Exhibit 99.15
<Table>
April 23, 2002
NORTHEAST UTILITIES AND SUBSIDIARIES
------------------------------------
FINANCIAL REPORT
----------------
<Caption>
Three Months Ended
March 31,
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 1,910,683 $ 1,800,544
=========== ===========
Earnings for Common Shares:
Before extraordinary loss and cumulative effect
of accounting changes, net of taxes $ 18,642 $ 134,595
Extraordinary loss, net of tax benefits
of $169,652 - -
Cumulative effect of accounting changes,
net of tax benefits of $14,908 - (22,432)
----------- -----------
Total Net Income $ 18,642 $ 112,163
=========== ===========
Fully Diluted Earnings Per Common Share:
Before extraordinary loss and cumulative effect
of accounting changes, net of taxes $ 0.14 $ 0.93
Extraordinary loss, net of taxes - -
Cumulative effect of accounting changes,
net of taxes - (0.15)
----------- -----------
Total Fully Diluted Earnings
Per Common Share $ 0.14 $ 0.78
=========== ===========
Common Shares Outstanding (fully diluted) 129,754,946 144,314,339
=========== ===========
Twelve Months Ended
March 31,
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 6,983,965 $ 6,294,843
=========== ===========
Earnings for Common Shares:
Before extraordinary loss and cumulative effect
of accounting changes, net of taxes $ 149,988 $ 265,303
Extraordinary loss, net of tax benefits
of $169,652 - (233,881)
Cumulative effect of accounting changes,
net of tax benefits of $14,908 - (22,432)
----------- -----------
Total Net Income $ 149,988 $ 8,990
=========== ===========
Fully Diluted Earnings Per Common Share:
Before extraordinary loss and cumulative effect
of accounting changes, net of taxes $ 1.13 $ 1.84
Extraordinary loss, net of taxes - (1.63)
Cumulative effect of accounting changes,
net of taxes - (0.15)
----------- -----------
Total Fully Diluted Earnings
Per Common Share $ 1.13 $ 0.06
=========== ===========
Common Shares Outstanding (fully diluted) 132,294,786 144,046,071
=========== ===========
</Table>
The data contained in this report is preliminary and is unaudited. This report
is being submitted for the sole purpose of providing information to present
shareholders about the Northeast Utilities System and is not a representation,
prospectus, or intended for use in connection with any purchase or sale of
securities.
<Table>
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Caption>
Three Months Ended
March 31,
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 1,910,683 $ 1,800,544
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 1,352,837 1,130,839
Other 198,031 218,928
Maintenance 52,312 88,681
Depreciation 47,881 60,629
Amortization 70,738 719,856
Taxes other than income taxes 74,598 75,887
Gain on sale of utility plant - (653,872)
----------- -----------
Total operating expenses 1,796,397 1,640,948
----------- -----------
Operating Income 114,286 159,596
Other (Loss)/Income, Net (13,997) 157,198
----------- -----------
Income Before Interest and Income Tax Expense 100,289 316,794
----------- -----------
Interest Expense:
Interest on long-term debt 34,548 43,668
Interest on rate reduction bonds 29,562 -
Other interest 2,777 23,527
----------- -----------
Interest expense, net 66,887 67,195
----------- -----------
Income Before Income Tax Expense 33,402 249,599
Income Tax Expense 13,370 112,300
----------- -----------
Income Before Preferred Dividends of Subsidiaries 20,032 137,299
Preferred Dividends of Subsidiaries 1,390 2,704
----------- -----------
Income before extraordinary loss and
cumulative effect of accounting change,
net of tax benefits 18,642 134,595
Extraordinary loss, net of tax benefit
of $169,652 - -
Cumulative effect of accounting change,
net of tax benefit of $14,908 - (22,432)
----------- -----------
Net Income $ 18,642 $ 112,163
=========== ===========
Fully Diluted Earnings Per Common Share:
Income before extraordinary loss and
cumulative effect of accounting change,
net of tax benefits $ 0.14 $ 0.93
Extraordinary loss, net of tax benefit - -
Cumulative effect of accounting change,
net of tax benefit - (0.15)
----------- -----------
Total Fully Diluted Earnings
Per Common Share $ 0.14 $ 0.78
=========== ===========
Common Shares Outstanding (fully diluted) 129,754,946 144,314,339
=========== ===========
</Table>
<Table>
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Caption>
Twelve Months Ended
March 31,
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 6,983,965 $ 6,294,843
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 4,763,339 3,667,543
Other 764,078 883,235
Maintenance 222,592 293,797
Depreciation 188,264 240,035
Amortization 347,920 950,863
Taxes other than income taxes 217,908 256,112
Gain on sale of utility plant - (653,297)
----------- -----------
Total operating expenses 6,504,101 5,638,288
----------- -----------
Operating Income 479,864 656,555
Other (Loss)/Income, Net 30,432 140,540
----------- -----------
Income Before Interest and Income Tax Expense 510,296 797,095
----------- -----------
Interest Expense:
Interest on long-term debt 137,929 188,481
Interest on rate reduction bonds 117,177 -
Other interest 24,244 111,768
----------- -----------
Interest expense, net 279,350 300,249
----------- -----------
Income Before Income Tax Expense 230,946 496,846
Income Tax Expense 75,023 219,435
----------- -----------
Income Before Preferred Dividends of Subsidiaries 155,923 277,411
Preferred Dividends of Subsidiaries 5,935 12,108
----------- -----------
Income before extraordinary loss and
cumulative effect of accounting change,
net of tax benefits 149,988 265,303
Extraordinary loss, net of tax benefit
of $169,652 - (233,881)
Cumulative effect of accounting change,
net of tax benefit of $14,908 - (22,432)
----------- -----------
Net Income $ 149,988 $ 8,990
=========== ===========
Fully Diluted Earnings Per Common Share:
Income before extraordinary loss and
cumulative effect of accounting change,
net of tax benefits $ 1.13 $ 1.84
Extraordinary loss, net of tax benefit - (1.63)
Cumulative effect of accounting change,
net of tax benefit - (0.15)
----------- -----------
Total Fully Diluted Earnings
Per Common Share $ 1.13 $ 0.06
=========== ===========
Common Shares Outstanding (fully diluted) 132,294,786 144,046,071
=========== ===========
</Table>
The data contained in this report is preliminary and is unaudited. This report
is being submitted for the sole purpose of providing information to present
shareholders about the Northeast Utilities System and is not a representation,
prospectus, or intended for use in connection with any purchase or sale of
securities.
