UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 | ||
FORM | 10-Q | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the Quarterly Period Ended | June 30, | |
or | ||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the transition period from ____________ to ____________ |
Title of each class | ||||||
Trading Symbol(s) | Name of each exchange on which registered | |||||
Common Shares, $5.00 par value per share | ||||||
ES | ||||||
New York Stock Exchange |
Yes | No | |
Yes | No | |
Eversource Energy | Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | |
The Connecticut Light and Power Company | ☐ | Accelerated filer | ☐ | ☒ | ☐ | ☐ | ||||
NSTAR Electric Company | ☐ | Accelerated filer | ☐ | ☒ | ☐ | ☐ | ||||
Public Service Company of New Hampshire | ☐ | Accelerated filer | ☐ | ☒ | ☐ | |||||
Yes | No | |
Eversource Energy | ||
The Connecticut Light and Power Company | ||
NSTAR Electric Company | ||
Public Service Company of New Hampshire | ||
Company - Class of Stock | Outstanding as of | ||
Eversource Energy Common Shares, $5.00 par value | shares | ||
The Connecticut Light and Power Company Common Stock, $10.00 par value | 6,035,205 | shares | |
NSTAR Electric Company Common Stock, $1.00 par value | shares | ||
Public Service Company of New Hampshire Common Stock, $1.00 par value | 301 | ||
shares |
Current or former Eversource Energy companies, segments or investments: | ||
Eversource, ES or the Company | Eversource Energy and subsidiaries | |
Eversource parent or ES parent | Eversource Energy, a public utility holding company | |
ES parent and other companies | ES parent and other companies are comprised of Eversource parent, Eversource Service, Eversource Water Ventures, Inc. (parent company of Aquarion), and other subsidiaries, which primarily includes our unregulated businesses, HWP Company, The Rocky River Realty Company (a real estate subsidiary), | |
CL&P | The Connecticut Light and Power Company | |
NSTAR Electric | NSTAR Electric Company | |
PSNH | Public Service Company of New Hampshire | |
NSTAR Gas | NSTAR Gas Company | |
Yankee Gas | Yankee Gas Services Company | |
Aquarion | Eversource Aquarion Holdings, Inc. and its subsidiaries | |
NPT | Northern Pass Transmission LLC | |
Northern Pass | The HVDC and associated alternating-current transmission line project from Canada into New Hampshire | |
HEEC | Harbor Electric Energy Company, a wholly-owned subsidiary of NSTAR Electric | |
Eversource Service | Eversource Energy Service Company | |
Bay State Wind | ||
North East Offshore | North East Offshore, LLC, an offshore wind | |
CYAPC | Connecticut Yankee Atomic Power Company | |
MYAPC | Maine Yankee Atomic Power Company | |
YAEC | Yankee Atomic Electric Company | |
Yankee Companies | CYAPC, YAEC and MYAPC | |
Regulated companies | The Eversource | |
NSTAR Electric | ||
Regulators: | ||
DEEP | Connecticut Department of Energy and Environmental Protection | |
DOE | U.S. Department of Energy | |
DOER | Massachusetts Department of Energy Resources | |
DPU | Massachusetts Department of Public Utilities | |
EPA | U.S. Environmental Protection Agency | |
FERC | Federal Energy Regulatory Commission | |
ISO-NE | ISO New England, Inc., the New England Independent System Operator | |
MA DEP | Massachusetts Department of Environmental Protection | |
NHPUC | New Hampshire Public Utilities Commission | |
PURA | Connecticut Public Utilities Regulatory Authority | |
SEC | U.S. Securities and Exchange Commission | |
SJC | Supreme Judicial Court of Massachusetts | |
Other Terms and Abbreviations: | ||
ADIT | Accumulated Deferred Income Taxes | |
AFUDC | Allowance For Funds Used During Construction | |
Accumulated Other Comprehensive | ||
ARO | Asset Retirement Obligation | |
Bcf | Billion cubic feet | |
C&LM | Conservation and Load Management | |
CfD | Contract for Differences | |
CTA | Competitive Transition Assessment | |
CWIP | Construction Work in Progress | |
EDC | Electric distribution company | |
EDIT | Excess Deferred Income Taxes | |
EPS | Earnings Per Share |
ERISA | Employee Retirement Income Security Act of 1974 |
ESOP | Employee Stock Ownership Plan |
Eversource | The Eversource Energy and Subsidiaries |
Fitch | Fitch Ratings |
FMCC | Federally Mandated Congestion Charge |
FTR | Financial Transmission Rights |
GAAP | Accounting principles generally accepted in the United States of America |
GSC | Generation Service Charge |
GSRP | Greater Springfield Reliability Project |
GWh | Gigawatt-Hours |
HQ | Hydro-Québec, a corporation wholly-owned by the Québec government, including its divisions that produce, transmit and distribute electricity in Québec, Canada |
HVDC | High-voltage direct current |
Hydro Renewable Energy | Hydro Renewable Energy, Inc., a wholly-owned subsidiary of Hydro-Québec |
IPP | Independent Power Producers |
ISO-NE Tariff | ISO-NE FERC Transmission, Markets and Services Tariff |
kV | Kilovolt |
kVa | Kilovolt-ampere |
kW | Kilowatt (equal to one thousand watts) |
LBR | Lost Base Revenue |
LNG | Liquefied natural gas |
LRS | Supplier of last resort service |
Million | |
MGP | Manufactured Gas Plant |
MMBtu | One million British thermal units |
MMcf | Million cubic feet |
Moody's | Moody's Investors Services, Inc. |
MW | Megawatt |
MWh | Megawatt-Hours |
NEEWS | New England East-West Solution |
NETOs | New England Transmission Owners (including Eversource, National Grid and Avangrid) |
OCI | Other Comprehensive Income/(Loss) |
PAM | Pension and PBOP Rate Adjustment Mechanism |
PBOP | Postretirement Benefits Other Than Pension |
PBOP Plan | Postretirement Benefits Other Than Pension Plan |
Pension Plan | Single uniform noncontributory defined benefit retirement plan |
PPA | |
RECs | Renewable Energy Certificates |
Regulatory ROE | The average cost of capital method for calculating the return on equity related to the distribution |
ROE | Return on Equity |
Rate Reduction | |
RSUs | Restricted share units |
S&P | Standard & Poor's Financial Services LLC |
SBC | Systems Benefits Charge |
SCRC | Stranded Cost Recovery Charge |
SERP | Supplemental Executive Retirement Plans and non-qualified defined benefit retirement plans |
SS | Standard service |
TCAM | Transmission Cost Adjustment Mechanism |
TSA | Transmission Service Agreement |
UI | The United Illuminating Company |
VIE | Variable Interest Entity |
Page | ||
PART I – FINANCIAL INFORMATION | ||
Condensed Consolidated Statements of Common Shareholders' Equity | ||
Condensed Statements of Common Stockholder's Equity | ||
Condensed Consolidated Statements of Common Stockholder's Equity | ||
Common Stockholder's Equity | ||
, | ||
PART II – OTHER INFORMATION | ||
(Thousands of Dollars) | As of September 30, 2017 | As of December 31, 2016 | As of June 30, 2020 | As of December 31, 2019 | ||||||||||
ASSETS | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and Cash Equivalents | $ | 125,761 | $ | 30,251 | ||||||||||
Receivables, Net | 919,959 | 847,301 | ||||||||||||
Cash | $ | 64,890 | $ | 15,432 | ||||||||||
Receivables, Net (net of allowance for uncollectible accounts of $270,047 and $224,821 as of June 30, 2020 and December 31, 2019, respectively) | 996,290 | 989,383 | ||||||||||||
Unbilled Revenues | 146,634 | 168,490 | 171,475 | 181,006 | ||||||||||
Fuel, Materials, Supplies and Inventory | 305,035 | 328,721 | ||||||||||||
Fuel, Materials, Supplies and REC Inventory | 176,138 | 235,471 | ||||||||||||
Regulatory Assets | 746,142 | 887,625 | 805,050 | 651,112 | ||||||||||
Prepayments and Other Current Assets | 159,939 | 215,284 | 191,570 | 342,135 | ||||||||||
Total Current Assets | 2,403,470 | 2,477,672 | 2,405,413 | 2,414,539 | ||||||||||
Property, Plant and Equipment, Net | 22,537,304 | 21,350,510 | 28,610,776 | 27,585,470 | ||||||||||
Deferred Debits and Other Assets: | ||||||||||||||
Regulatory Assets | 3,505,901 | 3,638,688 | 4,729,531 | 4,863,639 | ||||||||||
Goodwill | 3,519,401 | 3,519,401 | 4,427,266 | 4,427,266 | ||||||||||
Investments in Unconsolidated Affiliates | 884,273 | 871,633 | ||||||||||||
Marketable Securities | 570,255 | 544,642 | 427,001 | 449,130 | ||||||||||
Other Long-Term Assets | 627,289 | 522,260 | 554,458 | 512,238 | ||||||||||
Total Deferred Debits and Other Assets | 8,222,846 | 8,224,991 | 11,022,529 | 11,123,906 | ||||||||||
Total Assets | $ | 33,163,620 | $ | 32,053,173 | $ | 42,038,718 | $ | 41,123,915 | ||||||
LIABILITIES AND CAPITALIZATION | ||||||||||||||
Current Liabilities: | ||||||||||||||
Notes Payable | $ | 18,238 | $ | 1,148,500 | $ | 493,500 | $ | 889,084 | ||||||
Long-Term Debt – Current Portion | 957,697 | 773,883 | 700,960 | 327,411 | ||||||||||
Rate Reduction Bonds – Current Portion | 43,210 | 43,210 | ||||||||||||
Accounts Payable | 794,195 | 884,521 | 952,132 | 1,147,872 | ||||||||||
Obligations to Third Party Suppliers | 149,789 | 122,806 | ||||||||||||
Regulatory Liabilities | 170,215 | 146,787 | 442,004 | 361,152 | ||||||||||
Other Current Liabilities | 530,297 | 562,108 | 694,252 | 836,834 | ||||||||||
Total Current Liabilities | 2,620,431 | 3,638,605 | 3,326,058 | 3,605,563 | ||||||||||
Deferred Credits and Other Liabilities: | ||||||||||||||
Accumulated Deferred Income Taxes | 6,001,589 | 5,607,207 | 3,882,293 | 3,755,777 | ||||||||||
Regulatory Liabilities | 700,207 | 702,255 | 3,679,927 | 3,658,042 | ||||||||||
Derivative Liabilities | 391,910 | 413,676 | 328,313 | 338,710 | ||||||||||
Accrued Pension and SERP | 946,629 | 1,141,514 | ||||||||||||
Asset Retirement Obligations | 497,262 | 488,511 | ||||||||||||
Accrued Pension, SERP and PBOP | 1,307,967 | 1,370,245 | ||||||||||||
Other Long-Term Liabilities | 881,056 | 853,260 | 839,791 | 810,553 | ||||||||||
Total Deferred Credits and Other Liabilities | 8,921,391 | 8,717,912 | 10,535,553 | 10,421,838 | ||||||||||
Capitalization: | ||||||||||||||
Long-Term Debt | 10,468,193 | 8,829,354 | 13,697,762 | 13,770,828 | ||||||||||
Rate Reduction Bonds | 518,517 | 540,122 | ||||||||||||
Noncontrolling Interest – Preferred Stock of Subsidiaries | 155,568 | 155,568 | 155,570 | 155,570 | ||||||||||
Equity: | ||||||||||||||
Common Shareholders' Equity: | ||||||||||||||
Common Shares | 1,669,392 | 1,669,392 | 1,789,092 | 1,729,292 | ||||||||||
Capital Surplus, Paid In | 6,235,846 | 6,250,224 | 7,979,146 | 7,087,768 | ||||||||||
Retained Earnings | 3,474,185 | 3,175,171 | 4,384,093 | 4,177,048 | ||||||||||
Accumulated Other Comprehensive Loss | (63,615 | ) | (65,282 | ) | (62,558 | ) | (65,059 | ) | ||||||
Treasury Stock | (317,771 | ) | (317,771 | ) | (284,515 | ) | (299,055 | ) | ||||||
Common Shareholders' Equity | 10,998,037 | 10,711,734 | 13,805,258 | 12,629,994 | ||||||||||
Total Capitalization | 21,621,798 | 19,696,656 | ||||||||||||
Commitments and Contingencies (Note 9) | ||||||||||||||
Total Liabilities and Capitalization | $ | 33,163,620 | $ | 32,053,173 | $ | 42,038,718 | $ | 41,123,915 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars, Except Share Information) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating Revenues | $ | 1,988,512 | $ | 2,039,706 | $ | 5,856,458 | $ | 5,862,525 | |||||||
Operating Expenses: | |||||||||||||||
Purchased Power, Fuel and Transmission | 651,776 | 665,810 | 1,955,129 | 2,001,929 | |||||||||||
Operations and Maintenance | 300,421 | 324,734 | 933,400 | 965,584 | |||||||||||
Depreciation | 194,466 | 181,288 | 571,152 | 531,781 | |||||||||||
Amortization of Regulatory Assets, Net | 41,848 | 43,942 | 58,058 | 56,223 | |||||||||||
Energy Efficiency Programs | 129,205 | 149,121 | 391,761 | 405,962 | |||||||||||
Taxes Other Than Income Taxes | 168,193 | 164,942 | 479,648 | 479,219 | |||||||||||
Total Operating Expenses | 1,485,909 | 1,529,837 | 4,389,148 | 4,440,698 | |||||||||||
Operating Income | 502,603 | 509,869 | 1,467,310 | 1,421,827 | |||||||||||
Interest Expense | 108,719 | 99,865 | 319,477 | 298,568 | |||||||||||
Other Income, Net | 21,184 | 13,641 | 56,304 | 23,689 | |||||||||||
Income Before Income Tax Expense | 415,068 | 423,645 | 1,204,137 | 1,146,948 | |||||||||||
Income Tax Expense | 152,818 | 156,446 | 447,921 | 428,186 | |||||||||||
Net Income | 262,250 | 267,199 | 756,216 | 718,762 | |||||||||||
Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 | 5,639 | 5,639 | |||||||||||
Net Income Attributable to Common Shareholders | $ | 260,370 | $ | 265,319 | $ | 750,577 | $ | 713,123 | |||||||
Basic and Diluted Earnings Per Common Share | $ | 0.82 | $ | 0.83 | $ | 2.36 | $ | 2.24 | |||||||
Dividends Declared Per Common Share | $ | 0.48 | $ | 0.45 | $ | 1.43 | $ | 1.34 | |||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic | 317,393,029 | 317,787,836 | 317,415,848 | 317,696,823 | |||||||||||
Diluted | 317,949,396 | 318,577,079 | 318,007,042 | 318,511,609 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Income | $ | 262,250 | $ | 267,199 | $ | 756,216 | $ | 718,762 | |||||||
Other Comprehensive (Loss)/Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | 519 | 534 | 1,567 | 1,602 | |||||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | (1,872 | ) | 946 | 733 | 2,271 | ||||||||||
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | 673 | (1,733 | ) | (633 | ) | (2,646 | ) | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | (680 | ) | (253 | ) | 1,667 | 1,227 | |||||||||
Comprehensive Income Attributable to Noncontrolling Interests | (1,880 | ) | (1,880 | ) | (5,639 | ) | (5,639 | ) | |||||||
Comprehensive Income Attributable to Common Shareholders | $ | 259,690 | $ | 265,066 | $ | 752,244 | $ | 714,350 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Thousands of Dollars, Except Share Information) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Operating Revenues | $ | 1,953,128 | $ | 1,884,495 | $ | 4,326,854 | $ | 4,300,287 | |||||||
Operating Expenses: | |||||||||||||||
Purchased Power, Fuel and Transmission | 630,132 | 620,904 | 1,506,703 | 1,595,786 | |||||||||||
Operations and Maintenance | 332,055 | 328,010 | 674,117 | 663,606 | |||||||||||
Depreciation | 240,516 | 219,084 | 476,727 | 434,032 | |||||||||||
Amortization | 23,397 | 38,945 | 73,172 | 109,906 | |||||||||||
Energy Efficiency Programs | 115,354 | 105,837 | 263,747 | 245,953 | |||||||||||
Taxes Other Than Income Taxes | 178,019 | 181,083 | 359,613 | 365,672 | |||||||||||
Impairment of Northern Pass Transmission | — | 239,644 | — | 239,644 | |||||||||||
Total Operating Expenses | 1,519,473 | 1,733,507 | 3,354,079 | 3,654,599 | |||||||||||
Operating Income | 433,655 | 150,988 | 972,775 | 645,688 | |||||||||||
Interest Expense | 134,285 | 132,705 | 269,000 | 264,438 | |||||||||||
Other Income, Net | 30,243 | 45,866 | 54,347 | 76,850 | |||||||||||
Income Before Income Tax Expense | 329,613 | 64,149 | 758,122 | 458,100 | |||||||||||
Income Tax Expense | 75,501 | 30,815 | 167,379 | 114,209 | |||||||||||
Net Income | 254,112 | 33,334 | 590,743 | 343,891 | |||||||||||
Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 | 3,759 | 3,759 | |||||||||||
Net Income Attributable to Common Shareholders | $ | 252,232 | $ | 31,454 | $ | 586,984 | $ | 340,132 | |||||||
Basic and Diluted Earnings Per Common Share | $ | 0.75 | $ | 0.10 | $ | 1.75 | $ | 1.07 | |||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic | 337,946,663 | 319,664,998 | 334,524,452 | 318,644,796 | |||||||||||
Diluted | 338,561,649 | 320,388,490 | 335,749,404 | 319,352,287 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Thousands of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net Income | $ | 254,112 | $ | 33,334 | $ | 590,743 | $ | 343,891 | |||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | 387 | 262 | 616 | 578 | |||||||||||
Changes in Unrealized Gains on Marketable Securities | 269 | 444 | 429 | 1,099 | |||||||||||
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | (103 | ) | 3,457 | 1,456 | 4,682 | ||||||||||
Other Comprehensive Income, Net of Tax | 553 | 4,163 | 2,501 | 6,359 | |||||||||||
Comprehensive Income Attributable to Noncontrolling Interests | (1,880 | ) | (1,880 | ) | (3,759 | ) | (3,759 | ) | |||||||
Comprehensive Income Attributable to Common Shareholders | $ | 252,785 | $ | 35,617 | $ | 589,485 | $ | 346,491 |
For the Six Months Ended June 30, 2020 | ||||||||||||||||||||
Common Shares | Capital Surplus, 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, 2020 | 329,880,645 | $ | 1,729,292 | $ | 7,087,768 | $ | 4,177,048 | $ | (65,059 | ) | $ | (299,055 | ) | $ | 12,629,994 | |||||
Net Income | 336,633 | 336,633 | ||||||||||||||||||
Dividends on Common Shares - $0.5675 Per Share | (187,462 | ) | (187,462 | ) | ||||||||||||||||
Dividends on Preferred Stock | (1,880 | ) | (1,880 | ) | ||||||||||||||||
Issuance of Common Shares - $5 par value | 5,960,000 | 29,800 | 402,300 | 432,100 | ||||||||||||||||
Long-Term Incentive Plan Activity | (15,295 | ) | (15,295 | ) | ||||||||||||||||
Issuance of Treasury Shares | 570,542 | 17,230 | 10,516 | 27,746 | ||||||||||||||||
Capital Stock Expense | (12,314 | ) | (12,314 | ) | ||||||||||||||||
Adoption of New Accounting Standard (See Note 1B) | (1,514 | ) | (1,514 | ) | ||||||||||||||||
Other Comprehensive Income | 1,948 | 1,948 | ||||||||||||||||||
Balance as of March 31, 2020 | 336,411,187 | 1,759,092 | 7,479,689 | 4,322,825 | (63,111 | ) | (288,539 | ) | 13,209,956 | |||||||||||
Net Income | 254,112 | 254,112 | ||||||||||||||||||
Dividends on Common Shares - $0.5675 Per Share | (190,964 | ) | (190,964 | ) | ||||||||||||||||
Dividends on Preferred Stock | (1,880 | ) | (1,880 | ) | ||||||||||||||||
Issuance of Common Shares - $5 par value | 6,000,000 | 30,000 | 487,560 | 517,560 | ||||||||||||||||
Long-Term Incentive Plan Activity | 7,694 | 7,694 | ||||||||||||||||||
Issuance of Treasury Shares | 216,675 | 12,524 | 4,024 | 16,548 | ||||||||||||||||
Capital Stock Expense | (8,321 | ) | (8,321 | ) | ||||||||||||||||
Other Comprehensive Income | 553 | 553 | ||||||||||||||||||
Balance as of June 30, 2020 | 342,627,862 | $ | 1,789,092 | $ | 7,979,146 | $ | 4,384,093 | $ | (62,558 | ) | $ | (284,515 | ) | $ | 13,805,258 |
For the Six Months Ended June 30, 2019 | ||||||||||||||||||||
Common Shares | Capital Surplus, 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, 2019 | 316,885,808 | $ | 1,669,392 | $ | 6,241,222 | $ | 3,953,974 | $ | (60,000 | ) | $ | (317,771 | ) | $ | 11,486,817 | |||||
Net Income | 310,558 | 310,558 | ||||||||||||||||||
Dividends on Common Shares - $0.535 Per Share | (169,757 | ) | (169,757 | ) | ||||||||||||||||
Dividends on Preferred Stock | (1,880 | ) | (1,880 | ) | ||||||||||||||||
Long-Term Incentive Plan Activity | (16,609 | ) | (16,609 | ) | ||||||||||||||||
Issuance of Treasury Shares | 461,662 | 17,476 | 8,633 | 26,109 | ||||||||||||||||
Other Comprehensive Income | 2,196 | 2,196 | ||||||||||||||||||
Balance as of March 31, 2019 | 317,347,470 | 1,669,392 | 6,242,089 | 4,092,895 | (57,804 | ) | (309,138 | ) | 11,637,434 | |||||||||||
Net Income | 33,334 | 33,334 | ||||||||||||||||||
Dividends on Common Shares - $0.535 Per Share | (169,857 | ) | (169,857 | ) | ||||||||||||||||
Dividends on Preferred Stock | (1,880 | ) | (1,880 | ) | ||||||||||||||||
Issuance of Common Shares - $5 par value | 5,980,000 | 29,900 | 403,650 | 433,550 | ||||||||||||||||
Long-Term Incentive Plan Activity | 6,470 | 6,470 | ||||||||||||||||||
Issuance of Treasury Shares | 246,969 | 13,448 | 4,579 | 18,027 | ||||||||||||||||
Capital Stock Expense | (6,648 | ) | (6,648 | ) | ||||||||||||||||
Other Comprehensive Income | 4,163 | 4,163 | ||||||||||||||||||
Balance as of June 30, 2019 | 323,574,439 | $ | 1,699,292 | $ | 6,659,009 | $ | 3,954,492 | $ | (53,641 | ) | $ | (304,559 | ) | $ | 11,954,593 |
For the Nine Months Ended September 30, | For the Six Months Ended June 30, | |||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2020 | 2019 | ||||||||||
Operating Activities: | ||||||||||||||
Net Income | $ | 756,216 | $ | 718,762 | $ | 590,743 | $ | 343,891 | ||||||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||||||||||||||
Depreciation | 571,152 | 531,781 | 476,727 | 434,032 | ||||||||||
Deferred Income Taxes | 374,863 | 301,413 | 86,550 | 36,535 | ||||||||||
Uncollectible Expense | 20,579 | 31,546 | ||||||||||||
Pension, SERP and PBOP Expense, Net | 16,891 | 31,627 | 5,441 | 13,227 | ||||||||||
Pension and PBOP Contributions | (197,900 | ) | (121,854 | ) | (1,323 | ) | (6,648 | ) | ||||||
Regulatory Overrecoveries, Net | 185,952 | 152,808 | ||||||||||||
Amortization of Regulatory Assets, Net | 58,058 | 56,223 | ||||||||||||
Regulatory (Under)/Over Recoveries, Net | (58,501 | ) | 23,830 | |||||||||||
Amortization | 73,172 | 109,906 | ||||||||||||
Proceeds from DOE Spent Nuclear Fuel Litigation | — | 68,840 | ||||||||||||
Impairment of Northern Pass Transmission | — | 239,644 | ||||||||||||
Other | (148,741 | ) | (27,671 | ) | (40,764 | ) | (137,428 | ) | ||||||
Changes in Current Assets and Liabilities: | ||||||||||||||
Receivables and Unbilled Revenues, Net | (107,473 | ) | (191,454 | ) | (66,460 | ) | 6,357 | |||||||
Fuel, Materials, Supplies and Inventory | 23,686 | 25,425 | ||||||||||||
Fuel, Materials, Supplies and REC Inventory | 59,332 | 63,918 | ||||||||||||
Taxes Receivable/Accrued, Net | 88,856 | 347,898 | 120,717 | (6,883 | ) | |||||||||
Accounts Payable | (96,551 | ) | (121,513 | ) | (169,251 | ) | (156,077 | ) | ||||||
Other Current Assets and Liabilities, Net | (32,874 | ) | (53,077 | ) | (91,587 | ) | (140,103 | ) | ||||||
Net Cash Flows Provided by Operating Activities | 1,492,135 | 1,650,368 | 1,005,375 | 924,587 | ||||||||||
