Exhibit 99.2
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Three Months Ended
December 31,
-------------------
2003 2002
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 1,525,104 $ 1,377,160
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 976,344 823,200
Other 255,281 171,617
Maintenance 62,171 69,455
Depreciation 53,344 48,889
Amortization 49,884 227,841
Amortization of rate reduction bonds 37,940 32,573
Taxes other than income taxes 54,069 50,475
Gain on sale of utility plant - (187,113)
----------- -----------
Total operating expenses 1,489,033 1,236,937
----------- -----------
Operating Income 36,071 140,223
Interest Expense:
Interest on long-term debt 32,763 32,971
Interest on rate reduction bonds 26,271 28,252
Other interest 905 5,680
----------- -----------
Interest expense, net 59,939 66,903
----------- -----------
Other (Loss)/Income, Net (6,443) 24,113
----------- -----------
(Loss)/Income Before Income Tax (Benefit)/Expense (30,311) 97,433
Income Tax (Benefit)/Expense (22,768) 40,008
----------- -----------
(Loss)/Income Before Preferred Dividends of Subsidiaries (7,543) 57,425
Preferred Dividends of Subsidiaries 1,390 1,390
----------- -----------
Income Before Cumulative Effect of Accounting Change (8,933) 56,035
Cumulative effect of accounting change,
net of tax benefit of $2,553 - -
----------- -----------
Net (Loss)/Income $ (8,933) $ 56,035
=========== ===========
Fully Diluted (Loss)/Earnings Per Common Share:
(Loss)/Income Before Cumulative
Effect of Accounting Change $ (0.07) $ 0.44
Cumulative effect of accounting change,
net of tax benefit - -
----------- -----------
Fully Diluted (Loss)/Earnings Per Common Share $ (0.07) $ 0.44
=========== ===========
Fully Diluted Common Shares Outstanding (average) 127,768,667 128,179,015
=========== ===========
</Table>
Rxibit 99.2
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Twelve Months Ended
December 31,
-------------------
2003 2002
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 6,064,777 $ 5,232,417
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 3,724,477 3,042,198
Other 900,437 752,482
Maintenance 232,030 263,487
Depreciation 204,388 205,646
Amortization 182,675 312,955
Amortization of rate reduction bonds 153,172 148,589
Taxes other than income taxes 232,672 227,518
Gain on sale of utility plant - (187,113)
----------- -----------
Total operating expenses 5,629,851 4,765,762
----------- -----------
Operating Income 434,926 466,655
Interest Expense:
Interest on long-term debt 126,259 134,471
Interest on rate reduction bonds 108,359 115,791
Other interest 11,740 20,249
----------- -----------
Interest expense, net 246,358 270,511
----------- -----------
Other (Loss)/Income, Net (435) 43,828
----------- -----------
(Loss)/Income Before Income Tax (Benefit)/Expense 188,133 239,972
Income Tax (Benefit)/Expense 60,455 82,304
----------- -----------
(Loss)/Income Before Preferred Dividends of Subsidiaries 127,678 157,668
Preferred Dividends of Subsidiaries 5,559 5,559
----------- -----------
Income Before Cumulative Effect of Accounting Change 122,119 152,109
Cumulative effect of accounting change,
net of tax benefit of $2,553 (4,741) -
----------- -----------
Net (Loss)/Income $ 117,378 $ 152,109
=========== ===========
Fully Diluted (Loss)/Earnings Per Common Share:
(Loss)/Income Before Cumulative
Effect of Accounting Change $ 0.96 $ 1.18
Cumulative effect of accounting change,
net of tax benefit (0.04) -
----------- -----------
Fully Diluted (Loss)/Earnings Per Common Share $ 0.92 $ 1.18
=========== ===========
Fully Diluted Common Shares Outstanding (average) 127,240,724 129,341,360
=========== ===========
</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, December 31,
2003 2002
------------ -----------
(Thousands of Dollars)
ASSETS
- ------
Current Assets:
Cash and cash equivalents $ 37,196 $ 50,333
Unrestricted cash from counterparties 46,496 16,890
Restricted cash - LMP costs 93,630 -
Special deposits 49,016 30,716
Investments in securitizable assets 166,465 178,908
Receivables, net 704,893 767,089
Unbilled revenues 125,881 126,236
Fuel, materials and supplies, at average cost 154,076 119,853
Derivative assets 301,194 130,929
Prepayments and other 63,780 110,261
----------- -----------
1,742,627 1,531,215
----------- -----------
Property, Plant and Equipment:
Electric utility 5,465,854 5,141,951
Gas utility 743,990 679,055
Competitive energy 885,953 866,294
Other 221,986 205,115
----------- -----------
7,317,783 6,892,415
Less: Accumulated depreciation 2,578,263 2,484,613
----------- -----------
4,739,520 4,407,802
Construction work in progress 356,396 320,567
----------- -----------
5,095,916 4,728,369
----------- -----------
Deferred Debits and Other Assets:
Regulatory assets 2,974,022 3,076,095
Goodwill 319,986 321,004
Purchased intangible assets, net 22,956 24,863
Prepaid pension 360,706 328,890
Other 458,671 433,444
----------- -----------
4,136,341 4,184,296
----------- -----------
Total Assets $10,974,884 $10,443,880
=========== ===========
</Table>
<Table>
<Caption>
December 31, December 31,
2003 2002
------------ -----------
(Thousands of Dollars)
LIABILITIES AND CAPITALIZATION
- ------------------------------
Current Liabilities:
Notes payable to banks $ 105,000 $ 56,000
Long-term debt - current portion 64,936 56,906
Accounts payable 770,973 776,219
Accrued taxes 52,192 141,667
Accrued interest 41,653 40,597
Derivative liabilities 164,689 63,900
Other 249,576 208,680
----------- -----------
1,449,019 1,343,969
----------- -----------
Rate Reduction Bonds 1,729,960 1,899,312
----------- -----------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 1,287,354 1,436,507
Accumulated deferred investment tax credits 102,652 106,471
Deferred contractual obligations 469,218 354,469
Other 1,074,064 689,287
----------- -----------
2,933,288 2,586,734
----------- -----------
Capitalization:
Long-Term Debt 2,481,331 2,287,144
----------- -----------
Preferered Stock - Nonredeemable 116,200 116,200
----------- -----------
Common Shareholders' Equity:
Common shares, $5 par value - authorized
225,000,000 shares; 150,398,403 shares issued and
127,695,999 shares outstanding in 2003 and
149,375,847 shares issued and 127,562,031 shares
outstanding in 2002 751,992 746,879
Capital surplus, paid in 1,108,924 1,108,338
Deferred contribution plan - employee stock
ownership plan (73,694) (87,746)
Retained earnings 809,898 765,611
Accumulated other comprehensive income 25,991 14,927
Treasury stock (358,025) (337,488)
----------- -----------
Common Shareholders' Equity 2,265,086 2,210,521
----------- -----------
Total Capitalization 4,862,617 4,613,865
----------- -----------
Total Liabilities and Capitalization $10,974,884 $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.