The Northeast Utilities system was formed when three companies Ãƒ‚Ã¢€” The Connecticut Light and Power Company (CL&P), Western Massachusetts Electric Company (WMECO) , and The Hartford Electric Light Company (HELCO) Ãƒ‚Ã¢€” affiliated as subsidiaries of Northeast Utilities (NU), the parent company.
At the same time Ãƒ‚Ã¢€“ July 1, 1966 Ãƒ‚Ã¢€“ Northeast Utilities Service Company (NUSCO) was created to centralize corporate services. The NU system was the first new multistate public utility holding company system created since the enactment of the Public Utility Holding Company Act of 1935. The formation of NU was a response to changing power technologies and increasing power demand, designed to meet the problems arising from a sharp increase in the use of electricity and an even sharper rise anticipated for the future.
Underlying the consolidation was a pervasive knowledge that dramatic economic growth in the area demanded the very best in electric and gas service at the lowest possible rates. Through consolidation, the companies hoped to achieve better coordination of services and economies of scale in the generation, distribution and sale of electricity, gas and energy-related services. By integrating their financial, technical and managerial resources
into a single system, the companies sought to produce the synergies of enhanced reliability, greater efficiency and lower cost of service.
Upon its creation, the NU system became the largest utility in New England and one of the 20 largest in the nation. It had nearly one million customers (846,000 electric and 145,000 gas) and more than 6,000 employees. Some 107,000 shareholders owned its assets, valued at approximately $1 billion. It had a system capacity of 2,489 megawatts and a peak demand of 2,290 megawatts.
Northeast Utilities (NYSE: NU) is a Fortune 500 diversified energy company located in Connecticut with operations throughout the Northeast. Through our regulated and competitive subsidiaries, NU provides Energy for a Changing World, with a full range of energy products and services to millions of residential and business customers.
Has excelled in quality and service and contributed to the growth of local communities. In recent years, our task has changed and we have adapted unfailingly to new roles as our company faces dramatic changes stemming from the deregulation of electricity across our territory. Our historic role as a monopoly provider of electric power no longer exists. Instead, NU is a regulated utility being challenged to succeed in an ever-more competitive marketplace.
Today, we are challenged on two fronts: First, we must respect and embrace the past by continuing to build on our core competency of delivering power to our customers under the currently regulated environment. Second, we must add energy products and services other than electricity to our portfolio to successfully grow our competitive businesses.
To evolve in ways that benefits our customers, shareholders and employees. Adapting to this new business environment is not easy. But, IÃƒ‚Ã¢€Ã¢„Ãƒ‚¢m proud to say, it is a task we are meeting with the same zeal, competency and innovation that have distinguished the people of NU for many decades. As we build on our past, we are leveraging our skills to jump into the exciting and challenging future. These qualities are central to our heritage. And it is that heritage Ãƒ‚Ã¢€” and the character of our organization Ãƒ‚Ã¢€” that we celebrate in this publication.
At NU, environmental responsibility begins with our corporate environmental policy, setting the standard for maintaining compliance with both the letter and spirit of environmental laws, demonstrating leadership through sustainable initiatives, being accountable for our environmental performance, and practicing stewardship by reducing our environmental impacts.
NU efforts to implement a formal environmental management system (EMS) have been successful. We achieved our first milestone in early 2003 by receiving certification to ISO 14001 for several facilities and processes within the NU system.NU the highest performing regional provider of energy products and services, strengthening our regionÃƒ‚Ã¢€Ã¢„Ãƒ‚¢s security, stability and vitality. NU helping to promote excellence in education, efficient uses of energy, safety and environmental stewardship.
Northeast UtilitiesPosted on Mar 13, 2006