Exhibit 99.2
NSTAR
Condensed Consolidated Statements of Income
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| Three Months Ended |
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| Years Ended |
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(in millions) |
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| December 31, |
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| December 31, |
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| (unaudited) |
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| (unaudited) |
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| 2004 |
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| 2003 |
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| 2004 |
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| 2003 |
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Operating revenues |
| $ | 713.1 |
| $ | 684.4 |
| $ | 2,954.3 |
| $ | 2,911.7 |
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Operating expenses: |
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Purchased power, cost of gas and demand |
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side management |
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| 428.6 |
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| 396.0 |
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| 1,728.4 |
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| 1,680.5 |
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Operations and maintenance |
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| 108.5 |
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| 106.6 |
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| 421.4 |
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| 443.9 |
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Depreciation and amortization |
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| 60.3 |
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| 59.2 |
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| 246.9 |
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| 235.5 |
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Taxes |
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| 39.6 |
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| 50.3 |
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| 219.3 |
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| 219.3 |
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Total operating expenses |
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| 637.0 |
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| 612.1 |
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| 2,616.0 |
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| 2,579.2 |
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Operating income |
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| 76.1 |
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| 72.3 |
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| 338.3 |
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| 332.5 |
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Other income (expense): |
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Other income, net |
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| 0.4 |
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| 0.7 |
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| 5.9 |
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| 8.2 |
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Interest charges |
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| (38.1 | ) |
| (36.1 | ) |
| (153.7 | ) |
| (157.2 | ) |
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Preferred dividends of subsidiary |
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| 0.5 |
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| 0.5 |
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| 2.0 |
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| 2.0 |
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Net income |
| $ | 37.9 |
| $ | 36.4 |
| $ | 188.5 |
| $ | 181.5 |
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NSTAR
Condensed Consolidated Balance Sheets
��
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| December 31, | |||
(in millions) |
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| (unaudited) |
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| 2004 |
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| 2003 |
Assets |
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Property, plant and equipment, net |
| $ | 3,580.0 |
| $ | 3,376.6 |
Investments |
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| 73.0 |
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| 68.9 |
Current assets |
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| 497.6 |
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| 501.0 |
Regulatory assets and goodwill |
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| 2,881.3 |
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| 2,294.2 |
Other deferred debits |
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| 85.3 |
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| 91.5 |
Total assets |
| $ | 7,117.2 |
| $ | 6,332.2 |
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Capitalization and Liabilities |
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Common equity |
| $ | 1,440.9 |
| $ | 1,361.6 |
Long-term debt and preferred stock |
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| 2,144.4 |
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| 2,022.6 |
Current liabilities |
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| 1,007.0 |
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| 956.2 |
Deferred taxes and unamortized investment tax credits |
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| 794.5 |
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| 765.5 |
Other deferred credits |
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| 1,730.4 |
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| 1,226.3 |
Total capitalization and liabilities |
| $ | 7,117.2 |
| $ | 6,332.2 |
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NSTAR
Energy Sales - Periods Ended December 31,
Retail Electric Sales - gWh
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| Three Months |
| % |
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| Twelve Months |
| % |
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| 2004 |
| 2003 |
| Change |
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| 2004 |
| 2003 |
| Change |
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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 | % |
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Firm Gas Sales and Transportation - BBTU
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| Three Months |
| % |
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| Twelve Months |
| % |
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| 2004 |
| 2003 |
| Change |
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| 2004 |
| 2003 |
| Change |
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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 | )% |
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