Eversource 1999 Annual Report Download - page 11

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through adjustments based on future market prices of power. Stranded costs represent historical
investments, deferred expenses and long-term contractual commitments for power that were
approved by the DPUC under full regulation, and which may be above market value in a com-
petitive environment.
To foster earnings growth in this new business climate, CL&P has established strategic
business plans focusing on continued improvements in system reliability, maximizing the perform-
ance of its distribution assets, aggressively exploring additional economic development initiatives,
and promoting energy efficiency.
Through its Economic and Community Development department, CL&P works in partnership
with local, state and regional government to support and promote economic vitality and to
explore opportunities for growth. In 1999, CL&P’s partnership with state and business develop-
ment groups led to the recruitment and expansion of 58 companies, adding more than 1.3
million square feet of business space and over 1,700 new jobs. CL&P’s deep commitment
to communities is exemplified through its renowned Main Street program. Since its inception
in 1995 when CL&P became the first electric utility in the nation to sponsor a statewide Main
Street program, the six Main Street communities have attracted more than 70 new businesses
which have created nearly 600 new jobs.
Sharing its expertise, knowledge, equipment and personnel, CL&P in 1999 took the lead
in a pioneering effort by Hartford city leaders to train unemployed residents in basic construction
job skills in response to a $1.3 billion building boom.
While CL&P stands ready to meet the challenges of the new energy marketplace, its com-
mitment to a high level of customer satisfaction remains a top priority. In addition to improved
reliability, quick response time and other customer services, CL&P continues to apply cutting edge
technology to enhance its value to customers and shareholders alike. By enabling its customers to
receive, review and pay monthly bills electronically, both they and the company save time and
money. CL&P also responds to inquiries, receives information and communicates with current and
prospective customers via its Internet site, www.cl-p.com.
The company has increased its distribution spending budget for 2000 and plans to make
substantial investments in its infrastructure to replace older overhead and underground distribution
facilities and substations. In 1999, reliability on the CL&P electric system reached record levels
of performance, capping more than a decade of steady improvement.
CL&P is recognized as a valued community partner, and the company remains solidly com-
mitted to programs and initiatives that maintain and enhance the economic health of the region,
recognizing a clear correlation between the well-being of a community and the public utility that
serves it. Reflective of this commitment, CL&P is a major supporter of the influential Connecticut
Economic Resource Center, which coordinates the state’s economic development marketing and
industry strategies.
In 1999, CL&P’s numerous community activities included conducting more than 400 energy
conservation workshops for customers in disadvantaged communities; providing weatherization
services for 4,000 low-income households; hosting meetings for more than 500 representatives
from social service agencies and local officials, and promoting an active volunteer program in
support of various community needs.
PSNH – A RESTRUCTURING AGREEMENT IS REACHED
In August 1999, the state of New Hampshire together with PSNH and NU announced a com-
prehensive restructuring agreement. The agreement, which still requires regulatory and legislative
approval, resolves all PSNH regulatory, financial and legal issues, and introduces choice and
competition to New Hampshire customers.
PSNH employees have conducted
restoration efforts successfully and
safely during the most adverse
weather conditions. In addition
to handling storm situations and
outages in its own state, PSNH –
like its sister utilities, CL&P and
WMECO – has repeatedly offered
assistance to other utilities in times
of need, both in neighboring states
and as far away as Canada and
Puerto Rico.
In any kind of weather, PSNH
employees understand the importance
of working as a team and maintaining
the highest levels of safety and service
in meeting customers’ needs.