<PAGE> File No. 001-03446
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U-5-S
AMENDMENT NO. 1
ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1999
Filed pursuant to the
Public Utility Holding Company Act of 1935
by
LOGO NATIONAL GRID USA
25 Research Drive, Westborough, Massachusetts 01582
<PAGE>
The purpose of this Amendment No. 1 is to file with the Commission the
Financial Data Schedules to the Form U5S for the year ended December
31,1999.
SIGNATURE
National Grid USA has duly caused this Amendment No. 1 to Annual Report, Form
U-5-S, for the year ended December 31, 1999, Commission's File No. 001-03446
to be signed on its behalf, by the undersigned thereunto duly authorized,
pursuant to the requirements of the Public Utility Holding Company Act of
1935.
NATIONAL GRID USA
s/ Kirk L. Ramsauer
By: _________________________________
Kirk L. Ramsauer
Deputy General Counsel
Date: May 3, 2000
<PAGE>EXHIBIT INDEX
Exhibit No. Description Page
- ----------- ----------- ----
G Financial Data Schedules Filed herewith
<TABLE> <S> <C>
<PAGE><ARTICLE> UT
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE UNAUDITED CONSOLIDATED BALANCE SHEET AND RELATED CONSOLIDATED STATEMENTS
OF INCOME, RETAINED EARNINGS AND CASH FLOWS OF NEW ENGLAND ELECTRIC SYSTEM,
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,524,591
<OTHER-PROPERTY-AND-INVEST> 256,113
<TOTAL-CURRENT-ASSETS> 642,648
<TOTAL-DEFERRED-CHARGES> 1,571,041 <F1>
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 4,994,393
<COMMON> 64,970
<CAPITAL-SURPLUS-PAID-IN> 736,716
<RETAINED-EARNINGS> 1,022,091
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,592,762 <F3>
0
19,480 <F2>
<LONG-TERM-DEBT-NET> 1,006,700
<SHORT-TERM-NOTES> 60,500
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 49,310
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 2,265,641
<TOT-CAPITALIZATION-AND-LIAB> 4,994,393
<GROSS-OPERATING-REVENUE> 2,623,509
<INCOME-TAX-EXPENSE> 100,809
<OTHER-OPERATING-EXPENSES> 2,284,392
<TOTAL-OPERATING-EXPENSES> 2,385,201
<OPERATING-INCOME-LOSS> 238,308
<OTHER-INCOME-NET> 12,342
<INCOME-BEFORE-INTEREST-EXPEN> 250,650
<TOTAL-INTEREST-EXPENSE> 81,117
<NET-INCOME> 162,782
1,090 <F2>
<EARNINGS-AVAILABLE-FOR-COMM> 162,782
<COMMON-STOCK-DIVIDENDS> 139,603
<TOTAL-INTEREST-ON-BONDS> 69,741
<CASH-FLOW-OPERATIONS> 363,028
<EPS-BASIC> $2.74
<EPS-DILUTED> $2.74
<FN>
<F1>Total deferred charges includes other assets.
<F2>Preferred stock reflects preferred stock of subsidiaries. Preferred stock
dividends reflect preferred stock dividends of subsidiaries.
<F3> Total common stockholders equity includes treasury stock at cost and
unrealized gain on securities.
</FN>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE><ARTICLE> UT
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH
FLOWS OF MASSACHUSETTS ELECTRIC COMPANY, AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SUBSIDIARY>
<NUMBER> 1
<CIK> 0000063073
<NAME> MASSACHUSETTS ELECTRIC COMPANY
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 1,159,455
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 214,688
<TOTAL-DEFERRED-CHARGES> 40,234 <F1>
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 1,414,377
<COMMON> 59,953
<CAPITAL-SURPLUS-PAID-IN> 239,440
<RETAINED-EARNINGS> 184,855
<TOTAL-COMMON-STOCKHOLDERS-EQ> 484,593 <F3>
0
10,674
<LONG-TERM-DEBT-NET> 332,489
<SHORT-TERM-NOTES> 43,000
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 21,000
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 522,621
<TOT-CAPITALIZATION-AND-LIAB> 1,414,377
<GROSS-OPERATING-REVENUE> 1,331,880
<INCOME-TAX-EXPENSE> 44,250
<OTHER-OPERATING-EXPENSES> 1,188,111
<TOTAL-OPERATING-EXPENSES> 1,232,361
<OPERATING-INCOME-LOSS> 99,519
<OTHER-INCOME-NET> 634
<INCOME-BEFORE-INTEREST-EXPEN> 100,153
<TOTAL-INTEREST-EXPENSE> 38,083
<NET-INCOME> 62,070
619
<EARNINGS-AVAILABLE-FOR-COMM> 61,451
<COMMON-STOCK-DIVIDENDS> 85,133
<TOTAL-INTEREST-ON-BONDS> 27,031
<CASH-FLOW-OPERATIONS> 223,478
<EPS-BASIC> 0 <F2>
<EPS-DILUTED> 0 <F2>
<FN>
<F1>Total deferred charges includes other assets.
