UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 | ||
FORM | ||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the Quarterly Period Ended | ||
or | ||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the transition period from ____________ to ____________ |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
No | ||
☒ | ☐ |
No | ||
☒ | ☐ |
Eversource Energy | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company | |||
The Connecticut Light and Power Company | Large accelerated filer | ☐ | Accelerated filer | ☐ | ☒ | Smaller reporting company | Emerging growth company | |||
NSTAR Electric Company | Large accelerated filer | ☐ | Accelerated filer | ☐ | ☒ | Smaller reporting company | Emerging growth company | |||
Public Service Company of New Hampshire | Large accelerated filer | ☐ | Accelerated filer | ☐ | ☒ | Smaller reporting company | Emerging growth company |
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 July 31, 2020 | ||
Eversource Energy Common Shares, $5.00 par value | shares | ||
The Connecticut Light and Power Company Common Stock, $10.00 par value | shares | ||
NSTAR Electric Company Common Stock, $1.00 par value | shares | ||
Public Service Company of New Hampshire Common Stock, $1.00 par value | 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), the consolidated operations of CYAPC and YAEC, and Eversource parent's equity ownership interests that are not consolidated |
CL&P | The Connecticut Light and Power Company |
NSTAR Electric | NSTAR Electric Company |
PSNH | Public Service Company of New Hampshire |
PSNH Funding | PSNH Funding LLC 3, a bankruptcy remote, special purpose, wholly-owned subsidiary of PSNH |
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 | Bay State Wind LLC, an offshore wind business being developed jointly by Eversource and Denmark-based Ørsted, which holds the Sunrise Wind project |
North East Offshore | North East Offshore, LLC, an offshore wind business holding company being developed jointly by Eversource and Denmark-based Ørsted, which holds the Revolution Wind and South Fork Wind projects |
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 regulated companies are comprised of the electric distribution and transmission businesses of CL&P, NSTAR Electric and PSNH, the natural gas distribution businesses of Yankee Gas and NSTAR Gas, NPT, Aquarion, and the solar power facilities of 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 |
AOCI | Accumulated Other Comprehensive Income |
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 2019 Form 10-K | The Eversource Energy and Subsidiaries 2019 combined Annual Report on Form 10-K as filed with the SEC |
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 |
MG | Million gallons |
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 | Power purchase agreement |
RECs | Renewable Energy Certificates |
Regulatory ROE | The average cost of capital method for calculating the return on equity related to the distribution business segment excluding the wholesale transmission segment |
ROE | Return on Equity |
RRBs | Rate Reduction Bonds or Rate Reduction Certificates |
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 | ||
Public Service Company of New Hampshire and Subsidiaries (Unaudited) | ||
Condensed Consolidated Statements of Common Stockholder's Equity | ||
PART II – OTHER INFORMATION | ||
(Thousands of Dollars) | As of June 30, 2020 | As of December 31, 2019 | |||||
ASSETS | |||||||
Current Assets: | |||||||
Cash | $ | $ | |||||
Receivables, Net (net of allowance for uncollectible accounts of $270,047 and $224,821 as of June 30, 2020 and December 31, 2019, respectively) | |||||||
Unbilled Revenues | |||||||
Fuel, Materials, Supplies and REC Inventory | |||||||
Regulatory Assets | |||||||
Prepayments and Other Current Assets | |||||||
Total Current Assets | |||||||
Property, Plant and Equipment, Net | |||||||
Deferred Debits and Other Assets: | |||||||
Regulatory Assets | |||||||
Goodwill | |||||||
Investments in Unconsolidated Affiliates | |||||||
Marketable Securities | |||||||
Other Long-Term Assets | |||||||
Total Deferred Debits and Other Assets | |||||||
Total Assets | $ | $ | |||||
LIABILITIES AND CAPITALIZATION | |||||||
Current Liabilities: | |||||||
Notes Payable | $ | $ | |||||
Long-Term Debt – Current Portion | |||||||
Rate Reduction Bonds – Current Portion | |||||||
Accounts Payable | |||||||
Regulatory Liabilities | |||||||
Other Current Liabilities | |||||||
Total Current Liabilities | |||||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated Deferred Income Taxes | |||||||
Regulatory Liabilities | |||||||
Derivative Liabilities | |||||||
Asset Retirement Obligations | |||||||
Accrued Pension, SERP and PBOP | |||||||
Other Long-Term Liabilities | |||||||
Total Deferred Credits and Other Liabilities | |||||||
Long-Term Debt | |||||||
Rate Reduction Bonds | |||||||
Noncontrolling Interest – Preferred Stock of Subsidiaries | |||||||
Common Shareholders' Equity: | |||||||
Common Shares | |||||||
Capital Surplus, Paid In | |||||||
Retained Earnings | |||||||
Accumulated Other Comprehensive Loss | ( | ) | ( | ) | |||
Treasury Stock | ( | ) | ( | ) | |||
Common Shareholders' Equity | |||||||
Commitments and Contingencies (Note 9) | |||||||
Total Liabilities and Capitalization | $ | $ |
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 | $ | $ | $ | $ | |||||||||||
Operating Expenses: | |||||||||||||||
Purchased Power, Fuel and Transmission | |||||||||||||||
Operations and Maintenance | |||||||||||||||
Depreciation | |||||||||||||||
Amortization | |||||||||||||||
Energy Efficiency Programs | |||||||||||||||
Taxes Other Than Income Taxes | |||||||||||||||
Impairment of Northern Pass Transmission | |||||||||||||||
Total Operating Expenses | |||||||||||||||
Operating Income | |||||||||||||||
Interest Expense | |||||||||||||||
Other Income, Net | |||||||||||||||
Income Before Income Tax Expense | |||||||||||||||
Income Tax Expense | |||||||||||||||
Net Income | |||||||||||||||
Net Income Attributable to Noncontrolling Interests | |||||||||||||||
Net Income Attributable to Common Shareholders | $ | $ | $ | $ | |||||||||||
Basic and Diluted Earnings Per Common Share | $ | $ | $ | $ | |||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic | |||||||||||||||
Diluted |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Thousands of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net Income | $ | $ | $ | $ | |||||||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | |||||||||||||||
Changes in Unrealized Gains on Marketable Securities | |||||||||||||||
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | ( | ) | |||||||||||||
Other Comprehensive Income, Net of Tax | |||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interests | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Comprehensive Income Attributable to Common Shareholders | $ | $ | $ | $ |
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 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||
Net Income | ||||||||||||||||||||
Dividends on Common Shares - $0.5675 Per Share | ( | ) | ( | ) | ||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||
Issuance of Common Shares - $5 par value | ||||||||||||||||||||
Long-Term Incentive Plan Activity | ( | ) | ( | ) | ||||||||||||||||
Issuance of Treasury Shares | ||||||||||||||||||||
Capital Stock Expense | ( | ) | ( | ) | ||||||||||||||||
Adoption of New Accounting Standard (See Note 1B) | ( | ) | ( | ) | ||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||
Balance as of March 31, 2020 | ( | ) | ( | ) | ||||||||||||||||
Net Income | ||||||||||||||||||||
Dividends on Common Shares - $0.5675 Per Share | ( | ) | ( | ) | ||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||
Issuance of Common Shares - $5 par value | ||||||||||||||||||||
Long-Term Incentive Plan Activity | ||||||||||||||||||||
Issuance of Treasury Shares | ||||||||||||||||||||
Capital Stock Expense | ( | ) | ( | ) | ||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ |
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 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||
Net Income | ||||||||||||||||||||
Dividends on Common Shares - $0.535 Per Share | ( | ) | ( | ) | ||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||
Long-Term Incentive Plan Activity | ( | ) | ( | ) | ||||||||||||||||
Issuance of Treasury Shares | ||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||
Balance as of March 31, 2019 | ( | ) | ( | ) | ||||||||||||||||
Net Income | ||||||||||||||||||||
Dividends on Common Shares - $0.535 Per Share | ( | ) | ( | ) | ||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||
Issuance of Common Shares - $5 par value | ||||||||||||||||||||
Long-Term Incentive Plan Activity | ||||||||||||||||||||
Issuance of Treasury Shares | ||||||||||||||||||||
Capital Stock Expense | ( | ) | ( | ) | ||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||
Balance as of June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ |
For the Six Months Ended June 30, | |||||||
(Thousands of Dollars) | 2020 | 2019 | |||||
Operating Activities: | |||||||
Net Income | $ | $ | |||||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | |||||||
Deferred Income Taxes | |||||||
Uncollectible Expense | |||||||
Pension, SERP and PBOP Expense, Net | |||||||
Pension and PBOP Contributions | ( | ) | ( | ) | |||
Regulatory (Under)/Over Recoveries, Net | ( | ) | |||||
Amortization | |||||||
Proceeds from DOE Spent Nuclear Fuel Litigation | |||||||
Impairment of Northern Pass Transmission | |||||||
Other | ( | ) | ( | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | ( | ) | |||||
Fuel, Materials, Supplies and REC Inventory | |||||||
Taxes Receivable/Accrued, Net | ( | ) | |||||
Accounts Payable | ( | ) | ( | ) | |||
Other Current Assets and Liabilities, Net | ( | ) | ( | ) | |||
Net Cash Flows Provided by Operating Activities | |||||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | ( | ) | ( | ) | |||
Proceeds from Sales of Marketable Securities | |||||||
Purchases of Marketable Securities | ( | ) | ( | ) | |||
Investments in Unconsolidated Affiliates, Net | ( | ) | ( | ) | |||
Other Investing Activities | |||||||
Net Cash Flows Used in Investing Activities | ( | ) | ( | ) | |||
Financing Activities: | |||||||
Issuance of Common Shares, Net of Issuance Costs | |||||||
Cash Dividends on Common Shares | ( | ) | ( | ) | |||
Cash Dividends on Preferred Stock | ( | ) | ( | ) | |||
Decrease in Notes Payable | ( | ) | ( | ) | |||
Repayment of Rate Reduction Bonds | ( | ) | ( | ) | |||
Issuance of Long-Term Debt | |||||||
Retirement of Long-Term Debt | ( | ) | ( | ) | |||
Other Financing Activities | ( | ) | ( | ) | |||
Net Cash Flows Provided by Financing Activities | |||||||
Net Increase/(Decrease) in Cash and Restricted Cash | ( | ) | |||||
Cash and Restricted Cash - Beginning of Period | |||||||
Cash and Restricted Cash - End of Period | $ | $ |
(Thousands of Dollars) | As of June 30, 2020 | As of December 31, 2019 | |||||
ASSETS | |||||||
Current Assets: | |||||||
Cash | $ | $ | |||||
Receivables, Net (net of allowance for uncollectible accounts of $136,665 and $97,348 as of June 30, 2020 and December 31, 2019, respectively) | |||||||
Accounts Receivable from Affiliated Companies | |||||||
Unbilled Revenues | |||||||
Materials and Supplies | |||||||
Regulatory Assets | |||||||
Prepayments and Other Current Assets | |||||||
Total Current Assets | |||||||
Property, Plant and Equipment, Net | |||||||
Deferred Debits and Other Assets: | |||||||
Regulatory Assets | |||||||
Other Long-Term Assets | |||||||
Total Deferred Debits and Other Assets | |||||||
Total Assets | $ | $ | |||||
LIABILITIES AND CAPITALIZATION | |||||||
Current Liabilities: | |||||||
Notes Payable to Eversource Parent | $ | $ | |||||
Accounts Payable | |||||||
Accounts Payable to Affiliated Companies | |||||||
Obligations to Third Party Suppliers | |||||||
Regulatory Liabilities | |||||||
Derivative Liabilities | |||||||
Other Current Liabilities | |||||||
Total Current Liabilities | |||||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated Deferred Income Taxes | |||||||
Regulatory Liabilities | |||||||
Derivative Liabilities | |||||||
Accrued Pension, SERP and PBOP | |||||||
Other Long-Term Liabilities | |||||||
Total Deferred Credits and Other Liabilities | |||||||
Long-Term Debt | |||||||
Preferred Stock Not Subject to Mandatory Redemption | |||||||
Common Stockholder's Equity: | |||||||
Common Stock | |||||||
Capital Surplus, Paid In | |||||||
Retained Earnings | |||||||
Accumulated Other Comprehensive Income | |||||||
Common Stockholder's Equity | |||||||
Commitments and Contingencies (Note 9) | |||||||
Total Liabilities and Capitalization | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Thousands of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Operating Revenues | $ | $ | $ | $ | |||||||||||
Operating Expenses: | |||||||||||||||
Purchased Power and Transmission | |||||||||||||||
Operations and Maintenance | |||||||||||||||
Depreciation | |||||||||||||||
Amortization of Regulatory (Liabilities)/Assets, Net | ( | ) | |||||||||||||
Energy Efficiency Programs | |||||||||||||||
Taxes Other Than Income Taxes | |||||||||||||||
Total Operating Expenses | |||||||||||||||
Operating Income | |||||||||||||||
Interest Expense | |||||||||||||||
Other Income, Net | |||||||||||||||
Income Before Income Tax Expense | |||||||||||||||
Income Tax Expense | |||||||||||||||
Net Income | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Thousands of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net Income | $ | $ | $ | $ | |||||||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Changes in Unrealized Gains on Marketable Securities | |||||||||||||||
Other Comprehensive Income, Net of Tax | |||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | |||||||||||||||||
Net Income | ||||||||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||||
Dividends on Common Stock | ( | ) | ( | ) | ||||||||||||||||||
Adoption of New Accounting Standard (See Note 1B) | ( | ) | ( | ) | ||||||||||||||||||
Other Comprehensive Loss | ( | ) | ( | ) | ||||||||||||||||||
Balance as of March 31, 2020 | ||||||||||||||||||||||
Net Income | ||||||||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | |||||||||||||||||
Net Income | ||||||||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||||
Dividends on Common Stock | ( | ) | ( | ) | ||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||
Balance as of March 31, 2019 | ||||||||||||||||||||||
Net Income | ||||||||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||||
Dividends on Common Stock | ( | ) | ( | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||
Balance as of June 30, 2019 | $ | $ | $ | $ | $ |
For the Six Months Ended June 30, | |||||||
(Thousands of Dollars) | 2020 | 2019 | |||||
Operating Activities: | |||||||
Net Income | $ | $ | |||||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | |||||||
Deferred Income Taxes | |||||||
Uncollectible Expense | |||||||
Pension, SERP, and PBOP Expense, Net | |||||||
Regulatory Underrecoveries, Net | ( | ) | ( | ) | |||
Amortization of Regulatory Assets, Net | |||||||
Other | ( | ) | ( | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | ( | ) | ( | ) | |||
Taxes Receivable/Accrued, Net | |||||||
Accounts Payable | ( | ) | |||||
Other Current Assets and Liabilities, Net | ( | ) | ( | ) | |||
Net Cash Flows Provided by Operating Activities | |||||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | ( | ) | ( | ) | |||
Other Investing Activities | |||||||
Net Cash Flows Used in Investing Activities | ( | ) | ( | ) | |||
Financing Activities: | |||||||
Cash Dividends on Common Stock | ( | ) | ( | ) | |||
Cash Dividends on Preferred Stock | ( | ) | ( | ) | |||
Issuance of Long-Term Debt | |||||||
Retirement of Long-Term Debt | ( | ) | |||||
Increase in Notes Payable to Eversource Parent | |||||||
Other Financing Activities | ( | ) | |||||
Net Cash Flows Provided by Financing Activities | |||||||
Net Increase/(Decrease) in Cash and Restricted Cash | ( | ) | |||||
Cash and Restricted Cash - Beginning of Period | |||||||
Cash and Restricted Cash - End of Period | $ | $ |
(Thousands of Dollars) | As of June 30, 2020 | As of December 31, 2019 | |||||
ASSETS | |||||||
Current Assets: | |||||||
Cash | $ | $ | |||||
Receivables, Net (net of allowance for uncollectible accounts of $68,682 and $75,406 as of June 30, 2020 and December 31, 2019, respectively) | |||||||
Accounts Receivable from Affiliated Companies | |||||||
Unbilled Revenues | |||||||
Materials, Supplies and REC Inventory | |||||||
Regulatory Assets | |||||||
Prepayments and Other Current Assets | |||||||
Total Current Assets | |||||||
Property, Plant and Equipment, Net | |||||||
Deferred Debits and Other Assets: | |||||||
Regulatory Assets | |||||||
Prepaid PBOP | |||||||
Other Long-Term Assets | |||||||
Total Deferred Debits and Other Assets | |||||||
Total Assets | $ | $ | |||||
LIABILITIES AND CAPITALIZATION | |||||||
Current Liabilities: | |||||||
Notes Payable | $ | $ | |||||
Notes Payable to Eversource Parent | |||||||
Long-Term Debt – Current Portion | |||||||
Accounts Payable | |||||||
Accounts Payable to Affiliated Companies | |||||||
Obligations to Third Party Suppliers | |||||||
Renewable Portfolio Standards Compliance Obligations | |||||||
Regulatory Liabilities | |||||||
Other Current Liabilities | |||||||
Total Current Liabilities | |||||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated Deferred Income Taxes | |||||||
Regulatory Liabilities | |||||||
Accrued Pension and SERP | |||||||
Other Long-Term Liabilities | |||||||
Total Deferred Credits and Other Liabilities | |||||||
Long-Term Debt | |||||||
Preferred Stock Not Subject to Mandatory Redemption | |||||||
Common Stockholder's Equity: | |||||||
Common Stock | |||||||
Capital Surplus, Paid In | |||||||
Retained Earnings | |||||||
Accumulated Other Comprehensive Income | |||||||
Common Stockholder's Equity | |||||||
Commitments and Contingencies (Note 9) | |||||||
Total Liabilities and Capitalization | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Thousands of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Operating Revenues | $ | $ | $ | $ | |||||||||||
Operating Expenses: | |||||||||||||||
Purchased Power and Transmission | |||||||||||||||
Operations and Maintenance | |||||||||||||||
Depreciation | |||||||||||||||
Amortization of Regulatory Assets, Net | |||||||||||||||
Energy Efficiency Programs | |||||||||||||||
Taxes Other Than Income Taxes | |||||||||||||||
Total Operating Expenses | |||||||||||||||
Operating Income | |||||||||||||||
Interest Expense | |||||||||||||||
Other Income, Net | |||||||||||||||
Income Before Income Tax Expense | |||||||||||||||
Income Tax Expense | |||||||||||||||
Net Income | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Thousands of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net Income | $ | $ | $ | $ | |||||||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||
Changes in Funded Status of SERP Benefit Plan | ( | ) | ( | ) | |||||||||||
Qualified Cash Flow Hedging Instruments | |||||||||||||||
Changes in Unrealized Gains on Marketable Securities | |||||||||||||||
Other Comprehensive Income, Net of Tax | |||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | |||||||||||||||||
Net Income | ||||||||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||||
Dividends on Common Stock | ( | ) | ( | ) | ||||||||||||||||||
Adoption of New Accounting Standard (See Note 1B) | ( | ) | ( | ) | ||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||
Balance as of March 31, 2020 | ||||||||||||||||||||||
Net Income | ||||||||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Net Income | ||||||||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||||
Dividends on Common Stock | ( | ) | ( | ) | ||||||||||||||||||
Capital Contributions from Eversource Parent | ||||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||
Balance as of March 31, 2019 | ( | ) | ||||||||||||||||||||
Net Income | ||||||||||||||||||||||
Dividends on Preferred Stock | ( | ) | ( | ) | ||||||||||||||||||
Dividends on Common Stock | ( | ) | ( | ) | ||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||
Balance as of June 30, 2019 | $ | $ | $ | $ | ( | ) | $ |
For the Six Months Ended June 30, | |||||||
(Thousands of Dollars) | 2020 | 2019 | |||||
Operating Activities: | |||||||
Net Income | $ | $ | |||||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | |||||||
Deferred Income Taxes | |||||||
Uncollectible Expense | |||||||
Pension, SERP and PBOP Income, Net | ( | ) | ( | ) | |||
Pension and PBOP Contributions | ( | ) | |||||
