nstar ( company )
nstar was formed in 1999 by the merger of bec energy and commonwealth energy system and currently has the following operating units: boston edison company, cambridge electric light company, commonwealth electric company, and nstar gas company (formerly commonwealth gas and cambridge gas company) .
es: connecticut light and power company; public service company of new hampshire; and nstar (only the portion of the irh share formerly owned by western massachusetts electric company, which has been merged into nstar electric company; see note b - nstar 2) .
— infobox company company name = wellesley municipal light plant (wmlp) company type = public company company slogan = dedicated to excellence foundation = 1892 location = key people = richard f. joyce, director debra j. healy, business manager… …
in july 2007, nstar electric introduced a new program called nstar green. in may 2008, nstar green signed ten - year contracts for sixty megawatts of
northeast utilities and nstar agree to $ 17. 5 billion merger of equals, forming new england’s premier utility company
northeast utilities and nstar agree to $ 17. 5 billion merger of equals, forming new englands premier utility company
enter data / information accurately in company ats. execute this position in accordance with the nstar values: ... .
northeast utilities and nstar agree to $ 17. 5 billion merger of equals, forming new england’s premier utility company | business wire
and nstar announced they would merge, with the resulting company retaining the northeast utilities name. under the terms of the transaction, nstar shareholders will receive 1. 312 northeast utilities common shares for each nstar share that they own. the deal is subject to regulatory approval .
although nstar' s infrastructure has met the soaring electric need, the company is reminding customers to use electricity responsibly during the heat wave .
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northeast utilities service company changed its name to es on july 1, 2015 .
state regulators have approved a multibillion - dollar merger between nstar and northeast utilities, clearing the way for the creation of new england' s largest utility company .
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, and serves on its board of directors. he joined the company as ceo of
ferc orders and naesb require the posting of the following information on the company web site or oasis. this information can also be viewed on nstar' s oasis site .
nstar is becoming eversource energy. here’s what you should know. - the boston globe
as a locally - based business, nstar recognizes the importance of conducting ...
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thomas may, left, nstar' s chief, and charles shivery of northeast utilities .
nstar (nyse: nst) is a utility company that provides retail electricity and natural gas to 1. 4 million customers in eastern and central massachusetts, including the boston urban area .
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nstar electric company (nstar electric), doing business as eversource energy, incorporated on january 8, 1886, is an electric utility. the company serves residential, commercial and industrial customers in parts of massachusetts. nstar electric is a subsidiary of eversource energy. nu is a utility holding company. eversource energy operates in three segments: electric distribution, electric transmission and natural gas distribution. eversource energy is engaged in the energy delivery business through its utility subsidiaries, which include the connecticut light and power company (cl & p ;), an electric utility that serves residential, commercial and industrial customers in parts of connecticut; public service company of new hampshire (psnh), an electric utility that serves residential, commercial and industrial customers in parts of new hampshire and owns generation assets used to serve customers; western massachusetts electric company (wmeco), an electric utility that serves residential, commercial and industrial customers in parts of western massachusetts and owns solar generating assets; nstar gas company (nstar gas), a natural gas utility that serves residential, commercial and industrial customers in parts of massachusetts, and yankee gas services company (yankee gas), a natural gas utility that serves residential, commercial and industrial customers in parts of connecticut .
but do not include the percentage interest entitlements of western massachusetts electric company for purposes of service under schedule 20a - nstar). nstar: percentage interest: phase i = 0. 00% ; phase ii = 0. 00% ; boston edison company: percentage interest: phase i = 11. 24796% ; phase ii = 11. 0909% and commonwealth / canal electric company: percentage interest: phase i = 3. 72867% ; phase ii = 3. 7964% .
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nstar global services is a leader in placing technical professionals with leading oems and fabs around the world .
but equity investors normally receive a premium when handing control to a buyer. nstar’s deal was struck at parity. that effectively means nstar’s executives will exploit a change - of - control premium that their shareholders were denied .
it’s no surprise nstar wanted to describe selling out to a rival, northeast utilities — the company behind connecticut’s recent crippling power outages — as a merger instead of a takeover. given their huge local monopolies, electric companies are highly regulated and politicized creatures. nstar has 1. 4 million captive customers in the greater boston area .
“we will hold tom may and the now merged company to their word on that, ’’ sullivan said tuesday .
, both of which are downgradient of the nstar facility. many local activists are lobbying for nstar to abide by state regulations and spend the $ 20 - 40 million required to perform a pcb remediation of the affected lands .
these concerns explain why the companies used a variation on the verb “merge” 29 times when announcing the all - stock deal. each company will contribute seven directors to the board. nstar’s chief executive, thomas j. may, retains the same role in the combined company, while his counterpart at northeast, charles shivery, will become chairman .
