8-K

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): November 10, 2008

Commission File Number	Registrant; State of Incorporation Address; and Telephone Number	I.R.S. Employer Identification No.
1-5324	NORTHEAST UTILITIES	04-2147929
	(a Massachusetts voluntary association)
	One Federal Street, Building 111-4
	Springfield, Massachusetts 01105
	Telephone: (413) 785-5871
0-00404	THE CONNECTICUT LIGHT AND POWER COMPANY	06-0303850
	(a Connecticut corporation)
	107 Selden Street
	Berlin, Connecticut 06037-1616
	Telephone: (860) 665-5000
1-6392	PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE	02-0181050
	(a New Hampshire corporation)
	Energy Park
	780 North Commercial Street
	Manchester, New Hampshire 03101-1134
	Telephone: (603) 669-4000
0-7624	WESTERN MASSACHUSETTS ELECTRIC COMPANY	04-1961130
	(a Massachusetts corporation)
	One Federal Street, Building 111-4
	Springfield, Massachusetts 01105
	Telephone: (413) 785-5871

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

On November 10, 2008, Northeast Utilities (“NU” or the “company”) issued a news release announcing its unaudited results of operations for the third quarter and year to date 2008 and related financial information for certain of its subsidiaries for the same period. In addition, the company provided updated consolidated earnings and segment guidance for 2008, consolidated earnings and segment guidance for 2009 and new capital investment projections. A copy of the news release and related financial reports are attached as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference thereto.

The information contained in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by Northeast Utilities, The Connecticut Light and Power Company, Public Service Company of New Hampshire or Western Massachusetts Electric Company under the Securities Act of 1933, as amended, unless specified otherwise.

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On November 10, 2008, NU is giving a slideshow presentation to financial analysts at the Edison Electric Institute Financial Conference in Phoenix, Arizona, which is being simultaneously webcast to the public. The slides are attached hereto as Exhibit 99.3, incorporated in this Item 7 by reference thereto, and are furnished pursuant to Regulation FD.

The information contained in this Item 7.01, including Exhibit 99.3, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by Northeast Utilities, The Connecticut Light and Power Company, Public Service Company of New Hampshire or Western Massachusetts Electric Company under the Securities Act of 1933, as amended, unless specified otherwise.

Section 9 – Financial Statements and Exhibits

Item 9.01 – Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
Exhibit 99.1	News Release issued by Northeast Utilities on November 10, 2008.
Exhibit 99.2	Financial Report for the three and nine month periods ended September 30, 2008 and September 30, 2007.
Exhibit 99.3	Northeast Utilities slide presentation dated November 10, 2008 before the Edison Electric Institute Financial Conference.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

NORTHEAST UTILITIES THE CONNECTICUT LIGHT AND     POWER COMPANY PUBLIC SERVICE COMPANY OF     NEW HAMPSHIRE WESTERN MASSACHUSETTS     ELECTRIC COMPANY (Registrants)
By:	/s/ Shirley M. Payne
Name:	Shirley M. Payne
Title:	Vice President-Accounting and Controller

Date: November 10, 2008

EX-99.1

Exhibit 99.1

P. O. Box 270 Hartford, CT 06141-0270 107 Selden Street Berlin, CT 06037 (860)-665-5000

News Release

CONTACT:	Jeffrey R. Kotkin
OFFICE:	(860) 665-5154

NU REPORTS THIRD QUARTER RESULTS, PROVIDES 2009 GUIDANCE, UPDATES ITS PLANS TO PROVIDE SOLUTIONS TO HELP MEET THE REGION’S ENERGY NEEDS

BERLIN, Connecticut, November 10, 2008 — Northeast Utilities (NU: NYSE) today reported earnings for the third quarter of 2008 and provided an updated capital expenditure forecast for the period of 2009 through 2013. NU also provided initial consolidated and business segment earnings guidance for 2009.

NU earned $72.7 million, or $0.47 per share, in the third quarter of 2008, compared with $50.2 million, or $0.32 per share, in the third quarter of 2007. NU earned $188.9 million, or $1.21 per share, in the first nine months of 2008, compared with $173.8 million, or $1.12 per share, in the first nine months of 2007. Nine-month 2008 results include an after-tax charge of $29.8 million, or $0.19 per share, associated with the settlement of litigation in the first quarter of 2008. Excluding the litigation charge, NU earned $218.7 million, or $1.40 per share¹, in the first nine months of 2008.

Charles W. Shivery, NU’s chairman, president and chief executive officer, attributed NU’s improved operating results in 2008 primarily to growth in the company’s transmission segment, in which the company continues to invest heavily to meet the regional energy needs of customers.

“Our investment focus continues to produce a more reliable New England energy infrastructure and lower congestion costs for our customers, as well as more predictable earnings and dividend growth for our investors,” Shivery said.

2008 and 2009 earnings guidance and capital expenditure projections

NU today affirmed its 2008 consolidated earnings guidance of between $1.60 per share and $1.75 per share including the litigation settlement charge, and between $1.80 per share¹ and $1.95 per share¹ excluding it.

NU also established its 2009 consolidated earnings guidance of between $1.80 per share and $2.00 per share. That guidance includes estimates of between $1.00 per share and $1.10 per share for its distribution and generation segment, between $0.85 per share and $0.90 per share for its transmission segment, between $0.00 and $0.05 for its remaining competitive businesses, and net expenses of approximately $0.05 per share for NU parent and other subsidiaries.

Shivery said NU’s 2009 earnings guidance reflects a number of factors, including a smaller capital program in 2009 than in 2008. NU projects capital expenditures of approximately $900 million in 2009, compared with nearly $1.3 billion in 2008. NU’s previous projection for 2009 capital expenditures was nearly $1.07 billion. Shivery said the lower projection is due in part to the company completing the last of

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its four major transmission projects in southwest Connecticut as much as one year ahead of schedule, thereby reducing significantly the level of transmission capital expenditures in 2009. Additionally, Shivery said NU expects to complete the four major projects at a total cost of approximately $1.6 billion, or $80 million below budget.

“Customers are benefiting in two ways from our success in executing our southwest Connecticut projects,” Shivery said. “First, they have a more reliable transmission system that is also better able to import less costly energy from outside southwest Connecticut. Second, completing our projects below budget translates directly into lower transmission-related costs for our customers.”

