Barclays CEO Energy-Power Conference

September 8, 2011

Jim Judge

Senior Vice President and CFO

David McHale

Executive Vice President and CFO

2

NU Safe Harbor Provisions

This presentation contains statements concerning NU’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events,

future financial performance or growth and other statements that are not historical facts.  These statements are “forward-looking statements” within

the meaning of the Private Securities Litigation Reform Act of 1995.  In some cases, a listener or reader can identify these forward-looking

statements through the use of words or phrases such as “estimate”, “expect”, “anticipate”, “intend”, “plan”, “project”, “believe”, “forecast”, “should”,

“could”, and other similar expressions.  Forward-looking statements are based on the current expectations, estimates, assumptions or projections

of management and are not guarantees of future performance.  These expectations, estimates, assumptions or projections may vary materially

from actual results.  Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following

important factors that could cause our actual results to differ materially from those contained in our forward-looking statements, including, but not

limited to, actions or inaction of local, state and federal regulatory and taxing bodies; changes in business and economic conditions, including their

impact on interest rates, bad debt expense and demand for our products and services; changes in weather patterns; changes in laws, regulations

or regulatory policy; changes in levels and timing of capital expenditures; disruptions in the capital markets or other events that make our access

to necessary capital more difficult or costly; developments in legal or public policy doctrines; technological developments; changes in accounting

standards and financial reporting regulations; fluctuations in the value of our remaining competitive contracts; actions of rating agencies; the

effects and outcome of our pending merger with NSTAR; and other presently unknown or unforeseen factors. Other risk factors are detailed from

time to time in our reports to the Securities and Exchange Commission (SEC).  Any forward-looking statement speaks only as of the date on which

such statement is made, and we undertake no obligation to update the information contained in any forward-looking statements to reflect

developments or circumstances occurring after the statement is made or to reflect the occurrence of unanticipated events.

This presentation references actual and projected EPS by business.  EPS by business is a non-GAAP (not determined using generally accepted

accounting principles) measure that is calculated by dividing the net income or loss attributable to controlling interests of each business by the

weighted average diluted NU parent common shares outstanding for the period.  Management uses this non-GAAP financial measure to evaluate

earnings results and to provide details of earnings results and guidance by business.  This presentation also includes non-GAAP financial

measures referencing our 2006 - 2010 EPS excluding a number of factors that affected GAAP earnings in those years.  In addition, our 2011

earnings guidance excludes certain non-recurring charges related to merger costs we expect to incur during 2011, which is a non-GAAP financial

measure.  Management believes that these non-GAAP financial measurements are useful to investors to evaluate the actual and projected

financial performance and contribution of NU’s businesses.  Non-GAAP financial measures should not be considered as alternatives to NU

consolidated net income attributable to controlling interests or EPS determined in accordance with GAAP as indicators of NU’s operating

performance.

3

NU Safe Harbor Provisions

Information Concerning Forward-Looking Statements Relating to the NU–NSTAR Merger

Additional Information and Where To Find It

In addition to historical information, this communication may contain a number of “forward-looking statements” as defined in the Private Securities

Litigation Reform Act of 1995.  Words such as anticipate, expect, project, intend, plan, believe, and words and terms of similar substance used in

connection with any discussion of future plans, actions, or events identify forward-looking statements.  Forward-looking statements relating to the

proposed merger include, but are not limited to: statements about the benefits of the proposed merger involving NSTAR and Northeast Utilities,

including future financial and operating results; NSTAR’s and Northeast Utilities’ plans, objectives, expectations and intentions; the expected

timing of completion of the transaction; and other statements relating to the merger that are not historical facts.  Forward-looking statements

involve estimates, expectations and projections and, as a result, are subject to risks and uncertainties.  There can be no assurance that actual

results will not materially differ from expectations.  Important factors could cause actual results to differ materially from those indicated by such

forward-looking statements.  With respect to the proposed merger, these factors include, but are not limited to:  the risk that NSTAR or Northeast

Utilities may be unable to obtain governmental and regulatory approvals required for the merger, or required governmental and regulatory

approvals may delay the merger or result in the imposition of conditions that could reduce the anticipated benefits from the merger or cause the

parties to abandon the merger; the risk that a condition to closing of the merger may not be satisfied; the length of time necessary to consummate

the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from

the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to

maintain relationships with customers, employees or suppliers; the diversion of management time on merger-related issues; the effect of future

regulatory or legislative actions on the companies; and the risk that the credit ratings of the combined company or its subsidiaries may be different

from what the companies expect. These risks, as well as other risks associated with the merger, are more fully discussed in the joint proxy

statement/prospectus that is included in the Registration Statement on Form S-4 (Registration No. 333-170754) that was filed by Northeast

Utilities with the SEC in connection with the merger.  Additional risks and uncertainties are identified and discussed in NSTAR’s and Northeast

Utilities’ reports filed with the SEC and available at the SEC’s website at www.sec.gov.  Forward-looking statements included in this document

speak only as of the date of this document.  Neither NSTAR nor Northeast Utilities undertakes any obligation to update its forward-looking

statements to reflect events or circumstances after the date of this document.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. 

