Exhibit 99.15
<Table>
July 23, 2002
NORTHEAST UTILITIES AND SUBSIDIARIES
------------------------------------
FINANCIAL REPORT
----------------
<Caption>
Three Months Ended
June 30,
---------------------
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 1,673,193 $ 1,583,294
=========== ===========
Earnings for Common Shares:
Before extraordinary loss and cumulative effect
of accounting change, net of tax benefits $ 28,857 $ 46,732
Extraordinary loss, net of tax benefit
of $169,562 - -
Cumulative effect of accounting change,
net of tax benefit of $14,908 - -
----------- -----------
Net Income $ 28,857 $ 46,732
=========== ===========
Fully Diluted Earnings Per Common Share:
Before extraordinary loss and cumulative effect
of accounting change, net of tax benefits $ 0.22 $ 0.35
Extraordinary loss, net of tax benefit - -
Cumulative effect of accounting change,
net of tax benefit - -
----------- -----------
Fully Diluted Earnings Per Common Share $ 0.22 $ 0.35
=========== ===========
Common Shares Outstanding (fully diluted) 129,993,412 134,149,873
=========== ===========
</Table>
<Table>
<Caption>
Six Months Ended
June 30,
-------------------
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 3,583,876 $ 3,383,838
=========== ===========
Earnings for Common Shares:
Before extraordinary loss and cumulative effect
of accounting change, net of tax benefits $ 47,499 $ 181,327
Extraordinary loss, net of tax benefit
of $169,562 - -
Cumulative effect of accounting change,
net of tax benefit of $14,908 - (22,432)
----------- -----------
Net Income $ 47,499 $ 158,895
=========== ===========
Fully Diluted Earnings Per Common Share:
Before extraordinary loss and cumulative effect
of accounting change, net of tax benefits $ 0.37 $ 1.30
Extraordinary loss, net of tax benefit - -
Cumulative effect of accounting change,
net of tax benefit - (0.16)
----------- -----------
Fully Diluted Earnings Per Common Share $ 0.37 $ 1.14
=========== ===========
Common Shares Outstanding (fully diluted) 129,871,495 139,256,968
=========== ===========
</Table>
<Table>
<Caption>
Twelve Months Ended
June 30,
-------------------
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 7,073,865 $ 6,463,163
=========== ===========
Earnings for Common Shares:
Before extraordinary loss and cumulative effect
of accounting change, net of tax benefits $ 132,114 $ 299,830
Extraordinary loss, net of tax benefit
of $169,562 - (233,881)
Cumulative effect of accounting change,
net of tax benefit of $14,908 - (22,432)
----------- -----------
Net Income $ 132,114 $ 43,517
=========== ===========
Fully Diluted Earnings Per Common Share:
Before extraordinary loss and cumulative effect
of accounting change, net of tax benefits $ 1.01 $ 2.12
Extraordinary loss, net of tax benefit - (1.65)
Cumulative effect of accounting change,
net of tax benefit - (0.16)
----------- -----------
Fully Diluted Earnings Per Common Share $ 1.01 $ 0.31
=========== ===========
Common Shares Outstanding (fully diluted) 131,227,196 141,669,477
=========== ===========
</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 Northeast Utilities and Subsidiaries and is not a
representation, prospectus, or intended for use in connection with any purchase
or sale of securities.
