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) February 15, 2006

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 Operation and Financial Condition

On February 15, 2006, Northeast Utilities issued a news release announcing its unaudited results of operations for the three and twelve month periods ending December 31, 2005 and related financial information for certain of its subsidiaries for the same periods.  A copy of the news release and related unaudited financial reports are attached as Exhibits 99.1 and 99.2, and are incorporated herein by reference thereto.  The information contained in this report on Form 8-K, 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 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 February 15, 2006.

Exhibit 99.2   Unaudited Balance Sheet as of December 31, 2005 and 2004; unaudited Consolidated Statements of Income for the years ended December 31, 2005, 2004 and 2003; unaudited Consolidated Statements of Income for the three months ended December 31, 2005 and 2004 and the unaudited Statements of Cash Flows for the years ended December 31, 2005, 2004 and 2003.

[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/ John P. Stack

        Name:  John P. Stack

        Title:    Vice President-Accounting and Controller

Date:  February 15, 2006

EX-99

Exhibit 99.1

NU LOGO

P. O. Box 270

Hartford, CT  06141-0270

107 Selden Street

Berlin, CT  06037

(860)-665-5000

www.nu.com

News Release

CONTACT:	Jeffrey R. Kotkin	Mary Jo Keating (media)
OFFICE:	(860) 665-5154	(860) 665-5181

NU REPORTS 2005 RESULTS, CITES PROGRESS IN EXECUTING STRATEGIC PLAN

Regulated Transmission, Distribution and Generation Businesses Performed Well in Fourth Quarter, Full Year 2005

Strong Progress in Build-Out of Regulated Assets, Divestiture of Competitive Businesses

2005 Consolidated Results Primarily Reflect Losses in Wholesale Marketing Business Being Divested

2006 Combined Earnings Guidance Reaffirmed for Regulated Businesses, Parent

BERLIN, Connecticut, February 15, 2006—Northeast Utilities (NU-NYSE) today released year-end 2005 results and reported on the progress made on its strategic plan to transform the company.  That plan focuses on the company’s regulated transmission, distribution and generation operations, while pursuing the exit from the company’s competitive energy businesses.  NU also reaffirmed its combined 2006 earnings guidance for its regulated subsidiaries and parent company.

“2005 was a year when critical decisions were made affecting our company,” said Charles W. Shivery, NU chairman, president and chief executive officer.  “We announced and began implementing our strategic plan and received siting authority to build several major transmission projects in southwest Connecticut.  In 2006, we will continue to divest our competitive businesses and invest more heavily in the construction of vital transmission infrastructure improvements in southwest Connecticut.  We believe this strategy, when successfully implemented, will result in compounded annual earnings per share growth of between 8 and 10 percent beginning in 2007.”

Shivery noted that two of NU’s major capital projects are on schedule for completion in 2006 and a third is due for completion in 2007.  The Connecticut Light and Power Company’s (CL&P) $350 million 345-kV transmission line between

Bethel and Norwalk, Connecticut is nearly 70 percent complete.  Public Service Company of New Hampshire’s (PSNH) Northern Wood Power Project, involving conversion of a 50-megawatt coal-fired unit in Portsmouth, New Hampshire to burn wood chips, is nearly 90 percent complete.  Both are due to be operational later this year.

Yankee Gas Service Company’s’ $108 million 1.2 bcf natural gas storage facility in Waterbury, Connecticut is about 44 percent complete with a target of a mid-2007 completion date.  Additionally, CL&P expects to begin construction of a 69-mile 345-kV transmission project between Middletown and Norwalk, Connecticut by mid-year 2006.  CL&P’s share of that project is expected to cost approximately $1.05 billion.  Shivery said the projects are critical to improving energy service reliability for customers.

Shivery noted that NU Enterprises, Inc. (NUEI), the holding company for NU’s competitive businesses, made significant progress in 2005 in completing the divestiture of its business operations.  All New England wholesale obligations were divested, almost half of its energy service companies were sold, and the process to sell its competitive generation and retail marketing businesses was initiated.

With respect to the retail marketing and generation businesses, Shivery said that, “We are encouraged by the progress and the feedback we have received from the market and expect to complete the divestiture of these operations this year.”

Earnings guidance

NU today reaffirmed its 2006 combined earnings guidance for its regulated businesses and parent company of between $1.09 per share and $1.22 per share.  That range incorporates the issuance of an additional 23 million NU shares completed on December 12, 2005.

