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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 October 31, 2021 | |||||||
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, 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 | ||||
EGMA | Eversource Gas Company of Massachusetts | ||||
Yankee Gas | Yankee Gas Services Company | ||||
Aquarion | Aquarion Company and its subsidiaries | ||||
NPT | Northern Pass Transmission LLC | ||||
Northern Pass | The high-voltage direct current (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 | ||||
North East Offshore | North East Offshore, LLC, an offshore wind business holding company being developed jointly by Eversource and Denmark-based Ørsted | ||||
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, NSTAR Gas and EGMA, NPT, Aquarion, and the solar power facilities of NSTAR Electric | ||||
Regulators and Government Agencies: | |||||
BOEM | U.S. Bureau of Ocean Energy Management | ||||
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 | ||||
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 | ||||
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 2020 Form 10-K | The Eversource Energy and Subsidiaries 2020 combined Annual Report on Form 10-K as filed with the SEC | ||||
Fitch | Fitch Ratings | ||||
FMCC | Federally Mandated Congestion Charge | ||||
GAAP | Accounting principles generally accepted in the United States of America | ||||
GSC | Generation Service Charge | ||||
GWh | Gigawatt-Hours | ||||
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) | ||||
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 | ||||
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 | ||||
UI | The United Illuminating Company | ||||
VIE | Variable Interest Entity |
Page | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
ITEM 1. | Financial Statements (Unaudited) | |||||||
Eversource Energy and Subsidiaries (Unaudited) | ||||||||
Condensed Consolidated Statements of Comprehensive Income | ||||||||
Condensed Consolidated Statements of Common Shareholders' Equity | ||||||||
The Connecticut Light and Power Company (Unaudited) | ||||||||
Condensed Statements of Comprehensive Income | ||||||||
Condensed Statements of Common Stockholder's Equity | ||||||||
NSTAR Electric Company and Subsidiary (Unaudited) | ||||||||
Condensed Consolidated Statements of Comprehensive Income | ||||||||
Condensed Consolidated Statements of Common Stockholder's Equity | ||||||||
Public Service Company of New Hampshire and Subsidiaries (Unaudited) | ||||||||
Condensed Consolidated Statements of Comprehensive Income | ||||||||
Condensed Consolidated Statements of Common Stockholder's Equity | ||||||||
The Connecticut Light and Power Company, NSTAR Electric Company and Subsidiary, and Public Service Company of New Hampshire and Subsidiaries | ||||||||
PART II – OTHER INFORMATION | ||||||||
ITEM 1A. | Risk Factors | |||||||
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
SIGNATURES |
(Thousands of Dollars) | As of September 30, 2021 | As of December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash | $ | $ | |||||||||
Receivables, Net (net of allowance for uncollectible accounts of $ and $ | |||||||||||
Unbilled Revenues | |||||||||||
Fuel, Materials, Supplies and REC Inventory | |||||||||||
Regulatory Assets | |||||||||||
Prepayments | |||||||||||
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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
(Thousands of Dollars, Except Share Information) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operating Revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Purchased Power, Fuel and Transmission | |||||||||||||||||||||||
Operations and Maintenance | |||||||||||||||||||||||
Depreciation | |||||||||||||||||||||||
Amortization | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | |||||||||||||||||||||||
Net Income Attributable to Common Shareholders | $ | $ | $ | $ | |||||||||||||||||||
Basic Earnings Per Common Share | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings Per Common Share | $ | $ | $ | $ | |||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
(Thousands of Dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||||||||||
Qualified Cash Flow Hedging Instruments | |||||||||||||||||||||||
Changes in Unrealized (Losses)/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 Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
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, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||
Net Income | |||||||||||||||||||||||
Dividends on Common Shares - $ | ( | ( | |||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||
Long-Term Incentive Plan Activity | ( | ( | |||||||||||||||||||||
Issuance of Treasury Shares | |||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Balance as of March 31, 2021 | ( | ( | |||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Dividends on Common Shares - $ | ( | ( | |||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||
Long-Term Incentive Plan Activity | |||||||||||||||||||||||
Issuance of Treasury Shares | |||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Balance as of June 30, 2021 | ( | ( | |||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Dividends on Common Shares - $ | ( | ( | |||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||
Long-Term Incentive Plan Activity | |||||||||||||||||||||||
Issuance of Treasury Shares | |||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ |
For the Nine Months Ended September 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 - $ | ( | ( | |||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||
Issuance of Common Shares - $ | |||||||||||||||||||||||
Long-Term Incentive Plan Activity | ( | ( | |||||||||||||||||||||
Issuance of Treasury Shares | |||||||||||||||||||||||
Capital Stock Expense | ( | ( | |||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Balance as of March 31, 2020 | ( | ( | |||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Dividends on Common Shares - $ | ( | ( | |||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||
Issuance of Common Shares - $ | |||||||||||||||||||||||
Long-Term Incentive Plan Activity | |||||||||||||||||||||||
Issuance of Treasury Shares | |||||||||||||||||||||||
Capital Stock Expense | ( | ( | |||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Balance as of June 30, 2020 | ( | ( | |||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Dividends on Common Shares - $ | ( | ( | |||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||
Long-Term Incentive Plan Activity | |||||||||||||||||||||||
Issuance of Treasury Shares | |||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Balance as of September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ |
For the Nine Months Ended September 30, | |||||||||||
(Thousands of Dollars) | 2021 | 2020 | |||||||||
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)/Expense, Net | ( | ||||||||||
Pension and PBOP Contributions | ( | ( | |||||||||
Regulatory Over/(Under) Recoveries, Net | ( | ||||||||||
Charges at CL&P related to PURA Settlement Agreement and Storm Performance Penalty | |||||||||||
Amortization | |||||||||||
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 | ( | ( | |||||||||
Proceeds from the Sale of Hingham Water System | |||||||||||
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 (Decrease)/Increase in Cash and Restricted Cash | ( | ||||||||||
Cash and Restricted Cash - Beginning of Period | |||||||||||
Cash and Restricted Cash - End of Period | $ | $ |
(Thousands of Dollars) | As of September 30, 2021 | As of December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash | $ | $ | |||||||||
Receivables, Net (net of allowance for uncollectible accounts of $ $ | |||||||||||
Accounts Receivable from Affiliated Companies | |||||||||||
Unbilled Revenues | |||||||||||
Materials and Supplies | |||||||||||
Regulatory Assets | |||||||||||
Prepaid Property Taxes | |||||||||||
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: | |||||||||||
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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
(Thousands of Dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
(Thousands of Dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive Loss, Net of Tax: | |||||||||||||||||||||||
Qualified Cash Flow Hedging Instruments | ( | ( | ( | ( | |||||||||||||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | ( | ( | ( | ||||||||||||||||||||
Other Comprehensive Loss, Net of Tax | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
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, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||||||||||||||
Dividends on Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Loss | ( | ( | |||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | |||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||||||||||||||
Dividends on Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | |||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||||||||||||||
Dividends on Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Loss | ( | ( | |||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | $ | $ |
For the Nine Months Ended September 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 | ( | ( | |||||||||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | ( | ( | |||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | |||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | |||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||||||||||||||
Capital Contributions from Eversource Parent | |||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | ( | ( | |||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | $ | $ | $ | $ |
For the Nine Months Ended September 30, | |||||||||||
(Thousands of Dollars) | 2021 | 2020 | |||||||||
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 Contributions | ( | ( | |||||||||
Regulatory Underrecoveries, Net | ( | ( | |||||||||
Charges related to PURA Settlement Agreement and Storm Performance Penalty | |||||||||||
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 | ( | ( | |||||||||
Capital Contributions from Eversource Parent | |||||||||||
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 (Decrease)/Increase in Cash and Restricted Cash | ( | ||||||||||
Cash and Restricted Cash - Beginning of Period | |||||||||||
Cash and Restricted Cash - End of Period | $ | $ |
(Thousands of Dollars) | As of September 30, 2021 | As of December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash | $ | $ | |||||||||
Receivables, Net (net of allowance for uncollectible accounts of $ $ | |||||||||||
Accounts Receivable from Affiliated Companies | |||||||||||
Unbilled Revenues | |||||||||||
Materials, Supplies and REC Inventory | |||||||||||
Taxes Receivable | |||||||||||
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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
(Thousands of Dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
(Thousands of Dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive (Loss)/Income, Net of Tax: | |||||||||||||||||||||||
Changes in Funded Status of SERP Benefit Plan | ( | ( | ( | ( | |||||||||||||||||||
Qualified Cash Flow Hedging Instruments | |||||||||||||||||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | ( | ( | ( | ||||||||||||||||||||
Other Comprehensive (Loss)/Income, Net of Tax | ( | ||||||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
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, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||||||||||||||
Dividends on Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | |||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||||||||||||||
Dividends on Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Capital Contributions from Eversource Parent | |||||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | |||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Loss | ( | ( | |||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | $ | $ |
For the Nine Months Ended September 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 | ( | ( | |||||||||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | |||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | |||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | $ | $ | $ | $ |
For the Nine Months Ended September 30, | |||||||||||
(Thousands of Dollars) | 2021 | 2020 | |||||||||
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 Contributions | ( | ( | |||||||||
Regulatory Over/(Under) 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 | |||||||||||
(Decrease)/Increase in Notes Payable | ( | ||||||||||
Other Financing Activities | ( | ( | |||||||||
Net Cash Flows Provided by Financing Activities | |||||||||||
Net Increase in Cash and Restricted Cash | |||||||||||
Cash and Restricted Cash - Beginning of Period | |||||||||||
Cash and Restricted Cash - End of Period | $ | $ |
(Thousands of Dollars) | As of September 30, 2021 | As of December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash | $ | $ | |||||||||
Receivables, Net (net of allowance for uncollectible accounts of $ as of September 30, 2021 and December 31, 2020, respectively) | |||||||||||
Accounts Receivable from Affiliated Companies | |||||||||||
Unbilled Revenues | |||||||||||
Materials, Supplies and REC Inventory | |||||||||||
Regulatory Assets | |||||||||||
Special Deposits | |||||||||||
Prepaid Property Taxes | |||||||||||
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 | |||||||||||
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 Income/(Loss) | ( | ||||||||||
Common Stockholder's Equity | |||||||||||
Commitments and Contingencies (Note 9) | |||||||||||
Total Liabilities and Capitalization | $ | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
(Thousands of Dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
(Thousands of Dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||||||||||
Qualified Cash Flow Hedging Instruments | |||||||||||||||||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | ( | ( | ( | ||||||||||||||||||||
Other Comprehensive Income, Net of Tax | |||||||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Total Common Stockholder's Equity | |||||||||||||||||||||||||||||||
(Thousands of Dollars, Except Stock Information) | Stock | Amount | |||||||||||||||||||||||||||||||||
Balance as of January 1, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | ( | ||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Capital Contributions from Eversource Parent | |||||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | ( | ||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Dividends on Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | $ | $ |
For the Nine Months Ended September 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 | ( | ( | |||||||||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | ( | ||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | ( | ||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | $ | $ | $ | ( | $ |
For the Nine Months Ended September 30, | |||||||||||
(Thousands of Dollars) | 2021 | 2020 | |||||||||
Operating Activities: | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||||||
Depreciation | |||||||||||
Deferred Income Taxes | ( | ||||||||||
Uncollectible Expense | |||||||||||
Regulatory Over/(Under) Recoveries, Net | ( | ||||||||||
Amortization of Regulatory Assets, Net | |||||||||||
Pension, SERP and PBOP Income, Net | ( | ( | |||||||||
Pension Contributions | ( | ||||||||||
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 | ( | ( | |||||||||
Capital Contributions from Eversource Parent | |||||||||||
Issuance of Long-Term Debt | |||||||||||
Retirement of Long-Term Debt | ( | ||||||||||
Repayment of Rate Reduction Bonds | ( | ( | |||||||||
Increase in Notes Payable to Eversource Parent | |||||||||||
Other Financing Activities | ( | ( | |||||||||
Net Cash Flows (Used in)/Provided by Financing Activities | ( | ||||||||||
Net Decrease in Cash and Restricted Cash | ( | ( | |||||||||
Cash and Restricted Cash - Beginning of Period | |||||||||||
Cash and Restricted Cash - End of Period | $ | $ |
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Uncollectible Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uncollectible Costs Deferred (1) | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write-Offs | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries Collected | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Uncollectible Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uncollectible Costs Deferred (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write-Offs | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries Collected | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Uncollectible Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uncollectible Costs Deferred (1) | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write-Offs | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries Collected | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