Investing Activities: | ||||||||||||||
Investments in Property, Plant and Equipment | (1,642,280 | ) | (1,359,171 | ) | (1,400,198 | ) | (1,377,753 | ) | ||||||
Proceeds from Sales of Marketable Securities | 520,664 | 444,209 | 250,589 | 348,904 | ||||||||||
Purchases of Marketable Securities | (506,302 | ) | (437,197 | ) | (239,698 | ) | (302,950 | ) | ||||||
Investments in Unconsolidated Affiliates, Net | (12,324 | ) | (265,955 | ) | ||||||||||
Other Investing Activities | (10,177 | ) | (9,463 | ) | 11,129 | 4,055 | ||||||||
Net Cash Flows Used in Investing Activities | (1,638,095 | ) | (1,361,622 | ) | (1,390,502 | ) | (1,593,699 | ) | ||||||
Financing Activities: | ||||||||||||||
Issuance of Common Shares, Net of Issuance Costs | 929,025 | 426,902 | ||||||||||||
Cash Dividends on Common Shares | (451,562 | ) | (423,471 | ) | (366,817 | ) | (323,346 | ) | ||||||
Cash Dividends on Preferred Stock | (5,639 | ) | (5,639 | ) | (3,759 | ) | (3,759 | ) | ||||||
Decrease in Notes Payable | (231,500 | ) | (426,453 | ) | (741,870 | ) | (181,000 | ) | ||||||
Repayment of Rate Reduction Bonds | (21,605 | ) | (30,727 | ) | ||||||||||
Issuance of Long-Term Debt | 1,250,000 | 800,000 | 940,000 | 1,000,000 | ||||||||||
Retirements of Long-Term Debt | (320,000 | ) | (200,000 | ) | ||||||||||
Retirement of Long-Term Debt | (270,456 | ) | (250,437 | ) | ||||||||||
Other Financing Activities | 171 | (17,074 | ) | (19,534 | ) | (10,682 | ) | |||||||
Net Cash Flows Provided by/(Used in) Financing Activities | 241,470 | (272,637 | ) | |||||||||||
Net Increase in Cash and Cash Equivalents | 95,510 | 16,109 | ||||||||||||
Cash and Cash Equivalents - Beginning of Period | 30,251 | 23,947 | ||||||||||||
Cash and Cash Equivalents - End of Period | $ | 125,761 | $ | 40,056 | ||||||||||
Net Cash Flows Provided by Financing Activities | 444,984 | 626,951 | ||||||||||||
Net Increase/(Decrease) in Cash and Restricted Cash | 59,857 | (42,161 | ) | |||||||||||
Cash and Restricted Cash - Beginning of Period | 117,063 | 209,324 | ||||||||||||
Cash and Restricted Cash - End of Period | $ | 176,920 | $ | 167,163 |
(Thousands of Dollars) | As of September 30, 2017 | As of December 31, 2016 | As of June 30, 2020 | As of December 31, 2019 | ||||||||||
ASSETS | ||||||||||||||
Current Assets: | ||||||||||||||
Cash | $ | 9,364 | $ | 6,579 | $ | 6,918 | $ | — | ||||||
Receivables, Net | 404,065 | 359,132 | ||||||||||||
Receivables, Net (net of allowance for uncollectible accounts of $136,665 and $97,348 as of June 30, 2020 and December 31, 2019, respectively) | 397,235 | 400,927 | ||||||||||||
Accounts Receivable from Affiliated Companies | 29,287 | 16,851 | 33,510 | 24,577 | ||||||||||
Unbilled Revenues | 48,625 | 50,373 | 56,913 | 56,465 | ||||||||||
Materials, Supplies and Inventory | 44,516 | 52,050 | ||||||||||||
Materials and Supplies | 52,176 | 50,700 | ||||||||||||
Regulatory Assets | 274,982 | 335,526 | 349,177 | 178,607 | ||||||||||
Prepaid Property Taxes | 55,375 | 19,678 | ||||||||||||
Prepayments and Other Current Assets | 13,832 | 32,992 | 31,791 | 73,184 | ||||||||||
Total Current Assets | 880,046 | 873,181 | 927,720 | 784,460 | ||||||||||
Property, Plant and Equipment, Net | 8,107,957 | 7,632,392 | 9,913,257 | 9,625,765 | ||||||||||
Deferred Debits and Other Assets: | ||||||||||||||
Regulatory Assets | 1,312,191 | 1,391,564 | 1,487,764 | 1,557,261 | ||||||||||
Other Long-Term Assets | 145,246 | 137,907 | 248,761 | 217,705 | ||||||||||
Total Deferred Debits and Other Assets | 1,457,437 | 1,529,471 | 1,736,525 | 1,774,966 | ||||||||||
Total Assets | $ | 10,445,440 | $ | 10,035,044 | $ | 12,577,502 | $ | 12,185,191 | ||||||
LIABILITIES AND CAPITALIZATION | ||||||||||||||
Current Liabilities: | ||||||||||||||
Notes Payable to Eversource Parent | $ | — | $ | 80,100 | $ | 272,000 | $ | 63,800 | ||||||
Long-Term Debt – Current Portion | 300,000 | 250,000 | ||||||||||||
Accounts Payable | 292,234 | 289,532 | 310,178 | 374,698 | ||||||||||
Accounts Payable to Affiliated Companies | 80,899 | 88,075 | 102,289 | 97,793 | ||||||||||
Obligations to Third Party Suppliers | 52,865 | 55,520 | 46,652 | 56,952 | ||||||||||
Accrued Taxes | 64,332 | 16,090 | ||||||||||||
Regulatory Liabilities | 69,296 | 47,055 | 155,239 | 82,763 | ||||||||||
Derivative Liabilities | 59,895 | 77,765 | 70,145 | 67,804 | ||||||||||
Other Current Liabilities | 99,467 | 104,309 | 126,724 | 132,339 | ||||||||||
Total Current Liabilities | 1,018,988 | 1,008,446 | 1,083,227 | 876,149 | ||||||||||
Deferred Credits and Other Liabilities: | ||||||||||||||
Accumulated Deferred Income Taxes | 2,089,480 | 1,987,661 | 1,291,833 | 1,244,551 | ||||||||||
Regulatory Liabilities | 98,777 | 100,138 | 1,183,643 | 1,164,991 | ||||||||||
Derivative Liabilities | 391,758 | 412,750 | 328,058 | 338,594 | ||||||||||
Accrued Pension, SERP and PBOP | 297,492 | 300,208 | 354,520 | 391,159 | ||||||||||
Other Long-Term Liabilities | 134,870 | 123,244 | 151,244 | 147,586 | ||||||||||
Total Deferred Credits and Other Liabilities | 3,012,377 | 2,924,001 | 3,309,298 | 3,286,881 | ||||||||||
Capitalization: | ||||||||||||||
Long-Term Debt | 2,758,851 | 2,516,010 | 3,518,121 | 3,518,136 | ||||||||||
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 | 116,200 | 116,200 | ||||||||||
Common Stockholder's Equity: | ||||||||||||||
Common Stock | 60,352 | 60,352 | 60,352 | 60,352 | ||||||||||
Capital Surplus, Paid In | 2,110,752 | 2,110,714 | 2,535,765 | 2,535,765 | ||||||||||
Retained Earnings | 1,367,650 | 1,299,374 | 1,954,221 | 1,791,392 | ||||||||||
Accumulated Other Comprehensive Income/(Loss) | 270 | (53 | ) | |||||||||||
Accumulated Other Comprehensive Income | 318 | 316 | ||||||||||||
Common Stockholder's Equity | 3,539,024 | 3,470,387 | 4,550,656 | 4,387,825 | ||||||||||
Total Capitalization | 6,414,075 | 6,102,597 | ||||||||||||
Commitments and Contingencies (Note 9) | ||||||||||||||
Total Liabilities and Capitalization | $ | 10,445,440 | $ | 10,035,044 | $ | 12,577,502 | $ | 12,185,191 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating Revenues | $ | 774,762 | $ | 760,037 | $ | 2,173,629 | $ | 2,175,141 | |||||||
Operating Expenses: | |||||||||||||||
Purchased Power and Transmission | 259,005 | 253,509 | 711,154 | 760,613 | |||||||||||
Operations and Maintenance | 123,107 | 123,034 | 359,834 | 356,409 | |||||||||||
Depreciation | 63,727 | 57,675 | 184,275 | 172,175 | |||||||||||
Amortization of Regulatory Assets, Net | 34,574 | 23,418 | 58,799 | 30,308 | |||||||||||
Energy Efficiency Programs | 37,739 | 44,381 | 106,483 | 117,969 | |||||||||||
Taxes Other Than Income Taxes | 79,067 | 81,948 | 223,482 | 227,981 | |||||||||||
Total Operating Expenses | 597,219 | 583,965 | 1,644,027 | 1,665,455 | |||||||||||
Operating Income | 177,543 | 176,072 | 529,602 | 509,686 | |||||||||||
Interest Expense | 36,313 | 36,083 | 106,577 | 108,561 | |||||||||||
Other Income, Net | 7,509 | 3,669 | 14,070 | 10,881 | |||||||||||
Income Before Income Tax Expense | 148,739 | 143,658 | 437,095 | 412,006 | |||||||||||
Income Tax Expense | 52,595 | 57,026 | 159,450 | 155,453 | |||||||||||
Net Income | $ | 96,144 | $ | 86,632 | $ | 277,645 | $ | 256,553 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Thousands of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Operating Revenues | $ | 817,421 | $ | 740,846 | $ | 1,717,124 | $ | 1,590,092 | |||||||
Operating Expenses: | |||||||||||||||
Purchased Power and Transmission | 315,398 | 246,540 | 690,115 | 566,373 | |||||||||||
Operations and Maintenance | 134,633 | 133,351 | 270,230 | 263,989 | |||||||||||
Depreciation | 79,718 | 74,555 | 158,152 | 147,844 | |||||||||||
Amortization of Regulatory (Liabilities)/Assets, Net | (5,698 | ) | 12,376 | 850 | 48,047 | ||||||||||
Energy Efficiency Programs | 32,347 | 20,780 | 67,826 | 46,768 | |||||||||||
Taxes Other Than Income Taxes | 79,867 | 86,465 | 162,855 | 178,463 | |||||||||||
Total Operating Expenses | 636,265 | 574,067 | 1,350,028 | 1,251,484 | |||||||||||
Operating Income | 181,156 | 166,779 | 367,096 | 338,608 | |||||||||||
Interest Expense | 38,722 | 36,972 | 76,605 | 72,754 | |||||||||||
Other Income, Net | 8,459 | 2,853 | 10,357 | 6,733 | |||||||||||
Income Before Income Tax Expense | 150,893 | 132,660 | 300,848 | 272,587 | |||||||||||
Income Tax Expense | 33,622 | 27,856 | 64,839 | 57,312 | |||||||||||
Net Income | $ | 117,271 | $ | 104,804 | $ | 236,009 | $ | 215,275 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Income | $ | 96,144 | $ | 86,632 | $ | 277,645 | $ | 256,553 | |||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | 96 | 111 | 298 | 333 | |||||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | (64 | ) | 33 | 25 | 78 | ||||||||||
Other Comprehensive Income, Net of Tax | 32 | 144 | 323 | 411 | |||||||||||
Comprehensive Income | $ | 96,176 | $ | 86,776 | $ | 277,968 | $ | 256,964 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Thousands of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net Income | $ | 117,271 | $ | 104,804 | $ | 236,009 | $ | 215,275 | |||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | (6 | ) | (7 | ) | (13 | ) | (13 | ) | |||||||
Changes in Unrealized Gains on Marketable Securities | 9 | 15 | 15 | 38 | |||||||||||
Other Comprehensive Income, Net of Tax | 3 | 8 | 2 | 25 | |||||||||||
Comprehensive Income | $ | 117,274 | $ | 104,812 | $ | 236,011 | $ | 215,300 |
For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||
Common Stock | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Income | Total Common Stockholder's Equity | ||||||||||||||||||
(Thousands of Dollars, Except Stock Information) | Stock | Amount | ||||||||||||||||||||
Balance as of January 1, 2020 | 6,035,205 | $ | 60,352 | $ | 2,535,765 | $ | 1,791,392 | $ | 316 | $ | 4,387,825 | |||||||||||
Net Income | 118,738 | 118,738 | ||||||||||||||||||||
Dividends on Preferred Stock | (1,390 | ) | (1,390 | ) | ||||||||||||||||||
Dividends on Common Stock | (69,500 | ) | (69,500 | ) | ||||||||||||||||||
Adoption of New Accounting Standard (See Note 1B) | (900 | ) | (900 | ) | ||||||||||||||||||
Other Comprehensive Loss | (1 | ) | (1 | ) | ||||||||||||||||||
Balance as of March 31, 2020 | 6,035,205 | 60,352 | 2,535,765 | 1,838,340 | 315 | 4,434,772 | ||||||||||||||||
Net Income | 117,271 | 117,271 | ||||||||||||||||||||
Dividends on Preferred Stock | (1,390 | ) | (1,390 | ) | ||||||||||||||||||
Other Comprehensive Income | 3 | 3 | ||||||||||||||||||||
Balance as of June 30, 2020 | 6,035,205 | $ | 60,352 | $ | 2,535,765 | $ | 1,954,221 | $ | 318 | $ | 4,550,656 |
For the Six Months Ended June 30, 2019 | ||||||||||||||||||||||
Common Stock | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Income | Total Common Stockholder's Equity | ||||||||||||||||||
(Thousands of Dollars, Except Stock Information) | Stock | Amount | ||||||||||||||||||||
Balance as of January 1, 2019 | 6,035,205 | $ | 60,352 | $ | 2,410,765 | $ | 1,727,899 | $ | 301 | $ | 4,199,317 | |||||||||||
Net Income | 110,471 | 110,471 | ||||||||||||||||||||
Dividends on Preferred Stock | (1,390 | ) | (1,390 | ) | ||||||||||||||||||
Dividends on Common Stock | (99,000 | ) | (99,000 | ) | ||||||||||||||||||
Other Comprehensive Income | 17 | 17 | ||||||||||||||||||||
Balance as of March 31, 2019 | 6,035,205 | 60,352 | 2,410,765 | 1,737,980 | 318 | 4,209,415 | ||||||||||||||||
Net Income | 104,804 | 104,804 | ||||||||||||||||||||
Dividends on Preferred Stock | (1,390 | ) | (1,390 | ) | ||||||||||||||||||
Dividends on Common Stock | (176,400 | ) | (176,400 | ) | ||||||||||||||||||
Other | 1 | 1 | ||||||||||||||||||||
Other Comprehensive Income | 8 | 8 | ||||||||||||||||||||
Balance as of June 30, 2019 | 6,035,205 | $ | 60,352 | $ | 2,410,765 | $ | 1,664,995 | $ | 326 | $ | 4,136,438 |
For the Nine Months Ended September 30, | For the Six Months Ended June 30, | |||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2020 | 2019 | ||||||||||
Operating Activities: | ||||||||||||||
Net Income | $ | 277,645 | $ | 256,553 | $ | 236,009 | $ | 215,275 | ||||||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||||||||||||||
Depreciation | 184,275 | 172,175 | 158,152 | 147,844 | ||||||||||
Deferred Income Taxes | 90,132 | 109,637 | 33,275 | 16,513 | ||||||||||
Pension, SERP, and PBOP Expense, Net of PBOP Contributions | 4,546 | 4,825 | ||||||||||||
Regulatory Overrecoveries, Net | 71,413 | 33,492 | ||||||||||||
Uncollectible Expense | 6,187 | 7,627 | ||||||||||||
Pension, SERP, and PBOP Expense, Net | 5,886 | 6,926 | ||||||||||||
Regulatory Underrecoveries, Net | (45,886 | ) | (40,460 | ) | ||||||||||
Amortization of Regulatory Assets, Net | 58,799 | 30,308 | 850 | 48,047 | ||||||||||
Other | (22,113 | ) | (14,873 | ) | (43,064 | ) | (40,290 | ) | ||||||
Changes in Current Assets and Liabilities: | ||||||||||||||
Receivables and Unbilled Revenues, Net | (70,936 | ) | (100,074 | ) | (49,800 | ) | (37,101 | ) | ||||||
Taxes Receivable/Accrued, Net | 69,335 | 197,422 | 31,139 | 19,701 | ||||||||||
Accounts Payable | (1,649 | ) | (30,168 | ) | (49,574 | ) | 5,443 | |||||||
Other Current Assets and Liabilities, Net | (38,111 | ) | (44,908 | ) | (244 | ) | (3,941 | ) | ||||||
Net Cash Flows Provided by Operating Activities | 623,336 | 614,389 | 282,930 | 345,584 | ||||||||||
Investing Activities: | ||||||||||||||
Investments in Property, Plant and Equipment | (621,882 | ) | (438,518 | ) | (407,175 | ) | (466,112 | ) | ||||||
Proceeds from the Sale of Property, Plant and Equipment | — | 9,047 | ||||||||||||
Other Investing Activities | 185 | 310 | 146 | 551 | ||||||||||
Net Cash Flows Used in Investing Activities | (621,697 | ) | (429,161 | ) | (407,029 | ) | (465,561 | ) | ||||||
Financing Activities: | ||||||||||||||
Cash Dividends on Common Stock | (205,200 | ) | (149,700 | ) | (69,500 | ) | (275,400 | ) | ||||||
Cash Dividends on Preferred Stock | (4,169 | ) | (4,169 | ) | (2,779 | ) | (2,779 | ) | ||||||
Capital Contributions from Eversource Parent | — | 145,700 | ||||||||||||
Issuance of Long-Term Debt | 525,000 | — | — | 300,000 | ||||||||||
Retirement of Long-Term Debt | (250,000 | ) | — | — | (250,000 | ) | ||||||||
Decrease in Notes Payable to Eversource Parent | (80,100 | ) | (168,900 | ) | ||||||||||
Premium on Issuance of Long-Term Debt | 21,937 | — | ||||||||||||
Increase in Notes Payable to Eversource Parent | 208,200 | 259,400 | ||||||||||||
Other Financing Activities | (6,322 | ) | (609 | ) | (795 | ) | 4,237 | |||||||
Net Cash Flows Provided by/(Used in) Financing Activities | 1,146 | (177,678 | ) | |||||||||||
Net Increase in Cash | 2,785 | 7,550 | ||||||||||||
Cash - Beginning of Period | 6,579 | 1,057 | ||||||||||||
Cash - End of Period | $ | 9,364 | $ | 8,607 | ||||||||||
Net Cash Flows Provided by Financing Activities | 135,126 | 35,458 | ||||||||||||
Net Increase/(Decrease) in Cash and Restricted Cash | 11,027 | (84,519 | ) | |||||||||||
Cash and Restricted Cash - Beginning of Period | 4,971 | 91,613 | ||||||||||||
Cash and Restricted Cash - End of Period | $ | 15,998 | $ | 7,094 |
(Thousands of Dollars) | As of September 30, 2017 | As of December 31, 2016 | As of June 30, 2020 | As of December 31, 2019 | ||||||||||
ASSETS | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and Cash Equivalents | $ | 89,915 | $ | 3,494 | ||||||||||
Receivables, Net | 322,193 | 257,557 | ||||||||||||
Cash | $ | 1,158 | $ | 52 | ||||||||||
Receivables, Net (net of allowance for uncollectible accounts of $68,682 and $75,406 as of June 30, 2020 and December 31, 2019, respectively) | 387,124 | 346,785 | ||||||||||||
Accounts Receivable from Affiliated Companies | 13,632 | 8,581 | 29,010 | 29,914 | ||||||||||
Unbilled Revenues | 39,160 | 31,632 | 44,927 | 37,482 | ||||||||||
Taxes Receivable | — | 39,738 | ||||||||||||
Materials, Supplies and Inventory | 53,203 | 62,288 | ||||||||||||
Materials, Supplies and REC Inventory | 70,461 | 124,060 | ||||||||||||
Regulatory Assets | 230,620 | 289,400 | 296,366 | 285,591 | ||||||||||
Prepayments and Other Current Assets | 16,550 | 14,906 | 33,912 | 31,150 | ||||||||||
Total Current Assets | 765,273 | 707,596 | 862,958 | 855,034 | ||||||||||
Property, Plant and Equipment, Net | 6,268,689 | 6,051,835 | 9,773,248 | 9,472,770 | ||||||||||
Deferred Debits and Other Assets: | ||||||||||||||
Regulatory Assets | 1,049,324 | 1,057,746 | 1,217,978 | 1,250,029 | ||||||||||
Prepaid PBOP | 115,367 | 95,073 | 186,260 | 166,058 | ||||||||||
Other Long-Term Assets | 79,653 | 60,572 | 140,294 | 144,368 | ||||||||||
Total Deferred Debits and Other Assets | 1,244,344 | 1,213,391 | 1,544,532 | 1,560,455 | ||||||||||
Total Assets | $ | 8,278,306 | $ | 7,972,822 | $ | 12,180,738 | $ | 11,888,259 | ||||||
LIABILITIES AND CAPITALIZATION | ||||||||||||||
Current Liabilities: | ||||||||||||||
Notes Payable | $ | — | $ | 126,500 | $ | 142,000 | $ | 10,500 | ||||||
Notes Payable to Eversource Parent | 38,100 | 30,300 | ||||||||||||
Long-Term Debt – Current Portion | 43,814 | 400,000 | — | 95,000 | ||||||||||
Accounts Payable | 198,251 | 232,599 | 262,249 | 363,691 | ||||||||||
Accounts Payable to Affiliated Companies | 81,953 | 91,532 | 116,682 | 96,307 | ||||||||||
Obligations to Third Party Suppliers | 86,346 | 55,863 | 97,289 | 108,827 | ||||||||||
Renewable Portfolio Standards Compliance Obligations | 69,527 | 75,571 | 66,543 | 150,429 | ||||||||||
Accrued Taxes | 32,021 | 3,922 | ||||||||||||
Regulatory Liabilities | 65,520 | 63,653 | 185,262 | 209,180 | ||||||||||
Other Current Liabilities | 58,628 | 67,200 | 55,472 | 71,333 | ||||||||||
Total Current Liabilities | 636,060 | 1,116,840 | 963,597 | 1,135,567 | ||||||||||
Deferred Credits and Other Liabilities: | ||||||||||||||
Accumulated Deferred Income Taxes | 1,910,328 | 1,836,292 | 1,399,292 | 1,357,265 | ||||||||||
Regulatory Liabilities | 392,851 | 391,823 | 1,527,194 | 1,516,585 | ||||||||||
Accrued Pension and SERP | 39,830 | 111,827 | 96,979 | 108,243 | ||||||||||
Other Long-Term Liabilities | 135,613 | 123,194 | 347,882 | 320,629 | ||||||||||
Total Deferred Credits and Other Liabilities | 2,478,622 | 2,463,136 | 3,371,347 | 3,302,722 | ||||||||||
Capitalization: | ||||||||||||||
Long-Term Debt | 2,382,392 | 1,678,116 | 3,642,558 | 3,247,086 | ||||||||||
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 | 43,000 | 43,000 | ||||||||||
Common Stockholder's Equity: | ||||||||||||||
Common Stock | — | — | — | — | ||||||||||
Capital Surplus, Paid In | 1,047,678 | 1,045,378 | 1,813,442 | 1,813,442 | ||||||||||
Retained Earnings | 1,690,198 | 1,625,984 | 2,346,504 | 2,346,287 | ||||||||||
Accumulated Other Comprehensive Income | 356 | 368 | 290 | 155 | ||||||||||
Common Stockholder's Equity | 2,738,232 | 2,671,730 | 4,160,236 | 4,159,884 | ||||||||||
Total Capitalization | 5,163,624 | 4,392,846 | ||||||||||||
Commitments and Contingencies (Note 9) | ||||||||||||||
Total Liabilities and Capitalization | $ | 8,278,306 | $ | 7,972,822 | $ | 12,180,738 | $ | 11,888,259 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Operating Revenues | $ | 725,701 | $ | 780,462 | $ | 1,913,548 | $ | 1,985,979 | $ | 660,971 | $ | 681,893 | $ | 1,394,804 | $ | 1,479,505 | ||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||
Purchased Power and Transmission | 259,400 | 291,382 | 689,784 | 764,907 | 192,304 | 228,397 | 434,742 | 558,501 | ||||||||||||||||||||||
Operations and Maintenance | 92,571 | 96,282 | 266,203 | 279,932 | 115,831 | 108,924 | 238,149 | 221,887 | ||||||||||||||||||||||
Depreciation | 56,200 | 54,695 | 167,598 | 159,151 | 79,520 | 73,055 | 157,865 | 145,639 | ||||||||||||||||||||||
Amortization of Regulatory Assets, Net | 9,845 | 9,621 | 17,806 | 18,275 | 19,604 | 23,184 | 46,612 | 45,768 | ||||||||||||||||||||||
Energy Efficiency Programs | 71,615 | 84,717 | 198,803 | 212,882 | 56,756 | 65,904 | 125,423 | 142,633 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 37,052 | 35,050 | 99,090 | 101,800 | 50,583 | 48,226 | 99,306 | 93,047 | ||||||||||||||||||||||
Total Operating Expenses | 526,683 | 571,747 | 1,439,284 | 1,536,947 | 514,598 | 547,690 | 1,102,097 | 1,207,475 | ||||||||||||||||||||||
Operating Income | 199,018 | 208,715 | 474,264 | 449,032 | 146,373 | 134,203 | 292,707 | 272,030 | ||||||||||||||||||||||
Interest Expense | 24,488 | 21,101 | 69,962 | 62,206 | 32,955 | 28,238 | 63,972 | 56,120 | ||||||||||||||||||||||
Other Income, Net | 3,426 | 5,022 | 8,703 | 7,524 | 13,112 | 10,657 | 25,350 | 21,743 | ||||||||||||||||||||||
Income Before Income Tax Expense | 177,956 | 192,636 | 413,005 | 394,350 | 126,530 | 116,622 | 254,085 | 237,653 | ||||||||||||||||||||||
Income Tax Expense | 69,796 | 75,440 | 161,320 | 154,493 | 29,062 | 26,888 | 56,228 | 53,906 | ||||||||||||||||||||||
Net Income | $ | 108,160 | $ | 117,196 | $ | 251,685 | $ | 239,857 | $ | 97,468 | $ | 89,734 | $ | 197,857 | $ | 183,747 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net Income | $ | 108,160 | $ | 117,196 | $ | 251,685 | $ | 239,857 | $ | 97,468 | $ | 89,734 | $ | 197,857 | $ | 183,747 | ||||||||||||||
Other Comprehensive Loss, Net of Tax: | ||||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax: | ||||||||||||||||||||||||||||||
Changes in Funded Status of SERP Benefit Plan | (4 | ) | (10 | ) | (12 | ) | (31 | ) | (43 | ) | 1 | (86 | ) | 2 | ||||||||||||||||
Other Comprehensive Loss, Net of Tax | (4 | ) | (10 | ) | (12 | ) | (31 | ) | ||||||||||||||||||||||
Qualified Cash Flow Hedging Instruments | 109 | 109 | 218 | 219 | ||||||||||||||||||||||||||
