8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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):  August 4, 2009

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, Building 111-4
	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, Building 111-4
	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:

[  ]  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 August 4, 2009, Northeast Utilities issued a news release announcing its unaudited results of operations for the second quarter and first six months of 2009 and related financial information for certain of its subsidiaries for the same periods.  A copy of the news release and the related financial reports are attached as Exhibit 99.1 and 99.2, respectively, 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, The Connecticut Light and Power Company, Public Service Company of New Hampshire or Western Massachusetts Electric Company under the Securities Act of 1933, as amended unless specified otherwise.

Section 9 – Financial Statements and Exhibits

Item 9.01 – Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number	Description
Exhibit 99.1	News Release issued by Northeast Utilities on August 4, 2009
Exhibit 99.2	Financial Reports as of and for the three and six month periods ended June 30, 2009

[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 behalf by the undersigned hereunto duly authorized.

NORTHEAST UTILITIES

THE CONNECTICUT LIGHT AND POWER COMPANY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

WESTERN MASSACHUSETTS ELECTRIC COMPANY

(Registrants)

By:  

s/ Jay S. Buth          

Name:  Jay S. Buth

Title:    Vice President-Accounting and Controller

Date:  August 4, 2009

EX-99

Exhibit 99.1

 P. O. Box 270

Hartford, CT  06141-0270

107 Selden Street

Berlin, CT  06037

(860)-665-5000

News Release

CONTACT:

Jeffrey R. Kotkin

OFFICE:

(860) 665-5154

NU REPORTS SECOND QUARTER RESULTS

-- Transmission Outlook on Track

-- Distribution Outlook Tempered by Economic Conditions, Mild Weather

BERLIN, Connecticut, August 4, 2009 — Northeast Utilities (NYSE: NU) today reported earnings of $82.9 million, or $0.47 per share, in the second quarter of 2009, compared with earnings of $57.8 million, or $0.37 per share, in the second quarter of 2008.  In the first six months of 2009, NU earned $180.5 million, or $1.07 per share, compared with earnings of $116.2 million, or $0.75 per share, in the first six months of 2008.  Results for 2008 include a first quarter after-tax charge of $29.8 million, or $0.19 per share, associated with the settlement of litigation.  Excluding that charge, NU earned $146.0 million, or $0.94 per share¹, in the first six months of 2008.

Charles W. Shivery, NU’s chairman, president and chief executive officer, attributed NU’s improved operating results in 2009 primarily to the completion in late 2008 of a number of major transmission projects in southwest Connecticut, the resolution of various tax issues, and the company’s rigorous cost management.  On an earnings per share basis, higher net income was partially offset by the issuance of nearly 19 million shares in March 2009.

Earnings guidance

NU today narrowed its projected 2009 consolidated earnings guidance to between $1.80 per share and $1.90 per share.  The new range is consistent with NU’s previous guidance of the lower end of a range of between $1.80 per share and $2.00 per share.  NU believes that its distribution and generation earnings will be between $0.90 per share and $1.00 per share¹, compared with previous guidance of between $1.00 per share and $1.10 per share¹.  NU attributed the change primarily to a combination of lower projected retail electric sales for the full year, due to difficult economic conditions and mild summer weather, higher uncollectible expense, and a higher than initially expected level of average common shares outstanding.  

“Our customers and shareholders continue to benefit from our regional energy infrastructure investments and the positive outlook for our transmission segment, but there continues to be ongoing stress on our distribution business,” Shivery said.  “Though we are addressing difficult economic conditions with rigorous cost management, the economic slowdown is clearly impacting our distribution segment outlook.  While distribution results improved in the second quarter of this year, much of that improvement was driven by the resolution of tax issues, not by improved business fundamentals.”

- more -

NU projects transmission earnings of approximately $0.90 per share¹, compared with a previous range of $0.85 per share to $0.90 per share¹.  NU said its transmission segment is expected to benefit from a higher than previously projected level of capital investment in 2009.  NU anticipates that its competitive businesses will earn approximately $0.05 per share¹, compared with a previous range of $0.00-$0.05 per share¹.  The change reflects strong performance in the first half of 2009.  Also, NU continues to project net expenses at its parent and other companies of approximately $0.05 per share¹.

Transmission

NU’s transmission segment earned $41.8 million in the second quarter of 2009 and $77.2 million in the first six months of 2009, compared with $35.2 million in the second quarter of 2008 and $67.7 million in the first six months of 2008.  The higher earnings primarily reflect the completion of the southwest Connecticut transmission projects.  Due to the timing of capital investment, NU now projects transmission capital expenditures in 2009 of approximately $275 million, compared with a previous projection of approximately $225 million.  Overall, NU now projects capital expenditures of approximately $970 million, compared with an earlier projection of approximately $920 million.

