EnergySolutions : Eversource Energy Reports First Quarter 2015 Results

56 Prospect St., Hartford, Connecticut 06103-2818

800 Boylston St., Boston, Massachusetts 02199

2014 earnings of $236 million, or $0.74 per share. Excluding integration costs of $4 million in 2015 and

$5.8 million in 2014, Eversource earned $257.3 million, or $0.81 per share1, in the first quarter of 2015, compared with $241.8 million, or $0.76 per share1, in the first quarter of 2014.

"We are pleased with both our operational and financial performance in the first quarter of 2015," said Thomas J. May, Eversource chairman, president and chief executive officer. "Our electric and natural gas delivery systems performed extremely well throughout the bitter weather New England experienced this

past winter. Additionally, our financial results are consistent with our previously announced recurring 2015 earnings guidance of between $2.75 and $2.90 per share."

Also today, the legal name change of Northeast Utilities to Eversource Energy was approved at the company's 2015 Annual Meeting of Shareholders and the Eversource Energy Board of Trustees declared a regular quarterly dividend of $0.4175 per share, payable June 30, 2015 to shareholders of record as of May

29, 2015.

Electric Distribution and Generation

Eversource Energy's electric distribution and generation segment earned $130.6 million in the first quarter of 2015, compared with earnings of $112.2 million in the first quarter of 2014. Improved results primarily reflect higher distribution revenues in the first quarter of 2015, compared with the same period of 2014, and the impact of regulatory orders on NSTAR Electric Company that were fully anticipated by the company. One order approved a settlement involving refunds to customers related to reliability and energy efficiency cost recovery mechanisms. The other order was related to the recovery of bad debt expense associated with NSTAR Electric's basic service energy supply to customers. The favorable impacts of the regulatory orders were partially offset by higher operation, depreciation, amortization and property tax expense.

Electric Transmission

Eversource Energy's transmission segment earned $66.6 million in the first quarter of 2015, compared with earnings of $74.9 million in the first quarter of 2014. Lower transmission earnings were directly related to the impact of an order issued in March 2015 by the Federal Energy Regulatory Commission that affects the returns on equity earned by all electric transmission owners in New England. That decision resulted in a

$12.4 million after-tax charge, primarily at The Connecticut Light and Power Company and Western

Massachusetts Electric Company, and was partially offset by an increase in Eversource's continued investment in its electric transmission system.

The first-quarter earnings of Eversource Energy's electric utility subsidiaries are noted below in millions, net of preferred dividends:

Natural Gas Distribution

Eversource Energy's natural gas distribution segment earned $55.6 million in the first quarter of 2015, compared with earnings of $52.1 million in the first quarter of 2014. Improved results primarily reflect colder weather in 2015, which increased firm natural gas sales. Eversource's firm natural gas sales were 8.4 percent higher in the first quarter of 2015 than the first quarter of 2014. Both quarters were much colder

than average.

Parent and Other Companies

Parent and other companies earned $4.5 million in the first quarter of 2015, excluding $4 million of integration expenses, compared with earnings of $2.6 million in the first quarter of 2014, excluding $5.8 million of integration expenses. The results primarily reflect lower operation and income tax expense. The following table reconciles consolidated earnings per share for the first quarters of 2015 and 2014.

Financial results for the first quarters of 2015 and 2014 for Eversource Energy's business segments and parent and other companies are noted below:

Three months ended:

Retail sales data:

Eversource Energy has approximately 317 million common shares outstanding. It operates New England's largest energy delivery system, serving approximately 3.6 million customers in Connecticut, Massachusetts and New Hampshire.

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9 a.m. Eastern Time. The webcast can be accessed through Eversource's website at www.eversource.com.

1 All per share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities allocated to such business, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is a non-GAAP (not determined using generally accepted accounting principles) measure that is calculated by dividing the net income or loss attributable to controlling interests of each business by the weighted average diluted Eversource parent common shares outstanding for the period. In addition, first quarter 2015 and 2014 earnings and EPS excluding certain integration costs related to the April 10, 2012 closing of the merger between Northeast Utilities and NSTAR are non-GAAP financial measures. Management uses these non-GAAP financial measures to evaluate earnings

results and to provide details of earnings results by business and to more fully compare and explain our first quarter 2015 and 2014 results without including the impact of the non-recurring integration costs. Management believes that this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of Eversource Energy's businesses. Non-GAAP financial measures should not be considered as

alternatives to Eversource consolidated net income attributable to controlling interests or EPS determined in accordance with GAAP as indicators of Eversource Energy's operating performance.

This news release includes statements concerning Eversource Energy's expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth 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 through the use of words or phrases such as "estimate, "expect," "anticipate," "intend," "plan," "project," "believe," "forecast," "should," "could," and other 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, cyber breaches, acts of war or terrorism, or grid disturbances; actions or inaction of local, state and federal regulatory and taxing bodies; changes in business and economic conditions, including their impact on interest rates, bad debt expense and demand for Eversource's products and services; fluctuations in weather patterns; changes in laws, regulations or regulatory policy;

changes in levels or timing of capital expenditures; disruptions in the capital markets or other events that make Eversource's access to necessary capital more difficult or costly; developments in legal or public policy doctrines; technological developments; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in the company's reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and Eversource Energy undertakes no obligation to update the information contained in any forward-looking statements to reflect developments or circumstances occurring after the statement is made or to reflect the occurrence of unanticipated events.

