Northeast Utilities System : Northeast Utilities Raises Common Dividend
02/05/2013| 04:05pm US/Eastern
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The Northeast Utilities (NYSE: NU) Board of Trustees today approved a
quarterly dividend of $0.3675 per share, payable on March 28, 2013, to
shareholders of record as of the close of business on March 1, 2013.
The March 2013 dividend represents a 7.1 percent increase over NU's
previous quarterly dividend level.
"This increase underscores our confidence in the company's financial
outlook, while at the same time continuing a conservative payout level
that allows us to continue to make very substantial investments in the
region's electric and natural gas infrastructure, which we project will
be approximately $1.6 billion in 2013," said Thomas J. May, NU president
and chief executive officer.
May noted that the new annualized dividend rate of $1.47 per share is
consistent with NU's plan to grow its dividend in line with its earnings
growth and above the average annual dividend increase for the electric
utility industry.
Northeast Utilities (NU) operates New England's largest energy delivery
company. NU and its companies are committed to safety, reliability,
environmental leadership and stewardship, as well as expanding energy
options for its more than 3.5 million electric and natural gas customers
in Connecticut, Massachusetts and New Hampshire. NU is traded on the New
York Stock Exchange under the symbol NU and has approximately 314
million common shares outstanding. Learn more about NU and its family of
companies at www.nu.com.
This news release includes statements concerning NU'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, 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 NU's products and
services; changes 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 NU'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; fluctuations
in the value of our remaining competitive contracts; actions of rating
agencies; the possibility that expected merger synergies will not be
realized or will not be realized within the expected time period; and
other presently unknown or unforeseen factors. Other risk factors are
detailed from time to time in NU's and NSTAR'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 NU
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.
Northeast Utilities
Jeffrey R. Kotkin, 860-728-4650
© Business Wire 2013
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