10-Q/A

                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC  20549


                                   FORM 10-Q

                                AMENDMENT NO. 1

         (X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended June 30, 1995

                                      OR

        ( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
                        SECURITIES EXCHANGE ACT OF 1934

                         Commission File Number 1-3446

                          NEW ENGLAND ELECTRIC SYSTEM

              (exact name of registrant as specified in charter)


Massachusetts
(State or other
jurisdiction of
incorporation or
organization)


04-1663060
(I.R.S. Employer
Identification No.)
              25 Research Drive, Westborough, Massachusetts 01582
(Address of principal executive offices)

Registrant's telephone number, including area code
                                (508) 389-2000

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                               Yes (X)    No ( )

Common Shares, par value $1 per share, authorized and
outstanding:  64,925,204 shares at June 30, 1995.

      The undersigned registrant hereby amends its Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 1995
by amending the Financial Data Schedule to conform the financial
information therein with the financial statements.  The Financial
Data Schedule is restated in its entirety below.

                                   SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this Amendment No. 1 to
Form 10-Q for the quarter ended June 30, 1995 to be signed on its
behalf by the undersigned thereunto duly authorized.


                                          NEW ENGLAND ELECTRIC SYSTEM


                                          s/Alfred D. Houston
                                          ____________________________
                                          Alfred D. Houston
                                          Executive Vice President,
                                          Authorized Officer, and
                                          Principal Financial Officer


Date:  August 14, 1995













The name "New England Electric System" means the trustee or
trustees for the time being (as trustee or trustees but not
personally) under an agreement and declaration of trust dated
January 2, 1926, as amended, which is hereby referred to, and a
copy of which as amended has been filed with the Secretary of the
Commonwealth of Massachusetts.  Any agreement, obligation or
liability made, entered into or incurred by or on behalf of New
England Electric System binds only its trust estate, and no
shareholder, director, trustee, officer or agent thereof assumes
or shall be held to any liability therefor.

EX-99

                                 Exhibit Index
                                 -------------

Exhibit           Description                        Page
-------           -----------                        ----

27                Financial Data Schedule            Filed herewith

EX-27

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

 


<ARTICLE>     UT
<LEGEND>      THIS AMENDED SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
              FROM THE CONSOLIDATED BALANCE SHEET AND RELATED CONSOLIDATED
              STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH FLOWS OF NEW
              ENGLAND ELECTRIC SYSTEM, AND IS QUALIFIED IN ITS ENTIRETY BY
              REFERENCE TO SUCH FINANCIAL STATEMENTS.

<MULTIPLIER>  1,000
       
                                                                                        
<PERIOD-TYPE>                                     6-MOS           6-MOS           QTR-2           QTR-2
<FISCAL-YEAR-END>                           DEC-31-1995     DEC-31-1994     DEC-31-1995     DEC-31-1994
<PERIOD-END>                                JUN-30-1995     JUN-30-1994     JUN-30-1995     JUN-30-1994
<BOOK-VALUE>                                   PER-BOOK        PER-BOOK        PER-BOOK        PER-BOOK
<TOTAL-NET-UTILITY-PLANT>                     3,808,158               0               0               0
<OTHER-PROPERTY-AND-INVEST>                     397,066               0               0               0
<TOTAL-CURRENT-ASSETS>                          494,973               0               0               0
<TOTAL-DEFERRED-CHARGES>                        427,020  <F1>         0               0               0
<OTHER-ASSETS>                                        0               0               0               0
<TOTAL-ASSETS>                                5,127,217               0               0               0
<CAPITAL-SURPLUS-PAID-IN>                       736,823               0               0               0
<RETAINED-EARNINGS>                             784,549               0               0               0
<TOTAL-COMMON-STOCKHOLDERS-EQ>                1,584,852               0               0               0
<COMMON>                                         64,970               0               0               0
<PREFERRED-MANDATORY>                                 0               0               0               0
<PREFERRED>                                     147,016  <F2>         0               0               0
<LONG-TERM-DEBT-NET>                          1,630,248               0               0               0
<SHORT-TERM-NOTES>                              226,180  <F3>         0               0               0
<LONG-TERM-NOTES-PAYABLE>                             0               0               0               0
<COMMERCIAL-PAPER-OBLIGATIONS>                        0               0               0               0
<LONG-TERM-DEBT-CURRENT-PORT>                    32,520               0               0               0
<PREFERRED-STOCK-CURRENT>                             0               0               0               0
<CAPITAL-LEASE-OBLIGATIONS>                           0               0               0               0
<LEASES-CURRENT>                                      0               0               0               0
<OTHER-ITEMS-CAPITAL-AND-LIAB>                1,504,911               0               0               0
<TOT-CAPITALIZATION-AND-LIAB>                 5,127,217               0               0               0
<GROSS-OPERATING-REVENUE>                     1,091,863       1,093,984         533,547         517,078
<INCOME-TAX-EXPENSE>                             50,742          67,955          20,779          22,778
<OTHER-OPERATING-EXPENSES>                      907,855         876,451         452,887         436,584
<TOTAL-OPERATING-EXPENSES>                      958,597         944,406         473,666         459,362
<OPERATING-INCOME-LOSS>                         133,266         149,578          59,881          57,716
<OTHER-INCOME-NET>                               11,203           8,428           5,489           4,115
<INCOME-BEFORE-INTEREST-EXPEN>                  144,469         158,006          65,370          61,831
<TOTAL-INTEREST-EXPENSE>                         54,899          46,998          27,558          24,180
<NET-INCOME>                                     81,193         102,857          33,531          33,584
<PREFERRED-STOCK-DIVIDENDS>                       4,345  <F2>     4,353  <F2>     2,173  <F2>     2,173  
<EARNINGS-AVAILABLE-FOR-COMM>                    81,193         102,857          33,531          33,584
<COMMON-STOCK-DIVIDENDS>                         75,689          73,740          38,332          37,357
<TOTAL-INTEREST-ON-BONDS>                        53,144          45,233          27,065          22,875
<CASH-FLOW-OPERATIONS>                          205,660         268,564          61,152         112,705

<EPS-PRIMARY>                                     $1.25           $1.58            $.52            $.51
<EPS-DILUTED>                                     $1.25           $1.58            $.52            $.51

<F1> Total deferred charges includes other assets and accrued Yankee Atomic costs.
<F2> Preferred stock reflects preferred stock of subsidiaries.  Preferred stock dividends reflect preferred stock
dividends of subsidiaries.
<F3> Short-term notes includes commercial paper obligations.