In connection with the proposed merger between Northeast Utilities and NSTAR, Northeast Utilities filed with the SEC a Registration Statement on

Form S-4 (Registration No. 333-170754)  that includes a joint proxy statement of Northeast Utilities and NSTAR that also constitutes a prospectus

of Northeast Utilities. Northeast Utilities and NSTAR mailed the definitive joint proxy statement/prospectus to their respective shareholders, on or

about January 5, 2011. Northeast Utilities and NSTAR urge investors and shareholders to read the joint proxy statement/prospectus regarding the

proposed merger, as well as other documents filed with the SEC, because they contain important information.  You may obtain copies of all

documents filed with the SEC regarding this proposed transaction, free of charge, at the SEC’s website (www.sec.gov).  You may also obtain

these documents, free of charge, from Northeast Utilities’ website (www.nu.com) under the tab “Investors” and then under the heading

"Financial/SEC Reports.”  You may also obtain these documents, free of charge, from NSTAR’s website (www.nstar.com) under the tab “Investor

Relations.”

Please refer to our reports to the SEC for further details concerning the matters described in this presentation.

4

NSTAR Safe Harbor Provisions

Information Concerning Forward-Looking Statements

Additional Information and Where to Find It

In addition to historical information, this presentation may contain a number of “forward-looking statements” as defined in the Private Securities

Litigation Reform Act of 1995.  Words such as anticipate, expect, project, intend, plan, believe, and words and terms of similar substance used in

connection with any discussion of future plans, actions, or events identify forward-looking statements.  Forward-looking statements relating to the

pending merger include, but are not limited to: statements about the benefits of the pending merger involving NSTAR and Northeast Utilities,

including future financial and operating results; NSTAR’s and Northeast Utilities’ plans, objectives, expectations and intentions; the expected

timing of completion of the transaction; and other statements relating to the merger that are not historical facts.  Forward-looking statements

involve estimates, expectations and projections and, as a result, are subject to risks and uncertainties.  There can be no assurance that actual

results will not materially differ from expectations.  Important factors could cause actual results to differ materially from those indicated by such

forward-looking statements.  With respect to the pending merger, these factors include, but are not limited to: the risk that NSTAR or Northeast

Utilities may be unable to obtain governmental and regulatory approvals required for the merger, or required governmental and regulatory

approvals may delay the merger or result in the imposition of conditions that could reduce the anticipated benefits from the merger or cause the

parties to abandon the merger; the risk that a condition to closing of the merger may not be satisfied; the length of time necessary to consummate

the pending merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the

transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to

maintain relationships with customers, employees or suppliers; the diversion of management time on merger-related issues; the effect of future

regulatory or legislative actions on the companies; and the risk that the credit ratings of the combined company or its subsidiaries may be different

from what the companies expect. These risks, as well as other risks associated with the merger, are more fully discussed in the joint proxy

statement/prospectus that is included in the definitive proxy statement that was filed by NSTAR with the Securities and Exchange Commission

(SEC) on January 5, 2011 and the Registration Statement on Form S-4 (Registration No. 333-170754) that was filed by Northeast Utilities with the

SEC in connection with the merger.  Additional risks and uncertainties are identified and discussed in NSTAR’s and Northeast Utilities’ reports filed

with the SEC and available at the SEC’s website at www.sec.gov.  Forward-looking statements included in this document speak only as of the

date of this document.  Neither NSTAR nor Northeast Utilities undertakes any obligation to update its forward-looking statements to reflect events

or circumstances after the date of this document.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities.  In connection with the pending merger

between Northeast Utilities and NSTAR, Northeast Utilities filed with the SEC a Registration Statement on Form S-4 (Registration No. 333-

170754) that includes a joint proxy statement of Northeast Utilities and NSTAR that also constitutes a prospectus of Northeast Utilities.  Northeast

Utilities and NSTAR first mailed the definitive joint proxy statement/prospectus to their respective shareholders, on or about January 5, 2011.

