Lehman Brothers Collection - Contemporary Business Archives

Harvard Business School Baker Library Historical Collections

Lehman Brothers Collection

Twentieth-Century Business Archives

Connecticut Light and Power Co. - Lehman Brothers Collection

Connecticut Light and Power Co.

List of Deals

Connecticut Light and Power Company was founded as the Rocky River Power Company by J. Henry Roraback in 1905. Rocky River Power was inactive until 1917, when it secured financial backing from the United Gas and Improvement Company (UGI). At that time, UGI bought the Housatonic Power Company. After this purchase, Rocky River Power bought all franchises, leases, and properties of the Housatonic Power Company, the United Electric Light and Water Company, and the Seymour Electric Light Company. The same year, the company changed its name to Connecticut Light and Power (CL&P). By 1918 CL&P was the second-largest utility in Connecticut. The company began to expand and built a new steam plant, as well as a dam and hydroelectric plant. By 1927 the company was the leading utility in the State, with $8.3 million in operating revenues. CL&P created a holding company, Connecticut Electric Service Company, in 1925 to handle the retail aspects of the business. CL&P built the nation's first large-scale pumped-storage hydroelectric plant in 1929.

The company continued to grow and thrive through the following decades. In 1941 UGI was forced to divest itself of its holdings outside of Pennsylvania; at that time CL&P became an independent company. The company became the first utility to order an IBM 7070 "electronic brain" in 1956. Northeast Utilities (NU) acquired control of the company in 1966, when NU was created as a utility holding company. NU consisted of Western Massachusetts Company, Connecticut Light and Power, and Hartford Electric Light Company. NU branched into nuclear power production and had completed two new nuclear power plants by 1970. At the time, NU was the world's largest producer of nuclear-generated electric power.

Harvard Business School Harvard Business School Baker Library Histrorical Collections