COVER PAGE
COVER PAGE - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Document And Entity [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity Registrant Name | EVERSOURCE ENERGY | |
Entity Incorporation, State or Country Code | MA | |
Entity Address, Address Line One | 300 Cadwell Drive | |
Entity Address, City or Town | Springfield | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01104 | |
City Area Code | 800 | |
Local Phone Number | 286-5000 | |
Entity File Number | 001-05324 | |
Entity Tax Identification Number | 04-2147929 | |
Title of 12(b) Security | Common Shares, $5.00 par value per share | |
Trading Symbol | ES | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Smaller Reporting Company | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 346,443,316 | |
Entity Central Index Key | 0000072741 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
The Connecticut Light and Power Company | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | THE CONNECTICUT LIGHT AND POWER COMPANY | |
Entity Incorporation, State or Country Code | CT | |
Entity Address, Address Line One | 107 Selden Street | |
Entity Address, City or Town | Berlin | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06037-1616 | |
City Area Code | 800 | |
Local Phone Number | 286-5000 | |
Entity File Number | 000-00404 | |
Entity Tax Identification Number | 06-0303850 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Smaller Reporting Company | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 6,035,205 | |
Entity Central Index Key | 0000023426 | |
Current Fiscal Year End Date | --12-31 | |
NSTAR Electric Company | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | NSTAR ELECTRIC COMPANY | |
Entity Incorporation, State or Country Code | MA | |
Entity Address, Address Line One | 800 Boylston Street | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02199 | |
City Area Code | 800 | |
Local Phone Number | 286-5000 | |
Entity File Number | 001-02301 | |
Entity Tax Identification Number | 04-1278810 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Smaller Reporting Company | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 200 | |
Entity Central Index Key | 0000013372 | |
Current Fiscal Year End Date | --12-31 | |
Public Service Company of New Hampshire | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE | |
Entity Incorporation, State or Country Code | NH | |
Entity Address, Address Line One | Energy Park | |
Entity Address, Address Line Two | 780 North Commercial Street | |
Entity Address, City or Town | Manchester | |
Entity Address, State or Province | NH | |
Entity Address, Postal Zip Code | 03101-1134 | |
City Area Code | 800 | |
Local Phone Number | 286-5000 | |
Entity File Number | 001-06392 | |
Entity Tax Identification Number | 02-0181050 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Smaller Reporting Company | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 301 | |
Entity Central Index Key | 0000315256 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 29,540 | $ 66,773 |
Receivables, Net (net of allowance for uncollectible accounts) | 1,345,904 | 1,226,069 |
Unbilled Revenues | 177,472 | 210,879 |
Fuel, Materials, Supplies and REC Inventory | 262,421 | 267,547 |
Regulatory Assets | 1,163,411 | 1,129,093 |
Prepayments and Other Current Assets | 289,295 | 369,759 |
Total Current Assets | 3,268,043 | 3,270,120 |
Property, Plant and Equipment, Net | 34,407,210 | 33,377,650 |
Deferred Debits and Other Assets: | ||
Total Long-Term Regulatory Assets | 4,569,236 | 4,586,709 |
Goodwill | 4,477,756 | 4,477,269 |
Investments in Unconsolidated Affiliates | 1,719,878 | 1,436,293 |
Prepaid Pension and PBOP | 446,780 | 271,987 |
Marketable Securities | 400,516 | 460,347 |
Other Long-Term Assets | 626,821 | 611,769 |
Total Deferred Debits and Other Assets | 12,240,987 | 11,844,374 |
Total Assets | 49,916,240 | 48,492,144 |
Current Liabilities: | ||
Notes Payable | 98,800 | 1,505,450 |
Long-Term Debt – Current Portion | 1,265,463 | 1,193,097 |
Rate Reduction Bonds – Current Portion | 43,210 | 43,210 |
Accounts Payable | 1,353,506 | 1,672,230 |
Regulatory Liabilities | 759,733 | 602,432 |
Other Current Liabilities | 739,833 | 830,620 |
Total Current Liabilities | 4,260,545 | 5,847,039 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 4,770,063 | 4,597,120 |
Regulatory Liabilities | 3,886,914 | 3,866,251 |
Derivative Liabilities | 188,736 | 235,387 |
Asset Retirement Obligations | 505,055 | 500,111 |
Accrued Pension, SERP and PBOP | 194,546 | 242,463 |
Other Long-Term Liabilities | 881,729 | 971,080 |
Total Deferred Credits and Other Liabilities | 10,427,043 | 10,412,412 |
Long-Term Debt | 19,583,770 | 17,023,577 |
Rate Reduction Bonds | 432,097 | 453,702 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 155,570 | 155,570 |
Common Shareholders' Equity: | ||
Common Shares | 1,796,056 | 1,789,092 |
Capital Surplus, Paid In | 8,242,346 | 8,098,514 |
Retained Earnings | 5,301,054 | 5,005,391 |
Accumulated Other Comprehensive (Loss)/Income | (42,864) | (42,275) |
Treasury Stock | (239,377) | (250,878) |
Common Shareholders' Equity | 15,057,215 | 14,599,844 |
Commitments and Contingencies (Note 9) | ||
Total Liabilities and Capitalization | $ 49,916,240 | $ 48,492,144 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for uncollectible accounts | $ 457,846 | $ 417,406 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Operating Revenues | $ 2,572,641 | $ 2,122,538 | $ 6,043,951 | $ 4,948,378 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 940,541 | 650,087 | 2,330,237 | 1,648,578 |
Operations and Maintenance | 452,174 | 411,147 | 924,608 | 876,689 |
Depreciation | 294,238 | 274,647 | 583,568 | 545,352 |
Amortization | 70,409 | 5,611 | 307,357 | 113,624 |
Energy Efficiency Programs | 136,679 | 128,955 | 336,163 | 317,018 |
Taxes Other Than Income Taxes | 223,031 | 200,486 | 443,395 | 409,944 |
Total Operating Expenses | 2,117,072 | 1,670,933 | 4,925,328 | 3,911,205 |
Operating Income | 455,569 | 451,605 | 1,118,623 | 1,037,173 |
Interest Expense | 160,090 | 145,435 | 313,334 | 283,201 |
Other Income, Net | 93,861 | 46,619 | 165,422 | 80,820 |
Income Before Income Tax Expense | 389,340 | 352,789 | 970,711 | 834,792 |
Income Tax Expense | 95,598 | 86,389 | 231,643 | 200,370 |
Net Income | 293,742 | 266,400 | 739,068 | 634,422 |
Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 | 3,759 | 3,759 |
Net Income Attributable to Common Shareholders | $ 291,862 | $ 264,520 | $ 735,309 | $ 630,663 |
Basic EPS (in dollars per share) | $ 0.84 | $ 0.77 | $ 2.13 | $ 1.83 |
Diluted EPS (in dollars per share) | $ 0.84 | $ 0.77 | $ 2.13 | $ 1.83 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 345,893,714 | 343,844,626 | 345,525,030 | 343,761,435 |
Diluted (in shares) | 346,295,478 | 344,435,696 | 345,978,306 | 344,385,193 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 293,742 | $ 266,400 | $ 739,068 | $ 634,422 |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 5 | 445 | 10 | 852 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (505) | 273 | (1,323) | (463) |
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | (793) | 163 | 724 | 1,680 |
Net OCI | (1,293) | 881 | (589) | 2,069 |
Comprehensive Income Attributable to Noncontrolling Interests | (1,880) | (1,880) | (3,759) | (3,759) |
Comprehensive Income Attributable to Common Shareholders | $ 290,569 | $ 265,401 | $ 734,720 | $ 632,732 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Balance (in shares) at Dec. 31, 2020 | 342,954,023 | |||||
Balance at Dec. 31, 2020 | $ 14,063,566 | $ 1,789,092 | $ 8,015,663 | $ 4,613,201 | $ (76,411) | $ (277,979) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 368,023 | 368,023 | ||||
Dividends on Common Stock | (206,913) | (206,913) | ||||
Dividends on Preferred Stock | (1,880) | (1,880) | ||||
Long-Term Incentive Plan Activity | (15,727) | (15,727) | ||||
Issuance of Treasury Shares (in shares) | 480,275 | |||||
Issuance of Treasury Shares | 25,163 | 16,182 | 8,981 | |||
Other Comprehensive (Loss)/Income, Net of Tax | 1,188 | 1,188 | ||||
Balance (in shares) at Mar. 31, 2021 | 343,434,298 | |||||
Balance at Mar. 31, 2021 | 14,233,420 | $ 1,789,092 | 8,016,118 | 4,772,431 | (75,223) | (268,998) |
Balance (in shares) at Dec. 31, 2020 | 342,954,023 | |||||
Balance at Dec. 31, 2020 | 14,063,566 | $ 1,789,092 | 8,015,663 | 4,613,201 | (76,411) | (277,979) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 634,422 | |||||
Dividends on Preferred Stock | (3,800) | |||||
Other Comprehensive (Loss)/Income, Net of Tax | 2,069 | |||||
Balance (in shares) at Jun. 30, 2021 | 343,601,103 | |||||
Balance at Jun. 30, 2021 | 14,311,889 | $ 1,789,092 | 8,032,959 | 4,830,058 | (74,342) | (265,878) |
Balance (in shares) at Mar. 31, 2021 | 343,434,298 | |||||
Balance at Mar. 31, 2021 | 14,233,420 | $ 1,789,092 | 8,016,118 | 4,772,431 | (75,223) | (268,998) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 266,400 | 266,400 | ||||
Dividends on Common Stock | (206,893) | (206,893) | ||||
Dividends on Preferred Stock | (1,880) | (1,880) | ||||
Long-Term Incentive Plan Activity | 6,162 | 6,162 | ||||
Issuance of Treasury Shares (in shares) | 166,805 | |||||
Issuance of Treasury Shares | 13,799 | 10,679 | 3,120 | |||
Other Comprehensive (Loss)/Income, Net of Tax | 881 | 881 | ||||
Balance (in shares) at Jun. 30, 2021 | 343,601,103 | |||||
Balance at Jun. 30, 2021 | $ 14,311,889 | $ 1,789,092 | 8,032,959 | 4,830,058 | (74,342) | (265,878) |
Balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | ||||
Balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | 8,098,514 | 5,005,391 | (42,275) | (250,878) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 445,326 | 445,326 | ||||
Dividends on Common Stock | (219,768) | (219,768) | ||||
Dividends on Preferred Stock | (1,880) | (1,880) | ||||
Long-Term Incentive Plan Activity | (16,538) | (16,538) | ||||
Issuance of Treasury Shares (in shares) | 447,076 | |||||
Issuance of Treasury Shares | 29,002 | 20,642 | 8,360 | |||
Other Comprehensive (Loss)/Income, Net of Tax | 704 | 704 | ||||
Balance (in shares) at Mar. 31, 2022 | 344,850,272 | |||||
Balance at Mar. 31, 2022 | $ 14,836,690 | $ 1,789,092 | 8,102,618 | 5,229,069 | (41,571) | (242,518) |
Balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | ||||
Balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | 8,098,514 | 5,005,391 | (42,275) | (250,878) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 739,068 | |||||
Dividends on Preferred Stock | (3,800) | |||||
Other Comprehensive (Loss)/Income, Net of Tax | $ (589) | |||||
Balance (in shares) at Jun. 30, 2022 | 346,411,029 | 346,411,029 | ||||
Balance at Jun. 30, 2022 | $ 15,057,215 | $ 1,796,056 | 8,242,346 | 5,301,054 | (42,864) | (239,377) |
Balance (in shares) at Mar. 31, 2022 | 344,850,272 | |||||
Balance at Mar. 31, 2022 | 14,836,690 | $ 1,789,092 | 8,102,618 | 5,229,069 | (41,571) | (242,518) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 293,742 | 293,742 | ||||
Dividends on Common Stock | (219,877) | (219,877) | ||||
Dividends on Preferred Stock | (1,880) | (1,880) | ||||
Issuance of Common Shares (in shares) | 1,392,804 | |||||
Issuance of Common Shares | 128,106 | $ 6,964 | 121,142 | |||
Long-Term Incentive Plan Activity | 9,070 | 9,070 | ||||
Issuance of Treasury Shares (in shares) | 167,953 | |||||
Issuance of Treasury Shares | 14,481 | 11,340 | 3,141 | |||
Capital Stock Expense | (1,824) | (1,824) | ||||
Other Comprehensive (Loss)/Income, Net of Tax | $ (1,293) | (1,293) | ||||
Balance (in shares) at Jun. 30, 2022 | 346,411,029 | 346,411,029 | ||||
Balance at Jun. 30, 2022 | $ 15,057,215 | $ 1,796,056 | $ 8,242,346 | $ 5,301,054 | $ (42,864) | $ (239,377) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on Common Shares (in dollars per share) | $ 0.6375 | $ 0.6375 | $ 0.6025 | $ 0.6025 |
Par value (in dollars per share) | $ 5 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities: | ||
Net Income | $ 739,068 | $ 634,422 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 583,568 | 545,352 |
Deferred Income Taxes | 126,970 | 120,390 |
Uncollectible Expense | 30,032 | 27,683 |
Pension, SERP and PBOP Income, Net | (80,404) | (6,391) |
Pension and PBOP Contributions | (52,400) | (72,400) |
Regulatory (Under)/Over Recoveries, Net | (226,238) | 18,252 |
(Customer Credits)/Reserve at CL&P related to PURA Settlement Agreement and Storm Performance Penalty | (64,909) | 28,583 |
Amortization | 307,357 | 113,624 |
Cost of Removal Expenditures | (169,863) | (95,593) |
Other | (75,916) | (58,472) |
Changes in Current Assets and Liabilities: | ||
Accounts Receivables from Subsidiaries | (176,132) | (85,261) |
Taxes Receivable/Accrued, Net | 85,071 | (9,113) |
Accounts Payable | (83,550) | (285,670) |
Other Current Assets and Liabilities, Net | (100,835) | (67,961) |
Net Cash Flows Provided by Operating Activities | 841,819 | 807,445 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (1,549,081) | (1,423,223) |
Proceeds from Sales of Marketable Securities | 168,997 | 253,842 |
Purchases of Marketable Securities | (152,741) | (240,729) |
Investments in Unconsolidated Affiliates, Net | (277,001) | (100,527) |
Other Investing Activities | 10,771 | 12,661 |
Net Cash Flows Used in Investing Activities | (1,799,055) | (1,497,976) |
Financing Activities: | ||
Proceeds from issuance of common shares, net of issuance costs | 126,282 | 0 |
Cash Dividends on Common Shares | (427,931) | (402,211) |
Cash Dividends on Preferred Stock | (3,759) | (3,759) |
(Decrease)/Increase in Notes Payable | (1,317,950) | 753,175 |
Repayment of Rate Reduction Bonds | (21,605) | (21,605) |
Issuance of Long-Term Debt | 3,350,000 | 1,525,000 |
Retirement of Long-Term Debt | (770,000) | (1,022,000) |
Other Financing Activities | (42,133) | (35,008) |
Net Cash Flows Provided by/(Used in) Financing Activities | 892,904 | 793,592 |
Net (Decrease)/Increase in Cash and Restricted Cash | (64,332) | 103,061 |
Cash and Restricted Cash - Beginning of Period | 221,008 | 264,950 |
Cash and Restricted Cash - End of Period | $ 156,676 | $ 368,011 |
THE CONNECTICUT LIGHT AND POWER
THE CONNECTICUT LIGHT AND POWER COMPANY CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 29,540 | $ 66,773 |
Receivables, Net (net of allowance for uncollectible accounts) | 1,345,904 | 1,226,069 |
Unbilled Revenues | 177,472 | 210,879 |
Fuel, Materials, Supplies and REC Inventory | 262,421 | 267,547 |
Regulatory Assets | 1,163,411 | 1,129,093 |
Prepayments and Other Current Assets | 289,295 | 369,759 |
Total Current Assets | 3,268,043 | 3,270,120 |
Property, Plant and Equipment, Net | 34,407,210 | 33,377,650 |
Deferred Debits and Other Assets: | ||
Total Long-Term Regulatory Assets | 4,569,236 | 4,586,709 |
Other Long-Term Assets | 626,821 | 611,769 |
Total Deferred Debits and Other Assets | 12,240,987 | 11,844,374 |
Total Assets | 49,916,240 | 48,492,144 |
Current Liabilities: | ||
Long-Term Debt – Current Portion | 1,265,463 | 1,193,097 |
Accounts Payable | 1,353,506 | 1,672,230 |
Regulatory Liabilities | 759,733 | 602,432 |
Other Current Liabilities | 739,833 | 830,620 |
Total Current Liabilities | 4,260,545 | 5,847,039 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 4,770,063 | 4,597,120 |
Regulatory Liabilities | 3,886,914 | 3,866,251 |
Derivative Liabilities | 188,736 | 235,387 |
Other Long-Term Liabilities | 881,729 | 971,080 |
Total Deferred Credits and Other Liabilities | 10,427,043 | 10,412,412 |
Long-Term Debt | 19,583,770 | 17,023,577 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 155,570 | 155,570 |
Common Shareholders' Equity: | ||
Common Shares | 1,796,056 | 1,789,092 |
Capital Surplus, Paid In | 8,242,346 | 8,098,514 |
Retained Earnings | 5,301,054 | 5,005,391 |
Accumulated Other Comprehensive Income | (42,864) | (42,275) |
Common Shareholders' Equity | 15,057,215 | 14,599,844 |
Commitments and Contingencies (Note 9) | ||
Total Liabilities and Capitalization | 49,916,240 | 48,492,144 |
The Connecticut Light and Power Company | ||
Current Assets: | ||
Cash | 9,203 | 55,804 |
Receivables, Net (net of allowance for uncollectible accounts) | 596,847 | 447,774 |
Accounts Receivable from Affiliated Companies | 39,881 | 43,944 |
Unbilled Revenues | 52,711 | 56,787 |
Fuel, Materials, Supplies and REC Inventory | 75,004 | 60,264 |
Regulatory Assets | 396,447 | 371,609 |
Prepayments and Other Current Assets | 74,350 | 120,257 |
Total Current Assets | 1,244,443 | 1,156,439 |
Property, Plant and Equipment, Net | 11,090,981 | 10,803,543 |
Deferred Debits and Other Assets: | ||
Total Long-Term Regulatory Assets | 1,663,820 | 1,713,161 |
Other Long-Term Assets | 307,045 | 276,513 |
Total Deferred Debits and Other Assets | 1,970,865 | 1,989,674 |
Total Assets | 14,306,289 | 13,949,656 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 67,500 | 0 |
Long-Term Debt – Current Portion | 400,000 | 0 |
Accounts Payable | 450,260 | 533,454 |
Accounts Payable to Affiliated Companies | 92,316 | 132,578 |
Regulatory Liabilities | 337,240 | 266,489 |
Derivative Liabilities | 75,872 | 73,528 |
Other Current Liabilities | 140,253 | 141,955 |
Total Current Liabilities | 1,563,441 | 1,148,004 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,594,027 | 1,562,102 |
Regulatory Liabilities | 1,217,711 | 1,193,259 |
Derivative Liabilities | 188,736 | 235,387 |
Other Long-Term Liabilities | 180,950 | 179,824 |
Total Deferred Credits and Other Liabilities | 3,181,424 | 3,170,572 |
Long-Term Debt | 3,815,946 | 4,215,379 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 116,200 | 116,200 |
Common Shareholders' Equity: | ||
Common Shares | 60,352 | 60,352 |
Capital Surplus, Paid In | 3,210,765 | 3,010,765 |
Retained Earnings | 2,357,968 | 2,228,133 |
Accumulated Other Comprehensive Income | 193 | 251 |
Common Shareholders' Equity | 5,629,278 | 5,299,501 |
Commitments and Contingencies (Note 9) | ||
Total Liabilities and Capitalization | $ 14,306,289 | $ 13,949,656 |
THE CONNECTICUT LIGHT AND POW_2
THE CONNECTICUT LIGHT AND POWER COMPANY CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for uncollectible accounts | $ 457,846 | $ 417,406 |
The Connecticut Light and Power Company | ||
Allowance for uncollectible accounts | $ 192,744 | $ 181,319 |
THE CONNECTICUT LIGHT AND POW_3
THE CONNECTICUT LIGHT AND POWER COMPANY CONDENSED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Revenues | $ 2,572,641 | $ 2,122,538 | $ 6,043,951 | $ 4,948,378 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 940,541 | 650,087 | 2,330,237 | 1,648,578 |
Operations and Maintenance | 452,174 | 411,147 | 924,608 | 876,689 |
Depreciation | 294,238 | 274,647 | 583,568 | 545,352 |
Energy Efficiency Programs | 136,679 | 128,955 | 336,163 | 317,018 |
Taxes Other Than Income Taxes | 223,031 | 200,486 | 443,395 | 409,944 |
Total Operating Expenses | 2,117,072 | 1,670,933 | 4,925,328 | 3,911,205 |
Operating Income | 455,569 | 451,605 | 1,118,623 | 1,037,173 |
Interest Expense | 160,090 | 145,435 | 313,334 | 283,201 |
Other Income, Net | 93,861 | 46,619 | 165,422 | 80,820 |
Income Before Income Tax Expense | 389,340 | 352,789 | 970,711 | 834,792 |
Income Tax Expense | 95,598 | 86,389 | 231,643 | 200,370 |
Net Income | 293,742 | 266,400 | 739,068 | 634,422 |
The Connecticut Light and Power Company | ||||
Operating Revenues | 1,035,682 | 829,597 | 2,321,514 | 1,816,871 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 421,000 | 308,137 | 944,463 | 681,411 |
Operations and Maintenance | 169,004 | 152,394 | 326,065 | 327,814 |
Depreciation | 88,233 | 84,423 | 175,498 | 167,828 |
Amortization of Regulatory Assets/(Liabilities), Net | 42,772 | (15,059) | 212,522 | 47,716 |
Energy Efficiency Programs | 29,780 | 29,524 | 65,177 | 65,097 |
Taxes Other Than Income Taxes | 95,778 | 83,886 | 186,151 | 175,278 |
Total Operating Expenses | 846,567 | 643,305 | 1,909,876 | 1,465,144 |
Operating Income | 189,115 | 186,292 | 411,638 | 351,727 |
Interest Expense | 42,175 | 42,614 | 82,761 | 81,592 |
Other Income, Net | 19,800 | 9,879 | 39,363 | 14,787 |
Income Before Income Tax Expense | 166,740 | 153,557 | 368,240 | 284,922 |
Income Tax Expense | 40,902 | 38,001 | 89,426 | 70,967 |
Net Income | $ 125,838 | $ 115,556 | $ 278,814 | $ 213,955 |
THE CONNECTICUT LIGHT AND POW_4
THE CONNECTICUT LIGHT AND POWER COMPANY CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net Income | $ 293,742 | $ 266,400 | $ 739,068 | $ 634,422 |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 5 | 445 | 10 | 852 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (505) | 273 | (1,323) | (463) |
Net OCI | (1,293) | 881 | (589) | 2,069 |
Comprehensive Income Attributable to Common Shareholders | 290,569 | 265,401 | 734,720 | 632,732 |
The Connecticut Light and Power Company | ||||
Net Income | 125,838 | 115,556 | 278,814 | 213,955 |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | (7) | (6) | (13) | (13) |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (16) | 9 | (45) | (16) |
Net OCI | (23) | 3 | (58) | (29) |
Comprehensive Income Attributable to Common Shareholders | $ 125,815 | $ 115,559 | $ 278,756 | $ 213,926 |
THE CONNECTICUT LIGHT AND POW_5
THE CONNECTICUT LIGHT AND POWER COMPANY CONDENSED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Loss | The Connecticut Light and Power Company | The Connecticut Light and Power Company Common Stock | The Connecticut Light and Power Company Capital Surplus, Paid In | The Connecticut Light and Power Company Retained Earnings | The Connecticut Light and Power Company Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2020 | 342,954,023 | 6,035,205 | ||||||||
Balance at Dec. 31, 2020 | $ 14,063,566 | $ 1,789,092 | $ 8,015,663 | $ 4,613,201 | $ (76,411) | $ 5,044,786 | $ 60,352 | $ 2,810,765 | $ 2,173,367 | $ 302 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 368,023 | 368,023 | 98,398 | 98,398 | ||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | ||||||
Dividends on Common Stock | (206,913) | (206,913) | (70,100) | (70,100) | ||||||
Other Comprehensive (Loss)/Income, Net of Tax | 1,188 | 1,188 | (32) | (32) | ||||||
Balance (in shares) at Mar. 31, 2021 | 343,434,298 | 6,035,205 | ||||||||
Balance at Mar. 31, 2021 | 14,233,420 | $ 1,789,092 | 8,016,118 | 4,772,431 | (75,223) | 5,071,662 | $ 60,352 | 2,810,765 | 2,200,275 | 270 |
Balance (in shares) at Dec. 31, 2020 | 342,954,023 | 6,035,205 | ||||||||
Balance at Dec. 31, 2020 | 14,063,566 | $ 1,789,092 | 8,015,663 | 4,613,201 | (76,411) | 5,044,786 | $ 60,352 | 2,810,765 | 2,173,367 | 302 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 634,422 | 213,955 | ||||||||
Dividends on Preferred Stock | (3,800) | |||||||||
Other Comprehensive (Loss)/Income, Net of Tax | 2,069 | (29) | ||||||||
Balance (in shares) at Jun. 30, 2021 | 343,601,103 | 6,035,205 | ||||||||
Balance at Jun. 30, 2021 | 14,311,889 | $ 1,789,092 | 8,032,959 | 4,830,058 | (74,342) | 5,115,731 | $ 60,352 | 2,810,765 | 2,244,341 | 273 |
Balance (in shares) at Mar. 31, 2021 | 343,434,298 | 6,035,205 | ||||||||
Balance at Mar. 31, 2021 | 14,233,420 | $ 1,789,092 | 8,016,118 | 4,772,431 | (75,223) | 5,071,662 | $ 60,352 | 2,810,765 | 2,200,275 | 270 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 266,400 | 266,400 | 115,556 | 115,556 | ||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | ||||||
Dividends on Common Stock | (206,893) | (206,893) | (70,100) | (70,100) | ||||||
Other Comprehensive (Loss)/Income, Net of Tax | 881 | 881 | 3 | 3 | ||||||
Balance (in shares) at Jun. 30, 2021 | 343,601,103 | 6,035,205 | ||||||||
Balance at Jun. 30, 2021 | $ 14,311,889 | $ 1,789,092 | 8,032,959 | 4,830,058 | (74,342) | 5,115,731 | $ 60,352 | 2,810,765 | 2,244,341 | 273 |
Balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | 6,035,205 | |||||||
Balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | 8,098,514 | 5,005,391 | (42,275) | 5,299,501 | $ 60,352 | 3,010,765 | 2,228,133 | 251 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 445,326 | 445,326 | 152,977 | 152,977 | ||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | ||||||
Dividends on Common Stock | (219,768) | (219,768) | (73,100) | (73,100) | ||||||
Capital Contributions from Eversource Parent | 100,000 | 100,000 | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | 704 | 704 | (35) | (35) | ||||||
Balance (in shares) at Mar. 31, 2022 | 344,850,272 | 6,035,205 | ||||||||
Balance at Mar. 31, 2022 | $ 14,836,690 | $ 1,789,092 | 8,102,618 | 5,229,069 | (41,571) | 5,477,953 | $ 60,352 | 3,110,765 | 2,306,620 | 216 |
Balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | 6,035,205 | |||||||
Balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | 8,098,514 | 5,005,391 | (42,275) | 5,299,501 | $ 60,352 | 3,010,765 | 2,228,133 | 251 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 739,068 | 278,814 | ||||||||
Dividends on Preferred Stock | (3,800) | |||||||||
Other Comprehensive (Loss)/Income, Net of Tax | $ (589) | (58) | ||||||||
Balance (in shares) at Jun. 30, 2022 | 346,411,029 | 346,411,029 | 6,035,205 | |||||||
Balance at Jun. 30, 2022 | $ 15,057,215 | $ 1,796,056 | 8,242,346 | 5,301,054 | (42,864) | 5,629,278 | $ 60,352 | 3,210,765 | 2,357,968 | 193 |
Balance (in shares) at Mar. 31, 2022 | 344,850,272 | 6,035,205 | ||||||||
Balance at Mar. 31, 2022 | 14,836,690 | $ 1,789,092 | 8,102,618 | 5,229,069 | (41,571) | 5,477,953 | $ 60,352 | 3,110,765 | 2,306,620 | 216 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 293,742 | 293,742 | 125,838 | 125,838 | ||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | ||||||
Dividends on Common Stock | (219,877) | (219,877) | (73,100) | (73,100) | ||||||
Capital Contributions from Eversource Parent | 100,000 | 100,000 | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | $ (1,293) | (1,293) | (23) | (23) | ||||||
Balance (in shares) at Jun. 30, 2022 | 346,411,029 | 346,411,029 | 6,035,205 | |||||||
Balance at Jun. 30, 2022 | $ 15,057,215 | $ 1,796,056 | $ 8,242,346 | $ 5,301,054 | $ (42,864) | $ 5,629,278 | $ 60,352 | $ 3,210,765 | $ 2,357,968 | $ 193 |
THE CONNECTICUT LIGHT AND POW_6
THE CONNECTICUT LIGHT AND POWER COMPANY CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities: | ||
Net Income | $ 739,068 | $ 634,422 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 583,568 | 545,352 |
Deferred Income Taxes | 126,970 | 120,390 |
Uncollectible Expense | 30,032 | 27,683 |
Pension, SERP and PBOP (Income)/Expense, Net | (80,404) | (6,391) |
Pension and PBOP Contributions | (52,400) | (72,400) |
Regulatory (Under)/Over Recoveries, Net | (226,238) | 18,252 |
(Customer Credits)/Reserve at CL&P related to PURA Settlement Agreement and Storm Performance Penalty | (64,909) | 28,583 |
Cost of Removal Expenditures | (169,863) | (95,593) |
Other | (75,916) | (58,472) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (176,132) | (85,261) |
Taxes Receivable/Accrued, Net | 85,071 | (9,113) |
Accounts Payable | (83,550) | (285,670) |
Other Current Assets and Liabilities, Net | (100,835) | (67,961) |
Net Cash Flows Provided by Operating Activities | 841,819 | 807,445 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (1,549,081) | (1,423,223) |
Other Investing Activities | 10,771 | 12,661 |
Net Cash Flows Used in Investing Activities | (1,799,055) | (1,497,976) |
Financing Activities: | ||
Cash Dividends on Common Shares | (427,931) | (402,211) |
Cash Dividends on Preferred Stock | (3,759) | (3,759) |
Issuance of Long-Term Debt | 3,350,000 | 1,525,000 |
Other Financing Activities | (42,133) | (35,008) |
Net Cash Flows Provided by/(Used in) Financing Activities | 892,904 | 793,592 |
Net (Decrease)/Increase in Cash and Restricted Cash | (64,332) | 103,061 |
Cash and Restricted Cash - Beginning of Period | 221,008 | 264,950 |
Cash and Restricted Cash - End of Period | 156,676 | 368,011 |
The Connecticut Light and Power Company | ||
Operating Activities: | ||
Net Income | 278,814 | 213,955 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 175,498 | 167,828 |
Deferred Income Taxes | 15,782 | 41,886 |
Uncollectible Expense | 6,701 | 6,614 |
Pension, SERP and PBOP (Income)/Expense, Net | (14,532) | 3,803 |
Pension and PBOP Contributions | 0 | (37,880) |
Regulatory (Under)/Over Recoveries, Net | (141,830) | (50,704) |
(Customer Credits)/Reserve at CL&P related to PURA Settlement Agreement and Storm Performance Penalty | (64,909) | 28,583 |
Amortization of Regulatory Assets/(Liabilities), Net | 212,522 | 47,716 |
Cost of Removal Expenditures | (37,103) | (38,031) |
Other | (23,311) | (24,106) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (170,500) | (104,262) |
Taxes Receivable/Accrued, Net | 18,735 | 33,049 |
Accounts Payable | (20,845) | (80,007) |
Other Current Assets and Liabilities, Net | 3,563 | 15,513 |
Net Cash Flows Provided by Operating Activities | 238,585 | 223,957 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (414,407) | (393,323) |
Other Investing Activities | 424 | 157 |
Net Cash Flows Used in Investing Activities | (413,983) | (393,166) |
Financing Activities: | ||
Cash Dividends on Common Shares | (146,200) | (140,200) |
Cash Dividends on Preferred Stock | (2,779) | (2,779) |
Capital Contributions from Eversource Parent | 200,000 | 0 |
Issuance of Long-Term Debt | 0 | 425,000 |
(Decrease)/Increase in Notes Payable to Eversource Parent | 67,500 | 0 |
Other Financing Activities | 0 | (5,180) |
Net Cash Flows Provided by/(Used in) Financing Activities | 118,521 | 276,841 |
Net (Decrease)/Increase in Cash and Restricted Cash | (56,877) | 107,632 |
Cash and Restricted Cash - Beginning of Period | 74,788 | 99,809 |
Cash and Restricted Cash - End of Period | $ 17,911 | $ 207,441 |
NSTAR ELECTRIC COMPANY AND SUBS
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 29,540 | $ 66,773 |
Receivables, Net (net of allowance for uncollectible accounts) | 1,345,904 | 1,226,069 |
Unbilled Revenues | 177,472 | 210,879 |
Fuel, Materials, Supplies and REC Inventory | 262,421 | 267,547 |
Regulatory Assets | 1,163,411 | 1,129,093 |
Prepayments and Other Current Assets | 289,295 | 369,759 |
Total Current Assets | 3,268,043 | 3,270,120 |
Property, Plant and Equipment, Net | 34,407,210 | 33,377,650 |
Deferred Debits and Other Assets: | ||
Total Long-Term Regulatory Assets | 4,569,236 | 4,586,709 |
Prepaid Pension and PBOP | 446,780 | 271,987 |
Other Long-Term Assets | 626,821 | 611,769 |
Total Deferred Debits and Other Assets | 12,240,987 | 11,844,374 |
Total Assets | 49,916,240 | 48,492,144 |
Current Liabilities: | ||
Notes Payable | 98,800 | 1,505,450 |
Long-Term Debt – Current Portion | 1,265,463 | 1,193,097 |
Accounts Payable | 1,353,506 | 1,672,230 |
Regulatory Liabilities | 759,733 | 602,432 |
Other Current Liabilities | 739,833 | 830,620 |
Total Current Liabilities | 4,260,545 | 5,847,039 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 4,770,063 | 4,597,120 |
Regulatory Liabilities | 3,886,914 | 3,866,251 |
Other Long-Term Liabilities | 881,729 | 971,080 |
Total Deferred Credits and Other Liabilities | 10,427,043 | 10,412,412 |
Long-Term Debt | 19,583,770 | 17,023,577 |
Preferred Stock Not Subject to Mandatory Redemption | 155,570 | 155,570 |
Common Shareholders' Equity: | ||
Common Shares | 1,796,056 | 1,789,092 |
Capital Surplus, Paid In | 8,242,346 | 8,098,514 |
Retained Earnings | 5,301,054 | 5,005,391 |
Accumulated Other Comprehensive Income | (42,864) | (42,275) |
Common Shareholders' Equity | 15,057,215 | 14,599,844 |
Commitments and Contingencies (Note 9) | ||
Total Liabilities and Capitalization | 49,916,240 | 48,492,144 |
NSTAR Electric Company | ||
Current Assets: | ||
Cash | 5,349 | 745 |
Receivables, Net (net of allowance for uncollectible accounts) | 397,799 | 405,674 |
Accounts Receivable from Affiliated Companies | 27,235 | 67,420 |
Unbilled Revenues | 47,088 | 37,497 |
Fuel, Materials, Supplies and REC Inventory | 71,229 | 116,712 |
Taxes Receivable | 22,329 | 80,617 |
Regulatory Assets | 419,718 | 443,956 |
Prepayments and Other Current Assets | 28,303 | 22,397 |
Total Current Assets | 1,019,050 | 1,175,018 |
Property, Plant and Equipment, Net | 11,149,405 | 10,876,614 |
Deferred Debits and Other Assets: | ||
Total Long-Term Regulatory Assets | 1,260,785 | 1,135,231 |
Prepaid Pension and PBOP | 484,746 | 441,426 |
Other Long-Term Assets | 179,517 | 171,657 |
Total Deferred Debits and Other Assets | 1,925,048 | 1,748,314 |
Total Assets | 14,093,503 | 13,799,946 |
Current Liabilities: | ||
Notes Payable | 63,000 | 162,500 |
Notes Payable to Eversource Parent | 3,200 | 0 |
Long-Term Debt – Current Portion | 400,000 | 400,000 |
Accounts Payable | 353,625 | 490,915 |
Accounts Payable to Affiliated Companies | 100,487 | 129,575 |
