CONNECTICUT LIGHT & POWER CO
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 4, 2025
ES$69.84-2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-05.
0000072741-25-000011
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-04.
0001628280-25-037369
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 146 previous paragraphs and 174 current paragraphs.
89 unchanged; 52 reworded; 32 added; 4 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (32)
Current report
•We earned $352.7 million, or $0.96 per share, in the second quarter of 2025, compared with $335.3 million, or $0.95 per share, in the second quarter of 2024. We earned $903.5 million, or $2.45 per share, in the first half of 2025, compared with $857.2 million, or $2.43 per share, in the first half of 2024.
Current report
•On May 30, 2025, we entered into an equity distribution agreement pursuant to which we may offer and sell up to $1.2 billion of our common shares from time to time through an ATM equity offering program. In the second quarter of 2025, we issued 3,378,765 common shares, which resulted in proceeds of $218.0 million, net of issuance costs.
Current report
Regulatory Developments:
Current report
•On July 25, 2025, the NHPUC issued its decision in the PSNH distribution rate case and approved a permanent rate increase of $100.7 million, effective August 1, 2025, inclusive of the temporary rate increase that went into effect in August 2024. The order established an authorized regulatory ROE of 9.5 percent with a 50 percent common equity ratio in PSNH’s capital structure. The NHPUC approved an alternative regulatory framework that authorizes annual revenue adjustments on August 1st of 2026, 2027 and 2028, with a requirement for PSNH to file for its next base distribution rate increase for effect in June 2029. The framework includes a revenue-cap formula adjusted for annual inflation and a productivity factor adjustment to provide PSNH with increased revenue for capital and overhead, an exogenous events recovery mechanism, performance metrics and an earnings sharing mechanism.
Current report
As a result of the Yankee Gas long-term debt issuances in July 2025, $75.0 million of current portion of long-term debt was reclassified to Long-Term Debt on Eversource parent’s balance sheet as of June 30, 2025.
Current report
Common Share Issuances and Equity Distribution Agreement: On May 30, 2025, Eversource entered into an equity distribution agreement pursuant to which it may offer and sell up to $1.2 billion of its common shares from time to time through an ATM equity offering program. In the second quarter of 2025, we issued 3,378,765 common shares, which resulted in proceeds of $218.0 million, net of issuance costs. Eversource used the net proceeds received for general corporate purposes.
Current report
In June 2025, Eversource made a construction cost post-close purchase price adjustment payment related to the South Fork Wind project of $69 million, which is reflected in investing activities on the statement of cash flows.
Current report
Credit Ratings: On June 24, 2025, Moody’s revised CL&P’s corporate credit rating from A3 to Baa1, its senior secured debt credit rating from A1 to A2 and outlook from negative to stable, citing the Connecticut regulatory environment as the reason for the downgrade.
Current report
On July 14, 2025, PURA issued proposed final decisions in the first two reopener dockets. The proposed final decision in the first reopener docket adopted a PBR framework inclusive of a multi-year rate plan with an attrition relief mechanism that uses a revenue-cap formula approach to adjust revenues based on a variety of factors including inflation, a productivity factor, a customer dividend percentage, an exogenous cost factor and a capital funding mechanism, as well as an earnings sharing mechanism and a revenue decoupling mechanism for implementation in CL&P’s next distribution rate case. The multi-year rate plan has a stay out period of four years, but certain situations, such as deteriorating financial condition, exceeding authorized return, falling interest rates, or excess storm costs, could trigger the initiation of a new rate amendment proceeding during the multi-year rate plan. The proposed final decision in the second reopener docket established reporting parameters, including the commencement of scorecards and reported metrics and the development of company specific performance incentive mechanisms. By November 1, 2025, CL&P will submit an Interim Performance Mechanism Filing with PURA detailing the results of the reported metrics and scorecards in the PBR Performance Metrics Portfolio for calendar years 2020 through 2024. Results of scorecards and reported metrics are proposed to be reported annually thereafter to PURA, beginning March 1, 2026. Company specific performance incentive mechanisms will be implemented in CL&P’s next rate case proceeding.
Current report
CL&P Storm Filings: On March 28, 2024, PURA established a prudency review proceeding for the purpose of receiving and reviewing evidence of the costs reported by CL&P in response to catastrophic storms and pre-staging events totaling approximately $634 million that occurred between January 1, 2018 and December 31, 2021. On December 31, 2024, CL&P filed a supplement to its March 2024 prudency review application to request that PURA evaluate the prudence of its costs for nine additional catastrophic storms and two additional pre-staging events for the period January 1, 2022 through January 31, 2023 totaling approximately $173 million. On July 10, 2025, CL&P filed a second supplement to its March 2024 prudency review application to request that PURA evaluate the prudence of its costs for ten additional catastrophic storms for the period February 1, 2023 through December 31, 2023 totaling approximately $171 million. Although we cannot predict the ultimate outcome of this matter, we continue to believe these deferred storm restoration costs were prudently incurred and are probable of recovery. On July 25, 2025, CL&P filed a third supplement in this application to include carrying charges calculated at the weighted average cost of capital on the deferred storm costs totaling $246 million, which reflects CL&P’s actual financing costs on the unpaid storm costs from the date the deferred storm costs first began to accrue through May 2025. These carrying charges have not been deferred on the balance sheet. PURA’s procedural schedule includes briefs due in the first quarter of 2026.
Current report
Yankee Gas Distribution Rate Case: On November 12, 2024, Yankee Gas filed an application with PURA to amend its existing distribution rates for effect on November 1, 2025. Yankee Gas’s rate application requested approval of a distribution rate increase of $209 million, which included a base distribution rate increase of $274 million, partially offset by a reduction of $65 million in the combined Gas System Improvements and System Expansion Reconciliation rates. Yankee Gas subsequently updated its proposed cost of service through a series of supplemental filings to incorporate updates resulting in an amended requested distribution rate increase of $193 million. In addition, Yankee Gas requested approval to implement a rate credit of $37.4 million to offset the PGA rate for non-firm margin credits over one year beginning November 1, 2025. As part of the rate case, Yankee Gas proposed to implement a multi-year performance-based rate making plan with a four-year initial term from November 1, 2025 to October 31, 2029 that would adjust rates annually and includes performance metrics. A final decision by PURA is expected in October 2025.