Full-year and fourth-quarter 2005 results

NU’s regulated businesses earned $163.4 million in 2005, or $1.24 per share, compared with earnings of $155.6 million, or $1.21 per share, in 2004.  The 2005 results include earnings of $42.5 million, or $0.32 per share in NU’s electric transmission business, compared with earnings of $29.5 million, or $0.23 per share, in 2004.  NU’s electric and natural gas distribution businesses and regulated generation earned $120.9 million in 2005, or $0.92 per share, compared with earnings of $126.1 million, or $0.98 per share, in 2004.

In 2005, NU parent and other expenses, including write-downs, were $18.7 million, or $0.14 per share, compared with parent and other expenses, including write-downs, of $23.9 million, or $0.18 per share, in 2004.  

NU’s competitive energy businesses, which the company is divesting, lost $398.2 million, or $3.03 per share, in 2005, primarily as a result of the marking to market and terminating wholesale electricity contracts, as well as various

impairments and restructuring charges.  Those businesses lost $15.1 million, or $0.12 per share, in 2004.

Overall, NU lost $253.5 million in 2005, or $1.93 per share, compared with earnings of $116.6 million, or $0.91 per share, in 2004.

In the fourth quarter of 2005, NU’s regulated companies earned $49.1 million, or $0.36 per share, including one-time employee termination and benefit plan curtailment charges of $12.3 million after-tax, compared with earnings of $37.2 million, or $0.29 per share, in the same period of 2004.  Parent company and other expenses totaled $8.6 million, or $0.07 per share, including $3.8 million of write-downs in the fourth quarter of 2005, compared with parent company and other expenses of $9.2 million, or $0.07 per share, including $4.9 million of write-downs in 2004.  NU’s competitive businesses lost $54.1 million, or $0.39 per share, in the fourth quarter of 2005, compared with earnings of $5.1 million, or $0.04 per share, in the fourth quarter of 2004.  Overall, NU lost $13.6 million, or $0.10 per share, in the fourth quarter of 2005, compared with earnings of $33.1 million, or $0. 26 per share, in the fourth quarter of 2004.  

Regulated businesses

CL&P earned $89.3 million in 2005 and $27.0 million in the fourth quarter of 2005, after payment of preferred dividends, compared with earnings of $82.5 million in 2004 and $17.3 million in the fourth quarter of 2004.  The improved 2005 results, which include $8.5 million of after-tax termination costs and benefit plan curtailment charges, were due primarily to higher electric transmission business earnings resulting from increased investment in CL&P’s transmission system.  

PSNH earned $41.7 million in 2005 and $12.0 million in the fourth quarter of 2005, compared with earnings of $46.6 million in 2004 and $10.6 million in the fourth quarter of 2004.  Lower 2005 full-year results were due primarily to higher operation and maintenance costs.

Western Massachusetts Electric Company (WMECO) earned $15.1 million in 2005 and $3.1 million in the fourth quarter of 2005, compared with earnings of $12.4 million in 2004 and $3.7 million in the fourth quarter of 2004.  Improved full year results were due primarily to a $6 million distribution rate increase that took effect January 1, 2005.

Yankee Gas earned $17.3 million in 2005 and $7.0 million in the fourth quarter of 2005, compared with earnings of $14.1 million in 2004 and $5.6 million in the fourth quarter of 2004.  Higher earnings were due primarily to a $14 million distribution rate increase that took effect January 1, 2005.

In 2005, regulated electric sales grew 2.6 percent, compared with 2004 levels, but were down 0.1 percent on a weather-adjusted basis.  Shivery said the company continues to watch sales levels closely and is concerned that higher electric and natural gas rates, driven by higher fuel costs, may restrain sales growth at NU’s distribution companies in 2006.  

Competitive businesses

NU’s four competitive businesses, all of which are slated for divestiture, include retail marketing, wholesale marketing, energy services, and competitive generation.  To date, NU has sold two of its energy services businesses and portions of a third for $8.5 million and divested all of its New England wholesale contracts.  NU’s financial adviser in the divestiture of its competitive generation and retail marketing businesses, J. P. Morgan Securities, has issued offering documents to bidders on the retail business and expects to issue offering documents on the competitive generation business later this quarter.  NU expects to close on the retail marketing business by mid-year and the generation business by the end of 2006.