ASU 2016-13 Implementation Impact on January 1, 2020 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uncollectible Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uncollectible Costs Deferred (1) | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write-Offs | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries Collected | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||
Pension, SERP and PBOP Non-Service Income Components | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
AFUDC Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Investment (Loss)/Income | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on Sale of Property | |||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||
Total Other Income, Net | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||
Pension, SERP and PBOP Non-Service Income Components | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
AFUDC Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Income/(Loss) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on Sale of Property | |||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||
Total Other Income, Net | $ | $ | $ | $ | $ | $ | $ | $ |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
(Millions of Dollars) | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||
Eversource | $ | $ | $ | $ | |||||||||||||||||||
CL&P |
(Millions of Dollars) | As of September 30, 2021 | As of September 30, 2020 | |||||||||
Eversource | $ | $ | |||||||||
CL&P | |||||||||||
NSTAR Electric | |||||||||||
PSNH |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(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 as reported on the Statements of Cash Flows | $ | $ | $ | $ | $ | $ | $ | $ |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(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 September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||
EDIT due to Tax Cuts and Jobs Act of 2017 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Cost of Removal | |||||||||||||||||||||||||||||||||||||||||||||||
Benefit Costs | |||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Tracker Mechanisms | |||||||||||||||||||||||||||||||||||||||||||||||
AFUDC - Transmission | |||||||||||||||||||||||||||||||||||||||||||||||
CL&P Settlement Agreement and Storm Performance Penalty | |||||||||||||||||||||||||||||||||||||||||||||||
Other Regulatory Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Total Regulatory Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Current Portion | |||||||||||||||||||||||||||||||||||||||||||||||
Total Long-Term Regulatory Liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Eversource | As of September 30, 2021 | As of December 31, 2020 | |||||||||
(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 September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||
(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 | $ | $ | $ | $ | $ | $ |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
(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 | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
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 | ( | ( | ( | ( |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CL&P | Range | Weighted Average (1) | Period Covered | Range | Weighted Average (1) | Period Covered | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capacity Prices | $ | $ | per kW-Month | 2025 - 2026 | $ | — | $ | $ | per kW-Month | 2024 - 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward Reserve Prices | $ | — | $ | $ | per kW-Month | 2022 - 2024 | $ | — | $ | $ | per kW-Month | 2021 - 2024 |
CL&P | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
(Millions of Dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Derivatives, Net: | |||||||||||||||||||||||
Fair Value as of Beginning of Period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net Realized/Unrealized Gains/(Losses) Included in Regulatory Assets | ( | ( | ( | ||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Fair Value as of End of Period | $ | ( | $ | ( | $ | ( | $ | ( |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ |
Eversource (Millions of Dollars) | As of September 30, 2021 | As of December 31, 2020 | |||||||||
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 | |||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||
CL&P: | |||||||||||||||||||||||
$ | June 2021 | July 2031 | Repaid short-term debt, paid capital expenditures and working capital | ||||||||||||||||||||
( | September 2021 | September 2028 | Paid on par call date in advance of maturity | ||||||||||||||||||||
NSTAR Electric: | |||||||||||||||||||||||
May 2021 | June 2051 | Refinanced investments in eligible green expenditures, which were previously financed in 2019 and 2020 | |||||||||||||||||||||
( | June 2021 | September 2021 | Paid on par call date in advance of maturity date | ||||||||||||||||||||
August 2021 | August 2031 | Repaid short-term debt, paid capital expenditures and working capital | |||||||||||||||||||||
PSNH: | |||||||||||||||||||||||
( | March 2021 | June 2021 | Paid on par call date in advance of maturity date | ||||||||||||||||||||
( | June 2021 | September 2021 | Paid on par call date in advance of maturity date | ||||||||||||||||||||
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 | ( | February 2021 | March 2021 | Paid on par call date in advance of maturity date | |||||||||||||||||||
Eversource Parent | March 2021 | March 2031 | Repaid short-term debt, including short-term debt used to redeem Series I Senior Notes | ||||||||||||||||||||
Eversource Parent | August 2021 | August 2026 | Repaid short-term debt | ||||||||||||||||||||
Eversource Parent Variable Rate Series T Senior Notes (1) | August 2021 | August 2023 | Repaid short-term debt | ||||||||||||||||||||
Aquarion Water Company of Connecticut Senior Notes | April 2021 | April 2051 | Repaid | ||||||||||||||||||||
Aquarion Water Company of Connecticut | ( | April 2021 | April 2021 | Paid at maturity | |||||||||||||||||||
Yankee Gas | August 2021 | August 2026 | (2) | ||||||||||||||||||||
Yankee Gas | August 2021 | August 2051 | (2) | ||||||||||||||||||||
EGMA | September 2021 | October 2031 | (2) | ||||||||||||||||||||
EGMA | September 2021 | October 2051 | (2) | ||||||||||||||||||||
NSTAR Gas | October 2021 | November 2031 | (2) | ||||||||||||||||||||
NSTAR Gas | October 2021 | November 2051 | (2) |
(Millions of Dollars) | |||||||||||
PSNH Balance Sheets: | As of September 30, 2021 | As of December 31, 2020 | |||||||||
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) PSNH Income Statements: | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
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 September 30, 2021 | For the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
(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 Plan Expense/(Income) | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||
Intercompany Expense/(Income) Allocations | N/A | $ | $ | $ | N/A | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||
Pension and SERP | PBOP | ||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
(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 Plan Expense/(Income) | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||
Intercompany Expense/(Income) Allocations | N/A | $ | $ | $ | N/A | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||
Pension and SERP | PBOP | ||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020 | For the Three Months Ended September 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 Plan Expense/(Income) | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||
Intercompany Expense/(Income) Allocations | N/A | $ | $ | $ | N/A | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||
Pension and SERP | PBOP | ||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020 | For the Nine Months Ended September 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 Plan Expense/(Income) | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||
Intercompany Expense/(Income) Allocations | N/A | $ | $ | $ | N/A | $ | ( | $ | ( | $ | ( |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
Number of Sites | Reserve (in millions) | Number of Sites | Reserve (in millions) | ||||||||||||||||||||
Eversource | $ | $ | |||||||||||||||||||||
CL&P | |||||||||||||||||||||||
NSTAR Electric | |||||||||||||||||||||||
PSNH |
NSTAR Electric | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
Renewable Energy | $ | $ | $ | $ | $ | $ | $ |
As of September 30, 2021 | ||||||||||||||||||||
Company (Obligor) | Description | Maximum Exposure (in millions) | Expiration Dates | |||||||||||||||||
North East Offshore LLC | Construction-related purchase agreements with third-party contractors (1) | $ | (1) | |||||||||||||||||
Eversource Investment LLC | Funding and indemnification obligations of North East Offshore LLC (2) | (2) | ||||||||||||||||||
Sunrise Wind LLC | OREC capacity production (3) | (3) | ||||||||||||||||||
Sunrise Wind LLC | Construction-related purchase agreements with third-party contractors (4) | — | ||||||||||||||||||
South Fork Wind, LLC | Transmission interconnection | — | ||||||||||||||||||
South Fork Wind, LLC | Construction-related purchase agreements with third-party contractors (5) | 2023 | ||||||||||||||||||
Bay State Wind LLC | Real estate purchase | 2022 | ||||||||||||||||||
Various | Surety bonds (6) | 2021 - 2023 | ||||||||||||||||||
Rocky River Realty Company and Eversource Service | Lease payments for real estate | 2024 |
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 September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Not Subject to Mandatory Redemption | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||||||||||||||||||||||
Rate Reduction Bonds | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Not Subject to Mandatory Redemption | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||||||||||||||||||||||
Rate Reduction Bonds |
For the Nine Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Qualified Cash Flow Hedging Instruments | Unrealized Gains/(Losses) on Marketable Securities | Defined Benefit Plans | Total | Qualified Cash Flow Hedging Instruments | Unrealized Gains on Marketable Securities | Defined Benefit Plans | Total | |||||||||||||||||||||||||||||||||||||||
Balance as of Beginning of Period | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||
OCI Before Reclassifications | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Amounts Reclassified from AOCI | |||||||||||||||||||||||||||||||||||||||||||||||
Net OCI | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of End of Period | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( |
Shares | |||||||||||||||||||||||
Authorized as of September 30, 2021 and December 31, 2020 | Issued as of | ||||||||||||||||||||||
Par Value | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||
Eversource | $ | ||||||||||||||||||||||
CL&P | $ | ||||||||||||||||||||||
NSTAR Electric | $ | ||||||||||||||||||||||
PSNH | $ |
Eversource (Millions of Dollars, except share information) | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
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 EPS | $ | $ | $ | $ | |||||||||||||||||||
Diluted EPS | $ | $ | $ | $ |
For the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
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 for Revenues Subject to Refund (1) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Other Revenues (2) | |||||||||||||||||||||||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
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 for Revenues Subject to Refund (1) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | ( | ||||||||||||||||||||||||||||||||||||||||
Other Revenues (2) | |||||||||||||||||||||||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ | ( | $ |
For the Three Months Ended September 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 | ( | ||||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Other Revenues (2) | |||||||||||||||||||||||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 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 | ( | ||||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other Revenues (2) | |||||||||||||||||||||||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ | ( | $ |
For the Three Months Ended September 30, 2021 | For the Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||||
(Reserve for)/Amortization of Revenues Subject to Refund (1) | ( | ||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | |||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other Revenues (2) | |||||||||||||||||||||||||||||||||||
Eliminations | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ |
For the Nine Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||||
(Reserve for)/Amortization of Revenues Subject to Refund (1) | ( | ||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | |||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other Revenues (2) | |||||||||||||||||||||||||||||||||||
Eliminations | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | $ | $ |
For the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
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/(Loss) | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Interest Expense | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Other Income, Net | ( | ||||||||||||||||||||||||||||||||||||||||
Net Income/(Loss) Attributable to Common Shareholders | ( | ( | |||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
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 September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution (1) | Electric Transmission | Water Distribution | Other (1) | Eliminations (1) | Total | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Depreciation and Amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Other Operating Expenses | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Operating Income/(Loss) | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Interest Expense | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Other Income, Net | ( | ||||||||||||||||||||||||||||||||||||||||
Net Income/(Loss) Attributable to Common Shareholders | ( | ( | |||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution (1) | Electric Transmission | Water Distribution | Other (1) | Eliminations (1) | 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 |
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||||||||||||||||
As of September 30, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
As of December 31, 2020 | ( |
(Millions of Dollars) | |||||
Current Assets | $ | ||||
Restricted Cash | |||||
PP&E | |||||
Goodwill | |||||
Other Noncurrent Assets, excluding Goodwill | |||||
Other Current Liabilities | ( | ||||
Other Noncurrent Liabilities | ( | ||||
Cash Purchase Price | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(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) | $ | 283.2 | $ | 0.82 | $ | 346.3 | $ | 1.01 | $ | 913.8 | $ | 2.65 | $ | 933.2 | $ | 2.76 | |||||||||||||||||||||||||||||||
Regulated Companies (non-GAAP) (1) | $ | 348.5 | $ | 1.01 | $ | 338.8 | $ | 0.99 | $ | 1,023.2 | $ | 2.97 | $ | 941.3 | $ | 2.79 | |||||||||||||||||||||||||||||||
Eversource Parent and Other Companies (non-GAAP) (1) | 2.2 | 0.01 | 12.8 | 0.03 | (6.3) | (0.02) | 4.7 | 0.01 | |||||||||||||||||||||||||||||||||||||||
Non-GAAP Earnings | $ | 350.7 | $ | 1.02 | $ | 351.6 | $ | 1.02 | $ | 1,016.9 | $ | 2.95 | $ | 946.0 | $ | 2.80 | |||||||||||||||||||||||||||||||
CL&P Settlement Impacts (after-tax) (2) | (63.2) | (0.19) | — | — | (85.8) | (0.25) | — | — | |||||||||||||||||||||||||||||||||||||||
Transition and Acquisition Costs (after-tax) (3) | (4.3) | (0.01) | (5.3) | (0.01) | (17.3) | (0.05) | (12.8) | (0.04) | |||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Common Shareholders (GAAP) | $ | 283.2 | $ | 0.82 | $ | 346.3 | $ | 1.01 | $ | 913.8 | $ | 2.65 | $ | 933.2 | $ | 2.76 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars, Except Per Share Amounts) | Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||||||||||||||||||||||
Net Income - Regulated Companies (GAAP) | $ | 285.3 | $ | 0.82 | $ | 338.8 | $ | 0.99 | $ | 937.4 | $ | 2.72 | $ | 941.3 | $ | 2.79 | |||||||||||||||||||||||||||||||
