Eversource 2009 Annual Report Download - page 174

FS-89
18. Noncontrolling Interest in Consolidated Subsidiary (NU)
A summary of the changes in NU's Noncontrolling interest in consolidated subsidiary is as follows:
As of December 31,
(Millions of Dollars) 2009 2008 2007
Balance, beginning of period $ 116.2 $ 116.2 $ 116.2
Dividends on preferred shares of CL&P (5.6) (5.6) (5.6)
Net income attributable to noncontrolling interest 5.6 5.6 5.6
Balance, end of period $ 116.2 $ 116.2 $ 116.2
19. Subsequent Event (NU, CL&P)
On February 7, 2010, there was an explosion at the construction site of the Kleen Energy Systems, LLC's 620 MW generation project
with which CL&P has a CfD. This contract represents the most significant portion of the fair values of CL&P's commodity and capacity
derivative contracts entered into as required by state regulation. This incident may result in a project delay that could change CL&P's
estimated payments under the related contract and could result in significant changes in the recorded amount of the derivative liability,
the cost sharing derivative asset and the associated regulatory asset. Currently, management cannot estimate the effects of this recent
event on the fair values of CL&P's derivative contracts or on the amounts of CL&P's obligations under the contract. The impact of this
event will be recorded in future periods, and this event is not reflected in the fair value amounts related to this contract included in both
the NU and CL&P balance sheets as of December 31, 2009. This CfD contract is supported by customers. Changes in the value of the
CfD contract do not impact CL&P's net income.
This event is not expected to result in additional CL&P liability or obligations beyond the contract payments scheduled to begin when the
plant achieves commercial operation, although the timing and amounts of these payments may vary.
20. Quarterly Financial Data and Sales Statistics (Unaudited)
NU Consolidated Statements of Quarterly Financial Data
Quarter Ended (a)
(Thousands of Dollars, except per share information) March 31, June 30, September 30, December 31,
2009
Operating Revenues $ 1,593,483 $ 1,224,431 $ 1,306,173 $ 1,315,343
Operating Income 217,282 179,186 162,553 192,354
Net Income 99,064 84,243 66,178 86,107
Net Income Attributable to Controlling Interest 97,674 82,854 64,788 84,717
Basic and Fully Diluted Earnings Per Common Share $ 0.60 $ 0.47 $ 0.37 $ 0.48
2008
Operating Revenues $ 1,519,967 $ 1,325,345 $ 1,506,897 $ 1,447,886
Operating Income 132,272 138,119 149,077 171,297
Net Income 59,783 59,237 74,079 73,288
Net Income Attributable to Controlling Interest 58,393 57,848 72,689 71,898
Basic and Fully Diluted Earnings Per Common Share $ 0.38 $ 0.37 $ 0.47 $ 0.46
(a) The summation of quarterly EPS data may not equal annual data due to rounding.