CONNECTICUT LIGHT & POWER CO - FORM 8-K - EX-99 - BROKER'S STATEMENT

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file	filename
8-K - 2Q 2011 EARNINGS - CONNECTICUT LIGHT & POWER CO	f8k080220112qearningsce.htm
EX-99 - PRESS RELEASE - CONNECTICUT LIGHT & POWER CO	northeastutilitiesq211earnin.htm

Exhibit 99.2


NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

		June 30,		December 31,
(Thousands of Dollars)		2011		2010

ASSETS

Current Assets:
	Cash and Cash Equivalents	$	15,107	$	23,395
	Receivables, Net		470,921		523,644
	Unbilled Revenues		154,370		208,834
	Taxes Receivable		49,130		89,638
	Fuel, Materials and Supplies		230,754		244,043
	Regulatory Assets		242,137		238,699
	Marketable Securities		74,680		78,306
	Prepayments and Other Current Assets		100,763		100,441
Total Current Assets			1,337,862		1,507,000

Property, Plant and Equipment, Net			9,863,789		9,567,726

Deferred Debits and Other Assets:
	Regulatory Assets		2,656,093		2,756,580
	Goodwill		287,591		287,591
	Marketable Securities		58,154		51,201
	Derivative Assets		86,730		123,242
	Other Long-Term Assets		152,127		179,261
Total Deferred Debits and Other Assets			3,240,695		3,397,875



Total Assets		$	14,442,346	$	14,472,601

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)		2011		2010

LIABILITIES AND CAPITALIZATION

Current Liabilities:
Notes Payable to Banks		$	137,000	$	267,000
Long-Term Debt - Current Portion			336,991		66,286
Accounts Payable			373,799		417,285
Obligations to Third Party Suppliers			74,522		74,659
Accrued Taxes			104,125		107,067
Accrued Interest			69,582		74,740
Regulatory Liabilities			152,956		99,403
Derivative Liabilities			105,583		71,501
Other Current Liabilities			121,469		167,206
Total Current Liabilities			1,476,027		1,345,147

Rate Reduction Bonds			147,252		181,572

Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes			1,777,163		1,636,750
Regulatory Liabilities			273,909		339,655
Derivative Liabilities			884,283		909,668
Accrued Pension			798,467		802,195
Other Long-Term Liabilities			696,040		695,915
Total Deferred Credits and Other Liabilities			4,429,862		4,384,183

Capitalization:
Long-Term Debt			4,356,052		4,632,866

Noncontrolling Interest in Consolidated Subsidiary:
	Preferred Stock Not Subject to Mandatory Redemption		116,200		116,200

Equity:
	Common Shareholders' Equity:
	Common Shares		979,884		978,909
	Capital Surplus, Paid In		1,785,907		1,777,592
	Retained Earnings		1,546,493		1,452,777
	Accumulated Other Comprehensive Loss		(45,791)		(43,370)
	Treasury Stock		(351,387)		(354,732)
Common Shareholders' Equity			3,915,106		3,811,176
Noncontrolling Interests			1,847		1,457
Total Equity			3,916,953		3,812,633
Total Capitalization			8,389,205		8,561,699



Total Liabilities and Capitalization		$	14,442,346	$	14,472,601


NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

			Three Months Ended				Six Months Ended
(Thousands of Dollars, Except Share Information)			June 30, 2011		June 30, 2010		June 30, 2011		June 30, 2010

Operating Revenues			$	1,047,481	$	1,111,426	$	2,282,732	$	2,450,845

Operating Expenses:
	Fuel, Purchased and Net Interchange Power			340,300		442,230		814,409		1,045,578
	Other Operating Expenses			262,818		206,664		514,796		454,937
	Maintenance			78,825		66,817		146,589		112,454
	Depreciation			73,637		79,075		147,588		157,731
	Amortization of Regulatory Assets, Net			17,262		8,893		51,669		566
	Amortization of Rate Reduction Bonds			17,086		54,997		34,367		114,567
	Taxes Other Than Income Taxes			79,419		74,406		167,823		160,005
		Total Operating Expenses		869,347		933,082		1,877,241		2,045,838
Operating Income				178,134		178,344		405,491		405,007

