Exhibit 99.2
<Table>
January 28, 2003
NORTHEAST UTILITIES AND SUBSIDIARIES
------------------------------------
FINANCIAL REPORT
----------------
<Caption>
Three Months Ended
December 31,
---------------------
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 1,264,821 $ 1,298,557
=========== ===========
Earnings for Common Shares:
Before cumulative effect of accounting change,
net of tax benefit $ 56,035 $ 49,984
Cumulative effect of accounting change,
net of tax benefit of $14,908 - -
----------- -----------
Net Income $ 56,035 $ 49,984
=========== ===========
Fully Diluted Earnings Per Common Share:
Before cumulative effect of accounting change,
net of tax benefit $ 0.44 $ 0.38
Cumulative effect of accounting change,
net of tax benefit - -
----------- -----------
Fully Diluted Earnings Per Common Share $ 0.44 $ 0.38
=========== ===========
Common Shares Outstanding (fully diluted) 128,179,015 131,381,924
=========== ===========
</Table>
<Table>
<Caption>
Twelve Months Ended
December 31,
-------------------
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 5,034,913 $ 5,968,220
=========== ===========
Earnings for Common Shares:
Before cumulative effect of accounting change,
net of tax benefit $ 152,109 $ 265,942
Cumulative effect of accounting change,
net of tax benefit of $14,908 - (22,432)
----------- -----------
Net Income $ 152,109 $ 243,510
=========== ===========
Fully Diluted Earnings Per Common Share:
Before cumulative effect of accounting change,
net of tax benefit $ 1.18 $ 1.96
Cumulative effect of accounting change,
net of tax benefit - (0.17)
----------- -----------
Fully Diluted Earnings Per Common Share $ 1.18 $ 1.79
=========== ===========
Common Shares Outstanding (fully diluted) 129,341,360 135,917,423
=========== ===========
</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
December 31,
-------------------
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 1,264,821 $ 1,298,557
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 710,861 754,798
Other 171,617 182,254
Maintenance 69,455 50,809
Depreciation 46,925 46,931
Amortization 262,378 82,578
Taxes other than income taxes 50,475 48,458
Gain on sale of utility plant (187,113) -
----------- -----------
Total operating expenses 1,124,598 1,165,828
----------- -----------
Operating Income 140,223 132,729
Other Income/(Loss), Net 24,113 (3,017)
----------- -----------
Income Before Interest and Income Tax Expense 164,336 129,712
----------- -----------
Interest Expense:
Interest on long-term debt 27,366 35,605
Interest on rate reduction bonds 28,252 29,913
Other interest 11,285 5,118
----------- -----------
Interest expense, net 66,903 70,636
----------- -----------
Income Before Income Tax Expense 97,433 59,076
Income Tax Expense 40,008 7,988
----------- -----------
Income Before Preferred Dividends of Subsidiaries 57,425 51,088
Preferred Dividends of Subsidiaries 1,390 1,104
----------- -----------
Income Before Cumulative Effect of Accounting Change 56,035 49,984
Cumulative effect of accounting change,
net of tax benefit of $14,908 - -
----------- -----------
Net Income $ 56,035 $ 49,984
=========== ===========
Fully Diluted Earnings Per Common Share:
Income before cumulative effect of accounting change,
net of tax benefit $ 0.44 $ 0.38
Cumulative effect of accounting change,
net of tax benefit - -
----------- -----------
Fully Diluted Earnings Per Common Share $ 0.44 $ 0.38
=========== ===========
Common Shares Outstanding (fully diluted) 128,179,015 131,381,924
=========== ===========
</Table>
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Twelve Months Ended
December 31,
-------------------
2002 2001
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 5,034,913 $ 5,968,220
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 2,844,694 3,635,736
Other 752,482 773,058
Maintenance 263,487 258,961
Depreciation 193,700 201,013
Amortization 473,490 983,037
Taxes other than income taxes 227,518 219,197
Gain on sale of utility plant (187,113) (641,956)
----------- -----------
Total operating expenses 4,568,258 5,429,046
----------- -----------
Operating Income 466,655 539,174
Other Income/(Loss), Net 43,828 187,627
----------- -----------
