8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549-1004

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) July 26, 2005

Commission	Registrant; State of Incorporation	I.R.S. Employer
File Number	Address; and Telephone Number	Identification No.
-----------	-----------------------------------	--------------------
1-5324	NORTHEAST UTILITIES	04-2147929
	(a Massachusetts voluntary association
	One Federal Street
	Springfield, Massachusetts 01105
	Telephone:  (413) 785-5871
0-00404	THE CONNECTICUT LIGHT AND POWER COMPANY	06-0303850
	---------------------------------------
	(a Connecticut corporation)
	107 Selden Street
	Berlin, Connecticut             06037-1616
	Telephone:  (860) 665-5000
1-6392	PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE	02-0181050
	---------------------------------------
	(a New Hampshire corporation)
	Energy Park
	780 North Commercial Street
	Manchester, New Hampshire       03101-1134
	Telephone:  (603) 669-4000
0-7624	WESTERN MASSACHUSETTS ELECTRIC COMPANY	04-1961130
	--------------------------------------
	(a Massachusetts corporation)
	One Federal Street
	Springfield, Massachusetts 01105
	Telephone:  (413) 785-5871

Not Applicable

---------------------

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))

[  ]

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))

Section 2   -

Financial Information

Item 2.02

Results of Operations and Financial Condition.

On July 26, 2005, Northeast Utilities issued a news release announcing its unaudited results of operations for the second quarter and first half of 2005 and related financial information for certain of its subsidiaries for the same periods.  A copy of the news release and related financial reports are attached as Exhibits 99.1 and 99.2, and are incorporated herein by reference thereto.  The information contained in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by Northeast Utilities or any of its affiliates under the Securities Act of 1933, as amended, unless specified otherwise.

Section 9    -

Financial Statements and Exhibits

Item 9.01

Financial Statements and Exhibits

(c)

Exhibits

Exhibit	Description
Exhibit 99.1	Northeast Utilities News Release dated July 26, 2005.
Exhibit 99.2	Financial Report for the three and six month periods ending June 30, 2005.

[SIGNATURE PAGE TO FOLLOW]

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalves by the undersigned thereunto duly authorized.

NORTHEAST UTILITIES

THE CONNECTICUT LIGHT AND POWER COMPANY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

WESTERN MASSACHUSETTS ELECTRIC COMPANY

(Registrants)

By:  /s/ David R. McHale

        Name:  David R. McHale

        Title:    Senior Vice President and Chief Financial Officer

Date:  July 26, 2005

EX-99

Northeast Utilities and Subsidiaries

Consolidated Balance Sheets

	June 30,	December 31,
	2005	2004
	(Thousands of Dollars)
ASSETS
Current Assets:
Cash and cash equivalents	$      55,483	$      46,989
Special deposits	94,480	82,584
Investments in securitizable assets	247,882	139,391
Receivables, net	700,689	771,257
Unbilled revenues	114,121	144,438
Taxes receivable	35,534	61,420
Fuel, materials and supplies, at average cost	177,039	185,180
Derivative assets - current	275,201	81,567
Prepayments and other	101,018	154,395
	1,801,447	1,667,221
Property, Plant and Equipment:
Electric utility	6,106,413	5,918,539
Gas utility	800,517	786,545
Competitive energy	909,534	918,183
Other	252,373	241,190
	8,068,837	7,864,457
Less: Accumulated depreciation	2,459,733	2,382,927
	5,609,104	5,481,530
Construction work in progress	466,112	382,631
	6,075,216	5,864,161
Deferred Debits and Other Assets:
Regulatory assets	2,561,655	2,745,874
Goodwill	290,791	319,986
Prepaid pension	331,908	352,750
Prior spent nuclear fuel trust, at fair value	49,950	49,296
Derivative assets - long-term	427,156	198,769
Other	412,433	457,777
	4,073,893	4,124,452
Total Assets	$  11,950,556	$  11,655,834

