NSARP NSTAR Electric Company (PK)

 

 

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): November 6, 2023 (November 6, 2023)

 

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	¨

 

 

Document Type	8-K
Document Period End Date	2023-11-06
Amendment Flag	false
CIK	0000023426
THE CONNECTICUT LIGHT_Written communications	¨
THE CONNECTICUT LIGHT_Soliciting material pursuant to	¨
THE CONNECTICUT LIGHT_Pre-commencement communications pursuant	¨
THE CONNECTICUT LIGHT_Pre-commencement communications pursuant	¨
Document Type	8-K
Document Period End Date	2023-11-06
Amendment Flag	false
CIK	0000013372
NSTAR ELECTRIC_Written communications	¨
NSTAR ELECTRIC_Soliciting material pursuant to	¨
NSTAR ELECTRIC_Pre-commencement communications pursuant	¨
NSTAR ELECTRIC_Pre-commencement communications pursuant	¨
CIK	0000315256
Public Service Company_Written communications	¨
Document Type	8-K
Document Period End Date	2023-11-06
Amendment Flag	false
Public Service Company_Soliciting material pursuant to	¨
Public Service Company_Pre-commencement communications pursuant	¨
Public Service Company_Pre-commencement communications pursuant	¨

 

Section 2

Financial Information

 

Item 2.02

Results of Operations and Financial Conditions.

 

On November 6, 2023, Eversource Energy issued a news release announcing its unaudited results of operations for the third quarter and nine months ended September 30, 2023, 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 November 6, 2023, Eversource Energy will webcast a conference call with financial analysts during which senior management will discuss the company’s financial performance through the third quarter of 2023. 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 November 6, 2023.
99.2		Financial Report for the three and nine months ended September 30, 2023.
99.3		November 6, 2023 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)
November 6, 2023	By:	/s/ Jay S. Buth
		Jay S. Buth Vice President, Controller and Chief Accounting Officer

 

 

Exhibit 99.1

 

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

 

 

Eversource Energy Reports Third Quarter Results

 

HARTFORD, Conn. and BOSTON, Mass. (November 6, 2023) – Eversource Energy (NYSE: ES) today reported earnings of $339.7 million, or $0.97 per share, for the third quarter of 2023, compared with earnings of $349.4 million, or $1.00 per share, for the third quarter of 2022. Eversource Energy earnings totaled $846.2 million, or $2.42 per share, in the first nine months of 2023, compared with earnings of $1,084.7 million, or $3.13 per share, in the first nine months of 2022.

 

Results for the first nine months of 2023 include an after-tax impairment charge of $331.0 million, or $0.95 per share, related to Eversource Energy’s offshore wind investment.  In addition, results for both years include transaction costs and other charges that totaled $6.9 million in the first nine months of 2023, compared with $13.0 million in the first nine months of 2022 and $2.2 million in the third quarter of 2022. Excluding the charges noted above, Eversource Energy earned $339.7 million, or $0.97 per share, in the third quarter of 2023, and $1,184.1 million¹, or $3.38 per share¹ in the first nine months of 2023, compared with $351.6 million¹, or $1.01 per share¹, in the third quarter of 2022 and $1,097.7 million¹, or $3.17 per share¹, in the first nine months of 2022.

 

Eversource Energy also today narrowed its 2023 non-GAAP earnings per share (EPS) projection to between $4.30 to $4.43 per share, compared with a previous range of $4.25 to $4.43 per share. Eversource Energy also reiterated its long-term EPS growth rate from its core regulated businesses solidly in the upper half of 5-7 percent, using the $4.09 per share¹ earned in 2022 as a base.

 

“Eversource’s nearly 10,000 employees have delivered strong operational performance for our 4.4 million electric, natural gas and water customers in 2023. Our reliability metrics are in the top decile among our electric industry peers. Our upgrades and enhancements to our distribution and transmission infrastructure continue to enhance current customer experience and enable our systems to evolve for future customer needs,” said Joe Nolan, Eversource Energy’s president and chief executive officer. “For the third time in a row, Eversource was named the top energy efficiency provider in the country for its programs in Massachusetts, according to the 2023 American Council for an Energy-Efficient Economy’s Utility Energy Efficiency Scorecard.”

 

Electric Transmission

 

Eversource Energy’s transmission segment earned $160.3 million in the third quarter of 2023 and $476.4 million in the first nine months of 2023, compared with earnings of $155.8 million in the third quarter of 2022 and $455.8 million in the first nine months of 2022. Transmission segment results improved due to a higher level of investment in Eversource’s electric transmission system.