Current report
Aquarion Water Company of Connecticut Distribution Rate Case: On August 29, 2022, Aquarion Water Company of Connecticut (AWC-CT) filed an application with PURA to amend its existing rate schedules to address an operating revenue deficiency. AWC-CT’s rate application requested approval of rate increases of $27.5 million, an additional $13.6 million, and an additional $8.8 million, effective March 15, 2023, 2024, and 2025, respectively. On March 15, 2023, PURA issued a final decision that rejected this request. In this decision, PURA ordered a decrease to total authorized revenues of $4.0 million effective March 15, 2023. The decision allows an authorized regulatory ROE of 8.70 percent. On March 30, 2023, AWC-CT filed an appeal on the decision. On March 25, 2024, the State of Connecticut Superior Court issued a decision on the appeal which dismissed nine, remanded back to PURA two, and partially remanded one of AWC-CT’s twelve claims of error in its appeal. On March 28, 2024, AWC-CT filed an appeal of the Connecticut Superior Court decision to the Connecticut Appellate Court, and that appeal was subsequently transferred to the Connecticut Supreme Court. On July 9, 2025, the Connecticut Supreme Court issued a decision that overturned PURA’s disallowance of $1.5 million in water conservation program expenses, but affirmed the remaining portions of PURA’s decision that were challenged on appeal. There is no statutory timeline for PURA to address this decision. The decision did not have a financial impact on Eversource’s financial statements. The Connecticut Supreme Court decision also validated AWC-CT’s argument that the correct legal standard PURA must use in determining whether costs can be recovered through customer rates is the longstanding prudence standard, which evaluates the prudence of management decision-making as of the time the utility made the decision to incur costs; PURA cannot use improper hindsight analysis to evaluate prudence.
Current report
Massachusetts:
Current report
NSTAR Gas Distribution Rates: NSTAR Gas’ PBR mechanism allows for an annual adjustment to base distribution rates for inflation and exogenous events. On June 16, 2025, NSTAR Gas submitted its annual PBR Adjustment filing reflecting a $163.1 million increase to base distribution rates for effect on November 1, 2025. The base distribution rate increase is comprised of a $10.8 million inflation-based adjustment and, in accordance with the DPU’s final decision in the 2020 NSTAR Gas rate case, a $152.3 million rate-base reset to incorporate capital additions for the period 2021 through 2024, which includes the transfer of GSEP investments totaling $107.3 million into base rates, as well as other non-GSEP plant additions totaling $45.0 million. As part of this filing, NSTAR Gas proposed to pause recovery of the Gas System Enhancement Adjustment Factor (GSEAF) and reduce the current GSEAF to zero on November 1, 2025 in order to align this decrease with the base rate increase, and to mitigate November 1, 2025 bill impacts to customers. NSTAR Gas would begin to recover the remaining 2025 GSEP revenue requirement, estimated at $72 million, on May 1, 2026 over 18 months with applicable carrying charges estimated at $2.5 million. DPU approval is expected by October 31, 2025.
Current report
NSTAR Electric’s Electric Sector Modernization Plan (ESMP) Filing: On August 29, 2024, the DPU approved the overall ESMP as a strategic plan for a five-year period commencing July 1, 2025 through June 30, 2030. The initial five-year plan proposed incremental distribution capital investments of $608 million and incremental distribution expense of $211 million. On November 21, 2024, the DPU opened a second phase of the proceeding (Phase II) to consider a short-term ESMP-focused cost recovery mechanism and metrics. The DPU limited the review of investment in this docket and excluded NSTAR Electric’s ESMP capital proposals regarding the EV Phase II extension and the new capital investment projects, and expense for the funding of low and moderate income solar. These investments will be reviewed in separate proceedings. This reduced the amount of company-proposed incremental capital investment to $295 million and the incremental expense to $44 million related to resiliency and grid modernization for a total spending cap of $339 million. NSTAR Electric filed its proposed tariff and testimony on December 18, 2024.
Current report
On June 13, 2025, the DPU issued an order in the Phase II proceeding on the interim cost recovery mechanism for the ESMP, which approved the interim cost recovery mechanism with certain modifications. In the order, the DPU emphasized its attempt to balance affordability and the goals of advancing Massachusetts’ clean energy goals through proactive investments to support electrification and distributed generation. NSTAR Electric received approval for its proposed grid modernization and resiliency investments and incremental expense for a total spending cap of $139 million, reflecting an ordered reduction in capital spending on undergrounding for resiliency. In compliance with the Phase II order, a revised tariff was filed June 23, 2025, and the revised ESMP spending cap for the first term of July 1, 2025 through June 30, 2030, which included company-proposed incremental capital investment of $95 million and incremental expense of $44 million, was filed June 30, 2025. The DPU intends to conduct another phase of this proceeding to establish a long-term cost recovery mechanism, which is expected to be through base distribution rates.
Current report
New Hampshire:
Current report
PSNH Distribution Rate Case: On June 11, 2024, PSNH filed an application with the NHPUC for approval of a temporary annual base distribution rate increase. On July 31, 2024, the NHPUC approved a settlement agreement that was reached by PSNH, New Hampshire Department of Energy, and the Office of the Consumer Advocate to implement a temporary annual base distribution rate increase of $61.2 million effective August 1, 2024.
Current report
Also on June 11, 2024, PSNH filed an application with the NHPUC to request an increase in permanent base distribution rates of $181.9 million, which is inclusive of the temporary rate increase. Throughout the course of the proceeding, PSNH amended its requested rate increase to $103 million, primarily reflecting the removal of deferred storm costs which will be addressed in a separate proceeding. On July 25, 2025, the NHPUC issued its decision in the PSNH distribution rate case and approved a permanent rate increase of $100.7 million, effective August 1, 2025, inclusive of the temporary rate increase referenced above. The total distribution revenue requirement effective August 1, 2025 is $519 million. The order also established an authorized regulatory ROE of 9.5 percent with a 50 percent common equity ratio in PSNH’s capital structure. The order allowed for the effect of the permanent rate increase to be extended back to the temporary rate period, subject to conditions and limitations included in the decision. This recoupment will be collected through the Regulatory Reconciliation Adjustment (RRA) regulatory tracking mechanism over a one-year period. PSNH is currently working through the recoupment calculation, which will be filed by August 11, 2025 with the NHPUC.
