Eversource Energy Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Eversource Energy submitted its Q1 2024 10-Q filing, detailing financial performance and corporate structure.</b>

AI Summary

NSTAR ELECTRIC CO (NSARP) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Eversource Energy filed a 10-Q report for the period ending March 31, 2024. The filing includes data for subsidiaries: The Connecticut Light and Power Company, Nstar Electric Company, and Public Service Company of New Hampshire. The report covers the first quarter of 2024, with financial data presented in USD. Key dates include the filing date of May 3, 2024, and the period end date of March 31, 2024. The filing references previous periods, including December 31, 2023, and the first quarter of 2023.

Why It Matters

For investors and stakeholders tracking NSTAR ELECTRIC CO, this filing contains several important signals. This 10-Q provides a quarterly update on Eversource Energy's financial health and operational status, crucial for investors to assess recent performance. The inclusion of subsidiary data (Connecticut Light & Power, Nstar Electric, Public Service Co. of NH) offers a granular view of the company's diverse operations and regional impact.

Risk Assessment

Risk Level: low — NSTAR ELECTRIC CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine updates.

Analyst Insight

Investors should review the detailed financial statements and management discussion within the 10-Q to understand the company's performance trends and outlook.

Key Numbers

• 2024-03-31 — Period of Report (The end date of the reporting period)
• 2024-05-03 — Filing Date (The date the 10-Q was filed with the SEC)
• Q1 2024 — Reporting Quarter (The first quarter of the fiscal year 2024)
• 2023-12-31 — Previous Year End (Reference point for comparative financial data)
• 2023-01-01 to 2023-03-31 — Prior Year Q1 Period (Comparative period for the first quarter of 2023)

Key Players & Entities

• Eversource Energy (company) — Filer of the 10-Q report
• The Connecticut Light and Power Company (company) — Subsidiary mentioned in the filing
• Nstar Electric Company (company) — Subsidiary mentioned in the filing
• Public Service Company of New Hampshire (company) — Subsidiary mentioned in the filing
• MA (location) — State of incorporation for Eversource Energy
• NH (location) — State of incorporation for Public Service Co. of New Hampshire
• CT (location) — State of incorporation for Connecticut Light & Power Co.
• USD (currency) — Currency used for financial reporting

FAQ

Key Dates

• 2024-05-03: 10-Q Filing — Submission of the quarterly financial report for the period ending March 31, 2024.
• 2024-03-31: Quarter End Date — Marks the conclusion of the reporting period for the 10-Q.

Key Financial Figures

• $5.00 — nge on which registered Common Shares, $5.00 par value per share ES New York Stock E
• $10.00 — t Light and Power Company Common Stock, $10.00 par value 6,035,205 shares NSTAR Elect
• $1.00 — s NSTAR Electric Company Common Stock, $1.00 par value 200 shares Public Service Co

