Eversource 2008 Annual Report Download - page 7

We achieved a notable level of operational excellence when we completed and
put into service three major transmission projects in southwest Connecticut, in
aggregate ahead of schedule and under budget. These projects include the
69-mile Middletown-Norwalk transmission line; the Glenbrook Cables project;
and the Long Island Replacement Cable project, an 11-mile, 138-kilovolt
undersea cable linking Norwalk, Connecticut, and Northport, New York. Our
Bethel-Norwalk project was completed in 2006. Energizing the four projects
was not only a source of company pride but also a major benefit for our
customers who depend daily on the power we deliver.
These transmission projects provide our customers with enhanced reliability,
and they help to mitigate costly congestion in this region. The early completion
of these projects also contributed to the company’s financial performance as
they generated income sooner than expected.
Today, NU stands as an industry leader in transmission construction, energy
eciency, emergency response, and many other categories, and our eorts
have won both national and international acclaim. From our award-winning
conservation and load management eciency programs that have served
nearly 400,000 NU customers and save over $50 million in annual electric
energy costs, to a 2008 Platts Global Energy Award for excellence in our
execution of transmission construction, our noteworthy accomplishments
exemplify the vision and leadership that characterize our company.
Meeting Customers’ Energy Needs, Today and Tomorrow
Our commitment to supporting the region’s growth requires an equally strong
commitment to implementing sustainable solutions that meet the energy needs
of today. It is our responsibility as an energy leader to protect our environment.
Achieving this balance requires an increased reliance on renewable energy
sources, and we are continuing to take noteworthy strides toward a sustainable
energy future for our customers as well as our company.
Whether it’s developing innovative solar projects in Massachusetts or operating
a renewable wood-burning power plant in New Hampshire, we are already
fulfilling our vision of creating sustainable solutions for our energy future.
Demonstrating our commitment to the search for a portfolio of new solutions,
late last year NU, joined by NSTAR, asked the Federal Energy Regulatory
Commission to approve our concept for a new participant-funded transmission
line to connect to Hydro-Québec in eastern Canada.
In addition to developing plans for the transmission line, we have begun
negotiations with Hydro-Québec on the terms of a power purchase contract
that will allow us to provide economic value as well as clean, low-carbon-
emitting energy to New England, delivering real benefits to our customers,
shareholders and the region. We see this as a project that is needed to further
diversify the region’s generation mix, reduce greenhouse gas emissions and
move forward to meet ambitious environmental goals.
Our Region is Our Home, and Yours
Whether in Connecticut, western Massachusetts or New Hampshire, we live
where we work and we take seriously our responsibility to be good neighbors.
Of course, that translates before all else into a determination to provide safe,
reliable energy to our customers at a reasonable cost and always to be mindful
that we must be stewards of our region’s environment.
We strive to help the people of our region in other ways, too. Again in 2008,
the Northeast Utilities Foundation donated $1 million to worthwhile regional
activities, augmented by some $2.4 million in contributions made by our
operating companies. And, as they did in 2007, our employees across our
three-state territory donated more than $2 million themselves, while also
volunteering their time and energy to help local organizations.
NU is also a major contributor to the economies of the three states in which it
operates. Our operating companies paid a combined total of over $125 million
in local property taxes last year, thereby supporting important programs in
many of our communities.
The Energy to Make a Dierence
We are at a transitional, pivotal time in the energy industry. We know what we
have to do and we know how to do it — so that our region enjoys safe, reliable
and clean energy. Our vision for the future of our region is clear. We will take
our company and our customers into the energy future with bold actions that
produce results for today, and tomorrow.
Sincerely,
Charles W. Shivery
Chairman, President and Chief Executive Ocer
March 6, 2009
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