Nstar 8-K NSTAR Reports Earnings for the Fourth Quarter and Year 2004

Exhibit 99.2

NSTAR

Condensed Consolidated Statements of Income

		Three Months Ended						Years Ended
(in millions)		December 31,						December 31,
		(unaudited)						(unaudited)
		2004			2003			2004			2003
Operating revenues	$	713.1		$	684.4		$	2,954.3		$	2,911.7
Operating expenses:
Purchased power, cost of gas and demand
side management		428.6			396.0			1,728.4			1,680.5
Operations and maintenance		108.5			106.6			421.4			443.9
Depreciation and amortization		60.3			59.2			246.9			235.5
Taxes		39.6			50.3			219.3			219.3
Total operating expenses		637.0			612.1			2,616.0			2,579.2
Operating income		76.1			72.3			338.3			332.5
Other income (expense):
Other income, net		0.4			0.7			5.9			8.2
Interest charges		(38.1	)		(36.1	)		(153.7	)		(157.2	)
Preferred dividends of subsidiary		0.5			0.5			2.0			2.0
Net income	$	37.9 =====		$	36.4 =====		$	188.5 =====		$	181.5 =====

NSTAR

Condensed Consolidated Balance Sheets

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		December 31,
(in millions)		(unaudited)
		2004		2003
Assets
Property, plant and equipment, net	$	3,580.0	$	3,376.6
Investments		73.0		68.9
Current assets		497.6		501.0
Regulatory assets and goodwill		2,881.3		2,294.2
Other deferred debits		85.3		91.5
Total assets	$	7,117.2 =======	$	6,332.2 =======
Capitalization and Liabilities
Common equity	$	1,440.9	$	1,361.6
Long-term debt and preferred stock		2,144.4		2,022.6
Current liabilities		1,007.0		956.2
Deferred taxes and unamortized investment tax credits		794.5		765.5
Other deferred credits		1,730.4		1,226.3
Total capitalization and liabilities	$	7,117.2 =======	$	6,332.2 =======

NSTAR

Energy Sales - Periods Ended December 31,

Retail Electric Sales - gWh

	Three Months		%		Twelve Months		%
	2004	2003	Change		2004	2003	Change
Residential	1,604	1,504	6.6	%	6,565	6,493	1.1	%
Commercial	3,031	3,006	0.8	%	12,693	12,418	2.2	%
Industrial and other	444	475	(6.5	)%	1,820	1,864	(2.4	)%
Total	5,079 ====	4,985 ====	1.9	%	21,078 =====	20,775 =====	1.5	%

Firm Gas Sales and Transportation - BBTU

	Three Months		%		Twelve Months		%
	2004	2003	Change		2004	2003	Change
Residential	7,424	7,483	(0.8	)%	23,051	24,062	(4.2	)%
Commercial	4,359	4,378	(0.4	)%	15,614	16,152	(3.3	)%
Industrial and other	2,116	1,934	9.4	%	8,302	8,175	1.6	%
Total	13,899 =====	13,795 =====	0.8	%	46,967 =====	48,389 =====	(2.9	)%