Current report
This revenue requirement also contains an alternative regulation distribution revenue requirement adjustment. The NHPUC approved a first-of-its-kind in New Hampshire, alternative regulatory framework that authorizes annual revenue adjustments on August 1st of 2026, 2027 and 2028, with a requirement for PSNH to file for its next base distribution rate increase for effect in June 2029. The alternative regulatory framework includes a revenue-cap formula adjusted for annual inflation and a productivity factor adjustment to provide PSNH with increased revenue for capital and overhead necessary to run its business, an exogenous events recovery mechanism, performance metrics and an earnings sharing mechanism. Consistent with PSNH’s proposal, lost base revenues for both net metering and energy efficiency are eliminated effective August 1, 2025.
Current report
As part of the decision, unrecovered storm costs of $247 million were removed from the rate proceeding for consideration in a separate proceeding. Approval of the ultimate amount of storm costs to be recovered is subject to a separate prudency review that was filed in March of 2024 and is being considered by the NHPUC in a separate dedicated docket, which is at this time complete and awaiting the issuance of an order. Approved storm costs in excess of the amount approved in base rates will be recovered through the RRA regulatory tracking mechanism. The NHPUC increased the level of storm costs recovered in base rates from $12 million to $19 million.
Current report
Legislative, Policy and Legal Matters
Current report
Federal: On July 4, 2025, An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14 (known as the One Big Beautiful Bill Act or OBBBA), a budget and reconciliation package, was signed into law. Among various items, the law includes changes to federal tax policy and modifications to clean energy tax incentives originally enacted under the Inflation Reduction Act of 2022. One of the key provisions notable for Eversource is the restoration of bonus depreciation for its affiliates other than rate-regulated utility companies. The deduction is for qualifying depreciable tangible property acquired and placed in service after January 19, 2025. The phase out of bonus depreciation under the Tax Cuts and Jobs Act of 2017 has been eliminated. The OBBBA maintains a federal corporate income tax rate of 21 percent.
Current report
The OBBBA also includes provisions that remove federal tax credits for renewable energy. The OBBBA phases out the clean electricity production credit and the clean electricity investment tax credit for wind and solar projects that begin construction after July 4, 2026 and are not placed in service before December 31, 2027. Projects that begin construction prior to July 4, 2026 will remain eligible for investment tax credit benefits under the Inflation Reduction Act of 2022.
Current report
The Company is currently evaluating the impacts of the OBBBA on our consolidated financial statements. The law will not have an impact on Eversource’s tax equity investment in the South Fork Wind project or the Revolution Wind project for which Eversource has remaining financial obligations. The ultimate impact of the law will depend on future guidance from the U.S. Department of the Treasury, the Internal Revenue Service, and state regulatory bodies.
Current report
Connecticut: On July 1, 2025, Connecticut enacted Public Act No. 25-173 (Senate Bill No. 4) (the Act), which aims to reduce electric rates for retail customers by up to $300 million over the next two years in the public benefits charges on electric bills for hardship protection measures and electric vehicle program costs through the issuance of state bonds that would fully fund these state-mandated program costs in lieu of collecting these amounts in electric rates. These changes are expected to be implemented prospectively, and rate changes could be implemented as early as September 1, 2025 in CL&P’s revenue adjustment mechanism.
Current report
The Act authorizes the securitization of storm-related expenses for the period January 1, 2018 through January 1, 2025, which covers the majority of deferred storm costs on the CL&P balance sheet, as well as advanced metering infrastructure (AMI) and legacy meter investments, allowing for the recovery of these costs from customers over a longer term to mitigate short-term rate impacts. The Act also seeks to reduce electric rates for retail customers by revising the statutory framework for renewable portfolio standards.
Current report
The Act also directs PURA’s procurement manager, after consultation with the electric distribution companies, the Consumer Counsel and the Commissioner of DEEP, to file with PURA by February 15, 2026 a proposed amendment to the plan to procure standard electric service that would authorize electric distribution companies to, among other things, make dynamic market purchases to attempt to reduce the average cost and minimize the price volatility of standard electric service.
Current report
Implementation of the Act’s provisions will require further regulatory proceedings and administrative action. We do not anticipate any significant impact to our operating revenues or earnings as a result of the Act’s enactment. However, we expect PURA to initiate proceedings related to securitization, renewable portfolio standard obligations, and other provisions in the Act, which may impact future rate design and recovery mechanisms.
Current report
PFAS Settlements: Aquarion opted into class-action settlements with the defendants 3M Company, E.I. DuPont de Nemours and Company, Tyco Fire Products LP, and BASF Corporation. These settlement agreements were entered to resolve claims of per- and polyfluoroalkyl substances (PFAS) contamination in the drinking water provided by public water systems. In July 2024 and April 2025, Aquarion and other qualifying class members submitted claims to receive settlement awards; these awards were allocated based on the overall number of claimants, PFAS concentrations and flow rates of water sources, and a variety of other factors. The final, total recovery from these settlements is unknown and will be based on the Claims Administrator’s review of the submitted claims and the subsequent allocation procedures. Aquarion anticipates receiving recovery from 3M Company over the next nine years and from E.I. DuPont de Nemours and Company over the next two years. The schedule for BASF Corporation and Tyco Fire Products LP are unknown at this time. In the second quarter of 2025, Aquarion received $3.2 million of proceeds. Proceeds from the settlements will be used to fund capital expenditures.
Current report
The increase in other electric distribution costs for the six month period is due primarily to increases at NSTAR Electric in the long-term renewable energy contract cost deferral and in net metering costs. These increases were partially offset by lower stranded costs resulting from higher RGGI proceeds received at PSNH, which are credited back to customers, and lower long-term contractual energy-related costs that are recovered in the non-bypassable component of the FMCC mechanism at CL&P.
Current report
Other Income, Net decreased for thethree and six month periods due primarily to the following:
Removed paragraphs (4)
Previous report
•We earned $550.8 million, or $1.50 per share, in the first quarter of 2025, compared with $521.8 million, or $1.49 per share, in the first quarter of 2024.
Previous report
Strategic Developments:
Previous report
In April 2025, NSTAR Gas closed on two First Mortgage Bonds, Series Y and Z for $205.0 million and $20.0 million, respectively, and these bonds will be issued in June 2025.
Previous report
Other Income, Netincreased for thethree month period due primarily to the following:
Reworded paragraphs (52)
Previous wording
The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and related combined notes included in this combined Quarterly Report on Form 10-Q, as well as the Eversource 2024 combined Annual Report on Form 10-K. References in this combined Quarterly Report on Form 10-Q to "Eversource," the "Company," "we," "us," and "our" refer to Eversource Energy and its consolidated subsidiaries. All per-share amounts are reported on a diluted basis. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements."