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

	June 30,	December 31,
	2005	2004
	(Thousands of Dollars)
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes payable to banks	$     177,156	$     180,000
Long-term debt - current portion	45,086	90,759
Accounts payable	809,423	825,247
Accrued interest	52,292	49,449
Derivative liabilities - current	298,719	130,275
Counterparty deposits	102,172	57,650
Other	227,403	230,022
	1,712,251	1,563,402
Rate Reduction Bonds	1,449,761	1,546,490
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	1,368,991	1,434,403
Accumulated deferred investment tax credits	97,285	99,124
Deferred contractual obligations	369,338	413,056
Regulatory liabilities	1,092,633	1,069,842
Derivative liabilities - long-term	388,524	58,737
Other	258,714	267,895
	3,575,485	3,343,057
Capitalization:
Long-Term Debt	2,994,490	2,789,974
Preferred Stock of Subsidiary - Non-Redeemable	116,200	116,200
Common Shareholders' Equity:
Common shares, $5 par value - authorized
225,000,000 shares; 151,657,618 shares issued
and 129,695,191 shares outstanding in 2005 and
151,230,981 shares issued and 129,034,442 shares
outstanding in 2004	758,288	756,155
Capital surplus, paid in	1,121,635	1,116,106
Deferred contribution plan - employee stock
ownership plan	(53,776)	(60,547)
Retained earnings	635,221	845,343
Accumulated other comprehensive income/(loss)	1,111	(1,220)
Treasury stock, 19,638,426 shares in 2005
and 19,580,065 shares in 2004	(360,110)	(359,126)
Common Shareholders' Equity	2,102,369	2,296,711
Total Capitalization	5,213,059	5,202,885
Total Liabilities and Capitalization	$  11,950,556	$  11,655,834

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 (Loss)/Income

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2005	2004	2005	2004
Operating Revenues	$ 1,551,005	$ 1,524,666	$ 3,795,650	$ 3,362,953
Operating Expenses:
Operation -
Fuel, purchased and net interchange power	937,235	912,418	2,523,167	2,089,729
Other	301,091	290,175	579,906	532,122
Wholesale contract market charges, net	62,644	-	271,131	-
Restructuring and impairment charges	2,295	-	47,859	-
Maintenance	55,110	48,235	96,813	90,024
Depreciation	58,351	55,561	116,349	110,134
Amortization	24,026	28,087	47,119	57,378
Amortization of rate reduction bonds	41,116	38,294	86,906	81,293
Taxes other than income taxes	55,679	55,695	132,835	133,284
Total operating expenses	1,537,547	1,428,465	3,902,085	3,093,964
Operating Income/(Loss)	13,458	96,201	(106,435)	268,989
Interest Expense:
Interest on long-term debt	44,270	33,998	82,719	66,736
Interest on rate reduction bonds	22,235	25,043	45,273	50,738
Other interest	6,649	4,097	10,991	8,444
Interest expense, net	73,154	63,138	138,983	125,918
Other Income, Net	9,064	2,862	11,105	4,549
(Loss)/Income Before Income Tax (Benefit)/Expense	(50,632)	35,925	(234,313)	147,620
Income Tax (Benefit)/Expense	(24,317)	10,544	(91,669)	53,407
(Loss)/Income Before Preferred Dividends of Subsidiary	(26,315)	25,381	(142,644)	94,213
Preferred Dividends of Subsidiary	1,389	1,389	2,779	2,779
(Loss)/Income Before Cumulative Effect of Accounting Change	(27,704)	23,992	(145,423)	91,434
Cumulative effect of accounting change,
net of tax benefit of $2,553	-	-	-	-
Net (Loss)/Income	$   (27,704)	$    23,992	$  (145,423)	$    91,434
Fully Diluted (Loss)/Earnings Per Common Share:
(Loss)/Income Before Cumulative Effect of     Accounting Change	$     (0.21)	$      0.19	$     (1.12)	$      0.71
Cumulative effect of accounting change,
net of tax benefit	-	-	-	-
Fully Diluted (Loss)/Earnings Per Common Share	$     (0.21)	$      0.19	$     (1.12)	$      0.71
Fully Diluted Common Shares Outstanding (average)	129,520,644	128,182,645	129,399,574	128,121,751

