Northeast Utilities Ups Dividend By 10 Cents

February 11, 2009 (FinancialWire) -- Northeast Utilities' (NYSE: NU) (Current Market Cap: US$3.73 Mil.) board of has approved quarterly dividend of $0.2375 per share on March 31, to shareholders of record as of the close of business on March 1. The new annualized rate of $0.95 per share represents an increase of $0.10 per share above the company's previous annualized rate of $0.85 per share.

Company CEO Charles W. Shivery said the increase is consistent with NU's statement in November 2008 that in 2009 it would begin to target paying out to shareholders around fifty percent of its earnings in the form of common dividends. NU continues to project earnings per share of between $1.80 and $2.00 in 2009.

Berlin, Connecticut-based Northeast Utilities operates a utility system in New England serving more than 2.1 million electric and natural gas customers in Connecticut, New Hampshire and Massachusetts.

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