Electric Distribution (non-GAAP) | $ | 213.6 | $ | 0.62 | $ | 205.5 | $ | 0.60 | $ | 451.2 | $ | 1.31 | $ | 450.6 | $ | 1.33 | |||||||||||||||||||||||||||||||
Electric Transmission | 139.4 | 0.40 | 125.6 | 0.36 | 412.4 | 1.20 | 381.8 | 1.13 | |||||||||||||||||||||||||||||||||||||||
Natural Gas Distribution (1) | (22.0) | (0.06) | (15.4) | (0.04) | 129.6 | 0.37 | 73.3 | 0.22 | |||||||||||||||||||||||||||||||||||||||
Water Distribution | 17.5 | 0.05 | 23.1 | 0.07 | 30.0 | 0.09 | 35.6 | 0.11 | |||||||||||||||||||||||||||||||||||||||
Net Income - Regulated Companies (Non-GAAP) | $ | 348.5 | $ | 1.01 | $ | 338.8 | $ | 0.99 | $ | 1,023.2 | $ | 2.97 | $ | 941.3 | $ | 2.79 | |||||||||||||||||||||||||||||||
CL&P Settlement Impacts (after-tax) | (63.2) | (0.19) | — | — | (85.8) | (0.25) | — | — | |||||||||||||||||||||||||||||||||||||||
Net Income - Regulated Companies (GAAP) | $ | 285.3 | $ | 0.82 | $ | 338.8 | $ | 0.99 | $ | 937.4 | $ | 2.72 | $ | 941.3 | $ | 2.79 |
Borrowings Outstanding as of | Available Borrowing Capacity as of | Weighted-Average Interest Rate as of | |||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||||
Eversource Parent Commercial Paper Program | $ | 653.0 | $ | 1,054.3 | $ | 1,347.0 | $ | 945.7 | 0.18 | % | 0.25 | % | |||||||||||||||||||||||
NSTAR Electric Commercial Paper Program | 138.0 | 195.0 | 512.0 | 455.0 | 0.10 | % | 0.16 | % |
(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 | ||||||||||||||||||
4.38% Series A PCRB | (120.5) | September 2021 | September 2028 | Paid on par call date in advance of maturity | |||||||||||||||||||
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 | |||||||||||||||||||
1.95% 2021 Debentures | 300.0 | August 2021 | August 2031 | Repaid short-term debt, paid capital expenditures and working capital | |||||||||||||||||||
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 | |||||||||||||||||||
Eversource Parent 1.40% Series U Senior Notes | 300.0 | August 2021 | August 2026 | Repaid short-term debt | |||||||||||||||||||
Eversource Parent Variable Rate Series T Senior Notes (1) | 350.0 | August 2021 | August 2023 | Repaid short-term debt | |||||||||||||||||||
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 | |||||||||||||||||||
Yankee Gas 1.38% Series S First Mortgage Bonds | 90.0 | August 2021 | August 2026 | (2) | |||||||||||||||||||
Yankee Gas 2.88% Series T First Mortgage Bonds | 35.0 | August 2021 | August 2051 | (2) | |||||||||||||||||||
EGMA 2.11% Series A First Mortgage Bonds | 310.0 | September 2021 | October 2031 | (2) | |||||||||||||||||||
EGMA 2.92% Series B First Mortgage Bonds | 240.0 | September 2021 | October 2051 | (2) | |||||||||||||||||||
NSTAR Gas 2.25% Series T First Mortgage Bonds | 40.0 | October 2021 | November 2031 | (2) | |||||||||||||||||||
NSTAR Gas 3.03% Series U First Mortgage Bonds | 40.0 | October 2021 | November 2051 | (2) |
For the Nine Months Ended September 30, | |||||||||||
(Millions of Dollars) | 2021 | 2020 | |||||||||
CL&P | $ | 242.4 | $ | 296.4 | |||||||
NSTAR Electric | 316.1 | 253.6 | |||||||||
PSNH | 123.7 | 154.8 | |||||||||
Total Electric Transmission Segment | $ | 682.2 | $ | 704.8 |
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | Total Electric | Natural Gas | Water | Total | ||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
Basic Business | $ | 160.2 | $ | 111.7 | $ | 39.5 | $ | 311.4 | $ | 140.8 | $ | 11.0 | $ | 463.2 | |||||||||||||||||||||||||||
Aging Infrastructure | 110.5 | 162.7 | 44.3 | 317.5 | 358.3 | 77.7 | 753.5 | ||||||||||||||||||||||||||||||||||
Load Growth and Other | 51.2 | 108.5 | 15.2 | 174.9 | 59.0 | 0.5 | 234.4 | ||||||||||||||||||||||||||||||||||
Total Distribution | 321.9 | 382.9 | 99.0 | 803.8 | 558.1 | 89.2 | 1,451.1 | ||||||||||||||||||||||||||||||||||
Solar | — | (0.7) | — | (0.7) | — | — | (0.7) | ||||||||||||||||||||||||||||||||||
Total | $ | 321.9 | $ | 382.2 | $ | 99.0 | $ | 803.1 | $ | 558.1 | $ | 89.2 | $ | 1,450.4 | |||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
Basic Business | $ | 149.4 | $ | 146.5 | $ | 38.9 | $ | 334.8 | $ | 59.7 | $ | 7.6 | $ | 402.1 | |||||||||||||||||||||||||||
Aging Infrastructure | 133.2 | 178.8 | 58.7 | 370.7 | 268.0 | 82.5 | 721.2 | ||||||||||||||||||||||||||||||||||
Load Growth and Other | 55.3 | 69.2 | 14.6 | 139.1 | 39.2 | 0.6 | 178.9 | ||||||||||||||||||||||||||||||||||
Total Distribution | 337.9 | 394.5 | 112.2 | 844.6 | 366.9 | 90.7 | 1,302.2 | ||||||||||||||||||||||||||||||||||
Solar | — | 1.1 | — | 1.1 | — | — | 1.1 | ||||||||||||||||||||||||||||||||||
Total | $ | 337.9 | $ | 395.6 | $ | 112.2 | $ | 845.7 | $ | 366.9 | $ | 90.7 | $ | 1,303.3 |
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 | $98.43 - $99.50 | 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 | Approved | ||||||||||||||
Sunrise Wind | New York (NYSERDA) | 924 (1) | 25 | $110.37 (2) | Fixed price contract; no price escalation | Approved |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2021 | 2020 | Increase/(Decrease) | 2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||||||||||
Operating Revenues | $ | 2,432.8 | $ | 2,343.6 | $ | 89.2 | $ | 7,381.2 | $ | 6,670.5 | $ | 710.7 | |||||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||||
Purchased Power, Fuel and Transmission | 880.6 | 806.3 | 74.3 | 2,529.2 | 2,313.0 | 216.2 | |||||||||||||||||||||||||||||
Operations and Maintenance | 389.1 | 332.0 | 57.1 | 1,265.8 | 1,006.1 | 259.7 | |||||||||||||||||||||||||||||
Depreciation | 276.8 | 244.5 | 32.3 | 822.2 | 721.2 | 101.0 | |||||||||||||||||||||||||||||
Amortization | 45.2 | 57.5 | (12.3) | 158.9 | 130.7 | 28.2 | |||||||||||||||||||||||||||||
Energy Efficiency Programs | 143.8 | 145.0 | (1.2) | 460.8 | 408.8 | 52.0 | |||||||||||||||||||||||||||||
Taxes Other Than Income Taxes | 213.9 | 197.1 | 16.8 | 623.8 | 556.7 | 67.1 | |||||||||||||||||||||||||||||
Total Operating Expenses | 1,949.4 | 1,782.4 | 167.0 | 5,860.7 | 5,136.5 | 724.2 | |||||||||||||||||||||||||||||
Operating Income | 483.4 | 561.2 | (77.8) | 1,520.5 | 1,534.0 | (13.5) | |||||||||||||||||||||||||||||
Interest Expense | 148.0 | 134.0 | 14.0 | 431.2 | 403.2 | 28.0 | |||||||||||||||||||||||||||||
Other Income, Net | 43.8 | 29.2 | 14.6 | 124.6 | 83.6 | 41.0 | |||||||||||||||||||||||||||||
Income Before Income Tax Expense | 379.2 | 456.4 | (77.2) | 1,213.9 | 1,214.4 | (0.5) | |||||||||||||||||||||||||||||
Income Tax Expense | 94.1 | 108.2 | (14.1) | 294.5 | 275.6 | 18.9 | |||||||||||||||||||||||||||||
Net Income | 285.1 | 348.2 | (63.1) | 919.4 | 938.8 | (19.4) | |||||||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 1.9 | 1.9 | — | 5.6 | 5.6 | — | |||||||||||||||||||||||||||||
Net Income Attributable to Common Shareholders | $ | 283.2 | $ | 346.3 | $ | (63.1) | $ | 913.8 | $ | 933.2 | $ | (19.4) |
Electric | Firm Natural Gas | Water | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Volumes (GWh) | Percentage (Decrease)/Increase | Sales Volumes (MMcf) | Percentage Increase | Sales Volumes (MG) | Percentage Decrease | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30: | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Traditional | 2,097 | 2,110 | (0.6) | % | — | — | — | % | 397 | 770 | (48.4) | % | |||||||||||||||||||||||||||||||||||||||||
Decoupled and Special Contracts (1)(2) | 12,197 | 12,281 | (0.7) | % | 16,545 | 15,951 | 3.7 | % | 6,856 | 8,102 | (15.4) | % | |||||||||||||||||||||||||||||||||||||||||
Total Sales Volumes | 14,294 | 14,391 | (0.7) | % | 16,545 | 15,951 | 3.7 | % | 7,253 | 8,872 | (18.2) | % | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Traditional | 5,901 | 5,805 | 1.7 | % | — | — | — | % | 967 | 1,686 | (42.6) | % | |||||||||||||||||||||||||||||||||||||||||
Decoupled and Special Contracts (1)(2) | 33,071 | 32,404 | 2.1 | % | 107,337 | 103,286 | 3.9 | % | 16,863 | 17,658 | (4.5) | % | |||||||||||||||||||||||||||||||||||||||||
Total Sales Volumes | 38,972 | 38,209 | 2.0 | % | 107,337 | 103,286 | 3.9 | % | 17,830 | 19,344 | (7.8) | % |
(Millions of Dollars) | Three Months Ended | Nine Months Ended | |||||||||
Electric Distribution | $ | (5.1) | $ | 150.2 | |||||||
Natural Gas Distribution | 75.3 | 507.8 | |||||||||
Electric Transmission | 29.0 | 94.5 | |||||||||
Water Distribution | (2.3) | (5.6) | |||||||||
Other | 3.8 | 98.4 | |||||||||
Eliminations | (11.5) | (134.6) | |||||||||
Total Operating Revenues | $ | 89.2 | $ | 710.7 |
Electric Distribution | Natural Gas Distribution | ||||||||||||||||||||||
(Millions of Dollars) | Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||
Retail Tariff Tracked Revenues: | |||||||||||||||||||||||
Energy supply procurement | $ | (47.2) | $ | (148.0) | $ | 8.9 | $ | 40.0 | |||||||||||||||
Retail transmission | 77.0 | 156.2 | — | — | |||||||||||||||||||
Other distribution tracking mechanisms | (11.4) | 36.9 | 1.5 | 12.7 | |||||||||||||||||||
Wholesale Market Sales Revenue | 54.2 | 149.0 | (3.2) | (1.1) |
(Millions of Dollars) | Three Months Ended | Nine Months Ended | |||||||||
Purchased Power Costs | $ | (25.2) | $ | (81.5) | |||||||
Natural Gas Costs | 47.0 | 222.1 | |||||||||
Transmission Costs | 79.8 | 155.5 | |||||||||
Eliminations | (27.3) | (79.9) | |||||||||
Total Purchased Power, Fuel and Transmission | $ | 74.3 | $ | 216.2 |
(Millions of Dollars) | Three Months Ended | Nine Months Ended | |||||||||
Base Electric Distribution (Non-Tracked Costs): | |||||||||||
CL&P assessment by PURA for Tropical Storm Isaias response; reflected as reduction to Operating Revenues in the third quarter of 2021 in connection with the finalization of the settlement agreement | $ | (28.4) | $ | — | |||||||
CL&P charge to fund various customer assistance initiatives associated with the settlement agreement on October 1, 2021 | 10.0 | 10.0 | |||||||||
Employee-related expenses, including labor and benefits | (3.8) | 22.9 | |||||||||
Funding of CL&P storm reserve as part of June 1, 2021 rate change | 6.0 | 10.0 | |||||||||
Storm restoration costs | 2.7 | 20.4 | |||||||||
Vegetation Management | 9.3 | 11.6 | |||||||||
Operations-related expenses, including vehicles and outside services | 1.4 | 5.6 | |||||||||
Shared corporate costs (including computer software depreciation at Eversource Service) | 4.9 | 15.8 | |||||||||
Other non-tracked operations and maintenance | 0.2 | 6.2 | |||||||||
Total Base Electric Distribution (Non-Tracked Costs) | 2.3 | 102.5 | |||||||||
Tracked Costs (Electric Distribution and Electric Transmission) | 5.8 | 22.7 | |||||||||
Natural Gas Distribution: | |||||||||||
Base (Non-Tracked) Costs, excluding EGMA | 2.6 | 5.8 | |||||||||
Tracked Costs, excluding EGMA | 1.5 | 4.8 | |||||||||
EGMA Operations and Maintenance | 33.6 | 119.2 | |||||||||
Total Natural Gas Distribution | 37.7 | 129.8 | |||||||||
Water Distribution: | |||||||||||
Absence in 2021 of gain on sale of Hingham water system in July 2020 | 16.0 | 16.0 | |||||||||
Other | 0.1 | 0.1 | |||||||||
Total Water Distribution | 16.1 | 16.1 | |||||||||
Parent and Other Companies and eliminations: | |||||||||||
Eversource Parent and Other Companies - other operations and maintenance | 3.5 | 81.8 | |||||||||
Transition and Acquisition Costs | (1.4) | 6.2 | |||||||||
Eliminations | (6.9) | (99.4) | |||||||||
Total Operations and Maintenance | $ | 57.1 | $ | 259.7 |
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2021 | 2020 | Increase/ (Decrease) | 2021 | 2020 | Increase/ (Decrease) | 2021 | 2020 | Increase/ (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 2,736.5 | $ | 2,711.4 | $ | 25.1 | $ | 2,343.1 | $ | 2,270.2 | $ | 72.9 | $ | 887.2 | $ | 815.3 | $ | 71.9 | |||||||||||||||||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Power and Transmission | 1,073.7 | 1,089.2 | (15.5) | 711.7 | 702.1 | 9.6 | 279.5 | 273.3 | 6.2 | ||||||||||||||||||||||||||||||||||||||||||||
Operations and Maintenance | 465.6 | 417.7 | 47.9 | 421.6 | 369.3 | 52.3 | 168.2 | 151.8 | 16.4 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 253.1 | 238.7 | 14.4 | 251.5 | 238.2 | 13.3 | 89.5 | 74.5 | 15.0 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of Regulatory Assets, Net | 76.6 | 37.2 | 39.4 | 24.0 | 69.1 | (45.1) | 62.7 | 39.0 | 23.7 | ||||||||||||||||||||||||||||||||||||||||||||
Energy Efficiency Programs | 100.8 | 109.7 | (8.9) | 226.1 | 210.7 | 15.4 | 30.5 | 29.2 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||
Taxes Other Than Income Taxes | 275.3 | 260.6 | 14.7 | 163.5 | 154.1 | 9.4 | 69.7 | 58.4 | 11.3 | ||||||||||||||||||||||||||||||||||||||||||||
Total Operating Expenses | 2,245.1 | 2,153.1 | 92.0 | 1,798.4 | 1,743.5 | 54.9 | 700.1 | 626.2 | 73.9 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | 491.4 | 558.3 | (66.9) | 544.7 | 526.7 | 18.0 | 187.1 | 189.1 | (2.0) | ||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | 124.4 | 115.0 | 9.4 | 106.7 | 95.0 | 11.7 | 42.7 | 44.1 | (1.4) | ||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | 21.7 | 16.3 | 5.4 | 58.9 | 38.2 | 20.7 | 11.6 | 10.9 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||
Income Before Income Tax Expense | 388.7 | 459.6 | (70.9) | 496.9 | 469.9 | 27.0 | 156.0 | 155.9 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense | 104.6 | 103.5 | 1.1 | 114.6 | 106.3 | 8.3 | 32.5 | 37.5 | (5.0) | ||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 284.1 | $ | 356.1 | $ | (72.0) | $ | 382.3 | $ | 363.6 | $ | 18.7 | $ | 123.5 | $ | 118.4 | $ | 5.1 |
For the Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Increase | Percentage Increase | ||||||||||||||||||||
CL&P | 15,728 | 15,318 | 410 | 2.7 | % | ||||||||||||||||||
NSTAR Electric | 17,343 | 17,086 | 257 | 1.5 | % | ||||||||||||||||||
PSNH | 5,901 | 5,805 | 96 | 1.7 | % |
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | ||||||||||||||
Retail Tariff Tracked Revenues: | |||||||||||||||||
Energy supply procurement | $ | (30.5) | $ | (102.8) | $ | (14.7) | |||||||||||
Retail transmission | 22.6 | 97.9 | 35.7 | ||||||||||||||
Other distribution tracking mechanisms | (5.9) | 29.2 | 13.6 | ||||||||||||||
Wholesale Market Sales Revenue | 114.2 | 24.9 | 9.9 |
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | ||||||||||||||
Purchased Power Costs | $ | (16.0) | $ | (53.1) | $ | (12.4) | |||||||||||
Transmission Costs | 21.6 | 97.2 | 36.7 | ||||||||||||||
Eliminations | (21.1) | (34.5) | (18.1) | ||||||||||||||
Total Purchased Power and Transmission | $ | (15.5) | $ | 9.6 | $ | 6.2 |
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | ||||||||||||||
Base Electric Distribution (Non-Tracked Costs): | |||||||||||||||||
CL&P charge to fund various customer assistance initiatives associated with the settlement agreement on October 1, 2021 | $ | 10.0 | $ | — | $ | — | |||||||||||
Funding of CL&P storm reserve as part of June 1, 2021 rate change | 10.0 | — | — | ||||||||||||||
Employee-related expenses, including labor and benefits | (3.5) | 12.1 | 5.7 | ||||||||||||||
Storm restoration costs | 7.7 | 9.3 | 3.4 | ||||||||||||||
Vegetation Management | 1.0 | 0.6 | 10.0 | ||||||||||||||
Operations-related expenses, including vehicles and outside services | 7.8 | — | (2.2) | ||||||||||||||
Shared corporate costs (including computer software depreciation at Eversource Service) | 4.5 | 10.0 | 1.3 | ||||||||||||||
Other non-tracked operations and maintenance | 1.6 | 2.8 | 1.8 | ||||||||||||||
Total Base Electric Distribution (Non-Tracked Costs) | 39.1 | 34.8 | 20.0 | ||||||||||||||
Tracked Costs: | |||||||||||||||||
Transmission expenses | 3.0 | 3.5 | 3.9 | ||||||||||||||
Other tracked operations and maintenance | 5.8 | 14.0 | (7.5) | ||||||||||||||
Total Tracked Costs | 8.8 | 17.5 | (3.6) | ||||||||||||||
Total Operations and Maintenance | $ | 47.9 | $ | 52.3 | $ | 16.4 |
For the Three Months Ended September 30, | |||||||||||||||||
(Millions of Dollars) | 2021 | 2020 | Increase/(Decrease) | ||||||||||||||
Operating Revenues | $ | 919.6 | $ | 994.3 | $ | (74.7) | |||||||||||
Operating Expenses: | |||||||||||||||||
Purchased Power and Transmission | 392.3 | 399.1 | (6.8) | ||||||||||||||
Operations and Maintenance | 137.8 | 147.5 | (9.7) | ||||||||||||||
Depreciation | 85.3 | 80.6 | 4.7 | ||||||||||||||
Amortization of Regulatory Assets, Net | 28.9 | 36.4 | (7.5) | ||||||||||||||
Energy Efficiency Programs | 35.7 | 41.8 | (6.1) | ||||||||||||||
Taxes Other Than Income Taxes | 99.9 | 97.7 | 2.2 | ||||||||||||||
Total Operating Expenses | 779.9 | 803.1 | (23.2) | ||||||||||||||
Operating Income | 139.7 | 191.2 | (51.5) | ||||||||||||||
Interest Expense | 42.7 | 38.4 | 4.3 | ||||||||||||||
Other Income, Net | 6.9 | 5.9 | 1.0 | ||||||||||||||
Income Before Income Tax Expense | 103.9 | 158.7 | (54.8) | ||||||||||||||
Income Tax Expense | 33.7 | 38.6 | (4.9) | ||||||||||||||
Net Income | $ | 70.2 | $ | 120.1 | $ | (49.9) |
(Millions of Dollars) | |||||
