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NEW ENGLAND ELECTRIC REPORTS 11-MONTH EARNINGS

 NEW ENGLAND ELECTRIC REPORTS 11-MONTH EARNINGS
 WESTBOROUGH, Mass., Dec. 20 /PRNewswire/ -- New England Electric


System (NYSE: NES) (NEES) today reported earnings for the 11 months and 12 months ended November 1991 of $2.30 and $2.70 per average share, respectively. This compares to $3.70 and $4.14, respectively, earned in the corresponding periods last year on fewer average shares. NEES earnings for the 11 months and 12 months ended Nov. 30, 1990 included $1.80 and $1.81 per share, respectively, due to the reversal in the third quarter of 1990 of a portion of a 1988 write-down. The 1988 write-down resulted from a rate settlement involving the Seabrook 1 nuclear unit. Earnings for the 11 and 12 months ended November 1990 also included a 5 cents per share loss from the November 1990 disposition of NEES' energy management subsidiary.
 NEES earnings for the 11 months and 12 months ended Nov. 30, 1991 were increased by about 7 cents per share due to the March 1991 sale of certain oil and gas properties by New England Energy Incorporated (NEEI), NEES' oil and gas exploration and fuels subsidiary. The properties sold constitute substantially all of NEEI's non-rate regulated oil and gas program. This progran had resulted in a loss of 11 cents per share during the first 11 months of 1990 and the year 1990.
 NEW ENGLAND ELECTRIC SYSTEM AND SUBSIDIARIES (CONSOLIDATED)
 11 Months ended Nov. 30,
 1991 1990
 Operating revenue $1,830,514,000 $1,668,804,000
 Net income $148,985,000 $236,130,000
 Avg. common shares 64,911,776 63,768,207
 Net income per avg. share $2.30 $3.70
 12 Months ended Nov. 30,
 1991 1990
 Operating revenue $2,017,137,000 $1,833,905,000
 Net income $174,905,000 $263,726,000
 Avg. common shares 64,866,658 63,702,310
 Net income per avg. share $2.70 $4.14
 -0- 12/20/91
 /CONTACT: Linwood B. Stockwell of New England Electric System, 508-366-9011 (days) or 508-366-8794 (evenings)/
 (NES) CO: New England Electric System ST: Massachusetts IN: UTI SU: ERN


SH -- NE014 -- 4485 12/20/91 15:55 EST
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Publication:PR Newswire
Date:Dec 20, 1991
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