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<SEC-DOCUMENT>0000072741-03-000174.txt : 20031027
<SEC-HEADER>0000072741-03-000174.hdr.sgml : 20031027
<ACCEPTANCE-DATETIME>20031027134004
ACCESSION NUMBER:		0000072741-03-000174
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20031027
ITEM INFORMATION:		
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20031027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORTHEAST UTILITIES SYSTEM
		CENTRAL INDEX KEY:			0000072741
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				042147929
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05324
		FILM NUMBER:		03958104

	BUSINESS ADDRESS:	
		STREET 1:		174 BRUSH HILL AVE
		CITY:			WEST SPRINGFIELD
		STATE:			MA
		ZIP:			01090-0010
		BUSINESS PHONE:		4137855871

	MAIL ADDRESS:	
		STREET 1:		107 SELDEN ST
		CITY:			BERLIN
		STATE:			CT
		ZIP:			06037-1616
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cover8kq3results102703.txt
<DESCRIPTION>NU 8K Q3 2003 102703
<TEXT>
               SECURITIES AND EXCHANGE COMMISSION
                   WASHINGTON, D.C. 20549-1004

                            FORM 8-K

                         CURRENT REPORT

             Pursuant to Section 13 or 15(d) of the
                 Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)  October 27, 2003
                       -------------------
                  Commission File Number 1-5324
                             ------

                       NORTHEAST UTILITIES
                      --------------------
     (Exact name of registrant as specified in its charter)

       MASSACHUSETTS                           04-2147929
    ----------------------                  ---------------
(State or other jurisdiction of       (I.R.S. Employer incorporation or
   organization)                           Identification No.)

            174 BRUSH HILL AVENUE, WEST SPRINGFIELD,
    MASSACHUSETTS                                 01090-0010
- -----------------------------------------------------------------
(Address of principal executive offices)         (Zip Code)

                         (413) 785-5871
      (Registrant's telephone number, including area code)

                         Not Applicable
                         --------------
      (Former name or former address, if changed since last
                             report)


ITEM 9.   Regulation FD Disclosure

ITEM 12.  Results of Operations and Financial Condition

     On October 27, 2003, Northeast Utilities issued a press
release relating to its financial results for the third quarter 2003.
A copy of the press release is attached as Exhibit 99.1.   Exhibits 99.1
and 99.2, which are incorporated in this Item 9 by reference thereto, are
furnished pursuant to Regulation FD.

                          EXHIBIT INDEX

Exhibit 99.1   Northeast Utilities Press Release dated October 27, 2003.
Exhibit 99.2   Financial Report for the three, six and twelve month periods
               ending September 30, 2003.

                           SIGNATURE

     Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.

                         NORTHEAST UTILITIES
                         (Registrant)


                          By:  /s/ Randy A. Shoop
                               Name:  Randy A. Shoop
                               Title: Assistant Treasurer - Finance



Date:  October 27, 2003

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>nu8kexh991102703.txt
<DESCRIPTION>NU PRESS RELEASE 102703
<TEXT>
Exhibit 99.1

News Release

CONTACTS:      Jeffrey R. Kotkin   Barbara Nieman
Office:        (860) 665-5154      (860) 665-3249

                NU REPORTS THIRD QUARTER EARNINGS


     BERLIN, Connecticut, October 27, 2003-Northeast Utilities
(NU-NYSE) today reported third quarter 2003 earnings of $44.0
million, or $0.35 per share fully diluted before the cumulative
effect of accounting change, compared with earnings of $48.6
million, or $0.38 per share fully diluted, in the third quarter
of 2002.  After the cumulative effect of accounting change, NU
earned $39.2 million, or $0.31 a share, in the third quarter of
2003.

     For the first nine months of 2003, NU earned $126.3
million, or $0.99 per share fully diluted after the cumulative
effect of accounting change, compared with earnings of $96.1
million, or $0.74 per share fully diluted, in the same period of
2002.

     Michael G. Morris, NU chairman, president and chief
executive officer, said third-quarter earnings benefited from
improved results at NU's competitive energy businesses,
including better performance at NU's competitive hydroelectric
and pumped storage generating units, lower regulated company
controllable operation and maintenance expenses, and lower
interest costs.  Those factors were offset by lower pension
income and the absence of earnings related to Seabrook.

