NU Reports Third Quarter Results

NU has approximately 314 million common shares outstanding. It operates New England’s largest energy delivery system, serving approximately 3.5 million customers in Connecticut, Massachusetts and New Hampshire.

Note: NU will webcast a presentation from the 2012 EEI Financial Conference on Tuesday, November 13, 2012, beginning at 9:45 a.m. Mountain Time and 11:45 a.m. Eastern Time. The webcast can be accessed through NU’s website at www.nu.com .

¹ All per share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of NU parent. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities allocated to such business, but rather represent a direct interest in NU's assets and liabilities as a whole. EPS by business 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 business by the weighted average diluted NU parent common shares outstanding for the period. In addition, the third quarter and first nine month 2012 earnings and EPS excluding certain charges related to the April 10, 2012 closing of the merger between NU and NSTAR are non-GAAP financial measures. Management uses these non-GAAP financial measures to evaluate earnings results and to provide details of earnings results by business and to more fully compare and explain our third quarter and first nine month 2012 and 2011 results without including the impact of the non-recurring merger and related settlement costs. Management believes that this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of NU’s businesses. Non-GAAP financial measures should not be considered as alternatives to NU consolidated net income attributable to controlling interests or EPS determined in accordance with GAAP as indicators of NU’s operating performance.

This news release includes statements concerning NU’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and 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 may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to, actions or inaction of local, state and federal regulatory and taxing bodies; changes in business and economic conditions, including their impact on interest rates, bad debt expense and demand for NU’s 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 NU’s 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 contracts; actions of rating agencies; the possibility that expected merger synergies will not be realized or will not be realized within the expected time period; and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in NU’s and NSTAR’s reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and NU undertakes 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.

NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Thousands of Dollars)			September 30,2012				December 31,2011
ASSETS
Current Assets:
Cash and Cash Equivalents			$	73,449			$	6,559
Receivables, Net				773,415				488,002
Unbilled Revenues				182,643				175,207
Fuel, Materials and Supplies				267,281				248,958
Regulatory Assets				647,615				255,144
Marketable Securities				81,618				70,970
Prepayments and Other Current Assets				112,965				112,632
Total Current Assets				2,138,986				1,357,472
Property, Plant and Equipment, Net				16,303,805				10,403,065
Deferred Debits and Other Assets:
Regulatory Assets				5,008,034				3,267,710
Goodwill				3,518,454				287,591
Marketable Securities				394,207				60,311
Derivative Assets				93,256				98,357
Other Long-Term Assets				300,820				172,560
Total Deferred Debits and Other Assets				9,314,771				3,886,529
Total Assets			$	27,757,562			$	15,647,066

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)
(Thousands of Dollars)			September 30,2012					December 31,2011
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable			$	1,359,250				$	317,000
Long-Term Debt - Current Portion				879,746					331,582
Accounts Payable				542,691					633,282
Regulatory Liabilities				226,606					167,844
Derivative Liabilities				113,907					107,558
Other Current Liabilities				678,523					390,416
Total Current Liabilities				3,800,723					1,947,682
Rate Reduction Bonds				101,347					112,260
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes				3,429,538					1,868,316
Regulatory Liabilities				561,555					266,145
Derivative Liabilities				912,352					959,876
Accrued Pension, SERP and PBOP				2,015,649					1,326,037
Other Long-Term Liabilities				871,428					420,011
Total Deferred Credits and Other Liabilities				7,790,522					4,840,385
Capitalization:
Long-Term Debt				6,732,536					4,614,913
Noncontrolling Interest - Preferred Stock of Subsidiaries				155,568					116,200
Equity:
Common Shareholders' Equity:
Common Shares				1,662,358					980,264
Capital Surplus, Paid In				6,183,715					1,797,884
Retained Earnings				1,735,690					1,651,875
Accumulated Other Comprehensive Loss				(64,209	)				(70,686	)
Treasury Stock				(340,688	)				(346,667	)
Common Shareholders' Equity				9,176,866					4,012,670
Noncontrolling Interests				-					2,956
Total Equity				9,176,866					4,015,626
Total Capitalization				16,064,970					8,746,739
Total Liabilities and Capitalization			$	27,757,562				$	15,647,066

