Telephone: (860) 665-5154
Fax: (860) 665-6717
E-mail: Jeffrey.Kotkin@nu.com
Emilie G. O’Neil
Director, Corporate Finance & Cash Management
Telephone: (781) 441-8127
Barbara F. Nieman
Investor Communications Specialist
Telephone: (860) 665-3249
E-mail: Barbara.Nieman@nu.com
Inquiries relating to this
document should be directed to:
Investor Relations
Northeast Utilities
P.O. Box 270
Hartford, CT 06141-0270
This document presents historical
information pertaining to Northeast
Utilities and subsidiaries frequently
requested by security analysts and
members of the financial community.
Some of the data contained herein
are estimates that may be subject to
significant change and are qualified
in their entirety by reference to the
Forms 10-K, 10-Q and 8-K filed by NU
and its subsidiaries. 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 companies.
www.nu.com
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