SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 11, 2001
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Commission File Number 1-5324
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NORTHEAST UTILITIES
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(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-2147929
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
174 BRUSH HILL AVENUE, WEST SPRINGFIELD, MASSACHUSETTS 01090-0010
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(Address of principal executive offices)
(Zip Code)
(413) 785-5871
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
ITEM 9. REGULATION FD DISCLOSURE
The material attached hereto as Exhibit 99, which is
incorporated in this Item 9 by reference thereto, is furnished
pursuant to Regulation FD.
Exhibit 99.
News Release
Contact: Mary Jo Keating (media) Jeffrey R. Kotkin (investors)
Office: (860) 665-5181 (860) 665-5154
NU PROVIDES EARNINGS GUIDANCE
GREENWICH, Connecticut, October 11, 2001-Northeast Utilities
(NU) today estimated that 2002 operating earnings would range
between $1.40 per share and $1.65 per share. NU also projected
that it would earn toward the lower end of its previously
announced range of $1.35 per share and $1.50 per share in 2001 on
an operating basis, primarily as a result of a higher than
previously anticipated average share count.
Operating earnings do not include significant nonrecurring
gains and charges, such as the gain of $0.87 a share NU recorded
in the first quarter of 2001 associated with the sale of the
Millstone nuclear power station in Waterford, Connecticut.
Excluding nonrecurring events, NU earned $92.1 million, or $0.66
per share in the first half of 2001.
NU provided the 2002 guidance at a meeting of industry
analysts and bankers in Greenwich this morning. The half-day
conference is being webcast and is accessible through NU's web
site at www.nu.com.
At the conference, Michael G. Morris said NU plans to make
hundreds of millions of dollars of additional capital investments
over the next five years in the electric transmission and natural
gas distribution systems in Connecticut. He said those
investments will meet the state's near-term energy needs and help
support earnings growth after 2002.
"We plan to grow Northeast Utilities by providing additional
energy choices for homes and businesses in the state of
Connecticut and by expanding our activities elsewhere in the
Northeast," Morris told analysts. By the end of 2006, NU
projects that its net plant investment will increase by about 75
percent over its current level of approximately $3.6 billion as a
result of continued increased investments in energy transmission
and distribution systems and expanding investments in competitive
businesses.
Morris also said that, subject to NU Board approval and as
actual results of operations permit, NU plans to continue
increasing its common dividend as the earnings of its regulated
businesses grow. NU increased its quarterly dividend from $0.10
per share to $0.125 cents per share, effective September 2001.
Morris said in the near term NU anticipates increasing its
dividend by about 10 percent annually and targeting an eventual
payout of 50 percent of its regulated earnings.
While NU anticipates annual dividend increases, Morris said
it also expects to continue to repurchase its common shares. NU
repurchased more than 10.3 million shares in the second quarter
of 2001 and has repurchased another 1.3 million shares since late
August under a separate 15 million share repurchase authorization
adopted by NU trustees in July 2001. That authorization extends
until July 2003.
"We have considerable resources available to repurchase our
shares and plan to continue our buyback program as long as it is
accretive to our shareholders," Morris said.
NU operates New England's largest electric utility system
with nearly 1.8 million electric customers in Connecticut, New
Hampshire and Massachusetts and 187,000 natural gas distribution
customers in Connecticut. NU, which had approximately $6.5
billion in revenues over the past 12 months, is also one of New
England's largest energy marketers.
This press release includes forward-looking statements
within the meaning of the Private Securities Litigation Reform
Act of 1995, which are statements of future expectations and not
facts. Actual results or developments might differ materially
from those included in the forward-looking statements because of
factors such as competition and industry restructuring, changes
in economic conditions, changes in historical weather patterns,
changes in laws, regulations or regulatory policies, developments
in legal or public policy doctrines, technological developments
and other presently unknown or unforeseen factors. Other risk
factors are detailed from time to time in NU's reports to the
Securities and Exchange Commission.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
NORTHEAST UTILITIES
(registrant)
By: /S/David R. McHale
Name: David R. McHale
Title: Vice President and
Treasurer
Date: October 11, 2001