Eversource 2001 Annual Report Download - page 7

trying to force our products into the market. We are
not taking undue risks and we continue to realize suc-
cess by staying within our regional approach.
I would like to take this opportunity to publicly
recognize four of our trustees who either retired or left
the board to focus on their other business obligations
in 2001. Bill Pape, Bill Conway, Emery Olcott and
John Turner served the shareholders of Northeast
Utilities with distinction during some very challeng-
ing times. Bill Pape was our most senior trustee with
more than 27 years of dedicated service. Their
thoughtful advice and wise counsel will be greatly
missed. We thank them and wish them all the best.
I am happy to report that Richard Booth, presi-
dent of Hartford Steam Boiler Company and James F.
Cordes, recently retired executive vice president,
Natural Gas for The Coastal Corporation have joined
the board. I already have seen significant input from
these experienced executives and look forward to
working with Richard and Jim.
As we move through 2002, our talented senior
management team and employees will remain focused
on delivering results that you, our shareowners,
deserve. We believe the future has never been brighter.
We hope you will agree.
Sincerely,
Michael G. Morris
Chairman, President and Chief Executive Officer
March 1, 2002
are seeking approvals for transmission projects totaling
nearly $1 billion. When approved, these projects will
alleviate serious transmission congestion problems in
the Northeast region, improve the regional energy
delivery infrastructure and promote access to less cost-
ly power for customers.
Our expansion plans also extend to our Yankee Gas
distribution system. As part of this organic growth,
more than 70 miles of new gas mains and services
were installed during the second half of 2001
throughout Connecticut at a cost of $23 million.
Another $170 million of projects are expected over
the next several years. Completion of this expansion
will extend greater fuel diversity to Connecticut con-
sumers by offering another energy choice. Our pro-
posed construction of a liquefied natural gas plant
would give us greater control over and diversity for
our gas supply, and deliver a more stable supply and
lower prices for customers. Our plans for expanding
the distribution system were approved in January
2002 by Connecticut regulators.
In our competitive businesses, Select Energy is
maturing as its revenue growth continues in spite of a
challenging and often chaotic market. The acquisition
of Niagara Mohawk Energy Marketing (now Select
Energy New York) bolsters our role in the region’s
energy marketing arena. In addition to Select Energy,
our competitive businesses will continue to grow in
the area of generation services. With further integra-
tion of profitable energy supply and services businesses
into our competitive affiliates group, our unregulated
rates of return will continue their year over year
growth. This year we expect these businesses to con-
tribute one-half of our revenues. We will continue our
focus on responding to the market’s needs rather than
5
25% of all the energy
consumed in the U.S. is
consumed in these 11 states.
Connecticut
Delaware
Maine
Maryland
Massachusetts
New Hampshire
New Jersey
New York
Pennsylvania
Rhode Island
Vermont
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