Changes in Unrealized Gains on Marketable Securities | 2 | 4 | 3 | 10 | ||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | 68 | 114 | 135 | 231 | ||||||||||||||||||||||||||
Comprehensive Income | $ | 108,156 | $ | 117,186 | $ | 251,673 | $ | 239,826 | $ | 97,536 | $ | 89,848 | $ | 197,992 | $ | 183,978 |
For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||
Common Stock | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Income | Total Common Stockholder's Equity | ||||||||||||||||||
(Thousands of Dollars, Except Stock Information) | Stock | Amount | ||||||||||||||||||||
Balance as of January 1, 2020 | 200 | $ | — | $ | 1,813,442 | $ | 2,346,287 | $ | 155 | $ | 4,159,884 | |||||||||||
Net Income | 100,390 | 100,390 | ||||||||||||||||||||
Dividends on Preferred Stock | (490 | ) | (490 | ) | ||||||||||||||||||
Dividends on Common Stock | (196,500 | ) | (196,500 | ) | ||||||||||||||||||
Adoption of New Accounting Standard (See Note 1B) | (161 | ) | (161 | ) | ||||||||||||||||||
Other Comprehensive Income | 67 | 67 | ||||||||||||||||||||
Balance as of March 31, 2020 | 200 | — | 1,813,442 | 2,249,526 | 222 | 4,063,190 | ||||||||||||||||
Net Income | 97,468 | 97,468 | ||||||||||||||||||||
Dividends on Preferred Stock | (490 | ) | (490 | ) | ||||||||||||||||||
Other Comprehensive Income | 68 | 68 | ||||||||||||||||||||
Balance as of June 30, 2020 | 200 | $ | — | $ | 1,813,442 | $ | 2,346,504 | $ | 290 | $ | 4,160,236 |
For the Six Months Ended June 30, 2019 | ||||||||||||||||||||||
Common Stock | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholder's Equity | ||||||||||||||||||
(Thousands of Dollars, Except Stock Information) | Stock | Amount | ||||||||||||||||||||
Balance as of January 1, 2019 | 200 | $ | — | $ | 1,633,442 | $ | 2,098,091 | $ | (1,378 | ) | $ | 3,730,155 | ||||||||||
Net Income | 94,014 | 94,014 | ||||||||||||||||||||
Dividends on Preferred Stock | (490 | ) | (490 | ) | ||||||||||||||||||
Dividends on Common Stock | (60,600 | ) | (60,600 | ) | ||||||||||||||||||
Capital Contributions from Eversource Parent | 20,000 | 20,000 | ||||||||||||||||||||
Other Comprehensive Income | 117 | 117 | ||||||||||||||||||||
Balance as of March 31, 2019 | 200 | — | 1,653,442 | 2,131,015 | (1,261 | ) | 3,783,196 | |||||||||||||||
Net Income | 89,734 | 89,734 | ||||||||||||||||||||
Dividends on Preferred Stock | (490 | ) | (490 | ) | ||||||||||||||||||
Dividends on Common Stock | (121,200 | ) | (121,200 | ) | ||||||||||||||||||
Other Comprehensive Income | 114 | 114 | ||||||||||||||||||||
Balance as of June 30, 2019 | 200 | $ | — | $ | 1,653,442 | $ | 2,099,059 | $ | (1,147 | ) | $ | 3,751,354 |
For the Nine Months Ended September 30, | For the Six Months Ended June 30, | |||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2020 | 2019 | ||||||||||
Operating Activities: | ||||||||||||||
Net Income | $ | 251,685 | $ | 239,857 | $ | 197,857 | $ | 183,747 | ||||||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||||||||||||||
Depreciation | 167,598 | 159,151 | 157,865 | 145,639 | ||||||||||
Deferred Income Taxes | 71,327 | 40,960 | 26,062 | 11,603 | ||||||||||
Pension, SERP and PBOP (Benefits)/Expense, Net | (7,305 | ) | 1,370 | |||||||||||
Uncollectible Expense | 6,826 | 11,605 | ||||||||||||
Pension, SERP and PBOP Income, Net | (9,296 | ) | (7,052 | ) | ||||||||||
Pension and PBOP Contributions | (83,040 | ) | (26,734 | ) | — | (3,007 | ) | |||||||
Regulatory Overrecoveries, Net | 61,356 | 131,774 | ||||||||||||
Regulatory (Under)/Over Recoveries, Net | (59,685 | ) | 17,063 | |||||||||||
Amortization of Regulatory Assets, Net | 17,806 | 18,275 | 46,612 | 45,768 | ||||||||||
Other | (23,120 | ) | (20,088 | ) | (12,534 | ) | (36,973 | ) | ||||||
Changes in Current Assets and Liabilities: | ||||||||||||||
Receivables and Unbilled Revenues, Net | (95,398 | ) | (103,444 | ) | (36,627 | ) | (6,769 | ) | ||||||
Materials, Supplies and Inventory | 9,086 | 30,659 | ||||||||||||
Materials, Supplies and REC Inventory | 53,599 | 49,688 | ||||||||||||
Taxes Receivable/Accrued, Net | 67,501 | 141,379 | 5,279 | 25,572 | ||||||||||
Accounts Payable | (38,486 | ) | (22,913 | ) | (49,881 | ) | (82,326 | ) | ||||||
Other Current Assets and Liabilities, Net | 13,961 | (25,942 | ) | (113,276 | ) | (103,054 | ) | |||||||
Net Cash Flows Provided by Operating Activities | 412,971 | 564,304 | 212,801 | 251,504 | ||||||||||
Investing Activities: | ||||||||||||||
Investments in Property, Plant and Equipment | (358,041 | ) | (327,731 | ) | (447,545 | ) | (418,571 | ) | ||||||
Other Investing Activities | (3,617 | ) | — | 40 | 41 | |||||||||
Net Cash Flows Used in Investing Activities | (361,658 | ) | (327,731 | ) | (447,505 | ) | (418,530 | ) | ||||||
Financing Activities: | ||||||||||||||
Cash Dividends on Common Stock | (186,000 | ) | (278,300 | ) | (196,500 | ) | (181,800 | ) | ||||||
Cash Dividends on Preferred Stock | (1,470 | ) | (1,470 | ) | (980 | ) | (980 | ) | ||||||
Issuance of Long-Term Debt | 400,000 | 400,000 | ||||||||||||
Retirement of Long-Term Debt | (95,000 | ) | — | |||||||||||
Capital Contributions from Eversource Parent | 2,300 | 25,000 | — | 20,000 | ||||||||||
Decrease in Notes Payable | (126,500 | ) | (26,500 | ) | ||||||||||
Issuance of Long-Term Debt | 350,000 | 250,000 | ||||||||||||
Retirements of Long-Term Debt | — | (200,000 | ) | |||||||||||
Increase in Notes Payable to Eversource Parent | 7,800 | 40,300 | ||||||||||||
Increase/(Decrease) in Notes Payable | 131,500 | (115,500 | ) | |||||||||||
Other Financing Activities | (3,222 | ) | (2,495 | ) | (4,946 | ) | (3,287 | ) | ||||||
Net Cash Flows Provided by/(Used in) Financing Activities | 35,108 | (233,765 | ) | |||||||||||
Increase in Cash and Cash Equivalents | 86,421 | 2,808 | ||||||||||||
Cash and Cash Equivalents - Beginning of Period | 3,494 | 3,346 | ||||||||||||
Cash and Cash Equivalents - End of Period | $ | 89,915 | $ | 6,154 | ||||||||||
Net Cash Flows Provided by Financing Activities | 241,874 | 158,733 | ||||||||||||
Net Increase/(Decrease) in Cash and Restricted Cash | 7,170 | (8,293 | ) | |||||||||||
Cash and Restricted Cash - Beginning of Period | 6,312 | 14,659 | ||||||||||||
Cash and Restricted Cash - End of Period | $ | 13,482 | $ | 6,366 |
(Thousands of Dollars) | As of September 30, 2017 | As of December 31, 2016 | As of June 30, 2020 | As of December 31, 2019 | ||||||||||
ASSETS | ||||||||||||||
Current Assets: | ||||||||||||||
Cash | $ | 597 | $ | 4,646 | $ | 77 | $ | 413 | ||||||
Receivables, Net | 93,299 | 84,450 | ||||||||||||
Receivables, Net (net of allowance for uncollectible accounts of $11,777 and $10,497 as of June 30, 2020 and December 31, 2019, respectively) | 105,902 | 99,934 | ||||||||||||
Accounts Receivable from Affiliated Companies | 24,331 | 4,185 | 5,001 | 6,763 | ||||||||||
Unbilled Revenues | 37,133 | 41,004 | 45,837 | 48,146 | ||||||||||
Fuel, Materials, Supplies and Inventory | 158,091 | 162,354 | ||||||||||||
Materials, Supplies and REC Inventory | 22,745 | 24,957 | ||||||||||||
Regulatory Assets | 112,465 | 117,240 | 110,267 | 84,053 | ||||||||||
Special Deposits | 30,895 | 32,513 | ||||||||||||
Prepayments and Other Current Assets | 3,797 | 28,908 | 27,682 | 19,431 | ||||||||||
Total Current Assets | 429,713 | 442,787 | 348,406 | 316,210 | ||||||||||
Property, Plant and Equipment, Net | 3,167,905 | 3,039,313 | 3,258,620 | 3,129,506 | ||||||||||
Deferred Debits and Other Assets: | ||||||||||||||
Regulatory Assets | 244,561 | 245,525 | 838,931 | 861,672 | ||||||||||
Other Long-Term Assets | 51,740 | 37,720 | 38,400 | 43,270 | ||||||||||
Total Deferred Debits and Other Assets | 296,301 | 283,245 | 877,331 | 904,942 | ||||||||||
Total Assets | $ | 3,893,919 | $ | 3,765,345 | $ | 4,484,357 | $ | 4,350,658 | ||||||
LIABILITIES AND CAPITALIZATION | ||||||||||||||
Current Liabilities: | ||||||||||||||
Notes Payable to Eversource Parent | $ | 202,300 | $ | 160,900 | $ | 119,300 | $ | 27,000 | ||||||
Long-Term Debt – Current Portion | 110,000 | 70,000 | 122,000 | — | ||||||||||
Rate Reduction Bonds – Current Portion | 43,210 | 43,210 | ||||||||||||
Accounts Payable | 92,201 | 85,716 | 133,686 | 127,081 | ||||||||||
Accounts Payable to Affiliated Companies | 42,788 | 29,154 | 38,136 | 37,946 | ||||||||||
Regulatory Liabilities | 7,923 | 12,659 | 83,588 | 65,766 | ||||||||||
Accrued Interest | 18,585 | 19,138 | ||||||||||||
Other Current Liabilities | 61,210 | 43,253 | 26,958 | 32,736 | ||||||||||
Total Current Liabilities | 516,422 | 401,682 | 585,463 | 352,877 | ||||||||||
Deferred Credits and Other Liabilities: | ||||||||||||||
Accumulated Deferred Income Taxes | 827,412 | 785,385 | 518,097 | 506,212 | ||||||||||
Regulatory Liabilities | 40,822 | 44,779 | 405,773 | 413,381 | ||||||||||
Accrued Pension, SERP and PBOP | 98,553 | 94,652 | 148,047 | 157,638 | ||||||||||
Other Long-Term Liabilities | 54,131 | 49,442 | 37,886 | 37,075 | ||||||||||
Total Deferred Credits and Other Liabilities | 1,020,918 | 974,258 | 1,109,803 | 1,114,306 | ||||||||||
Capitalization: | ||||||||||||||
Long-Term Debt | 892,581 | 1,002,048 | 829,645 | 951,620 | ||||||||||
Rate Reduction Bonds | 518,517 | 540,122 | ||||||||||||
Common Stockholder's Equity: | ||||||||||||||
Common Stock | — | — | — | — | ||||||||||
Capital Surplus, Paid In | 843,134 | 843,134 | 903,134 | 903,134 | ||||||||||
Retained Earnings | 625,012 | 549,286 | 538,939 | 490,306 | ||||||||||
Accumulated Other Comprehensive Loss | (4,148 | ) | (5,063 | ) | (1,144 | ) | (1,707 | ) | ||||||
Common Stockholder's Equity | 1,463,998 | 1,387,357 | 1,440,929 | 1,391,733 | ||||||||||
Total Capitalization | 2,356,579 | 2,389,405 | ||||||||||||
Commitments and Contingencies (Note 9) | ||||||||||||||
Total Liabilities and Capitalization | $ | 3,893,919 | $ | 3,765,345 | $ | 4,484,357 | $ | 4,350,658 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Operating Revenues | $ | 250,032 | $ | 266,946 | $ | 733,572 | $ | 727,753 | $ | 255,224 | $ | 240,900 | $ | 531,592 | $ | 517,335 | ||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||
Purchased Power, Fuel and Transmission | 57,099 | 59,833 | 179,289 | 155,700 | ||||||||||||||||||||||||||
Purchased Power and Transmission | 82,560 | 85,768 | 176,698 | 199,299 | ||||||||||||||||||||||||||
Operations and Maintenance | 63,669 | 64,183 | 191,153 | 187,184 | 54,017 | 52,729 | 101,146 | 105,359 | ||||||||||||||||||||||
Depreciation | 32,084 | 29,646 | 95,266 | 86,524 | 24,750 | 23,261 | 49,084 | 46,180 | ||||||||||||||||||||||
Amortization of Regulatory Assets/(Liabilities), Net | 2,835 | 14,158 | (10,658 | ) | 14,490 | |||||||||||||||||||||||||
Amortization of Regulatory Assets, Net | 11,563 | 5,857 | 31,673 | 19,523 | ||||||||||||||||||||||||||
Energy Efficiency Programs | 4,007 | 3,983 | 11,040 | 10,862 | 8,786 | 6,215 | 18,150 | 12,929 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 22,936 | 20,460 | 66,935 | 64,543 | 20,457 | 20,725 | 40,158 | 38,037 | ||||||||||||||||||||||
Total Operating Expenses | 182,630 | 192,263 | 533,025 | 519,303 | 202,133 | 194,555 | 416,909 | 421,327 | ||||||||||||||||||||||
Operating Income | 67,402 | 74,683 | 200,547 | 208,450 | 53,091 | 46,345 | 114,683 | 96,008 | ||||||||||||||||||||||
Interest Expense | 12,896 | 12,397 | 38,676 | 37,386 | 14,607 | 13,909 | 29,087 | 28,276 | ||||||||||||||||||||||
Other Income, Net | 1,229 | 574 | 2,883 | 1,007 | 3,626 | 2,984 | 6,817 | 10,006 | ||||||||||||||||||||||
Income Before Income Tax Expense | 55,735 | 62,860 | 164,754 | 172,071 | 42,110 | 35,420 | 92,413 | 77,738 | ||||||||||||||||||||||
Income Tax Expense | 22,012 | 24,345 | 65,128 | 66,242 | 10,478 | 8,568 | 21,180 | 18,104 | ||||||||||||||||||||||
Net Income | $ | 33,723 | $ | 38,515 | $ | 99,626 | $ | 105,829 | $ | 31,632 | $ | 26,852 | $ | 71,233 | $ | 59,634 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net Income | $ | 33,723 | $ | 38,515 | $ | 99,626 | $ | 105,829 | $ | 31,632 | $ | 26,852 | $ | 71,233 | $ | 59,634 | ||||||||||||||
Other Comprehensive Income, Net of Tax: | ||||||||||||||||||||||||||||||
Qualified Cash Flow Hedging Instruments | 291 | 290 | 872 | 871 | 269 | 269 | 538 | 538 | ||||||||||||||||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | (112 | ) | 56 | 43 | 135 | |||||||||||||||||||||||||
Changes in Unrealized Gains on Marketable Securities | 16 | 27 | 25 | 65 | ||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | 179 | 346 | 915 | 1,006 | 285 | 296 | 563 | 603 | ||||||||||||||||||||||
Comprehensive Income | $ | 33,902 | $ | 38,861 | $ | 100,541 | $ | 106,835 | $ | 31,917 | $ | 27,148 | $ | 71,796 | $ | 60,237 |
For the Nine Months Ended September 30, | |||||||
(Thousands of Dollars) | 2017 | 2016 | |||||
Operating Activities: | |||||||
Net Income | $ | 99,626 | $ | 105,829 | |||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | 95,266 | 86,524 | |||||
Deferred Income Taxes | 43,217 | 74,522 | |||||
Regulatory Over/(Under) Recoveries, Net | 8,910 | (4,289 | ) | ||||
Amortization of Regulatory (Liabilities)/Assets, Net | (10,658 | ) | 14,490 | ||||
Other | (7,792 | ) | (12,660 | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | (30,276 | ) | (28,754 | ) | |||
Fuel, Materials, Supplies and Inventory | 4,263 | (4,014 | ) | ||||
Taxes Receivable/Accrued, Net | 10,749 | 33,589 | |||||
Accounts Payable | 18,394 | 14,508 | |||||
Other Current Assets and Liabilities, Net | 32,296 | 26,207 | |||||
Net Cash Flows Provided by Operating Activities | 263,995 | 305,952 | |||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | (215,470 | ) | (215,804 | ) | |||
Other Investing Activities | 113 | 272 | |||||
Net Cash Flows Used in Investing Activities | (215,357 | ) | (215,532 | ) | |||
Financing Activities: | |||||||
Cash Dividends on Common Stock | (23,900 | ) | (58,200 | ) | |||
Capital Contributions from Eversource Parent | — | 94,500 | |||||
Retirements of Long-Term Debt | (70,000 | ) | — | ||||
Increase/(Decrease) in Notes Payable to Eversource Parent | 41,400 | (123,800 | ) | ||||
Other Financing Activities | (187 | ) | (217 | ) | |||
Net Cash Flows Used in Financing Activities | (52,687 | ) | (87,717 | ) | |||
Net (Decrease)/Increase in Cash | (4,049 | ) | 2,703 | ||||
Cash - Beginning of Period | 4,646 | 1,733 | |||||
Cash - End of Period | $ | 597 | $ | 4,436 |
For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||
Common Stock | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholder's Equity | ||||||||||||||||||
(Thousands of Dollars, Except Stock Information) | Stock | Amount | ||||||||||||||||||||
Balance as of January 1, 2020 | 301 | $ | — | $ | 903,134 | $ | 490,306 | $ | (1,707 | ) | $ | 1,391,733 | ||||||||||
Net Income | 39,601 | 39,601 | ||||||||||||||||||||
Dividends on Common Stock | (22,300 | ) | (22,300 | ) | ||||||||||||||||||
Adoption of New Accounting Standard (See Note 1B) | (300 | ) | (300 | ) | ||||||||||||||||||
Other Comprehensive Income | 278 | 278 | ||||||||||||||||||||
Balance as of March 31, 2020 | 301 | — | 903,134 | 507,307 | (1,429 | ) | 1,409,012 | |||||||||||||||
Net Income | 31,632 | 31,632 | ||||||||||||||||||||
Other Comprehensive Income | 285 | 285 | ||||||||||||||||||||
Balance as of June 30, 2020 | 301 | $ | — | $ | 903,134 | $ | 538,939 | $ | (1,144 | ) | $ | 1,440,929 |
For the Six Months Ended June 30, 2019 | ||||||||||||||||||||||
Common Stock | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholder's Equity | ||||||||||||||||||
(Thousands of Dollars, Except Stock Information) | Stock | Amount | ||||||||||||||||||||
Balance as of January 1, 2019 | 301 | $ | — | $ | 678,134 | $ | 627,258 | $ | (2,851 | ) | $ | 1,302,541 | ||||||||||
Net Income | 32,781 | 32,781 | ||||||||||||||||||||
Dividends on Common Stock | (19,000 | ) | (19,000 | ) | ||||||||||||||||||
Other Comprehensive Income | 307 | 307 | ||||||||||||||||||||
Balance as of March 31, 2019 | 301 | — | 678,134 | 641,039 | (2,544 | ) | 1,316,629 | |||||||||||||||
Net Income | 26,852 | 26,852 | ||||||||||||||||||||
Dividends on Common Stock | (214,000 | ) | (214,000 | ) | ||||||||||||||||||
Other Comprehensive Income | 296 | 296 | ||||||||||||||||||||
Balance as of June 30, 2019 | 301 | $ | — | $ | 678,134 | $ | 453,891 | $ | (2,248 | ) | $ | 1,129,777 |
(Thousands of Dollars) | As of September 30, 2017 | As of December 31, 2016 | |||||
ASSETS | |||||||
Current Assets: | |||||||
Receivables, Net | $ | 58,034 | $ | 54,940 | |||
Accounts Receivable from Affiliated Companies | 23,440 | 14,425 | |||||
Unbilled Revenues | 15,000 | 15,329 | |||||
Materials, Supplies and Inventory | 6,221 | 8,618 | |||||
Regulatory Assets | 60,606 | 64,123 | |||||
Prepayments and Other Current Assets | 1,297 | 2,595 | |||||
Total Current Assets | 164,598 | 160,030 | |||||
Property, Plant and Equipment, Net | 1,769,566 | 1,678,262 | |||||
Deferred Debits and Other Assets: | |||||||
Regulatory Assets | 121,796 | 127,291 | |||||
Other Long-Term Assets | 38,934 | 29,062 | |||||
Total Deferred Debits and Other Assets | 160,730 | 156,353 | |||||
Total Assets | $ | 2,094,894 | $ | 1,994,645 | |||
LIABILITIES AND CAPITALIZATION | |||||||
Current Liabilities: | |||||||
Notes Payable to Eversource Parent | $ | 96,900 | $ | 51,000 | |||
Accounts Payable | 58,518 | 56,036 | |||||
Accounts Payable to Affiliated Companies | 22,181 | 19,478 | |||||
Obligations to Third Party Suppliers | 9,736 | 10,508 | |||||
Renewable Portfolio Standards Compliance Obligations | 16,144 | 20,383 | |||||
Regulatory Liabilities | 10,236 | 14,888 | |||||
Other Current Liabilities | 13,020 | 14,984 | |||||
Total Current Liabilities | 226,735 | 187,277 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated Deferred Income Taxes | 519,998 | 490,793 | |||||
Regulatory Liabilities | 22,726 | 17,227 | |||||
Accrued Pension, SERP and PBOP | 18,038 | 20,390 | |||||
Other Long-Term Liabilities | 45,831 | 41,308 | |||||
Total Deferred Credits and Other Liabilities | 606,593 | 569,718 | |||||
Capitalization: | |||||||
Long-Term Debt | 566,172 | 566,536 | |||||
Common Stockholder's Equity: | |||||||
Common Stock | 10,866 | 10,866 | |||||
Capital Surplus, Paid In | 444,398 | 444,398 | |||||
Retained Earnings | 242,157 | 218,212 | |||||
Accumulated Other Comprehensive Loss | (2,027 | ) | (2,362 | ) | |||
Common Stockholder's Equity | 695,394 | 671,114 | |||||
Total Capitalization | 1,261,566 | 1,237,650 | |||||
Total Liabilities and Capitalization | $ | 2,094,894 | $ | 1,994,645 |
For the Six Months Ended June 30, | |||||||
(Thousands of Dollars) | 2020 | 2019 | |||||
Operating Activities: | |||||||
Net Income | $ | 71,233 | $ | 59,634 | |||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | 49,084 | 46,180 | |||||
Deferred Income Taxes | 9,193 | 12,030 | |||||
Uncollectible Expense | 1,255 | 3,143 | |||||
Regulatory Underrecoveries, Net | (31,159 | ) | (29,377 | ) | |||
Amortization of Regulatory Assets, Net | 31,673 | 19,523 | |||||
Other | (5,191 | ) | (10,524 | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | (3,237 | ) | 7,658 | ||||
Materials, Supplies and REC Inventory | 2,212 | 14,225 | |||||
Taxes Receivable/Accrued, Net | (5,790 | ) | 18,029 | ||||
Accounts Payable | 8,219 | (1,159 | ) | ||||
Other Current Assets and Liabilities, Net | (8,673 | ) | (17,620 | ) | |||
Net Cash Flows Provided by Operating Activities | 118,819 | 121,742 | |||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | (169,239 | ) | (132,791 | ) | |||
Other Investing Activities | 250 | 743 | |||||
Net Cash Flows Used in Investing Activities | (168,989 | ) | (132,048 | ) | |||
Financing Activities: | |||||||
Cash Dividends on Common Stock | (22,300 | ) | (233,000 | ) | |||
Issuance of Long-Term Debt | — | 300,000 | |||||
Repayment of Rate Reduction Bonds | (21,605 | ) | (30,727 | ) | |||
Increase/(Decrease) in Notes Payable to Eversource Parent | 92,300 | (36,900 | ) | ||||
Other Financing Activities | (43 | ) | (2,703 | ) | |||
Net Cash Flows Provided by/(Used in) Financing Activities | 48,352 | (3,330 | ) | ||||
Net Decrease in Cash and Restricted Cash | (1,818 | ) | (13,636 | ) | |||
Cash and Restricted Cash - Beginning of Period | 36,688 | 52,723 | |||||
Cash and Restricted Cash - End of Period | $ | 34,870 | $ | 39,087 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating Revenues | $ | 126,335 | $ | 124,042 | $ | 377,214 | $ | 368,533 | |||||||
Operating Expenses: | |||||||||||||||
Purchased Power and Transmission | 34,828 | 32,178 | 109,553 | 104,406 | |||||||||||
Operations and Maintenance | 21,528 | 24,125 | 65,769 | 68,018 | |||||||||||
Depreciation | 12,546 | 11,567 | 36,844 | 34,414 | |||||||||||
Amortization of Regulatory Assets/(Liabilities), Net | 286 | 1,102 | (563 | ) | 3,305 | ||||||||||
Energy Efficiency Programs | 10,996 | 12,389 | 29,739 | 33,593 | |||||||||||
Taxes Other Than Income Taxes | 10,779 | 10,609 | 31,403 | 30,440 | |||||||||||
Total Operating Expenses | 90,963 | 91,970 | 272,745 | 274,176 | |||||||||||
Operating Income | 35,372 | 32,072 | 104,469 | 94,357 | |||||||||||
Interest Expense | 6,321 | 6,222 | 18,752 | 18,298 | |||||||||||
Other Income, Net | 1,060 | 179 | 1,409 | 133 | |||||||||||
Income Before Income Tax Expense | 30,111 | 26,029 | 87,126 | 76,192 | |||||||||||
Income Tax Expense | 12,504 | 10,018 | 34,680 | 30,089 | |||||||||||
Net Income | $ | 17,607 | $ | 16,011 | $ | 52,446 | $ | 46,103 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Income | $ | 17,607 | $ | 16,011 | $ | 52,446 | $ | 46,103 | |||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | 109 | 109 | 328 | 328 | |||||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | (18 | ) | 9 | 7 | 22 | ||||||||||
