8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 16, 2021 (February 16, 2021)

Commission File Number	Registrant; State of Incorporation Address; and Telephone Number	I.R.S. Employer Identification No.
1-5324	EVERSOURCE ENERGY (a Massachusetts voluntary association) 300 Cadwell Drive Springfield, Massachusetts 01104 Telephone: (800) 286-5000	04-2147929
0-00404	THE CONNECTICUT LIGHT AND POWER COMPANY (a Connecticut corporation) 107 Selden Street Berlin, Connecticut 06037-1616 Telephone: (800) 286-5000	06-0303850
1-02301	NSTAR ELECTRIC COMPANY (a Massachusetts corporation) 800 Boylston Street Boston, Massachusetts 02199 Telephone: (800) 286-5000	04-1278810
1-6392	PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE (a New Hampshire corporation) Energy Park 780 North Commercial Street Manchester, New Hampshire 03101-1134 Telephone: (800) 286-5000	02-0181050

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Eversource Energy	Common Shares, $5.00 par value per share	ES	New York Stock Exchange
The Connecticut Light and Power Company	None	N/A	N/A
NSTAR Electric Company	None	N/A	N/A
Public Service Company of New Hampshire	None	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

	Emerging growth company
Eversource Energy	¨
The Connecticut Light and Power Company	¨
NSTAR Electric Company	¨
Public Service Company of New Hampshire	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Eversource Energy	¨
The Connecticut Light and Power Company	¨
NSTAR Electric Company	¨
Public Service Company of New Hampshire	¨

Section 2 Financial Information

Item 2.02 Results of Operations and Financial Conditions.

On February 16, 2021, Eversource Energy issued a news release announcing its unaudited results of operations for the three and twelve month periods ended December 31, 2020 and related financial information for certain of its subsidiaries as of and for the same period. A copy of the news release and related unaudited financial reports are attached as Exhibits 99.1 and 99.2, and are incorporated herein by reference thereto.

The information contained in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission (“SEC”) nor incorporated by reference in any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act of 1933, as amended (the “Securities Act”), unless specified otherwise.

Section 7 Regulation FD

Item 7.01 Regulation FD Disclosure.

On February 17, 2021, Eversource Energy will webcast a conference call with financial analysts during which senior management will discuss the company’s financial performance through the fourth quarter of 2020. The webcast will be accessible from the Investors section of the Eversource Energy website at www.eversource.com. Attached as Exhibit 99.3 and incorporated herein by reference are the slides to be discussed by Eversource Energy during the conference call.

The information contained in this Item 7.01, including Exhibit 99.3, shall not be deemed “filed” with the SEC nor incorporated by reference into any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act, unless specified otherwise.

Section 9 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

Exhibit Number	Description
99.1	News Release of Eversource Energy dated February 16, 2021.
99.2	Unaudited Consolidated Balance Sheets as of December 31, 2020 and 2019; unaudited Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018; unaudited Consolidated Statements of Income for the three months ended December 31, 2020 and 2019 and unaudited Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018.
99.3	February 17, 2021 presentation slides.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

[The remainder of this page left blank intentionally.]

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

EVERSOURCE ENERGY

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

(Registrants)

February 16, 2021	By:	/s/ JAY S. BUTH
		Jay S. Buth
		Vice President, Controller and Chief Accounting Officer

EX-99.1

Exhibit 99.1

  56 Prospect St., Hartford, Connecticut 06103-2818   800 Boylston St., Boston, Massachusetts 02199  

 

Eversource Energy Reports Full Year 2020 Results

(HARTFORD, Conn. and BOSTON, Mass. – February 16, 2021) Eversource Energy (NYSE: ES) today reported full-year 2020 earnings of $1.205 billion, or $3.55 per share, compared with 2019 earnings of $909.1 million, or $2.81 per share. Results for 2020 include after-tax costs of $32.1 million, or $0.09 per share, related to the acquisition of the assets of Columbia Gas of Massachusetts. Results for 2019 include a charge of $204.4 million, or $0.64 per share, related to the Northern Pass Transmission (NPT) project.

In the fourth quarter of 2020, Eversource Energy earned $271.9 million, or $0.79 per share, compared with earnings of $250 million, or $0.76 per share, in the fourth quarter of 2019. Results for the fourth quarter of 2020 include after-tax costs of $19.3 million, or $0.06 per share, related to the Columbia Gas asset acquisition.

2021 and Long-Term Earnings Per Share (EPS) Guidance

Also today, Eversource Energy projected 2021 non-GAAP earnings of between $3.81 per share and $3.93 per share, excluding incremental Columbia Gas asset transition costs. Eversource also projects that its long-term EPS growth through 2025 from its core regulated utility segments will be in the upper half of its previously announced range of 5-7 percent, using 2020 non-GAAP earnings of $3.64 per share as the base.

