|
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|
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 |
||||||||
| FORM | 10-K | |||||||
| ☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
|||||||
|
For the fiscal year ended |
December 31, 2020 | |||||||
| 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 | ||||||||||||
| Common Shares, $5.00 par value per share | ES | New York Stock Exchange | ||||||||||||
| Registrant | Title of Class | |||||||||||||
| The Connecticut Light and Power Company | Preferred Stock, par value $50.00 per share, issuable in series, of which the following series are outstanding: | |||||||||||||
|
$1.90
$2.00 $2.04 $2.20 3.90% $2.06 $2.09 4.50% 4.96% 4.50% 5.28% $3.24 6.56% |
Series
Series Series Series Series Series E Series F Series Series Series Series Series G Series |
of 1947
of 1947 of 1949 of 1949 of 1949 of 1954 of 1955 of 1956 of 1958 of 1963 of 1967 of 1968 of 1968 |
||||||||||||
| NSTAR Electric Company | Preferred Stock, par value $100.00 per share, issuable in series, of which the following series are outstanding: | |||||||||||||
|
4.25%
4.78% |
Series
Series |
of 1956
of 1958 |
||||||||||||
| Yes | No | |||||||
| ☒ | ☐ | |||||||
| Yes | No | |||||||
| ☐ | ☒ | |||||||
| Yes | No | |||||||
| ☒ | ☐ | |||||||
| Yes | No | |||||||
| ☒ | ☐ | |||||||
| Eversource Energy | Large accelerated filer | ☒ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ | ||||||||||||||||||||||
| The Connecticut Light and Power Company | Large accelerated filer | ☐ |
Accelerated
filer |
☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ | ||||||||||||||||||||||
| NSTAR Electric Company | Large accelerated filer | ☐ |
Accelerated
filer |
☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ | ||||||||||||||||||||||
| Public Service Company of New Hampshire | Large accelerated filer | ☐ |
Accelerated
filer |
☐ | Non-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 January 31, 2021
|
|||||||
|
Eversource Energy
Common Shares, $5.00 par value |
343,003,366 | shares | ||||||
|
The Connecticut Light and Power Company
Common Stock, $10.00 par value |
6,035,205 | shares | ||||||
|
NSTAR Electric Company
Common Stock, $1.00 par value |
200 | shares | ||||||
|
Public Service Company of New Hampshire
Common Stock, $1.00 par value |
301 | 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, Eversource Water Ventures, Inc. (parent company of Aquarion), 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 | Eversource Aquarion Holdings, Inc. and its subsidiaries | ||||
| NPT | Northern Pass Transmission LLC | ||||
| Northern Pass | The 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, which holds the Sunrise Wind project | ||||
| North East Offshore | North East Offshore, LLC, an offshore wind business holding company being developed jointly by Eversource and Denmark-based Ørsted, which holds the Revolution Wind and South Fork Wind projects | ||||
| 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 | ||||
| SJC | Supreme Judicial Court of Massachusetts | ||||
| 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 | ||||
| C&LM | Conservation and Load Management | ||||
| 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 2019 Form 10-K | The Eversource Energy and Subsidiaries 2019 combined Annual Report on Form 10-K as filed with the SEC | ||||
| Fitch | Fitch Ratings | ||||
| FMCC | Federally Mandated Congestion Charge | ||||
| FTR | Financial Transmission Rights | ||||
| GAAP | Accounting principles generally accepted in the United States of America | ||||
| GSC | Generation Service Charge | ||||
| GWh | Gigawatt-Hours | ||||
| HQ | Hydro-Québec, a corporation wholly-owned by the Québec government, including its divisions that produce, transmit and distribute electricity in Québec, Canada | ||||
| HVDC | High-voltage direct current | ||||
| Hydro Renewable Energy | Hydro Renewable Energy, Inc., a wholly-owned subsidiary of Hydro-Québec | ||||
| 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 | ||||
| TCAM | Transmission Cost Adjustment Mechanism | ||||
| UI | The United Illuminating Company | ||||
| VIE | Variable Interest Entity | ||||
| Page | ||||||||
| PART I | ||||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 1B. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| PART II | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
| Item 7. | ||||||||
| Item 7A. | ||||||||
| Item 8. | ||||||||
| Item 9. | ||||||||
| Item 9A. | ||||||||
| Item 9B. | ||||||||
| PART III | ||||||||
| Item 10. | ||||||||
| Item 11. | ||||||||
| Item 12. | ||||||||
| Item 13. | ||||||||
| Item 14. | ||||||||
| PART IV | ||||||||
| Item 15. | ||||||||
| Item 16. | ||||||||
|
E-9
|
||||||||
|
Electric
Distribution |
Electric
Transmission |
||||||||||
| Eversource | |||||||||||
| Number of substations owned | 485 | 78 | |||||||||
| Transformer capacity (in kVa) | 43,431,000 | 16,149,000 | |||||||||
| Overhead lines (in circuit miles) | 40,623 | 3,975 | |||||||||
| Underground lines (in circuit miles) | 17,926 | 418 | |||||||||
| Capacity range of overhead transmission lines (in kV) | N/A | 69 to 345 | |||||||||
| Capacity range of underground transmission lines (in kV) | N/A | 69 to 345 | |||||||||
| CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||
| Distribution | Transmission | Distribution | Transmission | Distribution | Transmission | ||||||||||||||||||||||||||||||
|
Number of substations owned
|
182 | 20 | 169 | 36 | 134 | 22 | |||||||||||||||||||||||||||||
|
Transformer capacity (in kVa)
|
21,946,000 | 3,633,000 | 17,040,000 | 7,465,000 | 4,445,000 | 5,051,000 | |||||||||||||||||||||||||||||
|
Overhead lines (in circuit miles)
|
16,935 | 1,677 | 11,440 | 1,244 | 12,248 | 1,054 | |||||||||||||||||||||||||||||
|
Underground lines (in circuit miles)
|
6,812 | 143 | 9,082 | 272 | 2,032 | 3 | |||||||||||||||||||||||||||||
|
Capacity range of overhead transmission lines (in kV)
|
N/A | 69 to 345 | N/A | 69 to 345 | N/A | 115 to 345 | |||||||||||||||||||||||||||||
|
Capacity range of underground transmission lines (in kV)
|
N/A | 69 to 345 | N/A | 115 to 345 | N/A | 115 | |||||||||||||||||||||||||||||
| Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||
|
Underground and overhead line transformers in service
|
632,114 | 292,030 | 172,134 | 167,950 | |||||||||||||||||||
| Aggregate capacity (in kVa) | 37,838,471 | 16,239,772 | 14,595,704 | 7,002,995 | |||||||||||||||||||
| Type of Plant |
Number
of Sites |
Year
Installed |
Claimed Capability**
(kilowatts) |
|||||||||||||||||
| Solar Fixed Tilt, Photovoltaic | 22 | 2010 - 2019 | 70,000 | |||||||||||||||||
| December 31, | ||||||||||||||||||||
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||
| Eversource Energy | $100 | $112 | $132 | $140 | $188 | $197 | ||||||||||||||
| EEI Index | $100 | $117 | $131 | $136 | $171 | $169 | ||||||||||||||
| S&P 500 | $100 | $112 | $136 | $130 | $172 | $203 | ||||||||||||||
| 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) |
|||||||||||||||||||
| October 1 - October 31, 2020 | — | $ | — | — | — | ||||||||||||||||||
| November 1 - November 30, 2020 | — | — | — | — | |||||||||||||||||||
| December 1 - December 31, 2020 | 2,218 | 85.26 | — | — | |||||||||||||||||||
| Total | 2,218 | $ | 85.26 | — | — | ||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
| (Millions of Dollars, Except Per Share Amounts) | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||||||||||||
| Net Income Attributable to Common Shareholders (GAAP) | $ | 1,205.2 | $ | 3.55 | $ | 909.1 | $ | 2.81 | $ | 1,033.0 | $ | 3.25 | |||||||||||||||||||||||
| Regulated Companies (non-GAAP) | $ | 1,223.3 | $ | 3.60 | $ | 1,105.3 | $ | 3.43 | $ | 1,006.7 | $ | 3.17 | |||||||||||||||||||||||
| Eversource Parent and Other Companies (non-GAAP) | 14.0 | 0.04 | 8.2 | 0.02 | 26.3 | 0.08 | |||||||||||||||||||||||||||||
| Non-GAAP Earnings | $ | 1,237.3 | $ | 3.64 | $ | 1,113.5 | $ | 3.45 | $ | 1,033.0 | $ | 3.25 | |||||||||||||||||||||||
|
Acquisition-Related Costs (after-tax) (1)
|
(32.1) | (0.09) | — | — | — | — | |||||||||||||||||||||||||||||
| Impairment of Northern Pass Transmission (after-tax) | — | — | (204.4) | (0.64) | — | — | |||||||||||||||||||||||||||||
| Net Income Attributable to Common Shareholders (GAAP) | $ | 1,205.2 | $ | 3.55 | $ | 909.1 | $ | 2.81 | $ | 1,033.0 | $ | 3.25 | |||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
| (Millions of Dollars, Except Per Share Amounts) | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||||||||||||
| Net Income - Regulated Companies (GAAP) | $ | 1,221.8 | $ | 3.60 | $ | 900.9 | $ | 2.79 | $ | 1,006.7 | $ | 3.17 | |||||||||||||||||||||||
| Electric Distribution | $ | 544.0 | $ | 1.60 | $ | 513.3 | $ | 1.59 | $ | 455.4 | $ | 1.44 | |||||||||||||||||||||||
| Electric Transmission, excluding Northern Pass Transmission impairment (Non-GAAP) | 502.5 | 1.48 | 460.9 | 1.43 | 427.2 | 1.34 | |||||||||||||||||||||||||||||
| Natural Gas Distribution, excluding Acquisition-Related Costs (non-GAAP) | 135.6 | 0.40 | 96.2 | 0.30 | 93.2 | 0.29 | |||||||||||||||||||||||||||||
| Water Distribution | 41.2 | 0.12 | 34.9 | 0.11 | 30.9 | 0.10 | |||||||||||||||||||||||||||||
| Net Income - Regulated Companies (Non-GAAP) | $ | 1,223.3 | $ | 3.60 | $ | 1,105.3 | $ | 3.43 | $ | 1,006.7 | $ | 3.17 | |||||||||||||||||||||||
|
Acquisition-Related Costs (after-tax) (1)
|
(1.5) | — | — | — | — | — | |||||||||||||||||||||||||||||
| Impairment of Northern Pass Transmission (after-tax) | — | — | (204.4) | (0.64) | — | — | |||||||||||||||||||||||||||||
| Net Income - Regulated Companies (GAAP) | $ | 1,221.8 | $ | 3.60 | $ | 900.9 | $ | 2.79 | $ | 1,006.7 | $ | 3.17 | |||||||||||||||||||||||
|
Borrowings Outstanding
as of December 31, |
Available Borrowing Capacity as of December 31, | Weighted-Average Interest Rate as of December 31, | |||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
| Eversource Parent Commercial Paper Program | $ | 1,054.3 | $ | 1,224.9 | $ | 945.7 | $ | 225.1 | 0.25 | % | 1.98 | % | |||||||||||||||||||||||
| NSTAR Electric Commercial Paper Program | 195.0 | 10.5 | 455.0 | 639.5 | 0.16 | % | 1.63 | % | |||||||||||||||||||||||||||
| (Millions of Dollars) | Issuance/(Repayment) | Issue Date or Repayment Date | Maturity Date |
Use of Proceeds for Issuance/
Repayment Information |
|||||||||||||||||||
| CL&P: | |||||||||||||||||||||||
| 0.75% Series A First Mortgage Bonds | $ | 400.0 | December 2020 | December 2025 | Refinanced short-term borrowings, funded capital expenditures and working capital | ||||||||||||||||||
| NSTAR Electric: | |||||||||||||||||||||||
| 3.95% 2020 Debentures | 400.0 | March 2020 | April 2030 | Refinanced investments in eligible green expenditures, which were previously financed in 2018 and 2019 | |||||||||||||||||||
| 5.10% Series E Senior Notes | (95.0) | March 2020 | March 2020 | Paid at maturity | |||||||||||||||||||
| PSNH: | |||||||||||||||||||||||
| 2.40% Series U First Mortgage Bonds | 150.0 | August 2020 | September 2050 | Refinanced short-term borrowings, funded capital expenditures and working capital | |||||||||||||||||||
| Other: | |||||||||||||||||||||||
| Eversource Parent 3.45% Series P Senior Notes | 350.0 | January 2020 | January 2050 | Paid short-term borrowings | |||||||||||||||||||
|
Eversource Parent 3.45% Series P Senior Notes (1)
|
300.0 | August 2020 | January 2050 |
(2)
|
|||||||||||||||||||
| Eversource Parent 0.80% Series Q Senior Notes | 300.0 | August 2020 | August 2025 |
(2)
|
|||||||||||||||||||
| Eversource Parent 1.65% Series R Senior Notes | 600.0 | August 2020 | August 2030 |
(2)
|
|||||||||||||||||||
| Eversource Parent 2.50% Series I Senior Notes | (450.0) | February 2021 | March 2021 |
Paid on par call date in advance of maturity date
|
|||||||||||||||||||
| NSTAR Gas 4.46% Series N First Mortgage Bonds | (125.0) | January 2020 | January 2020 | Paid at maturity | |||||||||||||||||||
| NSTAR Gas 2.33% Series R First Mortgage Bonds | 75.0 | May 2020 | May 2025 | Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes | |||||||||||||||||||
| NSTAR Gas 3.15% Series S First Mortgage Bonds | 115.0 | May 2020 | May 2050 | Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes | |||||||||||||||||||
| NSTAR Gas 9.95% Series J First Mortgage Bonds | (25.0) | December 2020 | December 2020 | Paid at maturity | |||||||||||||||||||
| Yankee Gas 4.87% Series K First Mortgage Bonds | (50.0) | April 2020 | April 2020 | Paid at maturity | |||||||||||||||||||
| Yankee Gas 2.90% Series R First Mortgage Bonds | 70.0 | September 2020 | September 2050 | Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes | |||||||||||||||||||
| Aquarion Water Company of Massachusetts, Inc. and Aquarion Water Capital of Massachusetts, Inc. various term loans and general mortgage bonds | (32.2) | July 2020 | Various | Redeemed long-term debt in conjunction with the sale of assets to the Town of Hingham, Massachusetts | |||||||||||||||||||
| S&P | Moody's | Fitch | |||||||||||||||||||||||||||||||||
| Current | Outlook | Current | Outlook | Current | Outlook | ||||||||||||||||||||||||||||||
| Eversource Parent | A- | Stable | Baa1 | Stable | BBB+ | Stable | |||||||||||||||||||||||||||||
| CL&P | A | Stable | A3 | Stable | A- | Stable | |||||||||||||||||||||||||||||
| NSTAR Electric | A | Stable | A1 | Stable | A | Stable | |||||||||||||||||||||||||||||
| PSNH | A | Stable | A3 | Stable | A- | Stable | |||||||||||||||||||||||||||||
| S&P | Moody's | Fitch | |||||||||||||||||||||||||||||||||
| Current | Outlook | Current | Outlook | Current | Outlook | ||||||||||||||||||||||||||||||
| Eversource Parent | BBB+ | Stable | Baa1 | Stable | BBB+ | Stable | |||||||||||||||||||||||||||||
| CL&P | A+ | Stable | A1 | Stable | A+ | Stable | |||||||||||||||||||||||||||||
| NSTAR Electric | A | Stable | A1 | Stable | A+ | Stable | |||||||||||||||||||||||||||||
| PSNH | A+ | Stable | A1 | Stable | A+ | Stable | |||||||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| CL&P | $ | 402.9 | $ | 459.5 | $ | 465.5 | |||||||||||
| NSTAR Electric | 366.8 | 379.7 | 334.3 | ||||||||||||||
| PSNH | 193.9 | 190.4 | 194.2 | ||||||||||||||
| NPT | — | 9.8 | 29.4 | ||||||||||||||
| Total Electric Transmission Segment | $ | 963.6 | $ | 1,039.4 | $ | 1,023.4 | |||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | CL&P | NSTAR Electric | PSNH | Total Electric | Natural Gas | Water | Total | ||||||||||||||||||||||||||||||||||
| 2020 | |||||||||||||||||||||||||||||||||||||||||
| Basic Business | $ | 233.4 | $ | 195.1 | $ | 52.4 | $ | 480.9 | $ | 88.2 | $ | 10.9 | $ | 580.0 | |||||||||||||||||||||||||||
| Aging Infrastructure | 179.9 | 237.1 | 80.2 | 497.2 | 391.3 | 115.5 | 1,004.0 | ||||||||||||||||||||||||||||||||||
| Load Growth and Other | 77.8 | 110.8 | 21.3 | 209.9 | 65.6 | 0.8 | 276.3 | ||||||||||||||||||||||||||||||||||
| Total Distribution | 491.1 | 543.0 | 153.9 | 1,188.0 | 545.1 | 127.2 | 1,860.3 | ||||||||||||||||||||||||||||||||||
| Solar | — | 1.4 | — | 1.4 | — | — | 1.4 | ||||||||||||||||||||||||||||||||||
| Total | $ | 491.1 | $ | 544.4 | $ | 153.9 | $ | 1,189.4 | $ | 545.1 | 127.2 | $ | 1,861.7 | ||||||||||||||||||||||||||||
| 2019 | |||||||||||||||||||||||||||||||||||||||||
| Basic Business | $ | 228.7 | $ | 201.0 | $ | 47.3 | $ | 477.0 | $ | 71.2 | $ | 15.0 | $ | 563.2 | |||||||||||||||||||||||||||
| Aging Infrastructure | 224.5 | 255.5 | 90.8 | 570.8 | 315.2 | 93.9 | 979.9 | ||||||||||||||||||||||||||||||||||
| Load Growth and Other | 59.6 | 89.4 | 16.8 | 165.8 | 66.8 | 1.5 | 234.1 | ||||||||||||||||||||||||||||||||||
| Total Distribution | 512.8 | 545.9 | 154.9 | 1,213.6 | 453.2 | 110.4 | 1,777.2 | ||||||||||||||||||||||||||||||||||
| Solar | — | 7.5 | — | 7.5 | — | — | 7.5 | ||||||||||||||||||||||||||||||||||
| Total | $ | 512.8 | $ | 553.4 | $ | 154.9 | $ | 1,221.1 | $ | 453.2 | $ | 110.4 | $ | 1,784.7 | |||||||||||||||||||||||||||
| 2018 | |||||||||||||||||||||||||||||||||||||||||
| Basic Business | $ | 256.3 | $ | 217.7 | $ | 69.3 | $ | 543.3 | $ | 72.9 | $ | 17.0 | $ | 633.2 | |||||||||||||||||||||||||||
| Aging Infrastructure | 151.6 | 133.3 | 73.0 | 357.9 | 280.2 | 81.1 | 719.2 | ||||||||||||||||||||||||||||||||||
| Load Growth and Other | 79.7 | 94.3 | 15.6 | 189.6 | 51.4 | 3.6 | 244.6 | ||||||||||||||||||||||||||||||||||
| Total Distribution | 487.6 | 445.3 | 157.9 | 1,090.8 | 404.5 | 101.7 | 1,597.0 | ||||||||||||||||||||||||||||||||||
| Solar and Other | — | 53.4 | 0.9 | 54.3 | — | — | 54.3 | ||||||||||||||||||||||||||||||||||
| Total | $ | 487.6 | $ | 498.7 | $ | 158.8 | $ | 1,145.1 | $ | 404.5 | $ | 101.7 | $ | 1,651.3 | |||||||||||||||||||||||||||
| Years | |||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 |
2021 - 2025
Total |
|||||||||||||||||||||||||||||
| CL&P Transmission | $ | 443 | $ | 264 | $ | 204 | $ | 206 | $ | 173 | $ | 1,290 | |||||||||||||||||||||||
| NSTAR Electric Transmission | 469 | 462 | 426 | 331 | 385 | 2,073 | |||||||||||||||||||||||||||||
| PSNH Transmission | 153 | 189 | 223 | 224 | 153 | 942 | |||||||||||||||||||||||||||||
|
Total Electric Transmission
|
$ | 1,065 | $ | 915 | $ | 853 | $ | 761 | $ | 711 | $ | 4,305 | |||||||||||||||||||||||
| Electric Distribution | $ | 1,269 | $ | 1,309 | $ | 1,353 | $ | 1,289 | $ | 1,229 | $ | 6,449 | |||||||||||||||||||||||
| Natural Gas Distribution | 824 | 925 | 974 | 937 | 789 | 4,449 | |||||||||||||||||||||||||||||
|
Total Electric and Natural Gas Distribution
|
$ | 2,093 | $ | 2,234 | $ | 2,327 | $ | 2,226 | $ | 2,018 | $ | 10,898 | |||||||||||||||||||||||
| Water Distribution | $ | 149 | $ | 143 | $ | 154 | $ | 162 | $ | 171 | $ | 779 | |||||||||||||||||||||||
| Information Technology and All Other | $ | 217 | $ | 249 | $ | 211 | $ | 194 | $ | 176 | $ | 1,047 | |||||||||||||||||||||||
| Total | $ | 3,524 | $ | 3,541 | $ | 3,545 | $ | 3,343 | $ | 3,076 | $ | 17,029 | |||||||||||||||||||||||
| 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 |
(1)
|
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 |
(3)
|
||||||||||||||
| Sunrise Wind | New York (NYSERDA) | 880 | 25 |
$110.37 (2)
|
Fixed price contract; no price escalation | Approved | ||||||||||||||
| (Millions of Dollars) | Increase in Pension Plan Cost | Decrease in PBOP Plan Income | |||||||||||||||||||||
| Assumption Change | As of December 31, | As of December 31, | |||||||||||||||||||||
| Eversource | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
| Lower expected long-term rate of return | $ | 25.0 | $ | 22.9 | $ | 4.5 | $ | 4.1 | |||||||||||||||
| Lower discount rate | 25.4 | 21.7 | 1.7 | 1.7 | |||||||||||||||||||
| Higher compensation rate | 8.8 | 8.7 | N/A | N/A | |||||||||||||||||||
| Eversource | |||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
|
Long-term debt maturities (a)
|
$ | 1,022.2 | $ | 1,175.2 | $ | 1,658.2 | $ | 1,049.9 | $ | 1,400.0 | $ | 9,807.9 | $ | 16,113.4 | |||||||||||||||||||||||||||
| Rate reduction bond maturities | 43.2 | 43.2 | 43.2 | 43.2 | 43.2 | 324.1 | 540.1 | ||||||||||||||||||||||||||||||||||
|
Estimated interest payments on existing debt (b)
|
542.8 | 510.6 | 478.4 | 437.3 | 391.0 | 4,541.4 | 6,901.5 | ||||||||||||||||||||||||||||||||||
|
Operating leases (c)
|
11.4 | 9.0 | 6.4 | 4.5 | 3.4 | 36.2 | 70.9 | ||||||||||||||||||||||||||||||||||
|
Finance leases(c)
|
7.2 | 5.7 | 4.9 | 4.8 | 4.7 | 60.7 | 88.0 | ||||||||||||||||||||||||||||||||||
|
Funding of pension obligations (d) (e)
|
130.0 | — | — | — | — | — | 130.0 | ||||||||||||||||||||||||||||||||||
|
Funding of PBOP obligations (d) (e)
|
2.8 | — | — | — | — | — | 2.8 | ||||||||||||||||||||||||||||||||||
|
Estimated future annual long-term contractual costs (f)
|
1,328.8 | 1,218.6 | 1,096.1 | 1,052.3 | 1,023.0 | 5,451.8 | 11,170.6 | ||||||||||||||||||||||||||||||||||
|
Total (g)
|
$ | 3,088.4 | $ | 2,962.3 | $ | 3,287.2 | $ | 2,592.0 | $ | 2,865.3 | $ | 20,222.1 | $ | 35,017.3 | |||||||||||||||||||||||||||
| CL&P | |||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
|
Long-term debt maturities (a)
|
$ | — | $ | — | $ | 400.0 | $ | 139.8 | $ | 400.0 | $ | 2,975.5 | $ | 3,915.3 | |||||||||||||||||||||||||||
|
Estimated interest payments on existing debt (b)
|
156.2 | 156.2 | 151.2 | 146.2 | 135.2 | 1,884.0 | 2,629.0 | ||||||||||||||||||||||||||||||||||
|
Operating leases (c)
|
0.2 | 0.1 | — | — | — | — | 0.3 | ||||||||||||||||||||||||||||||||||
|
Finance leases (c)
|
1.5 | — | — | — | — | — | 1.5 | ||||||||||||||||||||||||||||||||||
|
Funding of pension obligations (d) (e)
|
78.9 | — | — | — | — | — | 78.9 | ||||||||||||||||||||||||||||||||||
|
Estimated future annual long-term contractual costs (f)
|
588.3 | 661.5 | 684.6 | 674.9 | 647.7 | 2,755.8 | 6,012.8 | ||||||||||||||||||||||||||||||||||
|
Total (g)
|
$ | 825.1 | $ | 817.8 | $ | 1,235.8 | $ | 960.9 | $ | 1,182.9 | $ | 7,615.3 | $ | 12,637.8 | |||||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||||
| Operating Revenues | $ | 8,904.4 | $ | 8,526.5 | $ | 377.9 | |||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||
| Purchased Power, Fuel and Transmission | 2,987.8 | 3,040.2 | (52.4) | ||||||||||||||||||||
| Operations and Maintenance | 1,480.3 | 1,363.1 | 117.2 | ||||||||||||||||||||
| Depreciation | 981.4 | 885.3 | 96.1 | ||||||||||||||||||||
| Amortization | 177.7 | 195.4 | (17.7) | ||||||||||||||||||||
| Energy Efficiency Programs | 535.8 | 501.4 | 34.4 | ||||||||||||||||||||
| Taxes Other Than Income Taxes | 752.7 | 711.0 | 41.7 | ||||||||||||||||||||
| Impairment of Northern Pass Transmission | — | 239.6 | (239.6) | ||||||||||||||||||||
| Total Operating Expenses | 6,915.7 | 6,936.0 | (20.3) | ||||||||||||||||||||
| Operating Income | 1,988.7 | 1,590.5 | 398.2 | ||||||||||||||||||||
| Interest Expense | 538.4 | 533.2 | 5.2 | ||||||||||||||||||||
| Other Income, Net | 108.6 | 132.8 | (24.2) | ||||||||||||||||||||
| Income Before Income Tax Expense | 1,558.9 | 1,190.1 | 368.8 | ||||||||||||||||||||
| Income Tax Expense | 346.2 | 273.5 | 72.7 | ||||||||||||||||||||
| Net Income | 1,212.7 | 916.6 | 296.1 | ||||||||||||||||||||
| Net Income Attributable to Noncontrolling Interests | 7.5 | 7.5 | — | ||||||||||||||||||||
| Net Income Attributable to Common Shareholders | $ | 1,205.2 | $ | 909.1 | $ | 296.1 | |||||||||||||||||
| Electric | Firm Natural Gas | Water | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales Volumes (GWh) |
Percentage
Decrease |
Sales Volumes (MMcf) |
Percentage
Increase |
Sales Volumes (MG) |
Percentage
(Decrease)/Increase |
||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Traditional | 7,675 | 7,685 | (0.1) | % | — | — | — | % | 2,011 | 2,161 | (6.9) | % | |||||||||||||||||||||||||||||||||||||||||
|
Decoupled and Special Contracts (1)(2)
|
42,531 | 43,934 | (3.2) | % | 112,756 | 107,806 | 4.6 | % | 23,122 | 21,370 | 8.2 | % | |||||||||||||||||||||||||||||||||||||||||
| Total Sales Volumes | 50,206 | 51,619 | (2.7) | % | 112,756 | 107,806 | 4.6 | % | 25,133 | 23,531 | 6.8 | % | |||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | |||||||||
| Retail Tariff Tracked Revenues: | |||||||||||
