In the News

02.07.2007

Northeast Utilities gives NU foundation $25M

By: Scott Whipple , Herald Staff

BERLIN - The Northeast Utilities Foundation has received a gift of $25 million from Northeast Utilities. This endowment enables the foundation to move forward with a new framework for charitable giving, as well as its plans for significant, long-term community investments in the region.

To celebrate the endowment, the foundation will provide a $1 million grant to the Connecticut Science Center to fund a physical science gallery and its "Forces in Motion" exhibit.

"With the recent sale of our competitive generating assets, Northeast Utilities saw an opportunity to make a substantial and much-needed investment in the communities we serve," said Charles Shivery, Northeast Utilities' chairman, president and chief executive officer. Shivery is also chairman of the NU Foundation and a trustee of the Science Center.

"This gift to the NU Foundation will allow us to make meaningful contributions to nonprofit organizations making a real difference in people's lives, like the Connecticut Science Center."

To assure the best use of its new resources, the foundation recently underwent a comprehensive review that included discussions of local needs and priorities with more than 35 community leaders throughout NU's service territory in three states. The foundation also reached out to NU employees.

"We learned what our communities consider to be top priorities: jobs, an educated work force, sustainable development, and a clean and healthy environment," said Shivery. "The NU Foundation is now redefining the scope of its investments to address these priorities. By concentrating our efforts on a few major issues, we hope to make a substantial impact on some of the region's most pressing concerns."

Shivery said the foundation's investments will be complemented by contributions at the state level, administered by newly created "Contributions Councils" in Connecticut, Massachusetts, and New Hampshire. The councils will be overseen by the leadership of NU's operating companies in each state.

"In essence, we have created a new framework for corporate philanthropy at NU, with the foundation focused on specific investment priorities at a regional level, and the Contributions Councils responding to state and local needs," said Shivery. "This framework also draws on NU's most valuable asset-our employees. Knowing how beneficial their service and volunteerism has been in our communities, we understood from the start how important it was to engage our employees in this mission by focusing on priorities that matter to them, as well."

The $1 million grant represents an expansion of an initial $200,000 grant made in 2003. The center, located in downtown Hartford, is under construction and will open in 2008 with more than 200 interactive exhibits covering 10 areas of science.

"This is a very generous gift from the Northeast Utilities Foundation which brings us closer to our dream of establishing a world-class destination and educational resource facility for families and school groups alike," said Dr. Theodore Sergi, president and chief operating officer of the Connecticut Science Center. "Our goal is to excite visitors about the sciences and engineering, and to influence the workforce of the future."

The foundation has planned a "listening tour" to hear more specifics about local priorities from community officials and leaders of nonprofit organizations. Goal of the tour is to ensure that foundation investments achieve the maximum benefit in communities throughout the region. The foundation will then work with strategic partners to implement local projects.

Established in 1998, the foundation supports charitable partners in Connecticut, Massachusetts, and New Hampshire with total donations of more than $10 million.

Scott Whipple can be reached at swhipple@newbritainherald.com or by calling (860) 225-4601, Ext. 319.