Also today, NU outlined a number of investments it will pursue over the next five years to enhance the reliability of electric and natural gas service in Connecticut, New Hampshire and Massachusetts, and meet a number of other public policy priorities of the region. The most significant of those initiatives is construction of the New England East-West Solutions (NEEWS) family of projects, which by their expected completion in 2013, will significantly improve the reliability of the region’s high-voltage transmission system. Siting applications for the Greater Springfield Reliability Project were filed with state siting regulators in Connecticut and Massachusetts last month. The Greater Springfield project accounts for nearly half of NU’s projected $1.49 billion expenditures on NEEWS.

“These projects, some of which must undergo extensive regulatory review, will provide significant reliability and environmental benefits to New England,” Shivery said. “Execution of this plan will provide the opportunity to invest up to $7 billion in New England’s infrastructure from 2009 through 2013, investments that not only will produce significant benefits to the region, but also provide growing earnings and cash flow.”

Cash flow projections and debt maturities

Shivery said the company expects to finance an increasing amount of its capital expenditures over the next five years through internally generated funds. NU’s internally generated cash, after the scheduled repayment of rate reduction bonds, is projected to increase from approximately $450 million in 2008 to approximately $550 million in 2009. Internally generated cash is projected to increase to approximately $1 billion in 2013, assuming the company’s projects are completed at forecasted levels and on schedule.

Shivery said NU’s financing needs over the next several years also are mitigated by the fact that the NU system only has a single $50 million bond maturity before 2012.

“Fortunately, our strong current liquidity position, improving cash flow, and lower 2009 capital program and debt maturities will afford us significant flexibility in the timing of our financings next year,” Shivery said. He added that the company continues to review the timing and amount of its capital expenditures in light of today’s challenging market conditions.

2008 results - Transmission

NU’s transmission segment earned $35.9 million in the third quarter of 2008, compared with $20.0 million in the third quarter of 2007, and $103.6 million in the first nine months of 2008, compared with $57.0 million in the first nine months of 2007. The increases in third quarter and nine months net income in 2008, compared with the same periods of 2007, primarily reflect a higher level of investment in NU’s transmission facilities.

Distribution and Generation

NU’s distribution and generation segment earned $35.5 million in the third quarter of 2008, compared with $28.5 million in the third quarter of 2007, and $114.9 million in the first nine months of 2008, compared with $100.1 million in the first nine months of 2007.

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The Connecticut Light and Power Company’s (CL&P) distribution segment earned $23.5 million in the third quarter of 2008, compared with $16.7 million in the third quarter of 2007 and $57.2 million in the first nine months of 2008, compared with $44.3 million in the first nine months of 2007. The higher results reflect the benefits of rate changes that were effective February 1, 2008 and a federal tax settlement, offset by higher amortization, depreciation and interest expenses, as well as a 3.6 percent decline in year-to-date retail sales.

Public Service Company of New Hampshire’s (PSNH) distribution and generation segment earned $10.7 million in the third quarter of 2008, compared with $11.0 million in the third quarter of 2007, and $32.3 million in the first nine months of 2008, compared with $31.7 million in the first nine months of 2007. PSNH’s electric sales were down 1.1 percent over the first nine months of 2008, compared with the same period of 2007, but up 0.1 percent on a weather-adjusted basis.

Western Massachusetts Electric Company’s (WMECO) distribution segment earned $3.6 million in the third quarter of 2008, compared with $4.2 million in the third quarter of 2007, and $10.1 million in the first nine months of 2008, compared with $13.6 million in the first nine months of 2007. Lower 2008 results were primarily due to a 3.9 percent decline in year-to-date, kilowatt-hour sales and certain regulatory disallowances.

Overall, NU’s electric sales were down 2.9 percent in the third quarter of 2008, compared with the same period of 2007 and down 0.7 percent on a weather-adjusted basis. Over the first nine months of 2008, NU’s electric sales were down 3.0 percent, compared with the same period of 2007, and down 2.0 percent on a weather-adjusted basis.

Yankee Gas Services Company lost $2.3 million in the third quarter of 2008, compared with a loss of $3.4 million in the third quarter of 2007, and earned $15.3 million in the first nine months of 2008, compared with earnings of $10.5 million in the first nine months of 2007. The improved third quarter and year-to-date results were largely due to higher revenues that resulted from new rates that took effect in mid-2007 and an increase in the installation of natural gas-fired distributed generation in Connecticut. Yankee Gas firm sales were up 13.0 percent in the third quarter of 2008, compared with the same period of 2007. Sales were essentially unchanged over the first nine months of 2008, compared with 2007, and up 2.9 percent on a weather-adjusted basis.

Competitive businesses

NU Enterprises, Inc. (NUEI), the holding company for NU’s competitive businesses, earned $4.6 million in the third quarter of 2008, compared with $0.7 million in the third quarter of 2007, and $8.7 million in the first nine months of 2008, compared with $8.1 million in the first nine months of 2007. The improved year-to-date results were primarily due to favorable mark-to-market results and improved margins on remaining wholesale marketing contracts.

Parent and other NU subsidiaries

NU parent and affiliates had net expenses of $3.3 million in the third quarter of 2008, compared with net income of $1.0 million in the third quarter of 2007. Their net expenses totaled $8.5 million in the first nine months of 2008, excluding the $29.8 million after-tax litigation settlement charge, compared with net income of $8.6 million in the first nine months of 2007. Lower results primarily reflect the absence of interest earned on NU parent’s cash balances held in 2007 as a result of the sale of the company’s competitive generation facilities in late 2006.

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The following table reconciles 2008 and 2007 third-quarter and first nine-month results:

	Third Quarter1			First Nine Months1
2007 Reported EPS	$	0.32		$	1.12
Improved transmission earnings in 2008	$	0.10		$	0.29
Improved distribution, generation results in 2008	$	0.05		$	0.09
Lower Parent/Other results in 2008, ex. litigation settlement impact	$	(0.03	)	$	(0.10	)
Improved competitive business results in 2008	$	0.03		$	0.00
Consolidated results, ex. litigation settlement impact	$	0.47		$	1.40
Impact of litigation settlement		—		$	(0.19	)
2008 Reported EPS	$	0.47		$	1.21

Financial results for the third quarter and first nine months of 2008 and 2007 are noted below.