Current wording
The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and related combined notes included in this combined Quarterly Report on Form 10-Q, the combined Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as well as the Eversource 2024 combined Annual Report on Form 10-K. References in this combined Quarterly Report on Form 10-Q to "Eversource," the "Company," "we," "us," and "our" refer to Eversource Energy and its consolidated subsidiaries. All per-share amounts are reported on a diluted basis. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements."
Previous wording
The only common equity securities that are publicly traded are common shares of Eversource. Our first quarters 2025 and 2024 earnings discussion includes a financial measure, EPS by business, that is not recognized under GAAP (non-GAAP), and is calculated by dividing the Net Income Attributable to Common Shareholders of each business by the weighted average diluted Eversource common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in our assets and liabilities as a whole. Full year 2024 earnings discussion includes a non-GAAP financial measure referencing earnings and EPS excluding a loss on the sales of the offshore wind equity method investments and a loss on the pending sale of the Aquarion water distribution business.
Current wording
The only common equity securities that are publicly traded are common shares of Eversource. Our second quarter and first half of 2025 and 2024 earnings discussion includes a financial measure, EPS by business, that is not recognized under GAAP (non-GAAP), and is calculated by dividing the Net Income Attributable to Common Shareholders of each business by the weighted average diluted Eversource common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in our assets and liabilities as a whole. Full year 2024 earnings discussion includes a non-GAAP financial measure referencing earnings and EPS excluding a loss on the sales of the offshore wind equity method investments and a loss on the pending sale of the Aquarion water distribution business.
Previous wording
• variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for these projects,
Current wording
• variability in the costs and final investment returns of the Revolution Wind offshore wind project as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for the project,
Previous wording
•Cash flows provided by operating activities totaled $1.04 billion in the first quarter of 2025, compared with $291.3 million in the first quarter of 2024. Investments in property, plant and equipment totaled $1.01 billion in the first quarter of 2025, compared with $1.15 billion in the first quarter of 2024.
Current wording
•Cash flows provided by operating activities totaled $2.10 billion in the first half of 2025, compared with $962.0 million in the first half of 2024. Investments in property, plant and equipment totaled $2.05 billion in the first half of 2025, compared with $2.22 billion in the first half of 2024.
Previous wording
•Cash and Cash Equivalents totaled $111.4 million as of March 31, 2025, compared with $26.7 million as of December 31, 2024. Our available borrowing capacity under our commercial paper programs totaled $1.16 billion as of March 31, 2025.
Current wording
•Cash and Cash Equivalents totaled $343.7 million as of June 30, 2025, compared with $26.7 million as of December 31, 2024. Our available borrowing capacity under our commercial paper programs totaled $1.27 billion as of June 30, 2025.
Previous wording
•In the first quarter of 2025, we issued $1.20 billion of new long-term debt and we repaid $300 million of long-term debt.
Current wording
•In the first half of 2025, we issued $1.73 billion of new long-term debt and we repaid $375 million of long-term debt.
Previous wording
•On May 1, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, payable on June 30, 2025 to shareholders of record as of May 15, 2025. On January 29, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, paid on March 31, 2025 to shareholders of record as of March 4, 2025.
Current wording
•On May 1, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, payable on June 30, 2025 to shareholders of record as of May 15, 2025.
Previous wording
The impact of higher shares outstanding resulted in $0.07 earnings per share dilution in the first quarter of 2025, as compared to the first quarter of 2024.
Current wording
The impact of higher shares outstanding resulted in $0.04 earnings per share dilution in the second quarter of 2025 and $0.11 earnings per share dilution in the first half of 2025, as compared to the second quarter of 2024 and the first half of 2024, respectively.
Previous wording
Our electric distribution segment earnings increased $20.3 million in the first quarter of 2025, as compared to the first quarter of 2024, due primarily to higher revenues from base distribution rate increases at PSNH effective August 1, 2024 and at NSTAR Electric effective January 1, 2025 and from CL&P's capital tracking mechanism due to increased electric system improvements. Those earnings increases were partially offset by higher property tax expense, higher interest expense, and higher depreciation expense.
Current wording
Our electric distribution segment earnings increased $11.8 million and $32.1 million in the second quarter and the first half of 2025, respectively, as compared to the second quarter and first half of 2024, due primarily to higher revenues from base distribution rate increases at PSNH effective August 1, 2024 and at NSTAR Electric effective January 1, 2025 and from CL&P's capital tracking mechanism due to increased electric system improvements. Those earnings increases were partially offset by higher property tax expense, higher interest expense, higher depreciation expense, lower net interest income on regulatory deferrals, and higher operations and maintenance expense.
Previous wording
Our electric transmission segment earnings increased $22.7 million in the first quarter of 2025, as compared to the first quarter of 2024, due primarily to a higher transmission rate base as a result of our continued investment in our transmission infrastructure.
Current wording
Our electric transmission segment earnings increased $19.0 million and $41.8 million in the second quarter and the first half of 2025, respectively, as compared to the second quarter and the first half of 2024, due primarily to a higher transmission rate base as a result of our continued investment in our transmission infrastructure and lower interest expense.
Previous wording
Our natural gas distribution segment earnings increased $27.8 million in the first quarter of 2025, as compared to the first quarter of 2024, due primarily to higher revenues from base distribution rate increases effective November 1, 2024 at EGMA and at NSTAR Gas and from capital tracking mechanisms due to continued investments in natural gas infrastructure. Those earnings increases were partially offset by higher operations and maintenance expense, higher interest expense, higher depreciation expense, and higher property tax expense.
Current wording
Our natural gas distribution segment earnings increased $8.2 million and $36.1 million in the second quarter and the first half of 2025, respectively, as compared to the second quarter and the first half of 2024, due primarily to higher revenues from base distribution rate increases effective November 1, 2024 at EGMA and at NSTAR Gas and from capital tracking mechanisms due to continued investments in natural gas infrastructure. Those earnings increases were partially offset by higher operations and maintenance expense, higher interest expense, higher depreciation expense, and higher property tax expense.
Previous wording
Our water distribution segment earnings decreased $1.8 million in the first quarter of 2025, as compared to the first quarter of 2024, due primarily to the absence of a benefit recorded in the first quarter of 2024 to recognize the impacts of the Aquarion Water Company of Connecticut’s rate case decision from PURA, partially offset by lower interest expense.