“Transmission projects we have completed in recent years continue to provide our region with a more reliable system, particularly in southwest Connecticut, while at the same time eliminating congestion that had been costing electric customers at least $150 million a year,” Shivery said.

Distribution and Generation

NU’s distribution and generation segment earned $38.2 million in the second quarter of 2009 and $97.4 million in the first six months of 2009, compared with earnings of $25.6 million in the second quarter of 2008 and $79.4 million in the first six months of 2008.  NU’s second-quarter 2009 distribution and generation results benefited from effective cost management at each of the utilities and by $8.2 million from the resolution of several routine tax issues.  Those benefits were partially offset by lower retail electric sales.  

Overall, NU’s kilowatt-hour sales were down 6.3 percent in the second quarter of 2009, compared with the same period of 2008.  They were down 2.6 percent on a weather-adjusted basis.  Over the first six months of 2009, NU’s electric sales were down 3.8 percent compared with the same period of 2008, and were down 2.8 percent on a weather-adjusted basis.

The Connecticut Light and Power Company’s (CL&P) distribution segment earned $21.9 million in the second quarter of 2009 and $43.6 million in the first six months of 2009, compared with earnings of $14.8 million in the second quarter of 2008 and $33.7 million in the first six months of 2008.  

Public Service Company of New Hampshire’s (PSNH) distribution and generation segment earned $11.9 million in the second quarter of 2009 and $25.4 million in the first six months of 2009, compared with $10.1 million in the second quarter of 2008 and $21.6 million in the first six months of 2008.  

Western Massachusetts Electric Company’s (WMECO) distribution segment earned $3.8 million in the second quarter of 2009 and $8.6 million in the first six months of 2009, compared with earnings of $1.7 million in the second quarter of 2008 and $6.5 million in the first six months of 2008.  Results in the second quarter of 2008 included a $1 million regulatory disallowance.  

- more -

Yankee Gas Services Company earned $0.6 million in the second quarter of 2009 and $19.8 million in the first six months of 2009, compared with a loss of $1.0 million in the second quarter of 2008 and earnings of $17.6 million in the first six months of 2008.  Second quarter 2008 results included a $3.5 million after-tax charge resulting from a June 2008 regulatory decision requiring Yankee Gas to refund certain previous gas cost recoveries.  Yankee Gas results also reflect the effects of cooler weather in the second quarter of 2009, compared with the same period of 2008.  As a result, Yankee Gas firm sales were up 0.3 percent in the second quarter of 2009, compared with the same period of 2008.  They were down 1.3 percent on a weather-normalized basis.  Over the first six months of 2009, Yankee Gas firm sales were up 8.8 percent compared with the first six months of 2008.  They wer e 4.5 percent higher on a weather-normalized basis.

Competitive businesses

NU Enterprises, Inc. (NUEI), the holding company for NU’s competitive businesses, earned $5.5 million in the second quarter of 2009 and $11.3 million in the first six months of 2009, compared with earnings of $2.2 million in the second quarter of 2008 and $4.1 million in the first six months of 2008.  NUEI’s results benefited from earnings related to its remaining wholesale obligations, including $4.6 million of year-to-date mark-to-market gains.

NU parent and other companies

NU parent and other companies had net after-tax expenses of $2.6 million in the second quarter of 2009 and $5.4 million in the first six months of 2009, compared with net after-tax expenses of $5.2 million in the second quarter of 2008 and $35.0 million in the first six months of 2008, including the litigation settlement charge.  The improved second quarter results were due to reduced net interest expense.

NU has approximately 175 million common shares outstanding.  It operates New England’s largest energy delivery system, serving more than 2 million customers in Connecticut, New Hampshire and Massachusetts.

The following table reconciles 2009 and 2008 second-quarter and first-half results.