Other Comprehensive Income, Net of Tax | 91 | 118 | 335 | 350 | |||||||||||
Comprehensive Income | $ | 17,698 | $ | 16,129 | $ | 52,781 | $ | 46,453 |
For the Nine Months Ended September 30, | |||||||
(Thousands of Dollars) | 2017 | 2016 | |||||
Operating Activities: | |||||||
Net Income | $ | 52,446 | $ | 46,103 | |||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | 36,844 | 34,414 | |||||
Deferred Income Taxes | 29,008 | 15,587 | |||||
Regulatory Overrecoveries, Net | 10,291 | 323 | |||||
Amortization of Regulatory (Liabilities)/Assets, Net | (563 | ) | 3,305 | ||||
Other | (10,182 | ) | (2,532 | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | (16,818 | ) | 1,933 | ||||
Taxes Receivable/Accrued, Net | 4,203 | 36,658 | |||||
Accounts Payable | (5,777 | ) | (16,240 | ) | |||
Other Current Assets and Liabilities, Net | (7,482 | ) | 5,277 | ||||
Net Cash Flows Provided by Operating Activities | 91,970 | 124,828 | |||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | (109,233 | ) | (104,811 | ) | |||
Proceeds from Sales of Marketable Securities | 1,641 | 1,934 | |||||
Purchases of Marketable Securities | (1,590 | ) | (1,894 | ) | |||
Net Cash Flows Used in Investing Activities | (109,182 | ) | (104,771 | ) | |||
Financing Activities: | |||||||
Cash Dividends on Common Stock | (28,500 | ) | (28,500 | ) | |||
Capital Contributions from Eversource Parent | — | 53,000 | |||||
Increase/(Decrease) in Notes Payable to Eversource Parent | 45,900 | (95,200 | ) | ||||
Issuance of Long-Term Debt | — | 50,000 | |||||
Other Financing Activities | (188 | ) | (191 | ) | |||
Net Cash Flows Provided by/(Used in) Financing Activities | 17,212 | (20,891 | ) | ||||
Net Decrease in Cash | — | (834 | ) | ||||
Cash - Beginning of Period | — | 834 | |||||
Cash - End of Period | $ | — | $ | — |
Total Provision for Uncollectible Accounts | Uncollectible Hardship | ||||||||||||||
(Millions of Dollars) | As of September 30, 2017 | As of December 31, 2016 | As of September 30, 2017 | As of December 31, 2016 | |||||||||||
Eversource | $ | 196.8 | $ | 200.6 | $ | 126.3 | $ | 119.9 | |||||||
CL&P | 77.6 | 86.4 | 64.6 | 67.7 | |||||||||||
NSTAR Electric | 55.7 | 54.8 | 32.3 | 26.2 | |||||||||||
PSNH | 10.6 | 9.9 | — | — | |||||||||||
WMECO | 17.0 | 15.5 | 11.3 | 9.9 |
For the Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||
Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Hardship Accounts | Retail (Non-Hardship), Wholesale, and Other Receivables | Total Allowance | Hardship Accounts | Retail (Non-Hardship), Wholesale and Other Receivables | Total Allowance | Hardship Accounts | Retail (Non-Hardship), Wholesale, and Other Receivables | Total Allowance | Total Allowance | |||||||||||||||||||||||||||||
Beginning Balance | $ | 143.3 | $ | 81.5 | $ | 224.8 | $ | 80.1 | $ | 17.2 | $ | 97.3 | $ | 43.9 | $ | 31.5 | $ | 75.4 | $ | 10.5 | |||||||||||||||||||
ASU 2016-13 Implementation Impact on January 1, 2020 | 21.6 | 2.2 | 23.8 | 21.3 | 0.9 | 22.2 | (1.6 | ) | 0.3 | (1.3 | ) | 0.3 | |||||||||||||||||||||||||||
Uncollectible Expense (1) | — | 20.6 | 20.6 | — | 6.2 | 6.2 | — | 6.8 | 6.8 | 1.3 | |||||||||||||||||||||||||||||
Uncollectible Costs Deferred (2) | 18.9 | 17.0 | 35.9 | 21.5 | 3.4 | 24.9 | (7.1 | ) | 6.9 | (0.2 | ) | 2.4 | |||||||||||||||||||||||||||
Write-Offs | (9.1 | ) | (33.4 | ) | (42.5 | ) | (7.4 | ) | (9.5 | ) | (16.9 | ) | (0.6 | ) | (14.2 | ) | (14.8 | ) | (3.0 | ) | |||||||||||||||||||
Recoveries Collected | 0.8 | 6.6 | 7.4 | 0.8 | 2.2 | 3.0 | — | 2.8 | 2.8 | 0.3 | |||||||||||||||||||||||||||||
Ending Balance | $ | 175.5 | $ | 94.5 | $ | 270.0 | $ | 116.3 | $ | 20.4 | $ | 136.7 | $ | 34.6 | $ | 34.1 | $ | 68.7 | $ | 11.8 |
For the Three Months Ended | |||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||
Pension, SERP and PBOP Non-Service Income/(Expense) Components | $ | 10.7 | $ | 0.9 | $ | 7.1 | $ | 1.6 | $ | 5.8 | $ | (0.9 | ) | $ | 5.4 | $ | 1.5 | ||||||||||||||
AFUDC Equity | 10.8 | 3.9 | 5.3 | 1.2 | 13.1 | 3.2 | 5.1 | 0.9 | |||||||||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates (1) | 5.9 | — | 0.1 | — | 25.9 | 0.1 | 0.2 | — | |||||||||||||||||||||||
Investment Income/(Loss) | 1.8 | 2.2 | — | 0.3 | (0.6 | ) | (0.1 | ) | (0.3 | ) | (0.1 | ) | |||||||||||||||||||
Interest Income | 1.0 | 1.4 | 0.5 | 0.5 | 1.3 | 0.5 | 0.2 | 0.7 | |||||||||||||||||||||||
Other | — | 0.1 | 0.1 | — | 0.4 | 0.1 | 0.1 | — | |||||||||||||||||||||||
Total Other Income, Net | $ | 30.2 | $ | 8.5 | $ | 13.1 | $ | 3.6 | $ | 45.9 | $ | 2.9 | $ | 10.7 | $ | 3.0 | |||||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||
Pension, SERP and PBOP Non-Service Income/(Expense) Components | $ | 23.4 | $ | 2.1 | $ | 15.0 | $ | 3.5 | $ | 13.1 | $ | (1.6 | ) | $ | 12.4 | $ | 2.0 | ||||||||||||||
AFUDC Equity | 21.4 | 7.9 | 10.3 | 2.6 | 24.1 | 5.8 | 9.1 | 1.1 | |||||||||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates (1) | 9.8 | — | 0.2 | — | 30.9 | 0.1 | 0.4 | — | |||||||||||||||||||||||
Investment Income/(Loss) | (2.5 | ) | (1.3 | ) | (1.3 | ) | (0.2 | ) | 0.6 | 1.7 | (0.6 | ) | 0.2 | ||||||||||||||||||
Interest Income | 1.8 | 1.6 | 0.7 | 0.8 | 7.8 | 0.8 | 0.4 | 6.6 | |||||||||||||||||||||||
Other | 0.4 | 0.1 | 0.5 | 0.1 | 0.4 | (0.1 | ) | — | 0.1 | ||||||||||||||||||||||
Total Other Income, Net | $ | 54.3 | $ | 10.4 | $ | 25.4 | $ | 6.8 | $ | 76.9 | $ | 6.7 | $ | 21.7 | $ | 10.0 |
(1) | Equity in Earnings of Unconsolidated Affiliates includes $2.4 million of primarily realized gains associated with an investment in renewable energy fund for the three and six months ended June 30, 2020, respectively. For both the three and six months ended June 30, 2019, unrealized gains on this investment totaled $20.4 million. |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
(Millions of Dollars) | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||
Eversource | $ | 37.6 | $ | 36.4 | $ | 80.7 | $ | 81.4 | |||||||
CL&P | 33.1 | 31.8 | 68.6 | 68.0 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | |||||||||||
Eversource | $ | 40.3 | $ | 45.1 | $ | 118.2 | $ | 124.8 | |||||||
CL&P | 37.8 | 42.6 | 103.5 | 112.2 |
(Millions of Dollars) | As of June 30, 2020 | As of June 30, 2019 | |||||
Eversource | $ | 336.1 | $ | 323.7 | |||
CL&P | 95.0 | 114.0 | |||||
NSTAR Electric | 75.5 | 85.2 | |||||
PSNH | 48.3 | 29.9 |
(Millions of Dollars) | As of September 30, 2017 | As of September 30, 2016 | |||||
Eversource | $ | 307.7 | $ | 203.6 | |||
CL&P | 113.4 | 64.5 | |||||
NSTAR Electric | 55.4 | 39.4 | |||||
PSNH | 39.6 | 31.0 | |||||
WMECO | 37.1 | 17.6 |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||
Cash as reported on the Balance Sheets | $ | 64.9 | $ | 6.9 | $ | 1.2 | $ | 0.1 | $ | 15.4 | $ | — | $ | 0.1 | $ | 0.4 | |||||||||||||||
Restricted cash included in: | |||||||||||||||||||||||||||||||
Special Deposits | 63.4 | 8.7 | 12.2 | 30.9 | 52.5 | 4.6 | 6.2 | 32.5 | |||||||||||||||||||||||
Marketable Securities | 45.4 | 0.4 | 0.1 | 0.7 | 46.0 | 0.4 | — | 0.6 | |||||||||||||||||||||||
Other Long-Term Assets | 3.2 | — | — | 3.2 | 3.2 | — | — | 3.2 | |||||||||||||||||||||||
Cash and Restricted Cash reported on the Statements of Cash Flows | $ | 176.9 | $ | 16.0 | $ | 13.5 | $ | 34.9 | $ | 117.1 | $ | 5.0 | $ | 6.3 | $ | 36.7 |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||
Benefit Costs | $ | 2,306.7 | $ | 493.5 | $ | 615.6 | $ | 209.9 | $ | 2,382.9 | $ | 539.0 | $ | 629.8 | $ | 218.2 | |||||||||||||||
Income Taxes, Net | 731.8 | 462.4 | 109.1 | 12.6 | 725.8 | 458.8 | 108.0 | 12.8 | |||||||||||||||||||||||
Securitized Stranded Costs | 543.7 | — | — | 543.7 | 565.3 | — | — | 565.3 | |||||||||||||||||||||||
Storm Restoration Costs, Net | 486.6 | 251.9 | 176.9 | 57.8 | 540.6 | 274.6 | 200.6 | 65.4 | |||||||||||||||||||||||
Regulatory Tracker Mechanisms | 590.7 | 251.0 | 222.4 | 106.7 | 411.5 | 78.3 | 207.1 | 65.8 | |||||||||||||||||||||||
Derivative Liabilities | 321.9 | 322.0 | — | — | 334.5 | 329.2 | — | — | |||||||||||||||||||||||
Goodwill-related | 323.1 | — | 277.4 | — | 331.5 | — | 284.6 | — | |||||||||||||||||||||||
Asset Retirement Obligations | 102.5 | 31.7 | 53.8 | 3.7 | 97.2 | 30.8 | 50.3 | 3.6 | |||||||||||||||||||||||
Other Regulatory Assets | 127.6 | 24.5 | 59.2 | 14.8 | 125.4 | 25.2 | 55.2 | 14.7 | |||||||||||||||||||||||
Total Regulatory Assets | 5,534.6 | 1,837.0 | 1,514.4 | 949.2 | 5,514.7 | 1,735.9 | 1,535.6 | 945.8 | |||||||||||||||||||||||
Less: Current Portion | 805.1 | 349.2 | 296.4 | 110.3 | 651.1 | 178.6 | 285.6 | 84.1 | |||||||||||||||||||||||
Total Long-Term Regulatory Assets | $ | 4,729.5 | $ | 1,487.8 | $ | 1,218.0 | $ | 838.9 | $ | 4,863.6 | $ | 1,557.3 | $ | 1,250.0 | $ | 861.7 |
Eversource | As of September 30, 2017 | As of December 31, 2016 | |||||
(Millions of Dollars) | |||||||
Benefit Costs | $ | 1,793.8 | $ | 1,817.8 | |||
Derivative Liabilities | 385.1 | 423.3 | |||||
Income Taxes, Net | 652.7 | 644.5 | |||||
Storm Restoration Costs | 330.1 | 385.3 | |||||
Goodwill-related | 449.0 | 464.4 | |||||
Regulatory Tracker Mechanisms | 470.7 | 576.6 | |||||
Asset Retirement Obligations | 104.8 | 99.3 | |||||
Other Regulatory Assets | 65.8 | 115.1 | |||||
Total Regulatory Assets | 4,252.0 | 4,526.3 | |||||
Less: Current Portion | 746.1 | 887.6 | |||||
Total Long-Term Regulatory Assets | $ | 3,505.9 | $ | 3,638.7 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | |||||||||||||||||||||||
Benefit Costs | $ | 415.8 | $ | 436.7 | $ | 183.2 | $ | 84.8 | $ | 429.3 | $ | 438.6 | $ | 184.2 | $ | 86.7 | |||||||||||||||
Derivative Liabilities | 381.6 | 2.4 | — | — | 420.5 | 2.8 | — | — | |||||||||||||||||||||||
Income Taxes, Net | 441.1 | 92.4 | 22.3 | 30.5 | 437.0 | 89.7 | 24.2 | 30.8 | |||||||||||||||||||||||
Storm Restoration Costs | 195.7 | 112.4 | 9.2 | 12.8 | 239.8 | 112.5 | 17.1 | 15.9 | |||||||||||||||||||||||
Goodwill-related | — | 385.5 | — | — | — | 398.7 | — | — | |||||||||||||||||||||||
Regulatory Tracker Mechanisms | 87.9 | 201.1 | 108.0 | 44.4 | 123.9 | 257.3 | 104.5 | 46.7 | |||||||||||||||||||||||
Asset Retirement Obligations | 35.1 | 33.9 | 16.8 | 4.5 | 33.2 | 31.9 | 16.2 | 4.2 | |||||||||||||||||||||||
Other Regulatory Assets | 30.0 | 15.5 | 17.6 | 5.4 | 43.4 | 15.6 | 16.5 | 7.1 | |||||||||||||||||||||||
Total Regulatory Assets | 1,587.2 | 1,279.9 | 357.1 | 182.4 | 1,727.1 | 1,347.1 | 362.7 | 191.4 | |||||||||||||||||||||||
Less: Current Portion | 275.0 | 230.6 | 112.5 | 60.6 | 335.5 | 289.4 | 117.2 | 64.1 | |||||||||||||||||||||||
Total Long-Term Regulatory Assets | $ | 1,312.2 | $ | 1,049.3 | $ | 244.6 | $ | 121.8 | $ | 1,391.6 | $ | 1,057.7 | $ | 245.5 | $ | 127.3 |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||
EDIT due to Tax Cuts and Jobs Act | $ | 2,817.7 | $ | 1,016.7 | $ | 1,056.5 | $ | 390.1 | $ | 2,844.6 | $ | 1,022.8 | $ | 1,071.2 | $ | 392.8 | |||||||||||||||
Cost of Removal | 590.5 | 84.6 | 345.7 | 12.1 | 559.8 | 64.6 | 330.6 | 16.3 | |||||||||||||||||||||||
Benefit Costs | 83.9 | — | 72.4 | — | 84.5 | — | 72.2 | — | |||||||||||||||||||||||
Regulatory Tracker Mechanisms | 417.7 | 156.4 | 154.9 | 78.6 | 325.1 | 94.8 | 165.6 | 57.0 | |||||||||||||||||||||||
AFUDC - Transmission | 75.5 | 45.3 | 30.2 | — | 73.2 | 46.0 | 27.2 | — | |||||||||||||||||||||||
Other Regulatory Liabilities | 136.6 | 35.8 | 52.8 | 8.6 | 132.0 | 19.6 | 59.0 | 13.1 | |||||||||||||||||||||||
Total Regulatory Liabilities | 4,121.9 | 1,338.8 | 1,712.5 | 489.4 | 4,019.2 | 1,247.8 | 1,725.8 | 479.2 | |||||||||||||||||||||||
Less: Current Portion | 442.0 | 155.2 | 185.3 | 83.6 | 361.2 | 82.8 | 209.2 | 65.8 | |||||||||||||||||||||||
Total Long-Term Regulatory Liabilities | $ | 3,679.9 | $ | 1,183.6 | $ | 1,527.2 | $ | 405.8 | $ | 3,658.0 | $ | 1,165.0 | $ | 1,516.6 | $ | 413.4 |
Eversource | As of September 30, 2017 | As of December 31, 2016 | |||||
(Millions of Dollars) | |||||||
Cost of Removal | $ | 470.3 | $ | 459.7 | |||
Benefit Costs | 125.5 | 136.2 | |||||
Regulatory Tracker Mechanisms | 175.8 | 145.3 | |||||
AFUDC - Transmission | 65.4 | 65.8 | |||||
Other Regulatory Liabilities | 33.4 | 42.1 | |||||
Total Regulatory Liabilities | 870.4 | 849.1 | |||||
Less: Current Portion | 170.2 | 146.8 | |||||
Total Long-Term Regulatory Liabilities | $ | 700.2 | $ | 702.3 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | |||||||||||||||||||||||
Cost of Removal | $ | 40.5 | $ | 278.8 | $ | 40.5 | $ | 11.7 | $ | 38.8 | $ | 271.6 | $ | 44.1 | $ | 8.6 | |||||||||||||||
Benefit Costs | — | 106.0 | — | — | — | 113.1 | — | — | |||||||||||||||||||||||
Regulatory Tracker Mechanisms | 57.1 | 65.5 | 5.6 | 12.7 | 37.2 | 63.7 | 10.7 | 14.7 | |||||||||||||||||||||||
AFUDC - Transmission | 49.2 | 7.7 | — | 8.5 | 50.2 | 6.9 | — | 8.7 | |||||||||||||||||||||||
Other Regulatory Liabilities | 21.3 | 0.4 | 2.6 | — | 21.0 | 0.2 | 2.7 | 0.1 | |||||||||||||||||||||||
Total Regulatory Liabilities | 168.1 | 458.4 | 48.7 | 32.9 | 147.2 | 455.5 | 57.5 | 32.1 | |||||||||||||||||||||||
Less: Current Portion | 69.3 | 65.5 | 7.9 | 10.2 | 47.1 | 63.7 | 12.7 | 14.9 | |||||||||||||||||||||||
Total Long-Term Regulatory Liabilities | $ | 98.8 | $ | 392.9 | $ | 40.8 | $ | 22.7 | $ | 100.1 | $ | 391.8 | $ | 44.8 | $ | 17.2 |
Eversource | As of June 30, 2020 | As of December 31, 2019 | |||||
(Millions of Dollars) | |||||||
Distribution - Electric | $ | 16,289.5 | $ | 15,880.0 | |||
Distribution - Natural Gas | 4,025.6 | 3,931.1 | |||||
Transmission - Electric | 11,330.7 | 10,958.4 | |||||
Distribution - Water | 1,760.4 | 1,726.5 | |||||
Solar | 201.2 | 200.2 | |||||
Utility | 33,607.4 | 32,696.2 | |||||
Other (1) | 1,136.3 | 1,025.6 | |||||
Property, Plant and Equipment, Gross | 34,743.7 | 33,721.8 | |||||
Less: Accumulated Depreciation | |||||||
Utility | (7,689.5 | ) | (7,483.5 | ) | |||
Other | (431.4 | ) | (387.4 | ) | |||
Total Accumulated Depreciation | (8,120.9 | ) | (7,870.9 | ) | |||
Property, Plant and Equipment, Net | 26,622.8 | 25,850.9 | |||||
Construction Work in Progress | 1,988.0 | 1,734.6 | |||||
Total Property, Plant and Equipment, Net | $ | 28,610.8 | $ | 27,585.5 |
Eversource | As of September 30, 2017 | As of December 31, 2016 | |||||
(Millions of Dollars) | |||||||
Distribution - Electric | $ | 14,217.3 | $ | 13,716.9 | |||
Distribution - Natural Gas | 3,158.1 | 3,010.4 | |||||
Transmission - Electric | 8,918.2 | 8,517.4 | |||||
Generation | 1,215.8 | 1,224.2 | |||||
Electric and Natural Gas Utility | 27,509.4 | 26,468.9 | |||||
Other (1) | 679.9 | 591.6 | |||||
Property, Plant and Equipment, Gross | 28,189.3 | 27,060.5 | |||||
Less: Accumulated Depreciation | |||||||
Electric and Natural Gas Utility | (6,838.5 | ) | (6,480.4 | ) | |||
Other | (274.4 | ) | (242.0 | ) | |||
Total Accumulated Depreciation | (7,112.9 | ) | (6,722.4 | ) | |||
Property, Plant and Equipment, Net | 21,076.4 | 20,338.1 | |||||
Construction Work in Progress (2) | 1,460.9 | 1,012.4 | |||||
Total Property, Plant and Equipment, Net | $ | 22,537.3 | $ | 21,350.5 |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | CL&P | NSTAR Electric | PSNH | |||||||||||||||||
Distribution - Electric | $ | 6,683.8 | $ | 7,328.8 | $ | 2,317.2 | $ | 6,485.5 | $ | 7,163.7 | $ | 2,271.1 | |||||||||||
Transmission - Electric | 5,166.4 | 4,509.3 | 1,650.2 | 5,043.0 | 4,411.9 | 1,498.7 | |||||||||||||||||
Solar | — | 201.2 | — | — | 200.2 | — | |||||||||||||||||
Property, Plant and Equipment, Gross | 11,850.2 | 12,039.3 | 3,967.4 | 11,528.5 | 11,775.8 | 3,769.8 | |||||||||||||||||
Less: Accumulated Depreciation | (2,445.6 | ) | (2,969.8 | ) | (826.0 | ) | (2,385.7 | ) | (2,895.3 | ) | (799.9 | ) | |||||||||||
Property, Plant and Equipment, Net | 9,404.6 | 9,069.5 | 3,141.4 | 9,142.8 | 8,880.5 | 2,969.9 | |||||||||||||||||
Construction Work in Progress | 508.7 | 703.7 | 117.2 | 483.0 | 592.3 | 159.6 | |||||||||||||||||
Total Property, Plant and Equipment, Net | $ | 9,913.3 | $ | 9,773.2 | $ | 3,258.6 | $ | 9,625.8 | $ | 9,472.8 | $ | 3,129.5 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | |||||||||||||||||||||||
Distribution | $ | 5,797.6 | $ | 5,543.1 | $ | 2,048.8 | $ | 868.1 | $ | 5,562.9 | $ | 5,402.3 | $ | 1,949.8 | $ | 841.9 | |||||||||||||||
Transmission | 4,061.2 | 2,545.0 | 1,115.7 | 1,147.9 | 3,912.9 | 2,435.8 | 1,059.3 | 1,061.1 | |||||||||||||||||||||||
Generation | — | — | 1,179.8 | 36.0 | — | — | 1,188.2 | 36.0 | |||||||||||||||||||||||
Property, Plant and Equipment, Gross | 9,858.8 | 8,088.1 | 4,344.3 | 2,052.0 | 9,475.8 | 7,838.1 | 4,197.3 | 1,939.0 | |||||||||||||||||||||||
Less: Accumulated Depreciation | (2,207.0 | ) | (2,143.8 | ) | (1,315.7 | ) | (356.5 | ) | (2,082.4 | ) | (2,025.4 | ) | (1,254.7 | ) | (338.8 | ) | |||||||||||||||
Property, Plant and Equipment, Net | 7,651.8 | 5,944.3 | 3,028.6 | 1,695.5 | 7,393.4 | 5,812.7 | 2,942.6 | 1,600.2 | |||||||||||||||||||||||
Construction Work in Progress | 456.2 | 324.4 | 139.3 | 74.1 | 239.0 | 239.1 | 96.7 | 78.1 | |||||||||||||||||||||||
Total Property, Plant and Equipment, Net | $ | 8,108.0 | $ | 6,268.7 | $ | 3,167.9 | $ | 1,769.6 | $ | 7,632.4 | $ | 6,051.8 | $ | 3,039.3 | $ | 1,678.3 |
(1) | These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company. |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||
(Millions of Dollars) | Commodity Supply and Price Risk Management | Netting (1) | Net Amount Recorded as a Derivative | Commodity Supply and Price Risk Management | Netting (1) | Net Amount Recorded as a Derivative | |||||||||||||||||
Current Derivative Assets: | |||||||||||||||||||||||
Level 2: | |||||||||||||||||||||||
Eversource | $ | — | $ | — | $ | — | $ | 6.0 | $ | — | $ | 6.0 | |||||||||||
Level 3: | |||||||||||||||||||||||
CL&P | 10.4 | (7.7 | ) | 2.7 | 13.9 | (9.4 | ) | 4.5 | |||||||||||||||
Long-Term Derivative Assets: | |||||||||||||||||||||||
Level 2: | |||||||||||||||||||||||
Eversource | $ | — | $ | — | $ | — | $ | 0.3 | $ | (0.1 | ) | $ | 0.2 | ||||||||||
Level 3: | |||||||||||||||||||||||
CL&P | 74.3 | (6.9 | ) | 67.4 | 77.3 | (11.7 | ) | 65.6 | |||||||||||||||
Current Derivative Liabilities: | |||||||||||||||||||||||
Level 2: | |||||||||||||||||||||||
Eversource | $ | (1.5 | ) | $ | 0.4 | $ | (1.1 | ) | $ | — | $ | — | $ | — | |||||||||
Level 3: | |||||||||||||||||||||||
Eversource | (62.2 | ) | — | (62.2 | ) | (79.7 | ) | — | (79.7 | ) | |||||||||||||
CL&P | (59.9 | ) | — | (59.9 | ) | (77.8 | ) | — | (77.8 | ) | |||||||||||||
NSTAR Electric | (2.3 | ) | — | (2.3 | ) | (1.9 | ) | — | (1.9 | ) | |||||||||||||
Long-Term Derivative Liabilities: | |||||||||||||||||||||||
Level 3: | |||||||||||||||||||||||
Eversource | $ | (391.9 | ) | $ | — | $ | (391.9 | ) | $ | (413.7 | ) | $ | — | $ | (413.7 | ) | |||||||
CL&P | (391.8 | ) | — | (391.8 | ) | (412.8 | ) | — | (412.8 | ) | |||||||||||||
NSTAR Electric | (0.1 | ) | — | (0.1 | ) | (0.9 | ) | — | (0.9 | ) |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||
(Millions of Dollars) | Fair Value Hierarchy | Commodity Supply and Price Risk Management | Netting (1) | Net Amount Recorded as a Derivative | Commodity Supply and Price Risk Management | Netting (1) | Net Amount Recorded as a Derivative | ||||||||||||||||||
Current Derivative Assets: | |||||||||||||||||||||||||
CL&P | Level 3 | $ | 13.3 | $ | (0.4 | ) | $ | 12.9 | $ | 12.2 | $ | (0.4 | ) | $ | 11.8 | ||||||||||
Other | Level 2 | 0.8 | (0.5 | ) | 0.3 | — | — | — | |||||||||||||||||
Long-Term Derivative Assets: | |||||||||||||||||||||||||
CL&P | Level 3 | 65.3 | (2.0 | ) | 63.3 | 67.5 | (2.1 | ) | 65.4 | ||||||||||||||||
Current Derivative Liabilities: | |||||||||||||||||||||||||
CL&P | Level 3 | (70.1 | ) | — | (70.1 | ) | (67.8 | ) | — | (67.8 | ) | ||||||||||||||
Other | Level 2 | — | — | — | (5.2 | ) | — | (5.2 | ) | ||||||||||||||||
Long-Term Derivative Liabilities: | |||||||||||||||||||||||||
CL&P | Level 3 | (328.1 | ) | — | (328.1 | ) | (338.6 | ) | — | (338.6 | ) | ||||||||||||||
Other | Level 2 | (0.2 | ) | — | (0.2 | ) | (0.1 | ) | — | (0.1 | ) |
(1) | Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets. These amounts are subject to master netting agreements or similar agreements for which the right of offset exists. |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||
CL&P | Range | Weighted Average (1) | Period Covered | Range | Period Covered | ||||||||||||||||||||||
Capacity Prices | $ | 4.30 | — | $5.95 | $ | 4.85 | per kW-Month | 2024 - 2026 | $ | 3.01 | — | $7.34 | per kW-Month | 2023 - 2026 | |||||||||||||
Forward Reserve Prices | 0.80 | — | 0.90 | 0.85 | per kW-Month | 2020 - 2024 | 0.80 | — | 1.90 | per kW-Month | 2020 - 2024 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||
Range | Period Covered | Range | Period Covered | ||||||||||||||||||||||
Capacity Prices: | |||||||||||||||||||||||||
CL&P | $ | 5.00 | — | 8.70 | per kW-Month | 2021 - 2026 | $ | 5.50 | — | 8.70 | per kW-Month | 2020 - 2026 | |||||||||||||
Forward Reserve: | |||||||||||||||||||||||||
CL&P | $ | 1.00 | — | 2.00 | per kW-Month | 2017 - 2024 | $ | 1.40 | — | 2.00 | per kW-Month | 2017 - 2024 | |||||||||||||
REC Prices: | |||||||||||||||||||||||||
NSTAR Electric | $ | 15.75 | — | 22.00 | per REC | 2017 - 2018 | $ | 24.00 | — | 29.00 | per REC | 2017 - 2018 |
(1) | Unobservable inputs were weighted by the relative future capacity and forward reserve prices and contractual MWs over the periods covered. |
CL&P | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Derivatives, Net: | |||||||||||||||