Regulatory (Under)/Over Recoveries, Net | ( | ) | |||||
Amortization of Regulatory Assets, Net | |||||||
Other | ( | ) | ( | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | ( | ) | ( | ) | |||
Materials, Supplies and REC Inventory | |||||||
Taxes Receivable/Accrued, Net | |||||||
Accounts Payable | ( | ) | ( | ) | |||
Other Current Assets and Liabilities, Net | ( | ) | ( | ) | |||
Net Cash Flows Provided by Operating Activities | |||||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | ( | ) | ( | ) | |||
Other Investing Activities | |||||||
Net Cash Flows Used in Investing Activities | ( | ) | ( | ) | |||
Financing Activities: | |||||||
Cash Dividends on Common Stock | ( | ) | ( | ) | |||
Cash Dividends on Preferred Stock | ( | ) | ( | ) | |||
Issuance of Long-Term Debt | |||||||
Retirement of Long-Term Debt | ( | ) | |||||
Capital Contributions from Eversource Parent | |||||||
Increase in Notes Payable to Eversource Parent | |||||||
Increase/(Decrease) in Notes Payable | ( | ) | |||||
Other Financing Activities | ( | ) | ( | ) | |||
Net Cash Flows Provided by Financing Activities | |||||||
Net Increase/(Decrease) in Cash and Restricted Cash | ( | ) | |||||
Cash and Restricted Cash - Beginning of Period | |||||||
Cash and Restricted Cash - End of Period | $ | $ |
(Thousands of Dollars) | As of June 30, 2020 | As of December 31, 2019 | |||||
ASSETS | |||||||
Current Assets: | |||||||
Cash | $ | $ | |||||
Receivables, Net (net of allowance for uncollectible accounts of $11,777 and $10,497 as of June 30, 2020 and December 31, 2019, respectively) | |||||||
Accounts Receivable from Affiliated Companies | |||||||
Unbilled Revenues | |||||||
Materials, Supplies and REC Inventory | |||||||
Regulatory Assets | |||||||
Special Deposits | |||||||
Prepayments and Other Current Assets | |||||||
Total Current Assets | |||||||
Property, Plant and Equipment, Net | |||||||
Deferred Debits and Other Assets: | |||||||
Regulatory Assets | |||||||
Other Long-Term Assets | |||||||
Total Deferred Debits and Other Assets | |||||||
Total Assets | $ | $ | |||||
LIABILITIES AND CAPITALIZATION | |||||||
Current Liabilities: | |||||||
Notes Payable to Eversource Parent | $ | $ | |||||
Long-Term Debt – Current Portion | |||||||
Rate Reduction Bonds – Current Portion | |||||||
Accounts Payable | |||||||
Accounts Payable to Affiliated Companies | |||||||
Regulatory Liabilities | |||||||
Accrued Interest | |||||||
Other Current Liabilities | |||||||
Total Current Liabilities | |||||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated Deferred Income Taxes | |||||||
Regulatory Liabilities | |||||||
Accrued Pension, SERP and PBOP | |||||||
Other Long-Term Liabilities | |||||||
Total Deferred Credits and Other Liabilities | |||||||
Long-Term Debt | |||||||
Rate Reduction Bonds | |||||||
Common Stockholder's Equity: | |||||||
Common Stock | |||||||
Capital Surplus, Paid In | |||||||
Retained Earnings | |||||||
Accumulated Other Comprehensive Loss | ( | ) | ( | ) | |||
Common Stockholder's Equity | |||||||
Commitments and Contingencies (Note 9) | |||||||
Total Liabilities and Capitalization | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Thousands of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Operating Revenues | $ | $ | $ | $ | |||||||||||
Operating Expenses: | |||||||||||||||
Purchased Power and Transmission | |||||||||||||||
Operations and Maintenance | |||||||||||||||
Depreciation | |||||||||||||||
Amortization of Regulatory Assets, Net | |||||||||||||||
Energy Efficiency Programs | |||||||||||||||
Taxes Other Than Income Taxes | |||||||||||||||
Total Operating Expenses | |||||||||||||||
Operating Income | |||||||||||||||
Interest Expense | |||||||||||||||
Other Income, Net | |||||||||||||||
Income Before Income Tax Expense | |||||||||||||||
Income Tax Expense | |||||||||||||||
Net Income | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Thousands of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net Income | $ | $ | $ | $ | |||||||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | |||||||||||||||
Changes in Unrealized Gains on Marketable Securities | |||||||||||||||
Other Comprehensive Income, Net of Tax | |||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
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 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Net Income | ||||||||||||||||||||||
Dividends on Common Stock | ( | ) | ( | ) | ||||||||||||||||||
Adoption of New Accounting Standard (See Note 1B) | ( | ) | ( | ) | ||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||
Balance as of March 31, 2020 | ( | ) | ||||||||||||||||||||
Net Income | ||||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | $ | $ | ( | ) | $ |
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 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Net Income | ||||||||||||||||||||||
Dividends on Common Stock | ( | ) | ( | ) | ||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||
Balance as of March 31, 2019 | ( | ) | ||||||||||||||||||||
Net Income | ||||||||||||||||||||||
Dividends on Common Stock | ( | ) | ( | ) | ||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||
Balance as of June 30, 2019 | $ | $ | $ | $ | ( | ) | $ |
For the Six Months Ended June 30, | |||||||
(Thousands of Dollars) | 2020 | 2019 | |||||
Operating Activities: | |||||||
Net Income | $ | $ | |||||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | |||||||
Deferred Income Taxes | |||||||
Uncollectible Expense | |||||||
Regulatory Underrecoveries, Net | ( | ) | ( | ) | |||
Amortization of Regulatory Assets, Net | |||||||
Other | ( | ) | ( | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | ( | ) | |||||
Materials, Supplies and REC Inventory | |||||||
Taxes Receivable/Accrued, Net | ( | ) | |||||
Accounts Payable | ( | ) | |||||
Other Current Assets and Liabilities, Net | ( | ) | ( | ) | |||
Net Cash Flows Provided by Operating Activities | |||||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | ( | ) | ( | ) | |||
Other Investing Activities | |||||||
Net Cash Flows Used in Investing Activities | ( | ) | ( | ) | |||
Financing Activities: | |||||||
Cash Dividends on Common Stock | ( | ) | ( | ) | |||
Issuance of Long-Term Debt | |||||||
Repayment of Rate Reduction Bonds | ( | ) | ( | ) | |||
Increase/(Decrease) in Notes Payable to Eversource Parent | ( | ) | |||||
Other Financing Activities | ( | ) | ( | ) | |||
Net Cash Flows Provided by/(Used in) Financing Activities | ( | ) | |||||
Net Decrease in Cash and Restricted Cash | ( | ) | ( | ) | |||
Cash and Restricted Cash - Beginning of Period | |||||||
Cash and Restricted Cash - End of Period | $ | $ |
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 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
ASU 2016-13 Implementation Impact on January 1, 2020 | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||
Uncollectible Expense (1) | |||||||||||||||||||||||||||||||||||||||
Uncollectible Costs Deferred (2) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||
Write-Offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Recoveries Collected | |||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||||||
AFUDC Equity | |||||||||||||||||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates (1) | |||||||||||||||||||||||||||||||
Investment Income/(Loss) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Total Other Income, Net | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||||||
AFUDC Equity | |||||||||||||||||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates (1) | |||||||||||||||||||||||||||||||
Investment Income/(Loss) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||||||
Other | ( | ) | |||||||||||||||||||||||||||||
Total Other Income, Net | $ | $ | $ | $ | $ | $ | $ | $ |
(1) | Equity in Earnings of Unconsolidated Affiliates includes $ |
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 | $ | $ | $ | $ | |||||||||||
CL&P |
(Millions of Dollars) | As of June 30, 2020 | As of June 30, 2019 | |||||
Eversource | $ | $ | |||||
CL&P | |||||||
NSTAR Electric | |||||||
PSNH |
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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Restricted cash included in: | |||||||||||||||||||||||||||||||
Special Deposits | |||||||||||||||||||||||||||||||
Marketable Securities | |||||||||||||||||||||||||||||||
Other Long-Term Assets | |||||||||||||||||||||||||||||||
Cash and Restricted Cash reported on the Statements of Cash Flows | $ | $ | $ | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Income Taxes, Net | |||||||||||||||||||||||||||||||
Securitized Stranded Costs | |||||||||||||||||||||||||||||||
Storm Restoration Costs, Net | |||||||||||||||||||||||||||||||
Regulatory Tracker Mechanisms | |||||||||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||||
Goodwill-related | |||||||||||||||||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||||||||||||||||
Other Regulatory Assets | |||||||||||||||||||||||||||||||
Total Regulatory Assets | |||||||||||||||||||||||||||||||
Less: Current Portion | |||||||||||||||||||||||||||||||
Total Long-Term Regulatory Assets | $ | $ | $ | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Cost of Removal | |||||||||||||||||||||||||||||||
Benefit Costs | |||||||||||||||||||||||||||||||
Regulatory Tracker Mechanisms | |||||||||||||||||||||||||||||||
AFUDC - Transmission | |||||||||||||||||||||||||||||||
Other Regulatory Liabilities | |||||||||||||||||||||||||||||||
Total Regulatory Liabilities | |||||||||||||||||||||||||||||||
Less: Current Portion | |||||||||||||||||||||||||||||||
Total Long-Term Regulatory Liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Eversource | As of June 30, 2020 | As of December 31, 2019 | |||||
(Millions of Dollars) | |||||||
Distribution - Electric | $ | $ | |||||
Distribution - Natural Gas | |||||||
Transmission - Electric | |||||||
Distribution - Water | |||||||
Solar | |||||||
Utility | |||||||
Other (1) | |||||||
Property, Plant and Equipment, Gross | |||||||
Less: Accumulated Depreciation | |||||||
Utility | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Total Accumulated Depreciation | ( | ) | ( | ) | |||
Property, Plant and Equipment, Net | |||||||
Construction Work in Progress | |||||||
Total Property, Plant and Equipment, Net | $ | $ |
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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Transmission - Electric | |||||||||||||||||||||||
Solar | |||||||||||||||||||||||
Property, Plant and Equipment, Gross | |||||||||||||||||||||||
Less: Accumulated Depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Property, Plant and Equipment, Net | |||||||||||||||||||||||
Construction Work in Progress | |||||||||||||||||||||||
Total Property, Plant and Equipment, Net | $ | $ | $ | $ | $ | $ |
(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 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 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||
Other | Level 2 | ( | ) | ||||||||||||||||||||||
Long-Term Derivative Assets: | |||||||||||||||||||||||||
CL&P | Level 3 | ( | ) | ( | ) | ||||||||||||||||||||
Current Derivative Liabilities: | |||||||||||||||||||||||||
CL&P | Level 3 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Other | Level 2 | ( | ) | ( | ) | ||||||||||||||||||||
Long-Term Derivative Liabilities: | |||||||||||||||||||||||||
CL&P | Level 3 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Other | Level 2 | ( | ) | ( | ) | ( | ) | ( | ) |
(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 | $ | — | $ | $ | per kW-Month | 2024 - 2026 | $ | — | $ | per kW-Month | 2023 - 2026 | ||||||||||||||||
Forward Reserve Prices | — | per kW-Month | 2020 - 2024 | — | per kW-Month | 2020 - 2024 |
(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 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Net Realized/Unrealized Losses Included in Regulatory Assets | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Settlements | |||||||||||||||
Fair Value as of End of Period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
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 | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ |
Eversource (Millions of Dollars) | Amortized Cost | Fair Value | |||||
Less than one year (1) | $ | $ | |||||
One to five years | |||||||
Six to ten years | |||||||
Greater than ten years | |||||||
Total Debt Securities | $ | $ |
(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) | As of June 30, 2020 | As of December 31, 2019 | |||||
Level 1: | |||||||
Mutual Funds and Equities | $ | $ | |||||
Money Market Funds | |||||||
Total Level 1 | $ | $ | |||||
Level 2: | |||||||
U.S. Government Issued Debt Securities (Agency and Treasury) | $ | $ | |||||
Corporate Debt Securities | |||||||
Asset-Backed Debt Securities | |||||||
Municipal Bonds | |||||||
Other Fixed Income Securities | |||||||
Total Level 2 | $ | $ | |||||
Total Marketable Securities | $ | $ |
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 | $ | $ | $ | $ | % | % | |||||||||||||||
NSTAR Electric Commercial Paper Program | % | % |
(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 | $ | March 2020 | April 2030 | Refinanced investments in eligible green expenditures, which were previously financed in 2018 and 2019 | |||||
5.10% Series E Senior Notes | ( | ) | March 2020 | March 2020 | Paid at maturity | ||||
Other: | |||||||||
Eversource Parent 3.45% Series P Senior Notes | January 2020 | January 2050 | Paid short-term borrowings | ||||||
NSTAR Gas 4.46% Series N First Mortgage Bonds | ( | ) | January 2020 | January 2020 | Paid at maturity | ||||
Yankee Gas 4.87% Series K First Mortgage Bonds | ( | ) | April 2020 | April 2020 | Paid at maturity | ||||
NSTAR Gas 2.33% Series R First Mortgage Bonds | May 2020 | May 2025 | Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes | ||||||
NSTAR Gas 3.15% Series S First Mortgage Bonds | 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) | $ | $ | |||||
Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) | |||||||
Securitized Stranded Cost (included in Regulatory Assets) | |||||||
Other Regulatory Liabilities (included in Regulatory Liabilities) | |||||||
Accrued Interest (included in Other Current Liabilities) | |||||||
Rate Reduction Bonds - Current Portion | |||||||
Rate Reduction Bonds - Long-Term Portion |
(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) | $ | $ | $ | $ | |||||||||||
Interest Expense on RRB Principal (included in Interest Expense) |
Pension and SERP | PBOP | ||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020 | For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||
Service Cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Interest Cost | |||||||||||||||||||||||||||||||
Expected Return on Plan Assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Actuarial Loss | |||||||||||||||||||||||||||||||
Prior Service Cost/(Credit) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Total Net Periodic Benefit Expense/(Income) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
Intercompany Allocations | N/A | $ | $ | $ | N/A | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Pension and SERP | PBOP | ||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 | For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||
Service Cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Interest Cost | |||||||||||||||||||||||||||||||
Expected Return on Plan Assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Actuarial Loss | |||||||||||||||||||||||||||||||
Prior Service Cost/(Credit) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Total Net Periodic Benefit Expense/(Income) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||
Intercompany Allocations | N/A | $ | $ | $ | N/A | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Pension and SERP | PBOP | ||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2019 | For the Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||
Service Cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Interest Cost | |||||||||||||||||||||||||||||||
Expected Return on Plan Assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Actuarial Loss | |||||||||||||||||||||||||||||||
Prior Service Cost/(Credit) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Total Net Periodic Benefit Expense/(Income) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||
Intercompany Allocations | N/A | $ | $ | $ | N/A | $ | ( | ) | $ | ( | ) | $ | ( | ) |
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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Interest Cost | |||||||||||||||||||||||||||||||
Expected Return on Plan Assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Actuarial Loss | |||||||||||||||||||||||||||||||
Prior Service Cost/(Credit) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Total Net Periodic Benefit Expense/(Income) | $ | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||||
Intercompany Allocations | N/A | $ | $ | $ | N/A | $ | ( | ) | $ | ( | ) | $ | ( | ) |
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||
Number of Sites | Reserve (in millions) | Number of Sites | Reserve (in millions) | ||||||||||
Eversource | $ | $ | |||||||||||
CL&P | |||||||||||||
NSTAR Electric | |||||||||||||
PSNH |
Company | Description | Maximum Exposure (in millions) | Expiration Dates | |||||
Various | Surety Bonds (1) | $ | 2020 - 2023 | |||||
Rocky River Realty Company and Eversource Service | Lease Payments for Real Estate | 2024 | ||||||
Bay State Wind LLC | Real Estate Purchase | 2021 | ||||||
Sunrise Wind LLC | Offshore Wind (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 |
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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||||||
Rate Reduction Bonds | |||||||||||||||||||||||||||||||
As of December 31, 2019: | |||||||||||||||||||||||||||||||
Preferred Stock Not Subject to Mandatory Redemption | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||||||
Rate Reduction Bonds |
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 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
OCI Before Reclassifications | ( | ) | ( | ) | |||||||||||||||||||||||||||
Amounts Reclassified from AOCI | |||||||||||||||||||||||||||||||
Net OCI | |||||||||||||||||||||||||||||||
Balance as of June 30th | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) |
Shares | ||||||||||||
Authorized as of June 30, 2020 and December 31, 2019 | Issued as of | |||||||||||
Par Value | June 30, 2020 | December 31, 2019 | ||||||||||
Eversource | $ | |||||||||||
CL&P | $ | |||||||||||
NSTAR Electric | $ | |||||||||||
PSNH | $ |
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 | $ | $ | $ | $ | |||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic | |||||||||||||||
Dilutive Effect of: | |||||||||||||||
Share-Based Compensation Awards and Other | |||||||||||||||
Equity Forward Sale Agreement | |||||||||||||||
Total Dilutive Effect | |||||||||||||||
Diluted | |||||||||||||||
Basic and Diluted EPS | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Commercial | ( | ) | |||||||||||||||||||||||||
Industrial | ( | ) | |||||||||||||||||||||||||
Total Retail Tariff Sales Revenues | ( | ) | |||||||||||||||||||||||||
Wholesale Transmission Revenues | ( | ) | |||||||||||||||||||||||||
Wholesale Market Sales Revenues | |||||||||||||||||||||||||||
Other Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||||||||
Amortization/(Reserve) for Revenues Subject to Refund | ( | ) | |||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||||||||
Alternative Revenue Programs | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Other Revenues (1) | |||||||||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Commercial | ( | ) | |||||||||||||||||||||||||
Industrial | ( | ) | |||||||||||||||||||||||||
Total Retail Tariff Sales Revenues | ( | ) | |||||||||||||||||||||||||
Wholesale Transmission Revenues | ( | ) | |||||||||||||||||||||||||
Wholesale Market Sales Revenues | |||||||||||||||||||||||||||
Other Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||||||||
Amortization/(Reserve) for Revenues Subject to Refund | ( | ) | |||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||||||||
Alternative Revenue Programs | ( | ) | ( | ) | |||||||||||||||||||||||
Other Revenues (1) | |||||||||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ |
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 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Commercial | ( | ) | |||||||||||||||||||||||||
Industrial | ( | ) | |||||||||||||||||||||||||
Total Retail Tariff Sales Revenues | ( | ) | |||||||||||||||||||||||||
Wholesale Transmission Revenues | ( | ) | |||||||||||||||||||||||||