Northeast Utilities and NSTAR urge investors and shareholders to read the joint proxy statement/prospectus regarding the pending merger, as

well as other documents filed with the SEC, because they contain important information.  You may obtain copies of all documents filed with the

SEC regarding this proposed transaction, free of charge, at the SEC’s website (www.sec.gov).  You may also obtain these documents, free of

charge, from Northeast Utilities’ website (www.nu.com) under the tab “Investors” and then under the heading "Financial/SEC Reports.”  You may

also obtain these documents, free of charge, from NSTAR’s website (www.nstar.com) under the tab “Investor Relations.”

5

Topics for Today

•

NU Update

–

Transmission projects

–

Financial performance

•

Merger Update

•

NSTAR Financial Update

6

A Compelling Combination –

Creates Largest Utility

Company in New England

Significant infrastructure investment opportunities

combined with balance sheet strength provides

for substantial growth potential

Larger, diverse and better positioned to support

economic growth and state public policy initiatives

in New England

Expected to be accretive to earnings in Year 1,

provides an enhanced total shareholder return

proposition

Enhances service quality capabilities for the

largest customer base in New England

Highly experienced and complementary

leadership team with proven track record

100% stock transaction –

1.312 shares of

Northeast Utilities per NSTAR share

56% Northeast Utilities shareholders              

44% NSTAR shareholders

NSTAR Electric Service Area

NSTAR Gas Service Area

Northeast Utilities Electric Service Area

Northeast Utilities Gas Service Area

Combined Service Territory

•

3 million electric

customers

•

500,000 natural gas

customers

•

4,500 miles electric

transmission

•

72,000 miles electric

distribution

•

6,300 miles gas

distribution

MA

7

Transmission Update

8

NEEWS Projects Advance

Current Status Report

•

Substation construction commenced in MA in Dec.

2010; in CT in July/August 2011

•

Commenced overhead site work in MA in

February 2011

•

Commence overhead construction in CT in early

2012 following receipt of environmental permits

•

Projected in-service: late 2013

•

Total projected NU cost:  $718 million

Interstate

Reliability

Project

•

Joint project with National Grid (NU in CT; NGrid

in MA & RI)

•

ISO-NE confirmed need in August 2010

•

File siting application in CT in late 2011

•

Siting decisions in 2013

•

Commence construction: late 2013/early 2014

•

Projected in-service: late 2015

•

Total projected NU cost:  $218 million

Central

Connecticut

Reliability

Project

•

Expected review to be completed and needs identified in late 2011

with specific projects identified in late 2012

•

Total projected NU cost:  $301 million

SPRINGFIELD

HARTFORD

345-kV Substation

Generation Station

345-kV ROW

115-kV ROW

Central Connecticut

Reliability Project

Interstate

Reliability Project

Greater Springfield

Reliability Project

Greater

Springfield

Reliability

Project

9

Northern Pass Transmission –

a $1.1 Billion Capital

Investment

´

•

To be owned by Northern Pass Transmission LLC

-

NU (75%) and NSTAR (25%)

•

1,200 MW transfer capability

•

Northern terminus at Des Cantons (Québec),

southern terminus in Franklin (New Hampshire)

•

Québec terminal will convert the power from

AC to DC (rectifier)

•

US terminal will convert the power from DC

to AC (inverter)

•

345kV AC leg from Franklin to Deerfield, NH

•

TSA signed in October 2010 and accepted by

FERC on February 11, 2011

•

Permitting process began October 14, 2010 with

U.S. DOE application –

comment period recently

extended; U.S. Forest Service application filed

June 28

•

New Hampshire Senate voted June 2 to “re-refer”