| Energy supply procurement | $ | (211.8) | $ | (49.3) | |||||||
| CL&P FMCC | 120.5 | N/A | |||||||||
| Other distribution tracking mechanisms | 36.3 | 30.9 | |||||||||
| Wholesale Market Sales Revenue | 111.6 | (19.5) | |||||||||
| (Millions of Dollars) | Increase/(Decrease) | ||||
| Purchased Power Costs | $ | 48.1 | |||
| Natural Gas Costs | (7.9) | ||||
| Transmission Costs | (6.3) | ||||
| Eliminations | (86.3) | ||||
| Total Purchased Power, Fuel and Transmission | $ | (52.4) | |||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | Increase | 2020 | 2019 | Increase/(Decrease) | 2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Revenues | $ | 3,547.5 | $ | 3,232.6 | $ | 314.9 | $ | 2,941.1 | $ | 3,044.6 | $ | (103.5) | $ | 1,079.1 | $ | 1,065.9 | $ | 13.2 | |||||||||||||||||||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchased Power and Transmission | 1,369.2 | 1,188.2 | 181.0 | 879.2 | 1,064.3 | (185.1) | 364.1 | 398.4 | (34.3) | ||||||||||||||||||||||||||||||||||||||||||||
| Operations and Maintenance | 572.9 | 549.2 | 23.7 | 534.1 | 468.4 | 65.7 | 219.3 | 211.0 | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation | 320.7 | 301.2 | 19.5 | 319.5 | 296.5 | 23.0 | 100.4 | 93.7 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization of Regulatory Assets, Net | 58.4 | 51.6 | 6.8 | 83.2 | 103.7 | (20.5) | 52.8 | 57.7 | (4.9) | ||||||||||||||||||||||||||||||||||||||||||||
| Energy Efficiency Programs | 141.5 | 118.2 | 23.3 | 264.0 | 289.2 | (25.2) | 37.6 | 26.0 | 11.6 | ||||||||||||||||||||||||||||||||||||||||||||
| Taxes Other Than Income Taxes | 344.4 | 342.5 | 1.9 | 206.8 | 195.6 | 11.2 | 81.6 | 62.6 | 19.0 | ||||||||||||||||||||||||||||||||||||||||||||
| Total Operating Expenses | 2,807.1 | 2,550.9 | 256.2 | 2,286.8 | 2,417.7 | (130.9) | 855.8 | 849.4 | 6.4 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Income | 740.4 | 681.7 | 58.7 | 654.3 | 626.9 | 27.4 | 223.3 | 216.5 | 6.8 | ||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense | 153.6 | 151.4 | 2.2 | 130.5 | 114.2 | 16.3 | 58.1 | 60.7 | (2.6) | ||||||||||||||||||||||||||||||||||||||||||||
| Other Income, Net | 20.8 | 17.6 | 3.2 | 52.0 | 44.6 | 7.4 | 13.8 | 19.2 | (5.4) | ||||||||||||||||||||||||||||||||||||||||||||
| Income Before Income Tax Expense | 607.6 | 547.9 | 59.7 | 575.8 | 557.3 | 18.5 | 179.0 | 175.0 | 4.0 | ||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Expense | 149.7 | 137.0 | 12.7 | 130.8 | 125.3 | 5.5 | 31.7 | 41.0 | (9.3) | ||||||||||||||||||||||||||||||||||||||||||||
| Net Income | $ | 457.9 | $ | 410.9 | $ | 47.0 | $ | 445.0 | $ | 432.0 | $ | 13.0 | $ | 147.3 | $ | 134.0 | $ | 13.3 | |||||||||||||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||
| 2020 | 2019 | Decrease | Percent | ||||||||||||||||||||
| CL&P | 20,113 | 20,719 | (606) | (2.9) | % | ||||||||||||||||||
| NSTAR Electric | 22,418 | 23,215 | (797) | (3.4) | % | ||||||||||||||||||
| PSNH | 7,675 | 7,685 | (10) | (0.1) | % | ||||||||||||||||||
| (Millions of Dollars) | CL&P | NSTAR Electric | PSNH | ||||||||||||||
| Retail Tariff Tracked Revenues: | |||||||||||||||||
| Energy supply procurement | $ | (58.7) | $ | (116.7) | $ | (36.4) | |||||||||||
| CL&P FMCC | 120.5 | — | — | ||||||||||||||
| Other distribution tracking mechanisms | 38.2 | (17.6) | 15.7 | ||||||||||||||
| Wholesale Market Sales Revenue | 125.0 | (14.7) | 1.3 | ||||||||||||||
| (Millions of Dollars) | CL&P | NSTAR Electric | PSNH | ||||||||||||||
| Purchased Power Costs | $ | 233.0 | $ | (141.9) | $ | (43.0) | |||||||||||
| Transmission Costs | (36.6) | 0.8 | 29.5 | ||||||||||||||
| Eliminations | (15.4) | (44.0) | (20.8) | ||||||||||||||
| Total Purchased Power and Transmission | $ | 181.0 | $ | (185.1) | $ | (34.3) | |||||||||||
| (Millions of Dollars) | CL&P | NSTAR Electric | PSNH | ||||||||||||||
| Base Electric Distribution (Non-Tracked Costs): | |||||||||||||||||
| Storm restoration costs | $ | 11.4 | $ | 9.0 | $ | 9.4 | |||||||||||
| Shared corporate costs (including computer software depreciation at Eversource Service) | 8.3 | 11.6 | 2.7 | ||||||||||||||
| COVID-19 Costs | 3.9 | 3.8 | 1.8 | ||||||||||||||
| Employee-related expenses, including labor and benefits | (5.1) | (6.0) | (1.8) | ||||||||||||||
| Operations-related expenses, including vegetation management, vehicles, and outside services | (5.2) | 0.2 | (0.7) | ||||||||||||||
| Other non-tracked operations and maintenance | (11.9) | 6.7 | 1.9 | ||||||||||||||
| Total Base Electric Distribution (Non-Tracked Costs) | 1.4 | 25.3 | 13.3 | ||||||||||||||
| Tracked Costs: | |||||||||||||||||
| Transmission expenses | 10.3 | 15.6 | 0.4 | ||||||||||||||
| Other tracked operations and maintenance | 12.0 | 24.8 | (5.4) | ||||||||||||||
| Total Tracked Costs | 22.3 | 40.4 | (5.0) | ||||||||||||||
| Total Operations and Maintenance | $ | 23.7 | $ | 65.7 | $ | 8.3 | |||||||||||
| As of December 31, | |||||||||||
| (Thousands of Dollars) | 2020 | 2019 | |||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash | $ | 106,599 | $ | 15,432 | |||||||
|
Receivables, Net (net of allowance for uncollectible accounts of $358,851 and $224,821 as of December 31, 2020 and 2019, respectively)
|
1,195,925 | 989,383 | |||||||||
| Unbilled Revenues | 233,025 | 181,006 | |||||||||
| Fuel, Materials, Supplies and REC Inventory | 265,599 | 235,471 | |||||||||
| Regulatory Assets | 1,076,556 | 651,112 | |||||||||
| Prepayments and Other Current Assets | 252,439 | 342,135 | |||||||||
| Total Current Assets | 3,130,143 | 2,414,539 | |||||||||
| Property, Plant and Equipment, Net | 30,882,523 | 27,585,470 | |||||||||
| Deferred Debits and Other Assets: | |||||||||||
| Regulatory Assets | 5,493,330 | 4,863,639 | |||||||||
| Goodwill | 4,445,988 | 4,427,266 | |||||||||
| Investments in Unconsolidated Affiliates | 1,107,143 | 871,633 | |||||||||
| Marketable Securities | 456,617 | 449,130 | |||||||||
| Other Long-Term Assets | 583,854 | 512,238 | |||||||||
| Total Deferred Debits and Other Assets | 12,086,932 | 11,123,906 | |||||||||
| Total Assets | $ | 46,099,598 | $ | 41,123,915 | |||||||
| LIABILITIES AND CAPITALIZATION | |||||||||||
| Current Liabilities: | |||||||||||
| Notes Payable | $ | 1,249,325 | $ | 889,084 | |||||||
| Long-Term Debt – Current Portion | 1,053,186 | 327,411 | |||||||||
| Rate Reduction Bonds – Current Portion | 43,210 | 43,210 | |||||||||
| Accounts Payable | 1,370,647 | 1,147,872 | |||||||||
| Regulatory Liabilities | 389,430 | 361,152 | |||||||||
| Other Current Liabilities | 809,214 | 836,834 | |||||||||
| Total Current Liabilities | 4,915,012 | 3,605,563 | |||||||||
| Deferred Credits and Other Liabilities: | |||||||||||
| Accumulated Deferred Income Taxes | 4,095,339 | 3,755,777 | |||||||||
| Regulatory Liabilities | 3,850,781 | 3,658,042 | |||||||||
| Derivative Liabilities | 294,535 | 338,710 | |||||||||
| Asset Retirement Obligations | 499,713 | 488,511 | |||||||||
| Accrued Pension, SERP and PBOP | 1,653,788 | 1,370,245 | |||||||||
| Other Long-Term Liabilities | 948,506 | 810,553 | |||||||||
| Total Deferred Credits and Other Liabilities | 11,342,662 | 10,421,838 | |||||||||
| Long-Term Debt | 15,125,876 | 13,770,828 | |||||||||
| Rate Reduction Bonds | 496,912 | 540,122 | |||||||||
| Noncontrolling Interest - Preferred Stock of Subsidiaries | 155,570 | 155,570 | |||||||||
| Common Shareholders' Equity: | |||||||||||
| Common Shares | 1,789,092 | 1,729,292 | |||||||||
| Capital Surplus, Paid In | 8,015,663 | 7,087,768 | |||||||||
| Retained Earnings | 4,613,201 | 4,177,048 | |||||||||
| Accumulated Other Comprehensive Loss | (76,411) | (65,059) | |||||||||
| Treasury Stock | (277,979) | (299,055) | |||||||||
| Common Shareholders' Equity | 14,063,566 | 12,629,994 | |||||||||
| Commitments and Contingencies (Note 13) | |||||||||||
| Total Liabilities and Capitalization | $ | 46,099,598 | $ | 41,123,915 | |||||||
| 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 | ||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Thousands of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Net Income | $ | 1,212,686 | $ | 916,572 | $ | 1,040,519 | |||||||||||
| Other Comprehensive (Loss)/Income, Net of Tax: | |||||||||||||||||
| Qualified Cash Flow Hedging Instruments | 1,596 | 1,393 | 1,756 | ||||||||||||||
| Changes in Unrealized Gains/(Losses) on Marketable Securities | 342 | 1,166 | (547) | ||||||||||||||
| Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | (13,290) | (7,618) | 5,194 | ||||||||||||||
| Other Comprehensive (Loss)/Income, Net of Tax | (11,352) | (5,059) | 6,403 | ||||||||||||||
| Comprehensive Income Attributable to Noncontrolling Interests | (7,519) | (7,519) | (7,519) | ||||||||||||||
| Comprehensive Income Attributable to Common Shareholders | $ | 1,193,815 | $ | 903,994 | $ | 1,039,403 | |||||||||||
| 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, 2018 | 316,885,808 | $ | 1,669,392 | $ | 6,239,940 | $ | 3,561,084 | $ | (66,403) | $ | (317,771) | $ | 11,086,242 | ||||||||||
| Net Income | 1,040,519 | 1,040,519 | |||||||||||||||||||||
|
Dividends on Common Shares - $2.02 Per Share
|
(640,110) | (640,110) | |||||||||||||||||||||
| Dividends on Preferred Stock | (7,519) | (7,519) | |||||||||||||||||||||
| Long-Term Incentive Plan Activity | (543) | (543) | |||||||||||||||||||||
| Other Changes in Shareholders' Equity | 1,825 | 1,825 | |||||||||||||||||||||
| Other Comprehensive Income | 6,403 | 6,403 | |||||||||||||||||||||
| Balance as of December 31, 2018 | 316,885,808 | 1,669,392 | 6,241,222 | 3,953,974 | (60,000) | (317,771) | 11,486,817 | ||||||||||||||||
| Net Income | 916,572 | 916,572 | |||||||||||||||||||||
|
Dividends on Common Shares - $2.14 Per Share
|
(685,979) | (685,979) | |||||||||||||||||||||
| Dividends on Preferred Stock | (7,519) | (7,519) | |||||||||||||||||||||
|
Issuance of Common Shares - $5 par value
|
11,980,000 | 59,900 | 808,650 | 868,550 | |||||||||||||||||||
| Long-Term Incentive Plan Activity | 3,434 | 3,434 | |||||||||||||||||||||
| Issuance of Treasury Shares | 1,014,837 | 50,758 | 18,716 | 69,474 | |||||||||||||||||||
| Capital Stock Expense | (16,296) | (16,296) | |||||||||||||||||||||
| Other Comprehensive Loss | (5,059) | (5,059) | |||||||||||||||||||||
| Balance as of December 31, 2019 | 329,880,645 | 1,729,292 | 7,087,768 | 4,177,048 | (65,059) | (299,055) | 12,629,994 | ||||||||||||||||
| Net Income | 1,212,686 | 1,212,686 | |||||||||||||||||||||
|
Dividends on Common Shares - $2.27 Per Share
|
(767,500) | (767,500) | |||||||||||||||||||||
| Dividends on Preferred Stock | (7,519) | (7,519) | |||||||||||||||||||||
|
Issuance of Common Shares - $5 par value
|
11,960,000 | 59,800 | 889,860 | 949,660 | |||||||||||||||||||
| Long-Term Incentive Plan Activity | 7,890 | 7,890 | |||||||||||||||||||||
| Issuance of Treasury Shares | 1,113,378 | 50,812 | 21,076 | 71,888 | |||||||||||||||||||
| Capital Stock Expense | (20,667) | (20,667) | |||||||||||||||||||||
| Adoption of New Accounting Standard (See Note 1C) | (1,514) | (1,514) | |||||||||||||||||||||
| Other Comprehensive Loss | (11,352) | (11,352) | |||||||||||||||||||||
| Balance as of December 31, 2020 | 342,954,023 | $ | 1,789,092 | $ | 8,015,663 | $ | 4,613,201 | $ | (76,411) | $ | (277,979) | $ | 14,063,566 | ||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Thousands of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Operating Activities: | |||||||||||||||||
| Net Income | $ | 1,212,686 | $ | 916,572 | $ | 1,040,519 | |||||||||||
| Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||||||||||||
| Depreciation | 981,380 | 885,278 | 819,930 | ||||||||||||||
| Deferred Income Taxes | 257,154 | 209,812 | 174,812 | ||||||||||||||
| Uncollectible Expense | 53,461 | 63,446 | 61,337 | ||||||||||||||
| Pension, SERP and PBOP Expense, Net | 12,888 | 22,000 | 5,498 | ||||||||||||||
| Pension and PBOP Contributions | (111,524) | (121,782) | (194,947) | ||||||||||||||
| Regulatory (Under)/Over Recoveries, Net | (516,411) | (124,870) | 34,920 | ||||||||||||||
| Amortization | 177,679 | 195,380 | 252,026 | ||||||||||||||
| Payments Related to CYAPC's DOE Pre-1983 Spent Nuclear Fuel Obligation | — | (29,000) | (145,000) | ||||||||||||||
| Proceeds from DOE Spent Nuclear Fuel Litigation | — | 68,840 | — | ||||||||||||||
| Impairment of Northern Pass Transmission | — | 239,644 | — | ||||||||||||||
| Other | (174,289) | (196,087) | (111,225) | ||||||||||||||
| Changes in Current Assets and Liabilities: | |||||||||||||||||
| Receivables and Unbilled Revenues, Net | (351,843) | (98,716) | (141,433) | ||||||||||||||
| Fuel, Materials, Supplies and REC Inventory | (15,404) | (8,074) | (831) | ||||||||||||||
| Taxes Receivable/Accrued, Net | 43,819 | (16,129) | (67,770) | ||||||||||||||
| Accounts Payable | 122,567 | 14,866 | 24,481 | ||||||||||||||
| Other Current Assets and Liabilities, Net | (9,591) | (11,603) | 78,226 | ||||||||||||||
| Net Cash Flows Provided by Operating Activities | 1,682,572 | 2,009,577 | 1,830,543 | ||||||||||||||
| Investing Activities: | |||||||||||||||||
| Investments in Property, Plant and Equipment | (2,942,996) | (2,911,489) | (2,569,936) | ||||||||||||||
| Proceeds from Sales of Marketable Securities | 434,124 | 566,592 | 900,749 | ||||||||||||||
| Proceeds from Sales of Marketable Securities Used to Pay Pre-1983 Spent Nuclear Fuel Obligation | — | — | 145,000 | ||||||||||||||
| Purchases of Marketable Securities | (401,823) | (537,258) | (908,387) | ||||||||||||||
|
Acquisition of Assets of Columbia Gas of Massachusetts, Net of Restricted Cash
|
(1,113,252) | — | — | ||||||||||||||
| Investments in Unconsolidated Affiliates, Net | (239,673) | (416,337) | (205,150) | ||||||||||||||
| Proceeds from the Sale of Hingham Water System | 110,536 | — | — | ||||||||||||||
| Proceeds from the Sale of PSNH Generation Assets | — | — | 193,924 | ||||||||||||||
| Other Investing Activities | 23,809 | 24,204 | 6,754 | ||||||||||||||
| Net Cash Flows Used in Investing Activities | (4,129,275) | (3,274,288) | (2,437,046) | ||||||||||||||
| Financing Activities: | |||||||||||||||||
| Issuance of Common Shares, Net of Issuance Costs | 928,992 | 852,254 | — | ||||||||||||||
| Cash Dividends on Common Shares | (744,665) | (663,239) | (640,110) | ||||||||||||||
| Cash Dividends on Preferred Stock | (7,519) | (7,519) | (7,519) | ||||||||||||||
| Increase/(Decrease) in Notes Payable | 13,955 | 325,370 | (379,310) | ||||||||||||||
| (Repayments)/Issuance of Rate Reduction Bonds | (43,210) | (52,332) | 635,663 | ||||||||||||||
| Issuance of Long-Term Debt | 2,760,000 | 1,520,000 | 2,200,000 | ||||||||||||||
| Retirement of Long-Term Debt | (327,236) | (801,078) | (1,050,330) | ||||||||||||||
| Other Financing Activities | 14,273 | (1,006) | (28,457) | ||||||||||||||
| Net Cash Flows Provided by Financing Activities | 2,594,590 | 1,172,450 | 729,937 | ||||||||||||||
| Net Increase/(Decrease) in Cash and Restricted Cash | 147,887 | (92,261) | 123,434 | ||||||||||||||
| Cash and Restricted Cash - Beginning of Year | 117,063 | 209,324 | 85,890 | ||||||||||||||
| Cash and Restricted Cash - End of Year | $ | 264,950 | $ | 117,063 | $ | 209,324 | |||||||||||
| As of December 31, | |||||||||||
| (Thousands of Dollars) | 2020 | 2019 | |||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash | $ | 90,801 | $ | — | |||||||
|
Receivables, Net (net of allowance for uncollectible accounts of $157,447 and $97,348 as of December 31, 2020 and 2019, respectively)
|
459,214 | 400,927 | |||||||||
| Accounts Receivable from Affiliated Companies | 17,486 | 24,577 | |||||||||
| Unbilled Revenues | 57,407 | 56,465 | |||||||||
| Materials and Supplies | 57,924 | 50,700 | |||||||||
| Regulatory Assets | 345,622 | 178,607 | |||||||||
| Prepayments and Other Current Assets | 83,950 | 73,184 | |||||||||
| Total Current Assets | 1,112,404 | 784,460 | |||||||||
| Property, Plant and Equipment, Net | 10,234,556 | 9,625,765 | |||||||||
| Deferred Debits and Other Assets: | |||||||||||
| Regulatory Assets | 1,866,152 | 1,557,261 | |||||||||
| Other Long-Term Assets | 242,862 | 217,705 | |||||||||
| Total Deferred Debits and Other Assets | 2,109,014 | 1,774,966 | |||||||||
| Total Assets | $ | 13,455,974 | $ | 12,185,191 | |||||||
| LIABILITIES AND CAPITALIZATION | |||||||||||
| Current Liabilities: | |||||||||||
| Notes Payable to Eversource Parent | $ | — | $ | 63,800 | |||||||
| Accounts Payable | 451,240 | 374,698 | |||||||||
| Accounts Payable to Affiliated Companies | 51,118 | 97,793 | |||||||||
| Obligations to Third Party Suppliers | 49,967 | 56,952 | |||||||||
| Regulatory Liabilities | 137,166 | 82,763 | |||||||||
| Derivative Liabilities | 68,767 | 67,804 | |||||||||
| Other Current Liabilities | 102,060 | 132,339 | |||||||||
| Total Current Liabilities | 860,318 | 876,149 | |||||||||
| Deferred Credits and Other Liabilities: | |||||||||||
| Accumulated Deferred Income Taxes | 1,408,343 | 1,244,551 | |||||||||
| Regulatory Liabilities | 1,204,942 | 1,164,991 | |||||||||
| Derivative Liabilities | 294,535 | 338,594 | |||||||||
| Accrued Pension, SERP and PBOP | 478,325 | 391,159 | |||||||||
| Other Long-Term Liabilities | 133,690 | 147,586 | |||||||||
| Total Deferred Credits and Other Liabilities | 3,519,835 | 3,286,881 | |||||||||
| Long-Term Debt | 3,914,835 | 3,518,136 | |||||||||
| Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 | |||||||||
| Common Stockholder's Equity: | |||||||||||
| Common Stock | 60,352 | 60,352 | |||||||||
| Capital Surplus, Paid In | 2,810,765 | 2,535,765 | |||||||||
| Retained Earnings | 2,173,367 | 1,791,392 | |||||||||
| Accumulated Other Comprehensive Income | 302 | 316 | |||||||||
| Common Stockholder's Equity | 5,044,786 | 4,387,825 | |||||||||
| Commitments and Contingencies (Note 13) | |||||||||||
| Total Liabilities and Capitalization | $ | 13,455,974 | $ | 12,185,191 | |||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Thousands of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Operating Revenues | $ | 3,547,527 | $ | 3,232,551 | $ | 3,096,174 | |||||||||||
| Operating Expenses: | |||||||||||||||||
| Purchased Power and Transmission | 1,369,196 | 1,188,202 | 1,095,187 | ||||||||||||||
| Operations and Maintenance | 572,897 | 549,167 | 506,448 | ||||||||||||||
| Depreciation | 320,709 | 301,188 | 278,557 | ||||||||||||||
| Amortization of Regulatory Assets, Net | 58,412 | 51,621 | 129,021 | ||||||||||||||
| Energy Efficiency Programs | 141,453 | 118,235 | 93,977 | ||||||||||||||
| Taxes Other Than Income Taxes | 344,451 | 342,489 | 357,147 | ||||||||||||||
| Total Operating Expenses | 2,807,118 | 2,550,902 | 2,460,337 | ||||||||||||||
| Operating Income | 740,409 | 681,649 | 635,837 | ||||||||||||||
| Interest Expense | 153,547 | 151,357 | 151,727 | ||||||||||||||
| Other Income, Net | 20,774 | 17,531 | 22,663 | ||||||||||||||
| Income Before Income Tax Expense | 607,636 | 547,823 | 506,773 | ||||||||||||||
| Income Tax Expense | 149,702 | 136,971 | 129,056 | ||||||||||||||
| Net Income | $ | 457,934 | $ | 410,852 | $ | 377,717 | |||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Thousands of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Net Income | $ | 457,934 | $ | 410,852 | $ | 377,717 | |||||||||||
| Other Comprehensive (Loss)/Income, Net of Tax: | |||||||||||||||||
| Qualified Cash Flow Hedging Instruments | (26) | (26) | 51 | ||||||||||||||
| Changes in Unrealized Gains/(Losses) on Marketable Securities | 12 | 41 | (19) | ||||||||||||||
| Other Comprehensive (Loss)/Income, Net of Tax | (14) | 15 | 32 | ||||||||||||||
| Comprehensive Income | $ | 457,920 | $ | 410,867 | $ | 377,749 | |||||||||||
| 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, 2018 | 6,035,205 | $ | 60,352 | $ | 2,110,765 | $ | 1,415,741 | $ | 269 | $ | 3,587,127 | ||||||||||||||||||||||||
| Net Income | 377,717 | 377,717 | |||||||||||||||||||||||||||||||||
| Dividends on Preferred Stock | (5,559) | (5,559) | |||||||||||||||||||||||||||||||||
| Dividends on Common Stock | (60,000) | (60,000) | |||||||||||||||||||||||||||||||||
| Capital Contributions from Eversource Parent | 300,000 | 300,000 | |||||||||||||||||||||||||||||||||
| Other Comprehensive Income | 32 | 32 | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2018 | 6,035,205 | 60,352 | 2,410,765 | 1,727,899 | 301 | 4,199,317 | |||||||||||||||||||||||||||||
| Net Income | 410,852 | 410,852 | |||||||||||||||||||||||||||||||||
| Dividends on Preferred Stock | (5,559) | (5,559) | |||||||||||||||||||||||||||||||||
| Dividends on Common Stock | (341,800) | (341,800) | |||||||||||||||||||||||||||||||||
| Capital Contributions from Eversource Parent | 125,000 | 125,000 | |||||||||||||||||||||||||||||||||
| Other Comprehensive Income | 15 | 15 | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 | 6,035,205 | 60,352 | 2,535,765 | 1,791,392 | 316 | 4,387,825 | |||||||||||||||||||||||||||||
| Net Income | 457,934 | 457,934 | |||||||||||||||||||||||||||||||||
| Dividends on Preferred Stock | (5,559) | (5,559) | |||||||||||||||||||||||||||||||||
| Dividends on Common Stock | (69,500) | (69,500) | |||||||||||||||||||||||||||||||||
| Capital Contributions from Eversource Parent | 275,000 | 275,000 | |||||||||||||||||||||||||||||||||
| Adoption of New Accounting Standard (See Note 1C) | (900) | (900) | |||||||||||||||||||||||||||||||||
| Other Comprehensive Loss | (14) | (14) | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2020 | 6,035,205 | $ | 60,352 | $ | 2,810,765 | $ | 2,173,367 | $ | 302 | $ | 5,044,786 | ||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Thousands of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Operating Activities: | |||||||||||||||||
| Net Income | $ | 457,934 | $ | 410,852 | $ | 377,717 | |||||||||||
| Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||||||||||||
| Depreciation | 320,709 | 301,188 | 278,557 | ||||||||||||||
| Deferred Income Taxes | 144,527 | 54,005 | 54,859 | ||||||||||||||
| Uncollectible Expense | 12,882 | 15,948 | 15,831 | ||||||||||||||
| Pension, SERP and PBOP Expense, Net | 11,372 | 12,761 | 8,943 | ||||||||||||||
| Pension Contributions | (23,200) | (24,000) | (41,150) | ||||||||||||||
| Regulatory Underrecoveries, Net | (279,941) | (24,653) | (53,372) | ||||||||||||||
| Amortization of Regulatory Assets, Net | 58,412 | 51,621 | 129,021 | ||||||||||||||
| Other | (115,213) | (80,266) | (69,786) | ||||||||||||||
| Changes in Current Assets and Liabilities: | |||||||||||||||||
| Receivables and Unbilled Revenues, Net | (126,638) | (52,746) | (67,334) | ||||||||||||||
| Materials and Supplies | (7,225) | (6,171) | 3,909 | ||||||||||||||
| Taxes Receivable/Accrued, Net | (12,014) | (23,089) | 8,954 | ||||||||||||||
| Accounts Payable | (17,028) | 102,344 | (76,924) | ||||||||||||||
| Other Current Assets and Liabilities, Net | (27,504) | (11,350) | 18,846 | ||||||||||||||
| Net Cash Flows Provided by Operating Activities | 397,073 | 726,444 | 588,071 | ||||||||||||||
| Investing Activities: | |||||||||||||||||
| Investments in Property, Plant and Equipment | (833,973) | (917,532) | (864,136) | ||||||||||||||