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 (Loss)/Income

	Twelve Months Ended June 30,
	2005	2004
Operating Revenues	$ 7,119,396	$ 6,517,889
Operating Expenses:
Operation -
Fuel, purchased and net interchange power	4,664,629	4,092,278
Other	1,132,020	1,037,358
Wholesale contract market charges, net	271,131	-
Restructuring and impairment charges	47,859	-
Maintenance	194,901	178,927
Depreciation	231,069	214,357
Amortization	128,012	165,880
Amortization of rate reduction bonds	170,529	159,961
Taxes other than income taxes	241,718	240,523
Total operating expenses	7,081,868	6,089,284
Operating Income/(Loss)	37,528	428,605
Interest Expense:
Interest on long-term debt	155,835	131,509
Interest on rate reduction bonds	93,434	103,873
Other interest	17,310	13,822
Interest expense, net	266,579	249,204
Other Income, Net	21,021	2,783
(Loss)/Income Before Income Tax (Benefit)/Expense	(208,030)	182,184
Income Tax (Benefit)/Expense	(93,320)	51,112
(Loss)/Income Before Preferred Dividends of Subsidiary	(114,710)	131,072
Preferred Dividends of Subsidiary	5,559	5,559
(Loss)/Income Before Cumulative Effect of Accounting Change	(120,269)	125,513
Cumulative effect of accounting change,
net of tax benefit of $2,553	-	(4,741)
Net (Loss)/Income	$  (120,269)	$   120,772
Fully Diluted (Loss)/Earnings Per Common Share:
(Loss)/Income Before Cumulative Effect of Accounting Change	$     (0.93)	$      0.98
Cumulative effect of accounting change,
net of tax benefit	-	(0.04)
Fully Diluted (Loss)/Earnings Per Common Share	$     (0.93)	$      0.94
Fully Diluted Common Shares Outstanding (average)	128,967,327	127,824,381

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 Cash Flows
	Six Months Ended
	June 30,
	2005	2004
	(Thousands of Dollars)
Operating Activities:
Net (loss)/income	$ (145,423)	$   91,434
Adjustments to reconcile to net cash flows
provided by operating activities:
Wholesale contract market charges, net of tax	137,443	-
Restructuring and impairment charges, net of tax	31,362	-
Bad debt expense	6,200	4,207
Depreciation	116,349	110,134
Deferred income taxes and investment tax credits, net	2,786	34,478
Amortization	47,119	57,378
Amortization of rate reduction bonds	86,906	81,293
Amortization of recoverable energy costs	31,544	24,193
Pension expense	16,465	5,318
Regulatory (refunds)/overrecoveries	(59,886)	8,753
Derivative assets	59,980	(35,437)
Derivative liabilities	(65,084)	29,580
Other sources of cash	32,335	18,853
Other uses of cash	(71,460)	(69,381)
Changes in current assets and liabilities:
Receivables and unbilled revenues, net	94,685	75,311
Fuel, materials and supplies	8,141	51
Investments in securitizable assets	(108,491)	(23,923)
Taxes receivable	25,886	-
Other current assets	17,424	9,007
Accounts payable	(11,856)	34,267
Other current liabilities	22,900	38,416
Net cash flows provided by operating activities	275,325	493,932
Investing Activities:
Investments in property and plant:
Electric, gas and other utility plant	(317,522)	(291,417)
Competitive energy assets	(12,945)	(11,329)
Cash flows used for investments in property and plant	(330,467)	(302,746)
Net proceeds from sale of land	23,792	-
Restricted cash - LMP costs	-	(30,257)
Other investment activities	5,543	11,450
Net cash flows used in investing activities	(301,132)	(321,553)
Financing Activities:
Issuance of common shares	7,565	2,786
Issuance of long-term debt	200,000	82,438
Retirement of rate reduction bonds	(96,729)	(90,616)
Decrease in short-term debt	(2,844)	(99,193)
Reacquisitions and retirements of long-term debt	(48,459)	(23,621)
Cash dividends on common shares	(41,629)	(38,379)
Other financing activities	16,397	(486)
Net cash flows provided by/(used in) financing activities	34,301	(167,071)
Net increase in cash and cash equivalents	8,494	5,308
Cash and cash equivalents - beginning of period	46,989	43,372
Cash and cash equivalents - end of period	$   55,483	$   48,680

