Form 3

Form 3

 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 OMB APPROVAL
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

 OMB Number: 3235-0104
Expires: January 31, 2005
Estimated average burden
hours per response...0.5

(Print or Type Responses)

1. Name and Address of Reporting Person*
Graham        John        G.		 2. Date of Event Requiring
Statement (Month/Day/Year)
March 31, 2003		 4. Issuer Name and Ticker or Trading Symbol

NORTHEAST UTILITIES - NU

(Last)     (First)    (Middle)
c/o Northeast Utilities
107 Selden Street		 3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary) 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
X  Director*__ 10% Owner
__ Officer (give title below)__ Other (specify below)


     *Trustee
___________________________		 6. If Amendment, Date of
Original (Month/Day/Year)

(Street)

  Berlin   Connecticut   06037		 7. Individual or Joint/Group Filing (Check Applicable Line)

X   Form filed by One Reporting Person
__Form filed by More than One Reporting Person
(City)   (State)    (Zip)

Table I — Non-Derivative Securities Beneficially Owned
1. Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially
Owned (Instr. 4)		 3. Ownership Form: Direct (D)
or Indirect (I) (Instr. 5)		 4. Nature of Indirect Beneficial
Ownership (Instr. 5)
Common Shares, $5 par value None





















Table II — Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and
Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or
Exercise Price of
Derivative
Security		 5. Ownership
Form of
Derivative
Securities:
Direct (D) or
Indirect(I)
(Instr. 5)		 6. Nature of Indirect
Beneficial Ownership
(Instr. 5)
Date
Exercisable		 Expiration
Date		   Title   Amount or
Number of
Shares






























































Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Explanation of Responses:

          /s/ John G. Graham, by O. Kay Comendul / POA
**Signature of Reporting Person		 April 4, 2003
Date
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient,
See Instruction 6 for procedure.