Wholesale Market Sales Revenues | |||||||||||||||||||||||||||
Other Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||||||||
(Reserve)/Amortization for Revenues Subject to Refund | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||||||||
Alternative Revenue Programs | ( | ) | ( | ) | |||||||||||||||||||||||
Other Revenues (1) | |||||||||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Commercial | ( | ) | |||||||||||||||||||||||||
Industrial | ( | ) | |||||||||||||||||||||||||
Total Retail Tariff Sales Revenues | ( | ) | |||||||||||||||||||||||||
Wholesale Transmission Revenues | ( | ) | |||||||||||||||||||||||||
Wholesale Market Sales Revenues | |||||||||||||||||||||||||||
Other Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||||||||
(Reserve)/Amortization for Revenues Subject to Refund | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||||||||
Alternative Revenue Programs | ( | ) | |||||||||||||||||||||||||
Other Revenues (1) | |||||||||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ |
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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Industrial | |||||||||||||||||||||||
Total Retail Tariff Sales Revenues | |||||||||||||||||||||||
Wholesale Transmission Revenues | |||||||||||||||||||||||
Wholesale Market Sales Revenues | |||||||||||||||||||||||
Other Revenues from Contracts with Customers | |||||||||||||||||||||||
Amortization/(Reserve) for Revenues Subject to Refund | ( | ) | |||||||||||||||||||||
Total Revenues from Contracts with Customers | |||||||||||||||||||||||
Alternative Revenue Programs | ( | ) | |||||||||||||||||||||
Other Revenues (1) | |||||||||||||||||||||||
Eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Industrial | |||||||||||||||||||||||
Total Retail Tariff Sales Revenues | |||||||||||||||||||||||
Wholesale Transmission Revenues | |||||||||||||||||||||||
Wholesale Market Sales Revenues | |||||||||||||||||||||||
Other Revenues from Contracts with Customers | |||||||||||||||||||||||
Amortization/(Reserve) for Revenues Subject to Refund | ( | ) | |||||||||||||||||||||
Total Revenues from Contracts with Customers | |||||||||||||||||||||||
Alternative Revenue Programs | |||||||||||||||||||||||
Other Revenues (1) | |||||||||||||||||||||||
Eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ |
(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 $ |
For the Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||
Operating Revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
Depreciation and Amortization | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Other Operating Expenses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Operating Income | $ | $ | $ | $ | $ | $ | $ | 433.6 | |||||||||||||||||||
Interest Expense | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other Income, Net | ( | ) | |||||||||||||||||||||||||
Net Income Attributable to Common Shareholders | ( | ) | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||
Operating Revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
Depreciation and Amortization | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Other Operating Expenses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Operating Income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Interest Expense | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other Income, Net | ( | ) | |||||||||||||||||||||||||
Net Income Attributable to Common Shareholders | ( | ) | |||||||||||||||||||||||||
Cash Flows Used for Investments in Plant |
For the Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||
Operating Revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
Depreciation and Amortization | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Impairment of Northern Pass Transmission | ( | ) | ( | ) | |||||||||||||||||||||||
Other Operating Expenses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Operating Income/(Loss) | $ | $ | $ | ( | ) | $ | $ | $ | $ | ||||||||||||||||||
Interest Expense | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other Income/(Loss), Net | ( | ) | |||||||||||||||||||||||||
Net Income/(Loss) Attributable to Common Shareholders | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
For the Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||
Operating Revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
Depreciation and Amortization | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Impairment of Northern Pass Transmission | ( | ) | ( | ) | |||||||||||||||||||||||
Other Operating Expenses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Operating Income | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Interest Expense | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other Income, Net | ( | ) | |||||||||||||||||||||||||
Net Income Attributable to Common Shareholders | ( | ) | |||||||||||||||||||||||||
Cash Flows Used for Investments in Plant |
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||
As of June 30, 2020 | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
As of December 31, 2019 | ( | ) |
• | cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers, |
• | disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly, |
• | the negative impacts of the 2019 novel coronavirus (COVID-19) pandemic on our customers, vendors, employees, regulators, and operations, |
• | changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability, |
• | ability or inability to commence and complete our major strategic development projects and opportunities, |
• | acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems, |
• | actions or inaction of local, state and federal regulatory, public policy and taxing bodies, |
• | substandard performance of third-party suppliers and service providers, |
• | fluctuations in weather patterns, including extreme weather due to climate change, |
• | changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model, |
• | contamination of, or disruption in, our water supplies, |
• | changes in levels or timing of capital expenditures, including the Columbia Gas of Massachusetts asset acquisition; |
• | changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations, |
• | changes in accounting standards and financial reporting regulations, |
• | actions of rating agencies, and |
• | other presently unknown or unforeseen factors. |
• | We earned $252.2 million, or $0.75 per share, in the second quarter of 2020, and $587.0 million, or $1.75 per share, in the first half of 2020, compared with $31.5 million, or $0.10 per share, in the second quarter of 2019, and $340.1 million, or $1.07 per share, in the first half of 2019. Our 2020 results include after-tax acquisition costs related to our planned purchase of the assets of Columbia Gas of Massachusetts (CMA) of $3.9 million, or $0.01 per share, in the second quarter of 2020, and $7.4 million, or $0.02 per share, in the first half of 2020. Our 2019 results include an after-tax impairment charge of $204.4 million, or $0.64 per share, related to our investment in the NPT project. Excluding those acquisition costs in 2020, we earned $256.1 million, or $0.76 per share, in the second quarter of 2020, and $594.4 million, or $1.77 per share, in the first half of 2020. Excluding the NPT impairment charge in 2019, we earned $235.9 million, or $0.74 per share, in the second quarter of 2019, and $544.5 million, or $1.71 per share, in the first half of 2019. |
• | Our electric distribution segment earned $115.0 million, or $0.34 per share, in the second quarter of 2020, and $245.1 million, or $0.73 per share, in the first half of 2020, compared with $105.4 million, or $0.33 per share, in the second quarter of 2019, and $225.4 million, or $0.71 per share, in the first half of 2019. Our natural gas distribution segment earned $3.3 million, or $0.01 per share, in the second quarter of 2020, and $87.8 million, or $0.26 per share, in the first half of 2020, compared with a loss of $1.8 million in the second quarter of 2019, and earnings of $74.7 million, or $0.23 per share, in the first half of 2019. Our water distribution segment earned $10.4 million, or $0.03 per share, in the second quarter of 2020, and $12.5 million, or $0.04 per share, in the first half of 2020, compared with $8.0 million, or $0.02 per share, in the second quarter of 2019, and $8.8 million, or $0.03 per share, in the first half of 2019. |
• | Our electric transmission segment earned $129.5 million, or $0.39 per share, in the second quarter of 2020, and $256.2 million, or $0.76 per share, in the first half of 2020, compared with a net loss of $87.4 million, or $0.27 per share, in the second quarter of 2019, and earnings of $30.9 million, or $0.10 per share in the first half of 2019. Excluding the after-tax NPT impairment charge of $204.4 million, or $0.64 per share, our electric transmission segment earned $117.0 million, or $0.37 per share, in the second quarter of 2019, and $235.3 million, or $0.74 per share, in the first half of 2019. |
• | Eversource parent and other companies had net losses of $6.0 million, or $0.02 per share, in the second quarter of 2020, and $14.6 million, or $0.04 per share, in the first half of 2020, compared with earnings of $7.3 million, or $0.02 per share, in the second quarter of 2019, and $0.3 million in the first half of 2019. Excluding acquisition costs, Eversource parent and other companies had net losses of $2.1 million, or $0.01 per share, in the second quarter of 2020, and $7.2 million, or $0.02 per share, in the first half of 2020. |
• | We reaffirm 2020 earnings of between $3.60 per share and $3.70 per share and our long-term EPS growth rate through 2024 from our regulated utility businesses of between 5 to 7 percent. |
• | As of the date of our filing, the outbreak of COVID-19 has not resulted in significant financial or operational impacts. We are continuing to closely monitor the COVID-19 pandemic, and we continue to operate under our pandemic response plan. However, we cannot at this time predict the impacts that the COVID-19 pandemic will have on our future financial condition, results of operations, cash flows, and our business operations. |
• | Cash flows provided by operating activities totaled $1.01 billion in the first half of 2020, compared with $924.6 million in the first half of 2019. Investments in property, plant and equipment totaled $1.40 billion in the first half of 2020, compared with $1.38 billion in the first half of 2019. Cash totaled $64.9 million as of June 30, 2020, compared with $15.4 million as of December 31, 2019. Our available borrowing capacity under our commercial paper programs totaled $1.61 billion as of June 30, 2020. |
• | In the first half of 2020, we issued 11,960,000 common shares, which resulted in proceeds of $929.0 million, net of issuance costs. |
• | In the first half of 2020, we issued $940 million of new long-term debt, consisting of $400 million by NSTAR Electric, $350 million by Eversource parent, and $190 million by NSTAR Gas. Proceeds from these new issuances were used primarily to refinance investments in eligible green expenditures at NSTAR Electric, to pay short-term borrowings at Eversource parent, and to refinance existing indebtedness, fund capital expenditures and for general corporate purposes at NSTAR Gas. |
• | On May 6, 2020, our Board of Trustees approved a common share dividend payment of $0.5675 per share, which was paid on June 30, 2020 to shareholders of record as of May 20, 2020. |
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 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 |
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 Six Months Ended June 30, | |||||||
(Millions of Dollars) | 2020 | 2019 | |||||
CL&P | $ | 192.7 | $ | 220.6 | |||
NSTAR Electric | 159.9 | 166.4 | |||||
PSNH | 104.7 | 59.6 | |||||
NPT | — | 9.7 | |||||
Total Electric Transmission Segment | $ | 457.3 | $ | 456.3 |
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. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
(Millions of Dollars) | 2020 | 2019 | Increase/ (Decrease) | 2020 | 2019 | Increase/ (Decrease) | |||||||||||||||||
Operating Revenues | $ | 1,953.1 | $ | 1,884.5 | $ | 68.6 | $ | 4,326.9 | $ | 4,300.3 | $ | 26.6 | |||||||||||
Operating Expenses: | |||||||||||||||||||||||
Purchased Power, Fuel and Transmission | 630.1 | 620.9 | 9.2 | 1,506.7 | 1,595.8 | (89.1 | ) | ||||||||||||||||
Operations and Maintenance | 332.1 | 328.0 | 4.1 | 674.1 | 663.6 | 10.5 | |||||||||||||||||
Depreciation | 240.5 | 219.1 | 21.4 | 476.7 | 434.0 | 42.7 | |||||||||||||||||
Amortization | 23.4 | 38.9 | (15.5 | ) | 73.2 | 109.9 | (36.7 | ) | |||||||||||||||
Energy Efficiency Programs | 115.4 | 105.8 | 9.6 | 263.7 | 246.0 | 17.7 | |||||||||||||||||
Taxes Other Than Income Taxes | 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 | 1,519.5 | 1,733.5 | (214.0 | ) | 3,354.1 | 3,654.6 | (300.5 | ) | |||||||||||||||
Operating Income | 433.6 | 151.0 | 282.6 | 972.8 | 645.7 | 327.1 | |||||||||||||||||
Interest Expense | 134.2 | 132.7 | 1.5 | 268.9 | 264.5 | 4.4 | |||||||||||||||||
Other Income, Net | 30.2 | 45.9 | (15.7 | ) | 54.3 | 76.9 | (22.6 | ) | |||||||||||||||
Income Before Income Tax Expense | 329.6 | 64.2 | 265.4 | 758.2 | 458.1 | 300.1 | |||||||||||||||||
Income Tax Expense | 75.5 | 30.8 | 44.7 | 167.4 | 114.2 | 53.2 | |||||||||||||||||
Net Income | 254.1 | 33.4 | 220.7 | 590.8 | 343.9 | 246.9 | |||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 1.9 | 1.9 | — | 3.8 | 3.8 | — | |||||||||||||||||
Net Income Attributable to Common Shareholders | $ | 252.2 | $ | 31.5 | $ | 220.7 | $ | 587.0 | $ | 340.1 | $ | 246.9 |
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 |
• | Base electric distribution revenues increased $32.1 million and $63.9 million for the three and six months ended June 30, 2020, as compared to the same periods in 2019, respectively, due primarily to the impact of a PSNH temporary base distribution rate increase effective July 1, 2019, which includes recovery of storm costs and certain other items that do not impact earnings, CL&P's base distribution rate increases effective May 1, 2020 and May 1, 2019, which include recovery of storm costs and certain other items that do not impact earnings, and an NSTAR Electric base distribution rate increase effective January 1, 2020. |
• | Base natural gas distribution revenues increased $3.4 million and $12.0 million for the three and six months ended June 30, 2020, as compared to the same periods in 2019, respectively, due primarily to a base distribution rate increase at Yankee Gas effective January 1, 2020. |
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 | 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 | )% |
• | CL&P's distribution revenues increased $22.8 million due primarily to the impact of its base distribution rate increases effective May 1, 2020 and May 1, 2019, which includes recovery of storm costs and certain other items that do not impact earnings. |
• | NSTAR Electric's distribution revenues increased $14.9 million due primarily to the impact of its base distribution rate increase effective January 1, 2020. |
• | PSNH's distribution revenues increased $26.2 million due primarily to the impact of its temporary base distribution rate increase effective July 1, 2019, which includes recovery of storm costs and certain other items that do not impact earnings. |
(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 | ) |
• | The increase at CL&P was due primarily to the new Millstone PPA energy purchases, partially offset by lower expense related to the procurement of energy supply resulting from lower average sales volumes and lower average prices. |
• | The decrease at NSTAR Electric was due primarily to lower expense related to the procurement of energy supply resulting from lower average sales volumes and lower average prices. |
• | The decrease at PSNH was due primarily to lower expense related to the procurement of energy supply resulting from lower average prices. |
• | The decrease in transmission costs at CL&P and NSTAR Electric was due primarily to a reduction to the retail transmission cost deferral, which reflects the actual costs of transmission service compared to estimated amounts billed to customers and a decrease in costs billed by ISO-NE that support regional grid investments. This was partially offset by an increase in Local Network Service charges, which reflects the cost of transmission service provided by Eversource over our local transmission network. |
• | The increase in transmission costs at PSNH was primarily the result of an increase in Local Network Service charges and an increase in costs billed by ISO-NE that support regional grid investments. This was partially offset by a decrease in the retail transmission cost deferral. |
(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 | ) |
• | The decrease at CL&P was due primarily to the under recovery of energy purchases related to the Millstone PPA and deferral of energy supply and energy-related costs, which can fluctuate from period to period based on the timing of costs incurred and related rate changes to recover these costs. |
• | The increase at PSNH was due to an increase in storm cost recovery, partially offset by the deferral of energy supply and energy related costs. |
• | The increase at CL&P and PSNH was due to the deferral adjustment, which reflects actual costs of energy efficiency programs compared to the estimated amounts billed to customers and the timing of the recovery of energy efficiency costs. |
• | The decrease at NSTAR Electric was due to the timing of spending on certain large energy efficiency projects in 2020, as compared to 2019. |
• | The decrease at CL&P was related to a $21.4 million decrease in the remittance of energy efficiency funds to the State of Connecticut. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. The decrease was partially offset by higher property taxes as a result of higher utility plant balances. |
• | The increases at NSTAR Electric and PSNH were due to higher property taxes as a result of higher utility plant balances. |
• | The increase at CL&P was due to higher interest on long-term debt ($5.0 million), partially offset by an increase in AFUDC related to debt funds ($0.3 million). |
• | The increase 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). |
• | The increase at PSNH was due to higher interest on long-term debt ($1.9 million), partially offset by a decrease on RRB interest expense ($0.7 million) and a decrease in interest expense on regulatory deferrals ($0.6 million). |
• | The increase at CL&P was due to an increase related to pension, SERP and PBOP non-service income components ($3.7 million) and an increase in AFUDC related to equity funds ($2.1 million), partially offset by investment losses in 2020, as compared to investment income in 2019 driven by market volatility ($3.0 million). |
• | The increase at NSTAR Electric was due to an increase related to pension, SERP and PBOP non-service income components ($2.6 million) and an increase in AFUDC related to equity funds ($1.2 million), partially offset by higher investment losses driven by market volatility ($0.7 million). |
• | The decrease at PSNH was due to the absence in 2020 of the recognition of the equity component of the carrying charges related to storm costs recorded in interest income in 2019 ($5.2 million) and investment losses in 2020, as compared to investment income in 2019 driven by market volatility ($0.4 million). Partially offsetting these decreases were an increase related to pension, SERP and PBOP non-service income components ($1.5 million) and an increase in AFUDC related to equity funds ($1.5 million). |
• | The increase at CL&P was due primarily to higher pre-tax earnings ($5.9 million), higher state taxes ($1.0 million) and by items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($2.4 million), partially offset by an increase in share-based payment excess tax benefits ($1.8 million). |
• | The increase at NSTAR Electric was due primarily to higher pre-tax earnings ($3.5 million) and higher state taxes ($1.1 million), partially offset by items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($0.5 million), and an increase in share-based payment excess tax benefits ($1.8 million). |
• | The increase at PSNH was due primarily to higher pre-tax earnings ($3.0 million) and higher state taxes ($0.9 million), partially offset by an increase in share-based payment excess tax benefits ($0.6 million) and in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($0.2 million). |
For the Three Months Ended June 30, | |||||||||||
(Millions of Dollars) | 2020 | 2019 | Increase/(Decrease) | ||||||||