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 September 30,								Nine Months Ended September 30,
(Thousands of Dollars, Except Share Information)			2012				2011				2012				2011
Operating Revenues			$	1,861,529			$	1,114,892			$	4,589,835			$	3,397,624
Operating Expenses:
Purchased Power, Fuel and Transmission				602,751				406,237				1,540,110				1,285,483
Operations and Maintenance				395,531				255,551				1,187,471				788,875
Depreciation				144,475				75,196				369,798				222,784
Amortization of Regulatory Assets, Net				43,835				36,163				74,851				86,653
Amortization of Rate Reduction Bonds				43,044				17,680				102,144				52,047
Energy Efficiency Programs				98,326				35,255				209,089				99,658
Taxes Other Than Income Taxes				120,662				84,994				319,559				252,817
Total Operating Expenses				1,448,624				911,076				3,803,022				2,788,317
Operating Income				412,905				203,816				786,813				609,307
Interest Expense:
Interest on Long-Term Debt				86,459				57,461				233,352				171,905
Interest on Rate Reduction Bonds				1,681				2,018				5,168				6,889
Other Interest				2,221				4,453				7,336				5,922
Interest Expense				90,361				63,932				245,856				184,716
Other Income, Net				4,324				1,430				14,904				19,077
Income Before Income Tax Expense				326,868				141,314				555,861				443,668
Income Tax Expense				117,360				49,883				199,379				157,934
Net Income				209,508				91,431				356,482				285,734
Net Income Attributable to Noncontrolling Interests				1,880				1,470				5,253				4,340
Net Income Attributable to Controlling Interest			$	207,628			$	89,961			$	351,229			$	281,394
Basic Earnings Per Common Share			$	0.66			$	0.51			$	1.33			$	1.59
Diluted Earnings Per Common Share			$	0.66			$	0.51			$	1.32			$	1.58
Dividends Declared Per Common Share			$	0.34			$	0.28			$	0.97			$	0.83
Weighted Average Common Shares Outstanding:
Basic				314,806,441				177,497,862				264,636,636				177,344,481
Diluted				315,805,796				177,835,348				265,353,377				177,647,694

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)
			Nine Months Ended September 30,
(Thousands of Dollars)			2012				2011
Operating Activities:
Net Income			$	356,482			$	285,734
Adjustments to Reconcile Net Income to Net Cash Flows
Provided by Operating Activities:
Bad Debt Expense				24,249				12,435
Depreciation				369,798				222,784
Deferred Income Taxes				186,181				133,528
Pension, SERP and PBOP Expense				160,209				103,106
Pension and PBOP Contributions				(237,123)				(159,220)
Regulatory Underrecoveries, Net				(26,236)				(24,245)
Amortization of Regulatory Assets, Net				74,851				86,653
Amortization of Rate Reduction Bonds				102,144				52,047
Derivative Assets and Liabilities				(7,907)				(33,767)
Other				(9,702)				(14,802)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net				(27,677)				61,657
Fuel, Materials and Supplies				32,887				(4,072)
Taxes Receivable/Accrued, Net				26,302				109,410
Accounts Payable				(208,308)				66,618
Other Current Assets and Liabilities, Net				(20,145)				(9,419)
Net Cash Flows Provided by Operating Activities				796,005				888,447
Investing Activities:
Investments in Property, Plant and Equipment				(1,081,750)				(749,060)
Proceeds from Sales of Marketable Securities				232,911				116,463
Purchases of Marketable Securities				(252,762)				(118,251)
Proceeds from Sale of Assets				-				46,841
Other Investing Activities				40,265				(5,849)
Net Cash Flows Used in Investing Activities				(1,061,336)				(709,856)
Financing Activities:
Cash Dividends on Common Shares				(267,356)				(145,865)
Cash Dividends on Preferred Stock				(5,149)				(4,169)
Increase/(Decrease) in Short-Term Debt				654,250				(237,000)
Issuance of Long-Term Debt				300,000				382,000
Retirements of Long-Term Debt				(267,561)				(124,086)
Retirements of Rate Reduction Bonds				(95,225)				(51,198)
Other Financing Activities				13,262				(4,947)
Net Cash Flows Provided by/(Used in) Financing Activities				332,221				(185,265)
Net Increase/(Decrease) in Cash and Cash Equivalents				66,890				(6,674)
Cash and Cash Equivalents - Beginning of Period				6,559				23,395
Cash and Cash Equivalents - End of Period			$	73,449			$	16,721

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.

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