eminent domain bill

•

Capital cost estimate for US segment:  $1.1 billion

–

completion projected for late 2016

Des Cantons

HVDC Line

HVDC Converter

Station

345-kV Line

Existing Deerfield

Substation

Deerfield

Franklin

10

Review of FERC-Approved Transmission ROEs

10.00%

10.50%

11.00%

11.50%

12.00%

12.50%

13.00%

13.50%

Local Network

Service

Regional

Network Service

Base

Northern Pass

2005-2008

Regional

Projects

NEEWS

M-N

Underground

NU’s Local Network Service Tariff ROE

NE RTO Incentive adder of 50 basis points on PTF assets

ISO-NE Planned Regional PTF projects in-service before 1/1/09

Middletown-Norwalk Advanced Tech. underground cable system

125 basis point NEEWS incentive

142 basis point Northern Pass incentive

11.14%

12.64%

12.89%

13.10%

12.56%

11.64%

11

NU Financial Update

12

$82.1

$158.2

$1.1

$75.0

$200.9

-$4.5

$86.9

$118.5

-$20.0

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

$200.0

$220.0

1H 2010

1H 2011

NU –

Strong First Half Earnings

Distribution/Generation

Transmission

Parent/Other

Total

*Excludes $9.5 million of after-tax merger-related expenses in 2011

*

*

13

Hurricane Irene Impacts on Second Half of 2011

•

Approximately 800,000 NU customers lost service at peak on August 28

due to Irene—most damaging storm in NU’s history

•

Restoration now virtually complete

•

CL&P suffered the most extensive damage, particularly along Long

Island Sound and in Eastern Connecticut

•

1,800 line and tree crews worked on restoration

•

Total cost likely to exceed $100 million

•

Will negatively affect cash flows in second half of 2011

•

Catastrophic storm deferral mechanisms in place for CL&P, PSNH and

WMECO

14

2009 and 2010 Results and Standalone 2011 Guidance

2009    

Actual

2010

Actual

Revised 2011

Guidance

NU Consolidated EPS

(GAAP)

$1.91

$2.19

$2.10 -

$2.20

Distribution/Generation

$0.92

$1.16

$1.30 -

$1.35

Transmission

$0.95

$1.00

$1.05 –

$1.10

Competitive

$0.09

$0.05

N/A

NU Parent/Other

($0.05)

($0.05)*

($0.05)**

NU Consolidated EPS 

(Non-GAAP)

$1.91

$2.16*

$2.30 –

$2.40**

*

Excludes a $0.09/share fourth quarter non-recurring tax gain at NU Parent and approximately $0.06 of NU-NSTAR

merger-related expenses that were recorded in the fourth quarter.

**Excludes $0.20/share of expected NU-NSTAR merger-related costs.  Includes competitive results.

15

NU –

Improved Earnings Have Resulted in Rising

Dividends

62.5%

48.7%

44.3%

49.7%

$2.16

³

$1.86²

$1.16¹

$1.59

$0.825

$0.775

$0.725

$0.95

Payout ratios

EPS

Dividends paid/declared per share

1

Excludes net income of competitive businesses, one-time CL&P tax reduction

2

Excludes litigation settlement charge

3

Excludes NU tax settlement, NU-NSTAR merger costs

$1.91

$1.025

47.5%

$2.30 -

2.40

4

$1.10

5

4

Excludes NU-NSTAR merger costs

5

Based on first, second and third quarter rate of

$0.275

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

$1.50

$1.75

$2.00

$2.25

$2.50

$2.75

2006

2007

2008

2009

2010

2011E

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

16

Merger Update

17

Status of Merger Approvals

Securities and Exchange Commission

Shareholders

Department of Justice

Federal Communications Commission

Federal Energy Regulatory Commission

Maine DPUC

Massachusetts DPU

Nuclear Regulatory Commission

Approvals Received

Applications Pending

Connecticut PURA

New Hampshire PUC

Determined Not To

Have Jurisdiction

18

Massachusetts Hearings on Merger

•

Hearings ended July 28

•

Net benefits study anticipates $784M in net savings over 10 years

Elimination of duplicative efforts

Adoption of best practices

Attrition/retirements –

350 positions over time

•

Attorney General’s focus: Customer benefits

•

Other interveners’

focus: Environmental benefits, labor impacts

•

Briefing schedule revised:

Final briefs due by October 18

•

DOER’s motion to stay proceedings –

Oral Arguments October 25

•

Companies continue integration work focused on Day 1 readiness

th

th

th

19

NSTAR Financial Update

20

$14.0

$114.5

$100.5

$123.4

$17.6

$105.8

$5.0

$15.0

$25.0

$35.0

$45.0

$55.0

$65.0

$75.0

$85.0

$95.0

$105.0

$115.0

$125.0

Electric

Gas

Consolidated

1H 2010

1H 2011

NSTAR’s Solid First Half Exceeds Expectations

Note: Results reflect continuing operations excluding merger-related costs of $5.9 million.