 

Electric Distribution

 

Eversource Energy’s electric distribution segment earned $173.3 million in the third quarter of 2023 and $504.3 million in the first nine months of 2023, compared with $225.1 million in the third quarter of 2022 and $495.0 million in the first nine months of 2022. Lower third-quarter results were primarily due to the timing impact of a rate design change for Eversource’s Massachusetts electric business that has the effect of shifting certain peak demand revenues from the summer period to winter periods. While this has no impact on our annual results, this shifts approximately $42 million of revenues from the third quarter to the first and fourth quarters on an equivalent basis. Also impacting results were higher storm-related costs, income tax expense, interest expense, depreciation, and property taxes, partially offset by higher distribution revenues. Higher year-to-date results were primarily due to higher distribution revenues, partially offset by higher interest expense, operations and maintenance (O&M), and the seasonal rate design impact in Massachusetts.

 

 

Natural Gas Distribution

 

Eversource Energy’s natural gas distribution segment lost $33.7 million in the third quarter of 2023 and earned $148.2 million in the first nine months of 2023, compared with a loss of $24.6 million in the third quarter of 2022 and earnings of $147.2 million in the first nine months of 2022. Lower third quarter results were due primarily to higher depreciation and O&M expense, partially offset by higher revenues. Higher year-to-date results were primarily due to higher revenues and lower O&M, partially offset by higher depreciation, and higher income taxes, interest expense and property taxes.

 

Water Distribution

 

Eversource Energy’s water segment earned $16.6 million in the third quarter of 2023 and $27.4 million in the first nine months of 2023, compared with earnings of $16.7 million in the third quarter of 2022 and $29.4 million in the first nine months of 2022. Lower results in the first nine months were due to higher O&M and interest expense.

 

Eversource Parent and Other Companies

 

Eversource Energy parent and other companies, excluding the charges noted above, earned $23.2 million in the third quarter of 2023 and $27.8 million¹ in the first nine months of 2023, compared with a loss of $21.4 million¹ in the third quarter of 2022 and a loss of $29.7 million¹ in the first nine months of 2022. Improved third quarter and year-to-date results primarily reflect a lower effective tax rate, partially offset by higher interest expense.

 

The following table reconciles 2023 and 2022 third quarter and first nine months earnings per share:

 

				Third Quarter				First Nine Months
2022		Reported EPS		$	1.00			$	3.13
		At parent and other companies, a lower effective tax rate, partially offset by higher interest expense			0.12				0.16
		Transmission rate base growth, net of dilution			0.02				0.04
		At the natural gas distribution segment, higher depreciation, and non-tracked O&M expense, partially offset by higher revenues			(0.03	)			-
		Seasonal timing impact from NSTAR Electric rate design			(0.08	)			(0.04	)
		At the electric distribution segment, higher non-tracked O&M, partially offset by higher revenues, net of dilution			(0.07	)			0.05
		Impairment of Offshore Wind Investment			-				(0.95	)
		Lower transaction and other charges			0.01				0.03
2023		Reported EPS		$	0.97			$	2.42

 

 

Financial results by segment for the third quarter and first nine months of 2023 and 2022 are noted below:

 

Three months ended:

 

(in millions, except EPS)		September 30, 2023				September 30, 2022				Increase/ (Decrease)				2023 EPS1
Electric Transmission		$	160.3			$	155.8			$	4.5			$	0.46
Electric Distribution			173.3				225.1				(51.8	)			0.50
Natural Gas Distribution			(33.7	)			(24.6	)			(9.1	)			(0.10	)
Water Distribution			16.6				16.7				(0.1	)			0.05
Eversource Parent and Other Companies1			23.2				(21.4	)			44.6				0.06
Transaction, transition and other charges			-				(2.2	)			2.2				-
Reported Earnings		$	339.7			$	349.4			$	(9.7	)		$	0.97

 

Nine months ended:

 

(in millions, except EPS)		September 30, 2023				September 30, 2022				Increase/ (Decrease)				2023 EPS1
Electric Transmission		$	476.4			$	455.8			$	20.6			$	1.36
Electric Distribution			504.3				495.0				9.3				1.44
Natural Gas Distribution			148.2				147.2				1.0				0.42
Water Distribution			27.4				29.4				(2.0	)			0.08
Eversource Parent and Other Companies1			27.8				(29.7	)			57.5				0.08
Impairment of Offshore Wind Investment			(331.0	)			0.0				(331.0	)			(0.95	)
Transaction, transition and other charges			(6.9	)			(13.0	)			6.1				(0.01	)
Reported Earnings		$	846.2			$	1,084.7			$	(238.5	)		$	2.42

 

Eversource Energy has approximately 349.3 million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4.4 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire.

