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

CONNECTICUT LIGHT & POWER CO (CNLHN) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Filing is a 10-Q for Eversource Energy and its subsidiaries: Connecticut Light & Power Co, Public Service Co of New Hampshire, and Nstar Electric Co. The reporting period covers January 1, 2024, to March 31, 2024. The filing includes financial data for the first quarter of 2024. Key entities identified include Eversource Energy, Connecticut Light & Power Co, Public Service Co of New Hampshire, and Nstar Electric Co. The filing is made as of May 3, 2024.

Why It Matters

For investors and stakeholders tracking CONNECTICUT LIGHT & POWER CO, this filing contains several important signals. This 10-Q provides investors with an updated view of Eversource Energy's financial health and operational status for the first quarter of 2024. Understanding the details within this filing is crucial for assessing the company's performance, risks, and future outlook in the utility sector.

Risk Assessment

Risk Level: medium — CONNECTICUT LIGHT & POWER CO shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate immediate, severe risks, but the complexity of utility operations and regulatory environments inherently carries medium-level risks.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand the performance drivers and potential risks for Eversource Energy's subsidiaries.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-03 — Filing Date (Filed As Of Date)

Key Players & Entities

• EVERSOURCE ENERGY (company) — Filer of the 10-Q
• CONNECTICUT LIGHT & POWER CO (company) — Subsidiary of Eversource Energy
• PUBLIC SERVICE CO OF NEW HAMPSHIRE (company) — Subsidiary of Eversource Energy
• NSTAR ELECTRIC CO (company) — Subsidiary of Eversource Energy
• 2024-03-31 (date) — Conformed period of report
• 2024-05-03 (date) — Filed as of date

FAQ

Industry Context

Eversource Energy operates in the electric services industry, providing essential power to customers in New England.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements for Q1 2024.
2. Identify any new risk factors or updates to existing ones.
3. Compare key financial metrics to previous periods if available in the full filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the 2024 fiscal year, providing the first look at the company's performance in the current year.

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