     Third quarter 2003 results included a $4.7 million
cumulative effect of accounting change related to the
consolidation of R. M. Services, Inc., a bill collection company
that was once a subsidiary of Yankee Energy System, Inc.  NU
merged with Yankee Energy in March 2000 and sold R. M. Services
in June 2001, retaining a preferred equity interest.  In
connection with the adoption of FASB Interpretation No. 46
"Consolidation of Variable Interest Entities," effective July 1,
2003, NU was required to consolidate R. M. Services Inc. into
NU's financial statements and to adjust its equity interest as a
cumulative effect of an accounting change.

     Third quarter 2002 results included a net after-tax gain of
$14.5 million, or $0.11 per share, related to the elimination of
certain reserves associated with NU's former ownership share of
the Seabrook nuclear plant, which was sold in November 2002.

     The following table reconciles third quarter and year-to-
date earnings on a reported and adjusted basis:

                                      Third     Year-to-Date
                                      Quarter

    2002     Reported EPS            $0.38        $0.74
Significant
   items     Investment write-downs  ---          $0.08
             Seabrook 2 items        ($0.11)     ($0.11)
    2002     Adjusted EPS            $0.27        $0.71
             Lower regulated results ($0.09)     ($0.26)
             Reduced trading losses  ---          $0.14
             Improved competitive
               results               $0.12        $0.34
                  Lower NU parent
                     interest
                     cost--net       $0.02        $0.04
                  Lower share count  $0.01        $0.02
                  Other              $0.02        $0.04
    2003     Adjusted EPS            $0.35        $1.03
Significant       R.M. Services
    item     accounting change      ($0.04)      ($0.04)
    2003     Reported EPS            $0.31        $0.99


     NU's competitive energy businesses earned $6.9 million in
the third quarter of 2003, compared with a loss of $9.0 million
in the same period of 2002.  Over the first nine months of 2003,
those businesses earned $24.0 million, compared with a loss of
$38.7 million in the first nine months of 2002.  Morris said
better third-quarter operating performance at NU's competitive
businesses reflect better margins on wholesale and retail
contracts and better performance at Northeast Generation
Company, which owns nearly 1,300 megawatts of primarily
hydroelectric and pumped storage generating capacity in
Massachusetts and Connecticut.

     "We continue to be pleased with the return to profitability
of our competitive energy businesses," Morris said.  "We believe
that those businesses will earn between $0.20 a share and $0.25
a share in 2003."

     Morris noted that earnings estimates for NU's competitive
energy businesses exclude any potential negative impact on
Select Energy from an ongoing dispute involving Select Energy's
contract to provide The Connecticut Light and Power Company
(CL&P) with 50 percent of its standard offer service through the
end of 2003.  The dispute, now before an administrative law
judge at the Federal Energy Regulatory Commission (FERC),
relates to whether Select Energy or CL&P's retail customers are
responsible for an estimated $90 million of costs associated
with the implementation of locational marginal pricing in March
2003.  A FERC decision is expected in 2004.

     Morris said earnings at NU's regulated electric companies
fell due to lower pension income and the Seabrook sale.
Primarily as a result of an adjustment to unbilled electric
revenues, third quarter 2003 regulated retail electric sales
were up 4.9 percent in the third quarter of 2003 compared with
the same period of 2002.  Absent that change, retail electric
sales would have been down 0.3 percent due to cooler summer
weather.  The adjustment to unbilled revenues had a negative
impact on Yankee Gas Services Company, which serves
approximately 191,000 natural gas customers in Connecticut.
Together, the adjustments to unbilled revenues increased NU's
net income by approximately $6.7 million in the third quarter of
2003.

     CL&P earned $29.0 million in the third quarter of 2003,
compared with $27.9 million in the same period of 2002.  Through
September 30, 2003, CL&P earned $59.0 million, compared with
$58.2 million in the same period of 2002.

     Public Service Company of New Hampshire (PSNH) earned $12.6
million in the third quarter of 2003, compared with $19.5
million in the same period of 2002.  Through September 30, 2003,
PSNH earned $34.5 million, compared with $46.4 million in the
first three quarters of 2002.  Morris said PSNH earnings
comparisons continue to be negatively affected by the sale of
Seabrook.