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Three Months Ended
June 30,
-------------------
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 1,673,193 $ 1,583,294
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 1,158,327 1,009,878
Other 198,724 189,014
Maintenance 73,449 59,738
Depreciation 50,744 49,891
Amortization 43,038 86,098
Taxes other than income taxes 54,860 55,204
Gain on sale of utility plant - -
----------- -----------
Total operating expenses 1,579,142 1,449,823
----------- -----------
Operating Income 94,051 133,471
Other Income/(Loss), Net 1,653 15,722
----------- -----------
Income Before Interest Expense and Income Tax
(Benefit)/Expense 95,704 149,193
----------- -----------
Interest Expense:
Interest on long-term debt 37,210 35,243
Interest on rate reduction bonds 29,226 26,820
Other interest 2,572 9,482
----------- -----------
Interest expense, net 69,008 71,545
----------- -----------
Income Before Income Tax (Benefit)/Expense 26,696 77,648
Income Tax (Benefit)/Expense (3,550) 28,479
----------- -----------
Income Before Preferred Dividends of Subsidiaries 30,246 49,169
Preferred Dividends of Subsidiaries 1,389 2,437
----------- -----------
Income before extraordinary loss and
cumulative effect of accounting change,
net of tax benefits 28,857 46,732
Extraordinary loss, net of tax benefit
of $169,562 - -
Cumulative effect of accounting change,
net of tax benefit of $14,908 - -
----------- -----------
Net Income $ 28,857 $ 46,732
=========== ===========
Fully Diluted Earnings Per Common Share:
Income before extraordinary loss and
cumulative effect of accounting change,
net of tax benefits $ 0.22 $ 0.35
Extraordinary loss, net of tax benefit - -
Cumulative effect of accounting change,
net of tax benefit - -
----------- -----------
Fully Diluted Earnings Per Common Share $ 0.22 $ 0.35
=========== ===========
Common Shares Outstanding (fully diluted) 129,993,412 134,149,873
=========== ===========
</Table>
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Six Months Ended
June 30,
-------------------
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 3,583,876 $ 3,383,838
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 2,511,164 2,140,717
Other 396,755 407,942
Maintenance 125,761 148,419
Depreciation 98,625 110,520
Amortization 113,776 805,954
Taxes other than income taxes 129,458 131,091
Gain on sale of utility plant - (653,872)
----------- -----------
Total operating expenses 3,375,539 3,090,771
----------- -----------
Operating Income 208,337 293,067
Other Income/(Loss), Net (12,344) 172,920
----------- -----------
Income Before Interest Expense and Income Tax
(Benefit)/Expense 195,993 465,987
----------- -----------
Interest Expense:
Interest on long-term debt 71,758 78,911
Interest on rate reduction bonds 58,788 26,820
Other interest 5,349 33,009
----------- -----------
Interest expense, net 135,895 138,740
----------- -----------
Income Before Income Tax (Benefit)/Expense 60,098 327,247
Income Tax (Benefit)/Expense 9,820 140,779
----------- -----------
Income Before Preferred Dividends of Subsidiaries 50,278 186,468
Preferred Dividends of Subsidiaries 2,779 5,141
----------- -----------
Income before extraordinary loss and
cumulative effect of accounting change,
net of tax benefits 47,499 181,327
Extraordinary loss, net of tax benefit
of $169,562 - -
Cumulative effect of accounting change,
net of tax benefit of $14,908 - (22,432)
----------- -----------
Net Income $ 47,499 $ 158,895
=========== ===========
Fully Diluted Earnings Per Common Share:
Income before extraordinary loss and
cumulative effect of accounting change,
net of tax benefits $ 0.37 $ 1.30
Extraordinary loss, net of tax benefit - -
Cumulative effect of accounting change,
net of tax benefit - (0.16)
----------- -----------
Fully Diluted Earnings Per Common Share $ 0.37 $ 1.14
=========== ===========
Common Shares Outstanding (fully diluted) 129,871,495 139,256,968
=========== ===========
</Table>
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Twelve Months Ended
June 30,
-------------------
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 7,073,865 $ 6,463,163
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 4,911,790 3,881,251
Other 773,788 859,293
Maintenance 236,302 282,812
Depreciation 189,118 230,980
Amortization 304,858 968,643
Taxes other than income taxes 217,564 249,991
Gain on sale of utility plant - (653,297)
----------- -----------
Total operating expenses 6,633,420 5,819,673
----------- -----------
Operating Income 440,445 643,490
Other (Loss)/Income, Net 16,363 180,196
----------- -----------
Income Before Interest Expense and
Income Tax (Benefit)/Expense 456,808 823,686
----------- -----------
Interest Expense:
Interest on long-term debt 139,897 171,424
Interest on rate reduction bonds 119,583 26,820
Other interest 17,333 93,391
----------- -----------
Interest expense, net 276,813 291,635
----------- -----------
Income Before Income Tax (Benefit)/Expense 179,995 532,051
Income Tax (Benefit)/Expense 42,993 221,590
----------- -----------
Income Before Preferred Dividends of Subsidiaries 137,002 310,461
Preferred Dividends of Subsidiaries 4,888 10,631
----------- -----------
Income before extraordinary loss and
cumulative effect of accounting change,
net of tax benefits 132,114 299,830
Extraordinary loss, net of tax benefit
of $169,562 - (233,881)
Cumulative effect of accounting change,
net of tax benefit of $14,908 - (22,432)
----------- -----------
Net Income $ 132,114 $ 43,517
=========== ===========
Fully Diluted Earnings Per Common Share:
Income before extraordinary loss and
cumulative effect of accounting change,
net of tax benefits $ 1.01 $ 2.12
Extraordinary loss, net of tax benefit - (1.65)
Cumulative effect of accounting change,
net of tax benefit - (0.16)
----------- -----------
Fully Diluted Earnings Per Common Share $ 1.01 $ 0.31
=========== ===========
Common Shares Outstanding (fully diluted) 131,227,196 141,669,477
=========== ===========
</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 Northeast Utilities and Subsidiaries and is not a
representation, prospectus, or intended for use in connection with any purchase
or sale of securities.