Retail Tariff Tracked Revenues: | |||||
Energy supply procurement | $ | (14.5) | |||
Retail transmission | 13.5 | ||||
Other distribution tracking mechanisms | (20.4) | ||||
Wholesale Market Sales Revenue | 40.3 |
(Millions of Dollars) | |||||
Purchased Power Costs | $ | (13.3) | |||
Transmission Costs | 14.9 | ||||
Eliminations | (8.4) | ||||
Total Purchased Power and Transmission | $ | (6.8) |
(Millions of Dollars) | |||||
Base Electric Distribution (Non-Tracked Costs): | |||||
CL&P assessment by PURA for Tropical Storm Isaias response; reflected as reduction to Operating Revenues in the third quarter of 2021 in connection with the finalization of the settlement agreement | $ | (28.4) | |||
Charge to fund various customer assistance initiatives associated with the settlement agreement on October 1, 2021 | 10.0 | ||||
Funding of CL&P storm reserve as part of June 1, 2021 rate change | 6.0 | ||||
Employee-related expenses, including labor and benefits | (7.2) | ||||
Storm Restoration Costs | (2.7) | ||||
Vegetation management | 3.5 | ||||
Operations-related expenses, including vehicles and outside services | 3.4 | ||||
Other non-tracked operations and maintenance | 0.3 | ||||
Total Base Electric Distribution (Non-Tracked Costs) | (15.1) | ||||
Total Tracked Costs | 5.4 | ||||
Total Operations and Maintenance | $ | (9.7) |
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) | ||||||||||
July 1 - July 31, 2021 | — | $ | — | — | — | |||||||||
August 1 - August 31, 2021 | 21 | 89.05 | — | — | ||||||||||
September 1 - September 30, 2021 | 2,377 | 82.19 | — | — | ||||||||||
Total | 2,398 | $ | 82.25 | — | — |
Exhibit No. | Description | |||||||
Listing of Exhibits (Eversource) | ||||||||
* | 4 | |||||||
31 | ||||||||
31.1 | ||||||||
32 | ||||||||
Listing of Exhibits (CL&P) | ||||||||
31 | ||||||||
31.1 | ||||||||
32 | ||||||||
Listing of Exhibits (NSTAR Electric Company) | ||||||||
* | 4 | |||||||
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 September 30, 2021, formatted in Inline XBRL |
EVERSOURCE ENERGY | |||||||||||
November 5, 2021 | By: | /s/ Jay S. Buth | |||||||||
Jay S. Buth | |||||||||||
Vice President, Controller and Chief Accounting Officer |
THE CONNECTICUT LIGHT AND POWER COMPANY | |||||||||||
November 5, 2021 | By: | /s/ Jay S. Buth | |||||||||
Jay S. Buth | |||||||||||
Vice President, Controller and Chief Accounting Officer |
NSTAR ELECTRIC COMPANY | |||||||||||
November 5, 2021 | By: | /s/ Jay S. Buth | |||||||||
Jay S. Buth | |||||||||||
Vice President, Controller and Chief Accounting Officer |
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE | |||||||||||
November 5, 2021 | By: | /s/ Jay S. Buth | |||||||||
Jay S. Buth | |||||||||||
Vice President, Controller and Chief Accounting Officer |
/s/ | Joseph R. Nolan, Jr. | ||||
Joseph R. Nolan, Jr. | |||||
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/ | Joseph R. Nolan, Jr. | ||||
Joseph R. Nolan, Jr. | |||||
President and Chief Executive Officer |
/s/ | Philip J. Lembo | ||||
Philip J. Lembo | |||||
Executive Vice President and Chief Financial Officer |
/s/ | Joseph R. Nolan, Jr. | ||||
Joseph R. Nolan, Jr. | |||||
Chairman | |||||
(Principal Executive Officer) |
/s/ | Philip J. Lembo | ||||
Philip J. Lembo | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
/s/ | Joseph R. Nolan, Jr. | ||||
Joseph R. Nolan, Jr. | |||||
Chairman |
/s/ | Philip J. Lembo | ||||
Philip J. Lembo | |||||
Executive Vice President and Chief Financial Officer |
/s/ | Joseph R. Nolan, Jr. | ||||
Joseph R. Nolan, Jr. | |||||
Chairman | |||||
(Principal Executive Officer) |
/s/ | Philip J. Lembo | ||||
Philip J. Lembo | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
/s/ | Joseph R. Nolan, Jr. | ||||
Joseph R. Nolan, Jr. | |||||
Chairman |
/s/ | Philip J. Lembo | ||||
Philip J. Lembo | |||||
Executive Vice President and Chief Financial Officer |
/s/ | Joseph R. Nolan, Jr. | ||||
Joseph R. Nolan, Jr. | |||||
Chairman | |||||
(Principal Executive Officer) |
/s/ | Philip J. Lembo | ||||
Philip J. Lembo | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
/s/ | Joseph R. Nolan, Jr. | ||||
Joseph R. Nolan, Jr. | |||||
Chairman |
/s/ | Philip J. Lembo | ||||
Philip J. Lembo | |||||
Executive Vice President and Chief Financial Officer |
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Allowance for uncollectible accounts | $ 441,723 | $ 358,851 |
The Connecticut Light and Power Company | ||
Allowance for uncollectible accounts | 195,463 | 157,447 |
NSTAR Electric Company | ||
Allowance for uncollectible accounts | 105,020 | 91,583 |
Public Service Company of New Hampshire | ||
Allowance for uncollectible accounts | $ 16,996 | $ 17,157 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Operating Revenues | $ 2,432,794 | $ 2,343,642 | $ 7,381,172 | $ 6,670,497 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 880,639 | 806,254 | 2,529,217 | 2,312,957 |
Operations and Maintenance | 389,065 | 332,031 | 1,265,754 | 1,006,148 |
Depreciation | 276,846 | 244,453 | 822,197 | 721,179 |
Amortization | 45,236 | 57,515 | 158,860 | 130,687 |
Energy Efficiency Programs | 143,796 | 145,047 | 460,814 | 408,794 |
Taxes Other Than Income Taxes | 213,881 | 197,112 | 623,827 | 556,726 |
Total Operating Expenses | 1,949,463 | 1,782,412 | 5,860,669 | 5,136,491 |
Operating Income/(Loss) | 483,331 | 561,230 | 1,520,503 | 1,534,006 |
Interest Expense | 147,962 | 134,066 | 431,162 | 403,067 |
Other Income, Net | 43,768 | 29,218 | 124,588 | 83,565 |
Income Before Income Tax Expense | 379,137 | 456,382 | 1,213,929 | 1,214,504 |
Income Tax Expense | 94,091 | 108,242 | 294,461 | 275,621 |
Net Income | 285,046 | 348,140 | 919,468 | 938,883 |
Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 | 5,639 | 5,639 |
Net Income Attributable to Common Shareholders | $ 283,166 | $ 346,260 | $ 913,829 | $ 933,244 |
Basic Earnings Per Common Share (in dollars per share) | $ 0.82 | $ 1.01 | $ 2.66 | $ 2.77 |
Diluted Earnings Per Common Share (in dollars per share) | $ 0.82 | $ 1.01 | $ 2.65 | $ 2.76 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 344,023,846 | 343,076,614 | 343,848,905 | 337,375,172 |
Diluted (in shares) | 344,669,782 | 343,773,602 | 344,480,056 | 338,424,100 |
The Connecticut Light and Power Company | ||||
Operating Revenues | $ 919,643 | $ 994,270 | $ 2,736,513 | $ 2,711,394 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 392,301 | 399,117 | 1,073,712 | 1,089,232 |
Operations and Maintenance | 137,816 | 147,487 | 465,630 | 417,717 |
Depreciation | 85,304 | 80,583 | 253,132 | 238,735 |
Amortization of Regulatory Assets, Net | 28,921 | 36,365 | 76,637 | 37,215 |
Energy Efficiency Programs | 35,714 | 41,829 | 100,810 | 109,655 |
Taxes Other Than Income Taxes | 99,901 | 97,715 | 275,178 | 260,571 |
Total Operating Expenses | 779,957 | 803,096 | 2,245,099 | 2,153,125 |
Operating Income/(Loss) | 139,686 | 191,174 | 491,414 | 558,269 |
Interest Expense | 42,778 | 38,369 | 124,371 | 114,972 |
Other Income, Net | 6,903 | 5,917 | 21,690 | 16,273 |
Income Before Income Tax Expense | 103,811 | 158,722 | 388,733 | 459,570 |
Income Tax Expense | 33,658 | 38,625 | 104,626 | 103,464 |
Net Income | 70,153 | 120,097 | 284,107 | 356,106 |
NSTAR Electric Company | ||||
Operating Revenues | 918,698 | 875,371 | 2,343,116 | 2,270,174 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 294,052 | 267,375 | 711,667 | 702,117 |
Operations and Maintenance | 142,074 | 131,143 | 421,649 | 369,293 |
Depreciation | 84,820 | 80,366 | 251,530 | 238,232 |
Amortization of Regulatory Assets, Net | 8,073 | 22,527 | 23,963 | 69,139 |
Energy Efficiency Programs | 86,699 | 85,244 | 226,071 | 210,666 |
Taxes Other Than Income Taxes | 54,723 | 54,680 | 163,501 | 153,985 |
Total Operating Expenses | 670,441 | 641,335 | 1,798,381 | 1,743,432 |
Operating Income/(Loss) | 248,257 | 234,036 | 544,735 | 526,742 |
Interest Expense | 37,329 | 31,029 | 106,829 | 95,000 |
Other Income, Net | 20,215 | 12,802 | 58,941 | 38,152 |
Income Before Income Tax Expense | 231,143 | 215,809 | 496,847 | 469,894 |
Income Tax Expense | 53,692 | 50,081 | 114,560 | 106,309 |
Net Income | 177,451 | 165,728 | 382,287 | 363,585 |
Public Service Company of New Hampshire | ||||
Operating Revenues | 314,893 | 283,669 | 887,177 | 815,261 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 107,353 | 96,612 | 279,475 | 273,311 |
Operations and Maintenance | 57,041 | 50,657 | 168,242 | 151,802 |
Depreciation | 30,169 | 25,410 | 89,462 | 74,494 |
Amortization of Regulatory Assets, Net | 17,922 | 7,360 | 62,744 | 39,034 |
Energy Efficiency Programs | 10,762 | 11,081 | 30,475 | 29,231 |
Taxes Other Than Income Taxes | 24,038 | 18,174 | 69,639 | 58,331 |
Total Operating Expenses | 247,285 | 209,294 | 700,037 | 626,203 |
Operating Income/(Loss) | 67,608 | 74,375 | 187,140 | 189,058 |
Interest Expense | 14,321 | 14,942 | 42,774 | 44,029 |
Other Income, Net | 3,171 | 4,065 | 11,598 | 10,882 |
Income Before Income Tax Expense | 56,458 | 63,498 | 155,964 | 155,911 |
Income Tax Expense | 12,315 | 16,347 | 32,512 | 37,527 |
Net Income | $ 44,143 | $ 47,151 | $ 123,452 | $ 118,384 |
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 (Loss)/Income |
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 (Loss)/Income
|
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 (Loss)/Income
|
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 (Loss)/Income
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance (in shares) at Dec. 31, 2019 | 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 Stock | (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 | 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 | 938,883 | 356,106 | 363,585 | 118,384 | |||||||||||||||||||||||||
Dividends on Preferred Stock | (5,600) | ||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 4,662 | (9) | 200 | 823 | |||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 342,797,473 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Sep. 30, 2020 | 13,980,017 | $ 1,789,092 | 7,996,976 | 4,535,860 | (60,397) | (281,514) | 4,794,352 | $ 60,352 | 2,660,765 | 2,072,928 | 307 | 4,325,539 | $ 0 | 1,813,442 | 2,511,742 | 355 | 1,488,340 | $ 0 | 903,134 | 586,090 | (884) | ||||||||
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 Stock | (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 | 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) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net Income | 348,140 | 348,140 | 120,097 | 120,097 | 165,728 | 165,728 | 47,151 | 47,151 | |||||||||||||||||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | (490) | (490) | |||||||||||||||||||||||
Dividends on Common Stock | (194,493) | (194,493) | |||||||||||||||||||||||||||
Capital Contributions from Eversource Parent | 125,000 | 125,000 | |||||||||||||||||||||||||||
Long-Term Incentive Plan Activity | 6,921 | 6,921 | |||||||||||||||||||||||||||
Issuance of Treasury Shares (in shares) | 169,611 | ||||||||||||||||||||||||||||
Issuance of Treasury Shares | 13,910 | 10,909 | 3,001 | ||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 2,161 | 2,161 | (11) | (11) | 65 | 65 | 260 | 260 | |||||||||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 342,797,473 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Sep. 30, 2020 | $ 13,980,017 | $ 1,789,092 | 7,996,976 | 4,535,860 | (60,397) | (281,514) | 4,794,352 | $ 60,352 | 2,660,765 | 2,072,928 | 307 | 4,325,539 | $ 0 | 1,813,442 | 2,511,742 | 355 | 1,488,340 | $ 0 | 903,134 | 586,090 | (884) | ||||||||
Balance (in shares) at Dec. 31, 2020 | 342,954,023 | 342,954,023 | 6,035,205 | 200 | 301 | ||||||||||||||||||||||||
Balance at Dec. 31, 2020 | $ 14,063,566 | $ 1,789,092 | 8,015,663 | 4,613,201 | (76,411) | (277,979) | 5,044,786 | $ 60,352 | 2,810,765 | 2,173,367 | 302 | 4,521,418 | $ 0 | 1,993,942 | 2,527,167 | 309 | 1,542,539 | $ 0 | 928,134 | 615,018 | (613) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net Income | 368,023 | 368,023 | 98,398 | 98,398 | 93,924 | 93,924 | 44,676 | 44,676 | |||||||||||||||||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | (490) | (490) | |||||||||||||||||||||||
Dividends on Common Stock | (206,913) | (206,913) | (70,100) | (70,100) | (206,400) | (206,400) | (25,200) | (25,200) | |||||||||||||||||||||
Long-Term Incentive Plan Activity | (15,727) | (15,727) | |||||||||||||||||||||||||||
Issuance of Treasury Shares (in shares) | 480,275 | ||||||||||||||||||||||||||||
Issuance of Treasury Shares | 25,163 | 16,182 | 8,981 | ||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 1,188 | 1,188 | (32) | (32) | 61 | 61 | 255 | 255 | |||||||||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 343,434,298 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Mar. 31, 2021 | $ 14,233,420 | $ 1,789,092 | 8,016,118 | 4,772,431 | (75,223) | (268,998) | 5,071,662 | $ 60,352 | 2,810,765 | 2,200,275 | 270 | 4,408,513 | $ 0 | 1,993,942 | 2,414,201 | 370 | 1,562,270 | $ 0 | 928,134 | 634,494 | (358) | ||||||||
Balance (in shares) at Dec. 31, 2020 | 342,954,023 | 342,954,023 | 6,035,205 | 200 | 301 | ||||||||||||||||||||||||
Balance at Dec. 31, 2020 | $ 14,063,566 | $ 1,789,092 | 8,015,663 | 4,613,201 | (76,411) | (277,979) | 5,044,786 | $ 60,352 | 2,810,765 | 2,173,367 | 302 | 4,521,418 | $ 0 | 1,993,942 | 2,527,167 | 309 | 1,542,539 | $ 0 | 928,134 | 615,018 | (613) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net Income | 919,468 | 284,107 | 382,287 | 123,452 | |||||||||||||||||||||||||
Dividends on Preferred Stock | (5,600) | ||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | $ 4,546 | (38) | 166 | 640 | |||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 343,774,324 | 343,774,324 | 6,035,205 | 200 | 301 | ||||||||||||||||||||||||
Balance at Sep. 30, 2021 | $ 14,411,611 | $ 1,789,092 | 8,050,872 | 4,906,151 | (71,865) | (262,639) | 5,114,385 | $ 60,352 | 2,810,765 | 2,243,004 | 264 | 4,679,201 | $ 0 | 2,053,942 | 2,624,784 | 475 | 1,591,031 | $ 0 | 1,088,134 | 502,870 | 27 | ||||||||
Balance (in shares) at Mar. 31, 2021 | 343,434,298 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Mar. 31, 2021 | 14,233,420 | $ 1,789,092 | 8,016,118 | 4,772,431 | (75,223) | (268,998) | 5,071,662 | $ 60,352 | 2,810,765 | 2,200,275 | 270 | 4,408,513 | $ 0 | 1,993,942 | 2,414,201 | 370 | 1,562,270 | $ 0 | 928,134 | 634,494 | (358) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net Income | 266,400 | 266,400 | 115,556 | 115,556 | 110,912 | 110,912 | 34,633 | 34,633 | |||||||||||||||||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | (490) | (490) | |||||||||||||||||||||||
Dividends on Common Stock | (206,893) | (206,893) | (70,100) | (70,100) | (76,800) | (76,800) | (185,200) | (185,200) | |||||||||||||||||||||
Capital Contributions from Eversource Parent | 60,000 | 60,000 | 160,000 | 160,000 | |||||||||||||||||||||||||
Long-Term Incentive Plan Activity | 6,162 | 6,162 | |||||||||||||||||||||||||||
Issuance of Treasury Shares (in shares) | 166,805 | ||||||||||||||||||||||||||||
Issuance of Treasury Shares | 13,799 | 10,679 | 3,120 | ||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 881 | 881 | 3 | 3 | 141 | 141 | 282 | 282 | |||||||||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 343,601,103 | 6,035,205 | 200 | 301 | |||||||||||||||||||||||||
Balance at Jun. 30, 2021 | 14,311,889 | $ 1,789,092 | 8,032,959 | 4,830,058 | (74,342) | (265,878) | 5,115,731 | $ 60,352 | 2,810,765 | 2,244,341 | 273 | 4,502,276 | $ 0 | 2,053,942 | 2,447,823 | 511 | 1,571,985 | $ 0 | 1,088,134 | 483,927 | (76) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net Income | 285,046 | 285,046 | 70,153 | 70,153 | 177,451 | 177,451 | 44,143 | 44,143 | |||||||||||||||||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | (490) | (490) | |||||||||||||||||||||||
Dividends on Common Stock | (207,073) | (207,073) | (70,100) | (70,100) | (25,200) | (25,200) | |||||||||||||||||||||||
Long-Term Incentive Plan Activity | 6,478 | 6,478 | |||||||||||||||||||||||||||
Issuance of Treasury Shares (in shares) | 173,221 | ||||||||||||||||||||||||||||
Issuance of Treasury Shares | 14,674 | 11,435 | 3,239 | ||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | $ 2,477 | 2,477 | (9) | (9) | (36) | (36) | 103 | 103 | |||||||||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 343,774,324 | 343,774,324 | 6,035,205 | 200 | 301 | ||||||||||||||||||||||||
Balance at Sep. 30, 2021 | $ 14,411,611 | $ 1,789,092 | $ 8,050,872 | $ 4,906,151 | $ (71,865) | $ (262,639) | $ 5,114,385 | $ 60,352 | $ 2,810,765 | $ 2,243,004 | $ 264 | $ 4,679,201 | $ 0 | $ 2,053,942 | $ 2,624,784 | $ 475 | $ 1,591,031 | $ 0 | $ 1,088,134 | $ 502,870 | $ 27 |
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |||||