Obligations to Third Party Suppliers | 125,800 | 116,273 |
Renewable Portfolio Standards Compliance Obligations | 59,387 | 100,200 |
Regulatory Liabilities | 274,139 | 228,248 |
Other Current Liabilities | 57,366 | 84,303 |
Total Current Liabilities | 1,437,004 | 1,712,014 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,645,526 | 1,579,508 |
Regulatory Liabilities | 1,571,705 | 1,559,072 |
Other Long-Term Liabilities | 276,267 | 347,934 |
Total Deferred Credits and Other Liabilities | 3,493,498 | 3,486,514 |
Long-Term Debt | 4,029,660 | 3,585,399 |
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 2,303,942 | 2,253,942 |
Retained Earnings | 2,785,972 | 2,718,576 |
Accumulated Other Comprehensive Income | 427 | 501 |
Common Shareholders' Equity | 5,090,341 | 4,973,019 |
Commitments and Contingencies (Note 9) | ||
Total Liabilities and Capitalization | $ 14,093,503 | $ 13,799,946 |
NSTAR ELECTRIC COMPANY AND SU_2
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for uncollectible accounts | $ 457,846 | $ 417,406 |
NSTAR Electric | ||
Allowance for uncollectible accounts | $ 100,534 | $ 97,005 |
NSTAR ELECTRIC COMPANY AND SU_3
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Revenues | $ 2,572,641 | $ 2,122,538 | $ 6,043,951 | $ 4,948,378 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 940,541 | 650,087 | 2,330,237 | 1,648,578 |
Operations and Maintenance | 452,174 | 411,147 | 924,608 | 876,689 |
Depreciation | 294,238 | 274,647 | 583,568 | 545,352 |
Energy Efficiency Programs | 136,679 | 128,955 | 336,163 | 317,018 |
Taxes Other Than Income Taxes | 223,031 | 200,486 | 443,395 | 409,944 |
Total Operating Expenses | 2,117,072 | 1,670,933 | 4,925,328 | 3,911,205 |
Operating Income | 455,569 | 451,605 | 1,118,623 | 1,037,173 |
Interest Expense | 160,090 | 145,435 | 313,334 | 283,201 |
Other Income, Net | 93,861 | 46,619 | 165,422 | 80,820 |
Income Before Income Tax Expense | 389,340 | 352,789 | 970,711 | 834,792 |
Income Tax Expense | 95,598 | 86,389 | 231,643 | 200,370 |
Net Income | 293,742 | 266,400 | 739,068 | 634,422 |
NSTAR Electric Company | ||||
Operating Revenues | 783,650 | 687,375 | 1,646,825 | 1,424,418 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 236,789 | 191,137 | 550,537 | 417,615 |
Operations and Maintenance | 149,094 | 136,356 | 313,956 | 279,576 |
Depreciation | 89,701 | 83,917 | 178,734 | 166,710 |
Amortization of Regulatory Assets/(Liabilities), Net | 20,022 | (2,528) | 49,367 | 15,890 |
Energy Efficiency Programs | 69,290 | 64,273 | 149,522 | 139,373 |
Taxes Other Than Income Taxes | 60,891 | 54,126 | 120,664 | 108,776 |
Total Operating Expenses | 625,787 | 527,281 | 1,362,780 | 1,127,940 |
Operating Income | 157,863 | 160,094 | 284,045 | 296,478 |
Interest Expense | 38,984 | 37,195 | 77,206 | 69,501 |
Other Income, Net | 34,259 | 21,915 | 63,490 | 38,727 |
Income Before Income Tax Expense | 153,138 | 144,814 | 270,329 | 265,704 |
Income Tax Expense | 33,701 | 33,902 | 58,152 | 60,868 |
Net Income | $ 119,437 | $ 110,912 | $ 212,177 | $ 204,836 |
NSTAR ELECTRIC COMPANY AND SU_4
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net Income | $ 293,742 | $ 266,400 | $ 739,068 | $ 634,422 |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | (793) | 163 | 724 | 1,680 |
Qualified Cash Flow Hedging Instruments | 5 | 445 | 10 | 852 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (505) | 273 | (1,323) | (463) |
Net OCI | (1,293) | 881 | (589) | 2,069 |
Comprehensive Income Attributable to Common Shareholders | 290,569 | 265,401 | 734,720 | 632,732 |
NSTAR Electric Company | ||||
Net Income | 119,437 | 110,912 | 212,177 | 204,836 |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | (27) | (40) | (72) | (81) |
Qualified Cash Flow Hedging Instruments | 5 | 179 | 10 | 288 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (5) | 2 | (12) | (5) |
Net OCI | (27) | 141 | (74) | 202 |
Comprehensive Income Attributable to Common Shareholders | $ 119,410 | $ 111,053 | $ 212,103 | $ 205,038 |
NSTAR ELECTRIC COMPANY AND SU_5
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Loss | NSTAR Electric | NSTAR Electric Common Stock | NSTAR Electric Capital Surplus, Paid In | NSTAR Electric Retained Earnings | NSTAR Electric Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2020 | 342,954,023 | 200 | ||||||||
Balance at Dec. 31, 2020 | $ 14,063,566 | $ 1,789,092 | $ 8,015,663 | $ 4,613,201 | $ (76,411) | $ 4,521,418 | $ 0 | $ 1,993,942 | $ 2,527,167 | $ 309 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 368,023 | 368,023 | 93,924 | 93,924 | ||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (490) | (490) | ||||||
Dividends on Common Stock | (206,913) | (206,913) | (206,400) | (206,400) | ||||||
Other Comprehensive (Loss)/Income, Net of Tax | 1,188 | 1,188 | 61 | 61 | ||||||
Balance (in shares) at Mar. 31, 2021 | 343,434,298 | 200 | ||||||||
Balance at Mar. 31, 2021 | 14,233,420 | $ 1,789,092 | 8,016,118 | 4,772,431 | (75,223) | 4,408,513 | $ 0 | 1,993,942 | 2,414,201 | 370 |
Balance (in shares) at Dec. 31, 2020 | 342,954,023 | 200 | ||||||||
Balance at Dec. 31, 2020 | 14,063,566 | $ 1,789,092 | 8,015,663 | 4,613,201 | (76,411) | 4,521,418 | $ 0 | 1,993,942 | 2,527,167 | 309 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 634,422 | 204,836 | ||||||||
Dividends on Preferred Stock | (3,800) | |||||||||
Other Comprehensive (Loss)/Income, Net of Tax | 2,069 | 202 | ||||||||
Balance (in shares) at Jun. 30, 2021 | 343,601,103 | 200 | ||||||||
Balance at Jun. 30, 2021 | 14,311,889 | $ 1,789,092 | 8,032,959 | 4,830,058 | (74,342) | 4,502,276 | $ 0 | 2,053,942 | 2,447,823 | 511 |
Balance (in shares) at Mar. 31, 2021 | 343,434,298 | 200 | ||||||||
Balance at Mar. 31, 2021 | 14,233,420 | $ 1,789,092 | 8,016,118 | 4,772,431 | (75,223) | 4,408,513 | $ 0 | 1,993,942 | 2,414,201 | 370 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 266,400 | 266,400 | 110,912 | 110,912 | ||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (490) | (490) | ||||||
Dividends on Common Stock | (206,893) | (206,893) | (76,800) | (76,800) | ||||||
Capital Contributions from Eversource Parent | 60,000 | 60,000 | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | 881 | 881 | 141 | 141 | ||||||
Balance (in shares) at Jun. 30, 2021 | 343,601,103 | 200 | ||||||||
Balance at Jun. 30, 2021 | $ 14,311,889 | $ 1,789,092 | 8,032,959 | 4,830,058 | (74,342) | 4,502,276 | $ 0 | 2,053,942 | 2,447,823 | 511 |
Balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | 200 | |||||||
Balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | 8,098,514 | 5,005,391 | (42,275) | 4,973,019 | $ 0 | 2,253,942 | 2,718,576 | 501 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 445,326 | 445,326 | 92,739 | 92,739 | ||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (490) | (490) | ||||||
Dividends on Common Stock | (219,768) | (219,768) | (71,900) | (71,900) | ||||||
Other Comprehensive (Loss)/Income, Net of Tax | 704 | 704 | (47) | (47) | ||||||
Balance (in shares) at Mar. 31, 2022 | 344,850,272 | 200 | ||||||||
Balance at Mar. 31, 2022 | $ 14,836,690 | $ 1,789,092 | 8,102,618 | 5,229,069 | (41,571) | 4,993,321 | $ 0 | 2,253,942 | 2,738,925 | 454 |
Balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | 200 | |||||||
Balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | 8,098,514 | 5,005,391 | (42,275) | 4,973,019 | $ 0 | 2,253,942 | 2,718,576 | 501 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 739,068 | 212,177 | ||||||||
Dividends on Preferred Stock | (3,800) | |||||||||
Other Comprehensive (Loss)/Income, Net of Tax | $ (589) | (74) | ||||||||
Balance (in shares) at Jun. 30, 2022 | 346,411,029 | 346,411,029 | 200 | |||||||
Balance at Jun. 30, 2022 | $ 15,057,215 | $ 1,796,056 | 8,242,346 | 5,301,054 | (42,864) | 5,090,341 | $ 0 | 2,303,942 | 2,785,972 | 427 |
Balance (in shares) at Mar. 31, 2022 | 344,850,272 | 200 | ||||||||
Balance at Mar. 31, 2022 | 14,836,690 | $ 1,789,092 | 8,102,618 | 5,229,069 | (41,571) | 4,993,321 | $ 0 | 2,253,942 | 2,738,925 | 454 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 293,742 | 293,742 | 119,437 | 119,437 | ||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (490) | (490) | ||||||
Dividends on Common Stock | (219,877) | (219,877) | (71,900) | (71,900) | ||||||
Capital Contributions from Eversource Parent | 50,000 | 50,000 | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | $ (1,293) | (1,293) | (27) | (27) | ||||||
Balance (in shares) at Jun. 30, 2022 | 346,411,029 | 346,411,029 | 200 | |||||||
Balance at Jun. 30, 2022 | $ 15,057,215 | $ 1,796,056 | $ 8,242,346 | $ 5,301,054 | $ (42,864) | $ 5,090,341 | $ 0 | $ 2,303,942 | $ 2,785,972 | $ 427 |
NSTAR ELECTRIC COMPANY AND SU_6
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities: | ||
Net Income | $ 739,068 | $ 634,422 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 583,568 | 545,352 |
Deferred Income Taxes | 126,970 | 120,390 |
Uncollectible Expense | 30,032 | 27,683 |
Pension and PBOP Contributions | (52,400) | (72,400) |
Regulatory (Under)/Over Recoveries, Net | (226,238) | 18,252 |
Cost of Removal Expenditures | (169,863) | (95,593) |
Other | (75,916) | (58,472) |
Changes in Current Assets and Liabilities: | ||
Accounts Receivables from Subsidiaries | (176,132) | (85,261) |
Taxes Receivable/Accrued, Net | 85,071 | (9,113) |
Accounts Payable | (83,550) | (285,670) |
Other Current Assets and Liabilities, Net | (100,835) | (67,961) |
Net Cash Flows Provided by Operating Activities | 841,819 | 807,445 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (1,549,081) | (1,423,223) |
Other Investing Activities | 10,771 | 12,661 |
Net Cash Flows Used in Investing Activities | (1,799,055) | (1,497,976) |
Financing Activities: | ||
Cash Dividends on Common Shares | (427,931) | (402,211) |
Cash Dividends on Preferred Stock | (3,759) | (3,759) |
Issuance of Long-Term Debt | 3,350,000 | 1,525,000 |
Retirement of Long-Term Debt | (770,000) | (1,022,000) |
(Decrease)/Increase in Notes Payable | (1,317,950) | 753,175 |
Other Financing Activities | (42,133) | (35,008) |
Net Cash Flows Provided by/(Used in) Financing Activities | 892,904 | 793,592 |
Net (Decrease)/Increase in Cash and Restricted Cash | (64,332) | 103,061 |
Cash and Restricted Cash - Beginning of Period | 221,008 | 264,950 |
Cash and Restricted Cash - End of Period | 156,676 | 368,011 |
NSTAR Electric | ||
Operating Activities: | ||
Net Income | 212,177 | 204,836 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 178,734 | 166,710 |
Deferred Income Taxes | 42,476 | 28,742 |
Uncollectible Expense | 8,688 | 7,394 |
Pension, SERP and PBOP Expense, Net of Contributions | (27,750) | (12,990) |
Pension and PBOP Contributions | (10,000) | (10,000) |
Regulatory (Under)/Over Recoveries, Net | (106,074) | (12,562) |
Amortization of Regulatory Assets/(Liabilities), Net | 49,367 | 15,890 |
Cost of Removal Expenditures | (26,337) | (26,968) |
Payment of Withheld Property Taxes | (76,084) | 0 |
Other | (24,635) | (13,347) |
Changes in Current Assets and Liabilities: | ||
Accounts Receivables from Subsidiaries | 35,107 | (49,324) |
Taxes Receivable/Accrued, Net | 58,289 | 57,584 |
Accounts Payable | (98,187) | (88,729) |
Other Current Assets and Liabilities, Net | (18,644) | (21,349) |
Net Cash Flows Provided by Operating Activities | 197,127 | 245,887 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (443,978) | (426,053) |
Other Investing Activities | 118 | 43 |
Net Cash Flows Used in Investing Activities | (443,860) | (426,010) |
Financing Activities: | ||
Cash Dividends on Common Shares | (143,800) | (283,200) |
Cash Dividends on Preferred Stock | (980) | (980) |
Issuance of Long-Term Debt | 450,000 | 300,000 |
Retirement of Long-Term Debt | 0 | (250,000) |
Capital Contributions from Eversource Parent | 50,000 | 60,000 |
Increase in Notes Payable to Eversource Parent | 3,200 | 200 |
(Decrease)/Increase in Notes Payable | (99,500) | 360,500 |
Other Financing Activities | (7,642) | (5,909) |
Net Cash Flows Provided by/(Used in) Financing Activities | 251,278 | 180,611 |
Net (Decrease)/Increase in Cash and Restricted Cash | 4,545 | 488 |
Cash and Restricted Cash - Beginning of Period | 18,179 | 17,410 |
Cash and Restricted Cash - End of Period | $ 22,724 | $ 17,898 |
PUBLIC SERVICE COMPANY OF NEW H
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 29,540 | $ 66,773 |
Receivables, Net (net of allowance for uncollectible accounts) | 1,345,904 | 1,226,069 |
Unbilled Revenues | 177,472 | 210,879 |
Fuel, Materials, Supplies and REC Inventory | 262,421 | 267,547 |
Regulatory Assets | 1,163,411 | 1,129,093 |
Prepayments and Other Current Assets | 289,295 | 369,759 |
Total Current Assets | 3,268,043 | 3,270,120 |
Property, Plant and Equipment, Net | 34,407,210 | 33,377,650 |
Deferred Debits and Other Assets: | ||
Total Long-Term Regulatory Assets | 4,569,236 | 4,586,709 |
Other Long-Term Assets | 626,821 | 611,769 |
Total Deferred Debits and Other Assets | 12,240,987 | 11,844,374 |
Total Assets | 49,916,240 | 48,492,144 |
Current Liabilities: | ||
Rate Reduction Bonds – Current Portion | 43,210 | 43,210 |
Accounts Payable | 1,353,506 | 1,672,230 |
Regulatory Liabilities | 759,733 | 602,432 |
Other Current Liabilities | 739,833 | 830,620 |
Total Current Liabilities | 4,260,545 | 5,847,039 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 4,770,063 | 4,597,120 |
Regulatory Liabilities | 3,886,914 | 3,866,251 |
Other Long-Term Liabilities | 881,729 | 971,080 |
Total Deferred Credits and Other Liabilities | 10,427,043 | 10,412,412 |
Long-Term Debt | 19,583,770 | 17,023,577 |
Rate Reduction Bonds | 432,097 | 453,702 |
Common Shareholders' Equity: | ||
Common Shares | 1,796,056 | 1,789,092 |
Capital Surplus, Paid In | 8,242,346 | 8,098,514 |
Retained Earnings | 5,301,054 | 5,005,391 |
Accumulated Other Comprehensive (Loss)/Income | (42,864) | (42,275) |
Common Shareholders' Equity | 15,057,215 | 14,599,844 |
Commitments and Contingencies (Note 9) | ||
Total Liabilities and Capitalization | 49,916,240 | 48,492,144 |
PSNH | ||
Current Assets: | ||
Cash | 133 | 15 |
Receivables, Net (net of allowance for uncollectible accounts) | 151,444 | 124,232 |
Accounts Receivable from Affiliated Companies | 7,792 | 17,156 |
Unbilled Revenues | 48,161 | 53,937 |
Fuel, Materials, Supplies and REC Inventory | 40,810 | 25,930 |
Regulatory Assets | 93,225 | 107,169 |
Special Deposits | 30,935 | 31,390 |
Prepayments and Other Current Assets | 24,592 | 22,109 |
Total Current Assets | 397,092 | 381,938 |
Property, Plant and Equipment, Net | 3,820,237 | 3,656,462 |
Deferred Debits and Other Assets: | ||
Total Long-Term Regulatory Assets | 643,745 | 679,182 |
Other Long-Term Assets | 19,797 | 23,202 |
Total Deferred Debits and Other Assets | 663,542 | 702,384 |
Total Assets | 4,880,871 | 4,740,784 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 89,300 | 110,600 |
Rate Reduction Bonds – Current Portion | 43,210 | 43,210 |
Accounts Payable | 179,824 | 166,452 |
Accounts Payable to Affiliated Companies | 26,994 | 43,485 |
Regulatory Liabilities | 106,554 | 120,176 |
Other Current Liabilities | 54,772 | 63,005 |
Total Current Liabilities | 500,654 | 546,928 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 543,771 | 537,978 |
Regulatory Liabilities | 393,673 | 381,366 |
Other Long-Term Liabilities | 43,188 | 64,264 |
Total Deferred Credits and Other Liabilities | 980,632 | 983,608 |
Long-Term Debt | 1,164,229 | 1,163,833 |
Rate Reduction Bonds | 432,097 | 453,702 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 1,268,134 | 1,088,134 |
Retained Earnings | 535,180 | 504,556 |
Accumulated Other Comprehensive (Loss)/Income | (55) | 23 |
Common Shareholders' Equity | 1,803,259 | 1,592,713 |
Commitments and Contingencies (Note 9) | ||
Total Liabilities and Capitalization | $ 4,880,871 | $ 4,740,784 |
PUBLIC SERVICE COMPANY OF NEW_2
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for uncollectible accounts | $ 457,846 | $ 417,406 |
PSNH | ||
Allowance for uncollectible accounts | $ 27,314 | $ 24,331 |
PUBLIC SERVICE COMPANY OF NEW_3
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Revenues | $ 2,572,641 | $ 2,122,538 | $ 6,043,951 | $ 4,948,378 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 940,541 | 650,087 | 2,330,237 | 1,648,578 |
Operations and Maintenance | 452,174 | 411,147 | 924,608 | 876,689 |
Depreciation | 294,238 | 274,647 | 583,568 | 545,352 |
Energy Efficiency Programs | 136,679 | 128,955 | 336,163 | 317,018 |
Taxes Other Than Income Taxes | 223,031 | 200,486 | 443,395 | 409,944 |
Total Operating Expenses | 2,117,072 | 1,670,933 | 4,925,328 | 3,911,205 |
Operating Income | 455,569 | 451,605 | 1,118,623 | 1,037,173 |
Interest Expense | 160,090 | 145,435 | 313,334 | 283,201 |
Other Income, Net | 93,861 | 46,619 | 165,422 | 80,820 |
Income Before Income Tax Expense | 389,340 | 352,789 | 970,711 | 834,792 |
Income Tax Expense | 95,598 | 86,389 | 231,643 | 200,370 |
Net Income | 293,742 | 266,400 | 739,068 | 634,422 |
PSNH | ||||
Operating Revenues | 307,055 | 278,849 | 646,482 | 572,284 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 110,803 | 80,513 | 236,647 | 172,122 |
Operations and Maintenance | 66,730 | 56,537 | 126,303 | 111,201 |
Depreciation | 31,557 | 29,825 | 62,810 | 59,293 |
Amortization of Regulatory Assets/(Liabilities), Net | 9,218 | 26,274 | 36,052 | 44,821 |
Energy Efficiency Programs | 8,817 | 9,365 | 17,535 | 19,713 |
Taxes Other Than Income Taxes | 25,261 | 23,453 | 48,046 | 45,603 |
Total Operating Expenses | 252,386 | 225,967 | 527,393 | 452,753 |
Operating Income | 54,669 | 52,882 | 119,089 | 119,531 |
Interest Expense | 14,757 | 13,821 | 28,402 | 28,452 |
Other Income, Net | 7,782 | 4,260 | 15,292 | 8,427 |
Income Before Income Tax Expense | 47,694 | 43,321 | 105,979 | 99,506 |
Income Tax Expense | 10,656 | 8,688 | 23,355 | 20,197 |
Net Income | $ 37,038 | $ 34,633 | $ 82,624 | $ 79,309 |
PUBLIC SERVICE COMPANY OF NEW_4
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net Income | $ 293,742 | $ 266,400 | $ 739,068 | $ 634,422 |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 5 | 445 | 10 | 852 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (505) | 273 | (1,323) | (463) |
Net OCI | (1,293) | 881 | (589) | 2,069 |
Comprehensive Income Attributable to Common Shareholders | 290,569 | 265,401 | 734,720 | 632,732 |
PSNH | ||||
Net Income | 37,038 | 34,633 | 82,624 | 79,309 |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 0 | 266 | 0 | 564 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (30) | 16 | (78) | (27) |
Net OCI | (30) | 282 | (78) | 537 |
Comprehensive Income Attributable to Common Shareholders | $ 37,008 | $ 34,915 | $ 82,546 | $ 79,846 |
PUBLIC SERVICE COMPANY OF NEW_5
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Loss | PSNH | PSNH Common Stock | PSNH Capital Surplus, Paid In | PSNH Retained Earnings | PSNH Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2020 | 342,954,023 | 301 | ||||||||
Balance at Dec. 31, 2020 | $ 14,063,566 | $ 1,789,092 | $ 8,015,663 | $ 4,613,201 | $ (76,411) | $ 1,542,539 | $ 0 | $ 928,134 | $ 615,018 | $ (613) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 368,023 | 368,023 | 44,676 | 44,676 | ||||||
Dividends on Common Stock | (206,913) | (206,913) | (25,200) | (25,200) | ||||||
Other Comprehensive (Loss)/Income, Net of Tax | 1,188 | 1,188 | 255 | 255 | ||||||
Balance (in shares) at Mar. 31, 2021 | 343,434,298 | 301 | ||||||||
Balance at Mar. 31, 2021 | 14,233,420 | $ 1,789,092 | 8,016,118 | 4,772,431 | (75,223) | 1,562,270 | $ 0 | 928,134 | 634,494 | (358) |
Balance (in shares) at Dec. 31, 2020 | 342,954,023 | 301 | ||||||||
Balance at Dec. 31, 2020 | 14,063,566 | $ 1,789,092 | 8,015,663 | 4,613,201 | (76,411) | 1,542,539 | $ 0 | 928,134 | 615,018 | (613) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 634,422 | 79,309 | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | 2,069 | 537 | ||||||||
Balance (in shares) at Jun. 30, 2021 | 343,601,103 | 301 | ||||||||
Balance at Jun. 30, 2021 | 14,311,889 | $ 1,789,092 | 8,032,959 | 4,830,058 | (74,342) | 1,571,985 | $ 0 | 1,088,134 | 483,927 | (76) |
Balance (in shares) at Mar. 31, 2021 | 343,434,298 | 301 | ||||||||
Balance at Mar. 31, 2021 | 14,233,420 | $ 1,789,092 | 8,016,118 | 4,772,431 | (75,223) | 1,562,270 | $ 0 | 928,134 | 634,494 | (358) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 266,400 | 266,400 | 34,633 | 34,633 | ||||||
Dividends on Common Stock | (206,893) | (206,893) | (185,200) | (185,200) | ||||||
Capital Contributions from Eversource Parent | 160,000 | 160,000 | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | 881 | 881 | 282 | 282 | ||||||
Balance (in shares) at Jun. 30, 2021 | 343,601,103 | 301 | ||||||||
Balance at Jun. 30, 2021 | $ 14,311,889 | $ 1,789,092 | 8,032,959 | 4,830,058 | (74,342) | 1,571,985 | $ 0 | 1,088,134 | 483,927 | (76) |
Balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | 301 | |||||||
Balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | 8,098,514 | 5,005,391 | (42,275) | 1,592,713 | $ 0 | 1,088,134 | 504,556 | 23 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 445,326 | 445,326 | 45,586 | 45,586 | ||||||
Dividends on Common Stock | (219,768) | (219,768) | (26,000) | (26,000) | ||||||
Other Comprehensive (Loss)/Income, Net of Tax | 704 | 704 | (48) | (48) | ||||||
Balance (in shares) at Mar. 31, 2022 | 344,850,272 | 301 | ||||||||
Balance at Mar. 31, 2022 | $ 14,836,690 | $ 1,789,092 | 8,102,618 | 5,229,069 | (41,571) | 1,612,251 | $ 0 | 1,088,134 | 524,142 | (25) |
Balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | 301 | |||||||
Balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | 8,098,514 | 5,005,391 | (42,275) | 1,592,713 | $ 0 | 1,088,134 | 504,556 | 23 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 739,068 | 82,624 | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | $ (589) | (78) | ||||||||
Balance (in shares) at Jun. 30, 2022 | 346,411,029 | 346,411,029 | 301 | |||||||
Balance at Jun. 30, 2022 | $ 15,057,215 | $ 1,796,056 | 8,242,346 | 5,301,054 | (42,864) | 1,803,259 | $ 0 | 1,268,134 | 535,180 | (55) |
Balance (in shares) at Mar. 31, 2022 | 344,850,272 | 301 | ||||||||
Balance at Mar. 31, 2022 | 14,836,690 | $ 1,789,092 | 8,102,618 | 5,229,069 | (41,571) | 1,612,251 | $ 0 | 1,088,134 | 524,142 | (25) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 293,742 | 293,742 | 37,038 | 37,038 | ||||||
Dividends on Common Stock | (219,877) | (219,877) | (26,000) | (26,000) | ||||||
Capital Contributions from Eversource Parent | 180,000 | 180,000 | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | $ (1,293) | (1,293) | (30) | (30) | ||||||
Balance (in shares) at Jun. 30, 2022 | 346,411,029 | 346,411,029 | 301 | |||||||
Balance at Jun. 30, 2022 | $ 15,057,215 | $ 1,796,056 | $ 8,242,346 | $ 5,301,054 | $ (42,864) | $ 1,803,259 | $ 0 | $ 1,268,134 | $ 535,180 | $ (55) |
PUBLIC SERVICE COMPANY OF NEW_6
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities: | ||
Net Income | $ 739,068 | $ 634,422 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 583,568 | 545,352 |
Deferred Income Taxes | 126,970 | 120,390 |
Uncollectible Expense | 30,032 | 27,683 |
Pension, SERP and PBOP Income, Net | (80,404) | (6,391) |
Regulatory Over/(Underrecoveries), Net | (226,238) | 18,252 |
Cost of Removal Expenditures | (169,863) | (95,593) |
Other | (75,916) | (58,472) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (176,132) | (85,261) |
Taxes Receivable/Accrued, Net | 85,071 | (9,113) |
Accounts Payable | (83,550) | (285,670) |
Other Current Assets and Liabilities, Net | (100,835) | (67,961) |
Net Cash Flows Provided by Operating Activities | 841,819 | 807,445 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (1,549,081) | (1,423,223) |
Other Investing Activities | 10,771 | 12,661 |
Net Cash Flows Used in Investing Activities | (1,799,055) | (1,497,976) |
Financing Activities: | ||
Cash Dividends on Common Shares | (427,931) | (402,211) |
Issuance of Long-Term Debt | 3,350,000 | 1,525,000 |
Retirement of Long-Term Debt | (770,000) | (1,022,000) |
Repayment of Rate Reduction Bonds | (21,605) | (21,605) |
Other Financing Activities | (42,133) | (35,008) |
Net Cash Flows Provided by/(Used in) Financing Activities | 892,904 | 793,592 |
Net (Decrease)/Increase in Cash and Restricted Cash | (64,332) | 103,061 |
Cash and Restricted Cash - Beginning of Period | 221,008 | 264,950 |
Cash and Restricted Cash - End of Period | 156,676 | 368,011 |
PSNH | ||
Operating Activities: | ||
Net Income | 82,624 | 79,309 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 62,810 | 59,293 |
Deferred Income Taxes | 3,137 | (842) |
Uncollectible Expense | 4,544 | 3,226 |
Pension, SERP and PBOP Income, Net | (8,118) | (1,868) |
Regulatory Over/(Underrecoveries), Net | (1,744) | (6,965) |
Amortization of Regulatory Assets/(Liabilities), Net | 36,052 | 44,821 |
Cost of Removal Expenditures | (16,560) | (13,164) |
Other | 4,436 | 587 |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (17,306) | (3,717) |
Taxes Receivable/Accrued, Net | 10,138 | 9,183 |
Accounts Payable | 15,920 | (29,320) |
Other Current Assets and Liabilities, Net | (35,559) | (2,240) |
Net Cash Flows Provided by Operating Activities | 140,374 | 138,303 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (226,975) | (134,256) |
Other Investing Activities | 726 | 270 |
Net Cash Flows Used in Investing Activities | (226,249) | (133,986) |
Financing Activities: | ||
Cash Dividends on Common Shares | (52,000) | (210,400) |
Capital Contributions from Eversource Parent | 180,000 | 160,000 |
Issuance of Long-Term Debt | 0 | 350,000 |
Retirement of Long-Term Debt | 0 | (282,000) |
Repayment of Rate Reduction Bonds | (21,605) | (21,605) |
(Decrease)/Increase in Notes Payable to Eversource Parent | (21,300) | 2,300 |
Other Financing Activities | (47) | (2,941) |
Net Cash Flows Provided by/(Used in) Financing Activities | 85,048 | (4,646) |
Net (Decrease)/Increase in Cash and Restricted Cash | (827) | (329) |
Cash and Restricted Cash - Beginning of Period | 35,126 | 39,555 |
Cash and Restricted Cash - End of Period | $ 34,299 | $ 39,226 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas, NSTAR Gas and Eversource Gas Company of Massachusetts (EGMA) (natural gas utilities), and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately 4.4 million electric, natural gas and water customers through ten regulated utilities in Connecticut, Massachusetts and New Hampshire. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements." The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2021 Form 10-K, which was filed with the SEC on February 17, 2022. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's and PSNH's financial position as of June 30, 2022 and December 31, 2021, and the results of operations, comprehensive income and common shareholders' equity for the three and six months ended June 30, 2022 and 2021 and the cash flows for the six months ended June 30, 2022 and 2021. The results of operations and comprehensive income for the three and six months ended June 30, 2022 and 2021 and the cash flows for the six months ended June 30, 2022 and 2021 are not necessarily indicative of the results expected for a full year. CYAPC and YAEC are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates the operations of CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource holds several equity ownership interests that are not consolidated and are accounted for under the equity method. Eversource's utility subsidiaries' electric, natural gas and water distribution and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation. B. Allowance for Uncollectible Accounts Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs, and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables. Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts). Receivables are presented net of expected credit losses at estimated net realizable value by maintaining an allowance for uncollectible accounts. The current expected credit loss (CECL) model is applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded. The allowance for uncollectible accounts is determined based upon a variety of judgments and factors, including an aging-based quantitative assessment that applies an estimated uncollectible percentage to each receivable aging category. Factors in determining credit loss include historical collection, write-off experience, analysis of delinquency statistics, and management's assessment of collectability from customers, including current conditions, customer payment trends, the impact on customer bills because of energy usage trends and changes in rates, flexible payment plans and financial hardship arrearage management programs being offered to customers, reasonable forecasts, and expectations of future collectability and collection efforts. Management continuously assesses the collectability of receivables and adjusts estimates based on actual experience and future expectations based on economic conditions, collection efforts and other factors. Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible. Management concluded that the reserve balance as of June 30, 2022 adequately reflected the collection risk and net realizable value for its receivables. As of June 30, 2022 and December 31, 2021, the total amount incurred as a result of COVID-19 included in the allowance for uncollectible accounts was $63.1 million and $55.3 million at Eversource, $20.4 million and $23.9 million at CL&P, and $7.5 million and $9.0 million at NSTAR Electric, respectively. At our Connecticut and Massachusetts utilities, the COVID-19 related uncollectible amounts were deferred either as incremental regulatory costs or deferred through existing regulatory tracking mechanisms that recover uncollectible energy supply costs, as management believes it is probable that these costs will ultimately be recovered from customers in future rates. No COVID-19 related uncollectible amounts were deferred at PSNH as a result of a July 2021 NHPUC order. Based on the status of our COVID-19 regulatory dockets, policies and practices in the jurisdictions in which we operate, we believe the state regulatory commissions in Connecticut and Massachusetts will allow us to recover our incremental uncollectible customer receivable costs associated with COVID-19. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows NSTAR Electric, NSTAR Gas and EGMA to recover in rates amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. Hardship customers are protected from shut-off in certain circumstances, and historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. Management uses a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. The allowance for uncollectible hardship accounts is included in the total uncollectible allowance balance. The total allowance for uncollectible accounts is included in Receivables, Net on the balance sheets. The activity in the allowance for uncollectible accounts by portfolio segment as of June 30 th is as follows: Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Total Allowance Three Months Ended 2022 Beginning Balance $ 225.5 $ 206.7 $ 432.2 $ 140.1 $ 40.4 $ 180.5 $ 39.7 $ 55.1 $ 94.8 $ 26.2 Uncollectible Expense — 12.9 12.9 — 2.9 2.9 — 4.0 4.0 2.0 Uncollectible Costs Deferred (1) 21.4 12.6 34.0 15.0 2.2 17.2 5.4 2.4 7.8 0.1 Write-Offs (4.6) (21.1) (25.7) (3.3) (6.2) (9.5) (0.1) (7.7) (7.8) (1.3) Recoveries Collected 0.4 4.0 4.4 0.3 1.3 1.6 — 1.7 1.7 0.3 Ending Balance $ 242.7 $ 215.1 $ 457.8 $ 152.1 $ 40.6 $ 192.7 $ 45.0 $ 55.5 $ 100.5 $ 27.3 Six Months Ended 2022 Beginning Balance $ 226.1 $ 191.3 $ 417.4 $ 144.6 $ 36.7 $ 181.3 $ 43.3 $ 53.7 $ 97.0 $ 24.3 Uncollectible Expense — 30.0 30.0 — 6.7 6.7 — 8.7 8.7 4.5 Uncollectible Costs Deferred (1) 22.4 27.3 49.7 11.0 — 11.0 2.1 7.8 9.9 1.1 Write-Offs (6.9) (43.1) (50.0) (4.4) (6.7) (11.1) (0.4) (18.3) (18.7) (3.1) Recoveries Collected 1.1 9.6 10.7 0.9 3.9 4.8 — 3.6 3.6 0.5 Ending Balance $ 242.7 $ 215.1 $ 457.8 $ 152.1 $ 40.6 $ 192.7 $ 45.0 $ 55.5 $ 100.5 $ 27.3 Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Total Allowance Three Months Ended 2021 Beginning Balance $ 197.3 $ 194.4 $ 391.7 $ 138.4 $ 36.7 $ 175.1 $ 31.1 $ 58.2 $ 89.3 $ 17.3 Uncollectible Expense — 11.4 11.4 — 2.8 2.8 — 3.5 3.5 2.0 Uncollectible Costs Deferred (1) 16.6 24.5 41.1 9.3 8.3 17.6 4.9 6.9 11.8 (0.3) Write-Offs (3.4) (18.1) (21.5) (2.3) (5.4) (7.7) (0.1) (7.7) (7.8) (2.0) Recoveries Collected 0.2 2.9 3.1 0.2 0.8 1.0 — 1.2 1.2 0.2 Ending Balance $ 210.7 $ 215.1 $ 425.8 $ 145.6 $ 43.2 $ 188.8 $ 35.9 $ 62.1 $ 98.0 $ 17.2 Six Months Ended 2021 Beginning Balance $ 194.8 $ 164.1 $ 358.9 $ 129.1 $ 28.3 $ 157.4 $ 39.7 $ 51.9 $ 91.6 $ 17.2 Uncollectible Expense — 27.7 27.7 — 6.6 6.6 — 7.4 7.4 3.2 Uncollectible Costs Deferred (1) 22.0 51.6 73.6 21.2 15.7 36.9 (3.5) 15.2 11.7 0.8 Write-Offs (6.7) (34.8) (41.5) (5.2) (9.3) (14.5) (0.3) (15.2) (15.5) (4.5) Recoveries Collected 0.6 6.5 7.1 0.5 1.9 2.4 — 2.8 2.8 0.5 Ending Balance $ 210.7 $ 215.1 $ 425.8 $ 145.6 $ 43.2 $ 188.8 $ 35.9 $ 62.1 $ 98.0 $ 17.2 (1) These expected credit losses are deferred as regulatory costs on the balance sheets, as these amounts are ultimately recovered in rates. Amounts include uncollectible costs for hardship accounts and other customer receivables, including uncollectible amounts related to uncollectible energy supply costs and COVID-19. C. Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" (normal) and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill, long-lived assets, equity method investments, AROs, and in the valuation of acquisitions. The fair value measurement guidance was also applied in estimating the fair value of preferred stock, long-term debt and RRBs. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis. The levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy. Determination of Fair Value: The valuation techniques and inputs used in Eversource's fair value measurements are described in Note 4, "Derivative Instruments," Note 5, "Marketable Securities," and Note 10, "Fair Value of Financial Instruments," to the financial statements. D. Other Income, Net The components of Other Income, Net on the statements of income were as follows: For the Three Months Ended June 30, 2022 June 30, 2021 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Pension, SERP and PBOP Non-Service $ 54.9 $ 16.2 $ 21.4 $ 6.7 $ 22.1 $ 4.3 $ 10.2 $ 2.7 AFUDC Equity 11.2 2.8 6.1 0.6 9.2 1.7 6.2 0.3 Equity in Earnings of Unconsolidated Affiliates (1) 16.6 — 0.1 — 4.7 — 0.1 — Investment Income/(Loss) 1.3 (0.7) 0.5 0.1 1.9 1.2 0.6 0.3 Interest Income 9.5 1.5 6.1 0.4 8.4 2.7 4.8 0.9 Other 0.4 — 0.1 — 0.3 — — 0.1 Total Other Income, Net $ 93.9 $ 19.8 $ 34.3 $ 7.8 $ 46.6 $ 9.9 $ 21.9 $ 4.3 For the Six Months Ended June 30, 2022 June 30, 2021 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Pension, SERP and PBOP Non-Service $ 109.2 $ 32.1 $ 42.4 $ 13.3 $ 42.2 $ 7.0 $ 20.2 $ 5.4 AFUDC Equity 21.1 5.6 11.0 1.0 18.4 3.4 12.4 0.9 Equity in Earnings of Unconsolidated Affiliates (1) 17.1 — 0.1 — 8.4 — 0.2 — Investment Income/(Loss) 1.1 (1.1) 0.2 0.3 1.3 1.5 0.8 0.4 Interest Income 16.1 2.8 9.6 0.7 9.9 2.8 4.9 1.6 Other 0.8 — 0.2 — 0.6 0.1 0.2 0.1 Total Other Income, Net $ 165.4 $ 39.4 $ 63.5 $ 15.3 $ 80.8 $ 14.8 $ 38.7 $ 8.4 (1) Equity in earnings of unconsolidated affiliates includes $12.2 million of pre-tax unrealized gains associated with an investment in a renewable energy fund for the three and six months ended June 30, 2022. For the three and six months ended June 30, 2021, equity in earnings of unconsolidated affiliates included $2.1 million of pre-tax unrealized gains associated with this investment. E. Investments in Unconsolidated Affiliates Investments in entities that are not consolidated are included in long-term assets on the balance sheets and earnings impacts from these equity investments are included in Other Income, Net on the statements of income. Eversource's investments included the following: (Millions of Dollars) Ownership Interest As of June 30, 2022 As of December 31, 2021 Offshore Wind Business - North East Offshore 50 % $ 1,487.1 $ 1,213.6 Natural Gas Pipeline - Algonquin Gas Transmission, LLC 15 % 119.3 121.9 Renewable Energy Investment Fund 90 % 88.4 76.5 Other various 25.1 24.3 Total Investments in Unconsolidated Affiliates $ 1,719.9 $ 1,436.3 Offshore Wind Business: Eversource’s offshore wind business includes a 50 percent ownership interest in North East Offshore, which holds PPAs and contracts for the Revolution Wind, South Fork Wind and Sunrise Wind projects, as well as an undeveloped offshore lease area. The offshore wind investment includes capital expenditures for the three offshore wind projects, as well as capitalized costs related to future development, acquisition costs of offshore lease areas, and capitalized interest. Cash flows used in investing activities presented in Investments in Unconsolidated Affiliates, Net on the statements of cash flows relates to capital contributions in the offshore wind investment. On May 4, 2022, Eversource announced that it had initiated a strategic review of its offshore wind investment portfolio. As part of that review, Eversource is exploring strategic alternatives that could result in a potential sale of all, or part, of its 50 percent interest in its offshore wind partnership with Ørsted. Eversource has advanced its strategic review process and is working with its advisors on the outreach strategy and marketing materials, which will aid the Company in evaluating the alternatives available for its wind investment. In late July, Eversource started preliminary and targeted outreach to potential buyers. Eversource expects to complete this review during 2022. Eversource’s strategic review of its offshore wind investment does not impact the June 30, 2022 financial statements. F. Other Taxes Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows: For the Three Months Ended For the Six Months Ended (Millions of Dollars) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Eversource $ 44.5 $ 39.9 $ 93.1 $ 88.5 CL&P 39.0 35.4 76.8 74.6 As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. G. Supplemental Cash Flow Information Non-cash investing activities include plant additions included in Accounts Payable as follows: (Millions of Dollars) As of June 30, 2022 As of June 30, 2021 Eversource $ 357.2 $ 344.8 CL&P 96.7 66.4 NSTAR Electric 75.1 103.8 PSNH 49.6 33.9 The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows: As of June 30, 2022 As of December 31, 2021 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Cash as reported on the Balance Sheets $ 29.5 $ 9.2 $ 5.3 $ 0.1 $ 66.8 $ 55.8 $ 0.7 $ — Restricted cash included in: Special Deposits 90.8 8.7 17.4 30.9 78.2 18.7 17.4 31.4 Marketable Securities 17.2 — — 0.1 31.3 0.3 0.1 0.5 Other Long-Term Assets 19.2 — — 3.2 44.7 — — 3.2 Cash and Restricted Cash as reported on the Statements of Cash Flows $ 156.7 $ 17.9 $ 22.7 $ 34.3 $ 221.0 $ 74.8 $ 18.2 $ 35.1 Special Deposits represent cash collections related to the PSNH RRB customer charges that are held in trust, required ISO-NE cash deposits, and CYAPC and YAEC cash balances. The December 31, 2021 balance also included a $10 million customer assistance fund to provide bill payment assistance to certain existing non-hardship and hardship customers carrying arrearages at CL&P established under the terms of the PURA-approved October 2021 settlement agreement. Those customers were provided with $10 million of bill forgiveness in the first quarter of 2022, which represented a non-cash transaction. Special Deposits are included in Current Assets on the balance sheets. Restricted cash included in Marketable Securities represents money market funds held in trusts to fund certain non-qualified executive benefits and restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage obligations. Restricted cash also includes an Energy Relief Fund for energy efficiency and clean energy measures in the Merrimack Valley and an additional energy efficiency program established under the terms of the EGMA 2020 settlement agreement. As of June 30, 2022, $20.0 million of this restricted cash was recorded as short-term in Special Deposits and $15.9 million was recorded in Other Long-Term Assets. As of December 31, 2021, this restricted cash totaled $41.5 million and was recorded in Other Long-Term Assets on the balance sheet. |
REGULATORY ACCOUNTING
REGULATORY ACCOUNTING | 6 Months Ended |
Jun. 30, 2022 | |
Regulated Operations [Abstract] | |
REGULATORY ACCOUNTING | REGULATORY ACCOUNTING Eversource's utility companies are subject to rate regulation that is based on cost recovery and meets the criteria for application of accounting guidance for rate-regulated operations, which considers the effect of regulation on the timing of the recognition of certain revenues and expenses. The regulated companies' financial statements reflect the effects of the rate-making process. The rates charged to the customers of Eversource's regulated companies are designed to collect each company's costs to provide service, plus a return on investment. The application of accounting guidance for rate-regulated enterprises results in recording regulatory assets and liabilities. Regulatory assets represent the deferral of incurred costs that are probable of future recovery in customer rates. Regulatory assets are amortized as the incurred costs are recovered through customer rates. Regulatory liabilities represent either revenues received from customers to fund expected costs that have not yet been incurred or probable future refunds to customers. Management believes it is probable that each of the regulated companies will recover its respective investments in long-lived assets and the regulatory assets that have been recorded. If management were to determine that it could no longer apply the accounting guidance applicable to rate-regulated enterprises, or if management could not conclude it is probable that costs would be recovered from customers in future rates, the applicable costs would be charged to net income in the period in which the determination is made. Regulatory Assets: The components of regulatory assets were as follows: As of June 30, 2022 As of December 31, 2021 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Benefit Costs $ 1,435.0 $ 267.6 $ 397.2 $ 116.7 $ 1,481.0 $ 272.4 $ 395.5 $ 118.9 Storm Costs, Net 1,250.1 733.8 455.0 61.3 1,102.7 695.6 341.3 65.8 Regulatory Tracking Mechanisms 979.0 306.1 368.7 68.3 1,050.5 333.6 376.6 85.4 Income Taxes, Net 798.0 476.6 113.6 13.9 790.7 470.5 112.6 17.5 Securitized Stranded Costs 457.3 — — 457.3 478.9 — — 478.9 Goodwill-related 289.4 — 248.4 — 297.8 — 255.7 — Derivative Liabilities 213.3 213.3 — — 249.2 249.2 — — Asset Retirement Obligations 121.0 34.7 64.1 4.2 115.0 33.6 59.8 4.1 Other Regulatory Assets 189.5 28.1 33.5 15.2 150.0 29.9 37.7 15.8 Total Regulatory Assets 5,732.6 2,060.2 1,680.5 736.9 5,715.8 2,084.8 1,579.2 786.4 Less: Current Portion 1,163.4 396.4 419.7 93.2 1,129.1 371.6 444.0 107.2 Total Long-Term Regulatory Assets $ 4,569.2 $ 1,663.8 $ 1,260.8 $ 643.7 $ 4,586.7 $ 1,713.2 $ 1,135.2 $ 679.2 Regulatory Costs in Long-Term Assets: Eversource's regulated companies had $286.8 million (including $123.2 million for CL&P, $91.1 million for NSTAR Electric and $1.3 million for PSNH) and $252.5 million (including $114.9 million for CL&P, $85.0 million for NSTAR Electric and $3.4 million for PSNH) of additional regulatory costs as of June 30, 2022 and December 31, 2021, respectively, that were included in long-term assets on the balance sheets. These amounts represent incurred costs for which recovery has not yet been specifically approved by the applicable regulatory agency. However, based on regulatory policies or past precedent on similar costs, management believes it is probable that these costs will ultimately be approved and recovered from customers in rates. As of June 30, 2022 and December 31, 2021, these regulatory costs included incremental COVID-19 related non-tracked uncollectible expense deferred of $37.6 million and $33.0 million at Eversource, $15.3 million and $18.0 million at CL&P, and $4.8 million and $6.1 million at NSTAR Electric, respectively. Regulatory Liabilities: The components of regulatory liabilities were as follows: As of June 30, 2022 As of December 31, 2021 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH EDIT due to Tax Cuts and Jobs Act of 2017 $ 2,646.1 $ 989.4 $ 962.1 $ 353.0 $ 2,685.2 $ 996.1 $ 984.5 $ 359.2 Cost of Removal 653.9 113.6 395.0 19.0 649.6 100.1 381.0 17.2 Regulatory Tracking Mechanisms 701.9 319.4 232.7 99.8 448.4 182.0 185.1 107.0 Deferred Portion of Non-Service Income 209.7 23.3 115.2 21.8 148.3 12.0 90.7 14.9 Benefit Costs 116.0 — 92.4 — 133.5 — 107.4 — AFUDC - Transmission 88.9 44.9 44.0 — 81.0 43.2 37.8 — CL&P Settlement Agreement and Storm 6.4 6.4 — — 81.3 81.3 — — Other Regulatory Liabilities 223.7 57.9 4.4 6.7 241.4 45.1 0.8 3.3 Total Regulatory Liabilities 4,646.6 1,554.9 1,845.8 500.3 4,468.7 1,459.8 1,787.3 501.6 Less: Current Portion 759.7 337.2 274.1 106.6 602.4 266.5 228.2 120.2 Total Long-Term Regulatory Liabilities $ 3,886.9 $ 1,217.7 $ 1,571.7 $ 393.7 $ 3,866.3 $ 1,193.3 $ 1,559.1 $ 381.4 |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION The following tables summarize property, plant and equipment by asset category: Eversource As of June 30, 2022 As of December 31, 2021 (Millions of Dollars) Distribution - Electric $ 18,001.8 $ 17,679.1 Distribution - Natural Gas 6,819.5 6,694.8 Transmission - Electric 13,229.5 12,882.4 Distribution - Water 1,940.2 1,900.9 Solar 200.9 200.9 Utility 40,191.9 39,358.1 Other (1) 1,630.1 1,469.5 Property, Plant and Equipment, Gross 41,822.0 40,827.6 Less: Accumulated Depreciation Utility (9,046.9) (8,885.2) Other (640.1) (580.1) Total Accumulated Depreciation (9,687.0) (9,465.3) Property, Plant and Equipment, Net 32,135.0 31,362.3 Construction Work in Progress 2,272.2 2,015.4 Total Property, Plant and Equipment, Net $ 34,407.2 $ 33,377.7 As of June 30, 2022 As of December 31, 2021 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH Distribution - Electric $ 7,252.7 $ 8,265.0 $ 2,524.4 $ 7,117.6 $ 8,105.5 $ 2,496.2 Transmission - Electric 5,986.3 5,207.0 2,037.9 5,859.0 5,090.5 1,934.6 Solar — 200.9 — — 200.9 — Property, Plant and Equipment, Gross 13,239.0 13,672.9 4,562.3 12,976.6 13,396.9 4,430.8 Less: Accumulated Depreciation (2,589.2) (3,311.0) (911.9) (2,572.1) (3,227.3) (908.4) Property, Plant and Equipment, Net 10,649.8 10,361.9 3,650.4 10,404.5 10,169.6 3,522.4 Construction Work in Progress 441.2 787.5 169.8 399.0 707.0 134.1 Total Property, Plant and Equipment, Net $ 11,091.0 $ 11,149.4 $ 3,820.2 $ 10,803.5 $ 10,876.6 $ 3,656.5 (1) These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The electric and natural gas companies purchase and procure energy and energy-related products, which are subject to price volatility, for their customers. The costs associated with supplying energy to customers are recoverable from customers in future rates. These regulated companies manage the risks associated with the price volatility of energy and energy-related products through the use of derivative and non-derivative contracts. Many of the derivative contracts meet the definition of, and are designated as, normal and qualify for accrual accounting under the applicable accounting guidance. The costs and benefits of derivative contracts that meet the definition of normal are recognized in Operating Expenses on the statements of income as electricity or natural gas is delivered. Derivative contracts that are not designated as normal are recorded at fair value as current or long-term Derivative Assets or Derivative Liabilities on the balance sheets. For the electric and natural gas companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivatives, as contract settlement amounts are recovered from, or refunded to, customers in their respective energy supply rates. The gross fair values of derivative assets and liabilities with the same counterparty are offset and reported as net Derivative Assets or Derivative Liabilities, with current and long-term portions, on the balance sheets. The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities: As of June 30, 2022 As of December 31, 2021 CL&P (Millions of Dollars) Fair Value Hierarchy Commodity Supply and Price Risk Netting (1) Net Amount Commodity Supply and Price Risk Netting (1) Net Amount Current Derivative Assets Level 3 $ 15.2 $ (0.5) $ 14.7 $ 14.7 $ (1.0) $ 13.7 Long-Term Derivative Assets Level 3 37.7 (1.1) 36.6 46.9 (0.9) 46.0 Current Derivative Liabilities Level 3 (75.9) — (75.9) (73.5) — (73.5) Long-Term Derivative Liabilities Level 3 (188.7) — (188.7) (235.4) — (235.4) (1) Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets. These amounts are subject to master netting agreements or similar agreements for which the right of offset exists. Derivative Contracts at Fair Value with Offsetting Regulatory Amounts Commodity Supply and Price Risk Management : As required by regulation, CL&P, along with UI, has capacity-related contracts with generation facilities. CL&P has a sharing agreement with UI, with 80 percent of the costs or benefits of each contract borne by or allocated to CL&P and 20 percent borne by or allocated to UI. The combined capacities of these contracts as of both June 30, 2022 and December 31, 2021 were 675 MW. The capacity contracts extend through 2026 and obligate both CL&P and UI to make or receive payments on a monthly basis to or from the generation facilities based on the difference between a set capacity price and the capacity market price received in the ISO-NE capacity markets. For the three months ended June 30, 2022 and 2021, there were gains of $2.6 million and $0.9 million, respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts. For the six months ended June 30, 2022 and 2021, there were gains of $8.8 million and losses of $10.2 million, respectively. Fair Value Measurements of Derivative Instruments The fair value of derivative contracts classified as Level 3 utilizes both significant observable and unobservable inputs. The fair value is modeled using income techniques, such as discounted cash flow valuations adjusted for assumptions related to exit price. Valuations of derivative contracts using a discounted cash flow methodology include assumptions regarding the timing and likelihood of scheduled payments and also reflect non-performance risk, including credit, using the default probability approach based on the counterparty's credit rating for assets and the Company's credit rating for liabilities. Significant observable inputs for valuations of these contracts include energy-related product prices in future years for which quoted prices in an active market exist. Valuations incorporate estimates of premiums or discounts that would be required by a market participant to arrive at an exit price, using historical market transactions adjusted for the terms of the contract. Fair value measurements categorized in Level 3 of the fair value hierarchy are prepared by individuals with expertise in valuation techniques, pricing of energy-related products, and accounting requirements. The following is a summary of the significant unobservable inputs utilized in the valuations of the derivative contracts classified as Level 3: As of June 30, 2022 As of December 31, 2021 CL&P Range Average Period Covered Range Average Period Covered Forward Reserve Prices $ 0.50 — $0.50 $ 0.50 per kW-Month 2022 - 2024 $ 0.50 — $1.15 $ 0.82 per kW-Month 2022 - 2024 Exit price premiums of 3.9 percent through 8.2 percent, or a weighted average of 7.1 percent, are also Level 3 significant unobservable inputs applied to these contracts and reflect the uncertainty and illiquidity premiums that would be required based on the most recent market activity available for similar type contracts. The risk premium was weighted by the relative fair value of the net derivative instruments. As of December 31, 2021, Level 3 unobservable inputs also utilized in the valuation of CL&P’s capacity-related contracts included capacity prices of $2.61 per kW-Month over the period 2025 through 2026. Beginning in the first quarter of 2022, these capacity price inputs are now observable. Significant increases or decreases in future capacity or forward reserve prices in isolation would decrease or increase, respectively, the fair value of the derivative liability. Any increases in risk premiums would increase the fair value of the derivative liability. Changes in these fair values are recorded as a regulatory asset or liability and do not impact net income. The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis. CL&P For the Three Months Ended June 30, For the Six Months Ended June 30, (Millions of Dollars) 2022 2021 2022 2021 Derivatives, Net: Fair Value as of Beginning of Period $ (229.4) $ (293.1) $ (249.2) $ (293.1) Net Realized/Unrealized Gains/(Losses) Included in Regulatory Assets 2.6 0.9 8.8 (11.5) Settlements 13.5 12.5 27.1 24.9 Fair Value as of End of Period $ (213.3) $ (279.7) $ (213.3) $ (279.7) |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Eversource holds marketable securities that are primarily used to fund certain non-qualified executive benefits. The trusts that hold these marketable securities are not subject to regulatory oversight by state or federal agencies. Eversource’s marketable securities also include the CYAPC and YAEC legally restricted trusts that each hold equity and available-for-sale debt securities to fund the spent nuclear fuel removal obligations of their nuclear fuel storage facilities. Equity and available-for-sale debt marketable securities are recorded at fair value, with the current portion recorded in Prepayments and Other Current Assets and the long-term portion recorded in Marketable Securities on the balance sheets. Equity Securities: Unrealized gains and losses on equity securities held in Eversource's non-qualified executive benefit trust are recorded in Other Income, Net on the statements of income. The fair value of these equity securities as of June 30, 2022 and December 31, 2021 was $26.4 million and $40.2 million, respectively. For the three months ended June 30, 2022 and 2021, there were unrealized losses of $4.7 million and unrealized gains of $1.9 million recorded in Other Income, Net related to these equity securities, respectively. For the six months ended June 30, 2022 and 2021, there were unrealized losses of $9.1 million and unrealized gains of $3.0 million recorded in Other Income, Net related to these equity securities, respectively. Eversource's equity securities also include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $182.4 million and $214.0 million as of June 30, 2022 and December 31, 2021, respectively. Unrealized gains and losses for these spent nuclear fuel trusts are subject to regulatory accounting treatment and are recorded in Marketable Securities with the corresponding offset to long-term liabilities on the balance sheets, with no impact on the statements of income. Available-for-Sale Debt Securities: The following is a summary of the available-for-sale debt securities: As of June 30, 2022 As of December 31, 2021 Eversource (Millions of Dollars) Amortized Cost Pre-Tax Pre-Tax Fair Value Amortized Cost Pre-Tax Pre-Tax Fair Value Debt Securities $ 207.9 $ 0.5 $ (12.3) $ 196.1 $ 214.5 $ 5.1 $ (0.2) $ 219.4 Eversource's debt securities include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts in the amounts of $174.4 million and $189.9 million as of June 30, 2022 and December 31, 2021, respectively. Unrealized gains and losses on available-for-sale debt securities held in Eversource's non-qualified benefit trust are recorded in Accumulated Other Comprehensive Income, excluding amounts related to credit losses or losses on securities intended to be sold, which are recorded in Other Income, Net. There have been no significant unrealized losses and no credit losses for the three and six months ended June 30, 2022 and 2021, and no allowance for credit losses as of June 30, 2022. Factors considered in determining whether a credit loss exists include adverse conditions specifically affecting the issuer, the payment history, ratings and rating changes of the security, and the severity of the impairment. For asset-backed debt securities, underlying collateral and expected future cash flows are also evaluated. Debt securities included in Eversource's non-qualified benefit trust portfolio are investment-grade bonds with a lower default risk based on their credit quality. As of June 30, 2022, the contractual maturities of available-for-sale debt securities were as follows: Eversource (Millions of Dollars) Amortized Cost Fair Value Less than one year (1) $ 18.5 $ 18.4 One to five years 57.6 56.7 Six to ten years 41.2 38.0 Greater than ten years 90.6 83.0 Total Debt Securities $ 207.9 $ 196.1 (1) Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets. Realized Gains and Losses: Realized gains and losses are recorded in Other Income, Net for Eversource's benefit trust and are offset in long-term liabilities for CYAPC and YAEC. Eversource utilizes the specific identification basis method for the Eversource non-qualified benefit trust, and the average cost basis method for the CYAPC and YAEC spent nuclear fuel trusts to compute the realized gains and losses on the sale of marketable securities. Fair Value Measurements: The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Eversource (Millions of Dollars) As of June 30, 2022 As of December 31, 2021 Level 1: Mutual Funds and Equities $ 208.8 $ 254.2 Money Market Funds 17.2 31.3 Total Level 1 $ 226.0 $ 285.5 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 84.2 $ 81.3 Corporate Debt Securities 54.9 65.3 Asset-Backed Debt Securities 9.6 12.6 Municipal Bonds 13.8 12.3 Other Fixed Income Securities 16.4 16.6 Total Level 2 $ 178.9 $ 188.1 Total Marketable Securities $ 404.9 $ 473.6 |
SHORT-TERM AND LONG-TERM DEBT
SHORT-TERM AND LONG-TERM DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-TERM DEBT Short-Term Debt - Commercial Paper Programs and Credit Agreements : Eversource parent has a $2.00 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas, EGMA and Aquarion Water Company of Connecticut are parties to a five-year $2.00 billion revolving credit facility, which terminates on October 15, 2026. This revolving credit facility serves to backstop Eversource parent's $2.00 billion commercial paper program. NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on October 15, 2026. This revolving credit facility serves to backstop NSTAR Electric's $650 million commercial paper program. The amount of borrowings outstanding and available under the commercial paper programs were as follows: Borrowings Outstanding as of Available Borrowing Capacity as of Weighted-Average Interest Rate as of June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (Millions of Dollars) Eversource Parent Commercial Paper Program $ 124.5 $ 1,343.0 $ 1,875.5 $ 657.0 1.81 % 0.31 % NSTAR Electric Commercial Paper Program 63.0 162.5 587.0 487.5 1.63 % 0.14 % There were no borrowings outstanding on the revolving credit facilities as of June 30, 2022 or December 31, 2021. CL&P and PSNH have uncommitted line of credit agreements totaling $450 million and $300 million, respectively, which will expire on May 12, 2023. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of June 30, 2022. Amounts outstanding under the commercial paper programs are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time. As a result of the NSTAR Gas long-term debt issuance in July 2022, $88.7 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified as Long-Term Debt as of June 30, 2022. Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of June 30, 2022, there were intercompany loans from Eversource parent to CL&P of $67.5 million, to PSNH of $89.3 million, and to a subsidiary of NSTAR Electric of $3.2 million. As of December 31, 2021, there were intercompany loans from Eversource parent to PSNH of $110.6 million. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets. Sources and Uses of Cash: The Company expects the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities. Availability under Long-Term Debt Issuance Authorizations: On June 14, 2022, the DPU approved NSTAR Gas’ request for authorization to issue up to $325 million in long-term debt through December 31, 2024. Long-Term Debt Issuances and Repayments: The following table summarizes long-term debt issuances and repayments: (Millions of Dollars) Issuance/(Repayment) Issue Date or Repayment Date Maturity Date Use of Proceeds for Issuance/ NSTAR Electric: 4.55% 2022 Debentures $ 450.0 May 2022 June 2052 Repaid short-term debt, paid capital expenditures and working capital Other: Eversource Parent 2.90% Series V Senior Notes 650.0 February 2022 March 2027 Repaid Series K Senior Notes at maturity and short-term debt Eversource Parent 3.38% Series W Senior Notes 650.0 February 2022 March 2032 Repaid Series K Senior Notes at maturity and short-term debt Eversource Parent 4.20% Series X Senior Notes 900.0 June 2022 June 2024 Repaid short-term debt and paid working capital Eversource Parent 4.60% Series Y Senior Notes 600.0 June 2022 July 2027 Repaid short-term debt and paid working capital Eversource Parent 2.75% Series K Senior Notes (750.0) March 2022 March 2022 Paid at maturity Yankee Gas 8.48% Series B First Mortgage Bonds (20.0) March 2022 March 2022 Paid at maturity EGMA 4.70% Series C First Mortgage Bonds 100.0 June 2022 June 2052 Repaid short-term debt, paid capital expenditures and for general corporate purposes NSTAR Gas 4.40% Series V First Mortgage Bonds 125.0 July 2022 August 2032 Repaid short-term debt, paid capital expenditures and for general corporate purposes |
RATE REDUCTION BONDS AND VARIAB
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES | 6 Months Ended |
Jun. 30, 2022 | |
Rate Reduction Bonds and Variable Interest Entity [Abstract] | |
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES | RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES Rate Reduction Bonds: In May 2018, PSNH Funding, a wholly-owned subsidiary of PSNH, issued $635.7 million of securitized RRBs in multiple tranches with a weighted average interest rate of 3.66 percent, and final maturity dates ranging from 2026 to 2035. The RRBs are expected to be repaid by February 1, 2033. RRB payments consist of principal and interest and are paid semi-annually, beginning on February 1, 2019. The RRBs were issued pursuant to a finance order issued by the NHPUC in January 2018 to recover remaining costs resulting from the divestiture of PSNH’s generation assets. PSNH Funding was formed solely to issue RRBs to finance PSNH's unrecovered remaining costs associated with the divestiture of its generation assets. PSNH Funding is considered a VIE primarily because the equity capitalization is insufficient to support its operations. PSNH has the power to direct the significant activities of the VIE and is most closely associated with the VIE as compared to other interest holders. Therefore, PSNH is considered the primary beneficiary and consolidates PSNH Funding in its consolidated financial statements. The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements: (Millions of Dollars) PSNH Balance Sheets: As of June 30, 2022 As of December 31, 2021 Restricted Cash - Current Portion (included in Current Assets) $ 30.7 $ 31.1 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) 3.2 3.2 Securitized Stranded Cost (included in Regulatory Assets) 457.3 478.9 Other Regulatory Liabilities (included in Regulatory Liabilities) 5.2 5.4 Accrued Interest (included in Other Current Liabilities) 7.2 7.5 Rate Reduction Bonds - Current Portion 43.2 43.2 Rate Reduction Bonds - Long-Term Portion 432.1 453.7 (Millions of Dollars) PSNH Income Statements: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) $ 10.8 $ 10.8 $ 21.6 $ 21.6 Interest Expense on RRB Principal (included in Interest Expense) 4.3 4.6 8.7 9.3 |
PENSION BENEFITS AND POSTRETIRE
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION | 6 Months Ended |
Jun. 30, 2022 | |
Postemployment Benefits [Abstract] | |
