Exhibit 99.2
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Three Months Ended
September 30,
-------------------
2003 2002
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 2,054,274 $ 1,414,304
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 1,445,482 850,757
Other 224,606 184,110
Maintenance 55,687 68,271
Depreciation 50,879 50,946
Amortization 53,995 59,160
Amortization of rate reduction bonds 40,729 35,380
Taxes other than income taxes 53,169 47,585
Gain on sale of utility plant - -
----------- -----------
Total operating expenses 1,924,547 1,296,209
----------- -----------
Operating Income 129,727 118,095
Interest Expense:
Interest on long-term debt 32,010 34,137
Interest on rate reduction bonds 26,863 28,751
Other interest 4,474 4,825
----------- -----------
Interest expense, net 63,347 67,713
----------- -----------
Other Income, Net 4,678 32,059
----------- -----------
Income Before Income Tax Expense 71,058 82,441
Income Tax Expense 25,689 32,476
----------- -----------
Income Before Preferred Dividends of Subsidiaries 45,369 49,965
Preferred Dividends of Subsidiaries 1,390 1,390
----------- -----------
Income Before Cumulative Effect of Accounting Change 43,979 48,575
Cumulative effect of accounting change,
net of tax benefit of $2,553 (4,741) -
----------- -----------
Net Income $ 39,238 $ 48,575
=========== ===========
Fully Diluted Earnings Per Common Share:
Income Before Cumulative Effect of Accounting Change $ 0.35 $ 0.38
Cumulative effect of accounting change,
net of tax benefit (0.04) -
----------- -----------
Fully Diluted Earnings Per Common Share $ 0.31 $ 0.38
=========== ===========
Fully Diluted Common Shares Outstanding (average) 127,303,973 129,508,794
=========== ===========
</Table>
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Nine Months Ended
September 30,
-------------------
2003 2002
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 5,200,252 $ 3,840,693
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 3,408,712 2,204,434
Other 645,156 580,865
Maintenance 169,859 194,032
Depreciation 151,044 156,757
Amortization 132,791 85,114
Amortization of rate reduction bonds 115,232 116,016
Taxes other than income taxes 178,603 177,043
Gain on sale of utility plant - -
----------- -----------
Total operating expenses 4,801,397 3,514,261
----------- -----------
Operating Income 398,855 326,432
Interest Expense:
Interest on long-term debt 93,496 101,500
Interest on rate reduction bonds 82,088 87,539
Other interest 10,835 14,569
----------- -----------
Interest expense, net 186,419 203,608
----------- -----------
Other Income, Net 6,008 19,715
----------- -----------
Income Before Income Tax Expense 218,444 142,539
Income Tax Expense 83,223 42,296
----------- -----------
Income Before Preferred Dividends of Subsidiaries 135,221 100,243
Preferred Dividends of Subsidiaries 4,169 4,169
----------- -----------
Income Before Cumulative Effect of Accounting Change 131,052 96,074
Cumulative effect of accounting change,
net of tax benefit of $2,553 (4,741) -
----------- -----------
Net Income $ 126,311 $ 96,074
=========== ===========
Fully Diluted Earnings Per Common Share:
Income Before Cumulative Effect of Accounting Change $ 1.03 $ 0.74
Cumulative effect of accounting change,
net of tax benefit (0.04) -
----------- -----------
Fully Diluted Earnings Per Common Share $ 0.99 $ 0.74
=========== ===========
Fully Diluted Common Shares Outstanding (average) 127,086,417 129,737,249
=========== ===========
</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
September 30,
-------------------
2003 2002
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 6,575,881 $ 5,136,150
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 4,230,380 2,956,131
Other 816,773 763,120
Maintenance 239,315 244,840
Depreciation 199,933 203,688
Amortization 360,632 137,120
Amortization of rate reduction bonds 147,805 160,588
Taxes other than income taxes 229,078 225,502
Gain on sale of utility plant (187,113) -
----------- -----------
Total operating expenses 6,036,803 4,690,989
----------- -----------
Operating Income 539,078 445,161
Interest Expense:
Interest on long-term debt 126,467 137,105
Interest on rate reduction bonds 110,340 117,452
