SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549



                                    FORM 8-K

                                 current report

                       pursuant to section 13 or 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


       Date of Report (Date of earliest event reported): January 30, 2002

                          Commission File Number 1-6392

                     PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
               (Exact Name of Registrant as specified in charter)




         New Hampshire                                 02-018150
(State or Other jurisdiction                        (IRS employer
       of incorporation)                          identification no.)


    1000 Elm Street, Manchester NH                     03105-0330
(Address of principal executive offices)               (Zip code)





                                 (603) 669-4000
               Registrant's telephone number, including area code




                                       N/A
          (Former name or former address, if changed since last report)

ITEM 5.  OTHER EVENTS

         1. On January 30, 2002, PSNH Funding LLC 2 ("PSNH Funding 2"), a
subsidiary of Public Service Company of New Hampshire ("PSNH"), closed the sale,
through underwriters, of $50,000,000 of rate reduction bonds ("RRBs") to the
public. The RRBs were issued in a single class. PSNH Funding 2 applied the
proceeds from the sale of the RRBs to the purchase of certain RRB property from
PSNH.

         Reference is made to PSNH Funding 2's Current Report on Form 8-K dated
January 30, 2002 for additional information.

         2. The net proceeds from the sale of the RRBs will be applied by PSNH
to the repayment of debt incurred to buy out a purchased power obligation with
an independent power supplier.

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(a)  Not Applicable

(b)  Not Applicable

(c)  Exhibits:

1.1  Underwriting Agreement dated January 16, 2002.*

3.2  Limited Liability Company Agreement of PSNH Funding LLC 2 dated as of
     December 10, 2001.*

4.1  Indenture dated as of January 30, 2002.*

4.2  Form of Rate Reduction Bond (contained in Indenture filed as Exhibit 4.1).*

10.1 Purchase and Sale Agreement dated as of January 30, 2002.*

10.2 Servicing Agreement dated as of January 30, 2002.*

10.3 Administration Agreement dated as of January 30, 2002.*

10.4 Fee and Indemnity Agreement dated as of January 30, 2002.*

* Filed by reference to PSNH Funding LLC 2 Form 8-K filed on or about
February 7, 2002. Date of Report - January 30, 2002.


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                                   SIGNATURES


         Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.


                                         PUBLIC SERVICE COMPANY OF
                                         NEW HAMPSHIRE




Date:  February 7, 2001                   By: /s/ Randy A. Shoop

                                             Randy A. Shoop
                                             Assistant Treasurer - Finance


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                                  EXHIBIT INDEX

The following designated exhibits are filed by reference to PSNH Funding LLC 2
Form 8-K filed on or about February 7, 2002:

1.1  Underwriting Agreement dated January 16, 2002.

3.2  Limited Liability Company Agreement of PSNH Funding LLC 2 dated as of
     December 10, 2001.

4.1  Indenture dated as of January 30, 2002.

4.2  Form of Rate Reduction Bond (contained in Indenture filed as Exhibit 4.1).

10.1 Purchase and Sale Agreement dated as of January 30, 2002.

10.2 Servicing Agreement dated as of January 30, 2002.

10.3 Administration Agreement dated as of January 30, 2002.

10.4 Fee and Indemnity Agreement dated as of January 30, 2002.






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