1. HIMCO
April 13, 2004

2. Safe Harbor Provisions
This presentation contains statements that may be considered forward looking statements, such as management’s expectations of future earnings, cash position, sources of funds, coverage ratios, market conditions, customer growth, regulatory action, and the anticipated completion of various projects. These statements speak of the Company’s plans, goals, beliefs, or expectations, refer to estimates or use similar terms. Actual results could differ materially. All forward looking statements included in this presentation are based upon information presently available, and the Company assumes no obligation to update any forward looking statements.

3. What is Northeast Utilities Today? (2003 Revenues)
Regulated Companies Unregulated Companies
An electricity delivery company…
The Connecticut Light and Power Company ($2.7 billion)
Western Massachusetts Electric Company ($390 million)
A natural gas delivery company…
Yankee Gas Services Company ($360 million)
An integrated electric company…
Public Service Company of New Hampshire ($890 million)
A competitive energy marketer…
Select Energy, Inc. ($2.34 billion)
A competitive electricity producer…
Northeast Generation Company ($144 million)
A supplier of energy services…
Northeast Generation Services ($102 million)
Select Energy Services ($150 million)

4. A Closer Look At The Regulated Businesses
CL&P
Customers: 1,169K
Residential 1,058K
Commercial 105K
Industrial 6K
Revenues: $2.7B
Employees: 2,300
4,400 Square Miles
PSNH
Customers: 454K
Residential 388K
Commercial 63K
Industrial 3K
Revenues: $890M
Employees: 1,240
5,445 Square Miles
Yankee Gas
Customers: 192K
Residential 168K
Commercial 22K
Industrial 2K
Revenues: $360M
Employees: 430
1,995 Square Miles
WMECO
Customers: 205K
Residential 185K
Commercial 19K
Industrial 1K
Revenues: $390M
Employees: 410
1,490 Square Miles

5. Overall Strategy - How the Puzzle Fits Together
Regulated Businesses
Competitive Businesses
Continue to implement best practices among four regulated operating companies
Build needed transmission facilities to remedy critical SW Connecticut supply situation
Expand CT natural gas infrastructure
Timely recovery of purchased energy costs
Maintain strong balance sheet
Achieve targeted returns on investments by maintaining gross margins
Manage risk effectively
Build services businesses

6. Update on NU’s 2003 Financial Results
EPS
2002
2003
2002
2003
Reported EPS
EPS Excluding
Significant Items

7. 2003 Driven by Improved Competitive Business Results
Earnings in Millions
CL&P*
PSNH/
NAEC
Yankee
Gas
WMECO
NUEI
Merchant
Energy*
NUEI
Services
* Excluding SMD charge

8. What Created Recovery of Competitive Businesses?
Improved portfolio management
Resized retail organization
Improved realized retail margins
Refocused trading as a wholesale support function significantly reducing risk
Improved rainfall levels impacting hydroelectric output
Improved results from generation assets

9. 2003 Year-End Capitalization Ratios
Leverage Target 55% NU
Consol.
CL&P
PSNH
WMECO
Yankee
Gas
NGC
(Excludes RRBs)

10. $ Millions - Excluding AFUDC
NU Forecasting Significant Regulated Capital Investment Program
$ Millions - Excluding AFUDC

11. Distribution Rate Base
That Needed Investment Will Result in a Growing Distribution Rate Base
$ Millions
Distribution Rate Base
(Electric and Gas)

12. For CL&P, 2003 Was Marked By Important Legislation, Regulation
Public Act signed into law June 25, 2003
Transitional standard offer took effect January 1, 2004
Rate cap raised 11.1% for 2004 and beyond
Procurement fee of 0.5/mill began January 1
Additional 0.25 mill incentive can be earned
Could produce $12-$18 million/year of additional revenue
Flow through of all energy related and “federally mandated” costs
Rate decision effective January 1, 2004
Distribution rates set for four years
Transmission rates increased $28 million
Distribution ROE of 9.85%
Endorsement of $900 distribution capital program

13. CL&P Transmission Business: $1 Billion Investment Forecast
2001
2002
2003
2004
2005
2006
2007
2008
Phase I
(Bethel
to Norwalk)
$200 M
Phase II
(Middletown
to Norwalk)
$496 M *
Siting Process
Construction
Capital Program
$15 M $36 M $66 M $225 M $190 M $160 M $160 M $160 M
* CL&P’s 80% share

14. PSNH Update – Current Items
May 2003: PSNH bought out 14 small QF hydro rate orders for $20 million; net savings of $5 million
August 2003: PSNH proposed $70 million conversion of Schiller unit to burn wood (waste)
Settlement now before regulators
December 2003: PSNH closed on Connecticut Valley Electric Co. acquisition
$9 million for assets (11,000 customer accounts); $21 million to buy down power contract
December 2003: PSNH filed rate case requesting 2.6% ($21 million) increase
Hearings in early August
Decision will be retroactive to February 2004
February 2004: Energy supply rate rose to 5.36 cents/kwh from 4.6 – cents
Based on estimated costs of owned generation and market purchases of power

15. NU Consolidated Summary
Earnings Per Share 2003* 2004 Projected
Regulated Businesses $1.05 $ $1.20
Competitive Businesses $0.25 $ $0.30
Parent Expense ($0.06) ($0.10)
Consolidated NU $1.24 $ $1.40
*Excludes SMD cost, accounting charge

16. Cash Flows Have Supported Common Dividend Increases
Dividends/Share

17. 2004 Competitive Business Net Income Preview by Business Line
Total Projected
2004 Net Income $28-$38 Million
$4 - $7 million
$24 - $31 million
Merchant Energy
Energy/Generation Services

18. Calendar of Bids in Wholesale Market
Region
Company
Service
Start Date
Term
Total Load
(MW)
Amounts
Won
New England
MECO
Default
11/1/03
3 mos. to 1 yr.
900
700 MW
NSTAR
SO & DS
1/1/04
3 to 14 mos.
1,600
650 MW UI
TSO
1 to 3 yrs.
1,200 -
CL&P
5,000
1,875 MW
WMECO
710
450 MW
Ind. Default
2/1/04
3 mos.
280
200 MW
Maine SO
3/1/04
6 mos.
520
4/1/04
300
Not announced 50
5/1/04
800
PJM
NJ IOUs
BGS
6/1/04
10,400
NU share not announced
Maryland IOUs
Full Req.
7/1/04
5,500
Total Available
26,360

19. Summary 2004 earnings projection consistent within street consensus
Street range of $1.25 to $1.36 per share
Plans for transmission buildout progressing
Recovery of competitive businesses on track
Financial and credit profile strong and remains a priority