Eversource 2015 Annual Report Download - page 34

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In June 2013, FERC approved CYAPC, YAEC and MYAPC to reduce rates in their wholesale power contracts through the application of the DOE
proceeds for the benefit of customers. Changes to the terms of the wholesale power contracts became effective on July 1, 2013. In accordance with
the FERC order, CL&P, NSTAR Electric, PSNH and WMECO began receiving the benefit of the DOE proceeds, and the benefits have been passed
on to customers.
On September 17, 2014, in accordance with the MYAPC’s three-year refund plan, MYAPC returned a portion of the DOE Phase I Damages proceeds
to the member companies, including CL&P, NSTAR Electric, PSNH, and WMECO, in the amount of $3.2 million, $1.1 million, $1.4 million and
$0.8 million, respectively. On September 28, 2015, MYAPC returned the remaining DOE Phase I Damages proceeds to the member companies,
including CL&P, NSTAR Electric, PSNH, and WMECO, in the amount of $2.3 million, $0.8 million, $1 million and $0.6 million, respectively.
DOE Phase II Damages - In December 2007, the Yankee Companies each filed subsequent lawsuits against the DOE seeking recovery of actual
damages incurred related to the alleged failure of the DOE to provide for a permanent facility to store spent nuclear fuel generated in years 2001
through 2008 for CYAPC and YAEC and from 2002 through 2008 for MYAPC (DOE Phase II Damages). In November 2013, the court issued a
final judgment awarding CYAPC $126.3 million, YAEC $73.3 million, and MYAPC $35.8 million. On January 14, 2014, the Yankee Companies
received a letter from the U.S. Department of Justice stating that the DOE will not appeal the court’s final judgment.
In March and April 2014, CYAPC, YAEC and MYAPC received payment of $126.3 million, $73.3 million and $35.8 million, respectively, of the
DOE Phase II Damages proceeds and made the required informational filing with FERC in accordance with the process and methodology outlined in
the 2013 FERC order. The Yankee Companies returned the DOE Phase II Damages proceeds to the member companies, including CL&P, NSTAR
Electric, PSNH, and WMECO, for the benefit of their respective customers, on June 1, 2014. Refunds to CL&P’s, NSTAR Electric’s, PSNH’s and
WMECO’s customers for these DOE proceeds began in the third quarter of 2014 and all refunds under these proceedings have been disbursed.
DOE Phase III Damages - In August 2013, the Yankee Companies each filed subsequent lawsuits against the DOE seeking recovery of actual
damages incurred in the years 2009 through 2012. The trial on this matter was held on June 30 and July 1, 2015, with a post-trial briefing that
concluded on October 14, 2015. The parties are awaiting a decision from the court.
2. Conservation Law Foundation v. PSNH
On July 21, 2011, the Conservation Law Foundation (CLF) filed a citizens suit under the provisions of the federal Clean Air Act against PSNH
alleging permitting violations at the company’s Merrimack generating station. The suit alleges that PSNH failed to have proper permits for
replacement of the Unit 2 turbine at Merrimack, installation of activated carbon injection equipment for the unit, and violated a permit condition
concerning operation of the electrostatic precipitators at the station. On September 27, 2012, the federal court dismissed portions of CLF’s suit
pertaining to the installation of activated carbon injection and the electrostatic precipitators. CLF filed an amended complaint on May 28, 2013,
related to routine maintenance of the boiler performed in 2008 and 2009. The suit seeks injunctive relief, civil penalties, and costs. CLF has pursued
similar claims before the NHPUC, the N.H. Air Resources Council, and the N.H. Site Evaluation Committee, all of which have been denied. PSNH
continues to believe this suit is without merit and intends to defend it vigorously. However, at this time the case has been stayed while the State
settlement process related to the divestiture of generating assets, including Merrimack Station, continues.
3. Other Legal Proceedings
For further discussion of legal proceedings, see Item 1, Business: “- Electric Distribution Segment,” “- Electric Transmission Segment,” and “-
Natural Gas Distribution Segment” for information about various state and federal regulatory and rate proceedings, civil lawsuits related thereto, and
information about proceedings relating to power, transmission and pricing issues; “- Nuclear Fuel Storage” for information related to high-level
nuclear waste; and “- Other Regulatory and Environmental Matters” for information about proceedings involving surface water and air quality
requirements, toxic substances and hazardous waste, electric and magnetic fields, licensing of hydroelectric projects, and other matters. In addition,
see Item 1A, Risk Factors, for general information about several significant risks.
Item 4. Mine Safety Disclosures
Not applicable.
EXECUTIVE OFFICERS OF THE REGISTRANT
The following table sets forth the executive officers of Eversource Energy as of February 16, 2016. All of the Company’s officers serve terms of one
year and until their successors are elected and qualified:
Name Age Title
Thomas J. May 68 Chairman of the Board, President and Chief Executive Officer
James J. Judge 60 Executive Vice President and Chief Financial Officer
Leon J. Olivier 67 Executive Vice President-Enterprise Energy Strategy and Business Development
David R. McHale 55 Executive Vice President and Chief Administrative Officer
Werner J. Schweiger 56 Executive Vice President and Chief Operating Officer
Gregory B. Butler 58 Senior Vice President and General Counsel
Christine M. Carmody* 53 Senior Vice President-Human Resources of Eversource Service
Joseph R. Nolan, Jr.* 52 Senior Vice President-Corporate Relations of Eversource Service
Jay S. Buth 46 Vice President, Controller and Chief Accounting Officer