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EVERSOURCE ENERGY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31, December 31, (Thousands of Dollars) 2015 2014

ASSETS

Current Assets:
Cash and Cash Equivalents $ 71,027 $ 38,703

Receivables, Net 1,131,434 856,346
Unbilled Revenues 229,760 211,758

Taxes Receivable 99,680 337,307
Fuel, Materials and Supplies 281,492 349,664

Regulatory Assets 747,349 672,493
Prepayments and Other Current Assets 231,949 226,194

Total Current Assets 2,792,691 2,692,465

Property, Plant and Equipment, Net 18,810,708 18,647,041

Deferred Debits and Other Assets:
Regulatory Assets 3,981,507 4,054,086

Goodwill 3,519,401 3,519,401
Marketable Securities 518,065 515,025

Other Long-Term Assets 329,393 349,957

Total Deferred Debits and Other Assets 8,348,366 8,438,469
Total Assets $ 29,951,765 $ 29,777,975

LIABILITIES AND CAPITALIZATION

Current Liabilities:
Notes Payable $ 1,003,500 $ 956,825

Long-Term Debt - Current Portion 245,583 245,583
Accounts Payable 739,324 868,231

Obligations to Third Party Suppliers 157,143 115,632
Regulatory Liabilities 201,180 235,022

Accumulated Deferred Income Taxes 218,582 160,288
Other Current Liabilities 546,470 552,800

Total Current Liabilities 3,111,782 3,134,381

Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes 4,574,630 4,467,473

Regulatory Liabilities 524,940 515,144
Derivative Liabilities 396,617 409,632

Accrued Pension, SERP and PBOP 1,605,339 1,638,558
Other Long-Term Liabilities 870,417 874,387

Total Deferred Credits and Other Liabilities 7,971,943 7,905,194

Capitalization:

Long-Term Debt 8,602,067 8,606,017
Noncontrolling Interest - Preferred Stock of Subsidiaries 155,568 155,568
Equity:

Common Shareholders' Equity:
Common Shares 1,668,039 1,666,796

Capital Surplus, Paid In 6,241,417 6,235,834
Retained Earnings 2,569,482 2,448,661

Accumulated Other Comprehensive Loss (72,414) (74,009) Treasury Stock (296,119) (300,467) Common Shareholders' Equity 10,110,405 9,976,815

Total Capitalization 18,868,040 18,738,400
Total Liabilities and Capitalization $ 29,951,765 $ 29,777,975
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 Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.
EVERSOURCE ENERGY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

For the Three Months Ended March 31, (Thousands of Dollars, Except Share Information) 2015 2014
Operating Revenues $ 2,513,431 $ 2,290,590
Operating Expenses:

Purchased Power, Fuel and Transmission 1,162,049 978,150
Operations and Maintenance 333,382 351,688

Depreciation 163,837 150,807
Amortization of Regulatory Assets, Net 60,604 57,898

Energy Efficiency Programs 146,603 138,825
Taxes Other Than Income Taxes 149,481 145,533

Total Operating Expenses 2,015,956 1,822,901
Operating Income 497,475 467,689
Interest Expense:

Interest on Long-Term Debt 87,714 87,377
Other Interest 7,129 2,598

Interest Expense 94,843 89,975
Other Income, Net 5,727 1,667

Income Before Income Tax Expense 408,359 379,381
Income Tax Expense 153,226 141,545

Net Income 255,133 237,836
Net Income Attributable to Noncontrolling Interests 1,879 1,879

Net Income Attributable to Controlling Interest $ 253,254 $ 235,957

Basic Earnings Per Common Share $ 0.80 $ 0.75

Diluted Earnings Per Common Share $ 0.80 $ 0.74

Dividends Declared Per Common Share $ 0.42 $ 0.39

Weighted Average Common Shares Outstanding:
Basic 317,090,841 315,534,512

Diluted 318,491,188 316,892,119
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 Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.
EVERSOURCE ENERGY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
For the Three Months Ended March 31, (Thousands of Dollars) 2015 2014

Operating Activities:
Net Income $ 255,133 $ 237,836

Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation 163,837 150,807

Deferred Income Taxes 148,193 137,417
Pension, SERP and PBOP Expense 26,495 24,995

Pension and PBOP Contributions (26,659) (6,622) Regulatory Over/(Under) Recoveries, Net (110,748) 872

Amortization of Regulatory Assets, Net 60,604 57,898
Proceeds from DOE Damages Claim, Net - 163,300

Deferral of DOE Proceeds - (163,300) Other (21,617) (7,574)

Changes in Current Assets and Liabilities:

Receivables and Unbilled Revenues, Net (328,299) (182,221) Fuel, Materials and Supplies 68,172 75,041
Taxes Receivable/Accrued, Net 272,021 (59,840)

Accounts Payable (59,496) 53,905
Other Current Assets and Liabilities, Net 34,179 11,282

Net Cash Flows Provided by Operating Activities 481,815 493,796

Investing Activities:

Investments in Property, Plant and Equipment (362,586) (348,691) Proceeds from Sales of Marketable Securities 114,730 128,505

Purchases of Marketable Securities (116,735) (132,605) Other Investing Activities 66 1,637
Net Cash Flows Used in Investing Activities (364,525) (351,154)
Financing Activities:

Cash Dividends on Common Shares (132,433) (118,460) Cash Dividends on Preferred Stock (1,879) (1,879) Decrease in Notes Payable (399,575) (299,500) Issuance of Long-Term Debt 450,000 400,000

Retirements of Long-Term Debt - (75,000) Other Financing Activities (1,079) (2,017)

Net Cash Flows Used in Financing Activities (84,966) (96,856) Net Increase in Cash and Cash Equivalents 32,324 45,786

Cash and Cash Equivalents - Beginning of Period 38,703 43,364
Cash and Cash Equivalents - End of Period $ 71,027 $ 89,150
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 Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

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