 

CONTACT:

Robert S. Becker

(860) 665-3249

 

Note:  Eversource Energy will webcast a conference call with senior management on November 6, 2023, 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 discussion includes financial measures that are not recognized under generally accepted accounting principles (non-GAAP) referencing earnings and EPS excluding the impairment charge for the offshore wind investment and certain transaction, transition and other charges. EPS by business is also a non-GAAP financial measure and is calculated by dividing the net income attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. 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. 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 results without including these items. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Management believes the impacts of the impairment charge for the offshore wind investment and transaction, transition and other charges are not indicative of Eversource Energy’s ongoing costs and performance. Management views these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on net income attributable to common shareholders and EPS, 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. These non-GAAP financial measures should not be considered as alternatives to Eversource Energy’s reported 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. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but 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; 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; the ability to sell Eversource’s 50 percent interest in three offshore wind projects under development on the timeline we expect, to satisfy the investment tax credit qualifications related to the tax equity investment in the South Fork Wind project, and the ability of the Revolution Wind and Sunrise Wind projects to qualify for the investment tax credit adders, and to successfully rebid the Sunrise Wind OREC contract at an increased value; 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.

 

###

 

 

Exhibit 99.2

 

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
(Thousands of Dollars, Except Share Information)		2023				2022				2023				2022
Operating Revenues		$	2,791,482			$	3,215,645			$	9,216,467			$	9,259,596
Operating Expenses:
Purchased Power, Purchased Natural Gas and Transmission			1,168,599				1,388,041				4,232,912				3,718,278
Operations and Maintenance			500,711				454,289				1,382,563				1,378,897
Depreciation			329,528				302,143				962,477				885,711
Amortization			(143,979	)			111,287				(438,460	)			418,644
Energy Efficiency Programs			162,425				162,545				531,199				498,708
Taxes Other Than Income Taxes			243,645				240,047				704,989				683,441
Total Operating Expenses			2,260,929				2,658,352				7,375,680				7,583,679
Operating Income			530,553				557,293				1,840,787				1,675,917
Interest Expense			222,283				178,174				624,140				491,509
Impairment of Offshore Wind Investment			—				—				401,000				—
Other Income, Net			79,123				89,831				262,980				255,253
Income Before Income Tax Expense			387,393				468,950				1,078,627				1,439,661
Income Tax Expense			45,850				117,661				226,743				349,305
Net Income			341,543				351,289				851,884				1,090,356
Net Income Attributable to Noncontrolling Interests			1,880				1,880				5,639				5,639
Net Income Attributable to Common Shareholders		$	339,663			$	349,409			$	846,245			$	1,084,717
Basic Earnings Per Common Share		$	0.97			$	1.01			$	2.42			$	3.13
Diluted Earnings Per Common Share		$	0.97			$	1.00			$	2.42			$	3.13
Weighted Average Common Shares Outstanding:
Basic			349,704,155				347,297,411				349,461,219				346,115,823
Diluted			349,851,969				347,762,693				349,731,320				346,573,101

 

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 Q3 2023 RESULTS November 6, 2023 2023 Third Quarter Results Exhibit 99.3

EVERSOURCE ENERGY Q3 2023 RESULTS 1 Safe Harbor Statement 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 discussion includes financial measures that are not recognized under generally accepted accounting principles (n on - GAAP) referencing earnings and EPS excluding the impairment charge for the offshore wind investment and certain transaction, transition and other charge s. EPS by business is also a non - GAAP financial measure and is calculated by dividing the net income attributable to common shareholders of each business by the we igh ted average diluted Eversource Energy common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in t he assets and liabilities of such business, but rather represent a direct interest in Eversource Energy’s assets and liabilities as a whole. 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 results without including these ite ms. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Management b eli eves the impacts of the impairment charge for the offshore wind investment and transaction, transition and other charges are not indicative of Eversource Energy ’s ongoing costs and performance. Management views these charges as not directly related to the ongoing operations of the business and therefore not an indicat or of baseline operating performance. Due to the nature and significance of the effect of these items on net income attributable to common shareholder s a nd EPS, management believes that the non - GAAP presentation is a more meaningful representation of Eversource Energy’s financial performance and provides additional a nd useful information to readers in analyzing historical and future performance of the business. These non - GAAP financial measures should not be considered as alternatives to Eversource Energy’s reported net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource En ergy’s operating performance. This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assu mpt ions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward - looking statements” with in 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,” “expec t,” “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. Forward - lo oking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These ex pectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by r efe rence to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our fo rwa rd - looking statements, including, but not limited to: cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary i nfo rmation 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 cos tly ; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; ability or inability to commence and complet e o ur major strategic development projects and opportunities; the ability to sell Eversource’s 50 percent interest in three offshore wind projects under development on the timeline we expect, to satisfy the investment tax credit qualifications related to the tax equity investment in the South Fork Wind project, and the ability of the Revolution Wind and Sunrise Wind projects to qualify for the investment tax credit adders, and to successfully rebid the Sunrise Wind OREC contract at an increased value; ac ts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution sys tem s; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third - party suppliers and service providers; flu ctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or developme nt 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 standar ds 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 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.