Operating Revenues | $ | 817.4 | $ | 740.8 | $ | 76.6 | |||||
Operating Expenses: | |||||||||||
Purchased Power and Transmission | 315.4 | 246.5 | 68.9 | ||||||||
Operations and Maintenance | 134.6 | 133.4 | 1.2 | ||||||||
Depreciation | 79.7 | 74.6 | 5.1 | ||||||||
Amortization of Regulatory (Liabilities)/Assets, Net | (5.7 | ) | 12.4 | (18.1 | ) | ||||||
Energy Efficiency Programs | 32.3 | 20.8 | 11.5 | ||||||||
Taxes Other Than Income Taxes | 80.0 | 86.4 | (6.4 | ) | |||||||
Total Operating Expenses | 636.3 | 574.1 | 62.2 | ||||||||
Operating Income | 181.1 | 166.7 | 14.4 | ||||||||
Interest Expense | 38.7 | 36.9 | 1.8 | ||||||||
Other Income, Net | 8.5 | 2.9 | 5.6 | ||||||||
Income Before Income Tax Expense | 150.9 | 132.7 | 18.2 | ||||||||
Income Tax Expense | 33.6 | 27.9 | 5.7 | ||||||||
Net Income | $ | 117.3 | $ | 104.8 | $ | 12.5 |
(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) | |||
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 |
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) | |||||
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 | |||
31.1 | |||
32 | |||
Listing of Exhibits (CL&P) | |||
31 | |||
31.1 | |||
32 | |||
Listing of Exhibits (NSTAR Electric Company) | |||
31 | |||
31.1 | |||
32 | |||
Listing of Exhibits (PSNH) | |||
31 | |||
31.1 | |||
32 | |||
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 | |||
August 7, 2020 | By: | /s/ Jay S. Buth | |
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
THE CONNECTICUT LIGHT AND POWER COMPANY | |||
August 7, 2020 | By: | /s/ Jay S. Buth | |
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
NSTAR ELECTRIC COMPANY | |||
August 7, 2020 | By: | /s/ Jay S. Buth | |
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE | |||
August 7, 2020 | By: | /s/ Jay S. Buth | |
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
/s/ | James J. Judge |
James J. Judge | |
Chairman of the Board, President and Chief Executive Officer | |
(Principal Executive Officer) |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
/s/ | James J. Judge |
James J. Judge | |
Chairman of the Board, President and Chief Executive Officer |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer |
/s/ | James J. Judge |
James J. Judge | |
Chairman | |
(Principal Executive Officer) |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
/s/ | James J. Judge |
James J. Judge | |
Chairman |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer |
/s/ | James J. Judge |
James J. Judge | |
Chairman | |
(Principal Executive Officer) |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
/s/ | James J. Judge |
James J. Judge | |
Chairman |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer |
/s/ | James J. Judge |
James J. Judge | |
Chairman | |
(Principal Executive Officer) |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
/s/ | James J. Judge |
James J. Judge | |
Chairman |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Allowance for uncollectible accounts | $ 270,047 | $ 224,821 |
The Connecticut Light and Power Company | ||
Allowance for uncollectible accounts | 136,665 | 97,348 |
NSTAR Electric Company | ||
Allowance for uncollectible accounts | 68,682 | 75,406 |
Public Service Company of New Hampshire | ||
Allowance for uncollectible accounts | $ 11,777 | $ 10,497 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 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 | 0 | 239,644 | 0 | 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 (in dollars per share) | $ 0.75 | $ 0.10 | $ 1.75 | $ 1.07 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 337,946,663 | 319,664,998 | 334,524,452 | 318,644,796 |
Diluted (in shares) | 338,561,649 | 320,388,490 | 335,749,404 | 319,352,287 |
The Connecticut Light and Power Company | ||||
Operating Revenues | $ 817,421 | $ 740,846 | $ 1,717,124 | $ 1,590,092 |
Operating Expenses: | ||||
Purchased Power, Fuel 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 |
NSTAR Electric Company | ||||
Operating Revenues | 660,971 | 681,893 | 1,394,804 | 1,479,505 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 192,304 | 228,397 | 434,742 | 558,501 |
Operations and Maintenance | 115,831 | 108,924 | 238,149 | 221,887 |
Depreciation | 79,520 | 73,055 | 157,865 | 145,639 |
Amortization of Regulatory (Liabilities)/Assets, Net | 19,604 | 23,184 | 46,612 | 45,768 |
Energy Efficiency Programs | 56,756 | 65,904 | 125,423 | 142,633 |
Taxes Other Than Income Taxes | 50,583 | 48,226 | 99,306 | 93,047 |
Total Operating Expenses | 514,598 | 547,690 | 1,102,097 | 1,207,475 |
Operating Income | 146,373 | 134,203 | 292,707 | 272,030 |
Interest Expense | 32,955 | 28,238 | 63,972 | 56,120 |
Other Income, Net | 13,112 | 10,657 | 25,350 | 21,743 |
Income Before Income Tax Expense | 126,530 | 116,622 | 254,085 | 237,653 |
Income Tax Expense | 29,062 | 26,888 | 56,228 | 53,906 |
Net Income | 97,468 | 89,734 | 197,857 | 183,747 |
Public Service Company of New Hampshire | ||||
Operating Revenues | 255,224 | 240,900 | 531,592 | 517,335 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 82,560 | 85,768 | 176,698 | 199,299 |
Operations and Maintenance | 54,017 | 52,729 | 101,146 | 105,359 |
Depreciation | 24,750 | 23,261 | 49,084 | 46,180 |
Amortization of Regulatory (Liabilities)/Assets, Net | 11,563 | 5,857 | 31,673 | 19,523 |
Energy Efficiency Programs | 8,786 | 6,215 | 18,150 | 12,929 |
Taxes Other Than Income Taxes | 20,457 | 20,725 | 40,158 | 38,037 |
Total Operating Expenses | 202,133 | 194,555 | 416,909 | 421,327 |
Operating Income | 53,091 | 46,345 | 114,683 | 96,008 |
Interest Expense | 14,607 | 13,909 | 29,087 | 28,276 |
Other Income, Net | 3,626 | 2,984 | 6,817 | 10,006 |
Income Before Income Tax Expense | 42,110 | 35,420 | 92,413 | 77,738 |
Income Tax Expense | 10,478 | 8,568 | 21,180 | 18,104 |
Net Income | $ 31,632 | $ 26,852 | $ 71,233 | $ 59,634 |
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Adoption of New Accounting Standard |
Common Shares |
Capital Surplus, Paid In |
Retained Earnings |
Retained Earnings
Adoption of New Accounting Standard
|
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
The Connecticut Light and Power Company |
The Connecticut Light and Power Company
Adoption of New Accounting Standard
|
The Connecticut Light and Power Company
Common Shares
|
The Connecticut Light and Power Company
Capital Surplus, Paid In
|
The Connecticut Light and Power Company
Retained Earnings
|
The Connecticut Light and Power Company
Retained Earnings
Adoption of New Accounting Standard
|
The Connecticut Light and Power Company
Accumulated Other Comprehensive Income (Loss)
|
NSTAR Electric Company |
NSTAR Electric Company
Adoption of New Accounting Standard
|
NSTAR Electric Company
Common Shares
|
NSTAR Electric Company
Capital Surplus, Paid In
|
NSTAR Electric Company
Retained Earnings
|
NSTAR Electric Company
Retained Earnings
Adoption of New Accounting Standard
|
NSTAR Electric Company
Accumulated Other Comprehensive Income (Loss)
|
Public Service Company of New Hampshire |
Public Service Company of New Hampshire
Adoption of New Accounting Standard
|
Public Service Company of New Hampshire
Common Shares
|
Public Service Company of New Hampshire
Capital Surplus, Paid In
|
Public Service Company of New Hampshire
Retained Earnings
|
Public Service Company of New Hampshire
Retained Earnings
Adoption of New Accounting Standard
|
Public Service Company of New Hampshire
Accumulated Other Comprehensive Income (Loss)
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance (in shares) at Dec. 31, 2018 | 316,885,808 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Dec. 31, 2018 | $ 11,486,817 | $ 1,669,392 | $ 6,241,222 | $ 3,953,974 | $ (60,000) | $ (317,771) | $ 4,199,317 | $ 60,352 | $ 2,410,765 | $ 1,727,899 | $ 301 | $ 3,730,155 | $ 0 | $ 1,633,442 | $ 2,098,091 | $ (1,378) | $ 1,302,541 | $ 0 | $ 678,134 | $ 627,258 | $ (2,851) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net Income | 310,558 | 310,558 | 110,471 | 110,471 | 94,014 | 94,014 | 32,781 | 32,781 | |||||||||||||||||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | (490) | (490) | |||||||||||||||||||||||
Dividends on Common Shares | (169,757) | (169,757) | (99,000) | (99,000) | (60,600) | (60,600) | (19,000) | (19,000) | |||||||||||||||||||||
Long-Term Incentive Plan Activity | (16,609) | (16,609) | |||||||||||||||||||||||||||
Issuance of Treasury Shares (in shares) | 461,662 | ||||||||||||||||||||||||||||
Issuance of Treasury Shares | 26,109 | 17,476 | 8,633 | ||||||||||||||||||||||||||
Capital Contributions from Eversource Parent | 20,000 | 20,000 | |||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 2,196 | 2,196 | 17 | 17 | 117 | 117 | 307 | 307 | |||||||||||||||||||||
Balance (in shares) at Mar. 31, 2019 | 317,347,470 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Mar. 31, 2019 | 11,637,434 | $ 1,669,392 | 6,242,089 | 4,092,895 | (57,804) | (309,138) | 4,209,415 | $ 60,352 | 2,410,765 | 1,737,980 | 318 | 3,783,196 | $ 0 | 1,653,442 | 2,131,015 | (1,261) | 1,316,629 | $ 0 | 678,134 | 641,039 | (2,544) | ||||||||
Balance (in shares) at Dec. 31, 2018 | 316,885,808 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Dec. 31, 2018 | 11,486,817 | $ 1,669,392 | 6,241,222 | 3,953,974 | (60,000) | (317,771) | 4,199,317 | $ 60,352 | 2,410,765 | 1,727,899 | 301 | 3,730,155 | $ 0 | 1,633,442 | 2,098,091 | (1,378) | 1,302,541 | $ 0 | 678,134 | 627,258 | (2,851) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net Income | 343,891 | 215,275 | 183,747 | 59,634 | |||||||||||||||||||||||||
Dividends on Preferred Stock | (3,800) | ||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 6,359 | 25 | 231 | 603 | |||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2019 | 323,574,439 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Jun. 30, 2019 | 11,954,593 | $ 1,699,292 | 6,659,009 | 3,954,492 | (53,641) | (304,559) | 4,136,438 | $ 60,352 | 2,410,765 | 1,664,995 | 326 | 3,751,354 | $ 0 | 1,653,442 | 2,099,059 | (1,147) | 1,129,777 | $ 0 | 678,134 | 453,891 | (2,248) | ||||||||
Balance (in shares) at Mar. 31, 2019 | 317,347,470 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Mar. 31, 2019 | 11,637,434 | $ 1,669,392 | 6,242,089 | 4,092,895 | (57,804) | (309,138) | 4,209,415 | $ 60,352 | 2,410,765 | 1,737,980 | 318 | 3,783,196 | $ 0 | 1,653,442 | 2,131,015 | (1,261) | 1,316,629 | $ 0 | 678,134 | 641,039 | (2,544) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net Income | 33,334 | 33,334 | 104,804 | 104,804 | 89,734 | 89,734 | 26,852 | 26,852 | |||||||||||||||||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | (490) | (490) | |||||||||||||||||||||||
Dividends on Common Shares | (169,857) | (169,857) | (176,400) | (176,400) | (121,200) | (121,200) | (214,000) | (214,000) | |||||||||||||||||||||
Issuance of Common Shares (in shares) | 5,980,000 | ||||||||||||||||||||||||||||
Issuance of Common Shares | 433,550 | $ 29,900 | 403,650 | ||||||||||||||||||||||||||
Long-Term Incentive Plan Activity | 6,470 | 6,470 | |||||||||||||||||||||||||||
Issuance of Treasury Shares (in shares) | 246,969 | ||||||||||||||||||||||||||||
Issuance of Treasury Shares | 18,027 | 13,448 | 4,579 | ||||||||||||||||||||||||||
Capital Stock Expense | (6,648) | (6,648) | |||||||||||||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 4,163 | 4,163 | 8 | 8 | 114 | 114 | 296 | 296 | |||||||||||||||||||||
Balance (in shares) at Jun. 30, 2019 | 323,574,439 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Jun. 30, 2019 | $ 11,954,593 | $ 1,699,292 | 6,659,009 | 3,954,492 | (53,641) | (304,559) | 4,136,438 | $ 60,352 | 2,410,765 | 1,664,995 | 326 | 3,751,354 | $ 0 | 1,653,442 | 2,099,059 | (1,147) | 1,129,777 | $ 0 | 678,134 | 453,891 | (2,248) | ||||||||
Balance (in shares) at Dec. 31, 2019 | 329,880,645 | 329,880,645 | 6,035,205 | 200 | 301 | ||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 12,629,994 | $ (1,514) | $ 1,729,292 | 7,087,768 | 4,177,048 | $ (1,514) | (65,059) | (299,055) | 4,387,825 | $ (900) | $ 60,352 | 2,535,765 | 1,791,392 | $ (900) | 316 | 4,159,884 | $ (161) | $ 0 | 1,813,442 | 2,346,287 | $ (161) | 155 | 1,391,733 | $ (300) | $ 0 | 903,134 | 490,306 | $ (300) | (1,707) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net Income | 336,633 | 336,633 | 118,738 | 118,738 | 100,390 | 100,390 | 39,601 | 39,601 | |||||||||||||||||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | (490) | (490) | |||||||||||||||||||||||
Dividends on Common Shares | (187,462) | (187,462) | (69,500) | (69,500) | (196,500) | (196,500) | (22,300) | (22,300) | |||||||||||||||||||||
Issuance of Common Shares (in shares) | 5,960,000 | ||||||||||||||||||||||||||||
Issuance of Common Shares | 432,100 | $ 29,800 | 402,300 | ||||||||||||||||||||||||||
Long-Term Incentive Plan Activity | (15,295) | (15,295) | |||||||||||||||||||||||||||
Issuance of Treasury Shares (in shares) | 570,542 | ||||||||||||||||||||||||||||
Issuance of Treasury Shares | 27,746 | 17,230 | 10,516 | ||||||||||||||||||||||||||
Capital Stock Expense | (12,314) | (12,314) | |||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 1,948 | 1,948 | (1) | (1) | 67 | 67 | 278 | 278 | |||||||||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 336,411,187 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Mar. 31, 2020 | $ 13,209,956 | $ 1,759,092 | 7,479,689 | 4,322,825 | (63,111) | (288,539) | 4,434,772 | $ 60,352 | 2,535,765 | 1,838,340 | 315 | 4,063,190 | $ 0 | 1,813,442 | 2,249,526 | 222 | 1,409,012 | $ 0 | 903,134 | 507,307 | (1,429) | ||||||||
Balance (in shares) at Dec. 31, 2019 | 329,880,645 | 329,880,645 | 6,035,205 | 200 | 301 | ||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 12,629,994 | $ (1,514) | $ 1,729,292 | 7,087,768 | 4,177,048 | $ (1,514) | (65,059) | (299,055) | 4,387,825 | $ (900) | $ 60,352 | 2,535,765 | 1,791,392 | $ (900) | 316 | 4,159,884 | $ (161) | $ 0 | 1,813,442 | 2,346,287 | $ (161) | 155 | 1,391,733 | $ (300) | $ 0 | 903,134 | 490,306 | $ (300) | (1,707) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net Income | 590,743 | 236,009 | 197,857 | 71,233 | |||||||||||||||||||||||||
Dividends on Preferred Stock | (3,800) | ||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | $ 2,501 | 2 | 135 | 563 | |||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 342,627,862 | 342,627,862 | 6,035,205 | 200 | 301 | ||||||||||||||||||||||||
Balance at Jun. 30, 2020 | $ 13,805,258 | $ 1,789,092 | 7,979,146 | 4,384,093 | (62,558) | (284,515) | 4,550,656 | $ 60,352 | 2,535,765 | 1,954,221 | 318 | 4,160,236 | $ 0 | 1,813,442 | 2,346,504 | 290 | 1,440,929 | $ 0 | 903,134 | 538,939 | (1,144) | ||||||||
Balance (in shares) at Mar. 31, 2020 | 336,411,187 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Mar. 31, 2020 | 13,209,956 | $ 1,759,092 | 7,479,689 | 4,322,825 | (63,111) | (288,539) | 4,434,772 | $ 60,352 | 2,535,765 | 1,838,340 | 315 | 4,063,190 | $ 0 | 1,813,442 | 2,249,526 | 222 | 1,409,012 | $ 0 | 903,134 | 507,307 | (1,429) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net Income | 254,112 | 254,112 | 117,271 | 117,271 | 97,468 | 97,468 | 31,632 | 31,632 | |||||||||||||||||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | (490) | (490) | |||||||||||||||||||||||
Dividends on Common Shares | (190,964) | (190,964) | |||||||||||||||||||||||||||
Issuance of Common Shares (in shares) | 6,000,000 | ||||||||||||||||||||||||||||
Issuance of Common Shares | 517,560 | $ 30,000 | 487,560 | ||||||||||||||||||||||||||
Long-Term Incentive Plan Activity | 7,694 | 7,694 | |||||||||||||||||||||||||||
Issuance of Treasury Shares (in shares) | 216,675 | ||||||||||||||||||||||||||||
Issuance of Treasury Shares | 16,548 | 12,524 | 4,024 | ||||||||||||||||||||||||||
Capital Stock Expense | (8,321) | (8,321) | |||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | $ 553 | 553 | 3 | 3 | 68 | 68 | 285 | 285 | |||||||||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 342,627,862 | 342,627,862 | 6,035,205 | 200 | 301 | ||||||||||||||||||||||||
Balance at Jun. 30, 2020 | $ 13,805,258 | $ 1,789,092 | $ 7,979,146 | $ 4,384,093 | $ (62,558) | $ (284,515) | $ 4,550,656 | $ 60,352 | $ 2,535,765 | $ 1,954,221 | $ 318 | $ 4,160,236 | $ 0 | $ 1,813,442 | $ 2,346,504 | $ 290 | $ 1,440,929 | $ 0 | $ 903,134 | $ 538,939 | $ (1,144) |
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |||
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Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on Common Shares (in dollars per share) | $ 0.5675 | $ 0.5675 | $ 0.535 | $ 0.535 |
Issuance of Common Shares, par value (in dollars per share) | $ 5 | $ 5 | $ 5 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas and NSTAR Gas (natural gas utilities) and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately four million electric, natural gas and water customers through eight regulated utilities in Connecticut, Massachusetts and New Hampshire. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements." The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2019 Form 10-K, which was filed with the SEC on February 27, 2020. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's and PSNH's financial position as of June 30, 2020 and December 31, 2019, and the results of operations, comprehensive income and common shareholders' equity for the three and six months ended June 30, 2020 and 2019, and the cash flows for the six months ended June 30, 2020 and 2019. The results of operations and comprehensive income for the three and six months ended June 30, 2020 and 2019 and the cash flows for the six months ended June 30, 2020 and 2019 are not necessarily indicative of the results expected for a full year. Eversource consolidates the operations of CYAPC and YAEC, both of which are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource holds several equity ownership interests that are not consolidated and are accounted for under the equity method. Eversource's utility subsidiaries' electric, natural gas and water distribution and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. COVID-19 has adversely affected workers and the economy and caused significant volatility in the financial markets. Due to the inherent uncertainty of the unprecedented and rapidly evolving situation, we continue to closely monitor how COVID-19 related developments affect Eversource. As of the date of our filing and based on available information, we have not experienced, nor are we able to predict, significant impacts directly related to the pandemic that could adversely affect our current or future operations, financial position, results of operations, and cash flows. The extent of the impact to us in the future will vary and depend in large part on the duration, scope and severity of the pandemic, and the resulting impact on economic, health care and capital market conditions. Our customer receivable balances and uncollectible accounts have not been materially adversely impacted by COVID-19. We believe that we are developing successful mechanisms with our state regulatory commissions that allow, or will allow, us to recover our incremental costs associated with COVID-19, which include uncollectible customer receivable expenses, while balancing the impact on our customers’ bills and our operating cash flows. See Note 1C, "Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts," for further discussion of our evaluation of the allowance for doubtful accounts as of June 30, 2020 in light of the COVID-19 pandemic. An extended economic slowdown could result in lower demand for electricity, natural gas and/or water by our commercial and industrial customers. However, fluctuations in retail sales volumes for CL&P, NSTAR Electric, Yankee Gas, NSTAR Gas and our Connecticut water distribution business are not expected to materially impact earnings due to their respective state regulatory commission-approved distribution revenue decoupling mechanisms. As of June 30, 2020, we did not identify indicators or triggering events for impairments to our goodwill, long-lived assets, available-for-sale debt securities, or equity method investment carrying values. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation. B. Accounting Standards Accounting Standards Issued but Not Yet Effective: In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which eliminates certain exceptions to the general principles of current income tax guidance in ASC 740 and simplifies and improves consistency in application of that income tax guidance through clarifications of and amendments to ASC 740. The guidance is effective in the first quarter of 2021. The ASU is not expected to have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric and PSNH. Accounting Standards Recently Adopted: On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides a model for recognizing credit losses on financial instruments based on an estimate of current expected losses, requiring immediate recognition of credit losses expected over the life of a financial instrument. The Company determined the impacts of this standard on the allowance for credit losses on its financial instruments, primarily accounts receivable. As of January 1, 2020, the Company recorded increases to the allowance for uncollectible accounts for late fees and other receivable amounts of $1.6 million, $0.9 million, $0.2 million and $0.3 million at Eversource, CL&P, NSTAR Electric and PSNH, respectively. The impact to retained earnings, net of tax, was $1.5 million, $0.9 million, $0.2 million and $0.3 million at Eversource, CL&P, NSTAR Electric and PSNH, respectively. The Company also adjusted the allowance for uncollectible amounts of hardship receivables and other low-income assistance programs, which are ultimately collectible in rates at specified points in time under approved regulatory mechanisms. The impact on the allowance, which was offset in other long-term assets on the balance sheets, was an increase of $22.2 million and $21.3 million at Eversource and CL&P, respectively, and a decrease of $1.5 million at NSTAR Electric. See Note 1C, “Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts,” for further information. The Company adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment as of January 1, 2020. The ASU simplified the accounting for goodwill impairment by removing a complex step in the goodwill impairment test. Under the guidance, goodwill impairment is measured as the amount by which its carrying value exceeds its fair value. The ASU is not expected to have an impact on the financial statements of Eversource. On January 1, 2020, the Company adopted ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU aligned the requirements for capitalizing costs incurred to implement a cloud computing arrangement with existing internal-use software guidance. The prospective implementation of this standard did not have any impact on the financial statements of Eversource, CL&P, NSTAR Electric or PSNH for the period ending June 30, 2020. On January 1, 2020, the Company prospectively adopted ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU modified fair value disclosure requirements. The standard includes new disclosure requirements for Level 3 unobservable inputs and eliminated the requirement to disclose certain information relating to transfers between levels. The modified disclosures are included in Note 1D, “Summary of Significant Accounting Policies - Fair Value Measurements,” and Note 4, “Derivative Instruments.” C. Allowance for Uncollectible Accounts Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables. Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts). Receivables are presented net of expected credit losses at estimated net realizable value by maintaining an allowance for uncollectible accounts. Effective January 1, 2020, the current expected credit loss (CECL) model was applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded. The allowance for uncollectible accounts is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category. Factors in determining credit loss include historical collection, write-off experience, and management's assessment of collectibility from customers, including current conditions, reasonable forecasts, and expectations of future collectibility and collection efforts. Management continuously assesses the collectibility of receivables and adjusts estimates based on actual experience and future expectations based on economic indicators, collection efforts and other factors. Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible. As of June 30, 2020, management evaluated the adequacy of the allowance for uncollectible accounts in light of the COVID-19 pandemic and the related economic downturn. This evaluation included an analysis of collection and customer payment trends in 2020, economic conditions, flexible payment plans and financial hardship arrearage management programs being offered to customers, and the impacts of federal governmental pandemic relief programs for our customers and the expansion of unemployment benefit initiatives, which help to mitigate the potential for increasing customer account delinquencies. Additionally, management considered past economic declines and corresponding uncollectible reserves as part of the current assessment. The collection analysis has shown that our operating companies have experienced some lower cash collections from customers because of the moratorium on disconnections and the economic slowdown resulting from the COVID-19 pandemic, primarily at our natural gas distribution businesses driven by the seasonality of their usage patterns. However, overall it is not a significant reduction in customer payments. Based upon the evaluation performed, in the second quarter of 2020, management increased the allowance for uncollectible accounts by $4.1 million at our natural gas distribution segment. Management concluded that the reserve balance as of June 30, 2020 adequately reflected the collection risk and net realizable value for Eversource’s receivables. Management will continue to evaluate the adequacy of the uncollectible allowance in future reporting periods based on an ongoing assessment of accounts receivable collections, delinquency statistics, and analysis of aging-based quantitative assessments. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows NSTAR Electric and NSTAR Gas to recover in rates amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. Hardship customers are protected from shut-off in certain circumstances, and historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. As a result of the adoption of ASU 2016-13, management aligned the allowance for uncollectible hardship accounts across all regulatory jurisdictions, using a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. Implementation impacts of the accounting standard on the allowance for uncollectible hardship accounts are reflected in the rollforward of the uncollectible allowance in the table below. The allowance for uncollectible hardship accounts is included in the total uncollectible allowance balance. The total allowance for uncollectible accounts is included in Receivables, Net on the balance sheets. The activity in the allowance for uncollectible accounts by portfolio segment is as follows:
(1) Uncollectible expense associated with customer and other accounts receivable is included in Operations and Maintenance expense on the statements of income. For the three and six months ended June 30, 2019, uncollectible expense included in Operations and Maintenance Expense was $13.0 million and $31.5 million for Eversource, $3.5 million and $7.6 million for CL&P, $5.7 million and $11.6 million for NSTAR Electric and $1.4 million and $3.1 million for PSNH, respectively. (2) The current period provision for expected credit losses for hardship accounts and other customer receivables, including uncollectible amounts related to COVID-19, that are ultimately recovered in rates is deferred as a regulatory cost on the balance sheets. D. Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" (normal) and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill, long-lived assets and AROs, and the estimated fair value of preferred stock, long-term debt and RRBs. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis. The three levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy. Determination of Fair Value: The valuation techniques and inputs used in Eversource's fair value measurements are described in Note 4, "Derivative Instruments," Note 5, "Marketable Securities," and Note 10, "Fair Value of Financial Instruments," to the financial statements. E. Other Income, Net The components of Other Income, Net on the statements of income were as follows:
F. Other Taxes Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:
Separate from above were amounts recorded as Taxes Other Than Income Taxes at CL&P related to the remittance to the State of Connecticut of energy efficiency funds collected from customers of $10.7 million and $21.4 million for the three and six months ended June 30, 2019, respectively. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. These amounts were recorded separately, with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the Eversource and CL&P statements of income. As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. G. Supplemental Cash Flow Information Non-cash investing activities include plant additions included in Accounts Payable as follows:
The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows:
Special Deposits represent cash collections related to the PSNH RRB customer charges that are held in trust, required ISO-NE cash deposits, and CYAPC and YAEC cash balances. Special Deposits are included in Current Assets on the balance sheets. Restricted cash included in Marketable Securities represents money market funds held in trusts to fund certain non-qualified executive benefits and restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage obligations. H. Pending Acquisition of Assets of Columbia Gas of Massachusetts On February 26, 2020, Eversource and NiSource Inc. entered into an asset purchase agreement (the Agreement) pursuant to which Eversource would acquire certain assets that comprise NiSource’s local natural gas distribution business in Massachusetts, which is doing business as Columbia Gas of Massachusetts (CMA). The purchase price of $1.1 billion includes a target working capital amount that is subject to adjustment to reflect actual working capital as of the closing date. The liabilities to be assumed by Eversource under the Agreement specifically exclude any liabilities (past or future) arising out of, or related to, the fires and explosions that occurred on September 13, 2018 in Lawrence, Andover and North Andover, Massachusetts related to the delivery of natural gas by CMA, including certain subsequent events, all as described and in the DPU's Order on Scope dated December 23, 2019 (D.P.U. 19-141) (the Greater Lawrence Incident or GLI). The liabilities to be assumed also exclude any further emergency events prior to the closing of the acquisition related to the restoration and reconstruction with respect to the GLI, including any losses arising out of, or related to, any litigation, demand, cause of action, claim, suit, investigation, proceeding, indemnification agreements or rights. Eversource is not assuming any of CMA's or NiSource Inc.'s debt obligations or notes payable. The transaction requires approval from the DPU, the Maine Public Utilities Commission, the FERC, and the Federal Communications Commission, and the resulting rate plan requires DPU approval as well. The relevant review period under the Hart-Scott-Rodino Act has expired. On July 2, 2020, Eversource, CMA and NiSource filed an application with the DPU seeking approval of the sale of CMA assets to Eversource, which included a settlement with the Massachusetts Attorney General’s Office, the DOER, and the Low-Income Weatherization and Fuel Assistance Program Network. The application requests approval of the transaction and the related rate plan by September 30, 2020. Eversource expects to finance the asset acquisition through a combination of debt and equity issuances in a ratio that is consistent with its current consolidated capital structure. The transaction is expected to close shortly after the end of the third quarter of 2020. |
REGULATORY ACCOUNTING |
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REGULATORY ACCOUNTING | REGULATORY ACCOUNTING Eversource's utility companies are subject to rate regulation that is based on cost recovery and meets the criteria for application of accounting guidance for rate-regulated operations, which considers the effect of regulation on the timing of the recognition of certain revenues and expenses. The regulated companies' financial statements reflect the effects of the rate-making process. The rates charged to the customers of Eversource's regulated companies are designed to collect each company's costs to provide service, plus a return on investment. The application of accounting guidance for rate-regulated enterprises results in recording regulatory assets and liabilities. Regulatory assets represent the deferral of incurred costs that are probable of future recovery in customer rates. Regulatory assets are amortized as the incurred costs are recovered through customer rates. Regulatory liabilities represent either revenues received from customers to fund expected costs that have not yet been incurred or probable future refunds to customers. Management believes it is probable that each of the regulated companies will recover its respective investments in long-lived assets, including regulatory assets. If management were to determine that it could no longer apply the accounting guidance applicable to rate-regulated enterprises to any of the regulated companies' operations, or if management could not conclude it is probable that costs would be recovered from customers in future rates, the costs would be charged to net income in the period in which the determination is made. Regulatory Assets: The components of regulatory assets were as follows:
Regulatory Costs in Long-Term Assets: Eversource's regulated companies had $176.3 million (including $85.2 million for CL&P, $49.0 million for NSTAR Electric and $15.0 million for PSNH) and $146.0 million (including $51.8 million for CL&P, $55.7 million for NSTAR Electric and $18.0 million for PSNH) of additional regulatory costs as of June 30, 2020 and December 31, 2019, respectively, that were included in long-term assets on the balance sheets. These amounts represent incurred costs for which recovery has not yet been specifically approved by the applicable regulatory agency. However, based on regulatory policies or past precedent on similar costs, management believes it is probable that these costs will ultimately be approved and recovered from customers in rates. As of June 30, 2020, COVID-19 related costs deferred by Eversource totaled $6.6 million, of which $4.1 million was related to uncollectible expense incurred at our natural gas distribution segment. Regulatory Liabilities: The components of regulatory liabilities were as follows:
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PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION The following tables summarize property, plant and equipment by asset category:
(1) These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company. |
DERIVATIVE INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The electric and natural gas companies purchase and procure energy and energy-related products, which are subject to price volatility, for their customers. The costs associated with supplying energy to customers are recoverable from customers in future rates. These regulated companies manage the risks associated with the price volatility of energy and energy-related products through the use of derivative and non-derivative contracts. Many of the derivative contracts meet the definition of, and are designated as, normal and qualify for accrual accounting under the applicable accounting guidance. The costs and benefits of derivative contracts that meet the definition of normal are recognized in Operating Expenses on the statements of income, as applicable, as electricity or natural gas is delivered. Derivative contracts that are not designated as normal are recorded at fair value as current or long-term Derivative Assets or Derivative Liabilities on the balance sheets. For the electric and natural gas companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivatives, as contract settlement amounts are recovered from, or refunded to, customers in their respective energy supply rates. The gross fair values of derivative assets and liabilities with the same counterparty are offset and reported as net Derivative Assets or Derivative Liabilities, with current and long-term portions, on the balance sheets. 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:
For further information on the fair value of derivative contracts, see Note 1D, "Summary of Significant Accounting Policies - Fair Value Measurements," to the financial statements. Derivative Contracts at Fair Value with Offsetting Regulatory Amounts Commodity Supply and Price Risk Management: As required by regulation, CL&P, along with UI, has capacity-related contracts with generation facilities. CL&P has a sharing agreement with UI, with 80 percent of the costs or benefits of each contract borne by or allocated to CL&P and 20 percent borne by or allocated to UI. The combined capacities of these contracts as of both June 30, 2020 and December 31, 2019, were 676 MW. The capacity contracts extend through 2026 and obligate both CL&P and UI to make or receive payments on a monthly basis to or from the generation facilities based on the difference between a set capacity price and the capacity market price received in the ISO-NE capacity markets. In addition, CL&P has a contract to purchase 0.1 million MWh of energy per year through 2020. As of June 30, 2020 and December 31, 2019, Eversource had New York Mercantile Exchange (NYMEX) financial contracts for natural gas futures in order to reduce variability associated with the price of 6.0 million and 9.6 million MMBtu of natural gas, respectively. For the three months ended June 30, 2020 and 2019, there were losses of less than $0.1 million and $5.1 million, respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts. For the six months ended June 30, 2020 and 2019, there were losses of $18.0 million and $10.3 million, respectively. Fair Value Measurements of Derivative Instruments Derivative contracts classified as Level 2 in the fair value hierarchy relate to the financial contracts for natural gas futures. Prices are obtained from broker quotes and are based on actual market activity. The contracts are valued using NYMEX natural gas prices. Valuations of these contracts also incorporate discount rates using the yield curve approach. The fair value of derivative contracts classified as Level 3 utilizes significant unobservable inputs. The fair value is modeled using income techniques, such as discounted cash flow valuations adjusted for assumptions related to exit price. Significant observable inputs for valuations of these contracts include energy and energy-related product prices in future years for which quoted prices in an active market exist. Fair value measurements categorized in Level 3 of the fair value hierarchy are prepared by individuals with expertise in valuation techniques, pricing of energy and energy-related products, and accounting requirements. The future capacity prices for periods that are not quoted in an active market or established at auction are based on available market data and are escalated based on estimates of inflation in order to address the full term of the contract. Valuations of derivative contracts using a discounted cash flow methodology include assumptions regarding the timing and likelihood of scheduled payments and also reflect non-performance risk, including credit, using the default probability approach based on the counterparty's credit rating for assets and the Company's credit rating for liabilities. Valuations incorporate estimates of premiums or discounts that would be required by a market participant to arrive at an exit price, using historical market transactions adjusted for the terms of the contract. The following is a summary of Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:
Exit price premiums of 1 percent through 12.5 percent, or a weighted average of 11.4 percent, are also applied to these contracts and reflect the uncertainty and illiquidity premiums that would be required based on the most recent market activity available for similar type contracts. The risk premium was weighted by the relative fair value of the net derivative instruments. Significant increases or decreases in future capacity or forward reserve prices in isolation would decrease or increase, respectively, the fair value of the derivative liability. Any increases in risk premiums would increase the fair value of the derivative liability. Changes in these fair values are recorded as a regulatory asset or liability and do not impact net income. Valuations using significant 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.
