NSTAR (NYSE: NST), a utility company serving Dartmouth, New Bedford and other portions of eastern and central Massachusetts, yesterday declared its 473rd consecutive dividend and brought into service its new 18-mile underground transmission line.
The new high-voltage line, carrying up to 345 kilovolts, will allow NSTAR to tap electrical resources in Rhode Island and Southeastern Massachusets, the company said.
“This project is truly an engineering and construction marvel that benefits customers all over New England by increasing the efficiency and reliability of the regional power grid,” said Thomas J. May, NSTAR Chairman, President and CEO. “The importance of upgrading and expanding our critical infrastructure cannot be over-stated.
“While our goal is to help customers use energy as efficiently as possible, we also know that electricity demand continues to grow and the transmission system must be able to meet this need.”
The $220 million project began in the spring of 2005. “We want to thank all of our customers and neighbors as well as state and local officials for their cooperation and patience during the construction,” May said.
The project begins at a new NSTAR switching station in Stoughton, from which one 345 kV line now runs to Hyde Park and a second to South Boston. The Hyde Park line was energized in October.
Also yesterday, the company announced that its board of directors has declared several quarterly dividends.
A dividend of 32.5 cents per common share – the company’s 473rd consecutive dividend – will be payable Aug. 1 to shareholders of record on July 10.
Quarterly dividends of $1.0625 per share of NSTAR Electric’s 4.24-percent cumulative preferred stock and $1.195 per share on its 4.78-percent cumulative preferred stock also will be payable Aug. 1 to shareholders of record on July 10.
NSTAR (NYSE: NST), based in Boston, is a natural gas and electric utility serving1.4 million customers in New Bedford, Dartmouth and other portions of eastern and central Massachusetts. Additional information is available at www.nstar.com.