Three months ended:

(in millions, except EPS)	September 30, 2008			September 30, 2007			Increase (Decrease)			2008 EPS1
CL&P Distribution	$	23.5		$	16.7		$	6.8		$	0.15
PSNH Distribution/Generation	$	10.7		$	11.0		$	(0.3	)	$	0.07
WMECO Distribution	$	3.6		$	4.2		$	(0.6	)	$	0.02
Yankee Gas	$	(2.3	)	$	(3.4	)	$	1.1		$	(0.01	)
Total—Distribution/Generation	$	35.5		$	28.5		$	7.0		$	0.23
CL&P Transmission	$	30.7		$	16.9		$	13.8		$	0.20
PSNH Transmission	$	3.6		$	2.0		$	1.6		$	0.02
WMECO Transmission	$	1.6		$	1.1		$	0.5		$	0.01
Total—Transmission	$	35.9		$	20.0		$	15.9		$	0.23
NU Parent and Other Affiliates	$	(3.3	)	$	1.0		$	(4.3	)	$	(0.02	)
Competitive	$	4.6		$	0.7		$	3.9		$	0.03
Reported Earnings	$	72.7		$	50.2		$	22.5		$	0.47

Nine months ended:

(in millions, except EPS)	September 30, 20081			September 30, 2007		Increase (Decrease)			2008 EPS1
CL&P Distribution	$	57.2		$	44.3	$	12.9		$	0.37
PSNH Distribution/Generation	$	32.3		$	31.7	$	0.6		$	0.21
WMECO Distribution	$	10.1		$	13.6	$	(3.5	)	$	0.06
Yankee Gas	$	15.3		$	10.5	$	4.8		$	0.10
Total—Distribution/Generation	$	114.9		$	100.1	$	14.8		$	0.74
CL&P Transmission	$	86.5		$	47.3	$	39.2		$	0.55
PSNH Transmission	$	12.4		$	6.5	$	5.9		$	0.08
WMECO Transmission	$	4.7		$	3.2	$	1.5		$	0.03
Total—Transmission	$	103.6		$	57.0	$	46.6		$	0.66
NU Parent and Other Affiliates, excluding litigation charge	$	(8.5	)	$	8.6	$	(17.1	)	$	(0.05	)
Competitive	$	8.7		$	8.1	$	0.6		$	0.05
Total before litigation settlement impact	$	218.7		$	173.8	$	44.9		$	1.40
Litigation charge	$	(29.8	)		—	$	(29.8	)	$	(0.19	)
Reported Earnings	$	188.9		$	173.8	$	15.1		$	1.21

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Retail sales data:

	September 30, 2008	September 30, 2007	% Change Actual		% Change Weather Norm.
Gwh for three months ended
CL&P	6,215	6,387	(2.7	)%	(0.6	)%
PSNH	2,088	2,135	(2.2	)%	0.7	%
WMECO	984	1,043	(5.6	)%	(4.2	)%
Total NU	9,282	9,560	(2.9	)%	(0.7	)%
Gwh for nine months ended
CL&P	17,501	18,145	(3.6	)%	(2.5	)%
PSNH	6,050	6,119	(1.1	)%	0.1	%
WMECO	2,903	3,020	(3.9	)%	(3.1	)%
Total NU	26,442	27,271	(3.0	)%	(2.0	)%
Yankee Gas firm volumes in mmcf for three months ended	5,185	4,590	13.0	%	11.3	%
Yankee Gas firm volumes in mmcf for nine months ended	27,504	27,508	—		2.9	%

NU has approximately 156 million common shares outstanding. It operates New England’s largest energy delivery system, serving more than 2 million customers in Connecticut, New Hampshire and Massachusetts.

This news release includes 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, readers 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 or inactions by local, 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 or 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; subsequent recognition, derecognition and measurement of tax positions; 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. Any forward looking statement speaks only as of the date on which such statement is made, and 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.

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¹ All per share amounts in this news release are reported on a fully diluted basis. The only common equity securities that are publicly traded are common shares of NU. The earnings and EPS of each segment do not represent a direct legal interest in the assets and liabilities allocated to any one segment but rather represent a direct interest in NU’s assets and liabilities as a whole. EPS by segment is a non-GAAP (not determined using generally accepted accounting principles) measure that is calculated by dividing the net income or loss of each segment by the average fully diluted NU common shares outstanding for the period. Management uses this measure to provide segmented earnings guidance and believes that this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of NU’s business segments. This release also references our 2008 earnings and EPS and 2008 guidance excluding a significant charge associated with a litigation settlement payment made to Consolidated Edison, Inc., which are non-GAAP measures. Due to the nature and significance of the litigation charge, management believes that this non-GAAP presentation is more representative of our performance and provides additional and useful information to investors in analyzing historical and future performance. These non-GAAP measures should not be considered alternatives to NU consolidated net income and EPS determined in accordance with GAAP as an indicator of NU’s operating performance.

# # # #

Note: NU will webcast an investor presentation today at 9:15 a.m. Eastern Standard Time. The webcast can be accessed through NU’s website at www.nu.com.

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EX-99.2

Exhibit 99.2

NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	September 30, 2008		December 31, 2007
	(Thousands of Dollars)
ASSETS
Current Assets:
Cash and cash equivalents	$	82,818	$	15,104
Investments in securitizable assets		—		308,182
Receivables, less provision for uncollectible accounts of $44,423 in 2008 and $25,529 in 2007		623,834		401,283
Unbilled revenues		193,685		101,860
Taxes receivable		1,102		13,850
Fuel, materials and supplies		270,375		210,850
Marketable securities - current		80,623		70,816
Derivative assets - current		44,054		105,517
Prepayments and other		77,756		58,794
		1,374,247		1,286,256
Property, Plant and Equipment:
Electric utility		8,378,452		7,594,606
Gas utility		1,011,311		977,290
Other		288,890		310,535
		9,678,653		8,882,431
Less: Accumulated depreciation: $2,591,645 for electric and gas utility and $158,751 for other in 2008; $2,483,570 for electric and gas utility and $178,193 for other in 2007		2,750,396		2,661,763
		6,928,257		6,220,668
Construction work in progress		1,012,770		1,009,277
		7,941,027		7,229,945
Deferred Debits and Other Assets:
Regulatory assets		2,372,197		2,057,083
Goodwill		287,591		287,591
Prepaid pension		222,484		202,512
Marketable securities - long-term		35,020		53,281
Derivative assets - long-term		266,346		298,001
Other		164,821		167,153
		3,348,459		3,065,621
Total Assets	$	12,663,733	$	11,581,822