<F2>Per share data is not relevant because the Company's common stock is
wholly owned by New England Electric System.
<F3> Total common stockholders equity includes the unrealized gain on
securities.
</FN>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE><ARTICLE> UT
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH
FLOWS OF THE NARRAGANSETT ELECTRIC COMPANY, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SUBSIDIARY>
<NUMBER> 2
<CIK> 0000069659
<NAME> THE NARRAGANSETT ELECTRIC COMPANY
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 528,357
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 76,567
<TOTAL-DEFERRED-CHARGES> 60,290 <F1>
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 665,214
<COMMON> 56,624
<CAPITAL-SURPLUS-PAID-IN> 105,794
<RETAINED-EARNINGS> 114,986
<TOTAL-COMMON-STOCKHOLDERS-EQ> 277,704 <F3>
0
7,238
<LONG-TERM-DEBT-NET> 153,784
<SHORT-TERM-NOTES> 9,725
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 15,000
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 201,763
<TOT-CAPITALIZATION-AND-LIAB> 665,214
<GROSS-OPERATING-REVENUE> 440,221
<INCOME-TAX-EXPENSE> 15,395
<OTHER-OPERATING-EXPENSES> 376,435
<TOTAL-OPERATING-EXPENSES> 391,830
<OPERATING-INCOME-LOSS> 48,391
<OTHER-INCOME-NET> (1,988)
<INCOME-BEFORE-INTEREST-EXPEN> 46,403
<TOTAL-INTEREST-EXPENSE> 17,520
<NET-INCOME> 28,883
377
<EARNINGS-AVAILABLE-FOR-COMM> 28,521 <F4>
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 14,181
<CASH-FLOW-OPERATIONS> 52,907
<EPS-BASIC> 0 <F2>
<EPS-DILUTED> 0 <F2>
<FN>
<F1>Total deferred charges includes other assets.
<F2>Per share data is not relevant because the Company's common stock is
wholly owned by New England Electric System.
<F3> Total common stockholders equity includes the unrealized gain on
securities.
<F4>Earnings available for common includes preferred stock dividends and
premium on redemption of preferred stock.
</FN>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE><ARTICLE> UT
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH
FLOWS OF NEW ENGLAND POWER COMPANY, AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SUBSIDIARY>
<NUMBER> 3
<CIK> 0000071337
<NAME> NEW ENGLAND POWER COMPANY
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 492,753
<OTHER-PROPERTY-AND-INVEST> 89,760
<TOTAL-CURRENT-ASSETS> 370,875
<TOTAL-DEFERRED-CHARGES> 1,349,277 <F1>
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 2,302,665
<COMMON> 72,398
<CAPITAL-SURPLUS-PAID-IN> 232,560
<RETAINED-EARNINGS> 27,287
<TOTAL-COMMON-STOCKHOLDERS-EQ> 332,336 <F2>
0
1,567
<LONG-TERM-DEBT-NET> 371,771
<SHORT-TERM-NOTES> 38,500
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,558,491
<TOT-CAPITALIZATION-AND-LIAB> 2,302,665
<GROSS-OPERATING-REVENUE> 596,341
<INCOME-TAX-EXPENSE> 37,633
<OTHER-OPERATING-EXPENSES> 480,145
<TOTAL-OPERATING-EXPENSES> 517,778
<OPERATING-INCOME-LOSS> 78,563
<OTHER-INCOME-NET> 6,984
<INCOME-BEFORE-INTEREST-EXPEN> 85,547
<TOTAL-INTEREST-EXPENSE> 14,533
<NET-INCOME> 71,014
94
<EARNINGS-AVAILABLE-FOR-COMM> 71,184 <F3>
<COMMON-STOCK-DIVIDENDS> 241,415
<TOTAL-INTEREST-ON-BONDS> 14,052
<CASH-FLOW-OPERATIONS> 74,953
<EPS-BASIC> 0 <F4>
<EPS-DILUTED> 0 <F4>
<FN>
<F1>Total deferred charges includes regulatory assets and other assets.
<F2> Total common stockholders equity includes the unrealized gain on
securities, net.
<F3>Earnings available for common includes preferred stock dividends and
premium on redemption of preferred stock.