- for anyone who follows the company’s stock, its ticker symbol will change from nu to es on february 19 .
power purchased through nstar green would reduce reliance on fossil fuels that are traditionally used to meet the region’s electricity demand .
regulators have all the evidence they need to stop northeast utilities’ $ 4. 7 billion takeover of massachusetts rival nstar .
bostonnovember 20, 2008nstar (nyse: nst) announced today that its board of trustees voted to increase the dividend on its common shares to an annualized rate of $ 1. 50 per share, a 7. 1% increase over the previous rate of $ 1. 40. this is the companys 479 th consecutive dividend and the eleventh consecutive year that nstar has increased the dividend. the company has one of the longest consecutive payment records on the new york stock exchange .
a couple of storms and a power company’s inability to get the lights back on brought renewed focus to a proposed takeover .
a quarterly dividend of $ 1. 195 per share on nstar electrics cumulative preferred stock, 4. 78% series .
nstar is now a subsidiary of the combined utility, which will be the region’s largest, serving nearly 3. 5 million electric and gas customers in massachusetts, connecticut, and new hampshire. the company will retain the northeast utilities name, but be run by may, nstar’s longtime chief executive. it has dual headquarters in boston and hartford and 9, 000 employees .
you will execute the strategy by cold calling, outside selling our services and developing new business opportunities for nstar... .
a quarterly dividend of $ 1. 0625 per share on nstar electrics cumulative preferred stock, 4. 25% series; and
under the terms of the agreement, nstar shareholders would receive 1. 312 northeast utilities common shares for each nstar share that they own in a transaction with a total equity value of $ 9. 5 billion and an enterprise value of $ 17. 5 billion. the exchange ratio reflects a no premium merger based on the average closing share price of each company for the preceding 20 trading days. following completion of the merger, it is anticipated that northeast utilities shareholders would own approximately 56 percent and nstar shareholders would own approximately44 percent of the combined company. the agreement provides that, upon closing of the transaction, northeast utilities dividend per share would be increased to a rate that is equivalent to nstars dividend per share, at that time, on an exchange ratio adjusted basis .
under the terms of the agreement, nstar shareholders would receive 1. 312 northeast utilities common shares for each nstar share that they own in a transaction with a total equity value of $ 9. 5 billion and an enterprise value of $ 17. 5 billion. the exchange ratio reflects a no premium merger based on the average closing share price of each company for the preceding 20 trading days. following completion of the merger, it is anticipated that northeast utilities shareholders would own approximately 56 percent and nstar shareholders would own approximately 44 percent of the combined company. the agreement provides that, upon closing of the transaction, northeast utilities’ dividend per share would be increased to a rate that is equivalent to nstar’s dividend per share, at that time, on an exchange ratio adjusted basis .
the company has maintained a proud heritage of providing turnkey electrical and instrumentation construction, maintenance and turnaround services to a variety ...
charter contracting company, llc announces the addition of lew conley to lead its tri - state area team’s operational and business development efforts .
- bills and envelopes will include the logos of both eversource energy and the name of the old division of the company, such as nstar and the western massachusetts electric co. , also called wmeco. some service vans already have been rebranded with eversource energy logos .
ebc member “e” inc. receives $ 50, 000 + grant from nstar to expand “kids green their schools” program for boston’s urban schools
as a part of deregulation of the local electrical power industry, nstar has divested itself of all electric generation facilities, keeping only those elements of the business which remain regulated. nstar sold its interest in the seabrook station nuclear power plant to fpl group in 2002 .
more recently, may has led the company into a disagreement with its electricians union, the international brotherhood of electrical workers local 457, concerning adding a second shift of technicians overnight. the union and the company haven' t found a mutually agreeable way to do that .
october 21, 2010 - northeast utilities, the owner of public service company of new hampshire, will purchase nstar for $ 4. 17 billion in a deal that both companies describe as a “merger. ” if approved by federal and state regulators as well as shareholders, the new company will be new england’s largest utility with a total of 3. 5 million electric and gas customers in new hampshire, massachusetts and connecticut. the merged company will have a total enterprise value of $ 17. 5 billion, according to a joint statement .
nstar, headquartered in boston, is an energy delivery company with revenues of approximately $ 3. 3 billion and assets of $ 7. 7 billion that serves 1. 4 million customers in massachusetts, including approximately 1. 1 million electric distribution customers in 81 communities and 300, 000 natural gas distribution customers in 51 communities. nstar also conducts non - utility, unregulated operations. for more information, go to urltoken .
connecticut municipal electric energy coop. : percentage interest: phase i = 0. 80000% ; phase ii = 0. 80000% . nstar posts the aggregate share of the tie pursuant to the nstar schedule 20a under part ii of the iso tariff (for more information go to :
nstar' s senior executives have more than 80 years of combined industry experience. this collective experience has helped nstar focus and deliver on our core competencies of providing the right people and asset services for our customers. we provide solutions for every component of your equipment, facility and construction needs .
effective march 2, 2018, the western massachusetts electric company (including its percentage interest of phase i = 3. 88091% ; phase ii = 3. 95150 %) was absorbed into nstar and these percentage interest values continue to be offered by the es ssp (see note a - es) .
nstar had long balked at the high cost of cape wind’s power, but may defended the utility’s decision to buy electricity from the project. by negotiating the terms with the state, rather than having them imposed by regulators, the company had more control over the concessions it made to get the merger approved .
