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, except earnings per share) |
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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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| 2005 |
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| 2004 |
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| 2005 |
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| 2004 |
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Operating revenues |
| $ | 812.6 |
| $ | 713.1 |
| $ | 3,243.1 |
| $ | 2,954.3 |
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Operating expenses: |
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Purchased power, cost of gas and demand-side |
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management and renewable energy programs |
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| 491.4 |
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| 428.7 |
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| 1,885.2 |
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| 1,728.4 |
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Operations and maintenance |
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| 116.4 |
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| 108.5 |
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| 452.6 |
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| 421.4 |
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Depreciation and amortization |
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| 87.4 |
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| 62.2 |
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| 336.6 |
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| 254.8 |
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Taxes |
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| 43.5 |
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| 37.6 |
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| 213.1 |
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| 211.4 |
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Total operating expenses |
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| 738.7 |
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| 637.0 |
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| 2,887.5 |
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| 2,616.0 |
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Operating income |
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| 73.9 |
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| 76.1 |
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| 355.6 |
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| 338.3 |
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Financing costs and other income and |
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deductions, net |
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| (35.2 | ) |
| (38.1 | ) |
| (159.5 | ) |
| (149.8 | ) |
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Net income |
| $ | 38.7 |
| $ | 38.0 |
| $ | 196.1 |
| $ | 188.5 |
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Earnings per common share: |
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Basic |
| $ | 0.36 |
| $ | 0.36 |
| $ | 1.84 |
| $ | 1.77 |
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Diluted |
| $ | 0.36 |
| $ | 0.35 |
| $ | 1.83 |
| $ | 1.76 |
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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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| 2005 |
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| 2004 |
Assets |
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Property, plant and equipment, net |
| $ | 3,840.6 |
| $ | 3,580.0 |
Investments |
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| 77.1 |
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| 73.0 |
Current assets |
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| 1,023.9 |
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| 797.8 |
Regulatory assets |
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| 2,278.3 |
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| 2,555.4 |
Other deferred debits |
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| 425.7 |
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| 385.2 |
Total assets |
| $ | 7,645.6 |
| $ | 7,391.4 |
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Capitalization and Liabilities |
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Common equity |
| $ | 1,535.0 |
| $ | 1,440.9 |
Long-term debt and preferred stock |
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| 2,445.4 |
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| 2,144.4 |
Current liabilities |
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| 1,223.2 |
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| 961.1 |
Deferred taxes and unamortized investment tax credits |
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| 1,269.6 |
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| 1,114.6 |
Other deferred credits |
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| 1,172.4 |
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| 1,730.4 |
Total capitalization and liabilities |
| $ | 7,645.6 |
| $ | 7,391.4 |
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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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| 2005 |
| 2004 |
| Change |
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| 2005 |
| 2004 |
| Change |
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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 | % |
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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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| 2005 |
| 2004 |
| Change |
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| 2005 |
| 2004 |
| Change |
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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 | )% |
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