<F4>Per share data is not relevant because the Company's common stock is
wholly owned
by New England Electric System.
</FN>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE><ARTICLE> OPUR1
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH
FLOWS OF GRANITE STATE ELECTRIC COMPANY, AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SUBSIDIARY>
<NUMBER> 4
<CIK> 0000043080
<NAME> GRANITE STATE ELECTRIC COMPANY
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 50,572
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 11,697
<TOTAL-DEFERRED-CHARGES> 2,630 <F1>
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 64,899
<COMMON> 6,040
<CAPITAL-SURPLUS-PAID-IN> 4,000
<RETAINED-EARNINGS> 14,272
<TOTAL-COMMON-STOCKHOLDERS-EQ> 24,497 <F2>
0
0
<LONG-TERM-DEBT-NET> 20,000
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 20,402
<TOT-CAPITALIZATION-AND-LIAB> 64,899
<GROSS-OPERATING-REVENUE> 61,362
<INCOME-TAX-EXPENSE> 1,825
<OTHER-OPERATING-EXPENSES> 54,349
<TOTAL-OPERATING-EXPENSES> 56,174
<OPERATING-INCOME-LOSS> 5,188
<OTHER-INCOME-NET> (157)
<INCOME-BEFORE-INTEREST-EXPEN> 5,031
<TOTAL-INTEREST-EXPENSE> 1,982
<NET-INCOME> 3,049
0
<EARNINGS-AVAILABLE-FOR-COMM> 3,049
<COMMON-STOCK-DIVIDENDS> 597
<TOTAL-INTEREST-ON-BONDS> 1,625
<CASH-FLOW-OPERATIONS> 8,390
<EPS-BASIC> 0 <F3>
<EPS-DILUTED> 0 <F3>
<FN>
<F1> Total deferred charges includes other assets and other property and
investments.
<F2>Total common stockholders equity includes net unrealized gains on
securities.
<F3>Per share data is not relevant because the Company's common stock is
wholly owned by New England Electric System.
</FN>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE><ARTICLE> OPUR1
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH
FLOWS OF NEW ENGLAND HYDRO-TRANSMISSION ELECTRIC COMPANY, INC., AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SUBSIDIARY>
<NUMBER> 5
<CIK> 0000771839
<NAME> NEW ENGLAND HYDRO-TRANSMISSION ELECTRIC COMPANY, INC.
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 141,138
<OTHER-PROPERTY-AND-INVEST> 5
<TOTAL-CURRENT-ASSETS> 4,233
<TOTAL-DEFERRED-CHARGES> 4,392 <F1>
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 149,768
<COMMON> 31,250
<CAPITAL-SURPLUS-PAID-IN> 12,801
<RETAINED-EARNINGS> 704
<TOTAL-COMMON-STOCKHOLDERS-EQ> 44,755
0
0
<LONG-TERM-DEBT-NET> 63,690
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 6,960
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 34,363
<TOT-CAPITALIZATION-AND-LIAB> 149,768
<GROSS-OPERATING-REVENUE> 35,138
<INCOME-TAX-EXPENSE> 4,112
<OTHER-OPERATING-EXPENSES> 17,230
<TOTAL-OPERATING-EXPENSES> 21,342
<OPERATING-INCOME-LOSS> 13,796
<OTHER-INCOME-NET> 128
<INCOME-BEFORE-INTEREST-EXPEN> 13,924
<TOTAL-INTEREST-EXPENSE> 6,914
<NET-INCOME> 7,010
0
<EARNINGS-AVAILABLE-FOR-COMM> 7,010
<COMMON-STOCK-DIVIDENDS> 6,479
<TOTAL-INTEREST-ON-BONDS> 6,900
<CASH-FLOW-OPERATIONS> 17,024
<EPS-BASIC> 0
<EPS-DILUTED> 0
<FN>
<F1> Total deferred charges includes other assets.
