CONNECTICUT LIGHT & POWER CO
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
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
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001628280-25-050033
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 174 previous paragraphs and 201 current paragraphs.
94 unchanged; 74 reworded; 30 added; 6 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 14 previous and 15 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 (30)
Current report
•We earned $367.5 million, or $0.99 per share, in the third quarter of 2025, compared with a loss of $118.1 million, or $0.33 per share, in the third quarter of 2024. We earned $1.27 billion, or $3.44 per share, in the first nine months of 2025, compared with $739.1 million, or $2.08 per share, in the first nine months of 2024.
Current report
•Our 2025 results include an aggregate net after-tax charge resulting from our previous offshore wind investments of $75.0 million, or $0.20 per share. Our 2024 results include an after-tax loss on the sale of our offshore wind investments of $524.0 million, or $1.48 per share for the nine month period. These 2025 and 2024 charges were recorded within Eversource Parent and Other Companies. Excluding these charges, our 2025 non-GAAP earnings were $442.5 million, or $1.19 per share, in the third quarter of 2025 and $1.35 billion, or $3.64 per share, in the first nine months of 2025, and our 2024 non-GAAP earnings were $405.9 million, or $1.13 per share, in the third quarter of 2024 and $1.26 billion, or $3.56 per share, in the first nine months of 2024.
Current report
•On November 5, 2025, PURA issued a final decision in the Yankee Gas distribution rate case that included a distribution rate increase of $95.7 million ($82.2 million including a previously recorded non-firm margin rate credit), effective November 1, 2025. The final decision also established an authorized net regulatory ROE of 9.32 percent and a 53 percent common equity ratio for Yankee Gas’ capital structure.
Current report
(1)In the third quarter of 2025, we recorded a pre-tax charge of $284 million associated with increasing our offshore wind contingent liability for expected future payments under the terms of the 2024 sale agreement with GIP for the South Fork Wind and Revolution Wind projects, offset by expected tax benefits from the offshore wind sale of $209 million. In the third quarter of 2024, we recorded a pre-tax loss on the sales of our offshore wind investments of $464.0 million and a $60 million increase in income tax expense, resulting in an after-tax loss of $524.0 million. For further information, see the “Offshore Wind Contingent Liability” section below included in this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Current report
Our water distribution segment earnings decreased $4.8 million and $0.3 million in the third quarter and the first nine months of 2025, respectively, as compared to the third quarter and the first nine months of 2024. The earnings decrease in the three month period was due primarily to higher operations and maintenance expense and higher depreciation expense.
Current report
Eversource Parent and Other Companies: Eversource parent and other companies’ losses decreased by $448.3 million and $380.1 million in the third quarter and the first nine months of 2025, respectively, as compared to the third quarter and the first nine months of 2024, due primarily to an after-tax charge of $524.0 million recorded in the third quarter of 2024 resulting from the sale of Eversource parent’s offshore wind investments, as compared to an aggregate net after-tax charge of $75.0 million recorded in the third quarter of 2025 resulting from an increase to the offshore wind contingent liability, net of tax benefits associated with the tax losses on the sales of its offshore wind investments.
Current report
Offshore Wind Contingent Liability: Eversource recorded a contingent liability relating to expected future payments to GIP as part of the September 30, 2024 sale of the South Fork Wind and Revolution Wind projects. As part of the definitive agreement with GIP, Eversource is responsible for certain post-closing purchase price adjustments. This obligation included an expected cost overrun sharing obligation, an expected obligation to maintain GIP’s internal rate of return, and an obligation for other future costs.
Current report
In the third quarter of 2025, Eversource received an updated report from GIP on the construction status of Revolution Wind, which included revised projections of total construction costs. The revised cost projections reflected known and quantifiable cost increases, including those associated with the impacts of damage to the wind turbine installation vessel, insurance costs, tariff impacts, and costs incurred as a result of the stop-work order for Revolution Wind received on August 22, 2025 from the Bureau of Ocean Energy Management that halted all offshore wind construction activities through September 22, 2025. Based on these developments and information currently available, in the third quarter of 2025 Eversource recognized a pre-tax charge of $284 million as a result of the aggregate impact of these items, to increase the liability for purchase price adjustments associated with the offshore wind projects. As of September 30, 2025 and December 31, 2024, the contingent liability totaled $507.7 million and $365 million, respectively.