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Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
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Statement of Stockholders' Equity [Abstract] | ||||||
Dividends on Common Shares (in dollars per share) | $ 0.6025 | $ 0.6025 | $ 0.6025 | $ 0.5675 | $ 0.5675 | $ 0.5675 |
Par value (in dollars per share) | $ 5 | $ 5 | $ 5 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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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, NSTAR Gas and Eversource Gas Company of Massachusetts (EGMA) (natural gas utilities) and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately 4.3 million electric, natural gas and water customers through nine 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 2020 Form 10-K, which was filed with the SEC on February 17, 2021. 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 September 30, 2021 and December 31, 2020, and the results of operations, comprehensive income and common shareholders' equity for the three and nine months ended September 30, 2021 and 2020 and the cash flows for the nine months ended September 30, 2021 and 2020. The results of operations and comprehensive income for the three and nine months ended September 30, 2021 and 2020 and the cash flows for the nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results expected for a full year. Eversource's consolidated financial information includes the results of the acquisition of the assets of Columbia Gas of Massachusetts (CMA) on October 9, 2020. The natural gas distribution assets acquired from CMA on October 9, 2020 were assigned to EGMA. 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 customers, workers and the U.S. economy. We provide a critical service to our customers and have taken extensive measures to maintain its safety and reliability. We continue to address the impacts of the COVID-19 pandemic and how the related developments affect Eversource. We are in the re-entry phase of our pandemic response plan, in which the majority of our employees under remote work arrangements have transitioned back to the workplace. We have not experienced significant impacts directly related to the pandemic that have materially affected our current operations, our workforce, or results of operations. The extent of the impact to us in the future will vary, and depend on the duration, scope and severity of the pandemic and the resulting impact on economic, health care and capital market conditions. The future impact will also depend on the outcome of future proceedings before our state regulatory commissions to recover our incremental costs associated with COVID-19, which include uncollectible customer receivable expenses. Based on the status of our COVID-19 regulatory dockets, communications with our state regulatory commissions, and policies and practices in the jurisdictions in which we operate, we believe our state regulatory commissions in Connecticut and Massachusetts 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 discussion of our evaluation of the allowance for doubtful accounts as of September 30, 2021 in light of the COVID-19 pandemic and Note 2, "Regulatory Accounting," for the amount of net incremental COVID-19 costs deferred on our balance sheets. 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 Recently Adopted: On January 1, 2021, the Company adopted 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 ASU did not have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric and PSNH. 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. The current expected credit loss (CECL) model is 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 collectability from customers, including current conditions, reasonable forecasts, and expectations of future collectability and collection efforts. Management continuously assesses the collectability 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 September 30, 2021, 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, economic conditions, delinquency statistics, aging-based quantitative assessments, the impact on residential customer bills because of energy usage and change in rates, flexible payment plans and financial hardship arrearage management programs being offered to customers, and COVID-19 developments, including any potential federal governmental pandemic relief programs 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. This evaluation has shown that our operating companies have experienced an increase in aged receivables and lower cash collections from customers because of the length of the moratorium on disconnections in Connecticut and Massachusetts, and the economic slowdown resulting from the COVID-19 pandemic. In Connecticut, the moratorium on disconnections of commercial and non-hardship residential customers ended in June 2021 and September 2021, respectively, but is still in place for hardship residential customers. In Massachusetts, the moratorium on disconnections of commercial customers and residential customers ended in September 2020 and July 2021, respectively. Disconnection activities have resumed after these moratoria have expired, which has resulted in recent improved collection experience and more customers applying for, and receiving, hardship status. On July 7, 2021, the NHPUC issued an order to New Hampshire utilities that concluded that recovery of incremental bad debt or waived late fees related to the COVID-19 pandemic would be addressed in a future rate case to the extent those costs are relevant at that time. As a result of the order, in the first nine months of 2021, PSNH removed its $0.6 million deferral of net incremental COVID-19 costs. In New Hampshire, the moratorium on disconnections of non-hardship residential and commercial customers ended in late 2020 and for hardship residential customers ended in May 2021 and PSNH has resumed disconnection activities, which has resulted in improved collection of outstanding customer receivable balances. Based upon the evaluation performed, in the first nine months of 2021, management increased the allowance for uncollectible accounts for amounts incurred as a result of COVID-19 by $25.8 million for Eversource (increase of $16.3 million for CL&P and $12.5 million at our natural gas businesses, and decrease of $1.8 million at NSTAR Electric). In the third quarter of 2021, the COVID-19 related allowance for uncollectible accounts decreased by $6.5 million at Eversource (increased $4.0 million at CL&P, and decreased $8.3 million at NSTAR Electric and $2.2 million at our natural gas businesses). The COVID-19 related uncollectible amounts were deferred either as incremental regulatory costs at our Connecticut and Massachusetts utilities or deferred through existing regulatory tracking mechanisms that recover uncollectible energy supply costs, as management believes it is probable that these costs will ultimately be recovered from customers in future rates. As of September 30, 2021, the total amount incurred as a result of COVID-19 included in the allowance for uncollectible accounts was $57.0 million at Eversource ($20.1 million at CL&P, $8.5 million at NSTAR Electric, and $27.4 million at our natural gas businesses). Management concluded that the reserve balance as of September 30, 2021 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, NSTAR Gas and EGMA 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. Management uses a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. 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 as of September 30th is as follows:
(1) These expected credit losses are deferred as regulatory costs on the balance sheets, as these amounts are ultimately recovered in rates. Amounts include uncollectible costs for hardship accounts and other customer receivables, including uncollectible amounts related to COVID-19 and uncollectible energy supply costs. 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, equity method investments, and AROs, and in the valuation of the acquisition of CMA's assets in 2020. The fair value measurement guidance was also applied in estimating the 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 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:
(1) Equity in earnings of unconsolidated affiliates includes $2.1 million of pre-tax unrealized gains associated with an investment in a renewable energy fund for the nine months ended September 30, 2021. For the nine months ended September 30, 2020, equity in earnings of unconsolidated affiliates included $2.4 million of primarily realized gains associated with this investment. 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:
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. Restricted cash included in Other Long-Term Assets includes $41.5 million related to an Energy Relief Fund for energy efficiency and clean energy measures in the Merrimack Valley, and an additional energy efficiency program established under the terms of the EGMA settlement agreement.
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REGULATORY ACCOUNTING |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 and the regulatory assets that have been recorded. If management were to determine that it could no longer apply the accounting guidance applicable to rate-regulated enterprises, or if management could not conclude it is probable that costs would be recovered from customers in future rates, the applicable 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:
CL&P Deferred Storm Costs: In 2021 and 2020, multiple tropical and severe storms caused extensive damage to CL&P’s electric distribution systems and customer outages, along with significant pre-staging costs. These storms resulted in deferred pre-staging and storm restoration costs of $195 million for 2021 storms and $344 million for 2020 storms, including the catastrophic impact of Tropical Storm Isaias in August 2020, among others. Management believes all these storm costs were prudently incurred and meet the criteria for specific cost recovery. Regulatory Costs in Long-Term Assets: Eversource's regulated companies had $260.6 million (including $111.2 million for CL&P, $85.1 million for NSTAR Electric and $3.2 million for PSNH) and $196.9 million (including $84.1 million for CL&P, $69.8 million for NSTAR Electric and $4.3 million for PSNH) of additional regulatory costs as of September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020, these regulatory costs included net incremental COVID-19 related costs deferred of $41.3 million and $24.0 million at Eversource, respectively, of which, $34.5 million and $15.8 million, respectively, related to non-tracked uncollectible expense and the remainder related to facilities and fleet cleaning, sanitizing costs and supplies for personal protective equipment. Net incremental COVID-19 related costs deferred at CL&P and NSTAR Electric totaled $15.9 million and $10.9 million, respectively, as of September 30, 2021, and $4.7 million and $11.9 million, respectively, as of December 31, 2020, and primarily related to deferred non-tracked uncollectible expense. Regulatory Liabilities: The components of regulatory liabilities were as follows:
Recent Regulatory Developments: CL&P Tropical Storm Isaias Costs: On August 4, 2020, Tropical Storm Isaias caused catastrophic damage to our electric distribution system, which resulted in significant numbers and durations of customer outages, primarily in Connecticut. In terms of customer outages, this storm was one of the worst in CL&P’s history. PURA will investigate the prudence of costs incurred by CL&P to restore service in response to Tropical Storm Isaias. That investigation is expected to occur either in a separate proceeding not yet initiated or as part of CL&P’s next rate review proceeding. Tropical Storm Isaias resulted in deferred storm restoration costs of approximately $234 million at CL&P and $251 million at Eversource as of September 30, 2021. The estimated cost of restoration may continue to change as additional cost information becomes available and final post-storm costs are deferred or capitalized. Although PURA found that CL&P’s performance in its preparation for and response to Tropical Storm Isaias fell below applicable performance standards in certain instances, CL&P believes it will be able to present credible evidence in a future proceeding demonstrating there is no reasonably close causal connection between the alleged sub-standard performance and the storm costs incurred. While it is possible that some amount of storm costs may be disallowed by PURA in a future proceeding, any such amount cannot be estimated at this time. Eversource and CL&P continue to believe that these storm restoration costs associated with Tropical Storm Isaias were prudently incurred and meet the criteria for cost recovery; and as a result, management does not expect the storm cost review by PURA to have a material impact on the financial position or results of operations of Eversource or CL&P. CL&P Tropical Storm Isaias Response Investigation: On April 28, 2021, PURA issued a final decision on CL&P’s compliance with its emergency response plan that concluded CL&P failed to comply with certain storm performance standards and was imprudent in certain instances. The $28.4 million performance penalty assessed by PURA was recorded within current regulatory liabilities on CL&P’s balance sheet. See Note 9G, “Commitments and Contingencies - CL&P Regulatory Matters,” for further information. CL&P Settlement Agreement: On October 1, 2021, CL&P entered into a settlement agreement with the DEEP, Office of Consumer Counsel (OCC), Office of the Attorney General (AG) and the Connecticut Industrial Energy Consumers, resolving certain issues that arose in pending regulatory proceedings initiated by the PURA. In the third quarter of 2021, CL&P recorded a current regulatory liability of $75 million on the balance sheet associated with the provisions of the settlement agreement. See Note 9G, “Commitments and Contingencies - CL&P Regulatory Matters,” for further information.
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PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
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DERIVATIVE INSTRUMENTS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(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. 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 September 30, 2021 and December 31, 2020 were 675 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. As of December 31, 2020, Eversource had New York Mercantile Exchange (NYMEX) financial contracts for natural gas futures in order to reduce variability associated with the price of 8.9 million MMBtu of natural gas. These contracts were classified as Level 2 in the fair value hierarchy. NSTAR Gas terminated its financial contracts swap program in April 2021. For the three months ended September 30, 2021 and 2020, there were gains of $0.7 million and losses of $2.6 million, respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts. For the nine months ended September 30, 2021 and 2020, there were losses of $9.5 million and $20.6 million, respectively. Fair Value Measurements of Derivative Instruments 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:
(1) Unobservable inputs were weighted by the relative future capacity and forward reserve prices and contractual MWs over the periods covered. Exit price premiums of 5.5 percent through 9.8 percent, or a weighted average of 8.7 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. 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 September 30, 2021 and December 31, 2020 was $39.2 million and $40.9 million, respectively. For the three months ended September 30, 2021 and 2020, there were unrealized losses of $0.5 million and unrealized gains of $1.6 million, respectively, recorded in Other Income, Net related to these equity securities. For the nine months ended September 30, 2021 and 2020, there were unrealized gains of $2.5 million and unrealized losses of $1.0 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 $214.9 million and $205.1 million as of September 30, 2021 and December 31, 2020, 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 $195.2 million and $192.5 million as of September 30, 2021 and December 31, 2020, 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 nine months ended September 30, 2021 and 2020, and no allowance for credit losses as of September 30, 2021. 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 September 30, 2021, 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. 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.
