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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities:
 
As of September 30, 2016
 
As of December 31, 2015
(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
$
2.6

 
$
(0.2
)
 
$
2.4

 
$
—

 
$
—

 
$
—

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Eversource
15.7

 
(10.4
)
 
5.3

 
16.7

 
(10.9
)
 
5.8

CL&P
15.3

 
(10.4
)
 
4.9

 
16.7

 
(10.9
)
 
5.8

NSTAR Electric
0.4

 
—

 
0.4

 
—

 
—

 
—

Long-Term Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
Level 2:
 
 
 
 
 
 
 
 
 
 
 
Eversource
$
—

 
$
—

 
$
—

 
$
0.1

 
$
—

 
$
0.1

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Eversource
79.3

 
(13.8
)
 
65.5

 
62.0

 
(19.3
)
 
42.7

CL&P
79.3

 
(13.8
)
 
65.5

 
60.7

 
(19.3
)
 
41.4

NSTAR Electric
—

 
—

 
—

 
1.3

 
—

 
1.3

Current Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Level 2:
 
 
 
 
 
 
 
 
 
 
 
Eversource
$
—

 
$
—

 
$
—

 
$
(5.8
)
 
$
—

 
$
(5.8
)
Level 3:
 
 
 
 
 
 
 
 
 
 
 
Eversource
(87.1
)
 
—

 
(87.1
)
 
(92.3
)
 
—

 
(92.3
)
CL&P
(85.3
)
 
—

 
(85.3
)
 
(91.8
)
 
—

 
(91.8
)
NSTAR Electric
(1.8
)
 
—

 
(1.8
)
 
(0.5
)
 
—

 
(0.5
)
Long-Term Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Level 3:
 
 
 
 
 
 
 
 
 
 
 
Eversource
$
(427.4
)
 
$
—

 
$
(427.4
)
 
$
(337.1
)
 
$
—

 
$
(337.1
)
CL&P
(426.1
)
 
—

 
(426.1
)
 
(336.2
)
 
—

 
(336.2
)
NSTAR Electric
(1.3
)
 
—

 
(1.3
)
 
(0.9
)
 
—

 
(0.9
)

(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.
Fair Value Inputs, Liabilities, Quantitative Information
The following is a summary of Eversource’s, including CL&P’s and NSTAR Electric’s, Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:
 
As of September 30, 2016
 
As of December 31, 2015
 
Range
 
Period Covered
 
Range
 
Period Covered
Capacity Prices:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eversource
$
5.50

 
—
 
9.75

 
per kW-Month
 
2020 - 2026
 
$
10.81

 
—
 
15.82

 
per kW-Month
 
2016 - 2026
CL&P
$
5.50

 
—
 
9.75

 
per kW-Month
 
2020 - 2026
 
$
10.81

 
—
 
12.60

 
per kW-Month
 
2019 - 2026
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward Reserve:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eversource, CL&P
$
1.40

 
—
 
2.00

 
per kW-Month
 
2016 - 2024
 
$2.00
 
per kW-Month
 
2016 - 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REC Prices:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eversource, NSTAR Electric
$
29

 
—
 
37

 
per REC
 
2016 - 2018
 
$
45

 
—
 
51

 
per REC
 
2016 - 2018
Rollforward Of Net Derivative Asset Liabilities Valued Using Unobservable Inputs
The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis.  The derivative assets and liabilities are presented on a net basis.
 
For the Three Months Ended September 30,
 
2016
 
2015
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR  
Electric
 
Eversource
 
CL&P
 
NSTAR  
Electric
Derivatives, Net:
 
 
 
 
 
 
 
 
 
 
 
Fair Value as of Beginning of Period
$
(412.6
)
 
$
(411.3
)
 
$
(1.3
)
 
$
(422.4
)
 
$
(420.2
)
 
$
(2.2
)
Net Realized/Unrealized Gains/(Losses) Included in Regulatory Assets and Liabilities
(52.3
)
 
(49.8
)
 
(2.5
)
 
(6.0
)
 
(7.6
)
 
1.6

Settlements
21.2

 
20.1

 
1.1

 
21.4

 
20.9

 
0.5

Fair Value as of End of Period
$
(443.7
)
 
$
(441.0
)
 
$
(2.7
)
 
$
(407.0
)
 
$
(406.9
)
 
$
(0.1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30,
 
2016
 
2015
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR  
Electric
 
Eversource
 
CL&P
 
NSTAR  
Electric
Derivatives, Net:
 
 
 
 
 
 
 
 
 
 
 
Fair Value as of Beginning of Period
$
(380.9
)
 
$
(380.8
)
 
$
(0.1
)
 
$
(415.4
)
 
$
(410.9
)
 
$
(4.5
)
Net Realized/Unrealized Gains/(Losses) Included in Regulatory Assets and Liabilities
(128.9
)
 
(122.0
)
 
(6.9
)
 
(55.3
)
 
(56.6
)
 
1.3

Settlements
66.1

 
61.8

 
4.3

 
63.7

 
60.6

 
3.1

Fair Value as of End of Period
$
(443.7
)
 
$
(441.0
)
 
$
(2.7
)
 
$
(407.0
)
 
$
(406.9
)
 
$
(0.1
)