The vast majority of the losses in the competitive businesses—$278.9 million of $398.2 million—were due to marking to market and divesting the wholesale energy contracts of Select Energy, Inc., NUEI’s energy marketing subsidiary.  Exclusive of mark-to-market impacts, the wholesale marketing group lost $41.9 million after-tax in 2005 and $1.5 million in the fourth quarter of 2005, primarily as a result of heavier than expected loads that required NUEI to purchase additional energy supplies at higher than projected price levels.  Also exclusive of charges related to wholesale supply, the retail marketing business earned $6.3 million in 2005, compared with $4.9 million in 2004.  Exclusive of impairment charges and discontinued operations, the energy services business lost $4.0 million in 2005, compared with a loss of $1.4 million in 2004.

The following table reconciles 2005 and 2004 fourth quarter and year-end results.  

		Fourth Quarter	Year End
2004	Reported EPS	$0.26	$0.91
	Investment write-downs in 2004	$0.04	$0.07
	Losses on natural gas contracts	$0.02	$0.38
	Adjusted EPS in 2004	$0.32	$1.36
	Higher regulated results in 2005	$0.07	$0.03
	Lower competitive results in 2005, excluding charges, retail transfer, natural gas contracts	($0.03)	($0.53)
	Investment write-downs in 2005	($0.03)	($0.03)
	Other	($0.01)	---
	Adjusted EPS in 2005	$0.32	$0.83
	Competitive energy restructuring and impairment charges in 2005	($0.07)	($0.13)
	Energy services businesses restructuring and impairment charges in 2005	---	($0.08)
	Wholesale contract market changes in 2005*	($0.29)	($2.12)
	Retail Marketing transfer price from Wholesale*	($0.02)	($0.22)
	Discontinued operations	($0.04)	($0.21)
2005	Reported EPS	($0.10)	($1.93)

Fourth-quarter and year-to-date financial results for NU’s regulated businesses and competitive business lines are noted below:

Three months ended:

(in millions)	December 31, 2005	December 31, 2004	Increase (Decrease)
CL&P Distribution	$18.8	$13.0	$5.8
PSNH Distribution/Generation	$9.9	$9.8	$0.1
WMECO Distribution	$2.5	$2.8	($0.3)
Yankee Gas	$7.0	$5.6	$1.4
Total—Distribution/ Regulated Generation	$38.2	$31.2	$7.0
CL&P Transmission	$8.2	$4.3	$3.9
PSNH Transmission	$2.1	$0.8	$1.3
WMECO Transmission	$0.6	$0.9	($0.3)
Total—Transmission	$10.9	$6.0	$4.9
Total—Regulated Businesses	$49.1	$37.2	$11.9
Wholesale competitive energy—excluding gains/charges	($1.5)	$1.5	($3.0)
Retail competitive energy—excluding gains/charges	$2.4	$1.9	$0.5
Wholesale contract market changes	($39.6)	---	($39.6)
Losses on natural gas contracts	---	($2.4)	$2.4
Restructuring and impairment charges related to Competitive Energy	($9.2)	---	($9.2)
Retail Marketing transfer price from Wholesale	($3.2)	---	($3.2)
Total—Competitive Energy	($51.1)	$1.0	($52.1)
Energy Services results and  NUEI Parent	($1.6)	$0.1	($1.7)
Restructuring and impairment charges related to Energy Services, NUEI Parent	$0.4	---	$0.4
Discontinued operations	($1.8)	$4.0	($5.8)
Total—Services, NUEI                                                                                Parent	($3.0)	$4.1	($7.1)
Total—Competitive Businesses	($54.1)	$5.1	($59.2)
Investment write-downs	($3.8)	($4.9)	$1.1
NU Parent and other	($4.8)	($4.3)	($0.5)
Reported Earnings	($13.6)	$33.1	($46.7)

Twelve months ended:

(in millions)	December 31, 2005	December 31, 2004	Increase (Decrease)
CL&P Distribution	$58.6	$62.7	($4.1)
PSNH Distribution/Generation	$33.9	$39.9	($6.0)
WMECO Distribution	$11.1	$9.4	$1.7
Yankee Gas	$17.3	$14.1	$3.2
Total—Distribution/ Regulated Generation	$120.9	$126.1	($5.2)
CL&P Transmission	$30.7	$19.8	$10.9
PSNH Transmission	$7.8	$6.7	$1.1
WMECO Transmission	$4.0	$3.0	$1.0
Total--Transmission	$42.5	$29.5	$13.0
Total—Utility Group	$163.4	$155.6	$7.8
Wholesale Competitive Energy—excluding gains/charges	($41.9)	$26.1	($68.0)
Retail Competitive Energy—excluding gains/charges	$6.3	$4.9	$1.4
Wholesale contract market changes*	($278.9)	---	($278.9)
Losses on natural gas contracts	---	($48.3)	$48.3
Restructuring and impairment charges related to Merchant Energy	($17.0)	---	($17.0)
Retail Marketing transfer price from Wholesale*	($29.1)	---	($29.1)
Total Competitive Energy	($360.6)	($17.3)	($343.3)
Energy Services results and  NUEI Parent	($4.0)	($1.4)	($2.6)
Restructuring and impairment charges related to Energy Services, NUEI Parent	($10.3)	---	($10.3)
Discontinued operations	($23.3)	$3.6	($26.9)
Total—Services, NUEI Parent	($37.6)	$2.2	($39.8)
Total—Competitive Businesses	($398.2)	($15.1)	($383.1)
Investment write-downs	($4.3)	($8.8)	$4.5
NU Parent and other	($14.4)	($15.1)	$0.7
Reported Earnings	($253.5)	$116.6	($370.1)

