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Northeast Utilities Management Discusses Q2 2012 Results - Earnings Call Transcript

Additional information about the various factors that may cause actual results to differ can be found in our annual report on Form 10-K for the year ended December 31, 2011, and our 10-Q for the quarter ended March 31, 2012. Additionally, our explanation of how and why we use certain non-GAAP measures is contained within our news release and in our most recent 10-K and 10-Q. Now, I will turn over the call to Jim.

James J. Judge

Thank you, Jeff. There are several items I'll cover before turning the call over to Lee for his report on operations. First, I want to say that we're very pleased with the results for the first quarter as a merged company. We achieved the financial results we have targeted, experienced very strong operational results, made significant progress on our capital projects and made a strong start in integrating the 2 companies and achieving the synergies that we've discussed with you.

For the first time, NU's financial results include NSTAR's results of operations. As you can see from the earnings news release we issued yesterday, we are providing results in some granularity. We also want to ensure that we provide enough detail so that you can identify our onetime merger-related costs in the quarter, including $46 million of customer rate credits, as well as identifying our earnings on a recurring basis. We hope you find this clear and helpful.

In addition to financial results, I will also cover key legislative and regulatory issues, including the recent draft decision from the Public Utilities Regulatory Authority regarding our storm restoration efforts in Connecticut last year. The third area I will cover is the progress we have made in the financing arena with regards to new credit facilities and related commercial paper programs that were put in place just last week. Lastly, I will briefly discuss the on-going integration process that is well underway as we move forward in creating a high-performing customer-responsive and efficient organization.

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