SHORT-TERM AND LONG-TERM DEBT

6 Months Ended

Jun. 30, 2021

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 and Aquarion Water Company of Connecticut are parties to a five-year $1.45 billion revolving credit facility, which terminates on December 6, 2024. Eversource parent and EGMA have a short-term $550 million revolving credit facility, which terminates on October 20, 2021. These revolving credit facilities serve 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 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:

	Borrowings Outstanding as of				Available Borrowing Capacity as of				Weighted-Average Interest Rate as of
	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
(Millions of Dollars)
Eversource Parent Commercial Paper Program	$	1,447.0	$	1,054.3	$	553.0	$	945.7	0.19	%	0.25	%
NSTAR Electric Commercial Paper Program	555.5		195.0		94.5		455.0		0.11	%	0.16	%

There were no borrowings outstanding on the revolving credit facilities as of June 30, 2021 or December 31, 2020.

CL&P and PSNH have uncommitted line of credit agreements totaling $450 million and $300 million, respectively, which will expire on May 12, 2022. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of June 30, 2021.

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, 2021, there were intercompany loans from Eversource parent to PSNH of $48.6 million, and to a subsidiary of NSTAR Electric of $21.5 million. As of December 31, 2020, there were intercompany loans from Eversource parent to PSNH of $46.3 million, and to a subsidiary of NSTAR Electric of $21.3 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.

Availability under Long-Term Debt Issuance Authorizations: On March 31, 2021, the DPU approved NSTAR Electric's request for authorization to issue up to $1.6 billion in long-term debt through December 31, 2023. On May 18, 2021, EGMA filed a petition with the DPU for authorization to issue up to $725 million in long-term debt through December 31, 2023. Currently, EGMA has no external long-term debt and has long-term intercompany borrowings from Eversource parent. The remaining Eversource operating companies, including CL&P and PSNH, have utilized the long-term debt authorizations in place with the respective regulatory commissions.

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

(Millions of Dollars)	Issuance/(Repayment)		Issue Date or Repayment Date	Maturity Date	Use of Proceeds for Issuance/ Repayment Information
CL&P:
2.05% Series A First Mortgage Bonds	$	425.0	June 2021	July 2031	Repaid short-term debt, paid capital expenditures and working capital
NSTAR Electric:
3.10% 2021 Debentures	300.0		May 2021	June 2051	Refinanced investments in eligible green expenditures, which were previously financed in 2019 and 2020
3.50% Series F Senior Notes	(250.0)		June 2021	September 2021	Paid on par call date in advance of maturity date
PSNH:
4.05% Series Q First Mortgage Bonds	(122.0)		March 2021	June 2021	Paid on par call date in advance of maturity date
3.20% Series R First Mortgage Bonds	(160.0)		June 2021	September 2021	Paid on par call date in advance of maturity date
2.20% Series V First Mortgage Bonds	350.0		June 2021	June 2031	Repaid short-term debt, including short-term debt used to redeem Series R First Mortgage Bonds, paid capital expenditures and working capital
Other:
Eversource Parent 2.50% Series I Senior Notes	(450.0)		February 2021	March 2021	Paid on par call date in advance of maturity date
Eversource Parent 2.55% Series S Senior Notes	350.0		March 2021	March 2031	Repaid short-term debt, including short-term debt used to redeem Series I Senior Notes
Aquarion Water Company of Connecticut 3.31%    Senior Notes	100.0		April 2021	April 2051	Repaid 5.50% Notes, repaid short-term debt, paid capital expenditures and working capital
Aquarion Water Company of Connecticut 5.50% Notes	(40.0)		April 2021	April 2021	Paid at maturity

In July 2021, CL&P provided notice to the trustee of the CL&P 4.375% PCRBs that CL&P will redeem the $120.5 million of bonds on September 1, 2021, in advance of the 2028 maturity date.