* $59.9 million gain in the first quarter of 2005 that affected the retail transfer price is classified as a wholesale contract market change.

NU has approximately 153 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 i nclude, 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, the methods, timing, and results of the disposition of competitive businesses, actions of rating agencies, 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 in formation contained in any forward looking statements to reflect developments or circumstances occurring after the statement is made.

# # # #

Note:  NU will webcast an investor call Thursday, February 16, 2006, at 10 a.m. Eastern Standard Time.  The call can be accessed through NU’s website at www.nu.com.

EX-99

NORTHEAST UTILITIES AND SUBSIDIARIES		Exhibit 99.2
CONSOLIDATED BALANCE SHEETS
At December 31,	2005	2004
	(Thousands of Dollars)
ASSETS
Current Assets:
Cash and cash equivalents	$               45,782	$               46,989
Special deposits	103,789	82,584
Investments in securitizable assets	252,801	139,391
Receivables, less provision for uncollectible accounts
of $24,444 in 2005 and $25,325 in 2004	901,516	771,257
Unbilled revenues	175,853	144,438
Taxes receivable	-	61,420
Fuel, materials and supplies	206,557	185,180
Marketable securities	56,012	52,498
Derivative assets - current	403,507	81,567
Prepayments and other	129,242	154,395
Assets held for sale	101,784	-
	2,376,843	1,719,719
Property, Plant and Equipment:
Electric utility	6,378,838	5,918,539
Gas utility	825,872	786,545
Competitive energy	908,776	918,183
Other	254,659	241,190
	8,368,145	7,864,457
Less: Accumulated depreciation	2,551,322	2,382,927
	5,816,823	5,481,530
Construction work in progress	600,407	382,631
	6,417,230	5,864,161
Deferred Debits and Other Assets:
Regulatory assets	2,483,851	2,746,219
Goodwill	287,591	319,986
Prepaid pension	298,545	352,750
Marketable securities	56,527	51,924
Derivative assets - long-term	425,049	198,769
Other	223,439	384,868
	3,775,002	4,054,516
Total Assets	$        12,569,075	$        11,638,396

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
At December 31,	2005	2004
	(Thousands of Dollars)
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes payable to banks	$               32,000	$               180,000
Long-term debt - current portion	22,673	90,759
Accounts payable	972,368	825,247
Accrued taxes	95,210	-
Accrued interest	47,742	49,449
Derivative liabilities - current	402,530	130,275
Counterparty deposits	28,944	57,650
Other	272,252	212,239
Liabilities of assets held for sale	101,511	-
	1,975,230	1,545,619
Rate Reduction Bonds	1,350,502	1,546,490
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	1,306,340	1,434,403
Accumulated deferred investment tax credits	95,444	99,124
Deferred contractual obligations	358,174	413,056
Regulatory liabilities	1,273,501	1,070,187
Derivative liabilities - long-term	272,995	58,737
Other	364,157	267,895
	3,670,611	3,343,402
Capitalization:
Long-Term Debt	3,027,288	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; 174,897,704 shares issued and 153,225,892
shares outstanding in 2005 and 151,230,981 shares
issued and 129,034,442 shares outstanding in 2004	874,489	756,155
Capital surplus, paid in	1,437,561	1,116,106
Deferred contribution plan - employee stock
ownership plan	(46,884)	(60,547)
Retained earnings	504,301	845,343
Accumulated other comprehensive income/(loss)	19,987	(1,220)
	(360,210)	(359,126)
	2,429,244	2,296,711
Total Capitalization	5,572,732	5,202,885
Total Liabilities and Capitalization	$        12,569,075	$          11,638,396