Current report
Eversource relies on information that it receives from the project owners for both the final completed cost of South Fork Wind and construction-related costs of Revolution Wind. Eversource uses its judgment to adjust, as needed, its expected obligations to GIP while construction of Revolution Wind is completed, which continues to be expected in the second half of 2026.
Current report
New information or future developments that arise as the construction of Revolution Wind progresses will necessitate a reassessment of the estimated liability related to the obligations to GIP. The Company reviews available projections of total construction costs, including the latest cost estimates and project timeline, to determine if any changes to this liability are warranted.
Current report
It is reasonably possible that as additional updated cost estimates become available, and if additional cost overruns materialize or other adverse changes in facts, regulations and circumstances occur, it could result in additional losses and increases to the offshore wind contingent liability, which could be material. The Company will continue to monitor developments and evaluate potential exposures related to this contingency and will revise its estimated liability as additional information becomes available.
Current report
Contingencies are evaluated using the best information available at the time the financial statements are published, and this assessment involves judgments and assumptions about future events. Factors that could increase the obligation to GIP include construction cost overruns for Revolution Wind as well as the extent of construction delays, which would impact the economics associated with the purchase price adjustment, and the eligibility for federal investment tax credits for Revolution Wind at a lower value than assumed and included in the purchase price. The purchase price of Revolution Wind included the sales value related to a 40 percent level of federal investment tax credits. A change in the expected value or qualification of investment tax credit adders could result in a significant loss in a future period.
Current report
As a result of the increase to the offshore wind contingent liability, Eversource recognized an aggregate, net after-tax charge of $75.0 million, or $0.20 per share, in the third quarter of 2025. This charge consists of the pre-tax $284 million increase to the offshore wind contingent liability, offset by $209 million of tax benefits associated with tax losses on the sale of the South Fork Wind and Revolution Wind projects that Eversource expects to realize.
Current report
2024 Loss Recorded Upon Sale of Offshore Wind Investments: The three and nine months ended September 30, 2024 statements of income include a loss resulting from the sale of Eversource’s offshore wind investments. On July 9, 2024, Eversource completed the sale of its 50 percent ownership share of Sunrise Wind to Ørsted. On September 30, 2024, Eversource completed the sale of its 50 percent ownership share in the South Fork Wind and Revolution Wind projects to GIP. Upon the completion of both of these sale transactions, the total proceeds were compared to the carrying value of the investments, including an estimate of liability for post-closing adjustment payments to GIP, and Eversource recognized an aggregate after-tax loss on the sale of its offshore wind investments of $524 million, which included a net $60 million increase in income tax expense including an increase in the valuation allowance for unused capital losses, in the third quarter of 2024.
Current report
Credit Ratings: On September 15, 2025, Fitch revised the outlook from stable to watch negative for Eversource parent, CL&P, NSTAR Electric and PSNH due to the stop-work order for the Revolution Wind project.
Current report
2025, the NETOs submitted a brief in support of the MISO transmission owners with the Court. Final briefs in the Court proceeding are due January 26, 2026.
Current report
On August 8, 2025, PURA issued a proposed final decision in the third reopener docket, adopting the contents and reporting process for an integrated distribution system plan (IDSP) under a PBR framework. The IDSP report will document the grid planning process for available distribution system capacity and system needs, including the development, operation, and evolution of the electrical distribution grid. The IDSP report will include CL&P’s planned investments over a four-year plan period and long-term capital investment strategy, and will be utilized by PURA in determining the amount of allowable capital additions within a multi-year rate plan included in the calculation of the capital funding mechanism adopted in the first reopener docket. The draft decision requires CL&P to submit a comprehensive IDSP filing every four years in alignment with the submittal of a rate amendment application and to also submit an annual IDSP filing to report on IDSP investments throughout the four-year period.