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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 $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, 2026. 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, 2026. 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 the revolving credit facilities as of September 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 September 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. As a result of the NSTAR Gas long-term debt issuances in October 2021, $80.0 million of commercial paper borrowings under the Eversource parent commercial paper program were classified as Long-Term Debt as of September 30, 2021. 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 September 30, 2021, there were intercompany loans from Eversource parent to PSNH of $66.5 million, and to a subsidiary of NSTAR Electric of $24.6 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 $1.60 billion in long-term debt through December 31, 2023. On September 10, 2021, the DPU approved EGMA’s request for authorization to issue up to $725 million in long-term debt through December 31, 2023. 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:
(1) On August 10, 2021, Eversource Parent issued $350 million of floating rate Series T Senior Notes with a maturity date of August 15, 2023. The notes have a coupon rate based on the Compounded SOFR plus 0.25%. (2) The use of proceeds from these various issuances refinanced existing indebtedness, funded capital expenditures and were for general corporate purposes. The EGMA indebtedness that was refinanced included $309.4 million of long-term debt.
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RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES |
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Rate Reduction Bonds and Variable Interest Entity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES | RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES Rate Reduction Bonds: In May 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 in January 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 plan 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 plan 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 plan 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 intercompany allocations of net periodic benefit plan expense/(income), 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:
The increase in the reserve balance was due primarily to a change in cost estimates at an NSTAR Gas MGP site under investigation for which we now know of additional remediation that is required. Included in the number of sites and reserve amounts above are former MGP sites that were operated several decades ago and manufactured natural 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 $102.4 million and $92.2 million as of September 30, 2021 and December 31, 2020, 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. Long-Term Contractual Arrangements The following is an update to the current status of long-term contractual arrangements set forth in Note 13B of the Eversource 2020 Form 10-K. Renewable Energy: Renewable energy contracts include non-cancelable commitments under contracts of NSTAR Electric for the purchase of energy and RECs from renewable energy facilities.
The table has been updated to include long-term commitments of NSTAR Electric pertaining to the Massachusetts Clean Energy 83D contract, for which construction commenced in 2021. Estimated costs under this contract are expected to begin in 2023 and range between $150 million and $415 million per year under a 20-year contract, totaling approximately $6.7 billion. C. 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. Guarantees issued on behalf of unconsolidated entities, including equity method offshore wind investments, for which Eversource parent is the guarantor, are recorded at fair value as a liability on the balance sheet at the inception of the guarantee. Eversource regularly reviews performance risk under these guarantee arrangements, and in the event it becomes probable that Eversource parent will be required to perform under the guarantee, the amount of probable payment will be recorded. The fair value of guarantees issued on behalf of unconsolidated entities are recorded within Other Long-Term Liabilities on the balance sheet, and was $5.7 million as of September 30, 2021. The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries and affiliates to external parties:
(1) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, North East Offshore LLC (NEO), under which Eversource parent agreed to guarantee 50 percent of NEO’s performance of obligations under certain purchase agreements with third-party contactors, in an aggregate amount not to exceed $1.3 billion with an expiration date in 2025. Eversource parent also issued a separate guarantee to Ørsted on behalf of NEO, under which Eversource parent agreed to guarantee 50 percent of NEO’s payment obligations under certain offshore wind project construction-related agreements with Ørsted in an aggregate amount not to exceed $62.5 million. Any amounts paid under this guarantee to Ørsted will count toward, but not increase, the maximum amount of the Funding Guarantee described in Note 2, below. The guarantee expires upon the full performance of the guaranteed obligations. (2) Eversource parent issued a guarantee (Funding Guarantee) on behalf of Eversource Investment LLC (EI), its wholly-owned subsidiary that holds a 50 percent ownership interest in NEO, under which Eversource parent agreed to guarantee certain funding obligations and certain indemnification payments of EI under the Amended and Restated Limited Liability Company Operating Agreement of NEO, in an aggregate amount not to exceed $910 million. The guaranteed obligations include payment of EI's funding obligations during the construction phase of NEO’s underlying offshore wind projects and indemnification obligations associated with third party credit support for its investment in NEO. Eversource parent’s obligations under the Funding Guarantee expire upon the full performance of the guaranteed obligations. (3) Eversource parent issued a guarantee on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an aggregate amount not to exceed $15.4 million, under the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement (the Agreement). The Agreement was executed on October 23, 2019, by and between the New York State Energy Research and Development Authority (NYSERDA) and Sunrise Wind LLC. The guarantee expires upon the full performance of the guaranteed obligations. (4) Eversource parent issued a guaranty on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an aggregate amount not to exceed $420.6 million, in connection with a construction-related purchase agreement. Eversource parent’s obligations under the guarantee expire upon the earlier of (i) April 14, 2026 and (ii) full performance of the guaranteed obligations. (5) Eversource parent issued two guarantees on behalf of its 50 percent-owned affiliate, South Fork Wind, LLC, whereby Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations in connection with two construction-related purchase agreements. Under one guarantee, Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in an aggregate amount not to exceed $25.8 million. Eversource parent’s obligations under the guarantee expire upon the earlier of (i) October 4, 2023 and (ii) full performance of the guaranteed obligations. Under the second guaranty, Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in an aggregate amount not to exceed $14.8 million. Eversource parent’s obligations under the guarantee expire upon the earlier of (i) October 18, 2023 and (ii) full performance of the guaranteed obligations. (6) 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. Letter of Credit: On September 16, 2020, Eversource parent entered into a guarantee on behalf of EI, which holds Eversource's investments in offshore wind-related equity method investments, under which Eversource parent would guarantee EI's obligations under a letter of credit facility with a financial institution that EI may request in an aggregate amount of up to approximately $25 million. D. 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, III and IV of litigation resulting from the DOE's failure to meet its contractual obligations. These Phases covered damages incurred in the years 1998 through 2016, and the awarded damages have been received by the Yankee Companies with certain amounts of the damages refunded to their customers. DOE Phase V Damages - On March 25, 2021, each of the Yankee Companies filed a fifth set of lawsuits against the DOE in the Court of Federal Claims. The Yankee Companies are calculating and will be seeking monetary damages for CYAPC, YAEC and MYAPC, resulting from the DOE's failure to begin accepting spent nuclear fuel for disposal covering the years from 2017 to 2020 (DOE Phase V). E. 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 September 30, 2021 and December 31, 2020. 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 September 30, 2021 and December 31, 2020. 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 appealed the MISO transmission owners' opinion. On November 19, 2020, the FERC issued Opinion No. 569-B denying rehearing of Opinion No. 569-A and reaffirmed the methodology previously adopted in Opinion No. 569-A. The 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. F. 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. The parties reached a settlement pursuant to which HEEC agreed to install a new 115kV distribution cable across Boston Harbor to Deer Island, utilizing a different route, and remove portions of the existing cable. Construction of the new distribution cable was completed in August 2019, and removal of the portions of the existing cable was completed in January 2020. All issues surrounding the current permit from the United States Army Corps of Engineers are expected to be resolved, and subsequently, such litigation then dismissed with prejudice. G. CL&P Regulatory Matters CL&P Tropical Storm Isaias Response Investigation: In August 2020, PURA opened a docket to investigate the preparation for and response to Tropical Storm Isaias by Connecticut utilities, including CL&P. On April 28, 2021, PURA issued a final decision on CL&P’s compliance with its emergency response plan that concluded CL&P failed to comply with certain storm performance standards and was imprudent in certain instances. Specifically, PURA concluded that CL&P did not satisfy the performance standards for managing its municipal liaison program, timely removing electrical hazards from blocked roads, communicating critical information to its customers, or meeting its obligation to secure adequate external contractor and mutual aid resources in a timely manner. Based on its findings, PURA ordered CL&P to adjust its future rates in a pending or future rate proceeding to reflect a monetary penalty in the form of a downward adjustment of 90 basis points in its allowed rate of return on equity (ROE), which is currently 9.25 percent. In its decision, PURA explained that additional monetary penalties and further enforcement orders pursuant to Connecticut statute would be considered in a separate proceeding that was initiated on May 6, 2021. On May 6, 2021, as part of the penalty proceeding, PURA issued a notice of violation that included an assessment of $30 million, consisting of a $28.4 million civil penalty for non-compliance with storm performance standards to be provided as credits on customer bills and a $1.6 million fine for violations of accident reporting requirements to be paid to the State of Connecticut’s general fund. On July 14, 2021, PURA issued a final decision in this penalty proceeding that included an assessment of $28.6 million, maintaining the $28.4 million performance penalty and reducing the $1.6 million fine for accident reporting to $0.2 million. The $28.4 million performance penalty is currently being credited to customers on electric bills beginning on September 1, 2021 over a one-year period. The $28.4 million is the maximum statutory penalty amount under applicable Connecticut law in effect at the time of Tropical Storm Isaias, which is 2.5 percent of CL&P’s annual distribution revenues. The liability for the performance penalty was recorded as a current regulatory liability on CL&P’s balance sheet and as a reduction to Operating Revenues on the nine months ended September 30, 2021 income statement. The after-tax earnings impact of this charge was $0.07 per share. CL&P Settlement Agreement: On October 1, 2021, CL&P entered into a settlement agreement with the DEEP, Office of Consumer Counsel (OCC), Office of the Attorney General (AG) and the Connecticut Industrial Energy Consumers, resolving certain issues that arose in pending regulatory proceedings initiated by the PURA. PURA approved the settlement agreement on October 27, 2021. In the settlement agreement, CL&P agreed to provide a total of $65 million of customer credits to be distributed based on customer sales over a two-month period from December 1, 2021 to January 31, 2022. CL&P also agreed to irrevocably set aside $10 million to fund various customer assistance initiatives as directed by PURA for disbursement to state-designated purposes, with the objective of disbursing the funds prior to April 30, 2022, including providing credits to existing hardship and non-hardship customers carrying arrearages and other purposes. In the third quarter of 2021, CL&P recorded a current regulatory liability of $75 million on the balance sheet associated with the provisions of the settlement agreement, with a $65 million pre-tax charge as a reduction to Operating Revenues associated with the customer credits and a $10 million charge to Operations and Maintenance expense associated with the customer assistance initiatives on the three months ended September 30, 2021 income statement. In exchange for the $75 million of customer credits and assistance, PURA’s interim rate reduction docket was resolved without findings. As a result of the settlement agreement, neither the 90 basis point reduction to CL&P’s return on equity introduced in PURA’s storm-related decision issued April 28, 2021, nor the 45 basis point reduction to CL&P’s return on equity included in PURA’s draft decision issued September 14, 2021 in the interim rate reduction docket, will be implemented. CL&P has also agreed that its current base distribution rates shall be frozen, subject to the customer credits described above, until no earlier than January 1, 2024. The rate freeze applies only to base distribution rates (including storm costs) and not to other rate mechanisms such as the retail rate components, rate reconciling mechanisms, formula rates and any other adjustment mechanisms. The rate freeze also does not apply to any cost recovery mechanism outside of the base distribution rates with regard to grid-modernization initiatives or any other proceedings, either currently pending or that may be initiated during the rate freeze period, that may place additional obligations on CL&P. The approval of the settlement agreement satisfies the Connecticut statute of rate review requirements that requires electric utilities to file a distribution rate case within four years of the last rate case. As part of the settlement agreement, CL&P agreed to withdraw with prejudice its pending appeals of PURA’s April 28, 2021 and July 14, 2021 decisions related to Storm Isaias and agreed to waive its right to file an appeal and seek a judicial stay of the final decision in the interim rate reduction docket. The settlement agreement assures that CL&P will have the opportunity to petition for and demonstrate the prudence of the storm costs incurred to respond to customer outages associated with Storm Isaias in a future ratemaking proceeding. The cumulative pre-tax impact of the settlement agreement and the Storm Isaias assessment imposed in PURA’s April 28, 2021 and July 14, 2021 decisions totaled $103.6 million, and the after-tax earnings impact was $85.8 million, or $0.25 per share, for the nine months ended September 30, 2021.
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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.
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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.
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COMMON SHARES |
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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:
Treasury Shares: As of September 30, 2021 and December 31, 2020, there were 14,044,078 and 14,864,379 Eversource common shares held as treasury shares, respectively. As of September 30, 2021 and December 31, 2020, Eversource common shares outstanding were 343,774,324 and 342,954,023, respectively. Eversource issues treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan. The issuance of treasury shares represents a non-cash transaction, as the treasury shares were used to fulfill Eversource's obligations that require the issuance of common shares.COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTSDividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended September 30, 2021 and 2020 and $5.6 million for each of the nine months ended September 30, 2021 and 2020. 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 September 30, 2021 and December 31, 2020. 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.
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COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS |
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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:
Treasury Shares: As of September 30, 2021 and December 31, 2020, there were 14,044,078 and 14,864,379 Eversource common shares held as treasury shares, respectively. As of September 30, 2021 and December 31, 2020, Eversource common shares outstanding were 343,774,324 and 342,954,023, respectively. Eversource issues treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan. The issuance of treasury shares represents a non-cash transaction, as the treasury shares were used to fulfill Eversource's obligations that require the issuance of common shares.COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTSDividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended September 30, 2021 and 2020 and $5.6 million for each of the nine months ended September 30, 2021 and 2020. 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 September 30, 2021 and December 31, 2020. 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.
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EARNINGS PER SHARE |
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EARNINGS PER SHARE | EARNINGS PER SHAREBasic 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 as if they were converted into outstanding common shares. The dilutive effect of unvested RSU and performance share awards 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. There were no antidilutive share awards excluded from the computation of diluted EPS for the three and nine months ended September 30, 2021 and the three months ended September 30, 2020. For the nine months ended September 30, 2020, there were 52,747 antidilutive share awards excluded from the EPS computation, 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. 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 | REVENUESThe following tables present operating revenues disaggregated by revenue source:
(1) The Electric Distribution segment 2021 revenue subject to refund amount relates to an October 1, 2021 CL&P settlement agreement with the DEEP, OCC, AG and the Connecticut Industrial Energy Consumers, which resolved certain issues that arose in pending regulatory proceedings initiated by the PURA. In the third quarter of 2021, CL&P recorded a reduction to Operating Revenues of $65 million on the income statement for a reserve for customer credits associated with the provisions of the settlement agreement. Additionally, CL&P recorded a $28.4 million reserve in the first quarter of 2021 for a civil penalty for non-compliance with storm performance standards to be credited to customers. The penalty was reclassified from Operations and Maintenance expense to a reduction of Operating Revenues in the third quarter of 2021 in connection with the finalization of the settlement agreement. In total, the reserve for revenues subject to refund totaled $93.4 million and was recorded as a current regulatory liability on CL&P’s balance sheet and as a reduction to Operating Revenues on the nine months ended September 30, 2021 income statement. See Note 9G, “Commitments and Contingencies - CL&P Regulatory Matters,” for further information. (2) Other Revenues include certain fees charged to customers that are not considered revenue from contracts with customers. of $1.1 million (including $0.2 million at CL&P and $0.7 million at NSTAR Electric) and $1.1 million (including $0.2 million at CL&P and $0.7 million at NSTAR Electric) for the three months ended September 30, 2021 and 2020, respectively, and $3.8 million (including $0.6 million at CL&P and $2.5 million at NSTAR Electric) and $3.2 million (including $0.6 million at CL&P and $2.1 million at NSTAR Electric) for the nine months ended September 30, 2021 and 2020, respectively.