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	September 30, 2008			December 31, 2007
	(Thousands of Dollars)
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes payable to banks	$	442,187		$	79,000
Long-term debt - current portion		116,286			154,286
Accounts payable		463,966			598,546
Accrued interest		77,062			56,592
Derivative liabilities - current		64,175			71,601
Other		172,226			246,125
		1,335,902			1,206,150
Rate Reduction Bonds		743,345			917,436
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes		1,175,988			1,067,490
Accumulated deferred investment tax credits		26,239			28,845
Deferred contractual obligations		197,304			222,908
Regulatory liabilities		645,235			851,780
Derivative liabilities - long-term		785,908			208,461
Accrued postretirement benefits		162,910			181,507
Other		427,289			383,611
		3,420,873			2,944,602
Capitalization:
Long-Term Debt		4,031,432			3,483,599
Preferred Stock of Subsidiary - Non-Redeemable		116,200			116,200
Common Shareholders’ Equity:
Common shares, $5 par value - authorized 225,000,000 shares; 176,179,925 shares issued and 155,661,854 shares outstanding in 2008 and 175,924,694 shares issued and 155,079,770 shares outstanding in 2007		880,899			879,623
Capital surplus, paid in		1,472,550			1,465,946
Deferred contribution plan - employee stock ownership plan		(18,726	)		(26,352	)
Retained earnings		1,039,984			946,792
Accumulated other comprehensive income		2,877			9,359
Treasury stock, 19,708,136 shares in 2008 and 19,705,545 shares in 2007		(361,603	)		(361,533	)
Common Shareholders’ Equity		3,015,981			2,913,835
Total Capitalization		7,163,613			6,513,634
Total Liabilities and Capitalization	$	12,663,733		$	11,581,822

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2008		2007			2008		2007
	(Thousands of Dollars, except share information)
Operating Revenues	$	1,506,897	$	1,450,977		$	4,352,209	$	4,546,267
Operating Expenses:
Operation -
Fuel, purchased and net interchange power		801,050		881,234			2,286,066		2,756,522
Other		232,222		195,112			755,306		678,224
Maintenance		71,287		53,854			198,892		159,681
Depreciation		69,717		64,522			205,792		191,393
Amortization of regulatory assets, net		61,386		17,007			132,186		19,795
Amortization of rate reduction bonds		53,132		52,403			154,366		151,316
Taxes other than income taxes		69,026		63,485			200,133		193,435
Total operating expenses		1,357,820		1,327,617			3,932,741		4,150,366
Operating Income		149,077		123,360			419,468		395,901
Interest Expense:
Interest on long-term debt		53,111		41,706			142,333		118,153
Interest on rate reduction bonds		12,207		15,111			38,910		47,300
Other interest		5,579		4,949			18,355		15,172
Interest expense, net		70,897		61,766			199,598		180,625
Other Income, Net		17,682		10,734			41,610		36,676
Income from Continuing Operations Before Income Tax Expense		95,862		72,328			261,480		251,952
Income Tax Expense		21,783		20,756			68,381		75,182
Income from Continuing Operations Before Preferred Dividends of Subsidiary		74,079		51,572			193,099		176,770
Preferred Dividends of Subsidiary		1,390		1,390			4,169		4,169
Income from Continuing Operations		72,689		50,182			188,930		172,601
Discontinued Operations:
Income from Discontinued Operations		—		16			—		264
(Losses)/Gains from Sale/Disposition of Discontinued Operations		—		(90	)		—		1,927
Income Tax (Benefit)/Expense		—		(16	)		—		1,021
(Loss)/Income from Discontinued Operations		—		(58	)		—		1,170
Net Income	$	72,689	$	50,124		$	188,930	$	173,771
Basic Earnings Per Common Share:
Income from Continuing Operations	$	0.47	$	0.32		$	1.22	$	1.12
Income from Discontinued Operations		—		—			—		—
Basic Earnings Per Common Share	$	0.47	$	0.32		$	1.22	$	1.12
Fully Diluted Earnings Per Common Share:
Income from Continuing Operations	$	0.47	$	0.32		$	1.21	$	1.11
Income from Discontinued Operations		—		—			—		0.01
Fully Diluted Earnings Per Common Share	$	0.47	$	0.32		$	1.21	$	1.12
Basic Common Shares Outstanding (weighted average)		155,607,201		154,930,930			155,456,606		154,672,270
Fully Diluted Common Shares Outstanding (weighted average)		156,097,641		155,420,239			155,904,871		155,210,704

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended September 30,
	2008			2007
	(Thousands of Dollars)
Operating Activities:
Net income	$	188,930		$	173,771
Adjustments to reconcile to net cash flows provided by operating activities:
Bad debt expense		21,341			19,983
Depreciation		205,792			191,393
Deferred income taxes		31,125			(41,144	)
Pension expense, net of capitalized portion		5,956			13,776
(Deferral)/amortization of recoverable energy costs		(5,898	)		1,494
Amortization of rate reduction bonds		154,366			151,316
Amortization of regulatory assets, net		132,186			19,795
Regulatory (refunds and underrecoveries)/overrecoveries		(97,888	)		95,766
Derivative assets and liabilities		(32,369	)		(31,641	)
Deferred contractual obligations		(25,604	)		(32,760	)
Other non-cash adjustments		(19,532	)		(2,561	)
Other sources of cash		2,907			—
Other uses of cash		(28,315	)		(33,101	)
Changes in current assets and liabilities:
Receivables and unbilled revenues, net		(10,356	)		43,511
Fuel, materials and supplies		(59,554	)		(57,281	)
Investments in securitizable assets		(25,787	)		18,137
Other current assets		(26,189	)		(6,483	)
Accounts payable		(58,594	)		(91,473	)
Counterparty deposits and margin special deposits		7,965			20,858
Taxes receivable/accrued		64,425			(350,529	)
Other current liabilities		(2,801	)		(34,676	)
Net cash flows provided by operating activities		422,106			68,151
Investing Activities:
Investments in property and plant		(951,831	)		(750,231	)
Proceeds from sales of investment securities		195,445			196,083
Purchases of investment securities		(197,453	)		(199,964	)
Rate reduction bond escrow and other deposits		465			8,436
Other investing activities		2,765			996
Net cash flows used in investing activities		(950,609	)		(744,680	)
Financing Activities:
Issuance of common shares		5,002			8,988
Issuance of long-term debt		660,000			655,000
Retirements of rate reduction bonds		(174,091	)		(161,926	)
Increase in short-term debt		363,187			—
Retirements of long-term debt		(154,286	)		(4,877	)
Cash dividends on common shares		(95,824	)		(89,745	)
Other financing activities		(7,771	)		(5,169	)
Net cash flows provided by financing activities		596,217			402,271
Net increase/(decrease) in cash and cash equivalents		67,714			(274,258	)
Cash and cash equivalents - beginning of period		15,104			481,911
Cash and cash equivalents - end of period	$	82,818		$	207,653

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

EX-99.3

EEI Financial Conference

NOVEMBER 10, 2008

Exhibit 99.3

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 or inactions by local, 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 or 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; subsequent recognition, derecognition and measurement of tax positions; 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 (SEC).  Any forward-looking statement speaks only as of the date on which

such

statement

is

made,

and

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. This

presentation references our 2008 earnings and 2008 guidance excluding a significant charge associated with a

litigation

settlement

payment

made

to

Consolidated

Edison,

Inc.,

which

are

non-GAAP

measures.

