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���������ֳ�-New York-November 16, 2004: ���������ֳ� has placed Northeast Utilities' (NU) 'BBB' senior unsecured debt rating on Rating Watch Negative. The Negative Rating Watch relates to the expectation of significantly reduced earnings and dividends from NU's competitive businesses due to failure to procure wholesale power sales contracts in recent New England competitive supply auctions. NU announced yesterday that it had substantially reduced earnings expectations for its competitive businesses in 2005. In particular, NU disclosed that Select Energy (Select) failed to win any of affiliate Connecticut Light & Power Co.'s (CL&P) 2005 standard offer service (SOS) load (approximately 5000 MW) during a recent competitive auction. Compounding this loss of anticipated load and margin were adverse commodity price movements that affected the value of positions that Select had put in place to serve the CL&P load prior to the announcement of auction results. In total, NU's 2005 net earnings forecast for the competitive business was reduced by approximately $30-$40 million.

NU's current ratings incorporate anticipated improved non-regulated business performance and significant dividends from these operations over the next several years to help fund NU's significant utility capital build out. A material reduction in dividends from the competitive businesses considerably increases the company's need for external funding to finance these capital expenditures.

���������ֳ� expects to meet with management and review updated plans in the near future. A negative rating action could result if losses at Select are more significant or extended than is currently expected or if NU funds expansion of its utility system without sufficient new equity. A positive rating action could result from a significant reduction in parent level debt or a sustained improvement in Select Energy's profitability.

The ratings and Outlooks of NU's regulated utility subsidiaries represent their stand-alone credit profiles and are outlined below. ���������ֳ� recently reviewed the ratings of all the regulated utilities and believes they remain in sound financial condition. A one-notch downgrade of NU would not necessarily result in a downgrade of the subsidiaries under ���������ֳ�'s parent and subsidiary notching policy.

The ratings of the regulated subsidiaries, which are not included in the Rating Watch action, are as follows:

Connecticut Light & Power Company:

--First and refunding mortgage bonds affirmed at 'A-';

--Unsecured and second-mortgage pollution control bonds affirmed at 'BBB+';

--Preferred Stock affirmed at 'BBB';

--Rating Outlook Stable.

Public Service Co. of New Hampshire:

--Senior secured debt affirmed at 'BBB+';

--Sr. Unsecured debt (indicative) affirmed at 'BBB';

--Rating Outlook Stable

Western Massachusetts Electric Company:

--Senior unsecured pollution control bonds affirmed at 'BBB+';

--Rating Outlook Stable.

Contact: Ari Kagan, CFA +1-212-908-0644, Donna DiDonato +1-212-908-0637 or Ellen Lapson, CFA +1-212-908-0504, New York.

Media Relations: Brian Bertsch +1-212-908-0549, New York