Current wording
Our water distribution segment earnings increased $6.4 million and $4.5 million in the second quarter and the first half of 2025, respectively, as compared to the second quarter and the first half of 2024, due primarily to higher revenues from the revenue adjustment mechanism in Connecticut and lower interest expense. Higher earnings in the first half of 2025 compared to the first half of 2024 were partially offset by the absence in 2025 of a benefit recorded in the first half of 2024 to recognize the impacts of the Aquarion Water Company of Connecticut’s rate case decision from PURA.
Previous wording
Eversource Parent and Other Companies: Eversource parent and other companies’ losses increased by $40.0 million in the first quarter of 2025, as compared to the first quarter of 2024, due primarily to higher interest expense due to the absence of capitalized interest as a result of the sale of our offshore wind investments in the third quarter of 2024 and higher interest costs from long-term debt.
Current wording
Eversource Parent and Other Companies: Eversource parent and other companies’ losses increased by $28.0 million and $68.2 million in the second quarter and the first half of 2025, respectively, as compared to the second quarter and the first half of 2024, due primarily to higher interest expense due to the absence in 2025 of capitalized interest as a result of the sale of our offshore wind projects in the third quarter of 2024 and higher interest costs from short-term debt.
Previous wording
Eversource, CL&P, NSTAR Electric and PSNH each uses its available capital resources to fund its respective construction expenditures, meet debt requirements, pay operating costs, including storm-related costs, pay dividends, and fund corporate obligations. Eversource's regulated companies recover their electric, natural gas and water distribution construction expenditures as the related project costs are depreciated over the life of the assets. This impacts the timing of the revenue stream designed to fully recover the total investment plus a return on the equity and debt used to finance the investments. Eversource's regulated companies spend a significant amount of cash on capital improvements and construction projects that have a long-term return on investment and recovery period.
Current wording
Eversource, CL&P, NSTAR Electric and PSNH each uses its available capital resources to fund its respective construction expenditures, meet debt requirements, pay operating costs, including storm-related costs, pay dividends, and fund corporate obligations. Eversource's regulated companies recover their electric, natural gas and water distribution construction expenditures as the related project costs are depreciated over the life of the assets. This impacts the timing of the revenue stream designed to fully recover the total investment including a return on the equity and debt used to finance the investments. Eversource's regulated companies spend a significant amount of cash on capital improvements and construction projects that have a long-term return on investment and recovery period.
Previous wording
Eversource is currently in the process of selling its Aquarion water distribution business. For information regarding the pending sale and use of proceeds, see “Business Development and Capital Expenditures - Pending Sale of Aquarion” included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Current wording
Eversource is currently in the process of selling its Aquarion water distribution business. For information regarding the pending sale and expected use of proceeds, see “Business Development and Capital Expenditures - Pending Sale of Aquarion” included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Previous wording
Cash and cash equivalents totaled $111.4 million as of March 31, 2025, compared with $26.7 million as of December 31, 2024.
Current wording
Cash and cash equivalents totaled $343.7 million as of June 30, 2025, compared with $26.7 million as of December 31, 2024.
Previous wording
NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on October 11, 2029, that serves to backstop NSTAR Electric's $650 million commercial paper program.
Current wording
NSTAR Electric has a $650.0 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650.0 million revolving credit facility, which terminates on October 11, 2029, that serves to backstop NSTAR Electric's $650.0 million commercial paper program.
Previous wording
Amounts outstanding under the commercial paper programs are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time.
Current wording
Amounts outstanding under the commercial paper programs are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time. As a result of the Yankee Gas long-term debt issuances in July 2025, $110.0 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified to Long-Term Debt on Eversource parent’s balance sheet as of June 30, 2025.
Previous wording
Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of March 31, 2025 and December 31, 2024, there were intercompany loans from Eversource parent to PSNH of $114.5 million and $131.1 million, respectively. As of December 31, 2024, there were intercompany loans from Eversource parent to CL&P of $280.0 million. Eversource parent charges interest on these intercompany loans at the same weighted-average interest rate as its commercial paper program. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets, as these intercompany borrowings are outstanding for no more than 364 days at one time.
Current wording
Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of June 30, 2025 and December 31, 2024, there were intercompany loans from Eversource parent to PSNH of $35.3 million and $131.1 million, respectively. As of December 31, 2024, there were intercompany loans from Eversource parent to CL&P of $280.0 million. Eversource parent charges interest on these intercompany loans at the same weighted-average interest rate as its commercial paper program. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets, as these intercompany borrowings are outstanding for no more than 364 days at one time.
Previous wording
Long-Term Debt Issuance Authorizations: On March 3, 2025, PSNH filed a petition with the NHPUC requesting authorization to issue up to $300.0 million in long-term debt through December 31, 2025. On March 26, 2025, PURA approved Yankee Gas’ request for authorization to issue up to $360.0 million in long-term debt through December 31, 2026.
Current wording
Long-Term Debt Issuance Authorizations: On March 26, 2025, PURA approved Yankee Gas’ request for authorization to issue up to $360.0 million in long-term debt through December 31, 2026. On May 27, 2025, NHPUC approved PSNH’s request for authorization to issue up to $300.0 million in long-term debt through December 31, 2025.
Previous wording
Rate Reduction Bonds: PSNH's RRB payments consist of principal and interest and are paid semi-annually. PSNH paid $21.6 million of RRB principal payments and $6.9 million of interest payments in the first quarter of 2025, and paid $21.6 million of RRB principal payments and $7.6 million of interest payments in the first quarter of 2024.
Current wording
Rate Reduction Bonds: PSNH's RRB payments consist of principal and interest and are paid semi-annually. PSNH paid $21.6 million of RRB principal payments and $6.9 million of interest payments in the first half of 2025, and paid $21.6 million of RRB principal payments and $7.6 million of interest payments in the first half of 2024.
