Eversource Energy Files 2023 Annual Report on Form 10-K

TL;DR

<b>Eversource Energy submitted its 2023 10-K, detailing operations and financial standing of its major utility subsidiaries.</b>

AI Summary

EVERSOURCE ENERGY (ES) filed a Annual Report (10-K) with the SEC on February 14, 2024. Eversource Energy, a major utility holding company, filed its 2023 Form 10-K on February 14, 2024. The filing covers the fiscal year ending December 31, 2023. Key subsidiaries include Public Service Co of New Hampshire, Nstar Electric Co, and Connecticut Light & Power Co. The company's primary business is electric services, with SIC code 4911. Eversource Energy is incorporated in Massachusetts (MA).

Why It Matters

For investors and stakeholders tracking EVERSOURCE ENERGY, this filing contains several important signals. This 10-K provides a comprehensive overview of Eversource Energy's financial performance and operational activities for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The filing details the operations of its key subsidiaries, offering insights into the regional energy market dynamics and regulatory environment in which Eversource operates.

Risk Assessment

Risk Level: medium — EVERSOURCE ENERGY shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive but routine disclosure. Specific financial performance and risk factors will determine the ultimate risk level, but the filing itself is not inherently high-risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Eversource Energy's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240214 — Filing Date (Filed as of Date)
• 0000072741 — Central Index Key (Eversource Energy)
• 4911 — Standard Industrial Classification (Electric Services)

Key Players & Entities

• EVERSOURCE ENERGY (company) — Filer and Company Conformed Name
• PUBLIC SERVICE CO OF NEW HAMPSHIRE (company) — Filer and Company Conformed Name
• NSTAR ELECTRIC CO (company) — Filer and Company Conformed Name
• CONNECTICUT LIGHT & POWER CO (company) — Filer and Company Conformed Name
• 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
• 20231231 (date) — Conformed Period of Report

FAQ

Industry Context

Eversource Energy operates within the regulated electric and gas utility sector, providing essential energy services to customers across New England.

Regulatory Implications

The utility sector is heavily regulated by state and federal agencies, impacting rates, operations, and capital investments.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and debt levels.
2. Review the 'Risk Factors' section for potential challenges and uncertainties.
3. Examine management's discussion and analysis (MD&A) for strategic insights and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-14: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K, so there is no prior filing to compare against within this specific document.

Key Financial Figures

• $5.00 — nge on which registered Common Shares, $5.00 par value per share ES New York Stock E
• $70.92 — ,777 based on a closing market price of $70.92 per share for the 348,762,095 common sh
• $10.00 — t Light and Power Company Common Stock, $10.00 par value 6,035,205 shares NSTAR Elec
• $1.00 — NSTAR Electric Company Common Stock, $1.00 par value 200 shares Public Service C

Filing Documents

• es-20231231.htm (10-K) — 7347KB
• a202310k-ex31eversource.htm (EX-31) — 10KB
• a202310k-ex311eversource.htm (EX-31.1) — 10KB
• a202310k-ex32eversource.htm (EX-32) — 7KB
• a202310k-exhibit31clp.htm (EX-31) — 10KB
• a202310k-exhibit311clp.htm (EX-31.1) — 10KB
• a202310k-exhibit32clp.htm (EX-32) — 7KB
• a202310k-exhibit31nste.htm (EX-31) — 10KB
• a202310k-exhibit311nste.htm (EX-31.1) — 10KB
• a202310k-exhibit32nste.htm (EX-32) — 7KB
• a202310k-exhibit31psnh.htm (EX-31) — 10KB
• a202310k-exhibit311psnh.htm (EX-31.1) — 10KB
• a202310k-exhibit32psnh.htm (EX-32) — 7KB
• secondamendmenttosecondame.htm (EX-4) — 64KB
• a202310k-ex102xtrusteecomp.htm (EX-10.2) — 11KB
• eversourceenergyinsidertra.htm (EX-19) — 30KB
• a2023-ex21subsidiariesofth.htm (EX-21) — 26KB
• a202310k-exhibit23consents.htm (EX-23) — 4KB
• eversourceenergyexecutivec.htm (EX-97) — 29KB
• transmittalletter2016_imag.jpg (GRAPHIC) — 14KB
• es-20231231_g1.jpg (GRAPHIC) — 11KB
• es-20231231_g2.jpg (GRAPHIC) — 61KB
• 0000072741-24-000005.txt (&nbsp;) — 38098KB
• es-20231231.xsd (EX-101.SCH) — 195KB
• es-20231231_cal.xml (EX-101.CAL) — 195KB
• es-20231231_def.xml (EX-101.DEF) — 1411KB
• es-20231231_lab.xml (EX-101.LAB) — 1845KB
• es-20231231_pre.xml (EX-101.PRE) — 1733KB
• es-20231231_htm.xml (XML) — 8650KB