| Other Investing Activities | 573 | 714 | 209 | ||||||||||||||
| Net Cash Flows Used in Investing Activities | (833,400) | (916,818) | (863,927) | ||||||||||||||
| Financing Activities: | |||||||||||||||||
| Cash Dividends on Common Stock | (69,500) | (341,800) | (60,000) | ||||||||||||||
| Cash Dividends on Preferred Stock | (5,559) | (5,559) | (5,559) | ||||||||||||||
| (Decrease)/Increase in Notes Payable to Eversource Parent | (63,800) | 63,800 | (69,500) | ||||||||||||||
| Issuance of Long-Term Debt | 400,000 | 500,000 | 500,000 | ||||||||||||||
| Retirement of Long-Term Debt | — | (250,000) | (300,000) | ||||||||||||||
| Capital Contributions from Eversource Parent | 275,000 | 125,000 | 300,000 | ||||||||||||||
| Other Financing Activities | (4,976) | 12,291 | (7,091) | ||||||||||||||
| Net Cash Flows Provided by Financing Activities | 531,165 | 103,732 | 357,850 | ||||||||||||||
| Increase/(Decrease) in Cash and Restricted Cash | 94,838 | (86,642) | 81,994 | ||||||||||||||
| Cash and Restricted Cash - Beginning of Year | 4,971 | 91,613 | 9,619 | ||||||||||||||
| Cash and Restricted Cash - End of Year | $ | 99,809 | $ | 4,971 | $ | 91,613 | |||||||||||
| As of December 31, | |||||||||||
| (Thousands of Dollars) | 2020 | 2019 | |||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash | $ | 102 | $ | 52 | |||||||
|
Receivables, Net (net of allowance for uncollectible accounts of $91,583 and $75,406 as of December 31, 2020 and 2019, respectively)
|
403,045 | 346,785 | |||||||||
| Accounts Receivable from Affiliated Companies | 30,095 | 29,914 | |||||||||
| Unbilled Revenues | 38,342 | 37,482 | |||||||||
| Materials, Supplies and REC Inventory | 133,894 | 124,060 | |||||||||
| Taxes Receivable | 65,051 | 20,408 | |||||||||
| Regulatory Assets | 399,882 | 285,591 | |||||||||
| Prepayments and Other Current Assets | 21,833 | 10,742 | |||||||||
| Total Current Assets | 1,092,244 | 855,034 | |||||||||
| Property, Plant and Equipment, Net | 10,123,062 | 9,472,770 | |||||||||
| Deferred Debits and Other Assets: | |||||||||||
| Regulatory Assets | 1,304,019 | 1,250,029 | |||||||||
| Prepaid PBOP | 204,138 | 166,058 | |||||||||
| Other Long-Term Assets | 162,836 | 144,368 | |||||||||
| Total Deferred Debits and Other Assets | 1,670,993 | 1,560,455 | |||||||||
| Total Assets | $ | 12,886,299 | $ | 11,888,259 | |||||||
| LIABILITIES AND CAPITALIZATION | |||||||||||
| Current Liabilities: | |||||||||||
| Notes Payable | $ | 195,000 | $ | 10,500 | |||||||
| Notes Payable to Eversource Parent | 21,300 | 30,300 | |||||||||
|
Long-Term Debt – Current Portion
|
250,000 | 95,000 | |||||||||
| Accounts Payable | 383,558 | 363,691 | |||||||||
| Accounts Payable to Affiliated Companies | 95,703 | 96,307 | |||||||||
| Obligations to Third Party Suppliers | 98,572 | 108,827 | |||||||||
| Renewable Portfolio Standards Compliance Obligations | 127,536 | 150,429 | |||||||||
| Regulatory Liabilities | 164,761 | 209,180 | |||||||||
| Other Current Liabilities | 72,118 | 71,333 | |||||||||
| Total Current Liabilities | 1,408,548 | 1,135,567 | |||||||||
| Deferred Credits and Other Liabilities: | |||||||||||
| Accumulated Deferred Income Taxes | 1,459,906 | 1,357,265 | |||||||||
| Regulatory Liabilities | 1,550,390 | 1,516,585 | |||||||||
| Accrued Pension and SERP | 172,571 | 108,243 | |||||||||
| Other Long-Term Liabilities | 337,245 | 320,629 | |||||||||
| Total Deferred Credits and Other Liabilities | 3,520,112 | 3,302,722 | |||||||||
| Long-Term Debt | 3,393,221 | 3,247,086 | |||||||||
| Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 | |||||||||
| Common Stockholder's Equity: | |||||||||||
| Common Stock | — | — | |||||||||
| Capital Surplus, Paid In | 1,993,942 | 1,813,442 | |||||||||
| Retained Earnings | 2,527,167 | 2,346,287 | |||||||||
| Accumulated Other Comprehensive Income | 309 | 155 | |||||||||
| Common Stockholder's Equity | 4,521,418 | 4,159,884 | |||||||||
| Commitments and Contingencies (Note 13) | |||||||||||
| Total Liabilities and Capitalization | $ | 12,886,299 | $ | 11,888,259 | |||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Thousands of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Operating Revenues | $ | 2,941,148 | $ | 3,044,642 | $ | 3,112,926 | |||||||||||
| Operating Expenses: | |||||||||||||||||
| Purchased Power and Transmission | 879,244 | 1,064,289 | 1,257,073 | ||||||||||||||
| Operations and Maintenance | 534,118 | 468,436 | 462,100 | ||||||||||||||
| Depreciation | 319,468 | 296,500 | 276,372 | ||||||||||||||
| Amortization of Regulatory Assets, Net | 83,248 | 103,735 | 46,654 | ||||||||||||||
| Energy Efficiency Programs | 263,986 | 289,206 | 292,288 | ||||||||||||||
| Taxes Other Than Income Taxes | 206,764 | 195,586 | 194,316 | ||||||||||||||
| Total Operating Expenses | 2,286,828 | 2,417,752 | 2,528,803 | ||||||||||||||
| Operating Income | 654,320 | 626,890 | 584,123 | ||||||||||||||
| Interest Expense | 130,508 | 114,198 | 105,193 | ||||||||||||||
| Other Income, Net | 52,017 | 44,577 | 53,066 | ||||||||||||||
| Income Before Income Tax Expense | 575,829 | 557,269 | 531,996 | ||||||||||||||
| Income Tax Expense | 130,828 | 125,313 | 148,906 | ||||||||||||||
| Net Income | $ | 445,001 | $ | 431,956 | $ | 383,090 | |||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Thousands of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Net Income | $ | 445,001 | $ | 431,956 | $ | 383,090 | |||||||||||
| Other Comprehensive Income, Net of Tax: | |||||||||||||||||
| Changes in Funded Status of SERP Benefit Plan | (286) | 1,084 | 13 | ||||||||||||||
| Qualified Cash Flow Hedging Instruments | 437 | 437 | 437 | ||||||||||||||
| Changes in Unrealized Gains/(Losses) on Marketable Securities | 3 | 12 | (5) | ||||||||||||||
| Other Comprehensive Income, Net of Tax | 154 | 1,533 | 445 | ||||||||||||||
| Comprehensive Income | $ | 445,155 | $ | 433,489 | $ | 383,535 | |||||||||||
| 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, 2018 | 200 | $ | — | $ | 1,502,942 | $ | 1,944,961 | $ | (1,823) | $ | 3,446,080 | ||||||||||||||||||||||||
| Net Income | 383,090 | 383,090 | |||||||||||||||||||||||||||||||||
| Dividends on Preferred Stock | (1,960) | (1,960) | |||||||||||||||||||||||||||||||||
| Dividends on Common Stock | (228,000) | (228,000) | |||||||||||||||||||||||||||||||||
| Capital Contributions from Eversource Parent | 130,500 | 130,500 | |||||||||||||||||||||||||||||||||
| Other Comprehensive Income | 445 | 445 | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2018 | 200 | — | 1,633,442 | 2,098,091 | (1,378) | 3,730,155 | |||||||||||||||||||||||||||||
| Net Income | 431,956 | 431,956 | |||||||||||||||||||||||||||||||||
| Dividends on Preferred Stock | (1,960) | (1,960) | |||||||||||||||||||||||||||||||||
| Dividends on Common Stock | (181,800) | (181,800) | |||||||||||||||||||||||||||||||||
| Capital Contributions from Eversource Parent | 180,000 | 180,000 | |||||||||||||||||||||||||||||||||
| Other Comprehensive Income | 1,533 | 1,533 | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 | 200 | — | 1,813,442 | 2,346,287 | 155 | 4,159,884 | |||||||||||||||||||||||||||||
| Net Income | 445,001 | 445,001 | |||||||||||||||||||||||||||||||||
| Dividends on Preferred Stock | (1,960) | (1,960) | |||||||||||||||||||||||||||||||||
| Dividends on Common Stock | (262,000) | (262,000) | |||||||||||||||||||||||||||||||||
| Capital Contributions from Eversource Parent | 180,500 | 180,500 | |||||||||||||||||||||||||||||||||
| Adoption of New Accounting Standard (See Note 1C) | (161) | (161) | |||||||||||||||||||||||||||||||||
| Other Comprehensive Income | 154 | 154 | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2020 | 200 | $ | — | $ | 1,993,942 | $ | 2,527,167 | $ | 309 | $ | 4,521,418 | ||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Thousands of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Operating Activities: | |||||||||||||||||
| Net Income | $ | 445,001 | $ | 431,956 | $ | 383,090 | |||||||||||
| Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||||||||||||
| Depreciation | 319,468 | 296,500 | 276,372 | ||||||||||||||
| Deferred Income Taxes | 72,595 | 27,107 | 41,438 | ||||||||||||||
| Pension, SERP and PBOP Income, Net | (18,132) | (12,399) | (21,521) | ||||||||||||||
| Pension and PBOP Contributions | (650) | (6,359) | (61,751) | ||||||||||||||
| Regulatory (Under)/Over Recoveries, Net | (186,081) | (60,863) | 149,647 | ||||||||||||||
| Amortization of Regulatory Assets, Net | 83,248 | 103,735 | 46,654 | ||||||||||||||
| Uncollectible Expense | 15,293 | 25,079 | 22,279 | ||||||||||||||
| Other | (62,054) | (78,220) | (65,523) | ||||||||||||||
| Changes in Current Assets and Liabilities: | |||||||||||||||||
| Receivables and Unbilled Revenues, Net | (81,571) | (11,087) | (26,403) | ||||||||||||||
| Materials, Supplies and REC Inventory | (9,834) | (9,858) | (18,685) | ||||||||||||||
| Taxes Receivable/Accrued, Net | (44,045) | 14,147 | (33,900) | ||||||||||||||
| Accounts Payable | 25,573 | (22,659) | 37,140 | ||||||||||||||
| Other Current Assets and Liabilities, Net | (32,997) | 1,194 | 51,674 | ||||||||||||||
| Net Cash Flows Provided by Operating Activities | 525,814 | 698,273 | 780,511 | ||||||||||||||
| Investing Activities: | |||||||||||||||||
| Investments in Property, Plant and Equipment | (907,000) | (861,391) | (725,766) | ||||||||||||||
| Other Investing Activities | 159 | 86 | 58 | ||||||||||||||
| Net Cash Flows Used in Investing Activities | (906,841) | (861,305) | (725,708) | ||||||||||||||
| Financing Activities: | |||||||||||||||||
| Cash Dividends on Common Stock | (262,000) | (181,800) | (228,000) | ||||||||||||||
| Cash Dividends on Preferred Stock | (1,960) | (1,960) | (1,960) | ||||||||||||||
| Increase/(Decrease) in Short-Term Debt | 184,500 | (268,000) | 44,500 | ||||||||||||||
| (Decrease)/Increase in Notes Payable to Eversource Parent | (9,000) | 30,300 | — | ||||||||||||||
| Capital Contributions from Eversource Parent | 180,500 | 180,000 | 130,500 | ||||||||||||||
| Issuance of Long-Term Debt | 400,000 | 400,000 | — | ||||||||||||||
| Retirement of Long-Term Debt | (95,000) | — | — | ||||||||||||||
| Other Financing Activities | (4,915) | (3,855) | 108 | ||||||||||||||
| Net Cash Flows Provided by/(Used in) Financing Activities | 392,125 | 154,685 | (54,852) | ||||||||||||||
| Net Increase/(Decrease) in Cash and Restricted Cash | 11,098 | (8,347) | (49) | ||||||||||||||
| Cash and Restricted Cash - Beginning of Year | 6,312 | 14,659 | 14,708 | ||||||||||||||
| Cash and Restricted Cash - End of Year | $ | 17,410 | $ | 6,312 | $ | 14,659 | |||||||||||
| As of December 31, | |||||||||||
| (Thousands of Dollars) | 2020 | 2019 | |||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash | $ | 141 | $ | 413 | |||||||
|
Receivables, Net (net of allowance for uncollectible accounts of $17,157 and $10,497 as of December 31, 2020 and 2019, respectively)
|
119,899 | 99,934 | |||||||||
| Accounts Receivable from Affiliated Companies | 10,925 | 6,763 | |||||||||
| Unbilled Revenues | 46,041 | 48,146 | |||||||||
| Materials, Supplies and REC Inventory | 26,829 | 24,957 | |||||||||
| Regulatory Assets | 115,852 | 84,053 | |||||||||
| Special Deposits | 36,767 | 32,513 | |||||||||
| Prepaid Property Taxes | 26,257 | 15,768 | |||||||||
| Prepayments and Other Current Assets | 10,788 | 3,663 | |||||||||
| Total Current Assets | 393,499 | 316,210 | |||||||||
| Property, Plant and Equipment, Net | 3,374,270 | 3,129,506 | |||||||||
| Deferred Debits and Other Assets: | |||||||||||
| Regulatory Assets | 873,203 | 861,672 | |||||||||
| Other Long-Term Assets | 23,733 | 43,270 | |||||||||
| Total Deferred Debits and Other Assets | 896,936 | 904,942 | |||||||||
| Total Assets | $ | 4,664,705 | $ | 4,350,658 | |||||||
| LIABILITIES AND CAPITALIZATION | |||||||||||
| Current Liabilities: | |||||||||||
| Notes Payable to Eversource Parent | $ | 46,300 | $ | 27,000 | |||||||
|
Long-Term Debt – Current Portion
|
282,000 | — | |||||||||
|
Rate Reduction Bonds – Current Portion
|
43,210 | 43,210 | |||||||||
| Accounts Payable | 132,635 | 127,081 | |||||||||
| Accounts Payable to Affiliated Companies | 43,397 | 37,946 | |||||||||
| Regulatory Liabilities | 58,756 | 65,766 | |||||||||
| Accrued Interest | 19,671 | 19,138 | |||||||||
| Other Current Liabilities | 38,816 | 32,736 | |||||||||
| Total Current Liabilities | 664,785 | 352,877 | |||||||||
| Deferred Credits and Other Liabilities: | |||||||||||
| Accumulated Deferred Income Taxes | 537,627 | 506,212 | |||||||||
| Regulatory Liabilities | 383,183 | 413,381 | |||||||||
| Accrued Pension, SERP and PBOP | 184,715 | 157,638 | |||||||||
| Other Long-Term Liabilities | 37,874 | 37,075 | |||||||||
| Total Deferred Credits and Other Liabilities | 1,143,399 | 1,114,306 | |||||||||
| Long-Term Debt | 817,070 | 951,620 | |||||||||
| Rate Reduction Bonds | 496,912 | 540,122 | |||||||||
| Common Stockholder's Equity: | |||||||||||
| Common Stock | — | — | |||||||||
| Capital Surplus, Paid In | 928,134 | 903,134 | |||||||||
| Retained Earnings | 615,018 | 490,306 | |||||||||
| Accumulated Other Comprehensive Loss | (613) | (1,707) | |||||||||
| Common Stockholder's Equity | 1,542,539 | 1,391,733 | |||||||||
| Commitments and Contingencies (Note 13) | |||||||||||
| Total Liabilities and Capitalization | $ | 4,664,705 | $ | 4,350,658 | |||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Thousands of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Operating Revenues | $ | 1,079,095 | $ | 1,065,936 | $ | 1,047,619 | |||||||||||
| Operating Expenses: | |||||||||||||||||
| Purchased Power and Transmission | 364,067 | 398,449 | 370,246 | ||||||||||||||
| Operations and Maintenance | 219,325 | 210,995 | 210,541 | ||||||||||||||
| Depreciation | 100,372 | 93,737 | 92,055 | ||||||||||||||
| Amortization of Regulatory Assets, Net | 52,804 | 57,732 | 80,978 | ||||||||||||||
| Energy Efficiency Programs | 37,583 | 25,982 | 20,105 | ||||||||||||||
| Taxes Other Than Income Taxes | 81,611 | 62,574 | 77,280 | ||||||||||||||
| Total Operating Expenses | 855,762 | 849,469 | 851,205 | ||||||||||||||
| Operating Income | 223,333 | 216,467 | 196,414 | ||||||||||||||
| Interest Expense | 58,127 | 60,666 | 60,634 | ||||||||||||||
| Other Income, Net | 13,786 | 19,222 | 27,672 | ||||||||||||||
| Income Before Income Tax Expense | 178,992 | 175,023 | 163,452 | ||||||||||||||
| Income Tax Expense | 31,680 | 40,975 | 47,576 | ||||||||||||||
| Net Income | $ | 147,312 | $ | 134,048 | $ | 115,876 | |||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Thousands of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Net Income | $ | 147,312 | $ | 134,048 | $ | 115,876 | |||||||||||
| Other Comprehensive Income, Net of Tax: | |||||||||||||||||
| Qualified Cash Flow Hedging Instruments | 1,075 | 1,075 | 1,104 | ||||||||||||||
| Changes in Unrealized Gains/(Losses) on Marketable Securities | 19 | 69 | (33) | ||||||||||||||
| Other Comprehensive Income, Net of Tax | 1,094 | 1,144 | 1,071 | ||||||||||||||
| Comprehensive Income | $ | 148,406 | $ | 135,192 | $ | 116,947 | |||||||||||
| 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, 2018 | 301 | $ | — | $ | 843,134 | $ | 511,382 | $ | (3,922) | $ | 1,350,594 | ||||||||||||||||||||||||
| Net Income | 115,876 | 115,876 | |||||||||||||||||||||||||||||||||
| Return of Capital | (530,000) | (530,000) | |||||||||||||||||||||||||||||||||
| Capital Contributions from Eversource Parent | 365,000 | 365,000 | |||||||||||||||||||||||||||||||||
| Other Comprehensive Income | 1,071 | 1,071 | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2018 | 301 | — | 678,134 | 627,258 | (2,851) | 1,302,541 | |||||||||||||||||||||||||||||
| Net Income | 134,048 | 134,048 | |||||||||||||||||||||||||||||||||
| Dividends on Common Stock | (271,000) | (271,000) | |||||||||||||||||||||||||||||||||
| Capital Contributions from Eversource Parent | 225,000 | 225,000 | |||||||||||||||||||||||||||||||||
| Other Comprehensive Income | 1,144 | 1,144 | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 | 301 | — | 903,134 | 490,306 | (1,707) | 1,391,733 | |||||||||||||||||||||||||||||
| Net Income | 147,312 | 147,312 | |||||||||||||||||||||||||||||||||
| Dividends on Common Stock | (22,300) | (22,300) | |||||||||||||||||||||||||||||||||
| Capital Contributions from Eversource Parent | 25,000 | 25,000 | |||||||||||||||||||||||||||||||||
| Adoption of New Accounting Standard (See Note 1C) | (300) | (300) | |||||||||||||||||||||||||||||||||
| Other Comprehensive Income | 1,094 | 1,094 | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2020 | 301 | $ | — | $ | 928,134 | $ | 615,018 | $ | (613) | $ | 1,542,539 | ||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Thousands of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Operating Activities: | |||||||||||||||||
| Net Income | $ | 147,312 | $ | 134,048 | $ | 115,876 | |||||||||||
| Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||||||||||||
| Depreciation | 100,372 | 93,737 | 92,055 | ||||||||||||||
| Deferred Income Taxes | 7,337 | 15,917 | 35,924 | ||||||||||||||
| Uncollectible Expense | 5,164 | 6,726 | 6,383 | ||||||||||||||
| Pension, SERP and PBOP (Income)/Expense, Net | (1,255) | 417 | 754 | ||||||||||||||
| Pension Contributions | (19,500) | (15,400) | — | ||||||||||||||
| Regulatory Underrecoveries, Net | (45,830) | (26,288) | (27,264) | ||||||||||||||
| Amortization of Regulatory Assets, Net | 52,804 | 57,732 | 80,978 | ||||||||||||||
| Other | (4,842) | (28,228) | (15,363) | ||||||||||||||
| Changes in Current Assets and Liabilities: | |||||||||||||||||
| Receivables and Unbilled Revenues, Net | (33,612) | (210) | (19,307) | ||||||||||||||
| Materials, Supplies and REC Inventory | (1,872) | 1,902 | 16,928 | ||||||||||||||
| Taxes Receivable/Accrued, Net | (6,942) | 25,374 | (19,970) | ||||||||||||||
| Accounts Payable | 27,270 | 12,281 | (10,147) | ||||||||||||||
| Other Current Assets and Liabilities, Net | (7,738) | (3,573) | 3,028 | ||||||||||||||
| Net Cash Flows Provided by Operating Activities | 218,668 | 274,435 | 259,875 | ||||||||||||||
| Investing Activities: | |||||||||||||||||
| Investments in Property, Plant and Equipment | (342,586) | (308,993) | (323,910) | ||||||||||||||
| Proceeds from the Sale of Generation Assets | — | — | 193,924 | ||||||||||||||
| Proceeds from the Sale of Property | — | — | 4,782 | ||||||||||||||
| Other Investing Activities | 982 | 1,023 | 437 | ||||||||||||||
| Net Cash Flows Used in Investing Activities | (341,604) | (307,970) | (124,767) | ||||||||||||||
| Financing Activities: | |||||||||||||||||
| Cash Dividends on Common Stock | (22,300) | (271,000) | (150,000) | ||||||||||||||
| Increase/(Decrease) in Notes Payable to Eversource Parent | 19,300 | (30,000) | (205,900) | ||||||||||||||
| Issuance of Long-Term Debt | 150,000 | 300,000 | — | ||||||||||||||
| Retirement of Long-Term Debt | — | (150,000) | (199,250) | ||||||||||||||
| (Repayment)/Issuance of Rate Reduction Bonds | (43,210) | (52,332) | 635,663 | ||||||||||||||
| Return of Capital | — | — | (530,000) | ||||||||||||||
| Capital Contributions from Eversource Parent | 25,000 | 225,000 | 365,000 | ||||||||||||||
| Other Financing Activities | (2,987) | (4,168) | (89) | ||||||||||||||
| Net Cash Flows Provided by/(Used in) Financing Activities | 125,803 | 17,500 | (84,576) | ||||||||||||||
| Net Increase/(Decrease) in Cash and Restricted Cash | 2,867 | (16,035) | 50,532 | ||||||||||||||
| Cash and Restricted Cash - Beginning of Year | 36,688 | 52,723 | 2,191 | ||||||||||||||
| Cash and Restricted Cash - End of Year | $ | 39,555 | $ | 36,688 | $ | 52,723 | |||||||||||
| As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance | $ | 143.3 | $ | 81.5 | $ | 224.8 | $ | 80.1 | $ | 17.2 | $ | 97.3 | $ | 43.9 | $ | 31.5 | $ | 75.4 | $ | 10.5 | |||||||||||||||||||||||||||||||||||||||
| ASU 2016-13 Implementation Impact on January 1, 2020 | 21.6 | 2.2 | 23.8 | 21.3 | 0.9 | 22.2 | (1.6) | 0.3 | (1.3) | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Increase due to CMA asset acquisition | — | 24.2 | 24.2 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Uncollectible Expense (1)
|
— | 53.5 | 53.5 | — | 12.9 | 12.9 | — | 15.3 | 15.3 | 5.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Uncollectible Costs Deferred (2)
|
43.1 | 53.9 | 97.0 | 38.2 | 10.8 | 49.0 | (1.7) | 26.4 | 24.7 | 7.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Write-Offs | (14.7) | (63.3) | (78.0) | (11.9) | (17.8) | (29.7) | (0.9) | (26.3) | (27.2) | (6.9) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Recoveries Collected | 1.5 | 12.1 | 13.6 | 1.4 | 4.3 | 5.7 | — | 4.7 | 4.7 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance | $ | 194.8 | $ | 164.1 | $ | 358.9 | $ | 129.1 | $ | 28.3 | $ | 157.4 | $ | 39.7 | $ | 51.9 | $ | 91.6 | $ | 17.2 | |||||||||||||||||||||||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||
| Fuel | $ | 38.2 | $ | — | $ | — | $ | — | $ | 26.7 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
| Materials and Supplies | 151.3 | 57.9 | 62.1 | 22.5 | 132.9 | 50.7 | 54.7 | 18.5 | |||||||||||||||||||||||||||||||||||||||
| RECs | 76.1 | — | 71.8 | 4.3 | 75.9 | — | 69.4 | 6.5 | |||||||||||||||||||||||||||||||||||||||
| Total | $ | 265.6 | $ | 57.9 | $ | 133.9 | $ | 26.8 | $ | 235.5 | $ | 50.7 | $ | 124.1 | $ | 25.0 | |||||||||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Eversource - Natural Gas and Fuel | $ | 464.2 | $ | 462.1 | $ | 442.6 | |||||||||||
|
PSNH - Fuel (1)
|
— | — | 7.9 | ||||||||||||||
| Eversource | For the Years Ended December 31, | ||||||||||||||||
| (Millions of Dollars, except percentages) | 2020 | 2019 | 2018 | ||||||||||||||
| Borrowed Funds | $ | 23.7 | $ | 25.6 | $ | 19.7 | |||||||||||
| Equity Funds | 42.0 | 45.0 | 44.0 | ||||||||||||||
| Total AFUDC | $ | 65.7 | $ | 70.6 | $ | 63.7 | |||||||||||
| Average AFUDC Rate | 5.0 | % | 5.4 | % | 4.9 | % | |||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
(Millions of Dollars,
except percentages) |
CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | ||||||||||||||||||||||||||||||||||||||||||||
| Borrowed Funds | $ | 6.6 | $ | 9.1 | $ | 2.1 | $ | 7.1 | $ | 10.4 | $ | 2.8 | $ | 6.3 | $ | 7.8 | $ | 1.3 | |||||||||||||||||||||||||||||||||||
| Equity Funds | 13.8 | 21.5 | 4.2 | 13.2 | 19.8 | 3.4 | 12.2 | 15.6 | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total AFUDC | $ | 20.4 | $ | 30.6 | $ | 6.3 | $ | 20.3 | $ | 30.2 | $ | 6.2 | $ | 18.5 | $ | 23.4 | $ | 1.3 | |||||||||||||||||||||||||||||||||||
| Average AFUDC Rate | 5.9 | % | 5.7 | % | 4.7 | % | 6.3 | % | 5.7 | % | 4.6 | % | 5.8 | % | 5.0 | % | 0.7 | % | |||||||||||||||||||||||||||||||||||
| Eversource | For the Years Ended December 31, | ||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Pension, SERP and PBOP Non-Service Income Components | $ | 44.4 | $ | 31.3 | $ | 60.8 | |||||||||||
| AFUDC Equity | 42.0 | 45.0 | 44.0 | ||||||||||||||
|
