Eversource 2012 Annual Report Download - page 47

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 On February 19, 2013, Connecticut issued a final comprehensive energy strategy (strategy). The strategy includes a series of
policy proposals that aim to expand energy choices, including natural gas, improve environmental conditions, create clean energy
jobs, and enhance the quality of life for customers in the state. Many of the recommendations in the strategy will require actions by
the PURA and potentially the legislature.
 NPT has identified a new route in the northern-most part of the project’s route where PSNH did not own any rights of way. We
expect to file the new route with the DOE in the first quarter of 2013, and we believe that NPT will be completed in early 2017. We
estimate the costs of the Northern Pass transmission project will be approximately $1.2 billion.
Liquidity:
 Cash and cash equivalents totaled $45.7 million as of December 31, 2012, compared with $6.6 million as of December 31, 2011,
while cash capital expenditures totaled $1.5 billion in 2012, compared with $1.1 billion in 2011.
 Cash flows provided by operating activities in 2012 totaled $1.05 billion, compared with operating cash flows of $901.1 million in
2011 (amounts are net of RRB payments). The improved cash flows were due primarily to the addition of NSTAR, which
contributed $450.8 million of operating cash flows (net of RRB payments) to NU since the date of the merger, April 10, 2012.
Offsetting the favorable NSTAR cash flow impact was an increase in storm restoration costs, NUSCO Pension Plan cash
contributions, 2012 customer bill credits and NU Parent merger transaction cost payments.
 In 2012, we issued $850 million of new long-term debt consisting of $400 million by NSTAR Electric, $300 million by NU Parent,
and $150 million by WMECO. These new issuances were used primarily to repay $716.8 million of existing long-term debt, of
which $663 million matured in 2012 ($400 million at NSTAR Electric and $263 million at NU Parent) and WMECO’s tax-exempt
PCRBs of $53.8 million scheduled to mature in 2028. Additionally, CL&P remarketed $62 million of tax-exempt PCRBs in April
2012 and redeemed $116.4 million of tax-exempt PCRBs in October 2012. As of December 31, 2012, approximately $730 million
of NU's current liabilities relate to long-term debt that will be paid in the next 12 months.
 On March 26, 2012, CL&P entered into a five-year $300 million unsecured revolving credit facility. The credit facility is intended to
finance short-term borrowings that CL&P incurred to fund costs of restoring power following Tropical Storm Irene and the October
2011 snowstorm. As of December 31, 2012, CL&P had $89 million in borrowings outstanding under this credit facility.
 On July 25, 2012, NU and certain of its subsidiaries jointly entered into a five-year $1.15 billion revolving credit facility, and NSTAR
Electric entered into a five-year $450 million revolving credit facility. The new facilities expire on July 25, 2017 and will be used
primarily to backstop NU’s $1.15 billion commercial paper program and NSTAR Electric’s $450 million commercial paper program.
As of December 31, 2012, NU and NSTAR Electric had $1.15 billion and $276 million in borrowings outstanding under their
respective commercial paper programs.
 On January 15, 2013, CL&P issued $400 million of 2.5 percent first mortgage bonds that will mature on January 15, 2023. The
proceeds, net of issuance costs, were used to repay CL&P’s revolving credit facility borrowings of $89 million and $305.8 million of
its commercial paper program borrowings.
 On February 5, 2013, our Board of Trustees approved a common dividend payment of $0.3675 per share, payable March 28, 2013
to shareholders of record as of March 1, 2013. The dividend represented an increase of 7.1 percent over the $0.343 per share
quarterly dividend paid in December 2012.