Filing Documents

• es-20240331.htm (10-Q) — 3172KB
• q1202410q-ex31xeversource.htm (EX-31) — 10KB
• q1202410q-ex311xeversource.htm (EX-31.1) — 10KB
• q1202410q-ex32xeversource.htm (EX-32) — 7KB
• q1202410q-exhibit31xclp.htm (EX-31) — 10KB
• q1202410q-exhibit311xclp.htm (EX-31.1) — 10KB
• q1202410q-exhibit32xclp.htm (EX-32) — 7KB
• q1202410q-exhibit31xnste.htm (EX-31) — 10KB
• q1202410q-exhibit311xnste.htm (EX-31.1) — 10KB
• q1202410q-exhibit32xnste.htm (EX-32) — 7KB
• q1202410q-exhibit31xpsnh.htm (EX-31) — 10KB
• q1202410q-exhibit311xpsnh.htm (EX-31.1) — 10KB
• q1202410q-exhibit32xpsnh.htm (EX-32) — 7KB
• executivechangeincontrolan.htm (EX-10) — 42KB
• es-20240331_g1.jpg (GRAPHIC) — 11KB
• 0000072741-24-000010.txt (&nbsp;) — 15819KB
• es-20240331_cal.xml (EX-101.CAL) — 112KB
• es-20240331_def.xml (EX-101.DEF) — 649KB
• es-20240331_pre.xml (EX-101.PRE) — 880KB
• es-20240331_lab.xml (EX-101.LAB) — 808KB
• es-20240331.xsd (EX-101.SCH) — 89KB
• es-20240331_htm.xml (XML) — 2941KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Eversource Energy and Subsidiaries (Unaudited) Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income 2 Condensed Consolidated Statements of Comprehensive Income 2 Condensed Consolidated Statements of Common Shareholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 The Connecticut Light and Power Company (Unaudited) Condensed Balance Sheets 5 Condensed Statements of Income 6 Condensed Statements of Comprehensive Income 6 Condensed Statements of Common Stockholder's Equity 7 Condensed Statements of Cash Flows 8 NSTAR Electric Company and Subsidiary (Unaudited) Condensed Consolidated Balance Sheets 9 Condensed Consolidated Statements of Income 10 Condensed Consolidated Statements of Comprehensive Income 10 Condensed Consolidated Statements of Common Stockholder's Equity 11 Condensed Consolidated Statements of Cash Flows 12 Public Service Company of New Hampshire and Subsidiaries (Unaudited) Condensed Consolidated Balance Sheets 13 Condensed Consolidated Statements of Income 14 Condensed Consolidated Statements of Comprehensive Income 14 Condensed Consolidated Statements of Common Stockholder's Equity 15 Condensed Consolidated Statements of Cash Flows 16 Combined Notes to Condensed Financial Statements (Unaudited) 17 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations Eversource Energy and Subsidiaries 35 The Connecticut Light and Power Company , NSTAR Electric Company and Subsidiary, and Public Service Company of New Hampshire and Subsidiaries 50 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 ITEM 4.

Controls and Procedures

Controls and Procedures 55

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 55 ITEM 1A.

Risk Factors

Risk Factors 55 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 56

Defaults Upon Senior Securities 56

ITEM 3. Defaults Upon Senior Securities 56

Mine Safety Disclosures 56

ITEM 4. Mine Safety Disclosures 56

Other Information 56

ITEM 5. Other Information 56 ITEM 6. Exhibits 57

SIGNATURES

SIGNATURES 59 iii EVERSOURCE ENERGY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Thousands of Dollars) As of March 31, 2024 As of December 31, 2023 ASSETS Current Assets: Cash $ 259,213 $ 53,873 Receivables, Net (net of allowance for uncollectible accounts of $ 570,134 and $ 554,455 as of March 31, 2024 and December 31, 2023, respectively) 1,593,487 1,431,531 Unbilled Revenues 195,594 225,325 Materials, Supplies, Natural Gas and REC Inventory 555,211 507,307 Regulatory Assets 1,889,499 1,674,196 Prepayments and Other Current Assets 387,854 355,762 Total Current Assets 4,880,858 4,247,994 Property, Plant and Equipment, Net 40,289,378 39,498,607 Deferred Debits and Other Assets: Regulatory Assets 4,839,271 4,714,970 Goodwill 4,532,135 4,532,100 Investments in Unconsolidated Affiliates 741,697 660,473 Prepaid Pension and PBOP 1,085,121 1,028,207 Marketable Securities 334,293 337,814 Other Long-Term Assets 619,472 592,080 Total Deferred Debits and Other Assets 12,151,989 11,865,644 Total Assets $ 57,322,225 $ 55,612,245 LIABILITIES AND CAPITALIZATION Current Liabilities: Notes Payable $ 2,102,871 $ 1,930,422 Long-Term Debt – Current Portion 865,374 824,847 Rate Reduction Bonds – Current Portion 43,210 43,210 Accounts Payable 1,663,661 1,869,187 Regulatory Liabilities 641,472 591,750 Other Current Liabilities 1,050,998 1,081,981 Total Current Liabilities 6,367,586 6,341,397 Deferred Credits and Other Liabilities: Accumulated Deferred Income Taxes 5,314,688 5,303,730 Regulatory Liabilities 4,051,377 4,022,923 Asset Retirement Obligations 506,040 505,844 Accrued Pension, SERP and PBOP 124,035 123,754 Other Long-Term Liabilities 983,853 1,029,238 Total Deferred Credits and Other Liabilities 10,979,993 10,985,489 Long-Term Debt 24,929,813 23,588,616 Rate Reduction Bonds 345,677 367,282 Noncontrolling Interest – Preferred Stock of Subsidiaries 155,568 155,569 Common Shareholders' Equity: Common Sha

View Full Filing

View this 10-Q filing on SEC EDGAR