Equity in Earnings of Unconsolidated Affiliates (1)
|
14.2 | 42.2 | 3.8 | ||||||||||||||
| Investment Income/(Loss) | 1.1 | 0.8 | (4.0) | ||||||||||||||
| Interest Income | 4.8 | 12.8 | 18.1 | ||||||||||||||
| Gains on Sales of Property | 1.8 | 0.3 | 5.1 | ||||||||||||||
| Other | 0.3 | 0.4 | 0.6 | ||||||||||||||
| Total Other Income, Net | $ | 108.6 | $ | 132.8 | $ | 128.4 | |||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | ||||||||||||||||||||||||||||||||||||||||||||
|
Pension, SERP and PBOP Non-Service
Income Components |
$ | 3.8 | $ | 29.3 | $ | 7.0 | $ | 0.5 | $ | 23.5 | $ | 4.9 | $ | 9.5 | $ | 36.0 | $ | 9.9 | |||||||||||||||||||||||||||||||||||
| AFUDC Equity | 13.8 | 21.5 | 4.2 | 13.2 | 19.8 | 3.4 | 12.2 | 15.6 | — | ||||||||||||||||||||||||||||||||||||||||||||
| Equity in Earnings of Unconsolidated Affiliates | — | 0.4 | — | 0.1 | 0.7 | — | 0.1 | 0.7 | — | ||||||||||||||||||||||||||||||||||||||||||||
| Investment Income/(Loss) | 1.1 | (0.8) | 0.1 | 2.3 | (0.4) | 0.3 | (3.0) | (0.5) | (0.8) | ||||||||||||||||||||||||||||||||||||||||||||
| Interest Income | 2.0 | 0.9 | 2.4 | 1.5 | 0.7 | 10.5 | 3.7 | 0.8 | 14.1 | ||||||||||||||||||||||||||||||||||||||||||||
| Gains on Sales of Property | — | 0.3 | — | — | 0.1 | — | — | 0.5 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||
| Other | 0.1 | 0.4 | 0.1 | (0.1) | 0.2 | 0.1 | 0.2 | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
| Total Other Income, Net | $ | 20.8 | $ | 52.0 | $ | 13.8 | $ | 17.5 | $ | 44.6 | $ | 19.2 | $ | 22.7 | $ | 53.1 | $ | 27.7 | |||||||||||||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Eversource | $ | 170.6 | $ | 163.1 | $ | 161.9 | |||||||||||
| CL&P | 149.9 | 141.1 | 141.4 | ||||||||||||||
|
Eversource
(Millions of Dollars)
|
As of and For the Years Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Cash Paid During the Year for: | |||||||||||||||||
| Interest, Net of Amounts Capitalized | $ | 518.0 | $ | 532.4 | $ | 503.2 | |||||||||||
| Income Taxes | 48.9 | 56.0 | 158.8 | ||||||||||||||
| Non-Cash Investing Activities: | |||||||||||||||||
| Plant Additions Included in Accounts Payable (As of) | 367.2 | 379.4 | 389.3 | ||||||||||||||
| As of and For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | ||||||||||||||||||||||||||||||||||||||||||||
| Cash Paid During the Year for: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest, Net of Amounts Capitalized | $ | 149.0 | $ | 129.4 | $ | 54.5 | $ | 144.6 | $ | 121.9 | $ | 56.9 | $ | 149.7 | $ | 122.1 | $ | 40.5 | |||||||||||||||||||||||||||||||||||
| Income Taxes | 10.9 | 110.7 | 34.2 | 80.6 | 77.9 | 3.4 | 66.1 | 120.0 | 27.3 | ||||||||||||||||||||||||||||||||||||||||||||
| Non-Cash Investing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plant Additions Included in Accounts Payable (As of) | 101.8 | 103.2 | 33.3 | 111.3 | 116.4 | 49.9 | 106.1 | 116.5 | 35.1 | ||||||||||||||||||||||||||||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||
| Cash as reported on the Balance Sheets | $ | 106.6 | $ | 90.8 | $ | 0.1 | $ | 0.1 | $ | 15.4 | $ | — | $ | 0.1 | $ | 0.4 | |||||||||||||||||||||||||||||||
| Restricted cash included in: | |||||||||||||||||||||||||||||||||||||||||||||||
| Special Deposits | 73.6 | 8.7 | 17.2 | 36.8 | 52.5 | 4.6 | 6.2 | 32.5 | |||||||||||||||||||||||||||||||||||||||
| Marketable Securities | 41.2 | 0.3 | 0.1 | 0.6 | 46.0 | 0.4 | — | 0.6 | |||||||||||||||||||||||||||||||||||||||
| Other Long-Term Assets | 43.6 | — | — | 2.1 | 3.2 | — | — | 3.2 | |||||||||||||||||||||||||||||||||||||||
|
Cash and Restricted Cash reported on the
Statements of Cash Flows |
$ | 265.0 | $ | 99.8 | $ | 17.4 | $ | 39.6 | $ | 117.1 | $ | 5.0 | $ | 6.3 | $ | 36.7 | |||||||||||||||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||
| Benefit Costs | $ | 2,794.2 | $ | 632.3 | $ | 690.0 | $ | 267.6 | $ | 2,382.9 | $ | 539.0 | $ | 629.8 | $ | 218.2 | |||||||||||||||||||||||||||||||
| Income Taxes, Net | 747.1 | 458.9 | 110.4 | 15.2 | 725.8 | 458.8 | 108.0 | 12.8 | |||||||||||||||||||||||||||||||||||||||
| Securitized Stranded Costs | 522.1 | — | — | 522.1 | 565.3 | — | — | 565.3 | |||||||||||||||||||||||||||||||||||||||
| Storm Restoration Costs, Net | 765.6 | 515.1 | 186.4 | 64.1 | 540.6 | 274.6 | 200.6 | 65.4 | |||||||||||||||||||||||||||||||||||||||
| Regulatory Tracker Mechanisms | 850.5 | 246.6 | 332.2 | 95.3 | 411.5 | 78.3 | 207.1 | 65.8 | |||||||||||||||||||||||||||||||||||||||
| Derivative Liabilities | 296.3 | 293.1 | — | — | 334.5 | 329.2 | — | — | |||||||||||||||||||||||||||||||||||||||
| Goodwill-related | 314.7 | — | 270.2 | — | 331.5 | — | 284.6 | — | |||||||||||||||||||||||||||||||||||||||
| Asset Retirement Obligations | 118.4 | 32.1 | 58.6 | 3.9 | 97.2 | 30.8 | 50.3 | 3.6 | |||||||||||||||||||||||||||||||||||||||
| Other Regulatory Assets | 161.0 | 33.7 | 56.1 | 20.9 | 125.4 | 25.2 | 55.2 | 14.7 | |||||||||||||||||||||||||||||||||||||||
| Total Regulatory Assets | 6,569.9 | 2,211.8 | 1,703.9 | 989.1 | 5,514.7 | 1,735.9 | 1,535.6 | 945.8 | |||||||||||||||||||||||||||||||||||||||
| Less: Current Portion | 1,076.6 | 345.6 | 399.9 | 115.9 | 651.1 | 178.6 | 285.6 | 84.1 | |||||||||||||||||||||||||||||||||||||||
| Total Long-Term Regulatory Assets | $ | 5,493.3 | $ | 1,866.2 | $ | 1,304.0 | $ | 873.2 | $ | 4,863.6 | $ | 1,557.3 | $ | 1,250.0 | $ | 861.7 | |||||||||||||||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| (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 | $ | 2,778.6 | $ | 1,010.7 | $ | 1,044.0 | $ | 371.5 | $ | 2,844.6 | $ | 1,022.8 | $ | 1,071.2 | $ | 392.8 | |||||||||||||||||||||||||||||||
| Cost of Removal | 624.8 | 98.4 | 363.6 | 12.9 | 559.8 | 64.6 | 330.6 | 16.3 | |||||||||||||||||||||||||||||||||||||||
| Benefit Costs | 83.6 | — | 72.5 | — | 84.5 | — | 72.2 | — | |||||||||||||||||||||||||||||||||||||||
| Regulatory Tracker Mechanisms | 366.5 | 148.9 | 139.7 | 47.8 | 325.1 | 94.8 | 165.6 | 57.0 | |||||||||||||||||||||||||||||||||||||||
| AFUDC - Transmission | 76.8 | 44.6 | 32.2 | — | 73.2 | 46.0 | 27.2 | — | |||||||||||||||||||||||||||||||||||||||
| Other Regulatory Liabilities | 309.9 | 39.5 | 63.2 | 9.8 | 132.0 | 19.6 | 59.0 | 13.1 | |||||||||||||||||||||||||||||||||||||||
| Total Regulatory Liabilities | 4,240.2 | 1,342.1 | 1,715.2 | 442.0 | 4,019.2 | 1,247.8 | 1,725.8 | 479.2 | |||||||||||||||||||||||||||||||||||||||
| Less: Current Portion | 389.4 | 137.2 | 164.8 | 58.8 | 361.2 | 82.8 | 209.2 | 65.8 | |||||||||||||||||||||||||||||||||||||||
| Total Long-Term Regulatory Liabilities | $ | 3,850.8 | $ | 1,204.9 | $ | 1,550.4 | $ | 383.2 | $ | 3,658.0 | $ | 1,165.0 | $ | 1,516.6 | $ | 413.4 | |||||||||||||||||||||||||||||||
| Eversource | As of December 31, | ||||||||||
| (Millions of Dollars) | 2020 | 2019 | |||||||||
| Distribution - Electric | $ | 16,703.2 | $ | 15,880.0 | |||||||
| Distribution - Natural Gas | 6,111.2 | 3,931.1 | |||||||||
| Transmission - Electric | 11,954.0 | 10,958.4 | |||||||||
| Distribution - Water | 1,743.1 | 1,726.5 | |||||||||
| Solar | 201.5 | 200.2 | |||||||||
| Utility | 36,713.0 | 32,696.2 | |||||||||
|
Other (1)
|
1,269.0 | 1,025.6 | |||||||||
| Property, Plant and Equipment, Gross | 37,982.0 | 33,721.8 | |||||||||
| Less: Accumulated Depreciation | |||||||||||
| Utility | (8,476.3) | (7,483.5) | |||||||||
| Other | (477.6) | (387.4) | |||||||||
| Total Accumulated Depreciation | (8,953.9) | (7,870.9) | |||||||||
| Property, Plant and Equipment, Net | 29,028.1 | 25,850.9 | |||||||||
| Construction Work in Progress | 1,854.4 | 1,734.6 | |||||||||
| Total Property, Plant and Equipment, Net | $ | 30,882.5 | $ | 27,585.5 | |||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | |||||||||||||||||||||||||||||
| Distribution - Electric | $ | 6,820.7 | $ | 7,544.4 | $ | 2,378.4 | $ | 6,485.5 | $ | 7,163.7 | $ | 2,271.1 | |||||||||||||||||||||||
| Transmission - Electric | 5,512.0 | 4,701.3 | 1,742.4 | 5,043.0 | 4,411.9 | 1,498.7 | |||||||||||||||||||||||||||||
| Solar | — | 201.5 | — | — | 200.2 | — | |||||||||||||||||||||||||||||
| Property, Plant and Equipment, Gross | 12,332.7 | 12,447.2 | 4,120.8 | 11,528.5 | 11,775.8 | 3,769.8 | |||||||||||||||||||||||||||||
| Less: Accumulated Depreciation | (2,475.4) | (3,074.1) | (848.9) | (2,385.7) | (2,895.3) | (799.9) | |||||||||||||||||||||||||||||
| Property, Plant and Equipment, Net | 9,857.3 | 9,373.1 | 3,271.9 | 9,142.8 | 8,880.5 | 2,969.9 | |||||||||||||||||||||||||||||
| Construction Work in Progress | 377.3 | 750.0 | 102.4 | 483.0 | 592.3 | 159.6 | |||||||||||||||||||||||||||||
| Total Property, Plant and Equipment, Net | $ | 10,234.6 | $ | 10,123.1 | $ | 3,374.3 | $ | 9,625.8 | $ | 9,472.8 | $ | 3,129.5 | |||||||||||||||||||||||
| (Percent) | 2020 | 2019 | 2018 | ||||||||||||||
| Eversource | 3.0 | % | 3.0 | % | 2.9 | % | |||||||||||
| CL&P | 2.8 | % | 2.8 | % | 2.8 | % | |||||||||||
| NSTAR Electric | 2.8 | % | 2.8 | % | 2.8 | % | |||||||||||
| PSNH | 2.8 | % | 2.8 | % | 2.8 | % | |||||||||||
| As of December 31, 2020 | |||||||||||||||||||||||
| (Years) | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||
| Distribution - Electric | 34.3 | 35.4 | 33.7 | 33.3 | |||||||||||||||||||
| Distribution - Natural Gas | 41.5 | — | — | — | |||||||||||||||||||
| Transmission - Electric | 40.7 | 36.9 | 45.5 | 42.6 | |||||||||||||||||||
| Distribution - Water | 34.1 | — | — | — | |||||||||||||||||||
| Solar | 24.3 | — | 24.3 | — | |||||||||||||||||||
|
Other (1)
|
11.0 | — | — | — | |||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
| (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 | $ | 13.7 | $ | (0.4) | $ | 13.3 | $ | 12.2 | $ | (0.4) | $ | 11.8 | ||||||||||||||||||||||||||||
| Long-Term Derivative Assets: | |||||||||||||||||||||||||||||||||||||||||
| CL&P | Level 3 | 58.7 | (1.8) | 56.9 | 67.5 | (2.1) | 65.4 | ||||||||||||||||||||||||||||||||||
| Current Derivative Liabilities: | |||||||||||||||||||||||||||||||||||||||||
| CL&P | Level 3 | (68.8) | — | (68.8) | (67.8) | — | (67.8) | ||||||||||||||||||||||||||||||||||
| Other | Level 2 | (3.3) | 0.1 | (3.2) | (5.2) | — | (5.2) | ||||||||||||||||||||||||||||||||||
| Long-Term Derivative Liabilities: | |||||||||||||||||||||||||||||||||||||||||
| CL&P | Level 3 | (294.5) | — | (294.5) | (338.6) | — | (338.6) | ||||||||||||||||||||||||||||||||||
| Other | Level 2 | — | — | — | (0.1) | — | (0.1) | ||||||||||||||||||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CL&P | Range |
Weighted Average (1)
|
Period Covered | Range | Period Covered | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capacity Prices | $ | 4.30 | — | 5.30 | $ | 4.63 | per kW-Month | 2024 - 2026 | $ | 3.01 | — | $ | 7.34 | per kW-Month | 2023 - 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Forward Reserve | 0.54 | — | 0.90 | 0.72 | per kW-Month | 2021 - 2024 | 0.80 | — | 1.90 | per kW-Month | 2020 - 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CL&P
(Millions of Dollars)
|
For the Years Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Derivatives, Net: | |||||||||||
| Fair Value as of Beginning of Period | $ | (329.2) | $ | (356.5) | |||||||
| Net Realized/Unrealized Losses Included in Regulatory Assets | (17.9) | (15.0) | |||||||||
| Settlements | 54.0 | 42.3 | |||||||||
| Fair Value as of End of Period | $ | (293.1) | $ | (329.2) | |||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
|
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 | $ | 213.1 | $ | 11.2 | $ | (0.1) | $ | 224.2 | $ | 228.4 | $ | 5.8 | $ | (0.1) | $ | 234.1 | |||||||||||||||||||||||||||||||
|
Eversource
(Millions of Dollars)
|
Amortized
Cost |
Fair
Value |
|||||||||
|
Less than one year (1)
|
$ | 43.6 | $ | 43.6 | |||||||
| One to five years | 57.4 | 59.7 | |||||||||
| Six to ten years | 46.6 | 49.7 | |||||||||
| Greater than ten years | 65.5 | 71.2 | |||||||||
| Total Debt Securities | $ | 213.1 | $ | 224.2 | |||||||
|
Eversource
(Millions of Dollars)
|
As of December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Level 1: | |||||||||||
| Mutual Funds and Equities | $ | 246.0 | $ | 228.5 | |||||||
| Money Market Funds | 41.2 | 46.0 | |||||||||
| Total Level 1 | $ | 287.2 | $ | 274.5 | |||||||
| Level 2: | |||||||||||
| U.S. Government Issued Debt Securities (Agency and Treasury) | $ | 72.9 | $ | 96.8 | |||||||
| Corporate Debt Securities | 63.8 | 44.0 | |||||||||
| Asset-Backed Debt Securities | 11.9 | 12.9 | |||||||||
| Municipal Bonds | 24.0 | 26.7 | |||||||||
| Other Fixed Income Securities | 10.4 | 7.7 | |||||||||
| Total Level 2 | $ | 183.0 | $ | 188.1 | |||||||
| Total Marketable Securities | $ | 470.2 | $ | 462.6 | |||||||
| Investment Balance as of December 31, | |||||||||||||||||
| (Millions of Dollars) | Ownership Interest | 2020 | 2019 | ||||||||||||||
| Offshore Wind Business - North East Offshore and Bay State Wind | 50 | % | $ | 887.1 | $ | 649.3 | |||||||||||
| Natural Gas Pipeline - Algonquin Gas Transmission, LLC | 15 | % | 125.2 | 127.8 | |||||||||||||
| Renewable Energy Investment Fund | 90 | % | 71.6 | 72.4 | |||||||||||||
| Other | various | 23.2 | 22.1 | ||||||||||||||
| Total Investments in Unconsolidated Affiliates | $ | 1,107.1 | $ | 871.6 | |||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P |
NSTAR
Electric |
PSNH | Eversource | CL&P |
NSTAR
Electric |
PSNH | |||||||||||||||||||||||||||||||||||||||
| Balance as of Beginning of Year | $ | 489.5 | $ | 32.0 | $ | 97.5 | $ | 4.2 | $ | 466.2 | $ | 33.5 | $ | 72.4 | $ | 4.0 | |||||||||||||||||||||||||||||||
| Liability Assumed Upon CMA Asset Acquisition | 20.1 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Liabilities Incurred During the Year | 2.1 | — | 2.1 | — | 30.3 | — | 30.3 | — | |||||||||||||||||||||||||||||||||||||||
| Liabilities Settled During the Year | (21.8) | (0.7) | (1.0) | — | (21.3) | (3.6) | — | — | |||||||||||||||||||||||||||||||||||||||
| Accretion | 28.9 | 2.1 | 4.3 | 0.2 | 27.1 | 2.2 | 3.5 | 0.2 | |||||||||||||||||||||||||||||||||||||||
| Revisions in Estimated Cash Flows | (19.1) | — | (11.1) | — | (12.8) | (0.1) | (8.7) | — | |||||||||||||||||||||||||||||||||||||||
| Balance as of End of Year | $ | 499.7 | $ | 33.4 | $ | 91.8 | $ | 4.4 | $ | 489.5 | $ | 32.0 | $ | 97.5 | $ | 4.2 | |||||||||||||||||||||||||||||||
|
Borrowings Outstanding
as of December 31, |
Available Borrowing Capacity as of December 31, | Weighted-Average Interest Rate as of December 31, | |||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
| Eversource Parent Commercial Paper Program | $ | 1,054.3 | $ | 1,224.9 | $ | 945.7 | $ | 225.1 | 0.25 | % | 1.98 | % | |||||||||||||||||||||||
| NSTAR Electric Commercial Paper Program | 195.0 | 10.5 | 455.0 | 639.5 | 0.16 | % | 1.63 | % | |||||||||||||||||||||||||||
|
CL&P
(Millions of Dollars) |
As of December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| First Mortgage Bonds: | |||||||||||
|
7.875% 1994 Series D due 2024
|
$ | 139.8 | $ | 139.8 | |||||||
|
5.750% 2004 Series B due 2034
|
130.0 | 130.0 | |||||||||
|
5.625% 2005 Series B due 2035
|
100.0 | 100.0 | |||||||||
|
6.350% 2006 Series A due 2036
|
250.0 | 250.0 | |||||||||
|
5.750% 2007 Series B due 2037
|
150.0 | 150.0 | |||||||||
|
6.375% 2007 Series D due 2037
|
100.0 | 100.0 | |||||||||
|
2.500% 2013 Series A due 2023
|
400.0 | 400.0 | |||||||||
|
4.300% 2014 Series A due 2044
|
475.0 | 475.0 | |||||||||
|
4.150% 2015 Series A due 2045
|
350.0 | 350.0 | |||||||||
|
3.200% 2017 Series A due 2027
|
500.0 | 500.0 | |||||||||
|
4.000% 2018 Series A due 2048
|
800.0 | 800.0 | |||||||||
|
0.750% 2020 Series A due 2025
|
400.0 | — | |||||||||
| Total First Mortgage Bonds | 3,794.8 | 3,394.8 | |||||||||
| Pollution Control Revenue Bonds: | |||||||||||
|
4.375% Fixed Rate Tax Exempt due 2028
|
120.5 | 120.5 | |||||||||
| Less Amounts due Within One Year | — | — | |||||||||
| Unamortized Premiums and Discounts, Net | 25.9 | 27.8 | |||||||||
| Unamortized Debt Issuance Costs | (26.4) | (25.0) | |||||||||
| CL&P Long-Term Debt | $ | 3,914.8 | $ | 3,518.1 | |||||||
|
NSTAR Electric
(Millions of Dollars) |
As of December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Debentures: | |||||||||||
|
5.750% due 2036
|
$ | 200.0 | $ | 200.0 | |||||||
|
5.500% due 2040
|
300.0 | 300.0 | |||||||||
|
2.375% due 2022
|
400.0 | 400.0 | |||||||||
|
4.400% due 2044
|
300.0 | 300.0 | |||||||||
|
3.250% due 2025
|
250.0 | 250.0 | |||||||||
|
2.700% due 2026
|
250.0 | 250.0 | |||||||||
|
3.200% due 2027
|
700.0 | 700.0 | |||||||||
|
3.250% due 2029
|
400.0 | 400.0 | |||||||||
|
3.950% due 2030
|
400.0 | — | |||||||||
| Total Debentures | 3,200.0 | 2,800.0 | |||||||||
| Notes: | |||||||||||
|
5.900% Senior Notes Series B due 2034
|
50.0 | 50.0 | |||||||||
|
6.700% Senior Notes Series D due 2037
|
40.0 | 40.0 | |||||||||
|
5.100% Senior Notes Series E due 2020
|
— | 95.0 | |||||||||
|
3.500% Senior Notes Series F due 2021
|
250.0 | 250.0 | |||||||||
|
3.880% Senior Notes Series G due 2023
|
80.0 | 80.0 | |||||||||
|
2.750% Senior Notes Series H due 2026
|
50.0 | 50.0 | |||||||||
| Total Notes | 470.0 | 565.0 | |||||||||
| Less Amounts due Within One Year | (250.0) | (95.0) | |||||||||
| Unamortized Premiums and Discounts, Net | (6.8) | (4.1) | |||||||||
| Unamortized Debt Issuance Costs | (20.0) | (18.8) | |||||||||
| NSTAR Electric Long-Term Debt | $ | 3,393.2 | $ | 3,247.1 | |||||||
|
PSNH
(Millions of Dollars) |
As of December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| First Mortgage Bonds: | |||||||||||
|
5.600% Series M due 2035
|
$ | 50.0 | $ | 50.0 | |||||||
|
4.050% Series Q due 2021
|
122.0 | 122.0 | |||||||||
|
3.200% Series R due 2021
|
160.0 | 160.0 | |||||||||
|
3.500% Series S due 2023
|
325.0 | 325.0 | |||||||||
|
3.600% Series T due 2049
|
300.0 | 300.0 | |||||||||
|
2.400% Series U due 2050
|
150.0 | — | |||||||||
| Total First Mortgage Bonds | $ | 1,107.0 | $ | 957.0 | |||||||
| Less Amounts due Within One Year | (282.0) | — | |||||||||
| Unamortized Premiums and Discounts, Net | (1.5) | (0.7) | |||||||||
| Unamortized Debt Issuance Costs | (6.4) | (4.7) | |||||||||
| PSNH Long-Term Debt | $ | 817.1 | $ | 951.6 | |||||||
|
OTHER
(Millions of Dollars) |
As of December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
|
Yankee Gas - First Mortgage Bonds: 2.230% - 8.480% due 2022 - 2050
|
$ | 640.0 | $ | 620.0 | |||||||
|
NSTAR Gas - First Mortgage Bonds: 2.330% - 7.110% due 2025 - 2050
|
500.0 | 460.0 | |||||||||
|
Aquarion - Senior Note 4.000% due 2024
|
360.0 | 360.0 | |||||||||
|
Aquarion - Unsecured Notes 0% - 6.430% due 2021 - 2049
|
335.2 | 335.3 | |||||||||
|
Aquarion - Secured Debt 4.450% - 9.290% due 2022 - 2035
|
35.9 | 68.8 | |||||||||
|
Eversource Parent - Senior Notes 0.800% - 4.250% due 2021 - 2050
|
5,550.0 | 4,000.0 | |||||||||
| Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) | 11.7 | 11.6 | |||||||||
|
Fair Value Adjustment (1)
|
74.7 | 109.1 | |||||||||
|
Less Fair Value Adjustment - Current Portion (1)
|
(31.0) | (31.3) | |||||||||
| Less Amounts due in One Year | (490.2) | (201.1) | |||||||||
| Commercial Paper Classified as Long-Term Debt | — | 346.3 | |||||||||
| Unamortized Premiums and Discounts, Net | 46.5 | (4.1) | |||||||||
| Unamortized Debt Issuance Costs | (32.0) | (20.6) | |||||||||
| Total Other Long-Term Debt | $ | 7,000.8 | $ | 6,054.0 | |||||||
| Total Eversource Long-Term Debt | $ | 15,125.9 | $ | 13,770.8 | |||||||
| (Millions of Dollars) | Issuance/(Repayment) | Issue Date or Repayment Date | Maturity Date |
Use of Proceeds for Issuance/
Repayment Information |
|||||||||||||||||||
| CL&P: | |||||||||||||||||||||||
|
0.75% Series A First Mortgage Bonds
|
$ | 400.0 | December 2020 | December 2025 | Refinanced short-term borrowings, funded capital expenditures and working capital | ||||||||||||||||||
| NSTAR Electric: | |||||||||||||||||||||||
|
3.95% 2020 Debentures
|
400.0 | March 2020 | April 2030 | Refinanced investments in eligible green expenditures, which were previously financed in 2018 and 2019 | |||||||||||||||||||
|
5.10% Series E Senior Notes
|
(95.0) | March 2020 | March 2020 | Paid at maturity | |||||||||||||||||||
| PSNH: | |||||||||||||||||||||||
|
2.40% Series U First Mortgage Bonds
|
150.0 | August 2020 | September 2050 | Refinanced short-term borrowings, funded capital expenditures and working capital | |||||||||||||||||||
| Other: | |||||||||||||||||||||||
|
Eversource Parent 3.45% Series P Senior Notes
|
350.0 | January 2020 | January 2050 | Paid short-term borrowings | |||||||||||||||||||
|
Eversource Parent 3.45% Series P Senior Notes (1)
|
300.0 | August 2020 | January 2050 |
(2)
|
|||||||||||||||||||
|
Eversource Parent 0.80% Series Q Senior Notes
|
300.0 | August 2020 | August 2025 |
(2)
|
|||||||||||||||||||
|
Eversource Parent 1.65% Series R Senior Notes
|
600.0 | August 2020 | August 2030 |
(2)
|
|||||||||||||||||||
|
Eversource Parent 2.50% Series I Senior Notes
|
(450.0) | February 2021 | March 2021 |
Paid on par call date in advance of maturity date
|
|||||||||||||||||||
|
NSTAR Gas 4.46% Series N First Mortgage Bonds
|
(125.0) | January 2020 | January 2020 | Paid at maturity | |||||||||||||||||||
|
NSTAR Gas 2.33% Series R First Mortgage Bonds
|
75.0 | May 2020 | May 2025 | Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes | |||||||||||||||||||
|
NSTAR Gas 3.15% Series S First Mortgage Bonds
|
115.0 | May 2020 | May 2050 | Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes | |||||||||||||||||||
|
NSTAR Gas 9.95% Series J First Mortgage Bonds
|
(25.0) | December 2020 | December 2020 | Paid at maturity | |||||||||||||||||||
|
Yankee Gas 4.87% Series K First Mortgage Bonds
|
(50.0) | April 2020 | April 2020 | Paid at maturity | |||||||||||||||||||
|
Yankee Gas 2.90% Series R First Mortgage Bonds
|
70.0 | September 2020 | September 2050 | Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes | |||||||||||||||||||
| Aquarion Water Company of Massachusetts, Inc. and Aquarion Water Capital of Massachusetts, Inc. various term loans and general mortgage bonds | (32.2) | July 2020 | Various | Redeemed long-term debt in conjunction with the sale of assets to the Town of Hingham, Massachusetts | |||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||
| 2021 | $ | 1,022.2 | $ | — | $ | 250.0 | $ | 282.0 | |||||||||||||||
| 2022 | 1,175.2 | — | 400.0 | — | |||||||||||||||||||
| 2023 | 1,658.2 | 400.0 | 80.0 | 325.0 | |||||||||||||||||||
| 2024 | 1,049.9 | 139.8 | — | — | |||||||||||||||||||
| 2025 | 1,400.0 | 400.0 | 250.0 | — | |||||||||||||||||||
| Thereafter | 9,807.9 | 2,975.5 | 2,690.0 | 500.0 | |||||||||||||||||||
| Total | $ | 16,113.4 | $ | 3,915.3 | $ | 3,670.0 | $ | 1,107.0 | |||||||||||||||
| (Millions of Dollars) | As of December 31, | ||||||||||
| Balance Sheet: | 2020 | 2019 | |||||||||
| Restricted Cash - Current Portion (included in Current Assets) | $ | 36.8 | $ | 32.5 | |||||||
| Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) | 2.1 | 3.2 | |||||||||
| Securitized Stranded Cost (included in Regulatory Assets) | 522.1 | 565.3 | |||||||||
| Other Regulatory Liabilities (included in Regulatory Liabilities) | 9.1 | 5.6 | |||||||||
