UIL 8K 41st EEI Financial Conference | UIL 7 Nov 06

UIL HOLDINGS CORPORATION

41^st EEI Financial Conference

Las Vegas, Nevada

November 7, 2006

Presenters: Jim Torgerson, President & CEO

Rich Nicholas, Executive VP & CFO

EXHIBIT 99.1

For more information, contact:

Susan Allen – V.P. IR, 203.499.2409, Susan.Allen@uinet.com

Michelle Hanson – Mgr. IR, 203.499.2481, Michelle.Hanson@uinet.com

UI Service Territory in CT

Safe Harbor Provisions

Certain statements contained herein, regarding matters that are not historical facts, are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). These include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future. Such forward-looking statements are based on the Corporation’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements. Such risks and uncertainties include, but are not limited to, general economic conditions, legislative and regulatory changes, changes in demand for electricity and other products and services,
unanticipated weather conditions, changes in accounting principles, policies or guidelines, and other economic, competitive, governmental, and technological factors affecting the operations, timing, markets, products, services and prices of the Corporation’s subsidiaries. The foregoing and other factors are discussed and should be reviewed in the Corporation’s most recent Annual Report on Form 10-K and other subsequent periodic filings with the Securities and Exchange Commission. Forward-looking
statements included herein speak only as of the date hereof and the Corporation undertakes no obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events or circumstances.

Executive Summary

Today’s Update

The United Illuminating Company

Financing Plan

Third-Quarter 2006 Results

2006 Earnings Guidance and Beyond

Strategic Direction

Today’s Update

Xcelecom – Divestiture status

Updated 2007-2009 Capital expenditure

estimates

Updated 2007-2009 Rate Base estimates

Including future potential transmission opportunities

2007-2009 Earnings Guidance

Assumptions/Drivers

High Quality, High Yielding Utility

Total proceeds from Infrastructure and YTD

Xcelecom Divestitures = $111.1 million

UIL Holdings Structure

The United Illuminating Company

Key Developments

4-Year Distribution rate case decision (2006-2009)

Revenue increase of $37.9 million, or 5.3%, by 2009

compared to current rates

Return on Equity – 9.75%

Capital Structure – 48% equity, 52% debt

Sales Forecast – 1% growth per year

Earnings Sharing 50/50 from first dollar

Approved Central Facility plan

Reached settlement on rate case re-opener

6-Year Union Contract (2005-2011)

Transmission

Middletown/Norwalk (M/N) transmission project

Construction started on Singer Substation

Middletown

Scovill

Rock

S/S

East Devon

S/S

Singer

S/S

Norwalk

S/S

Beseck

S/S

Norwalk

7 Miles of

345kV OH

15 Miles of -

345kV

8 Miles of

345kV

3 Miles of

345kV OH

33 Miles of

345kV OH

2 Miles of

345kV OH

UI to Own, Construct &

Operate 345kV Singer

Substation and 5.9

Miles of 345kV

Middletown/Norwalk (M/N) Transmission Project

UI to own, construct and operate approximately 20% of total project

UI’s portion is all underground

Expected growth in transmission rate base, $255 - $285 million

Based on the current projected construction schedule, the project is

expected to be completed in 2009

Ready for Growth

UI Transmission Business Unit

Formed in 2006

Charged to explore future transmission

opportunities

Mission is to create value by:

Vigorously pursuing FERC incentives

Influencing the ISO planning process

Infrastructure projects

Transmission

Transmission tariff

Fully tracks the FERC-approved transmission revenue requirements

Rates are looking forward

Adjusted every 6 months, trued-up annually

50% of CWIP in rate base – approved

Allows earlier recovery of investment

FERC “Promoting Transmission Investment through Pricing

Reform” Ruling on July 20, 2006 – Order number 679

UI has the opportunity to apply for:

100% CWIP in rate base

Accelerated depreciation

Use of hypothetical capital structures

Higher rate of return on equity

Preparation for application filing underway

Benefits not assumed in earnings guidance

Transmission (Continued)

FERC New England Transmission Owner ROE order issued

10/31/06, Order number 489

Base level ROE 10.2% effective 2/1/05 – 10/31/06

50 basis point participation adder

100 basis point incentive for new transmission investment

Base level ROE 10.94% effective 11/1/06 going forward

50 basis point participation adder

100 basis point incentive for new transmission investment

74 basis point adjustment to reflect updated bond data

Adders applied to pooled transmission projects for a total ROE of

12.44% going forward

Distribution - other

- Recloser program

- Maintenance; transformers, cables, poles, substations, etc.