Fair Value as of Beginning of Period | $ | (333.8 | ) | $ | (353.1 | ) | $ | (329.2 | ) | $ | (356.5 | ) | |||
Net Realized/Unrealized Losses Included in Regulatory Assets | (1.3 | ) | (2.5 | ) | (17.6 | ) | (7.8 | ) | |||||||
Settlements | 13.1 | 10.2 | 24.8 | 18.9 | |||||||||||
Fair Value as of End of Period | $ | (322.0 | ) | $ | (345.4 | ) | $ | (322.0 | ) | $ | (345.4 | ) |
For the Three Months Ended September 30, | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | Eversource | CL&P | NSTAR Electric | |||||||||||||||||
Derivatives, Net: | |||||||||||||||||||||||
Fair Value as of Beginning of Period | $ | (397.1 | ) | $ | (394.8 | ) | $ | (2.3 | ) | $ | (412.6 | ) | $ | (411.3 | ) | $ | (1.3 | ) | |||||
Net Realized/Unrealized Gains/Losses Included in Regulatory Assets and Liabilities | 0.5 | (0.7 | ) | 1.2 | (52.3 | ) | (49.8 | ) | (2.5 | ) | |||||||||||||
Settlements | 12.6 | 13.9 | (1.3 | ) | 21.2 | 20.1 | 1.1 | ||||||||||||||||
Fair Value as of End of Period | $ | (384.0 | ) | $ | (381.6 | ) | $ | (2.4 | ) | $ | (443.7 | ) | $ | (441.0 | ) | $ | (2.7 | ) | |||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | Eversource | CL&P | NSTAR Electric | |||||||||||||||||
Derivatives, Net: | |||||||||||||||||||||||
Fair Value as of Beginning of Period | $ | (423.3 | ) | $ | (420.5 | ) | $ | (2.8 | ) | $ | (380.9 | ) | $ | (380.8 | ) | $ | (0.1 | ) | |||||
Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities | (17.9 | ) | (15.9 | ) | (2.0 | ) | (128.9 | ) | (122.0 | ) | (6.9 | ) | |||||||||||
Settlements | 57.2 | 54.8 | 2.4 | 66.1 | 61.8 | 4.3 | |||||||||||||||||
Fair Value as of End of Period | $ | (384.0 | ) | $ | (381.6 | ) | $ | (2.4 | ) | $ | (443.7 | ) | $ | (441.0 | ) | $ | (2.7 | ) |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Amortized Cost | Pre-Tax Unrealized Gains | Pre-Tax Unrealized Losses | Fair Value | Amortized Cost | Pre-Tax Unrealized Gains | Pre-Tax Unrealized Losses | Fair Value | |||||||||||||||||||||||
Debt Securities | $ | 286.5 | $ | 5.5 | $ | (0.5 | ) | $ | 291.5 | $ | 296.2 | $ | 1.1 | $ | (2.1 | ) | $ | 295.2 | |||||||||||||
Equity Securities | 210.7 | 81.5 | — | 292.2 | 203.3 | 62.3 | (1.2 | ) | 264.4 |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Amortized Cost | Pre-Tax Unrealized Gains | Pre-Tax Unrealized Losses | Fair Value | Amortized Cost | Pre-Tax Unrealized Gains | Pre-Tax Unrealized Losses | Fair Value | |||||||||||||||||||||||
Debt Securities | $ | 219.0 | $ | 9.6 | $ | (0.2 | ) | $ | 228.4 | $ | 228.4 | $ | 5.8 | $ | (0.1 | ) | $ | 234.1 |
Eversource (Millions of Dollars) | Amortized Cost | Fair Value | |||||
Less than one year (1) | $ | 51.0 | $ | 51.0 | |||
One to five years | 44.7 | 46.5 | |||||
Six to ten years | 41.0 | 43.3 | |||||
Greater than ten years | 82.3 | 87.6 | |||||
Total Debt Securities | $ | 219.0 | $ | 228.4 |
(1) | Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets. |
Eversource (Millions of Dollars) | Amortized Cost | Fair Value | |||||
Less than one year (1) | $ | 40.2 | $ | 40.2 | |||
One to five years | 56.7 | 57.6 | |||||
Six to ten years | 52.6 | 54.1 | |||||
Greater than ten years | 137.0 | 139.6 | |||||
Total Debt Securities | $ | 286.5 | $ | 291.5 |
Eversource (Millions of Dollars) | As of June 30, 2020 | As of December 31, 2019 | |||||
Level 1: | |||||||
Mutual Funds and Equities | $ | 213.9 | $ | 228.5 | |||
Money Market Funds | 45.4 | 46.0 | |||||
Total Level 1 | $ | 259.3 | $ | 274.5 | |||
Level 2: | |||||||
U.S. Government Issued Debt Securities (Agency and Treasury) | $ | 62.6 | $ | 96.8 | |||
Corporate Debt Securities | 64.1 | 44.0 | |||||
Asset-Backed Debt Securities | 12.8 | 12.9 | |||||
Municipal Bonds | 33.8 | 26.7 | |||||
Other Fixed Income Securities | 9.7 | 7.7 | |||||
Total Level 2 | $ | 183.0 | $ | 188.1 | |||
Total Marketable Securities | $ | 442.3 | $ | 462.6 |
Eversource (Millions of Dollars) | As of September 30, 2017 | As of December 31, 2016 | |||||
Level 1: | |||||||
Mutual Funds and Equities | $ | 292.2 | $ | 274.0 | |||
Money Market Funds | 21.8 | 54.8 | |||||
Total Level 1 | $ | 314.0 | $ | 328.8 | |||
Level 2: | |||||||
U.S. Government Issued Debt Securities (Agency and Treasury) | $ | 69.0 | $ | 63.0 | |||
Corporate Debt Securities | 56.1 | 41.1 | |||||
Asset-Backed Debt Securities | 20.4 | 18.5 | |||||
Municipal Bonds | 113.6 | 107.5 | |||||
Other Fixed Income Securities | 10.6 | 10.3 | |||||
Total Level 2 | $ | 269.7 | $ | 240.4 | |||
Total Marketable Securities | $ | 583.7 | $ | 569.2 |
Borrowings Outstanding as of | Available Borrowing Capacity as of | Weighted-Average Interest Rate as of | |||||||||||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||
Eversource Parent Commercial Paper Program | $ | 351.5 | $ | 1,224.9 | $ | 1,098.5 | $ | 225.1 | 0.18 | % | 1.98 | % | |||||||||
NSTAR Electric Commercial Paper Program | 142.0 | 10.5 | 508.0 | 639.5 | 0.12 | % | 1.63 | % |
(Millions of Dollars) | Issuance/(Repayment) | Issue Date or Repayment Date | Maturity Date | Use of Proceeds for Issuance/ Repayment Information | |||||
NSTAR Electric: | |||||||||
3.95% 2020 Debentures | $ | 400.0 | March 2020 | April 2030 | Refinanced investments in eligible green expenditures, which were previously financed in 2018 and 2019 | ||||
5.10% Series E Senior Notes | (95.0 | ) | March 2020 | March 2020 | Paid at maturity | ||||
Other: | |||||||||
Eversource Parent 3.45% Series P Senior Notes | 350.0 | January 2020 | January 2050 | Paid short-term borrowings | |||||
NSTAR Gas 4.46% Series N First Mortgage Bonds | (125.0 | ) | January 2020 | January 2020 | Paid at maturity | ||||
Yankee Gas 4.87% Series K First Mortgage Bonds | (50.0 | ) | April 2020 | April 2020 | Paid at maturity | ||||
NSTAR Gas 2.33% Series R First Mortgage Bonds | 75.0 | May 2020 | May 2025 | Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes | |||||
NSTAR Gas 3.15% Series S First Mortgage Bonds | 115.0 | May 2020 | May 2050 | Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes |
(Millions of Dollars) | |||||||
Balance Sheet: | As of June 30, 2020 | As of December 31, 2019 | |||||
Restricted Cash - Current Portion (included in Current Assets) | $ | 30.6 | $ | 32.5 | |||
Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) | 3.2 | 3.2 | |||||
Securitized Stranded Cost (included in Regulatory Assets) | 543.7 | 565.3 | |||||
Other Regulatory Liabilities (included in Regulatory Liabilities) | 4.1 | 5.6 | |||||
Accrued Interest (included in Other Current Liabilities) | 8.3 | 8.6 | |||||
Rate Reduction Bonds - Current Portion | 43.2 | 43.2 | |||||
Rate Reduction Bonds - Long-Term Portion | 518.5 | 540.1 |
(Millions of Dollars) | For the Three Months Ended | For the Six Months Ended | |||||||||||||
Income Statement: | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) | $ | 10.8 | $ | 10.8 | $ | 21.6 | $ | 21.5 | |||||||
Interest Expense on RRB Principal (included in Interest Expense) | 5.0 | 5.3 | 10.0 | 10.7 |
Pension and SERP | Pension and SERP | PBOP | ||||||||||||||||||||||||||||||||||||||||||||
Eversource | For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 17.4 | $ | 18.6 | $ | 53.8 | $ | 56.6 | ||||||||||||||||||||||||||||||||||||||
Interest Cost | 47.2 | 46.4 | 140.7 | 139.2 | ||||||||||||||||||||||||||||||||||||||||||
Expected Return on Pension Plan Assets | (83.5 | ) | (79.4 | ) | (250.5 | ) | (238.5 | ) | ||||||||||||||||||||||||||||||||||||||
Actuarial Loss | 33.9 | 31.4 | 101.3 | 94.2 | ||||||||||||||||||||||||||||||||||||||||||
Prior Service Cost | 1.2 | 0.9 | 3.4 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||
Total Net Periodic Benefit Expense | $ | 16.2 | $ | 17.9 | $ | 48.7 | $ | 54.1 | ||||||||||||||||||||||||||||||||||||||
Capitalized Pension Expense | $ | 5.5 | $ | 5.4 | $ | 16.5 | $ | 16.8 | ||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020 | For the Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
PBOP | ||||||||||||||||||||||||||||||||||||||||||||||
Eversource | For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||||||||||||||||
Service Cost | $ | 2.4 | $ | 3.0 | $ | 7.1 | $ | 9.2 | $ | 18.7 | $ | 5.4 | $ | 3.8 | $ | 2.0 | $ | 2.0 | $ | 0.4 | $ | 0.5 | $ | 0.2 | ||||||||||||||||||||||
Interest Cost | 6.8 | 7.5 | 20.3 | 26.5 | 44.3 | 9.3 | 9.7 | 4.8 | 6.4 | 1.0 | 1.6 | 0.8 | ||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (16.0 | ) | (15.9 | ) | (47.8 | ) | (47.3 | ) | (99.3 | ) | (19.8 | ) | (25.7 | ) | (11.1 | ) | (18.7 | ) | (2.5 | ) | (8.5 | ) | (1.4 | ) | ||||||||||||||||||||||
Actuarial Loss | 2.2 | 3.0 | 6.9 | 5.0 | 50.7 | 9.7 | 14.0 | 3.9 | 2.0 | 0.2 | 0.5 | 0.3 | ||||||||||||||||||||||||||||||||||
Prior Service Credit | (5.3 | ) | (3.6 | ) | (16.1 | ) | (3.7 | ) | ||||||||||||||||||||||||||||||||||||||
Total Net Periodic Benefit Income | $ | (9.9 | ) | $ | (6.0 | ) | $ | (29.6 | ) | $ | (10.3 | ) | ||||||||||||||||||||||||||||||||||
Capitalized PBOP Income | $ | (4.8 | ) | $ | (2.6 | ) | $ | (14.3 | ) | $ | (4.6 | ) | ||||||||||||||||||||||||||||||||||
Prior Service Cost/(Credit) | 0.3 | — | 0.1 | — | (5.2 | ) | 0.2 | (4.3 | ) | 0.1 | ||||||||||||||||||||||||||||||||||||
Total Net Periodic Benefit Expense/(Income) | $ | 14.7 | $ | 4.6 | $ | 1.9 | $ | (0.4 | ) | $ | (13.5 | ) | $ | (0.7 | ) | $ | (10.2 | ) | $ | — | ||||||||||||||||||||||||||
Intercompany Allocations | N/A | $ | 2.4 | $ | 2.3 | $ | 0.8 | N/A | $ | (0.2 | ) | $ | (0.2 | ) | $ | (0.1 | ) |
Pension and SERP | Pension and SERP | PBOP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2017 | For the Three Months Ended September 30, 2016 | For the Six Months Ended June 30, 2020 | For the Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 4.6 | $ | 3.1 | $ | 2.4 | $ | 0.7 | $ | 4.6 | $ | 3.3 | $ | 2.5 | $ | 0.8 | $ | 38.3 | $ | 11.1 | $ | 7.6 | $ | 4.2 | $ | 4.9 | $ | 0.9 | $ | 1.1 | $ | 0.4 | ||||||||||||||||||||||||||||||
Interest Cost | 10.5 | 8.6 | 5.3 | 2.1 | 10.2 | 8.5 | 5.1 | 2.1 | 88.6 | 18.8 | 19.3 | 9.7 | 12.2 | 2.2 | 3.3 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Expected Return on Pension Plan Assets | (17.8 | ) | (17.5 | ) | (10.0 | ) | (4.4 | ) | (18.0 | ) | (16.9 | ) | (9.6 | ) | (4.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (199.6 | ) | (39.8 | ) | (51.5 | ) | (22.4 | ) | (36.8 | ) | (4.9 | ) | (17.0 | ) | (2.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Actuarial Loss | 6.8 | 8.9 | 3.0 | 1.5 | 6.3 | 8.7 | 2.5 | 1.3 | 100.0 | 19.7 | 27.3 | 8.0 | 4.1 | 0.6 | 1.2 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Prior Service Cost | 0.4 | 0.1 | 0.1 | 0.1 | 0.4 | — | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior Service Cost/(Credit) | 0.6 | — | 0.2 | — | (10.6 | ) | 0.4 | (8.5 | ) | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Net Periodic Benefit Expense/(Income) | $ | 4.5 | $ | 3.2 | $ | 0.8 | $ | — | $ | 3.5 | $ | 3.6 | $ | 0.6 | $ | (0.1 | ) | $ | 27.9 | $ | 9.8 | $ | 2.9 | $ | (0.5 | ) | $ | (26.2 | ) | $ | (0.8 | ) | $ | (19.9 | ) | $ | (0.4 | ) | ||||||||||||||||||||||||
Intercompany Allocations | $ | 2.4 | $ | 1.8 | $ | 0.8 | $ | 0.5 | $ | 3.5 | $ | 2.2 | $ | 1.0 | $ | 0.6 | N/A | $ | 4.3 | $ | 4.2 | $ | 1.4 | N/A | $ | (0.6 | ) | $ | (0.6 | ) | $ | (0.3 | ) | |||||||||||||||||||||||||||||
Capitalized Pension Expense | $ | 2.4 | $ | 1.9 | $ | 0.4 | $ | 0.1 | $ | 2.2 | $ | 2.0 | $ | 0.4 | $ | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Pension and SERP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 13.9 | $ | 9.4 | $ | 7.3 | $ | 2.3 | $ | 14.3 | $ | 9.9 | $ | 7.5 | $ | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest Cost | 31.3 | 25.6 | 15.9 | 6.3 | 31.2 | 25.3 | 15.4 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Return on Pension Plan Assets | (53.9 | ) | (52.5 | ) | (29.9 | ) | (13.3 | ) | (54.2 | ) | (50.7 | ) | (28.9 | ) | (13.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Actuarial Loss | 20.7 | 26.4 | 8.7 | 4.5 | 19.2 | 25.8 | 7.5 | 4.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior Service Cost | 1.1 | 0.2 | 0.4 | 0.2 | 1.1 | — | 0.3 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Net Periodic Benefit Expense/(Income) | $ | 13.1 | $ | 9.1 | $ | 2.4 | $ | — | $ | 11.6 | $ | 10.3 | $ | 1.8 | $ | (0.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Intercompany Allocations | $ | 7.4 | $ | 5.5 | $ | 2.5 | $ | 1.4 | $ | 10.3 | $ | 6.7 | $ | 3.0 | $ | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||
Capitalized Pension Expense | $ | 7.3 | $ | 5.4 | $ | 1.1 | $ | 0.3 | $ | 7.1 | $ | 5.7 | $ | 1.0 | $ | 0.3 |
PBOP | Pension and SERP | PBOP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2017 | For the Three Months Ended September 30, 2016 | For the Three Months Ended June 30, 2019 | For the Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 0.5 | $ | 0.3 | $ | 0.3 | $ | 0.1 | $ | 0.6 | $ | 0.6 | $ | 0.4 | $ | 0.1 | $ | 16.1 | $ | 4.4 | $ | 3.6 | $ | 1.5 | $ | 1.8 | $ | 0.3 | $ | 0.4 | $ | 0.1 | ||||||||||||||||||||||||||||||
Interest Cost | 1.3 | 1.9 | 0.8 | 0.3 | 1.3 | 2.5 | 0.7 | 0.3 | 54.8 | 11.4 | 12.3 | 6.0 | 8.2 | 1.6 | 2.4 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (2.4 | ) | (6.6 | ) | (1.4 | ) | (0.6 | ) | (2.5 | ) | (6.4 | ) | (1.4 | ) | (0.6 | ) | (91.7 | ) | (18.1 | ) | (24.2 | ) | (10.1 | ) | (16.8 | ) | (2.3 | ) | (7.5 | ) | (1.3 | ) | ||||||||||||||||||||||||||||||
Actuarial Loss | 0.2 | 0.9 | 0.1 | — | 0.5 | 1.2 | 0.2 | — | 35.6 | 6.3 | 11.8 | 2.3 | 1.6 | 0.3 | 0.7 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Prior Service Cost/(Credit) | 0.3 | (4.3 | ) | 0.2 | — | 0.2 | (2.9 | ) | 0.1 | — | 0.3 | — | — | — | (5.8 | ) | 0.3 | (4.2 | ) | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
Total Net Periodic Benefit (Income)/Expense | $ | (0.1 | ) | $ | (7.8 | ) | $ | — | $ | (0.2 | ) | $ | 0.1 | $ | (5.0 | ) | $ | — | $ | (0.2 | ) | |||||||||||||||||||||||||||||||||||||||||
Total Net Periodic Benefit Expense/(Income) | $ | 15.1 | $ | 4.0 | $ | 3.5 | $ | (0.3 | ) | $ | (11.0 | ) | $ | 0.2 | $ | (8.2 | ) | $ | (0.3 | ) | ||||||||||||||||||||||||||||||||||||||||||
Intercompany Allocations | $ | (0.2 | ) | $ | (0.2 | ) | $ | (0.1 | ) | $ | — | $ | — | $ | (0.1 | ) | $ | — | $ | — | N/A | $ | 5.8 | $ | 5.3 | $ | — | N/A | $ | (0.3 | ) | $ | (0.4 | ) | $ | (0.1 | ) | |||||||||||||||||||||||||
Capitalized PBOP Income | $ | (0.1 | ) | $ | (4.0 | ) | $ | — | $ | (0.1 | ) | $ | — | $ | (2.2 | ) | $ | — | $ | (0.1 | ) | |||||||||||||||||||||||||||||||||||||||||
PBOP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 1.5 | $ | 1.1 | $ | 1.0 | $ | 0.3 | $ | 1.4 | $ | 2.5 | $ | 0.9 | $ | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest Cost | 4.0 | 5.7 | 2.3 | 0.8 | 4.0 | 10.3 | 2.2 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (7.3 | ) | (19.9 | ) | (4.1 | ) | (1.7 | ) | (7.6 | ) | (19.2 | ) | (4.2 | ) | (1.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Actuarial Loss | 0.7 | 2.6 | 0.4 | — | 0.9 | 1.7 | 0.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior Service Cost/(Credit) | 0.8 | (12.9 | ) | 0.4 | 0.1 | 0.2 | (2.9 | ) | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Net Periodic Benefit Income | $ | (0.3 | ) | $ | (23.4 | ) | $ | — | $ | (0.5 | ) | $ | (1.1 | ) | $ | (7.6 | ) | $ | (0.5 | ) | $ | (0.6 | ) | |||||||||||||||||||||||||||||||||||||||
Intercompany Allocations | $ | (0.5 | ) | $ | (0.7 | ) | $ | (0.3 | ) | $ | (0.1 | ) | $ | 0.3 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Capitalized PBOP Income | $ | (0.4 | ) | $ | (11.9 | ) | $ | — | $ | (0.2 | ) | $ | (0.5 | ) | $ | (3.3 | ) | $ | — | $ | (0.3 | ) |
Pension and SERP | PBOP | ||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019 | For the Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||
Service Cost | $ | 35.4 | $ | 9.2 | $ | 7.5 | $ | 4.1 | $ | 3.9 | $ | 0.7 | $ | 0.9 | $ | 0.4 | |||||||||||||||
Interest Cost | 109.1 | 23.0 | 24.2 | 12.2 | 16.3 | 3.1 | 4.7 | 1.7 | |||||||||||||||||||||||
Expected Return on Plan Assets | (183.8 | ) | (36.9 | ) | (48.6 | ) | (20.4 | ) | (33.4 | ) | (4.5 | ) | (15.1 | ) | (2.8 | ) | |||||||||||||||
Actuarial Loss | 72.1 | 14.3 | 21.2 | 5.9 | 4.1 | 0.7 | 1.7 | 0.2 | |||||||||||||||||||||||
Prior Service Cost/(Credit) | 0.6 | — | 0.1 | — | (11.6 | ) | 0.5 | (8.5 | ) | 0.2 | |||||||||||||||||||||
Total Net Periodic Benefit Expense/(Income) | $ | 33.4 | $ | 9.6 | $ | 4.4 | $ | 1.8 | $ | (20.7 | ) | $ | 0.5 | $ | (16.3 | ) | $ | (0.3 | ) | ||||||||||||
Intercompany Allocations | N/A | $ | 13.6 | $ | 8.4 | $ | 2.5 | N/A | $ | (0.4 | ) | $ | (0.6 | ) | $ | (0.2 | ) |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||
Number of Sites | Reserve (in millions) | Number of Sites | Reserve (in millions) | ||||||||||
Eversource | 55 | $ | 78.5 | 57 | $ | 81.0 | |||||||
CL&P | 15 | 11.2 | 15 | 11.4 | |||||||||
NSTAR Electric | 13 | 5.8 | 15 | 8.0 | |||||||||
PSNH | 9 | 7.3 | 9 | 7.5 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||
Number of Sites | Reserve (in millions) | Number of Sites | Reserve (in millions) | ||||||||||
Eversource | 58 | $ | 57.7 | 61 | $ | 65.8 | |||||||
CL&P | 14 | 4.9 | 14 | 4.9 | |||||||||
NSTAR Electric | 10 | 2.0 | 13 | 3.2 | |||||||||
PSNH | 11 | 5.7 | 11 | 5.3 | |||||||||
WMECO | 4 | 0.8 | 4 | 0.6 |
Company | Description | Maximum Exposure (in millions) | Expiration Dates | |||||
On behalf of subsidiaries: | ||||||||
Eversource Gas Transmission LLC | Access Northeast Project Capital Contributions Guaranty (1) | $ | 185.1 | 2021 | ||||
Various | Surety Bonds (2) | 40.1 | 2017 - 2018 | |||||
Eversource Service and Rocky River Realty Company | Lease Payments for Vehicles and Real Estate | 8.2 | 2019 - 2024 |
Company | Description | Maximum Exposure (in millions) | Expiration Dates | |||||
Various | Surety Bonds (1) | $ | 30.9 | 2020 - 2023 | ||||
Rocky River Realty Company and Eversource Service | Lease Payments for Real Estate | 5.9 | 2024 | |||||
Bay State Wind LLC | Real Estate Purchase | 2.5 | 2021 | |||||
Sunrise Wind LLC | Offshore Wind (2) | 2.2 | - |
(1) |
Surety bond expiration dates reflect termination dates, the majority of which will be renewed or extended. Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded. |
(2) | On October 25, 2019, Eversource parent issued a guaranty on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guaranty Sunrise Wind LLC’s performance of certain obligations, in an amount not to exceed $15.4 million, under the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement (the Agreement). The Agreement was executed on October 23, 2019, by and between the New York State Energy Research and Development Authority (NYSERDA) and Sunrise Wind LLC. The Company regularly reviews performance risk under this arrangement, and in the event it becomes probable that Eversource parent will be required to perform under the guarantee, the amount of probable payment will be recorded. As of June 30, 2020, the fair value of the guarantee was immaterial. |
Complaint | 15-Month Time Period of Complaint (Beginning as of Complaint Filing Date) | Original Base ROE Authorized by FERC at Time of Complaint Filing Date (1) | Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (1) | Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | FERC ALJ Recommendation of Base ROE on Second and Third Complaints (Issued March 22, 2016) | |
First | 10/1/2011 - 12/31/2012 | 11.14% | 10.57% | $— | (2) | N/A |
Second | 12/27/2012 - 3/26/2014 | 11.14% | N/A | 39.1 | (3) | 9.59% |
Third | 7/31/2014 - 10/30/2015 | 11.14% | 10.57% | — | 10.90% | |
Fourth | 4/29/2016 - 7/28/2017 | 10.57% | 10.57% | — | N/A |
(Millions of Dollars) | |||
Gross Plant | $ | 1,184.1 | |
Accumulated Depreciation | (573.3 | ) | |
Net Plant | 610.8 | ||
Fuel | 92.9 | ||
Materials and Supplies | 44.0 | ||
Emission Allowances | 19.4 | ||
Total Generation Assets | $ | 767.1 |
Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
As of June 30, 2020: | |||||||||||||||||||||||||||||||
Preferred Stock Not Subject to Mandatory Redemption | $ | 155.6 | $ | 164.9 | $ | 116.2 | $ | 120.5 | $ | 43.0 | $ | 44.4 | $ | — | $ | — | |||||||||||||||
Long-Term Debt | 14,398.7 | 16,329.6 | 3,518.1 | 4,251.6 | 3,642.6 | 4,240.9 | 951.6 | 1,050.3 | |||||||||||||||||||||||
Rate Reduction Bonds | 561.7 | 619.2 | — | — | — | — | 561.7 | 619.2 | |||||||||||||||||||||||
As of December 31, 2019: | |||||||||||||||||||||||||||||||
Preferred Stock Not Subject to Mandatory Redemption | $ | 155.6 | $ | 162.0 | $ | 116.2 | $ | 117.8 | $ | 43.0 | $ | 44.2 | $ | — | $ | — | |||||||||||||||
Long-Term Debt | 14,098.2 | 15,170.2 | 3,518.1 | 4,058.0 | 3,342.1 | 3,659.9 | 951.6 | 1,005.7 | |||||||||||||||||||||||
Rate Reduction Bonds | 583.3 | 625.9 | — | — | — | — | 583.3 | 625.9 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||
Eversource (Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Preferred Stock Not Subject to Mandatory Redemption | $ | 155.6 | $ | 160.3 | $ | 155.6 | $ | 158.3 | |||||||
Long-Term Debt | 11,425.9 | 11,968.1 | 9,603.2 | 9,980.5 |
CL&P | NSTAR Electric | PSNH | WMECO | ||||||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
As of September 30, 2017: | |||||||||||||||||||||||||||||||
Preferred Stock Not Subject to Mandatory Redemption | $ | 116.2 | $ | 115.9 | $ | 43.0 | $ | 44.4 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Long-Term Debt | 3,058.9 | 3,388.8 | 2,426.2 | 2,598.1 | 1,002.6 | 1,047.0 | 566.2 | 603.7 | |||||||||||||||||||||||
As of December 31, 2016: | |||||||||||||||||||||||||||||||