Due

to

the

nature and significance of the litigation charge, management believes that this non-GAAP presentation is more

representative of our performance and provides additional and useful information to investors in analyzing

historical and future performance.  This presentation also references our 2008 projected and actual EPS by

segment, a non-GAAP presentation which management believes is useful to investors to evaluate the actual

financial performance and contribution of NU’s business segments.  These non-GAAP measures should not be

considered as an alternative to NU consolidated net income and EPS determined in accordance with GAAP as an

indicator of NU’s operating performance.

Please refer to our reports to the SEC for further details concerning the matters described in this presentation.

3

Overview of Today’s Presentation

>

2008:  Strong, successful year

>

2009:  Key transition year for initiatives affecting 2010 and beyond

>

Public policy priorities create additional opportunities

4

2008 and 2009 Key Themes

>

Strong financial results

>

SW CT transmission projects

nearly complete

>

Favorable FERC rulings

>

Initial NEEWS applications filed

>

New legislation that creates

new opportunities

>

NEEWS siting

>

Merrimack Clean Air Project

>

Northern Solutions

transmission

>

CL&P, PSNH rate cases

2008

Success On Many Fronts

2009

Moving On Initiatives That

Provide Long-Term Benefits

5

Reliability

Concerns

Continuing

Rate Pressure

Increasing

Environmental

Pressure

High commodity costs

“Peaky”

demand

growth

Infrastructure

modernization

System reliability

Fuel diversity

Resource adequacy

Energy efficiency

Reduced emissions

Renewable Portfolio Standards

Advancing

Technology

Renewables

Grid communications

(AMI/ BPL)

Customer networks

Beyond 2009:  Investment Must Continue to

Address Regional Energy Challenges

6

Northern New England and Eastern Canada Will

Become Valuable Sources to Meet New England’s Needs

H

N

W

Hydro

Nuclear

Wind

B

Biomass

General Movement

of Power

New England’s Most Attractive

Renewable Energy Locations

W

W

W

W

W

B

B

B

B

N

H

H

H

Quebec

Hydro-Quebec plans

to develop a portfolio

of hydroelectric

projects totaling

4,500 MW and

integrate 4,000 MW

of planned wind

power by 2015

Newfoundland

& Labrador

Exploring development

of large hydro facilities

New Brunswick

Exploring development

of 1 or 2 nuclear units

W

Eastern Canadian Development

7

State Legislation Shaping Additional Opportunities

>

2007 Energy Efficiency Act

›

Integrated resource plan

›

Peaking generation

›

Increased DSM incentives

›

Required decoupling

›

Advanced metering

›

Long-term bilateral

contracts

›

RPS standards increased

>

2008 RGGI regulations

adopted

>

2008 Green Communities Act

›

Adopted RGGI

›

Removed caps on utility

energy efficiency/demand

response

›

Long-term contracts for

renewable resources

›

Utility-owned solar

generation

›

Smart grid pilot

›

Green power offering

>

2006 Mercury

Reduction Bill

›

Merrimack Clean Air

Project

>

2007 Renewable

Portfolio Standards

>

2008 RGGI regulations

adopted

>

2008 distributed

generation

authorization

8

NU:  Financial Flexibility and Attractive Opportunities

>

2008

›

Financings completed

›

Strong operational and financial results

>

2009

›

Reduced financing requirements and minimal debt maturities

›

Improved cash generation

›

EPS projection comparable to 2008

>

2009 –

2013

›

Attractive future opportunities

›

Financial flexibility and strength

9

NU Dividend Policy Will Target 50% Payout Ratio

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2006

2007

2008

2009

0%

10%

20%

30%

40%

50%

60%

70%

EPS

Dividends Paid/Declared Per Share

Payout Ratios

*Excludes impact of competitive businesses, one-time CL&P tax reduction

**Excludes litigation settlement charge

$1.16*

$1.59

$1.80 -

$2.00

$1.80 -

$1.95**

$0.725

$0.775

$0.825

62.5%

42.3%-45.8%

48.7%

Regulated Investment

Strategy –

2009-2013

11

Strong Execution, Efficient Operations and Effective Capital Deployment

are the Cornerstones of Our Regulated Investment Strategy

>

We continue to focus on strong execution of operations and projects, as we

have shown with our transmission build-out

>

Our capital investment plan continues to address needed infrastructure

upgrades while creating value for customers and shareholders

>

Our transmission segment of the business continues to be a major

driver of

capital outlays and earnings

>

We are moving forward with the Merrimack Clean Air Project

which

will preserve

a  low-cost power supply for PSNH customers

>

Our capital plan for the five-year period provides flexibility around the level and

timing of our distribution capital investment

>

Natural gas as “the fuel of choice”

creates opportunities to grow Yankee Gas

business

12

Four Major SWCT Transmission Projects –

A $1.68 Billion Investment, Nearing Completion

Bethel-Norwalk

345-kV underground

& overhead

$336 Million

21 miles 345-kV               

(56% underground)

10 miles 115-kV            

(100% underground)

Completed October

2006

Middletown-Norwalk 345-kV

underground & overhead

˜$950 Million (NU share)

Glenbrook Cables

115-kV underground

$239 Million

9 miles 115-kV underground

98% complete

Projected in-service date:    

November 2008

Long Island Cable

138-kV cross-sound

$78 Million (NU share)

11 miles 138-kV submarine

cable

Joint project with LIPA

Completed July 2008

69 miles 345-kV  (35% underground)

57 miles 115-kV  (1% underground)

Joint project with United Illuminating

99% complete

Overhead placed in service August 2008

Underground projected in-service date   

Q4 2008/Q1 2009

50% of CT

Load

Total investment from

four projects now

estimated at $1.6

billion, nearly $80

million under budget.