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.  

EX-99

NU  Logo P. O. Box 270 Hartford, CT  06141-0270 107 Selden Street Berlin, CT  06037 (860)-665-5000 www.nu.com

Exhibit 99.1

News Release

CONTACT:	Jeffrey R. Kotkin
OFFICE:	(860) 665-5154

NU REPORTS SECOND QUARTER RESULTS AND

REAFFIRMS EARNINGS GUIDANCE

BERLIN, Connecticut, July 26, 2005—Northeast Utilities (NU-NYSE) continues to make significant progress toward the strategic direction announced in March 2005, Charles W. Shivery, NU chairman, president, and chief executive officer, said today.

Progress in the second quarter of 2005 included the continued deployment of significant capital into the company’s regulated transmission and distribution infrastructure, and the completion of several steps in the exit from the wholesale marketing and energy services businesses.  NU’s second quarter results reflect that progress, Shivery said, but were negatively impacted by the effect of increasing market prices on the wholesale electricity contracts the company is seeking to divest.

For the second quarter of 2005, NU announced a loss of $27.7 million or $0.21 per share, compared with earnings of $24.0 million, or $0.19 per share, in the second quarter of 2004.  For the first six months of 2005, NU lost $145.4 million, or $1.12 per share, compared with earnings of $91.4 million, or $0.71 per share, in the first half of 2004

NU’s competitive businesses lost $47.1 million in the second quarter of 2005, compared with earnings of $4.0 million in the second quarter of 2004.  In the first half of 2005, those businesses lost $214.5 million, compared with earnings of $22.8 million in the first half of 2004.  The lower 2005 results were due primarily to charges associated with NU’s previously announced decision to exit two of its four competitive energy business lines.  The after-tax charges totaled $41.2 million in the second quarter of 2005 and $150.2 million in the first quarter of 2005.  The second quarter charges primarily reflect increases in electricity prices in the forward markets over the next several years, which reduced the mark-to-market value of certain wholesale electric contracts that NU Enterprises, Inc. (NUEI), NU’s competitive energy holding company, is seeking to divest.  NUEI ’s earnings are expected to be volatile until those contracts expire, are sold, or are restructured.

NU’s regulated utilities earned $22.1 million in the second quarter of 2005, compared with $27.1 million in the second quarter of 2004.  In the first half of 2005, NU’s regulated companies earned $75.6 million, compared with $80.5 million in the first half of 2004.  Lower regulated results reflect an after-

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Page 2 of 5

tax charge of $4.4 million associated with a decision by Connecticut state regulators concerning refunds to streetlighting customers as well as the absence of certain positive adjustments that had been reflected in 2004 earnings.  Regulated electric sales were up approximately 1 percent in the second quarter of 2005, compared with the same period of 2004.  For the first six months of 2005, electric sales were essentially flat compared with 2004.

Shivery said NU continues to project 2005 earnings of between $1.22 per share and $1.30 per share at its regulated businesses and parent company expense this year of between $0.08 per share and $0.13 per share.  Because of the restructuring of its competitive businesses, NU is not providing 2005 guidance for those businesses.