EPS

$1.19

EPS

$1.07

NSTAR System Has Significant Transmission

Investment Ahead

•

Transmission Rate Base is expected to double within 5 years to

approximately $1.6 billion

•

Growth/reliability spending averages $100 million per year

•

Incremental Major Projects:

–

Cape Cod Line

–

Boston 345kV Connection

–

Mid Cape Line

•

Northern Pass                 

$120 million

$45-$50

million

$25-$30

million

$280 million

(2011-2012)

(2014-2015)

(2013-2014)

(2014-2016)

21

22

Highest Credit Rating in the Industry

#1 NSTAR

A+

*As published by EEI

NSTAR

A+

Southern Company

A

Consolidated Edison, Inc.

A-

Dominion Resources, Inc.

A-

DPL Inc.

A-

Duke Energy Corporation

A-

Energy East Corporation

A-

NextEra Energy, Inc.

A-

KeySpan Corp.

A-

Niagara Mohawk Power Corporation

A-

Vectren Corporation

A-

Wisconsin Energy Corporation

A-

Xcel Energy Inc.

A-

ALLETE, Inc.

BBB+

Alliant Energy Corporation

BBB+

DTE Energy Company

BBB+

Integrys Energy Group, Inc.

BBB+

Kentucky Utilities Company

BBB+

Louisville Gas and Electric Company

BBB+

MDU Resources Group, Inc.

BBB+

MidAmerican Energy Holdings Company

BBB+

Northeast Utilities

BBB+

OGE Energy Corp.

BBB+

Pepco Holdings, Inc.

BBB+

PG&E Corporation

BBB+

PPL Corporation

BBB+

Progress Energy, Inc.

BBB+

SCANA Corporation

BBB+

Sempra Energy

BBB+

TECO Energy, Inc.

BBB+

American Electric Power Company, Inc.

BBB

Avista Corporation

BBB

CenterPoint Energy, Inc.

BBB

Cleco Corporation

BBB

El Paso Electric Company

BBB

Entergy Corporation

BBB

Exelon Corporation

BBB

Great Plains Energy Inc.

BBB

Green Mountain Power Corporation

BBB

IDACORP, Inc.

BBB

NorthWestern Corporation

BBB

Pinnacle West Capital Corporation

BBB

Portland General Electric Company

BBB

Public Service Enterprise Group Inc.

BBB

UIL Holdings Corporation

BBB

Westar Energy, Inc.

BBB

Allegheny Energy, Inc.

BBB-

Ameren Corporation

BBB-

Black Hills Corporation

BBB-

CMS Energy Corporation

BBB-

Constellation Energy Group, Inc.

BBB-

Duquesne Light Company

BBB-

Edison International

BBB-

Empire District Electric Company

BBB-

FirstEnergy Corp.

BBB-

Hawaiian Electric Industries, Inc.

BBB-

IPALCO Enterprises, Inc.

BBB-

NiSource Inc.

BBB-

Otter Tail Corporation

BBB-

Puget Energy, Inc.

BB+

NV Energy, Inc.

BB+

PNM Resources, Inc.

BB-

23

J.D. Power Survey Recognizes Customer Service Efforts

Company A

Company B

Company C

Company D

NSTAR

Company E

Company F

Company G

Company H

Company I

EAST LARGE AVERAGE

Company J

Company K

Company L

Company M

Company N

Company O

Company P

24

NSTAR Total Shareholder Return Outperforms the Industry

1996

2010

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Only Company in Any

Industry to

Deliver 14 Consecutive Years of

Positive Total Shareholder Return

S&P 500

Utility Index

NSTAR

25

•

Combines two highly successful energy delivery companies with similar strategies

•

Matches NSTAR’s distribution expertise and strong cash flows with NU’s nationally recognized

transmission organization and significant investment opportunities

•

Larger, diverse and better-positioned company to support economic growth and public policy

initiatives for the region

•

Clearly

meets

new

Massachusetts

“net

benefit”

standard

with

customer

benefits

across

3

states:

Projected net cost savings of $784M over 10 years

Significant environmental benefits expected

•

Attractive shareholder investment opportunity:

Track record of top performance

Low risk investment profile

Strong credit ratings

Greater liquidity for investors

•

In short, a truly compelling transaction with significant strategic, customer, regional and shareholder