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MARKETABLE SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | MARKETABLE SECURITIES Eversource holds marketable securities that are primarily used to fund certain non-qualified executive benefits. The trusts that hold marketable securities are not subject to regulatory oversight by state or federal agencies. CYAPC and YAEC maintain legally restricted trusts, each of which holds marketable securities, to fund the spent nuclear fuel removal obligations of their nuclear fuel storage facilities. Equity Securities: Unrealized gains and losses on equity securities held in Eversource's non-qualified executive benefit trust are recorded in Other Income, Net on the statements of income. The fair value of these equity securities as of June 30, 2020 and December 31, 2019 was $41.6 million and $45.7 million, respectively. For the three months ended June 30, 2020 and 2019, there were unrealized gains of $6.6 million and $2.3 million, respectively, recorded in Other Income, Net related to these equity securities. For the six months ended June 30, 2020 and 2019, there were unrealized losses of $2.5 million and unrealized gains of $3.3 million, respectively. Eversource's equity securities also include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $172.3 million and $182.8 million as of June 30, 2020 and December 31, 2019, respectively. Unrealized gains and losses for these spent nuclear fuel trusts are subject to regulatory accounting treatment and are recorded in Marketable Securities with the corresponding offset to Other Long-Term Liabilities on the balance sheets, with no impact on the statements of income. Available-for-Sale Debt Securities: The following is a summary of the available-for-sale debt securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets.
Eversource's debt securities include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts in the amounts of $193.6 million and $198.1 million as of June 30, 2020 and December 31, 2019, respectively. Unrealized gains and losses on available-for-sale debt securities held in Eversource's non-qualified benefit trust are recorded in Accumulated Other Comprehensive Income, excluding amounts related to credit losses or losses on securities intended to be sold, which are recorded in Other Income, Net. There have been no significant unrealized losses and no credit losses for the three and six months ended June 30, 2020 and 2019, and no allowance for credit losses as of June 30, 2020. Factors considered in determining whether a credit loss exists include adverse conditions specifically affecting the issuer, the payment history, ratings and rating changes of the security, and the severity of the impairment. For asset- backed debt securities, underlying collateral and expected future cash flows are also evaluated. Debt securities included in Eversource's non-qualified benefit trust portfolio are investment-grade bonds with a lower default risk based on their credit quality. As of June 30, 2020, the contractual maturities of available-for-sale debt securities were as follows:
Realized Gains and Losses: Realized gains and losses are recorded in Other Income, Net for Eversource's benefit trust and are offset in Other Long-Term Liabilities for CYAPC and YAEC. Eversource utilizes the specific identification basis method for the Eversource non-qualified benefit trust, and the average cost basis method for the CYAPC and YAEC spent nuclear fuel trusts to compute the realized gains and losses on the sale of marketable securities. Fair Value Measurements: The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy:
U.S. government issued debt securities are valued using market approaches that incorporate transactions for the same or similar bonds and adjustments for yields and maturity dates. Corporate debt securities are valued using a market approach, utilizing recent trades of the same or similar instruments and also incorporating yield curves, credit spreads and specific bond terms and conditions. Asset-backed debt securities include collateralized mortgage obligations, commercial mortgage backed securities, and securities collateralized by auto loans, credit card loans or receivables. Asset-backed debt securities are valued using recent trades of similar instruments, prepayment assumptions, yield curves, issuance and maturity dates, and tranche information. Municipal bonds are valued using a market approach that incorporates reported trades and benchmark yields. Other fixed income securities are valued using pricing models, quoted prices of securities with similar characteristics, and discounted cash flows. |
SHORT-TERM AND LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-TERM DEBT Short-Term Debt - Commercial Paper Programs and Credit Agreements: Eversource parent has a $1.45 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas and Aquarion Water Company of Connecticut are also parties to a five-year $1.45 billion revolving credit facility, which terminates on December 6, 2024. The revolving credit facility serves to backstop Eversource parent's $1.45 billion commercial paper program. NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on December 6, 2024. The revolving credit facility serves to backstop NSTAR Electric's $650 million commercial paper program. The amount of borrowings outstanding and available under the commercial paper programs were as follows:
There were no borrowings outstanding on either the Eversource parent or NSTAR Electric revolving credit facilities as of June 30, 2020 or December 31, 2019. On May 15, 2020, CL&P and PSNH entered into uncommitted line of credit agreements, which will expire by May 14, 2021. The CL&P agreements total $450 million and the PSNH agreements total $300 million. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of June 30, 2020. Amounts outstanding under the commercial paper programs are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time. The Company expects the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities. Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of June 30, 2020, there were intercompany loans from Eversource parent to CL&P of $272.0 million, to PSNH of $119.3 million, and to a subsidiary of NSTAR Electric of $38.1 million. As of December 31, 2019, there were intercompany loans from Eversource parent to CL&P of $63.8 million, to PSNH of $27.0 million, and to a subsidiary of NSTAR Electric of $30.3 million. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets. Long-Term Debt Issuance Authorization: On January 27, 2020, the DPU approved NSTAR Gas' request for authorization to issue up to $270 million in long-term debt through December 31, 2021. On July 31, 2020, the NHPUC approved PSNH's request for authorization to issue up to $200 million in long-term debt through December 31, 2020. Long-Term Debt: The following table summarizes long-term debt issuances and repayments:
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RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES |
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RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES | RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES Rate Reduction Bonds: On May 8, 2018, PSNH Funding, a wholly-owned subsidiary of PSNH, issued $635.7 million of securitized RRBs in multiple tranches with a weighted average interest rate of 3.66 percent, and final maturity dates ranging from 2026 to 2035. The RRBs are expected to be repaid by February 1, 2033. RRB payments consist of principal and interest and are paid semi-annually, beginning on February 1, 2019. The RRBs were issued pursuant to a finance order issued by the NHPUC on January 30, 2018 to recover remaining costs resulting from the divestiture of PSNH’s generation assets. PSNH Funding was formed solely to issue RRBs to finance PSNH's unrecovered remaining costs associated with the divestiture of its generation assets. PSNH Funding is considered a VIE primarily because the equity capitalization is insufficient to support its operations. PSNH has the power to direct the significant activities of the VIE and is most closely associated with the VIE as compared to other interest holders. Therefore, PSNH is considered the primary beneficiary and consolidates PSNH Funding in its consolidated financial statements. The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements:
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PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION |
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Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION | PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION Eversource provides defined benefit retirement plans (Pension Plans) that cover eligible employees. In addition to the Pension Plans, Eversource maintains non-qualified defined benefit retirement plans (SERP Plans), which provide benefits in excess of Internal Revenue Code limitations to eligible participants consisting of current and retired employees. Eversource also provides defined benefit postretirement plans (PBOP Plans) that provide life insurance and a health reimbursement arrangement created for the purpose of reimbursing retirees and dependents for health insurance premiums and certain medical expenses to eligible employees that meet certain age and service eligibility requirements. The components of net periodic benefit expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets for future recovery, are shown below. The service cost component of net periodic benefit expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized and deferred portion, as these amounts are cash settled on a short-term basis.
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES A. Environmental Matters Eversource, CL&P, NSTAR Electric and PSNH are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or the remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current and former operating sites. Eversource, CL&P, NSTAR Electric and PSNH have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations. The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows:
Included in the number of sites and reserve amounts above are former MGP sites that were operated several decades ago and manufactured gas from coal and other processes, which resulted in certain by-products remaining in the environment that may pose a potential risk to human health and the environment, for which Eversource may have potential liability. The reserve balances related to these former MGP sites were $67.5 million and $67.9 million as of June 30, 2020 and December 31, 2019, respectively, and related primarily to the natural gas business segment. These reserve estimates are subjective in nature as they take into consideration several different remediation options at each specific site. The reliability and precision of these estimates can be affected by several factors, including new information concerning either the level of contamination at the site, the extent of Eversource's, CL&P's, NSTAR Electric's and PSNH's responsibility for remediation or the extent of remediation required, recently enacted laws and regulations or changes in cost estimates due to certain economic factors. It is possible that new information or future developments could require a reassessment of the potential exposure to required environmental remediation. As this information becomes available, management will continue to assess the potential exposure and adjust the reserves accordingly. B. Guarantees and Indemnifications In the normal course of business, Eversource parent provides credit assurances on behalf of its subsidiaries, including CL&P, NSTAR Electric and PSNH, in the form of guarantees. Management does not anticipate a material impact to net income or cash flows as a result of these various guarantees and indemnifications. The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries and affiliates to external parties as of June 30, 2020:
C. Spent Nuclear Fuel Obligations - Yankee Companies CL&P, NSTAR Electric and PSNH have plant closure and fuel storage cost obligations to the Yankee Companies, which have each completed the physical decommissioning of their respective nuclear power facilities and are now engaged in the long-term storage of their spent fuel. The Yankee Companies fund these costs through litigation proceeds received from the DOE and, to the extent necessary, through wholesale, FERC-approved rates charged under power purchase agreements with several New England utilities, including CL&P, NSTAR Electric and PSNH. CL&P, NSTAR Electric and PSNH, in turn recover these costs from their customers through state regulatory commission-approved retail rates. The Yankee Companies collect amounts that management believes are adequate to recover the remaining plant closure and fuel storage cost estimates for the respective plants. Management believes CL&P and NSTAR Electric will recover their shares of these obligations from their customers. PSNH has recovered its total share of these costs from its customers. Spent Nuclear Fuel Litigation: The Yankee Companies have filed complaints against the DOE in the Court of Federal Claims seeking monetary damages resulting from the DOE's failure to accept delivery of, and provide for a permanent facility to store, spent nuclear fuel pursuant to the terms of the 1983 spent fuel and high-level waste disposal contracts between the Yankee Companies and the DOE. The court previously awarded the Yankee Companies damages for Phases I, II and III of litigation resulting from the DOE's failure to meet its contractual obligations. These Phases covered damages incurred in the years 1998 through 2012, and the awarded damages have been received by the Yankee Companies with certain amounts of the damages refunded to their customers. DOE Phase IV Damages - On May 22, 2017, each of the Yankee Companies filed a fourth set of lawsuits against the DOE in the Court of Federal Claims. The Yankee Companies sought monetary damages totaling $104.4 million for CYAPC, YAEC and MYAPC, resulting from the DOE's failure to begin accepting spent nuclear fuel for disposal covering the years from 2013 to 2016 (DOE Phase IV). On February 21, 2019, the Yankee Companies received a partial summary judgment and partial final judgment in their favor for the undisputed amount of monetary damages of $103.2 million. The court awarded CYAPC, YAEC and MYAPC damages of $40.7 million, $28.1 million and $34.4 million, respectively. The DOE did not appeal the court's judgment and the decision became final on April 23, 2019. On June 12, 2019, each of the Yankee Companies received the damages proceeds. On June 12, 2019, the court accepted an offer of judgment in the amount of $0.5 million to settle the disputed amount of approximately $1 million in Phase IV contested damages. The Yankee Companies received the $0.5 million payment in July 2019. In September 2019, the Yankee Companies made a required informational filing with FERC as to the use of proceeds, for which approval was received in the fourth quarter of 2019. In December 2019, YAEC and MYAPC returned proceeds of $5.4 million and $21.0 million, respectively, to its member companies, of which the Eversource utilities (CL&P, NSTAR Electric and PSNH) received a total of $2.8 million from YAEC and $5.0 million from MYAPC. The Eversource utilities refund these amounts received to their utility customers. Also, in December 2019, CYAPC paid $29.0 million to the DOE to partially settle its pre-1983 spent nuclear fuel obligation. D. FERC ROE Complaints Four separate complaints were filed at the FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (collectively, the Complainants). In each of the first three complaints, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, the Complainants challenged the NETOs' base ROE of 11.14 percent that had been utilized since 2005 and sought an order to reduce it prospectively from the date of the final FERC order and for the separate 15-month complaint periods. In the fourth complaint, filed April 29, 2016, the Complainants challenged the NETOs' base ROE billed of 10.57 percent and the maximum ROE for transmission incentive (incentive cap) of 11.74 percent, asserting that these ROEs were unjust and unreasonable. The ROE originally billed during the period October 1, 2011 (beginning of the first complaint period) through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent. On October 16, 2014, the FERC set the base ROE at 10.57 percent and the incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. This FERC order was vacated on April 14, 2017 by the U.S. Court of Appeals for the D.C. Circuit (the Court). All amounts associated with the first complaint period have been refunded, which totaled $38.9 million (pre-tax and excluding interest) at Eversource and reflected both the base ROE and incentive cap prescribed by the FERC order. The refund consisted of $22.4 million for CL&P, $13.7 million for NSTAR Electric and $2.8 million for PSNH. Eversource has recorded a reserve of $39.1 million (pre-tax and excluding interest) for the second complaint period as of June 30, 2020 and December 31, 2019. This reserve represents the difference between the billed rates during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of June 30, 2020 and December 31, 2019. On October 16, 2018, FERC issued an order on all four complaints describing how it intends to address the issues that were remanded by the Court. FERC proposed a new framework to determine (1) whether an existing ROE is unjust and unreasonable and, if so, (2) how to calculate a replacement ROE. Initial briefs were filed by the NETOs, Complainants and FERC Trial Staff on January 11, 2019 and reply briefs were filed on March 8, 2019. The NETOs' brief was supportive of the overall ROE methodology determined in the October 16, 2018 order provided the FERC does not change the proposed methodology or alter its implementation in a manner that has a material impact on the results. The FERC order included illustrative calculations for the first complaint using FERC's proposed frameworks with financial data from that complaint. Those illustrative calculations indicated that for the first complaint period, for the NETOs, which FERC concludes are of average financial risk, the preliminary just and reasonable base ROE is 10.41 percent and the preliminary incentive cap on total ROE is 13.08 percent. If the results of the illustrative calculations were included in a final FERC order for each of the complaint periods, then a 10.41 percent base ROE and a 13.08 percent incentive cap would not have a significant impact on our financial statements for all of the complaint periods. These preliminary calculations are not binding and do not represent what we believe to be the most likely outcome of a final FERC order. On November 21, 2019, FERC issued Opinion No. 569 affecting the two pending transmission ROE complaints against the Midcontinent ISO (MISO) transmission owners, in which FERC adopted a new methodology for determining base ROEs. Various parties sought rehearing. On December 23, 2019, the NETOs filed supplementary materials in the NETOs' four pending cases to respond to this new methodology because of the uncertainty of the applicability to the NETOs’ cases. On May 21, 2020, the FERC issued its order in Opinion No. 569-A on the rehearing of the MISO transmission owners' cases, in which FERC again changed its methodology for determining the MISO transmission owners' base ROEs. Various parties have appealed the MISO transmission owners' opinion. This new methodology differs significantly from the methodology proposed by FERC in its October 16, 2018 order to determine the NETOs' base ROEs in its four pending cases. Given the significant uncertainty regarding the applicability of the FERC opinions in the MISO transmission owners' two complaint cases to the NETOs' pending four complaint cases, Eversource concluded that there is no reasonable basis for a change to the reserve or recognized ROEs for any of the complaint periods at this time. As well, Eversource cannot reasonably estimate a range of any gain or loss for any of the four complaint proceedings at this time. Eversource, CL&P, NSTAR Electric and PSNH currently record revenues at the 10.57 percent base ROE and incentive cap at 11.74 percent established in the October 16, 2014 FERC order. A change of 10 basis points to the base ROE used to establish the reserves would impact Eversource's after-tax earnings by an average of approximately $3 million for each of the four 15-month complaint periods. E. Eversource and NSTAR Electric Boston Harbor Civil Action In 2016, the United States Attorney on behalf of the United States Army Corps of Engineers filed a civil action in the United States District Court for the District of Massachusetts against NSTAR Electric, HEEC, and the Massachusetts Water Resources Authority (together with NSTAR Electric and HEEC, the "Defendants"). The action alleged that the Defendants failed to comply with certain permitting requirements related to the placement of the HEEC-owned electric distribution cable beneath Boston Harbor. |
FAIR VALUE OF FINANCIAL INSTRUMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions were used to estimate the fair value of each of the following financial instruments: Preferred Stock, Long-Term Debt and Rate Reduction Bonds: The fair value of CL&P's and NSTAR Electric's preferred stock is based upon pricing models that incorporate interest rates and other market factors, valuations or trades of similar securities and cash flow projections. The fair value of long-term debt and RRB debt securities is based upon pricing models that incorporate quoted market prices for those issues or similar issues adjusted for market conditions, credit ratings of the respective companies and treasury benchmark yields. The fair values provided in the table below are classified as Level 2 within the fair value hierarchy. Carrying amounts and estimated fair values are as follows:
Derivative Instruments and Marketable Securities: Derivative instruments and investments in marketable securities are carried at fair value. For further information, see Note 4, "Derivative Instruments," and Note 5, "Marketable Securities," to the financial statements. See Note 1D, "Summary of Significant Accounting Policies - Fair Value Measurements," for the fair value measurement policy and the fair value hierarchy. |
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows:
Defined benefit plan OCI amounts before reclassifications relate to actuarial gains and losses that arose during the year and were recognized in AOCI. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCI into Other Income, Net over the average future employee service period, and are reflected in amounts reclassified from AOCI. |
COMMON SHARES |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON SHARES | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values:
Common Share Issuances and 2019 Forward Sale Agreement: On June 15, 2020, Eversource completed an equity offering of 6,000,000 common shares at a price per share of $86.26. Eversource plans to use the net proceeds of this offering to fund a portion of the planned purchase of the assets of CMA. The issuance of these common shares resulted in proceeds of $509.2 million, net of issuance costs. In June 2019, Eversource completed an equity offering consisting of 5,980,000 common shares issued directly by the Company and 11,960,000 common shares issuable pursuant to a forward sale agreement with an investment bank. Under the forward sale agreement, 11,960,000 common shares were borrowed from third parties and sold by the underwriters. The forward sale agreement allowed Eversource, at its election and prior to May 29, 2020, to physically settle the forward sale agreement by issuing common shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially, $71.48 per share) or, alternatively, to settle the forward sale agreement in whole or in part through the delivery or receipt of shares or cash. The forward sale price was subject to adjustment daily based on a floating interest rate factor and would decrease in respect of certain fixed amounts specified in the agreement, such as dividends. Eversource previously issued 6,000,000 common shares under the forward sale agreement in December 2019. On March 23, 2020, Eversource physically settled a portion of the forward sale agreement by delivering 1,500,000 common shares in exchange for net proceeds of $105.7 million. Subsequently, on March 26, 2020, Eversource physically settled the remaining portion of the forward sale agreement by delivering 4,460,000 common shares in exchange for net proceeds of $314.1 million. The forward sale price used to determine the cash proceeds received by Eversource was calculated based on the initial forward sale price, as adjusted in accordance with the forward sale agreement. The March and June 2020 common share issuances of 5,960,000 and 6,000,000, respectively, resulted in total proceeds of $929.0 million, net of issuance costs, and were reflected in shareholders' equity and as financing activities on the statement of cash flows. Issuances of shares under the forward sale agreement are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreement were recorded in the financial statements until settlements took place. Prior to any settlements, the only impact to the financial statements was the inclusion of incremental shares within the calculation of diluted EPS using the treasury stock method. See Note 14, "Earnings Per Share," to the financial statements for information on the forward sale agreement’s impact on the calculation of diluted EPS. Eversource used the net proceeds received upon the direct issuance of common shares and the net proceeds received upon settlement of the forward sale agreement to repay short-term debt under the commercial paper program, to fund capital spending and clean energy initiatives, and for general corporate purposes. Treasury Shares: As of June 30, 2020 and December 31, 2019, there were 15,190,540 and 15,977,757 Eversource common shares held as treasury shares, respectively. As of June 30, 2020 and December 31, 2019, Eversource common shares outstanding were 342,627,862 and 329,880,645, respectively. Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended June 30, 2020 and 2019 and $3.8 million for each of the six months ended June 30, 2020 and 2019. These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of June 30, 2020 and December 31, 2019. On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest. |