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Balance Sheets
---------------------------
<Table>
<Caption>
June 30,
-------------------
2002 2001
---- ----
(Thousands of Dollars)
ASSETS
- ------
Current Assets:
Cash and cash equivalents $ 94,023 $ 197,646
Investments in securitizable assets 28,885 40,599
Receivables, net 844,219 784,053
Unbilled revenues 106,284 85,909
Fuel, materials, and supplies, at average cost 120,732 102,583
Special deposits 14,119 39,095
Prepayments and other 176,657 139,174
----------- -----------
1,384,919 1,389,059
----------- -----------
Property, Plant and Equipment:
Electric utility 5,909,275 5,621,856
Gas utility 657,194 618,684
Competitive energy 1,166,029 1,236,126
Other 28,355 39,100
----------- -----------
7,760,853 7,515,766
Less: Accumulated provision for depreciation 3,496,147 3,435,530
----------- -----------
4,264,706 4,080,236
Construction work in progress 290,578 222,884
Nuclear fuel, net 26,011 26,038
----------- -----------
4,581,295 4,329,158
----------- -----------
Deferred Debits and Other Assets:
Regulatory assets 3,160,295 3,414,873
Goodwill and other purchased intangible assets, net 332,312 324,519
Prepaid pension 267,448 190,145
Nuclear decommissioning trusts, at market 64,127 59,903
Other 524,263 453,051
----------- -----------
4,348,445 4,442,491
----------- -----------
Total Assets $10,314,659 $10,160,708
=========== ===========
</Table>
<Table>
<Caption>
June 30,
-------------------
2002 2001
---- ----
(Thousands of Dollars)
LIABILITIES AND CAPITALIZATION
- ------------------------------
Current Liabilities:
Notes payable to banks $ 290,000 $ 455,400
Long-term debt - current portion 52,063 24,365
Accounts payable 654,575 685,485
Accrued taxes 30,910 83,032
Accrued interest 61,410 55,899
Other 195,779 121,340
----------- -----------
1,284,737 1,425,521
----------- -----------
Rate Reduction Bonds 2,001,191 2,118,400
----------- -----------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 1,483,138 1,447,536
Accumulated deferred investment tax credits 113,746 126,422
Deferred contractual obligations 198,353 228,701
Other 699,714 645,124
----------- -----------
2,494,951 2,447,783
----------- -----------
Capitalization:
Long-Term Debt 2,273,861 1,930,142
----------- -----------
Preferered Stock 116,200 116,200
----------- -----------
Common Shareholders' Equity:
Common shares, $5 par value - authorized
225,000,000 shares; 149,271,168 shares issued and
129,773,079 shares outstanding in 2002 and
148,888,790 shares issued and 133,864,193 shares
outstanding in 2001 746,356 744,444
Capital surplus, paid in 1,109,741 1,108,613
Deferred contribution plan - employee stock
ownership plan (95,501) (108,122)
Retained earnings 678,593 610,248
Accumulated other comprehensive income/(loss) 1,383 (26,470)
Treasury stock (296,853) (206,051)
----------- -----------
Common Shareholders' Equity 2,143,719 2,122,662
----------- -----------
Total Capitalization 4,533,780 4,169,004
----------- -----------
Total Liabilities and Capitalization $10,314,659 $10,160,708
=========== ===========
</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 Northeast Utilities and Subsidiaries and is not a
representation, prospectus, or intended for use in connection with any purchase
or sale of securities.