Previous wording
Cash Flows: Cash flows from operating activities primarily result from the transmission and distribution of electricity, and the distribution of natural gas and water. Cash flows provided by operating activities totaled $1.04 billion in the first quarter of 2025, compared with $291.3 million in the first quarter of 2024. Operating cash flows were favorably impacted by an improvement in regulatory recoveries driven primarily by the timing of collections for CL&P’s non-bypassable FMCC, CL&P’s SBC, electric and natural gas energy efficiency costs, energy supply costs and other regulatory tracking mechanisms. The CL&P non-bypassable FMCC retail rate increased as a result of the 2024 RAM decision and the net Millstone and Seabrook contract cash flows were higher in 2025 as compared to 2024. These higher collections resulted in an improvement to operating cash flows of $342.6 million for the three month period. The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization on the statements of cash flows. Operating cash flows were also favorably impacted by a $91.5 million decrease in cash payments to vendors for storm costs. These favorable impacts were partially offset by the timing of cash collections on our accounts receivable, the timing of cash payments made on our accounts payable, an increase in cost of removal expenditures, a $5.5 million decrease in income tax refunds received in 2025 compared to 2024, and the timing of other working capital items.
Current wording
Cash Flows: Cash flows from operating activities primarily result from the transmission and distribution of electricity, and the distribution of natural gas and water. Cash flows provided by operating activities totaled $2.10 billion in the first half of 2025, compared with $962.0 million in the first half of 2024. Operating cash flows were favorably impacted by an improvement in regulatory recoveries driven primarily by the timing of collections for CL&P’s non-bypassable FMCC, CL&P’s SBC, and other regulatory tracking mechanisms. The CL&P non-bypassable FMCC retail rate increased as a result of the 2024 RAM decision and the net Millstone and Seabrook contract cash flows were higher in 2025 as compared to 2024. These higher collections resulted in an improvement to operating cash flows of $501.1 million for the six month period. The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization on the statements of cash flows. Operating cash flows were also favorably impacted by a decrease of $200.4 million in cash payments to vendors for storm costs and the timing of cash collections on our accounts receivable. These favorable impacts were partially offset by the timing of cash payments made on our accounts payable, an increase in cost of removal expenditures, a decrease of $19.0 million in income tax refunds received in 2025 compared to 2024, and the timing of other working capital items.
Previous wording
On May 1, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, payable on June 30, 2025 to shareholders of record as of May 15, 2025. On January 29, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, paid on March 31, 2025 to shareholders of record as of March 4, 2025. In the first quarter of 2025, we paid cash dividends of $270.2 million and issued non-cash dividends of $6.0 million in the form of treasury shares, totaling dividends of $276.2 million. In the first quarter of 2024, we paid cash dividends of $244.8 million and issued non-cash dividends of $6.0 million in the form of treasury shares, totaling dividends of $250.8 million.
Current wording
On May 1, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, payable on June 30, 2025 to shareholders of record as of May 15, 2025. In the first half of 2025, we paid cash dividends of $540.9 million and issued non-cash dividends of $11.8 million in the form of treasury shares, totaling dividends of $552.7 million. In the first half of 2024, we paid cash dividends of $490.9 million and issued non-cash dividends of $12.0 million in the form of treasury shares, totaling dividends of $502.9 million.
Previous wording
In the first quarter of 2025, CL&P and NSTAR Electric paid $247.0 million and $436.0 million, respectively, in common stock dividends to Eversource parent.
Current wording
In the first half of 2025, CL&P, NSTAR Electric and PSNH paid $330.0 million, $436.0 million and $175.0 million, respectively, in common stock dividends to Eversource parent.
Previous wording
Investments in Property, Plant and Equipment on the statements of cash flows do not include amounts incurred on capital projects but not yet paid, cost of removal, AFUDC related to equity funds, and the capitalized and deferred portions of pension and PBOP income/expense. In the first quarter of 2025, investments for Eversource, CL&P, NSTAR Electric, and PSNH were $1.01 billion, $223.6 million, $367.5 million, and $143.3 million, respectively. Capital expenditures were primarily for continuing projects to maintain and improve infrastructure and operations, including enhancing reliability to the transmission and distribution systems.
Current wording
Investments in Property, Plant and Equipment on the statements of cash flows do not include amounts incurred on capital projects but not yet paid, cost of removal, AFUDC related to equity funds, and the capitalized and deferred portions of pension and PBOP income/expense. In the first half of 2025, investments for Eversource, CL&P, NSTAR Electric, and PSNH were $2.05 billion, $438.2 million, $775.2 million, and $275.5 million, respectively. Capital expenditures were primarily for continuing projects to maintain and improve infrastructure and operations, including enhancing reliability to the transmission and distribution systems.
Previous wording
Our consolidated capital expenditures, including amounts incurred but not paid, cost of removal, AFUDC, and the capitalized and deferred portions of pension and PBOP income/expense (all of which are non-cash factors), totaled $1.04 billion in the first quarter of 2025, compared to $1.09 billion in the first quarter of 2024. These amounts included$51.4 million and $75.6 million in the first quarter of 2025 and 2024, respectively, related to information technology and facilities upgrades and enhancements, primarily at Eversource Service and The Rocky River Realty Company.
Current wording
Our consolidated capital expenditures, including amounts incurred but not paid, cost of removal, AFUDC, and the capitalized and deferred portions of pension and PBOP income/expense (all of which are non-cash factors), totaled $2.15 billion in the first half of 2025, compared to $2.26 billion in the first half of 2024. These amounts included$104.4 million and $152.7 million in the first half of 2025 and 2024, respectively, related to information technology and facilities upgrades and enhancements, primarily at Eversource Service and The Rocky River Realty Company.
Previous wording
Electric Transmission Business: Our consolidated electric transmission business capital expenditures decreased by $131.1 million in the first quarter of 2025, as compared to the first quarter of 2024. A summary of electric transmission capital expenditures by company is as follows:
Current wording
Electric Transmission Business: Our consolidated electric transmission business capital expenditures decreased by $195.3 million in the first half of 2025, as compared to the first half of 2024. A summary of electric transmission capital expenditures by company is as follows:
Previous wording
Greater Cambridge Energy Program: The Greater Cambridge Energy Program will construct Eversource’s first underground transmission substation in Cambridge, Massachusetts, along with associated transmission and distribution lines. The project will address the increased electric demand in the region, enhance the resiliency of the transmission system, and ensure a flexible grid to reliably serve customers. The flexibility to transmit and distribute mixed energy sources will support the decarbonization and electrification goals of both the City of Cambridge and the state of Massachusetts. The new 115/13.8-kV, 35,000 square foot substation will be located in an underground vault and includes three distribution power transformers supplying thirty-six distribution circuits. The project also includes five underground duct banks housing eight new 115-kV transmission lines. The Massachusetts Energy Facilities Siting Board approved the project on June 28, 2024. Additional required environmental permits are expected to be approved by the end of 2025, as well as a license from the MA DEP expected to be approved by the end of the second quarter of 2026. The initial in-service date for the project is June 2029, which includes two 115-kV transmission lines and the transmission portion of the substation. The first distribution circuits and substation distribution will be placed in-service by the end of 2029. The remaining transmission and distribution circuits will be placed in-service throughout 2030 and into 2031. The total project cost is approximately $1.84 billion, with $1.38 billion allocated for transmission and $460 million for distribution. As of March 31, 2025, $112.0 million has been spent on the project, with $80.4 million for transmission and $31.6 million for distribution.