Preferred Stock Not Subject to Mandatory Redemption | $ | 116.2 | $ | 114.7 | $ | 43.0 | $ | 43.6 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Long-Term Debt | 2,766.0 | 3,049.6 | 2,078.1 | 2,201.6 | 1,072.0 | 1,109.7 | 566.5 | 589.0 |
For the Six Months Ended June 30, 2020 | For the Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Qualified Cash Flow Hedging Instruments | Unrealized Gains on Marketable Securities | Defined Benefit Plans | Total | Qualified Cash Flow Hedging Instruments | Unrealized Gains/(Losses) on Marketable Securities | Defined Benefit Plans | Total | |||||||||||||||||||||||
Balance as of January 1st | $ | (3.0 | ) | $ | 0.7 | $ | (62.8 | ) | $ | (65.1 | ) | $ | (4.4 | ) | $ | (0.5 | ) | $ | (55.1 | ) | $ | (60.0 | ) | ||||||||
OCI Before Reclassifications | — | 0.4 | (1.6 | ) | (1.2 | ) | — | 1.1 | 2.6 | 3.7 | |||||||||||||||||||||
Amounts Reclassified from AOCI | 0.6 | — | 3.1 | 3.7 | 0.6 | — | 2.1 | 2.7 | |||||||||||||||||||||||
Net OCI | 0.6 | 0.4 | 1.5 | 2.5 | 0.6 | 1.1 | 4.7 | 6.4 | |||||||||||||||||||||||
Balance as of June 30th | $ | (2.4 | ) | $ | 1.1 | $ | (61.3 | ) | $ | (62.6 | ) | $ | (3.8 | ) | $ | 0.6 | $ | (50.4 | ) | $ | (53.6 | ) |
For the Nine Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||
Qualified | Unrealized | Qualified | Unrealized | ||||||||||||||||||||||||||||
Cash Flow | Gains | Cash Flow | Gains/(Losses) | ||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Hedging | on Marketable | Defined | Hedging | on Marketable | Defined | |||||||||||||||||||||||||
Instruments | Securities | Benefit Plans | Total | Instruments | Securities | Benefit Plans | Total | ||||||||||||||||||||||||
Balance as of Beginning of Period | $ | (8.2 | ) | $ | 0.4 | $ | (57.5 | ) | $ | (65.3 | ) | $ | (10.3 | ) | $ | (1.9 | ) | $ | (54.6 | ) | $ | (66.8 | ) | ||||||||
OCI Before Reclassifications | — | 0.7 | (3.5 | ) | (2.8 | ) | — | 2.3 | (5.3 | ) | (3.0 | ) | |||||||||||||||||||
Amounts Reclassified from AOCL | 1.6 | — | 2.9 | 4.5 | 1.6 | — | 2.6 | 4.2 | |||||||||||||||||||||||
Net OCI | 1.6 | 0.7 | (0.6 | ) | 1.7 | 1.6 | 2.3 | (2.7 | ) | 1.2 | |||||||||||||||||||||
Balance as of End of Period | $ | (6.6 | ) | $ | 1.1 | $ | (58.1 | ) | $ | (63.6 | ) | $ | (8.7 | ) | $ | 0.4 | $ | (57.3 | ) | $ | (65.6 | ) |
Shares | ||||||||||||
Authorized as of June 30, 2020 and December 31, 2019 | Issued as of | |||||||||||
Par Value | June 30, 2020 | December 31, 2019 | ||||||||||
Eversource | $ | 5 | 380,000,000 | 357,818,402 | 345,858,402 | |||||||
CL&P | $ | 10 | 24,500,000 | 6,035,205 | 6,035,205 | |||||||
NSTAR Electric | $ | 1 | 100,000,000 | 200 | 200 | |||||||
PSNH | $ | 1 | 100,000,000 | 301 | 301 |
Shares | ||||||||||||
Authorized as of September 30, 2017 and | Issued as of | |||||||||||
Par Value | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||
Eversource | $ | 5 | 380,000,000 | 333,878,402 | 333,878,402 | |||||||
CL&P | $ | 10 | 24,500,000 | 6,035,205 | 6,035,205 | |||||||
NSTAR Electric | $ | 1 | 100,000,000 | 100 | 100 | |||||||
PSNH | $ | 1 | 100,000,000 | 301 | 301 | |||||||
WMECO | $ | 25 | 1,072,471 | 434,653 | 434,653 |
Eversource (Millions of Dollars, except share information) | For the Three Months Ended | For the Six Months Ended | |||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||
Net Income Attributable to Common Shareholders | $ | 252.2 | $ | 31.5 | $ | 587.0 | $ | 340.1 | |||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic | 337,946,663 | 319,664,998 | 334,524,452 | 318,644,796 | |||||||||||
Dilutive Effect of: | |||||||||||||||
Share-Based Compensation Awards and Other | 614,986 | 645,450 | 681,110 | 668,470 | |||||||||||
Equity Forward Sale Agreement | — | 78,042 | 543,842 | 39,021 | |||||||||||
Total Dilutive Effect | 614,986 | 723,492 | 1,224,952 | 707,491 | |||||||||||
Diluted | 338,561,649 | 320,388,490 | 335,749,404 | 319,352,287 | |||||||||||
Basic and Diluted EPS | $ | 0.75 | $ | 0.10 | $ | 1.75 | $ | 1.07 |
Eversource (Millions of Dollars, except share information) | For the Three Months Ended | For the Nine Months Ended | |||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Net Income Attributable to Common Shareholders | $ | 260.4 | $ | 265.3 | $ | 750.6 | $ | 713.1 | |||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic | 317,393,029 | 317,787,836 | 317,415,848 | 317,696,823 | |||||||||||
Dilutive Effect | 556,367 | 789,243 | 591,194 | 814,786 | |||||||||||
Diluted | 317,949,396 | 318,577,079 | 318,007,042 | 318,511,609 | |||||||||||
Basic and Diluted EPS | $ | 0.82 | $ | 0.83 | $ | 2.36 | $ | 2.24 |
For the Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||||||||
Retail Tariff Sales | |||||||||||||||||||||||||||
Residential | $ | 916.0 | $ | 116.1 | $ | — | $ | 39.7 | $ | — | $ | — | $ | 1,071.8 | |||||||||||||
Commercial | 526.0 | 67.8 | — | 15.9 | — | (1.3 | ) | 608.4 | |||||||||||||||||||
Industrial | 77.7 | 21.1 | — | 1.2 | — | (3.4 | ) | 96.6 | |||||||||||||||||||
Total Retail Tariff Sales Revenues | 1,519.7 | 205.0 | — | 56.8 | — | (4.7 | ) | 1,776.8 | |||||||||||||||||||
Wholesale Transmission Revenues | — | — | 383.4 | — | 19.2 | (332.2 | ) | 70.4 | |||||||||||||||||||
Wholesale Market Sales Revenues | 60.5 | 10.1 | — | 0.9 | — | — | 71.5 | ||||||||||||||||||||
Other Revenues from Contracts with Customers | 18.8 | 0.9 | 3.3 | 1.8 | 264.6 | (262.8 | ) | 26.6 | |||||||||||||||||||
Amortization/(Reserve) for Revenues Subject to Refund | 2.3 | 0.5 | — | (0.9 | ) | — | — | 1.9 | |||||||||||||||||||
Total Revenues from Contracts with Customers | 1,601.3 | 216.5 | 386.7 | 58.6 | 283.8 | (599.7 | ) | 1,947.2 | |||||||||||||||||||
Alternative Revenue Programs | 14.2 | (5.3 | ) | (10.2 | ) | (3.2 | ) | — | 9.4 | 4.9 | |||||||||||||||||
Other Revenues (1) | 0.7 | — | 0.2 | 0.1 | — | — | 1.0 | ||||||||||||||||||||
Total Operating Revenues | $ | 1,616.2 | $ | 211.2 | $ | 376.7 | $ | 55.5 | $ | 283.8 | $ | (590.3 | ) | $ | 1,953.1 | ||||||||||||
For the Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||||||||
Retail Tariff Sales | |||||||||||||||||||||||||||
Residential | $ | 1,879.7 | $ | 354.1 | $ | — | $ | 67.5 | $ | — | $ | — | $ | 2,301.3 | |||||||||||||
Commercial | 1,133.0 | 202.4 | — | 30.6 | — | (2.3 | ) | 1,363.7 | |||||||||||||||||||
Industrial | 157.5 | 49.5 | — | 2.3 | — | (6.6 | ) | 202.7 | |||||||||||||||||||
Total Retail Tariff Sales Revenues | 3,170.2 | 606.0 | — | 100.4 | — | (8.9 | ) | 3,867.7 | |||||||||||||||||||
Wholesale Transmission Revenues | — | — | 719.7 | — | 36.6 | (615.8 | ) | 140.5 | |||||||||||||||||||
Wholesale Market Sales Revenues | 151.5 | 23.2 | — | 1.8 | — | — | 176.5 | ||||||||||||||||||||
Other Revenues from Contracts with Customers | 38.0 | 1.7 | 6.6 | 3.7 | 541.9 | (538.9 | ) | 53.0 | |||||||||||||||||||
Amortization/(Reserve) for Revenues Subject to Refund | 4.6 | 1.1 | — | (1.7 | ) | — | — | 4.0 | |||||||||||||||||||
Total Revenues from Contracts with Customers | 3,364.3 | 632.0 | 726.3 | 104.2 | 578.5 | (1,163.6 | ) | 4,241.7 | |||||||||||||||||||
Alternative Revenue Programs | 53.1 | 26.9 | 19.6 | (2.1 | ) | — | (18.1 | ) | 79.4 | ||||||||||||||||||
Other Revenues (1) | 4.2 | 0.9 | 0.4 | 0.3 | — | — | 5.8 | ||||||||||||||||||||
Total Operating Revenues | $ | 3,421.6 | $ | 659.8 | $ | 746.3 | $ | 102.4 | $ | 578.5 | $ | (1,181.7 | ) | $ | 4,326.9 |
For the Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||||||||
Retail Tariff Sales | |||||||||||||||||||||||||||
Residential | $ | 805.0 | $ | 100.2 | $ | — | $ | 33.6 | $ | — | $ | — | $ | 938.8 | |||||||||||||
Commercial | 612.8 | 69.5 | — | 16.0 | — | (0.9 | ) | 697.4 | |||||||||||||||||||
Industrial | 81.3 | 23.5 | — | 1.1 | — | (2.8 | ) | 103.1 | |||||||||||||||||||
Total Retail Tariff Sales Revenues | 1,499.1 | 193.2 | — | 50.7 | — | (3.7 | ) | 1,739.3 | |||||||||||||||||||
Wholesale Transmission Revenues | — | — | 281.2 | — | 14.7 | (239.8 | ) | 56.1 | |||||||||||||||||||
Wholesale Market Sales Revenues | 39.4 | 14.4 | — | 0.9 | — | — | 54.7 | ||||||||||||||||||||
Other Revenues from Contracts with Customers | 15.1 | 0.4 | 3.7 | 1.8 | 236.1 | (236.8 | ) | 20.3 | |||||||||||||||||||
(Reserve)/Amortization for Revenues Subject to Refund | (3.1 | ) | 1.5 | — | (0.6 | ) | — | — | (2.2 | ) | |||||||||||||||||
Total Revenues from Contracts with Customers | 1,550.5 | 209.5 | 284.9 | 52.8 | 250.8 | (480.3 | ) | 1,868.2 | |||||||||||||||||||
Alternative Revenue Programs | 6.3 | (2.7 | ) | 64.6 | 0.7 | — | (58.8 | ) | 10.1 | ||||||||||||||||||
Other Revenues (1) | 5.0 | 0.9 | 0.1 | 0.2 | — | — | 6.2 | ||||||||||||||||||||
Total Operating Revenues | $ | 1,561.8 | $ | 207.7 | $ | 349.6 | $ | 53.7 | $ | 250.8 | $ | (539.1 | ) | $ | 1,884.5 | ||||||||||||
For the Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||||||||
Retail Tariff Sales | |||||||||||||||||||||||||||
Residential | $ | 1,838.3 | $ | 359.1 | $ | — | $ | 60.5 | $ | — | $ | — | $ | 2,257.9 | |||||||||||||
Commercial | 1,265.3 | 213.3 | — | 30.3 | — | (2.0 | ) | 1,506.9 | |||||||||||||||||||
Industrial | 163.4 | 54.4 | — | 2.2 | — | (5.5 | ) | 214.5 | |||||||||||||||||||
Total Retail Tariff Sales Revenues | 3,267.0 | 626.8 | — | 93.0 | — | (7.5 | ) | 3,979.3 | |||||||||||||||||||
Wholesale Transmission Revenues | — | — | 606.1 | — | 28.3 | (510.7 | ) | 123.7 | |||||||||||||||||||
Wholesale Market Sales Revenues | 90.8 | 36.1 | — | 1.9 | — | — | 128.8 | ||||||||||||||||||||
Other Revenues from Contracts with Customers | 27.7 | 1.4 | 6.9 | 3.5 | 480.7 | (482.2 | ) | 38.0 | |||||||||||||||||||
(Reserve)/Amortization for Revenues Subject to Refund | (6.1 | ) | 3.1 | — | (1.2 | ) | — | — | (4.2 | ) | |||||||||||||||||
Total Revenues from Contracts with Customers | 3,379.4 | 667.4 | 613.0 | 97.2 | 509.0 | (1,000.4 | ) | 4,265.6 | |||||||||||||||||||
Alternative Revenue Programs | 8.4 | 7.7 | 77.0 | 1.5 | — | (69.8 | ) | 24.8 | |||||||||||||||||||
Other Revenues (1) | 7.8 | 1.5 | 0.1 | 0.5 | — | — | 9.9 | ||||||||||||||||||||
Total Operating Revenues | $ | 3,395.6 | $ | 676.6 | $ | 690.1 | $ | 99.2 | $ | 509.0 | $ | (1,070.2 | ) | $ | 4,300.3 |
For the Three Months Ended June 30, 2020 | For the Three Months Ended June 30, 2019 | ||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | CL&P | NSTAR Electric | PSNH | |||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||||
Retail Tariff Sales | |||||||||||||||||||||||
Residential | $ | 469.3 | $ | 311.5 | $ | 135.2 | $ | 402.8 | $ | 282.3 | $ | 119.9 | |||||||||||
Commercial | 199.3 | 261.0 | 66.1 | 224.7 | 315.8 | 72.7 | |||||||||||||||||
Industrial | 33.3 | 24.8 | 19.6 | 33.8 | 28.9 | 18.6 | |||||||||||||||||
Total Retail Tariff Sales Revenues | 701.9 | 597.3 | 220.9 | 661.3 | 627.0 | 211.2 | |||||||||||||||||
Wholesale Transmission Revenues | 191.4 | 142.5 | 49.5 | 115.9 | 127.5 | 37.8 | |||||||||||||||||
Wholesale Market Sales Revenues | 39.3 | 13.2 | 8.0 | 12.1 | 17.2 | 10.1 | |||||||||||||||||
Other Revenues from Contracts with Customers | 8.1 | 11.1 | 3.6 | 9.1 | 6.1 | 4.2 | |||||||||||||||||
Amortization/(Reserve) for Revenues Subject to Refund | — | — | 2.3 | — | — | (3.1 | ) | ||||||||||||||||
Total Revenues from Contracts with Customers | 940.7 | 764.1 | 284.3 | 798.4 | 777.8 | 260.2 | |||||||||||||||||
Alternative Revenue Programs | (7.5 | ) | 3.6 | 7.9 | 55.1 | 2.1 | 13.7 | ||||||||||||||||
Other Revenues (1) | 0.2 | 0.7 | — | 2.7 | 1.9 | 0.5 | |||||||||||||||||
Eliminations | (116.0 | ) | (107.4 | ) | (37.0 | ) | (115.4 | ) | (99.9 | ) | (33.5 | ) | |||||||||||
Total Operating Revenues | $ | 817.4 | $ | 661.0 | $ | 255.2 | $ | 740.8 | $ | 681.9 | $ | 240.9 | |||||||||||
For the Six Months Ended June 30, 2020 | For the Six Months Ended June 30, 2019 | ||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | CL&P | NSTAR Electric | PSNH | |||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||||
Retail Tariff Sales | |||||||||||||||||||||||
Residential | $ | 959.2 | $ | 642.4 | $ | 278.1 | $ | 913.4 | $ | 653.2 | $ | 271.7 | |||||||||||
Commercial | 425.6 | 562.9 | 145.3 | 461.3 | 652.3 | 152.6 | |||||||||||||||||
Industrial | 67.3 | 51.6 | 38.6 | 68.4 | 57.8 | 37.2 | |||||||||||||||||
Total Retail Tariff Sales Revenues | 1,452.1 | 1,256.9 | 462.0 | 1,443.1 | 1,363.3 | 461.5 | |||||||||||||||||
Wholesale Transmission Revenues | 343.2 | 277.3 | 99.2 | 270.7 | 250.1 | 85.3 | |||||||||||||||||
Wholesale Market Sales Revenues | 104.0 | 27.6 | 19.9 | 25.8 | 41.6 | 23.4 | |||||||||||||||||
Other Revenues from Contracts with Customers | 17.0 | 21.8 | 7.2 | 18.0 | 10.1 | 7.8 | |||||||||||||||||
Amortization/(Reserve) for Revenues Subject to Refund | — | — | 4.6 | — | — | (6.1 | ) | ||||||||||||||||
Total Revenues from Contracts with Customers | 1,916.3 | 1,583.6 | 592.9 | 1,757.6 | 1,665.1 | 571.9 | |||||||||||||||||
Alternative Revenue Programs | 37.1 | 23.0 | 12.6 | 60.9 | 9.3 | 15.2 | |||||||||||||||||
Other Revenues (1) | 1.9 | 2.1 | 0.6 | 3.7 | 3.4 | 0.8 | |||||||||||||||||
Eliminations | (238.2 | ) | (213.9 | ) | (74.5 | ) | (232.1 | ) | (198.3 | ) | (70.6 | ) | |||||||||||
Total Operating Revenues | $ | 1,717.1 | $ | 1,394.8 | $ | 531.6 | $ | 1,590.1 | $ | 1,479.5 | $ | 517.3 |
(1) | Other Revenues include certain fees charged to customers that are not considered revenue from contracts with customers. Other revenues also include lease revenues under lessor accounting guidance of $1.1 million (including $0.2 million at CL&P and $0.7 million at NSTAR Electric) and $1.1 million (including $0.3 million at CL&P and $0.7 million at NSTAR Electric) for the three months ended June 30, 2020 and 2019, respectively, and $2.2 million (including $0.4 million at CL&P and $1.4 million at NSTAR Electric) and $2.2 million (including $0.5 million at CL&P and $1.3 million at NSTAR Electric) for the six months ended June 30, 2020 and 2019, respectively. |
For the Three Months Ended September 30, 2017 | For the Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Other | Eliminations | Total | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,547.1 | $ | 109.2 | $ | 328.5 | $ | 224.2 | $ | (220.5 | ) | $ | 1,988.5 | $ | 1,616.2 | $ | 211.2 | $ | 376.7 | $ | 55.5 | $ | 283.8 | $ | (590.3 | ) | $ | 1,953.1 | ||||||||||||||||||||||
Depreciation and Amortization | (159.6 | ) | (15.2 | ) | (52.6 | ) | (9.5 | ) | 0.6 | (236.3 | ) | (140.7 | ) | (21.2 | ) | (68.8 | ) | (10.8 | ) | (22.7 | ) | 0.3 | (263.9 | ) | ||||||||||||||||||||||||||
Other Operating Expenses | (1,088.7 | ) | (95.5 | ) | (95.5 | ) | (190.0 | ) | 220.1 | (1,249.6 | ) | (1,293.3 | ) | (176.1 | ) | (111.2 | ) | (25.4 | ) | (243.1 | ) | 593.5 | (1,255.6 | ) | ||||||||||||||||||||||||||
Operating Income/(Loss) | $ | 298.8 | $ | (1.5 | ) | $ | 180.4 | $ | 24.7 | $ | 0.2 | $ | 502.6 | |||||||||||||||||||||||||||||||||||||
Operating Income | $ | 182.2 | $ | 13.9 | $ | 196.7 | $ | 19.3 | $ | 18.0 | $ | 3.5 | $ | 433.6 | ||||||||||||||||||||||||||||||||||||
Interest Expense | $ | (51.3 | ) | $ | (10.8 | ) | $ | (29.2 | ) | $ | (21.8 | ) | $ | 4.4 | $ | (108.7 | ) | $ | (54.3 | ) | $ | (10.7 | ) | $ | (32.1 | ) | $ | (8.4 | ) | $ | (37.6 | ) | $ | 8.8 | $ | (134.3 | ) | |||||||||||||
Other Income, Net | 7.7 | 0.3 | 8.5 | 267.5 | (262.8 | ) | 21.2 | 16.4 | 0.4 | 10.6 | — | 306.5 | (303.7 | ) | 30.2 | |||||||||||||||||||||||||||||||||||
Net Income/(Loss) Attributable to Common Shareholders | 157.4 | (6.2 | ) | 99.0 | 268.4 | (258.2 | ) | 260.4 | ||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Common Shareholders | 115.0 | 3.3 | 129.5 | 10.4 | 285.4 | (291.4 | ) | 252.2 | ||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2017 | For the Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Other | Eliminations | Total | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 4,224.2 | $ | 698.8 | $ | 970.0 | $ | 677.5 | $ | (714.0 | ) | $ | 5,856.5 | $ | 3,421.6 | $ | 659.8 | $ | 746.3 | $ | 102.4 | $ | 578.5 | $ | (1,181.7 | ) | $ | 4,326.9 | ||||||||||||||||||||||
Depreciation and Amortization | (394.9 | ) | (54.8 | ) | (154.5 | ) | (26.7 | ) | 1.7 | (629.2 | ) | (308.1 | ) | (40.3 | ) | (136.2 | ) | (22.2 | ) | (44.0 | ) | 0.9 | (549.9 | ) | ||||||||||||||||||||||||||
Other Operating Expenses | (3,056.0 | ) | (535.2 | ) | (280.4 | ) | (602.4 | ) | 714.0 | (3,760.0 | ) | (2,732.9 | ) | (487.7 | ) | (218.0 | ) | (50.4 | ) | (500.0 | ) | 1,184.8 | (2,804.2 | ) | ||||||||||||||||||||||||||
Operating Income | $ | 773.3 | $ | 108.8 | $ | 535.1 | $ | 48.4 | $ | 1.7 | $ | 1,467.3 | $ | 380.6 | $ | 131.8 | $ | 392.1 | $ | 29.8 | $ | 34.5 | $ | 4.0 | $ | 972.8 | ||||||||||||||||||||||||
Interest Expense | $ | (149.0 | ) | $ | (32.3 | ) | $ | (86.1 | ) | $ | (63.1 | ) | $ | 11.0 | $ | (319.5 | ) | $ | (107.4 | ) | $ | (22.0 | ) | $ | (62.7 | ) | $ | (17.1 | ) | $ | (80.3 | ) | $ | 20.5 | $ | (269.0 | ) | |||||||||||||
Other Income, Net | 15.2 | 0.8 | 20.1 | 853.9 | (833.7 | ) | 56.3 | 28.9 | 1.8 | 15.7 | 0.1 | 774.7 | (766.9 | ) | 54.3 | |||||||||||||||||||||||||||||||||||
Net Income Attributable to Common Shareholders | 393.4 | 49.1 | 289.6 | 839.5 | (821.0 | ) | 750.6 | 245.1 | 87.8 | 256.2 | 12.5 | 727.8 | (742.4 | ) | 587.0 | |||||||||||||||||||||||||||||||||||
Cash Flows Used for Investments in Plant | 752.4 | 209.8 | 575.6 | 104.5 | — | 1,642.3 | 563.2 | 205.6 | 460.8 | 46.0 | 124.6 | — | 1,400.2 |
For the Three Months Ended September 30, 2016 | For the Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Other | Eliminations | Total | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,623.4 | $ | 99.2 | $ | 306.8 | $ | 211.5 | $ | (201.2 | ) | $ | 2,039.7 | $ | 1,561.8 | $ | 207.7 | $ | 349.6 | $ | 53.7 | $ | 250.8 | $ | (539.1 | ) | $ | 1,884.5 | ||||||||||||||||||||||
Depreciation and Amortization | (154.8 | ) | (15.2 | ) | (47.1 | ) | (8.6 | ) | 0.5 | (225.2 | ) | (150.1 | ) | (19.5 | ) | (62.3 | ) | (12.0 | ) | (14.7 | ) | 0.6 | (258.0 | ) | ||||||||||||||||||||||||||
Impairment of Northern Pass Transmission | — | — | (239.6 | ) | — | — | — | (239.6 | ) | |||||||||||||||||||||||||||||||||||||||||
Other Operating Expenses | (1,146.8 | ) | (87.8 | ) | (90.2 | ) | (179.3 | ) | 199.5 | (1,304.6 | ) | (1,243.0 | ) | (179.8 | ) | (108.4 | ) | (25.0 | ) | (218.4 | ) | 538.7 | (1,235.9 | ) | ||||||||||||||||||||||||||
Operating Income/(Loss) | $ | 321.8 | $ | (3.8 | ) | $ | 169.5 | $ | 23.6 | $ | (1.2 | ) | $ | 509.9 | $ | 168.7 | $ | 8.4 | $ | (60.7 | ) | $ | 16.7 | $ | 17.7 | $ | 0.2 | $ | 151.0 | |||||||||||||||||||||
Interest Expense | $ | (49.0 | ) | $ | (10.2 | ) | $ | (26.9 | ) | $ | (15.1 | ) | $ | 1.3 | $ | (99.9 | ) | $ | (50.8 | ) | $ | (11.9 | ) | $ | (30.5 | ) | $ | (8.6 | ) | $ | (44.5 | ) | $ | 13.6 | $ | (132.7 | ) | |||||||||||||
Other Income, Net | 5.3 | 0.6 | 6.3 | 256.9 | (255.5 | ) | 13.6 | |||||||||||||||||||||||||||||||||||||||||||
Other Income/(Loss), Net | 12.2 | 0.7 | 8.7 | 0.1 | (114.9 | ) | 139.1 | 45.9 | ||||||||||||||||||||||||||||||||||||||||||
Net Income/(Loss) Attributable to Common Shareholders | 170.1 | (7.0 | ) | 88.4 | 268.5 | (254.7 | ) | 265.3 | 105.4 | (1.8 | ) | (87.4 | ) | 8.0 | (145.6 | ) | 152.9 | 31.5 | ||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2016 | For the Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Other | Eliminations | Total | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 4,362.6 | $ | 622.3 | $ | 892.5 | $ | 636.8 | $ | (651.7 | ) | $ | 5,862.5 | $ | 3,395.6 | $ | 676.6 | $ | 690.1 | $ | 99.2 | $ | 509.0 | $ | (1,070.2 | ) | $ | 4,300.3 | ||||||||||||||||||||||
Depreciation and Amortization | (380.9 | ) | (47.9 | ) | (137.7 | ) | (23.1 | ) | 1.6 | (588.0 | ) | (329.3 | ) | (39.9 | ) | (123.7 | ) | (23.9 | ) | (28.3 | ) | 1.1 | (544.0 | ) | ||||||||||||||||||||||||||
Impairment of Northern Pass Transmission | — | — | (239.6 | ) | — | — | — | (239.6 | ) | |||||||||||||||||||||||||||||||||||||||||
Other Operating Expenses | (3,230.1 | ) | (462.4 | ) | (245.7 | ) | (564.7 | ) | 650.2 | (3,852.7 | ) | (2,718.6 | ) | (521.1 | ) | (207.2 | ) | (49.9 | ) | (444.0 | ) | 1,069.8 | (2,871.0 | ) | ||||||||||||||||||||||||||
Operating Income | $ | 751.6 | $ | 112.0 | $ | 509.1 | $ | 49.0 | $ | 0.1 | $ | 1,421.8 | $ | 347.7 | $ | 115.6 | $ | 119.6 | $ | 25.4 | $ | 36.7 | $ | 0.7 | $ | 645.7 | ||||||||||||||||||||||||
Interest Expense | $ | (144.6 | ) | $ | (30.8 | ) | $ | (82.2 | ) | $ | (45.8 | ) | $ | 4.8 | $ | (298.6 | ) | $ | (100.0 | ) | $ | (23.7 | ) | $ | (61.0 | ) | $ | (17.2 | ) | $ | (88.6 | ) | $ | 26.1 | $ | (264.4 | ) | |||||||||||||
Other Income, Net | 11.6 | 0.5 | 14.2 | 781.4 | (784.0 | ) | 23.7 | 30.4 | 1.0 | 16.8 | 0.4 | 316.8 | (288.5 | ) | 76.9 | |||||||||||||||||||||||||||||||||||
Net Income Attributable to Common Shareholders | 381.3 | 51.9 | 266.6 | 791.7 | (778.4 | ) | 713.1 | 225.4 | 74.7 | 30.9 | 8.8 | 262.0 | (261.7 | ) | 340.1 | |||||||||||||||||||||||||||||||||||
Cash Flows Used for Investments in Plant | 570.9 | 170.3 | 536.2 | 81.8 | — | 1,359.2 | 571.3 | 202.7 | 449.2 | 51.4 | 103.2 | — | 1,377.8 |
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||
As of June 30, 2020 | $ | 23,166.1 | $ | 4,503.3 | $ | 11,224.7 | $ | 2,394.6 | $ | 21,202.0 | $ | (20,452.0 | ) | $ | 42,038.7 | ||||||||||||
As of December 31, 2019 | 22,541.9 | 4,345.5 | 10,904.0 | 2,351.7 | 20,469.6 | (19,488.8 | ) | 41,123.9 |
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Other | Eliminations | Total | |||||||||||||||||
As of September 30, 2017 | $ | 18,826.0 | $ | 3,432.6 | $ | 9,290.3 | $ | 14,939.4 | $ | (13,324.7 | ) | $ | 33,163.6 | ||||||||||
