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