Eversource Energy Files 2023 Annual Report on Form 10-K
Ticker: CNLHN · Form: 10-K · Filed: Feb 14, 2024 · CIK: 23426
Sentiment: neutral
Topics: Eversource Energy, 10-K, Annual Report, Electric Services, Financials
TL;DR
<b>Eversource Energy submitted its comprehensive 2023 annual report (10-K) detailing its financial performance and operational status.</b>
AI Summary
CONNECTICUT LIGHT & POWER CO (CNLHN) filed a Annual Report (10-K) with the SEC on February 14, 2024. Eversource Energy 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 Standard Industrial Classification is Electric Services [4911]. The filing was submitted as a public document with 215 pages.
Why It Matters
For investors and stakeholders tracking CONNECTICUT LIGHT & POWER CO, this filing contains several important signals. This 10-K filing provides investors and stakeholders with a detailed overview of Eversource Energy's financial health, operational strategies, and risk factors for the fiscal year 2023. Understanding the information within this report is crucial for assessing the company's performance, future outlook, and its position within the electric services industry.
Risk Assessment
Risk Level: medium — CONNECTICUT LIGHT & POWER CO shows moderate risk based on this filing. The company operates in the regulated electric services industry, which is subject to significant regulatory oversight and potential changes in policy, impacting its revenue and operational flexibility.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-K to assess Eversource Energy's long-term stability and growth prospects.
Key Numbers
- 20231231 — Fiscal Year End (Report period)
- 20240214 — Filing Date (Date of submission)
- 215 — Public Document Count (Number of pages in the filing)
- 4911 — Standard Industrial Classification (Industry code for Electric Services)
Key Players & Entities
- EVERSOURCE ENERGY (company) — Filer
- PUBLIC SERVICE CO OF NEW HAMPSHIRE (company) — Subsidiary
- NSTAR ELECTRIC CO (company) — Subsidiary
- CONNECTICUT LIGHT & POWER CO (company) — Subsidiary
- 0000072741 (company) — Central Index Key for Eversource Energy
- 0000315256 (company) — Central Index Key for Public Service Co of New Hampshire
- 0000013372 (company) — Central Index Key for NSTAR Electric Co
- 0000023426 (company) — Central Index Key for Connecticut Light & Power Co
FAQ
When did CONNECTICUT LIGHT & POWER CO file this 10-K?
CONNECTICUT LIGHT & POWER CO filed this Annual Report (10-K) with the SEC on February 14, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by CONNECTICUT LIGHT & POWER CO (CNLHN).
Where can I read the original 10-K filing from CONNECTICUT LIGHT & POWER CO?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CONNECTICUT LIGHT & POWER CO.
What are the key takeaways from CONNECTICUT LIGHT & POWER CO's 10-K?
CONNECTICUT LIGHT & POWER CO filed this 10-K on February 14, 2024. Key takeaways: Eversource Energy 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..
Is CONNECTICUT LIGHT & POWER CO a risky investment based on this filing?
Based on this 10-K, CONNECTICUT LIGHT & POWER CO presents a moderate-risk profile. The company operates in the regulated electric services industry, which is subject to significant regulatory oversight and potential changes in policy, impacting its revenue and operational flexibility.
What should investors do after reading CONNECTICUT LIGHT & POWER CO's 10-K?
Investors should review the detailed financial statements and risk factors in the 10-K to assess Eversource Energy's long-term stability and growth prospects. The overall sentiment from this filing is neutral.
Risk Factors
- Regulatory Environment [high — regulatory]: The company is subject to extensive regulation by state and federal agencies, which can impact rates, operations, and capital expenditures.
- Market Conditions [medium — market]: Changes in energy demand, fuel costs, and competition can affect the company's financial results.
- Infrastructure Reliability [medium — operational]: Maintaining the reliability and integrity of its extensive network of transmission and distribution infrastructure is critical and subject to risks from weather and aging equipment.
- Financing and Capital Structure [medium — financial]: The company's ability to access capital markets to fund its significant capital investment program is essential for its operations and growth.
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 submitted to the SEC.
Filing Stats: 4,291 words · 17 min read · ~14 pages · Grade level 17.6 · Accepted 2024-02-14 17:17:22
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 ( ) — 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