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION | PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONEversource provides defined benefit retirement plans (Pension Plans) that cover eligible employees. In addition to the Pension Plans, Eversource maintains non-qualified defined benefit retirement plans (SERP Plans), which provide benefits in excess of Internal Revenue Code limitations to eligible participants consisting of current and retired employees. Eversource also provides defined benefit postretirement plans (PBOP Plans) that provide life insurance and a health reimbursement arrangement created for the purpose of reimbursing retirees and dependents for health insurance premiums and certain medical expenses to eligible employees that meet certain age and service eligibility requirements. The components of net periodic benefit plan expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets/(liabilities) for future recovery or refund, are shown below. The service cost component of net periodic benefit plan expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit plan expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense/(income) reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include intercompany allocations of net periodic benefit plan expense/(income), as these amounts are cash settled on a short-term basis. Pension and SERP PBOP For the Three Months Ended June 30, 2022 For the Three Months Ended June 30, 2022 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 17.5 $ 4.7 $ 3.4 $ 1.7 $ 3.0 $ 0.5 $ 0.5 $ 0.3 Interest Cost 38.6 7.8 8.2 4.2 5.1 0.9 1.3 0.6 Expected Return on Plan Assets (130.7) (26.5) (32.1) (14.0) (22.6) (2.8) (10.6) (1.7) Actuarial Losses, net 28.4 4.0 8.1 1.9 — — — — Prior Service Cost/(Credit) 0.3 — 0.1 — (5.4) 0.3 (4.2) 0.1 Total Net Periodic Benefit Plan Income $ (45.9) $ (10.0) $ (12.3) $ (6.2) $ (19.9) $ (1.1) $ (13.0) $ (0.7) Intercompany Income Allocations N/A $ (4.1) $ (3.2) $ (0.9) N/A $ (0.9) $ (0.9) $ (0.3) Pension and SERP PBOP For the Six Months Ended June 30, 2022 For the Six Months Ended June 30, 2022 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Service Cost $ 35.2 $ 9.2 $ 7.0 $ 3.5 $ 5.8 $ 1.0 $ 1.0 $ 0.5 Interest Cost 77.2 15.6 16.3 8.4 10.1 1.8 2.6 1.1 Expected Return on Plan Assets (262.4) (53.1) (64.1) (28.1) (45.0) (5.6) (21.2) (3.3) Actuarial Losses, net 59.1 8.2 16.6 4.1 — — — — Prior Service Cost/(Credit) 0.7 — 0.2 — (10.8) 0.5 (8.5) 0.2 Total Net Periodic Benefit Plan Income $ (90.2) $ (20.1) $ (24.0) $ (12.1) $ (39.9) $ (2.3) $ (26.1) $ (1.5) Intercompany Income Allocations N/A $ (7.9) $ (6.1) $ (1.7) N/A $ (1.8) $ (1.8) $ (0.6) Pension and SERP PBOP For the Three Months Ended June 30, 2021 For the Three Months Ended June 30, 2021 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Service Cost $ 18.4 $ 5.5 $ 3.9 $ 2.2 $ 3.3 $ 0.6 $ 0.6 $ 0.3 Interest Cost 27.1 6.7 6.7 3.6 4.2 0.8 1.1 0.4 Expected Return on Plan Assets (87.4) (21.7) (27.1) (11.8) (19.8) (2.6) (9.2) (1.5) Actuarial Loss 47.8 10.8 15.3 5.2 1.3 0.4 0.5 0.1 Prior Service Cost/(Credit) 0.3 — 0.1 — (5.3) 0.3 (4.2) 0.1 Total Net Periodic Benefit Plan Expense/(Income) $ 6.2 $ 1.3 $ (1.1) $ (0.8) $ (16.3) $ (0.5) $ (11.2) $ (0.6) Intercompany Expense/(Income) Allocations N/A $ 2.3 $ 2.5 $ 0.7 N/A $ (0.6) $ (0.6) $ (0.2) Pension and SERP PBOP For the Six Months Ended June 30, 2021 For the Six Months Ended June 30, 2021 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Service Cost $ 39.7 $ 11.8 $ 7.9 $ 4.4 $ 6.8 $ 1.2 $ 1.2 $ 0.6 Interest Cost 59.7 14.0 13.4 7.2 8.6 1.6 2.2 0.9 Expected Return on Plan Assets (196.3) (43.3) (54.0) (23.7) (39.5) (5.2) (18.5) (3.0) Actuarial Loss 109.4 23.8 30.8 10.1 3.9 0.8 1.1 0.3 Prior Service Cost/(Credit) 0.6 — 0.2 — (10.6) 0.5 (8.4) 0.2 Total Net Periodic Benefit Plan Expense/(Income) $ 13.1 $ 6.3 $ (1.7) $ (2.0) $ (30.8) $ (1.1) $ (22.4) $ (1.0) Intercompany Expense/(Income) Allocations N/A $ 3.6 $ 4.0 $ 1.2 N/A $ (0.9) $ (1.0) $ (0.3) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES A. Environmental Matters Eversource, CL&P, NSTAR Electric and PSNH are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or the remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current and former operating sites. Eversource, CL&P, NSTAR Electric and PSNH have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations. The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: As of June 30, 2022 As of December 31, 2021 Number of Sites Reserve Number of Sites Reserve Eversource 62 $ 121.3 61 $ 115.4 CL&P 14 14.3 14 13.9 NSTAR Electric 11 3.6 11 3.3 PSNH 9 6.3 9 6.3 Included in the number of sites and reserve amounts above are former MGP sites that were operated several decades ago and manufactured natural gas from coal and other processes, which resulted in certain by-products remaining in the environment that may pose a potential risk to human health and the environment, for which Eversource may have potential liability. The reserve balances related to these former MGP sites were $110.5 million and $105.6 million as of June 30, 2022 and December 31, 2021, respectively, and related primarily to the natural gas business segment. These reserve estimates are subjective in nature as they take into consideration several different remediation options at each specific site. The reliability and precision of these estimates can be affected by several factors, including new information concerning either the level of contamination at the site, the extent of Eversource's, CL&P's, NSTAR Electric's and PSNH's responsibility for remediation or the extent of remediation required, recently enacted laws and regulations or changes in cost estimates due to certain economic factors. It is possible that new information or future developments could require a reassessment of the potential exposure to required environmental remediation. As this information becomes available, management will continue to assess the potential exposure and adjust the reserves accordingly. B. Long-Term Contractual Arrangements The following is an update to the current status of long-term contractual arrangements set forth in Note 13B of the Eversource 2021 Form 10-K. Renewable Energy : Renewable energy contracts include non-cancelable commitments under contracts of NSTAR Electric for the purchase of energy and RECs from renewable energy facilities. NSTAR Electric (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Renewable Energy $ 50.4 $ 78.3 $ 269.4 $ 315.8 $ 322.1 $ 5,812.2 $ 6,848.2 The table includes long-term commitments of NSTAR Electric pertaining to the Vineyard Wind LLC contract awarded under the Massachusetts Clean Energy 83C procurement solicitation. NSTAR Electric, along with other Massachusetts distribution companies, entered into 20-year contracts to purchase electricity generated by this 800 megawatt offshore wind project. Construction on the Vineyard Wind project commenced in 2022. Estimated energy costs under this contract are expected to begin when the facilities are in service in 2024 and range between $240 million and $375 million per year und er NSTAR Electric’s 20-year contract, totaling approximately $6.0 billion. C. Guarantees and Indemnifications In the normal course of business, Eversource parent provides credit assurances on behalf of its subsidiaries, including CL&P, NSTAR Electric and PSNH, in the form of guarantees. Management does not anticipate a material impact to net income or cash flows as a result of these various guarantees and indemnifications. Guarantees issued on behalf of unconsolidated entities, including equity method offshore wind investments, for which Eversource parent is the guarantor, are recorded at fair value as a liability on the balance sheet at the inception of the guarantee. Eversource regularly reviews performance risk under these guarantee arrangements, and in the event it becomes probable that Eversource parent will be required to perform under the guarantee, the amount of probable payment will be recorded. The fair value of guarantees issued on behalf of unconsolidated entities are recorded within Other Long-Term Liabilities on the balance sheet, and were $4.7 million and $7.3 million as of June 30, 2022 and December 31, 2021, respectively. The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries and affiliates to external parties, and primarily relates to its offshore wind business: As of June 30, 2022 Company (Obligor) Description Maximum Exposure Expiration Dates North East Offshore LLC Construction-related purchase agreements with third-party contractors (1) $ 889.9 (1) Sunrise Wind LLC Construction-related purchase agreements with third-party contractors (2) 353.9 2025 - 2026 Revolution Wind, LLC Construction-related purchase agreements with third-party contractors (3) 353.8 2024 - 2027 South Fork Wind, LLC Construction-related purchase agreements with third-party contractors (4) 165.1 2023 - 2026 Eversource Investment LLC Funding and indemnification obligations of North East Offshore LLC (5) 100.9 (5) South Fork Wind, LLC Power Purchase Agreement Security (6) 7.1 (6) Sunrise Wind LLC OREC capacity production (7) 2.2 (7) Bay State Wind LLC Real estate purchase 2.5 2023 South Fork Wind, LLC Transmission interconnection 1.2 — Eversource Investment LLC Letters of Credit (8) 4.3 — Various Surety bonds (9) 35.7 2022 - 2023 Eversource Service Lease payments for real estate 0.6 2024 (1) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, North East Offshore LLC (NEO), under which Eversource parent agreed to guarantee 50 percent of NEO’s performance of obligations under certain purchase agreements with third-party contractors, in an aggregate amount not to exceed $1.3 billion with an expiration date in 2025. Eversource parent also issued a separate guarantee to Ørsted on behalf of NEO, under which Eversource parent agreed to guarantee 50 percent of NEO’s payment obligations under certain offshore wind project construction-related agreements with Ørsted in an aggregate amount not to exceed $62.5 million and expiring upon full performance of the guaranteed obligation. Any amounts paid under this guarantee to Ørsted will count toward, but not increase, the maximum amount of the Funding Guarantee described in Note 5, below. (2) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an aggregate amount not to exceed $464.7 million, in connection with construction-related purchase agreements. Eversource parent’s obligations under the guarantees expire upon the earlier of (i) dates ranging from March 2025 and April 2026 and (ii) full performance of the guaranteed obligations. (3) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, Revolution Wind, LLC, whereby Eversource parent will guarantee Revolution Wind, LLC's performance of certain obligations, in an aggregate amount not to exceed $409.3 million, in connection with construction-related purchase agreements. Eversource parent’s obligations under the guarantees expire upon the earlier of (i) dates ranging from October 2024 and November 2027 and (ii) full performance of the guaranteed obligations. (4) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, South Fork Wind, LLC, whereby Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations in connection with construction-related purchase agreements. Under these guarantees, Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in a total aggregate amount not to exceed $207.1 million. Eversource parent’s obligations under these guarantees expire upon the earlier of (i) dates ranging from June 2023 and August 2026 and (ii) full performance of the guaranteed obligations. (5) Eversource parent issued a guarantee (Funding Guarantee) on behalf of Eversource Investment LLC (EI), its wholly-owned subsidiary that holds a 50 percent ownership interest in NEO, under which Eversource parent agreed to guarantee certain funding obligations and certain indemnification payments of EI under the operating agreement of NEO, in an amount not to exceed $910 million. The guaranteed obligations include payment of EI's funding obligations during the construction phase of NEO’s underlying offshore wind projects and indemnification obligations associated with third party credit support for its investment in NEO. Eversource parent’s obligations under the Funding Guarantee expire upon the full performance of the guaranteed obligations. (6) Eversource parent issued a guarantee on behalf of its 50 percent-owned affiliate, South Fork Wind, LLC, whereby Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in an amount not to exceed $7.1 million, under a Power Purchase Agreement between the Long Island Power Authority and South Fork Wind, LLC (the Agreement). The guarantee expires upon the later of (i) the end of the Agreement term and (ii) full performance of the guarantee obligations. (7) Eversource parent issued a guarantee on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an amount not to exceed $15.4 million, under the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement (the Agreement). The Agreement was executed by and between the New York State Energy Research and Development Authority (NYSERDA) and Sunrise Wind LLC. The guarantee expires upon the full performance of the guaranteed obligations. (8) On September 16, 2020, Eversource parent entered into a guarantee on behalf of EI, which holds Eversource's investments in offshore wind-related equity method investments, under which Eversource parent would guarantee EI's obligations under a letter of credit facility with a financial institution that EI may request in an aggregate amount of up to approximately $25 million. In January 2022, Eversource parent issued two letters of credit on behalf of South Fork Wind, LLC related to future decommissioning obligations of certain onshore transmission assets totaling $4.3 million. (9) Surety bond expiration dates reflect termination dates, the majority of which will be renewed or extended. Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded. D. Spent Nuclear Fuel Obligations - Yankee Companies CL&P, NSTAR Electric and PSNH have plant closure and fuel storage cost obligations to the Yankee Companies, which have each completed the physical decommissioning of their respective nuclear power facilities and are now engaged in the long-term storage of their spent fuel. The Yankee Companies fund these costs through litigation proceeds received from the DOE and, to the extent necessary, through wholesale, FERC-approved rates charged under power purchase agreements with several New England utilities, including CL&P, NSTAR Electric and PSNH. CL&P, NSTAR Electric and PSNH, in turn recover these costs from their customers through state regulatory commission-approved retail rates. The Yankee Companies collect amounts that management believes are adequate to recover the remaining plant closure and fuel storage cost estimates for the respective plants. Management believes CL&P and NSTAR Electric will recover their shares of these obligations from their customers. PSNH has recovered its total share of these costs from its customers. Spent Nuclear Fuel Litigation: The Yankee Companies have filed complaints against the DOE in the Court of Federal Claims seeking monetary damages resulting from the DOE's failure to accept delivery of, and provide for a permanent facility to store, spent nuclear fuel pursuant to the terms of the 1983 spent fuel and high-level waste disposal contracts between the Yankee Companies and the DOE. The court previously awarded the Yankee Companies damages for Phases I, II, III and IV of litigation resulting from the DOE's failure to meet its contractual obligations. These Phases covered damages incurred in the years 1998 through 2016, and the awarded damages have been received by the Yankee Companies with certain amounts of the damages refunded to their customers. DOE Phase V Damages - On March 25, 2021, each of the Yankee Companies filed a fifth set of lawsuits against the DOE in the Court of Federal Claims. The Yankee Companies filed claims seeking monetary damages totaling $120.4 million for CYAPC, YAEC and MYAPC, resulting from the DOE's failure to begin accepting spent nuclear fuel for disposal covering the years from 2017 to 2020 (DOE Phase V). The DOE Phase V trial is expected to begin in the third quarter of 2023. E. FERC ROE Complaints Four separate complaints were filed at the FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (collectively, the Complainants). In each of the first three complaints, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, the Complainants challenged the NETOs' base ROE of 11.14 percent that had been utilized since 2005 and sought an order to reduce it prospectively from the date of the final FERC order and for the separate 15-month complaint periods. In the fourth complaint, filed April 29, 2016, the Complainants challenged the NETOs' base ROE billed of 10.57 percent and the maximum ROE for transmission incentive (incentive cap) of 11.74 percent, asserting that these ROEs were unjust and unreasonable. The ROE originally billed during the period October 1, 2011 (beginning of the first complaint period) through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent. On October 16, 2014, the FERC set the base ROE at 10.57 percent and the incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. This FERC order was vacated on April 14, 2017 by the U.S. Court of Appeals for the D.C. Circuit (the Court). All amounts associated with the first complaint period have been refunded, which totaled $38.9 million (pre-tax and excluding interest) at Eversource and reflected both the base ROE and incentive cap prescribed by the FERC order. The refund consisted of $22.4 million for CL&P, $13.7 million for NSTAR Electric and $2.8 million for PSNH. Eversource has recorded a reserve of $39.1 million (pre-tax and excluding interest) for the second complaint period as of both June 30, 2022 and December 31, 2021. This reserve represents the difference between the billed rates during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of both June 30, 2022 and December 31, 2021. On October 16, 2018, FERC issued an order on all four complaints describing how it intends to address the issues that were remanded by the Court. FERC proposed a new framework to determine (1) whether an existing ROE is unjust and unreasonable and, if so, (2) how to calculate a replacement ROE. Initial briefs were filed by the NETOs, Complainants and FERC Trial Staff on January 11, 2019 and reply briefs were filed on March 8, 2019. The NETOs' brief was supportive of the overall ROE methodology determined in the October 16, 2018 order provided the FERC does not change the proposed methodology or alter its implementation in a manner that has a material impact on the results. The FERC order included illustrative calculations for the first complaint using FERC's proposed frameworks with financial data from that complaint. Those illustrative calculations indicated that for the first complaint period, for the NETOs, which FERC concludes are of average financial risk, the preliminary just and reasonable base ROE is 10.41 percent and the preliminary incentive cap on total ROE is 13.08 percent. If the results of the illustrative calculations were included in a final FERC order for each of the complaint periods, then a 10.41 percent base ROE and a 13.08 percent incentive cap would not have a significant impact on our financial statements for all of the complaint periods. These preliminary calculations are not binding and do not represent what we believe to be the most likely outcome of a final FERC order. On November 21, 2019, FERC issued Opinion No. 569 affecting the two pending transmission ROE complaints against the Midcontinent ISO (MISO) transmission owners, in which FERC adopted a new methodology for determining base ROEs. Various parties sought rehearing. On December 23, 2019, the NETOs filed supplementary materials in the NETOs' four pending cases to respond to this new methodology because of the uncertainty of the applicability to the NETOs' cases. On May 21, 2020, the FERC issued its order in Opinion No. 569-A on the rehearing of the MISO transmission owners' cases, in which FERC again changed its methodology for determining the MISO transmission owners' base ROEs. On November 19, 2020, the FERC issued Opinion No. 569-B denying rehearing of Opinion No. 569-A and reaffirmed the methodology previously adopted in Opinion No. 569-A. The new methodology differs significantly from the methodology proposed by FERC in its October 16, 2018 order to determine the NETOs' base ROEs in its four pending cases. FERC Opinion Nos. 569-A and 569-B are currently under appeal with the Court. Given the significant uncertainty regarding the applicability of the FERC opinions in the MISO transmission owners' two complaint cases to the NETOs' pending four complaint cases, Eversource concluded that there is no reasonable basis for a change to the reserve or recognized ROEs for any of the complaint periods at this time. As well, Eversource cannot reasonably estimate a range of loss for any of the four complaint proceedings at this time. Eversource, CL&P, NSTAR Electric and PSNH currently record revenues at the 10.57 percent base ROE and incentive cap at 11.74 percent established in the October 16, 2014 FERC order. A change of 10 basis points to the base ROE used to establish the reserves would impact Eversource's after-tax earnings by an average of approximately $3 million for each of the four 15-month complaint periods. F. Eversource and NSTAR Electric Boston Harbor Civil Action In 2016, the United States Attorney on behalf of the United States Army Corps of Engineers filed a civil action in the United States District Court for the District of Massachusetts against NSTAR Electric, HEEC, and the Massachusetts Water Resources Authority (together with NSTAR Electric and HEEC, the "Defendants"). The action alleged that the Defendants failed to comply with certain permitting requirements related to the placement of the HEEC-owned electric distribution cable beneath Boston Harbor. The parties reached a settlement pursuant to which HEEC agreed to install a new 115kV distribution cable across Boston Harbor to Deer Island, utilizing a different route, and remove portions of the existing cable. Construction of the new distribution cable was completed in August 2019, and removal of the portions of the existing cable was completed in January 2020. NSTAR Electric and HEEC continue to finalize the resolution of certain long-term environmental restoration efforts, as required under the current permit. Upon completion of these restoration efforts and subsequent resolution with the United States Army Corps of Engineers, such litigation is expected to be dismissed with prejudice. G. CL&P Regulatory Matters CL&P Tropical Storm Isaias Response Investigation: In August 2020, PURA opened a docket to investigate the preparation for and response to Tropical Storm Isaias by Connecticut utilities, including CL&P. On April 28, 2021, PURA issued a final decision on CL&P’s compliance with its emergency response plan that concluded CL&P failed to comply with certain storm performance standards and was imprudent in certain instances. Specifically, PURA concluded that CL&P did not satisfy the performance standards for managing its municipal liaison program, timely removing electrical hazards from blocked roads, communicating critical information to its customers, or meeting its obligation to secure adequate external contractor and mutual aid resources in a timely manner. Based on its findings, PURA ordered CL&P to adjust its future rates in a pending or future rate proceeding to reflect a monetary penalty in the form of a downward adjustment of 90 basis points in its allowed rate of return on equity (ROE), which is currently 9.25 percent. In its decision, PURA explained that additional monetary penalties and further enforcement orders pursuant to Connecticut statute would be considered in a separate proceeding that was initiated on May 6, 2021. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions were used to estimate the fair value of each of the following financial instruments: Preferred Stock, Long-Term Debt and Rate Reduction Bonds: The fair value of CL&P's and NSTAR Electric's preferred stock is based upon pricing models that incorporate interest rates and other market factors, valuations or trades of similar securities and cash flow projections. The fair value of long-term debt and RRB debt securities is based upon pricing models that incorporate quoted market prices for those issues or similar issues adjusted for market conditions, credit ratings of the respective companies and treasury benchmark yields. The fair values provided in the table below are classified as Level 2 within the fair value hierarchy. Carrying amounts and estimated fair values are as follows: Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Carrying Fair Carrying Fair Carrying Fair Carrying Fair As of June 30, 2022: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 146.9 $ 116.2 $ 107.2 $ 43.0 $ 39.7 $ — $ — Long-Term Debt 20,849.2 19,531.4 4,215.9 4,053.3 4,429.7 4,295.6 1,164.2 1,027.2 Rate Reduction Bonds 475.3 465.0 — — — — 475.3 465.0 As of December 31, 2021: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 166.3 $ 116.2 $ 122.3 $ 43.0 $ 44.0 $ — $ — Long-Term Debt 18,216.7 19,636.3 4,215.4 4,848.9 3,985.4 4,453.5 1,163.8 1,220.6 Rate Reduction Bonds 496.9 543.3 — — — — 496.9 543.3 Derivative Instruments and Marketable Securities: Derivative instruments and investments in marketable securities are carried at fair value. For further information, see Note 4, "Derivative Instruments," and Note 5, "Marketable Securities," to the financial statements. See Note 1C, "Summary of Significant Accounting Policies – Fair Value Measurements," for the fair value measurement policy and the fair value hierarchy. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows: For the Six Months Ended June 30, 2022 For the Six Months Ended June 30, 2021 Eversource (Millions of Dollars) Qualified Unrealized Defined Total Qualified Unrealized Defined Total Balance as of Beginning of Period $ (0.4) $ 0.4 $ (42.3) $ (42.3) $ (1.4) $ 1.1 $ (76.1) $ (76.4) OCI Before Reclassifications — (1.3) (2.5) (3.8) — (0.5) (2.4) (2.9) Amounts Reclassified from AOCI — — 3.2 3.2 0.9 — 4.1 5.0 Net OCI — (1.3) 0.7 (0.6) 0.9 (0.5) 1.7 2.1 Balance as of End of Period $ (0.4) $ (0.9) $ (41.6) $ (42.9) $ (0.5) $ 0.6 $ (74.4) $ (74.3) Defined benefit plan OCI amounts before reclassifications relate to actuarial gains and losses that arose during the year and were recognized in AOCI. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCI into Other Income, Net over the average future employee service period, and are reflected in amounts reclassified from AOCI. |
COMMON SHARES
COMMON SHARES | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
COMMON SHARES | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Authorized as of June 30, 2022 and December 31, 2021 Issued as of Par Value June 30, 2022 December 31, 2021 Eversource $ 5 380,000,000 359,211,206 357,818,402 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 Common Share Issuances and 2022 Equity Distribution Agreement: On May 11, 2022, Eversource entered into an equity distribution agreement pursuant to which it may offer and sell up to $1.2 billion of its common shares from time to time through an “at-the-market” (ATM) equity offering program. Eversource may issue and sell its common shares through its sales agents during the term of this agreement. Shares may be offered in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise. Sales may be made at either market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. During the second quarter of 2022, Eversource issued 1,392,804 common shares, which resulted in proceeds of $126.3 million, net of issuance costs. Eversource used the net proceeds received for general corporate purposes. Treasury Shares: As of June 30, 2022 and December 31, 2021, there were 12,800,177 and 13,415,206 Eversource common shares held as treasury shares, respectively. As of June 30, 2022 and December 31, 2021, there we re 346,411,029 and 344,403,196 Eversource common shares outstanding, respectively. |
COMMON SHAREHOLDERS' EQUITY AND
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Authorized as of June 30, 2022 and December 31, 2021 Issued as of Par Value June 30, 2022 December 31, 2021 Eversource $ 5 380,000,000 359,211,206 357,818,402 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 Common Share Issuances and 2022 Equity Distribution Agreement: On May 11, 2022, Eversource entered into an equity distribution agreement pursuant to which it may offer and sell up to $1.2 billion of its common shares from time to time through an “at-the-market” (ATM) equity offering program. Eversource may issue and sell its common shares through its sales agents during the term of this agreement. Shares may be offered in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise. Sales may be made at either market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. During the second quarter of 2022, Eversource issued 1,392,804 common shares, which resulted in proceeds of $126.3 million, net of issuance costs. Eversource used the net proceeds received for general corporate purposes. Treasury Shares: As of June 30, 2022 and December 31, 2021, there were 12,800,177 and 13,415,206 Eversource common shares held as treasury shares, respectively. As of June 30, 2022 and December 31, 2021, there we re 346,411,029 and 344,403,196 Eversource common shares outstanding, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic EPS is computed based upon the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of common shares outstanding plus the potential dilutive effect of certain share-based compensation awards as if they were converted into outstanding common shares. The dilutive effect of unvested RSU and performance share awards is calculated using the treasury stock method. RSU and performance share awards are included in basic weighted average common shares outstanding as of the date that all necessary vesting conditions have been satisfied. For the three and six months ended June 30, 2022 and 2021, there were no antidilutive share awards excluded from the computation of diluted EPS. The following table sets forth the components of basic and diluted EPS: Eversource (Millions of Dollars, except share information) For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Net Income Attributable to Common Shareholders $ 291.9 $ 264.5 $ 735.3 $ 630.7 Weighted Average Common Shares Outstanding: Basic 345,893,714 343,844,626 345,525,030 343,761,435 Dilutive Effect 401,764 591,070 453,276 623,758 Diluted 346,295,478 344,435,696 345,978,306 344,385,193 Basic and Diluted EPS $ 0.84 $ 0.77 $ 2.13 $ 1.83 |
REVENUES