Income Before Interest and Income Tax Expense 510,483 726,801
----------- -----------
Interest Expense:
Interest on long-term debt 134,471 140,497
Interest on rate reduction bonds 115,791 87,616
Other interest 20,249 51,545
----------- -----------
Interest expense, net 270,511 279,658
----------- -----------
Income Before Income Tax Expense 239,972 447,143
Income Tax Expense 82,304 173,952
----------- -----------
Income Before Preferred Dividends of Subsidiaries 157,668 273,191
Preferred Dividends of Subsidiaries 5,559 7,249
----------- -----------
Income Before Cumulative Effect of Accounting Change 152,109 265,942
Cumulative effect of accounting change,
net of tax benefit of $14,908 - (22,432)
----------- -----------
Net Income $ 152,109 $ 243,510
=========== ===========
Fully Diluted Earnings Per Common Share:
Income before cumulative effect of accounting change,
net of tax benefit $ 1.18 $ 1.96
Cumulative effect of accounting change,
net of tax benefit - (0.17)
----------- -----------
Fully Diluted Earnings Per Common Share $ 1.18 $ 1.79
=========== ===========
Common Shares Outstanding (fully diluted) 129,341,460 135,917,423
=========== ===========
</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>
December 31,
-------------------
2002 2001
---- ----
(Thousands of Dollars)
ASSETS
- ------
Current Assets:
Cash and cash equivalents $ 85,393 $ 96,658
Investments in securitizable assets 178,908 206,367
Receivables, net 767,089 659,759
Unbilled revenues 126,236 126,398
Fuel, materials, and supplies, at average cost 119,853 108,516
Special deposits 2,455 13,036
Prepayments and other 241,190 218,209
----------- -----------
1,521,124 1,428,943
----------- -----------
Property, Plant and Equipment:
Electric utility 5,141,887 5,743,575
Gas utility 679,055 634,884
Competitive energy 866,294 850,061
Other 205,115 195,741
----------- -----------
6,892,351 7,424,261
Less: Accumulated provision for depreciation 2,484,549 3,273,737
----------- -----------
4,407,802 4,150,524
Construction work in progress 320,567 289,889
Nuclear fuel, net - 32,564
----------- -----------
4,728,369 4,472,977
----------- -----------
Deferred Debits and Other Assets:
Regulatory assets 2,910,029 3,287,537
Goodwill and other purchased intangible assets, net 345,867 333,123
Prepaid pension 328,890 232,398
Nuclear decommissioning trusts, at market - 61,713
Other 433,338 468,007
----------- -----------
4,018,124 4,382,778
----------- -----------
Total Assets $10,267,617 $10,284,698
=========== ===========
</Table>
<Table>
<Caption>
December 31,
-------------------
2002 2001
---- ----
(Thousands of Dollars)
LIABILITIES AND CAPITALIZATION
- ------------------------------
Current Liabilities:
Notes payable to banks $ 56,000 $ 290,500
Long-term debt - current portion 57,229 50,462
Accounts payable 766,128 561,480
Accrued taxes 141,667 27,371
Accrued interest 40,597 35,659
Other 243,054 312,925
----------- -----------
1,304,675 1,278,397
----------- -----------
Rate Reduction Bonds 1,899,312 2,018,351
----------- -----------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 1,436,507 1,491,394
Accumulated deferred investment tax credits 106,471 120,071
Deferred contractual obligations 354,469 216,566
Other 552,641 633,523
----------- -----------
2,450,088 2,461,554
----------- -----------
Capitalization:
Long-Term Debt 2,286,821 2,292,556
----------- -----------
Preferered Stock 116,200 116,200
----------- -----------
Common Shareholders' Equity:
Common shares, $5 par value - authorized
225,000,000 shares; 149,375,847 shares issued and
127,562,031 shares outstanding in 2002 and
148,890,640 shares issued and 130,132,136 shares
outstanding in 2001 746,879 744,453
Capital surplus, paid in 1,108,338 1,107,609
Deferred contribution plan - employee stock
ownership plan (87,746) (101,809)
Retained earnings 765,611 678,460
Accumulated other comprehensive income/(loss) 14,927 (32,470)
Treasury stock (337,488) (278,603)
----------- -----------
Common Shareholders' Equity 2,210,521 2,117,640
----------- -----------
Total Capitalization 4,613,542 4,526,396
----------- -----------
Total Liabilities and Capitalization $10,267,617 $10,284,698
=========== ===========
</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.