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) June 28, 2001
Commission File Number 1-5324
NORTHEAST UTILITIES
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-2147929
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
174 BRUSH HILL AVENUE, WEST SPRINGFIELD, MASSACHUSETTS 01090-0010
(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.
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: June 29, 2001
Contact: Jeffrey Kotkin
Office: (860) 665-5154
Dividend increased, NU proposes three transmission projects
HARTFORD, Connecticut, June 28, 2001- Mike Morris, NU's chairman,
president and CEO, highlighted NU's impressive financial and operational
improvements at this morning's annual meeting in East Windsor, Conn., by
announcing a dividend increase and strategic transmission projects to meet
the region's fast-growing electric energy needs and to strengthen New
England's electric transmission grid.
NU's Board of Trustees today declared a quarterly dividend of $0.125 per
share, an increase of 25 percent, payable Sept. 28, 2001 to shareholders of
record as of Sept. 1, 2001. "This dividend increase underscores the
tremendous financial improvement we have experienced at Northeast Utilities
since the dividend was restored in 1999. We view this increase as significant
and we look forward to additional, perhaps more modest increases in the years
to come," Morris said.
In addition to the dividend increase, Morris announced the most dramatic
improvements in New England's electric transmission system in 20 years.
"Our promise to deliver shareholder and customer value and dramatically
increase NU's presence as New England's largest electric utility system is
today a reality," said Morris. "It's the right time to invest in electric
energy transmission to connect our customers, neighbors and businesses and to
support tremendous growth in Connecticut and throughout the Northeast."
The three projects dramatically increase inter-regional electric
transmission, improve power system reliability and meet the Federal Energy
Regulatory Commission's goal of using transmission grids to foster
competitive energy markets.
The projects involve:
Installing a high capacity transmission line from Norwalk, Conn., into
Hempstead Harbor, Long Island. An environmentally friendly (non-fluid filled)
cable will be buried and will be proposed to run along part of an existing
electric transmission path beneath the Sound. The project will tie
Connecticut's grid to Long Island's grid using a DC (direct current) cable
that will allow electricity to flow from Long Island to Connecticut or from
Connecticut to Long Island.
Extending two 345 kilovolt (kV) transmission lines to the Norwalk, Conn.
The extensions will increase reliability and improve access to power
generation in other regions, thereby reducing southwest Connecticut's
dependence on local generation. Consultation with local communities and
regulatory authorities will determine the precise paths of these lines and
what segments will be constructed above or below ground. The first of two
proposed lines will travel approximately 20 miles from Bethel to Norwalk and
will cost approximately $120 million. The second line is proposed to run
approximately 65 miles from Middletown to Norwalk with an estimated cost of
$400 million.
Replacing an existing set of seven fluid-filled 30-year-old transmission
cables between Norwalk Harbor and Northport, L.I., with three or four
environmentally friendly (non fluid-filled) cables. The cables are 12 miles
long and jointly owned by CL&P and the Long Island Power Authority (LIPA).
The project will cost approximately $80 million and will be funded by CL&P
and LIPA. The existing cables rest on the sea bed beneath the Sound. The new
ones will be buried.
"By combining the strengths of the Long Island and Connecticut grids, we
connect the economic corridors on both shores and deliver enhanced
reliability and access to a larger, more diverse generation supply. Providing
consumers with opportunities for new sources of power to flow to both regions
fosters the competition necessary to ensure competitively priced power,"
Morris said.