benefits 

Key Takeaways on the Merger

Appendix

27

Improved Results Due In Part to Resolution of All

Three Electric Distribution Rate Cases

•

Five-year settlement

approved by NHPUC on

6/28/2010

•

$45.5 million increase on

7/1/10 in addition to

8/1/09 temporary increase

of $25.6 million

•

$2.3 million decrease on

7/1/11

•

2012 & 2013 projected

increases of $9.5 million &   

$11.1 million

•

Authorized ROE remains

9.67%

•

Recovery of ice storm

costs over 7 years

•

Trailing 12-month ROE =

10.3%

•

Final decision 6/30/2010

•

$63.4 million increase

effective 7/1/10

•

$38.5 million increase

effective 7/1/11

•

Authorized 9.4% ROE at

6/30/10

•

49.2% equity in capital

structure

•

Initial increase deferred 

until 1/1/11

•

Capex plan approved

•

Trailing 12-month ROE =

9.8%

PSNH

CL&P

•

Final decision 1/31/11

•

$16.8 million increase

effective 2/1/11

•

Authorized 9.6% ROE

•

Decoupling approved

•

$2.1 million write-off taken in

fourth quarter 2010

•

Trailing 12-month ROE =

6.5%

WMECO

28

Yankee Gas Rate Decision Less Supportive

The

Good

•

Supported full projected cost of Waterbury to

Wallingford line

•

Supported ramp-up to $40 million annual spending

for pipeline replacement

•

Authorized capital structure of 52.2% equity; 47.8%

debt

The

Not

So

Good

•

8.83% authorized ROE

•

First-year rate cut of about $0.5 million;                           

second-year increase of $6.7 million

•

Request was $29.1 million increase                             

Year One and $10.3 million increase Year Two

•

Numerous disallowed costs

•

Imputation of $1.6 million of merger savings Year One and $3 million in Year Two

Motion

for

Reconsideration

Filed

With

the

PURA

•

Reconsideration was granted August 2 -

ADIT impacts only

29

NU Weather-Adjusted Retail Sales Trends

-2.8

-2.1

-1.8

-0.6

0.4

CL&P

2007

2008

2009

2010

2011 YTD

-1.4

-1.8

-0.2

-1.6

0.6

2007

2008

2009

2010

2011 YTD

PSNH

-0.6

-0.6

-3.4

-3.5

-0.4

WMECO

2007

2008

2009

2010

2011 YTD

3.4

6.2

6.6

5.0

3.1

2007

2008

2009

2010

2011 YTD

Yankee Gas (firm)

30

2006 –

2011 NU Consolidating EPS

GAAP / Non-GAAP Reconciliation

(0.20)

(0.06)

N/A

N/A

N/A

N/A

NU-NSTAR Merger Expenses

N/A

0.09

N/A

N/A

N/A

N/A

NU Tax Settlement

$2.19

N/A

N/A

N/A

$2.16

0.05

$2.11

(0.05)

2.16

1.00

$1.16

2010 Actual

$2.10 -

$2.20

N/A

N/A

N/A

$2.30 –

$2.40

N/A

$2.30 –

$2.40

(0.05)

2.35 –

2.45

1.05 –

1.10

$1.30 –

$1.35

2011 Guidance

$1.91

$1.67

$1.59

$3.05

NU Consolidated (GAAP)

N/A

(0.19)

N/A

N/A

Litigation Charge

N/A

N/A

N/A

2.04

Gain on Sale of Competitive

Generation

N/A

N/A

N/A

0.48

CL&P Income Tax Reduction

$1.91

$1.86

$1.59

$0.53

NU Consolidated Operating

Results (Non-GAAP)

0.09

0.08

0.08

(0.63)

Competitive

$1.82

$1.78

$1.51

$1.16

Total Regulated and Parent

(0.05)

(0.07)

0.04

(0.03)

NU Parent/Other

1.87

1.85

1.47

1.19

Total Regulated

0.95

0.89

0.53

0.39

Transmission

$0.92

$0.96

$0.94

$0.80

Distribution/Generation

2009 Actual

2008 Actual

2007 Actual

2006 Actual

31

NSTAR…20 Consecutive Years of Operating       

Earnings Growth

$1.93

$2.07

$2.22

$2.37

$2.56

2006

2007

2008

2009

2010

2011

Guidance

$2.60 –

$2.75

32

$1.30

$1.40

$1.50

$1.60

$1.70

NSTAR –

Consistent, Above Average Dividend Growth

…13 Consecutive Years of Increase…

2006

2007

2008

2009

2010

33

NSTAR Rate Cases

•

Effective January 1, 2006 to

December 31, 2012

•

Customers’

overall delivery rates

flat

•

Annual inflation-adjusted

distribution rate change offset by

transition charge

•

Allowed ROE of 10.5% (8.5% to

12.5% band)

•

Recovery of Incremental Safety

& Reliability Program Costs

•

Included new service quality and

additional service programs

•

Last rate case effective

November 1, 1991

Electric

Gas