13

The NEEWS Projects are Advancing Into the Siting Phase

SPRINGFIELD

HARTFORD

345-kV Substation

Generation Station

345-kV ROW

115-kV ROW

Central Connecticut

Reliability Project

$315 M

Interstate

Reliability Project

˜$250 M

Greater Springfield

Reliability Project

˜$714 M

Planning Status

•

ISO-NE Technical approval

received in September

Siting Status

•

GSRP –

Municipal Consultations

underway; Siting applications filed

in October

•

Interstate –

Municipal

Consultations underway; Siting

applications in late 2008 / early

2009

•

CCRP –

Municipal Consultations

and Siting application in 2009

Financial Incentives FERC Filing

•

100% CWIP

•

Incentive ROE of 13.14%

•

100% recovery of prudently

incurred costs, if cancelled

These major NEEWS projects and related costs of       

$211 million result in a total cost of $1.49 billion

14

Estimated Schedules For Major NEEWS Projects

2013

Late 2012 / 2013

Mid-2013

In-service

2011

2010

2010

Construction targeted to

start on staggered basis

2010 / Early 2011

Mid / Late 2010

2010

Siting completed

2009

Late 2008 / Early

2009

October 2008

State siting applications

filed

September

2008

September

2008

September

2008

ISO technical applications

approval

Central CT

Reliability

(345-kV)

Interstate

Reliability

(345-kV)

Greater Springfield

Reliability

(115-kV/345-kV)

Major NEEWS Projects

15

2009-2013 Transmission Capital Expenditures

Increase By Over 17% From Previous Five-Year Program

$0

$200

$400

$600

$800

$1,000

$1,200

Major Southwest CT

NEEWS

HVDC Line

Other

Historic

Forecast

Up To $3.5 Billion

$2,523 Million

$22 million of major

SWCT projects in

2009-2013 forecast

period; $1.6 billion

in total

NEEWS projects

estimated at        

$1.4 billion during

the 2009-2013

forecast period

$1.5 billion of

additional

forecasted projects

Successful

completion of

SWCT projects

NEEWS projects

ramping up

US portion

conceptually

estimated at $700

million with $525

million NU

ownership share

HVDC Line to

Canada Now

Added to Forecast

16

Merrimack Clean Air Project Construction Underway

•

Merrimack a key source of low-cost power for PSNH customers

Two coal units supply about 35% of PSNH’s energy requirements

PSNH energy costs will remain below region’s rates

•

Scrubber required by New Hampshire statute

to reduce mercury emissions

•

Revised estimate of $457 million

•

Engineering, Procurement & Construction

(EPC) contract secured

•

Contracts awarded to major suppliers for

Scrubber, Chimney and Waste Water

Treatment facility

•

Estimated project completion: 2012

•

Expected to reduce sulfur emissions by more

than 90%

•

Expected to reduce mercury emissions by 85%

•

Investment to be recovered through PSNH

generation rates per legislation

17

292

280

352

338

309

311

101

92

115

117

114

117

35

28

38

33

33

34

69

123

199

144

83

41

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

2008

2009

2010

2011

2012

2013

PSNH - Generation

WMECO - Distribution

PSNH - Distribution

CL&P - Distribution

Electric Distribution and Generation Capital

Expenditures –

By Company

2009-2013 Electric Distribution & Generation Projected Capital Spending

$2.9 Billion

497

632

539

503

523

704

18

•

We are developing a plan for distribution capital spending that provides flexibility in the timing and level

of capital expenditures

•

System reliability will be maintained, consistent with respective state regulatory requirements

•

The current regulatory and economic climate will potentially allow us to reallocate capital to aging

infrastructure, while lowering overall investment in distribution

167

160

184

191

188

198

141

140

184

168

155

162

120

100

137

129

113

102

0

50

100

150

200

250

300

350

400

450

500

2008

2009

2010

2011

2012

2013

$581

$921

$809

Aging Infrastructure

Basic Business

Peak Load / New Business

2009-2013 Electric Distribution Projected Capital Spending

$2.3 Billion

We are Reviewing Flexible Approaches to Reallocate

and Reduce Electric Distribution Capital

25%

35%

40%

428

488

456

462

400

505

19

Projected Yankee Gas Capital Expenditures

14.7

24.0

23.1

24.3

25.7

26.7

26.3

22.3

24.6

23.6

27.8

28.7

20.6

22.5

15.9

16.5

17.5

18.1

2.6

26.3

27.8

3.0

3.2

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

2008

2009

2010

2011

2012

2013

Expansion Initiatives

Peak Load / New Business

Basic Business

Aging Infrastructure

2009-2013 Yankee Gas Projected Capital Spending

$404 Million

62

92

74

77

90

71

20

Wholesale Price of

Natural Gas vs. Home Heating Oil

[updated Oct 1, 2008]

0.00

5.00

10.00

15.00

20.00

25.00

30.00

Natural Gas

Home Heating Oil

Yankee Gas Expansion Initiatives

•

The continued price advantage of natural

gas over home heating oil creates

opportunities to grow earnings through:

•

Increased oil to gas conversions

•

An upgraded gas interconnection from

Waterbury to the Meriden/Cheshire

service area

•

Improvements at our LNG facility to

enable enhanced peaking capacity and

lower contract peaking requirements

•

Increased number of service plan

contracts

•

Estimated capital expenditures for the

initiatives total $63 million

Natural Gas

Price

Advantage

Historic

Projected

21

Summary

>

Our five-year business plan:

›

Provides significant value for customers and shareholders

›

Capitalizes on our strong execution of major projects

›

Includes flexibility in capital deployment

>

Opportunities exist beyond what we’ve included in this plan

›

AMI / SmartGrid

›

Massachusetts Green Communities Act –

Solar PV

›

New Hampshire distributed, renewable generation

›

Additional transmission opportunities

Financial

23

Overview

>

Current liquidity position and outlook for 2009 are favorable

>

Strong 2008 year-to-date results; full year earnings projection on guidance

>

2009 earnings guidance comparable to 2008 despite projected lower revenues,

higher costs, potential equity issuance

>

New five-year capital program drives rate base growth of 14% and fuels long-

term EPS growth of 8-11%

>

Growth in internally generated cash moderates financing requirements

>

Management remains focused on total return, including dividend growth

24

Credit and Liquidity

>

We have completed our $760 million 2008 financing plan on schedule

•

Four transactions, weighted average coupon of 5.9% and tenor 8.4

years

>

We have only one

bond maturity between now and 2012

•

$50 million at Yankee Gas in April 2009

>

Projected capital expenditures for 2009 down significantly from 2008 due to the

completion of our major Connecticut transmission projects

•

2008 capital expenditures of $1.3 billion versus an estimate of approximately $900 million in 2009