As of December 31, 2016 | 18,367.5 | 3,303.8 | 8,751.5 | 14,493.1 | (12,862.7 | ) | 32,053.2 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
(Millions of Dollars, Except Per-Share Amounts) | Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||||||
Net Income Attributable to Common Shareholders (GAAP) | $ | 260.4 | $ | 0.82 | $ | 265.3 | $ | 0.83 | $ | 750.6 | $ | 2.36 | $ | 713.1 | $ | 2.24 | |||||||||||||||
Regulated Companies | $ | 250.2 | $ | 0.79 | $ | 251.5 | $ | 0.79 | $ | 732.1 | $ | 2.30 | $ | 699.8 | $ | 2.20 | |||||||||||||||
Eversource Parent and Other Companies | 10.2 | 0.03 | 13.8 | 0.04 | 18.5 | 0.06 | 13.3 | 0.04 | |||||||||||||||||||||||
Net Income Attributable to Common Shareholders (GAAP) | $ | 260.4 | $ | 0.82 | $ | 265.3 | $ | 0.83 | $ | 750.6 | $ | 2.36 | $ | 713.1 | $ | 2.24 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
(Millions of Dollars, Except Per Share Amounts) | Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||||||
Net Income Attributable to Common Shareholders (GAAP) | $ | 252.2 | $ | 0.75 | $ | 31.5 | $ | 0.10 | $ | 587.0 | $ | 1.75 | $ | 340.1 | $ | 1.07 | |||||||||||||||
Regulated Companies (non-GAAP) | $ | 258.2 | $ | 0.77 | $ | 228.6 | $ | 0.72 | $ | 601.6 | $ | 1.79 | $ | 544.2 | $ | 1.71 | |||||||||||||||
Eversource Parent and Other Companies (non-GAAP) | (2.1 | ) | (0.01 | ) | 7.3 | 0.02 | (7.2 | ) | (0.02 | ) | 0.3 | — | |||||||||||||||||||
Non-GAAP Earnings | $ | 256.1 | $ | 0.76 | $ | 235.9 | $ | 0.74 | $ | 594.4 | $ | 1.77 | $ | 544.5 | $ | 1.71 | |||||||||||||||
Acquisition-Related Costs (after-tax) (1) | (3.9 | ) | (0.01 | ) | — | — | (7.4 | ) | (0.02 | ) | — | — | |||||||||||||||||||
Impairment of Northern Pass Transmission (after-tax) | — | — | (204.4 | ) | (0.64 | ) | — | — | (204.4 | ) | (0.64 | ) | |||||||||||||||||||
Net Income Attributable to Common Shareholders (GAAP) | $ | 252.2 | $ | 0.75 | $ | 31.5 | $ | 0.10 | $ | 587.0 | $ | 1.75 | $ | 340.1 | $ | 1.07 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
(Millions of Dollars, Except Per-Share Amounts) | Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||||||
Electric Distribution | $ | 157.4 | $ | 0.50 | $ | 170.1 | $ | 0.53 | $ | 393.4 | $ | 1.24 | $ | 381.3 | $ | 1.20 | |||||||||||||||
Electric Transmission | 99.0 | 0.31 | 88.4 | 0.28 | 289.6 | 0.91 | 266.6 | 0.84 | |||||||||||||||||||||||
Natural Gas Distribution | (6.2 | ) | (0.02 | ) | (7.0 | ) | (0.02 | ) | 49.1 | 0.15 | 51.9 | 0.16 | |||||||||||||||||||
Net Income - Regulated Companies | $ | 250.2 | $ | 0.79 | $ | 251.5 | $ | 0.79 | $ | 732.1 | $ | 2.30 | $ | 699.8 | $ | 2.20 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
(Millions of Dollars, Except Per Share Amounts) | Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||||||
Net Income - Regulated Companies (GAAP) | $ | 258.2 | $ | 0.77 | $ | 24.2 | $ | 0.08 | $ | 601.6 | $ | 1.79 | $ | 339.8 | $ | 1.07 | |||||||||||||||
Electric Distribution | $ | 115.0 | $ | 0.34 | $ | 105.4 | $ | 0.33 | $ | 245.1 | $ | 0.73 | $ | 225.4 | $ | 0.71 | |||||||||||||||
Electric Transmission, excluding Northern Pass Transmission impairment (Non-GAAP) | 129.5 | 0.39 | 117.0 | 0.37 | 256.2 | 0.76 | 235.3 | 0.74 | |||||||||||||||||||||||
Natural Gas Distribution | 3.3 | 0.01 | (1.8 | ) | — | 87.8 | 0.26 | 74.7 | 0.23 | ||||||||||||||||||||||
Water Distribution | 10.4 | 0.03 | 8.0 | 0.02 | 12.5 | 0.04 | 8.8 | 0.03 | |||||||||||||||||||||||
Net Income - Regulated Companies (Non-GAAP) | $ | 258.2 | $ | 0.77 | $ | 228.6 | $ | 0.72 | $ | 601.6 | $ | 1.79 | $ | 544.2 | $ | 1.71 | |||||||||||||||
Impairment of Northern Pass Transmission (after-tax) | — | — | (204.4 | ) | (0.64 | ) | — | — | (204.4 | ) | (0.64 | ) | |||||||||||||||||||
Net Income - Regulated Companies (GAAP) | $ | 258.2 | $ | 0.77 | $ | 24.2 | $ | 0.08 | $ | 601.6 | $ | 1.79 | $ | 339.8 | $ | 1.07 |
For the Three Months Ended September 30, 2017 Compared to 2016 | For the Nine Months Ended September 30, 2017 Compared to 2016 | ||||||||||||||||
Sales Volumes (GWh) | Percentage | Sales Volumes (GWh) | Percentage | ||||||||||||||
Electric | 2017 | 2016 | Decrease | 2017 | 2016 | Decrease | |||||||||||
Traditional: | |||||||||||||||||
Residential | 2,583 | 2,910 | (11.2 | )% | 7,126 | 7,407 | (3.8 | )% | |||||||||
Commercial | 4,291 | 4,525 | (5.2 | )% | 12,058 | 12,376 | (2.6 | )% | |||||||||
Industrial | 671 | 696 | (3.6 | )% | 1,856 | 1,948 | (4.7 | )% | |||||||||
Total – Traditional | 7,545 | 8,131 | (7.2 | )% | 21,040 | 21,731 | (3.2 | )% | |||||||||
Decoupled: | |||||||||||||||||
Residential | 2,972 | 3,398 | (12.5 | )% | 8,334 | 8,750 | (4.8 | )% | |||||||||
Commercial | 2,849 | 3,039 | (6.3 | )% | 8,003 | 8,315 | (3.8 | )% | |||||||||
Industrial | 730 | 776 | (5.9 | )% | 2,054 | 2,170 | (5.3 | )% | |||||||||
Total – Decoupled | 6,551 | 7,213 | (9.2 | )% | 18,391 | 19,235 | (4.4 | )% | |||||||||
Total Sales Volumes | 14,096 | 15,344 | (8.1 | )% | 39,431 | 40,966 | (3.7 | )% |
For the Three Months Ended September 30, 2017 Compared to 2016 | For the Nine Months Ended September 30, 2017 Compared to 2016 | ||||||||||||||||
Sales Volumes (MMcf) | Percentage | Sales Volumes (MMcf) | Percentage | ||||||||||||||
Firm Natural Gas | 2017 | 2016 | Increase/(Decrease) | 2017 | 2016 | Increase/(Decrease) | |||||||||||
Traditional: | |||||||||||||||||
Residential | 1,036 | 956 | 8.4 | % | 10,138 | 10,109 | 0.3 | % | |||||||||
Commercial | 2,482 | 2,350 | 5.6 | % | 14,432 | 13,864 | 4.1 | % | |||||||||
Industrial | 2,032 | 1,964 | 3.5 | % | 7,663 | 7,597 | 0.9 | % | |||||||||
Total – Traditional | 5,550 | 5,270 | 5.3 | % | 32,233 | 31,570 | 2.1 | % | |||||||||
Decoupled: | |||||||||||||||||
Residential | 1,244 | 1,308 | (4.9 | )% | 14,593 | 13,848 | 5.4 | % | |||||||||
Commercial | 2,314 | 2,147 | 7.8 | % | 15,072 | 15,019 | 0.4 | % | |||||||||
Industrial | 1,270 | 990 | 28.3 | % | 4,293 | 4,163 | 3.1 | % | |||||||||
Total – Decoupled | 4,828 | 4,445 | 8.6 | % | 33,958 | 33,030 | 2.8 | % | |||||||||
Special Contracts (1) | 1,147 | 1,208 | (5.0 | )% | 3,495 | 3,507 | (0.3 | )% | |||||||||
Total – Decoupled and Special Contracts | 5,975 | 5,653 | 5.7 | % | 37,453 | 36,537 | 2.5 | % | |||||||||
Total Sales Volumes | 11,525 | 10,923 | 5.5 | % | 69,686 | 68,107 | 2.3 | % |
Borrowings Outstanding as of | Available Borrowing Capacity as of | Weighted-Average Interest Rate as of | |||||||||||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||
Eversource Parent Commercial Paper Program | $ | 351.5 | $ | 1,224.9 | $ | 1,098.5 | $ | 225.1 | 0.18 | % | 1.98 | % | |||||||||
NSTAR Electric Commercial Paper Program | 142.0 | 10.5 | 508.0 | 639.5 | 0.12 | % | 1.63 | % |
(Millions of Dollars) | Issuance/(Repayment) | Issue Date or Repayment Date | Maturity Date | Use of Proceeds for Issuance/ Repayment Information | |||||
NSTAR Electric: | |||||||||
3.95% 2020 Debentures | $ | 400.0 | March 2020 | April 2030 | Refinanced investments in eligible green expenditures, which were previously financed in 2018 and 2019 | ||||
5.10% Series E Senior Notes | (95.0 | ) | March 2020 | March 2020 | Paid at maturity | ||||
Other: | |||||||||
Eversource Parent 3.45% Series P Senior Notes | 350.0 | January 2020 | January 2050 | Paid short-term borrowings | |||||
NSTAR Gas 4.46% Series N First Mortgage Bonds | (125.0 | ) | January 2020 | January 2020 | Paid at maturity | ||||
Yankee Gas 4.87% Series K First Mortgage Bonds | (50.0 | ) | April 2020 | April 2020 | Paid at maturity | ||||
NSTAR Gas 2.33% Series R First Mortgage Bonds | 75.0 | May 2020 | May 2025 | Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes | |||||
NSTAR Gas 3.15% Series S First Mortgage Bonds | 115.0 | May 2020 | May 2050 | Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes |
For the Nine Months Ended September 30, | For the Six Months Ended June 30, | |||||||||||||
(Millions of Dollars) | 2017 | 2016 | 2020 | 2019 | ||||||||||
CL&P | $ | 300.7 | $ | 211.8 | $ | 192.7 | $ | 220.6 | ||||||
NSTAR Electric | 108.5 | 162.6 | 159.9 | 166.4 | ||||||||||
PSNH | 87.4 | 80.2 | 104.7 | 59.6 | ||||||||||
WMECO | 70.9 | 75.7 | ||||||||||||
NPT | 32.1 | 28.4 | — | 9.7 | ||||||||||
Total Electric Transmission Segment | $ | 599.6 | $ | 558.7 | $ | 457.3 | $ | 456.3 |
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | Total Electric | Natural Gas | Total Electric and Natural Gas Distribution Segment | ||||||||||||||||||||
2017 | |||||||||||||||||||||||||||
Basic Business | $ | 161.8 | $ | 110.3 | $ | 52.5 | $ | 16.4 | $ | 341.0 | $ | 51.3 | $ | 392.3 | |||||||||||||
Aging Infrastructure | 127.4 | 49.6 | 63.9 | 16.3 | 257.2 | 149.6 | 406.8 | ||||||||||||||||||||
Load Growth (1) | 41.0 | 53.2 | 14.1 | (1.5 | ) | 106.8 | 30.6 | 137.4 | |||||||||||||||||||
Total Distribution | 330.2 | 213.1 | 130.5 | 31.2 | 705.0 | 231.5 | 936.5 | ||||||||||||||||||||
Generation (2) | — | 24.6 | 6.7 | 20.9 | 52.2 | — | 52.2 | ||||||||||||||||||||
Total Electric and Natural Gas Distribution Segment | $ | 330.2 | $ | 237.7 | $ | 137.2 | $ | 52.1 | $ | 757.2 | $ | 231.5 | $ | 988.7 | |||||||||||||
2016 | |||||||||||||||||||||||||||
Basic Business | $ | 127.0 | $ | 87.7 | $ | 46.8 | $ | 10.7 | $ | 272.2 | $ | 48.9 | $ | 321.1 | |||||||||||||
Aging Infrastructure | 97.4 | 57.8 | 61.9 | 17.6 | 234.7 | 103.0 | 337.7 | ||||||||||||||||||||
Load Growth (1) | 31.9 | 48.1 | 11.8 | (2.5 | ) | 89.3 | 28.3 | 117.6 | |||||||||||||||||||
Total Distribution | 256.3 | 193.6 | 120.5 | 25.8 | 596.2 | 180.2 | 776.4 | ||||||||||||||||||||
Generation | — | — | 8.5 | — | 8.5 | — | 8.5 | ||||||||||||||||||||
Total Electric and Natural Gas Distribution Segment | $ | 256.3 | $ | 193.6 | $ | 129.0 | $ | 25.8 | $ | 604.7 | $ | 180.2 | $ | 784.9 |
For the Six Months Ended June 30, | |||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | Total Electric | Natural Gas | Water | Total | ||||||||||||||||||||
2020 | |||||||||||||||||||||||||||
Basic Business | $ | 92.8 | $ | 101.9 | $ | 22.1 | $ | 216.8 | $ | 38.3 | $ | 4.9 | $ | 260.0 | |||||||||||||
Aging Infrastructure | 91.0 | 113.6 | 45.0 | 249.6 | 175.8 | 49.6 | 475.0 | ||||||||||||||||||||
Load Growth and Other | 36.2 | 51.0 | 8.1 | 95.3 | 23.4 | 0.4 | 119.1 | ||||||||||||||||||||
Total Distribution | 220.0 | 266.5 | 75.2 | 561.7 | 237.5 | 54.9 | 854.1 | ||||||||||||||||||||
Solar | — | 1.0 | — | 1.0 | — | — | 1.0 | ||||||||||||||||||||
Total | $ | 220.0 | $ | 267.5 | $ | 75.2 | $ | 562.7 | $ | 237.5 | $ | 54.9 | $ | 855.1 | |||||||||||||
2019 | |||||||||||||||||||||||||||
Basic Business | $ | 142.9 | $ | 142.4 | $ | 19.1 | $ | 304.4 | $ | 29.4 | $ | 5.6 | $ | 339.4 | |||||||||||||
Aging Infrastructure | 96.0 | 96.6 | 52.7 | 245.3 | 125.8 | 42.9 | 414.0 | ||||||||||||||||||||
Load Growth and Other | 32.0 | 28.6 | 7.1 | 67.7 | 26.3 | 0.9 | 94.9 | ||||||||||||||||||||
Total Distribution | 270.9 | 267.6 | 78.9 | 617.4 | 181.5 | 49.4 | 848.3 | ||||||||||||||||||||
Solar | — | 4.8 | — | 4.8 | — | — | 4.8 | ||||||||||||||||||||
Total | $ | 270.9 | $ | 272.4 | $ | 78.9 | $ | 622.2 | $ | 181.5 | $ | 49.4 | $ | 853.1 |
Wind Project | State Servicing | Size (MW) | Term (Years) | Price per MWh | Pricing Terms | Contract Status |
Revolution Wind | Rhode Island | 400 | 20 | $98.43 | Fixed price contract; no price escalation | Approved |
Revolution Wind | Connecticut | 304 | 20 | (1) | Fixed price contracts; no price escalation | Approved |
South Fork Wind | New York (LIPA) | 90 | 20 | $160.33 | 2 percent average price escalation | Approved |
South Fork Wind | New York (LIPA) | 40 | 20 | $86.25 | 2 percent average price escalation | (3) |
Sunrise Wind | New York (NYSERDA) | 880 | 25 | $110.37 (2) | Fixed price contract; no price escalation | Approved |
(1) | The pricing for the Revolution Wind contracts in Connecticut has not been publicly disclosed. |
(2) | Index Offshore Wind Renewable Energy Certificate (OREC) strike price. |
(3) | The Long Island Power Authority (LIPA) agreed to expand the original 20-year PPA from 90 MW to 130 MW through an amendment to the original agreement. Negotiations are currently underway, and a final amendment is expected in 2020. |
Complaint | 15-Month Time Period of Complaint (Beginning as of Complaint Filing Date) | Original Base ROE Authorized by FERC at Time of Complaint Filing Date (1) | Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (1) | Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | FERC ALJ Recommendation of Base ROE on Second and Third Complaints (Issued March 22, 2016) | |
First | 10/1/2011 - 12/31/2012 | 11.14% | 10.57% | $— | (2) | N/A |
Second | 12/27/2012 - 3/26/2014 | 11.14% | N/A | 39.1 | (3) | 9.59% |
Third | 7/31/2014 - 10/30/2015 | 11.14% | 10.57% | — | 10.90% | |
Fourth | 4/29/2016 - 7/28/2017 | 10.57% | 10.57% | — | N/A |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | 2017 | 2016 | Increase/ (Decrease) | Percent | 2020 | 2019 | Increase/ (Decrease) | 2020 | 2019 | Increase/ (Decrease) | ||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,988.5 | $ | 2,039.7 | $ | (51.2 | ) | (2.5 | )% | $ | 5,856.5 | $ | 5,862.5 | $ | (6.0 | ) | (0.1 | )% | $ | 1,953.1 | $ | 1,884.5 | $ | 68.6 | $ | 4,326.9 | $ | 4,300.3 | $ | 26.6 | ||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Power, Fuel and Transmission | 651.8 | 665.8 | (14.0 | ) | (2.1 | ) | 1,955.1 | 2,001.9 | (46.8 | ) | (2.3 | ) | 630.1 | 620.9 | 9.2 | 1,506.7 | 1,595.8 | (89.1 | ) | |||||||||||||||||||||||||||||||||
Operations and Maintenance | 300.4 | 324.7 | (24.3 | ) | (7.5 | ) | 933.4 | 965.6 | (32.2 | ) | (3.3 | ) | 332.1 | 328.0 | 4.1 | 674.1 | 663.6 | 10.5 | ||||||||||||||||||||||||||||||||||
Depreciation | 194.5 | 181.3 | 13.2 | 7.3 | 571.2 | 531.8 | 39.4 | 7.4 | 240.5 | 219.1 | 21.4 | 476.7 | 434.0 | 42.7 | ||||||||||||||||||||||||||||||||||||||
Amortization of Regulatory Assets, Net | 41.8 | 43.9 | (2.1 | ) | (4.8 | ) | 58.1 | 56.2 | 1.9 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||
Amortization | 23.4 | 38.9 | (15.5 | ) | 73.2 | 109.9 | (36.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Energy Efficiency Programs | 129.2 | 149.1 | (19.9 | ) | (13.3 | ) | 391.8 | 406.0 | (14.2 | ) | (3.5 | ) | 115.4 | 105.8 | 9.6 | 263.7 | 246.0 | 17.7 | ||||||||||||||||||||||||||||||||||
Taxes Other Than Income Taxes | 168.2 | 165.0 | 3.2 | 1.9 | 479.6 | 479.2 | 0.4 | 0.1 | 178.0 | 181.2 | (3.2 | ) | 359.7 | 365.7 | (6.0 | ) | ||||||||||||||||||||||||||||||||||||
Impairment of Northern Pass Transmission | — | 239.6 | (239.6 | ) | — | 239.6 | (239.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total Operating Expenses | 1,485.9 | 1,529.8 | (43.9 | ) | (2.9 | ) | 4,389.2 | 4,440.7 | (51.5 | ) | (1.2 | ) | 1,519.5 | 1,733.5 | (214.0 | ) | 3,354.1 | 3,654.6 | (300.5 | ) | ||||||||||||||||||||||||||||||||
Operating Income | 502.6 | 509.9 | (7.3 | ) | (1.4 | ) | 1,467.3 | 1,421.8 | 45.5 | 3.2 | 433.6 | 151.0 | 282.6 | 972.8 | 645.7 | 327.1 | ||||||||||||||||||||||||||||||||||||
Interest Expense | 108.7 | 99.9 | 8.8 | 8.8 | 319.5 | 298.6 | 20.9 | 7.0 | 134.2 | 132.7 | 1.5 | 268.9 | 264.5 | 4.4 | ||||||||||||||||||||||||||||||||||||||
Other Income, Net | 21.2 | 13.6 | 7.6 | 55.9 | 56.3 | 23.7 | 32.6 | (a) | 30.2 | 45.9 | (15.7 | ) | 54.3 | 76.9 | (22.6 | ) | ||||||||||||||||||||||||||||||||||||
Income Before Income Tax Expense | 415.1 | 423.6 | (8.5 | ) | (2.0 | ) | 1,204.1 | 1,146.9 | 57.2 | 5.0 | 329.6 | 64.2 | 265.4 | 758.2 | 458.1 | 300.1 | ||||||||||||||||||||||||||||||||||||
Income Tax Expense | 152.8 | 156.4 | (3.6 | ) | (2.3 | ) | 447.9 | 428.2 | 19.7 | 4.6 | 75.5 | 30.8 | 44.7 | 167.4 | 114.2 | 53.2 | ||||||||||||||||||||||||||||||||||||
Net Income | 262.3 | 267.2 | (4.9 | ) | (1.8 | ) | 756.2 | 718.7 | 37.5 | 5.2 | 254.1 | 33.4 | 220.7 | 590.8 | 343.9 | 246.9 | ||||||||||||||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 1.9 | 1.9 | — | — | 5.6 | 5.6 | — | — | 1.9 | 1.9 | — | 3.8 | 3.8 | — | ||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Common Shareholders | $ | 260.4 | $ | 265.3 | $ | (4.9 | ) | (1.8 | )% | $ | 750.6 | $ | 713.1 | $ | 37.5 | 5.3 | % | $ | 252.2 | $ | 31.5 | $ | 220.7 | $ | 587.0 | $ | 340.1 | $ | 246.9 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | 2017 | 2016 | Increase/ (Decrease) | Percent | |||||||||||||||||||||
Electric Distribution | $ | 1,547.1 | $ | 1,623.4 | $ | (76.3 | ) | (4.7 | )% | $ | 4,224.2 | $ | 4,362.6 | $ | (138.4 | ) | (3.2 | )% | |||||||||||
Natural Gas Distribution | 109.2 | 99.2 | 10.0 | 10.1 | 698.8 | 622.3 | 76.5 | 12.3 | |||||||||||||||||||||
Electric Transmission | 328.5 | 306.8 | 21.7 | 7.1 | 970.0 | 892.5 | 77.5 | 8.7 | |||||||||||||||||||||
Other and Eliminations | 3.7 | 10.3 | (6.6 | ) | (64.1 | ) | (36.5 | ) | (14.9 | ) | (21.6 | ) | (a) | ||||||||||||||||
Total Operating Revenues | $ | 1,988.5 | $ | 2,039.7 | $ | (51.2 | ) | (2.5 | )% | $ | 5,856.5 | $ | 5,862.5 | $ | (6.0 | ) | (0.1 | )% |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | Increase/ (Decrease) | Percent | 2017 | 2016 | Increase/ (Decrease) | Percent | ||||||||||||||||
Electric | |||||||||||||||||||||||
Traditional | 7,545 | 8,131 | (586 | ) | (7.2 | )% | 21,040 | 21,731 | (691 | ) | (3.2 | )% | |||||||||||
Decoupled | 6,551 | 7,213 | (662 | ) | (9.2 | ) | 18,391 | 19,235 | (844 | ) | (4.4 | ) | |||||||||||
Total Electric | 14,096 | 15,344 | (1,248 | ) | (8.1 | ) | 39,431 | 40,966 | (1,535 | ) | (3.7 | ) | |||||||||||
Firm Natural Gas | |||||||||||||||||||||||
Traditional | 5,550 | 5,270 | 280 | 5.3 | 32,233 | 31,570 | 663 | 2.1 | |||||||||||||||
Decoupled and Special Contracts | 5,975 | 5,653 | 322 | 5.7 | 37,453 | 36,537 | 916 | 2.5 | |||||||||||||||
Total Firm Natural Gas | 11,525 | 10,923 | 602 | 5.5 | % | 69,686 | 68,107 | 1,579 | 2.3 | % |
Electric | Firm Natural Gas | Water | ||||||||||||||||||||||||
Sales Volumes (GWh) | Percentage Increase/(Decrease) | Sales Volumes (MMcf) | Percentage Increase/(Decrease) | Sales Volumes (MG) | Percentage Increase | |||||||||||||||||||||
Three Months Ended June 30: | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Traditional | 1,789 | 1,757 | 1.8 | % | — | — | — | % | 482 | 459 | 5.0 | % | ||||||||||||||
Decoupled and Special Contracts (1) | 9,658 | 9,853 | (2.0 | )% | 18,506 | 18,191 | 1.7 | % | 5,185 | 4,834 | 7.3 | % | ||||||||||||||
Total Sales Volumes | 11,447 | 11,610 | (1.4 | )% | 18,506 | 18,191 | 1.7 | % | 5,667 | 5,293 | 7.1 | % | ||||||||||||||
Six Months Ended June 30: | ||||||||||||||||||||||||||
Traditional | 3,695 | 3,724 | (0.8 | )% | — | — | — | % | 916 | 910 | 0.7 | % | ||||||||||||||
Decoupled and Special Contracts (1) | 20,123 | 21,037 | (4.3 | )% | 57,568 | 63,358 | (9.1 | )% | 9,557 | 9,212 | 3.7 | % | ||||||||||||||
Total Sales Volumes | 23,818 | 24,761 | (3.8 | )% | 57,568 | 63,358 | (9.1 | )% | 10,473 | 10,122 | 3.5 | % |
(1) | Special contracts are unique to Yankee Gas natural gas distribution customers who take service under such an arrangement and generally specify the amount of distribution revenue to be paid to Yankee Gas regardless of the customers' usage. |
(Millions of Dollars) | Three Months Ended | Six Months Ended | |||||
Electric Distribution | $ | 54.4 | $ | 26.0 | |||
Natural Gas Distribution | 3.5 | (16.8 | ) | ||||
Electric Transmission | 27.1 | 56.2 | |||||
Water Distribution | 1.8 | 3.2 | |||||
Other | 33.0 | 69.5 | |||||
Eliminations | (51.2 | ) | (111.5 | ) | |||
Total Operating Revenues | $ | 68.6 | $ | 26.6 |
Electric Distribution | Natural Gas Distribution | ||||||||||||||
(Millions of Dollars) | Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||
Retail Tariff Tracked Revenues: | |||||||||||||||
Energy supply procurement | $ | (31.3 | ) | $ | (142.3 | ) | $ | (6.9 | ) | $ | (34.9 | ) | |||
Other distribution tracking mechanisms | 26.6 | 25.7 | 12.0 | 22.8 | |||||||||||
Wholesale Market Sales Revenue | 21.1 | 60.7 | (4.3 | ) | (12.9 | ) |
(Millions of Dollars) | Three Months Ended Increase/(Decrease) | Nine Months Ended Increase/(Decrease) | |||||
Electric Distribution | $ | (0.4 | ) | $ | (109.1 | ) | |
Natural Gas Distribution | 7.0 | 50.1 | |||||
Transmission | (20.6 | ) | 12.2 | ||||
Total Purchased Power, Fuel and Transmission | $ | (14.0 | ) | $ | (46.8 | ) |
(Millions of Dollars) | Three Months Ended | Six Months Ended | |||||
Purchased Power Costs | $ | 47.1 | $ | 23.1 | |||
Natural Gas Costs | (10.9 | ) | (45.8 | ) | |||
Transmission Costs | (3.9 | ) | (18.2 | ) | |||
Eliminations | (23.1 | ) | (48.2 | ) | |||
Total Purchased Power, Fuel and Transmission | $ | 9.2 | $ | (89.1 | ) |
(Millions of Dollars) | Three Months Ended | Six Months Ended | |||||
Base Electric Distribution (Non-Tracked Costs): | |||||||
Employee-related expenses, including labor and benefits | $ | (7.4 | ) | $ | (9.8 | ) | |
Operations-related expenses, including vegetation management, storm restoration, vehicles, and outside services | 12.5 | 4.5 | |||||
Shared corporate costs (including computer software depreciation at Eversource Service) | 5.6 | 10.8 | |||||
COVID-19 Costs | 5.5 | 6.7 | |||||
Other non-tracked operations and maintenance | (3.1 | ) | (1.0 | ) | |||
Total Base Electric Distribution (Non-Tracked Costs) | 13.1 | 11.2 | |||||
Base Natural Gas Distribution (Non-Tracked Costs) | 1.2 | 2.4 | |||||
Water Distribution | 0.2 | (0.1 | ) | ||||
Tracked Costs (Electric Distribution, Electric Transmission and Natural Gas Distribution) | (3.4 | ) | 7.3 | ||||
Other and eliminations: | |||||||
Eversource Parent and Other Companies - other operations and maintenance | 18.7 | 45.1 | |||||
Acquisition costs related to our planned purchase of the assets of CMA | 5.4 | 10.3 | |||||