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one example of change was the decision to outsource work from the company' s information technology department. may said that he looked at both companies for a platform to be used across the board. nstar' s information technology contract with ibm was ending soon. and northeast utilities' systems were lacking in areas .
eversource energy service company (es) percentage interest entitlements included in its phase i / ii - tf service offering reflects the percentage interest entitlements from other irhs .
but while all this makes it sound like a merger, it’s not. the terms of the transaction give nstar’s existing owners shares equal to around 44 percent of the new entity. that constitutes a change of control, according to nstar’s proxy documents, thereby causing accelerated payouts of unvested equity and other benefits for named executive officers .
) - - northeast utilities (nyse: nu) and nstar (nyse: nst) today announced that both companies’ boards of trustees have unanimously approved a definitive merger agreement that will create one of the nation’s largest utilities, with a total enterprise value of $ 17. 5 billion. the company will continue to be called northeast utilities .
massachusetts payroll and benefits work has been sent to connecticut, along with some of the company' s record - keeping. bay state employees will not have off patriots day, one normally given for the boston marathon. and nstar employees, including may, recently switched their health care from blue cross blue shield to northeast utilities' provider .
eversource (nstar electric) owns and maintains electrical transmission facilities (local transmission) in eastern massachusetts available for use to ferc jurisdictional wholesale customers (non - retail) .
effective march 2, 2018 and for the purpose of this table, the western massachusetts electric company (including its percentage interest of phase i = 3. 88091% ; phase ii = 3. 95150 %) was absorbed into nstar and these percentage interest values continue to be offered by the es ssp (see note a - es) .
“i received a call from psnh’s former human resources director rich chagnon monday morning informing us that northeast utilities, the parent company of psnh, was merging with nstar, ” said tom ryan, ibew local # 1837 assistant business manager. “i was surprised - as i believe all psnh employees were - as the news was kept extremely confidential. ”
northeast utilities, nstar and their respective trustees, executive officers and certain other members of management and employees may be soliciting proxies from northeast utilities and nstar shareholders in favor of the merger and related matters. information regarding the persons who may, under the rules of the sec, be deemed participants in the solicitation of northeast utilities and nstar shareholders in connection with the proposed merger will be set forth in the joint proxy statement / prospectus when it is filed with the sec. you can find information about northeast utilities executive officers and trustees in its definitive proxy statement filed with the sec on april 1, 2010. you can find information about nstars executive officers and trustees in its definitive proxy statement filed with the sec on march 12, 2010. additional information about northeast utilities executive officers and trustees and nstars executive officers and trustees can be found in the above - referenced registration statement on form s - 4 when it becomes available. you can obtain free copies of these documents from northeast utilities and nstar using the website information above .
the companies will come together in a stock for stock merger of equals. the combined company will provide electric and gas energy to over half of the customers in new england .
northeast utilities, nstar and their respective trustees, executive officers and certain other members of management and employees may be soliciting proxies from northeast utilities and nstar shareholders in favor of the merger and related matters. information regarding the persons who may, under the rules of the sec, be deemed participants in the solicitation of northeast utilities and nstar shareholders in connection with the proposed merger will be set forth in the joint proxy statement / prospectus when it is filed with the sec. you can find information about northeast utilities' executive officers and trustees in its definitive proxy statement filed with the sec on april 1, 2010. you can find information about nstar’s executive officers and trustees in its definitive proxy statement filed with the sec on march 12, 2010. additional information about northeast utilities' executive officers and trustees and nstar’s executive officers and trustees can be found in the above - referenced registration statement on form s - 4 when it becomes available. you can obtain free copies of these documents from northeast utilities and nstar using the website information above .
meriden and two utilities have settled a 1995 dispute over millions of dollars in tax refunds owed to the utilities. in a settlement reached monday, the city agreed to drop its appeal of an april ruling that it had overtaxed the utilities $ 16. 4 million, including interest. the utilities - - northeast utilities, the parent company of yankee gas services company, and connecticut light and power company - - agreed to accept $ 14. 9 million. the city council will issue municipal bonds to help pay for the refunds .
any forward - looking statement speaks only as of the date of this press release, and nstar undertakes no obligation to publicly update forward - looking statements. other factors in addition to those listed here could also adversely affect nstar. you are advised, however, to consult any further disclosures we make in our filings to the securities and exchange commission .
nstar, headquartered in boston, is an energy delivery company with annual revenues of approximately $ 3 billion and assets of $ 8 billion that serves 1. 4 million customers in massachusetts, including approximately 1. 1 million electric distribution customers in 81 communities and 300, 000 natural gas distribution customers in 51 communities. for more information, go to urltoken .
approximately 460 members of ibew local # 1837 work for psnh, the largest electric utility in new hampshire. the company provides electricity for more than 475, 000 homes and businesses .
