1

2Q 2009 Earnings Conference Call

August 6, 2009

- transforming investment into future value

EXHIBIT 99.1

2

2Q ’09 Earnings

Certain statements contained herein, regarding matters that are not historical facts, are forward-looking
statements (as defined in the Private Securities Litigation Reform Act of 1995). These include statements
regarding management’s intentions, plans, beliefs, expectations or forecasts for the future. Such forward-
looking statements are based on the Corporation’s expectations and involve risks and uncertainties;
consequently, actual results may differ materially from those expressed or implied in the statements.
Such risks and uncertainties include, but are not limited to, general economic conditions, legislative and
regulatory changes, changes in demand for electricity and other products and services, unanticipated
weather conditions, changes in accounting principles, policies or guidelines, and other economic,
competitive, governmental, and technological factors affecting the operations, timing, markets, products,
services and prices of the Corporation’s subsidiaries. The foregoing and other factors are discussed and
should be reviewed in the Corporation’s most recent Annual Report on Form 10-K and other subsequent
periodic filings with the Securities and Exchange Commission. Forward-looking statements included
herein speak only as of the date hereof and the Corporation undertakes no obligation to revise or update
such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events or circumstances.

Important Note to Investors

James P. Torgerson

President and Chief Executive Officer

Anthony J. Vallillo

President and Chief Operating Officer - UI

Richard J. Nicholas

Executive Vice President and Chief Financial Officer

3

2Q ’09 Earnings

UIL Holdings 2Q 2009 Earnings Call

Discussion Topics

Ø2Q 2009 Major Events

»Earnings Summary

»GenConn Update

ØState Regulatory Update

ØCapital Expenditure Program

»Refreshed 10-year Capital Expenditure Program

»Average Rate Base Growth

»Smart Grid Grant Application

Ø2Q 2009 Earnings Detail

ØDebt Maturity & Liquidity

Ø2009 Earnings Guidance

4

2Q ’09 Earnings

2Q ’09 earnings from continuing operations of $13.8 million, or $0.51 per share,
compared to $11.3 million, or $0.45 per share, in 2Q ’08

YTD ’09 earnings from continuing operations of $25.9 million, or $0.99 per share,
compared to $17.9 million, or $0.71 per share, during the same period in ’08

ØGood second quarter performance

»First full quarter implementing February 4, 2009 distribution rate case decision

»Decoupling adjustment important giventhe cool summer weather YTD ’09 and lack of
underlying growth with kWh sales still lower than ’08 on a weather adjusted basis

»Continually managing O&M costs

»Transmission growth

ØReasonable opportunity to achieve distribution allowed ROE

ØOn track to earn transmission allowed weighted average ROE of 12.3%-12.5%

2Q & YTD 2009 Financial Results - Summary

5

2Q ’09 Earnings

Joint venture between UI and NRG

UI Equity Bridge Loan

4$121.5m in total à $69.3m drawn as of 6/30/09

4$57m due 6/1/10 with Devon In Service

4$64.5m due 6/1/11 with Middletown In Service

NRG Equity Bridge Loan

4$121.5m in total

GenConn Project Financing

4$291m in total à includes $48m working capital facility

Financing secured April 27, 2009

Devon groundbreaking May 29, 2009

Devon & Middletown units on schedule

6

2Q ’09 Earnings

State Regulatory Update

Distribution rate case has been concluded

ØTechnical corrections reconsideration

»DPUC reconsidered final decision issued on June 3, 2009 increased UI's revenue requirements by
$0.655 million in 2009 and an incremental $0.284 million in 2010

ØAG petition for Company investigation

»Denied by the DPUC on June 12, 2009 upon review of UI’s May 26, 2009 revised distribution
capital expenditure plan