EVERSOURCE ENERGY Q3 2023 RESULTS Agenda 2 Joe Nolan Chairman, President & CEO □ Offshore Wind Update □ Supply Prices and Customer Initiatives □ Clean Energy Transition John Moreira EVP, CFO & Treasurer □ Q3 2023 Financial Results □ Offshore Wind Investment Update □ Cash Flow Update

EVERSOURCE ENERGY Q3 2023 RESULTS 3 Offshore Wind Project Summary South Fork Wind Revolution Wind Sunrise Wind Size 130 MW 704 MW 924 MW Final Investment Decision February 11, 2022 October 31, 2023 Anticipated in 1H 2024 Expected in service Early 2024 Late 2025 Late 2025 Construction status Onshore construction complete Turbine installation in progress Started limited onshore construction Pre - construction and site development activities on going Price as of first day of commercial operation ~ $160/MWH for 90 MW ~ $86/MWH for 40 MW (avg. annual escalator: 2%) $98.43/MWH RI for 400 MW (no escalator) $98.43/MWH CT for 200 MW (no escalator) $99.50/MWH CT for 104 MW (no escalator) $110.37/MWH (no escalator) Term 20 years 20 years 25 years Status of Contracts 130 MW for NY approved 400 MW for RI approved 304 MW for CT approved Contract signed with NYSERDA in October 2019 Contract is eligible for rebid in Q4 2023 NY RFP Interconnection East Hampton, NY (LI) Davisville, RI Brookhaven, NY (LI)

EVERSOURCE ENERGY Q3 2023 RESULTS Focus on Customer Needs Today, Tomorrow, and For Years to Come 4 Customer Reliability Clean Energy Affordable Supply Prices Energy Efficiency #1 Ranked Energy Efficiency Provider $600 million program in 2022 Top decile reliability performance for customers Months Between Interruptions over 20 months YTD2023 Implemented customer education effort on supply options. Eversource supply to CT residential customers down from over 90% last winter to 70% this winter ~$2 Billion MA clean energy investment from 2023 - 2027

EVERSOURCE ENERGY Q3 2023 RESULTS 5 Massachusetts ESMP: A Collaborative Approach Enabling the Clean Energy Future 2023 • Sep: Draft ESMP filed with Grid Modernization Advisory Council • Nov: Stakeholder workshops 2024 • Jan: Final ESMP filed with DPU • Aug: DPU decision • Nov: Finalize community engagement framework 2025 • Implement the ESMP □ ESMP was submitted in full transparency bringing environmental justice, business, and consumer advocates to the table □ Electrification plans result in New England electric demand more than doubling by 2050 □ New England winter peak electric demand is expected to more than triple by 2050 □ New England electric demand growth has been relatively flat over the past decade

EVERSOURCE ENERGY Q3 2023 RESULTS 6 3Q 2023 3Q 2022 3Q Change 9M 2023 9M 2022 9M Change $0.46 $0.44 $0.02 $1.36 $1.32 $0.04 0.50 0.65 (0.15) 1.44 1.43 0.01 (0.10) (0.07) (0.03) 0.42 0.42 0.00 0.05 0.05 0.00 0.08 0.09 (0.01) 0.06 (0.06) 0.12 0.08 (0.09) 0.17 $0.97 $1.01 $(0.04) $3.38 $3.17 $0.21 0.00 (0.01) 0.01 (0.96) (0.04) (0.92) $0.97 $1.00 $(0.03) $2.42 $3.13 $(0.71) Electric Transmission Electric Distribution Natural Gas Distribution Parent & Other (Non - GAAP) Water Distribution EPS, Ex. Wind Impairment, Transition/Transaction and Other Costs (Non - GAAP) Wind Impairment, Transition/Transaction and Other Costs Reported EPS (GAAP) Third Quarter and Nine Months 2023 Financial Results