Transmission - other

- Transmission substations, switch replacements, circuit breakers, etc.

(In Millions)

Note:Cap Ex program is subject to change

Capital Expenditure Program 2006-2009

Distribution, Transmission & CTA

Note: Average rate base shown. Total M/N project in service is not fully

recognized in the average 2009 rate base.

Rate Base CAGR

Distribution – 5.3%

Transmission – 34.9%

Trans. Incl. Opportunities – 48.7%

Total (Incl. Trans. Oppor.)- 10.5%

Invest in aging distribution

infrastructure

M/N project is key to tripling

investment in transmission

Expected rate base

growth, $255 - $285
million

CTA expected to be fully

amortized between
2013-2015

Provides steady cash flow

Average Rate Base 2005-2009

Energy Procurement – 2007 and Beyond

Current Transitional Standard Offer service

Available through December ’06

All power costs are fully recoverable

Benefited in ’06 against rising energy costs

2007 and beyond

Standard Service

Requires series of laddered contracts

“Full requirements” supply

Supplier of Last Resort – > than 500 KW

Single contracts of six months

“Full requirements” supply

Bids received and approved by the DPUC – except one bid

Re-bids are due November 7, 2006

Prices to be in effect by January 1, 2007

No Generation Service Charge Procurement Fee and

Incentive

Beginning January 1,2007

2004, 2005 & 2006 incentive yet to be approved by DPUC

Financing Plan

Proceeds from divestitures of UBE, CSC and

Xcelecom

Pay off short-term debt

Provide equity infusion to UI

Anticipation of 2011 payoff of UIL Senior Notes

M/N transmission project funding

No new equity issuance

Combination of short-term bank borrowings and;

Long-term debt

Utility Capital Structure will be maintained

Long-term debt matched with equity infusion from UIL

Resolved Uncertainties

Enron Claim Settlement

UI paid $7.9M to settle claim

UI received $5.7M from an investment banking firm for the

purchase of UI’s claim against Enron

Steel Point Settlement

Settles all claims with city of Bridgeport

Expected payment from Bridgeport of $10.3M in 2006 & $4.6M

in 2007

IRS Private Letter Ruling

Non-recurring $0.26 per share below the line earnings in 2006

No cash impact

CT Yankee

Settled FERC rate case with DPUC & OCC on 8/16/06, pending

FERC approval

Settled litigation with Bechtel

Third Quarter 2006 Results

Third-Quarter 2006 Results

Consolidated earnings of $0.48 per share including

discontinued operations

Regulated earnings of $1.23 per share, compared to

$0.83 per share in 2005

Non-recurring earnings of $0.38 per share resulting from IRS PLR

and gross earnings tax allocation resolutions

Higher retail rates

Lower kilowatt-hour volume

Increases in outside services, payroll & incentive and pension

expense

Corporate

Improved results due to increased income on short-term

investments

Xcelecom

$0.74 per share after-tax, non-cash impairment charge to reflect

Xcelecom at fair value and to recognize a state tax Valuation
allowance

Note: EPS earnings/(loss) per basic share of Common Stock

2005 results restated to reflect intent to divest Xcelecom

vs. Third Quarter & YTD 2005 EPS

Third Quarter & YTD 2006 EPS

Earnings Guidance

Disclaimer

The following information reflects management’s forecasts using information that is available at the time of this presentation. Factors that may affect future earnings estimates include, but are not limited to, inflation, the level of capital spending in the wires distribution and transmission divisions, amortization of the CTA rate base, weather, timing, economic conditions and the level of operating and maintenance expenses.