     Western Massachusetts Electric Company (WMECO) earned $5.2
million in the third quarter of 2003, compared with $4.7 million
in the same period of 2002.  Through September 30, 2003, WMECO
earned $13.9 million, compared with $26.9 million in the same
period of 2002.  Morris said the significant decrease in WMECO
earnings is due primarily to the recognition of $13 million in
investment tax credits in the second quarter of 2002 as a result
of a regulatory decision.

     Yankee Gas lost $9.6 million in the third quarter of 2003,
compared with a loss of $5.8 million in the third quarter of
2002.  Through September 30, 2003, Yankee Gas earned $3.4
million, compared with earnings of $6.1 million in the same
period of 2002.  Lower Yankee Gas earnings are primarily due to
lower revenues in the third quarter as a result of a downward
adjustment in estimated unbilled revenues.

     Morris said NU has narrowed its forecasted earnings in 2003
from between $1.10 per share and $1.30 per share to between
$1.20 per share and $1.30 per share, including the $0.20-$0.25
per share from competitive businesses noted above.  Those ranges
exclude any potential losses at Select Energy due to the ongoing
dispute over locational marginal pricing.

     NU also has established an earnings range of between $1.20
per share and $1.40 per share for 2004.  That range reflects
earnings of between $1.08 and $1.20 per share at NU's regulated
businesses and between $0.22 and $0.30 per share at NU's
competitive businesses.  The 2004 earnings range also reflects
$0.10 per share of parent company after-tax expenses, primarily
related to interest expense.  NU has approximately 127 million
common shares outstanding.

     Morris said NU's 2004 earnings range is dependent on a
number of factors, including the outcome of state rate cases
involving CL&P and PSNH and a FERC rate case involving NU's
transmission tariffs.  A final decision from the Connecticut
Department of Public Utility Control is due December 15, 2003
with new rates effective January 1, 2004.  The filing of a PSNH
rate case is expected by the end of this year with new rates to
be effective February 1, 2004.  NU's subsidiaries filed the
transmission rate case with the FERC on August 26, 2003, and a
final decision is expected in 2004.  NU's regulated companies
provide electric service to more than 1.8 million retail
electric customers in Connecticut, New Hampshire, and
Massachusetts and natural gas service to 191,000 customers in
Connecticut.

     Morris said that competitive business earnings in 2004 are
heavily dependent on Select Energy's ability to renew and secure
new profitable electricity and natural gas supply contracts in
the Northeast United States.

     Northeast Utilities is a Fortune 500 diversified energy
company located in Connecticut with operations throughout the
Northeast.  Through its competitive and regulated subsidiaries,
NU provides Energy for a Changing World, with a full range of
products and services to millions of residential and business
customers from Maine to Maryland.  From delivering electricity
and natural gas, to marketing energy commodities, to operating
and maintaining power plant facilities, NU is committed to
safety, reliability and expanding consumers' energy options.
For more information on Northeast Utilities and its
subsidiaries, visit the NU family of Web sites at www.nu.com.


     This press release includes forward-looking statements
within the meaning of the Private Securities Litigation Reform
Act of 1995, which are statements of future expectations and not
facts.  Actual results or developments might differ materially
from those included in the forward-looking statements because of
factors such as competition and industry restructuring, changes
in economic conditions, changes in weather patterns, changes in
laws, regulations or regulatory policies, developments in legal
or public policy doctrines, technological developments,
volatility in electric and natural gas commodity markets, and
other presently unknown or unforeseen factors.  Other risk
factors are detailed from time to time in NU's reports to the
Securities and Exchange Commission.

