8-KMaterial AgreementsExhibits & Filings

EVERSOURCE ENERGY 8-K Report, Material Agreement (Feb 15, 2012)

Filed February 15, 2012For Securities:ES

Summary

This Form 8-K filing by Northeast Utilities (NU) and Western Massachusetts Electric Company (WMECO) reports on the material definitive agreements reached on February 15, 2012, related to the proposed merger between NSTAR and NU. The key development is the execution of two Settlement Agreements with the Massachusetts Department of Energy Resources and the Office of the Attorney General of the Commonwealth of Massachusetts. These agreements address crucial rate-making and clean energy matters. Notably, they include a distribution rate freeze for NSTAR Electric, NSTAR Gas, and WMECO until 2016. Furthermore, the agreements support the advancement of Massachusetts' clean energy goals, as mandated by the Green Communities Act and Global Warming Solutions Act. The Settling Parties have collectively requested approval of the merger from the Massachusetts Department of Public Utilities by April 4, 2012, signaling a significant step towards completing the NSTAR-NU combination.

Key Highlights

  • 1Northeast Utilities (NU) and NSTAR have reached comprehensive merger-related agreements with Massachusetts regulatory bodies.
  • 2Two Settlement Agreements were finalized on February 15, 2012, with the Massachusetts Department of Energy Resources and the Office of the Attorney General.
  • 3A key provision includes a distribution rate freeze for NSTAR Electric, NSTAR Gas, and WMECO extending until 2016.
  • 4The agreements support Massachusetts' clean energy initiatives outlined in the Green Communities Act and Global Warming Solutions Act.
  • 5The Settling Parties have requested merger approval from the Massachusetts Department of Public Utilities by April 4, 2012.
  • 6Approval from the Connecticut Public Utilities Regulatory Authority is still pending.
  • 7The filing also references a joint press release and other relevant SEC filings concerning the merger.

Frequently Asked Questions

This filing announces the execution of material definitive agreements, specifically two Settlement Agreements, between NSTAR, Northeast Utilities (NU), and key Massachusetts state agencies. These agreements are crucial for advancing the proposed merger between NSTAR and NU.

A significant outcome for customers is a distribution rate freeze for NSTAR Electric, NSTAR Gas, and Western Massachusetts Electric Company (WMECO) that will remain in effect until 2016. This provides rate stability for a defined period.

The Settlement Agreements are critical because the parties involved (Massachusetts Department of Energy Resources and the Office of the Attorney General) have agreed that the merger is consistent with the public interest and have requested its approval by April 4, 2012. This significantly de-risks the regulatory approval process in Massachusetts.

Yes, while Massachusetts regulatory bodies have reached agreements, the merger is still awaiting approval from the Connecticut Public Utilities Regulatory Authority.