EVERSOURCE ENERGY Q3 2023 RESULTS 7 Impact of 2023 NSTAR Electric Rate Design Change on Quarterly EPS Distribution 2022 Non - GAAP Results by Quarter Assuming Rate Design Change Effective January 1 st , 2022 2022 Pro Forma Non - GAAP Results if Rate Design Change Had Been Effective January 1 st , 2022 % of Total EPS Q1 $1.30 $0.04 $1.34 32% Q2 0.86 0.00 0.86 21% Q3 1.01 (0.08) 0.93 23% Q4 0.92 0.04 0.96 24% Full Year $4.09 $0.00 $4.09 100%

EVERSOURCE ENERGY Q3 2023 RESULTS 8 Well Performing Core Businesses Drive EPS CAGR Solidly into Upper Half of 5 – 7% Through 2027 $2.28 $2.53 $2.65 $2.81 $2.96 $3.11 $3.25 $3.45 $3.64 $3.86 $4.09 $4.30 - $4.43 2012A* 2013A* 2014A* 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023E* 2024E 2025E 2026E 2027E * Reflects non - GAAP results, excludes nonrecurring charges

EVERSOURCE ENERGY Q3 2023 RESULTS Projected Capital Expenditures for Core Businesses 9 $964 $1,115 $1,207 $1,196 $1,109 $1,012 $1,012 $956 $1,189 $1,244 $1,354 $1,847 $1,750 $1,768 $1,870 $1,628 $545 $799 $804 $1,035 $1,038 $1,146 $1,115 $918 $127 $144 $155 $170 $194 $203 $218 $235 $239 $239 $266 $215 $213 $244 $219 $208 $3,064 $3,541 $3,786 $4,463 $4,304 $4,373 $4,434 $3,945 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E Transmission Electric Distribution Natural Gas Distribution Water IT and Facilities $ In Millions $21.5 Billion 2023 - 2027

EVERSOURCE ENERGY Q3 2023 RESULTS Company Size/Coupon Maturity Parent $450M @ 2.80% May 1, 2023 Parent $350M @ SOFR + 25 bps. Aug 15, 2023 Parent $400M @ 3.80% Dec 1, 2023 10 2023 Parent Debt and Equity Issuances and Maturities 2023 Debt Issuances through October 2023 Maturities Company Size/Coupon Maturity Parent $750M @ 5.45% Mar 1, 2028 Parent $550M @ 5.45% Mar 1, 2028 Parent $450M @ 4.75% May 15, 2026 Parent $800M @ 5.125% May 15, 2033 New Shares □ $1.2 billion At - The - Market Program issued 2.17M shares at a weighted average price of $92.31 in 2022 with proceeds of approximately $200 million. □ No additional shares issued through October 2023 Treasury Shares □ Dividend reinvestment, employee equity programs continue with approximately 950,000 shares issued in 2022 □ Approximately 882,000 additional shares issued through October 2023 2023 Equity Issuances through October

v3.23.3

Cover	Nov. 06, 2023
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 06, 2023
Entity File Number	1-5324
Entity Registrant Name	EVERSOURCE ENERGY
Entity Central Index Key	0000072741
Entity Tax Identification Number	04-2147929
Entity Incorporation, State or Country Code	MA
Entity Address, Address Line One	300 Cadwell Drive
Entity Address, City or Town	Springfield
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01104
City Area Code	800
Local Phone Number	286-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Shares, $5.00 par value per share
Trading Symbol	ES
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
The Connecticut Light And Power Company
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 06, 2023
Entity File Number	0-00404
Entity Registrant Name	THE CONNECTICUT LIGHT AND POWER COMPANY
Entity Central Index Key	0000023426
Entity Tax Identification Number	06-0303850
Entity Incorporation, State or Country Code	CT
Entity Address, Address Line One	107 Selden Street
Entity Address, City or Town	Berlin
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06037-1616
City Area Code	800
Local Phone Number	286-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Nstar Electric Company
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 06, 2023
Entity File Number	1-02301
Entity Registrant Name	NSTAR ELECTRIC COMPANY
Entity Central Index Key	0000013372
Entity Tax Identification Number	04-1278810
Entity Incorporation, State or Country Code	MA
Entity Address, Address Line One	800 Boylston Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02199
City Area Code	800
Local Phone Number	286-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Public Service Company Of New Hampshire
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 06, 2023
Entity File Number	1-6392
Entity Registrant Name	PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
Entity Central Index Key	0000315256
Entity Tax Identification Number	02-0181050
Entity Incorporation, State or Country Code	NH
Entity Address, Address Line One	Energy Park
Entity Address, Address Line Two	780 North Commercial Street
Entity Address, City or Town	Manchester
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03101-1134
City Area Code	800
Local Phone Number	286-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false

---