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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) the results of other unregulated subsidiaries, which are not part of its core business, and 5) 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, NSTAR Gas and EGMA purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline project described above. These affiliate transaction costs total $77.7 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:
(1) On October 9, 2020, Eversource completed the CMA asset acquisition, with Yankee Energy System, Inc. (Yankee parent) as the acquiring entity. Yankee parent is the parent company of Yankee Gas, NSTAR Gas, EGMA and Hopkinton LNG Corp. As a result of the acquisition, in the fourth quarter of 2020, our chief operating decision maker assessed the performance of the Natural Gas Distribution segment including Yankee parent. Previously, Yankee parent was presented within Other and its equity in earnings were eliminated in consolidation. Prior comparative periods were revised to conform to the current period segment presentation. The following table summarizes Eversource's segmented total assets:
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ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS | ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS On October 9, 2020, Eversource acquired certain assets and liabilities that comprised the NiSource Inc. (NiSource) natural gas distribution business in Massachusetts, which was previously doing business as CMA, pursuant to an asset purchase agreement (the Agreement) entered into on February 26, 2020 between Eversource and NiSource. The cash purchase price was $1.1 billion, plus a working capital amount of $68.6 million, as finalized in the first quarter of 2021. The natural gas distribution assets acquired from CMA were assigned to EGMA, an indirect wholly-owned subsidiary of Eversource formed in 2020. The LNG assets acquired from CMA were assigned to Hopkinton LNG Corp. Preliminary Purchase Price Allocation: The purchase price allocation reflects measurement period adjustments recorded in 2021 to reduce the fair values of certain regulatory and plant assets and certain liabilities acquired, resulting in a corresponding increase to Goodwill, based on new information received during the measurement period. The preliminary allocation of the cash purchase price is as follows:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
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, NSTAR Gas and Eversource Gas Company of Massachusetts (EGMA) (natural gas utilities) and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately 4.3 million electric, natural gas and water customers through nine 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 2020 Form 10-K, which was filed with the SEC on February 17, 2021. 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 September 30, 2021 and December 31, 2020, and the results of operations, comprehensive income and common shareholders' equity for the three and nine months ended September 30, 2021 and 2020 and the cash flows for the nine months ended September 30, 2021 and 2020. The results of operations and comprehensive income for the three and nine months ended September 30, 2021 and 2020 and the cash flows for the nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results expected for a full year. Eversource's consolidated financial information includes the results of the acquisition of the assets of Columbia Gas of Massachusetts (CMA) on October 9, 2020. The natural gas distribution assets acquired from CMA on October 9, 2020 were assigned to EGMA. 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 customers, workers and the U.S. economy. We provide a critical service to our customers and have taken extensive measures to maintain its safety and reliability. We continue to address the impacts of the COVID-19 pandemic and how the related developments affect Eversource. We are in the re-entry phase of our pandemic response plan, in which the majority of our employees under remote work arrangements have transitioned back to the workplace. We have not experienced significant impacts directly related to the pandemic that have materially affected our current operations, our workforce, or results of operations. The extent of the impact to us in the future will vary, and depend on the duration, scope and severity of the pandemic and the resulting impact on economic, health care and capital market conditions. The future impact will also depend on the outcome of future proceedings before our state regulatory commissions to recover our incremental costs associated with COVID-19, which include uncollectible customer receivable expenses. Based on the status of our COVID-19 regulatory dockets, communications with our state regulatory commissions, and policies and practices in the jurisdictions in which we operate, we believe our state regulatory commissions in Connecticut and Massachusetts 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 discussion of our evaluation of the allowance for doubtful accounts as of September 30, 2021 in light of the COVID-19 pandemic and Note 2, "Regulatory Accounting," for the amount of net incremental COVID-19 costs deferred on our balance sheets. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation.
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Accounting Standards | Accounting StandardsAccounting Standards Recently Adopted: On January 1, 2021, the Company adopted 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 ASU did not have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric and PSNH. |
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. The current expected credit loss (CECL) model is 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 collectability from customers, including current conditions, reasonable forecasts, and expectations of future collectability and collection efforts. Management continuously assesses the collectability 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 September 30, 2021, 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, economic conditions, delinquency statistics, aging-based quantitative assessments, the impact on residential customer bills because of energy usage and change in rates, flexible payment plans and financial hardship arrearage management programs being offered to customers, and COVID-19 developments, including any potential federal governmental pandemic relief programs 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. This evaluation has shown that our operating companies have experienced an increase in aged receivables and lower cash collections from customers because of the length of the moratorium on disconnections in Connecticut and Massachusetts, and the economic slowdown resulting from the COVID-19 pandemic. In Connecticut, the moratorium on disconnections of commercial and non-hardship residential customers ended in June 2021 and September 2021, respectively, but is still in place for hardship residential customers. In Massachusetts, the moratorium on disconnections of commercial customers and residential customers ended in September 2020 and July 2021, respectively. Disconnection activities have resumed after these moratoria have expired, which has resulted in recent improved collection experience and more customers applying for, and receiving, hardship status. On July 7, 2021, the NHPUC issued an order to New Hampshire utilities that concluded that recovery of incremental bad debt or waived late fees related to the COVID-19 pandemic would be addressed in a future rate case to the extent those costs are relevant at that time. As a result of the order, in the first nine months of 2021, PSNH removed its $0.6 million deferral of net incremental COVID-19 costs. In New Hampshire, the moratorium on disconnections of non-hardship residential and commercial customers ended in late 2020 and for hardship residential customers ended in May 2021 and PSNH has resumed disconnection activities, which has resulted in improved collection of outstanding customer receivable balances. Based upon the evaluation performed, in the first nine months of 2021, management increased the allowance for uncollectible accounts for amounts incurred as a result of COVID-19 by $25.8 million for Eversource (increase of $16.3 million for CL&P and $12.5 million at our natural gas businesses, and decrease of $1.8 million at NSTAR Electric). In the third quarter of 2021, the COVID-19 related allowance for uncollectible accounts decreased by $6.5 million at Eversource (increased $4.0 million at CL&P, and decreased $8.3 million at NSTAR Electric and $2.2 million at our natural gas businesses). The COVID-19 related uncollectible amounts were deferred either as incremental regulatory costs at our Connecticut and Massachusetts utilities or deferred through existing regulatory tracking mechanisms that recover uncollectible energy supply costs, as management believes it is probable that these costs will ultimately be recovered from customers in future rates. As of September 30, 2021, the total amount incurred as a result of COVID-19 included in the allowance for uncollectible accounts was $57.0 million at Eversource ($20.1 million at CL&P, $8.5 million at NSTAR Electric, and $27.4 million at our natural gas businesses). Management concluded that the reserve balance as of September 30, 2021 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, NSTAR Gas and EGMA 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. Management uses a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. 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.
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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, equity method investments, and AROs, and in the valuation of the acquisition of CMA's assets in 2020. The fair value measurement guidance was also applied in estimating the 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 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.
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Other Taxes | Other TaxesEversource'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 incomeAs 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. |
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. Restricted cash included in Other Long-Term Assets includes $41.5 million related to an Energy Relief Fund for energy efficiency and clean energy measures in the Merrimack Valley, and an additional energy efficiency program established under the terms of the EGMA settlement agreement. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Uncollectible Accounts | The activity in the allowance for uncollectible accounts by portfolio segment as of September 30th is as follows:
(1) These expected credit losses are deferred as regulatory costs on the balance sheets, as these amounts are ultimately recovered in rates. Amounts include uncollectible costs for hardship accounts and other customer receivables, including uncollectible amounts related to COVID-19 and uncollectible energy supply costs.
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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 $2.1 million of pre-tax unrealized gains associated with an investment in a renewable energy fund for the nine months ended September 30, 2021. For the nine months ended September 30, 2020, equity in earnings of unconsolidated affiliates included $2.4 million of primarily realized gains associated with this investment.
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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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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of 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.
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DERIVATIVE INSTRUMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2021, 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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings Outstanding and Available under the Commercial 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:
(1) On August 10, 2021, Eversource Parent issued $350 million of floating rate Series T Senior Notes with a maturity date of August 15, 2023. The notes have a coupon rate based on the Compounded SOFR plus 0.25%. (2) The use of proceeds from these various issuances refinanced existing indebtedness, funded capital expenditures and were for general corporate purposes. The EGMA indebtedness that was refinanced included $309.4 million of long-term debt.
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RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Expense/(Income) | The components of net periodic benefit plan 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 plan 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 plan 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 intercompany allocations of net periodic benefit plan expense/(income), as these amounts are cash settled on a short-term basis.
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COMMITMENTS AND CONTINGENCIES (Tables) |
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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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Non-Cancelable Commitments under Purchase Commitment Contracts | Renewable energy contracts include non-cancelable commitments under contracts of NSTAR Electric for the purchase of energy and RECs from renewable energy facilities.
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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:
(1) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, North East Offshore LLC (NEO), under which Eversource parent agreed to guarantee 50 percent of NEO’s performance of obligations under certain purchase agreements with third-party contactors, in an aggregate amount not to exceed $1.3 billion with an expiration date in 2025. Eversource parent also issued a separate guarantee to Ørsted on behalf of NEO, under which Eversource parent agreed to guarantee 50 percent of NEO’s payment obligations under certain offshore wind project construction-related agreements with Ørsted in an aggregate amount not to exceed $62.5 million. Any amounts paid under this guarantee to Ørsted will count toward, but not increase, the maximum amount of the Funding Guarantee described in Note 2, below. The guarantee expires upon the full performance of the guaranteed obligations. (2) Eversource parent issued a guarantee (Funding Guarantee) on behalf of Eversource Investment LLC (EI), its wholly-owned subsidiary that holds a 50 percent ownership interest in NEO, under which Eversource parent agreed to guarantee certain funding obligations and certain indemnification payments of EI under the Amended and Restated Limited Liability Company Operating Agreement of NEO, in an aggregate amount not to exceed $910 million. The guaranteed obligations include payment of EI's funding obligations during the construction phase of NEO’s underlying offshore wind projects and indemnification obligations associated with third party credit support for its investment in NEO. Eversource parent’s obligations under the Funding Guarantee expire upon the full performance of the guaranteed obligations. (3) Eversource parent issued a guarantee on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an aggregate amount not to exceed $15.4 million, under the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement (the Agreement). The Agreement was executed on October 23, 2019, by and between the New York State Energy Research and Development Authority (NYSERDA) and Sunrise Wind LLC. The guarantee expires upon the full performance of the guaranteed obligations. (4) Eversource parent issued a guaranty on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an aggregate amount not to exceed $420.6 million, in connection with a construction-related purchase agreement. Eversource parent’s obligations under the guarantee expire upon the earlier of (i) April 14, 2026 and (ii) full performance of the guaranteed obligations. (5) Eversource parent issued two guarantees on behalf of its 50 percent-owned affiliate, South Fork Wind, LLC, whereby Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations in connection with two construction-related purchase agreements. Under one guarantee, Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in an aggregate amount not to exceed $25.8 million. Eversource parent’s obligations under the guarantee expire upon the earlier of (i) October 4, 2023 and (ii) full performance of the guaranteed obligations. Under the second guaranty, Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in an aggregate amount not to exceed $14.8 million. Eversource parent’s obligations under the guarantee expire upon the earlier of (i) October 18, 2023 and (ii) full performance of the guaranteed obligations. (6) 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.
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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) |
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues Disaggregated by Revenue Source | The following tables present operating revenues disaggregated by revenue source:
(1) The Electric Distribution segment 2021 revenue subject to refund amount relates to an October 1, 2021 CL&P settlement agreement with the DEEP, OCC, AG and the Connecticut Industrial Energy Consumers, which resolved certain issues that arose in pending regulatory proceedings initiated by the PURA. In the third quarter of 2021, CL&P recorded a reduction to Operating Revenues of $65 million on the income statement for a reserve for customer credits associated with the provisions of the settlement agreement. Additionally, CL&P recorded a $28.4 million reserve in the first quarter of 2021 for a civil penalty for non-compliance with storm performance standards to be credited to customers. The penalty was reclassified from Operations and Maintenance expense to a reduction of Operating Revenues in the third quarter of 2021 in connection with the finalization of the settlement agreement. In total, the reserve for revenues subject to refund totaled $93.4 million and was recorded as a current regulatory liability on CL&P’s balance sheet and as a reduction to Operating Revenues on the nine months ended September 30, 2021 income statement. See Note 9G, “Commitments and Contingencies - CL&P Regulatory Matters,” for further information. (2) Other Revenues include certain fees charged to customers that are not considered revenue from contracts with customers. of $1.1 million (including $0.2 million at CL&P and $0.7 million at NSTAR Electric) and $1.1 million (including $0.2 million at CL&P and $0.7 million at NSTAR Electric) for the three months ended September 30, 2021 and 2020, respectively, and $3.8 million (including $0.6 million at CL&P and $2.5 million at NSTAR Electric) and $3.2 million (including $0.6 million at CL&P and $2.1 million at NSTAR Electric) for the nine months ended September 30, 2021 and 2020, respectively.