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

For the Years Ended December 31,	2005	2004	2003
	(Thousands of Dollars, except share information)
Operating Revenues	$                7,397,390	$                6,542,120	$                 5,943,514
Operating Expenses:
Operation -
Fuel, purchased and net interchange power	4,933,080	4,231,192	3,735,154
Other	1,061,159	951,877	848,163
Wholesale contract market changes, net	440,946	-	-
Restructuring and impairment charges	44,143	-	-
Maintenance	200,263	188,092	174,594
Depreciation	234,652	224,132	203,469
Amortization	202,949	138,271	191,805
Amortization of rate reduction bonds	176,356	164,915	153,172
Taxes other than income taxes	257,707	241,424	231,062
Total operating expenses	7,551,255	6,139,903	5,537,419
Operating (Loss)/Income	(153,865)	402,217	406,095
Interest Expense:
Interest on long-term debt	163,012	139,988	121,887
Interest on rate reduction bonds	87,439	98,899	108,359
Other interest	19,350	8,610	10,333
Interest expense, net	269,801	247,497	240,579
Other Income, Net	37,237	14,562	4,105
(Loss)/Income from Continuing Operations Before
Income Tax (Benefit)/Expense	(386,429)	169,282	169,621
Income Tax (Benefit)/Expense	(162,765)	50,728	47,628
(Loss)/Income from Continuing Operations Before
Preferred Dividends of Subsidiary	(223,664)	118,554	121,993
Preferred Dividends of Subsidiary	5,559	5,559	5,559
(Loss)/Income from Continuing Operations	(229,223)	112,995	116,434
Discontinued Operations:
(Loss)/Income from Discontinued Operations Before Income Taxes	(38,057)	4,621	7,822
Losses from Dispositions	(1,123)	-	-
Income Tax (Benefit)/Expense	(15,920)	1,028	3,104
(Loss)/Income from Discontinued Operations	(23,260)	3,593	4,718
(Loss)/Income Before Cumulative Effects of Accounting Changes,    Net of Tax Benefits	(252,483)	116,588	121,152
Cumulative effects of accounting changes,
net of tax benefits of $689 in 2005 and $2,553 in 2003	(1,005)	-	(4,741)
Net (Loss)/Income	$                 (253,488)	$                   116,588	$                    116,411
Basic and Fully Diluted (Loss)/Earnings Per Common Share:
(Loss)/Income from Continuing Operations	$                       (1.74)	$                         0.88	$                          0.91
(Loss)/Income from Discontinued Operations	(0.18)	0.03	0.04
Cumulative Effects of Accounting Changes,
Net of Tax Benefits	(0.01)	-	(0.04)
Basic and Fully Diluted (Loss)/Earnings Per Common Share	$                       (1.93)	$                         0.91	$                          0.91
Basic Common Shares Outstanding (weighted average)	131,638,953	128,245,860	127,114,743
Fully Diluted Common Shares Outstanding (weighted average)	131,638,953	128,396,076	127,240,724

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
For the Three Months Ended December 31,	2005	2004
	(Thousands of Dollars,  except share information)
Operating Revenues	$             1,877,834	$                      1,633,282
Operating Expenses:
Operation -
Fuel, purchased and net interchange power	1,235,090	1,034,350
Other	271,357	256,871
Wholesale contract market changes, net	81,262	-
Restructuring and impairment charges	15,682	-
Maintenance	47,206	50,279
Depreciation	59,673	57,344
Amortization	75,928	38,214
Amortization of rate reduction bonds	43,327	40,336
Taxes other than income taxes	61,989	53,392
Total operating expenses	1,891,514	1,530,786
Operating (Loss)/Income	(13,680)	102,496
Interest Expense:
Interest on long-term debt	41,893	38,211
Interest on rate reduction bonds	20,664	23,715
Other interest	4,405	1,891
Interest expense, net	66,962	63,817
Other Income, Net	18,576	2,177
(Loss)/Income from Continuing Operations Before
Income Tax (Benefit)/Expense	(62,066)	40,856
Income Tax (Benefit)/Expense	(52,733)	10,425
(Loss)/Income from Continuing Operations Before
Preferred Dividends of Subsidiary	(9,333)	30,431
Preferred Dividends of Subsidiary	1,390	1,390
(Loss)/Income from Continuing Operations	(10,723)	29,041
Discontinued Operations:
(Loss)/Income from Discontinued Operations Before Income Taxes	(3,815)	5,173
Losses from Dispositions	(1,123)	-
Income Tax (Benefit)/Expense	(3,093)	1,152
(Loss)/Income from Discontinued Operations	(1,845)	4,021
(Loss)/Income Before Cumulative Effect of Accounting Change, Net of Tax Benefit	(12,568)	33,062
Cumulative effect of accounting change, net of tax benefit of $689 in 2005	(1,005)	-
Net (Loss)/Income	$                       (13,573)	$                           33,062
Basic and Fully Diluted (Loss)/Earnings Per Common Share:
(Loss)/Income from Continuing Operations	$                           (0.08)	$                               0.23
(Loss)/Income from Discontinued Operations	(0.01)	0.03
Cumulative Effect of Accounting Change,
Net of Tax Benefit	(0.01)	-
Basic and Fully Diluted (Loss)/Earnings Per Common Share	$                           (0.10)	$                               0.26
Basic Common Shares Outstanding (weighted average)	137,799,257	128,790,347
Fully Diluted Common Shares Outstanding (weighted average)	137,799,257	128,889,049

