Nstar 8-K NSTAR Reports Second Quarter Results for 2004

Exhibit 99.2

NSTAR

Condensed Consolidated Statements of Income (Unaudited)

		Three Months Ended
(in millions)		June 30,
		2004			2003
Operating revenues	$	649.8		$	647.0
Operating expenses:
Purchased power, cost of gas and demand
side management		362.3			364.7
Operations and maintenance		103.2			105.0
Depreciation and amortization		61.1			57.4
Taxes		49.8			46.6
Total operating expenses		576.4			573.7
Operating income		73.4			73.3
Other income (expense):
Interest charges		(38.3	)		(39.6	)
Other income, net		2.9			6.0
Preferred dividends of subsidiary		0.5			0.5
Net income	$	37.5		$	39.2

NSTAR

Condensed Consolidated Balance Sheets (Unaudited)

(in millions)		June 30,		December 31,
		2004		2003
Assets
Property, plant and equipment, net	$	3,459.6	$	3,376.7
Investments		72.2		68.9
Current assets		532.6		501.0
Regulatory assets and goodwill		2,190.5		2,294.2
Other deferred debits		79.1		79.9
Total assets	$	6,334.0	$	6,320.7
Capitalization and Liabilities
Common equity	$	1,388.2	$	1,361.6
Long-term debt and preferred stock		2,286.8		2,025.5
Current liabilities		732.0		939.9
Deferred taxes and unamortized investment tax credits		785.2		765.5
Regulatory liability - cost of removal		255.3		223.1
Other deferred credits		886.5		1,005.1
Total capitalization and liabilities	$	6,334.0	$	6,320.7

NSTAR

Energy Sales - Three Month Periods Ended June 30,

Retail Electric Sales - gWh

			%
	2004	2003	Change
Residential	1,480	1,396	6.0	%
Commercial	3,098	2,923	6.0	%
Industrial and other	457	448	2.0	%
Total	5,035	4,767	5.6	%

Firm Gas Sales and Transportation - BBTU

			%
	2004	2003	Change
Residential	2,441	3,422	(28.7	)%
Commercial	2,448	2,985	(18.0	)%
Industrial and other	2,002	1,845	8.5	%
Total	6,891	8,252	(16.5	)%