UIL (UIL) 8-K UIL Holdings Corporation Announces 2008 Results, Affirms Dividend and Provides 2009 Earnings Guidance

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4th Quarter and Full Year 2008

Earnings Conference Call

February 19, 2009

TRANSFORMING INVESTMENT

INTO FUTURE VALUE

Exhibit 99.1

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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, conditions in the
debt and equity markets, 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.

For more information, contact:

Sue Allen - V.P. IR & Treasurer, 203.499.2409
Susan.Allen@uinet.com

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

Important Note to Investors

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UIL Holdings 4Q and Full Year 2008 Earnings Call

Ø Discussion Topics

›2008 Earnings

›Rate Case Summary

›Dividend

›GenConn

›Middletown-to-Norwalk Transmission Project

›2008 Earnings

›2009 Earnings Guidance

›Financing Plan

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4Q and Full Year 2008 Financial Results -
Summary

Ø4Q ’08 earnings from continuing operations of $8.8 million, or $0.36
per share, compared to $8.7 million, or $0.35 per share in 4Q ’07

ØFull year ’08 earnings from continuing operations of $48.4 million,
or $1.93 per share, compared to $46.7 million, or $1.87 per share in
’07

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Rate Case Decision - Docket #08-07-04

Request:

ØTwo year rate plan

ØRevenue increase:

›$52.4 million in 2009, residential increase of 7.2% (total bill basis)

›$29.8 million in 2010, residential increase of 4.3% (total bill basis)

›Above values were before 2009 pension and postretirement expense increase of $8
million as measured at 12/31/08

Ø10.75% ROE, 50% equity, 50% debt capital structure

Approved:

ØTwo year rate plan

ØRevenue increase:

›$6.1 million increase in 2009

4Coupled with previously implemented $7.2 million increase from our last rate decision, the
change from today is a revenue reduction of $0.97 million, or 0.08%

ØA one-time customer credit will be issued in April 2009

›2010 revenue requirements increased by approx. $19 million over 2009, to be adjusted
for changes in 2010 pension expense (4Q ’09)

›Pension expense left open based on 12/31/09 asset balances & discount rate

Ø8.75% ROE, 50% equity, 50% debt capital structure

ØItems for reconsideration

›Clarification

›Technical errors

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Rate Case Decision - cont.

Favorable Items

ØImplemented UI’s proposed revenue decoupling methodology

›Annual true-up

4If revenues < approved, rates will adjust to collect additional revenues

4If revenues > approved, excess will be retuned to customers

›Decoupling methodology will be reevaluated after a two-year pilot period

ØApproved 90% of proposed distribution capital program expenditures

ØTransferred a portion of uncollectibles and other expense to Generation
Service Charge

›Approximately $7 million

ØEstablished a regulatory asset for a portion of 2009 increased pension and
postretirement expense

›Future recovery of $10.2 million

ØPension tracker

›Annual true-up

4Based on year-end valuation, which takes into account changes, if any, in asset values and the
discount rate

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Rate Case Decision - cont.

ØCost of Debt tracking mechanism

›Annual true-up

4Provided embedded debt cost after issuances, differs from allowed embedded cost of capital of
6.42% for 2009, 6.76% for 2010

ØMinimum 25 basis points and results in +/- $1.5 million interest expense or greater

ØSharing mechanism

›50% of excess earnings over allowed level is returned to customers through bill
reduction

›50% retained by UI

ØIncreased distribution revenue requirements in 2010, approximately $19
million over 2009

›Excludes impacts of a change in pension expense

Unfavorable Items

ØLower than expected allowed ROE, 8.75%

ØSignificant decrease in amount of O&M expenses

›$158.6 million requested vs. $134.4 million approved

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Dividend

ØWith the distribution rate decision now finalized, UIL’s Board of
Directors has affirmed its commitment to continue to pay the
dividend at its current level

›Consistent annual dividend of $1.728 per share for more than 12 years

›Paid a consecutive quarterly dividend, without suspension, for more than 100
years

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Locations	Devon & Middletown
Permits	Anticipated 1Q ‘09
Approximate Cost	$400 Million*
Financing	Anticipated 1H ‘09
Technology	GE LM6000
Capacity	400 MW
COD	2010 & 2011
Off Taker	CL&P

Project Development Highlights

Partnership between UI and NRG

* GenConn estimates that project costs may increase over the proposal it had originally submitted to the DPUC.The increase is driven primarily by
increased financing costs and the cost to build interconnection facilities at the Middletown site.Financing costs and interconnection cost are
considered pass-through costs and GenConn expects to recover these costs in its future rates as determined by DPUC.

