Exhibit 99.03 UNAUDITED PRO FORMA FINANCIAL INFORMATION The following unaudited pro forma financial information reflects the adjustment of the historical consolidated balance sheets and statements of income of NSP and WEC after giving effect to their proposed business combination transaction (the Transaction) to form Primergy and a new subsidiary structure. The unaudited pro forma combined condensed balance sheets at Dec. 31, 1996 give effect to the Transaction as if it had occurred on that date. The unaudited pro forma combined condensed statements of income for each of the three years in the period ended December 31, 1996, give effect to the Transaction as if it had occurred at January 1, 1994. These statements are prepared on the basis of accounting for the Transaction as a pooling of interests and are based on the assumptions set forth in the notes thereto. The following pro forma financial information has been prepared from, and should be read in conjunction with, the historical consolidated financial statements and related notes thereto of NSP and WEC. The following information is not necessarily indicative of the financial position or operating results that would have occurred had the Transaction been consummated on the date, or at the beginning of the periods, for which the Transaction is being given effect nor is it necessarily indicative of future Primergy operating results or financial position. Completion of the Transaction is subject to numerous conditions, many of which are beyond NSP's control. Primergy Pro Forma Combined Condensed Information The pro forma financial information combines the historical financial statements of NSP and WEC after giving effect to the Transaction to form Primergy on the basis of accounting for the Transaction as a pooling of interests. PRIMERGY CORPORATION UNAUDITED PRO FORMA COMBINED CONDENSED STATEMENTS OF INCOME TWELVE MONTHS ENDED DECEMBER 31, 1996 (In thousands, except per share amounts) NSP WEC Pro Forma Pro Forma (As Reported) (As Reported) Adjustments Combined Utility Operating Revenues Electric $2,127,413 $1,393,270 - $3,520,683 Gas 526,793 364,875 - 891,668 Steam - 15,675 - 15,675 Total Operating Revenues 2,654,206 1,773,820 - 4,428,026 Utility Operating Expenses Electric Production-Fuel and Purchased Power 541,267 331,867 - 873,134 Cost of Gas Sold & Transported 335,453 234,254 - 569,707 Other Operation 554,946 391,520 - 946,466 Maintenance 155,830 103,046 - 258,876 Depreciation and Amortization 306,432 202,796 - 509,228 Taxes Other Than Income Taxes 232,824 77,866 - 310,690 Income Taxes 161,410 126,627 - 288,037 Total Operating Expenses 2,288,162 1,467,976 - 3,756,138 Utility Operating Income 366,044 305,844 - 671,888 Other Income (Expense) Equity Earnings of Unconsolidated Investees 31,025 - - 31,025 Other Income and Deductions - Net 8,169 20,042 - 28,211 Total Other Income (Expense) 39,194 20,042 - 59,236 Income before Interest Charges and Preferred Dividends 405,238 325,886 - 731,124 Interest Charges 130,699 106,548 - 237,247 Preferred Dividends of Subsidiaries 12,245 1,203 - 13,448 Net Income $262,294 $218,135 - $480,429 Average Common Shares Outstanding (Note 1) 68,679 110,983 42,993 222,655 Earnings Per Common Share $3.82 $1.97 $2.16 NSP Equivalent Shares (Note 1) 68,679 110,983 (42,728) 136,934 Earnings Per Common Share using NSP Equivalent Shares $3.51 See accompanying notes to unaudited pro forma combined condensed financial statements. PRIMERGY CORPORATION UNAUDITED PRO FORMA COMBINED CONDENSED STATEMENTS OF INCOME TWELVE MONTHS ENDED DECEMBER 31, 1995 (In thousands, except per share amounts) NSP WEC Pro Forma Pro Forma (As Reported) (As Reported) Adjustments Combined Utility Operating Revenues Electric $2,142,770 $1,437,480 - $3,580,250 Gas 425,814 318,262 - 744,076 Steam - 14,742 - 14,742 Total Operating Revenues 2,568,584 1,770,484 - 4,339,068 