Eversource Energy Files 10-Q for Period Ending March 31, 2024
Ticker: ES · Form: 10-Q · Filed: May 3, 2024 · CIK: 72741
Sentiment: neutral
Topics: Eversource Energy, 10-Q, Financial Report, Utility, Q1 2024
TL;DR
<b>Eversource Energy submitted its Q1 2024 10-Q filing on May 3, 2024, detailing financial performance and operations for its key subsidiaries.</b>
AI Summary
EVERSOURCE ENERGY (ES) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Eversource Energy filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing includes data for Eversource Energy, Public Service Co of New Hampshire, NSTAR Electric Co, and Connecticut Light & Power Co. The report covers the fiscal period from January 1, 2024, to March 31, 2024. Key entities within the filing include The Connecticut Light and Power Company Member, Nstar Electric Company Member, and Public Service Company of New Hampshire PSNH Member. The filing was submitted on May 3, 2024.
Why It Matters
For investors and stakeholders tracking EVERSOURCE ENERGY, this filing contains several important signals. This 10-Q provides investors with the latest financial and operational data for Eversource Energy and its major utility subsidiaries, crucial for assessing the company's current performance and future outlook. The filing details the financial activities of The Connecticut Light and Power Company, NSTAR Electric Company, and Public Service Company of New Hampshire, offering insights into the performance of different regional operations within the Eversource Energy umbrella.
Risk Assessment
Risk Level: medium — EVERSOURCE ENERGY shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a large, established utility company, indicating a generally stable operational environment, but the utility sector is subject to regulatory and capital expenditure risks.
Analyst Insight
Investors should review the detailed financial statements and management discussion within the 10-Q to understand the company's performance trends and any emerging risks or opportunities.
Key Numbers
- 2024-03-31 — End of Reporting Period (Quarterly report period)
- 2024-05-03 — Filing Date (Date the 10-Q was submitted)
- 2024-01-01 — Start of Reporting Period (Quarterly report period)
- 12/31 — Fiscal Year End (Indicates the company's fiscal year ends on December 31st)
Key Players & Entities
- EVERSOURCE ENERGY (company) — Filer and parent company
- PUBLIC SERVICE CO OF NEW HAMPSHIRE (company) — Subsidiary included in the filing
- NSTAR ELECTRIC CO (company) — Subsidiary included in the filing
- CONNECTICUT LIGHT & POWER CO (company) — Subsidiary included in the filing
- 2024-03-31 (date) — End of the reporting period
- 2024-05-03 (date) — Filing date
- 0000072741 (company) — Central Index Key for Eversource Energy
- 0000315256 (company) — Central Index Key for Public Service Co of New Hampshire
FAQ
When did EVERSOURCE ENERGY file this 10-Q?
EVERSOURCE ENERGY filed this Quarterly Report (10-Q) with the SEC on May 3, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by EVERSOURCE ENERGY (ES).
Where can I read the original 10-Q filing from EVERSOURCE ENERGY?
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 EVERSOURCE ENERGY.
What are the key takeaways from EVERSOURCE ENERGY's 10-Q?
EVERSOURCE ENERGY filed this 10-Q on May 3, 2024. Key takeaways: Eversource Energy filed its quarterly report (10-Q) for the period ending March 31, 2024.. The filing includes data for Eversource Energy, Public Service Co of New Hampshire, NSTAR Electric Co, and Connecticut Light & Power Co.. The report covers the fiscal period from January 1, 2024, to March 31, 2024..
Is EVERSOURCE ENERGY a risky investment based on this filing?
Based on this 10-Q, EVERSOURCE ENERGY presents a moderate-risk profile. The filing is a standard quarterly report (10-Q) for a large, established utility company, indicating a generally stable operational environment, but the utility sector is subject to regulatory and capital expenditure risks.
What should investors do after reading EVERSOURCE ENERGY's 10-Q?
Investors should review the detailed financial statements and management discussion within the 10-Q to understand the company's performance trends and any emerging risks or opportunities. The overall sentiment from this filing is neutral.
Key Dates
- 2024-03-31: End of Fiscal Quarter — Marks the end of the reporting period for the 10-Q filing.
- 2024-05-03: Filing Date — Date Eversource Energy submitted its 10-Q to the SEC.
Filing Stats: 4,235 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-05-03 14:09:30
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 ( ) — 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