Current wording
Greater Cambridge Energy Program: The Greater Cambridge Energy Program will construct Eversource’s first underground transmission substation in Cambridge, Massachusetts, along with associated transmission and distribution lines. The project will address the increased electric demand in the region, enhance the resiliency of the transmission system, and ensure a flexible grid to reliably serve customers. The flexibility to transmit and distribute mixed energy sources will support the decarbonization and electrification goals of both the City of Cambridge and the state of Massachusetts. The new 115/13.8-kV, 35,000 square foot substation will be located in an underground vault and includes three distribution power transformers supplying thirty-six distribution circuits. The project also includes five underground duct banks housing eight new 115-kV transmission lines. The Massachusetts Energy Facilities Siting Board approved the project on June 28, 2024. Additional required environmental permits are expected to be approved by the end of 2025, as well as a license from the MA DEP expected to be approved by the end of the second quarter of 2026. The initial in-service date for the project is June 2029, which includes two 115-kV transmission lines and the transmission portion of the substation. The first distribution circuits and substation distribution will be placed in-service by the end of 2029. The remaining transmission and distribution circuits will be placed in-service throughout 2030 and into 2031. The total project cost is approximately $1.84 billion, with $1.38 billion allocated for transmission and $460 million for distribution. As of June 30, 2025, $137.4 million has been spent on the project, with $104.5 million for transmission and $32.9 million for distribution.
Previous wording
Pending Sale of Aquarion: On January 27, 2025, Eversource entered into a definitive agreement to sell the Aquarion water distribution business. Subject to certain closing adjustments, the aggregate enterprise value of the sale is approximately $2.4 billion in cash, which includes approximately $1.6 billion for the equity and $800 million of net debt that will be extinguished at closing. The sale is subject to approval by PURA, DPU and the NHPUC, as well as other approvals pursuant to the Hart-Scott-Rodino Antitrust Improvements Act, for which the relevant waiting period has expired, as well as other customary closing conditions. The sale is expected to close in late 2025. Eversource plans to use the net proceeds from the pending sale to pay down parent company debt.
Current wording
Pending Sale of Aquarion: On January 27, 2025, Eversource entered into a definitive agreement to sell the Aquarion water distribution business. Subject to certain closing adjustments, the aggregate enterprise value of the sale is approximately $2.4 billion in cash, which includes approximately $1.6 billion for the equity and $800 million of net debt that will be extinguished at closing. The sale is subject to approval by PURA, DPU and the NHPUC, as well as other approvals pursuant to the Hart-Scott-Rodino Antitrust Improvements Act, for which the relevant waiting period has expired, as well as other customary closing conditions. The sale is expected to close in late 2025. Eversource plans to use the net proceeds from the pending sale to pay down Eversource parent debt.
Previous wording
On February 4, 2025, the MISO transmission owners submitted a petition for review with the Court requesting review of the October 17, 2024 MISO ROE order on remand and a December 19, 2024 notice of denial of rehearing. The petition requests review of FERC’s decision to retroactively backdate the MISO transmission owners’ base ROE to the date of an earlier order that FERC abandoned when it issued Order No. 569, treat an underlying unlawful complaint as if it were legitimate, and order eight years of interest as part of the directed refunds.
Current wording
On February 4, 2025, the MISO transmission owners submitted a petition for review with the Court requesting review of the October 17, 2024 MISO ROE order on remand and a December 19, 2024 notice of denial of rehearing. The petition requests review of FERC’s decision to retroactively backdate the MISO transmission owners’ base ROE to the date of an earlier order that FERC abandoned when it issued Order No. 569, treat an underlying unlawful complaint as if it were legitimate, and order eight years of interest as part of the directed refunds. On July 11, 2025, the Court issued an order on the briefing schedule with initial briefs due August 14, 2025 and final briefs due January 26, 2026.
Previous wording
A change of 10 basis points to the base ROE used to establish the reserves would impact Eversource’s after-tax earnings by an average of approximately $3 million for each of the four 15-month complaint periods. Prospectively from the date of a final FERC order implementing a new base ROE, based off of estimated 2024 rate base, a change of 10 basis points to the base ROE would impact Eversource’s future annual after-tax earnings by approximately $6 million per year, and will increase slightly over time as we continue to invest in our transmission infrastructure.
Current wording
A change of 10 basis points to the base ROE used to establish the reserves would impact Eversource’s after-tax earnings by an average of approximately $3 million for each of the four 15-month complaint periods. Prospectively from the date of a final FERC order implementing a new base ROE, based off of actual 2024 rate base, a change of 10 basis points to the base ROE would impact Eversource’s future annual after-tax earnings by approximately $6 million per year, and will increase slightly over time as we continue to invest in our transmission infrastructure.
Previous wording
Electric, Natural Gas and Water Utility Base Distribution Rates: The regulated companies’ distribution rates are set by their respective state regulatory commissions, and their tariffs include mechanisms for periodically adjusting their rates for the recovery of specific incurred costs. Other than as described below, for the first quarter of 2025, changes made to the regulated companies’ rates did not have a material impact on their earnings. For further information, see "Financial Condition and Business Analysis – Regulatory Developments and Rate Matters" included in Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of the Eversource 2024 Form 10-K.
Current wording
Electric, Natural Gas and Water Utility Base Distribution Rates: The regulated companies’ distribution rates are set by their respective state regulatory commissions, and their tariffs include mechanisms for periodically adjusting their rates for the recovery of specific incurred costs. Other than as described below, for the first half of 2025, changes made to the regulated companies’ rates did not have a material impact on their earnings. For further information, see "Financial Condition and Business Analysis – Regulatory Developments and Rate Matters" included in Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of the Eversource 2024 Form 10-K.