New DPUC Chairman

ØCommissioner Kevin DelGobbo was elected Chairman effective July 1, 2009

»Republican, appointed to the Commission by the Governor in January 2009

»Former member of the Connecticut House of Representatives

»Initiated informational meeting (June 29) to discuss "Impact of Recent Economic and Financial
Crisis on Utility Financing & Investment"

7

2Q ’09 Earnings

* Equity investment

** Amounts may not add due to rounding.

($ in millions)

ØHigh probability of occurrence

»In service territory; identified projects with regulatory support

ØNear term ability to execute

»Financing in place; strong historic cash flow

ØReflects decline in future peak load forecasts

»Pushing out some capacity projects and dollars beyond current 10-yr plan

Growth Opportunities Beyond the Base Forecast

ØOpportunities for additional investment not included in the base plan

»Transmission investment within the region (e.g. New England consortium, etc.)

»Generation opportunities (e.g. renewable generation, “Section 83” base load purchase, etc.)

2009P

2010P

2011P

2012P

2013P

2014-2018P

Total

2009-2018P

Distribution

95

$

141

$

147

$

141

$

122

$

534

$

1,178

$

Transmission

29

$

47

$

63

$

80

$

96

$

91

$

405

$

GenConn - Devon*

-

$

57

$

-

$

-

$

-

$

-

$

57

$

GenConn - Middletown*

-

$

-

$

65

$

-

$

-

$

-

$

65

$

Total Capital Expenditures**

Revised 10-yr Capital Expenditure Program

8

2Q ’09 Earnings

Aging Infrastructure

Cable & Pole Replacement

Distribution Transformer
Replacement

Splice Chambers

Substation Rebuilds

Substation Removals

Capacity

Broadway Substation

Shelton Substation

Bus Additions

Feeder Transfers

Step Down Bank Conversions

Core Support

IT related

Other support

System Operations

Customer Projects

* Amounts may not add due to rounding.

Smart Grid

Advanced Metering

Meter Data Management

Outage Management

SCADA

Utilinet

($ in millions)

2009P

2010P

2011P

2012P

2013P

2014-2018P

Total

2009-2018P

Aging Infrastructure

36.0

$

49.1

$

39.7

$

48.4

$

57.5

$

276.9

$

507.4

$

Capacity

19.8

$

20.0

$

18.3

$

27.5

$

26.5

$

95.7

$

207.8

$

System Operations

12.6

$

16.1

$

12.5

$

10.1

$

9.1

$

53.8

$

114.2

$

Core Support

16.2

$

38.9

$

57.2

$

40.4

$

19.3

$

94.0

$

266.1

$

Smart Grid

(base)

10.0

$

16.8

$

19.2

$

14.2

$

9.4

$

13.4

$

83.0

$

Total Distribution*

Distribution Investments

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2Q ’09 Earnings

Capacity

Aging Infrastructure

Standards Compliance/Other

*Amounts may not add due to rounding.

($ in millions)

Substation Rebuilds

Line/Cable Replacement

Customer Projects

NERC/Cyber Security/IT related

SCADA

New Substations

Reliability Projects

2009P

2010P

2011P

2012P

2013P

2014-2018P

Total

2009-2018P

Aging Infrastructure

3.9

$

24.9

$

33.2

$

30.2

$

39.6

$

67.0

$

198.8

$

Capacity

14.1

$

14.5

$

9.5

$

8.4

$

19.7

$

4.2

$

70.4

$

Standards Compliance/Other

11.4

$

7.1

$

19.8

$

41.5

$

36.6

$

19.7

$

136.0

$

Total Transmission*

29.4

$

46.5

$

62.6

$

80.0

$

95.8

$

90.9

$

405.2

$

Transmission Investments

10

2Q ’09 Earnings

46%

35%

19%

47%

38%

15%

Rate base growth even with a declining CTA balance

51%

38%

11%

55%

37%

8%

59%

37%

4%

60%

39%

Avg. GenConn Rate Base Equivalent

CAGR 5%

1%

$56m

$174m

$232m

$224m

Avg. GenConn Equity Investment

$28m

$116m

$112m

$87m

Revised Average Rate Base 2008-2013
(Excluding GenConn Equity Investments)