                             #  #  #


 NOTE:     NU will webcast an investor meeting this morning at
           7:30 a.m. Eastern Daylight Time.  The call can be accessed
           through NU's website at www.nu.com.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.15 OTH FIN ST
<SEQUENCE>4
<FILENAME>nu8kexh992102703.txt
<DESCRIPTION>NU Q3 2003 FINANCIALS
<TEXT>
Exhibit 99.2

            Northeast Utilities and Subsidiaries
            ------------------------------------

              Consolidated Statements of Income
              ---------------------------------
<Table>
<Caption>
                                                                    Three Months Ended
                                                                       September 30,
                                                                    -------------------
                                                                    2003           2002
                                                                    ----           ----
                                                                  (Thousands of Dollars,
                                                                 Except Share Information)
<S>                                                            <C>            <C>
Operating Revenues                                             $ 2,054,274    $ 1,414,304
                                                               -----------    -----------
Operating Expenses:
  Operation -
    Fuel, purchased and net interchange power                    1,445,482        850,757
    Other                                                          224,606        184,110
  Maintenance                                                       55,687         68,271
  Depreciation                                                      50,879         50,946
  Amortization                                                      53,995         59,160
  Amortization of rate reduction bonds                              40,729         35,380
  Taxes other than income taxes                                     53,169         47,585
  Gain on sale of utility plant                                       -              -
                                                               -----------    -----------
       Total operating expenses                                  1,924,547      1,296,209
                                                               -----------    -----------
Operating Income                                                   129,727        118,095
Interest Expense:
  Interest on long-term debt                                        32,010         34,137
  Interest on rate reduction bonds                                  26,863         28,751
  Other interest                                                     4,474          4,825
                                                               -----------    -----------
      Interest expense, net                                         63,347         67,713
                                                               -----------    -----------
Other Income, Net                                                    4,678         32,059
                                                               -----------    -----------
Income Before Income Tax Expense                                    71,058         82,441
Income Tax Expense                                                  25,689         32,476
                                                               -----------    -----------
Income Before Preferred Dividends of Subsidiaries                   45,369         49,965
Preferred Dividends of Subsidiaries                                  1,390          1,390
                                                               -----------    -----------
Income Before Cumulative Effect of Accounting Change                43,979         48,575
Cumulative effect of accounting change,
  net of tax benefit of $2,553                                      (4,741)          -
                                                               -----------    -----------
Net Income                                                     $    39,238    $    48,575
                                                               ===========    ===========

Fully Diluted Earnings Per Common Share:
  Income Before Cumulative Effect of Accounting Change          $     0.35    $      0.38
  Cumulative effect of accounting change,
    net of tax benefit                                               (0.04)          -
                                                               -----------    -----------
Fully Diluted Earnings Per Common Share                        $      0.31    $      0.38
                                                               ===========    ===========
Fully Diluted Common Shares Outstanding (average)              127,303,973    129,508,794
                                                               ===========    ===========
</Table>




            Northeast Utilities and Subsidiaries
            ------------------------------------

              Consolidated Statements of Income
              ---------------------------------
<Table>
<Caption>
                                                                     Nine Months Ended
                                                                       September 30,
                                                                    -------------------
                                                                    2003           2002
                                                                    ----           ----
                                                                  (Thousands of Dollars,
                                                                 Except Share Information)
<S>                                                            <C>            <C>
Operating Revenues                                             $ 5,200,252    $ 3,840,693
                                                               -----------    -----------
Operating Expenses:
  Operation -
    Fuel, purchased and net interchange power                    3,408,712      2,204,434
    Other                                                          645,156        580,865
  Maintenance                                                      169,859        194,032
  Depreciation                                                     151,044        156,757
  Amortization                                                     132,791         85,114
  Amortization of rate reduction bonds                             115,232        116,016
  Taxes other than income taxes                                    178,603        177,043
  Gain on sale of utility plant                                       -              -
                                                               -----------    -----------
       Total operating expenses                                  4,801,397      3,514,261
                                                               -----------    -----------
Operating Income                                                   398,855        326,432
Interest Expense:
  Interest on long-term debt                                        93,496        101,500
  Interest on rate reduction bonds                                  82,088         87,539
  Other interest                                                    10,835         14,569
                                                               -----------    -----------
      Interest expense, net                                        186,419        203,608
                                                               -----------    -----------
Other Income, Net                                                    6,008         19,715
                                                               -----------    -----------
Income Before Income Tax Expense                                   218,444        142,539
Income Tax Expense                                                  83,223         42,296
                                                               -----------    -----------
Income Before Preferred Dividends of Subsidiaries                  135,221        100,243
Preferred Dividends of Subsidiaries                                  4,169          4,169
                                                               -----------    -----------
Income Before Cumulative Effect of Accounting Change               131,052         96,074
Cumulative effect of accounting change,
  net of tax benefit of $2,553                                      (4,741)          -
                                                               -----------    -----------
Net Income                                                     $   126,311    $    96,074
                                                               ===========    ===========

