BERLIN, Conn. (AP) – Northeast Utilities’ second-quarter earnings fell almost 7 percent, in part because of the loss of tax credits and last year’s sale of a nuclear power plant.

For the three months ending June 30, New England’s largest electric and gas utility reported earnings of $26.9 million, or 21 cents per share, compared with earnings of $28.9 million, or 22 cents per share a year ago.

Revenues increased 27 percent to $1.45 billion for the quarter, NU reported Tuesday.

Earnings from NU’s regulated businesses were down from the same period in 2002 which included $13 million in investment tax credits from the Western Massachusetts Electric Co. subsidiary and earnings from the Seabrook nuclear power plant in New Hampshire. That plant was sold in November.

Michael Morris, NU’s chairman president and chief executive, said NU’s competitive businesses continued to make gains, earning $11.9 million in the second quarter, compared with a loss of $9.2 million during the same period last year.

Lower earnings were seen at NU’s four regulated utilities.

NU’s largest subsidiary, The Connecticut Light & Power Co., earned $4.7 million during the quarter, compared with $10 million in 2002. The Public Service Company of New Hampshire earned $11.1 million, compared with $15.2 million a year before.

At Western Massachusetts Electric, earnings were $2.6 million for the quarter, compared with $15.3 million in 2002.

Yankee Energy System, NU’s natural gas subsidiary, lost $3 million in the second quarter, compared with a loss of $500,000 a year before.

For the first six months of the year, NU’s earnings were $87 million, or 69 cents per share, compared with 2002 earnings of $47.5 million, or 37 cents per share.

In morning trading, shares of NU were unchanged at $15.76 on the New York Stock Exchange.

AP-ES-07-22-03 1525EDT