REVENUES | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES The following tables present operating revenues disaggregated by revenue source: For the Three Months Ended June 30, 2022 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 1,004.8 $ 218.5 $ — $ 35.3 $ — $ — $ 1,258.6 Commercial 664.1 122.6 — 16.7 — (1.4) 802.0 Industrial 88.9 43.5 — 1.1 — (5.1) 128.4 Total Retail Tariff Sales Revenues 1,757.8 384.6 — 53.1 — (6.5) 2,189.0 Wholesale Transmission Revenues — — 334.5 — 25.1 (266.4) 93.2 Wholesale Market Sales Revenues 212.6 33.2 — 0.9 — — 246.7 Other Revenues from Contracts with Customers 18.4 1.2 3.2 2.3 310.6 (309.8) 25.9 Amortization of/(Reserve for) Revenues Subject to Refund (1) 6.5 — 0.7 (0.4) — — 6.8 Total Revenues from Contracts with Customers 1,995.3 419.0 338.4 55.9 335.7 (582.7) 2,561.6 Alternative Revenue Programs 6.8 (3.0) 119.0 (1.4) — (113.2) 8.2 Other Revenues (2) 2.3 0.2 0.2 0.1 — — 2.8 Total Operating Revenues $ 2,004.4 $ 416.2 $ 457.6 $ 54.6 $ 335.7 $ (695.9) $ 2,572.6 For the Six Months Ended June 30, 2022 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 2,191.0 $ 775.3 $ — $ 63.4 $ — $ — $ 3,029.7 Commercial 1,325.5 380.1 — 31.3 — (2.5) 1,734.4 Industrial 178.5 111.6 — 2.2 — (9.6) 282.7 Total Retail Tariff Sales Revenues 3,695.0 1,267.0 — 96.9 — (12.1) 5,046.8 Wholesale Transmission Revenues — — 780.7 — 49.6 (631.1) 199.2 Wholesale Market Sales Revenues 578.1 66.7 — 1.7 — — 646.5 Other Revenues from Contracts with Customers 36.1 2.2 7.0 4.2 669.7 (662.9) 56.3 Amortization of/(Reserve for) Revenues Subject to Refund (1) 64.9 — 0.7 (0.7) — — 64.9 Total Revenues from Contracts with Customers 4,374.1 1,335.9 788.4 102.1 719.3 (1,306.1) 6,013.7 Alternative Revenue Programs 11.5 7.2 104.0 0.8 — (99.6) 23.9 Other Revenues (2) 5.1 0.7 0.4 0.2 — — 6.4 Total Operating Revenues $ 4,390.7 $ 1,343.8 $ 892.8 $ 103.1 $ 719.3 $ (1,405.7) $ 6,044.0 For the Three Months Ended June 30, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 882.1 $ 174.2 $ — $ 36.0 $ — $ — $ 1,092.3 Commercial 594.1 89.6 — 16.1 — (1.3) 698.5 Industrial 82.0 34.8 — 1.1 — (4.4) 113.5 Total Retail Tariff Sales Revenues 1,558.2 298.6 — 53.2 — (5.7) 1,904.3 Wholesale Transmission Revenues — — 416.9 — 20.3 (345.9) 91.3 Wholesale Market Sales Revenues 97.2 15.7 — 1.0 — — 113.9 Other Revenues from Contracts with Customers 25.1 1.0 3.4 1.2 309.7 (307.0) 33.4 Total Revenues from Contracts with Customers 1,680.5 315.3 420.3 55.4 330.0 (658.6) 2,142.9 Alternative Revenue Programs (4.8) (3.4) (9.3) (2.7) — (1.2) (21.4) Other Revenues (2) 0.8 (0.1) 0.2 0.1 — — 1.0 Total Operating Revenues $ 1,676.5 $ 311.8 $ 411.2 $ 52.8 $ 330.0 $ (659.8) $ 2,122.5 For the Six Months Ended June 30, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 1,948.1 $ 641.1 $ — $ 63.7 $ — $ — $ 2,652.9 Commercial 1,154.0 297.4 — 29.8 — (2.7) 1,478.5 Industrial 165.0 90.8 — 2.2 — (8.0) 250.0 Total Retail Tariff Sales Revenues 3,267.1 1,029.3 — 95.7 — (10.7) 4,381.4 Wholesale Transmission Revenues — — 811.2 — 39.5 (666.9) 183.8 Wholesale Market Sales Revenues 246.3 42.0 — 1.8 — — 290.1 Other Revenues from Contracts with Customers 43.4 2.4 6.8 2.4 633.5 (628.3) 60.2 Total Revenues from Contracts with Customers 3,556.8 1,073.7 818.0 99.9 673.0 (1,305.9) 4,915.5 Alternative Revenue Programs 18.2 18.6 (6.6) (0.9) — 1.0 30.3 Other Revenues (2) 1.9 — 0.5 0.2 — — 2.6 Total Operating Revenues $ 3,576.9 $ 1,092.3 $ 811.9 $ 99.2 $ 673.0 $ (1,304.9) $ 4,948.4 For the Three Months Ended June 30, 2022 For the Three Months Ended June 30, 2021 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Revenues from Contracts with Customers Retail Tariff Sales Residential $ 526.1 $ 326.9 $ 151.8 $ 440.8 $ 304.7 $ 136.6 Commercial 255.3 327.8 81.7 215.7 296.1 82.8 Industrial 36.0 30.6 22.3 28.4 29.1 24.5 Total Retail Tariff Sales Revenues 817.4 685.3 255.8 684.9 629.9 243.9 Wholesale Transmission Revenues 115.8 163.6 55.1 195.7 160.1 61.1 Wholesale Market Sales Revenues 143.4 47.8 21.4 68.1 18.9 10.2 Other Revenues from Contracts with Customers 7.5 11.8 3.0 9.5 15.3 4.4 Amortization of Revenues Subject to Refund (1) 7.2 — — — — — Total Revenues from Contracts with Customers 1,091.3 908.5 335.3 958.2 824.2 319.6 Alternative Revenue Programs 92.2 14.3 19.3 (1.1) (15.3) 2.3 Other Revenues (2) 0.2 1.6 0.7 (0.2) 0.7 0.5 Eliminations (148.0) (140.7) (48.2) (127.3) (122.2) (43.6) Total Operating Revenues $ 1,035.7 $ 783.7 $ 307.1 $ 829.6 $ 687.4 $ 278.8 For the Six Months Ended June 30, 2022 For the Six Months Ended June 30, 2021 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Revenues from Contracts with Customers Retail Tariff Sales Residential $ 1,125.2 $ 731.5 $ 334.3 $ 986.6 $ 667.1 $ 294.4 Commercial 497.5 659.1 170.1 429.9 564.4 160.6 Industrial 69.5 64.7 44.3 65.2 53.6 46.2 Total Retail Tariff Sales Revenues 1,692.2 1,455.3 548.7 1,481.7 1,285.1 501.2 Wholesale Transmission Revenues 325.0 328.8 126.9 384.6 307.2 119.4 Wholesale Market Sales Revenues 423.4 105.6 49.1 177.8 43.4 25.1 Other Revenues from Contracts with Customers 15.3 23.4 5.7 16.8 27.0 7.6 Amortization of Revenues Subject to Refund (1) 65.6 — — — — — Total Revenues from Contracts with Customers 2,521.5 1,913.1 730.4 2,060.9 1,662.7 653.3 Alternative Revenue Programs 93.4 6.1 16.0 7.8 (1.5) 5.3 Other Revenues (2) 0.3 3.6 1.6 0.1 1.8 0.5 Eliminations (293.7) (276.0) (101.5) (251.9) (238.6) (86.8) Total Operating Revenues $ 2,321.5 $ 1,646.8 $ 646.5 $ 1,816.9 $ 1,424.4 $ 572.3 (1) Amortization of Revenues Subject to Refund within the Electric Distribution segment in the second quarter and first half of 2022 represents customer credits being distributed to CL&P’s customers on retail electric bills as a result of the October 2021 CL&P settlement agreement and the 2021 civil penalty for non-compliance with storm performance standards. Total customer credits as a result of the 2021 settlement and civil penalty were $93.4 million. The settlement amount of $65 million was refunded over a two-month billing period from December 1, 2021 to January 31, 2022 and the civil penalty of $28.4 million is being refunded over a one year billing period, which began September 1, 2021. Other Revenues also include lease revenues under lessor accounting guidance |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Eversource is organized into the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates. These reportable segments represent substantially all of Eversource's total consolidated revenues. Revenues from the sale of electricity, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer. The Electric Distribution reportable segment includes the results of NSTAR Electric's solar power facilities. Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources. The remainder of Eversource's operations is presented as Other in the tables below and primarily consists of 1) the equity in earnings of Eversource parent from its subsidiaries and intercompany interest income, both of which are eliminated in consolidation, and interest expense related to the debt of Eversource parent, 2) the revenues and expenses of Eversource Service, most of which are eliminated in consolidation, 3) the operations of CYAPC and YAEC, 4) the results of other unregulated subsidiaries, which are not part of its core business, and 5) Eversource parent's equity ownership interests that are not consolidated, which primarily include the offshore wind business, a natural gas pipeline owned by Enbridge, Inc., and a renewable energy investment fund. In the ordinary course of business, Yankee Gas, NSTAR Gas and EGMA purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline project described above. These affiliate transaction costs total $77.7 million annually and are classified as Purchased Power, Fuel and Transmission on the Eversource statements of income. Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment. Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred but not paid, cost of removal, AFUDC related to equity funds, and the capitalized portions of pension and PBOP expense. Eversource's segment information is as follows: For the Three Months Ended June 30, 2022 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 2,004.4 $ 416.2 $ 457.6 $ 54.6 $ 335.7 $ (695.9) $ 2,572.6 Depreciation and Amortization (198.1) (39.1) (83.3) (12.5) (33.2) 1.6 (364.6) Other Operating Expenses (1,636.1) (360.7) (141.3) (27.0) (279.4) 692.1 (1,752.4) Operating Income $ 170.2 $ 16.4 $ 233.0 $ 15.1 $ 23.1 $ (2.2) $ 455.6 Interest Expense $ (60.3) $ (16.7) $ (37.5) $ (8.4) $ (53.5) $ 16.3 $ (160.1) Other Income, Net 53.0 10.6 9.3 2.1 354.3 (335.4) 93.9 Net Income Attributable to Common Shareholders 129.0 7.7 151.5 9.0 316.0 (321.3) 291.9 For the Six Months Ended June 30, 2022 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 4,390.7 $ 1,343.8 $ 892.8 $ 103.1 $ 719.3 $ (1,405.7) $ 6,044.0 Depreciation and Amortization (549.7) (91.1) (165.3) (24.8) (63.4) 3.3 (891.0) Other Operating Expenses (3,481.7) (1,018.0) (270.5) (54.1) (610.9) 1,400.8 (4,034.4) Operating Income $ 359.3 $ 234.7 $ 457.0 $ 24.2 $ 45.0 $ (1.6) $ 1,118.6 Interest Expense $ (119.8) $ (32.5) $ (70.6) $ (16.5) $ (100.3) $ 26.4 $ (313.3) Other Income, Net 100.5 20.8 18.2 4.2 850.2 (828.5) 165.4 Net Income Attributable to Common Shareholders 269.9 171.7 300.0 12.7 784.7 (803.7) 735.3 Cash Flows Used for Investments in Plant 541.8 275.4 543.6 65.6 122.7 — 1,549.1 For the Three Months Ended June 30, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 1,676.5 $ 311.8 $ 411.2 $ 52.8 $ 330.0 $ (659.8) $ 2,122.5 Depreciation and Amortization (132.3) (34.6) (74.5) (11.5) (28.4) 1.1 (280.2) Other Operating Expenses (1,360.3) (257.7) (121.9) (25.4) (285.7) 660.3 (1,390.7) Operating Income $ 183.9 $ 19.5 $ 214.8 $ 15.9 $ 15.9 $ 1.6 $ 451.6 Interest Expense $ (61.1) $ (14.6) $ (32.6) $ (8.1) $ (41.8) $ 12.8 $ (145.4) Other Income, Net 29.9 4.6 6.8 0.9 309.2 (304.8) 46.6 Net Income Attributable to Common Shareholders 121.6 4.1 137.6 8.9 282.7 (290.4) 264.5 For the Six Months Ended June 30, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 3,576.9 $ 1,092.3 $ 811.9 $ 99.2 $ 673.0 $ (1,304.9) $ 4,948.4 Depreciation and Amortization (354.3) (80.3) (148.0) (22.8) (55.7) 2.1 (659.0) Other Operating Expenses (2,890.8) (793.6) (237.3) (50.5) (585.2) 1,305.2 (3,252.2) Operating Income $ 331.8 $ 218.4 $ 426.6 $ 25.9 $ 32.1 $ 2.4 $ 1,037.2 Interest Expense $ (114.4) $ (28.5) $ (65.3) $ (16.0) $ (83.4) $ 24.4 $ (283.2) Other Income, Net 50.6 8.5 12.2 1.9 733.4 (725.8) 80.8 Net Income Attributable to Common Shareholders 214.9 151.6 273.0 12.6 677.6 (699.0) 630.7 Cash Flows Used for Investments in Plant 510.4 305.9 443.2 53.8 109.9 — 1,423.2 The following table summarizes Eversource's segmented total assets: Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total As of June 30, 2022 $ 26,238.1 $ 7,351.4 $ 12,938.6 $ 2,592.4 $ 23,833.9 $ (23,038.2) $ 49,916.2 As of December 31, 2021 25,411.2 7,215.9 12,377.8 2,551.1 22,674.7 (21,738.6) 48,492.1 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas, NSTAR Gas and Eversource Gas Company of Massachusetts (EGMA) (natural gas utilities), and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately 4.4 million electric, natural gas and water customers through ten regulated utilities in Connecticut, Massachusetts and New Hampshire. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements." The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2021 Form 10-K, which was filed with the SEC on February 17, 2022. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's and PSNH's financial position as of June 30, 2022 and December 31, 2021, and the results of operations, comprehensive income and common shareholders' equity for the three and six months ended June 30, 2022 and 2021 and the cash flows for the six months ended June 30, 2022 and 2021. The results of operations and comprehensive income for the three and six months ended June 30, 2022 and 2021 and the cash flows for the six months ended June 30, 2022 and 2021 are not necessarily indicative of the results expected for a full year. CYAPC and YAEC are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates the operations of CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource holds several equity ownership interests that are not consolidated and are accounted for under the equity method. Eversource's utility subsidiaries' electric, natural gas and water distribution and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation. |
Allowance for Uncollectible Accounts | Allowance for Uncollectible Accounts Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs, and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables. Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts). Receivables are presented net of expected credit losses at estimated net realizable value by maintaining an allowance for uncollectible accounts. The current expected credit loss (CECL) model is applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded. The allowance for uncollectible accounts is determined based upon a variety of judgments and factors, including an aging-based quantitative assessment that applies an estimated uncollectible percentage to each receivable aging category. Factors in determining credit loss include historical collection, write-off experience, analysis of delinquency statistics, and management's assessment of collectability from customers, including current conditions, customer payment trends, the impact on customer bills because of energy usage trends and changes in rates, flexible payment plans and financial hardship arrearage management programs being offered to customers, reasonable forecasts, and expectations of future collectability and collection efforts. Management continuously assesses the collectability of receivables and adjusts estimates based on actual experience and future expectations based on economic conditions, collection efforts and other factors. Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible. Management concluded that the reserve balance as of June 30, 2022 adequately reflected the collection risk and net realizable value for its receivables. As of June 30, 2022 and December 31, 2021, the total amount incurred as a result of COVID-19 included in the allowance for uncollectible accounts was $63.1 million and $55.3 million at Eversource, $20.4 million and $23.9 million at CL&P, and $7.5 million and $9.0 million at NSTAR Electric, respectively. At our Connecticut and Massachusetts utilities, the COVID-19 related uncollectible amounts were deferred either as incremental regulatory costs or deferred through existing regulatory tracking mechanisms that recover uncollectible energy supply costs, as management believes it is probable that these costs will ultimately be recovered from customers in future rates. No COVID-19 related uncollectible amounts were deferred at PSNH as a result of a July 2021 NHPUC order. Based on the status of our COVID-19 regulatory dockets, policies and practices in the jurisdictions in which we operate, we believe the state regulatory commissions in Connecticut and Massachusetts will allow us to recover our incremental uncollectible customer receivable costs associated with COVID-19. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows NSTAR Electric, NSTAR Gas and EGMA to recover in rates amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. Hardship customers are protected from shut-off in certain circumstances, and historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. Management uses a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. The allowance for uncollectible hardship accounts is included in the total uncollectible allowance balance. |
Fair Value Measurements | Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" (normal) and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill, long-lived assets, equity method investments, AROs, and in the valuation of acquisitions. The fair value measurement guidance was also applied in estimating the fair value of preferred stock, long-term debt and RRBs. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis. The levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy. |
Other Taxes | Other TaxesEversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of incomeAs agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Allowance for Uncollectible Accounts | The activity in the allowance for uncollectible accounts by portfolio segment as of June 30 th is as follows: Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Total Allowance Three Months Ended 2022 Beginning Balance $ 225.5 $ 206.7 $ 432.2 $ 140.1 $ 40.4 $ 180.5 $ 39.7 $ 55.1 $ 94.8 $ 26.2 Uncollectible Expense — 12.9 12.9 — 2.9 2.9 — 4.0 4.0 2.0 Uncollectible Costs Deferred (1) 21.4 12.6 34.0 15.0 2.2 17.2 5.4 2.4 7.8 0.1 Write-Offs (4.6) (21.1) (25.7) (3.3) (6.2) (9.5) (0.1) (7.7) (7.8) (1.3) Recoveries Collected 0.4 4.0 4.4 0.3 1.3 1.6 — 1.7 1.7 0.3 Ending Balance $ 242.7 $ 215.1 $ 457.8 $ 152.1 $ 40.6 $ 192.7 $ 45.0 $ 55.5 $ 100.5 $ 27.3 Six Months Ended 2022 Beginning Balance $ 226.1 $ 191.3 $ 417.4 $ 144.6 $ 36.7 $ 181.3 $ 43.3 $ 53.7 $ 97.0 $ 24.3 Uncollectible Expense — 30.0 30.0 — 6.7 6.7 — 8.7 8.7 4.5 Uncollectible Costs Deferred (1) 22.4 27.3 49.7 11.0 — 11.0 2.1 7.8 9.9 1.1 Write-Offs (6.9) (43.1) (50.0) (4.4) (6.7) (11.1) (0.4) (18.3) (18.7) (3.1) Recoveries Collected 1.1 9.6 10.7 0.9 3.9 4.8 — 3.6 3.6 0.5 Ending Balance $ 242.7 $ 215.1 $ 457.8 $ 152.1 $ 40.6 $ 192.7 $ 45.0 $ 55.5 $ 100.5 $ 27.3 Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Total Allowance Three Months Ended 2021 Beginning Balance $ 197.3 $ 194.4 $ 391.7 $ 138.4 $ 36.7 $ 175.1 $ 31.1 $ 58.2 $ 89.3 $ 17.3 Uncollectible Expense — 11.4 11.4 — 2.8 2.8 — 3.5 3.5 2.0 Uncollectible Costs Deferred (1) 16.6 24.5 41.1 9.3 8.3 17.6 4.9 6.9 11.8 (0.3) Write-Offs (3.4) (18.1) (21.5) (2.3) (5.4) (7.7) (0.1) (7.7) (7.8) (2.0) Recoveries Collected 0.2 2.9 3.1 0.2 0.8 1.0 — 1.2 1.2 0.2 Ending Balance $ 210.7 $ 215.1 $ 425.8 $ 145.6 $ 43.2 $ 188.8 $ 35.9 $ 62.1 $ 98.0 $ 17.2 Six Months Ended 2021 Beginning Balance $ 194.8 $ 164.1 $ 358.9 $ 129.1 $ 28.3 $ 157.4 $ 39.7 $ 51.9 $ 91.6 $ 17.2 Uncollectible Expense — 27.7 27.7 — 6.6 6.6 — 7.4 7.4 3.2 Uncollectible Costs Deferred (1) 22.0 51.6 73.6 21.2 15.7 36.9 (3.5) 15.2 11.7 0.8 Write-Offs (6.7) (34.8) (41.5) (5.2) (9.3) (14.5) (0.3) (15.2) (15.5) (4.5) Recoveries Collected 0.6 6.5 7.1 0.5 1.9 2.4 — 2.8 2.8 0.5 Ending Balance $ 210.7 $ 215.1 $ 425.8 $ 145.6 $ 43.2 $ 188.8 $ 35.9 $ 62.1 $ 98.0 $ 17.2 (1) These expected credit losses are deferred as regulatory costs on the balance sheets, as these amounts are ultimately recovered in rates. Amounts include uncollectible costs for hardship accounts and other customer receivables, including uncollectible amounts related to uncollectible energy supply costs and COVID-19. |
Components of Other Income, Net | The components of Other Income, Net on the statements of income were as follows: For the Three Months Ended June 30, 2022 June 30, 2021 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Pension, SERP and PBOP Non-Service $ 54.9 $ 16.2 $ 21.4 $ 6.7 $ 22.1 $ 4.3 $ 10.2 $ 2.7 AFUDC Equity 11.2 2.8 6.1 0.6 9.2 1.7 6.2 0.3 Equity in Earnings of Unconsolidated Affiliates (1) 16.6 — 0.1 — 4.7 — 0.1 — Investment Income/(Loss) 1.3 (0.7) 0.5 0.1 1.9 1.2 0.6 0.3 Interest Income 9.5 1.5 6.1 0.4 8.4 2.7 4.8 0.9 Other 0.4 — 0.1 — 0.3 — — 0.1 Total Other Income, Net $ 93.9 $ 19.8 $ 34.3 $ 7.8 $ 46.6 $ 9.9 $ 21.9 $ 4.3 For the Six Months Ended June 30, 2022 June 30, 2021 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Pension, SERP and PBOP Non-Service $ 109.2 $ 32.1 $ 42.4 $ 13.3 $ 42.2 $ 7.0 $ 20.2 $ 5.4 AFUDC Equity 21.1 5.6 11.0 1.0 18.4 3.4 12.4 0.9 Equity in Earnings of Unconsolidated Affiliates (1) 17.1 — 0.1 — 8.4 — 0.2 — Investment Income/(Loss) 1.1 (1.1) 0.2 0.3 1.3 1.5 0.8 0.4 Interest Income 16.1 2.8 9.6 0.7 9.9 2.8 4.9 1.6 Other 0.8 — 0.2 — 0.6 0.1 0.2 0.1 Total Other Income, Net $ 165.4 $ 39.4 $ 63.5 $ 15.3 $ 80.8 $ 14.8 $ 38.7 $ 8.4 (1) Equity in earnings of unconsolidated affiliates includes $12.2 million of pre-tax unrealized gains associated with an investment in a renewable energy fund for the three and six months ended June 30, 2022. For the three and six months ended June 30, 2021, equity in earnings of unconsolidated affiliates included $2.1 million of pre-tax unrealized gains associated with this investment. |
Investments in Unconsolidated Affiliates | Eversource's investments included the following: (Millions of Dollars) Ownership Interest As of June 30, 2022 As of December 31, 2021 Offshore Wind Business - North East Offshore 50 % $ 1,487.1 $ 1,213.6 Natural Gas Pipeline - Algonquin Gas Transmission, LLC 15 % 119.3 121.9 Renewable Energy Investment Fund 90 % 88.4 76.5 Other various 25.1 24.3 Total Investments in Unconsolidated Affiliates $ 1,719.9 $ 1,436.3 Offshore Wind Business: Eversource’s offshore wind business includes a 50 percent ownership interest in North East Offshore, which holds PPAs and contracts for the Revolution Wind, South Fork Wind and Sunrise Wind projects, as well as an undeveloped offshore lease area. The offshore wind investment includes capital expenditures for the three offshore wind projects, as well as capitalized costs related to future development, acquisition costs of offshore lease areas, and capitalized interest. Cash flows used in investing activities presented in Investments in Unconsolidated Affiliates, Net on the statements of cash flows relates to capital contributions in the offshore wind investment. |
Other Taxes | These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows: For the Three Months Ended For the Six Months Ended (Millions of Dollars) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Eversource $ 44.5 $ 39.9 $ 93.1 $ 88.5 CL&P 39.0 35.4 76.8 74.6 |
Non-cash Investing Activities | Non-cash investing activities include plant additions included in Accounts Payable as follows: (Millions of Dollars) As of June 30, 2022 As of June 30, 2021 Eversource $ 357.2 $ 344.8 CL&P 96.7 66.4 NSTAR Electric 75.1 103.8 PSNH 49.6 33.9 |
Reconciliation of Cash Balances to Cash and Restricted Cash | The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows: As of June 30, 2022 As of December 31, 2021 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Cash as reported on the Balance Sheets $ 29.5 $ 9.2 $ 5.3 $ 0.1 $ 66.8 $ 55.8 $ 0.7 $ — Restricted cash included in: Special Deposits 90.8 8.7 17.4 30.9 78.2 18.7 17.4 31.4 Marketable Securities 17.2 — — 0.1 31.3 0.3 0.1 0.5 Other Long-Term Assets 19.2 — — 3.2 44.7 — — 3.2 Cash and Restricted Cash as reported on the Statements of Cash Flows $ 156.7 $ 17.9 $ 22.7 $ 34.3 $ 221.0 $ 74.8 $ 18.2 $ 35.1 |
REGULATORY ACCOUNTING (Tables)
REGULATORY ACCOUNTING (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Regulated Operations [Abstract] | |
Components of Regulatory Assets | The components of regulatory assets were as follows: As of June 30, 2022 As of December 31, 2021 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Benefit Costs $ 1,435.0 $ 267.6 $ 397.2 $ 116.7 $ 1,481.0 $ 272.4 $ 395.5 $ 118.9 Storm Costs, Net 1,250.1 733.8 455.0 61.3 1,102.7 695.6 341.3 65.8 Regulatory Tracking Mechanisms 979.0 306.1 368.7 68.3 1,050.5 333.6 376.6 85.4 Income Taxes, Net 798.0 476.6 113.6 13.9 790.7 470.5 112.6 17.5 Securitized Stranded Costs 457.3 — — 457.3 478.9 — — 478.9 Goodwill-related 289.4 — 248.4 — 297.8 — 255.7 — Derivative Liabilities 213.3 213.3 — — 249.2 249.2 — — Asset Retirement Obligations 121.0 34.7 64.1 4.2 115.0 33.6 59.8 4.1 Other Regulatory Assets 189.5 28.1 33.5 15.2 150.0 29.9 37.7 15.8 Total Regulatory Assets 5,732.6 2,060.2 1,680.5 736.9 5,715.8 2,084.8 1,579.2 786.4 Less: Current Portion 1,163.4 396.4 419.7 93.2 1,129.1 371.6 444.0 107.2 Total Long-Term Regulatory Assets $ 4,569.2 $ 1,663.8 $ 1,260.8 $ 643.7 $ 4,586.7 $ 1,713.2 $ 1,135.2 $ 679.2 |
Components of Regulatory Liabilities | The components of regulatory liabilities were as follows: As of June 30, 2022 As of December 31, 2021 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH EDIT due to Tax Cuts and Jobs Act of 2017 $ 2,646.1 $ 989.4 $ 962.1 $ 353.0 $ 2,685.2 $ 996.1 $ 984.5 $ 359.2 Cost of Removal 653.9 113.6 395.0 19.0 649.6 100.1 381.0 17.2 Regulatory Tracking Mechanisms 701.9 319.4 232.7 99.8 448.4 182.0 185.1 107.0 Deferred Portion of Non-Service Income 209.7 23.3 115.2 21.8 148.3 12.0 90.7 14.9 Benefit Costs 116.0 — 92.4 — 133.5 — 107.4 — AFUDC - Transmission 88.9 44.9 44.0 — 81.0 43.2 37.8 — CL&P Settlement Agreement and Storm 6.4 6.4 — — 81.3 81.3 — — Other Regulatory Liabilities 223.7 57.9 4.4 6.7 241.4 45.1 0.8 3.3 Total Regulatory Liabilities 4,646.6 1,554.9 1,845.8 500.3 4,468.7 1,459.8 1,787.3 501.6 Less: Current Portion 759.7 337.2 274.1 106.6 602.4 266.5 228.2 120.2 Total Long-Term Regulatory Liabilities $ 3,886.9 $ 1,217.7 $ 1,571.7 $ 393.7 $ 3,866.3 $ 1,193.3 $ 1,559.1 $ 381.4 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant, and Equipment | The following tables summarize property, plant and equipment by asset category: Eversource As of June 30, 2022 As of December 31, 2021 (Millions of Dollars) Distribution - Electric $ 18,001.8 $ 17,679.1 Distribution - Natural Gas 6,819.5 6,694.8 Transmission - Electric 13,229.5 12,882.4 Distribution - Water 1,940.2 1,900.9 Solar 200.9 200.9 Utility 40,191.9 39,358.1 Other (1) 1,630.1 1,469.5 Property, Plant and Equipment, Gross 41,822.0 40,827.6 Less: Accumulated Depreciation Utility (9,046.9) (8,885.2) Other (640.1) (580.1) Total Accumulated Depreciation (9,687.0) (9,465.3) Property, Plant and Equipment, Net 32,135.0 31,362.3 Construction Work in Progress 2,272.2 2,015.4 Total Property, Plant and Equipment, Net $ 34,407.2 $ 33,377.7 As of June 30, 2022 As of December 31, 2021 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH Distribution - Electric $ 7,252.7 $ 8,265.0 $ 2,524.4 $ 7,117.6 $ 8,105.5 $ 2,496.2 Transmission - Electric 5,986.3 5,207.0 2,037.9 5,859.0 5,090.5 1,934.6 Solar — 200.9 — — 200.9 — Property, Plant and Equipment, Gross 13,239.0 13,672.9 4,562.3 12,976.6 13,396.9 4,430.8 Less: Accumulated Depreciation (2,589.2) (3,311.0) (911.9) (2,572.1) (3,227.3) (908.4) Property, Plant and Equipment, Net 10,649.8 10,361.9 3,650.4 10,404.5 10,169.6 3,522.4 Construction Work in Progress 441.2 787.5 169.8 399.0 707.0 134.1 Total Property, Plant and Equipment, Net $ 11,091.0 $ 11,149.4 $ 3,820.2 $ 10,803.5 $ 10,876.6 $ 3,656.5 (1) These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company. |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gross Fair Values and Net Amounts of Contracts | The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities: As of June 30, 2022 As of December 31, 2021 CL&P (Millions of Dollars) Fair Value Hierarchy Commodity Supply and Price Risk Netting (1) Net Amount Commodity Supply and Price Risk Netting (1) Net Amount Current Derivative Assets Level 3 $ 15.2 $ (0.5) $ 14.7 $ 14.7 $ (1.0) $ 13.7 Long-Term Derivative Assets Level 3 37.7 (1.1) 36.6 46.9 (0.9) 46.0 Current Derivative Liabilities Level 3 (75.9) — (75.9) (73.5) — (73.5) Long-Term Derivative Liabilities Level 3 (188.7) — (188.7) (235.4) — (235.4) (1) Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets. These amounts are subject to master netting agreements or similar agreements for which the right of offset exists. |
Summary of Level 3 Derivative Contracts and Significant Unobservable Inputs Used | The following is a summary of the significant unobservable inputs utilized in the valuations of the derivative contracts classified as Level 3: As of June 30, 2022 As of December 31, 2021 CL&P Range Average Period Covered Range Average Period Covered Forward Reserve Prices $ 0.50 — $0.50 $ 0.50 per kW-Month 2022 - 2024 $ 0.50 — $1.15 $ 0.82 per kW-Month 2022 - 2024 |
Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis | The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis. CL&P For the Three Months Ended June 30, For the Six Months Ended June 30, (Millions of Dollars) 2022 2021 2022 2021 Derivatives, Net: Fair Value as of Beginning of Period $ (229.4) $ (293.1) $ (249.2) $ (293.1) Net Realized/Unrealized Gains/(Losses) Included in Regulatory Assets 2.6 0.9 8.8 (11.5) Settlements 13.5 12.5 27.1 24.9 Fair Value as of End of Period $ (213.3) $ (279.7) $ (213.3) $ (279.7) |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-Sale Debt Securities | The following is a summary of the available-for-sale debt securities: As of June 30, 2022 As of December 31, 2021 Eversource (Millions of Dollars) Amortized Cost Pre-Tax Pre-Tax Fair Value Amortized Cost Pre-Tax Pre-Tax Fair Value Debt Securities $ 207.9 $ 0.5 $ (12.3) $ 196.1 $ 214.5 $ 5.1 $ (0.2) $ 219.4 |
Contractual Maturities of Available-for-Sale Debt Securities | As of June 30, 2022, the contractual maturities of available-for-sale debt securities were as follows: Eversource (Millions of Dollars) Amortized Cost Fair Value Less than one year (1) $ 18.5 $ 18.4 One to five years 57.6 56.7 Six to ten years 41.2 38.0 Greater than ten years 90.6 83.0 Total Debt Securities $ 207.9 $ 196.1 (1) Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets. |
Marketable Securities Recorded at Fair Value on a Recurring Basis by Level | The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Eversource (Millions of Dollars) As of June 30, 2022 As of December 31, 2021 Level 1: Mutual Funds and Equities $ 208.8 $ 254.2 Money Market Funds 17.2 31.3 Total Level 1 $ 226.0 $ 285.5 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 84.2 $ 81.3 Corporate Debt Securities 54.9 65.3 Asset-Backed Debt Securities 9.6 12.6 Municipal Bonds 13.8 12.3 Other Fixed Income Securities 16.4 16.6 Total Level 2 $ 178.9 $ 188.1 Total Marketable Securities $ 404.9 $ 473.6 |
SHORT-TERM AND LONG-TERM DEBT (
SHORT-TERM AND LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings Outstanding and Available under the Commercial Paper Programs | The amount of borrowings outstanding and available under the commercial paper programs were as follows: Borrowings Outstanding as of Available Borrowing Capacity as of Weighted-Average Interest Rate as of June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (Millions of Dollars) Eversource Parent Commercial Paper Program $ 124.5 $ 1,343.0 $ 1,875.5 $ 657.0 1.81 % 0.31 % NSTAR Electric Commercial Paper Program 63.0 162.5 587.0 487.5 1.63 % 0.14 % |
Summary of Long-Term Debt Issuance and Repayments | The following table summarizes long-term debt issuances and repayments: (Millions of Dollars) Issuance/(Repayment) Issue Date or Repayment Date Maturity Date Use of Proceeds for Issuance/ NSTAR Electric: 4.55% 2022 Debentures $ 450.0 May 2022 June 2052 Repaid short-term debt, paid capital expenditures and working capital Other: Eversource Parent 2.90% Series V Senior Notes 650.0 February 2022 March 2027 Repaid Series K Senior Notes at maturity and short-term debt Eversource Parent 3.38% Series W Senior Notes 650.0 February 2022 March 2032 Repaid Series K Senior Notes at maturity and short-term debt Eversource Parent 4.20% Series X Senior Notes 900.0 June 2022 June 2024 Repaid short-term debt and paid working capital Eversource Parent 4.60% Series Y Senior Notes 600.0 June 2022 July 2027 Repaid short-term debt and paid working capital Eversource Parent 2.75% Series K Senior Notes (750.0) March 2022 March 2022 Paid at maturity Yankee Gas 8.48% Series B First Mortgage Bonds (20.0) March 2022 March 2022 Paid at maturity EGMA 4.70% Series C First Mortgage Bonds 100.0 June 2022 June 2052 Repaid short-term debt, paid capital expenditures and for general corporate purposes NSTAR Gas 4.40% Series V First Mortgage Bonds 125.0 July 2022 August 2032 Repaid short-term debt, paid capital expenditures and for general corporate purposes |
RATE REDUCTION BONDS AND VARI_2
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Rate Reduction Bonds and Variable Interest Entity [Abstract] | |
Summary of the Impact of Funding on the Balance Sheets and Income Statements | The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements: (Millions of Dollars) PSNH Balance Sheets: As of June 30, 2022 As of December 31, 2021 Restricted Cash - Current Portion (included in Current Assets) $ 30.7 $ 31.1 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) 3.2 3.2 Securitized Stranded Cost (included in Regulatory Assets) 457.3 478.9 Other Regulatory Liabilities (included in Regulatory Liabilities) 5.2 5.4 Accrued Interest (included in Other Current Liabilities) 7.2 7.5 Rate Reduction Bonds - Current Portion 43.2 43.2 Rate Reduction Bonds - Long-Term Portion 432.1 453.7 (Millions of Dollars) PSNH Income Statements: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) $ 10.8 $ 10.8 $ 21.6 $ 21.6 Interest Expense on RRB Principal (included in Interest Expense) 4.3 4.6 8.7 9.3 |
PENSION BENEFITS AND POSTRETI_2
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Postemployment Benefits [Abstract] | |
Components of Net Periodic Benefit Expense/(Income) | The components of net periodic benefit plan expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets/(liabilities) for future recovery or refund, are shown below. The service cost component of net periodic benefit plan expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit plan expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense/(income) reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include intercompany allocations of net periodic benefit plan expense/(income), as these amounts are cash settled on a short-term basis. Pension and SERP PBOP For the Three Months Ended June 30, 2022 For the Three Months Ended June 30, 2022 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 17.5 $ 4.7 $ 3.4 $ 1.7 $ 3.0 $ 0.5 $ 0.5 $ 0.3 Interest Cost 38.6 7.8 8.2 4.2 5.1 0.9 1.3 0.6 Expected Return on Plan Assets (130.7) (26.5) (32.1) (14.0) (22.6) (2.8) (10.6) (1.7) Actuarial Losses, net 28.4 4.0 8.1 1.9 — — — — Prior Service Cost/(Credit) 0.3 — 0.1 — (5.4) 0.3 (4.2) 0.1 Total Net Periodic Benefit Plan Income $ (45.9) $ (10.0) $ (12.3) $ (6.2) $ (19.9) $ (1.1) $ (13.0) $ (0.7) Intercompany Income Allocations N/A $ (4.1) $ (3.2) $ (0.9) N/A $ (0.9) $ (0.9) $ (0.3) Pension and SERP PBOP For the Six Months Ended June 30, 2022 For the Six Months Ended June 30, 2022 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Service Cost $ 35.2 $ 9.2 $ 7.0 $ 3.5 $ 5.8 $ 1.0 $ 1.0 $ 0.5 Interest Cost 77.2 15.6 16.3 8.4 10.1 1.8 2.6 1.1 Expected Return on Plan Assets (262.4) (53.1) (64.1) (28.1) (45.0) (5.6) (21.2) (3.3) Actuarial Losses, net 59.1 8.2 16.6 4.1 — — — — Prior Service Cost/(Credit) 0.7 — 0.2 — (10.8) 0.5 (8.5) 0.2 Total Net Periodic Benefit Plan Income $ (90.2) $ (20.1) $ (24.0) $ (12.1) $ (39.9) $ (2.3) $ (26.1) $ (1.5) Intercompany Income Allocations N/A $ (7.9) $ (6.1) $ (1.7) N/A $ (1.8) $ (1.8) $ (0.6) Pension and SERP PBOP For the Three Months Ended June 30, 2021 For the Three Months Ended June 30, 2021 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Service Cost $ 18.4 $ 5.5 $ 3.9 $ 2.2 $ 3.3 $ 0.6 $ 0.6 $ 0.3 Interest Cost 27.1 6.7 6.7 3.6 4.2 0.8 1.1 0.4 Expected Return on Plan Assets (87.4) (21.7) (27.1) (11.8) (19.8) (2.6) (9.2) (1.5) Actuarial Loss 47.8 10.8 15.3 5.2 1.3 0.4 0.5 0.1 Prior Service Cost/(Credit) 0.3 — 0.1 — (5.3) 0.3 (4.2) 0.1 Total Net Periodic Benefit Plan Expense/(Income) $ 6.2 $ 1.3 $ (1.1) $ (0.8) $ (16.3) $ (0.5) $ (11.2) $ (0.6) Intercompany Expense/(Income) Allocations N/A $ 2.3 $ 2.5 $ 0.7 N/A $ (0.6) $ (0.6) $ (0.2) Pension and SERP PBOP For the Six Months Ended June 30, 2021 For the Six Months Ended June 30, 2021 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Service Cost $ 39.7 $ 11.8 $ 7.9 $ 4.4 $ 6.8 $ 1.2 $ 1.2 $ 0.6 Interest Cost 59.7 14.0 13.4 7.2 8.6 1.6 2.2 0.9 Expected Return on Plan Assets (196.3) (43.3) (54.0) (23.7) (39.5) (5.2) (18.5) (3.0) Actuarial Loss 109.4 23.8 30.8 10.1 3.9 0.8 1.1 0.3 Prior Service Cost/(Credit) 0.6 — 0.2 — (10.6) 0.5 (8.4) 0.2 Total Net Periodic Benefit Plan Expense/(Income) $ 13.1 $ 6.3 $ (1.7) $ (2.0) $ (30.8) $ (1.1) $ (22.4) $ (1.0) Intercompany Expense/(Income) Allocations N/A $ 3.6 $ 4.0 $ 1.2 N/A $ (0.9) $ (1.0) $ (0.3) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental Sites and Related Reserves | The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: As of June 30, 2022 As of December 31, 2021 Number of Sites Reserve Number of Sites Reserve Eversource 62 $ 121.3 61 $ 115.4 CL&P 14 14.3 14 13.9 NSTAR Electric 11 3.6 11 3.3 PSNH 9 6.3 9 6.3 |