Utility Operating Expenses Electric Production-Fuel and Purchased Power 570,245 345,387 - 915,632 Cost of Gas Sold & Transported 256,758 188,764 - 445,522 Other Operation 560,734 395,242 - 955,976 Maintenance 158,203 112,400 - 270,603 Depreciation and Amortization 290,184 183,876 - 474,060 Taxes Other Than Income Taxes 239,433 74,765 - 314,198 Income Taxes 147,148 141,029 - 288,177 Total Operating Expenses 2,222,705 1,441,463 - 3,664,168 Utility Operating Income 345,879 329,021 - 674,900 Other Income (Expense) Equity Earnings of Unconsolidated Investees 59,067 - - 59,067 Other Income and Deductions - Net (6,261) 16,821 - 10,560 Total Other Income (Expense) 52,806 16,821 - 69,627 Income before Interest Charges and Preferred Dividends 398,685 345,842 - 744,527 Interest Charges 122,890 110,605 - 233,495 Preferred Dividends of Subsidiaries 12,449 1,203 - 13,652 Net Income $263,346 $234,034 - $497,380 Average Common Shares Outstanding (Note 1) 67,416 109,850 42,202 219,468 Earnings Per Common Share $3.91 $2.13 $2.27 NSP Equivalent Shares (Note 1) 67,416 109,850 (42,292) 134,974 Earnings Per Common Share using NSP Equivalent Shares $3.69 See accompanying notes to unaudited pro forma combined condensed financial statements. PRIMERGY CORPORATION UNAUDITED PRO FORMA COMBINED CONDENSED STATEMENTS OF INCOME TWELVE MONTHS ENDED DECEMBER 31, 1994 (In thousands, except per share amounts) NSP WEC Pro Forma Pro Forma (As Reported) (As Reported) Adjustments Combined Utility Operating Revenues Electric $2,066,644 $1,403,562 - $3,470,206 Gas 419,903 324,349 - 744,252 Steam - 14,281 - 14,281 Total Operating Revenues 2,486,547 1,742,192 - 4,228,739 Utility Operating Expenses Electric Production-Fuel and Purchased Power 570,880 328,485 - 899,365 Cost of Gas Sold & Transported 263,905 199,511 - 463,416 Other Operation 535,706 399,011 - 934,717 Maintenance 170,145 124,602 - 294,747 Depreciation and Amortization 273,801 177,614 - 451,415 Taxes Other Than Income Taxes 234,564 76,035 - 310,599 Revitalization Charges - 73,900 - 73,900 Income Taxes 129,228 99,761 - 228,989 Total Operating Expenses 2,178,229 1,478,919 - 3,657,148 Utility Operating Income 308,318 263,273 - 571,591 Other Income (Expense) Equity Earnings of Unconsolidated Investees 41,709 - - 41,709 Other Income and Deductions - Net 663 26,965 - 27,628 Total Other Income (Expense) 42,372 26,965 - 69,337 Income before Interest Charges and Preferred Dividends 350,690 290,238 - 640,928 Interest Charges 107,215 108,019 - 215,234 Preferred Dividends of Subsidiaries 12,364 1,351 - 13,715 Net Income $231,111 $180,868 - $411,979 Average Common Shares Outstanding (Note 1) 66,845 108,025 41,845 216,715 Earnings Per Common Share $3.46 $1.67 $1.90 NSP Equivalent Shares (Note 1) 66,845 108,025 (41,589) 133,281 Earnings Per Common Share using NSP Equivalent Shares $3.09 See accompanying notes to unaudited pro forma combined condensed financial statements. PRIMERGY CORPORATION UNAUDITED PRO FORMA COMBINED CONDENSED BALANCE SHEETS DECEMBER 31, 1996 (In thousands) NSP WEC Pro Forma Pro Forma Pro Forma Balance Sheet (As Reported) (As Reported) Adjustments Combined ASSETS UTILITY PLANT Electric $6,766,896 $4,857,528 - $11,624,424 Gas 750,449 505,100 - 1,255,549 Other 331,441 61,765 - 393,206 Total 7,848,786 5,424,393 - 13,273,179 Accumulated provision for depreciation (3,611,244) (2,441,950) - (6,053,194) Nuclear fuel - net 100,338 75,476 - 175,814 Net utility plant 4,337,880 3,057,919 - 7,395,799 CURRENT ASSETS Cash and cash equivalents 51,118 10,748 - 61,866 Accounts receivable-net 371,654 151,473 - 523,127 Accrued utility revenues 147,366 155,838 - 303,204 Fossil fuel inventories 45,013 113,516 - 158,529 Material & supplies inventories 109,425 70,900 - 180,325 Prepayments and other 72,647 63,383 - 136,030 Total current assets 797,223 565,858 - 1,363,081 OTHER ASSETS Regulatory Assets 354,128 