 AGA Financial Forum Orlando April 30, 2007 Energy / Growth / Leadership Exhibit 99 |
 2 Safe Harbor Provisions This presentation contains statements concerning NU’s expectations, plans, objectives, future financial performance 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 can identify these forward-looking statements by words such as “estimate”, “expect”, “anticipate”, “intend”, “plan”, “believe”, “forecast”, “should”, “could”, and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to, actions by state and federal regulatory bodies; competition and industry restructuring; changes in economic conditions; changes in weather patterns; changes in laws, regulations or regulatory policy; changes in levels and timing of capital expenditures; 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 electricity positions; actions of rating agencies; 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. 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. |
 3 Agenda for Today First quarter 2007 results 2007 guidance Regulated investment strategy Rate cases Legislative update |
 4 $41.9 $12.7 -$62.6 -$10.1 $48.2 $15.9 $6.2 $4.8 $75.1 -$2.1 ($80.0) ($60.0) ($40.0) ($20.0) $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 1Q 2006 1Q 2007 2007 Results Distribution and Regulated Generation Transmission Parent/Other Competitive Total |
 5 $23.4 $2.5 $11.8 $20.6 $8.1 $5.9 $13.6 $4.2 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 2006 2007 Distribution/Regulated Generation Results CL&P PSNH WMECO Yankee Gas |
 6 2007 Guidance Primary Drivers 2006 Actual 2007 Guidance In 2007 Distribution/Regulated Generation $0.75* $0.80 - $0.90 PSNH, Yankee Gas, WMECO rate case resolution, retail sales Transmission $0.39 $0.50 - $0.60 Increased investment Parent & Other Affiliates $0.02 $0.00 - $0.05 Cash from generation sale Total, Excluding Competitive Businesses $1.16 $1.30 - $1.55 All the above *Excludes CL&P PLR and impact of competitive generation sale |
 7 2007-2011 Projected Capital Expenditures $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Distribution Capex Transmission Capex 2006 Actual 2007 2010 2011 2008 2009 $908* $779* $874* $1,183* $1,126* $880* *Excludes approximately $18 million per year at corporate service companies |
   8 Projected Distribution and Regulated Generation Year-End Rate Base $1,765 $1,964 $2,083 $2,220 $2,359 $2,466 $868 $974 $1,092 $1,153 $1,225 $1,293 $340 $367 $388 $406 $422 $436 $493 $646 $655 $656 $669 $679 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2006 2007 2008 2009 2010 2011 CL&P PSNH WMECO Yankee Gas Projected Distribution & Generation Rate Base CAGR of 7% |
 9 Major Distribution/Regulated Generation Projects Yankee Gas’s 1.2 Bcf liquid natural gas production facility in Waterbury, CT $108 million cost More than 91 percent complete LNG expected to be injected in June Scheduled to be in service for 2007- 2008 heating season Will enhance reliability, help insulate customers from price volatility Conversion of PSNH’s 50 MW Schiller unit in Portsmouth, NH from coal to wood $74 million cost Commenced operation in December Enhances fuel diversity, reduces sulfur, NOx, mercury emissions |
 10 Growing Transmission Business 59.8 41.1 28.2 Net income (1.2) (1.4) (1.3) Preferred dividends 6.8 6.6 1.9 Other income, net (16.4) (12.5) (8.9) Income tax expense (22.0) (14.4) (12.0) Interest, net 92.6 62.8 48.5 Operating income (93.6) (80.7) (70.6) Other operating (29.8) (24.0) (21.6) D&A $216.0 $167.5 $140.7 Revenues 2006 2005 2004 (in $ millions) |
   11 The Next Five Years: Transmission Capital Expenditures $0.00 $100.00 $200.00 $300.00 $400.00 $500.00 $600.00 $700.00 $800.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Other NEEWS Major Southwest CT Historic Forecast Up To $2.5 Billion $1,062 Million $1.1 Billion of major SW CT projects in 2007-2011 forecast period; $1.65 billion in total NEEWS, Springfield projects estimated at $710 million during the 2007-2011 forecast period |