Current report
CL&P RAM Filing: On March 28, 2025, PURA issued an interim decision in CL&P’s Rate Adjustment Mechanisms (RAM) filing and approved rates for six RAM components, with rates effective May 1, 2025 through April 30, 2026. The rates include recovery of over- or under-collection balances as of December 31, 2024, actual costs from the prior year, and adjustments to incorporate certain known and measurable cost changes not reflected in prior year costs that CL&P will incur in 2025. On August 13, 2025, PURA issued a final decision that approved a further adjustment to the Non-Bypassable Federally Mandated Congestion Charge (NBFMCC) and System Benefits Charge (SBC) rates based on a July 1, 2025 Connecticut law that authorized the State of Connecticut to issue new general obligation bonds to reduce certain hardship costs and electric vehicle program costs recovered from customers. Proceeds from the general obligation bond funding of $107.8 million will be provided back to customers through a reduction to the NBFMCC and SBC rates. The updated NBFMCC and SBC rates are effective September 1, 2025 through April 30, 2026. These rates are included in the “Public Benefits” portion of the customer bills in Connecticut.
Current report
On September 19, 2025, CL&P received $107.8 million in general obligation bond proceeds from the State of Connecticut, which represent reimbursement of incurred costs that were previously recognized as regulatory assets on CL&P’s balance sheets. The proceeds received for the reimbursement of hardship costs and for electric vehicle charging program costs were credited against the SBC and NBFMCC regulatory deferrals on CL&P’s balance sheet as of September 30, 2025. The proceeds from the state bond funding are presented as a cash inflow in Regulatory Recoveries within operating activities on CL&P’s statement of cash flows.
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 had subsequently amended its rate application to request approval of a distribution rate increase of $193 million. On September 22, 2025, PURA issued a proposed final (draft) decision in Yankee Gas’s distribution rate case that included a distribution rate increase of $55.6 million, effective November 1, 2025.
Current report
On November 5, 2025, PURA issued a final decision in the Yankee Gas distribution rate case that included a distribution rate increase of $82.2 million and a total distribution revenue requirement of $802.2 million, effective November 1, 2025. The approved revenue requirement includes a previously recorded rate credit of $37.4 million plus carrying charges for non-firm margin credits over three years beginning November 1, 2025. Excluding the rate credit, the distribution rate increase totaled $95.7 million. The final decision also established an authorized net regulatory ROE of 9.32 percent, adopting a 9.48 percent ROE net of certain reductions totaling 16 basis points, and a 53 percent common equity ratio for Yankee Gas’ capital structure. PURA declined to approve the multi-year performance-based rate making plan that would adjust rates annually as proposed by Yankee Gas. PURA also implemented an annual cap on cost recovery of aging infrastructure replacement spending in the Distribution Integrity Management Program rate mechanism of $139.9 million, in which spending above the annual cap will be deferred for recovery until the next distribution rate case. Yankee Gas is evaluating the need to file a motion for reconsideration within 15 days and an appeal within 45 days of the decision.
Current report
On April 18, 2024, PURA initiated a docket to address the matters on remand. On July 31, 2024, PURA issued a final decision in this docket and increased AWC-CT’s approved revenue requirement by $0.1 million above the amount authorized in the March 15, 2023 decision. Rates went into effect on July 31, 2024. On September 13, 2024, AWC-CT filed an appeal of PURA’s July 31, 2024 final decision to the Connecticut Superior Court. A ruling on the appeal is pending.
Current report
NSTAR Electric Distribution Rates: NSTAR Electric’s PBR mechanism allows for an annual adjustment to base distribution rates for inflation, exogenous events and future capital additions based on a historical five-year average of total capital additions. On September 15, 2025, NSTAR Electric submitted its annual PBR Adjustment filing for a $55.1 million increase to base distribution rates and a total base distribution revenue requirement of $1.34 billion for effect on January 1, 2026. The requested base distribution rate increase is comprised of a $25.2 million inflation-based adjustment and a $29.9 million K-bar adjustment for capital additions based on the difference between the historical five-year average of total capital additions and the base capital revenue requirement. DPU approval is expected by December 31, 2025.