<Table>
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Balance Sheets
---------------------------
<Caption>
March 31,
2002 2001
---- ----
(Thousands of Dollars)
ASSETS
- ------
Current Assets:
Cash and cash equivalents $ 106,810 $ 1,472,454
Investments in securitizable assets 40,334 86,431
Receivables, net 733,998 702,573
Unbilled revenues 121,385 118,927
Fuel, materials, and supplies, at average cost 108,884 94,195
Special deposits 26,605 2,498
Prepayments and other 152,405 137,137
----------- -----------
1,290,421 2,614,215
----------- -----------
Property, Plant and Equipment:
Electric utility 5,805,682 5,642,545
Gas utility 651,607 613,267
Competitive energy 1,007,887 1,068,383
Other 198,059 208,760
----------- -----------
7,663,235 7,532,955
Less: Accumulated provision for depreciation 3,454,054 3,487,588
----------- -----------
4,209,181 4,045,367
Construction work in progress 293,486 206,851
Nuclear fuel, net 29,369 29,264
----------- -----------
4,532,036 4,281,482
----------- -----------
Deferred Debits and Other Assets:
Regulatory assets 3,182,817 3,368,215
Goodwill and other purchased intangible assets, net 320,647 333,184
Prepaid pension 249,923 157,455
Nuclear decommissioning trusts, at market 62,107 57,170
Other 511,606 434,214
----------- -----------
4,327,100 4,350,238
----------- -----------
Total Assets $10,149,557 $11,245,935
=========== ===========
March 31,
2002 2001
---- ----
(Thousands of Dollars)
LIABILITIES AND CAPITALIZATION
- ------------------------------
Current Liabilities:
Notes payable to banks $ 230,000 1,111,416
Long-term debt and preferred stock -
current portion 313,536 243,859
Accounts payable 502,199 737,793
Accrued taxes 58,434 376,944
Accrued interest 68,584 58,753
Other 163,473 281,003
----------- -----------
1,336,226 2,809,768
----------- -----------
Rate Reduction Bonds 2,051,807 1,438,400
----------- -----------
Minority Interest in Consolidated Subsidiary - 100,000
----------- -----------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 1,479,382 1,358,660
Accumulated deferred investment tax credits 116,312 131,760
Deferred contractual obligations 206,696 237,108
Other 680,657 586,660
----------- -----------
2,483,047 2,314,188
----------- -----------
Capitalization:
Long-Term Debt 2,023,432 2,148,297
----------- -----------
Preferered Stock 116,200 116,200
----------- -----------
Common Shareholders' Equity:
Common shares, $5 par value - authorized
225,000,000 shares; 149,116,706 shares issued and
129,477,227 shares outstanding in 2002 and
148,807,333 shares issued and 143,978,260 shares
outstanding in 2001 745,584 744,037
Capital surplus, paid in 1,111,677 1,106,027
Deferred contribution plan - employee stock
ownership plan (98,802) (111,264)
Retained earnings 680,934 593,646
Accumulated other comprehensive (loss)/income (3,695) 5,745
Treasury Stock (296,853) (19,109)
----------- -----------
Common Shareholders' Equity 2,138,845 2,319,082
Total Capitalization 4,278,477 4,583,579
----------- -----------
Total Liabilities and Capitalization $10,149,557 $11,245,935
=========== ===========
</Table>
The data contained in this report is preliminary and is unaudited. This report
is being submitted for the sole purpose of providing information to present
shareholders about the Northeast Utilities System and is not a representation,
prospectus, or intended for use in connection with any purchase or sale of
securities.