Nstar 8-K NSTAR Reports First Quarter Results for 2004

Exhibit 99.2

NSTAR

Condensed Consolidated Statements of Income (Unaudited)

		Three Months Ended
(in millions)		March 31,
		2004			2003
Operating revenues	$	809.9		$	762.9
Operating expenses:
Purchased power, cost of gas and demand
side management		488.5			451.5
Operations and maintenance		106.4			109.8
Depreciation and amortization		65.5			62.1
Taxes		62.0			54.9
Total operating expenses		722.4			678.3
Operating income		87.5			84.6
Other income (expense):
Interest charges		(38.1	)		(42.2	)
Other income, net		0.8			0.4
Preferred dividends of subsidiary		0.5			0.5
Net income	$	49.7		$	42.3

NSTAR

Condensed Consolidated Balance Sheets (Unaudited)

(in millions)		March 31,		December 31,
		2004		2003
Assets
Property, plant and equipment, net	$	3,399.3	$	3,376.7
Investments		71.7		68.9
Current assets		508.2		501.0
Regulatory assets and goodwill		2,246.0		2,294.2
Other deferred debits		79.8		79.9
Total assets	$	6,305.0	$	6,320.7
Capitalization and Liabilities
Common equity	$	1,382.5	$	1,361.6
Long-term debt and preferred stock		2,289.1		2,025.5
Current liabilities		691.9		939.9
Deferred taxes and unamortized investment tax credits		778.3		765.5
Regulatory liability - cost of removal		232.8		223.1
Other deferred credits		930.4		1,005.1
Total capitalization and liabilities	$	6,305.0	$	6,320.7

NSTAR

Energy Sales - Three Month Periods Ended March 31,

Retail Electric Sales - gWh

			%
	2004	2003	Change
Residential	1,766	1,765	0.1	%
Commercial	3,136	3,048	2.9	%
Industrial and other	440	444	(0.9	)%
Total	5,342	5,257	1.6	%

Firm Gas Sales and Transportation - BBTU

			%
	2004	2003	Change
Residential	11,724	11,640	0.7	%
Commercial	7,140	7,167	(0.4	)%
Industrial and other	3,219	3,412	(5.7	)%
Total	22,083	22,219	(0.6	)%