Eversource 2012 Annual Report Download - page 16

Download and view the complete annual report

Please find page 16 of the 2012 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 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

3
(Thousands of Dollars, except percentages)
2012
% of Total
Residential
$
2,731,951
52
Commercial
1,563,709
30
Industrial
753,974
14
Streetlighting and Railroads
40,952
1
Miscellaneous and Eliminations
130,137
3
Total Retail Electric Revenues
$
5,220,723
100%
A summary of our distribution companies’ retail electric GWh sales and percentage changes for 2012, as compared to 2011, is as
follows:
2012
(1)
2011
Percentage
Change
Residential
19,719
14,766
33.5%
Commercial
24,117
14,301
68.6%
Industrial
5,462
4,418
23.6%
Other
420
327
28.6%
Total
49,718
33,812
47.0%
(1) NU retail electric sales include the sales of NSTAR Electric from the date of merger, April 10, 2012, through December 31, 2012.
Actual retail electric sales for CL&P, NSTAR Electric and WMECO decreased in 2012, as compared to 2011, due primarily to the
warmer than normal weather in the first quarter of 2012, as compared to colder than normal weather in the first quarter of 2011, while
actual retail electric sales for PSNH were 0.1 percent higher than last year. In 2012, heating degree days were 11 percent lower in
Connecticut and western Massachusetts, 7 percent lower in the Boston metropolitan area, and 9 percent lower in New Hampshire, as
compared to 2011. On a weather normalized basis (based on 30-year average temperatures), the average NU combined consolidated
total retail electric sales decreased 0.2 percent in 2012, as compared to 2011, assuming NSTAR Electric had been part of the NU
combined electric distribution system for all periods under consideration. We believe these decreases were due primarily to increased
conservation efforts among all our customer classes and the continued installation of distributed generation at our commercial and
industrial customers’ facilities. For WMECO, the fluctuations in retail electric sales no longer impact earnings as the DPU approved a
sales decoupling plan effective February 1, 2011. Under this decoupling plan, WMECO now has an established annual level of
baseline distribution delivery service revenues of $125.4 million that it is able to recover. This effectively breaks the relationship
between sales volume and revenues recognized.
Major Storms
On August 28, 2011, Tropical Storm Irene caused extensive damage to our distribution system. Approximately 800,000 CL&P, PSNH
and WMECO customers were without power at the peak of the outages, with approximately 670,000 of those customers in Connecticut.
Approximately 500,000 customer outages occurred on the NSTAR Electric distribution system in its aftermath.
On October 29, 2011, an unprecedented storm inundated our service territory with heavy snow causing significant damage to our
distribution and transmission systems. Approximately 1.2 million of CL&P, PSNH and WMECO’s electric distribution customers were
without power at the peak of the outages, with 810,000 of those customers in Connecticut, 237,000 in New Hampshire, and 140,000 in
western Massachusetts. In terms of customer outages, this was the most severe storm in CL&P’s history, surpassing Tropical Storm
Irene; the third most severe in PSNH’s history; and the most severe in WMECO's history. The storm also caused approximately
200,000 customer outages on the NSTAR Electric distribution system.
On October 29, 2012, Hurricane Sandy caused extensive damage to our electric distribution system across all three states.
Approximately 1.5 million of our 3.1 million electric distribution customers were without power during or following the storm, with
approximately 850,000 of those customers in Connecticut, approximately 472,000 in Massachusetts, and approximately 137,000 in
New Hampshire.
As of December 31, 2012, deferred storm restoration costs related to these major storms that are deferred for future recovery at CL&P,
NSTAR Electric, PSNH, and WMECO were as follows:
(Millions of Dollars)
Tropical
Storm Irene
October
Snowstorm
Hurricane
Sandy
Total
CL&P
$ 108.6
$ 173.0
$ 159.9
$ 441.5
NSTAR Electric
21.9
13.9
27.8
63.6
PSNH
6.8
15.5
12.1
34.4
WMECO
3.2
23.3
4.2
30.7
Total
$ 140.5
$ 225.7
$ 204.0
$ 570.2