		Second Quarter	First Half
2008	Reported EPS	$0.37	$0.75
	Litigation settlement charge in 2008	---	$0.19
	Reported EPS before litigation charge in 2008	$0.37	$0.941
	Improved transmission earnings in 2009, net of dilution	$0.01	$0.03
	Improved distribution and generation earnings in 2009, net of dilution	$0.06	$0.06
	Parent/Other results in 2009, net of dilution	$0.01	$0.00
	Competitive business earnings in 2009, net of dilution	$0.02	$0.04
2009	Reported EPS	$0.47	$1.07

- more -

Financial results for the second quarter and first half of 2009 and 2008 are noted below:

Three months ended:

(in millions, except EPS)	June 30, 2009	June 30, 2008	Increase	2009 EPS1
CL&P Distribution	$21.9	$14.8	$7.1	$0.13
PSNH Distribution/Generation	$11.9	$10.1	$1.8	$0.07
WMECO Distribution	$3.8	$1.7	$2.1	$0.02
Yankee Gas	$0.6	($1.0)	$1.6	$0.00
Total—Distribution/Generation	$38.2	$25.6	$12.6	$0.22
CL&P Transmission	$35.1	$30.0	$5.1	$0.20
PSNH Transmission	$4.7	$3.6	$1.1	$0.03
WMECO Transmission	$2.0	$1.6	$0.4	$0.01
Total—Transmission	$41.8	$35.2	$6.6	$0.24
Total—Regulated	$80.0	$60.8	$19.2	$0.46
NU Parent and Other Companies	($2.6)	($5.2)	$2.6	($0.02)
Competitive	$5.5	$2.2	$3.3	$0.03
Reported Earnings	$82.9	$57.8	$25.1	$0.47

Six months ended:

(in millions, except EPS)	June 30, 2009	June 30, 2008	Increase (Decrease)	2009 EPS1
CL&P Distribution	$43.6	$33.7	$9.9	$0.25
PSNH Distribution/Generation	$25.4	$21.6	$3.8	$0.15
WMECO Distribution	$8.6	$6.5	$2.1	$0.05
Yankee Gas	$19.8	$17.6	$2.2	$0.12
Total—Distribution/Generation	$97.4	$79.4	$18.0	$0.57
CL&P Transmission	$65.2	$55.8	$9.4	$0.39
PSNH Transmission	$8.6	$8.8	($0.2)	$0.05
WMECO Transmission	$3.4	$3.1	$0.3	$0.02
Total—Transmission	$77.2	$67.7	$9.5	$0.46
Total—Regulated	$174.6	$147.1	$27.5	$1.03
NU Parent and Other Companies	($5.4)	($5.2)	($0.2)	($0.03)
Competitive	$11.3	$4.1	$7.2	$0.07
Total before litigation impact1	$180.5	$146.0	$34.5	$1.07
Litigation charge	---	($29.8)	$29.8	---
Reported Earnings	$180.5	$116.2	$64.3	$1.07

- more -

Retail sales data:

Gwh for three months ended	June 30, 2009	June 30, 2008	% Change    Actual	% Change Weather Norm.
CL&P	5,032	5,314	(5.3%)	(1.3%)
PSNH	1,773	1,908	(7.0%)	(4.0%)
WMECO	820	915	(10.4%)	(7.4%)
Total NU	7,622	8,133	(6.3%)	(2.6%)
Gwh for six months ended
CL&P	10,911	11,286	(3.3%)	(2.3%)
PSNH	3,814	3,963	(3.8%)	(2.9%)
WMECO	1,792	1,919	(6.6%)	(5.8%)
Total NU	16,510	17,160	(3.8%)	(2.8%)
Yankee Gas firm volumes in mmcf for three months ended	7,242	7,217	0.3%	(1.3%)
Yankee Gas firm volumes in mmcf for six months ended	24,276	22,319	8.8%	4.5%

This news release includes statements concerning NU’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth or other statements that are not historical facts.  These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  In some cases, readers can identify these forward-looking statements through the use of words or phrases such as “estimate”, “expect”, “anticipate”, “intend”, “plan”, “project,” “believe”, “forecast”, “should”, “could”, and other 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 m ay cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to, actions or inaction by local, state and federal regulatory bodies; changes in business and economic conditions, including their impact on interest rates, bad debt expense and demand for our products and services; changes in weather patterns; changes in laws, regulations or regulatory policy; changes in levels or timing of capital expenditures; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; developments in legal or public policy doctrines; technological developments; changes in accounting standards and financial reporting regulations; fluctuations in the value of our remaining competitive electricity positions; actions of rating agencies; 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.  Any forw ard-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update the information contained in any forward-looking statements to reflect developments or circumstances occurring after the statement is made or to reflect the occurrence of unanticipated events.