the closing of the nearly $ 20 billion deal capped more than a year of scrutiny by state regulators, energy officials, and consumer advocates, who secured several concessions from the utility, including a four - year distribution rate freeze for nstar and western massachusetts electric co. customers, and a promise from nstar to purchase power from the offshore cape wind project .
northeast utilities and nstar will conduct a conference call at 8: 30am edt on october 18, 2010 to discuss the merger. to participate, please dial (888) 802 - 8577 (or + 1 - 973 - 935 - 8754 if outside the united states), and enter the access code 19106148, approximately 15 minutes before the scheduled start of the call. the conference call will also be accessible live in the investor relations section of both the northeast utilities website at urltoken and the nstar website at www. nstar. com .
in connection with the proposed merger between northeast utilities and nstar, northeast utilities will file with the sec a registration statement on form s - 4 that will include a joint proxy statement of northeast utilities and nstar that also constitutes a prospectus of northeast utilities. northeast utilities and nstar will mail the joint proxy statement / prospectus to their respective shareholders. northeast utilities and nstar urge investors and shareholders to read the joint proxy statement / prospectus regarding the proposed merger when it becomes available, as well as other documents filed with the sec, because they will contain important information. you may obtain copies of all documents filed with the sec regarding this proposed transaction, free of charge, at the secs website (www. sec. gov). you may also obtain these documents, free of charge, from northeast utilities website (www. nu. com) under the tab investors and then under the heading financial / sec reports.  you may also obtain these documents, free of charge, from nstars website (www. nstar. com) under the tab investor relations. 
“the combination of northeast utilities and nstar will create a great new england based company, assuring the regional benefits of a locally controlled energy company for years to come, ” said charles w. shivery, chairman, president and ceo of northeast utilities. “our companies already have a strong track record of working together for new england. we recently jointly executed an agreement to invest $ 1. 1 billion in new transmission lines to québec, which will provide low - carbon hydro energy to power one million homes in new england beginning in 2015. ”
the combination of northeast utilities and nstar will create a great new england based company, assuring the regional benefits of a locally controlled energy company for years to come,  said charles w. shivery, chairman, president and ceo of northeast utilities. our companies already have a strong track record of working together for new england. we recently jointly executed an agreement to invest $ 1. 1 billion in new transmission lines to québec, which will provide low - carbon hydro energy to power one million homes in new england beginning in 2015. 
green mountain power company (gmp) percentage interest entitlements included in its phase i / ii - tf service offering reflects its percentage interest entitlement and the percentage interest entitlements from other irhs .
that’s the new name of nstar and its parent company, northeast utilities, which announced the change in january. four other northeast utilities divisions operating in other parts of new england - - public service co. of new hampshire, yankee gas services co. , western mass. electric, and connecticut light and power co. - - also took on the new name, which the company said last week would save costs in the long run. here' s how things will be different for the combined companies’ 3. 6 million customers in new england :
with high temperatures and oppressive humidity bearing down on new england, nstar electric & gas yesterday set a new all - time record for electricity delivered to its 1. 1 million electric customers .
nstar has had its share of environmental mishaps, including nearly a dozen spills at its former watertown, massachusetts facility. the spills, most of which occurred during the 1980s, consisted of transformer oil, which contained pcbs in high concentrations (6, 200 parts per million). these spills have contaminated the charles river and nearby sawins and williams pond, both of which are downgradient of the nstar facility. many local activists are lobbying for nstar to abide by state regulations and spend the $ 20 - 40 million required to perform a pcb remediation of the affected lands .
hartford, ct and boston, ma (october 18, 2010)  northeast utilities (nyse - nu) and nstar (nyse - nst) today announced that both companies boards of trustees have unanimously approved a definitive merger agreement that will create one of the nations largest utilities, with a total enterprise value of $ 17. 5 billion. the company will continue to be called northeast utilities .
thomas j. may, chairman, president and ceo of nstar said, this is simply the start. together, with enhanced financial resources, complementary distribution and transmission assets, reputations for operating excellence and talented employees, we will be able to accomplish great things. nstars very strong balance sheet coupled with northeast utilities impressive array of transmission investment opportunities and diversified suite of distribution businesses translates into a compelling
may, who became chief executive of northeast utilities when it merged with massachusetts utility nstar in april 2012, has spent the intervening months navigating spats with electricians, lawmakers, regulators and information technology employees .
northeast utilities said on monday that it has agreed to acquire nstar for $ 4. 3 billion in stock, in a merger that will create one of the biggest power utility companies in the country .
boston  with high temperatures and oppressive humidity bearing down on new england, nstar electric & gas yesterday set a new all - time record for electricity delivered to its 1. 1 million electric customers. nstar estimates, at 3 p. m. on july 19 it provided 4700 megawatts of electricity to its customers, surpassing by more than 4% the previous record set during the stifling summer of 2002 .
in october, tata consulting services and infosys were hired to take over most of the company' s information technology needs, a decision later reviewed by regulators for its effect on storm readiness and cybersecurity defenses .