Non-Cancelable Commitments under Purchase Commitment Contracts | Renewable energy contracts include non-cancelable commitments under contracts of NSTAR Electric for the purchase of energy and RECs from renewable energy facilities. NSTAR Electric (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Renewable Energy $ 50.4 $ 78.3 $ 269.4 $ 315.8 $ 322.1 $ 5,812.2 $ 6,848.2 |
Summary of Exposure to Guarantees and Indemnifications | The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries and affiliates to external parties, and primarily relates to its offshore wind business: As of June 30, 2022 Company (Obligor) Description Maximum Exposure Expiration Dates North East Offshore LLC Construction-related purchase agreements with third-party contractors (1) $ 889.9 (1) Sunrise Wind LLC Construction-related purchase agreements with third-party contractors (2) 353.9 2025 - 2026 Revolution Wind, LLC Construction-related purchase agreements with third-party contractors (3) 353.8 2024 - 2027 South Fork Wind, LLC Construction-related purchase agreements with third-party contractors (4) 165.1 2023 - 2026 Eversource Investment LLC Funding and indemnification obligations of North East Offshore LLC (5) 100.9 (5) South Fork Wind, LLC Power Purchase Agreement Security (6) 7.1 (6) Sunrise Wind LLC OREC capacity production (7) 2.2 (7) Bay State Wind LLC Real estate purchase 2.5 2023 South Fork Wind, LLC Transmission interconnection 1.2 — Eversource Investment LLC Letters of Credit (8) 4.3 — Various Surety bonds (9) 35.7 2022 - 2023 Eversource Service Lease payments for real estate 0.6 2024 (1) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, North East Offshore LLC (NEO), under which Eversource parent agreed to guarantee 50 percent of NEO’s performance of obligations under certain purchase agreements with third-party contractors, in an aggregate amount not to exceed $1.3 billion with an expiration date in 2025. Eversource parent also issued a separate guarantee to Ørsted on behalf of NEO, under which Eversource parent agreed to guarantee 50 percent of NEO’s payment obligations under certain offshore wind project construction-related agreements with Ørsted in an aggregate amount not to exceed $62.5 million and expiring upon full performance of the guaranteed obligation. Any amounts paid under this guarantee to Ørsted will count toward, but not increase, the maximum amount of the Funding Guarantee described in Note 5, below. (2) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an aggregate amount not to exceed $464.7 million, in connection with construction-related purchase agreements. Eversource parent’s obligations under the guarantees expire upon the earlier of (i) dates ranging from March 2025 and April 2026 and (ii) full performance of the guaranteed obligations. (3) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, Revolution Wind, LLC, whereby Eversource parent will guarantee Revolution Wind, LLC's performance of certain obligations, in an aggregate amount not to exceed $409.3 million, in connection with construction-related purchase agreements. Eversource parent’s obligations under the guarantees expire upon the earlier of (i) dates ranging from October 2024 and November 2027 and (ii) full performance of the guaranteed obligations. (4) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, South Fork Wind, LLC, whereby Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations in connection with construction-related purchase agreements. Under these guarantees, Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in a total aggregate amount not to exceed $207.1 million. Eversource parent’s obligations under these guarantees expire upon the earlier of (i) dates ranging from June 2023 and August 2026 and (ii) full performance of the guaranteed obligations. (5) Eversource parent issued a guarantee (Funding Guarantee) on behalf of Eversource Investment LLC (EI), its wholly-owned subsidiary that holds a 50 percent ownership interest in NEO, under which Eversource parent agreed to guarantee certain funding obligations and certain indemnification payments of EI under the operating agreement of NEO, in an amount not to exceed $910 million. The guaranteed obligations include payment of EI's funding obligations during the construction phase of NEO’s underlying offshore wind projects and indemnification obligations associated with third party credit support for its investment in NEO. Eversource parent’s obligations under the Funding Guarantee expire upon the full performance of the guaranteed obligations. (6) Eversource parent issued a guarantee on behalf of its 50 percent-owned affiliate, South Fork Wind, LLC, whereby Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in an amount not to exceed $7.1 million, under a Power Purchase Agreement between the Long Island Power Authority and South Fork Wind, LLC (the Agreement). The guarantee expires upon the later of (i) the end of the Agreement term and (ii) full performance of the guarantee obligations. (7) Eversource parent issued a guarantee on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an amount not to exceed $15.4 million, under the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement (the Agreement). The Agreement was executed by and between the New York State Energy Research and Development Authority (NYSERDA) and Sunrise Wind LLC. The guarantee expires upon the full performance of the guaranteed obligations. (8) On September 16, 2020, Eversource parent entered into a guarantee on behalf of EI, which holds Eversource's investments in offshore wind-related equity method investments, under which Eversource parent would guarantee EI's obligations under a letter of credit facility with a financial institution that EI may request in an aggregate amount of up to approximately $25 million. In January 2022, Eversource parent issued two letters of credit on behalf of South Fork Wind, LLC related to future decommissioning obligations of certain onshore transmission assets totaling $4.3 million. (9) Surety bond expiration dates reflect termination dates, the majority of which will be renewed or extended. Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Estimated Fair Values of Financial Instruments | Carrying amounts and estimated fair values are as follows: Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Carrying Fair Carrying Fair Carrying Fair Carrying Fair As of June 30, 2022: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 146.9 $ 116.2 $ 107.2 $ 43.0 $ 39.7 $ — $ — Long-Term Debt 20,849.2 19,531.4 4,215.9 4,053.3 4,429.7 4,295.6 1,164.2 1,027.2 Rate Reduction Bonds 475.3 465.0 — — — — 475.3 465.0 As of December 31, 2021: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 166.3 $ 116.2 $ 122.3 $ 43.0 $ 44.0 $ — $ — Long-Term Debt 18,216.7 19,636.3 4,215.4 4,848.9 3,985.4 4,453.5 1,163.8 1,220.6 Rate Reduction Bonds 496.9 543.3 — — — — 496.9 543.3 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component, Net of Tax | The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows: For the Six Months Ended June 30, 2022 For the Six Months Ended June 30, 2021 Eversource (Millions of Dollars) Qualified Unrealized Defined Total Qualified Unrealized Defined Total Balance as of Beginning of Period $ (0.4) $ 0.4 $ (42.3) $ (42.3) $ (1.4) $ 1.1 $ (76.1) $ (76.4) OCI Before Reclassifications — (1.3) (2.5) (3.8) — (0.5) (2.4) (2.9) Amounts Reclassified from AOCI — — 3.2 3.2 0.9 — 4.1 5.0 Net OCI — (1.3) 0.7 (0.6) 0.9 (0.5) 1.7 2.1 Balance as of End of Period $ (0.4) $ (0.9) $ (41.6) $ (42.9) $ (0.5) $ 0.6 $ (74.4) $ (74.3) |
COMMON SHARES (Tables)
COMMON SHARES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Common Shares Authorized and Issued | The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Authorized as of June 30, 2022 and December 31, 2021 Issued as of Par Value June 30, 2022 December 31, 2021 Eversource $ 5 380,000,000 359,211,206 357,818,402 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 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted EPS | The following table sets forth the components of basic and diluted EPS: Eversource (Millions of Dollars, except share information) For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Net Income Attributable to Common Shareholders $ 291.9 $ 264.5 $ 735.3 $ 630.7 Weighted Average Common Shares Outstanding: Basic 345,893,714 343,844,626 345,525,030 343,761,435 Dilutive Effect 401,764 591,070 453,276 623,758 Diluted 346,295,478 344,435,696 345,978,306 344,385,193 Basic and Diluted EPS $ 0.84 $ 0.77 $ 2.13 $ 1.83 |
REVENUES (Tables)
REVENUES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Operating Revenues Disaggregated by Revenue Source | The following tables present operating revenues disaggregated by revenue source: For the Three Months Ended June 30, 2022 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 1,004.8 $ 218.5 $ — $ 35.3 $ — $ — $ 1,258.6 Commercial 664.1 122.6 — 16.7 — (1.4) 802.0 Industrial 88.9 43.5 — 1.1 — (5.1) 128.4 Total Retail Tariff Sales Revenues 1,757.8 384.6 — 53.1 — (6.5) 2,189.0 Wholesale Transmission Revenues — — 334.5 — 25.1 (266.4) 93.2 Wholesale Market Sales Revenues 212.6 33.2 — 0.9 — — 246.7 Other Revenues from Contracts with Customers 18.4 1.2 3.2 2.3 310.6 (309.8) 25.9 Amortization of/(Reserve for) Revenues Subject to Refund (1) 6.5 — 0.7 (0.4) — — 6.8 Total Revenues from Contracts with Customers 1,995.3 419.0 338.4 55.9 335.7 (582.7) 2,561.6 Alternative Revenue Programs 6.8 (3.0) 119.0 (1.4) — (113.2) 8.2 Other Revenues (2) 2.3 0.2 0.2 0.1 — — 2.8 Total Operating Revenues $ 2,004.4 $ 416.2 $ 457.6 $ 54.6 $ 335.7 $ (695.9) $ 2,572.6 For the Six Months Ended June 30, 2022 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 2,191.0 $ 775.3 $ — $ 63.4 $ — $ — $ 3,029.7 Commercial 1,325.5 380.1 — 31.3 — (2.5) 1,734.4 Industrial 178.5 111.6 — 2.2 — (9.6) 282.7 Total Retail Tariff Sales Revenues 3,695.0 1,267.0 — 96.9 — (12.1) 5,046.8 Wholesale Transmission Revenues — — 780.7 — 49.6 (631.1) 199.2 Wholesale Market Sales Revenues 578.1 66.7 — 1.7 — — 646.5 Other Revenues from Contracts with Customers 36.1 2.2 7.0 4.2 669.7 (662.9) 56.3 Amortization of/(Reserve for) Revenues Subject to Refund (1) 64.9 — 0.7 (0.7) — — 64.9 Total Revenues from Contracts with Customers 4,374.1 1,335.9 788.4 102.1 719.3 (1,306.1) 6,013.7 Alternative Revenue Programs 11.5 7.2 104.0 0.8 — (99.6) 23.9 Other Revenues (2) 5.1 0.7 0.4 0.2 — — 6.4 Total Operating Revenues $ 4,390.7 $ 1,343.8 $ 892.8 $ 103.1 $ 719.3 $ (1,405.7) $ 6,044.0 For the Three Months Ended June 30, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 882.1 $ 174.2 $ — $ 36.0 $ — $ — $ 1,092.3 Commercial 594.1 89.6 — 16.1 — (1.3) 698.5 Industrial 82.0 34.8 — 1.1 — (4.4) 113.5 Total Retail Tariff Sales Revenues 1,558.2 298.6 — 53.2 — (5.7) 1,904.3 Wholesale Transmission Revenues — — 416.9 — 20.3 (345.9) 91.3 Wholesale Market Sales Revenues 97.2 15.7 — 1.0 — — 113.9 Other Revenues from Contracts with Customers 25.1 1.0 3.4 1.2 309.7 (307.0) 33.4 Total Revenues from Contracts with Customers 1,680.5 315.3 420.3 55.4 330.0 (658.6) 2,142.9 Alternative Revenue Programs (4.8) (3.4) (9.3) (2.7) — (1.2) (21.4) Other Revenues (2) 0.8 (0.1) 0.2 0.1 — — 1.0 Total Operating Revenues $ 1,676.5 $ 311.8 $ 411.2 $ 52.8 $ 330.0 $ (659.8) $ 2,122.5 For the Six Months Ended June 30, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 1,948.1 $ 641.1 $ — $ 63.7 $ — $ — $ 2,652.9 Commercial 1,154.0 297.4 — 29.8 — (2.7) 1,478.5 Industrial 165.0 90.8 — 2.2 — (8.0) 250.0 Total Retail Tariff Sales Revenues 3,267.1 1,029.3 — 95.7 — (10.7) 4,381.4 Wholesale Transmission Revenues — — 811.2 — 39.5 (666.9) 183.8 Wholesale Market Sales Revenues 246.3 42.0 — 1.8 — — 290.1 Other Revenues from Contracts with Customers 43.4 2.4 6.8 2.4 633.5 (628.3) 60.2 Total Revenues from Contracts with Customers 3,556.8 1,073.7 818.0 99.9 673.0 (1,305.9) 4,915.5 Alternative Revenue Programs 18.2 18.6 (6.6) (0.9) — 1.0 30.3 Other Revenues (2) 1.9 — 0.5 0.2 — — 2.6 Total Operating Revenues $ 3,576.9 $ 1,092.3 $ 811.9 $ 99.2 $ 673.0 $ (1,304.9) $ 4,948.4 For the Three Months Ended June 30, 2022 For the Three Months Ended June 30, 2021 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Revenues from Contracts with Customers Retail Tariff Sales Residential $ 526.1 $ 326.9 $ 151.8 $ 440.8 $ 304.7 $ 136.6 Commercial 255.3 327.8 81.7 215.7 296.1 82.8 Industrial 36.0 30.6 22.3 28.4 29.1 24.5 Total Retail Tariff Sales Revenues 817.4 685.3 255.8 684.9 629.9 243.9 Wholesale Transmission Revenues 115.8 163.6 55.1 195.7 160.1 61.1 Wholesale Market Sales Revenues 143.4 47.8 21.4 68.1 18.9 10.2 Other Revenues from Contracts with Customers 7.5 11.8 3.0 9.5 15.3 4.4 Amortization of Revenues Subject to Refund (1) 7.2 — — — — — Total Revenues from Contracts with Customers 1,091.3 908.5 335.3 958.2 824.2 319.6 Alternative Revenue Programs 92.2 14.3 19.3 (1.1) (15.3) 2.3 Other Revenues (2) 0.2 1.6 0.7 (0.2) 0.7 0.5 Eliminations (148.0) (140.7) (48.2) (127.3) (122.2) (43.6) Total Operating Revenues $ 1,035.7 $ 783.7 $ 307.1 $ 829.6 $ 687.4 $ 278.8 For the Six Months Ended June 30, 2022 For the Six Months Ended June 30, 2021 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Revenues from Contracts with Customers Retail Tariff Sales Residential $ 1,125.2 $ 731.5 $ 334.3 $ 986.6 $ 667.1 $ 294.4 Commercial 497.5 659.1 170.1 429.9 564.4 160.6 Industrial 69.5 64.7 44.3 65.2 53.6 46.2 Total Retail Tariff Sales Revenues 1,692.2 1,455.3 548.7 1,481.7 1,285.1 501.2 Wholesale Transmission Revenues 325.0 328.8 126.9 384.6 307.2 119.4 Wholesale Market Sales Revenues 423.4 105.6 49.1 177.8 43.4 25.1 Other Revenues from Contracts with Customers 15.3 23.4 5.7 16.8 27.0 7.6 Amortization of Revenues Subject to Refund (1) 65.6 — — — — — Total Revenues from Contracts with Customers 2,521.5 1,913.1 730.4 2,060.9 1,662.7 653.3 Alternative Revenue Programs 93.4 6.1 16.0 7.8 (1.5) 5.3 Other Revenues (2) 0.3 3.6 1.6 0.1 1.8 0.5 Eliminations (293.7) (276.0) (101.5) (251.9) (238.6) (86.8) Total Operating Revenues $ 2,321.5 $ 1,646.8 $ 646.5 $ 1,816.9 $ 1,424.4 $ 572.3 (1) Amortization of Revenues Subject to Refund within the Electric Distribution segment in the second quarter and first half of 2022 represents customer credits being distributed to CL&P’s customers on retail electric bills as a result of the October 2021 CL&P settlement agreement and the 2021 civil penalty for non-compliance with storm performance standards. Total customer credits as a result of the 2021 settlement and civil penalty were $93.4 million. The settlement amount of $65 million was refunded over a two-month billing period from December 1, 2021 to January 31, 2022 and the civil penalty of $28.4 million is being refunded over a one year billing period, which began September 1, 2021. Other Revenues also include lease revenues under lessor accounting guidance |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Summary of Segment Information and Segmented Total Assets | Eversource's segment information is as follows: For the Three Months Ended June 30, 2022 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 2,004.4 $ 416.2 $ 457.6 $ 54.6 $ 335.7 $ (695.9) $ 2,572.6 Depreciation and Amortization (198.1) (39.1) (83.3) (12.5) (33.2) 1.6 (364.6) Other Operating Expenses (1,636.1) (360.7) (141.3) (27.0) (279.4) 692.1 (1,752.4) Operating Income $ 170.2 $ 16.4 $ 233.0 $ 15.1 $ 23.1 $ (2.2) $ 455.6 Interest Expense $ (60.3) $ (16.7) $ (37.5) $ (8.4) $ (53.5) $ 16.3 $ (160.1) Other Income, Net 53.0 10.6 9.3 2.1 354.3 (335.4) 93.9 Net Income Attributable to Common Shareholders 129.0 7.7 151.5 9.0 316.0 (321.3) 291.9 For the Six Months Ended June 30, 2022 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 4,390.7 $ 1,343.8 $ 892.8 $ 103.1 $ 719.3 $ (1,405.7) $ 6,044.0 Depreciation and Amortization (549.7) (91.1) (165.3) (24.8) (63.4) 3.3 (891.0) Other Operating Expenses (3,481.7) (1,018.0) (270.5) (54.1) (610.9) 1,400.8 (4,034.4) Operating Income $ 359.3 $ 234.7 $ 457.0 $ 24.2 $ 45.0 $ (1.6) $ 1,118.6 Interest Expense $ (119.8) $ (32.5) $ (70.6) $ (16.5) $ (100.3) $ 26.4 $ (313.3) Other Income, Net 100.5 20.8 18.2 4.2 850.2 (828.5) 165.4 Net Income Attributable to Common Shareholders 269.9 171.7 300.0 12.7 784.7 (803.7) 735.3 Cash Flows Used for Investments in Plant 541.8 275.4 543.6 65.6 122.7 — 1,549.1 For the Three Months Ended June 30, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 1,676.5 $ 311.8 $ 411.2 $ 52.8 $ 330.0 $ (659.8) $ 2,122.5 Depreciation and Amortization (132.3) (34.6) (74.5) (11.5) (28.4) 1.1 (280.2) Other Operating Expenses (1,360.3) (257.7) (121.9) (25.4) (285.7) 660.3 (1,390.7) Operating Income $ 183.9 $ 19.5 $ 214.8 $ 15.9 $ 15.9 $ 1.6 $ 451.6 Interest Expense $ (61.1) $ (14.6) $ (32.6) $ (8.1) $ (41.8) $ 12.8 $ (145.4) Other Income, Net 29.9 4.6 6.8 0.9 309.2 (304.8) 46.6 Net Income Attributable to Common Shareholders 121.6 4.1 137.6 8.9 282.7 (290.4) 264.5 For the Six Months Ended June 30, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 3,576.9 $ 1,092.3 $ 811.9 $ 99.2 $ 673.0 $ (1,304.9) $ 4,948.4 Depreciation and Amortization (354.3) (80.3) (148.0) (22.8) (55.7) 2.1 (659.0) Other Operating Expenses (2,890.8) (793.6) (237.3) (50.5) (585.2) 1,305.2 (3,252.2) Operating Income $ 331.8 $ 218.4 $ 426.6 $ 25.9 $ 32.1 $ 2.4 $ 1,037.2 Interest Expense $ (114.4) $ (28.5) $ (65.3) $ (16.0) $ (83.4) $ 24.4 $ (283.2) Other Income, Net 50.6 8.5 12.2 1.9 733.4 (725.8) 80.8 Net Income Attributable to Common Shareholders 214.9 151.6 273.0 12.6 677.6 (699.0) 630.7 Cash Flows Used for Investments in Plant 510.4 305.9 443.2 53.8 109.9 — 1,423.2 The following table summarizes Eversource's segmented total assets: Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total As of June 30, 2022 $ 26,238.1 $ 7,351.4 $ 12,938.6 $ 2,592.4 $ 23,833.9 $ (23,038.2) $ 49,916.2 As of December 31, 2021 25,411.2 7,215.9 12,377.8 2,551.1 22,674.7 (21,738.6) 48,492.1 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands, customer in Millions | 6 Months Ended | ||||||
Jun. 30, 2022 USD ($) utility customer | May 04, 2022 | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Summary of Accounting Policies [Line Items] | |||||||
Investments in unconsolidated affiliates | $ 1,719,878 | $ 1,436,293 | |||||
Number of electric, natural gas and water customers | customer | 4.4 | ||||||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 457,800 | $ 432,200 | 417,400 | $ 425,800 | $ 391,700 | $ 358,900 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents | 156,676 | 221,008 | 368,011 | 264,950 | |||
Energy Relief Fund - Merrimack Valley Programs | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Restricted cash, current | 20,000 | ||||||
Energy Relief Fund - Merrimack Valley Programs | Other Long-Term Assets | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Restricted cash, noncurrent | 15,900 | ||||||
Restricted cash | 41,500 | ||||||
COVID-19 | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Allowance for uncollectible accounts for late fees and other receivable amounts | 63,100 | 55,300 | |||||
CL&P | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 192,700 | 180,500 | 181,300 | 188,800 | 175,100 | 157,400 | |
Period of accounts receivable recoverable under financial or medical duress | 180 days | ||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ 17,911 | 74,788 | 207,441 | 99,809 | |||
CL&P | Customer Assistance Fund | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents | 10,000 | 10,000 | |||||
CL&P | COVID-19 | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Allowance for uncollectible accounts for late fees and other receivable amounts | 20,400 | 23,900 | |||||
NSTAR Electric | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Allowance for uncollectible accounts for late fees and other receivable amounts | 100,500 | 94,800 | 97,000 | 98,000 | 89,300 | 91,600 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents | 22,724 | 18,179 | 17,898 | 17,410 | |||
NSTAR Electric | COVID-19 | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Allowance for uncollectible accounts for late fees and other receivable amounts | 7,500 | 9,000 | |||||
PSNH | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Allowance for uncollectible accounts for late fees and other receivable amounts | 27,300 | $ 26,200 | 24,300 | 17,200 | $ 17,300 | 17,200 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents | 34,299 | 35,126 | $ 39,226 | $ 39,555 | |||
PSNH | COVID-19 | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 0 | $ 0 | |||||
Yankee Gas | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Period of accounts receivable recoverable under financial or medical duress | 90 days | ||||||
Connecticut, Massachusetts and New Hampshire | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Number of regulated utilities | utility | 10 | ||||||
Offshore Wind Business | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Ownership interest | 50% | ||||||
North East Offshore LLC | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Ownership interest | 50% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | $ 432,200 | $ 391,700 | $ 417,400 | $ 358,900 |
Uncollectible Expense | 12,900 | 11,400 | 30,032 | 27,683 |
Uncollectible Costs Deferred | 34,000 | 41,100 | 49,700 | 73,600 |
Write-Offs | (25,700) | (21,500) | (50,000) | (41,500) |
Recoveries Collected | 4,400 | 3,100 | 10,700 | 7,100 |
Ending Balance | 457,800 | 425,800 | 457,800 | 425,800 |
CL&P | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 180,500 | 175,100 | 181,300 | 157,400 |
Uncollectible Expense | 2,900 | 2,800 | 6,701 | 6,614 |
Uncollectible Costs Deferred | 17,200 | 17,600 | 11,000 | 36,900 |
Write-Offs | (9,500) | (7,700) | (11,100) | (14,500) |
Recoveries Collected | 1,600 | 1,000 | 4,800 | 2,400 |
Ending Balance | 192,700 | 188,800 | 192,700 | 188,800 |
NSTAR Electric | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 94,800 | 89,300 | 97,000 | 91,600 |
Uncollectible Expense | 4,000 | 3,500 | 8,688 | 7,394 |
Uncollectible Costs Deferred | 7,800 | 11,800 | 9,900 | 11,700 |
Write-Offs | (7,800) | (7,800) | (18,700) | (15,500) |
Recoveries Collected | 1,700 | 1,200 | 3,600 | 2,800 |
Ending Balance | 100,500 | 98,000 | 100,500 | 98,000 |
PSNH | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 26,200 | 17,300 | 24,300 | 17,200 |
Uncollectible Expense | 2,000 | 2,000 | 4,544 | 3,226 |
Uncollectible Costs Deferred | 100 | (300) | 1,100 | 800 |
Write-Offs | (1,300) | (2,000) | (3,100) | (4,500) |
Recoveries Collected | 300 | 200 | 500 | 500 |
Ending Balance | 27,300 | 17,200 | 27,300 | 17,200 |
Hardship Accounts | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 225,500 | 197,300 | 226,100 | 194,800 |
Uncollectible Expense | 0 | 0 | 0 | 0 |
Uncollectible Costs Deferred | 21,400 | 16,600 | 22,400 | 22,000 |
Write-Offs | (4,600) | (3,400) | (6,900) | (6,700) |
Recoveries Collected | 400 | 200 | 1,100 | 600 |
Ending Balance | 242,700 | 210,700 | 242,700 | 210,700 |
Hardship Accounts | CL&P | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 140,100 | 138,400 | 144,600 | 129,100 |
Uncollectible Expense | 0 | 0 | 0 | 0 |
Uncollectible Costs Deferred | 15,000 | 9,300 | 11,000 | 21,200 |
Write-Offs | (3,300) | (2,300) | (4,400) | (5,200) |
Recoveries Collected | 300 | 200 | 900 | 500 |
Ending Balance | 152,100 | 145,600 | 152,100 | 145,600 |
Hardship Accounts | NSTAR Electric | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 39,700 | 31,100 | 43,300 | 39,700 |
Uncollectible Expense | 0 | 0 | 0 | 0 |
Uncollectible Costs Deferred | 5,400 | 4,900 | 2,100 | (3,500) |
Write-Offs | (100) | (100) | (400) | (300) |
Recoveries Collected | 0 | 0 | 0 | 0 |
Ending Balance | 45,000 | 35,900 | 45,000 | 35,900 |
Retail (Non-Hardship), Wholesale, and Other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 206,700 | 194,400 | 191,300 | 164,100 |
Uncollectible Expense | 12,900 | 11,400 | 30,000 | 27,700 |
Uncollectible Costs Deferred | 12,600 | 24,500 | 27,300 | 51,600 |
Write-Offs | (21,100) | (18,100) | (43,100) | (34,800) |
Recoveries Collected | 4,000 | 2,900 | 9,600 | 6,500 |
Ending Balance | 215,100 | 215,100 | 215,100 | 215,100 |
Retail (Non-Hardship), Wholesale, and Other | CL&P | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 40,400 | 36,700 | 36,700 | 28,300 |
Uncollectible Expense | 2,900 | 2,800 | 6,700 | 6,600 |
Uncollectible Costs Deferred | 2,200 | 8,300 | 0 | 15,700 |
Write-Offs | (6,200) | (5,400) | (6,700) | (9,300) |
Recoveries Collected | 1,300 | 800 | 3,900 | 1,900 |
Ending Balance | 40,600 | 43,200 | 40,600 | 43,200 |
Retail (Non-Hardship), Wholesale, and Other | NSTAR Electric | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 55,100 | 58,200 | 53,700 | 51,900 |
Uncollectible Expense | 4,000 | 3,500 | 8,700 | 7,400 |
Uncollectible Costs Deferred | 2,400 | 6,900 | 7,800 | 15,200 |
Write-Offs | (7,700) | (7,700) | (18,300) | (15,200) |
Recoveries Collected | 1,700 | 1,200 | 3,600 | 2,800 |
Ending Balance | $ 55,500 | $ 62,100 | $ 55,500 | $ 62,100 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Summary of Accounting Policies [Line Items] | ||||
Other income, net | $ 93,861 | $ 46,619 | $ 165,422 | $ 80,820 |
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 54,900 | 22,100 | 109,200 | 42,200 |
AFUDC Equity | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 11,200 | 9,200 | 21,100 | 18,400 |
Equity in Earnings of Unconsolidated Affiliates (1) | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 16,600 | 4,700 | 17,100 | 8,400 |
Investment Income/(Loss) | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 1,300 | 1,900 | 1,100 | 1,300 |
Interest Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 9,500 | 8,400 | 16,100 | 9,900 |
Other | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 400 | 300 | 800 | 600 |
Equity In Earnings | ||||
Summary of Accounting Policies [Line Items] | ||||
Unrealized gain associated with investment | 12,200 | 2,100 | 12,200 | 2,100 |
CL&P | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 19,800 | 9,879 | 39,363 | 14,787 |
CL&P | Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 16,200 | 4,300 | 32,100 | 7,000 |
CL&P | AFUDC Equity | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 2,800 | 1,700 | 5,600 | 3,400 |
CL&P | Equity in Earnings of Unconsolidated Affiliates (1) | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 0 | 0 | 0 | 0 |
CL&P | Investment Income/(Loss) | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | (700) | 1,200 | (1,100) | 1,500 |
CL&P | Interest Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 1,500 | 2,700 | 2,800 | 2,800 |
CL&P | Other | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 0 | 0 | 0 | 100 |
NSTAR Electric | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 34,259 | 21,915 | 63,490 | 38,727 |
NSTAR Electric | Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 21,400 | 10,200 | 42,400 | 20,200 |
NSTAR Electric | AFUDC Equity | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 6,100 | 6,200 | 11,000 | 12,400 |
NSTAR Electric | Equity in Earnings of Unconsolidated Affiliates (1) | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 100 | 100 | 100 | 200 |
NSTAR Electric | Investment Income/(Loss) | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 500 | 600 | 200 | 800 |
NSTAR Electric | Interest Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 6,100 | 4,800 | 9,600 | 4,900 |
NSTAR Electric | Other | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 100 | 0 | 200 | 200 |
PSNH | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 7,782 | 4,260 | 15,292 | 8,427 |
PSNH | Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 6,700 | 2,700 | 13,300 | 5,400 |
PSNH | AFUDC Equity | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 600 | 300 | 1,000 | 900 |
PSNH | Equity in Earnings of Unconsolidated Affiliates (1) | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 0 | 0 | 0 | 0 |
PSNH | Investment Income/(Loss) | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 100 | 300 | 300 | 400 |
PSNH | Interest Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | 400 | 900 | 700 | 1,600 |
PSNH | Other | ||||
Summary of Accounting Policies [Line Items] | ||||
Other income, net | $ 0 | $ 100 | $ 0 | $ 100 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Unconsolidated Affliates (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated affiliates | $ 1,719,878 | $ 1,436,293 |
Offshore Wind Business - North East Offshore | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest | 50% | |
Investments in unconsolidated affiliates | $ 1,487,100 | 1,213,600 |
Natural Gas Pipeline - Algonquin Gas Transmission, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest | 15% | |
Investments in unconsolidated affiliates | $ 119,300 | 121,900 |
Renewable Energy Investment Fund | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest | 90% | |
Investments in unconsolidated affiliates | $ 88,400 | 76,500 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated affiliates | $ 25,100 | $ 24,300 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Gross Tax Receipts [Line Items] | ||||
Gross receipts taxes | $ 44.5 | $ 39.9 | $ 93.1 | $ 88.5 |
CL&P | ||||
Schedule of Gross Tax Receipts [Line Items] | ||||
Gross receipts taxes | $ 39 | $ 35.4 | $ 76.8 | $ 74.6 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-cash Investing Activities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | $ 357.2 | $ 344.8 |
CL&P | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | 96.7 | 66.4 |
NSTAR Electric | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | 75.1 | 103.8 |
PSNH | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | $ 49.6 | $ 33.9 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash Balances to Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | $ 29,540 | $ 66,773 | ||
Cash and Restricted Cash as reported on the Statements of Cash Flows | 156,676 | 221,008 | $ 368,011 | $ 264,950 |
Special Deposits | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 90,800 | 78,200 | ||
Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 17,200 | 31,300 | ||
Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 19,200 | 44,700 | ||
CL&P | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | 9,203 | 55,804 | ||
Cash and Restricted Cash as reported on the Statements of Cash Flows | 17,911 | 74,788 | 207,441 | 99,809 |
CL&P | Special Deposits | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 8,700 | 18,700 | ||
CL&P | Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 300 | ||
CL&P | Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 0 | ||
NSTAR Electric | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | 5,349 | 745 | ||
Cash and Restricted Cash as reported on the Statements of Cash Flows | 22,724 | 18,179 | 17,898 | 17,410 |
NSTAR Electric | Special Deposits | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 17,400 | 17,400 | ||
NSTAR Electric | Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 100 | ||
NSTAR Electric | Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 0 | ||
PSNH | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | 133 | 15 | ||