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values:
Common Share Issuances and 2019 Forward Sale Agreement: On June 15, 2020, Eversource completed an equity offering of 6,000,000 common shares at a price per share of $86.26. Eversource plans to use the net proceeds of this offering to fund a portion of the planned purchase of the assets of CMA. The issuance of these common shares resulted in proceeds of $509.2 million, net of issuance costs. In June 2019, Eversource completed an equity offering consisting of 5,980,000 common shares issued directly by the Company and 11,960,000 common shares issuable pursuant to a forward sale agreement with an investment bank. Under the forward sale agreement, 11,960,000 common shares were borrowed from third parties and sold by the underwriters. The forward sale agreement allowed Eversource, at its election and prior to May 29, 2020, to physically settle the forward sale agreement by issuing common shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially, $71.48 per share) or, alternatively, to settle the forward sale agreement in whole or in part through the delivery or receipt of shares or cash. The forward sale price was subject to adjustment daily based on a floating interest rate factor and would decrease in respect of certain fixed amounts specified in the agreement, such as dividends. Eversource previously issued 6,000,000 common shares under the forward sale agreement in December 2019. On March 23, 2020, Eversource physically settled a portion of the forward sale agreement by delivering 1,500,000 common shares in exchange for net proceeds of $105.7 million. Subsequently, on March 26, 2020, Eversource physically settled the remaining portion of the forward sale agreement by delivering 4,460,000 common shares in exchange for net proceeds of $314.1 million. The forward sale price used to determine the cash proceeds received by Eversource was calculated based on the initial forward sale price, as adjusted in accordance with the forward sale agreement. The March and June 2020 common share issuances of 5,960,000 and 6,000,000, respectively, resulted in total proceeds of $929.0 million, net of issuance costs, and were reflected in shareholders' equity and as financing activities on the statement of cash flows. Issuances of shares under the forward sale agreement are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreement were recorded in the financial statements until settlements took place. Prior to any settlements, the only impact to the financial statements was the inclusion of incremental shares within the calculation of diluted EPS using the treasury stock method. See Note 14, "Earnings Per Share," to the financial statements for information on the forward sale agreement’s impact on the calculation of diluted EPS. Eversource used the net proceeds received upon the direct issuance of common shares and the net proceeds received upon settlement of the forward sale agreement to repay short-term debt under the commercial paper program, to fund capital spending and clean energy initiatives, and for general corporate purposes. Treasury Shares: As of June 30, 2020 and December 31, 2019, there were 15,190,540 and 15,977,757 Eversource common shares held as treasury shares, respectively. As of June 30, 2020 and December 31, 2019, Eversource common shares outstanding were 342,627,862 and 329,880,645, respectively. Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended June 30, 2020 and 2019 and $3.8 million for each of the six months ended June 30, 2020 and 2019. These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of June 30, 2020 and December 31, 2019. On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest. |
EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE Basic EPS is computed based upon the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of common shares outstanding plus the potential dilutive effect of certain share-based compensation awards and the equity forward sale agreement, as if they were converted into outstanding common shares. The dilutive effect of unvested RSU and performance share awards, as well as the equity forward sale agreement, is calculated using the treasury stock method. RSU and performance share awards are included in basic weighted average common shares outstanding as of the date that all necessary vesting conditions have been satisfied. As described in Note 12, "Common Shares," earnings per share dilution, if any, related to the forward sale agreement is determined under the treasury stock method until settlement of the forward sale agreement. Under this method, the number of Eversource common shares used in calculating diluted EPS is deemed to be increased by the excess, if any, of the number of shares that would be issued upon physical settlement of the forward sale agreement less the number of shares that would be purchased by Eversource in the market (based on the average market price during the same reporting period) using the proceeds receivable upon settlement (based on the adjusted forward sale price at the end of that reporting period). Share dilution occurs when the average market price of Eversource's common shares is higher than the adjusted forward sale price. For the three and six months ended June 30, 2020, there were 158,242 and 79,121 antidilutive share awards excluded from the EPS computation, respectively, as their impact would have been antidilutive. Antidilutive shares pertained to a purchase option extended to underwriters in connection with Eversource's common share issuance on June 15, 2020. See Note 12, "Common Shares," for further information. There were no antidilutive share awards excluded from the computation for the three and six months ended June 30, 2019. The following table sets forth the components of basic and diluted EPS:
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REVENUES |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUES | REVENUES The following tables present operating revenues disaggregated by revenue source:
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION Eversource is organized into the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates. These reportable segments represent substantially all of Eversource's total consolidated revenues. Revenues from the sale of electricity, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer. The Electric Distribution reportable segment includes the results of NSTAR Electric's solar power facilities. Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources. The remainder of Eversource's operations is presented as Other in the tables below and primarily consists of 1) the equity in earnings of Eversource parent from its subsidiaries and intercompany interest income, both of which are eliminated in consolidation, and interest expense related to the debt of Eversource parent, 2) the revenues and expenses of Eversource Service, most of which are eliminated in consolidation, 3) the operations of CYAPC and YAEC, 4) Eversource Water Ventures, Inc., parent company of Aquarion, 5) the results of other unregulated subsidiaries, which are not part of its core business, and 6) Eversource parent's equity ownership interests that are not consolidated, which primarily include the offshore wind business, a natural gas pipeline owned by Enbridge, Inc., and a renewable energy investment fund. In the ordinary course of business, Yankee Gas and NSTAR Gas purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline project described above. These affiliate transaction costs total $62.5 million annually and are classified as Purchased Power, Fuel and Transmission on the Eversource statements of income. Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment. Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred but not paid, cost of removal, AFUDC related to equity funds, and the capitalized portions of pension and PBOP expense. Eversource's segment information is as follows:
The following table summarizes Eversource's segmented total assets:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended |
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas and NSTAR Gas (natural gas utilities) and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately four million electric, natural gas and water customers through eight regulated utilities in Connecticut, Massachusetts and New Hampshire. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements." The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2019 Form 10-K, which was filed with the SEC on February 27, 2020. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's and PSNH's financial position as of June 30, 2020 and December 31, 2019, and the results of operations, comprehensive income and common shareholders' equity for the three and six months ended June 30, 2020 and 2019, and the cash flows for the six months ended June 30, 2020 and 2019. The results of operations and comprehensive income for the three and six months ended June 30, 2020 and 2019 and the cash flows for the six months ended June 30, 2020 and 2019 are not necessarily indicative of the results expected for a full year. Eversource consolidates the operations of CYAPC and YAEC, both of which are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource holds several equity ownership interests that are not consolidated and are accounted for under the equity method. Eversource's utility subsidiaries' electric, natural gas and water distribution and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. COVID-19 has adversely affected workers and the economy and caused significant volatility in the financial markets. Due to the inherent uncertainty of the unprecedented and rapidly evolving situation, we continue to closely monitor how COVID-19 related developments affect Eversource. As of the date of our filing and based on available information, we have not experienced, nor are we able to predict, significant impacts directly related to the pandemic that could adversely affect our current or future operations, financial position, results of operations, and cash flows. The extent of the impact to us in the future will vary and depend in large part on the duration, scope and severity of the pandemic, and the resulting impact on economic, health care and capital market conditions. Our customer receivable balances and uncollectible accounts have not been materially adversely impacted by COVID-19. We believe that we are developing successful mechanisms with our state regulatory commissions that allow, or will allow, us to recover our incremental costs associated with COVID-19, which include uncollectible customer receivable expenses, while balancing the impact on our customers’ bills and our operating cash flows. See Note 1C, "Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts," for further discussion of our evaluation of the allowance for doubtful accounts as of June 30, 2020 in light of the COVID-19 pandemic. An extended economic slowdown could result in lower demand for electricity, natural gas and/or water by our commercial and industrial customers. However, fluctuations in retail sales volumes for CL&P, NSTAR Electric, Yankee Gas, NSTAR Gas and our Connecticut water distribution business are not expected to materially impact earnings due to their respective state regulatory commission-approved distribution revenue decoupling mechanisms. As of June 30, 2020, we did not identify indicators or triggering events for impairments to our goodwill, long-lived assets, available-for-sale debt securities, or equity method investment carrying values. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation. |
Accounting Standards | Accounting Standards Accounting Standards Issued but Not Yet Effective: In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which eliminates certain exceptions to the general principles of current income tax guidance in ASC 740 and simplifies and improves consistency in application of that income tax guidance through clarifications of and amendments to ASC 740. The guidance is effective in the first quarter of 2021. The ASU is not expected to have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric and PSNH. Accounting Standards Recently Adopted: On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides a model for recognizing credit losses on financial instruments based on an estimate of current expected losses, requiring immediate recognition of credit losses expected over the life of a financial instrument. The Company determined the impacts of this standard on the allowance for credit losses on its financial instruments, primarily accounts receivable. As of January 1, 2020, the Company recorded increases to the allowance for uncollectible accounts for late fees and other receivable amounts of $1.6 million, $0.9 million, $0.2 million and $0.3 million at Eversource, CL&P, NSTAR Electric and PSNH, respectively. The impact to retained earnings, net of tax, was $1.5 million, $0.9 million, $0.2 million and $0.3 million at Eversource, CL&P, NSTAR Electric and PSNH, respectively. The Company also adjusted the allowance for uncollectible amounts of hardship receivables and other low-income assistance programs, which are ultimately collectible in rates at specified points in time under approved regulatory mechanisms. The impact on the allowance, which was offset in other long-term assets on the balance sheets, was an increase of $22.2 million and $21.3 million at Eversource and CL&P, respectively, and a decrease of $1.5 million at NSTAR Electric. See Note 1C, “Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts,” for further information. The Company adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment as of January 1, 2020. The ASU simplified the accounting for goodwill impairment by removing a complex step in the goodwill impairment test. Under the guidance, goodwill impairment is measured as the amount by which its carrying value exceeds its fair value. The ASU is not expected to have an impact on the financial statements of Eversource. On January 1, 2020, the Company adopted ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU aligned the requirements for capitalizing costs incurred to implement a cloud computing arrangement with existing internal-use software guidance. The prospective implementation of this standard did not have any impact on the financial statements of Eversource, CL&P, NSTAR Electric or PSNH for the period ending June 30, 2020. On January 1, 2020, the Company prospectively adopted ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU modified fair value disclosure requirements. The standard includes new disclosure requirements for Level 3 unobservable inputs and eliminated the requirement to disclose certain information relating to transfers between levels. The modified disclosures are included in Note 1D, “Summary of Significant Accounting Policies - Fair Value Measurements,” and Note 4, “Derivative Instruments.” |
Allowance for Uncollectible Accounts | Allowance for Uncollectible Accounts Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables. Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts). Receivables are presented net of expected credit losses at estimated net realizable value by maintaining an allowance for uncollectible accounts. Effective January 1, 2020, the current expected credit loss (CECL) model was applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded. The allowance for uncollectible accounts is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category. Factors in determining credit loss include historical collection, write-off experience, and management's assessment of collectibility from customers, including current conditions, reasonable forecasts, and expectations of future collectibility and collection efforts. Management continuously assesses the collectibility of receivables and adjusts estimates based on actual experience and future expectations based on economic indicators, collection efforts and other factors. Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible. As of June 30, 2020, management evaluated the adequacy of the allowance for uncollectible accounts in light of the COVID-19 pandemic and the related economic downturn. This evaluation included an analysis of collection and customer payment trends in 2020, economic conditions, flexible payment plans and financial hardship arrearage management programs being offered to customers, and the impacts of federal governmental pandemic relief programs for our customers and the expansion of unemployment benefit initiatives, which help to mitigate the potential for increasing customer account delinquencies. Additionally, management considered past economic declines and corresponding uncollectible reserves as part of the current assessment. The collection analysis has shown that our operating companies have experienced some lower cash collections from customers because of the moratorium on disconnections and the economic slowdown resulting from the COVID-19 pandemic, primarily at our natural gas distribution businesses driven by the seasonality of their usage patterns. However, overall it is not a significant reduction in customer payments. Based upon the evaluation performed, in the second quarter of 2020, management increased the allowance for uncollectible accounts by $4.1 million at our natural gas distribution segment. Management concluded that the reserve balance as of June 30, 2020 adequately reflected the collection risk and net realizable value for Eversource’s receivables. Management will continue to evaluate the adequacy of the uncollectible allowance in future reporting periods based on an ongoing assessment of accounts receivable collections, delinquency statistics, and analysis of aging-based quantitative assessments. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows NSTAR Electric and NSTAR Gas to recover in rates amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. Hardship customers are protected from shut-off in certain circumstances, and historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. As a result of the adoption of ASU 2016-13, management aligned the allowance for uncollectible hardship accounts across all regulatory jurisdictions, using a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. Implementation impacts of the accounting standard on the allowance for uncollectible hardship accounts are reflected in the rollforward of the uncollectible allowance in the table below. The allowance for uncollectible hardship accounts is included in the total uncollectible allowance balance. |
Fair Value Measurements | Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" (normal) and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill, long-lived assets and AROs, and the estimated fair value of preferred stock, long-term debt and RRBs. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis. The three levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy. |
Other Taxes | Separate from above were amounts recorded as Taxes Other Than Income Taxes at CL&P related to the remittance to the State of Connecticut of energy efficiency funds collected from customers of $10.7 million and $21.4 million for the three and six months ended June 30, 2019, respectively. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. These amounts were recorded separately, with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the Eversource and CL&P statements of income. As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. |
Earnings Per Share | Basic EPS is computed based upon the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of common shares outstanding plus the potential dilutive effect of certain share-based compensation awards and the equity forward sale agreement, as if they were converted into outstanding common shares. The dilutive effect of unvested RSU and performance share awards, as well as the equity forward sale agreement, is calculated using the treasury stock method. RSU and performance share awards are included in basic weighted average common shares outstanding as of the date that all necessary vesting conditions have been satisfied. As described in Note 12, "Common Shares," earnings per share dilution, if any, related to the forward sale agreement is determined under the treasury stock method until settlement of the forward sale agreement. Under this method, the number of Eversource common shares used in calculating diluted EPS is deemed to be increased by the excess, if any, of the number of shares that would be issued upon physical settlement of the forward sale agreement less the number of shares that would be purchased by Eversource in the market (based on the average market price during the same reporting period) using the proceeds receivable upon settlement (based on the adjusted forward sale price at the end of that reporting period). Share dilution occurs when the average market price of Eversource's common shares is higher than the adjusted forward sale price. |
Restricted Cash | Special Deposits represent cash collections related to the PSNH RRB customer charges that are held in trust, required ISO-NE cash deposits, and CYAPC and YAEC cash balances. Special Deposits are included in Current Assets on the balance sheets. Restricted cash included in Marketable Securities represents money market funds held in trusts to fund certain non-qualified executive benefits and restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage obligations.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Uncollectible Accounts | The activity in the allowance for uncollectible accounts by portfolio segment is as follows:
(1) Uncollectible expense associated with customer and other accounts receivable is included in Operations and Maintenance expense on the statements of income. For the three and six months ended June 30, 2019, uncollectible expense included in Operations and Maintenance Expense was $13.0 million and $31.5 million for Eversource, $3.5 million and $7.6 million for CL&P, $5.7 million and $11.6 million for NSTAR Electric and $1.4 million and $3.1 million for PSNH, respectively. (2) The current period provision for expected credit losses for hardship accounts and other customer receivables, including uncollectible amounts related to COVID-19, that are ultimately recovered in rates is deferred as a regulatory cost on the balance sheets. |
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Components of Other Income, Net | The components of Other Income, Net on the statements of income were as follows:
(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. |
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Other Taxes | These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:
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Non-cash Investing Activities | Non-cash investing activities include plant additions included in Accounts Payable as follows:
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Reconciliation of Cash Balances to Cash and Restricted Cash | The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows:
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REGULATORY ACCOUNTING (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Regulatory Assets | The components of regulatory assets were as follows:
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Components of Regulatory Liabilities | The components of regulatory liabilities were as follows:
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PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utility Property, Plant, and Equipment | The following tables summarize property, plant and equipment by asset category:
(1) These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company. |
DERIVATIVE INSTRUMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Fair Values and Net Amounts of Contracts | 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:
(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. |
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Summary of Level 3 Derivative Contracts and Significant Unobservable Inputs Used | The following is a summary of Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:
(1) Unobservable inputs were weighted by the relative future capacity and forward reserve prices and contractual MWs over the periods covered. |
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Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis | 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.
