Nstar 8-K NSTAR Reports First Quarter Results for 2005

Exhibit 99.2

NSTAR

Condensed Consolidated Statements of Income (Unaudited)

		Three Months Ended
(in millions)		March 31,
		2005			2004
Operating revenues	$	880.1		$	809.9
Operating expenses:
Purchased power, cost of gas and demand
side management		539.7			488.5
Operations and maintenance		120.1			106.4
Depreciation and amortization		74.7			65.5
Taxes		59.4			62.0
Total operating expenses		793.9			722.4
Operating income		86.2			87.5
Other income (expense):
Interest charges		(40.1	)		(38.1	)
Other income, net		0.7			0.8
Preferred dividends of subsidiary		0.5			0.5
Net income	$	46.3 ========		$	49.7 ========

NSTAR

Condensed Consolidated Balance Sheets (Unaudited)

(in millions)		March 31,		December 31,
		2005		2004
Assets
Property, plant and equipment, net	$	3,609.6	$	3,580.0
Investments		74.6		73.0
Current assets		1,102.1		777.7
Regulatory assets and goodwill		2,217.8		2,303.6
Other deferred debits		379.1		382.9
Total assets	$	7,383.2 =======	$	7,117.2 =========
Capitalization and Liabilities
Common equity	$	1,459.4	$	1,440.9
Long-term debt and preferred stock		2,548.1		2,144.4
Current liabilities		1,080.4		961.1
Deferred taxes and unamortized investment tax credits		1,056.2		840.5
Other deferred credits		1,239.1		1,730.3
Total capitalization and liabilities	$	7,383.2 =======	$	7,117.2 =========

NSTAR

Energy Sales - Three Month Periods Ended March 31,

Retail Electric Sales - gWh

			%
	2005	2004	Change
Residential	1,724	1,766	(2.4	)%
Commercial	3,215	3,136	2.5	%
Industrial and other	441	440	0.2	%
Total	5,380 ====	5,342 ====	0.7	%

Firm Gas Sales and Transportation - BBTU

			%
	2005	2004	Change
Residential	10,791	11,690	(7.7	)%
Commercial and other	8,286	8,565	(3.3	)%
Industrial	1,895	1,828	3.7	%
Total	20,972 =====	22,083 =====	(5.0	)%