in connection with the proposed merger between northeast utilities and nstar, northeast utilities will file with the sec a registration statement on form s - 4 that will include a joint proxy statement of northeast utilities and nstar that also constitutes a prospectus of northeast utilities. northeast utilities and nstar will mail the joint proxy statement / prospectus to their respective shareholders. northeast utilities and nstar urge investors and shareholders to read the joint proxy statement / prospectus regarding the proposed merger when it becomes available, as well as other documents filed with the sec, because they will contain important information. you may obtain copies of all documents filed with the sec regarding this proposed transaction, free of charge, at the sec’s website (urltoken). you may also obtain these documents, free of charge, from northeast utilities’ website (urltoken) under the tab “investors” and then under the heading
financial / sec reports .
you may also obtain these documents, free of charge, from nstar’s website (urltoken) under the tab “investor relations. ”
. the epa also stated that nstar had failed to prepare spill plans at four of its facilities, in brighton, cambridge, needham, and west roxbury, where oil is pumped through their pipe lines .
barclays capital is serving as lead financial advisor and lazard is serving as financial advisor to northeast utilities. skadden, arps, slate, meagher & flom llp is serving as transaction counsel to northeast utilities. goldman, sachs and co. , is serving as lead financial advisor and lexicon partners (us) llc is serving as financial advisor to nstar. ropes & gray llp is serving as transaction counsel to nstar .
i am grateful to be given the opportunity to bring my industry experience in support of nstar’s customer accounts, and to represent an organization that takes the steps to bring out the best in its employees .
nstar transmits and delivers electricity and natural gas to 1. 4 million customers in eastern and central massachusetts; including over one million electric customers in 81 communities and nearly 300, 000 gas customers in 51 communities .
nstar has ownership of unregulated district energy and telecommunications businesses, including medical area total energy plant, inc. which produces electricity, steam and chilled water for sale to customers in the longwood medical area of boston .
published reports indicated that the union representing workers at nstar – the utility workers of america local 369 - was withholding comment while they studied the deal. that “wait and see” attitude was also reflected by brother ryan .
chairman, president and chief executive officer thomas j. may said, the dividend action taken by our board reflects the solid financial condition of nstar and the confidence we have in our long - term business outlook. 
thomas j. may, chairman, president and ceo of nstar said, “this is simply the start. together, with enhanced financial resources, complementary distribution and transmission assets, reputations for operating excellence and talented employees, we will be able to accomplish great things. nstar’s very strong balance sheet coupled with northeast utilities’ impressive array of transmission investment opportunities and diversified suite of distribution businesses translates into a compelling growth story. merging with northeast utilities provides more diverse, stable and higher earnings and dividend growth than nstar would have achieved on its own. it also assures that the long track record of success our investors have enjoyed in the past will continue. ”
may talks in references and analogies. standardizing operations for the new company, which distributes electricity and natural gas to 3. 6 million customers, he looked for the best ideas and implemented them across all six of its businesses .
each of cl & p; , nstar electric, psnh and wmeco owns and maintains transmission facilities that are part of an interstate power transmission grid over which electricity is transmitted throughout new england. each of cl & p; , nstar electric, psnh and wmeco and other new england utilities, are parties to a series of agreements that provide for coordinated planning and operation of the region' s transmission facilities and the rules by which they acquire transmission services .
with the forecast calling for high temperatures through the end of the week, nstar is expecting very high electricity usage through the weekend. similarly, the new england region as a whole is seeing exceptional energy usage due to extreme weather .
* the company’s effective tax rate dropped to 1% from 34. 1% in 2007, due to tax credits and, according to goldman sachs ,
changes in geographic earnings mix
thus reducing the company' s tax obligation. many critics argue that the reduction in goldman sach' s tax rate was achieved by shifting its earnings to subsidiaries in low - or no - tax nations. goldman sachs had 28 such subsidiaries at the time, including 15 in the cayman islands .
changes in ownership and rules at candlewood lake have boaters and residents there anxious. northeast utilities announced on july 24 that the company had agreed to sell the lake, along with 15 power plants in connecticut and massachusetts, to energy capital partners, a private equity firm in short hills, n. j. , for $ 1. 34 billion. the announcement came just days before the company released a shoreline management plan that described how the lake would be operated for the next 38 years .
new england power company (nep) percentage interest entitlements included in its phase i / ii - tf service offering reflects the percentage interest entitlements for nep and the nep affiliates, which include montaup electric company and newport electric corporation. nep (percentage interest: phase i = 17. 96963% and phase ii = 18. 5316 %); montaup electric company (percentage interest: phase i = 3. 5777% and phase ii = 3. 634 %); and newport electric corporation (percentage interest: phase i = 0. 44217% and phase ii = 0. 4502 %). nep posts the aggregate share of the tie pursuant to the nep schedule 20a under part ii of the iso tariff (for more information go to :
growth story. merging with northeast utilities provides more diverse, stable and higher earnings and dividend growth than nstar would have achieved on its own. it also assures that the long track record of success our investors have enjoyed in the past will continue. 
northeast utilities and nstar will conduct a conference call at 8: 30am edt on october 18, 2010 to discuss the merger. to participate, please dial (888) 802 - 8577 (or + 1 - 973 - 935 - 8754 if outside the united states), and enter the access code 19106148, approximately 15 minutes before the scheduled start of the call. the conference call will also be accessible live in the investor relations section of both the northeast utilities website at urltoken and the nstar website at urltoken .