Cash and Restricted Cash as reported on the Statements of Cash Flows | 34,299 | 35,126 | $ 39,226 | $ 39,555 |
PSNH | Special Deposits | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 30,900 | 31,400 | ||
PSNH | Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 100 | 500 | ||
PSNH | Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 3,200 | $ 3,200 |
REGULATORY ACCOUNTING - Compone
REGULATORY ACCOUNTING - Components of Regulatory Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 5,732,600 | $ 5,715,800 |
Less: Current Portion | 1,163,411 | 1,129,093 |
Total Long-Term Regulatory Assets | 4,569,236 | 4,586,709 |
Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,435,000 | 1,481,000 |
Storm Costs, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,250,100 | 1,102,700 |
Regulatory Tracking Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 979,000 | 1,050,500 |
Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 798,000 | 790,700 |
Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 457,300 | 478,900 |
Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 289,400 | 297,800 |
Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 213,300 | 249,200 |
Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 121,000 | 115,000 |
Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 189,500 | 150,000 |
CL&P | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 2,060,200 | 2,084,800 |
Less: Current Portion | 396,447 | 371,609 |
Total Long-Term Regulatory Assets | 1,663,820 | 1,713,161 |
CL&P | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 267,600 | 272,400 |
CL&P | Storm Costs, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 733,800 | 695,600 |
CL&P | Regulatory Tracking Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 306,100 | 333,600 |
CL&P | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 476,600 | 470,500 |
CL&P | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
CL&P | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
CL&P | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 213,300 | 249,200 |
CL&P | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 34,700 | 33,600 |
CL&P | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 28,100 | 29,900 |
NSTAR Electric | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,680,500 | 1,579,200 |
Less: Current Portion | 419,718 | 443,956 |
Total Long-Term Regulatory Assets | 1,260,785 | 1,135,231 |
NSTAR Electric | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 397,200 | 395,500 |
NSTAR Electric | Storm Costs, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 455,000 | 341,300 |
NSTAR Electric | Regulatory Tracking Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 368,700 | 376,600 |
NSTAR Electric | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 113,600 | 112,600 |
NSTAR Electric | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
NSTAR Electric | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 248,400 | 255,700 |
NSTAR Electric | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
NSTAR Electric | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 64,100 | 59,800 |
NSTAR Electric | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 33,500 | 37,700 |
PSNH | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 736,900 | 786,400 |
Less: Current Portion | 93,225 | 107,169 |
Total Long-Term Regulatory Assets | 643,745 | 679,182 |
PSNH | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 116,700 | 118,900 |
PSNH | Storm Costs, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 61,300 | 65,800 |
PSNH | Regulatory Tracking Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 68,300 | 85,400 |
PSNH | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 13,900 | 17,500 |
PSNH | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 457,300 | 478,900 |
PSNH | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
PSNH | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
PSNH | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 4,200 | 4,100 |
PSNH | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 15,200 | $ 15,800 |
REGULATORY ACCOUNTING - Narrati
REGULATORY ACCOUNTING - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | $ 286.8 | $ 252.5 |
COVID-19 | ||
Regulatory Assets [Line Items] | ||
Net incremental deferred costs | 37.6 | 33 |
CL&P | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | 123.2 | 114.9 |
CL&P | COVID-19 | ||
Regulatory Assets [Line Items] | ||
Net incremental deferred costs | 15.3 | 18 |
NSTAR Electric | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | 91.1 | 85 |
NSTAR Electric | COVID-19 | ||
Regulatory Assets [Line Items] | ||
Net incremental deferred costs | 4.8 | 6.1 |
PSNH | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | $ 1.3 | $ 3.4 |
REGULATORY ACCOUNTING - Compo_2
REGULATORY ACCOUNTING - Components of Regulatory Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 4,646,600 | $ 4,468,700 |
Less: Current Portion | 759,733 | 602,432 |
Total Long-Term Regulatory Liabilities | 3,886,914 | 3,866,251 |
EDIT due to Tax Cuts and Jobs Act of 2017 | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 2,646,100 | 2,685,200 |
Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 653,900 | 649,600 |
Regulatory Tracking Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 701,900 | 448,400 |
Deferred Portion of Non-Service Income Components of Pension, SERP and PBOP | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 209,700 | 148,300 |
Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 116,000 | 133,500 |
AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 88,900 | 81,000 |
CL&P Settlement Agreement and Storm Performance Penalty | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 6,400 | 81,300 |
Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 223,700 | 241,400 |
CL&P | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,554,900 | 1,459,800 |
Less: Current Portion | 337,240 | 266,489 |
Total Long-Term Regulatory Liabilities | 1,217,711 | 1,193,259 |
CL&P | EDIT due to Tax Cuts and Jobs Act of 2017 | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 989,400 | 996,100 |
CL&P | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 113,600 | 100,100 |
CL&P | Regulatory Tracking Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 319,400 | 182,000 |
CL&P | Deferred Portion of Non-Service Income Components of Pension, SERP and PBOP | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 23,300 | 12,000 |
CL&P | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
CL&P | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 44,900 | 43,200 |
CL&P | CL&P Settlement Agreement and Storm Performance Penalty | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 6,400 | 81,300 |
CL&P | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 57,900 | 45,100 |
NSTAR Electric | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,845,800 | 1,787,300 |
Less: Current Portion | 274,139 | 228,248 |
Total Long-Term Regulatory Liabilities | 1,571,705 | 1,559,072 |
NSTAR Electric | EDIT due to Tax Cuts and Jobs Act of 2017 | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 962,100 | 984,500 |
NSTAR Electric | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 395,000 | 381,000 |
NSTAR Electric | Regulatory Tracking Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 232,700 | 185,100 |
NSTAR Electric | Deferred Portion of Non-Service Income Components of Pension, SERP and PBOP | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 115,200 | 90,700 |
NSTAR Electric | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 92,400 | 107,400 |
NSTAR Electric | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 44,000 | 37,800 |
NSTAR Electric | CL&P Settlement Agreement and Storm Performance Penalty | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
NSTAR Electric | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 4,400 | 800 |
PSNH | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 500,300 | 501,600 |
Less: Current Portion | 106,554 | 120,176 |
Total Long-Term Regulatory Liabilities | 393,673 | 381,366 |
PSNH | EDIT due to Tax Cuts and Jobs Act of 2017 | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 353,000 | 359,200 |
PSNH | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 19,000 | 17,200 |
PSNH | Regulatory Tracking Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 99,800 | 107,000 |
PSNH | Deferred Portion of Non-Service Income Components of Pension, SERP and PBOP | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 21,800 | 14,900 |
PSNH | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
PSNH | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
PSNH | CL&P Settlement Agreement and Storm Performance Penalty | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
PSNH | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 6,700 | $ 3,300 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | $ 18,001,800 | $ 17,679,100 |
Distribution - Natural Gas | 6,819,500 | 6,694,800 |
Transmission - Electric | 13,229,500 | 12,882,400 |
Distribution - Water | 1,940,200 | 1,900,900 |
Solar | 200,900 | 200,900 |
Utility | 40,191,900 | 39,358,100 |
Other | 1,630,100 | 1,469,500 |
Property, Plant and Equipment, Gross | 41,822,000 | 40,827,600 |
Less: Accumulated Depreciation | ||
Utility | (9,046,900) | (8,885,200) |
Other | (640,100) | (580,100) |
Total Accumulated Depreciation | (9,687,000) | (9,465,300) |
Property, Plant and Equipment, Net | 32,135,000 | 31,362,300 |
Construction Work in Progress | 2,272,200 | 2,015,400 |
Total Property, Plant and Equipment, Net | 34,407,210 | 33,377,650 |
CL&P | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 7,252,700 | 7,117,600 |
Transmission - Electric | 5,986,300 | 5,859,000 |
Solar | 0 | 0 |
Property, Plant and Equipment, Gross | 13,239,000 | 12,976,600 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,589,200) | (2,572,100) |
Property, Plant and Equipment, Net | 10,649,800 | 10,404,500 |
Construction Work in Progress | 441,200 | 399,000 |
Total Property, Plant and Equipment, Net | 11,090,981 | 10,803,543 |
NSTAR Electric | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 8,265,000 | 8,105,500 |
Transmission - Electric | 5,207,000 | 5,090,500 |
Solar | 200,900 | 200,900 |
Property, Plant and Equipment, Gross | 13,672,900 | 13,396,900 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (3,311,000) | (3,227,300) |
Property, Plant and Equipment, Net | 10,361,900 | 10,169,600 |
Construction Work in Progress | 787,500 | 707,000 |
Total Property, Plant and Equipment, Net | 11,149,405 | 10,876,614 |
PSNH | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 2,524,400 | 2,496,200 |
Transmission - Electric | 2,037,900 | 1,934,600 |
Solar | 0 | 0 |
Property, Plant and Equipment, Gross | 4,562,300 | 4,430,800 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (911,900) | (908,400) |
Property, Plant and Equipment, Net | 3,650,400 | 3,522,400 |
Construction Work in Progress | 169,800 | 134,100 |
Total Property, Plant and Equipment, Net | $ 3,820,237 | $ 3,656,462 |
DERIVATIVE INSTRUMENTS - Gross
DERIVATIVE INSTRUMENTS - Gross Fair Values and Net Amounts of Contracts (Details) - CL&P - Level 3 - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current Derivative Assets | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | $ 15.2 | $ 14.7 |
Netting | (0.5) | (1) |
Net Amount Recorded as a Derivative | 14.7 | 13.7 |
Other Long-Term Assets | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | 37.7 | 46.9 |
Netting | (1.1) | (0.9) |
Net Amount Recorded as a Derivative | 36.6 | 46 |
Current Derivative Liabilities | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (75.9) | (73.5) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (75.9) | (73.5) |
Long-Term Derivative Liabilities | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (188.7) | (235.4) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | $ (188.7) | $ (235.4) |
DERIVATIVE INSTRUMENTS - Narrat
DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) MW | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) MW | Jun. 30, 2021 USD ($) | Dec. 31, 2021 $ / KWmo MW | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Percentage of costs or benefits borne under capacity-related contracts by United Illuminated Company | 20% | ||||
Amount of power to be purchased under capacity-related contract (in MW) | MW | 675 | 675 | 675 | ||
Gains (losses) on deferred as regulatory costs | $ | $ 2.6 | $ 0.9 | $ 8.8 | $ (10.2) | |
Level 3 | Minimum | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Percentage of exit price premiums related to derivative contracts | 3.90% | ||||
Level 3 | Maximum | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Percentage of exit price premiums related to derivative contracts | 8.20% | ||||
Level 3 | Weighted Average | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Percentage of exit price premiums related to derivative contracts | 7.10% | ||||
CL&P | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Percentage of costs or benefits borne under capacity-related contracts | 80% | ||||
CL&P | Weighted Average | Measurement Input, Capacity Prices | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative measurement input | $ / KWmo | 2.61 |
DERIVATIVE INSTRUMENTS - Summar
DERIVATIVE INSTRUMENTS - Summary of Level 3 Derivative Contracts and Significant Unobservable Inputs Used (Details) - CL&P - Forward Reserve Prices - Level 3 - $ / KWmo | Jun. 30, 2022 | Dec. 31, 2021 |
Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 0.50 | 0.50 |
Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 0.50 | 1.15 |
Weighted Average | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 0.50 | 0.82 |
DERIVATIVE INSTRUMENTS - Change
DERIVATIVE INSTRUMENTS - Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis (Details) - CL&P - Level 3 - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivatives, Net [Rollforward] | ||||
Fair Value as of Beginning of Period | $ (229.4) | $ (293.1) | $ (249.2) | $ (293.1) |
Net Realized/Unrealized Gains/(Losses) Included in Regulatory Assets | 2.6 | 0.9 | 8.8 | (11.5) |
Settlements | 13.5 | 12.5 | 27.1 | 24.9 |
Fair Value as of End of Period | $ (213.3) | $ (279.7) | $ (213.3) | $ (279.7) |
MARKETABLE SECURITIES - Narrati
MARKETABLE SECURITIES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale equity securities | $ 26.4 | $ 26.4 | $ 40.2 | ||
Unrealized (loss) gain recorded in other income | (4.7) | $ 1.9 | (9.1) | $ 3 | |
CYAPC and YAEC | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale equity securities | 182.4 | 182.4 | 214 | ||
Marketable securities held in nuclear decommissioning trust | $ 174.4 | $ 174.4 | $ 189.9 |
MARKETABLE SECURITIES - Summary
MARKETABLE SECURITIES - Summary of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost | $ 207.9 | $ 214.5 |
Pre-Tax Unrealized Gains | 0.5 | 5.1 |
Pre-Tax Unrealized Losses | (12.3) | (0.2) |
Fair Value | $ 196.1 | $ 219.4 |
MARKETABLE SECURITIES - Contrac
MARKETABLE SECURITIES - Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Less than one year | $ 18.5 | |
One to five years | 57.6 | |
Six to ten years | 41.2 | |
Greater than ten years | 90.6 | |
Amortized Cost | 207.9 | $ 214.5 |
Fair Value | ||
Less than one year | 18.4 | |
One to five years | 56.7 | |
Six to ten years | 38 | |
Greater than ten years | 83 | |
Fair Value | $ 196.1 | $ 219.4 |
MARKETABLE SECURITIES - Marketa
MARKETABLE SECURITIES - Marketable Securities Recorded at Fair Value on a Recurring Basis by Level (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 404.9 | $ 473.6 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 226 | 285.5 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 178.9 | 188.1 |
Mutual Funds and Equities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 208.8 | 254.2 |
Money Market Funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 17.2 | 31.3 |
U.S. Government Issued Debt Securities (Agency and Treasury) | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 84.2 | 81.3 |
Corporate Debt Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 54.9 | 65.3 |
Asset-Backed Debt Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9.6 | 12.6 |
Municipal Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 13.8 | 12.3 |
Other Fixed Income Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 16.4 | $ 16.6 |
SHORT-TERM AND LONG-TERM DEBT -
SHORT-TERM AND LONG-TERM DEBT - Narrative (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 14, 2022 | Dec. 31, 2021 | |
Commercial Paper | |||
Line of Credit Facility [Line Items] | |||
Long-term debt | $ 88,700,000 | ||
NSTAR Electric | |||
Line of Credit Facility [Line Items] | |||
Notes payable to Eversource parent | 3,200,000 | ||
CL&P | |||
Line of Credit Facility [Line Items] | |||
Notes payable to Eversource parent | 67,500,000 | ||
PSNH | |||
Line of Credit Facility [Line Items] | |||
Notes payable to Eversource parent | 89,300,000 | $ 110,600,000 | |
Line of Credit | CL&P | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 450,000,000 | ||
Amount outstanding under line of credit | 0 | ||
Line of Credit | PSNH | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 300,000,000 | ||
Amount outstanding under line of credit | 0 | ||
Line of Credit | NSTAR Gas | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 325,000,000 | ||
Commercial Paper | NSTAR Electric | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 650,000,000 | ||
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding under line of credit | 0 | $ 0 | |
Line of Credit | NSTAR Electric | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 650,000,000 | ||
Eversource Parent | Commercial Paper | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 2,000,000,000 | ||
Eversource Parent | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 2,000,000,000 | ||
Debt instrument term | 5 years | ||
NSTAR Electric | Line of Credit | NSTAR Electric | |||
Line of Credit Facility [Line Items] | |||
Debt instrument term | 5 years |
SHORT-TERM AND LONG-TERM DEBT_2
SHORT-TERM AND LONG-TERM DEBT - Borrowings Outstanding and Available under the Commercial Paper Programs (Details) - Commercial Paper - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 124.5 | $ 1,343 |
Available borrowing capacity | $ 1,875.5 | $ 657 |
Weighted-average interest rate | 1.81% | 0.31% |
NSTAR Electric | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 63 | $ 162.5 |
Available borrowing capacity | $ 587 | $ 487.5 |
Weighted-average interest rate | 1.63% | 0.14% |
SHORT-TERM AND LONG-TERM DEBT_3
SHORT-TERM AND LONG-TERM DEBT - Summary of Long-Term Debt Issuance and Repayments (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |||||
Jul. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | |||||||
Retirement of Long-Term Debt | $ (770,000) | $ (1,022,000) | |||||
NSTAR Electric | |||||||
Debt Instrument [Line Items] | |||||||
Retirement of Long-Term Debt | $ 0 | $ (250,000) | |||||
NSTAR Electric | Debentures | 4.55% 2022 Debentures | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 4.55% | ||||||
Issuances | $ 450,000 | ||||||
NSTAR Electric | First Mortgage | NSTAR Gas 4.40% Series V First Mortgage Bonds | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 4.40% | ||||||
Yankee Gas | First Mortgage | Yankee Gas 8.48% Series B First Mortgage Bonds | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 8.48% | ||||||
Retirement of Long-Term Debt | $ (20,000) | ||||||
EGMA | First Mortgage | EGMA 4.70% Series C First Mortgage Bonds | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 4.70% | 4.70% | |||||
Issuances | $ 100,000 | ||||||
NSTAR Gas | First Mortgage | NSTAR Gas 4.40% Series V First Mortgage Bonds | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Issuances | $ 125,000 | ||||||
Eversource Parent | Senior Notes | Eversource Parent 2.90% Series V Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 2.90% | ||||||
Issuances | $ 650,000 | ||||||
Eversource Parent | Senior Notes | Eversource Parent 3.38% Series W Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 3.38% | ||||||
Issuances | $ 650,000 | ||||||
Eversource Parent | Senior Notes | Eversource Parent 4.20% Series X Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 4.20% | 4.20% | |||||
Issuances | $ 900,000 | ||||||
Eversource Parent | Senior Notes | Eversource Parent 4.60% Series Y Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 4.60% | 4.60% | |||||
Issuances | $ 600,000 | ||||||
Eversource Parent | Senior Notes | Eversource Parent 2.75% Series K Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 2.75% | ||||||
Retirement of Long-Term Debt | $ (750,000) |
RATE REDUCTION BONDS AND VARI_3
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Narrative (Details) - PSNH - Rate Reduction Bonds | May 31, 2018 USD ($) |
Debt Instrument [Line Items] | |
Amount of securitized rate reduction bonds issued | $ 635,700,000 |
Weighted average interest rate | 3.66% |
RATE REDUCTION BONDS AND VARI_4
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Summary of the Impact of Funding on the Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | $ 5,732,600 | $ 5,715,800 |
Regulatory Liabilities | 3,886,914 | 3,866,251 |
Accrued Interest (included in Other Current Liabilities) | 739,833 | 830,620 |
Rate Reduction Bonds - Current Portion | 43,210 | 43,210 |
Rate Reduction Bonds - Long-Term Portion | 432,097 | 453,702 |
Securitized Stranded Costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 457,300 | 478,900 |
Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 189,500 | 150,000 |
Current Derivative Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 90,800 | 78,200 |
Other Long-Term Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 19,200 | 44,700 |
PSNH | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 736,900 | 786,400 |
Regulatory Liabilities | 393,673 | 381,366 |
Accrued Interest (included in Other Current Liabilities) | 54,772 | 63,005 |
Rate Reduction Bonds - Current Portion | 43,210 | 43,210 |
Rate Reduction Bonds - Long-Term Portion | 432,097 | 453,702 |
PSNH | VIE | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Rate Reduction Bonds - Current Portion | 43,200 | 43,200 |
Rate Reduction Bonds - Long-Term Portion | 432,100 | 453,700 |
PSNH | Securitized Stranded Costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 457,300 | 478,900 |
PSNH | Securitized Stranded Costs | VIE | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 457,300 | 478,900 |
PSNH | Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 15,200 | 15,800 |
PSNH | Other Regulatory Assets | VIE | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory Liabilities | 5,200 | 5,400 |
Accrued Interest (included in Other Current Liabilities) | 7,200 | 7,500 |
PSNH | Current Derivative Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 30,900 | 31,400 |
PSNH | Current Derivative Assets | VIE | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 30,700 | 31,100 |
PSNH | Other Long-Term Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 3,200 | 3,200 |
PSNH | Other Long-Term Assets | VIE | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | $ 3,200 | $ 3,200 |
RATE REDUCTION BONDS AND VARI_5
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Summary of the Impact of Funding on the Income Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Income Statements, Captions [Line Items] | ||||
Interest Expense on RRB Principal (included in Interest Expense) | $ 160,090 | $ 145,435 | $ 313,334 | $ 283,201 |
PSNH | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) | (9,218) | (26,274) | (36,052) | (44,821) |
Interest Expense on RRB Principal (included in Interest Expense) | 14,757 | 13,821 | 28,402 | 28,452 |
PSNH | VIE | Rate Reduction Bonds | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) | 10,800 | 10,800 | 21,600 | 21,600 |
Interest Expense on RRB Principal (included in Interest Expense) | $ 4,300 | $ 4,600 | $ 8,700 | $ 9,300 |
PENSION BENEFITS AND POSTRETI_3
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION - Components of Net Periodic Benefit Expense/(Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pension and SERP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $ 17.5 | $ 18.4 | $ 35.2 | $ 39.7 |
Interest Cost | 38.6 | 27.1 | 77.2 | 59.7 |
Expected Return on Plan Assets | (130.7) | (87.4) | (262.4) | (196.3) |
Actuarial Losses, net | 28.4 | 47.8 | 59.1 | 109.4 |
Prior Service Cost/(Credit) | 0.3 | 0.3 | 0.7 | 0.6 |
Total Net Periodic Benefit Plan Income | (45.9) | 6.2 | (90.2) | 13.1 |
PBOP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 3 | 3.3 | 5.8 | 6.8 |
Interest Cost | 5.1 | 4.2 | 10.1 | 8.6 |
Expected Return on Plan Assets | (22.6) | (19.8) | (45) | (39.5) |
Actuarial Losses, net | 0 | 1.3 | 0 | 3.9 |
Prior Service Cost/(Credit) | (5.4) | (5.3) | (10.8) | (10.6) |
Total Net Periodic Benefit Plan Income | (19.9) | (16.3) | (39.9) | (30.8) |
CL&P | Pension and SERP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 4.7 | 5.5 | 9.2 | 11.8 |
Interest Cost | 7.8 | 6.7 | 15.6 | 14 |
Expected Return on Plan Assets | (26.5) | (21.7) | (53.1) | (43.3) |
Actuarial Losses, net | 4 | 10.8 | 8.2 | 23.8 |
Prior Service Cost/(Credit) | 0 | 0 | 0 | 0 |
Total Net Periodic Benefit Plan Income | (10) | 1.3 | (20.1) | 6.3 |
Intercompany Income Allocations | (4.1) | 2.3 | (7.9) | 3.6 |
CL&P | PBOP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 0.5 | 0.6 | 1 | 1.2 |
Interest Cost | 0.9 | 0.8 | 1.8 | 1.6 |
Expected Return on Plan Assets | (2.8) | (2.6) | (5.6) | (5.2) |
Actuarial Losses, net | 0 | 0.4 | 0 | 0.8 |
Prior Service Cost/(Credit) | 0.3 | 0.3 | 0.5 | 0.5 |
Total Net Periodic Benefit Plan Income | (1.1) | (0.5) | (2.3) | (1.1) |
Intercompany Income Allocations | (0.9) | (0.6) | (1.8) | (0.9) |
NSTAR Electric | Pension and SERP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 3.4 | 3.9 | 7 | 7.9 |
Interest Cost | 8.2 | 6.7 | 16.3 | 13.4 |
Expected Return on Plan Assets | (32.1) | (27.1) | (64.1) | (54) |
Actuarial Losses, net | 8.1 | 15.3 | 16.6 | 30.8 |
Prior Service Cost/(Credit) | 0.1 | 0.1 | 0.2 | 0.2 |
Total Net Periodic Benefit Plan Income | (12.3) | (1.1) | (24) | (1.7) |
Intercompany Income Allocations | (3.2) | 2.5 | (6.1) | 4 |
NSTAR Electric | PBOP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 0.5 | 0.6 | 1 | 1.2 |
Interest Cost | 1.3 | 1.1 | 2.6 | 2.2 |
Expected Return on Plan Assets | (10.6) | (9.2) | (21.2) | (18.5) |
Actuarial Losses, net | 0 | 0.5 | 0 | 1.1 |
Prior Service Cost/(Credit) | (4.2) | (4.2) | (8.5) | (8.4) |
Total Net Periodic Benefit Plan Income | (13) | (11.2) | (26.1) | (22.4) |
Intercompany Income Allocations | (0.9) | (0.6) | (1.8) | (1) |
PSNH | Pension and SERP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 1.7 | 2.2 | 3.5 | 4.4 |
Interest Cost | 4.2 | 3.6 | 8.4 | 7.2 |
Expected Return on Plan Assets | (14) | (11.8) | (28.1) | (23.7) |
Actuarial Losses, net | 1.9 | 5.2 | 4.1 | 10.1 |
Prior Service Cost/(Credit) | 0 | 0 | 0 | 0 |
Total Net Periodic Benefit Plan Income | (6.2) | (0.8) | (12.1) | (2) |
Intercompany Income Allocations | (0.9) | 0.7 | (1.7) | 1.2 |
PSNH | PBOP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 0.3 | 0.3 | 0.5 | 0.6 |
Interest Cost | 0.6 | 0.4 | 1.1 | 0.9 |
Expected Return on Plan Assets | (1.7) | (1.5) | (3.3) | (3) |
Actuarial Losses, net | 0 | 0.1 | 0 | 0.3 |
Prior Service Cost/(Credit) | 0.1 | 0.1 | 0.2 | 0.2 |
Total Net Periodic Benefit Plan Income | (0.7) | (0.6) | (1.5) | (1) |
Intercompany Income Allocations | $ (0.3) | $ (0.2) | $ (0.6) | $ (0.3) |
PENSION BENEFITS AND POSTRETI_4
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION - Narrative (Details) $ in Millions | Jun. 30, 2022 USD ($) |
PBOP | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected pension plan contributions | $ 2.4 |
Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected pension plan contributions | 100 |
Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected pension plan contributions | $ 175 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Environmental Sites and Related Reserves (Details) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) site | Dec. 31, 2021 USD ($) site | |
Site Contingency [Line Items] | ||
Number of Sites | site | 62 | 61 |
Reserve | $ | $ 121.3 | $ 115.4 |
CL&P | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 14 | 14 |
Reserve | $ | $ 14.3 | $ 13.9 |
NSTAR Electric | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 11 | 11 |
Reserve | $ | $ 3.6 | $ 3.3 |
PSNH | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 9 | 9 |
Reserve | $ | $ 6.3 | $ 6.3 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Site Contingency [Line Items] | ||
Reserve balance | $ 121.3 | $ 115.4 |
MGP Sites | ||
Site Contingency [Line Items] | ||
Reserve balance | $ 110.5 | $ 105.6 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Non-Cancellable Commitments under Purchase Commitment Contracts (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) megawatt | |
Offshore Wind Project | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Contract term | 20 years |
Energy capacity (in MW) | megawatt | 800 |
Renewable Energy | NSTAR Electric | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2022 | $ 50.4 |
2023 | 78.3 |
2024 | 269.4 |
2025 | 315.8 |
2026 | 322.1 |
Thereafter | 5,812.2 |
Total | 6,848.2 |
Renewable Energy | NSTAR Electric | Massachusetts Clean Energy 83D Contract | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Total | $ 6,000 |
Contract term | 20 years |
Renewable Energy | NSTAR Electric | Minimum | Massachusetts Clean Energy 83D Contract | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Estimated costs | $ 240 |
Renewable Energy | NSTAR Electric | Maximum | Massachusetts Clean Energy 83D Contract | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Estimated costs | $ 375 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Guarantees and Obligations Narrative (Details) - USD ($) | Jun. 30, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Sep. 16, 2020 |
Loss Contingencies [Line Items] | ||||
Fair value of guarantees | $ 4,700,000 | $ 7,300,000 | ||
Letter of Credit | South Fork Wind, LLC | ||||
Loss Contingencies [Line Items] | ||||
Amount outstanding under line of credit | $ 4,300,000 | |||
Letter of Credit | Eversource Investment LLC | ||||
Loss Contingencies [Line Items] | ||||
Maximum borrowing capacity | $ 25,000,000 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Guarantees and Indemnifications (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Oct. 25, 2019 |
North East Offshore LLC | ||
Guarantor Obligations [Line Items] | ||
Ownership interest | 50% | |
Sunrise Wind LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 464.7 | |
Ownership interest | 50% | |
Revolution Wind, LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 409.3 | |
Ownership interest | 50% | |
South Fork Wind, LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 207.1 | |
Eversource Investment LLC | North East Offshore LLC | ||
Guarantor Obligations [Line Items] | ||
Ownership interest | 50% | |
Construction-related purchase agreements with third-party contractors | South Fork Wind, LLC | ||
Guarantor Obligations [Line Items] | ||
Ownership interest | 50% | |
Construction-related purchase agreements with third-party contractors | North East Offshore LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 889.9 | |
Construction-related purchase agreements with third-party contractors | Sunrise Wind LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | 353.9 | |
Construction-related purchase agreements with third-party contractors | Revolution Wind, LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | 353.8 | |
Construction-related purchase agreements with third-party contractors | South Fork Wind, LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | 165.1 | |
Funding and indemnification obligations of North East Offshore LLC | Eversource Investment LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | 100.9 | |
Funding and indemnification obligations of North East Offshore LLC | Eversource Investment LLC | North East Offshore LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | 910 | |
Power Purchase Agreement | South Fork Wind, LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 7.1 | |
Ownership interest | 50% | |
OREC capacity production | Sunrise Wind LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 2.2 | $ 15.4 |
Ownership interest | 50% | |
Real estate purchase | Bay State Wind LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 2.5 | |