Current report
On October 29, 2025, the DPU issued a decision determining that NSTAR Gas was not eligible to increase its distribution rates for the rate base reset because it did not achieve certain performance metrics under its PBR plan. For the rate-base reset, the DPU did not allow the incorporation of non-GSEP plant additions into base rates, which would have resulted in a base rate increase of $45.0 million. The decision stated that these investments can be considered for inclusion in base distribution rates in NSTAR Gas’s next base rate proceeding. The DPU did allow NSTAR Gas to transfer its GSEP revenues through 2024 of $107.3 million for recovery through base distribution rates effective November 1, 2025. The DPU approved the base distribution rate increase of $10.3 million for the inflation-based adjustment. The DPU also approved NSTAR Gas’ mitigation proposal, in which NSTAR Gas will 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 will begin to recover the remaining 2025 GSEP revenue requirement on May 1, 2026 over 18 months. On November 4, 2025, NSTAR Gas filed a motion requesting the DPU to reconsider its decision denying the rate base reset citing legal concerns and arguing that the decision will ultimately result in higher costs for customers.
Current report
NSTAR Electric and EGMA Settlement: On November 3, 2025, EGMA, NSTAR Electric, and the Massachusetts Attorney General’s Office reached a settlement agreement that resolves outstanding issues in multiple open Pension Adjustment Mechanism (PAM) dockets and open Resiliency Tree Work (RTW) dockets and allows recovery of transaction and integration costs related to Eversource’s acquisition of EGMA. The settlement agreement is contingent upon approval from the DPU, which is requested in the fourth quarter of 2025. If approved by the DPU, certain PAM and RTW collections totaling $20.0 million would be refunded to customers over a one-year period beginning January 1, 2026 and the transaction and integration costs of $82.3 million would be collected from customers over a ten year period from the time of the next EGMA rate case.
Current report
To the extent permanent rates exceed the level of temporary rates, the difference will reconcile back to the date that the temporary rates took effect and the company recovers the difference over a twelve-month term. On August 11, 2025, PSNH filed its recoupment calculation, and on September 10, 2025, the NHPUC issued an order that the recoupment is $9.1 million and will be collected through the RRA regulatory tracking mechanism over a one-year period.
Current report
The impact of the rate case decision resulted in a pre-tax benefit to earnings of $15.6 million at PSNH due primarily to the recoupment and the allowed recovery of other deferrals that will be recovered in the RRA. The majority of this amount was recorded as a reduction to amortization expense on PSNH’s statement of income in the third quarter of 2025.
Current report
On October 20, 2025, Governor Lamont nominated four new PURA commissioners who, along with an existing commissioner, enable the agency to now operate with the maximum number of commissioners. The four nominees will serve in an interim capacity until they are confirmed by the legislature.
Current report
Refer to Note 9D, “Commitments and Contingencies - Offshore Wind Contingent Liability,” to the financial statements for further discussion of the critical accounting estimates surrounding the offshore wind contingent liability.
Current report
Losses on Offshore Windfor the three and nine months ended 2025 relates to the pre-tax charge of $284 million associated with increasing our offshore wind contingent liability for expected future payments under the terms of the 2024 sale agreement with GIP for the South Fork Wind and Revolution Wind projects recorded in the third quarter of 2025. Losses on Offshore Wind for the three and nine months ended 2024 relates to the loss recorded on the third quarter 2024 sales of our equity method offshore wind investments. See "Earnings Overview — Offshore Wind Contingent Liability" included in this Management's Discussion and Analysis of Financial Condition and Results of Operationsfor further information.
Removed paragraphs (6)
Previous 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.
Previous report
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 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.
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (74)
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, 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."
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 quarters ended March 31, 2025 and June 30, 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 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.
Current wording
The only common equity securities that are publicly traded are common shares of Eversource. Our third quarter and first nine months of 2025 and 2024 earnings discussion includes financial measures that are not recognized under GAAP (non-GAAP) referencing our earnings and EPS excluding losses associated with our previous offshore wind investments. EPS by business is also a non-GAAP financial measure 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 pending sale of the Aquarion water distribution business of $298.3 million and the aggregate loss on the sale of our offshore wind investments.
Previous wording
We use these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain our results without including these items. This information is among the primary indicators we use as a basis for evaluating performance and planning and forecasting of future periods. We believe the impacts of the loss on the offshore wind equity method investments and the loss on the pending sale of the Aquarion water distribution business are not indicative of our ongoing costs and performance. We view these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on Net Income Attributable to Common Shareholders and EPS, we believe that the non-GAAP presentation is a more meaningful representation of our financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of our business. These non-GAAP financial measures should not be considered as alternatives to reported Net Income Attributable to Common Shareholders or EPS determined in accordance with GAAP as indicators of operating performance.
