SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC  20549


                                   FORM 10-Q

                                AMENDMENT NO. 1

         (X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended June 30, 1995

                                      OR

        ( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
                        SECURITIES EXCHANGE ACT OF 1934

                         Commission File Number 1-3446

                          NEW ENGLAND ELECTRIC SYSTEM

              (exact name of registrant as specified in charter)


Massachusetts
(State or other
jurisdiction of
incorporation or
organization)


04-1663060
(I.R.S. Employer
Identification No.)
              25 Research Drive, Westborough, Massachusetts 01582
(Address of principal executive offices)

Registrant's telephone number, including area code
                                (508) 389-2000

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                               Yes (X)    No ( )

Common Shares, par value $1 per share, authorized and
outstanding:  64,925,204 shares at June 30, 1995.

      The undersigned registrant hereby amends its Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 1995
by amending the Financial Data Schedule to conform the financial
information therein with the financial statements.  The Financial
Data Schedule is restated in its entirety below.

                                   SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this Amendment No. 1 to
Form 10-Q for the quarter ended June 30, 1995 to be signed on its
behalf by the undersigned thereunto duly authorized.


                                          NEW ENGLAND ELECTRIC SYSTEM


                                          s/Alfred D. Houston
                                          ____________________________
                                          Alfred D. Houston
                                          Executive Vice President,
                                          Authorized Officer, and
                                          Principal Financial Officer


Date:  August 14, 1995













The name "New England Electric System" means the trustee or
trustees for the time being (as trustee or trustees but not
personally) under an agreement and declaration of trust dated
January 2, 1926, as amended, which is hereby referred to, and a
copy of which as amended has been filed with the Secretary of the
Commonwealth of Massachusetts.  Any agreement, obligation or
liability made, entered into or incurred by or on behalf of New
England Electric System binds only its trust estate, and no
shareholder, director, trustee, officer or agent thereof assumes
or shall be held to any liability therefor.