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 22

Cybersecurity

Item 1C. Cybersecurity 22

Properties

Item 2. Properties 23

Legal Proceedings

Item 3. Legal Proceedings 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26 Information About Our Executive Officers 26 PART II

Market for the Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

Removed and Reserved

Item 6. Removed and Reserved 28

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 59

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 60

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 143

Controls and Procedures

Item 9A. Controls and Procedures 143

Other Information

Item 9B. Other Information 143 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 144

Executive Compensation

Item 11. Executive Compensation 144

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 144

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 145

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 145 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 147

Form 10-K Summary

Item 16. Form 10-K Summary 147

Signatures

Signatures E- 9 iii EVERSOURCE ENERGY AND SUBSIDIARIES THE CONNECTICUT LIGHT AND POWER COMPANY NSTAR ELECTRIC COMPANY AND SUBSIDIARY PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 References in this Annual Report on Form 10-K to "Eversource," the "Company," "we," "our," and "us" refer to Eversource Energy and its consolidated subsidiaries. CL&P, NSTAR Electric, and PSNH are each doing business as Eversource Energy. We make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of U.S. federal securities laws. You can generally identify our forward-looking statements through the use of words or phrases such as "estimate," "expect," "anticipate," "intend," "plan," "project," "believe," "forecast," "would," "should," "could," and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in our forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers, ou

Business

Item 1. Business Please refer to the Glossary of Terms for definitions of defined terms and abbreviations used in this combined Annual Report on Form 10-K. Eversource Energy (Eversource), headquartered in Boston, Massachusetts and Hartford, Connecticut, is a public utility holding company subject to regulation by the Federal Energy Regulatory Commission (FERC) under the Public Utility Holding Company Act of 2005. We are engaged primarily in the energy delivery business through the following wholly-owned utility subsidiaries: The Connecticut Light and Power Company (CL&P), a regulated electric utility that serves residential, commercial and industrial customers in parts of Connecticut; NSTAR Electric Company (NSTAR Electric), a regulated electric utility that serves residential, commercial and industrial customers in parts of eastern and western Massachusetts and owns solar power facilities, and its wholly-owned subsidiary Harbor Electric Energy Company (HEEC), also a regulated electric utility that distributes electric energy to its sole customer; Public Service Company of New Hampshire (PSNH), a regulated electric utility that serves residential, commercial and industrial customers in parts of New Hampshire; NSTAR Gas Company (NSTAR Gas), a regulated natural gas utility that serves residential, commercial and industrial customers in parts of Massachusetts; Eversource Gas Company of Massachusetts (EGMA), a regulated natural gas utility that serves residential, commercial and industrial customers in parts of Massachusetts; Yankee Gas Services Company (Yankee Gas), a regulated natural gas utility that serves residential, commercial and industrial customers in parts of Connecticut; and Aquarion Company (Aquarion), a utility holding company that owns five separate regulated water utility subsidiaries and collectively serves residential, commercial, industrial, and municipal and fire protection customers in parts of Connecticut, Massachusetts and New Ha

View Full Filing

View this 10-K filing on SEC EDGAR