Exhibit 99.2
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Three Months Ended
June 30,
-------------------
2003 2002
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 1,457,541 $ 1,141,928
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 893,935 627,062
Other 231,278 198,724
Maintenance 68,280 73,449
Depreciation 50,692 53,596
Amortization 21,497 5,710
Amortization of rate reduction bonds 35,303 34,476
Taxes other than income taxes 51,460 54,860
Gain on sale of utility plant - -
----------- -----------
Total operating expenses 1,352,445 1,047,877
----------- -----------
Operating Income 105,096 94,051
Interest Expense:
Interest on long-term debt 28,546 34,391
Interest on rate reduction bonds 27,364 29,226
Other interest 3,617 5,391
----------- -----------
Interest expense, net 59,527 69,008
----------- -----------
Other Income/(Loss), Net 754 1,653
----------- -----------
Income Before Income Tax Expense/(Benefit) 46,323 26,696
Income Tax Expense/(Benefit) 18,065 (3,550)
----------- -----------
Income Before Preferred Dividends of Subsidiaries 28,258 30,246
Preferred Dividends of Subsidiaries 1,389 1,389
----------- -----------
Net Income $ 26,869 $ 28,857
=========== ===========
Fully Diluted Earnings Per Common Share $ 0.21 $ 0.22
=========== ===========
Fully Diluted Common Shares Outstanding (average) 126,860,208 129,993,412
=========== ===========
</Table>
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Six Months Ended
June 30,
-------------------
2003 2002
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 3,145,978 $ 2,426,389
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 1,963,230 1,353,677
Other 420,550 396,755
Maintenance 114,172 125,761
Depreciation 100,165 105,811
Amortization 78,796 25,954
Amortization of rate reduction bonds 74,503 80,636
Taxes other than income taxes 125,434 129,458
Gain on sale of utility plant - -
----------- -----------
Total operating expenses 2,876,850 2,218,052
----------- -----------
Operating Income 269,128 208,337
Interest Expense:
Interest on long-term debt 61,486 67,363
Interest on rate reduction bonds 55,225 58,788
Other interest 6,361 9,744
----------- -----------
Interest expense, net 123,072 135,895
----------- -----------
Other Income/(Loss), Net 1,330 (12,344)
----------- -----------
Income Before Income Tax Expense/(Benefit) 147,386 60,098
Income Tax Expense/(Benefit) 57,534 9,820
----------- -----------
Income Before Preferred Dividends of Subsidiaries 89,852 50,278
Preferred Dividends of Subsidiaries 2,779 2,779
----------- -----------
Net Income $ 87,073 $ 47,499
=========== ===========
Fully Diluted Earnings Per Common Share $ 0.69 $ 0.37
=========== ===========
Fully Diluted Common Shares Outstanding (average) 126,982,903 129,871,495
=========== ===========
</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>
Twelve Months Ended
June 30,
-------------------
2003 2002
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 5,935,910 $ 5,253,315
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 3,635,655 3,091,240
Other 776,278 773,788
Maintenance 251,899 236,302
Depreciation 200,000 196,304
Amortization 365,797 143,633
Amortization of rate reduction bonds 142,455 154,039
Taxes other than income taxes 223,494 217,564
Gain on sale of utility plant (187,113) -
----------- -----------
Total operating expenses 5,408,465 4,812,870
----------- -----------
Operating Income 527,445 440,445
Interest Expense:
Interest on long-term debt 128,593 132,480
Interest on rate reduction bonds 112,228 119,583
Other interest 16,866 24,750
----------- -----------
Interest expense, net 257,687 276,813
----------- -----------
Other Income/(Loss), Net 57,502 16,363
----------- -----------
Income Before Income Tax Expense/(Benefit) 327,260 179,995
Income Tax Expense/(Benefit) 130,018 42,993
----------- -----------
Income Before Preferred Dividends of Subsidiaries 197,242 137,002
Preferred Dividends of Subsidiaries 5,559 4,888
----------- -----------
Net Income $ 191,683 $ 132,114
=========== ===========
Fully Diluted Earnings Per Common Share $ 1.50 $ 1.01
=========== ===========
Fully Diluted Common Shares Outstanding (average) 127,910,798 131,227,196
=========== ===========
</Table>
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Balance Sheets
---------------------------
<Table>
<Caption>
June 30, December 31,
2003 2002
-------- -----------
(Thousands of Dollars)
ASSETS
- ------
Current Assets:
Cash and cash equivalents $ 57,028 $ 54,678
Investments in securitizable assets 146,532 178,908
Receivables, net 626,435 767,089
Unbilled revenues 93,294 126,236
Fuel, materials, and supplies, at average cost 124,060 119,853
Special deposits 87,982 43,261
Prepayments and other 292,344 241,190
----------- -----------
1,427,675 1,531,215
----------- -----------
Property, Plant and Equipment:
Electric utility 5,305,546 5,141,951
Gas utility 697,130 679,055
Competitive energy 877,396 866,294
Other 209,993 205,115
----------- -----------
7,090,065 6,892,415
Less: Accumulated depreciation 2,542,716 2,484,613
----------- -----------
4,547,349 4,407,802
Construction work in progress 323,995 320,567
----------- -----------
4,871,344 4,728,369
----------- -----------
Deferred Debits and Other Assets:
Regulatory assets 2,993,305 3,076,095
Goodwill and other purchased intangible assets, net 344,063 345,867
Prepaid pension 344,496 328,890
Other 438,833 433,444
----------- -----------
4,120,697 4,184,296
----------- -----------
Total Assets $10,419,716 $10,443,880
=========== ===========
</Table>
<Table>
<Caption>
June 30, December 31,
2003 2002
-------- -----------
(Thousands of Dollars)
LIABILITIES AND CAPITALIZATION
- ------------------------------
Current Liabilities:
Notes payable to banks $ 63,000 $ 56,000
Long-term debt - current portion 58,345 56,906
Accounts payable 652,984 776,219
Accrued taxes 31,680 141,667
Accrued interest 41,153 40,597
Other 335,737 272,580
----------- -----------
1,182,899 1,343,969
----------- -----------
Rate Reduction Bonds 1,816,998 1,899,312
----------- -----------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 1,407,194 1,436,507
Accumulated deferred investment tax credits 104,562 106,471
Deferred contractual obligations 334,883 354,469
Other 777,003 689,287
----------- -----------
2,623,642 2,586,734
----------- -----------
Capitalization:
Long-Term Debt 2,465,483 2,287,144
----------- -----------
Preferered Stock - Nonredeemable 116,200 116,200
----------- -----------
Common Shareholders' Equity:
Common shares, $5 par value - authorized
225,000,000 shares; 149,916,375 shares issued and
126,934,753 shares outstanding in 2003 and
149,375,847 shares issued and 127,562,031 shares
outstanding in 2002 749,582 746,879
Capital surplus, paid in 1,105,241 1,108,338
Deferred contribution plan - employee stock
ownership plan (80,170) (87,746)
Retained earnings 798,796 765,611
Accumulated other comprehensive income 1,789 14,927
Treasury Stock (360,744) (337,488)
----------- -----------
Common Shareholders' Equity 2,214,494 2,210,521
----------- -----------
Total Capitalization 4,796,177 4,613,865
----------- -----------
Total Liabilities and Capitalization $10,419,716 $10,443,880
=========== ===========
</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.