Transmission interconnection | South Fork Wind, LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | 1.2 | |
Letter of Credit | Eversource Investment LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | 4.3 | |
Surety bonds | Various | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | 35.7 | |
Lease payments for real estate | Eversource Service | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | 0.6 | |
Performance guarantee | North East Offshore LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 1,300 | |
Percent of obligations guaranteed | 50% | |
Payment guarantee | North East Offshore LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure (up to) | $ 62.5 | |
Percent of obligations guaranteed | 50% |
COMMITMENTS AND CONTINGENCIES_6
COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations - Yankee Companies (Details) $ in Millions | Mar. 25, 2021 USD ($) |
CYAPC, YAEC, and MYAPC | Yankee Companies | |
Loss Contingencies [Line Items] | |
Damages sought | $ 120.4 |
COMMITMENTS AND CONTINGENCIES_7
COMMITMENTS AND CONTINGENCIES - FERC ROE Complaints (Details) $ in Millions | 6 Months Ended | 36 Months Ended | |||||
Apr. 29, 2016 complaint | Oct. 16, 2014 | Jun. 30, 2022 USD ($) | Oct. 15, 2014 | Dec. 31, 2021 USD ($) | Oct. 16, 2018 complaint | Jul. 31, 2014 complaint | |
Loss Contingencies [Line Items] | |||||||
Percentage of base ROE reasonably justified | 10.41% | ||||||
Percentage of incentive cap on total ROE | 13.08% | ||||||
FERC ROE Complaints | |||||||
Loss Contingencies [Line Items] | |||||||
Number of complaints filed | complaint | 4 | 4 | |||||
Period of complaint | 15 months | ||||||
Basis point change | 0.10% | ||||||
Estimate of possible loss for each 10 basis point change to base ROE | $ 3 | ||||||
FERC ROE First, Second and Third Complaints | |||||||
Loss Contingencies [Line Items] | |||||||
Number of complaints filed | complaint | 3 | ||||||
Base ROE subsequently authorized | 11.14% | ||||||
FERC ROE First, Second and Third Complaints | Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of maximum ROE for any incentive project | 11.14% | ||||||
FERC ROE First, Second and Third Complaints | Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of maximum ROE for any incentive project | 13.10% | ||||||
FERC ROE Fourth Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Base ROE percentage of complaint period | 10.57% | ||||||
Maximum percentage cap of ROE for incentive projects | 11.74% | ||||||
FERC ROE First Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Base ROE subsequently authorized | 10.57% | ||||||
Percentage of maximum ROE for any incentive project | 11.74% | ||||||
Amounts associated with first complaint refunded | $ 38.9 | ||||||
FERC ROE First Complaint | CL&P | |||||||
Loss Contingencies [Line Items] | |||||||
Amounts associated with first complaint refunded | 22.4 | ||||||
FERC ROE First Complaint | NSTAR Electric | |||||||
Loss Contingencies [Line Items] | |||||||
Amounts associated with first complaint refunded | 13.7 | ||||||
FERC ROE First Complaint | PSNH | |||||||
Loss Contingencies [Line Items] | |||||||
Amounts associated with first complaint refunded | $ 2.8 | ||||||
FERC ROE Second Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Base ROE percentage of complaint period | 10.57% | ||||||
Percentage of maximum ROE for any incentive project | 11.74% | ||||||
Loss contingency, estimate of possible earnings impact | $ 39.1 | $ 39.1 | |||||
FERC ROE Second Complaint | CL&P | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, estimate of possible earnings impact | 21.4 | 21.4 | |||||
FERC ROE Second Complaint | NSTAR Electric | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, estimate of possible earnings impact | 14.6 | 14.6 | |||||
FERC ROE Second Complaint | PSNH | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, estimate of possible earnings impact | $ 3.1 | $ 3.1 |
COMMITMENTS AND CONTINGENCIES_8
COMMITMENTS AND CONTINGENCIES - Eversource and NSTAR Electric Boston Harbor Civil Action (Details) | 12 Months Ended |
Dec. 31, 2016 kV | |
Commitments and Contingencies Disclosure [Abstract] | |
Amount of capacity required for installation of distribution cable (in kV) | 115 |
COMMITMENTS AND CONTINGENCIES_9
COMMITMENTS AND CONTINGENCIES - CL&P Tropical Storm Isaias Response Investigation (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 14, 2021 | May 07, 2021 | May 06, 2021 | Apr. 28, 2021 |
Loss Contingencies [Line Items] | ||||
Loss contingency, allowed rate of ROE | 9.25% | |||
Unfavorable Regulatory Action | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, estimate of possible earnings impact | $ 30 | |||
Loss contingency, estimate of possible earnings impact, non-compliance with performance standards | 28.4 | |||
Loss contingency, estimate of possible earnings impact, accident reporting violation fines | $ 1.6 | |||
Non-compliance fine | $ 28.6 | |||
Loss contingency, accident reporting violation fines | $ 0.2 | |||
Loss contingency, penalty rate as a percent of distribution revenues | 2.50% | |||
Loss contingency, after-tax earnings impact per share (in dollars per share) | $ 0.07 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | $ 155,570 | $ 155,570 |
Rate Reduction Bonds | 432,097 | 453,702 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 155,600 | 155,600 |
Long-Term Debt | 20,849,200 | 18,216,700 |
Rate Reduction Bonds | 475,300 | 496,900 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 146,900 | 166,300 |
Long-Term Debt | 19,531,400 | 19,636,300 |
Rate Reduction Bonds | 465,000 | 543,300 |
CL&P | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 |
CL&P | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 |
Long-Term Debt | 4,215,900 | 4,215,400 |
Rate Reduction Bonds | 0 | 0 |
CL&P | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 107,200 | 122,300 |
Long-Term Debt | 4,053,300 | 4,848,900 |
Rate Reduction Bonds | 0 | 0 |
NSTAR Electric | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
NSTAR Electric | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
Long-Term Debt | 4,429,700 | 3,985,400 |
Rate Reduction Bonds | 0 | 0 |
NSTAR Electric | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 39,700 | 44,000 |
Long-Term Debt | 4,295,600 | 4,453,500 |
Rate Reduction Bonds | 0 | 0 |
PSNH | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rate Reduction Bonds | 432,097 | 453,702 |
PSNH | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 0 | 0 |
Long-Term Debt | 1,164,200 | 1,163,800 |
Rate Reduction Bonds | 475,300 | 496,900 |
PSNH | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 0 | 0 |
Long-Term Debt | 1,027,200 | 1,220,600 |
Rate Reduction Bonds | $ 465,000 | $ 543,300 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
AOCI Attributable to Parent [Roll Forward] | ||||||
OCI Before Reclassifications | $ (3,800) | $ (2,900) | ||||
Amounts Reclassified from AOCI | 3,200 | 5,000 | ||||
Net OCI | $ (1,293) | $ 704 | $ 881 | $ 1,188 | (589) | 2,069 |
Accumulated Other Comprehensive Loss | ||||||
AOCI Attributable to Parent [Roll Forward] | ||||||
Beginning balance | (42,300) | (76,400) | (42,300) | (76,400) | ||
Net OCI | (1,293) | 704 | 881 | 1,188 | ||
Ending balance | (42,900) | (74,300) | (42,900) | (74,300) | ||
Qualified Cash Flow Hedging Instruments | ||||||
AOCI Attributable to Parent [Roll Forward] | ||||||
Beginning balance | (400) | (1,400) | (400) | (1,400) | ||
OCI Before Reclassifications | 0 | 0 | ||||
Amounts Reclassified from AOCI | 0 | 900 | ||||
Net OCI | 0 | 900 | ||||
Ending balance | (400) | (500) | (400) | (500) | ||
Unrealized Gains/(Losses) on Marketable Securities | ||||||
AOCI Attributable to Parent [Roll Forward] | ||||||
Beginning balance | 400 | 1,100 | 400 | 1,100 | ||
OCI Before Reclassifications | (1,300) | (500) | ||||
Amounts Reclassified from AOCI | 0 | 0 | ||||
Net OCI | (1,300) | (500) | ||||
Ending balance | (900) | 600 | (900) | 600 | ||
Defined Benefit Plans | ||||||
AOCI Attributable to Parent [Roll Forward] | ||||||
Beginning balance | $ (42,300) | $ (76,100) | (42,300) | (76,100) | ||
OCI Before Reclassifications | (2,500) | (2,400) | ||||
Amounts Reclassified from AOCI | 3,200 | 4,100 | ||||
Net OCI | 700 | 1,700 | ||||
Ending balance | $ (41,600) | $ (74,400) | $ (41,600) | $ (74,400) |
COMMON SHARES - Common Shares A
COMMON SHARES - Common Shares Authorized and Issued (Details) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Par value (in dollars per share) | $ 5 | |
Authorized (in shares) | 380,000,000 | 380,000,000 |
Issued (in shares) | 359,211,206 | 357,818,402 |
CL&P | ||
Class of Stock [Line Items] | ||
Par value (in dollars per share) | $ 10 | |
Authorized (in shares) | 24,500,000 | 24,500,000 |
Issued (in shares) | 6,035,205 | 6,035,205 |
NSTAR Electric | ||
Class of Stock [Line Items] | ||
Par value (in dollars per share) | $ 1 | |
Authorized (in shares) | 100,000,000 | 100,000,000 |
Issued (in shares) | 200 | 200 |
PSNH | ||
Class of Stock [Line Items] | ||
Par value (in dollars per share) | $ 1 | |
Authorized (in shares) | 100,000,000 | 100,000,000 |
Issued (in shares) | 301 | 301 |
COMMON SHARES - Narrative (Deta
COMMON SHARES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 11, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Sale of stock, issuance of common stock, maximum | $ 1,200 | ||
Sale of stock, consideration received on transaction | $ 126.3 | ||
Sale of stock, number of shares issued in transaction (in shares) | 1,392,804 | ||
Treasury stock (in shares) | 12,800,177 | 13,415,206 | |
Common stock outstanding (in shares) | 346,411,029 | 344,403,196 |
COMMON SHAREHOLDERS' EQUITY A_2
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Equity [Abstract] | |||||||
Dividends on preferred stock | $ 1,880 | $ 1,880 | $ 1,880 | $ 1,880 | $ 3,800 | $ 3,800 | |
Noncontrolling interest attributed to preferred stock of subsidiaries | $ 155,570 | $ 155,570 | $ 155,570 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Antidilutive share awards excluded from the EPS computation (in shares) | 0 | 0 | 0 | 0 |
EARNINGS PER SHARE - Components
EARNINGS PER SHARE - Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net Income Attributable to Common Shareholders | $ 291,862 | $ 264,520 | $ 735,309 | $ 630,663 |
Net Income Attributable to Common Shareholders | $ 291,900 | $ 264,500 | $ 735,300 | $ 630,700 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 345,893,714 | 343,844,626 | 345,525,030 | 343,761,435 |
Dilutive effect (in shares) | 401,764 | 591,070 | 453,276 | 623,758 |
Diluted (in shares) | 346,295,478 | 344,435,696 | 345,978,306 | 344,385,193 |
Basic EPS (in dollars per share) | $ 0.84 | $ 0.77 | $ 2.13 | $ 1.83 |
Diluted EPS (in dollars per share) | $ 0.84 | $ 0.77 | $ 2.13 | $ 1.83 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Sep. 01, 2021 | May 06, 2021 | |
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | $ 2,561,600 | $ 2,142,900 | $ 6,013,700 | $ 4,915,500 | |||
Alternative Revenue Programs | 8,200 | (21,400) | 23,900 | 30,300 | |||
Other Revenues | 2,800 | 1,000 | 6,400 | 2,600 | |||
Operating Revenues | $ 2,572,641 | $ 2,122,538 | 6,043,951 | 4,948,378 | |||
(Customer Credits)/Reserve at CL&P related to PURA Settlement Agreement and Storm Performance Penalty | (64,909) | 28,583 | |||||
Operating Lease, Income, Comprehensive Income [Extensible Enumeration] | Operating Revenues | Operating Revenues | |||||
Lease revenue | $ 1,000 | $ 1,000 | 2,000 | 2,700 | |||
Unfavorable Regulatory Action | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Loss contingency, estimate of possible earnings impact, non-compliance with performance standards | $ 28,400 | ||||||
CL&P | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Operating Revenues | $ 1,035,682 | $ 829,597 | 2,321,514 | 1,816,871 | |||
(Customer Credits)/Reserve at CL&P related to PURA Settlement Agreement and Storm Performance Penalty | (64,909) | 28,583 | |||||
Operating Lease, Income, Comprehensive Income [Extensible Enumeration] | Operating Revenues | Operating Revenues | |||||
Lease revenue | $ 200 | $ 200 | 400 | 400 | |||
CL&P | Unfavorable Regulatory Action | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Loss contingency, estimate of possible earnings impact, non-compliance with performance standards | $ 28,400 | ||||||
CL&P | Unfavorable Regulatory Action | Sales | |||||||
Disaggregation of Revenue [Line Items] | |||||||
(Customer Credits)/Reserve at CL&P related to PURA Settlement Agreement and Storm Performance Penalty | 65,000 | ||||||
NSTAR Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Operating Revenues | $ 783,650 | $ 687,375 | 1,646,825 | 1,424,418 | |||
Operating Lease, Income, Comprehensive Income [Extensible Enumeration] | Operating Revenues | Operating Revenues | |||||
Lease revenue | $ 600 | $ 700 | 1,200 | 1,800 | |||
PSNH | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Operating Revenues | $ 307,055 | $ 278,849 | 646,482 | 572,284 | |||
Operating Lease, Income, Comprehensive Income [Extensible Enumeration] | Operating Revenues | Operating Revenues | |||||
Total Retail Tariff Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | $ 2,189,000 | $ 1,904,300 | 5,046,800 | 4,381,400 | |||
Residential | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 1,258,600 | 1,092,300 | 3,029,700 | 2,652,900 | |||
Commercial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 802,000 | 698,500 | 1,734,400 | 1,478,500 | |||
Industrial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 128,400 | 113,500 | 282,700 | 250,000 | |||
Wholesale Transmission Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 93,200 | 91,300 | 199,200 | 183,800 | |||
Wholesale Market Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 246,700 | 113,900 | 646,500 | 290,100 | |||
Other Revenues from Contracts with Customers | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 25,900 | 33,400 | 56,300 | 60,200 | |||
(Reserve for)/Amortization of Revenues Subject to Refund | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 6,800 | 64,900 | |||||
Operating Segments | CL&P | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 1,091,300 | 958,200 | 2,521,500 | 2,060,900 | |||
Alternative Revenue Programs | 92,200 | (1,100) | 93,400 | 7,800 | |||
Other Revenues | 200 | (200) | 300 | 100 | |||
Operating Segments | NSTAR Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 908,500 | 824,200 | 1,913,100 | 1,662,700 | |||
Alternative Revenue Programs | 14,300 | (15,300) | 6,100 | (1,500) | |||
Other Revenues | 1,600 | 700 | 3,600 | 1,800 | |||
Operating Segments | PSNH | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 335,300 | 319,600 | 730,400 | 653,300 | |||
Alternative Revenue Programs | 19,300 | 2,300 | 16,000 | 5,300 | |||
Other Revenues | 700 | 500 | 1,600 | 500 | |||
Operating Segments | Total Retail Tariff Sales Revenues | CL&P | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 817,400 | 684,900 | 1,692,200 | 1,481,700 | |||
Operating Segments | Total Retail Tariff Sales Revenues | NSTAR Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 685,300 | 629,900 | 1,455,300 | 1,285,100 | |||
Operating Segments | Total Retail Tariff Sales Revenues | PSNH | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 255,800 | 243,900 | 548,700 | 501,200 | |||
Operating Segments | Residential | CL&P | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 526,100 | 440,800 | 1,125,200 | 986,600 | |||
Operating Segments | Residential | NSTAR Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 326,900 | 304,700 | 731,500 | 667,100 | |||
Operating Segments | Residential | PSNH | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 151,800 | 136,600 | 334,300 | 294,400 | |||
Operating Segments | Commercial | CL&P | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 255,300 | 215,700 | 497,500 | 429,900 | |||
Operating Segments | Commercial | NSTAR Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 327,800 | 296,100 | 659,100 | 564,400 | |||
Operating Segments | Commercial | PSNH | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 81,700 | 82,800 | 170,100 | 160,600 | |||
Operating Segments | Industrial | CL&P | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 36,000 | 28,400 | 69,500 | 65,200 | |||
Operating Segments | Industrial | NSTAR Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 30,600 | 29,100 | 64,700 | 53,600 | |||
Operating Segments | Industrial | PSNH | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 22,300 | 24,500 | 44,300 | 46,200 | |||
Operating Segments | Wholesale Transmission Revenues | CL&P | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 115,800 | 195,700 | 325,000 | 384,600 | |||
Operating Segments | Wholesale Transmission Revenues | NSTAR Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 163,600 | 160,100 | 328,800 | 307,200 | |||
Operating Segments | Wholesale Transmission Revenues | PSNH | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 55,100 | 61,100 | 126,900 | 119,400 | |||
Operating Segments | Wholesale Market Sales Revenues | CL&P | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 143,400 | 68,100 | 423,400 | 177,800 | |||
Operating Segments | Wholesale Market Sales Revenues | NSTAR Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 47,800 | 18,900 | 105,600 | 43,400 | |||
Operating Segments | Wholesale Market Sales Revenues | PSNH | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 21,400 | 10,200 | 49,100 | 25,100 | |||
Operating Segments | Other Revenues from Contracts with Customers | CL&P | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 7,500 | 9,500 | 15,300 | 16,800 | |||
Operating Segments | Other Revenues from Contracts with Customers | NSTAR Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 11,800 | 15,300 | 23,400 | 27,000 | |||
Operating Segments | Other Revenues from Contracts with Customers | PSNH | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 3,000 | 4,400 | 5,700 | 7,600 | |||
Operating Segments | (Reserve for)/Amortization of Revenues Subject to Refund | CL&P | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 7,200 | 0 | 65,600 | 0 | |||
Operating Segments | (Reserve for)/Amortization of Revenues Subject to Refund | NSTAR Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Operating Segments | (Reserve for)/Amortization of Revenues Subject to Refund | PSNH | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Operating Segments | Reserves For Revenues Subject To Refund | CL&P | Unfavorable Regulatory Action | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | $ 93,400 | ||||||
Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 335,700 | 330,000 | 719,300 | 673,000 | |||
Alternative Revenue Programs | 0 | 0 | 0 | 0 | |||
Other Revenues | 0 | 0 | 0 | 0 | |||
Operating Revenues | 335,700 | 330,000 | 719,300 | 673,000 | |||
Other | Total Retail Tariff Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Other | Residential | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Other | Commercial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Other | Industrial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Other | Wholesale Transmission Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 25,100 | 20,300 | 49,600 | 39,500 | |||
Other | Wholesale Market Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Other | Other Revenues from Contracts with Customers | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 310,600 | 309,700 | 669,700 | 633,500 | |||
Other | (Reserve for)/Amortization of Revenues Subject to Refund | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | |||||
Eliminations | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | (582,700) | (658,600) | (1,306,100) | (1,305,900) | |||
Alternative Revenue Programs | (113,200) | (1,200) | (99,600) | 1,000 | |||
Other Revenues | 0 | 0 | 0 | 0 | |||
Operating Revenues | (695,900) | (659,800) | (1,405,700) | (1,304,900) | |||
Eliminations | Total Retail Tariff Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | (6,500) | (5,700) | (12,100) | (10,700) | |||
Eliminations | Residential | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Eliminations | Commercial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | (1,400) | (1,300) | (2,500) | (2,700) | |||
Eliminations | Industrial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | (5,100) | (4,400) | (9,600) | (8,000) | |||
Eliminations | Wholesale Transmission Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | (266,400) | (345,900) | (631,100) | (666,900) | |||
Eliminations | Wholesale Market Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Eliminations | Other Revenues from Contracts with Customers | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | (309,800) | (307,000) | (662,900) | (628,300) | |||
Eliminations | (Reserve for)/Amortization of Revenues Subject to Refund | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | |||||
Eliminations | CL&P | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Operating Revenues | (148,000) | (127,300) | (293,700) | (251,900) | |||
Eliminations | NSTAR Electric | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Operating Revenues | (140,700) | (122,200) | (276,000) | (238,600) | |||
Eliminations | PSNH | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Operating Revenues | (48,200) | (43,600) | (101,500) | (86,800) | |||
Electric Distribution | Operating Segments | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 1,995,300 | 1,680,500 | 4,374,100 | 3,556,800 | |||
Alternative Revenue Programs | 6,800 | (4,800) | 11,500 | 18,200 | |||
Other Revenues | 2,300 | 800 | 5,100 | 1,900 | |||
Operating Revenues | 2,004,400 | 1,676,500 | 4,390,700 | 3,576,900 | |||
Electric Distribution | Operating Segments | Total Retail Tariff Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 1,757,800 | 1,558,200 | 3,695,000 | 3,267,100 | |||
Electric Distribution | Operating Segments | Residential | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 1,004,800 | 882,100 | 2,191,000 | 1,948,100 | |||
Electric Distribution | Operating Segments | Commercial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 664,100 | 594,100 | 1,325,500 | 1,154,000 | |||
Electric Distribution | Operating Segments | Industrial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 88,900 | 82,000 | 178,500 | 165,000 | |||
Electric Distribution | Operating Segments | Wholesale Transmission Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Electric Distribution | Operating Segments | Wholesale Market Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 212,600 | 97,200 | 578,100 | 246,300 | |||
Electric Distribution | Operating Segments | Other Revenues from Contracts with Customers | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 18,400 | 25,100 | 36,100 | 43,400 | |||
Electric Distribution | Operating Segments | (Reserve for)/Amortization of Revenues Subject to Refund | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 6,500 | 64,900 | |||||
Natural Gas Distribution | Operating Segments | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 419,000 | 315,300 | 1,335,900 | 1,073,700 | |||
Alternative Revenue Programs | (3,000) | (3,400) | 7,200 | 18,600 | |||
Other Revenues | 200 | (100) | 700 | 0 | |||
Operating Revenues | 416,200 | 311,800 | 1,343,800 | 1,092,300 | |||
Natural Gas Distribution | Operating Segments | Total Retail Tariff Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 384,600 | 298,600 | 1,267,000 | 1,029,300 | |||
Natural Gas Distribution | Operating Segments | Residential | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 218,500 | 174,200 | 775,300 | 641,100 | |||
Natural Gas Distribution | Operating Segments | Commercial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 122,600 | 89,600 | 380,100 | 297,400 | |||
Natural Gas Distribution | Operating Segments | Industrial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 43,500 | 34,800 | 111,600 | 90,800 | |||
Natural Gas Distribution | Operating Segments | Wholesale Transmission Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Natural Gas Distribution | Operating Segments | Wholesale Market Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 33,200 | 15,700 | 66,700 | 42,000 | |||
Natural Gas Distribution | Operating Segments | Other Revenues from Contracts with Customers | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 1,200 | 1,000 | 2,200 | 2,400 | |||
Natural Gas Distribution | Operating Segments | (Reserve for)/Amortization of Revenues Subject to Refund | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | |||||
Electric Transmission | Operating Segments | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 338,400 | 420,300 | 788,400 | 818,000 | |||
Alternative Revenue Programs | 119,000 | (9,300) | 104,000 | (6,600) | |||
Other Revenues | 200 | 200 | 400 | 500 | |||
Operating Revenues | 457,600 | 411,200 | 892,800 | 811,900 | |||
Electric Transmission | Operating Segments | Total Retail Tariff Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Electric Transmission | Operating Segments | Residential | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Electric Transmission | Operating Segments | Commercial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Electric Transmission | Operating Segments | Industrial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Electric Transmission | Operating Segments | Wholesale Transmission Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 334,500 | 416,900 | 780,700 | 811,200 | |||
Electric Transmission | Operating Segments | Wholesale Market Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Electric Transmission | Operating Segments | Other Revenues from Contracts with Customers | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 3,200 | 3,400 | 7,000 | 6,800 | |||
Electric Transmission | Operating Segments | (Reserve for)/Amortization of Revenues Subject to Refund | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 700 | 700 | |||||
Water Distribution | Operating Segments | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 55,900 | 55,400 | 102,100 | 99,900 | |||
Alternative Revenue Programs | (1,400) | (2,700) | 800 | (900) | |||
Other Revenues | 100 | 100 | 200 | 200 | |||
Operating Revenues | 54,600 | 52,800 | 103,100 | 99,200 | |||
Water Distribution | Operating Segments | Total Retail Tariff Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 53,100 | 53,200 | 96,900 | 95,700 | |||
Water Distribution | Operating Segments | Residential | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 35,300 | 36,000 | 63,400 | 63,700 | |||
Water Distribution | Operating Segments | Commercial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 16,700 | 16,100 | 31,300 | 29,800 | |||
Water Distribution | Operating Segments | Industrial | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 1,100 | 1,100 | 2,200 | 2,200 | |||
Water Distribution | Operating Segments | Wholesale Transmission Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Water Distribution | Operating Segments | Wholesale Market Sales Revenues | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 900 | 1,000 | 1,700 | 1,800 | |||
Water Distribution | Operating Segments | Other Revenues from Contracts with Customers | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | 2,300 | $ 1,200 | 4,200 | $ 2,400 | |||
Water Distribution | Operating Segments | (Reserve for)/Amortization of Revenues Subject to Refund | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues from Contracts with Customers | $ (400) | $ (700) |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) segment | |
CL&P | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
NSTAR Electric | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
PSNH | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Affiliated Entity | |
Segment Reporting Information [Line Items] | |
Amount of natural gas transmission purchased | $ | $ 77.7 |
SEGMENT INFORMATION - Summary o
SEGMENT INFORMATION - Summary of Segment Information and Segmented Total Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Operating Revenues | $ 2,572,641 | $ 2,122,538 | $ 6,043,951 | $ 4,948,378 | |
Depreciation and Amortization | (364,600) | (280,200) | (891,000) | (659,000) | |
Other Operating Expenses | (1,752,400) | (1,390,700) | (4,034,400) | (3,252,200) | |
Operating Income | 455,569 | 451,605 | 1,118,623 | 1,037,173 | |
Interest Expense | (160,090) | (145,435) | (313,334) | (283,201) | |
Other Income, Net | 93,861 | 46,619 | 165,422 | 80,820 | |
Net Income Attributable to Common Shareholders | 291,862 | 264,520 | 735,309 | 630,663 | |
Cash Flows Used for Investments in Plant | 1,549,081 | 1,423,223 | |||
Assets | 49,916,240 | 49,916,240 | $ 48,492,144 | ||
Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 335,700 | 330,000 | 719,300 | 673,000 | |
Depreciation and Amortization | (33,200) | (28,400) | (63,400) | (55,700) | |
Other Operating Expenses | (279,400) | (285,700) | (610,900) | (585,200) | |
Operating Income | 23,100 | 15,900 | 45,000 | 32,100 | |
Interest Expense | (53,500) | (41,800) | (100,300) | (83,400) | |
Other Income, Net | 354,300 | 309,200 | 850,200 | 733,400 | |
Net Income Attributable to Common Shareholders | 316,000 | 282,700 | 784,700 | 677,600 | |
Cash Flows Used for Investments in Plant | 122,700 | 109,900 | |||
Assets | 23,833,900 | 23,833,900 | 22,674,700 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (695,900) | (659,800) | (1,405,700) | (1,304,900) | |
Depreciation and Amortization | 1,600 | 1,100 | 3,300 | 2,100 | |
Other Operating Expenses | 692,100 | 660,300 | 1,400,800 | 1,305,200 | |
Operating Income | (2,200) | 1,600 | (1,600) | 2,400 | |
Interest Expense | 16,300 | 12,800 | 26,400 | 24,400 | |
Other Income, Net | (335,400) | (304,800) | (828,500) | (725,800) | |
Net Income Attributable to Common Shareholders | (321,300) | (290,400) | (803,700) | (699,000) | |
Cash Flows Used for Investments in Plant | 0 | 0 | |||
Assets | (23,038,200) | (23,038,200) | (21,738,600) | ||
Electric Distribution | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 2,004,400 | 1,676,500 | 4,390,700 | 3,576,900 | |
Depreciation and Amortization | (198,100) | (132,300) | (549,700) | (354,300) | |
Other Operating Expenses | (1,636,100) | (1,360,300) | (3,481,700) | (2,890,800) | |
Operating Income | 170,200 | 183,900 | 359,300 | 331,800 | |
Interest Expense | (60,300) | (61,100) | (119,800) | (114,400) | |
Other Income, Net | 53,000 | 29,900 | 100,500 | 50,600 | |
Net Income Attributable to Common Shareholders | 129,000 | 121,600 | 269,900 | 214,900 | |
Cash Flows Used for Investments in Plant | 541,800 | 510,400 | |||
Assets | 26,238,100 | 26,238,100 | 25,411,200 | ||
Natural Gas Distribution | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 416,200 | 311,800 | 1,343,800 | 1,092,300 | |
Depreciation and Amortization | (39,100) | (34,600) | (91,100) | (80,300) | |
Other Operating Expenses | (360,700) | (257,700) | (1,018,000) | (793,600) | |
Operating Income | 16,400 | 19,500 | 234,700 | 218,400 | |
Interest Expense | (16,700) | (14,600) | (32,500) | (28,500) | |
Other Income, Net | 10,600 | 4,600 | 20,800 | 8,500 | |
Net Income Attributable to Common Shareholders | 7,700 | 4,100 | 171,700 | 151,600 | |
Cash Flows Used for Investments in Plant | 275,400 | 305,900 | |||
Assets | 7,351,400 | 7,351,400 | 7,215,900 | ||
Electric Transmission | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 457,600 | 411,200 | 892,800 | 811,900 | |
Depreciation and Amortization | (83,300) | (74,500) | (165,300) | (148,000) | |
Other Operating Expenses | (141,300) | (121,900) | (270,500) | (237,300) | |
Operating Income | 233,000 | 214,800 | 457,000 | 426,600 | |
Interest Expense | (37,500) | (32,600) | (70,600) | (65,300) | |
Other Income, Net | 9,300 | 6,800 | 18,200 | 12,200 | |
Net Income Attributable to Common Shareholders | 151,500 | 137,600 | 300,000 | 273,000 | |
Cash Flows Used for Investments in Plant | 543,600 | 443,200 | |||
Assets | 12,938,600 | 12,938,600 | 12,377,800 | ||
Water Distribution | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 54,600 | 52,800 | 103,100 | 99,200 | |
Depreciation and Amortization | (12,500) | (11,500) | (24,800) | (22,800) | |
Other Operating Expenses | (27,000) | (25,400) | (54,100) | (50,500) | |
Operating Income | 15,100 | 15,900 | 24,200 | 25,900 | |
Interest Expense | (8,400) | (8,100) | (16,500) | (16,000) | |
Other Income, Net | 2,100 | 900 | 4,200 | 1,900 | |
Net Income Attributable to Common Shareholders | 9,000 | $ 8,900 | 12,700 | 12,600 | |
Cash Flows Used for Investments in Plant | 65,600 | $ 53,800 | |||
Assets | $ 2,592,400 | $ 2,592,400 | $ 2,551,100 |