286,461 - 640,589 External decommissioning fund 260,756 322,085 - 582,841 Investments on non-regulated projects and other investments 451,223 104,919 - 556,142 Non-regulated property-net 192,790 173,525 - 366,315 Intangible assets and other (Note 4) 242,900 300,071 (153,806) 389,165 Total other assets 1,501,797 1,187,061 (153,806) 2,535,052 TOTAL ASSETS $6,636,900 $4,810,838 $(153,806) $11,293,932 LIABILITIES AND EQUITY CAPITALIZATION Common stock equity: Common stock (Note 1) $ 172,659 $ 1,117 $(171,536) $ 2,240 Other stockholders' equity (Note 1) 1,963,221 1,944,227 171,536 4,078,984 Total common stock equity 2,135,880 1,945,344 - 4,081,224 Cumulative preferred stock and premium 240,469 30,450 - 270,919 Long-term debt 1,592,568 1,416,067 - 3,008,635 Total capitalization 3,968,917 3,391,861 - 7,360,778 CURRENT LIABILITIES Current portion of long-term debt 261,218 190,204 - 451,422 Short-term debt 368,367 69,265 - 437,632 Accounts payable 236,341 148,429 - 384,770 Taxes accrued 204,348 37,362 - 241,710 Other accrued liabilities 166,126 81,758 - 247,884 Total current liabilities 1,236,400 527,018 - 1,763,418 OTHER LIABILITIES Deferred income taxes (Note 4) 804,342 511,399 (153,806) 1,161,935 Deferred investment tax credits 149,606 87,798 - 237,404 Regulatory liabilities 302,647 175,943 - 478,590 Other liabilities and deferred credits 174,988 116,819 - 291,807 Total other liabilities 1,431,583 891,959 (153,806) 2,169,736 TOTAL CAPITALIZATION AND LIABILITIES $6,636,900 $4,810,838 $(153,806) $11,293,932 See accompanying notes to unaudited pro forma combined condensed financial statements. PRIMERGY CORPORATION NOTES TO UNAUDITED PRO FORMA COMBINED CONDENSED FINANCIAL STATEMENTS 1. The pro forma combined condensed financial statements reflect the conversion of each share of NSP common stock outstanding ($2.50 par value) into 1.626 shares of Primergy Common Stock ($.01 par value) and the continuation of each share of WEC Common Stock outstanding as one share of Primergy common stock ($.01 par value), as provided in the Merger Agreement. The pro forma combined condensed financial statements are presented as if the companies were combined during all periods included therein. NSP equivalent shares shown on the pro forma combined condensed income statements represent the pro forma equivalent of one share of NSP Common Stock calculated by multiplying the pro forma information by the conversion ratio of 1.626 shares of Primergy Common Stock for each share of NSP Common Stock. 2. The allocation between NSP and WEC and their customers of the estimated cost savings, resulting from the Merger Transaction, net of the costs incurred to achieve such savings, will be subject to regulatory review and approval. At the time the Merger Agreement was signed, cost savings resulting from the Merger Transaction were estimated to be approximately $2 billion over a 10-year period, net of transaction costs (including fees for financial advisors, attorneys, accountants, consultants, filings and printing) and net of costs to achieve the savings of approximately $30 million and $122 million, respectively. None of these estimated cost savings, the costs to achieve such savings, or the transaction costs have been reflected in the pro forma combined condensed financial statements. 3. Intercompany transactions (including purchased and exchanged power transactions) between NSP and WEC during the periods presented were not material and, accordingly, no pro forma adjustments were made to eliminate such transactions. 4. A pro forma adjustment has been made to conform the presentation of noncurrent deferred income taxes in the pro forma combined condensed balance sheet into one net amount. All other report presentation and accounting policy differences are immaterial and have not been adjusted in the pro forma combined condensed financial statements.