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
For the Years Ended December 31,	2005	2004	2003
	(Thousands of Dollars)
Operating Activities:
Net (loss)/income	$              (253,488)	$               116,588	$               116,411
Adjustments to reconcile to net cash flows
provided by operating activities:
Wholesale contract market changes, net	440,946	-	-
Restructuring and impairment charges	69,239	-	-
Bad debt expense	27,528	19,062	23,229
Depreciation	235,221	224,855	204,388
Deferred income taxes and investment tax credits, net	(202,789)	111,710	(129,733)
Amortization	202,949	138,271	191,805
Amortization of rate reduction bonds	176,356	164,915	153,172
Amortization/(deferral) of recoverable energy costs	38,789	(22,751)	20,486
Loss from sale of discontinued operations	1,123	-	-
Pension expense/(income)	42,662	10,636	(16,416)
Wholesale contract buyout payments	(186,531)	-	-
Regulatory (refunds)/overrecoveries	(140,913)	(150,119)	287,974
Derivatives - changes in fair value	2,405	85,592	(12,175)
Deferred contractual obligations	(20,300)	(56,161)	(52,961)
Other sources of cash	70,021	51,213	20,002
Other uses of cash	(1,376)	(63,977)	(123,554)
Changes in current assets and liabilities:
Receivables and unbilled revenues, net	(208,519)	(103,983)	39,322
Fuel, materials and supplies	(25,930)	(31,104)	(34,223)
Investments in securitizable assets	(113,410)	27,074	12,443
Other current assets	(11,061)	(38,648)	121,249
Accounts payable	131,043	69,131	(25,352)
Counterparty deposits	(28,706)	11,154	46,496
Accrued taxes	156,630	(112,300)	(83,625)
Other current liabilities	41,009	(44,935)	(56,357)
Net cash flows provided by operating activities	442,898	406,223	702,581
Investing Activities:
Investments in property and plant:
Electric, gas and other utility plant	(752,124)	(598,398)	(552,410)
Competitive energy assets	(23,231)	(17,771)	(16,728)
Cash flows used for investments in property and plant	(775,355)	(616,169)	(569,138)
Net proceeds from sale of property	25,253	-	-
Net proceeds from sale of discontinued operations	6,203	-	-
Proceeds from sales of investment securities	137,099	106,217	34,147
Purchases of investment securities	(142,260)	(171,511)	(49,729)
Restricted cash - LMP costs	-	93,630	(93,630)
CVEC acquisition special deposit	-	-	(30,104)
Other investing activities	31,529	23,131	1,261
Net cash flows used in investing activities	(717,531)	(564,702)	(707,193)
Financing Activities:
Issuance of common shares	450,827	10,937	13,654
Repurchase of common shares	-	-	(20,537)
Issuance of long-term debt	350,355	512,762	268,368
Retirement of rate reduction bonds	(195,988)	(183,470)	(169,352)
(Decrease)/increase in short-term debt	(148,000)	75,000	49,000
Reacquisitions and retirements of long-term debt	(98,056)	(155,532)	(65,600)
Cash dividends on common shares	(87,554)	(80,177)	(73,090)
Other financing activities	1,842	(17,424)	(4,792)
Net cash flows provided by/(used in) financing activities	273,426	162,096	(2,349)
Net (decrease)/increase in cash and cash equivalents	(1,207)	3,617	(6,961)
Cash and cash equivalents - beginning of year	46,989	43,372	50,333
Cash and cash equivalents - end of year	$                 45,782	$                 46,989	$                 43,372
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.