Previous wording
CL&P Performance Based Rate Making: On May 26, 2021, in accordance with an October 2020 Connecticut law, PURA opened a proceeding to begin to evaluate and eventually implement performance-based regulation (PBR) for electric distribution companies. PURA is conducting the proceeding in two phases. On January 25, 2023, PURA staff issued a proposal outlining a suggested portfolio of PBR elements for further exploration and potential implementation in the second phase of the proceeding. On April 26, 2023, PURA issued a final decision on the first phase and identified various objectives to guide PBR development and evaluate adoption of a PBR framework. The decision commenced Phase 2 by initiating three reopener dockets focused on revenue adjustment mechanisms, performance metrics and integrated distribution system planning. Final decisions on the three reopener dockets are expected in 2025.
Current wording
CL&P Performance Based Rate Making: On May 26, 2021, in accordance with an October 2020 Connecticut law, PURA opened a proceeding to begin to evaluate and eventually implement performance-based regulation (PBR) for electric distribution companies. PURA is conducting the proceeding in two phases. On January 25, 2023, PURA staff issued a proposal that outlined a suggested portfolio of PBR elements for further exploration and potential implementation in the second phase of the proceeding. On April 26, 2023, PURA issued a final decision on the first phase and identified various objectives to guide PBR development and evaluate adoption of a PBR framework. The decision commenced Phase 2 by initiating three reopener dockets focused on revenue adjustment mechanisms, performance metrics and integrated distribution system planning.
Previous wording
On November 16, 2023, PURA issued a straw proposal in the first reopener that focused on revenue adjustment mechanisms. The proposal outlines potential additions and reforms to the current revenue adjustment mechanisms, such as multi-year rate plans, earnings sharing mechanisms and the revenue decoupling mechanism. On March 14, 2024, PURA issued a straw proposal in the second reopener docket that concentrates on performance mechanisms in a PBR framework. The proposal suggests the development of performance incentive mechanisms, reported metrics and scorecards. On February 27, 2025, PURA issued revised straw proposals for both the first and second reopener dockets, resulting in some edits to the previous proposals based on participant feedback. On April 4, 2025, PURA issued a straw proposal in the third reopener docket that focused on the establishment of integrated distribution system planning under a PBR framework. These straw proposals are not authoritative and additional technical sessions, discovery and briefs will continue prior to a final decision, which will not be applied until the time of CL&P’s next distribution rate case.
Current wording
On November 16, 2023, PURA issued a straw proposal in the first reopener that focused on revenue adjustment mechanisms. The proposal outlined potential additions and reforms to the current revenue adjustment mechanisms, such as multi-year rate plans, earnings sharing mechanisms and the revenue decoupling mechanism. On March 14, 2024, PURA issued a straw proposal in the second reopener docket that concentrated on performance mechanisms in a PBR framework. The proposal suggested the development of performance incentive mechanisms, reported metrics and scorecards. On February 27, 2025, PURA issued revised straw proposals for both the first and second reopener dockets, resulting in some edits to the previous proposals based on participant feedback. On April 4, 2025, PURA issued a straw proposal in the third reopener docket that focused on the establishment of integrated distribution system planning under a PBR framework.
Previous wording
We continue to monitor developments in this proceeding, and at this time, we cannot predict the ultimate outcome of this proceeding and the resulting impact to CL&P.
Current wording
Final decisions on the three reopener dockets are expected in 2025. We continue to monitor developments in this proceeding, and at this time, we cannot predict the ultimate outcome of this proceeding and the resulting impact to CL&P.
Previous wording
The following provides the amounts and variances in operating revenues and expense line items in the statements of income for Eversource for the three months ended March 31, 2025 and 2024 included in this combined Quarterly Report on Form 10-Q:
Current wording
The following provides the amounts and variances in operating revenues and expense line items in the statements of income for Eversource for the three and six months ended June 30, 2025 and 2024 included in this combined Quarterly Report on Form 10-Q:
Previous wording
•Base electric distribution revenues increased $35.5 million for the three month period, due primarily to a temporary base distribution rate increase at PSNH effective August 1, 2024 and a base distribution rate increase at NSTAR Electric effective January 1, 2025.
Current wording
•Base electric distribution revenues increased $26.8 million and $62.2 million for the three and six month periods, due primarily to a temporary base distribution rate increase at PSNH effective August 1, 2024 and a base distribution rate increase at NSTAR Electric effective January 1, 2025.
Previous wording
•Base natural gas distribution revenues increased $55.7 million for the three month period, due primarily to base distribution rate increases effective November 1, 2024 at EGMA and NSTAR Gas.
Current wording
•Base natural gas distribution revenues increased $24.0 million and $79.7 million for the three and six month periods, due primarily to base distribution rate increases effective November 1, 2024 at EGMA and NSTAR Gas.
Previous wording
EGMA was allowed two rate base resets in a DPU-approved October 7, 2020 rate settlement agreement, with the first rate base reset on November 1, 2024. The increase to base distribution rates was $85.6 million effective November 1, 2024 (of which $8.8 million is offset by a reduction in the GSEP revenue requirement and GSEP rate also taking effect on November 1, 2024 for a net distribution rate change on November 1, 2024 of $76.8 million). On November 7, 2024, the DPU approved this filing.
Current wording
EGMA was allowed two rate base resets in a DPU-approved October 7, 2020 rate settlement agreement, with the first rate base reset on November 1, 2024. After adjusting for a cap required under the terms of the rate settlement agreement, the increase to base distribution rates was $85.6 million effective November 1, 2024 (of which $8.8 million is offset by a reduction in the GSEP revenue requirement and GSEP rate also taking effect on November 1, 2024 for a net distribution rate change on November 1, 2024 of $76.8 million). On November 7, 2024, the DPU approved this filing.
Previous wording
The variance in tracked distribution revenues for the three month period is due primarily to the following:
Current wording
The variance in tracked distribution revenues for the three and six month periods is due primarily to the following:
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Current report — wording carried from elsewhere
Income Tax Expense increased for the three month period due primarily to higher pre-tax earnings ($3.9 million), higher state taxes ($4.3 million), and a decrease in amortization of EDIT ($0.3 million), partially offset by a decrease in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($7.2 million).
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•On January 27, 2025, Eversource entered into a definitive agreement to sell the Aquarion water distribution business. Subject to certain closing adjustments, the aggregate enterprise value of the sale is approximately $2.4 billion in cash, which includes approximately $1.6 billion for the equity and $800 million of net debt that will be extinguished at closing. The sale is subject to regulatory and other approvals and is expected to close in late 2025. Eversource plans to use the net proceeds from the pending sale to pay down parent company debt.