Eversource 2000 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 2000 Eversource annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 16

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16

3
NUCLEAR SUCCESSES
In addition to the dramatic impr ovement of our unr egulated businesses, the excellent per formance
at Millstone nuclear station and ef fective cost contr ol contributed to our positive year . Millstone 3
operated at virtually a 100 per cent capacity factor in 2000 and had been on line for 585 consecutive
days prior to its shutdown for a scheduled r efueling outage on February 3, 2001. Millstone 2
operated at an 81.9 per cent capacity factor for the year (although it achieved a 97.4 per cent
capacity factor for June thr ough December following a r efueling outage), while Seabr ook operated
at a capacity factor of 78.1 per cent, r etur ning to service in January 2001 after an extended r efueling
and maintenance outage.
In August, the Connecticut Department of Public Utility Contr ol announced an agr eement for the
sale of the thr ee-plant Millstone Station to Dominion Resour ces, Inc. of V ir ginia for $1.3 billion, a
recor d price for the sale of a nuclear power facility in the country. NU r eceived all necessary state
regulatory appr ovals by mid-February 2001, and we closed on the sale on Mar ch 31, 2001.
Finally, I want to extend my personal thanks to W illiam F. Conway, who r etired from our
Boar d of Trustees this year , for helping dir ect us thr ough our nuclear challenges. His knowledge
and expertise in the nuclear power industry was valued and appr eciated.
ANEXCITING FUTURE
Based on our solid financial position and our continued str ong competitive position in our r egional
markets, I am highly confident that our company is well positioned to cr eate new gr owth and build
shar eholder value in today’s competitive ener gy markets. We may choose to go it alone for a
while, or we may opt to combine in one for m or another with a smaller, lar ger , or equally sized
company. Whichever path we choose, you can be confident it will be one that continues to
maximize the value of your investment in our company.
Sincer ely,
Michael G. Morris
Chairman, President and Chief Executive Officer
April 12, 2001
Earnings
(before extraordinary losses)
$ per share
2
1
0
-1
$1.45$.26$(1.12)
98
99 00