Electric Distribution

Eversource Energy’s electric distribution segment earned $544 million for the full year 2020, compared with earnings of $513.3 million for the full year 2019. The segment earned $93.4 million in the fourth quarter of 2020, compared with earnings of $90.7 million in the fourth quarter of 2019. Improved results were due to higher revenues, partially offset by significantly higher electric system restoration costs during an unprecedented year of storm activity.

“Tropical Storm Isaias was by far the worst storm to damage our system in 2020, but it was far from the only one,” said Jim Judge, Eversource chairman, president and chief executive officer. “We had more storm activity in 2020 than in any year in our history, right up through Christmas Day when thousands of Eversource employees responded to extremely high and damaging winds that caused extensive damage across our service territory. It was the most recent of dozens of instances in 2020 where Eversource employees worked tirelessly and safely through the pandemic to maintain and restore vital services to our 4.3 million customers.”

Electric Transmission

Eversource Energy’s transmission segment earned $502.5 million for the full year of 2020, compared with earnings of $460.9 million¹ in 2019, excluding the NPT charge. The transmission segment earned $120.7 million in the fourth quarter of 2020, compared with earnings of $118.1 million in the fourth quarter of 2019. Higher earnings in 2020 were due primarily to an increased level of investment in Eversource Energy transmission facilities.

Natural Gas Distribution

Eversource Energy’s natural gas distribution segment earned $135.6 million¹ for the full year 2020, excluding acquisition-related costs in the fourth quarter of $1.5 million, compared with earnings of $96.2 million for the full year 2019. Fourth quarter 2020 natural gas segment earnings were $62.3 million¹, excluding acquisition-related costs, compared with earnings of $39.6 million in the fourth quarter of 2019. Improved results primarily reflect fourth quarter 2020 earnings from assets of the former Columbia Gas of Massachusetts. Eversource closed on the purchase on October 9, 2020 and now holds them in its new Eversource Gas Company of Massachusetts subsidiary. Improved results also reflect higher distribution revenues at NSTAR Gas and Yankee Gas, partially offset by higher O&M and depreciation expense.

Water Distribution

Eversource Energy’s water distribution segment earned $41.2 million for the full year 2020, compared with earnings of $34.9 million for the full year 2019, and $5.6 million in the fourth quarter of 2020, compared with $8.5 million in the fourth quarter of 2019. Higher full-year results in 2020 include the benefit from the sale of Aquarion Water facilities in Hingham, Massachusetts.

Eversource Energy Parent and Other Companies

Eversource Energy parent and other companies earned $14 million¹ for the full year 2020, excluding acquisition-related costs of $30.6 million, compared with earnings of $8.2 million for the full year 2019. It earned $9.2 million¹ in the fourth quarter of 2020, excluding acquisition-related costs of $17.8 million, compared with a loss of $6.9 million in the fourth quarter of 2019. Improved fourth-quarter results were due primarily to a lower effective tax rate.

The following table reconciles 2020 and 2019 fourth quarter and full year earnings per share:

		Fourth Quarter			Full Year
2019	Reported EPS	$	0.76		$	2.81
	Higher electric distribution revenues in 2020, offset by significantly higher storm restoration expense, as well as higher depreciation, interest expense and dilution		(0.01	)		0.04
	Higher electric transmission earnings in 2020, excluding NPT impairment, offset by dilution		(0.01	)		0.05
	Addition of Eversource Gas Co. of MA and higher natural gas distribution revenues in 2020, offset by higher O&M, depreciation, and dilution		0.06			0.12
	Higher water earnings in 2020 and dilution		0.00			0.01
	Lower effective tax rate at Parent in 2020, partially offset by lower second-quarter earnings in 2020 related to clean energy fund investment and all Other, including net COVID impact		0.05			(0.03	)
	Absence of NPT impairment charge		0.00			0.64
	Costs related to Columbia Gas of MA asset purchase		(0.06	)		(0.09	)
2020	Reported EPS	$	0.79		$	3.55

Financial results by segment for the fourth quarter and full-year 2020 and 2019 are noted below:

Three months ended:

(in millions, except EPS)	December 31, 2020			December 31, 2019			Increase/ (Decrease)			2020 EPS1
Electric Distribution	$	93.4		$	90.7		$	2.7		$	0.27
Electric Transmission		120.7			118.1			2.6			0.35
Natural Gas Distribution		62.31			39.6			22.7			0.18
Water Distribution		5.6			8.5			(2.9	)		0.02
Eversource Parent and Other Companies		9.21			(6.9	)		16.1			0.03
Columbia Gas of MA asset acquisition costs		(19.3	)		0.0			(19.3	)		(0.06	)
Reported Earnings	$	271.9		$	250.0		$	21.9		$	0.79

Full year ended:

(in millions, except EPS)	December 31, 2020			December 31, 2019			Increase/ (Decrease)			2020 EPS1
Electric Distribution	$	544.0		$	513.3		$	30.7		$	1.60
Electric Transmission		502.5			460.9			41.6			1.48
Natural Gas Distribution		135.61			96.2			39.4			0.40
Water Distribution		41.2			34.9			6.3			0.12
Eversource Parent and Other Companies		14.01			8.2			5.8			0.04
NPT impairment charge		0.0			(204.4	)		204.4			0.00
Columbia Gas of MA asset acquisition costs		(32.1	)		0.0			(32.1	)		(0.09	)
Reported Earnings	$	1,205.2		$	909.1		$	296.1		$	3.55

Eversource Energy has approximately 343 million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4.3 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire. 

CONTACT:

Jeffrey R. Kotkin

(860) 665-5154

Note:  Eversource Energy will webcast a conference call with senior management on February 17, 2021, beginning at 9 a.m. Eastern Time.  The webcast and associated slides can be accessed through Eversource Energy’s website at www.eversource.com.

¹ All per-share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is a non-GAAP (not determined using generally accepted accounting principles) financial measure that is calculated by dividing the net income or loss attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. Earnings discussions also include non-GAAP financial measures referencing 2020 earnings and EPS excluding certain acquisition costs related to our purchase of the assets of Columbia Gas of Massachusetts and 2019 earnings and EPS excluding the NPT impairment charge. Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain 2020 and 2019 results without including these items.

Management believes the acquisition costs and the NPT impairment charge are not indicative of Eversource Energy’s ongoing costs and performance.  Due to the nature and significance of these items on net income attributable to common shareholders, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy’s financial performance and provides additional and useful information to readers in analyzing historical and future performance of the business. Non-GAAP financial measures should not be considered as alternatives to Eversource Energy’s consolidated net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy’s operating performance.

This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions.  Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements.  Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to: cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; the negative impacts of the novel coronavirus (COVID-19) pandemic on our customers, vendors, employees, regulators, and operations; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

###

EX-99.2

Exhibit 99.2

EVERSOURCE ENERGY AND SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	For the Three Months Ended December 31,
(Thousands of Dollars, Except Share Information)	2020		2019
Operating Revenues	$	2,233,933	$	2,050,386
Operating Expenses:
Purchased Power, Fuel and Transmission		674,883		714,119
Operations and Maintenance		474,104		368,452
Depreciation		260,201		228,646
Amortization		46,992		11,620
Energy Efficiency Programs		126,967		118,584
Taxes Other Than Income Taxes		196,058		173,400
Total Operating Expenses		1,779,205		1,614,821
Operating Income		454,728		435,565
Interest Expense		135,384		133,543
Other Income, Net		25,024		28,959
Income Before Income Tax Expense		344,368		330,981
Income Tax Expense		70,565		79,064
Net Income		273,803		251,917
Net Income Attributable to Noncontrolling Interests		1,880		1,880
Net Income Attributable to Common Shareholders	$	271,923	$	250,037
Basic Earnings Per Common Share	$	0.79	$	0.77
Diluted Earnings Per Common Share	$	0.79	$	0.76
Weighted Average Common Shares Outstanding:
Basic		343,219,075		324,337,587
Diluted		344,115,842		327,053,634

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

EVERSOURCE ENERGY AND SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	For the Years Ended December 31,
(Thousands of Dollars, Except Share Information)	2020		2019		2018
Operating Revenues	$	8,904,430	$	8,526,470	$	8,448,201
Operating Expenses:
Purchased Power, Fuel and Transmission		2,987,840		3,040,160		3,138,969
Operations and Maintenance		1,480,252		1,363,113		1,335,213
Depreciation		981,380		885,278		819,930
Amortization		177,679		195,380		252,026
Energy Efficiency Programs		535,760		501,369		472,380
Taxes Other Than Income Taxes		752,785		711,035		729,753
Impairment of Northern Pass Transmission		—		239,644		—
Total Operating Expenses		6,915,696		6,935,979		6,748,271
Operating Income		1,988,734		1,590,491		1,699,930
Interest Expense		538,452		533,197		498,805
Other Income, Net		108,590		132,777		128,366
Income Before Income Tax Expense		1,558,872		1,190,071		1,329,491
Income Tax Expense		346,186		273,499		288,972
Net Income		1,212,686		916,572		1,040,519
Net Income Attributable to Noncontrolling Interests		7,519		7,519		7,519
Net Income Attributable to Common Shareholders	$	1,205,167	$	909,053	$	1,033,000
Basic Earnings Per Common Share	$	3.56	$	2.83	$	3.25
Diluted Earnings Per Common Share	$	3.55	$	2.81	$	3.25
Weighted Average Common Shares Outstanding:
Basic		338,836,147		321,416,086		317,370,369
Diluted		339,847,062		322,941,636		317,993,934

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

EX-99.3

Exhibit 99.3

February 17, 2021 2020 Year - End Investor Call

Safe Harbor Statement 1 All per - share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such bu siness, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is a non - GAAP (not determined using generally accepte d accounting principles) financial measure that is calculated by dividing the net income or loss attributable to common shareholders of each business by the wei ght ed average diluted Eversource Energy common shares outstanding for the period. Earnings discussions also include non - GAAP financial measures referencing 2020 earnin gs and EPS excluding certain acquisition costs related to our purchase of the assets of Columbia Gas of Massachusetts and 2019 earnings and EPS excluding the NPT impairment charge. Eversource Energy uses these non - GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain 2020 and 2019 results without including these items. Management believes the acquisition costs and the NPT impairment charge are not indic ati ve of Eversource Energy’s ongoing costs and performance. Due to the nature and significance of these items on net income attributable to common shareholders, managemen t believes that the non - GAAP presentation is a more meaningful representation of Eversource Energy’s financial performance and provides additional and use ful information to readers in analyzing historical and future performance of the business. Non - GAAP financial measures should not be considered as alternatives to Ever source Energy’s consolidated net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy’s ope rat ing performance. This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, as sumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward - looking statem ents” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward - looking statements through the use of w ords or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions. Fo rward - looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward - looking statemen ts. Factors that may cause actual results to differ materially from those included in the forward - looking statements include, but are not limited to: cyberattacks or breache s, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; disruptions in the capit al markets or other events that make our access to necessary capital more difficult or costly; the negative impacts of the novel coronavirus (COVID - 19) pandemic on our customers, vendors, employees, regulators, and operations; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ab ility; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid distu rba nces that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and fede ral regulatory, public policy and taxing bodies; substandard performance of third - party suppliers and service providers; fluctuations in weather patterns, including extreme weat her due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our cu rre nt or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations o r r egulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating ag enc ies; and other presently unknown or unforeseen factors. Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They ar e updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to pr edict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue relia nce on the forward - looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversour ce Energy undertakes no obligation to update any forward - looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

Agenda Jim Judge Chairman, President & CEO Phil Lembo Executive Vice President and CFO ▪ 2020 – Year In Review ▪ Clean Energy Leadership ▪ Offshore Wind Update ▪ Eversource Gas Company of MA ▪ 2020 Financial Results ▪ 2021 Outlook ▪ 2021 - 2025 Capex and Growth Rate ▪ Regulatory Update 2

Chairman, President & Chief Executive Officer Jim Judge 3

4 Operations • Provided safe, reliable electric, natural gas and water service through pandemic and protected our 9,000 employees from workplace COVID transmission • Responded tirelessly to unprecedented storm activity • Completed our $3 billion construction program despite COVID and storm challenges Strategic • Completed purchase of Columbia Gas of MA assets • Advanced our three offshore wind projects in the regulatory siting process • Aggressively pursuing 2030 carbon neutrality target through multiple internal teams • Financial/Regulatory • Achieved balanced multi - year rate outcomes in PSNH and NSTAR Gas reviews and in EGMA settlement • Maintained above industry average EPS and dividend growth 2020 Highlights

Operating Performance Remains Strong SAFETY Injury rate per 100 employees (DART) Average months between interruptions (MBI) System average interruption duration (SAIDI) On - time emergency response GAS RESPONSE ELECTRIC RELIABILITY 2020 Top Decile Among Our Peers 5 64.0 0.7 19.2 99.6%

Eversource’s Total Shareholder Return Has Outperformed the Industry Significantly in Both the Short and Long Term 6 Total Shareholder Return 2020 3 - Year 5 - Year 10 - Year Eversource 4.5% 49.4% 96.8% 272.6% EEI 39 - Company Index - 1.2% 28.9% 69.1% 190.0% S&P 500 18.4% 48.9% 103.0% 267.0% Ranking in EEI Index 5 th 4 th 5 th 10 th Note: 3 - year, 5 - year and 10 - year results are for the periods ended December 31, 2020.

Dividend Growth Continues to Outperform Peers 7 Annualized Dividend 5% - 7% $2.02 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2017 2018 2019 2020 2021 Payout Ratios: 61% 62% 62%* 62%* +$0.12 +$0.12 +$0.12 +$0.13 $2.27 $1.90 $2.14 *Excludes charges related to NPT in 2019 and acquisition of Columbia Gas of Massachusetts assets in 2020 +$0.14 $2.41

8 Well Performing Core Businesses Drive EPS CAGR to Upper Half of 5 – 7% Through 2025 $2.28 $2.53 $2.65 $2.81 $2.96 $3.11 $3.25 $3.45 $3.64 $3.81 - $3.93 2012A* 2013A* 2014A* 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021E 2022E 2023E 2024E 2025E *Excludes merger and integration costs in 2012 - 2015, NPT charge in 2019, and Columbia Gas acquisition and integration costs in 2 020 Expected higher than 5% - 7% as larger offshore wind projects enter service

9 Eversource’s Progress Toward Net Zero Emissions - 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 1990 2014 2015 2016 2017 2018 2019 MT CO 2 e From 1990, we saw a 97% reduction in GHG emissions

Industry Leading Carbon Neutrality Goal Helps the Region Meet Its Targets Eversource Targets Carbon Neutral By 2030 ▪ Reducing electric line loss ▪ Lowering methane emissions from gas distribution system ▪ Fleet replacement ▪ Facility lighting and HVAC upgrades ▪ Replacement of SF6 in substation equipment Regional Targets 80+% GHG Reductions By 2050 ▪ Offshore wind development ▪ Industry - leading energy efficiency programs ▪ Reducing high dependence on high - emitting oil through ZEV infrastructure buildout, heating conversions ▪ Enabling third - party renewable buildout ▪ Utility - owned solar 10

Expected Timeline For Eversource - Ørsted Projects 11 Size: • 130 MW Year 1 Price: • ~ $160.33/MWH for 90 MW • ~ $86.25/MWH for 40 MW • (avg. annual escalator: 2%) Contract Status: • Negotiated agreement to increase original 90 MW to 130 MW. NY Comptroller and AG approval required Most Recent In - Service Date: • End of 2023 Permitting Update: • Draft EIS published by BOEM in January 2021. COP decision due in January 2022 • NYDPS Article VII certificate is expected in first half 2021 • East Hampton Host Community Agreement approved Size: • 704 MW Year 1 Price: • $98.43/MWH for RI (no escalator) • CT pricing not disclosed Contract Status: • 400 MW for RI approved • 304 MW for CT approved Most Recent In - Service Date: • Unlikely to achieve end of 2023 in - service date Permitting Update: • BOEM COP application filed on 3/13/20. BOEM review schedule expected in early 2021. RI EFSB filing docketed in January 2021 — Docket #SB2021 - 01 Size: • 880 MW Year 1 Price: • $110.37/MWH • (no escalator) Contract Status: • Contract signed with NYSERDA in October 2019 Most Recent In - Service Date: • Unlikely to achieve end of 2024 in - service date Permitting Update: • BOEM COP application filed on 9/1/2020. BOEM review schedule expected in 2021 • NYDPS Article VII application was filed in Q4 2020

12 Remaining Lease Capacity Is Well - Positioned To Maintain Our Disciplined Growth Strategy Eversource & Ørsted Leases 4.7 GW Remaining 1.6 GW Remaining 1.2 GW Remaining 0.6 GW Remaining 0 2 4 6 8 10 NY MA CT RI GW State Offshore Wind Procurement Authority Awarded Authorized

Key Elements of Year - End Federal Legislation Regarding Offshore Wind ▪ In December 2020, Congress passed significant offshore wind legislation ▪ Offshore wind projects can now qualify for a 30% ITC value if construction starts on or before 12/31/25 ▪ IRS issued a notice that provides a 10 - year Safe Harbor for offshore wind projects claiming either ITC or PTC (previously 4 - year Safe Harbor) ▪ Aggregate impact is to de - risk tax benefit element of our projects and increase lifetime benefits 13

Eversource Recognized as the Leading Energy Company 14 #1 Energy and Utilities Company on Newsweek magazine’s Most Responsible Companies list Top level ESG and ESG risk rating One of only four energy companies on Barron’s Most Sustainable Companies list, based on an evaluation of 230 performance indicators that address environmental, social and corporate governance issues. Most Honored Company Institutional Investor's 2021 All - America Executive Team Recognized in Bloomberg’s Gender - Equality Index for our commitment to transparency in gender reporting and promoting women’s equality in the workplace

Executive Vice President & Chief Financial Officer Phil Lembo 15

16 4Q 2020 4Q 2019 Change Full Year 2020 Full Year 2019 Change $0.27 $0.28 $(0.01) $1.60 $1.59 $0.01 0.35 0.36 (0.01) 1.48 1.43 0.05 0.18 0.12 0.06 0.40 0.30 0.10 0.02 0.02 0.00 0.12 0.11 0.01 0.03 (0.02) 0.05 0.04 0.02 0.02 $0.85 $0.76 $0.09 $3.64 $3.45 $0.19 0.00 0.00 0.00 0.00 (0.64) 0.64 (0.06) 0.00 (0.06) (0.09) 0.00 (0.09) $0.79 $0.76 $0.03 $3.55 $2.81 $0.74 Electric Distribution Electric Transmission Ex. NPT Impairment (Non - GAAP) Natural Gas Distribution Parent & Other (Non - GAAP) Water Distribution EPS, Ex. NPT Impairment, Columbia Gas Asset Acquisition Costs (Non - GAAP) Columbia Gas Asset Acquisition Costs Reported EPS (GAAP) NPT Impairment 2020 vs. 2019 Financial Results

2021 EPS Guidance: $3.81 - $3.93* Key 2021 Earnings Drivers • Distribution rate adjustments • Full year of Eversource Gas of MA earnings • Transmission capital investments • Distribution safety and reliability capital recovery tracking programs • Higher depreciation and property taxes • Higher average share count, primarily in Q1 and Q2 17 *Excludes costs associated with the integration of assets acquired from Columbia Gas of Massachusetts

18 $994 $1,030 $964 $1,065 $915 $853 $761 $711 $1,145 $1,221 $1,189 $1,269 $1,309 $1,353 $1,289 $1,229 $404 $453 $545 $824 $925 $974 $937 $789 $102 $110 $127 $149 $143 $154 $162 $171 $185 $239 $239 $217 $249 $211 $194 $176 $2,830 $3,053 $3,064 $3,524 $3,541 $3,545 $3,343 $3,076 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E Transmission Electric Distribution Natural Gas Distribution Water IT and Facilities $ In Millions Projected Capital Expenditures For Core Businesses $17 Billion 2021 - 2025

19 $2.8 Billion Increase in 2021 - 2024 Core Business Capex Since February 2020 Plan $3,066 $4,774 $2,043 $561 $676 $3,594 $5,220 $3,660 $608 $871 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Electric Transmission Electric Distribution Natural Gas Distribution Water IT and Facilities Feb. 2020 Plan Feb. 2021 Plan Up $195 million $ in Millions Up $528 million Up $47 million Up $1,617 million Up $446 million

37% 33% 47% 41% 12% 22% 4% 4% Transmission Electric Distribution Natural Gas Distribution Water 20 2019 Year - End Rate Base Projected 2025 Year - End Rate Base $19.8 billion* $31.3 billion* Rate Base by Core Business – Current and Future Note: Excludes offshore wind investments * Rate base estimates shown exclude CWIP, which totaled approximately $1.86 billion as of December 31, 2020

Key Elements Inside and Outside Our Current Earnings CAGR Expectations Included in Forecast ▪ Execution of updated capital investment forecast ▪ Addition of Eversource Gas Company of MA assets ▪ Addition of 280 MW of rate base solar at NSTAR Electric ▪ Continuation of grid mod in MA at current levels Not Included ▪ AMI ▪ Grid Modernization in CT or NH ▪ Significant electric vehicle charging infrastructure investments to help meet 2025 state requirements in MA, CT ▪ Offshore wind earnings 21

22 Results of 2020 Rate Reviews • Effective Date: 1/1/21 • Term: 3 - year rate plan • Authorized ROE: 9.3% • Equity Level: 54.4% • Other: • Additional increases allowed to reflect capital additions in 2019 - 2021 PSNH • Effective Date: 2/1/18 • Term: 10 - year rate plan • Authorized ROE: 9.9% • Equity Level: 54.77% • Other: • Base rate adjustment in year 5, with PBR reset • Inflation plus 1.03% • Recent capital additions approved • Geothermal pilot approved • Earnings sharing with 75% to customers above 10.9% ROE NSTAR Gas Eversource Gas of MA • Effective Date: 10/9/20 • Term: 8 - year rate plan • Authorized ROE: 9.7% • Equity Level: 53.25% • Other: • Day One rate base of approximately $1 billion • General rate increases on 11/1/21 and 11/1/22 • Additional base rate adjustments tied to non - GSEP investments on 11/1/24 and 11/1/27

23 FERC Transmission New England ROE Update • Current base: 10.57%; Cap: 11.74% (2014 Opinion 531A) • October 2018 FERC Order in New England ROE cases proposed a new methodology to address issues raised by Court in vacating Opinion 531A (New England ROE Complaint I) • This new methodology provided a path forward to resolve 2011, 2012, 2014 and 2016 complaints against New England transmission ROEs • Briefs and reply briefs filed in early 2019; timing of decision remains unclear • Original FERC - proposed new methodology averaged DCF, CAPM, risk premium, expected earnings • Illustrative base: 10.41%; Cap: 13.08% (October 2018 proposed new method) • FERC changed methodology in revised May 2020 MISO TO Order and applied only DCF, CAPM and risk premium methodologies. No date given for New England ROE decision • In March 2020, FERC issued a NOPR asking for comments on several items related to incentives, including raising RTO adder from 50 bps to 100 bps and capping incentives at 250 bps • ES incentives now capped at 11.74%, 117 bps above 10.57% base

A Value Proposition That Delivers Results for Investors Keys to Our Success: Results Delivered: 2. Control O&M spending Eight - year average O&M reduction 1.5%/year through 2020 (~$190M) 1. Exceed industry EPS and dividend growth Eight - year average recurring EPS and dividend growth of 6% and 7%, respectively, through 2020. Growth driven by robust regulated Cap Ex program and effective cost control 4. Deliver top - tier service quality and reliability Reliability metrics top decile vs. peers 5. Manage a robust investment program focused on safety, reliability, customer service Capital expenditures of $17 billion for 2021 - 2025 for core businesses ensure a safe and reliable delivery system for our 4.3 million customers 3. Maintain strong financial condition 24 Top - tier credit rating 6. Pursue clean energy solutions for the region Progress on offshore wind, energy efficiency, solar, storage, EV infrastructure 7. Address environmental, social and governance strengths Achieving top - tier industry ratings from key sustainability raters

25 APPENDIX

$403 $443 $264 $204 $206 $173 $367 $469 $462 $426 $331 $385 $194 $153 $189 $223 $224 $153 $964 $1,065 $915 $853 $761 $711 $0 $200 $400 $600 $800 $1,000 $1,200 2020A 2021E 2022E 2023E 2024E 2025E CL&P NSTAR Electric PSNH 26 $ in Millions Projected Transmission Capital Expenditures Other concepts under development

$3,582 $3,863 $3,994 $3,979 $3,972 $3,971 $3,119 $3,434 $3,860 $4,164 $4,342 $4,516 $1,271 $1,381 $1,464 $1,608 $1,742 $1,808 $9,318 $9,752 $10,056 $10,295 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 2020A 2021E 2022E 2023E 2024E 2025E CL&P NSTAR Electric PSNH 27 $ in Millions Transmission Rate Base Growth Projections $7,972 $8,678

28 Eversource is Integrating the Recently Acquired MA Natural Gas Assets of NiSource ▪ Transaction closed on October 9, 2020 ▪ All - cash $1.1 billion* transaction (1.1x rate base) ▪ 6 million shares sold in June 2020 to finance equity component ▪ Immediately accretive and incrementally accretive over following years Transaction Details ▪ Number of customers: ~ 330,000 ▪ Communities served: 65 (~ 20 served by NSTAR Electric) ▪ Owned LNG storage: 1.83 bcf ▪ Total miles of main: ~5,000 Company Details Eversource Gas Company of Massachusetts NSTAR Gas and Yankee Gas *Excludes working capital adjustments

Projected Natural Gas Investment 2020 - 2025 29 $ in Millions $824 $937 $974 $925 $545 $789 $37 $271 $275 $275 $275 $275 $508 $553 $650 $699 $662 $514 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2020 2021 2022 2023 2024 2025 EGMA All Other Natural Gas Investments

30 $1,114 $1,195 $1,047 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E Year - End Rate Base $ in Millions Aquarion Rate Base Forecast $1,283 $1,341 $942 $887 $820

Lower Generation Capacity Costs Helping to Keep New England Electric Bills In Check $4,000 $3,000 $2,400 $2,100 $1,600 $980 $1,360 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 FCA 9 FCA 10 FCA 11 FCA 12 FCA 13 FCA 14 FCA 15 June 2021 - May 2022 June 2022 - May 2023 June 2023 - May 2024 June 2020 - May 2021 June 2019 - May 2020 June 2018 - May 2019 $ In Millions Source – ISO - NE FCA news releases 31 June 2024 - May 2025

32 ▪ Effective Date: 5/1/18 ▪ Term: 3 years ▪ Authorized ROE: 9.25% ▪ Equity Level: 53% ▪ Other: ▪ Base rate increases effective: 5/1/18, 5/1/19, 5/1/20 ▪ Tracking mechanism for capex over $270 million ▪ Effective date: 11/15/18 ▪ Term: 3+ years ▪ Authorized ROE: 9.3% ▪ Equity Level: 53.5% - 54% ▪ Other: ▪ Base rate increases: 11/15/18, 1/1/20, 3/1/21 ▪ Revenue decoupling ▪ Tracking mechanism for aging infrastructure replacements and for capex over $150 million Previous Distribution Rate Decisions Yankee Gas Rate Settlement CL&P Rate Settlement NSTAR Electric Rate Decision ▪ Effective Date: 2/1/18 ▪ Term: 5 years ▪ Authorized ROE: 10% ▪ Equity Level: 53.3% - 54.5% ▪ Other: ▪ Base rate decrease on 2/1/18 (net of tax reform) followed by inflation - adjusted increases on January 1, 2019 - 2022 ▪ Key Provisions: Revenue decoupling; approval of grid modernization expenditures with tracking for battery storage; EV infrastructure

33 Description Docket Number Current Schedule Review of Tropical Storm Isaias 20 - 08 - 03 Draft decision, 3/19/21; Final decision 4/28/21 Annual review of multiple CL&P trackers (RAM) 21 - 01 - 03 CL&P filing of 2020 costs, 3/1/21; Interim decision, 4/28/21; New rates subject to true - up, 5/1/21; Final decision, 8/25/21; Rate adjustment, if necessary, 9/1/21 New rate designs, including possible low - income, economic development rates, possible interim rate reduction 17 - 12 - 03RE11 Early stages in process AMI 17 - 12 - 03RE02 Early stages in process Zero - emission vehicle deployment 17 - 12 - 03RE04 Hearing on straw proposal, 2/26/21; Draft decision, 3/24/21 (tentative) Methodology for establishing residential bill credits for power outages longer than 96 hrs. 20 - 12 - 46 Proceeding noticed, 1/19/21; Deadline for completion, 7/1/21 Performance Based Ratemaking design N/A To be opened by 6/1/21 Key PURA Regulatory Dockets

34 NSTAR Electric Clean Energy and Grid Modernization Initiatives Grid Modernization: • $133 million program for grid facing investments in visibility and automation completed at the end of 2020. In February, DPU approved request for $56 million of additional investment in 2021 • New 2022 - 2024 plan due to DPU by mid - 2021 Solar: • 70 MW of rate base solar in operation • Legislation passed that would permit another 280 MW Storage: • Construction under way on Cape Cod project and permitting in process on smaller Martha’s Vineyard project • Completion expected in 2021 EV Infrastructure: • Executing on $45 million effort to build 3,500 new charging ports. In February, DPU approved request for $10 million of additional investment • Completion expected in 2021

Key Elements of Eversource’s Grid Mod Filing in CT AMI • Recommend a full rollout to all CL&P customers by the end of 2024 • Significant economic, environmental and operational benefits for the state, 1.25 million CL&P customers • $500 million capital investment from 2022 - 2025 • Most CL&P meters currently in the field near the end of their life expectancy 35 Electric Vehicle Infrastructure • Rollout to include 3,000 level - 2 chargers, 20 DC fast chargers, 2,500 single - family homes • Three - year rollout, $55 million program includes $20 - $25 million of capital • No utility ownership beyond the meter

36 ▪ In 2019, we announced our industry leading goal to reduce emissions from 5 key operational areas: – Line loss – Leaks from natural gas distribution ( including EGMA) – Vehicle fleet – Facilities – Use of SF 6 , potent greenhouse gas, in electrical equipment Eversource Only US Energy Company Targeting Carbon Neutrality By 2030 2019 GHG Footprint Line Loss Gas Distribution Leaks Facilities Mobile Fuel / Fleet SF6 Leakage

Eversource Addressing Largest Sources of New England Carbon Emissions: Transportation, Space Heating and Power Generation 48.1% 36.9% 30.7% 10.4% 15.6% 33.5% 5.6% 19.2% 0% 20% 40% 60% 80% 100% New England U.S. 2017 Energy Carbon Emissions by Source New England vs. U.S. Transportation Space heating Power generation Industrial Source: U.S. Energy Information Administration 37

38 Most Effective Method of Reducing Emissions: Improve Energy Efficiency Source: American Council for an Energy - Efficient Economy 2020 Scorecard 16 3 18 2 7 4 Note: The lower the number…the more effective the Energy Efficiency Programs Eversource MA, #1 Most Energy Efficient Utility in the United States According to ACEEE, in their second edition of the Utility Energy Efficiency Scorecard Retail Customer Count Up 3.2% Since 2015, While KWH Sales Down 8.1%

Current EV adoption trajectory insufficient to ensure compliance with 2025 target EVs on the road in MA/CT MA/CT CO2 emissions by sector (2017) • Ambitious goals set forth in the 2008 Global Warming Solutions Act • MA: Net zero GHG emissions by 2050; CT: Reduce GHG emissions 80% below 1990 levels by 2050 • Committed to 425,000 EVs on the road by 2025 as part of ZEV Alliance • Limited availability of public charging stations • Cost of charging infrastructure • Lack of consumer awareness • Upfront cost of electric vehicles • Variety of available vehicle models Significant progress yet to be made in decarbonizing the transportation sector States’ Objectives Barriers to EV Adoption x An appropriate level of utility support can address these barriers and drive market transformation x x x Carbon Reduction Goals and Vehicle Emissions Standards Will Help Electrify Transportation Sector 39

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