Current wording
We use these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain our results without including these items. This information is among the primary indicators we use as a basis for evaluating performance and planning and forecasting of future periods. We believe the impacts of the losses on our previous offshore wind investments and the loss on the pending sale of the Aquarion water distribution business are not indicative of our ongoing costs and performance. We view these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on Net Income Attributable to Common Shareholders and EPS, we believe that the non-GAAP presentation is a more meaningful representation of our financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of our business. These non-GAAP financial measures should not be considered as alternatives to reported Net Income Attributable to Common Shareholders or EPS determined in accordance with GAAP as indicators of operating performance. We do not provide guidance for Net Income Attributable to Common Shareholders or recurring EPS or a reconciliation of guidance for non-GAAP recurring earnings or non-GAAP recurring EPS to the most directly comparable GAAP measure because we are not able to predict with reasonable certainty the amount or nature of all items that will be included in our Net Income Attributable to Common Shareholders or recurring EPS for the year ending December 31, 2025. These items are uncertain, depend on many factors and could have a material impact on our Net Income Attributable to Common Shareholders and recurring EPS for the year ending December 31, 2025, and therefore cannot be made available without unreasonable effort.
Previous 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,
Current 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,
Previous wording
•We reaffirmed our projection to earn within a 2025 earnings guidance range of between $4.67 per share and $4.82 per share. We also reaffirmed our projection that our long-term EPS growth rate through 2029 will be in a 5 to 7 percent range, using 2024 non-GAAP EPS of $4.57 per share as the base year.
Current wording
•We narrowed our projection to earn within a 2025 non-GAAP earnings guidance range of between $4.72 per share and $4.80 per share excluding the impact of the net charge resulting from our previous offshore wind investments, compared to the previous guidance range of $4.67 per share to $4.82 per share. We also reaffirmed our projection that our expected long-term EPS growth rate through 2029 will be in a 5 to 7 percent range, using 2024 non-GAAP EPS of $4.57 per share as the base year.
Previous 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.
Current wording
•Cash flows provided by operating activities totaled $3.20 billion in the first nine months of 2025, compared with $1.52 billion in the first nine months of 2024. Investments in property, plant and equipment totaled $3.18 billion in the first nine months of 2025, compared with $3.29 billion in the first nine months of 2024.
Previous 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.
Current wording
•Cash and Cash Equivalents totaled $259.3 million as of September 30, 2025, compared with $26.7 million as of December 31, 2024. Our available borrowing capacity under our commercial paper programs totaled $1.13 billion as of September 30, 2025.
Previous 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.
Current wording
•In the first nine months of 2025, we issued $2.04 billion of new long-term debt and we repaid $750 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.
Current wording
•On September 11, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, paid on September 30, 2025 to shareholders of record as of September 22, 2025.
Previous wording
•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 wording
•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 first nine months of 2025, we issued 7,130,134 common shares, which resulted in proceeds of $465.4 million, net of issuance costs.
Previous wording
•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 wording
•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 for PSNH’s capital structure. The NHPUC approved an alternative regulatory framework that authorizes formulaic annual revenue adjustments on August 1st of 2026, 2027 and 2028. PSNH is required to file its next base distribution rate case for effect in June 2029 and committed not to file its next distribution rate case until 2029. The alternative regulatory framework calculates the annual revenue adjustment using a productivity factor and an adjustment for inflation to provide PSNH with increased revenue for operations, and also contains an exogenous events recovery mechanism, a performance metric, and an earnings sharing mechanism.
Previous wording
Consolidated: Below is a summary of our earnings by business, which also reconciles the non-GAAP financial measure of EPS by business to the most directly comparable GAAP measure of diluted EPS.
Current wording
Consolidated: Below is a summary of our earnings/(loss) by business, which also reconciles the non-GAAP financial measures of consolidated non-GAAP earnings and EPS, as well as EPS by business, to the most directly comparable GAAP measures of consolidated Net Income/(Loss) Attributable to Common Shareholders and diluted EPS.
Previous 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.
Current wording
The impact of higher shares outstanding resulted in $0.03 earnings per share dilution in the third quarter of 2025 and $0.14 earnings per share dilution in the first nine months of 2025, as compared to the third quarter of 2024 and the first nine months of 2024, respectively.
