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CONNECTICUT LIGHT & POWER CO

For the period ended Sep 30, 2025. Filed Nov 6, 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.

Sep 30, 2025 · Filed Nov 6, 2025

ES$69.84-2.9%Stored close · as of Nov 6, 2026
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UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period EndedSeptember 30, 2025
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________

Registrant; State of Incorporation; Address; Telephone Number;

Commission File Number; and I.R.S. Employer Identification No.

EVERSOURCE ENERGY

(a Massachusetts voluntary association)

300 Cadwell Drive, Springfield, Massachusetts 01104

Commission File Number:001-05324

I.R.S. Employer Identification No.04-2147929

(a Connecticut corporation)

107 Selden Street, Berlin, Connecticut 06037-1616

Commission File Number:000-00404

I.R.S. Employer Identification No.06-0303850

NSTAR ELECTRIC COMPANY

(a Massachusetts corporation)

800 Boylston Street, Boston, Massachusetts 02199

Commission File Number:001-02301

I.R.S. Employer Identification No.04-1278810

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

(a New Hampshire corporation)

Energy Park

780 North Commercial Street, Manchester, New Hampshire 03101-1134

Commission File Number:001-06392

I.R.S. Employer Identification No.02-0181050

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, $5.00 par value per shareESNew York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

YesNo
☒☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files).

YesNo
☒☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Eversource EnergyLarge accelerated filer☒Acceleratedfiler☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
The Connecticut Light and Power CompanyLarge accelerated filer☐Acceleratedfiler☐Non-accelerated filer☒Smaller reporting company☐Emerging growth company☐
NSTAR Electric CompanyLarge accelerated filer☐Acceleratedfiler☐Non-accelerated filer☒Smaller reporting company☐Emerging growth company☐
Public Service Company of New HampshireLarge accelerated filer☐Acceleratedfiler☐Non-accelerated filer☒Smaller reporting company☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act):

YesNo
Eversource Energy☐☒
The Connecticut Light and Power Company☐☒
NSTAR Electric Company☐☒
Public Service Company of New Hampshire☐☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

Company - Class of StockOutstanding as of October 31, 2025
Eversource Energy Common Shares, $5.00 par value375,189,145shares
The Connecticut Light and Power Company Common Stock, $10.00 par value6,035,205shares
NSTAR Electric Company Common Stock, $1.00 par value200shares
Public Service Company of New Hampshire Common Stock, $1.00 par value301shares

Eversource Energy holds all of the 6,035,205 shares,200 shares, and 301 shares of the outstanding common stock of The Connecticut Light and Power Company, NSTAR Electric Company, and Public Service Company of New Hampshire, respectively.

The Connecticut Light and Power Company, NSTAR Electric Company and Public Service Company of New Hampshire each meet the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q, and each is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) of Form 10‑Q.

Eversource Energy, The Connecticut Light and Power Company, NSTAR Electric Company, and Public Service Company of New Hampshire each separately file this combined Form 10-Q. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants.

GLOSSARY OF TERMS

The following is a glossary of abbreviations and acronyms that are found in this report:

Current or former Eversource Energy companies, segments or investments:
Eversource, ES or the CompanyEversource Energy and subsidiaries
Eversource parent or ES parentEversource Energy, a public utility holding company
ES parent and other companiesES parent and other companies are comprised of Eversource parent, Eversource Service, and other subsidiaries, which primarily includes our unregulated businesses, The Rocky River Realty Company (a real estate subsidiary), the consolidated operations of CYAPC and YAEC, and Eversource parent's equity ownership interests that are not consolidated
CL&PThe Connecticut Light and Power Company
NSTAR ElectricNSTAR Electric Company
PSNHPublic Service Company of New Hampshire
PSNH FundingPSNH Funding LLC 3, a bankruptcy remote, special purpose, wholly-owned subsidiary of PSNH
NSTAR GasNSTAR Gas Company
EGMAEversource Gas Company of Massachusetts
Yankee GasYankee Gas Services Company
AquarionAquarion Company and its subsidiaries
HEECHarbor Electric Energy Company, a wholly-owned subsidiary of NSTAR Electric
Eversource ServiceEversource Energy Service Company
CYAPCConnecticut Yankee Atomic Power Company
MYAPCMaine Yankee Atomic Power Company
YAECYankee Atomic Electric Company
Yankee CompaniesCYAPC, YAEC and MYAPC
Regulated companiesThe Eversource regulated companies are comprised of the electric distribution and transmission businesses of CL&P, NSTAR Electric and PSNH, the natural gas distribution businesses of Yankee Gas, NSTAR Gas and EGMA, Aquarion’s water distribution businesses, and the solar power facilities of NSTAR Electric
Regulators and Government Agencies:
DEEPConnecticut Department of Energy and Environmental Protection
DOEU.S. Department of Energy
DOERMassachusetts Department of Energy Resources
DPUMassachusetts Department of Public Utilities
EPAU.S. Environmental Protection Agency
FERCFederal Energy Regulatory Commission
ISO-NEISO New England, Inc., the New England Independent System Operator
MA DEPMassachusetts Department of Environmental Protection
NHPUCNew Hampshire Public Utilities Commission
PURAConnecticut Public Utilities Regulatory Authority
SECU.S. Securities and Exchange Commission
Other Terms and Abbreviations:
ADITAccumulated Deferred Income Taxes
AFUDCAllowance For Funds Used During Construction
AOCIAccumulated Other Comprehensive Income
AROAsset Retirement Obligation
BcfBillion cubic feet
CfDContract for Differences
CWIPConstruction Work in Progress
EDCElectric distribution company
EDITExcess Deferred Income Taxes
EPSEarnings Per Share
ERISAEmployee Retirement Income Security Act of 1974
ESOPEmployee Stock Ownership Plan
Eversource 2024 Form 10-KThe Eversource Energy and Subsidiaries 2024 combined Annual Report on Form 10-K as filed with the SEC
FitchFitch Ratings, Inc.
FMCCFederally Mandated Congestion Charge
GAAPAccounting principles generally accepted in the United States of America
GSEPGas System Enhancement Program

i

GWhGigawatt-Hours
IPPIndependent Power Producers
ISO-NE TariffISO-NE FERC Transmission, Markets and Services Tariff
kVKilovolt
kVaKilovolt-ampere
kWKilowatt (equal to one thousand watts)
kWhKilowatt-Hours
LNGLiquefied natural gas
LPGLiquefied petroleum gas
LRSSupplier of last resort service
MGMillion gallons
MGPManufactured Gas Plant
MMBtuMillion British thermal units
MMcfMillion cubic feet
Moody'sMoody's Investors Service, Inc.
MWMegawatt
MWhMegawatt-Hours
NETOsNew England Transmission Owners (including Eversource, National Grid and Avangrid)
OCIOther Comprehensive Income/(Loss)
PAMPension and PBOP Rate Adjustment Mechanism
PBOPPostretirement Benefits Other Than Pension
PBOP PlanPostretirement Benefits Other Than Pension Plan
Pension PlanSingle uniform noncontributory defined benefit retirement plan
PPAPower purchase agreement
PPAMPole Plant Adjustment Mechanism
RECsRenewable Energy Certificates
Regulatory ROEThe average cost of capital method for calculating the return on equity related to the distribution business segment excluding the wholesale transmission segment
ROEReturn on Equity
RRBsRate Reduction Bonds or Rate Reduction Certificates
RSUsRestricted share units
S&PStandard & Poor's Financial Services LLC
SERPSupplemental Executive Retirement Plans and non-qualified defined benefit retirement plans
SSStandard service
UIThe United Illuminating Company
VIEVariable Interest Entity