| Accrued Interest (included in Other Current Liabilities) | 8.0 | 8.6 | |||||||||
| Rate Reduction Bonds - Current Portion | 43.2 | 43.2 | |||||||||
| Rate Reduction Bonds - Long-Term Portion | 496.9 | 540.1 | |||||||||
|
(Millions of Dollars)
Income Statement: |
For the Years Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) | $ | 43.2 | $ | 43.0 | |||||||
| Interest Expense on RRB Principal (included in Interest Expense) | 19.7 | 21.1 | |||||||||
| Pension and SERP | |||||||||||||||||||||||||||||||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P |
NSTAR
Electric |
PSNH | Eversource | CL&P |
NSTAR
Electric |
PSNH | |||||||||||||||||||||||||||||||||||||||
| Change in Benefit Obligation: | |||||||||||||||||||||||||||||||||||||||||||||||
| Benefit Obligation as of Beginning of Year | $ | (6,321.7) | $ | (1,331.3) | $ | (1,397.3) | $ | (692.6) | $ | (5,520.0) | $ | (1,160.4) | $ | (1,236.5) | $ | (610.7) | |||||||||||||||||||||||||||||||
| Service Cost | (76.2) | (21.8) | (15.4) | (8.2) | (67.7) | (18.0) | (14.6) | (7.1) | |||||||||||||||||||||||||||||||||||||||
| Interest Cost | (177.8) | (37.3) | (38.6) | (19.4) | (219.0) | (45.7) | (49.0) | (24.0) | |||||||||||||||||||||||||||||||||||||||
| Actuarial Loss | (658.2) | (152.3) | (139.5) | (62.1) | (815.3) | (176.6) | (181.0) | (84.5) | |||||||||||||||||||||||||||||||||||||||
| Benefits Paid - Pension | 279.3 | 63.6 | 59.4 | 33.5 | 273.0 | 60.2 | 67.1 | 30.3 | |||||||||||||||||||||||||||||||||||||||
| Benefits Paid - Lump Sum | 23.4 | — | 13.1 | — | 20.0 | — | 12.9 | — | |||||||||||||||||||||||||||||||||||||||
| Benefits Paid - SERP | 7.3 | 0.3 | 0.2 | 0.4 | 7.3 | 0.3 | 0.1 | 0.4 | |||||||||||||||||||||||||||||||||||||||
| Employee Transfers | — | 1.5 | 0.2 | (0.3) | — | 8.9 | 3.7 | 3.0 | |||||||||||||||||||||||||||||||||||||||
| Increase due to acquisition of CMA | (121.4) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Benefit Obligation as of End of Year | $ | (7,045.3) | $ | (1,477.3) | $ | (1,517.9) | $ | (748.7) | $ | (6,321.7) | $ | (1,331.3) | $ | (1,397.3) | $ | (692.6) | |||||||||||||||||||||||||||||||
| Change in Pension Plan Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
|
Fair Value of Pension Plan Assets as of
Beginning of Year |
$ | 4,968.6 | $ | 986.2 | $ | 1,288.8 | $ | 551.6 | $ | 4,573.9 | $ | 918.4 | $ | 1,222.1 | $ | 506.6 | |||||||||||||||||||||||||||||||
| Employer Contributions | 109.6 | 23.2 | 0.7 | 19.5 | 112.5 | 24.0 | 0.4 | 15.4 | |||||||||||||||||||||||||||||||||||||||
| Actual Return on Pension Plan Assets | 512.3 | 98.8 | 128.3 | 55.8 | 575.2 | 112.9 | 150.0 | 62.9 | |||||||||||||||||||||||||||||||||||||||
| Benefits Paid - Pension | (279.3) | (63.6) | (59.4) | (33.5) | (273.0) | (60.2) | (67.1) | (30.3) | |||||||||||||||||||||||||||||||||||||||
| Benefits Paid - Lump Sum | (23.4) | — | (13.1) | — | (20.0) | — | (12.9) | — | |||||||||||||||||||||||||||||||||||||||
| Employee Transfers | — | (1.5) | (0.2) | 0.3 | — | (8.9) | (3.7) | (3.0) | |||||||||||||||||||||||||||||||||||||||
| Increase due to acquisition of CMA | 121.4 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Fair Value of Pension Plan Assets as of End of Year | $ | 5,409.2 | $ | 1,043.1 | $ | 1,345.1 | $ | 593.7 | $ | 4,968.6 | $ | 986.2 | $ | 1,288.8 | $ | 551.6 | |||||||||||||||||||||||||||||||
| Funded Status as of December 31st | $ | (1,636.1) | $ | (434.2) | $ | (172.8) | $ | (155.0) | $ | (1,353.1) | $ | (345.1) | $ | (108.5) | $ | (141.0) | |||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||
| 2020 | $ | 6,669.4 | $ | 1,356.4 | $ | 1,449.4 | $ | 707.2 | |||||||||||||||
| 2019 | 5,963.4 | 1,205.4 | 1,340.8 | 646.7 | |||||||||||||||||||
| PBOP | |||||||||||||||||||||||||||||||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P |
NSTAR
Electric |
PSNH | Eversource | CL&P |
NSTAR
Electric |
PSNH | |||||||||||||||||||||||||||||||||||||||
| Change in Benefit Obligation: | |||||||||||||||||||||||||||||||||||||||||||||||
| Benefit Obligation as of Beginning of Year | $ | (899.0) | $ | (172.7) | $ | (258.3) | $ | (93.0) | $ | (841.5) | $ | (161.7) | $ | (246.3) | $ | (91.9) | |||||||||||||||||||||||||||||||
| Service Cost | (10.2) | (1.7) | (2.1) | (0.9) | (7.8) | (1.4) | (1.7) | (0.7) | |||||||||||||||||||||||||||||||||||||||
| Interest Cost | (24.6) | (4.4) | (6.6) | (2.8) | (32.7) | (6.3) | (9.5) | (3.4) | |||||||||||||||||||||||||||||||||||||||
| Actuarial Loss | (82.8) | (8.6) | (7.4) | (19.0) | (67.0) | (13.4) | (15.2) | (3.1) | |||||||||||||||||||||||||||||||||||||||
| Benefits Paid | 50.2 | 10.1 | 14.9 | 6.1 | 50.0 | 10.8 | 15.4 | 5.6 | |||||||||||||||||||||||||||||||||||||||
| Employee Transfers | — | (1.3) | (1.0) | 0.1 | — | (0.7) | (1.0) | 0.5 | |||||||||||||||||||||||||||||||||||||||
| Increase due to acquisition of CMA | (27.5) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Benefit Obligation as of End of Year | $ | (993.9) | $ | (178.6) | $ | (260.5) | $ | (109.5) | $ | (899.0) | $ | (172.7) | $ | (258.3) | $ | (93.0) | |||||||||||||||||||||||||||||||
| Change in Plan Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Plan Assets as of Beginning of Year | $ | 935.9 | $ | 126.3 | $ | 424.4 | $ | 76.0 | $ | 849.6 | $ | 120.6 | $ | 379.1 | $ | 71.2 | |||||||||||||||||||||||||||||||
| Actual Return on Plan Assets | 116.5 | 15.7 | 53.3 | 9.3 | 127.0 | 17.1 | 57.0 | 10.0 | |||||||||||||||||||||||||||||||||||||||
| Employer Contributions | 1.9 | — | — | — | 9.3 | — | 6.0 | — | |||||||||||||||||||||||||||||||||||||||
| Benefits Paid | (50.2) | (10.1) | (14.9) | (6.1) | (50.0) | (10.8) | (15.4) | (5.6) | |||||||||||||||||||||||||||||||||||||||
| Employee Transfers | — | 2.2 | 1.8 | 0.2 | — | (0.6) | (2.3) | 0.4 | |||||||||||||||||||||||||||||||||||||||
| Fair Value of Plan Assets as of End of Year | $ | 1,004.1 | $ | 134.1 | $ | 464.6 | $ | 79.4 | $ | 935.9 | $ | 126.3 | $ | 424.4 | $ | 76.0 | |||||||||||||||||||||||||||||||
| Funded Status as of December 31st | $ | 10.2 | $ | (44.5) | $ | 204.1 | $ | (30.1) | $ | 36.9 | $ | (46.4) | $ | 166.1 | $ | (17.0) | |||||||||||||||||||||||||||||||
| Pension and SERP | PBOP | |||||||||||||||||||||||||||||||||||||||||||||||||
| As of December 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
| Discount Rate | 2.4% | — | 2.7% | 3.0% | — | 3.4% | 2.5% | — | 2.6% | 3.2% | — | 3.3% | ||||||||||||||||||||||||||||||||||||||
| Compensation/Progression Rate | 3.5% | — | 4.0% | 3.5% | — | 4.0% | N/A | |||||||||||||||||||||||||||||||||||||||||||
| Pension and SERP | PBOP | ||||||||||||||||||||||||||||||||||||||||||||||
| For the Year Ended December 31, 2020 | For the Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||
| Service Cost | $ | 76.2 | $ | 21.8 | $ | 15.4 | $ | 8.2 | $ | 10.2 | $ | 1.7 | $ | 2.1 | $ | 0.9 | |||||||||||||||||||||||||||||||
| Interest Cost | 177.8 | 37.3 | 38.6 | 19.4 | 24.6 | 4.4 | 6.6 | 2.8 | |||||||||||||||||||||||||||||||||||||||
| Expected Return on Plan Assets | (400.3) | (79.2) | (103.0) | (44.7) | (73.6) | (9.9) | (34.0) | (5.7) | |||||||||||||||||||||||||||||||||||||||
| Actuarial Loss | 202.0 | 39.2 | 55.2 | 15.6 | 8.4 | 1.1 | 2.5 | 0.8 | |||||||||||||||||||||||||||||||||||||||
| Prior Service Cost/(Credit) | 1.2 | — | 0.3 | — | (21.2) | 1.1 | (17.0) | 0.4 | |||||||||||||||||||||||||||||||||||||||
| Total Net Periodic Benefit Expense/(Income) | $ | 56.9 | $ | 19.1 | $ | 6.5 | $ | (1.5) | $ | (51.6) | $ | (1.6) | $ | (39.8) | $ | (0.8) | |||||||||||||||||||||||||||||||
| Intercompany Allocations | N/A | $ | 9.1 | $ | 8.9 | $ | 2.9 | N/A | $ | (1.1) | $ | (1.4) | $ | (0.5) | |||||||||||||||||||||||||||||||||
| Pension and SERP | PBOP | ||||||||||||||||||||||||||||||||||||||||||||||
| For the Year Ended December 31, 2019 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||
| Service Cost | $ | 67.7 | $ | 18.0 | $ | 14.6 | $ | 7.1 | $ | 7.8 | $ | 1.4 | $ | 1.7 | $ | 0.7 | |||||||||||||||||||||||||||||||
| Interest Cost | 219.0 | 45.7 | 49.0 | 24.0 | 32.7 | 6.3 | 9.5 | 3.4 | |||||||||||||||||||||||||||||||||||||||
| Expected Return on Plan Assets | (367.1) | (73.2) | (97.1) | (40.7) | (66.8) | (9.2) | (30.2) | (5.4) | |||||||||||||||||||||||||||||||||||||||
| Actuarial Loss | 143.2 | 26.9 | 44.7 | 10.6 | 8.3 | 1.3 | 3.3 | 0.3 | |||||||||||||||||||||||||||||||||||||||
| Prior Service Cost/(Credit) | 0.9 | — | 0.3 | — | (23.5) | 1.1 | (16.9) | 0.4 | |||||||||||||||||||||||||||||||||||||||
| Total Net Periodic Benefit Expense/(Income) | $ | 63.7 | $ | 17.4 | $ | 11.5 | $ | 1.0 | $ | (41.5) | $ | 0.9 | $ | (32.6) | $ | (0.6) | |||||||||||||||||||||||||||||||
| Intercompany Allocations | N/A | $ | 8.5 | $ | 8.0 | $ | 2.3 | N/A | $ | (0.9) | $ | (1.2) | $ | (0.4) | |||||||||||||||||||||||||||||||||
| Pension and SERP | PBOP | ||||||||||||||||||||||||||||||||||||||||||||||
| For the Year Ended December 31, 2018 | For the Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||
| Service Cost | $ | 84.8 | $ | 21.4 | $ | 17.4 | $ | 11.2 | $ | 10.0 | $ | 1.9 | $ | 2.0 | $ | 1.1 | |||||||||||||||||||||||||||||||
| Interest Cost | 196.4 | 41.8 | 43.5 | 22.0 | 30.7 | 5.8 | 8.7 | 3.4 | |||||||||||||||||||||||||||||||||||||||
| Expected Return on Plan Assets | (391.6) | (79.1) | (104.9) | (43.6) | (72.4) | (10.4) | (32.5) | (6.0) | |||||||||||||||||||||||||||||||||||||||
| Actuarial Loss | 145.7 | 29.1 | 41.1 | 11.6 | 10.3 | 1.6 | 2.3 | 0.7 | |||||||||||||||||||||||||||||||||||||||
| Prior Service Cost/(Credit) | 4.3 | 1.1 | 0.2 | 0.4 | (23.6) | 1.1 | (16.9) | 0.5 | |||||||||||||||||||||||||||||||||||||||
| Total Net Periodic Benefit Expense/(Income) | $ | 39.6 | $ | 14.3 | $ | (2.7) | $ | 1.6 | $ | (45.0) | $ | — | $ | (36.4) | $ | (0.3) | |||||||||||||||||||||||||||||||
| Intercompany Allocations | N/A | $ | 6.1 | $ | 6.5 | $ | 1.9 | N/A | $ | (1.0) | $ | (1.3) | $ | (0.4) | |||||||||||||||||||||||||||||||||
| Pension and SERP | PBOP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the Years Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discount Rate | 2.6% | — | 3.5% | 2.7% | — | 3.6% | 3.9% | — | 4.6% | 2.7% | — | 3.6% | 3.9% | — | 4.6% | 3.3% | — | 3.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expected Long-Term Rate of Return | 8.25% | 8.25% | 8.25% | 8.25% | 8.25% | 8.25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation/Progression Rate | 3.5% | — | 4.0% | 3.5% | — | 4.0% | 3.5% | — | 4.0% | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and SERP | PBOP | ||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Assets | OCI | Regulatory Assets | OCI | ||||||||||||||||||||||||||||||||||||||||||||
| For the Years Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) |
2020 (1)
|
2019 | 2020 | 2019 |
2020 (1)
|
2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
| Actuarial Losses Arising During the Year | $ | 553.1 | $ | 591.6 | $ | 24.3 | $ | 15.4 | $ | 39.1 | $ | 4.6 | $ | 1.3 | $ | 2.3 | |||||||||||||||||||||||||||||||
| Actuarial Losses Reclassified as Net Periodic Benefit Expense | (194.3) | (137.8) | (7.7) | (5.4) | (8.0) | (8.0) | (0.4) | (0.3) | |||||||||||||||||||||||||||||||||||||||
| Prior Service Cost Arising During the Year | 2.0 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Prior Service (Cost)/Credit Reclassified as Net Periodic Benefit (Expense)/Income | (1.0) | (0.7) | (0.2) | (0.2) | 21.3 | 25.1 | (0.1) | (1.6) | |||||||||||||||||||||||||||||||||||||||
| Regulatory Assets as of December 31, | AOCI as of December 31, | ||||||||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
| Pension and SERP | |||||||||||||||||||||||
| Actuarial Loss | $ | 2,620.2 | $ | 2,261.4 | $ | 107.4 | $ | 90.8 | |||||||||||||||
| Prior Service Cost | 6.6 | 5.6 | 0.7 | 0.9 | |||||||||||||||||||
| PBOP | |||||||||||||||||||||||
| Actuarial Loss | $ | 235.0 | $ | 203.9 | $ | 7.9 | $ | 7.0 | |||||||||||||||
| Prior Service (Credit)/Cost | (151.2) | (172.5) | 0.9 | 1.0 | |||||||||||||||||||
| (Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 - 2030 | |||||||||||||||||||||||||||||
| Pension and SERP | $ | 346.9 | $ | 355.6 | $ | 362.9 | $ | 397.5 | $ | 373.8 | $ | 1,883.2 | |||||||||||||||||||||||
| PBOP | 60.1 | 60.1 | 59.7 | 59.1 | 58.3 | 273.6 | |||||||||||||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
|
Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan
|
Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan | ||||||||||||||||||||||
| Target Asset Allocation | Assumed Rate of Return | Target Asset Allocation | Assumed Rate of Return | ||||||||||||||||||||
| Equity Securities: | |||||||||||||||||||||||
| United States | 15.0 | % | 8.5 | % | 15.0 | % | 8.5 | % | |||||||||||||||
| Global | 10.0 | % | 8.75 | % | 10.0 | % | 8.75 | % | |||||||||||||||
| Non-United States | 8.0 | % | 8.5 | % | 8.0 | % | 8.5 | % | |||||||||||||||
| Emerging Markets | 4.0 | % | 10.0 | % | 4.0 | % | 10.0 | % | |||||||||||||||
| Debt Securities: | |||||||||||||||||||||||
| Fixed Income | 13.0 | % | 4.0 | % | 13.0 | % | 4.0 | % | |||||||||||||||
| Public High Yield Fixed Income | 4.0 | % | 6.5 | % | 4.0 | % | 6.5 | % | |||||||||||||||
| Private Debt | 15.0 | % | 9.0 | % | 15.0 | % | 9.0 | % | |||||||||||||||
| Private Equity | 15.0 | % | 12.0 | % | 15.0 | % | 12.0 | % | |||||||||||||||
| Real Assets | 16.0 | % | 7.5 | % | 16.0 | % | 7.5 | % | |||||||||||||||
|
|
Pension Plan | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
Fair Value Measurements as of December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
| Asset Category: | Level 1 | Level 2 | Uncategorized | Total | Level 1 | Level 2 | Uncategorized | Total | |||||||||||||||||||||||||||||||||||||||
|
Equity Securities (1)
|
$ | 630.8 | $ | — | $ | 1,321.7 | $ | 1,952.5 | $ | 592.6 | $ | — | $ | 1,349.9 | $ | 1,942.5 | |||||||||||||||||||||||||||||||
|
Fixed Income (2)
|
113.6 | 265.6 | 1,402.5 | 1,781.7 | 99.4 | 303.0 | 1,222.8 | 1,625.2 | |||||||||||||||||||||||||||||||||||||||
| Private Equity | 22.3 | — | 1,175.4 | 1,197.7 | 16.9 | — | 971.4 | 988.3 | |||||||||||||||||||||||||||||||||||||||
|
Real Assets (3)
|
158.4 | — | 580.8 | 739.2 | 58.7 | — | 615.0 | 673.7 | |||||||||||||||||||||||||||||||||||||||
| Total | $ | 925.1 | $ | 265.6 | $ | 4,480.4 | $ | 5,671.1 | $ | 767.6 | $ | 303.0 | $ | 4,159.1 | $ | 5,229.7 | |||||||||||||||||||||||||||||||
|
Less: 401(h) PBOP Assets (4)
|
(261.9) | (261.1) | |||||||||||||||||||||||||||||||||||||||||||||
| Total Pension Assets | $ | 5,409.2 | $ | 4,968.6 | |||||||||||||||||||||||||||||||||||||||||||
| PBOP Plan | |||||||||||||||||||||||||||||||||||||||||||||||
|
|
Fair Value Measurements as of December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
| Asset Category: | Level 1 | Level 2 | Uncategorized | Total | Level 1 | Level 2 | Uncategorized | Total | |||||||||||||||||||||||||||||||||||||||
|
Equity Securities (1)
|
$ | 176.5 | $ | — | $ | 217.8 | $ | 394.3 | $ | 158.0 | $ | — | $ | 187.0 | $ | 345.0 | |||||||||||||||||||||||||||||||
|
Fixed Income (2)
|
16.0 | 43.2 | 152.9 | 212.1 | 15.8 | 39.6 | 148.1 | 203.5 | |||||||||||||||||||||||||||||||||||||||
| Private Equity | — | — | 31.5 | 31.5 | — | — | 26.5 | 26.5 | |||||||||||||||||||||||||||||||||||||||
|
Real Assets (3)
|
82.1 | — | 22.2 | 104.3 | 51.2 | — | 48.6 | 99.8 | |||||||||||||||||||||||||||||||||||||||
| Total | $ | 274.6 | $ | 43.2 | $ | 424.4 | $ | 742.2 | $ | 225.0 | $ | 39.6 | $ | 410.2 | $ | 674.8 | |||||||||||||||||||||||||||||||
|
Add: 401(h) PBOP Assets (4)
|
261.9 | 261.1 | |||||||||||||||||||||||||||||||||||||||||||||
| Total PBOP Assets | $ | 1,004.1 | $ | 935.9 | |||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||
| 2020 | $ | 49.4 | $ | 6.6 | $ | 11.8 | $ | 4.1 | |||||||||||||||
| 2019 | 41.6 | 5.5 | 10.3 | 3.5 | |||||||||||||||||||
| 2018 | 38.4 | 5.0 | 9.7 | 3.3 | |||||||||||||||||||
|
RSUs
(Units) |
Weighted Average
Grant-Date Fair Value |
||||||||||
| Outstanding as of December 31, 2019 | 774,163 | $ | 54.43 | ||||||||
| Granted | 208,937 | $ | 88.23 | ||||||||
| Shares Issued | (301,938) | $ | 57.61 | ||||||||
| Forfeited | (6,944) | $ | 60.95 | ||||||||
| Outstanding as of December 31, 2020 | 674,218 | $ | 63.42 | ||||||||
|
Performance Shares
(Units) |
Weighted Average
Grant-Date Fair Value |
||||||||||
| Outstanding as of December 31, 2019 | 486,907 | $ | 60.30 | ||||||||
| Granted | 211,224 | $ | 75.36 | ||||||||
| Shares Issued | (249,922) | $ | 55.72 | ||||||||
| Forfeited | (404) | $ | 89.85 | ||||||||
| Outstanding as of December 31, 2020 | 447,805 | $ | 69.93 | ||||||||
| Eversource | For the Years Ended December 31, | ||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Compensation Expense | $ | 33.9 | $ | 27.3 | $ | 21.4 | |||||||||||
| Future Income Tax Benefit | 8.9 | 7.0 | 5.4 | ||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | ||||||||||||||||||||||||||||||||||||||||||||
| Compensation Expense | $ | 10.9 | $ | 11.3 | $ | 3.6 | $ | 9.8 | $ | 9.7 | $ | 3.3 | $ | 7.8 | $ | 7.7 | $ | 2.9 | |||||||||||||||||||||||||||||||||||
| Future Income Tax Benefit | 2.9 | 3.0 | 1.0 | 2.5 | 2.5 | 0.8 | 2.0 | 1.9 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||
|
Eversource
(Millions of Dollars)
|
As of and For the Years Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Actuarially-Determined Liability | $ | 45.7 | $ | 52.0 | $ | 49.1 | |||||||||||
| Other Retirement Benefits Expense | 3.3 | 2.7 | 2.7 | ||||||||||||||
| As of and For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | CL&P | NSTAR Electric | PSNH | CL&P | NSTAR Electric | PSNH | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||||||||||||||||||||||||||
|
Actuarially-Determined
Liability |
$ | 0.2 | $ | 0.1 | $ | 1.7 | $ | 0.2 | $ | 0.1 | $ | 1.7 | $ | 0.3 | $ | 0.1 | $ | 1.7 | |||||||||||||||||||||||||||||||||||
|
Other Retirement Benefits
Expense |
1.2 | 1.1 | 0.5 | 1.0 | 0.9 | 0.4 | 1.1 | 1.1 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||
|
Eversource
(Millions of Dollars)
|
For the Years Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Current Income Taxes: | |||||||||||||||||
| Federal | $ | 73.6 | $ | 56.9 | $ | 106.5 | |||||||||||
| State | 19.1 | 10.5 | 10.6 | ||||||||||||||
| Total Current | 92.7 | 67.4 | 117.1 | ||||||||||||||
| Deferred Income Taxes, Net: | |||||||||||||||||
| Federal | 173.5 | 138.4 | 122.6 | ||||||||||||||
| State | 83.7 | 71.4 | 52.2 | ||||||||||||||
| Total Deferred | 257.2 | 209.8 | 174.8 | ||||||||||||||
| Investment Tax Credits, Net | (3.7) | (3.7) | (2.9) | ||||||||||||||
| Income Tax Expense | $ | 346.2 | $ | 273.5 | $ | 289.0 | |||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | CL&P |
NSTAR
Electric |
PSNH | CL&P | NSTAR Electric | PSNH | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||||||||||||||||||||||||||
| Current Income Taxes: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Federal | $ | 12.0 | $ | 53.9 | $ | 20.6 | $ | 68.4 | $ | 82.6 | $ | 22.9 | $ | 54.2 | $ | 79.3 | $ | 12.2 | |||||||||||||||||||||||||||||||||||
| State | (6.1) | 6.9 | 3.8 | 15.4 | 18.2 | 2.2 | 20.9 | 30.0 | (0.5) | ||||||||||||||||||||||||||||||||||||||||||||
| Total Current | 5.9 | 60.8 | 24.4 | 83.8 | 100.8 | 25.1 | 75.1 | 109.3 | 11.7 | ||||||||||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes, Net: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Federal | 101.1 | 33.8 | (1.3) | 35.2 | 0.1 | 5.8 | 48.5 | 27.9 | 15.4 | ||||||||||||||||||||||||||||||||||||||||||||
| State | 43.4 | 38.8 | 8.6 | 18.8 | 27.0 | 10.1 | 6.4 | 13.5 | 20.5 | ||||||||||||||||||||||||||||||||||||||||||||
| Total Deferred | 144.5 | 72.6 | 7.3 | 54.0 | 27.1 | 15.9 | 54.9 | 41.4 | 35.9 | ||||||||||||||||||||||||||||||||||||||||||||
| Investment Tax Credits, Net | (0.7) | (2.6) | — | (0.8) | (2.6) | — | (0.9) | (1.8) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Expense | $ | 149.7 | $ | 130.8 | $ | 31.7 | $ | 137.0 | $ | 125.3 | $ | 41.0 | $ | 129.1 | $ | 148.9 | $ | 47.6 | |||||||||||||||||||||||||||||||||||
|
Eversource
(Millions of Dollars, except percentages)
|
For the Years Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Income Before Income Tax Expense | $ | 1,558.9 | $ | 1,190.1 | $ | 1,329.5 | |||||||||||
| Statutory Federal Income Tax Expense at 21% | 327.4 | 249.9 | 279.2 | ||||||||||||||
| Tax Effect of Differences: | |||||||||||||||||
| Depreciation | (11.1) | 1.9 | (30.8) | ||||||||||||||
| Investment Tax Credit Amortization | (3.7) | (3.7) | (2.9) | ||||||||||||||
| State Income Taxes, Net of Federal Impact | 44.9 | 24.6 | 44.4 | ||||||||||||||
| Dividends on ESOP | (5.1) | (5.1) | (5.1) | ||||||||||||||
| Tax Asset Valuation Allowance/Reserve Adjustments | 33.4 | 40.1 | 5.2 | ||||||||||||||
| Excess Stock Benefit | (6.6) | (1.5) | (1.5) | ||||||||||||||
| EDIT Amortization | (48.7) | (37.4) | (5.0) | ||||||||||||||
| Other, Net | 15.7 | 4.7 | 5.5 | ||||||||||||||
| Income Tax Expense | $ | 346.2 | $ | 273.5 | $ | 289.0 | |||||||||||
| Effective Tax Rate | 22.2 | % | 23.0 | % | 21.7 | % | |||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars, except percentages) | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | ||||||||||||||||||||||||||||||||||||||||||||
| Income Before Income Tax Expense | $ | 607.6 | $ | 575.8 | $ | 179.0 | $ | 547.8 | $ | 557.3 | $ | 175.0 | $ | 506.8 | $ | 532.0 | $ | 163.5 | |||||||||||||||||||||||||||||||||||
|
Statutory Federal Income Tax
Expense at 21%
|
127.6 | 120.9 | 37.6 | 115.0 | 117.0 | 36.8 | 106.4 | 111.7 | 34.3 | ||||||||||||||||||||||||||||||||||||||||||||
| Tax Effect of Differences: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation | 0.4 | (3.7) | (1.4) | (0.2) | (3.0) | (0.8) | (1.2) | (2.8) | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
| Investment Tax Credit Amortization | (0.7) | (2.6) | — | (0.8) | (2.6) | — | (0.9) | (1.8) | — | ||||||||||||||||||||||||||||||||||||||||||||
|
State Income Taxes,
Net of Federal Impact |
(1.2) | 36.0 | 9.8 | 2.5 | 35.7 | 9.8 | 14.5 | 33.2 | 15.8 | ||||||||||||||||||||||||||||||||||||||||||||
|
Tax Asset Valuation
Allowance/Reserve Adjustments |
30.7 | — | — | 24.5 | — | — | 7.1 | 1.2 | — | ||||||||||||||||||||||||||||||||||||||||||||
| Excess Stock Benefit | (2.3) | (2.3) | (0.8) | (0.5) | (0.5) | (0.2) | (0.1) | (0.1) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||||
| EDIT Amortization | (9.0) | (20.4) | (15.4) | (5.8) | (22.9) | (4.0) | — | — | (4.4) | ||||||||||||||||||||||||||||||||||||||||||||
| Other, Net | 4.2 | 2.9 | 1.9 | 2.3 | 1.6 | (0.6) | 3.3 | 7.5 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Expense | $ | 149.7 | $ | 130.8 | $ | 31.7 | $ | 137.0 | $ | 125.3 | $ | 41.0 | $ | 129.1 | $ | 148.9 | $ | 47.6 | |||||||||||||||||||||||||||||||||||
| Effective Tax Rate | 24.6 | % | 22.7 | % | 17.7 | % | 25.0 | % | 22.5 | % | 23.4 | % | 25.5 | % | 28.0 | % | 29.1 | % | |||||||||||||||||||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P |
NSTAR
Electric |
PSNH | Eversource | CL&P |
NSTAR
Electric |
PSNH | |||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits | $ | 602.4 | $ | 144.5 | $ | 79.8 | $ | 56.6 | $ | 509.4 | $ | 125.4 | $ | 54.8 | $ | 46.7 | |||||||||||||||||||||||||||||||