>

Debt financing for 2009 expected to be less than half of 2008

•

Potential debt issuance of $300 -

$350 million

•

Potential equity financing of $250 -

$300 million

>

Ample liquidity available from our $900 million of revolving credit facilities and

cash on hand

>

We do not utilize commercial paper; we have modest collateral call risk given the

nature of our regulated business; our dividend payout ratio is modest

>

Credit rating outlooks are stable for all NU companies

25

$0.7

$20.0

$1.0

$28.5

$50.2

$72.7

$4.6

($3.3)

$35.9

$35.5

($10)

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

3Q 2007

3Q 2008

2008 Third Quarter Earnings Results -

$0.47 Per Share

Distribution and 

Generation

Transmission

Parent/Other

Competitive

Total

24.6%

79.5%

44.8%

26

$8.1

$57.0

$100.1

$173.8

$8.6

$218.7

$8.7

($8.5)

$103.6

$114.9

($40)

($20)

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

$220

$240

YTD 2007

YTD 2008

2008 Earnings Results Through September 30 –

$1.40 Per Share*

Distribution and 

Generation

Transmission

Parent/Other

Competitive

Total

*Excludes $29.8 million after-tax charge from March 2008 litigation settlement

14.8%

81.8%

*

25.8%

*

27

Distribution and Generation Earnings

Results Through September 30

$10.5

$31.7

$44.3

$13.6

$15.3

$10.1

$32.3

$57.2

$0

$10

$20

$30

$40

$50

$60

$70

YTD 2007

YTD 2008

CL&P

PSNH

WMECO

Yankee Gas

45.7%

29.1%

1.9%

25.7%

28

2008 –

2009 EPS Guidance

$1.80 -

$2.00

$1.60 -

1.75

$1.65 -

$1.95

$1.59

NU Consolidated

------

($0.19)

N/A

N/A

Litigation charge

$1.80 -

$2.00

$0.00 -

$0.05

($0.05)

$0.85 -

$0.90

$1.00 -

$1.10

2009

Projected

$1.80 -

$1.95

$1.65 -

$1.95

$1.59

NU Consolidated excluding

litigation charge

$0.00 -

$0.05

$0.00

$0.08

Competitive

($0.10)

($0.15) –

($0.10)

$0.04

NU Parent/Other excluding

litigation charge

$0.85 -

$0.90

$0.70 -

$0.80

$0.53

Transmission

$1.05 -

$1.10

$1.10 –

1.25

$0.94

Distribution/Generation

2008 Current

2008 Initial

2007 Actual

29

2008-2013:  New Capital Expenditure Forecast

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Distribution and Generation Capex (11/07 Forecast)

Transmission Capex (11/07 Forecast)

Distribution and Generation

Capex

(11/08 Forecast*)

Transmission Capex (11/08 Forecast)

2008

2011

2012

2009

2010

2013

*Totals include capex at corporate service companies on behalf of operating companies of $71 million in 2009,

$34 million in 2010, $21 million in 2011, $13 million in 2012, and $12 million in 2013.

Five-year 2009-2013 capital spending of up to $7 billion,

compared with last year’s 2008-2012 $6 billion plan;

2008-2012 period up by $1 billion.

30

Elements of 2009-2013 Capex Projections

>

$425 million to complete Merrimack

Clean Air Project

>

$1.4 billion to complete NEEWS

>

$525 million for transmission to

Canada

>

$130 million for Northern NH

transmission loop

>

$1.4 billion for additional

transmission projects

>

$2.3 billion for electric distribution

>

$400 million for natural gas

distribution

>

New PSNH distributed generation

>

New WMECO solar opportunities

>

Additional renewable generation

>

Additional transmission

opportunities

>

Underground portion of NEEWS

(if required)

>

Extensive Smart Grid

infrastructure

What’s In

What’s Not

31

Projected Combined Year-End Rate Base

$1,476

$2,189

$2,463

$2,576

$3,378

$4,251

$5,044

$2,857

$3,212

$3,535

$3,856

$4,133

$4,371

$4,563

$307

$369

$394

$404

$876

$872

$626

$680

$712

$739

$793

$851

$890

$389

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

2007

Actual

2008

2009

2010

2011

2012

2013

Transmission

Distribution

Generation

Yankee Gas

$6,450

$7,565

$7,099

$8,708

Total Rate Base

2007-2013

CAGR of 14%

$5,266

$10,349

Projected Electric

Distribution

CAGR of 8%

Transmission

CAGR of 23%

$11,369

Projected Generation

CAGR of 19%

Projected Natural Gas

Distribution

CAGR of 6%

Supports EPS CAGR of 8-11%

32

Rate Base Composition

2007 Rate Base Composition

2013E Rate Base Composition 

$5.3 billion

$11.4 billion

2007 Rate Base: 

$1.5 billion

’08-’13E Capex: 

$4.2 billion

2007 Rate Base: 

$2.9 billion

’08-’13E Capex: 

$2.7 billion

2007 Rate Base: 

$0.6 billion

’08-’13E Capex: 

$0.5 billion

Transmission

Electric Distribution

Gas Distribution

6%

54%

28%

12%

40%

8%

44%

8%

2007 Rate Base: 

$0.3 billion

’08-’13E Capex: 