* on november 10, 2008, during the financial crisis of 2008, the company won federal reserve system approval to convert to a bank holding company, making it eligible for government help under the troubled asset relief program. at that time, american express had total consolidated assets of about $ 127 billion. in june 2009, $ 3. 39 billion in tarp funds were repaid plus $ 74. 4 million in dividend payments, and in july 2009 they ended their obligations under tarp by buying back $ 340 million in treasury warrants .
. the epa also stated that nstar had failed to prepare spill plans at four of its facilities, in brighton, cambridge, needham, and west roxbury, where oil is pumped through their pipe lines. nstar has had its share of environmental mishaps, including nearly a dozen spills at its former watertown, massachusetts facility. the spills, most of which occurred during the 1980s, consisted of transformer oil, which contained pcbs in high concentrations (6, 200 parts per million). these spills have contaminated the charles river and nearby
nstar signed a 15 - year contract last month to buy cape wind’s power at a starting price of 18. 7 cents per kilowatt - hour, significantly above the cost of electricity from traditional power plants. that’s expected to add about a dollar to customers’ monthly bills .
may sat in a conference room at the company' s berlin offices, wearing a gray suit, a white - striped shirt and an orange tie. the room was chosen because may doesn' t have an office here; he splits his time between boston and hartford .
the board of trustees of northeast utilities will be made up of a combination of trustees from the two companies, including 7 members nominated by the board of northeast utilities and 7 members nominated by the board of nstar, with the lead trustee nominated by the board of northeast utilities .
connecticut has had more merger - related job reductions, regulatory filings show. the company cut more of its connecticut information technology workers when it outsourced its work to two indian firms last year. and it announced most recently that it was closing nearly a dozen work centers in the state .
the merger finalized tuesday between boston’s nstar and connecticut’s northeast utilities has created one of the nation’s largest energy delivery companies, with more money to invest in system improvements, more crews to fix power outages, and better bargaining power to negotiate lower rates for customers, chief executive thomas j. may said .
* in november 2010 the uk division of american express was cautioned by the office of fair trading for the use of controversial charging orders against those in debt. the regulator said that the company was one of four companies who were encouraging customers to turn their unsecured credit card debts into a form of secured debt .
the combined company will operate six regulated electric and gas utilities in three states and will have nearly 3. 5 million electric and gas customers. northeast utilities will have nearly 4, 500 miles of electric transmission lines, 72, 000 miles of electric distribution lines and 6, 000 miles of gas distribution lines .
our system and our employees are doing an outstanding job, despite the record - breaking demand we' re seeing today ,
said werner schweiger, nstar' s senior vice president of operations .
we have extra crews on working to monitor the system to make sure it operates smoothly during this crucial time .
but may promoted the $ 780 million in savings his company expects to see over the next 10 years, in part by eliminating duplicate administrative functions and some jobs. the utility has agreed to pass some of those savings to customers, including through a one - time $ 21 million rebate negotiated by massachusetts attorney general martha coakley .
the merger, in addition to being large, has been played out publicly in regulatory reviews questioning may' s and the company' s decisions in a way that few other deals are scrutinized. if united technologies corp. , for example, wanted to outsource its information technology department, it probably would not involve a public inquiry .
i look at today' s utilities as being right at the center of public issues and major changes, climate change, energy costs, resilience, cybersecurity ,
he said .
these are very significant public issues, and he is managing a private - sector company with regulatory oversight and causing change in all those areas .
a year from now, two years from now, people won' t be talking about,' this one won' and' this one lost,'
said may, who celebrated the merger' s second anniversary on april 10, coincidentally also his birthday .
you want to get past the hatfield and mccoy routine and have one company .
terminated an $ 11. 2 million contract with ams to modernize the state' s tax system and sued the company for $ 985 million in damages. another customer, the federal thrift investment board, cancelled a contract in 2000 for a system to make thrift savings plan data available online. the subsequent lawsuit was settled for $ 5 million in june 2003. a subsequent
the transaction will create many opportunities for the companies to leverage their combined resources to strengthen service quality in the various service territories. the two companies have plans to invest $ 9 billion in new england’s energy infrastructure over the next five years. the combined scope and scale of northeast utilities will make investment more cost effective, spread over a larger customer base, allowing investments on a scale that might not be attractive to the companies on a stand - alone basis. in addition, the combined company will share best practices and implement them over the entire customer base. for example, northeast utilities and nstar have been long recognized by many national and international organizations for the success of their energy - efficiency programs that, when combined, total more than $ 200 million in annual spending .