ii

TABLE OF CONTENTS

Page
PART I – FINANCIAL INFORMATION
ITEM 1. · Financial Statements (Unaudited)
Eversource Energy and Subsidiaries (Unaudited)
Condensed Consolidated Balance Sheets1
Condensed Consolidated Statements of Income/(Loss)2
Condensed Consolidated Statements of Comprehensive Income/(Loss)2
Condensed Consolidated Statements of Common Shareholders' Equity3
Condensed Consolidated Statements of Cash Flows5
The Connecticut Light and Power Company (Unaudited)
Condensed Balance Sheets6
Condensed Statements of Income7
Condensed Statements of Comprehensive Income7
Condensed Statements of Common Stockholder's Equity8
Condensed Statements of Cash Flows9
NSTAR Electric Company and Subsidiary (Unaudited)
Condensed Consolidated Balance Sheets10
Condensed Consolidated Statements of Income11
Condensed Consolidated Statements of Comprehensive Income11
Condensed Consolidated Statements of Common Stockholder's Equity12
Condensed Consolidated Statements of Cash Flows13
Public Service Company of New Hampshire and Subsidiaries (Unaudited)
Condensed Consolidated Balance Sheets14
Condensed Consolidated Statements of Income15
Condensed Consolidated Statements of Common Stockholder's Equity16
Condensed Consolidated Statements of Cash Flows17
Combined Notes to Condensed Financial Statements (Unaudited)18
ITEM 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Eversource Energy and Subsidiaries43
The Connecticut Light and Power Company, NSTAR Electric Company and Subsidiary, and Public Service Company of New Hampshire and Subsidiaries62
ITEM 3.Quantitative and Qualitative Disclosures About Market Risk66
ITEM 4.Controls and Procedures67
PART II – OTHER INFORMATION
ITEM 1.Legal Proceedings67
ITEM 1A.Risk Factors67
ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds68
ITEM 3.Defaults Upon Senior Securities68
ITEM 4.Mine Safety Disclosures68
ITEM 5.Other Information68
ITEM 6.Exhibits69
SIGNATURES70

iii

(Thousands of Dollars)As of September 30, 2025As of December 31, 2024
ASSETS
Current Assets:
Cash and Cash Equivalents$259,340$26,656
Receivables, Net (net of allowance for uncollectible accounts of $550,917 and $556,164 as of September 30, 2025 and December 31, 2024, respectively)1,656,0901,651,325
Unbilled Revenues162,932242,169
Materials, Supplies, Natural Gas and REC Inventory528,111594,568
Regulatory Assets1,831,2242,189,660
Current Assets Held for Sale68,47256,327
Prepayments and Other Current Assets352,589315,368
Total Current Assets4,858,7585,076,073
Property, Plant and Equipment, Net43,044,11340,986,578
Deferred Debits and Other Assets:
Regulatory Assets4,838,9234,880,974
Goodwill3,571,3333,571,333
Prepaid Pension and PBOP1,434,8471,336,633
Marketable Securities321,043320,272
Long-Term Assets Held for Sale2,691,4122,611,145
Other Long-Term Assets942,146811,521
Total Deferred Debits and Other Assets13,799,70413,531,878
Total Assets$61,702,575$59,594,529
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable$1,517,500$2,042,793
Long-Term Debt – Current Portion1,140,0071,003,150
Rate Reduction Bonds – Current Portion43,21043,210
Accounts Payable1,483,6341,736,880
Accrued Interest308,690341,558
Regulatory Liabilities1,064,050632,282
Current Liabilities Held for Sale57,40352,593
Offshore Wind Contingent Liability - Current Portion507,65815,000
Other Current Liabilities676,136853,491
Total Current Liabilities6,798,2886,720,957
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes5,546,9065,411,206
Regulatory Liabilities4,114,3484,032,564
Asset Retirement Obligations598,209590,890
Long-Term Liabilities Held for Sale405,611398,859
Offshore Wind Contingent Liability - Long-Term Portion—350,000
Accrued SERP and PBOP95,12095,400
Other Long-Term Liabilities824,988773,999
Total Deferred Credits and Other Liabilities11,585,18211,652,918
Long-Term Debt26,854,42525,701,627
Rate Reduction Bonds280,862324,072
Noncontrolling Interest – Preferred Stock of Subsidiaries155,568155,568
Common Shareholders' Equity:
Common Shares1,914,2731,878,622
Capital Surplus, Paid In9,916,3249,428,905
Retained Earnings4,366,0853,929,141
Accumulated Other Comprehensive Loss(23,075)(26,472)
Treasury Stock(145,357)(170,809)
Common Shareholders' Equity16,028,25015,039,387
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization$61,702,575$59,594,529

CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
(Thousands of Dollars, Except Share Information)2025202420252024
Operating Revenues$3,220,625$3,063,224$10,177,048$8,929,321
Operating Expenses:
Purchased Power, Purchased Natural Gas and Transmission1,049,254917,8583,208,3372,995,245
Operations and Maintenance518,341510,4391,473,3491,437,826
Depreciation395,388366,1451,160,5631,060,650
Amortization108,246243,957672,798127,495
Energy Efficiency Programs173,104148,054565,945506,821
Taxes Other Than Income Taxes287,610264,371817,931740,414
Total Operating Expenses2,531,9432,450,8247,898,9236,868,451
Operating Income688,682612,4002,278,1252,060,870
Interest Expense318,065300,576912,107822,640
Losses on Offshore Wind284,000464,019284,000464,019
Other Income, Net85,830112,555273,536318,870
Income/(Loss) Before Income Tax (Benefit)/Expense172,447(39,640)1,355,5541,093,081
Income Tax (Benefit)/Expense(196,982)76,53778,849348,309
Net Income/(Loss)369,429(116,177)1,276,705744,772
Net Income Attributable to Noncontrolling Interests1,8801,8805,6395,639
Net Income/(Loss) Attributable to Common Shareholders$367,549$(118,057)$1,271,066$739,133
Basic Earnings/(Loss) Per Common Share$0.99$(0.33)$3.44$2.09
Diluted Earnings/(Loss) Per Common Share$0.99$(0.33)$3.44$2.08
Weighted Average Common Shares Outstanding:
Basic371,914,953359,520,518369,299,065354,483,338
Diluted372,262,732359,817,657369,619,180354,744,846

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
(Thousands of Dollars)2025202420252024
Net Income/(Loss)$369,429$(116,177)$1,276,705$744,772
Other Comprehensive Income, Net of Tax:
Qualified Cash Flow Hedging Instruments551515
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans8321,3713,3825,517
Other Comprehensive Income, Net of Tax8371,3763,3975,532
Comprehensive Income Attributable to Noncontrolling Interests(1,880)(1,880)(5,639)(5,639)
Comprehensive Income/(Loss) Attributable to Common Shareholders$368,386$(116,681)$1,274,463$744,665

CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY

For the Nine Months Ended September 30, 2025
Common Shares · CapitalSurplus,Paid In · Retained Earnings · Accumulated Other Comprehensive Loss · Treasury Stock · Total Common Shareholders' Equity
(Thousands of Dollars, Except Share Information) · Shares · Amount
Balance as of January 1, 2025366,608,052$1,878,622$9,428,905$3,929,141$(26,472)$(170,809)$15,039,387
Net Income552,668552,668
Dividends on Common Shares - $0.7525 Per Share(276,229)(276,229)
Dividends on Preferred Stock(1,880)(1,880)
Long-Term Incentive Plan Activity(28,230)(28,230)
Issuance of Treasury Shares699,03139,92113,09753,018
Other Comprehensive Income2,5232,523
Balance as of March 31, 2025367,307,0831,878,6229,440,5964,203,700(23,949)(157,712)15,341,257
Net Income354,608354,608
Dividends on Common Shares - $0.7525 Per Share(276,513)(276,513)
Dividends on Preferred Stock(1,880)(1,880)
Issuance of Common Shares - $5 par value3,378,76516,894203,895220,789
Capital Stock Expense(2,768)(2,768)
Long-Term Incentive Plan Activity8,3448,344
Issuance of Treasury Shares352,76315,3076,61021,917
Other Comprehensive Income3737
Balance as of June 30, 2025371,038,6111,895,5169,665,3744,279,915(23,912)(151,102)15,665,791
Net Income369,429369,429
Dividends on Common Shares - $0.7525 Per Share(281,379)(281,379)
Dividends on Preferred Stock(1,880)(1,880)
Issuance of Common Shares - $5 par value3,751,36918,757231,403250,160
Capital Stock Expense(2,783)(2,783)
Long-Term Incentive Plan Activity7,6427,642
Issuance of Treasury Shares306,60414,6885,74520,433
Other Comprehensive Income837837
Balance as of September 30, 2025375,096,584$1,914,273$9,916,324$4,366,085$(23,075)$(145,357)$16,028,250

CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY

For the Nine Months Ended September 30, 2024
Common Shares · CapitalSurplus,Paid In · Retained Earnings · Accumulated Other Comprehensive Loss · Treasury Stock · Total Common Shareholders' Equity
(Thousands of Dollars, Except Share Information) · Shares · Amount
Balance as of January 1, 2024349,540,266$1,799,920$8,460,876$4,142,515$(33,737)$(195,682)$14,173,892
Net Income523,728523,728
Dividends on Common Shares - $0.715 Per Share(250,770)(250,770)
Dividends on Preferred Stock(1,880)(1,880)
Issuance of Common Shares - $5 Per Share1,292,8926,46569,97276,437
Capital Stock Expense(1,042)(1,042)
Long-Term Incentive Plan Activity(22,405)(22,405)
Issuance of Treasury Shares546,25630,19010,23540,425
Other Comprehensive Income5,2035,203
Balance as of March 31, 2024351,379,4141,806,3858,537,5914,413,593(28,534)(185,447)14,543,588
Net Income337,221337,221
Dividends on Common Shares - $0.715 Per Share(252,104)(252,104)
Dividends on Preferred Stock(1,880)(1,880)
Issuance of Common Shares - $5 par value2,913,75714,569160,088174,657
Capital Stock Expense(1,863)(1,863)
Long-Term Incentive Plan Activity4,2454,245
Issuance of Treasury Shares272,90010,7835,11315,896
Other Comprehensive Loss(1,047)(1,047)
Balance as of June 30, 2024354,566,0711,820,9548,710,8444,496,830(29,581)(180,334)14,818,713
Net Loss(116,177)(116,177)
Dividends on Common Shares - $0.715 Per Share(260,119)(260,119)
Dividends on Preferred Stock(1,880)(1,880)
Issuance of Common Shares - $5 par value9,086,26945,431542,687588,118
Capital Stock Expense(6,129)(6,129)
Long-Term Incentive Plan Activity4,4564,456
Issuance of Treasury Shares239,63311,5764,49016,066
Other Comprehensive Income1,3761,376
Balance as of September 30, 2024363,891,973$1,866,385$9,263,434$4,118,654$(28,205)$(175,844)$15,044,424
For the Nine Months Ended September 30,
(Thousands of Dollars)20252024
Operating Activities:
Net Income$1,276,705$744,772
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation1,160,5631,060,650
Deferred Income Taxes15,618343,004
Uncollectible Expense59,61455,438
Pension, SERP and PBOP Income, Net(60,000)(54,663)
Pension Contributions(2,500)(5,000)
Regulatory Over/(Under) Recoveries, Net214,614(476,419)
Amortization672,798127,495
Cost of Removal Expenditures(201,665)(202,167)
Losses on Offshore Wind284,000464,019
Other90,609(77,264)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net25,536(177,806)
Taxes Receivable/Accrued, Net92,98089,730
Accounts Payable(203,268)(231,898)
Other Current Assets and Liabilities, Net(228,089)(142,285)
Net Cash Flows Provided by Operating Activities3,197,5151,517,606
Investing Activities:
Investments in Property, Plant and Equipment(3,175,358)(3,291,850)
Proceeds from Sales of Marketable Securities256,250146,369
Purchases of Marketable Securities(242,530)(133,544)
Payments for Offshore Wind Contingent Liability(141,342)—
Investments in Unconsolidated Affiliates(588)(929,651)
Proceeds from Sales of Offshore Wind Investments—862,713
Other Investing Activities10,78522,506
Net Cash Flows Used in Investing Activities(3,292,783)(3,323,457)
Financing Activities:
Issuance of Common Shares, Net of Issuance Costs465,398830,178
Cash Dividends on Common Shares(816,429)(745,221)
Cash Dividends on Preferred Stock(5,639)(5,639)
Decrease in Notes Payable(525,293)(1,278,252)
Repayment of Rate Reduction Bonds(43,210)(43,210)
Issuance of Long-Term Debt2,040,2824,400,000
Retirement of Long-Term Debt(750,225)(1,260,148)
Other Financing Activities(30,196)(55,474)
Net Cash Flows Provided by Financing Activities334,6881,842,234
Net Increase in Cash, Cash Equivalents and Restricted Cash239,42036,383
Cash and Restricted Cash - Beginning of Period127,308166,418
Cash, Cash Equivalents and Restricted Cash - End of Period$366,728$202,801
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.