CONNECTICUT LIGHT & POWER CO
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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, 2026 · Filed Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001628280-26-051906
Item 1A. RISK FACTORSCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001628280-26-071541
Item 1A. RISK FACTORSThe 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 6 previous paragraphs and 8 current paragraphs.
5 unchanged; 1 reworded; 1 added; 0 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 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 (1)
Current report
Although we have estimated a range of reasonably possible refund exposure and recorded a liability representing the low end of that range, additional losses significantly exceeding amounts currently recorded remain reasonably possible. As we continue to refine the refund calculation and coordinate the refund process with other New England transmission owners and ISO-NE, additional losses for the retroactive refund period may be recognized in future periods. Such losses would have a material adverse effect on our financial position, results of operations, liquidity and cash flows. Under the refund timing currently required by FERC, refunds will be required before completion of the appellate process, resulting in significant cash outflows prior to final judicial resolution. The calculation and processing of refunds involve significant complexity, are time-intensive, and require coordination among the NETOs and ISO-NE, which may affect the amount and timing of refunds. Additionally, the methodologies and conclusions reflected in the FERC order may influence future transmission ROE proceedings and could result in lower authorized returns on existing and future transmission investments.
Reworded paragraphs (1)
Previous wording
Eversource and other transmission-owning electric companies within ISO-NE have been subject to complaints challenging the reasonableness of our allowed ROEs since 2011. On March 19, 2026, FERC issued an order finding that the base ROE was unjust and unreasonable and setting a new base ROE for the first complaint period and prospectively from October 2014. FERC ordered refunds with interest for those historical refund periods, which are material to us, and dismissed the other three complaints. The material amount of the refunds required by FERC’s order is driven primarily by the length of the retroactive refund period, which spans nearly 12 years. The application of the revised base ROE to revenues collected over this extended historical period substantially increased the aggregate refund obligation compared to what would have resulted from a shorter refund period. The order adversely affects our financial position, results of operations, and cash flows, particularly if we seek rehearing or appeal and are unsuccessful, and creates risks regarding our ability to secure acceptable ROEs in future FERC proceedings. See "FERC Regulatory Matters - FERC ROE Complaints," in the accompanying Management's Discussion and Analysis of Financial Condition and Results of Operations and Note 9C, “Commitments and Contingencies - FERC ROE Complaints,” to the financial statements for additional information regarding the financial impact of this order.
Current wording
Eversource and other transmission-owning electric companies within ISO-NE have been subject to complaints challenging the reasonableness of our allowed ROEs since 2011. On March 19, 2026, FERC issued an order finding that the base ROE was unjust and unreasonable and setting a new base ROE for the first complaint period and prospectively from October 2014. FERC ordered refunds with interest for those historical refund periods, which are material to us, and dismissed the other three complaints. The material amount of the refunds required by FERC’s order is driven primarily by the length of the retroactive refund period, which spans nearly 12 years. Application of the revised base ROE to revenues collected over this extended historical period substantially increased the aggregate refund obligation compared to what would have resulted from a shorter refund period. The order adversely affects our financial position, results of operations, liquidity, and cash flows. Eversource has appealed the FERC order, however, there can be no assurance that the appeal will result in modification or reversal of the FERC order, and we cannot predict the ultimate outcome of this proceeding or its timing.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
See "FERC Regulatory Matters - FERC ROE Complaints," in the accompanying Management's Discussion and Analysis of Financial Condition and Results of Operations and Note 9C, “Commitments and Contingencies - FERC ROE Complaints,” to the financial statements for additional information regarding the financial impact of this order.