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SHORT-TERM AND LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2024
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 13, 2028. 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 13, 2028, that 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 ofAvailable Borrowing Capacity as ofWeighted-Average Interest Rate as of
March 31, 2024December 31, 2023March 31, 2024December 31, 2023March 31, 2024December 31, 2023
(Millions of Dollars)
Eversource Parent Commercial Paper Program $1,934.9 $1,771.9 $65.1 $228.1 5.66 %5.60 %
NSTAR Electric Commercial Paper Program 419.0 365.8 231.0 284.2 5.38 %5.40 %

There were no borrowings outstanding on the revolving credit facilities as of March 31, 2024 or December 31, 2023.

CL&P and PSNH have uncommitted line of credit agreements totaling $375 million and $250 million, respectively, which will expire in 2024. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of March 31, 2024.

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 January 2024, $207.3 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified to Long-Term Debt on Eversource parent’s balance sheet as of December 31, 2023. As a result of the PSNH long-term debt issuance in April 2024, $251.0 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified to Long-Term Debt on Eversource parent’s balance sheet as of March 31, 2024.

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 March 31, 2024, there were intercompany loans from Eversource parent to CL&P of $426.1 million and to PSNH of $251.0 million. As of December 31, 2023, there were intercompany loans from Eversource parent to CL&P of $457.0 million and to PSNH of $233.0 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 January 2024, $207.3 million of CL&P’s intercompany borrowings were reclassified to Long-Term Debt on CL&P’s balance sheet as of December 31, 2023. As a result of the PSNH long-term debt issuance in April 2024, $251.0 million of PSNH’s intercompany borrowings were reclassified to Long-Term Debt on PSNH’s balance sheet as of March 31, 2024.

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.

Long-Term Debt Issuance Authorizations: On February 8, 2024, the NHPUC approved PSNH’s request for authorization to issue up to $300 million in long-term debt through December 31, 2024. On May 1, 2024, the DPU approved NSTAR Electric’s request for authorization to issue up to $2.4 billion in long-term debt through December 31, 2026.

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

(Millions of Dollars)Interest RateIssuance/(Repayment)Issue Date or Repayment DateMaturity DateUse of Proceeds for Issuance/
Repayment Information
CL&P 2024 Series A First Mortgage Bonds4.65 %$350.0 January 2024January 2029Repaid short-term debt, paid capital expenditures and working capital
PSNH Series X First Mortgage Bonds5.35 %300.0 April 2024October 2033Repaid short-term debt, paid capital expenditures and working capital
Eversource Parent Series DD Senior Notes5.00 %350.0 January 2024January 2027Repaid short-term debt
Eversource Parent Series EE Senior Notes5.50 %650.0 January 2024January 2034Repaid short-term debt
Eversource Parent Series FF Senior Notes5.85 %700.0 April 2024April 2031Repay Series X Senior Notes and Aquarion’s 2014 Senior Notes at maturity and short-term debt
Eversource Parent Series GG Senior Notes5.95 %700.0 April 2024July 2034Repay Series X Senior Notes and Aquarion’s 2014 Senior Notes at maturity and short-term debt

As a result of the Eversource parent long-term debt issuances in April 2024, $1.39 billion of current portion of long-term debt was reclassified to Long-Term Debt on Eversource parent’s balance sheet as of March 31, 2024.
In March 2024, NSTAR Gas closed on two First Mortgage Bonds, Series W and Series X for $160.0 million and $40.0 million, respectively, and these bonds will be issued in June 2024.