The following table reconciles 2005 and 2004 second quarter and first half earnings.  Additional tables reconciling 2005 and 2004 results by business lines are included near the end of the news release.

		Second Quarter	First Half
2004	Reported EPS	$0.19	$0.71
	Investment write-downs in 2004	$0.02	$0.03
	Adjusted EPS in 2004	$0.21	$0.74
	Lower regulated results in            2005	($0.04)	($0.04)
	Lower competitive results in 2005, excluding charges	($0.08)	($0.26)
	Other	$0.02	$0.01
	Adjusted EPS in 2005	$0.11	$0.45
	Merchant energy restructuring and impairment charges in 2005	----	($0.04)
	Energy services businesses restructuring and impairment charges in 2005	($0.01)	($0.20)
	Wholesale mark-to-market charges in 2005	($0.31)	($1.33)
2005	Reported EPS	($0.21)	($1.12)

Competitive businesses

Shivery said NU’s competitive business performance includes two components, the costs associated with the two business lines it is exiting and the results of the two business lines NU is retaining.  As previously disclosed, retail energy marketing results were negatively impacted by a requirement to account for the sourcing of its customers’ electric requirements at current market prices for supply contracts signed in the past at lower prices.  This was necessitated by the fact that the source of those contracts, wholesale marketing, is being divested.  As a result, a first-quarter 2005 gain on those retail contracts of $59.9 million was recorded, but future quarterly retail marketing results will be negatively affected to a significant extent through 2007.  Retail unit margins and volumes, however,

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continue to meet expectations.  Also, competitive generating operating performance in 2005 has been strong.

Excluding other restructuring, impairment, and mark-to-market charges noted below, NUEI's retail marketing business and wholesale business, the latter of which continues to include generation and wholesale supply, lost $3.1 million for the second quarter 2005.  That figure includes the negative $6.3 million second quarter impact related to retail electricity sourcing.  Excluding the $6.3 million negative impact in the second quarter and the $59.9 million gain in the first quarter, NUEI’s retail energy marketing business earned $1.4 million in the second quarter of 2005 and $2.8 million in the first half of 2005, respectively.

Shivery said NUEI continues to make progress in divesting its wholesale power contracts.  Fifteen firms indicated interest in NUEI’s wholesale contracts and discussions are continuing with a short list of those firms.

NUEI also continues to work to complete the divestiture of its performance contracting, electrical, HVAC, telecommunications, and plumbing contracting businesses by the end of 2005.  A number of parties have expressed interest in those businesses, and NUEI is in the process of receiving and evaluating bids.  NUEI expects to divest these businesses by the end of 2005.

Regulated businesses

Shivery said he was pleased with the progress NU’s regulated utilities have made on their major infrastructure projects in the first six months of 2005.  These projects, representing a total capital investment of over $1.4 billion, continue to be on schedule.  The Connecticut Light and Power Company’s (CL&P) 21-mile, 345-kv transmission project between Bethel, Connecticut and Norwalk, Connecticut is under construction and is now approximately 30 percent complete.  The Middletown, Connecticut to Norwalk and Glenbrook Cables transmission projects have been approved and are under way.  Work began earlier this year on Yankee Gas Services Company’s (Yankee Gas) 1.2 billion cubic foot natural gas storage facility in Waterbury, Connecticut and the project is now about 20 percent complete.  Also, Public Service Company of New Hampshire (PSNH) is approximately 55 percent c omplete on its conversion of a 50-megawatt coal-fired generating unit at Schiller Station in Portsmouth, New Hampshire to burn wood chips.