Eliminations | (31.1 | ) | (65.7 | ) | |||
Total Operations and Maintenance | $ | 4.1 | $ | 10.5 |
For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2020 | 2019 | Increase/ (Decrease) | 2020 | 2019 | Increase/ (Decrease) | 2020 | 2019 | Increase/ (Decrease) | ||||||||||||||||||||||||||
Operating Revenues | $ | 1,717.1 | $ | 1,590.1 | $ | 127.0 | $ | 1,394.8 | $ | 1,479.5 | $ | (84.7 | ) | $ | 531.6 | $ | 517.3 | $ | 14.3 | ||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||||
Purchased Power and Transmission | 690.1 | 566.4 | 123.7 | 434.7 | 558.5 | (123.8 | ) | 176.7 | 199.3 | (22.6 | ) | ||||||||||||||||||||||||
Operations and Maintenance | 270.2 | 264.0 | 6.2 | 238.1 | 221.9 | 16.2 | 101.1 | 105.4 | (4.3 | ) | |||||||||||||||||||||||||
Depreciation | 158.2 | 147.8 | 10.4 | 157.9 | 145.6 | 12.3 | 49.1 | 46.2 | 2.9 | ||||||||||||||||||||||||||
Amortization of Regulatory Assets, Net | 0.9 | 48.0 | (47.1 | ) | 46.6 | 45.8 | 0.8 | 31.7 | 19.5 | 12.2 | |||||||||||||||||||||||||
Energy Efficiency Programs | 67.8 | 46.8 | 21.0 | 125.4 | 142.6 | (17.2 | ) | 18.2 | 12.9 | 5.3 | |||||||||||||||||||||||||
Taxes Other Than Income Taxes | 162.8 | 178.5 | (15.7 | ) | 99.4 | 93.1 | 6.3 | 40.1 | 38.0 | 2.1 | |||||||||||||||||||||||||
Total Operating Expenses | 1,350.0 | 1,251.5 | 98.5 | 1,102.1 | 1,207.5 | (105.4 | ) | 416.9 | 421.3 | (4.4 | ) | ||||||||||||||||||||||||
Operating Income | 367.1 | 338.6 | 28.5 | 292.7 | 272.0 | 20.7 | 114.7 | 96.0 | 18.7 | ||||||||||||||||||||||||||
Interest Expense | 76.7 | 72.7 | 4.0 | 64.0 | 56.1 | 7.9 | 29.1 | 28.3 | 0.8 | ||||||||||||||||||||||||||
Other Income, Net | 10.4 | 6.7 | 3.7 | 25.4 | 21.7 | 3.7 | 6.8 | 10.0 | (3.2 | ) | |||||||||||||||||||||||||
Income Before Income Tax Expense | 300.8 | 272.6 | 28.2 | 254.1 | 237.6 | 16.5 | 92.4 | 77.7 | 14.7 | ||||||||||||||||||||||||||
Income Tax Expense | 64.8 | 57.3 | 7.5 | 56.2 | 53.9 | 2.3 | 21.2 | 18.1 | 3.1 | ||||||||||||||||||||||||||
Net Income | $ | 236.0 | $ | 215.3 | $ | 20.7 | $ | 197.9 | $ | 183.7 | $ | 14.2 | $ | 71.2 | $ | 59.6 | $ | 11.6 |
For the Six Months Ended June 30, | |||||||||||
2020 | 2019 | Decrease | Percentage Decrease | ||||||||
CL&P | 9,520 | 9,953 | (433 | ) | (4.4 | )% | |||||
NSTAR Electric | 10,603 | 11,084 | (481 | ) | (4.3 | )% | |||||
PSNH | 3,695 | 3,724 | (29 | ) | (0.8 | )% |
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | ||||||||
Retail Tariff Tracked Revenues: | |||||||||||
Energy supply procurement | $ | (46.1 | ) | $ | (79.1 | ) | $ | (17.1 | ) | ||
CL&P FMCC | 40.8 | — | — | ||||||||
Other distribution tracking mechanisms | 16.0 | (33.2 | ) | 2.1 | |||||||
Wholesale Market Sales Revenue | 78.2 | (14.0 | ) | (3.5 | ) |
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | ||||||||
Purchased Power Costs | $ | 149.0 | $ | (102.3 | ) | $ | (23.6 | ) | |||
Transmission Costs | (17.3 | ) | (5.9 | ) | 5.0 | ||||||
Eliminations | (8.0 | ) | (15.6 | ) | (4.0 | ) | |||||
Total Purchased Power and Transmission | $ | 123.7 | $ | (123.8 | ) | $ | (22.6 | ) |
(Millions of Dollars) | Three Months Ended Increase/(Decrease) | Nine Months Ended Increase/(Decrease) | |||||
Base Electric Distribution: | |||||||
Employee-related expenses, including labor and benefits | $ | (15.0 | ) | $ | (46.2 | ) | |
Bad debt expense | (2.6 | ) | (15.3 | ) | |||
Shared corporate costs (including computer software depreciation at Eversource Service) | 5.4 | 15.0 | |||||
Storm restoration costs | (4.0 | ) | 3.1 | ||||
Boston Harbor civil action settlement charge recorded in the second quarter of 2017 | — | 4.9 | |||||
Other operations and maintenance | 9.1 | 15.7 | |||||
Total Base Electric Distribution | (7.1 | ) | (22.8 | ) | |||
Total Base Natural Gas Distribution: | |||||||
Shared corporate costs (including computer software depreciation at Eversource Service) | 1.2 | 3.6 | |||||
Other operations and maintenance | (4.1 | ) | (1.5 | ) | |||
Total Base Natural Gas Distribution | (2.9 | ) | 2.1 | ||||
Total Tracked costs (Electric Distribution, Electric Transmission and Natural Gas Distribution) | (5.5 | ) | 7.2 | ||||
Other and eliminations: | |||||||
Eversource Parent and Other Companies | (1.1 | ) | 0.8 | ||||
Eliminations | (7.7 | ) | (19.5 | ) | |||
Total Operations and Maintenance | $ | (24.3 | ) | $ | (32.2 | ) |
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | ||||||||
Base Electric Distribution (Non-Tracked Costs): | |||||||||||
Employee-related expenses, including labor and benefits | $ | 0.7 | $ | (7.8 | ) | $ | (2.7 | ) | |||
Operations-related expenses, including vegetation management, storm restoration, vehicles, and outside services | (0.5 | ) | 0.6 | 4.4 | |||||||
Shared corporate costs (including computer software depreciation at Eversource Service) | 4.3 | 5.1 | 1.4 | ||||||||
COVID-19 Costs | 2.8 | 2.8 | 1.1 | ||||||||
Other non-tracked operations and maintenance | (3.3 | ) | 1.4 | 0.9 | |||||||
Total Base Electric Distribution (Non-Tracked Costs) | 4.0 | 2.1 | 5.1 | ||||||||
Tracked Costs: | |||||||||||
Transmission expenses | (4.7 | ) | 3.9 | (1.3 | ) | ||||||
Other tracked operations and maintenance | 6.9 | 10.2 | (8.1 | ) | |||||||
Total Tracked Costs | 2.2 | 14.1 | (9.4 | ) | |||||||
Total Operations and Maintenance | $ | 6.2 | $ | 16.2 | $ | (4.3 | ) |
• | Theincrease at NSTAR Electric was due to higher interest on long-term debt ($7.5 million), an increase in interest expense on regulatory deferrals ($3.5 million), and a decrease in AFUDC related to debt funds ($0.6 million). Partially offsetting these increases was a decrease in interest on notes payable ($2.6 million). |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | 2017 | 2016 | Increase/ (Decrease) | Percent | 2020 | 2019 | Increase/(Decrease) | |||||||||||||||||||||||||||||
Operating Revenues | $ | 774.8 | $ | 760.0 | $ | 14.8 | 1.9 | % | $ | 2,173.6 | $ | 2,175.1 | $ | (1.5 | ) | (0.1 | )% | $ | 817.4 | $ | 740.8 | $ | 76.6 | |||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||
Purchased Power and Transmission | 259.0 | 253.5 | 5.5 | 2.2 | 711.2 | 760.6 | (49.4 | ) | (6.5 | ) | 315.4 | 246.5 | 68.9 | |||||||||||||||||||||||||||
Operations and Maintenance | 123.1 | 123.0 | 0.1 | 0.1 | 359.8 | 356.4 | 3.4 | 1.0 | 134.6 | 133.4 | 1.2 | |||||||||||||||||||||||||||||
Depreciation | 63.7 | 57.7 | 6.0 | 10.4 | 184.3 | 172.2 | 12.1 | 7.0 | 79.7 | 74.6 | 5.1 | |||||||||||||||||||||||||||||
Amortization of Regulatory Assets, Net | 34.6 | 23.4 | 11.2 | 47.9 | 58.8 | 30.3 | 28.5 | 94.1 | ||||||||||||||||||||||||||||||||
Amortization of Regulatory (Liabilities)/Assets, Net | (5.7 | ) | 12.4 | (18.1 | ) | |||||||||||||||||||||||||||||||||||
Energy Efficiency Programs | 37.7 | 44.4 | (6.7 | ) | (15.1 | ) | 106.5 | 118.0 | (11.5 | ) | (9.7 | ) | 32.3 | 20.8 | 11.5 | |||||||||||||||||||||||||
Taxes Other Than Income Taxes | 79.2 | 81.9 | (2.7 | ) | (3.3 | ) | 223.4 | 227.9 | (4.5 | ) | (2.0 | ) | 80.0 | 86.4 | (6.4 | ) | ||||||||||||||||||||||||
Total Operating Expenses | 597.3 | 583.9 | 13.4 | 2.3 | 1,644.0 | 1,665.4 | (21.4 | ) | (1.3 | ) | 636.3 | 574.1 | 62.2 | |||||||||||||||||||||||||||
Operating Income | 177.5 | 176.1 | 1.4 | 0.8 | 529.6 | 509.7 | 19.9 | 3.9 | 181.1 | 166.7 | 14.4 | |||||||||||||||||||||||||||||
Interest Expense | 36.3 | 36.1 | 0.2 | 0.6 | 106.6 | 108.6 | (2.0 | ) | (1.8 | ) | 38.7 | 36.9 | 1.8 | |||||||||||||||||||||||||||
Other Income, Net | 7.5 | 3.7 | 3.8 | (a) | 14.1 | 10.9 | 3.2 | 29.4 | 8.5 | 2.9 | 5.6 | |||||||||||||||||||||||||||||
Income Before Income Tax Expense | 148.7 | 143.7 | 5.0 | 3.5 | 437.1 | 412.0 | 25.1 | 6.1 | 150.9 | 132.7 | 18.2 | |||||||||||||||||||||||||||||
Income Tax Expense | 52.6 | 57.1 | (4.5 | ) | (7.9 | ) | 159.5 | 155.4 | 4.1 | 2.6 | 33.6 | 27.9 | 5.7 | |||||||||||||||||||||||||||
Net Income | $ | 96.1 | $ | 86.6 | $ | 9.5 | 11.0 | % | $ | 277.6 | $ | 256.6 | $ | 21.0 | 8.2 | % | $ | 117.3 | $ | 104.8 | $ | 12.5 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | Decrease | Percent | 2017 | 2016 | Decrease | Percent | ||||||||||||||||
Retail Sales Volumes in GWh | 5,644 | 6,225 | (581 | ) | (9.3 | )% | 15,812 | 16,541 | (729 | ) | (4.4 | )% |
(Millions of Dollars) | |||
Retail Tariff Tracked Revenues | |||
Energy supply procurement | $ | (5.7 | ) |
FMCC | 23.4 | ||
Other distribution tracking mechanisms | 13.4 | ||
Wholesale Market Sales Revenue | 27.2 |
(Millions of Dollars) | Three Months Ended Increase/(Decrease) | Nine Months Ended Increase/(Decrease) | |||||
Purchased Power Costs | $ | 5.7 | $ | (68.1 | ) | ||
Transmission Costs | (0.2 | ) | 18.7 | ||||
Total Purchased Power and Transmission | $ | 5.5 | $ | (49.4 | ) |
(Millions of Dollars) | |||
Purchased Power Costs | $ | 77.8 | |
Transmission Costs | (6.5 | ) | |
Eliminations | (2.4 | ) | |
Total Purchased Power and Transmission | $ | 68.9 |
(Millions of Dollars) | |||
Base Electric Distribution (Non-Tracked Costs): | |||
Operations-related expenses, including vegetation management, vehicles, and outside services | $ | (4.4 | ) |
Storm Restoration Costs | 2.6 | ||
COVID-19 Costs | 2.4 | ||
Other non-tracked operations and maintenance | 1.9 | ||
Total Base Electric Distribution (Non-Tracked Costs) | 2.5 | ||
Total Tracked Costs | (1.3 | ) | |
Total Operations and Maintenance | $ | 1.2 |
For the Nine Months Ended September 30, | ||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | ||||||||||
Operating Revenues | $ | 1,913.5 | $ | 1,986.0 | $ | (72.5 | ) | (3.7 | )% | |||||
Operating Expenses: | ||||||||||||||
Purchased Power and Transmission | 689.8 | 764.9 | (75.1 | ) | (9.8 | ) | ||||||||
Operations and Maintenance | 266.2 | 279.9 | (13.7 | ) | (4.9 | ) | ||||||||
Depreciation | 167.6 | 159.2 | 8.4 | 5.3 | ||||||||||
Amortization of Regulatory Assets, Net | 17.8 | 18.3 | (0.5 | ) | (2.7 | ) | ||||||||
Energy Efficiency Programs | 198.8 | 212.9 | (14.1 | ) | (6.6 | ) | ||||||||
Taxes Other Than Income Taxes | 99.0 | 101.8 | (2.8 | ) | (2.8 | ) | ||||||||
Total Operating Expenses | 1,439.2 | 1,537.0 | (97.8 | ) | (6.4 | ) | ||||||||
Operating Income | 474.3 | 449.0 | 25.3 | 5.6 | ||||||||||
Interest Expense | 70.0 | 62.2 | 7.8 | 12.5 | ||||||||||
Other Income, Net | 8.7 | 7.6 | 1.1 | 14.5 | ||||||||||
Income Before Income Tax Expense | 413.0 | 394.4 | 18.6 | 4.7 | ||||||||||
Income Tax Expense | 161.3 | 154.5 | 6.8 | 4.4 | ||||||||||
Net Income | $ | 251.7 | $ | 239.9 | $ | 11.8 | 4.9 | % |
For the Nine Months Ended September 30, | |||||||||||
2017 | 2016 | Decrease | Percent | ||||||||
Retail Sales Volumes in GWh | 15,204 | 15,746 | (542 | ) | (3.4 | )% |
(Millions of Dollars) | Decrease | ||
Purchased Power Costs | $ | (42.3 | ) |
Transmission Costs | (32.8 | ) | |
Total Purchased Power and Transmission | $ | (75.1 | ) |
For the Nine Months Ended September 30, | ||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | ||||||||||
Operating Revenues | $ | 733.6 | $ | 727.8 | $ | 5.8 | 0.8 | % | ||||||
Operating Expenses: | ||||||||||||||
Purchased Power, Fuel and Transmission | 179.3 | 155.7 | 23.6 | 15.2 | ||||||||||
Operations and Maintenance | 191.2 | 187.2 | 4.0 | 2.1 | ||||||||||
Depreciation | 95.3 | 86.5 | 8.8 | 10.2 | ||||||||||
Amortization of Regulatory (Liabilities)/Assets, Net | (10.7 | ) | 14.5 | (25.2 | ) | (a) | ||||||||
Energy Efficiency Programs | 11.0 | 10.9 | 0.1 | 0.9 | ||||||||||
Taxes Other Than Income Taxes | 67.0 | 64.5 | 2.5 | 3.9 | ||||||||||
Total Operating Expenses | 533.1 | 519.3 | 13.8 | 2.7 | ||||||||||
Operating Income | 200.5 | 208.5 | (8.0 | ) | (3.8 | ) | ||||||||
Interest Expense | 38.7 | 37.4 | 1.3 | 3.5 | ||||||||||
Other Income, Net | 2.9 | 1.0 | 1.9 | (a) | ||||||||||
Income Before Income Tax Expense | 164.7 | 172.1 | (7.4 | ) | (4.3 | ) | ||||||||
Income Tax Expense | 65.1 | 66.3 | (1.2 | ) | (1.8 | ) | ||||||||
Net Income | $ | 99.6 | $ | 105.8 | $ | (6.2 | ) | (5.9 | )% |
For the Nine Months Ended September 30, | |||||||||||
2017 | 2016 | Decrease | Percent | ||||||||
Retail Sales Volumes in GWh | 5,835 | 5,985 | (150 | ) | (2.5 | )% |
(Millions of Dollars) | Increase | ||
Purchased Power and Generation Fuel Costs | $ | 5.1 | |
Transmission Costs | 18.5 | ||
Total Purchased Power, Fuel and Transmission | $ | 23.6 |
For the Nine Months Ended September 30, | ||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | ||||||||||
Operating Revenues | $ | 377.2 | $ | 368.5 | $ | 8.7 | 2.4 | % | ||||||
Operating Expenses: | ||||||||||||||
Purchased Power and Transmission | 109.6 | 104.4 | 5.2 | 5.0 | ||||||||||
Operations and Maintenance | 65.8 | 68.0 | (2.2 | ) | (3.2 | ) | ||||||||
Depreciation | 36.8 | 34.4 | 2.4 | 7.0 | ||||||||||
Amortization of Regulatory Assets/(Liabilities), Net | (0.6 | ) | 3.3 | (3.9 | ) | (a) | ||||||||
Energy Efficiency Programs | 29.7 | 33.6 | (3.9 | ) | (11.6 | ) | ||||||||
Taxes Other Than Income Taxes | 31.4 | 30.4 | 1.0 | 3.3 | ||||||||||
Total Operating Expenses | 272.7 | 274.1 | (1.4 | ) | (0.5 | ) | ||||||||
Operating Income | 104.5 | 94.4 | 10.1 | 10.7 | ||||||||||
Interest Expense | 18.8 | 18.3 | 0.5 | 2.7 | ||||||||||
Other Income, Net | 1.4 | 0.1 | 1.3 | (a) | ||||||||||
Income Before Income Tax Expense | 87.1 | 76.2 | 10.9 | 14.3 | ||||||||||
Income Tax Expense | 34.7 | 30.1 | 4.6 | 15.3 | ||||||||||
Net Income | $ | 52.4 | $ | 46.1 | $ | 6.3 | 13.7 | % |
For the Nine Months Ended September 30, | |||||||||||
2017 | 2016 | Decrease | Percent | ||||||||
Retail Sales Volumes in GWh | 2,579 | 2,695 | (116 | ) | (4.3 | )% |
(Millions of Dollars) | Increase/(Decrease) | ||
Purchased Power Costs | $ | (2.6 | ) |
Transmission Costs | 7.8 | ||
Total Purchased Power and Transmission | $ | 5.2 |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
• | Cybersecurity attacks: We have seen a consistent volume of perimeter scanning for vulnerabilities throughout the COVID-19 time frame, which is higher than pre-COVID-19 volumes. This scanning can be leveraged to compromise a system. We have also seen increased phishing attempts targeted at our employees by outside parties to gain control of our systems and network. We continue to implement strong cybersecurity measures and have increased the education of our employees and contractors to ensure that our systems remain functional in order to both serve our operational needs with a remote workforce and to ensure uninterrupted service to our customers. We also continuously review and update our response plans to include responding to an event while in a remote work environment. |
• | Access to, or cost of, capital resources: We utilize the commercial paper market extensively for our short-term borrowing needs. At the onset of the pandemic in the United States, there had been reduced liquidity in the commercial paper credit market. However, federal legislative actions, as well as increased liquidity and the reduction in the federal funds rate by the Federal Reserve, have enabled the credit markets to function. We continue to monitor the ability for us to access the global capital and credit markets; however, if we are unable to access these markets, then our financial condition may be adversely affected. |
• | Actions of regulators: We continue to work closely with our state regulatory commissions and consumer advocates on several customer assistance measures, including more flexible and new payment plan options in order to mitigate the impact on customer rates in the future, as well as financial hardship and arrearage management programs for those customers who are unable to pay their utility bills. We developed these long-term solutions for customers in order to help minimize the extent of the impact of COVID-19 on customer receivable balances and customers’ affordability in light of the adverse financial impact they may experience. We believe that we are developing successful mechanisms with our state regulatory commissions to recover our costs associated with COVID-19, while balancing the impact on our customers’ bills. |
• | Timing of strategic development opportunities: The successful execution of our timeline for developing our offshore wind projects is based on several factors, including state and federal siting and permitting approvals. Between March 2020 and June 2020, COVID-19-related work restrictions prohibited work in New York and within New York jurisdictional waters. Those restrictions delayed offshore site investigations, and onshore environmental and geotechnical surveys, which could adversely impact our project siting and permit filing timelines. On April 8, 2020, the state of New York Administrative Law Judge granted a change to the start of the South Fork Wind evidentiary hearing schedule to September 30, 2020, due to ongoing COVID-19 work and travel restrictions. Although we are unable to predict the impact of those delays on our offshore wind projects at this time, we are currently developing mitigation plans to address permitting delays due to COVID-19 restrictions on our offshore wind projects. Similarly, we are unable to assess the potential impact that a reintroduction of these work restrictions in response to a future increase in COVID-19 infections would have on our projects. |
• | Suppliers and Vendors: We have instituted measures to ensure our supply chain remains open to us; however, there could be global shortages that will impact our maintenance, capital programs, and storm response that we currently cannot anticipate. |
• | Loss of key personnel: We continue to adjust our pandemic plan to address various scenarios including reduced workforce levels and limited mutual aid in the event of a significant storm event. We have implemented remote work arrangements for our workforce by enabling nearly half of our employees to work from home and taking extra precautions for our field-based employees. We have taken significant safety measures to ensure adequate social distancing for our field crews to safely provide essential services to our customers. We have also adopted protocols to ensure the safety and health of those employees who work onsite in critical facilities. We continue to monitor COVID-19 developments affecting our workforce and will take additional precautions that we determine are necessary in order to mitigate the impacts. Although to date our workforce continues to be able to safely and reliably deliver our critical services to customers, we are unable to predict the extent of the impact of COVID-19 on our employees. |
• | Impact to Benefit Plans: As of June 30, 2020, under the Pension Protection Act, the funded status of our pension plan was approximately 99 percent. The pension and PBOP plans' funded status is highly dependent on benefit plan asset returns, interest rates, and discount rates, all of which could be materially impacted by an extended economic slowdown. Should these financial metrics be negatively impacted by COVID-19 as of December 31, 2020, it could result in the underperformance of our pension and PBOP plan investments, an increase in pension and PBOP obligations and employee benefit plan costs, and in a minimum pension funding requirement due by March 31, 2022 for the 2021 Plan year. We continue to monitor federal legislative pension developments that could provide additional pension funding relief. |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans and Programs (at month end) | |||||
July 1 - July 31, 2017 | 99,090 | $ | 60.76 | — | — | ||||
August 1 - August 31, 2017 | 4,802 | 62.08 | — | — | |||||
September 1 - September 30, 2017 | 74,148 | 60.77 | — | — | |||||
Total | 178,040 | $ | 60.80 | — | — |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans and Programs (at month end) | |||||
April 1 - April 30, 2020 | — | $ | — | — | — | ||||
May 1 - May 31, 2020 | 108 | 75.69 | — | — | |||||
June 1 - June 30, 2020 | 2,309 | 83.35 | — | — | |||||
Total | 2,417 | $ | 83.01 | — | — |
ITEM 6. | EXHIBITS |
Exhibit No. | Description | ||
Listing of Exhibits (Eversource) | |||
31 | |||
Certification by the Chief Executive Officer of Eversource Energy pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Listing of Exhibits (CL&P) | |||
31 | |||
Certification by the Chairman of The Connecticut Light and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Listing of Exhibits (NSTAR Electric Company) | |||
31 | |||
Certification by the Chairman of NSTAR Electric Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Listing of Exhibits (PSNH) | |||
31 | |||
Certification by the Chairman of Public Service Company of New Hampshire pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Listing of Exhibits (Eversource, CL&P, NSTAR Electric, | |||
PSNH) | |||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document | ||
101.SCH | Inline XBRL Taxonomy Extension Schema | ||
101.CAL | Inline XBRL Taxonomy Extension Calculation | ||
101.DEF | Inline XBRL Taxonomy Extension Definition | ||
101.LAB | Inline XBRL Taxonomy Extension Labels | ||
101.PRE | Inline XBRL Taxonomy Extension Presentation | ||
104 | The cover page from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in Inline XBRL |
EVERSOURCE ENERGY | |||
By: | /s/ Jay S. Buth | ||
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
THE CONNECTICUT LIGHT AND POWER COMPANY | |||
By: | /s/ Jay S. Buth | ||
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
NSTAR ELECTRIC COMPANY | |||
By: | /s/ Jay S. Buth | ||
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE | |||
By: | /s/ Jay S. Buth | ||
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |