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RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES
 6 Months Ended
Jun. 30, 2022
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:
(Millions of Dollars)
PSNH Balance Sheets:As of June 30, 2022As of December 31, 2021
Restricted Cash - Current Portion (included in Current Assets)$30.7 $31.1 
Restricted Cash - Long-Term Portion (included in Other Long-Term Assets)3.2 3.2 
Securitized Stranded Cost (included in Regulatory Assets)457.3 478.9 
Other Regulatory Liabilities (included in Regulatory Liabilities)5.2 5.4 
Accrued Interest (included in Other Current Liabilities)7.2 7.5 
Rate Reduction Bonds - Current Portion43.2 43.2 
Rate Reduction Bonds - Long-Term Portion432.1 453.7 

(Millions of Dollars)
PSNH Income Statements:
For the Three Months EndedFor the Six Months Ended
June 30, 2022June 30, 2021June 30, 2022June 30, 2021
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net)$10.8 $10.8 $21.6 $21.6 
Interest Expense on RRB Principal (included in Interest Expense)4.3 4.6 8.7 9.3