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Financial results for each business line and regulated subsidiaries are as follows:

Three months ended:

(in millions)	June 30, 2005	June 30, 2004	Increase (Decrease)
CL&P	$11.1	$17.3	($6.2)
PSNH	$9.0	$6.0	$3.0
Western Massachusetts Electric Company (WMECO)	$2.4	$3.6	($1.2)
Yankee Gas	($0.4)	$0.2	($0.6)
Total—Utility Group	$22.1	$27.1	($5.0)
Merchant Energy—excluding gains/charges	($3.1)	$5.9	($9.0)
Mark-to-market charges on wholesale contracts	($39.8)	---	($39.8)
Restructuring and impairment charges related to Merchant Energy	($0.7)	---	($0.7)
Total—Merchant Energy	($43.6)	$5.9	($49.5)
Energy Services results and  NUEI Parent	($2.8)	($1.9)	($0.9)
Restructuring and impairment charges related to Energy Services, NUEI Parent	($0.7)	---	($0.7)
Total—Services, NUEI Parent	($3.5)	($1.9)	($1.6)
Total—Competitive Businesses	($47.1)	$4.0	($51.1)
Investment write-downs	($0.5)	($2.4)	$1.9
NU Parent and other	($2.2)	($4.7)	$2.5
Reported Earnings	($27.7)	$24.0	($51.7)

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Six months ended:

(in millions)	June 30, 2005	June 30, 2004	Increase (Decrease)
CL&P	$36.2	$43.5	($7.3)
PSNH	$17.8	$17.8	---
WMECO	$7.1	$7.1	---
Yankee Gas	$14.5	$12.1	$2.4
Total—Utility Group	$75.6	$80.5	($4.9)
Merchant Energy—excluding gains/charges	($4.7)	$25.0	($29.7)
Mark-to-market charges on wholesale contracts	($172.4)	---	($172.4)
Restructuring and impairment charges related to Merchant Energy	($5.3)	---	($5.3)
Total—Merchant Energy	($182.4)	$25.0	($207.4)
Energy Services results and  NUEI Parent	($6.0)	($2.2)	($3.8)
Restructuring and impairment charges related to Energy Services, NUEI Parent	($26.1)	---	($26.1)
Total—Services, NUEI Parent	($32.1)	($2.2)	($29.9)
Total—Competitive Businesses	($214.5)	$22.8	($237.3)
Investment write-downs	($0.5)	($3.9)	$3.4
NU Parent and other	($6.0)	($8.0)	$2.0
Reported Earnings	($145.4)	$91.4	($236.8)

NU has approximately 130 million common shares outstanding.  It operates New England’s largest energy delivery system, serving approximately 2 million customers in Connecticut, New Hampshire and Massachusetts.

This news release includes statements concerning NU’s expectations, plans, objectives, future financial performance and other statements that are not historical facts.  These statements are “forward looking statements” within the meaning of the Private Litigation Reform Act of 1995.  In some cases the reader can identify these forward looking statements by words such as “estimate”, “expect”, “anticipate”, “intend”, “plan”, “believe”, “forecast”, “should”, “could”, and similar expressions.  Forward looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward looking statements.  Factors that may cause actual results to differ materially from those included in the forward looking statements inclu de, but are not limited to, actions by state and federal regulatory bodies, competition and industry restructuring, changes in economic conditions, changes in weather patterns, changes in laws, regulations or regulatory policy, expiration or initiation of significant energy supply contracts, changes in levels of capital expenditures, developments in legal or public policy doctrines, technological developments, volatility in electric and natural gas commodity markets, effectiveness of our risk management policies and procedures, changes in accounting standards and financial reporting regulations, fluctuations in the value of electricity positions, obtaining new contracts at anticipated volumes and margins, terrorist attacks on domestic energy facilities, and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in our reports to the Securities and Exchange Commission.  We undertake no obligation to update the information contained in any forward looking statemen ts to reflect developments or circumstances occurring after the statement is made.

# # # #

NOTE:  NU will webcast an investor meeting Wednesday, July 27, 2005, at 3 p.m. Eastern Daylight Time.  The call can be accessed through NU’s website at www.nu.com.