Nstar 8-K NSTAR Reports Earnings and Declares Dividend Increase

Exhibit 99.2

NSTAR

Condensed Consolidated Statements of Income

		Three Months Ended						Years Ended
(in millions, except earnings per share)		December 31,						December 31,
		(unaudited)						(unaudited)
		2005			2004			2005			2004
Operating revenues	$	812.6		$	713.1		$	3,243.1		$	2,954.3
Operating expenses:
Purchased power, cost of gas and demand-side
management and renewable energy programs		491.4			428.7			1,885.2			1,728.4
Operations and maintenance		116.4			108.5			452.6			421.4
Depreciation and amortization		87.4			62.2			336.6			254.8
Taxes		43.5			37.6			213.1			211.4
Total operating expenses		738.7			637.0			2,887.5			2,616.0
Operating income		73.9			76.1			355.6			338.3
Financing costs and other income and
deductions, net		(35.2	)		(38.1	)		(159.5	)		(149.8	)
Net income	$	38.7 =====		$	38.0 =====		$	196.1 ====		$	188.5 =====
Earnings per common share:
Basic	$	0.36		$	0.36		$	1.84		$	1.77
Diluted	$	0.36		$	0.35		$	1.83		$	1.76

NSTAR

Condensed Consolidated Balance Sheets

		December 31,
(in millions)		(unaudited)
		2005		2004
Assets
Property, plant and equipment, net	$	3,840.6	$	3,580.0
Investments		77.1		73.0
Current assets		1,023.9		797.8
Regulatory assets		2,278.3		2,555.4
Other deferred debits		425.7		385.2
Total assets	$	7,645.6 =======	$	7,391.4 =======
Capitalization and Liabilities
Common equity	$	1,535.0	$	1,440.9
Long-term debt and preferred stock		2,445.4		2,144.4
Current liabilities		1,223.2		961.1
Deferred taxes and unamortized investment tax credits		1,269.6		1,114.6
Other deferred credits		1,172.4		1,730.4
Total capitalization and liabilities	$	7,645.6 =======	$	7,391.4 =======

NSTAR

Energy Sales - Periods Ended December 31,

Retail Electric Sales - gWh

	Three Months		%		Twelve Months		%
	2005	2004	Change		2005	2004	Change
Residential	1,613	1,604	0.6	%	6,774	6,565	3.2	%
Commercial	3,139	3,031	3.6	%	13,118	12,693	3.3	%
Industrial and other	435	444	(2.0	)%	1,790	1,820	(1.6	)%
Total	5,187 =====	5,079 ====	2.1	%	21,682 =====	21,078 =====	2.9	%

Firm Gas Sales and Transportation - BBTU

	Three Months		%		Twelve Months		%
	2005	2004	Change		2005	2004	Change
Residential	6,579	7,016	(6.2	)%	21,974	23,073	(4.8	)%
Commercial	4,375	4,580	(4.5	)%	15,416	15,692	(1.8	)%
Industrial and other	2,265	2,303	(1.7	)%	8,115	8,202	(1.1	)%
Total	13,219 =====	13,899 =====	(4.9	)%	45,505 =====	46,967 =====	(3.1	)%