   12 Projected Transmission Year-End Rate Base $840 $2,117 $2,218 $2,461 $140 $175 $276 $282 $335 $325 $75 $80 $132 $173 $208 $239 $1,512 $1,173 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2006 2007 2008 2009 2010 2011 CL&P PSNH WMECO Transmission Rate Base 2006-2011 CAGR of 23% *Reflects FERC approved 50% CWIP for southwest CT projects * * * |
   13 21 miles 345kV (56% underground) 10 miles 115kV (100% underground) Completed October 2006 at a cost of $340 million Four Major SW Connecticut Projects – A $1.65 Billion Investment SWCT improvements have been a top priority in each of ISO-NE’s last four regional transmission expansion plans. Our four major projects there total about $1.65 billion in investment. 50% of CT Load Bethel-Norwalk 345 kV Underground & Overhead $350 Million Middletown-Norwalk 345 kV Underground & Overhead $1,047 Million (NU Share) Glenbrook Cables 115 kV underground $183 Million 9 miles 115kV underground Projected in-service date: 2008 30% complete Long Island Cable 138 kV cross sound $72 Million (NU share) 11 miles 138kV submarine cable Joint project with LIPA Projected in-service date: 2008 33% complete 69 miles 345kV (35% underground) 57 miles 115kV (1% underground) Joint project with United Illuminating Projected in-service date: 2009 24% complete |
 14 Springfield 115-kV Projects |
 15 Preferred Routes For NEEWS Have Been Selected The four 345-kV components, identified to date, are: |
 16 Ability To Finance Growth $3,268 $116 $2,817 Total Debt Preferred Stock Common Equity 3/31/07 Strong balance sheet Strong cash and liquidity position Strong access to capital Approximately $450 million of NU parent cash available for investment in utilities $1 billion unused bank, accounts receivable lines Solid credit ratings at parent, subsidiaries Successful debt financings Minimal equity requirements |
 17 Rate Case Update • Tariffs forward-looking and adjusted every 6 months with trueups • All 3 distribution companies have transmission trackers (assuming PSNH settlement approval) • FERC set going-forward New England ROE at 10.94% plus 0.50% for joining an RTO and 1.0% for new regional transmission Still subject to rehearing FERC incentive philosophy reaffirmed April 19, 2007 • Joint settlement filed before NHPUC in February • Effective 7/1/07 • 9.67% ROE • Transmission tracker • $24.5 temporary increase effective 7/1/06 made permanent • Additional $37.7 million estimated increase on 7/1/07 • $26.5 million for distribution • $11.2 million for transmission • $8.8 million to recoup revenues not collected between 7/1/06 and 6/30/07 • Filed for $68 million base rate increase in December 2006 • Net increase of $37 million due to lower pipeline, commodity charges due to LNG facility, tax abatement • Expected to be effective 7/1/07 • Settlement negotiations in progress Transmission PSNH Yankee Gas |
 18 Legislative Update Connecticut 2005: Energy Independence Act Grants/loans for customer-side generation $200/kw one-time incentives to host utilities 15-year capacity-only conventional generation contracts with utilities $25/kw one-time incentives to utilities Winning bids announced April 23; final contract approval set for August 15, 2007 (CHECK) 2007: Legislation Governor and legislative leadership identified energy as one of top 3 priorities Focus initially on conservation, renewable energy, incenting new generation, possible tax reductions Session ends June 6 New Hampshire 2006: Legislation Approved enabling bill to install scrubber at Merrimack by 7/1/13 2007: Legislation Renewable portfolio standard rules have passed the House Senate has approved bill to encourage northern New Hampshire transmission upgrades, develop new rules for siting renewable facilities, direct Energy Policy Committee to examine utility-owned renewable generation |
 19 NU’s Transformation Producing Solid Results, Prospects Financial performance consistent with projections Transmission business is growing rapidly to meet customer needs Distribution results improving as reasonable rate case outcomes are implemented Additional infrastructure needs being identified Financial flexibility is significantly improved |