Fully Diluted Earnings Per Common Share:
  Income Before Cumulative Effect of Accounting Change         $      1.03    $      0.74
  Cumulative effect of accounting change,
    net of tax benefit                                               (0.04)          -
                                                               -----------    -----------
Fully Diluted Earnings Per Common Share                        $      0.99    $      0.74
                                                               ===========    ===========
Fully Diluted Common Shares Outstanding (average)              127,086,417    129,737,249
                                                               ===========    ===========
</Table>

The data contained in this report is preliminary and is unaudited.  This report
is being submitted for the sole purpose of providing information to present
shareholders about Northeast Utilities and Subsidiaries and is not a
representation, prospectus, or intended for use in connection with any purchase
or sale of securities.



            Northeast Utilities and Subsidiaries
            ------------------------------------

              Consolidated Statements of Income
              ---------------------------------
<Table>
<Caption>

                                                                    Twelve Months Ended
                                                                       September 30,
                                                                    -------------------
                                                                    2003           2002
                                                                    ----           ----
                                                                  (Thousands of Dollars,
                                                                 Except Share Information)
<S>                                                            <C>            <C>
Operating Revenues                                             $ 6,575,881    $ 5,136,150
                                                               -----------    -----------
Operating Expenses:
  Operation -
    Fuel, purchased and net interchange power                    4,230,380      2,956,131
    Other                                                          816,773        763,120
  Maintenance                                                      239,315        244,840
  Depreciation                                                     199,933        203,688
  Amortization                                                     360,632        137,120
  Amortization of rate reduction bonds                             147,805        160,588
  Taxes other than income taxes                                    229,078        225,502
  Gain on sale of utility plant                                   (187,113)          -
                                                               -----------    -----------
       Total operating expenses                                  6,036,803      4,690,989
                                                               -----------    -----------
Operating Income                                                   539,078        445,161
Interest Expense:
  Interest on long-term debt                                       126,467        137,105
  Interest on rate reduction bonds                                 110,340        117,452
  Other interest                                                    16,515         19,687
                                                               -----------    -----------
      Interest expense, net                                        253,322        274,244
                                                               -----------    -----------
Other Income, Net                                                   30,121         30,698
                                                               -----------    -----------
Income Before Income Tax Expense                                   315,877        201,615
Income Tax Expense                                                 123,231         50,284
                                                               -----------    -----------
Income Before Preferred Dividends of Subsidiaries                  192,646        151,331
Preferred Dividends of Subsidiaries                                  5,559          5,274
                                                               -----------    -----------
Income Before Cumulative Effect of Accounting Change               187,087        146,057
Cumulative effect of accounting change,
  net of tax benefit of $2,553                                      (4,741)          -
                                                               -----------    -----------
Net Income                                                     $   182,346    $   146,057
                                                               ===========    ===========

Fully Diluted Earnings Per Common Share:
  Income Before Cumulative Effect of Accounting Change         $      1.47    $      1.12
  Cumulative effect of accounting change,
    net of tax benefit                                               (0.04)          -
                                                               -----------    -----------
Fully Diluted Earnings Per Common Share                        $      1.43    $      1.12
                                                               ===========    ===========
Fully Diluted Common Shares Outstanding (average)              127,359,186    130,148,887
                                                               ===========    ===========
</Table>


            Northeast Utilities and Subsidiaries
            ------------------------------------

