NU Reports Third Quarter Results

NU parent and other businesses

Excluding $12.7 million of after-tax merger and related settlement costs in the third quarter of 2012 and $0.6 million in the third quarter of 2011, NU parent and other businesses had net earnings of $3.1 million in the third quarter of 2012, compared with net expenses of $5.9 million in the third quarter of 2011. Excluding $52.4 million of merger and related settlement costs in the nine-month period ended September 30, 2012 and $10.1 million in the nine-month period ended September 30, 2011, NU parent and other businesses had net earnings of $2.1 million in 2012, compared with net expenses of $10.4 million in the first nine months of 2011. The improvement was driven by a number of factors, including the addition of earnings from NSTAR Communications, Inc., and lower interest expense. The following table reconciles earnings per share for the third-quarter and the nine-month period ended September 30, 2012 and 2011.

						Third Quarter			First Nine Months
2011			Reported EPS			$0.51			$1.58
			2011 merger-related charges			$0.00			$0.06
			2011 EPS before merger-related charges			$0.51			$1.64
			NSTAR earnings contribution in 2012			$0.33			$0.61
			Higher transmission earnings in 2012			$0.08			$0.13
			Higher/(lower) electric sales in 2012			$0.03			($0.03)
			Higher/(lower) firm natural gas sales in 2012			$0.01			($0.03)
			Higher O&M, including untracked pension and health care costs in 2012			($0.03)			($0.04)
			Other, primarily lower income tax expense			$0.05			($0.01)
			Higher outstanding common shares			($0.28)			($0.55)
			2012 EPS before merger-related settlements and other merger-related charges			$0.70			$1.72
			2012 merger and related settlement charges			($0.04)			($0.40)
2012			Reported EPS			$0.66			$1.32

Financial results for the third quarter and nine-month period ended September 30, 2012 and 2011 are noted below:

Three months ended:
(in millions, except EPS)			September 30, 2012			September 30, 2011			Increase/ (Decrease)			2012 EPS 1
Electric Distribution/Generation			$150.7			$58.0			$92.7			$0.48
Natural Gas Distribution			($4.4)			($3.0)			($1.4)			($0.02)
Electric Transmission			$71.1			$41.5			$29.6			$0.23
NU Parent and Other Companies, ex. merger expenses			$3.1			($5.9)			$9.0			$0.01
Earnings, ex. merger impacts			$220.5			$90.6			$129.9			$0.70
Merger impacts			($12.9)			($0.6)			($12.3)			($0.04)
Reported Earnings			$207.6			$90.0			$117.6			$0.66

Nine months ended:
(in millions, except EPS)			September 30, 2012			September 30, 2011			Increase/ (Decrease)			2012 EPS 1
Electric Distribution/Generation, ex. rate credits, storm cost write-down			$263.1			$152.8			$110.3			$0.99
Natural Gas Distribution, ex. rate Credits			$10.4			$20.7			($10.3)			$0.04
Electric Transmission			$181.1			$128.4			$52.7			$0.68
NU Parent and Other Companies, ex. merger settlement, expenses			$2.1			($10.4)			$12.5			$0.01
Earnings, ex. merger impacts			$456.7			$291.5			$165.2			$1.72
Merger impacts			($105.5)			($10.1)			($95.4)			($0.40)
Reported Earnings			$351.2			$281.4			$69.8			$1.32

Retail sales data:
			September 30, 2012			September 30, 2011			% Change Actual			% Change Weather Norm.
Electric distribution
Gwh for three months ended*			15,502			15,302			1.3			1.1
Gwh for nine months ended*			41,697			42,356			(1.6)			(0.3)
Natural Gas Distribution
Firm volumes in mmcf for three months ended**			10,696			10,688			0.1			0.0
Firm volumes in mmcf for nine months ended**			60,035			67,408			(10.9)			2.9

* Prior year sales data for NSTAR Electric are included for illustrative purposes.** Prior year sales data for NSTAR Gas are included for illustrative purposes.

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