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SEGMENT INFORMATION (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Information and Segmented Total Assets | Eversource's segment information is as follows:
(1) On October 9, 2020, Eversource completed the CMA asset acquisition, with Yankee Energy System, Inc. (Yankee parent) as the acquiring entity. Yankee parent is the parent company of Yankee Gas, NSTAR Gas, EGMA and Hopkinton LNG Corp. As a result of the acquisition, in the fourth quarter of 2020, our chief operating decision maker assessed the performance of the Natural Gas Distribution segment including Yankee parent. Previously, Yankee parent was presented within Other and its equity in earnings were eliminated in consolidation. Prior comparative periods were revised to conform to the current period segment presentation. The following table summarizes Eversource's segmented total assets:
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ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preliminary Allocation of the Cash Purchase Price | The preliminary allocation of the cash purchase price is as follows:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Schedule of Gross Tax Receipts [Line Items] | ||||
Gross receipts taxes | $ 49.4 | $ 48.4 | $ 137.9 | $ 129.1 |
CL&P | ||||
Schedule of Gross Tax Receipts [Line Items] | ||||
Gross receipts taxes | $ 46.1 | $ 45.6 | $ 120.7 | $ 114.2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-cash Investing Activities (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
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Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | $ 359.6 | $ 357.4 |
CL&P | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | 75.3 | 97.8 |
NSTAR Electric | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | 94.2 | 92.6 |
PSNH | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | $ 32.8 | $ 50.0 |
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 | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Derivatives, Net [Rollforward] | ||||
Fair Value as of Beginning of Period | $ (279.7) | $ (322.0) | $ (293.1) | $ (329.2) |
Net Realized/Unrealized Gains/(Losses) Included in Regulatory Assets | 0.7 | (4.7) | (10.9) | (22.3) |
Settlements | 13.7 | 14.9 | 38.7 | 39.7 |
Fair Value as of End of Period | $ (265.3) | $ (311.8) | $ (265.3) | $ (311.8) |
MARKETABLE SECURITIES - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
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Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale equity securities | $ 39.2 | $ 39.2 | $ 40.9 | ||
Unrealized gain (loss) recorded in other income | (0.5) | $ 1.6 | 2.5 | $ (1.0) | |
CYAPC and YAEC | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale equity securities | 214.9 | 214.9 | 205.1 | ||
Marketable securities held in nuclear decommissioning trust | $ 195.2 | $ 195.2 | $ 192.5 |
MARKETABLE SECURITIES - Summary of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost | $ 217.5 | $ 213.1 |
Pre-Tax Unrealized Gains | 8.0 | 11.2 |
Pre-Tax Unrealized Losses | (0.2) | (0.1) |
Fair Value | $ 225.3 | $ 224.2 |
MARKETABLE SECURITIES - Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Amortized Cost | ||
Less than one year | $ 30.9 | |
One to five years | 65.5 | |
Six to ten years | 41.8 | |
Greater than ten years | 79.3 | |
Amortized Cost | 217.5 | $ 213.1 |
Fair Value | ||
Less than one year | 30.9 | |
One to five years | 67.1 | |
Six to ten years | 43.9 | |
Greater than ten years | 83.4 | |
Fair Value | $ 225.3 | $ 224.2 |
SHORT-TERM AND LONG-TERM DEBT - Borrowings Outstanding and Available under the Commercial Paper Programs (Details) - Commercial Paper - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 653.0 | $ 1,054.3 |
Available borrowing capacity | $ 1,347.0 | $ 945.7 |
Weighted-average interest rate | 0.18% | 0.25% |
NSTAR Electric | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 138.0 | $ 195.0 |
Available borrowing capacity | $ 512.0 | $ 455.0 |
Weighted-average interest rate | 0.10% | 0.16% |
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Narrative (Details) - PSNH - Rate Reduction Bonds |
May 31, 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 | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Condensed Income Statements, Captions [Line Items] | ||||
Interest Expense on RRB Principal (included in Interest Expense) | $ 147,962 | $ 134,066 | $ 431,162 | $ 403,067 |
PSNH | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) | (17,922) | (7,360) | (62,744) | (39,034) |
Interest Expense on RRB Principal (included in Interest Expense) | 14,321 | 14,942 | 42,774 | 44,029 |
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 | 32,400 | 32,400 |
Interest Expense on RRB Principal (included in Interest Expense) | $ 4,500 | $ 4,900 | $ 13,900 | $ 14,900 |
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION - Narrative (Details) $ in Millions |
Sep. 30, 2021
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
Expected pension plan contributions | $ 180 |
CL&P | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected pension plan contributions | 99 |
NSTAR Electric | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected pension plan contributions | $ 30 |
COMMITMENTS AND CONTINGENCIES - Environmental Sites and Related Reserves (Details) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2021
USD ($)
site
|
Dec. 31, 2020
USD ($)
site
|
|
Site Contingency [Line Items] | ||
Number of Sites | site | 62 | 63 |
Reserve | $ | $ 111.9 | $ 102.4 |
CL&P | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 14 | 15 |
Reserve | $ | $ 12.5 | $ 12.3 |
NSTAR Electric | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 12 | 12 |
Reserve | $ | $ 3.7 | $ 4.7 |
PSNH | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 9 | 9 |
Reserve | $ | $ 6.4 | $ 7.1 |
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Site Contingency [Line Items] | ||
Reserve balance | $ 111.9 | $ 102.4 |
MGP Sites | ||
Site Contingency [Line Items] | ||
Reserve balance | $ 102.4 | $ 92.2 |
COMMITMENTS AND CONTINGENCIES - Non-Cancellable Commitments under Purchase Commitment Contracts (Details) - Renewable Energy - NSTAR Electric $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2021 | $ 27.1 |
2022 | 103.9 |
2023 | 230.5 |
2024 | 341.2 |
2025 | 348.1 |
Thereafter | 6,564.2 |
Total | 7,615.0 |
Massachusetts Clean Energy 83D Contract | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Total | $ 6,700.0 |
Contract term | 20 years |
Minimum | Massachusetts Clean Energy 83D Contract | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Estimated costs | $ 150.0 |
Maximum | Massachusetts Clean Energy 83D Contract | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Estimated costs | $ 415.0 |
COMMITMENTS AND CONTINGENCIES - Guarantees and Obligations Narrative (Details) - USD ($) |
Sep. 30, 2021 |
Sep. 16, 2020 |
---|---|---|
Loss Contingencies [Line Items] | ||
Fair value of guarantees | $ 5,700,000 | |
Letter of Credit | Eversource Investment LLC | ||
Loss Contingencies [Line Items] | ||
Maximum borrowing capacity | $ 25,000,000 |
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 |
COMMITMENTS AND CONTINGENCIES - CL&P Tropical Storm Isaias Response Investigation (Details) - USD ($) $ / shares in Units, $ in Millions |
Sep. 30, 2021 |
Jul. 14, 2021 |
May 07, 2021 |
May 06, 2021 |
Apr. 28, 2021 |
---|---|---|---|---|---|
Loss Contingencies [Line Items] | |||||
Loss contingency, allowed rate of ROE | 9.25% | ||||
Unfavorable Regulatory Action | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, estimate of possible earnings impact | $ 30.0 | ||||
Loss contingency, estimate of possible earnings impact, non-compliance with performance standards | 28.4 | ||||
Loss contingency, estimate of possible earnings impact, accident reporting violation fines | $ 1.6 | ||||
Non-compliance fine | $ 28.6 | ||||
Loss contingency, accident reporting violation fines | $ 0.2 | ||||
Loss contingency, penalty rate as a percent of distribution revenues | 2.50% | ||||
Loss contingency, after-tax earnings impact per share (in dollars per share) | $ (0.25) | $ 0.07 |
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
AOCI Attributable to Parent [Roll Forward] | ||||||||
OCI Before Reclassifications | $ (3,000) | $ (1,300) | ||||||
Amounts Reclassified from AOCI | 7,500 | 6,000 | ||||||
Net OCI | $ 2,477 | $ 881 | $ 1,188 | $ 2,161 | $ 553 | $ 1,948 | 4,546 | 4,662 |
Total | ||||||||
AOCI Attributable to Parent [Roll Forward] | ||||||||
Beginning balance | (76,400) | (65,100) | (76,400) | (65,100) | ||||
Net OCI | 2,477 | $ 881 | 1,188 | 2,161 | $ 553 | 1,948 | ||
Ending balance | (71,900) | (60,400) | (71,900) | (60,400) | ||||
Qualified Cash Flow Hedging Instruments | ||||||||
AOCI Attributable to Parent [Roll Forward] | ||||||||
Beginning balance | (1,400) | (3,000) | (1,400) | (3,000) | ||||
OCI Before Reclassifications | 0 | 0 | ||||||
Amounts Reclassified from AOCI | 1,000 | 1,200 | ||||||
Net OCI | 1,000 | 1,200 | ||||||
Ending balance | (400) | (1,800) | (400) | (1,800) | ||||
Unrealized Gains/(Losses) on Marketable Securities | ||||||||
AOCI Attributable to Parent [Roll Forward] | ||||||||
Beginning balance | 1,100 | 700 | 1,100 | 700 | ||||
OCI Before Reclassifications | (600) | 300 | ||||||
Amounts Reclassified from AOCI | 0 | 0 | ||||||
Net OCI | (600) | 300 | ||||||
Ending balance | 500 | 1,000 | 500 | 1,000 | ||||
Defined Benefit Plans | ||||||||
AOCI Attributable to Parent [Roll Forward] | ||||||||
Beginning balance | $ (76,100) | $ (62,800) | (76,100) | (62,800) | ||||
OCI Before Reclassifications | (2,400) | (1,600) | ||||||
Amounts Reclassified from AOCI | 6,500 | 4,800 | ||||||
Net OCI | 4,100 | 3,200 | ||||||
Ending balance | $ (72,000) | $ (59,600) | $ (72,000) | $ (59,600) |
COMMON SHARES - Common Shares Authorized and Issued (Details) - $ / shares |
Sep. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
---|---|---|---|---|
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 | 357,818,402 | ||
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) - shares |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Equity [Abstract] | ||
Treasury stock (in shares) | 14,044,078 | 14,864,379 |
Common stock outstanding (in shares) | 343,774,324 | 342,954,023 |
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
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Equity [Abstract] | |||||||||
Dividends on preferred stock | $ 1,880 | $ 1,880 | $ 1,880 | $ 1,880 | $ 1,880 | $ 1,880 | $ 5,600 | $ 5,600 | |
Noncontrolling interest attributed to preferred stock of subsidiaries | $ 155,570 | $ 155,570 | $ 155,570 |
EARNINGS PER SHARE - Narrative (Details) - shares |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings Per Share [Abstract] | |||
Antidilutive share awards excluded from the EPS computation (in shares) | 0 | 0 | 52,747 |
EARNINGS PER SHARE - Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Earnings Per Share [Abstract] | ||||
Net Income Attributable to Common Shareholders | $ 283,166 | $ 346,260 | $ 913,829 | $ 933,244 |
Net Income Attributable to Common Shareholders | $ 283,200 | $ 346,300 | $ 913,800 | $ 933,200 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 344,023,846 | 343,076,614 | 343,848,905 | 337,375,172 |
Dilutive Effect of: | ||||
Share-Based Compensation Awards and Other (in shares) | 645,936 | 696,988 | 631,151 | 686,403 |
Equity Forward Sale Agreement (in shares) | 0 | 0 | 0 | 362,525 |
Total Dilutive Effect (in shares) | 645,936 | 696,988 | 631,151 | 1,048,928 |
Diluted (in shares) | 344,669,782 | 343,773,602 | 344,480,056 | 338,424,100 |
Basic EPS (in dollars per share) | $ 0.82 | $ 1.01 | $ 2.66 | $ 2.77 |
Diluted EPS (in dollars per share) | $ 0.82 | $ 1.01 | $ 2.65 | $ 2.76 |
SEGMENT INFORMATION - Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2021
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 | $ | $ 77.7 |
SEGMENT INFORMATION - Summary of Segment Information and Segmented Total Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||||
Operating Revenues | $ 2,432,794 | $ 2,343,642 | $ 7,381,172 | $ 6,670,497 | |
Depreciation and Amortization | (322,100) | (302,000) | (981,100) | (851,900) | |
Other Operating Expenses | (1,627,400) | (1,480,400) | (4,879,600) | (4,284,600) | |
Operating Income/(Loss) | 483,331 | 561,230 | 1,520,503 | 1,534,006 | |
Interest Expense | (147,962) | (134,066) | (431,162) | (403,067) | |
Other Income, Net | 43,768 | 29,218 | 124,588 | 83,565 | |
Net Income/(Loss) Attributable to Common Shareholders | 283,166 | 346,260 | 913,829 | 933,244 | |
Cash Flows Used for Investments in Plant | 2,211,136 | 2,101,564 | |||
Assets | 48,014,055 | 48,014,055 | $ 46,099,598 | ||
Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 326,100 | 322,300 | 999,100 | 900,700 | |
Depreciation and Amortization | (28,000) | (24,100) | (83,700) | (68,100) | |
Other Operating Expenses | (275,200) | (271,500) | (860,300) | (771,400) | |
Operating Income/(Loss) | 22,900 | 26,700 | 55,100 | 61,200 | |
Interest Expense | (42,500) | (38,700) | (125,900) | (119,000) | |
Other Income, Net | 325,900 | 401,000 | 1,059,200 | 1,087,900 | |
Net Income/(Loss) Attributable to Common Shareholders | 304,900 | 396,600 | 982,500 | 1,035,600 | |
Cash Flows Used for Investments in Plant | 157,600 | 181,200 | |||
Assets | 21,624,500 | 21,624,500 | 22,089,400 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (614,100) | (602,600) | (1,918,900) | (1,784,300) | |
Depreciation and Amortization | 1,100 | 300 | 3,100 | 1,200 | |
Other Operating Expenses | 613,700 | 603,100 | 1,918,900 | 1,787,900 | |
Operating Income/(Loss) | 700 | 800 | 3,100 | 4,800 | |
Interest Expense | 12,700 | 7,100 | 37,000 | 27,600 | |
Other Income, Net | (320,400) | (397,000) | (1,046,200) | (1,076,100) | |
Net Income/(Loss) Attributable to Common Shareholders | (307,000) | (389,100) | (1,006,100) | (1,043,700) | |
Cash Flows Used for Investments in Plant | 0 | 0 | |||
Assets | (20,648,600) | (20,648,600) | (21,492,400) | ||
Electric Distribution | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 2,055,200 | 2,060,300 | 5,632,100 | 5,481,900 | |
Depreciation and Amortization | (179,800) | (182,000) | (534,100) | (490,000) | |
Other Operating Expenses | (1,640,500) | (1,577,000) | (4,531,300) | (4,309,900) | |
Operating Income/(Loss) | 234,900 | 301,300 | 566,700 | 682,000 | |
Interest Expense | (61,000) | (53,300) | (175,400) | (160,700) | |
Other Income, Net | 25,400 | 16,000 | 76,000 | 44,900 | |
Net Income/(Loss) Attributable to Common Shareholders | 150,400 | 205,500 | 365,400 | 450,600 | |
Cash Flows Used for Investments in Plant | 764,900 | 781,200 | |||
Assets | 25,604,200 | 25,604,200 | 24,981,900 | ||
Natural Gas Distribution | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 185,500 | 110,200 | 1,277,800 | 770,000 | |
Depreciation and Amortization | (28,500) | (14,800) | (108,700) | (55,100) | |
Other Operating Expenses | (176,900) | (104,200) | (970,600) | (592,000) | |
Operating Income/(Loss) | (19,900) | (8,800) | 198,500 | 122,900 | |
Interest Expense | (15,700) | (10,100) | (44,200) | (32,100) | |
Other Income, Net | 6,700 | 700 | 15,200 | 2,500 | |
Net Income/(Loss) Attributable to Common Shareholders | (22,000) | (15,400) | 129,600 | 73,300 | |
Cash Flows Used for Investments in Plant | 506,400 | 322,800 | |||
Assets | 6,865,600 | 6,865,600 | 6,450,500 | ||
Electric Transmission | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 418,300 | 389,300 | 1,230,100 | 1,135,600 | |
Depreciation and Amortization | (75,400) | (70,600) | (223,400) | (206,800) | |
Other Operating Expenses | (122,400) | (120,600) | (359,600) | (338,500) | |
Operating Income/(Loss) | 220,500 | 198,100 | 647,100 | 590,300 | |
Interest Expense | (33,500) | (31,100) | (98,700) | (93,800) | |
Other Income, Net | 5,000 | 6,900 | 17,300 | 22,700 | |
Net Income/(Loss) Attributable to Common Shareholders | 139,400 | 125,600 | 412,400 | 381,800 | |
Cash Flows Used for Investments in Plant | 691,000 | 732,400 | |||
Assets | 12,123,500 | 12,123,500 | 11,695,000 | ||
Water Distribution | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 61,800 | 64,100 | 161,000 | 166,600 | |
Depreciation and Amortization | (11,500) | (10,800) | (34,300) | (33,100) | |
Other Operating Expenses | (26,100) | (10,200) | (76,700) | (60,700) | |
Operating Income/(Loss) | 24,200 | 43,100 | 50,000 | 72,800 | |
Interest Expense | (8,000) | (8,000) | (24,000) | (25,100) | |
Other Income, Net | 1,200 | 1,600 | 3,100 | 1,700 | |
Net Income/(Loss) Attributable to Common Shareholders | 17,500 | $ 23,100 | 30,000 | 35,600 | |
Cash Flows Used for Investments in Plant | 91,200 | $ 84,000 | |||
Assets | $ 2,444,900 | $ 2,444,900 | $ 2,375,200 |
ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS - Narrative (Details) - CMA $ in Millions |
Oct. 09, 2020
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Cash purchase price | $ 1,100.0 |
Target working capital amount | $ 68.6 |
ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS - Preliminary Allocation of the Cash Purchase Price (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
Oct. 09, 2020 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 4,453,618 | $ 4,445,988 | |
CMA | |||
Business Acquisition [Line Items] | |||
Current Assets | $ 138,000 | ||
Restricted Cash | 57,000 | ||
PP&E | 1,184,000 | ||
Goodwill | 50,000 | ||
Other Noncurrent Assets, excluding Goodwill | 131,000 | ||
Other Current Liabilities | (81,000) | ||
Other Noncurrent Liabilities | (310,000) | ||
Cash Purchase Price | $ 1,169,000 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |
The Connecticut Light And Power Company [Member] | ||
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |
NSTAR Electric Company [Member] | ||
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |
Public Service Company Of New Hampshire (PSNH) [Member] | ||
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |
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