NU names new president and CEO to lead competitive businesses

BERLIN, Conn., May 24, 2002 — Northeast Utilities’ Chairman, President and Chief Executive Officer Michael G. Morris recently announced Charles W. “Chuck” Shivery as President and CEO, NU Enterprises, Inc. to lead the NU system’s competitive businesses to sustained growth throughout the Northeast United States.

Most recently co-president of Constellation Energy, Shivery brings to NU over 30 years’ experience in the power marketplace.

The appointment is effective June 1 and reports directly to Morris.

“This step solidifies our dual focus on strong utility operations balanced with competitive businesses, thus ensuring that NU will realize new market opportunities and meet customer needs. We are successfully positioned for continued growth in our 11-state market from Maine to Maryland, where nearly one quarter of the nation’s energy is consumed,” said Morris.

“Our commitment to a solid, profitable future is underscored by this increased focus on our competitive energy marketing, energy services and other technology businesses. We welcome Chuck to this dynamic period in our history,” Morris added.

As co-president of Constellation Energy, Shivery led Constellation’s North American wholesale power marketing and non-nuclear merchant generation business. Shivery was named president of Constellation Power Source in 1997, a company which achieved a national, top-ten ranking in sales for power marketers.

Recognized for his work as vice president and chief financial officer, Constellation Energy Group, Chuck was involved in assessing potential strategic options for the electric and gas business segments and merger and acquisition activities. Prior to 1997, Chuck served for 10 years as corporate secretary, Baltimore Gas and Electric (BG&E), and as vice president-corporate finance and treasurer, BG&E from 1989 to 1993.

Shivery’s wealth of experience in deregulated energy markets will be a tremendous asset to NU’s competitive business group whose largest subsidiary is Select Energy. As New England’s leading energy provider serving nearly 40 percent of the region’s load, Select Energy continues to build its customer base throughout the 11-state area. In his capacity as head of NU Enterprises, Shivery’s direct reports will include Select Energy President and Chief Operating Officer William Schivley.

“NU’s competitive businesses are growing at a time when the energy marketplace provides choices and options unseen just a few years ago,” said Shivery.

NU operates New England’s largest utility system, serving nearly 1.8 million electric customers in Connecticut, New Hampshire, and Massachusetts and 191,000 natural gas customers in Connecticut. For more information on the Northeast Utilities system, please see our Web site at www.nu.com, or go directly to Select Energy’s Web site at www.selectenergy.com.

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