File No. 33-50015
                                                Rule 424(b)(2)


PRICING SUPPLEMENT NO. 1 Dated February 7, 1995

(To Prospectus Dated November 3, 1993)

                THE NARRAGANSETT ELECTRIC COMPANY
          (A SUBSIDIARY OF NEW ENGLAND ELECTRIC SYSTEM)

                    SECURED MEDIUM-TERM NOTES
                (First Mortgage Bonds, Series V)
                           Issue 95-1


Interest Rate:        7.81%

Maturity Date:        February 16, 1998

Principal Amount:     $5,000,000

Acceptance Date:      February 7, 1995

Original Issue Date:  February 14, 1995

Form of Delivery:     Book-entry only

Depositary:           The Depository Trust Company
                      55 Water Street
                      New York, New York

Issue:                95-1

Original Issue
Discount New Bond:    No

Price of New Bonds:

                     Initial
                     Price to      Underwriting    Proceeds to
                     Public         Discounts        Company
                    -----------    ------------    -----------

     Per New Bond     100.00%         0.350%         99.650%
     Total          $5,000,000       $17,500       $4,982,500


                      REDEMPTION PROVISIONS

   The New Bonds will not be redeemable at the option of the
Company, as a whole or in part, at any time prior to maturity.

                  DISTRIBUTION OF THE NEW BONDS

   The New Bonds were sold to CS First Boston Corporation as
Agent in connection with the offering of the New Bonds described
in this Pricing Supplement.