| Derivative Liabilities | 92.6 | 91.8 | — | — | 105.0 | 103.6 | — | — | |||||||||||||||||||||||||||||||||||||||
| Regulatory Deferrals - Liabilities | 259.8 | 30.2 | 161.8 | 13.4 | 267.0 | 37.1 | 165.7 | 19.0 | |||||||||||||||||||||||||||||||||||||||
| Allowance for Uncollectible Accounts | 87.5 | 42.3 | 20.9 | 4.6 | 56.7 | 25.7 | 17.7 | 2.8 | |||||||||||||||||||||||||||||||||||||||
| Tax Effect - Tax Regulatory Liabilities | 810.9 | 331.4 | 271.8 | 105.2 | 830.4 | 333.5 | 280.9 | 111.3 | |||||||||||||||||||||||||||||||||||||||
| Net Operating Loss Carryforwards | 12.7 | — | — | — | 9.1 | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Purchase Accounting Adjustment | 54.5 | — | — | — | 58.7 | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Other | 200.3 | 100.9 | 14.3 | 19.8 | 190.4 | 92.0 | 35.8 | 20.0 | |||||||||||||||||||||||||||||||||||||||
| Total Deferred Tax Assets | 2,120.7 | 741.1 | 548.6 | 199.6 | 2,026.7 | 717.3 | 554.9 | 199.8 | |||||||||||||||||||||||||||||||||||||||
| Less: Valuation Allowance | 48.3 | 33.7 | — | — | 43.0 | 24.9 | — | — | |||||||||||||||||||||||||||||||||||||||
| Net Deferred Tax Assets | $ | 2,072.4 | $ | 707.4 | $ | 548.6 | $ | 199.6 | $ | 1,983.7 | $ | 692.4 | $ | 554.9 | $ | 199.8 | |||||||||||||||||||||||||||||||
| Deferred Tax Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
|
Accelerated Depreciation and Other
Plant-Related Differences |
$ | 4,153.6 | $ | 1,438.1 | $ | 1,489.4 | $ | 453.8 | $ | 3,901.0 | $ | 1,362.2 | $ | 1,391.9 | $ | 428.9 | |||||||||||||||||||||||||||||||
| Property Tax Accruals | 88.7 | 39.0 | 37.0 | 5.8 | 76.8 | 36.8 | 29.0 | 4.7 | |||||||||||||||||||||||||||||||||||||||
| Regulatory Amounts: | |||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Deferrals - Assets | 1,376.7 | 444.8 | 324.4 | 263.4 | 1,155.6 | 340.7 | 276.2 | 260.9 | |||||||||||||||||||||||||||||||||||||||
| Tax Effect - Tax Regulatory Assets | 244.6 | 174.4 | 11.3 | 8.6 | 238.2 | 171.7 | 11.7 | 8.3 | |||||||||||||||||||||||||||||||||||||||
| Goodwill Regulatory Asset - 1999 Merger | 86.0 | — | 73.8 | — | 90.6 | — | 77.8 | — | |||||||||||||||||||||||||||||||||||||||
| Derivative Assets | 17.8 | 17.8 | — | — | 19.7 | 19.7 | — | — | |||||||||||||||||||||||||||||||||||||||
| Other | 200.3 | 1.6 | 72.6 | 5.6 | 257.6 | 5.9 | 125.6 | 3.2 | |||||||||||||||||||||||||||||||||||||||
| Total Deferred Tax Liabilities | $ | 6,167.7 | $ | 2,115.7 | $ | 2,008.5 | $ | 737.2 | $ | 5,739.5 | $ | 1,937.0 | $ | 1,912.2 | $ | 706.0 | |||||||||||||||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P |
NSTAR
Electric |
PSNH | Expiration Range | Eversource | CL&P |
NSTAR
Electric |
PSNH | Expiration Range | |||||||||||||||||||||||||||||||||||||||||||||||||
| Federal Net Operating Loss | $ | — | $ | — | $ | — | $ | — | — | $ | 19.8 | $ | — | $ | — | $ | — | 2033 - 2037 | |||||||||||||||||||||||||||||||||||||||||
| State Net Operating Loss | 183.4 | — | — | — | 2021 - 2040 | 65.5 | — | — | — | 2020 - 2038 | |||||||||||||||||||||||||||||||||||||||||||||||||
| State Tax Credit | 186.6 | 133.4 | — | — | 2020 - 2025 | 168.1 | 122.3 | — | — | 2019 - 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
| State Charitable Contribution | 10.2 | — | — | — | 2020 - 2024 | 9.9 | — | — | — | 2019 - 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | |||||||||
| Balance as of January 1, 2018 | $ | 51.7 | $ | 18.1 | |||||||
| Gross Increases - Current Year | 9.2 | 3.2 | |||||||||
| Gross Decreases - Prior Year | (6.5) | (0.9) | |||||||||
| Lapse of Statute of Limitations | (8.5) | (2.2) | |||||||||
| Balance as of December 31, 2018 | 45.9 | 18.2 | |||||||||
| Gross Increases - Current Year | 12.1 | 4.0 | |||||||||
| Gross Increases - Prior Year | 3.4 | 3.3 | |||||||||
| Lapse of Statute of Limitations | (6.4) | (2.4) | |||||||||
| Balance as of December 31, 2019 | 55.0 | 23.1 | |||||||||
| Gross Increases - Current Year | 11.9 | 4.6 | |||||||||
| Gross Increases - Prior Year | 1.4 | 0.7 | |||||||||
| Lapse of Statute of Limitations | (6.5) | (2.6) | |||||||||
| Balance as of December 31, 2020 | $ | 61.8 | $ | 25.8 | |||||||
| Other Interest Income | Accrued Interest Expense | ||||||||||||||||||||||||||||
| For the Years Ended December 31, | As of December 31, | ||||||||||||||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | 2018 | 2020 | 2019 | ||||||||||||||||||||||||
| Eversource | $ | — | $ | — | $ | (1.7) | $ | 0.1 | $ | 0.1 | |||||||||||||||||||
| Description | Tax Years | ||||
| Federal | 2020 | ||||
| Connecticut | 2017 - 2020 | ||||
| Massachusetts | 2017 - 2020 | ||||
| New Hampshire | 2017 - 2020 | ||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||
| Balance as of January 1, 2019 | $ | 64.7 | $ | 5.4 | $ | 10.9 | $ | 5.4 | |||||||||||||||
| Additions | 26.5 | 7.0 | 0.5 | 2.8 | |||||||||||||||||||
| Payments/Reductions | (10.2) | (1.0) | (3.4) | (0.7) | |||||||||||||||||||
| Balance as of December 31, 2019 | 81.0 | 11.4 | 8.0 | 7.5 | |||||||||||||||||||
| Increase Due to CMA Asset Acquisition | 22.9 | — | — | — | |||||||||||||||||||
| Additions | 8.4 | 4.2 | 0.7 | — | |||||||||||||||||||
| Payments/Reductions | (9.9) | (3.3) | (4.0) | (0.4) | |||||||||||||||||||
| Balance as of December 31, 2020 | $ | 102.4 | $ | 12.3 | $ | 4.7 | $ | 7.1 | |||||||||||||||
| Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||
| 2020 | 63 | 15 | 12 | 9 | |||||||||||||||||||
| 2019 | 57 | 15 | 15 | 9 | |||||||||||||||||||
| Eversource | |||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
| Renewable Energy | $ | 650.0 | $ | 716.8 | $ | 652.3 | $ | 648.8 | $ | 651.5 | $ | 3,490.7 | $ | 6,810.1 | |||||||||||||||||||||||||||
| Natural Gas Procurement | 558.9 | 374.1 | 292.0 | 263.1 | 260.2 | 1,825.8 | 3,574.1 | ||||||||||||||||||||||||||||||||||
| Purchased Power and Capacity | 69.4 | 75.5 | 86.8 | 79.6 | 60.3 | 13.2 | 384.8 | ||||||||||||||||||||||||||||||||||
| Peaker CfDs | 30.0 | 34.2 | 46.9 | 41.6 | 31.3 | 102.4 | 286.4 | ||||||||||||||||||||||||||||||||||
| Transmission Support Commitments | 20.5 | 18.0 | 18.1 | 19.2 | 19.7 | 19.7 | 115.2 | ||||||||||||||||||||||||||||||||||
| Total | $ | 1,328.8 | $ | 1,218.6 | $ | 1,096.1 | $ | 1,052.3 | $ | 1,023.0 | $ | 5,451.8 | $ | 11,170.6 | |||||||||||||||||||||||||||
| CL&P | |||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
| Renewable Energy | $ | 484.4 | $ | 548.3 | $ | 547.2 | $ | 549.1 | $ | 551.2 | $ | 2,645.5 | $ | 5,325.7 | |||||||||||||||||||||||||||
| Purchased Power and Capacity | 65.8 | 71.9 | 83.3 | 76.6 | 57.4 | 0.1 | 355.1 | ||||||||||||||||||||||||||||||||||
| Peaker CfDs | 30.0 | 34.2 | 46.9 | 41.6 | 31.3 | 102.4 | 286.4 | ||||||||||||||||||||||||||||||||||
| Transmission Support Commitments | 8.1 | 7.1 | 7.2 | 7.6 | 7.8 | 7.8 | 45.6 | ||||||||||||||||||||||||||||||||||
| Total | $ | 588.3 | $ | 661.5 | $ | 684.6 | $ | 674.9 | $ | 647.7 | $ | 2,755.8 | $ | 6,012.8 | |||||||||||||||||||||||||||
| NSTAR Electric | |||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
| Renewable Energy | $ | 98.0 | $ | 100.0 | $ | 75.4 | $ | 72.9 | $ | 73.1 | $ | 522.1 | $ | 941.5 | |||||||||||||||||||||||||||
| Purchased Power and Capacity | 3.1 | 3.1 | 3.0 | 3.0 | 2.9 | 13.1 | 28.2 | ||||||||||||||||||||||||||||||||||
| Transmission Support Commitments | 8.1 | 7.1 | 7.1 | 7.5 | 7.7 | 7.7 | 45.2 | ||||||||||||||||||||||||||||||||||
| Total | $ | 109.2 | $ | 110.2 | $ | 85.5 | $ | 83.4 | $ | 83.7 | $ | 542.9 | $ | 1,014.9 | |||||||||||||||||||||||||||
| PSNH | |||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
| Renewable Energy | $ | 67.6 | $ | 68.5 | $ | 29.7 | $ | 26.8 | $ | 27.2 | $ | 323.1 | $ | 542.9 | |||||||||||||||||||||||||||
| Purchased Power and Capacity | 0.5 | 0.5 | 0.5 | — | — | — | 1.5 | ||||||||||||||||||||||||||||||||||
| Transmission Support Commitments | 4.3 | 3.8 | 3.8 | 4.1 | 4.2 | 4.2 | 24.4 | ||||||||||||||||||||||||||||||||||
| Total | $ | 72.4 | $ | 72.8 | $ | 34.0 | $ | 30.9 | $ | 31.4 | $ | 327.3 | $ | 568.8 | |||||||||||||||||||||||||||
| Eversource | For the Years Ended December 31, | ||||||||||||||||
| (Millions of Dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Renewable Energy | $ | 584.2 | $ | 320.8 | $ | 218.5 | |||||||||||
| Natural Gas Procurement | 453.4 | 448.5 | 432.4 | ||||||||||||||
| Purchased Power and Capacity | 62.7 | 62.1 | 72.0 | ||||||||||||||
| Peaker CfDs | 22.7 | 13.0 | 20.9 | ||||||||||||||
| Transmission Support Commitments | 22.1 | 21.8 | 23.4 | ||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | CL&P |
NSTAR
Electric |
PSNH | ||||||||||||||||||||||||||||||||||||||||||||
| Renewable Energy | $ | 426.3 | $ | 88.8 | $ | 69.1 | $ | 160.6 | $ | 89.9 | $ | 70.3 | $ | 63.2 | $ | 89.8 | $ | 65.5 | |||||||||||||||||||||||||||||||||||
| Purchased Power and Capacity | 59.3 | 3.1 | 0.3 | 50.4 | 5.1 | 6.6 | 49.4 | 4.4 | 18.2 | ||||||||||||||||||||||||||||||||||||||||||||
| Peaker CfDs | 22.7 | — | — | 13.0 | — | — | 20.9 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Transmission Support Commitments | 8.7 | 8.7 | 4.7 | 8.6 | 8.6 | 4.6 | 9.2 | 9.2 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||
| Company (Obligor) | Description |
Maximum Exposure
(in millions) |
Expiration Dates | |||||||||||||||||
| North East Offshore LLC |
Construction-related purchase agreements with third-party contractors (1)
|
$ | 30.5 |
(1)
|
||||||||||||||||
| Eversource Investment LLC |
Funding and indemnification obligations of North East Offshore LLC (2)
|
— |
(2)
|
|||||||||||||||||
| Sunrise Wind LLC |
OREC capacity production (3)
|
2.2 |
(3)
|
|||||||||||||||||
| South Fork Wind, LLC |
Transmission interconnection
|
1.7 | — | |||||||||||||||||
| Bay State Wind LLC | Real estate purchase | 2.5 | 2021 | |||||||||||||||||
| Various |
Surety bonds (4)
|
56.6 | 2021 - 2023 | |||||||||||||||||
|
Rocky River Realty Company and Eversource Service
|
Lease payments for real estate | 5.2 | 2024 | |||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||
| Financing Lease Cost: | |||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of Right-of-use-Assets | $ | 2.6 | $ | 0.7 | $ | 0.2 | $ | 0.1 | $ | 1.7 | $ | 0.7 | $ | 0.2 | $ | 0.1 | |||||||||||||||||||||||||||||||
| Interest on Lease Liabilities | 1.4 | 0.3 | 0.6 | — | 1.2 | 0.6 | 0.6 | — | |||||||||||||||||||||||||||||||||||||||
| Total Finance Lease Cost | 4.0 | 1.0 | 0.8 | 0.1 | 2.9 | 1.3 | 0.8 | 0.1 | |||||||||||||||||||||||||||||||||||||||
| Operating Lease Cost | 11.1 | 0.6 | 2.1 | 0.1 | 11.7 | 0.5 | 3.4 | 0.1 | |||||||||||||||||||||||||||||||||||||||
| Variable Lease Cost | 57.8 | 12.2 | — | 45.6 | 60.5 | 13.3 | — | 47.2 | |||||||||||||||||||||||||||||||||||||||
| Total Lease Cost | $ | 72.9 | $ | 13.8 | $ | 2.9 | $ | 45.8 | $ | 75.1 | $ | 15.1 | $ | 4.2 | $ | 47.4 | |||||||||||||||||||||||||||||||
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||
| 2018 | $ | 10.8 | $ | 10.9 | $ | 11.8 | $ | 2.5 | |||||||||||||||
| As of December 31, 2020 | |||||||||||||||||||||||||||||
| (Millions of Dollars) | Balance Sheet Classification | Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||||||
| Operating Leases: | |||||||||||||||||||||||||||||
| Operating Lease Right-of-use-Assets, Net | Other Long-Term Assets | $ | 55.2 | $ | 0.3 | $ | 23.6 | $ | 0.3 | ||||||||||||||||||||
| Operating Lease Liabilities | |||||||||||||||||||||||||||||
| Operating Lease Liabilities - Current Portion | Other Current Liabilities | $ | 9.5 | $ | 0.2 | $ | 0.7 | $ | — | ||||||||||||||||||||
| Operating Lease Liabilities - Long-Term | Other Long-Term Liabilities | 45.7 | 0.1 | 22.9 | 0.3 | ||||||||||||||||||||||||
| Total Operating Lease Liabilities | $ | 55.2 | $ | 0.3 | $ | 23.6 | $ | 0.3 | |||||||||||||||||||||
| Finance Leases: | |||||||||||||||||||||||||||||
| Finance Lease Right-of-use-Assets, Net | Property, Plant and Equipment, Net | $ | 60.5 | $ | 0.7 | $ | 3.5 | $ | 0.8 | ||||||||||||||||||||
| Finance Lease Liabilities | |||||||||||||||||||||||||||||
| Finance Lease Liabilities - Current Portion | Other Current Liabilities | $ | 5.0 | $ | 1.4 | $ | — | $ | 0.1 | ||||||||||||||||||||
| Finance Lease Liabilities - Long-Term | Other Long-Term Liabilities | 57.6 | — | 4.8 | 0.7 | ||||||||||||||||||||||||
| Total Finance Lease Liabilities | $ | 62.6 | $ | 1.4 | $ | 4.8 | $ | 0.8 | |||||||||||||||||||||
| As of December 31, 2019 | |||||||||||||||||||||||||||||
| (Millions of Dollars) | Balance Sheet Classification | Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||||||
| Operating Leases: | |||||||||||||||||||||||||||||
| Operating Lease Right-of-use-Assets, Net | Other Long-Term Assets | $ | 49.9 | $ | 0.7 | $ | 24.2 | $ | 0.4 | ||||||||||||||||||||
| Operating Lease Liabilities | |||||||||||||||||||||||||||||
| Operating Lease Liabilities - Current Portion | Other Current Liabilities | $ | 8.6 | $ | 0.5 | $ | 0.7 | $ | 0.1 | ||||||||||||||||||||
| Operating Lease Liabilities - Long-Term | Other Long-Term Liabilities | 41.3 | 0.2 | 23.5 | 0.3 | ||||||||||||||||||||||||
| Total Operating Lease Liabilities | $ | 49.9 | $ | 0.7 | $ | 24.2 | $ | 0.4 | |||||||||||||||||||||
| Finance Leases: | |||||||||||||||||||||||||||||
| Finance Lease Right-of-use-Assets, Net | Property, Plant and Equipment, Net | $ | 8.2 | $ | 1.9 | $ | 3.3 | $ | 0.9 | ||||||||||||||||||||
| Finance Lease Liabilities | |||||||||||||||||||||||||||||
| Finance Lease Liabilities - Current Portion | Other Current Liabilities | $ | 2.4 | $ | 1.6 | $ | — | $ | 0.1 | ||||||||||||||||||||
| Finance Lease Liabilities - Long-Term | Other Long-Term Liabilities | 8.1 | 1.4 | 4.4 | 0.8 | ||||||||||||||||||||||||
| Total Finance Lease Liabilities | $ | 10.5 | $ | 3.0 | $ | 4.4 | $ | 0.9 | |||||||||||||||||||||
| As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||||||||||||||||||||||
| Weighted-Average Remaining Lease Term (Years): | |||||||||||||||||||||||||||||||||||||||||||||||
| Operating Leases | 10 | 3 | 19 | 8 | 12 | 2 | 20 | 9 | |||||||||||||||||||||||||||||||||||||||
| Finance Leases | 17 | 1 | 21 | 8 | 12 | 2 | 22 | 9 | |||||||||||||||||||||||||||||||||||||||
| Weighted-Average Discount Rate (Percentage): | |||||||||||||||||||||||||||||||||||||||||||||||
| Operating Leases | 4.0 | % | 2.4 | % | 4.1 | % | 3.7 | % | 3.9 | % | 2.5 | % | 4.1 | % | 3.7 | % | |||||||||||||||||||||||||||||||
| Finance Leases | 2.9 | % | 10.5 | % | 2.9 | % | 3.5 | % | 4.0 | % | 10.5 | % | 2.9 | % | 3.5 | % | |||||||||||||||||||||||||||||||
| Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||
| For the Year Ended December 31, 2020 | |||||||||||||||||||||||
| Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | |||||||||||||||||||||||
| Operating Cash Flows from Operating Leases | $ | 10.9 | $ | 0.6 | $ | 1.8 | $ | 0.1 | |||||||||||||||
| Operating Cash Flows from Finance Leases | 1.7 | 0.3 | 0.6 | — | |||||||||||||||||||
| Financing Cash Flows from Finance Leases | 2.8 | 1.6 | — | 0.1 | |||||||||||||||||||
| Supplemental Non-Cash Information on Lease Liabilities: | |||||||||||||||||||||||
| Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 0.6 | 0.1 | 0.2 | — | |||||||||||||||||||
| Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | 0.7 | — | 0.3 | — | |||||||||||||||||||
| Eversource | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||
| For the Year Ended December 31, 2019 | |||||||||||||||||||||||
| Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | |||||||||||||||||||||||
| Operating Cash Flows from Operating Leases | $ | 11.4 | $ | 0.4 | $ | 1.6 | $ | 0.1 | |||||||||||||||
| Operating Cash Flows from Finance Leases | 1.2 | 0.6 | 0.6 | — | |||||||||||||||||||
| Financing Cash Flows from Finance Leases | 2.6 | 1.4 | — | 0.1 | |||||||||||||||||||
| Supplemental Non-Cash Information on Lease Liabilities: | |||||||||||||||||||||||
| Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 2.9 | 1.0 | 0.1 | 0.2 | |||||||||||||||||||
| Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | 2.0 | — | — | — | |||||||||||||||||||
| Operating Leases | Finance Leases | ||||||||||||||||||||||||||||||||||||||||||||||
|
(Millions of Dollars)
|
Eversource | CL&P | NSTAR Electric | PSNH | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||||||||||||||||||||||
| Year Ending December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2021 | $ | 11.4 | $ | 0.2 | $ | 1.6 | $ | 0.1 | $ | 7.2 | $ | 1.5 | $ | 0.6 | $ | 0.1 | |||||||||||||||||||||||||||||||
| 2022 | 9.0 | 0.1 | 1.6 | 0.1 | 5.7 | — | 0.6 | 0.1 | |||||||||||||||||||||||||||||||||||||||
| 2023 | 6.4 | — | 1.6 | 0.1 | 4.9 | — | 0.6 | 0.1 | |||||||||||||||||||||||||||||||||||||||
| 2024 | 4.5 | — | 1.7 | — | 4.8 | — | 0.7 | 0.1 | |||||||||||||||||||||||||||||||||||||||
| 2025 | 3.4 | — | 1.7 | — | 4.7 | — | 0.7 | 0.1 | |||||||||||||||||||||||||||||||||||||||
| Thereafter | 36.2 | — | 27.0 | 0.1 | 60.7 | — | 13.0 | 0.4 | |||||||||||||||||||||||||||||||||||||||
| Future lease payments | 70.9 | 0.3 | 35.2 | 0.4 | 88.0 | 1.5 | 16.2 | 0.9 | |||||||||||||||||||||||||||||||||||||||
| Less amount representing interest | 15.7 | — | 11.6 | 0.1 | 25.4 | 0.1 | 11.4 | 0.1 | |||||||||||||||||||||||||||||||||||||||
| Present value of future minimum lease payments | $ | 55.2 | $ | 0.3 | $ | 23.6 | $ | 0.3 | $ | 62.6 | $ | 1.4 | $ | 4.8 | $ | 0.8 | |||||||||||||||||||||||||||||||
| 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 December 31, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Stock Not Subject to Mandatory Redemption | $ | 155.6 | $ | 169.1 | $ | 116.2 | $ | 123.4 | $ | 43.0 | $ | 45.7 | $ | — | $ | — | |||||||||||||||||||||||||||||||
| Long-Term Debt | 16,179.1 | 18,420.1 | 3,914.8 | 4,800.9 | 3,643.2 | 4,294.0 | 1,099.1 | 1,207.0 | |||||||||||||||||||||||||||||||||||||||
| Rate Reduction Bonds | 540.1 | 603.4 | — | — | — | — | 540.1 | 603.4 | |||||||||||||||||||||||||||||||||||||||
| As of December 31, 2019: | |||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Stock Not Subject to Mandatory Redemption | $ | 155.6 | $ | 162.0 | $ | 116.2 | $ | 117.8 | $ | 43.0 | $ | 44.2 | $ | — | $ | — | |||||||||||||||||||||||||||||||
| Long-Term Debt | 14,098.2 | 15,170.2 | 3,518.1 | 4,058.0 | 3,342.1 | 3,659.9 | 951.6 | 1,005.7 | |||||||||||||||||||||||||||||||||||||||
| Rate Reduction Bonds | 583.3 | 625.9 | — | — | — | — | 583.3 | 625.9 | |||||||||||||||||||||||||||||||||||||||
| For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
|
Eversource
(Millions of Dollars)
|
Qualified
Cash Flow Hedging Instruments |
Unrealized
Gains on Marketable Securities |
Defined
Benefit Plans |
Total |
Qualified
Cash Flow Hedging Instruments |
Unrealized
Gains/(Losses) on Marketable Securities |
Defined
Benefit Plans |
Total | |||||||||||||||||||||||||||||||||||||||
| Balance as of January 1st | $ | (3.0) | $ | 0.7 | $ | (62.8) | $ | (65.1) | $ | (4.4) | $ | (0.5) | $ | (55.1) | $ | (60.0) | |||||||||||||||||||||||||||||||
| OCI Before Reclassifications | — | 0.4 | (19.6) | (19.2) | — | 1.2 | (13.3) | (12.1) | |||||||||||||||||||||||||||||||||||||||
| Amounts Reclassified from AOCI | 1.6 | — | 6.3 | 7.9 | 1.4 | — | 5.6 | 7.0 | |||||||||||||||||||||||||||||||||||||||
| Net OCI | 1.6 | 0.4 | (13.3) | (11.3) | 1.4 | 1.2 | (7.7) | (5.1) | |||||||||||||||||||||||||||||||||||||||
| Balance as of December 31st | $ | (1.4) | $ | 1.1 | $ | (76.1) | $ | (76.4) | $ | (3.0) | $ | 0.7 | $ | (62.8) | $ | (65.1) | |||||||||||||||||||||||||||||||
| Amounts Reclassified from AOCI | |||||||||||||||||||||||
|
Eversource
(Millions of Dollars)
|
For the Years Ended December 31, |
Statements of Income
Line Item Impacted |
|||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||
| Qualified Cash Flow Hedging Instruments | $ | (2.5) | $ | (2.5) | $ | (2.8) | Interest Expense | ||||||||||||||||
| Tax Effect | 0.9 | 1.1 | 1.0 | Income Tax Expense | |||||||||||||||||||
| Qualified Cash Flow Hedging Instruments, Net of Tax | $ | (1.6) | $ | (1.4) | $ | (1.8) | |||||||||||||||||
| Defined Benefit Plan Costs: | |||||||||||||||||||||||
| Amortization of Actuarial Losses | $ | (8.1) | $ | (5.7) | $ | (6.0) |
Other Income, Net (1)
|
||||||||||||||||
| Amortization of Prior Service Cost | (0.3) | (1.8) | (0.4) |
Other Income, Net (1)
|
|||||||||||||||||||
| Total Defined Benefit Plan Costs | (8.4) | (7.5) | (6.4) | ||||||||||||||||||||
| Tax Effect | 2.1 | 1.9 | 1.6 | Income Tax Expense | |||||||||||||||||||
| Defined Benefit Plan Costs, Net of Tax | $ | (6.3) | $ | (5.6) | $ | (4.8) | |||||||||||||||||
| Total Amounts Reclassified from AOCI, Net of Tax | $ | (7.9) | $ | (7.0) | $ | (6.6) | |||||||||||||||||
| Shares | |||||||||||||||||||||||
|
Par Value |
Authorized as of December 31, 2020 and 2019 | Issued as of December 31, | |||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| Eversource | $ | 5 | 380,000,000 | 357,818,402 | 345,858,402 | ||||||||||||||||||
| CL&P | $ | 10 | 24,500,000 | 6,035,205 | 6,035,205 | ||||||||||||||||||
| NSTAR Electric | $ | 1 | 100,000,000 | 200 | 200 | ||||||||||||||||||
| PSNH | $ | 1 | 100,000,000 | 301 | 301 | ||||||||||||||||||
|
Eversource
(Millions of Dollars, except share information)
|
For the Years Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net Income Attributable to Common Shareholders | $ | 1,205.2 | $ | 909.1 | $ | 1,033.0 | |||||||||||
| Weighted Average Common Shares Outstanding: | |||||||||||||||||
| Basic | 338,836,147 | 321,416,086 | 317,370,369 | ||||||||||||||
| Dilutive Effect of: | |||||||||||||||||
|
Share-Based Compensation Awards and Other
|
738,994 | 762,215 | 623,565 | ||||||||||||||
|
Equity Forward Sale Agreement
|
271,921 | 763,335 | — | ||||||||||||||
| Total Dilutive Effect | 1,010,915 | 1,525,550 | 623,565 | ||||||||||||||
| Diluted | 339,847,062 | 322,941,636 | 317,993,934 | ||||||||||||||
| Basic EPS | $ | 3.56 | $ | 2.83 | $ | 3.25 | |||||||||||
| Diluted EPS | $ | 3.55 | $ | 2.81 | $ | 3.25 | |||||||||||
| For the Year Ended December 31, 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 | $ | 3,951.5 | $ | 644.9 | $ | — | $ | 145.1 | $ | — | $ | — | $ | 4,741.5 | |||||||||||||||||||||||||||
| Commercial | 2,353.4 | 361.9 | — | 62.4 | — | (4.8) | 2,772.9 | ||||||||||||||||||||||||||||||||||
| Industrial | 327.1 | 107.4 | — | 4.8 | — | (13.7) | 425.6 | ||||||||||||||||||||||||||||||||||
| Total Retail Tariff Sales Revenues | 6,632.0 | 1,114.2 | — | 212.3 | — | (18.5) | 7,940.0 | ||||||||||||||||||||||||||||||||||
| Wholesale Transmission Revenues | — | — | 1,557.3 | — | 74.2 | (1,290.6) | 340.9 | ||||||||||||||||||||||||||||||||||
| Wholesale Market Sales Revenues | 327.3 | 43.0 | — | 3.8 | — | — | 374.1 | ||||||||||||||||||||||||||||||||||
| Other Revenues from Contracts with Customers | 74.7 | 3.6 | 13.3 | 7.3 | 1,161.7 | (1,152.0) | 108.6 | ||||||||||||||||||||||||||||||||||
| Amortization of/(Reserve for) Revenues Subject to Refund | 4.6 | 2.1 | — | (3.8) | — | — | 2.9 | ||||||||||||||||||||||||||||||||||
| Total Revenues from Contracts with Customers | 7,038.6 | 1,162.9 | 1,570.6 | 219.6 | 1,235.9 | (2,461.1) | 8,766.5 | ||||||||||||||||||||||||||||||||||
| Alternative Revenue Programs | 88.1 | 44.7 | (35.2) | (4.7) | — | 37.1 | 130.0 | ||||||||||||||||||||||||||||||||||
