Eversource 2012 Annual Report Download - page 4

Download and view the complete annual report

Please find page 4 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

Chairman’s Message
To Our Shareholders:
The April 2012 merger of Northeast Utilities and NSTAR created the largest utility in New England, and the progress your Board
of Trustees and management team have made since then at integrating these two fi ne companies has been substantial. As a
bigger, stronger, better Northeast Utilities, we all share a single focus: to deliver to customers, communities and shareholders
the many benefi ts of this successful merger.
When Northeast Utilities and NSTAR shareholders overwhelmingly approved this merger, they envisioned a New England-
based utility that would deliver superior customer service, be a catalyst to help the region meet its energy goals, and generate
attractive returns for investors. I am pleased to say we are well on our way to achieving all of these objectives.
As I prepare to step down as Chairman of the Board in October of this year and Tom steps into that role, I am fi lled with profound
pride in the past, and confi dence in Northeast Utilities’ future. In 2004, my fi rst year as Northeast Utilities Chairman, we earned
$0.91 per share, paid common dividends of $0.625 per share and had a closing price for the year of $18.85 per share. In 2012, we
earned $2.28 per share, excluding merger expenses, and achieved a closing price of $39.08 per share. Our share price has more
than doubled and our dividend was increased 10 times from 2004 through 2012. In February 2013, your Board of Trustees raised
the common dividend again, this time to an annualized rate of $1.47 per share. This attractive shareholder return was made
possible by our strong management team and the hard-working employees of Northeast Utilities.
The past decade also has been good for our customers and our communities. Since 2004, we have invested nearly $10 billion
in Connecticut, Massachusetts and New Hampshire to improve the reliability of our energy facilities, connect new customers,
reduce emissions, and implement new technology to improve our customer service.
The same NU employees who have accomplished so much at work also are important to the fabric of their communities. Outside
of work, they donate countless hours to community groups, serve on town boards and commissions, and help to ensure the
success of scores of charitable organizations across our three states.
The merger brings new opportunities, but it also reminds us to thank those who have made our success possible. I want to
extend my sincere gratitude to all of our employees who bring great pride to their work every day. I also want to recognize
former trustees Elizabeth Kennan, Robert Patricelli, John Swope and John Graham, all of whom retired from the Board when the
merger closed. These trustees provided me with invaluable counsel over the years, particularly Elizabeth Kennan, who was our
exceedingly capable lead trustee.
I know that with our current leadership, Northeast Utilities will continue to prosper and provide outstanding value to our
shareholders, customers and communities in the years ahead. And to our shareholders, I thank you for your continued support
and trust in our company.
Sincerely,
Charles W. Shivery
Chairman
2