Other interest 16,515 19,687
----------- -----------
Interest expense, net 253,322 274,244
----------- -----------
Other Income, Net 30,121 30,698
----------- -----------
Income Before Income Tax Expense 315,877 201,615
Income Tax Expense 123,231 50,284
----------- -----------
Income Before Preferred Dividends of Subsidiaries 192,646 151,331
Preferred Dividends of Subsidiaries 5,559 5,274
----------- -----------
Income Before Cumulative Effect of Accounting Change 187,087 146,057
Cumulative effect of accounting change,
net of tax benefit of $2,553 (4,741) -
----------- -----------
Net Income $ 182,346 $ 146,057
=========== ===========
Fully Diluted Earnings Per Common Share:
Income Before Cumulative Effect of Accounting Change $ 1.47 $ 1.12
Cumulative effect of accounting change,
net of tax benefit (0.04) -
----------- -----------
Fully Diluted Earnings Per Common Share $ 1.43 $ 1.12
=========== ===========
Fully Diluted Common Shares Outstanding (average) 127,359,186 130,148,887
=========== ===========
</Table>
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Balance Sheets
---------------------------
<Table>
<Caption>
September 30, December 31,
2003 2002
------------ -----------
(Thousands of Dollars)
ASSETS
- ------
Current Assets:
Cash and cash equivalents $ 118,138 $ 54,678
Restricted cash 45,760 -
Special deposits 75,657 43,261
Investments in securitizable assets 215,592 178,908
Receivables, net 637,039 767,089
Unbilled revenues 95,498 126,236
Fuel, materials and supplies, at average cost 160,400 119,853
Derivative assets 103,768 130,929
Prepayments and other 81,556 110,261
----------- -----------
1,533,408 1,531,215
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Property, Plant and Equipment:
Electric utility 5,360,649 5,141,951
Gas utility 708,986 679,055
Competitive energy 886,478 866,294
Other 209,040 205,115
----------- -----------
7,165,153 6,892,415
Less: Accumulated depreciation 2,564,544 2,484,613
----------- -----------
4,600,609 4,407,802
Construction work in progress 374,691 320,567
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4,975,300 4,728,369
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Deferred Debits and Other Assets:
Regulatory assets 2,947,670 3,076,095
Goodwill and other purchased intangible assets, net 343,904 345,867
Prepaid pension 352,668 328,890
Other 445,418 433,444
----------- -----------
4,089,660 4,184,296
----------- -----------
Total Assets $10,598,368 $10,443,880
=========== ===========
</Table>
<Table>
<Caption>
September 30, December 31,
2003 2002
------------ -----------
(Thousands of Dollars)
LIABILITIES AND CAPITALIZATION
- ------------------------------
Current Liabilities:
Notes payable to banks $ 40,000 $ 56,000
Long-term debt - current portion 59,327 56,906
Accounts payable 787,024 776,219
Accrued taxes 68,816 141,667
Accrued interest 57,820 40,597
Derivative liabilities 65,866 63,900
Other 205,501 208,680
----------- -----------
1,284,354 1,343,969
----------- -----------
Rate Reduction Bonds 1,772,637 1,899,312
----------- -----------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 1,362,713 1,436,507
Accumulated deferred investment tax credits 103,607 106,471
Deferred contractual obligations 321,197 354,469
Other 878,146 689,287
----------- -----------
2,665,663 2,586,734
----------- -----------
Capitalization:
Long-Term Debt 2,505,222 2,287,144
----------- -----------
Preferered Stock - Nonredeemable 116,200 116,200
----------- -----------
Common Shareholders' Equity:
Common shares, $5 par value - authorized
225,000,000 shares; 150,098,023 shares issued and
127,254,402 shares outstanding in 2003 and
149,375,847 shares issued and 127,562,031 shares
outstanding in 2002 750,492 746,879
Capital surplus, paid in 1,106,466 1,108,338
Deferred contribution plan - employee stock
ownership plan (76,970) (87,746)
Retained earnings 837,963 765,611
Accumulated other comprehensive (loss)/income (2,862) 14,927
Treasury Stock (360,797) (337,488)
----------- -----------
Common Shareholders' Equity 2,254,292 2,210,521
----------- -----------
Total Capitalization 4,875,714 4,613,865
----------- -----------
Total Liabilities and Capitalization $10,598,368 $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.