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MARKETABLE SECURITIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Available-for-Sale Debt Securities | The following is a summary of the available-for-sale debt securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets.
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Contractual Maturities of Available-for-Sale Debt Securities | As of June 30, 2020, the contractual maturities of available-for-sale debt securities were as follows:
(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. |
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Marketable Securities Recorded at Fair Value on a Recurring Basis by Level | The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy:
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SHORT-TERM AND LONG-TERM DEBT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings Outstanding and Available under the Commecrial Paper Programs | The amount of borrowings outstanding and available under the commercial paper programs were as follows:
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Summary of Long-Term Debt Issuance and Repayments | The following table summarizes long-term debt issuances and repayments:
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RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate Reduction Bonds and Variable Interest Entity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Impact of Funding on the Balance Sheets and Income Statements | The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements:
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PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Expense/(Income) | The components of net periodic benefit expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets for future recovery, are shown below. The service cost component of net periodic benefit expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized and deferred portion, as these amounts are cash settled on a short-term basis.
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COMMITMENTS AND CONTINGENCIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Sites and Related Reserves | The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows:
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Summary of Exposure to Guarantees and Indemnifications | The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries and affiliates to external parties as of June 30, 2020:
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | Carrying amounts and estimated fair values are as follows:
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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income/(Loss) by Component, Net of Tax | The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows:
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COMMON SHARES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares Authorized and Issued | The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values:
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EARNINGS PER SHARE (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Basic and Diluted EPS | The following table sets forth the components of basic and diluted EPS:
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REVENUES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues Disaggregated by Revenue Source | The following tables present operating revenues disaggregated by revenue source:
(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. |
SEGMENT INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Information and Segmented Total Assets | Eversource's segment information is as follows:
The following table summarizes Eversource's segmented total assets:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Schedule of Gross Tax Receipts [Line Items] | ||||
Gross receipts taxes | $ 37.6 | $ 36.4 | $ 80.7 | $ 81.4 |
CL&P | ||||
Schedule of Gross Tax Receipts [Line Items] | ||||
Gross receipts taxes | $ 33.1 | $ 31.8 | $ 68.6 | $ 68.0 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-cash Investing Activities (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | $ 336.1 | $ 323.7 |
CL&P | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | 95.0 | 114.0 |
NSTAR Electric | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | 75.5 | 85.2 |
PSNH | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | $ 48.3 | $ 29.9 |
REGULATORY ACCOUNTING - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | $ 176.3 | $ 146.0 |
CL&P | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | 85.2 | 51.8 |
PSNH | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | 15.0 | 18.0 |
NSTAR Electric | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | 49.0 | $ 55.7 |
COVID-19 | ||
Regulatory Assets [Line Items] | ||
Deferred costs | 6.6 | |
Deferred costs related to uncollectible expense incurred at our natural gas distribution segment | $ 4.1 |
DERIVATIVE INSTRUMENTS - Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis (Details) - CL&P - Level 3 - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Derivatives, Net [Rollforward] | ||||
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) |
MARKETABLE SECURITIES - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale equity securities | $ 41.6 | $ 41.6 | $ 45.7 | ||
Unrealized gain (loss) recorded in other income | 6.6 | $ 2.3 | (2.5) | $ 3.3 | |
CYAPC and YAEC | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale equity securities | 172.3 | 172.3 | 182.8 | ||
Marketable securities held in nuclear decommissioning trust | $ 193.6 | $ 193.6 | $ 198.1 |
MARKETABLE SECURITIES - Summary of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost | $ 219.0 | $ 228.4 |
Pre-Tax Unrealized Gains | 9.6 | 5.8 |
Pre-Tax Unrealized Losses | (0.2) | (0.1) |
Fair Value | $ 228.4 | $ 234.1 |
MARKETABLE SECURITIES - Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Amortized Cost | ||
Less than one year | $ 51.0 | |
One to five years | 44.7 | |
Six to ten years | 41.0 | |
Greater than ten years | 82.3 | |
Amortized Cost | 219.0 | $ 228.4 |
Fair Value | ||
Less than one year | 51.0 | |
One to five years | 46.5 | |
Six to ten years | 43.3 | |
Greater than ten years | 87.6 | |
Fair Value | $ 228.4 | $ 234.1 |
SHORT-TERM AND LONG-TERM DEBT - Borrowings Outstanding and Available under the Commercial Paper Programs (Details) - Commercial Paper - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 351.5 | $ 1,224.9 |
Available borrowing capacity | $ 1,098.5 | $ 225.1 |
Weighted-average interest rate | 0.18% | 1.98% |
NSTAR Electric | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 142.0 | $ 10.5 |
Available borrowing capacity | $ 508.0 | $ 639.5 |
Weighted-average interest rate | 0.12% | 1.63% |
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Narrative (Details) - PSNH - Rate Reduction Bonds |
May 08, 2018
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Amount of securitized rate reduction bonds issued | $ 635,700,000 |
Weighted average interest rate | 3.66% |
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Summary of the Impact of Funding on the Income Statements (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Condensed Income Statements, Captions [Line Items] | ||||
Interest Expense on RRB Principal (included in Interest Expense) | $ 134,285 | $ 132,705 | $ 269,000 | $ 264,438 |
PSNH | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) | 11,563 | 5,857 | 31,673 | 19,523 |
Interest Expense on RRB Principal (included in Interest Expense) | 14,607 | 13,909 | 29,087 | 28,276 |
PSNH | VIE | Rate Reduction Bonds | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) | 10,800 | 10,800 | 21,600 | 21,500 |
Interest Expense on RRB Principal (included in Interest Expense) | $ 5,000 | $ 5,300 | $ 10,000 | $ 10,700 |
COMMITMENTS AND CONTINGENCIES - Environmental Sites and Related Reserves (Details) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020
USD ($)
site
|
Dec. 31, 2019
USD ($)
site
|
|
Site Contingency [Line Items] | ||
Number of Sites | site | 55 | 57 |
Reserve | $ | $ 78.5 | $ 81.0 |
CL&P | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 15 | 15 |
Reserve | $ | $ 11.2 | $ 11.4 |
NSTAR Electric | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 13 | 15 |
Reserve | $ | $ 5.8 | $ 8.0 |
PSNH | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 9 | 9 |
Reserve | $ | $ 7.3 | $ 7.5 |
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Site Contingency [Line Items] | ||
Reserve balance | $ 78.5 | $ 81.0 |
MGP Sites | ||
Site Contingency [Line Items] | ||
Reserve balance | $ 67.5 | $ 67.9 |
COMMITMENTS AND CONTINGENCIES - Guarantees and Indemnifications (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Oct. 25, 2019 |
---|---|---|
Sunrise Wind, LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 15.4 | |
Ownership interest | 50.00% | |
Surety Bond | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 30.9 | |
Lease Payments for Real Estate | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | 5.9 | |
Real Estate Purchase | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | 2.5 | |
Sunrise Wind, LLC - Offshore Wind | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 2.2 |
COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations - Yankee Companies (Details) - USD ($) $ in Millions |
1 Months Ended | ||||
---|---|---|---|---|---|
Jun. 12, 2019 |
Feb. 21, 2019 |
May 22, 2017 |
Dec. 31, 2019 |
Jul. 31, 2019 |
|
Loss Contingencies [Line Items] | |||||
Damages awarded | $ 0.5 | ||||
Remaining damages sought | $ 1.0 | ||||
Damages paid | $ 0.5 | ||||
DOE settlement payment | $ 29.0 | ||||
YAEC | |||||
Loss Contingencies [Line Items] | |||||
Damages awarded | 2.8 | ||||
Total amount of damages awarded | 5.4 | ||||
MYAPC | |||||
Loss Contingencies [Line Items] | |||||
Damages awarded | 5.0 | ||||
Total amount of damages awarded | $ 21.0 | ||||
CYAPC, YAEC, and MYAPC | |||||
Loss Contingencies [Line Items] | |||||
Damages sought | $ 104.4 | ||||
Damages awarded | 103.2 | ||||
CYAPC | |||||
Loss Contingencies [Line Items] | |||||
Damages awarded | 40.7 | ||||
YAEC | |||||
Loss Contingencies [Line Items] | |||||
Damages awarded | 28.1 | ||||
MYAPC | |||||
Loss Contingencies [Line Items] | |||||
Damages awarded | $ 34.4 |
COMMITMENTS AND CONTINGENCIES - Eversource and NSTAR Electric Boston Harbor Civil Action (Details) |
Jul. 15, 2016
kV
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Amount of capacity required for installation of distribution cable (in kV) | 115 |
COMMON SHARES - Common Shares Authorized and Issued (Details) - $ / shares |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
---|---|---|---|---|
Class of Stock [Line Items] | ||||
Par value (in dollars per share) | $ 5 | $ 5 | $ 5 | |
Authorized (in shares) | 380,000,000 | 380,000,000 | ||
Issued (in shares) | 357,818,402 | 345,858,402 | ||
CL&P | ||||
Class of Stock [Line Items] | ||||
Par value (in dollars per share) | $ 10 | |||
Authorized (in shares) | 24,500,000 | 24,500,000 | ||
Issued (in shares) | 6,035,205 | 6,035,205 | ||
NSTAR Electric | ||||
Class of Stock [Line Items] | ||||
Par value (in dollars per share) | $ 1 | |||
Authorized (in shares) | 100,000,000 | 100,000,000 | ||
Issued (in shares) | 200 | 200 | ||
PSNH | ||||
Class of Stock [Line Items] | ||||
Par value (in dollars per share) | $ 1 | |||
Authorized (in shares) | 100,000,000 | 100,000,000 | ||
Issued (in shares) | 301 | 301 |
COMMON SHARES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 4 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 15, 2020 |
Mar. 26, 2020 |
Mar. 23, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Equity [Abstract] | |||||||||
Equity offering (in shares) | 6,000,000 | 5,960,000 | 6,000,000 | 5,980,000 | |||||
Price per share (in dollars per share) | $ 86.26 | ||||||||
Net proceeds from common shares issued directly by the Company | $ 509,200 | $ 314,100 | $ 105,700 | $ 929,000 | $ 929,025 | $ 426,902 | |||
Common shares issuable pursuant to forward sale agreement (in shares) | 4,460,000 | 1,500,000 | 11,960,000 | ||||||
Forward sale price (in dollars per share) | $ 71.48 | ||||||||
Treasury stock (in shares) | 15,977,757 | 15,190,540 | 15,190,540 | ||||||
Common stock outstanding (in shares) | 329,880,645 | 342,627,862 | 342,627,862 |
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Equity [Abstract] | |||||||
Dividends on preferred stock | $ 1,880 | $ 1,880 | $ 1,880 | $ 1,880 | $ 3,800 | $ 3,800 | |
Noncontrolling interest attributed to preferred stock of subsidiaries | $ 155,570 | $ 155,570 | $ 155,570 |
EARNINGS PER SHARE - Narrative (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive share awards excluded from the EPS computation (in shares) | 158,242 | 0 | 79,121 | 0 |
EARNINGS PER SHARE - Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Net Income Attributable to Common Shareholders | $ 252,232 | $ 31,454 | $ 586,984 | $ 340,132 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 337,946,663 | 319,664,998 | 334,524,452 | 318,644,796 |
Dilutive Effect of: | ||||
Share-Based Compensation Awards and Other (in shares) | 614,986 | 645,450 | 681,110 | 668,470 |
Equity Forward Sale Agreement (in shares) | 0 | 78,042 | 543,842 | 39,021 |
Dilutive Effect (in shares) | 614,986 | 723,492 | 1,224,952 | 707,491 |
Diluted (in shares) | 338,561,649 | 320,388,490 | 335,749,404 | 319,352,287 |
Basic and Diluted EPS (in dollars per share) | $ 0.75 | $ 0.10 | $ 1.75 | $ 1.07 |
SEGMENT INFORMATION - Narrative (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
segment
| |
CL&P | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
NSTAR Electric | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
PSNH | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Affiliated Entity | |
Segment Reporting Information [Line Items] | |
Amount of natural gas transmission purchased | $ | $ 62.5 |
SEGMENT INFORMATION - Summary of Segment Information and Segmented Total Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Segment Reporting Information [Line Items] | |||||
Operating Revenues | $ 1,953,128 | $ 1,884,495 | $ 4,326,854 | $ 4,300,287 | |
Depreciation and Amortization | (263,900) | (258,000) | (549,900) | (544,000) | |
Impairment of Northern Pass Transmission | 0 | (239,644) | 0 | (239,644) | |
Other Operating Expenses | (1,255,600) | (1,235,900) | (2,804,200) | (2,871,000) | |
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 | |
Net Income/(Loss) Attributable to Common Shareholders | 252,232 | 31,454 | 586,984 | 340,132 | |
Cash Flows Used for Investments in Plant | 1,400,198 | 1,377,753 | |||
Assets | 42,038,718 | 42,038,718 | $ 41,123,915 | ||
Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 283,800 | 250,800 | 578,500 | 509,000 | |
Depreciation and Amortization | (22,700) | (14,700) | (44,000) | (28,300) | |
Impairment of Northern Pass Transmission | 0 | 0 | |||
Other Operating Expenses | (243,100) | (218,400) | (500,000) | (444,000) | |
Operating Income | 18,000 | 17,700 | 34,500 | 36,700 | |
Interest Expense | (37,600) | (44,500) | (80,300) | (88,600) | |
Other Income, Net | 306,500 | (114,900) | 774,700 | 316,800 | |
Net Income/(Loss) Attributable to Common Shareholders | 285,400 | (145,600) | 727,800 | 262,000 | |
Cash Flows Used for Investments in Plant | 124,600 | 103,200 | |||
Assets | 21,202,000 | 21,202,000 | 20,469,600 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (590,300) | (539,100) | (1,181,700) | (1,070,200) | |
Depreciation and Amortization | 300 | 600 | 900 | 1,100 | |
Impairment of Northern Pass Transmission | 0 | 0 | |||
Other Operating Expenses | 593,500 | 538,700 | 1,184,800 | 1,069,800 | |
Operating Income | 3,500 | 200 | 4,000 | 700 | |
Interest Expense | 8,800 | 13,600 | 20,500 | 26,100 | |
Other Income, Net | (303,700) | 139,100 | (766,900) | (288,500) | |
Net Income/(Loss) Attributable to Common Shareholders | (291,400) | 152,900 | (742,400) | (261,700) | |
Cash Flows Used for Investments in Plant | 0 | 0 | |||
Assets | (20,452,000) | (20,452,000) | (19,488,800) | ||
Electric Distribution | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 1,616,200 | 1,561,800 | 3,421,600 | 3,395,600 | |
Depreciation and Amortization | (140,700) | (150,100) | (308,100) | (329,300) | |
Impairment of Northern Pass Transmission | 0 | 0 | |||
Other Operating Expenses | (1,293,300) | (1,243,000) | (2,732,900) | (2,718,600) | |
Operating Income | 182,200 | 168,700 | 380,600 | 347,700 | |
Interest Expense | (54,300) | (50,800) | (107,400) | (100,000) | |
Other Income, Net | 16,400 | 12,200 | 28,900 | 30,400 | |
Net Income/(Loss) Attributable to Common Shareholders | 115,000 | 105,400 | 245,100 | 225,400 | |
Cash Flows Used for Investments in Plant | 563,200 | 571,300 | |||
Assets | 23,166,100 | 23,166,100 | 22,541,900 | ||
Natural Gas Distribution | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 211,200 | 207,700 | 659,800 | 676,600 | |
Depreciation and Amortization | (21,200) | (19,500) | (40,300) | (39,900) | |
Impairment of Northern Pass Transmission | 0 | 0 | |||
Other Operating Expenses | (176,100) | (179,800) | (487,700) | (521,100) | |
Operating Income | 13,900 | 8,400 | 131,800 | 115,600 | |
Interest Expense | (10,700) | (11,900) | (22,000) | (23,700) | |
Other Income, Net | 400 | 700 | 1,800 | 1,000 | |
Net Income/(Loss) Attributable to Common Shareholders | 3,300 | (1,800) | 87,800 | 74,700 | |
Cash Flows Used for Investments in Plant | 205,600 | 202,700 | |||
Assets | 4,503,300 | 4,503,300 | 4,345,500 | ||
Electric Transmission | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 376,700 | 349,600 | 746,300 | 690,100 | |
Depreciation and Amortization | (68,800) | (62,300) | (136,200) | (123,700) | |
Impairment of Northern Pass Transmission | (239,600) | (239,600) | |||
Other Operating Expenses | (111,200) | (108,400) | (218,000) | (207,200) | |
Operating Income | 196,700 | (60,700) | 392,100 | 119,600 | |
Interest Expense | (32,100) | (30,500) | (62,700) | (61,000) | |
Other Income, Net | 10,600 | 8,700 | 15,700 | 16,800 | |
Net Income/(Loss) Attributable to Common Shareholders | 129,500 | (87,400) | 256,200 | 30,900 | |
Cash Flows Used for Investments in Plant | 460,800 | 449,200 | |||
Assets | 11,224,700 | 11,224,700 | 10,904,000 | ||
Water Distribution | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 55,500 | 53,700 | 102,400 | 99,200 | |
Depreciation and Amortization | (10,800) | (12,000) | (22,200) | (23,900) | |
Impairment of Northern Pass Transmission | 0 | 0 | |||
Other Operating Expenses | (25,400) | (25,000) | (50,400) | (49,900) | |
Operating Income | 19,300 | 16,700 | 29,800 | 25,400 | |
Interest Expense | (8,400) | (8,600) | (17,100) | (17,200) | |
Other Income, Net | 0 | 100 | 100 | 400 | |
Net Income/(Loss) Attributable to Common Shareholders | 10,400 | $ 8,000 | 12,500 | 8,800 | |
Cash Flows Used for Investments in Plant | 46,000 | $ 51,400 | |||
Assets | $ 2,394,600 | $ 2,394,600 | $ 2,351,700 |
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