Eversource Energy Subsidiaries File 10-Q
Ticker: CNLHN · Form: 10-Q · Filed: Aug 2, 2024 · CIK: 23426
Sentiment: neutral
Topics: 10-Q, utility, financials
Related Tickers: ES
TL;DR
Eversource's CL&P, PSNH, and NSTAR filed their quarterly 10-Q. Expect financial updates soon.
AI Summary
Eversource Energy's subsidiary, Connecticut Light & Power Co., filed a 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company and its related entities, Public Service Co. of New Hampshire and NSTAR Electric Co. Specific financial figures and operational highlights are expected to be detailed within the full report.
Why It Matters
This filing provides crucial financial and operational insights into Eversource Energy's key utility subsidiaries, impacting investors and customers in New England.
Risk Assessment
Risk Level: medium — Quarterly filings can reveal shifts in financial health or operational challenges that may impact stock price and future performance.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 20240802 — Filing Date (The date the report was officially submitted to the SEC.)
Key Players & Entities
- CONNECTICUT LIGHT & POWER CO (company) — Filer of the 10-Q
- EVERSOURCE ENERGY (company) — Parent company
- PUBLIC SERVICE CO OF NEW HAMPSHIRE (company) — Related entity
- NSTAR ELECTRIC CO (company) — Related entity
- 0000072741-24-000018 (dollar_amount) — Accession Number
FAQ
What is the primary business of Connecticut Light & Power Co. and its related entities?
Connecticut Light & Power Co., Public Service Co. of New Hampshire, and NSTAR Electric Co. are all involved in Electric Services, as indicated by their Standard Industrial Classification code [4911].
When does the fiscal year end for these Eversource Energy subsidiaries?
The fiscal year end for Eversource Energy, Public Service Co. of New Hampshire, and NSTAR Electric Co. is December 31st.
What is the SEC file number for Eversource Energy?
The SEC file number for Eversource Energy is 001-05324.
What was the former name of Eversource Energy?
Eversource Energy was formerly known as NORTHEAST UTILITIES, with a date of name change on 20041201, and prior to that, NORTHEAST UTILITIES SYSTEM with a name change date of 19961121.
Where are the business addresses for these companies?
Connecticut Light & Power Co. has a business address at 300 Cadwell Drive, Springfield, MA 01104. Public Service Co. of New Hampshire is located at 780 N. Commercial Street, Manchester, NH 03105-0330. NSTAR Electric Co.'s address is not fully provided in this header snippet.
Filing Stats: 4,331 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-08-02 14:09:12
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-20240630.htm (10-Q) — 4136KB
- q2202410q-ex31xeversource.htm (EX-31) — 10KB
- q2202410q-ex311xeversource.htm (EX-31.1) — 10KB
- q2202410q-ex32xeversource.htm (EX-32) — 7KB
- q2202410q-exhibit31xclp.htm (EX-31) — 10KB
- q2202410q-exhibit311xclp.htm (EX-31.1) — 10KB
- q2202410q-exhibit32xclp.htm (EX-32) — 7KB
- q2202410q-exhibit31xnste.htm (EX-31) — 10KB
- q2202410q-exhibit311xnste.htm (EX-31.1) — 10KB
- q2202410q-exhibit32xnste.htm (EX-32) — 7KB
- q2202410q-exhibit31xpsnh.htm (EX-31) — 10KB
- q2202410q-exhibit311xpsnh.htm (EX-31.1) — 10KB
- q2202410q-exhibit32xpsnh.htm (EX-32) — 7KB
- es-20240630_g1.jpg (GRAPHIC) — 11KB
- 0000072741-24-000018.txt ( ) — 19072KB
- es-20240630.xsd (EX-101.SCH) — 90KB
- es-20240630_cal.xml (EX-101.CAL) — 119KB
- es-20240630_def.xml (EX-101.DEF) — 658KB
- es-20240630_lab.xml (EX-101.LAB) — 841KB
- es-20240630_pre.xml (EX-101.PRE) — 901KB
- es-20240630_htm.xml (XML) — 4077KB
– 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 39 The Connecticut Light and Power Company , NSTAR Electric Company and Subsidiary, and Public Service Company of New Hampshire and Subsidiaries 54 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 58 ITEM 4.
Controls and Procedures
Controls and Procedures 59
– OTHER INFORMATION
PART II – OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 59 ITEM 1A.
Risk Factors
Risk Factors 59 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 59
Defaults Upon Senior Securities 59
ITEM 3. Defaults Upon Senior Securities 59
Mine Safety Disclosures 59
ITEM 4. Mine Safety Disclosures 59
Other Information 59
ITEM 5. Other Information 59 ITEM 6. Exhibits 60
SIGNATURES
SIGNATURES 61 iii EVERSOURCE ENERGY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Thousands of Dollars) As of June 30, 2024 As of December 31, 2023 ASSETS Current Assets: Cash $ 33,381 $ 53,873 Receivables, Net (net of allowance for uncollectible accounts of $ 579,582 and $ 554,455 as of June 30, 2024 and December 31, 2023, respectively) 1,473,255 1,431,531 Unbilled Revenues 196,710 225,325 Materials, Supplies, Natural Gas and REC Inventory 532,415 507,307 Regulatory Assets 2,071,652 1,674,196 Prepayments and Other Current Assets 365,209 355,762 Total Current Assets 4,672,622 4,247,994 Property, Plant and Equipment, Net 41,126,153 39,498,607 Deferred Debits and Other Assets: Regulatory Assets 4,995,989 4,714,970 Goodwill 4,532,135 4,532,100 Investments in Unconsolidated Affiliates 949,037 660,473 Prepaid Pension and PBOP 1,101,017 1,028,207 Marketable Securities 331,730 337,814 Other Long-Term Assets 643,771 592,080 Total Deferred Debits and Other Assets 12,553,679 11,865,644 Total Assets $ 58,352,454 $ 55,612,245 LIABILITIES AND CAPITALIZATION Current Liabilities: Notes Payable $ 1,401,600 $ 1,930,422 Long-Term Debt – Current Portion 1,328,251 824,847 Rate Reduction Bonds – Current Portion 43,210 43,210 Accounts Payable 1,759,283 1,869,187 Accrued Interest 327,814 260,577 Regulatory Liabilities 652,291 591,750 Other Current Liabilities 740,700 821,404 Total Current Liabilities 6,253,149 6,341,397 Deferred Credits and Other Liabilities: Accumulated Deferred Income Taxes 5,249,786 5,303,730 Regulatory Liabilities 4,092,811 4,022,923 Asset Retirement Obligations 508,733 505,844 Accrued Pension, SERP and PBOP 125,381 123,754 Other Long-Term Liabilities 966,558 1,029,238 Total Deferred Credits and Other Liabilities 10,943,269 10,985,489 Long-Term Debt 25,836,078 23,588,616 Rate Reduction Bonds 345,677 367,282 Noncontrolling Interest – Preferred Stock of Subsidiaries 155,568 155,569 Common Share