the transaction will create many opportunities for the companies to leverage their combined resources to strengthen service quality in the various service territories. the two companies have plans to invest $ 9 billion in new englands energy infrastructure over the next five years. the combined scope and scale of northeast utilities will make investment more cost effective, spread over a larger customer base, allowing investments on a scale that might not be attractive to the companies on a stand - alone basis. in addition, the combined company will share best practices and implement them over the entire customer base. for example, northeast utilities and nstar have been long recognized by many national and international organizations for the success of their energy - efficiency programs that, when combined, total more than $ 200 million in annual spending .
northeast utilities has said that unless it can rebuild the backbone of the power grid serving fairfield county, residents of the southwestern part of connecticut could soon find themselves in the dark. the company, it said, will simply not be able to meet demand.'' we' ve discussed this with planners since at least the 1970' s,'' said frank j. poirot, a company spokesman.'' we' ve done everything we can with the lower - voltage transmission lines to meet the needs, but we' re at the end of the short - term fixes we can do with the existing system, and we have to step up, and we see no alternative but to upgrade the 115 - kilovolt lines with 345 - kilovolt transmission lines.''
“nstar’s strong cash flows are very complementary to northeast utilities’ attractive regulated investment opportunities, mitigating the need for future equity issuances which is a significant benefit for our shareholders, ” continued mr. shivery. “this merger, upon completion, will provide a significant increase in the dividend for northeast utilities shareholders and will enable long term dividend growth opportunities that are so important to all of our investors. ”
northeast utilities media inquiries: tanya meck, 860 - 728 - 4885 or investor inquiries: jeff kotkin, 860 - 728 - 4650 or nstar media inquiries: caroline allen, 617 - 424 - 2460 caroline. allen @ urltoken or investor inquiries: phil lembo, 781 - 441 - 8100 philip. lembo @ urltoken or john moreira, 781 - 441 - 8887 john. moreiera @ urltoken
nstars strong cash flows are very complementary to northeast utilities attractive regulated investment opportunities, mitigating the need for future equity issuances which is a significant benefit for our shareholders,  continued mr. shivery. this merger, upon completion, will provide a significant increase in the dividend for northeast utilities shareholders and will enable long term dividend growth opportunities that are so important to all of our investors. 
utilities, including future financial and operating results; nstars and northeast utilities plans, objectives, expectations and intentions; the expected timing of completion of the transaction; and other statements relating to the merger that are not historical facts. forward - looking statements involve estimates, expectations and projections and, as a result, are subject to risks and uncertainties. there can be no assurance that actual results will not materially differ from expectations. important factors could cause actual results to differ materially from those indicated by such forward - looking statements. with respect to the proposed merger, these factors include, but are not limited to: risks and uncertainties relating to the ability to obtain the requisite nstar and northeast utilities shareholder approvals; the risk that nstar or northeast utilities may be unable to obtain governmental and regulatory approvals required for the merger, or required governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could reduce the anticipated benefits from the merger or cause the parties to abandon the merger; the risk that a condition to closing of the merger may not be satisfied; the length of time necessary to consummate the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on merger - related issues; the effect of future regulatory or legislative actions on the companies; and the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect. these risks, as well as other risks associated with the merger, will be more fully discussed in the joint proxy statement / prospectus that will be included in the registration statement on form s - 4 that will be filed with the sec in connection with the merger. additional risks and uncertainties are identified and discussed in nstars and northeast utilities reports filed with the sec and available at the secs website at www. sec. gov. forward - looking statements included in this release speak only as of the date of this release. neither nstar nor northeast utilities undertakes any obligation to update its forward - looking statements to reflect events or circumstances after the date of this release .
bangor hydro electric company (bhe) percentage interest entitlements included in its phase i / ii - tf service offering reflects the percentage interest entitlements from another irh. bhe (percentage interest: phase i = 1. 51% and phase ii = 1. 52 %). bhe posts the aggregate share of the tie pursuant to the bhe schedule 20a under part ii of the iso tariff (for more information go to :
mr. may added, “with this transaction we will create a larger, stronger and more diversified regulated utility with over 9, 000 employees in massachusetts, new hampshire and connecticut, thereby benefiting our region as a whole. the combined company will have the scale, employee talent and financial resources to meet the complex and demanding energy needs of customers across new england and provide sustainable energy solutions that will support regional growth. ”
mr. may added, with this transaction we will create a larger, stronger and more diversified regulated utility with over 9, 000 employees in massachusetts, new hampshire and connecticut, thereby benefiting our region as a whole. the combined company will have the scale, employee talent and financial resources to meet the complex and demanding energy needs of customers across new england and provide sustainable energy solutions that will support regional growth. 
the biggest problem might be an identity crisis. japan’s corporate managers have long focused on expanding market share at the expense of profitability, adding high - employment, low - margin business lines. take panasonic. its display technology is world class, but the company still makes low - margin appliances like portable razors and fax machines. sony tells a similar story. honda remains the world leader in hydrogen - fuel cell technology but part of its supply chain is underwater .