11

2Q ’09 Earnings

UI’s Smart Grid Grant Application

$75m in 2010-2012 in two categories - seeking grant for 50% of total

ØCustomer Interface - enabling technology to empower the customer

»Advanced Metering - “Smart” meters with 2-way communication capability

»Customer applications - In-home displays, load control appliances, plug-in electric vehicles

ØDistribution Automation - improving electric system performance

»Enhanced monitoring and remote control capabilities (Distribution SCADA)

4Improved outage management

4Voltage control

»Compliance with new and emerging industry standards

4Cyber security upgrades

4Interoperability

Projected Smart Grid CapEx in 10-yr plan of $50m in 2010-2012

ØGrant application represents accelerated and enhanced Smart Grid investment

»CapEx if full grant award: $75m with 50% federally funded

»CapEx if no grant award:$50m with 0% federally funded

12

2Q ’09 Earnings

2009 T&D Blended Allowed ROE of 10.1% - 10.2%

Transmission

Distribution &

CTA

Generation

13

2Q ’09 Earnings

Quarter Ended June 30,

Six Months Ended June 30,

Net Income (Loss) ($M)

UI

Distribution, CTA and Other

8.1

$

5.7

$

2.4

$

14.9

$

8.0

$

6.9

$

Transmission

6.2

6.2

(1)

-

12.3

11.0

(1)

1.3

Total UI Net Income

14.3

$

11.9

$

2.4

$

27.2

$

19.0

$

8.2

$

UIL Corporate

(0.5)

(0.6)

0.1

(1.3)

(1.1)

Total Continuing Operations

13.8

$

11.3

$

2.5

$

25.9

$

17.9

$

8.0

$

Discontinued Operations - Xcelecom

-

-

-

(0.1)

(0.1)

-

Total Net Income

13.8

$

11.3

$

2.5

$

25.8

$

17.8

$

8.0

$

Average Shares Outstanding - Basic

27.0

25.1

1.9

26.1

25.1

1.0

EPS

0.51

$

0.45

$

0.06

$

0.99

$

0.71

$

0.28

$

(1) Includes favorable true up adjustment of $0.3 million.

2Q & YTD 2009 Financial Results

14

2Q ’09 Earnings

Managing O&M expenses

Ø2Q ’09 - first full quarter implementing
DPUC final rate case decision

ØDecoupling adjustment particularly
important due to mild summer weather

ØFavorable uncollectible expense - portion
allocated to GSC ($0.5m in 2Q and $0.9
YTD)

ØPension & postretirement expense is
recoverable in rates or as regulatory asset
for future recovery

ØDistribution and CTA combined return on
equity for 12 months ending 6/30/09
8.60%

ØEarning on higher rate base

ØTrue up adjustment of $0.3 million recorded in 2008

Net Income: Favorable/(Unfavorable) ($M)

Revenue

Quarter Ended June

30, '09 vs. '08

Six Months Ended

June 30, '09 vs. '08

Decoupling adjustment

1.6

$

2.4

$

Regulatory true up items

1.7

2.2

Distribution rates & pricing

0.5

2.9

Other

0.7

0.5

Sales volume

(2.3)

(2.9)

O&M Expense

Customer service - allocated

0.4

1.7

Uncollectibles

1.0

2.0

Outside services and other expense

1.3

2.4

Pension & postretirement

(2.6)

(3.9)

Other

0.1

(0.4)

Distribution Business Net Income variance

2.4

$

6.9

$

Earnings Details Compared to the Same Periods in 2008

Distribution, CTA & Other - favorable Net Income for the both the quarter and YTD

15

2Q ’09 Earnings

Liquidity outlook

ØUIL & UI have a $175 million joint credit
facility due December 22, 2011

»UIL able to borrow $50 million under facility

As of June 30, 2009:

»UIL had $1 million outstanding

»UI had $9 million outstanding

ØUIL also has an uncommitted money market
loan facility

»No outstanding balance as of June 30, 2009

ØUI must pay off $121.5 equity bridge loan to
fund its portion of the contribution to
GenConn on the commercial operation date
for each facility, Devon June 2010,
Middletown June 2011

»Borrowings under this facility as of June 30,
2009 were $69.3 million

ØNo plans to issue equity before the end of 2010

Debt maturity schedule as of 6/30/09 ($mm)

$49.2

$51.0

$31.8

$57.0

$64.5

NONE

Debt Maturity and Liquidity

16

2Q ’09 Earnings

2009 expectations are not intended to be additive

Guidance Notes

ØIncludes dilution from equity issuance

ØDistribution, CTA & Other positioned for reasonable opportunity to achieve weighted average
allowed return on equity of 8.84%

ØTransmission expected to earn an overall allowed weighted average return on equity of 12.3%-12.5%

2008

Six Months Ended

June 30, 2009

2009 EPS Guidance

The United Illuminating Company

$2.03

$1.04

$1.93 - $2.07

Distribution, CTA & Other

1.09

0.57

1.00 - 1.15

Transmission

0.94

0.47

0.90 - 0.95

Corporate

(0.10)

(0.05)

(0.12) - (0.07)

Total Continuing Operations

$1.93

$0.99

$1.83 - $1.97

(0.01)

-

Total UIL

$1.92

$0.99

2009 Earnings Per Share Guidance as of August 6, 2009

17

2Q ’09 Earnings

Q&A

18

2Q ’09 Earnings

Devon & Middletown

Locations

$400 Million*

Approximate Cost

Attained April 27, 2009

Financing

CL&P

Off Taker

2010 & 2011

COD

400 MW

Capacity

GE LM6000

Technology

Project Development Highlights

Joint venture between UI and NRG

* GenConn estimates that project costs may increase over the proposal it had originally submitted to the DPUC.The increase is driven primarily by
increased financing costs and the cost to build interconnection facilities at the Middletown site.Reasonably incurred financing costs and the
interconnection cost are pass-through costs and GenConn expects to recover these costs through its contract for differences as determined by the
DPUC.

GenConn Energy - Peaking Generation

Regulated COS approach

ØROE, lifetime floor - 9.75%

Ø50/50 debt/equity

Ø30-year O&M costs reviewed annually

ØCost recovery through contract for
differences

Financing

Ø50% financed at the project level

Ø50% financed with Equity Bridge Loans -
25% UI, 25% NRG

Status

ØAll major equipment -ordered

ØGeneral contractor - awarded

ØDevon site - construction started

19

2Q ’09 Earnings

Revenue decoupling

ØAnnual true-up

»If revenues < approved, rates will be adjusted to collect additional revenues

»If revenues > approved, excess will be returned to customers

ØDecoupling established for two-year pilot period

Other

Ø50/50 Debt-to-Equity Capitalization with 8.75% ROE

ØApproved 90% of proposed distribution capital program expenditures

ØTransferred approximately $7 million of uncollectibles and other expense
to Generation Services Charge

Pension

ØEstablished a regulatory asset for a portion of 2009 increased pension and
postretirement expense

»Future recovery of $10.2 million

ØPension tracker

»2010 expense true-up based on year-end valuation, which takes into account
changes, if any, in asset values and the discount rate

Cost of debt tracking
mechanism

ØAnnual true-up

»If embedded debt cost after issuances, differs from allowed embedded cost of debt
of 6.42% for 2009, 6.76% for 2010

4True up if min. 25 basis points and results in +/- $1.5 million interest expense or greater.
$1.5 million deadband à true up covers amounts beyond +/- $1.5 million.

Overview of Recent Distribution Rate Decision