SHORT-TERM AND LONG-TERM DEBT

6 Months Ended

Jun. 30, 2023

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 $2.00 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas, EGMA and Aquarion Water Company of Connecticut are parties to a five-year $2.00 billion revolving credit facility, which terminates on October 15, 2027. This revolving credit facility serves to backstop Eversource parent's $2.00 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 October 15, 2027, and 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:

	Borrowings Outstanding as of				Available Borrowing Capacity as of				Weighted-Average Interest Rate as of
	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
(Millions of Dollars)
Eversource Parent Commercial Paper Program	$	529.0	$	1,442.2	$	1,471.0	$	557.8	5.31	%	4.63	%
NSTAR Electric Commercial Paper Program	324.0		—		326.0		650.0		5.17	%	—	%

There were no borrowings outstanding on the revolving credit facilities as of June 30, 2023 or December 31, 2022.

CL&P and PSNH have uncommitted line of credit agreements totaling $375 million and $250 million, respectively, which will expire on May 10, 2024. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of June 30, 2023.

Amounts outstanding under the commercial paper programs are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time. As a result of the CL&P long-term debt issuance in July 2023, $297.5 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified as Long-Term Debt on Eversource’s balance sheet as of June 30, 2023.

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, 2023, there were intercompany loans from Eversource parent to CL&P of $449.0 million and to PSNH of $226.3 million. As of December 31, 2022, there were intercompany loans from Eversource parent to PSNH of $173.3 million. Eversource parent charges interest on these intercompany loans at the same weighted-average interest rate as its commercial paper program. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets, as these intercompany borrowings are outstanding for no more than 364 days at one time. As a result of the CL&P long-term debt issuance in July 2023, $297.5 million of CL&P's intercompany borrowings were reclassified to Long-Term Debt on CL&P’s balance sheet as of June 30, 2023.

Sources and Uses of Cash: 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.

Availability under Long-Term Debt Issuance Authorizations: On June 7, 2023, PURA approved Yankee Gas’ request for authorization to issue up to $350 million in long-term debt through December 31, 2024.

Long-Term Debt Issuances and Repayments: The following table summarizes long-term debt issuances and repayments:

(Millions of Dollars)	Interest Rate		Issuance/(Repayment)		Issue Date or Repayment Date	Maturity Date	Use of Proceeds for Issuance/ Repayment Information
CL&P 2023 Series A First Mortgage Bonds	5.25	%	$	500.0	January 2023	January 2053	Repaid 2013 Series A Bonds at maturity and short-term debt, and paid capital expenditures and working capital
CL&P 2023 Series B First Mortgage Bonds	4.90	%	300.0		July 2023	July 2033	Repaid short-term debt, paid capital expenditures and working capital
CL&P 2013 Series A First Mortgage Bonds	2.50	%	(400.0)		January 2023	January 2023	Paid at maturity
PSNH Series W First Mortgage Bonds	5.15	%	300.0		January 2023	January 2053	Repaid short-term debt, paid capital expenditures and working capital
Eversource Parent Series Z Senior Notes	5.45	%	750.0		March 2023	March 2028	Repaid Series F Senior Notes at maturity and short-term debt
Eversource Parent Series F Senior Notes	2.80	%	(450.0)		May 2023	May 2023	Paid at maturity
Eversource Parent Series Z Senior Notes	5.45	%	550.0		May 2023	March 2028	Repay Series T Senior Notes and Series N Senior Notes at maturity and short-term debt
Eversource Parent Series AA Senior Notes	4.75	%	450.0		May 2023	May 2026	Repay Series T Senior Notes and Series N Senior Notes at maturity and short-term debt
Eversource Parent Series BB Senior Notes	5.125	%	800.0		May 2023	May 2033	Repay Series T Senior Notes and Series N Senior Notes at maturity and short-term debt