                Consolidated Balance Sheets
                ---------------------------
<Table>
<Caption>
                                                               September 30,  December 31,
                                                                   2003           2002
                                                               ------------   -----------
                                                                   (Thousands of Dollars)
ASSETS
- ------
<S>                                                            <C>            <C>
Current Assets:
  Cash and cash equivalents                                    $   118,138    $    54,678
  Restricted cash                                                   45,760           -
  Special deposits                                                  75,657         43,261
  Investments in securitizable assets                              215,592        178,908
  Receivables, net                                                 637,039        767,089
  Unbilled revenues                                                 95,498        126,236
  Fuel, materials and supplies, at average cost                    160,400        119,853
  Derivative assets                                                103,768        130,929
  Prepayments and other                                             81,556        110,261
                                                               -----------    -----------
                                                                 1,533,408      1,531,215
                                                               -----------    -----------
Property, Plant and Equipment:
  Electric utility                                               5,360,649      5,141,951
  Gas utility                                                      708,986        679,055
  Competitive energy                                               886,478        866,294
  Other                                                            209,040        205,115
                                                               -----------    -----------
                                                                 7,165,153      6,892,415
    Less:  Accumulated depreciation                              2,564,544      2,484,613
                                                               -----------    -----------
                                                                 4,600,609      4,407,802
  Construction work in progress                                    374,691        320,567
                                                                -----------   -----------
                                                                 4,975,300      4,728,369
                                                               -----------    -----------
Deferred Debits and Other Assets:
  Regulatory assets                                              2,947,670      3,076,095
  Goodwill and other purchased intangible assets, net              343,904        345,867
  Prepaid pension                                                  352,668        328,890
  Other                                                            445,418        433,444
                                                               -----------    -----------
                                                                 4,089,660      4,184,296
                                                               -----------    -----------

Total Assets                                                   $10,598,368    $10,443,880
                                                               ===========    ===========
</Table>

<Table>
<Caption>

                                                               September 30,  December 31,
                                                                   2003           2002
                                                               ------------   -----------
                                                                   (Thousands of Dollars)

LIABILITIES AND CAPITALIZATION
- ------------------------------
<S>                                                            <C>            <C>
Current Liabilities:
  Notes payable to banks                                       $    40,000    $    56,000
  Long-term debt - current portion                                  59,327         56,906
  Accounts payable                                                 787,024        776,219
  Accrued taxes                                                     68,816        141,667
  Accrued interest                                                  57,820         40,597
  Derivative liabilities                                            65,866         63,900
  Other                                                            205,501        208,680
                                                               -----------    -----------
                                                                 1,284,354      1,343,969
                                                               -----------    -----------
Rate Reduction Bonds                                             1,772,637      1,899,312
                                                               -----------    -----------

Deferred Credits and Other Liabilities:
  Accumulated deferred income taxes                              1,362,713      1,436,507
  Accumulated deferred investment tax credits                      103,607        106,471
  Deferred contractual obligations                                 321,197        354,469
  Other                                                            878,146        689,287
                                                               -----------    -----------
                                                                 2,665,663      2,586,734
                                                               -----------    -----------
Capitalization:
  Long-Term Debt                                                 2,505,222      2,287,144
                                                               -----------    -----------
  Preferered Stock - Nonredeemable                                 116,200        116,200
                                                               -----------    -----------
  Common Shareholders' Equity:
   Common shares, $5 par value - authorized
    225,000,000 shares; 150,098,023 shares issued and
    127,254,402 shares outstanding in 2003 and
    149,375,847 shares issued and 127,562,031 shares
    outstanding in 2002                                            750,492        746,879
   Capital surplus, paid in                                      1,106,466      1,108,338
   Deferred contribution plan - employee stock
    ownership plan                                                 (76,970)       (87,746)
   Retained earnings                                               837,963        765,611
   Accumulated other comprehensive (loss)/income                    (2,862)        14,927
   Treasury Stock                                                 (360,797)      (337,488)
                                                               -----------    -----------
   Common Shareholders' Equity                                   2,254,292      2,210,521
                                                               -----------    -----------
Total Capitalization                                             4,875,714      4,613,865
                                                               -----------    -----------

Total Liabilities and Capitalization                           $10,598,368    $10,443,880
                                                               ===========    ===========
</Table>

The data contained in this report is preliminary and is unaudited.  This report
is being submitted for the sole purpose of providing information to present
shareholders about Northeast Utilities and Subsidiaries and is not a
representation, prospectus, or intended for use in connection with any purchase
or sale of securities.



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