¹ All per share amounts in this news release are reported on a fully diluted basis.  The only common equity securities that are publicly traded are common shares of NU.  The earnings and EPS of each segment do not represent a direct legal interest in the assets and liabilities allocated to such segment but rather represent a direct interest in NU's assets and liabilities as a whole.  EPS by segment is a non-GAAP (not determined using generally accepted accounting principles) measure that is calculated by dividing the net income or loss attributable to controlling interests of each segment by the average fully diluted NU common shares outstanding for the period.  Management uses this measure to provide segmented earnings results and guidance and believes that this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of NU’s business segments.  This release also references NU’s 2008 earnings and EPS excludin g a significant charge associated with a litigation settlement payment, which are non-GAAP measures.  Due to the nature and significance of the litigation charge, management believes that this non-GAAP presentation is more representative of NU’s performance and provides additional and useful information to investors in analyzing historical and future performance.  These non-GAAP measures should not be considered as alternatives to NU consolidated net income attributable to controlling interests or  EPS determined in accordance with GAAP as an indicator of NU’s operating performance.

# # # #

Note:  NU will webcast an investor presentation Wednesday (8/5/09) at 11 a.m. Eastern Daylight Time.  

The webcast can be accessed through NU’s website at www.nu.com.

EX-99

Exhibit 99.2

NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
	June 30,	December 31,
(Thousands of Dollars)	2009	2008
ASSETS
Current Assets:
Cash and cash equivalents	$                        481,148	$                          89,816
Receivables, less provision for uncollectible
accounts of $46,382 in 2009 and $43,275 in 2008	557,587	698,755
Unbilled revenues	170,977	218,440
Fuel, materials and supplies	258,731	300,049
Marketable securities - current	61,837	78,452
Derivative assets - current	18,141	31,373
Prepayments and other	77,378	88,679
	1,625,799	1,505,564
Property, Plant and Equipment:
Electric utility	9,418,469	9,219,351
Gas utility	1,062,801	1,043,687
Other	283,809	290,156
	10,765,079	10,553,194
Less:  Accumulated depreciation: $2,668,534 for electric
and gas utility and $148,615 for other in 2009;
$2,610,479 for electric and gas utility and
$159,639 for other in 2008	2,817,149	2,770,118
	7,947,930	7,783,076
Construction work in progress	521,463	424,800
	8,469,393	8,207,876
Deferred Debits and Other Assets:
Regulatory assets	3,262,467	3,502,606
Goodwill	287,591	287,591
Marketable securities - long-term	51,122	30,757
Derivative assets - long-term	224,917	241,814
Other	206,359	212,272
	4,032,456	4,275,040
Total Assets	$                   14,127,648	$                   13,988,480
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
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
	June 30,	December 31,
(Thousands of Dollars)	2009	2008
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes payable to banks	$                        493,989	$                        618,897
Long-term debt - current portion	66,286	54,286
Accounts payable	440,520	678,614
Accrued taxes	15,895	12,527
Accrued interest	80,986	69,818
Derivative liabilities - current	85,243	100,919
Other	136,570	168,401
	1,319,489	1,703,462
Rate Reduction Bonds	566,185	686,511
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	1,310,756	1,223,461
Accumulated deferred investment tax credits	23,758	25,371
Deferred contractual obligations	179,483	193,016
Regulatory liabilities	546,397	592,540
Derivative liabilities - long-term	838,887	912,426
Accrued pension	738,191	740,930
Accrued postretirement benefits	228,533	240,371
Other	414,662	430,718
	4,280,667	4,358,833
Capitalization:
Long-Term Debt	4,343,264	4,103,162
Noncontrolling Interest in Consolidated Subsidiary:
Preferred stock not subject to mandatory redemption	116,200	116,200
Common Shareholders' Equity:
Common shares, $5 par value - authorized
225,000,000 shares; 195,346,832 shares issued
and 175,239,298 shares outstanding in 2009 and
176,212,275 shares issued and 155,834,361 shares
outstanding in 2008	976,734	881,061
Capital surplus, paid in	1,754,184	1,475,006
Deferred contribution plan - employee stock
ownership plan	(9,222)	(15,481)
Retained earnings	1,180,706	1,078,594
Accumulated other comprehensive loss	(38,956)	(37,265)
Treasury stock, 19,708,136 shares in 2009 and 2008	(361,603)	(361,603)