Previous wording
Regulated Companies: Our regulated companies comprise the electric distribution, electric transmission, natural gas distribution, and water distribution segments. A summary of our segment earnings and EPS is as follows:
Current wording
Regulated Companies: Our regulated companies comprise the electric distribution, electric transmission, natural gas distribution, and water distribution segments. A summary of our segment earnings/(loss) and EPS is as follows:
Previous 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.
Current wording
Our electric distribution segment earnings increased $18.1 million and $50.3 million in the third quarter and the first nine months of 2025, respectively, as compared to the third quarter and first nine months of 2024, due primarily to higher revenues from base distribution rate increases at PSNH effective August 1, 2024 and August 1, 2025 and at NSTAR Electric effective January 1, 2025 and from CL&P's capital tracking mechanism due to increased electric system improvements. Earnings also benefited from the impact of the PSNH rate case decision in July 2025.
Previous 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.
Current wording
Our electric transmission segment earnings increased $10.6 million and $52.4 million in the third quarter and the first nine months of 2025, respectively, as compared to the third quarter and the first nine months of 2024, due primarily to a higher transmission rate base as a result of our continued investment in our transmission infrastructure. Earnings in the nine month period also benefited from lower interest expense.
Previous 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.
Current wording
Our natural gas distribution segment losses decreased $13.4 million and earnings increased $49.5 million in the third quarter and the first nine months of 2025, respectively, as compared to the third quarter and the first nine months 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 interest expense, higher depreciation expense, and higher property tax expense. The earnings increase in the nine month period was also unfavorably impacted by higher operations and maintenance expense.
Previous 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.
Current wording
Excluding these charges, Eversource parent and other companies earnings decreased by $0.7 million and losses increased by $68.9 million in the third quarter and the first nine months of 2025, respectively, 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, partially offset by a lower effective rate resulting from the recognition of state tax benefits and certain tax credits as a result of the 2024 tax return to provision process in the third quarter of 2025.
Previous wording
Cash and cash equivalents totaled $343.7 million as of June 30, 2025, compared with $26.7 million as of December 31, 2024.
Current wording
Cash and cash equivalents totaled $259.3 million as of September 30, 2025, compared with $26.7 million as of December 31, 2024.
Previous wording
Short-Term Debt - Commercial Paper Programs and Credit Agreements: Eversource parent has a $2.00 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas, EGMA and Aquarion Water Company of Connecticut are parties to a five-year $2.00 billion revolving credit facility, which terminates on October 11, 2029. This revolving credit facility serves to backstop Eversource parent's $2.00 billion commercial paper program.
Current wording
Short-Term Debt - Commercial Paper Programs and Credit Agreements: Eversource parent has a $2.00 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas, EGMA and Aquarion Water Company of Connecticut are parties to a five-year $2.00 billion revolving credit facility. Effective October 11, 2025, the revolving credit facility’s termination date was extended for one additional year to October 11, 2030, pursuant to the extension provisions contained in the existing credit agreement. This revolving credit facility serves to backstop Eversource parent's $2.00 billion commercial paper program.
Previous 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.
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. Effective October 11, 2025, the revolving credit facility’s termination date was extended for one additional year to October 11, 2030, pursuant to the extension provisions contained in the existing credit agreement. This revolving credit facility 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. 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.
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.
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 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.
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 September 30, 2025 and December 31, 2024, there were intercompany loans from Eversource parent to PSNH of $8.1 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 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.
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, the NHPUC approved PSNH’s request for authorization to issue up to $300.0 million in long-term debt through December 31, 2025.
Previous wording
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 wording
As a result of the Eversource parent long-term debt issuance in October 2025, $595.0 million of current portion of long-term debt was reclassified to Long-Term Debt on Eversource parent’s balance sheet as of September 30, 2025. As a result of the NSTAR Electric long-term debt issuance in October 2025, $305.4 million of current portion of long-term debt was reclassified to Long-Term Debt on NSTAR Electric’s balance sheet as of September 30, 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 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.
Current wording
Rate Reduction Bonds: PSNH's RRB payments consist of principal and interest and are paid semi-annually. PSNH paid $43.2 million of RRB principal payments and $13.4 million of interest payments in the first nine months of 2025, and paid $43.2 million of RRB principal payments and $14.9 million of interest payments in the first nine months of 2024.