Interest Expense:
	Interest on Long-Term Debt			57,044		58,522		114,444		115,791
	Interest on Rate Reduction Bonds			2,293		5,633		4,871		12,324
	Other Interest			2,897		3,042		1,468		6,343
		Interest Expense		62,234		67,197		120,783		134,458
Other Income, Net				7,334		1,552		17,647		9,608
Income Before Income Tax Expense				123,234		112,699		302,355		280,157
Income Tax Expense				44,515		39,351		108,052		119,209
Net Income				78,719		73,348		194,303		160,948
Net Income Attributable to Noncontrolling Interests				1,441		1,402		2,870		2,792
Net Income Attributable to Controlling Interests			$	77,278	$	71,946	$	191,433	$	158,156

Basic and Diluted Earnings Per Common Share			$	0.44	$	0.41	$	1.08	$	0.90

Dividends Declared Per Common Share			$	0.28	$	0.26	$	0.55	$	0.51

Weighted Average Common Shares Outstanding:
	Basic			177,347,374		176,571,189		177,267,791		176,460,476
	Diluted			177,626,992		176,736,532		177,553,995		176,637,003


NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)


			Six Months Ended June 30,
(Thousands of Dollars)			2011		2010

Operating Activities:
	Net Income		$	194,303	$	160,948
	Adjustments to Reconcile Net Income to Net Cash Flows
		Provided by Operating Activities:
		Bad Debt Expense		9,374		17,176
		Depreciation		147,588		157,731
		Deferred Income Taxes		95,293		37,850
		Pension and PBOP Expense, Net of PBOP Contributions		51,324		25,529
		Pension Contribution		(19,200)		-
		Regulatory Overrecoveries, Net		40,434		21,569
		Amortization of Regulatory Assets, Net		51,669		566
		Amortization of Rate Reduction Bonds		34,367		114,567
		Derivative Assets and Liabilities		(9,272)		(5,640)
		Other		(7,192)		(29,707)
	Changes in Current Assets and Liabilities:
		Receivables and Unbilled Revenues, Net		80,696		34,703
		Fuel, Materials and Supplies		12,992		52,024
		Taxes Receivable/Accrued		48,933		(3,856)
		Accounts Payable		(23,981)		(53,480)
		Other Current Assets and Liabilities		(20,633)		3,799
Net Cash Flows Provided by Operating Activities				686,695		533,779

Investing Activities:
	Investments in Property, Plant and Equipment			(468,526)		(442,404)
	Proceeds from Sales of Marketable Securities			72,369		95,452
	Purchases of Marketable Securities			(73,564)		(96,546)
	Proceeds from Sale of Assets			46,841		-
	Other Investing Activities			(4,828)		(4,369)
Net Cash Flows Used in Investing Activities				(427,708)		(447,867)

Financing Activities:
	Cash Dividends on Common Shares			(97,207)		(90,194)
	Cash Dividends on Preferred Stock			(2,779)		(2,779)
	(Decrease)/Increase in Short-Term Debt			(130,000)		57,000
	Issuance of Long-Term Debt			122,000		145,000
	Retirements of Long-Term Debt			(124,086)		(4,286)
	Retirements of Rate Reduction Bonds			(34,320)		(128,600)
	Other Financing Activities			(883)		(230)
Net Cash Flows Used in Financing Activities				(267,275)		(24,089)
Net (Decrease)/Increase in Cash and Cash Equivalents				(8,288)		61,823
Cash and Cash Equivalents - Beginning of Period				23,395		26,952
Cash and Cash Equivalents - End of Period			$	15,107	$	88,775

CONNECTICUT LIGHT & POWER CO - FORM 8-K - EX-99 - BROKER'S STATEMENT - August 2, 2011

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