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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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