Previous wording
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 wording
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 first nine months of 2025, we issued 7,130,134 common shares, which resulted in proceeds of $465.4 million, net of issuance costs. Eversource used the net proceeds received for general corporate purposes.
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 $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.
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 $3.20 billion in the first nine months of 2025, compared with $1.52 billion in the first nine months 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 rates in effect for the 2025 period were higher than those set in the prior period and the net Millstone and Seabrook contract cash flows were higher in 2025 as compared to 2024. These higher collections within the non-bypassable FMCC resulted in an improvement to operating cash flows of $451.5 million for the nine month period. Higher collections from CL&P’s SBC mechanism resulted in a cash flow improvement of $136.8 million. The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization on the statements of cash flows. Additionally, CL&P received general obligation bond proceeds from the State of Connecticut for the reimbursement of hardship costs and for electric vehicle charging program costs of $107.8 million in the third quarter of 2025, which are reflected in Regulatory Recoveries. Operating cash flows were also favorably impacted by a decrease of $262.2 million in cash payments to vendors for storm costs, the timing of cash collections on our accounts receivable, and the timing of cash payments made on our accounts payable. These favorable impacts were partially offset by a decrease of $21.5 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. 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.
Current wording
On September 11, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, paid on September 30, 2025 to shareholders of record as of September 22, 2025. In the first nine months of 2025, we paid cash dividends of $816.4 million and issued non-cash dividends of $17.7 million in the form of treasury shares, totaling dividends of $834.1 million. In the first nine months of 2024, we paid cash dividends of $745.2 million and issued non-cash dividends of $17.8 million in the form of treasury shares, totaling dividends of $763.0 million.
Previous 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.
Current wording
In the first nine months of 2025, CL&P, NSTAR Electric and PSNH paid $430.0 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 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.
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 nine months of 2025, investments for Eversource, CL&P, NSTAR Electric, and PSNH were $3.18 billion, $657.4 million, $1.21 billion, and $402.8 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
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 wording
Payments made in 2025 related to Eversource’s offshore wind contingent obligation, which include a purchase price adjustment payment related to the South Fork Wind project, are reflected in investing activities on the statement of cash flows.
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 $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.
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 $3.34 billion in the first nine months of 2025, compared to $3.40 billion in the first nine months of 2024. These amounts included$171.8 million and $209.4 million in the first nine months 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 $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:
Current wording
Electric Transmission Business: Our consolidated electric transmission business capital expenditures decreased by $189.7 million in the first nine months of 2025, as compared to the first nine months 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 June 30, 2025, $137.4 million has been spent on the project, with $104.5 million for transmission and $32.9 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 estimated project cost is approximately $1.84 billion, with $1.38 billion allocated for transmission and $460 million for distribution. As of September 30, 2025, $159.1 million has been spent on the project, with $120.0 million for transmission and $39.1 million for distribution.
Previous wording
The assets and liabilities of the Aquarion water distribution business met the criteria to be classified as held for sale and have been classified separately as current or long-term assets and liabilities held for sale on the Eversource balance sheets as of June 30, 2025 and December 31, 2024. For further information, see Note 17, “Assets Held for Sale.”
Current wording
The assets and liabilities of the Aquarion water distribution business met the criteria to be classified as held for sale and have been classified separately as current or long-term assets and liabilities held for sale on the Eversource balance sheets as of September 30, 2025 and December 31, 2024. Closing of the transaction will include the finalization of working capital and other closing adjustments as well as final closing costs, which could result in a loss recorded at the time of sale. For further information, see Note 18, “Assets Held for Sale.”
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. 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.
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 August 21,
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 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.
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 estimated 2025 rate base, a change of 10 basis points to the base ROE would impact Eversource’s future annual after-tax earnings by approximately $7 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 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.
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 nine months 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 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.
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 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.
Showing the first 40 of 74 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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 — wording carried from elsewhere
For the nine month period, the CL&P non-bypassable FMCC retail rates in effect were higher than those in the prior period and the net Millstone and Seabrook contract cash flows were higher in 2025 as compared to 2024. These higher collections within the non-bypassable FMCC resulted in a corresponding increase to amortization expense of $451.5 million for the CL&P non-bypassable FMCC deferral adjustment.