Common Shareholders' Equity	3,501,843	3,020,312
Total Capitalization	7,961,307	7,239,674
Total Liabilities and Capitalization	$                   14,127,648	$                   13,988,480
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
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
	Three Months Ended June 30,		Six Months Ended June 30,
(Thousands of Dollars, except share information)	2009	2008	2009	2008
Operating Revenues	$         1,224,431	$         1,325,345	$         2,817,914	$  2,845,312
Operating Expenses:
Operation -
Fuel, purchased and net interchange power	583,599	661,699	1,422,519	1,485,016
Other	234,821	237,203	482,266	523,084
Maintenance	56,367	70,896	105,203	127,605
Depreciation	77,768	68,321	154,751	136,075
Amortization of regulatory (liabilities)/assets, net	(13,039)	41,945	8,652	70,800
Amortization of rate reduction bonds	51,305	47,884	107,202	101,234
Taxes other than income taxes	54,424	59,278	140,853	131,107
Total operating expenses	1,045,245	1,187,226	2,421,446	2,574,921
Operating Income	179,186	138,119	396,468	270,391
Interest Expense:
Interest on long-term debt	56,774	46,449	112,458	89,222
Interest on rate reduction bonds	9,607	12,987	20,232	26,703
Other interest	(1,423)	6,624	3,245	12,776
Interest expense, net	64,958	66,060	135,935	128,701
Other Income, Net	12,409	10,370	16,591	23,928
Income Before Income Tax Expense	126,637	82,429	277,124	165,618
Income Tax Expense	42,394	23,192	93,817	46,598
Net Income	84,243	59,237	183,307	119,020
Net Income Attributable to Noncontrolling Interests:
Preferred dividends of subsidiary	1,389	1,389	2,779	2,779
Net Income Attributable to Controlling Interests	$              82,854	$              57,848	$            180,528	$     116,241
Basic and Fully Diluted Earnings Per Common Share	$                  0.47	$                  0.37	$                  1.07	$           0.75
Dividends Declared Per Common Share	$                  0.24	$                  0.20	$                  0.48	$           0.40
Weighted Average Common Shares Outstanding:
Basic	175,175,936	155,476,492	168,758,206	155,381,302
Diluted	175,675,388	155,895,348	169,300,277	155,808,481
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
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Six Months Ended June 30,
(Thousands of Dollars)	2009	2008
Operating Activities:
Net income	$           183,307	$           119,020
Adjustments to reconcile to net cash flows
provided by operating activities:
Bad debt expense	17,986	13,163
Depreciation	154,751	136,075
Deferred income taxes	73,202	52,995
Pension and PBOP expense/(income), net of capitalized portion, and contributions	13,052	(6,855)
Allowance for equity funds used during construction	(3,366)	(15,082)
Regulatory refunds and underrecoveries	679	(128,830)
Amortization/(deferral) of recoverable energy costs	20,053	(6,046)
Amortization of regulatory assets, net	8,652	70,800
Amortization of rate reduction bonds	107,202	101,234
Deferred contractual obligations	(14,784)	(16,973)
Derivative assets and liabilities	(19,243)	(25,216)
Other	13,738	3,505
Changes in current assets and liabilities:
Receivables and unbilled revenues, net	158,175	35,760
Investments in securitizable assets	-	(25,787)
Fuel, materials and supplies	35,582	(17,946)
Other current assets	10,724	6,426
Accounts payable	(211,445)	(20,648)
Counterparty deposits and margin special deposits	(3,585)	59,110
Taxes receivable/accrued	(8,244)	(31,412)
Other current liabilities	(30,309)	(21,489)
Net cash flows provided by operating activities	506,127	281,804
Investing Activities:
Investments in property and plant	(418,684)	(625,133)
Proceeds from sales of marketable securities	147,702	128,778
Purchases of marketable securities	(149,482)	(130,105)
Rate reduction bond escrow and other deposits	(411)	9,010
Other investing activities	3,350	2,385
Net cash flows used in investing activities	(417,525)	(615,065)
Financing Activities:
Issuance of common shares	387,411	4,562
Cash dividends on common shares	(78,921)	(62,574)
Cash dividends on preferred stock of subsidiary	(2,779)	(2,779)
(Decrease)/increase in short-term debt	(124,908)	8,000
Issuance of long-term debt	312,000	660,000
Retirements of long-term debt	(54,286)	(154,286)
Retirements of rate reduction bonds	(120,326)	(115,177)
Financing fees	(15,456)	(6,265)
Other financing activities	(5)	(1,196)
Net cash flows provided by financing activities	302,730	330,285
Net increase/(decrease) in cash and cash equivalents	391,332	(2,976)
Cash and cash equivalents - beginning of period	89,816	15,104
Cash and cash equivalents - end of period	$           481,148	$             12,128
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.