Eversource 2004 Annual Report Download - page 7

5NORTHEAST UTILITIES 2004 ANNUAL REPORT
Taking Northeast Utilities into the future
As we move into the future, our brand and reputation serve us well in both our regulated businesses
and the competitive businesses we are retaining. That reputation is upheld every day by the men
and women who work here and the values they demonstrate. At NU, caring for our customers and
delivering value to shareholders are at the core of who we are and how we operate.
Setting the course for NU is our ambitious regulated growth plan with investments unparalleled in
New England. The focus of these investments for the next several years will continue to be on improving
the electricity and natural gas delivery systems of our franchised service territories in Connecticut,
Massachusetts and New Hampshire. These upgrades will require several billion dollars to maintain
and improve an infrastructure that is central to the economic vitality and quality of life in New
England. We have the financial strength to make the investments on behalf of our customers and
investors, and we intend to complete them with the support of our regulators.
Focused now on retail marketing and generation assets, our competitive businesses see substantial
opportunity for growth. The number of commercial and industrial customers buying electricity and
natural gas from competitive suppliers is continuing to rise, positioning NUEI’s Select Energy for an
expanded market presence. We project revenues to grow to approximately $1 billion in 2005 because
of continued expansion of the retail market and our high retention rate of approximately
85 percent. Further, the market for generating capacity is improving in New England, and owning
generation will help us maintain a strong retail marketing presence in the region.
Toachieve our goals and position us for the future, we realigned our senior management team at the
start of 2005. Lee Olivier, formerly CL&P president, assumed the new position of president —
Transmission Group. Lee brings his broad management experience to this organization as we put in
placethe transmission infrastructure that is so critical to our region and our customers.
Ray Necci, formerly vice president-Utility Group Services, was promoted to president of CL&P to
replace Lee; Rod Powell was promoted to president of WMECO; and Larry De Simone assumed the
role of president of the Competitive Group, replacing Bill Schivley who retired as president of
Select Energy.
At the end of 2004 we also bid farewell to John Forsgren, vice chairman, executive vice president and
chief financial officer. John was a key force behind our strategic and financial achievements, and we
wish him well in his retirement.
Reflecting on 2004 accomplishments, I would like to thank our Board of Trustees for their support and
for sharing their experience and guidance. I also want to thank NU shareholders for your continued
confidencein us. Weareever mindful and appreciative of your investment. To our customers, very
simply, thank you for your business.
Iextend a special heartfelt “thank you” to our employees and retirees for their talent, dedication and
commitment to the success of our company. The men and women who work here are the true energy
behind Northeast Utilities, now and for our region’s future.
Sincerely,
Charles W. Shivery
Chairman, President and Chief Executive Officer
$4,471 $5,877 $5,761 $5,237 $6,069 $6,687
99 00 01 02 03 04
REVENUES
(DOLLARS IN MILLIONS)