</FN>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE><ARTICLE> OPUR1
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH
FLOWS OF NEW ENGLAND HYDRO-TRANSMISSION CORPORATION, AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SUBSIDIARY>
<NUMBER> 6
<CIK> 0000771838
<NAME> NEW ENGLAND HYDRO-TRANSMISSION CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 118,219
<OTHER-PROPERTY-AND-INVEST> 5
<TOTAL-CURRENT-ASSETS> 983
<TOTAL-DEFERRED-CHARGES> 4,625 <F1>
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 123,832
<COMMON> 15,000
<CAPITAL-SURPLUS-PAID-IN> 12,358
<RETAINED-EARNINGS> 540
<TOTAL-COMMON-STOCKHOLDERS-EQ> 27,898
0
0
<LONG-TERM-DEBT-NET> 38,240
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 4,560
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 53,134
<TOT-CAPITALIZATION-AND-LIAB> 123,832
<GROSS-OPERATING-REVENUE> 29,393
<INCOME-TAX-EXPENSE> 2,490
<OTHER-OPERATING-EXPENSES> 18,273
<TOTAL-OPERATING-EXPENSES> 20,763
<OPERATING-INCOME-LOSS> 8,630
<OTHER-INCOME-NET> 20
<INCOME-BEFORE-INTEREST-EXPEN> 8,650
<TOTAL-INTEREST-EXPENSE> 4,210
<NET-INCOME> 4,440
0
<EARNINGS-AVAILABLE-FOR-COMM> 4,440
<COMMON-STOCK-DIVIDENDS> 3,766
<TOTAL-INTEREST-ON-BONDS> 4,203
<CASH-FLOW-OPERATIONS> 13,646
<EPS-BASIC> 0
<EPS-DILUTED> 0
<FN>
<F1> Total deferred charges includes other assets.
</FN>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE><ARTICLE> OPUR1
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH
FLOWS OF NEW ENGLAND ELECTRIC TRANSMISSION CORPORATION, AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SUBSIDIARY>
<NUMBER> 7
<CIK> 0000718444
<NAME> NEW ENGLAND ELECTRIC TRANSMISSION CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 29,694
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 141
<TOTAL-DEFERRED-CHARGES> 281 <F1>
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 30,116
<COMMON> 62
<CAPITAL-SURPLUS-PAID-IN> 1,488
<RETAINED-EARNINGS> 220
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,770
0
0
<LONG-TERM-DEBT-NET> 6,992
<SHORT-TERM-NOTES> 4,150
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 4,624
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 12,580
<TOT-CAPITALIZATION-AND-LIAB> 30,116
<GROSS-OPERATING-REVENUE> 8,448
<INCOME-TAX-EXPENSE> (18)
<OTHER-OPERATING-EXPENSES> 6,265
<TOTAL-OPERATING-EXPENSES> 6,247
<OPERATING-INCOME-LOSS> 2,201
<OTHER-INCOME-NET> (3)
<INCOME-BEFORE-INTEREST-EXPEN> 2,198
<TOTAL-INTEREST-EXPENSE> 1,486
<NET-INCOME> 712
0
<EARNINGS-AVAILABLE-FOR-COMM> 712
<COMMON-STOCK-DIVIDENDS> 560
<TOTAL-INTEREST-ON-BONDS> 1,266
<CASH-FLOW-OPERATIONS> 5,333
<EPS-BASIC> 0 <F2>
<EPS-DILUTED> 0 <F2>
<FN>
<F1>Total deferred charges includes other assets.
<F2>Per share data is not relevant because the Company's common stock is
wholly owned by New England Electric System.
</FN>
<TABLE> <S> <C>
<PAGE><ARTICLE> OPUR1
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH
FLOWS OF NANTUCKET ELECTRIC COMPANY, AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SUBSIDIARY>
<NUMBER> 8
<NAME> NANTUCKET ELECTRIC COMPANY
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<PERIOD-TYPE> 12-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 34,546
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 5,351
<TOTAL-DEFERRED-CHARGES> 3,021 <F1>
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 42,918
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 3,810
<RETAINED-EARNINGS> 2,073
<TOTAL-COMMON-STOCKHOLDERS-EQ> 5,883
0
0
<LONG-TERM-DEBT-NET> 26,188
<SHORT-TERM-NOTES> 2,300
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 1,485
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 7,062
<TOT-CAPITALIZATION-AND-LIAB> 42,918
<GROSS-OPERATING-REVENUE> 16,106
<INCOME-TAX-EXPENSE> 398
<OTHER-OPERATING-EXPENSES> 13,082
<TOTAL-OPERATING-EXPENSES> 13,480
<OPERATING-INCOME-LOSS> 2,626
<OTHER-INCOME-NET> 14
<INCOME-BEFORE-INTEREST-EXPEN> 2,640
<TOTAL-INTEREST-EXPENSE> 1,993
<NET-INCOME> 647
0
<EARNINGS-AVAILABLE-FOR-COMM> 647
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 1,783
<CASH-FLOW-OPERATIONS> 4,372
<EPS-BASIC> 0 <F2>
<EPS-DILUTED> 0 <F2>
<FN>
<F1>Total deferred charges includes other assets and other property and
investments.
<F2>Per share data is not relevant because the Company's common stock is
wholly owned by New England Electric System.
</FN>