$0.7 billion

Generation

Transmission

Distribution

Generation

Gas

Transmission

Distribution

Generation

Gas

33

47.4%

32.6%

36.1%

25.2%

18.1%

21.2%

$103.6

$82.5

$28.2

$28.2

$41.1

$59.8

0%

10%

20%

30%

40%

50%

60%

2003

2004

2005

2006*

2007

2008 YTD

$0

$20

$40

$60

$80

$100

$120

Transmission’s Share of Earnings Will

Continue To Rise

*Excludes benefit to CL&P from 2006 tax reduction

34

Funding The Capital Program and

Dividends 2009 -

2013

$3.7

$4.1

$0.6

$8.4 Billion

Debt Refinancings

New Financings

•

$250 million -

$300 million of equity issuance in 2009

•

$300 million -

$350 million of debt issuance in 2009

Internally generated cash net of Rate

Reduction Bond retirements

•

Approximately $550 million in 2009 rising to

$1 billion by 2013

35

$1,250

$870

$150

$50

$130

$170

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

2008

2009

Cash capex

Debt maturities

Other

$450

$550

$1,080

$540

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

2008

2009

Outside financing net of changes in S-T debt, cash

Cash from operations after RRB retirements

Cash Requirements Projected To Be

Much Lower in 2009

Uses

Sources

36

Summary

>

We continue to successfully execute our strategic plan to the benefit of

customers and investors

>

We are on track to meet our financial objectives for 2008

>

We are well positioned to meet the challenging financial and operating

environment for 2009; guidance comparable to 2008

>

We have an opportunity to invest up to $7 billion on behalf of our customers

over the next five years; drives a 14% rate base growth rate

>

Management remains focused on total shareholder return

•

8-11% earnings growth

•

Targeting a dividend payout ratio of approximately 50%

Questions and Answers

Appendix

39

Transmission Capital Program and Rate Base Continue to Grow

2006

2007

2008

2009

2010

2011

2012

Fall 2005 EEI

Conference

Fall 2007 EEI

Conference

Fall 2006 EEI

Conference

Five-Year Capital Program --

$2.3 Billion

Five-Year Capital Program --

$3.0 Billion

Five-Year Capital Program --

$2.4 Billion

Annual Plant-

in-Service:

$ Millions

$391

$310

$882

$573

$122

$622

$1189

(Actual)

(Projected)

525

0

Line to Canada

5,044

1,476

Total NU

1,189

169

PSNH

876

78

WMECO

2,454

1,229

CL&P

Projected 12/31/13

Rate Base

($ Millions)

Actual 12/31/07

Rate Base

($ Millions)

Operating

Company

Fall 2008 EEI

Conference

Five-Year Capital Program --

$3.5 Billion

2013

$1493

40

2007-2013:  Projected Capital Expenditures

and Depreciation

$1,283

$1,288

$1,815

$1,732

$1,194

$1,274

$892

$456

$410

$369

$351

$327

$282

$265

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2007

Actual

2008

2009

2010

2011

2012

2013

Total Capex (incl. cost of removal and AFUDC)*

Depreciation

*Totals include capex at corporate service companies on behalf of operating companies of $71 million in 2009,

$34 million in 2010, $21 million in 2011, $13 million in 2012, and $12 million in 2013.

Significant capital spending through 2013

41

$577

$119

$128

$267

$322

$160

$85

$69

$177

$400

$273

$154

$45

$39

$121

$308

$306

$83

$20

$95

$205

$205

$0

$200

$400

$600

$800

$1,000

$1,200

2008

2009

2010

2011

2012

2013

CL&P

PSNH

WMECO

Transmission to Canada

Projected Transmission Capital Expenditures

$707

$1,070

$1,106

$602

$446

$227

42

$292

$280

$352

$338

$309

$311

$101

$92

$115

$117

$114

$117

$35

$28

$38

$33

$33

$34

$0

$100

$200

$300

$400

$500

$600

2008

2009

2010

2011

2012

2013

CL&P

PSNH

WMECO

Projected Distribution Capital Expenditures

$428

$505

$400

$456

$488

$462

43

$34

$34

$27

$30

$33

$41

$35

$89

$172

$114

$50

$0

$50

$100

$150

$200

$250

2008

2009

2010

2011

2012

2013

Other

Clean Air Project

Projected Generation Capital Expenditures

$69

$199

$123

$83

$144

$41

44

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

2008

2009

2010

2011

2012

2013

Projected Yankee Gas Capital Expenditures

$62

$90

$71

$74

$92

$77

45

Projected Distribution and Generation

Year-End Rate Base

$1,901

$2,123

$2,351

$2,557

$2,724

$2,851

$2,971

$594

$699

$774

$865

$954

$1,042

$1,095

$362

$390

$410

$434

$455

$478

$497

$626

$680

$712

$739

$793

$851

$890

$307

$369

$389

$394

$404

$876

$872

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2007

2008

2009

2010

2011

2012

2013

CL&P Distribution

PSNH Distribution

WMECO Distribution

Yankee Gas

PSNH Generation

Projected

Distribution &

Generation

Rate Base

CAGR of 9%

$3,790

$4,636

$4,989

$5,330

$6,098

$6,325

$4,261

46

Projected Transmission Year-End Rate Base*

$1,229

$2,033

$2,224

$2,433

$2,454

$169

$278

$314

$325

$666

$1,089

$1,189

$78

$99

$125

$218

$488

$876

$1,812

$2,024

$729

$525

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

2007

Actual

2008

2009

2010

2011

2012

2013

CL&P

PSNH

WMECO

Transmission to Canada

Transmission

Rate Base

CAGR of 23%

$1,476

$2,189

$2,576

$3,378

$4,251

$5,044

*100% CWIP assumed for NEEWS projects

$2,463

**NU share of this project is depicted as traditional rate base without  

CWIP during construction

**

*

*

47

Strong Liquidity Position

$244

$315

$256

$85

$86

$0

$100

$200

$300

$400

$500

$600

Parent Revolver

Regulated Revolver

Externally Invested

Cash

Undrawn

Drawn/LOCs

$54

$4

$4

$267

$305

$0

$50

$100

$150

$200

$250

$300

$350

2009

2010

2011

2012

2013

Liquidity as of November 5, 2008

Long-Term Debt Maturities

*Excludes $45 million drawn on regulated revolver and RRBs

*

48

2006 –

2009 NU Consolidating EPS

GAAP / Non-GAAP Reconciliation

2006

Actual

2007

Actual

2008 Current

Guidance

2009 Projected

Guidance

Distribution / Generation

0.80

$      

0.94

$      

$1.05 - $1.10

$1.00 - $1.10

Transmission

0.39

0.53

0.85 - 0.90

0.85 - 0.90

NU Parent / Other

(0.03)

0.04

(0.10)

(0.05)

Total Regulated and Parent

1.16

$      

1.51

$      

$1.80 - $1.90

$1.80 - $1.95

Competitive

(0.63)

0.08

0.00 - 0.05

0.00 - 0.05

NU Consolidated Operating Results

0.53

$      

1.59

$      

$1.80 - $1.95

$1.80 - $2.00

CL&P Income Tax Reduction

0.48

N/A

N/A

N/A

Gain on Sale of Competitive Generation

2.04

N/A

N/A

N/A

Litigation Charge

N/A

N/A

(0.19)

N/A

NU Consolidated GAAP

3.05

$      

1.59

$      

$1.60 - $1.75

$1.80 - $2.00