GenConn Energy - Peaking Generation

ØRegulated COS approach

›ROE, lifetime floor - - 9.75%

›50/50 debt to equity

›30-year O&M costs reviewed annually

ØFinancing

›Financed at the project level

›Lower overall cost of project

›Flexibility during construction

›Equity bridge loan option

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7 Miles of
345kV OH

33 Miles of
345kV OH

8 Miles of 2 -
345kV “XLPE” UG

2 Miles of
345kV OH

3 Miles of
345kV OH

UI to Own, Construct &
Operate 345kV Singer
Substation and 5.6 Miles
of 345kV XLPE UG Cable

16 Miles of 2 -
345kV “XLPE” UG

Middletown-to-Norwalk 345kV Transmission Project

ØEnergized ahead of schedule: December 2008

ØUI’s cost approximately: $290 million

ØRate base growth: $300 million

ØSafety:

›> 725 thousand hrs worked with zero recordable
incidents

›OSHA Partnership

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4Q and Full Year 2008 Financial Results

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4Q and Full Year 2008 Earnings Details Compared
to the Same Periods in 2007

The United Illuminating Company

Distribution, CTA & Other

›Distribution earnings for both the quarter and full year 2008 continue to be
impacted by lower kilowatt hour sales, increased interest expense from higher
borrowings and mark-to-market adjustments to non-qualified pension
investments

›Lower kWh sales volume, $0.05 per share in 4Q ’08

4FY ’08, $0.18 per share lower

›Actual kWh sales were down 4.3% in 4Q ’08

4FY ’08, 3.2% lower

›Weather adjusted retail kWh consumption 3.4% lower in 4Q ’08

4FY ’08, 3.7% lower

›Uncollectibles expense were $0.03 per share favorable in 4Q ’08 compared to
4Q ’07

4Reduced earnings by $0.05 per share FY ’08

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4Q and FY compared to 2007 - cont.

Distribution, CTA & Other - cont.

›Increased revenue for the quarter and the year from previously approved increases in
distribution rate components

›Mark-to-market adjustments for non-qualified pensions (below the line) reduced
earnings $0.03 per share in 4Q ’08

4FY ’08, $0.10 per share reduction

›Distribution and CTA combined return on equity in 2008 - 6.99%

Transmission

›Transmission earnings were strong in the 4Q ’08 compared to 4Q ’07

4$0.26 per share vs. $0.18 per share

›2008 transmission earnings increased 88% over 2007

4$0.94 per share vs. $0.51 per share

4Middletown-to-Norwalk transmission project was completed and energized in 4Q ’08

ØAhead of original schedule and on budget

4Trumbull substation was energized in 2Q ’08

›Weighted average return on equity in 2008 - 12.55%

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4Q and FY compared to 2007 - cont.

Depreciation expense increased in 2008 by $0.07 per share, due to
capital spending

Increased interest expense from higher borrowings, $0.04 per share
in 4Q ’08

›FY ’08, $0.21 per share

Corporate and Other

›The absence of interest income of $0.02 per share recorded in 4Q ’07 related
to UIL’s loss carryback claim with the IRS

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2009 expectations are not intended to be additive.

2009 Guidance Expectations

ØManaging distribution O&M expenses

ØEven with short-term action, UI expects that it will be a challenge to meet the distribution
business 8.75% allowed return on equity

ØAssumes the transmission business weighted average return on equity of 12.3% to 12.5% in 2009

ØIssuing $75-$100 million in external equity during 2009, depending upon equity market conditions

ØBased upon current estimates, UIL expects that even with the dilution from an equity issuance,
2009 earnings per share from continuing operations would fall within the earnings ranges noted
above

	2008 Actual	2009 EPS Guidance
Total United Illuminating Company	$2.03	$1.90 - $2.10
Distribution, CTA & Other	1.09	0.90 - 1.10
Transmission	0.94	0.95 - 1.05
Corporate	(0.10)	(0.12) - (0.07)
Total ContinuingOperations	$1.93	$1.80 - $2.00
	(0.01)
Total UIL	$1.92

2009 Earnings Guidance

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2009 Capital Expenditure Projections

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Financing Plan

ØDebt

›February 2009 - remarketed Pollution Control Revenue Bonds

4$7.5 million @ 5.75% for a 3-year period ending February 1, 2012

4$71 million @ 7.125% for a 3-year period ending February 1, 2012

›Refinancing $51 million maturing debt in 2009

›DPUC approved an application to afford UI flexibility to market outstanding tax-
exempt bonds - redeem & reissue without insurance

4$25 million, $27.5 million and $64.6 million principal amount of tax-exempt bonds
outstanding that are currently insured by Ambac

›Expect to apply to the DPUC for approval of additional debt financings over the
next 3 years

4Capital needed to fund capital expenditure program

ØEquity

›Equity issuance of $75-$100 million in 2009

4Capital needed to fund capital expenditure program

4GenConn equity contribution in 2010

4Will closely monitor capital markets

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Financing Plan - cont.

Ø Liquidity

›UIL & UI have a $175 million joint short-term credit facility due December 2011

4UI had $148 million outstanding as of December 31, 2008

ØGenConn financing $40 million

ØTax exempt bond $25 million

4UIL had $1 million standby letter of credit outstanding as of December 31, 2008

›$7.7 million unrestricted cash and temporary investments as of December 31,
2008

›UI has a $25 million revolving credit agreement due May 2009

4UI did not have any short-term borrowings outstanding as of December 31, 2008

›UIL also has an uncommitted money market loan facility

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Q&A

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2008 Cap. Ex and Average Rate Base

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Additional Information