* goldman employees and their relatives contributed almost a million dollars to barack obama' s presidential campaign — making it
the company from which obama raised the most money in 2008
. former goldman executives who hold senior positions in the obama administration include gary gensler, the chairman of the commodity futures trading commission; mark patterson, a former goldman lobbyist who is chief of staff to treasury secretary timothy geithner; and robert hormats, the undersecretary of state for economic, energy and agricultural affairs .
fairfield county may be the engine of connecticut' s economic growth, but a few cities and towns in this critical corridor are challenging connecticut light and power company' s current proposal to provide it with more power. c. l. and p. , a subsidiary of northeast utilities, wants to upgrade transmission capacity in the state' s most populous county by adding a 345, 000 - kilovolt (kv) line from bethel south to norwalk along the existing 20 - mile right of way .
when is a merger of equals really a takeover? one easy way to tell is when the top brass get rich and undeserved paydays. there’s probably no better live example than the just - delayed sale of a massachusetts electric utility, nstar. its top five executives could feast on as much as $ 50 million in severance and change - of - control payments despite labeling their deal one of mutual control for both sets of shareholders. as regulators investigate the union more deeply, investors may want to do the same .
in addition to historical information, this press release may contain a number of forward - looking statements as defined in the private securities litigation reform act of 1995. words such as anticipate, expect, project, intend, plan, believe, and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward - looking statements. forward - looking statements relating to the proposed merger include, but are not limited to: statements about the benefits of the proposed merger involving nstar and northeast
nstar was a utility company that provided retail electricity and natural gas to 1.4 million customers in eastern and central massachusetts , including the boston urban area . nstar became a subsidiary of northeast utilities in april 2012 . in february 2015 , northeast utilities and all of its operating companies ( public service new hampshire , connecticut light and power , yankee gas , and nstar gas and electric ) became one large company known as eversource energy . nstar was formed in 1999 by the merger of bec energy and commonwealth energy system and currently has the following operating units : boston edison company , cambridge electric light company , commonwealth electric company , and nstar gas company ( formerly commonwealth gas and cambridge gas company ) . as a part of deregulation of the local electrical power industry , nstar has divested itself of all electric generation facilities , keeping only those elements of the business which remain regulated . nstar sold its interest in the seabrook station nuclear power plant to fpl group in 2002 . on november 16 , 2006 , the company announced a 7.4 % increase in its dividend to an annual rate of usd1 .30 per common share from the previous usd1 .21 . nstar has ownership of unregulated district energy and telecommunications businesses , including medical area total energy plant , llc . which produces electricity , steam and chilled water for sale to customers in the longwood medical area of boston . electric power distribution in the new england area is coordinated by iso new england , a regional transmission organization . 
nstar was a utility company that provided retail electricity and natural gas to 1.4 million customers in eastern and central massachusetts, including the boston urban area. nstar became a subsidiary of northeast utilities in april 2012. in february 2015, northeast utilities and all of its operating companies (public service new hampshire, connecticut light and power, yankee gas, and nstar gas and electric) became one large company known as eversource energy. nstar was formed in 1999 by the merger of bec energy and commonwealth energy system and currently has the following operating units: boston edison company, cambridge electric light company, commonwealth electric company, and nstar gas company (formerly commonwealth gas and cambridge gas company). as a part of deregulation of the local electrical power industry, nstar has divested itself of all electric generation facilities, keeping only those elements of the business which remain regulated. nstar sold its interest in the seabrook station nuclear power plant to fpl group in 2002. on november 16, 2006, the company announced a 7.4% increase in its dividend to an annual rate of usd1 .30 per common share from the previous usd1 .21. nstar has ownership of unregulated district energy and telecommunications businesses, including medical area total energy plant, llc. which produces electricity, steam and chilled water for sale to customers in the longwood medical area of boston. electric power distribution in the new england area is coordinated by iso new england, a regional transmission organization.
nstar was a utility company that provided retail electricity and natural gas to 1.4 million customers in eastern and central massachusetts, including the boston urban area. nstar became a subsidiary of northeast utilities in april 2012. in february 2015, northeast utilities and all of its operating companies (public service new hampshire, connecticut light and power, yankee gas, and nstar gas and electric) became one large company known as eversource energy. nstar was formed in 1999 by the merger of bec energy and commonwealth energy system and currently has the following operating units: boston edison company, cambridge electric light company, commonwealth electric company, and nstar gas company (formerly commonwealth gas and cambridge gas company). as a part of deregulation of the local electrical power industry, nstar has divested itself of all electric generation facilities, keeping only those elements of the business which remain regulated. nstar sold its interest in the seabrook station nuclear power plant to fpl group in 2002. on november 16, 2006, the company announced a 7.4% increase in its dividend to an annual rate of usd1 .30 per common share from the previous usd1 .21. nstar has ownership of unregulated district energy and telecommunications businesses, including medical area total energy plant, llc. which produces electricity, steam and chilled water for sale to customers in the longwood medical area of boston. electric power distribution in the new england area is coordinated by iso new england, a regional transmission organization.