| Other Revenues | 5.6 | 1.1 | 0.7 | 0.5 | — | — | 7.9 | ||||||||||||||||||||||||||||||||||
| Total Operating Revenues | $ | 7,132.3 | $ | 1,208.7 | $ | 1,536.1 | $ | 215.4 | $ | 1,235.9 | $ | (2,424.0) | $ | 8,904.4 | |||||||||||||||||||||||||||
| For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
|
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 | $ | 3,723.7 | $ | 555.1 | $ | — | $ | 132.3 | $ | — | $ | — | $ | 4,411.1 | |||||||||||||||||||||||||||
| Commercial | 2,584.8 | 347.6 | — | 63.9 | — | (4.3) | 2,992.0 | ||||||||||||||||||||||||||||||||||
| Industrial | 331.8 | 96.9 | — | 4.5 | — | (11.6) | 421.6 | ||||||||||||||||||||||||||||||||||
| Total Retail Tariff Sales Revenues | 6,640.3 | 999.6 | — | 200.7 | — | (15.9) | 7,824.7 | ||||||||||||||||||||||||||||||||||
| Wholesale Transmission Revenues | — | — | 1,293.3 | — | 61.3 | (1,085.2) | 269.4 | ||||||||||||||||||||||||||||||||||
| Wholesale Market Sales Revenues | 215.7 | 55.4 | — | 4.1 | — | — | 275.2 | ||||||||||||||||||||||||||||||||||
| Other Revenues from Contracts with Customers | 54.8 | 2.8 | 13.2 | 7.0 | 967.2 | (969.0) | 76.0 | ||||||||||||||||||||||||||||||||||
| Amortization of/(Reserve for) Revenues Subject to Refund | 1.3 | 6.2 | — | (2.8) | — | — | 4.7 | ||||||||||||||||||||||||||||||||||
| Total Revenues from Contracts with Customers | 6,912.1 | 1,064.0 | 1,306.5 | 209.0 | 1,028.5 | (2,070.1) | 8,450.0 | ||||||||||||||||||||||||||||||||||
| Alternative Revenue Programs | 45.9 | (4.9) | 81.8 | 4.6 | — | (74.2) | 53.2 | ||||||||||||||||||||||||||||||||||
| Other Revenues | 18.5 | 3.1 | 0.7 | 1.0 | — | — | 23.3 | ||||||||||||||||||||||||||||||||||
| Total Operating Revenues | $ | 6,976.5 | $ | 1,062.2 | $ | 1,389.0 | $ | 214.6 | $ | 1,028.5 | $ | (2,144.3) | $ | 8,526.5 | |||||||||||||||||||||||||||
| For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
|
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 | $ | 3,766.6 | $ | 542.5 | $ | — | $ | 130.7 | $ | — | $ | — | $ | 4,439.8 | |||||||||||||||||||||||||||
| Commercial | 2,634.7 | 334.8 | — | 63.3 | — | (4.5) | 3,028.3 | ||||||||||||||||||||||||||||||||||
| Industrial | 351.9 | 96.0 | — | 4.4 | — | (10.0) | 442.3 | ||||||||||||||||||||||||||||||||||
| Total Retail Tariff Sales Revenues | 6,753.2 | 973.3 | — | 198.4 | — | (14.5) | 7,910.4 | ||||||||||||||||||||||||||||||||||
| Wholesale Transmission Revenues | — | — | 1,308.9 | — | 47.3 | (1,092.2) | 264.0 | ||||||||||||||||||||||||||||||||||
| Wholesale Market Sales Revenues | 179.5 | 57.5 | — | 4.1 | — | — | 241.1 | ||||||||||||||||||||||||||||||||||
| Other Revenues from Contracts with Customers | 65.9 | (2.2) | 12.6 | 7.2 | 889.0 | (891.0) | 81.5 | ||||||||||||||||||||||||||||||||||
| Reserve for Revenues Subject to Refund | (12.3) | (8.3) | — | (3.7) | — | — | (24.3) | ||||||||||||||||||||||||||||||||||
| Total Revenues from Contracts with Customers | 6,986.3 | 1,020.3 | 1,321.5 | 206.0 | 936.3 | (1,997.7) | 8,472.7 | ||||||||||||||||||||||||||||||||||
| Alternative Revenue Programs | (47.0) | (1.2) | (35.2) | 5.4 | — | 31.9 | (46.1) | ||||||||||||||||||||||||||||||||||
| Other Revenues | 17.9 | 3.1 | — | 0.6 | — | — | 21.6 | ||||||||||||||||||||||||||||||||||
| Total Operating Revenues | $ | 6,957.2 | $ | 1,022.2 | $ | 1,286.3 | $ | 212.0 | $ | 936.3 | $ | (1,965.8) | $ | 8,448.2 | |||||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Dollars) | CL&P | NSTAR Electric | PSNH | CL&P | NSTAR Electric | PSNH | CL&P | NSTAR Electric | PSNH | ||||||||||||||||||||||||||||||||||||||||||||
| Revenues from Contracts with Customers | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retail Tariff Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential | $ | 2,011.1 | $ | 1,365.8 | $ | 574.6 | $ | 1,837.1 | $ | 1,322.1 | $ | 564.5 | $ | 1,828.2 | $ | 1,380.9 | $ | 557.5 | |||||||||||||||||||||||||||||||||||
| Commercial | 878.3 | 1,176.8 | 299.9 | 922.9 | 1,349.4 | 314.6 | 928.1 | 1,391.5 | 316.9 | ||||||||||||||||||||||||||||||||||||||||||||
| Industrial | 137.5 | 106.4 | 83.2 | 138.3 | 115.8 | 77.7 | 147.7 | 124.9 | 79.3 | ||||||||||||||||||||||||||||||||||||||||||||
| Total Retail Tariff Sales Revenues | 3,026.9 | 2,649.0 | 957.7 | 2,898.3 | 2,787.3 | 956.8 | 2,904.0 | 2,897.3 | 953.7 | ||||||||||||||||||||||||||||||||||||||||||||
| Wholesale Transmission Revenues | 754.8 | 576.5 | 226.0 | 587.1 | 517.3 | 188.9 | 620.6 | 488.8 | 199.5 | ||||||||||||||||||||||||||||||||||||||||||||
| Wholesale Market Sales Revenues | 230.1 | 58.4 | 38.8 | 105.1 | 73.1 | 37.5 | 48.3 | 76.1 | 56.6 | ||||||||||||||||||||||||||||||||||||||||||||
|
Other Revenues from Contracts
with Customers |
32.9 | 43.6 | 14.2 | 36.4 | 18.7 | 15.6 | 35.0 | 28.9 | 15.5 | ||||||||||||||||||||||||||||||||||||||||||||
|
Amortization of/(Reserve for)
Revenues Subject to Refund |
— | — | 4.6 | — | — | 1.3 | — | — | (12.3) | ||||||||||||||||||||||||||||||||||||||||||||
|
Total Revenues from Contracts
with Customers |
4,044.7 | 3,327.5 | 1,241.3 | 3,626.9 | 3,396.4 | 1,200.1 | 3,607.9 | 3,491.1 | 1,213.0 | ||||||||||||||||||||||||||||||||||||||||||||
| Alternative Revenue Programs | (4.2) | 54.5 | 2.6 | 77.5 | 41.6 | 8.6 | (65.9) | 0.9 | (17.3) | ||||||||||||||||||||||||||||||||||||||||||||
| Other Revenues | 2.2 | 3.5 | 0.6 | 10.3 | 7.0 | 1.9 | 8.5 | 8.3 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||
| Eliminations | (495.2) | (444.4) | (165.4) | (482.1) | (400.4) | (144.7) | (454.3) | (387.4) | (149.2) | ||||||||||||||||||||||||||||||||||||||||||||
| Total Operating Revenues | $ | 3,547.5 | $ | 2,941.1 | $ | 1,079.1 | $ | 3,232.6 | $ | 3,044.6 | $ | 1,065.9 | $ | 3,096.2 | $ | 3,112.9 | $ | 1,047.6 | |||||||||||||||||||||||||||||||||||
| For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
|
Eversource
(Millions of Dollars)
|
Electric
Distribution |
Natural Gas
Distribution |
Electric Transmission | Water Distribution | Other | Eliminations | Total | ||||||||||||||||||||||||||||||||||
| Operating Revenues | $ | 7,132.3 | $ | 1,208.7 | $ | 1,536.1 | $ | 215.4 | $ | 1,235.9 | $ | (2,424.0) | $ | 8,904.4 | |||||||||||||||||||||||||||
| Depreciation and Amortization | (657.0) | (87.9) | (278.1) | (44.2) | (93.5) | 1.6 | (1,159.1) | ||||||||||||||||||||||||||||||||||
| Other Operating Expenses | (5,642.3) | (913.8) | (470.0) | (86.6) | (1,071.9) | 2,428.0 | (5,756.6) | ||||||||||||||||||||||||||||||||||
| Operating Income | 833.0 | 207.0 | 788.0 | 84.6 | 70.5 | 5.6 | 1,988.7 | ||||||||||||||||||||||||||||||||||
| Interest Expense | (216.0) | (40.0) | (126.8) | (32.9) | (161.0) | 38.3 | (538.4) | ||||||||||||||||||||||||||||||||||
| Interest Income | 3.2 | 0.9 | 4.7 | — | 37.8 | (41.8) | 4.8 | ||||||||||||||||||||||||||||||||||
| Other Income, Net | 58.0 | 3.1 | 23.3 | 2.0 | 1,382.9 | (1,365.5) | 103.8 | ||||||||||||||||||||||||||||||||||
| Income Tax (Expense)/Benefit | (129.6) | (36.9) | (183.8) | (12.5) | 16.6 | — | (346.2) | ||||||||||||||||||||||||||||||||||
| Net Income | 548.6 | 134.1 | 505.4 | 41.2 | 1,346.8 | (1,363.4) | 1,212.7 | ||||||||||||||||||||||||||||||||||
| Net Income Attributable to Noncontrolling Interests | (4.6) | — | (2.9) | — | — | — | (7.5) | ||||||||||||||||||||||||||||||||||
| Net Income Attributable to Common Shareholders | $ | 544.0 | $ | 134.1 | $ | 502.5 | $ | 41.2 | $ | 1,346.8 | $ | (1,363.4) | $ | 1,205.2 | |||||||||||||||||||||||||||
| Total Assets (as of) | $ | 24,981.9 | $ | 6,450.5 | $ | 11,695.0 | $ | 2,375.2 | $ | 22,089.4 | $ | (21,492.4) | $ | 46,099.6 | |||||||||||||||||||||||||||
| Cash Flows Used for Investments in Plant | $ | 1,079.0 | $ | 494.4 | $ | 1,004.6 | $ | 118.8 | $ | 246.2 | $ | — | $ | 2,943.0 | |||||||||||||||||||||||||||
| For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
|
Eversource
(Millions of Dollars)
|
Electric
Distribution |
Natural Gas
Distribution |
Electric
Transmission |
Water Distribution |
Other (1)
|
Eliminations (1)
|
Total | ||||||||||||||||||||||||||||||||||
| Operating Revenues | $ | 6,976.5 | $ | 1,062.2 | $ | 1,389.0 | $ | 214.6 | $ | 1,028.5 | $ | (2,144.3) | $ | 8,526.5 | |||||||||||||||||||||||||||
| Depreciation and Amortization | (651.3) | (68.3) | (253.3) | (46.9) | (63.2) | 2.3 | (1,080.7) | ||||||||||||||||||||||||||||||||||
| Impairment of Northern Pass Transmission | — | — | (239.6) | — | — | — | (239.6) | ||||||||||||||||||||||||||||||||||
| Other Operating Expenses | (5,525.1) | (830.8) | (411.2) | (101.0) | (891.3) | 2,143.7 | (5,615.7) | ||||||||||||||||||||||||||||||||||
| Operating Income | 800.1 | 163.1 | 484.9 | 66.7 | 74.0 | 1.7 | 1,590.5 | ||||||||||||||||||||||||||||||||||
| Interest Expense | (206.4) | (47.4) | (125.7) | (34.6) | (170.3) | 51.2 | (533.2) | ||||||||||||||||||||||||||||||||||
| Interest Income | 13.3 | 0.1 | 1.5 | — | 48.7 | (50.8) | 12.8 | ||||||||||||||||||||||||||||||||||
| Other Income, Net | 46.8 | 1.6 | 29.2 | 0.4 | 945.3 | (903.3) | 120.0 | ||||||||||||||||||||||||||||||||||
| Income Tax (Expense)/Benefit | (135.9) | (21.2) | (130.5) | 2.4 | 11.7 | — | (273.5) | ||||||||||||||||||||||||||||||||||
| Net Income | 517.9 | 96.2 | 259.4 | 34.9 | 909.4 | (901.2) | 916.6 | ||||||||||||||||||||||||||||||||||
| Net Income Attributable to Noncontrolling Interests | (4.6) | — | (2.9) | — | — | — | (7.5) | ||||||||||||||||||||||||||||||||||
| Net Income Attributable to Common Shareholders | $ | 513.3 | $ | 96.2 | $ | 256.5 | $ | 34.9 | $ | 909.4 | $ | (901.2) | $ | 909.1 | |||||||||||||||||||||||||||
| Total Assets (as of) | $ | 22,541.9 | $ | 4,345.5 | $ | 10,904.0 | $ | 2,351.7 | $ | 18,843.7 | $ | (17,862.9) | $ | 41,123.9 | |||||||||||||||||||||||||||
| Cash Flows Used for Investments in Plant | $ | 1,104.2 | $ | 460.2 | $ | 987.0 | $ | 118.0 | $ | 242.1 | $ | — | $ | 2,911.5 | |||||||||||||||||||||||||||
| For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
|
Eversource
(Millions of Dollars) |
Electric
Distribution |
Natural Gas
Distribution |
Electric
Transmission |
Water Distribution |
Other (1)
|
Eliminations (1)
|
Total | ||||||||||||||||||||||||||||||||||
| Operating Revenues | $ | 6,957.2 | $ | 1,022.2 | $ | 1,286.3 | $ | 212.0 | $ | 936.3 | $ | (1,965.8) | $ | 8,448.2 | |||||||||||||||||||||||||||
| Depreciation and Amortization | (671.8) | (75.0) | (231.8) | (46.5) | (49.1) | 2.2 | (1,072.0) | ||||||||||||||||||||||||||||||||||
| Other Operating Expenses | (5,548.6) | (787.6) | (375.5) | (99.8) | (831.5) | 1,966.7 | (5,676.3) | ||||||||||||||||||||||||||||||||||
| Operating Income | 736.8 | 159.6 | 679.0 | 65.7 | 55.7 | 3.1 | 1,699.9 | ||||||||||||||||||||||||||||||||||
| Interest Expense | (202.8) | (44.1) | (120.6) | (34.3) | (129.3) | 32.3 | (498.8) | ||||||||||||||||||||||||||||||||||
| Interest Income | 18.7 | — | 2.4 | — | 30.3 | (33.3) | 18.1 | ||||||||||||||||||||||||||||||||||
| Other Income/(Loss), Net | 67.5 | 7.1 | 31.1 | (0.4) | 1,092.1 | (1,087.1) | 110.3 | ||||||||||||||||||||||||||||||||||
| Income Tax (Expense)/Benefit | (160.2) | (29.4) | (161.8) | (0.1) | 62.5 | — | (289.0) | ||||||||||||||||||||||||||||||||||
| Net Income | 460.0 | 93.2 | 430.1 | 30.9 | 1,111.3 | (1,085.0) | 1,040.5 | ||||||||||||||||||||||||||||||||||
| Net Income Attributable to Noncontrolling Interests | (4.6) | — | (2.9) | — | — | — | (7.5) | ||||||||||||||||||||||||||||||||||
| Net Income Attributable to Common Shareholders | $ | 455.4 | $ | 93.2 | $ | 427.2 | $ | 30.9 | $ | 1,111.3 | $ | (1,085.0) | $ | 1,033.0 | |||||||||||||||||||||||||||
| Cash Flows Used for Investments in Plant | $ | 961.3 | $ | 351.5 | $ | 976.2 | $ | 102.3 | $ | 178.6 | $ | — | $ | 2,569.9 | |||||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||
| (Pro forma amounts in millions, except share amounts) | 2020 | 2019 | |||||||||
| Operating Revenues | $ | 9,273 | $ | 9,103 | |||||||
| Net Income Attributable to Common Shareholders | 1,265 | 909 | |||||||||
| Basic EPS | 3.73 | 2.83 | |||||||||
| Diluted EPS | 3.72 | 2.82 | |||||||||
| (Millions of Dollars) |
Electric
Distribution |
Electric
Transmission |
Natural Gas
Distribution |
Water Distribution | Total | ||||||||||||||||||||||||
| Balance as of January 1, 2020 | $ | 2,544 | $ | 577 | $ | 399 | $ | 907 | $ | 4,427 | |||||||||||||||||||
| Acquisition of CMA Assets | — | — | 42 | — | 42 | ||||||||||||||||||||||||
|
Sale of Hingham water system
|
— | — | — | (23) | (23) | ||||||||||||||||||||||||
| Balance as of December 31, 2020 | $ | 2,544 | $ | 577 | $ | 441 | $ | 884 | $ | 4,446 | |||||||||||||||||||
| Name | Age | Title | ||||||||||||
| James J. Judge | 65 | Chairman of the Board, President and Chief Executive Officer and a Trustee of Eversource Energy; Chairman and director of CL&P | ||||||||||||
| Philip J. Lembo | 65 |
Executive Vice President and Chief Financial Officer of Eversource Energy and CL&P; director of CL&P
|
||||||||||||
| Gregory B. Butler | 63 |
Executive Vice President and General Counsel of Eversource Energy and CL&P; director of CL&P
|
||||||||||||
|
Christine M. Carmody 1
|
58 |
Executive Vice President-Human Resources and Information Technology of Eversource Energy
|
||||||||||||
|
Joseph R. Nolan, Jr. 1
|
57 |
Executive Vice President-Strategy, Customer and Corporate Relations of Eversource Energy
|
||||||||||||
| Werner J. Schweiger | 61 | Executive Vice President and Chief Operating Officer of Eversource Energy; Chief Executive Officer and director of CL&P | ||||||||||||
| Jay S. Buth | 51 |
Vice President, Controller and Chief Accounting Officer of Eversource Energy and CL&P
|
||||||||||||
| = | Summary of 2020 Accomplishments | = | Elements of 2020 Compensation | ||||||||
| = | Pay for Performance Philosophy | = | 2020 Annual Incentive Program Assessment | ||||||||
| = | Executive Compensation Governance | = | Long-Term Incentive Program | ||||||||
| = | Named Executive Officers | = | Clawback and No Hedging and No Pledging Policies | ||||||||
| = | Overview of the Compensation Program | = | Share Ownership Guidelines and Retention Requirements | ||||||||
| = | Market Analysis | = | Other Benefits | ||||||||
| = | Mix of Compensation Elements | = | Contractual Agreements | ||||||||
| = | Risk Analysis of Executive Compensation | = | Tax and Accounting Considerations | ||||||||
| = | Results of 2020 Say on Pay Vote | = | Equity Grant Practices | ||||||||
| ü | Pay for Performance | ||||
| ü | Share ownership and holding guidelines | ||||
| ü | Balanced incentive metrics | ||||
| ü | Delivery of the majority of incentive compensation opportunity in long-term equity | ||||
| ü | Broad financial and personal misconduct clawback policy relating to incentive compensation | ||||
| ü | Double-trigger change in control vesting provisions | ||||
| ü | Shareholder engagement meetings throughout the year between management and Eversource shareholders that discuss compensation governance | ||||
| ü | For 2021, 75 percent of long-term incentive compensation will be tied to performance | ||||
| ü | 100 percent of long-term incentive compensation paid in equity | ||||
| ü | Independent compensation consultant | ||||
| ü | Annual Say-on-Pay vote | ||||
| ü | Payout limitations on incentive awards | ||||
| ü | Limited executive and Trustee trading window | ||||
| û | Tax gross ups in any new or materially amended executive compensation agreements | ||||
| û | Hedging, pledging or similar transactions by executives and Trustees | ||||
| û | Liberal share recycling | ||||
| û | Dividends on equity awards before vesting | ||||
| û | Discounts or repricing of options or stock appreciation rights | ||||
| û | Change in control agreements (since 2010) | ||||
| Alliant Energy Corporation | Dominion Energy, Inc. | Pinnacle West Capital Corporation | ||||||
| Ameren Corporation | DTE Energy Company | PPL Corporation | ||||||
| American Electric Power Co., Inc. | Edison International | Public Service Enterprise Group, Inc. | ||||||
| CenterPoint Energy, Inc. | Entergy Corporation | Sempra Energy | ||||||
| CMS Energy Corp. | FirstEnergy Corp. | WEC Energy Group, Inc. | ||||||
| Consolidated Edison, Inc. | NiSource Inc. | Xcel Energy Inc. | ||||||
| Percentage of TDC at Target | |||||||||||||||||||||||||||||
| Long-Term Incentives | |||||||||||||||||||||||||||||
| Base Salary |
Annual Incentive (1)
|
Performance Shares (1)
|
|||||||||||||||||||||||||||
| Named Executive Officer |
RSUs (2)
|
TDC | |||||||||||||||||||||||||||
| James J. Judge | 14% | 18% | 34% | 34% | 100% | ||||||||||||||||||||||||
| Philip J. Lembo | 25% | 20% | 27.5% | 27.5% | 100% | ||||||||||||||||||||||||
| Werner J. Schweiger | 25% | 20% | 27.5% | 27.5% | 100% | ||||||||||||||||||||||||
| Joseph R. Nolan, Jr. | 25% | 20% | 27.5% | 27.5% | 100% | ||||||||||||||||||||||||
| Gregory B. Butler | 28% | 20% | 26% | 26% | 100% | ||||||||||||||||||||||||
| NEO average, excluding CEO | 26% | 20% | 27% | 27% | 100% | ||||||||||||||||||||||||
| Performance Goals Assessment | |||||
| Financial Performance at 166% (weighted 70%) | 116% | ||||
| Operational Performance at 149% (weighted 30%) | 45% | ||||
| Overall Performance | 161% | ||||
|
2020 and 2019 Annual Incentive Program Awards
|
||||||||
| Named Executive Officer | 2020 Award | 2019 Award | ||||||
| James J. Judge | $ | 2,750,000 | $ | 3,000,000 | ||||
| Philip J. Lembo | 950,000 | 1,000,000 | ||||||
| Werner J. Schweiger | 950,000 | 1,050,000 | ||||||
| Joseph R. Nolan, Jr. | 850,000 | 774,000 | ||||||
| Gregory B. Butler | 700,000 | 740,000 | ||||||
| 2018 – 2020 and 2019 – 2021 Long-Term Incentive Programs Performance Share Potential Payout | ||||||||||||||||||||||||||||||||
|
Three-Year
Average EPS Growth |
Three-Year Relative Total Shareholder Return Percentiles | |||||||||||||||||||||||||||||||
|
Below
10th |
20th | 30th | 40th | 50th | 60th | 70th | 80th | 90th | Above 90th | |||||||||||||||||||||||
| 9% | 110% | 120% | 130% | 140% | 150% | 160% | 170% | 180% | 190% | 200% | ||||||||||||||||||||||
| 8% | 100% | 110% | 120% | 130% | 140% | 150% | 160% | 170% | 180% | 190% | ||||||||||||||||||||||
| 7% | 90% | 100% | 110% | 120% | 130% | 140% | 150% | 160% | 170% | 180% | ||||||||||||||||||||||
| 6% | 80% | 90% | 100% | 110% | 120% | 130% | 140% | 150% | 160% | 170% | ||||||||||||||||||||||
| 5% | 70% | 80% | 90% | 100% | 110% | 120% | 130% | 140% | 150% | 160% | ||||||||||||||||||||||
| 4% | 60% | 70% | 80% | 90% | 100% | 110% | 120% | 130% | 140% | 150% | ||||||||||||||||||||||
| 3% | 40% | 50% | 70% | 80% | 90% | 100% | 110% | 120% | 130% | 140% | ||||||||||||||||||||||
| 2% | 20% | 40% | 60% | 70% | 80% | 90% | 100% | 110% | 120% | 130% | ||||||||||||||||||||||
| 1% | — | 10% | 40% | 60% | 70% | 80% | 90% | 100% | 110% | 120% | ||||||||||||||||||||||
| 0% | — | — | 20% | 30% | 50% | 70% | 80% | 90% | 100% | 110% | ||||||||||||||||||||||
| Below 0% | — | — | — | — | 10% | 20% | 30% | 40% | 50% | 60% | ||||||||||||||||||||||
| 2020 — 2022 Long-Term Incentive Program Performance Share Potential Payout | ||||||||||||||||||||||||||||||||
|
Three-Year
Average EPS Growth |
Three-Year Relative Total Shareholder Return Percentiles | |||||||||||||||||||||||||||||||
|
Below
10th |
20th | 30th | 40th | 50th | 60th | 70th | 80th | 90th | Above 90th | |||||||||||||||||||||||
| 9.5% | 110% | 120% | 130% | 140% | 150% | 160% | 170% | 180% | 190% | 200% | ||||||||||||||||||||||
| 8.5% | 100% | 110% | 120% | 130% | 140% | 150% | 160% | 170% | 180% | 190% | ||||||||||||||||||||||
| 7.5% | 90% | 100% | 110% | 120% | 130% | 140% | 150% | 160% | 170% | 180% | ||||||||||||||||||||||
| 6.5% | 80% | 90% | 100% | 110% | 120% | 130% | 140% | 150% | 160% | 170% | ||||||||||||||||||||||
| 5.5% | 70% | 80% | 90% | 100% | 110% | 120% | 130% | 140% | 150% | 160% | ||||||||||||||||||||||
| 4.5% | 60% | 70% | 80% | 90% | 100% | 110% | 120% | 130% | 140% | 150% | ||||||||||||||||||||||
| 3.5% | 40% | 50% | 70% | 80% | 90% | 100% | 110% | 120% | 130% | 140% | ||||||||||||||||||||||
| 2.5% | 20% | 40% | 60% | 70% | 80% | 90% | 100% | 110% | 120% | 130% | ||||||||||||||||||||||
| 1.5% | — | 10% | 40% | 60% | 70% | 80% | 90% | 100% | 110% | 120% | ||||||||||||||||||||||
| 0.5% | — | — | 20% | 30% | 50% | 70% | 80% | 90% | 100% | 110% | ||||||||||||||||||||||
| 0.0% | — | — | — | 10% | 20% | 30% | 40% | 50% | 70% | 70% | ||||||||||||||||||||||
| Below 0% | — | — | — | — | 10% | 20% | 30% | 40% | 50% | 60% | ||||||||||||||||||||||
|
2018 – 2020 Long-Term Incentive Program
Performance Share Awards |
|||||
| Named Executive Officer |
Performance
Share Award |
||||
| James J. Judge | 83,274 | ||||
| Philip J. Lembo | 18,186 | ||||
| Werner J. Schweiger | 18,464 | ||||
| Joseph R. Nolan, Jr. | 13,172 | ||||
| Gregory B. Butler | 14,318 | ||||
| RSUs Granted | |||||||||||
| Named Executive Officer | 2018 | 2019 | 2020 | ||||||||
| James J. Judge | 48,912 | 46,249 | 35,849 | ||||||||
| Philip J. Lembo | 10,682 | 10,103 | 8,635 | ||||||||
| Werner J. Schweiger | 10,845 | 10,103 | 9,235 | ||||||||
| Joseph R. Nolan, Jr. | 7,737 | 7,623 | 7,616 | ||||||||
| Gregory B. Butler | 8,410 | 8,328 | 6,575 | ||||||||
| Executive Officer | Base Salary Multiple | ||||
| Chief Executive Officer | 6 | ||||
| Executive Vice Presidents | 3 | ||||
| Operating Company Presidents / Senior Vice Presidents | 2 | ||||
| Vice Presidents | 1 – 1.5 | ||||
|
Name and
Principal Position
|
Year | Salary |
Stock
Awards (1)
|
Non-Equity
Incentive Plan (2)
|
Change in
Pension Value
and Non-
Qualified Deferred Earnings (3)
|
All Other
Compen-
sation (4)
|
SEC Total |
Adjusted
SEC Total (5)
|
||||||||||||||||||||||||||||||||||||
| James J. Judge | 2020 | $ | 1,371,615 | $ | 6,682,612 | $ | 2,750,000 | $ | 3,742,215 | $ | 28,834 | $ | 14,575,276 | $ | 10,833,061 | |||||||||||||||||||||||||||||
| Chairman, President and Chief Executive Officer of Eversource Energy; Chairman of CL&P | 2019 | 1,319,232 | 6,676,043 | 3,000,000 | 8,784,256 | 26,557 | 19,806,088 | 11,021,832 | ||||||||||||||||||||||||||||||||||||
| 2018 | 1,277,078 | 5,632,217 | 2,430,000 | 5,560,877 | 25,209 | 14,925,381 | 9,364,504 | |||||||||||||||||||||||||||||||||||||
|
Philip J. Lembo
|
2020 | 718,846 | 1,609,650 | 950,000 | 1,248,852 | 21,985 | 4,549,333 | 3,300,481 | ||||||||||||||||||||||||||||||||||||
| Executive Vice President and Chief Financial Officer of Eversource Energy and CL&P | 2019 | 680,579 | 1,458,368 | 1,000,000 | 1,318,800 | 20,390 | 4,478,137 | 3,159,337 | ||||||||||||||||||||||||||||||||||||
| 2018 | 648,271 | 1,230,032 | 765,000 | 1,535,216 | 21,685 | 4,200,204 | 2,664,988 | |||||||||||||||||||||||||||||||||||||
| Werner J. Schweiger | 2020 | 765,885 | 1,721,496 | 950,000 | 2,698,083 | 20,657 | 6,156,121 | 3,458,038 | ||||||||||||||||||||||||||||||||||||
|
Executive Vice President and Chief Operating Officer of Eversource Energy and Chief Executive Officer of CL&P
|
2019 | 692,694 | 1,458,368 | 1,050,000 | 2,218,536 | 21,846 | 5,441,444 | 3,222,908 | ||||||||||||||||||||||||||||||||||||
| 2018 | 658,271 | 1,248,802 | 815,000 | 538,978 | 53,896 | 3,314,947 | 2,775,969 | |||||||||||||||||||||||||||||||||||||
|
Joseph R. Nolan, Jr.
