Eversource 2008 Annual Report Download - page 5

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We know what we have
to do if our region is to enjoy
a safe, reliable and clean
energy future.
“Northeast Utilities stands as an industry leader in transmission
construction, energy eciency, emergency response, and many
other categories, and our eorts have won both national and
international acclaim.”
For customers, our $1.3 billion in capital expenditures
in 2008 alone produced a more reliable transmission
and distribution system, reduced congestion costs and
improved overall safety. In addition, despite an increase in
the number of storms, NU was able to retain solid overall
system reliability at the industry average, and reliability at
our largest company, The Connecticut Light and Power
Company (CL&P), was better than the industry average.
For our communities, we continued to provide jobs by
hiring over 500 new employees in 2008 and provided
funding for various not-for-profit and civic organizations
across our tri-state service area. For example, in
Connecticut, CL&P donated $1.36 million in local grants
and other support, while in New Hampshire, Public Service
Company of New Hampshire (PSNH) donated nearly
$600,000 to the not-for-profit sector. In Massachusetts,
Western Massachusetts Electric Company (WMECO)
donated more than $480,000. Additionally, by purchasing
$5.7 million in tax credits through the Connecticut Low-
Income Housing Tax Program, CL&P helped fund housing
for more than 500 families and individuals.
For our shareholders, we delivered a better share price
performance than most other utilities and other listed
companies. In 2008, we continued to increase our dividend
at a pace that is faster than the industry average, and in
the first quarter of 2009, we further increased our dividend
by 12 percent, at a time when many companies are cutting
dividends. We believe these dividend increases underscore
the confidence your Board and management have in the
successful execution of our business strategy.
We received additional good news on March 5, 2009,
when Standard & Poor’s announced that it was adding
NU to the S&P 500 — one of the world’s most recognized
stock indices. We believe this recognition will increase the
breadth of our potential shareholder base.
Our strong 2008 performance enables us to continue to
make meaningful progress as an energy company on the
leading edge of delivering sustainable solutions to our
customers, communities and shareholders.
Operational Success: Going Above and Beyond
Operating a large, modern energy company such as NU
requires daily discipline and a well-coordinated team
dedicated to carrying out our business plan. Even then,
there are many occasions when members of that team
reach down and produce even more.
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