|
2020 | 630,962 | 1,419,699 | 850,000 | 2,134,658 | 18,921 | 5,054,240 | 2,919,582 | ||||||||||||||||||||||||||||||||||||
| Executive Vice President-Strategy, Customer and Corporate Relations of Eversource Energy and Eversource Service | 2019 | 589,616 | 1,100,380 | 774,000 | 3,283,296 | 20,388 | 5,767,680 | 2,484,384 | ||||||||||||||||||||||||||||||||||||
| 2018 | 561,540 | 890,916 | 720,000 | 1,193,350 | 56,084 | 3,421,890 | 2,228,540 | |||||||||||||||||||||||||||||||||||||
| Gregory B. Butler | 2020 | 670,292 | 1,225,646 | 700,000 | 1,637,907 | 15,839 | 4,249,684 | 2,611,777 | ||||||||||||||||||||||||||||||||||||
| Executive Vice President and General Counsel of Eversource Energy and CL&P | 2019 | 643,270 | 1,202,147 | 740,000 | 2,948,208 | 15,518 | 5,549,143 | 2,600,935 | ||||||||||||||||||||||||||||||||||||
| 2018 | 618,271 | 968,412 | 645,000 | 634,394 | 15,143 | 2,881,220 | 2,246,826 | |||||||||||||||||||||||||||||||||||||
|
All Other
Stock Awards:
Number of
Shares
of Stock
or Units
(#) (2)
|
Grant
Date Fair
Value of
Stock and
Option Awards
($) (3)
|
|||||||||||||||||||||||||||||||
|
Estimated Future Payouts Under
Non-Equity Incentive Plan Awards |
Estimated Future Payouts Under
Equity Incentive Plan Awards (1)
|
|||||||||||||||||||||||||||||||
| Grant Date |
Threshold
($) |
Target
($) |
Maximum
($) |
Threshold
($) |
Target
(#) |
Maximum
(#) |
||||||||||||||||||||||||||
| Name | ||||||||||||||||||||||||||||||||
| James J. Judge | ||||||||||||||||||||||||||||||||
|
Annual Incentive (4)
|
02/05/20 | $ | 856,500 | $ | 1,713,000 | $ | 3,426,000 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
|
Long-Term Incentive (5)
|
02/05/20 | — | — | — | — | 35,849 | 71,698 | 35,849 | 6,682,612 | |||||||||||||||||||||||
| Philip J. Lembo | ||||||||||||||||||||||||||||||||
|
Annual Incentive (4)
|
02/05/20 | 288,000 | 576,000 | 1,152,000 | — | — | — | — | — | |||||||||||||||||||||||
|
Long-Term Incentive (5)
|
02/05/20 | — | — | — | — | 8,635 | 17,270 | 8,635 | 1,609,650 | |||||||||||||||||||||||
| Werner J. Schweiger | ||||||||||||||||||||||||||||||||
|
Annual Incentive (4)
|
02/05/20 | 308,000 | 616,000 | 1,232,000 | — | — | — | — | — | |||||||||||||||||||||||
|
Long-Term Incentive (5)
|
02/05/20 | — | — | — | — | 9,235 | 18,470 | 9,235 | 1,721,496 | |||||||||||||||||||||||
| Joseph R. Nolan, Jr. | ||||||||||||||||||||||||||||||||
|
Annual Incentive (4)
|
02/05/20 | 254,000 | 508,000 | 1,016,000 | — | — | — | — | — | |||||||||||||||||||||||
|
Long-Term Incentive (5)
|
02/05/20 | — | — | — | — | 7,616 | 15,232 | 7,616 | 1,419,699 | |||||||||||||||||||||||
| Gregory B. Butler | ||||||||||||||||||||||||||||||||
|
Annual Incentive (4)
|
02/05/20 | 234,500 | 469,000 | 938,000 | — | — | — | — | — | |||||||||||||||||||||||
|
Long-Term Incentive (5)
|
02/05/20 | — | — | — | — | 6,575 | 13,150 | 6,575 | 1,225,646 | |||||||||||||||||||||||
|
Stock Awards (1)
|
||||||||||||||
|
Number of Shares or
Units of Stock That
Have Not Vested
(#) (2)
|
Market Value of Shares or
Units of Stock That
Have Not Vested
($) (3)
|
Equity Incentive
Plan Awards:
Number of Unearned
Shares, Units or Other Rights That Have Not
Vested
(#) (4)
|
Equity Incentive
Plan Awards:
Market or Payout Value of
Unearned Shares, Units or
Other Rights That Have Not Vested
($) (5)
|
|||||||||||
| Name | ||||||||||||||
| James J. Judge | 87,192 | $ | 7,542,993 | 139,057 | $ | 12,029,804 | ||||||||
| Philip J. Lembo | 19,873 | 1,719,220 | 31,200 | 2,699,097 | ||||||||||
| Werner J. Schweiger | 20,549 | 1,777,662 | 31,994 | 2,767,831 | ||||||||||
| Joseph R. Nolan, Jr. | 16,008 | 1,384,824 | 24,320 | 2,103,917 | ||||||||||
| Gregory B. Butler | 15,680 | 1,356,448 | 24,729 | 2,139,304 | ||||||||||
| Stock Awards | ||||||||
|
Number of Shares Acquired on Vesting (#) (1)
|
Value Realized
on Vesting (2)
|
|||||||
| Name | ||||||||
| James J. Judge | 130,082 | $ | 12,341,297 | |||||
| Philip J. Lembo | 30,379 | 2,882,970 | ||||||
| Werner J. Schweiger | 30,804 | 2,923,374 | ||||||
| Joseph R. Nolan, Jr. | 21,257 | 2,016,830 | ||||||
| Gregory B. Butler | 24,010 | 2,278,378 | ||||||
| Name | 2017 Program | 2018 Program | 2019 Program | ||||||||
| James J. Judge | 96,929 | 17,314 | 15,839 | ||||||||
| Philip J. Lembo | 23,138 | 3,782 | 3,459 | ||||||||
| Werner J. Schweiger | 23,506 | 3,839 | 3,459 | ||||||||
| Joseph R. Nolan, Jr. | 15,907 | 2,739 | 2,611 | ||||||||
| Gregory B. Butler | 18,181 | 2,977 | 2,852 | ||||||||
| Pension Benefits | ||||||||||||||
|
Number of
Years Credited Service (#) |
Present Value
of Accumulated Benefit |
During Last Fiscal Year | ||||||||||||
| Name | Plan Name | |||||||||||||
| James J. Judge | Retirement Plan (QP) | 43.33 | $ | 2,965,694 | $ | — | ||||||||
| Supplemental Plan (PEP) | 43.33 | 17,973,382 | — | |||||||||||
| Supplemental Plan (SERP) | 20.00 | 16,191,135 | — | |||||||||||
| Philip J. Lembo | Retirement Plan (QP) | 37.17 | 1,402,800 | — | ||||||||||
| Supplemental Plan (PEP) | 37.17 | 6,162,300 | — | |||||||||||
| Supplemental Plan (SERP) | 11.00 | 228,554 | ||||||||||||
| Werner J. Schweiger | Retirement Plan (QP) | 18.83 | 651,924 | — | ||||||||||
| Supplemental Plan (Excess) | 18.83 | 3,046,192 | — | |||||||||||
| Supplemental Plan (SERP) | 18.00 | 10,243,128 | — | |||||||||||
| Joseph R. Nolan, Jr. | Retirement Plan (QP) | 35.42 | 1,084,126 | — | ||||||||||
| Supplemental Plan (Excess) | 35.42 | 4,051,276 | — | |||||||||||
| Supplemental Plan (SERP) | 20.00 | 6,968,644 | — | |||||||||||
| Gregory B. Butler | Retirement Plan (QP) | 24.00 | 1,588,870 | — | ||||||||||
| Supplemental Plan (Excess) | 24.00 | 6,662,938 | — | |||||||||||
| Supplemental Plan (Excess) | 24.00 | 5,045,047 | — | |||||||||||
|
Executive
Contributions in Last FY |
Registrant
Contributions in Last FY |
Aggregate
Earnings in in Last FY |
Aggregate
Withdrawals/ Distributions |
Aggregate
Balance at
Last FYE (1)
|
|||||||||||||
| Name | |||||||||||||||||
| James J. Judge | $ | — | $ | — | $ | 385,688 | $ | — | $ | 8,496,104 | |||||||
| Philip J. Lembo | — | — | 228,733 | — | 1,844,255 | ||||||||||||
| Werner J. Schweiger | — | — | 3,299,340 | — | 23,106,189 | ||||||||||||
| Joseph R. Nolan, Jr. | — | — | 525,639 | — | 7,219,258 | ||||||||||||
| Gregory B. Butler | — | — | 1,898 | — | 29,401 | ||||||||||||
| Name | Type of Payments | Voluntary Termination |
Involuntary Termination
Not for Cause |
Termination Upon Death or Disability |
Termination Following a
Change in Control |
||||||||||||
| James J. Judge |
Annual Incentives (1)
|
$ | — | $ | — | $ | — | $ | 1,713,000 | ||||||||
|
Performance Shares (2)
|
8,500,235 | 8,500,235 | 8,500,235 | 12,029,804 | |||||||||||||
|
RSUs (3)
|
3,689,057 | 3,689,057 | 3,689,057 | 7,542,993 | |||||||||||||
|
Special Retirement Benefit (4)
|
— | — | — | 2,832,835 | |||||||||||||
|
Health and Welfare Benefits (5)
|
— | — | — | 107,472 | |||||||||||||
|
Perquisites (6)
|
— | — | — | 15,000 | |||||||||||||
|
Excise Tax and Gross-ups (7)
|
— | — | — | 5,793,493 | |||||||||||||
|
Separation Payment for Liquidated Damages (8)
|
— | — | — | 13,110,000 | |||||||||||||
| Total | $ | 12,189,292 | $ | 12,189,292 | $ | 12,189,292 | $ | 43,144,597 | |||||||||
| Philip J. Lembo |
Annual Incentives (1)
|
$ | — | $ | — | $ | — | $ | 576,000 | ||||||||
|
Performance Shares (2)
|
1,880,186 | 1,880,186 | 1,880,186 | 2,699,097 | |||||||||||||
|
RSUs (3)
|
827,752 | 827,752 | 827,752 | 1,719,220 | |||||||||||||
|
Special Retirement Benefit (4)
|
— | — | — | 2,512,913 | |||||||||||||
|
Health and Welfare Benefits (5)
|
— | — | — | 47,192 | |||||||||||||
|
Perquisites (6)
|
— | — | — | 10,000 | |||||||||||||
|
Separation Payment for Liquidated Damages (8)
|
— | — | — | 3,440,000 | |||||||||||||
| Total | $ | 2,707,938 | $ | 2,707,938 | $ | 2,707,938 | $ | 11,004,422 | |||||||||
| Werner J. Schweiger |
Annual Incentives (1)
|
$ | — | $ | — | $ | — | $ | 616,000 | ||||||||
|
Performance Shares (2)
|
1,913,179 | 1,913,179 | 1,913,179 | 2,767,831 | |||||||||||||
|
RSUs (3)
|
848,802 | 848,802 | 848,802 | 1,777,662 | |||||||||||||
|
Special Retirement Benefit (4)
|
— | — | — | 3,622,473 | |||||||||||||
|
Health and Welfare Benefits (5)
|
— | — | — | 96,858 | |||||||||||||
|
Perquisites (6)
|
— | — | — | 15,000 | |||||||||||||
|
Excise Tax and Gross-ups(7)
|
— | — | — | 144,237 | |||||||||||||
|
Separation Payment for Liquidated Damages (8)
|
— | — | — | 5,460,000 | |||||||||||||
| Total | $ | 2,761,981 | $ | 2,761,981 | $ | 2,761,981 | $ | 14,500,061 | |||||||||
| Joseph R. Nolan, Jr. |
Annual Incentives (1)
|
$ | — | $ | — | $ | — | $ | 508,000 | ||||||||
|
Performance Shares (2)
|
1,420,462 | 1,420,462 | 1,420,462 | 2,103,917 | |||||||||||||
|
RSUs (3)
|
645,146 | 645,146 | 645,146 | 1,384,824 | |||||||||||||
|
Special Retirement Benefit (4)
|
— | — | — | 4,057,187 | |||||||||||||
|
Health and Welfare Benefits (5)
|
— | — | — | 94,572 | |||||||||||||
|
Perquisites (6)
|
— | — | — | 15,000 | |||||||||||||
|
Excise Tax and Gross-ups (7)
|
— | — | — | 2,112,808 | |||||||||||||
|
Separation Payment for Liquidated Damages (8)
|
— | — | — | 4,227,000 | |||||||||||||
| Total | $ | 2,065,608 | $ | 2,065,608 | $ | 2,065,608 | $ | 14,503,308 | |||||||||
| Gregory B. Butler |
Annual Incentives (1)
|
$ | — | $ | — | $ | — | $ | 469,000 | ||||||||
|
Performance Shares (2)
|
1,496,608 | 1,496,608 | 1,496,608 | 2,139,304 | |||||||||||||
|
RSUs (3)
|
656,057 | 656,057 | 656,057 | 1,356,448 | |||||||||||||
|
Special Retirement Benefit (4)
|
— | 5,599,084 | — | 5,599,083 | |||||||||||||
|
Health and Welfare Benefits (5)
|
— | 25,488 | — | 38,232 | |||||||||||||
|
Perquisites (6)
|
— | 10,000 | — | 15,000 | |||||||||||||
|
Excise Tax and Gross-Ups (7)
|
— | 1,724,948 | — | 2,231,170 | |||||||||||||
|
Separation Payment for Liquidated Damages (8)
|
— | 1,073,000 | — | 1,073,000 | |||||||||||||
|
Separation Payment for Non-Compete Agreement (9)
|
— | 1,073,000 | — | 2,146,000 | |||||||||||||
| Total | $ | 2,152,665 | $ | 11,658,185 | $ | 2,152,665 | $ | 15,067,237 | |||||||||
| Name of Beneficial Owner |
Amount and Nature of Beneficial Ownership (1)(2)(3)
|
Percent of Class | |||||||||||||||
| James J. Judge, Chairman of CL&P | 385,135 | * | |||||||||||||||
| Philip J. Lembo, Executive Vice President and Chief Financial Officer, Director of CL&P | 77,846 |
(4)
|
* | ||||||||||||||
| Werner J. Schweiger, Chief Executive Officer, Director of CL&P | 239,377 |
(5)
|
* | ||||||||||||||
| Gregory B. Butler, Executive Vice President and General Counsel, Director of CL&P | 95,619 | * | |||||||||||||||
| Joseph R. Nolan, Jr., Executive Vice President-Strategy, Customer and Corporate Relations of Eversource Service | 113,989 | * | |||||||||||||||
| All directors and executive officers as a group (7 persons) | 985,978 |
(6)
|
* | ||||||||||||||
| Plan Category |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (1)
|
Weighted-average exercise price of outstanding options, warrants and rights (2)
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (1))
|
||||||||
| Equity compensation plans approved by security holders | 1,122,023 | $— | 2,876,601 | ||||||||
|
Equity compensation plans not approved by security holders (3)
|
— | — | — | ||||||||
| Total | 1,122,023 | — | 2,876,601 | ||||||||
| Audit and Non-Audit Fees | 2020 | 2019 | ||||||
|
Audit Fees (1)
|
$4,562,000 | $4,743,400 | ||||||
|
Audit Related Fees (2)
|
732,500 | 851,300 | ||||||
|
Tax Fees (3)
|
— | 45,000 | ||||||
|
All Other Fees (4)
|
1,914 | 1,914 | ||||||
| TOTAL | $5,296,414 | $5,641,614 | ||||||
| 2020 | 2019 | ||||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash | $ | 434 | $ | 1,469 | |||||||
| Accounts Receivable from Subsidiaries | 39,645 | 25,070 | |||||||||
| Notes Receivable from Subsidiaries | 996,300 | 1,376,000 | |||||||||
| Prepayments and Other Current Assets | 19,043 | 33,546 | |||||||||
| Total Current Assets | 1,055,422 | 1,436,085 | |||||||||
| Deferred Debits and Other Assets: | |||||||||||
| Investments in Subsidiary Companies, at Equity | 15,483,263 | 13,162,337 | |||||||||
| Notes Receivable from Subsidiaries | 1,110,400 | 157,000 | |||||||||
| Accumulated Deferred Income Taxes | 33,469 | 27,578 | |||||||||
| Goodwill | 3,231,811 | 3,231,811 | |||||||||
| Other Long-Term Assets | 90,735 | 92,394 | |||||||||
| Total Deferred Debits and Other Assets | 19,949,678 | 16,671,120 | |||||||||
| Total Assets | $ | 21,005,100 | $ | 18,107,205 | |||||||
| LIABILITIES AND CAPITALIZATION | |||||||||||
| Current Liabilities: | |||||||||||
| Notes Payable | $ | 1,054,325 | $ | 878,584 | |||||||
| Long-Term Debt - Current Portion | 473,933 | 23,933 | |||||||||
| Accounts Payable to Subsidiaries | 18,424 | 4,333 | |||||||||
| Other Current Liabilities | 103,477 | 62,385 | |||||||||
| Total Current Liabilities | 1,650,159 | 969,235 | |||||||||
| Deferred Credits and Other Liabilities | 163,053 | 149,637 | |||||||||
| Long-Term Debt | 5,128,322 | 4,358,339 | |||||||||
| Common Shareholders' Equity: | |||||||||||
| Common Shares | 1,789,092 | 1,729,292 | |||||||||
| Capital Surplus, Paid in | 8,015,663 | 7,087,768 | |||||||||
| Retained Earnings | 4,613,201 | 4,177,048 | |||||||||
| Accumulated Other Comprehensive Loss | (76,411) | (65,059) | |||||||||
| Treasury Stock | (277,979) | (299,055) | |||||||||
| Common Shareholders' Equity | 14,063,566 | 12,629,994 | |||||||||
| Total Liabilities and Capitalization | $ | 21,005,100 | $ | 18,107,205 | |||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Operating Revenues | $ | — | $ | — | $ | — | |||||||||||
| Operating Expenses: | |||||||||||||||||
| Other | 28,645 | 50,100 | (6,552) | ||||||||||||||
| Operating (Loss)/Income | (28,645) | (50,100) | 6,552 | ||||||||||||||
| Interest Expense | 160,887 | 163,937 | 123,638 | ||||||||||||||
| Other Income, Net: | |||||||||||||||||
| Equity in Earnings of Subsidiaries | 1,309,630 | 1,001,526 | 1,049,748 | ||||||||||||||
| Other, Net | 38,546 | 68,137 | 47,581 | ||||||||||||||
| Other Income, Net | 1,348,176 | 1,069,663 | 1,097,329 | ||||||||||||||
| Income Before Income Tax Benefit | 1,158,644 | 855,626 | 980,243 | ||||||||||||||
| Income Tax Benefit | (46,523) | (53,427) | (52,757) | ||||||||||||||
| Net Income | $ | 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 | ||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net Income | $ | 1,205,167 | $ | 909,053 | $ | 1,033,000 | |||||||||||
| Other Comprehensive (Loss)/Income, Net of Tax: | |||||||||||||||||
| Qualified Cash Flow Hedging Instruments | 1,596 | 1,393 | 1,756 | ||||||||||||||
| Changes in Unrealized Gains/(Losses) on Marketable Securities | 342 | 1,166 | (547) | ||||||||||||||
| Change in Funded Status of Pension, SERP and PBOP Benefit Plans | (13,290) | (7,618) | 5,194 | ||||||||||||||
| Other Comprehensive (Loss)/Income, Net of Tax | (11,352) | (5,059) | 6,403 | ||||||||||||||
| Comprehensive Income | $ | 1,193,815 | $ | 903,994 | $ | 1,039,403 | |||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Operating Activities: | |||||||||||||||||
| Net Income | $ | 1,205,167 | $ | 909,053 | $ | 1,033,000 | |||||||||||
| Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||||||||||||
| Equity in Earnings of Subsidiaries | (1,309,630) | (1,001,526) | (1,049,748) | ||||||||||||||
| Cash Dividends Received from Subsidiaries | 485,800 | 883,000 | 569,500 | ||||||||||||||
| Deferred Income Taxes | (4,667) | 13,382 | 20,032 | ||||||||||||||
| Other | 39,940 | 19,584 | (31,093) | ||||||||||||||
| Changes in Current Assets and Liabilities: | |||||||||||||||||
| Accounts Receivables from Subsidiaries | (14,575) | 7,105 | (28,716) | ||||||||||||||
| Taxes Receivable/Accrued, Net | 35,300 | (605) | (20,207) | ||||||||||||||
| Accounts Payable to Subsidiaries | 14,091 | (4,099) | (9,817) | ||||||||||||||
| Other Current Assets and Liabilities, Net | 21,284 | (2,503) | 2,553 | ||||||||||||||
| Net Cash Flows Provided by Operating Activities | 472,710 | 823,391 | 485,504 | ||||||||||||||
| Investing Activities: | |||||||||||||||||
| Capital Contributions to Subsidiaries | (1,899,340) | (1,039,000) | (955,700) | ||||||||||||||
| Return of Capital from Subsidiaries | 80,000 | — | 530,000 | ||||||||||||||
| Increase in Notes Receivable from Subsidiaries | (264,300) | (218,100) | (158,210) | ||||||||||||||
| Other Investing Activities | (367) | (1,799) | (1,149) | ||||||||||||||
| Net Cash Flows Used in Investing Activities | (2,084,007) | (1,258,899) | (585,059) | ||||||||||||||
| Financing Activities: | |||||||||||||||||
| Issuance of Common Shares, Net of Issuance Costs | 928,992 | 852,254 | — | ||||||||||||||
| Cash Dividends on Common Shares | (744,665) | (663,239) | (640,110) | ||||||||||||||
| Issuance of Long-Term Debt | 1,550,000 | — | 1,550,000 | ||||||||||||||
| Retirement of Long-Term Debt | — | (350,000) | (450,000) | ||||||||||||||
| (Decrease)/Increase in Notes Payable | (170,545) | 593,370 | (347,810) | ||||||||||||||
| Other Financing Activities | 46,480 | 4,001 | (12,455) | ||||||||||||||
| Net Cash Flows Provided by Financing Activities | 1,610,262 | 436,386 | 99,625 | ||||||||||||||
| Net (Decrease)/Increase in Cash | (1,035) | 878 | 70 | ||||||||||||||
| Cash - Beginning of Year | 1,469 | 591 | 521 | ||||||||||||||
| Cash - End of Year | $ | 434 | $ | 1,469 | $ | 591 | |||||||||||
| Supplemental Cash Flow Information: | |||||||||||||||||
| Cash Paid/(Received) During the Year for: | |||||||||||||||||
| Interest | $ | 140,694 | $ | 161,323 | $ | 118,533 | |||||||||||
| Income Taxes | $ | (43,158) | $ | (63,227) | $ | (30,239) | |||||||||||
| Column A | Column B | Column C | Column D | Column E | ||||||||||||||||
| Additions | ||||||||||||||||||||
| (1) | (2) | |||||||||||||||||||
| Description: | Balance as of Beginning of Year | Charged to Costs and Expenses |
Charged to Other
Accounts - Describe (a) |
Deductions -Describe (b) | Balance as of End of Year | |||||||||||||||
|
Eversource:
|
||||||||||||||||||||
| Reserves Deducted from Assets - | ||||||||||||||||||||
| Reserves for Uncollectible Accounts: | ||||||||||||||||||||
| 2020 | $ | 224,821 | $ | 53,461 | $ | 145,005 | $ | 64,436 | $ | 358,851 | ||||||||||
| 2019 | 212,723 | 63,446 | 57,223 | 108,571 | 224,821 | |||||||||||||||
| 2018 | 195,708 | 61,337 | 48,671 | 92,993 | 212,723 | |||||||||||||||
| CL&P: | ||||||||||||||||||||
| Reserves Deducted from Assets - | ||||||||||||||||||||
| Reserves for Uncollectible Accounts: | ||||||||||||||||||||
| 2020 | $ | 97,348 | $ | 12,882 | $ | 71,223 | $ | 24,006 | $ | 157,447 | ||||||||||
| 2019 | 88,034 | 15,947 | 38,935 | 45,568 | 97,348 | |||||||||||||||
| 2018 | 78,872 | 15,831 | 29,524 | 36,193 | 88,034 | |||||||||||||||
| NSTAR Electric: | ||||||||||||||||||||
| Reserves Deducted from Assets - | ||||||||||||||||||||
| Reserves for Uncollectible Accounts: | ||||||||||||||||||||
| 2020 | $ | 75,406 | $ | 15,293 | $ | 23,424 | $ | 22,540 | $ | 91,583 | ||||||||||
| 2019 | 74,516 | 25,079 | 12,556 | 36,745 | 75,406 | |||||||||||||||
| 2018 | 69,666 | 22,279 | 14,971 | 32,400 | 74,516 | |||||||||||||||
|
PSNH:
|
||||||||||||||||||||
| Reserves Deducted from Assets - | ||||||||||||||||||||
| Reserves for Uncollectible Accounts: | ||||||||||||||||||||
| 2020 | $ | 10,497 | $ | 5,164 | $ | 7,692 | $ | 6,196 | $ | 17,157 | ||||||||||
| 2019 | 11,065 | 6,726 | 872 | 8,166 | 10,497 | |||||||||||||||
| 2018 | 10,481 | 6,383 | 953 | 6,752 | 11,065 | |||||||||||||||
| EVERSOURCE ENERGY | |||||||||||
| February 17, 2021 | By: | /s/ | Jay S. Buth | ||||||||
| Jay S. Buth | |||||||||||
| Vice President, Controller and Chief Accounting Officer | |||||||||||
| Signature | Title | Date | |||||||||||||||
| /s/ | James J. Judge | Chairman of the Board, President and | February 17, 2021 | ||||||||||||||
| James J. Judge | Chief Executive Officer and a Trustee | ||||||||||||||||
| (Principal Executive Officer) | |||||||||||||||||
| /s/ | Philip J. Lembo | Executive Vice President | February 17, 2021 | ||||||||||||||
| Philip J. Lembo | and Chief Financial Officer | ||||||||||||||||
| (Principal Financial Officer) | |||||||||||||||||
| /s/ | Jay S. Buth | Vice President, Controller | February 17, 2021 | ||||||||||||||
| Jay S. Buth | and Chief Accounting Officer | ||||||||||||||||
| /s/ | Cotton M. Cleveland | Trustee | February 17, 2021 | ||||||||||||||
| Cotton M. Cleveland | |||||||||||||||||
| /s/ | James S. DiStasio | Trustee | February 17, 2021 | ||||||||||||||
| James S. DiStasio | |||||||||||||||||
| Signature | Title | Date | |||||||||||||||
| /s/ | Francis A. Doyle | Trustee | February 17, 2021 | ||||||||||||||
| Francis A. Doyle | |||||||||||||||||
| /s/ | Linda Dorcena Forry | Trustee | February 17, 2021 | ||||||||||||||
| Linda Dorcena Forry | |||||||||||||||||
| /s/ | Gregory M. Jones | Trustee | February 17, 2021 | ||||||||||||||
| Gregory M. Jones | |||||||||||||||||
| /s/ | John Y. Kim | Trustee | February 17, 2021 | ||||||||||||||
| John Y. Kim | |||||||||||||||||
| /s/ | Kenneth R. Leibler | Trustee | February 17, 2021 | ||||||||||||||
| Kenneth R. Leibler | |||||||||||||||||
| /s/ | David H. Long | Trustee | February 17, 2021 | ||||||||||||||
| David H. Long | |||||||||||||||||
| /s/ | William C. Van Faasen | Trustee | February 17, 2021 | ||||||||||||||
| William C. Van Faasen | |||||||||||||||||
| /s/ | Frederica M. Williams | Trustee | February 17, 2021 | ||||||||||||||
| Frederica M. Williams | |||||||||||||||||
| THE CONNECTICUT LIGHT AND POWER COMPANY | |||||||||||
| February 17, 2021 | By: | /s/ | Jay S. Buth | ||||||||
| Jay S. Buth | |||||||||||
| Vice President, Controller and Chief Accounting Officer | |||||||||||
| Signature | Title | Date | |||||||||||||||
| /s/ | James J. Judge | Chairman and a Director | February 17, 2021 | ||||||||||||||
| James J. Judge | (Principal Executive Officer) | ||||||||||||||||
| /s/ | Werner J. Schweiger | Chief Executive Officer and a Director | February 17, 2021 | ||||||||||||||
| Werner J. Schweiger | |||||||||||||||||
| /s/ | Philip J. Lembo | Executive Vice President and | February 17, 2021 | ||||||||||||||
| Philip J. Lembo | Chief Financial Officer and a Director | ||||||||||||||||
| (Principal Financial Officer) | |||||||||||||||||
| /s/ | Gregory B. Butler | Executive Vice President and General Counsel | February 17, 2021 | ||||||||||||||
| Gregory B. Butler | and a Director | ||||||||||||||||
| /s/ | Jay S. Buth | Vice President, Controller | February 17, 2021 | ||||||||||||||
| Jay S. Buth | and Chief Accounting Officer | ||||||||||||||||
| NSTAR ELECTRIC COMPANY | |||||||||||
| February 17, 2021 | By: | /s/ | Jay S. Buth | ||||||||
| Jay S. Buth | |||||||||||
| Vice President, Controller and Chief Accounting Officer | |||||||||||
| Signature | Title | Date | |||||||||||||||
| /s/ | James J. Judge | Chairman and a Director | February 17, 2021 | ||||||||||||||
| James J. Judge | (Principal Executive Officer) | ||||||||||||||||
| /s/ | Werner J. Schweiger | Chief Executive Officer and a Director | February 17, 2021 | ||||||||||||||
| Werner J. Schweiger | |||||||||||||||||
| /s/ | Philip J. Lembo | Executive Vice President and | February 17, 2021 | ||||||||||||||
| Philip J. Lembo | Chief Financial Officer and a Director | ||||||||||||||||
| (Principal Financial Officer) | |||||||||||||||||
| /s/ | Gregory B. Butler | Executive Vice President and General Counsel | February 17, 2021 | ||||||||||||||
| Gregory B. Butler | and a Director | ||||||||||||||||
| /s/ | Jay S. Buth | Vice President, Controller | February 17, 2021 | ||||||||||||||
| Jay S. Buth | and Chief Accounting Officer | ||||||||||||||||
| PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE | |||||||||||
| February 17, 2021 | By: | /s/ | Jay S. Buth | ||||||||
| Jay S. Buth | |||||||||||
| Vice President, Controller and Chief Accounting Officer | |||||||||||
| Signature | Title | Date | |||||||||||||||
| /s/ | James J. Judge | Chairman and a Director | February 17, 2021 | ||||||||||||||
| James J. Judge | (Principal Executive Officer) | ||||||||||||||||
| /s/ | Werner J. Schweiger | Chief Executive Officer and a Director | February 17, 2021 | ||||||||||||||
| Werner J. Schweiger | |||||||||||||||||
| /s/ | Philip J. Lembo | Executive Vice President and | February 17, 2021 | ||||||||||||||
| Philip J. Lembo | Chief Financial Officer and a Director | ||||||||||||||||
| (Principal Financial Officer) | |||||||||||||||||
| /s/ | Gregory B. Butler | Executive Vice President and General Counsel | February 17, 2021 | ||||||||||||||
| Gregory B. Butler | and a Director | ||||||||||||||||
| /s/ | Jay S. Buth | Vice President, Controller | February 17, 2021 | ||||||||||||||
| Jay S. Buth | and Chief Accounting Officer | ||||||||||||||||