Eversource Energy Files Q3 2024 10-Q Report
Ticker: ES · Form: 10-Q · Filed: Nov 6, 2024 · CIK: 72741
Sentiment: neutral
Topics: 10-Q, utility, financials
TL;DR
EVERSOURCE ENERGY FILED ITS 10-Q FOR Q3 2024. CHECK FINANCIALS.
AI Summary
Eversource Energy filed its 10-Q report for the period ending September 30, 2024. The filing details the company's financial performance and operational updates. Key subsidiaries like Public Service Co of New Hampshire and NSTAR Electric Co are also listed, indicating their integration into the parent company's reporting structure.
Why It Matters
This filing provides investors and analysts with the latest financial and operational data for Eversource Energy, crucial for understanding the company's performance and future outlook in the utility sector.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 10-Q — Filing Type (Quarterly report filed with the SEC)
Key Players & Entities
- EVERSOURCE ENERGY (company) — Filer of the 10-Q report
- PUBLIC SERVICE CO OF NEW HAMPSHIRE (company) — Subsidiary of Eversource Energy
- NSTAR ELECTRIC CO (company) — Subsidiary of Eversource Energy
- 20240930 (date) — End of the reporting period
- 20241106 (date) — Date of filing
FAQ
What is the reporting period for this 10-Q filing?
The reporting period is for the quarter ended September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This filing was submitted on November 6, 2024.
What are the main subsidiaries of Eversource Energy mentioned in this filing header?
The main subsidiaries mentioned are Public Service Co of New Hampshire and NSTAR Electric Co.
What is the Standard Industrial Classification (SIC) code for Eversource Energy?
The SIC code for Eversource Energy is 4911, which corresponds to Electric Services.
What is the fiscal year end for Eversource Energy and its subsidiaries?
The fiscal year end for Eversource Energy and its listed subsidiaries is December 31.
Filing Stats: 4,292 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-11-06 14:28:35
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-20240930.htm (10-Q) — 4333KB
- q3202410q-ex31xeversource.htm (EX-31) — 10KB
- q3202410q-ex311xeversource.htm (EX-31.1) — 10KB
- q3202410q-ex32xeversource.htm (EX-32) — 7KB
- q3202410q-exhibit31xclp.htm (EX-31) — 10KB
- q3202410q-exhibit311xclp.htm (EX-31.1) — 10KB
- q3202410q-exhibit32xclp.htm (EX-32) — 7KB
- q3202410q-exhibit31xnste.htm (EX-31) — 10KB
- q3202410q-exhibit311xnste.htm (EX-31.1) — 10KB
- q3202410q-exhibit32xnste.htm (EX-32) — 7KB
- q3202410q-exhibit31xpsnh.htm (EX-31) — 10KB
- q3202410q-exhibit311xpsnh.htm (EX-31.1) — 10KB
- q3202410q-exhibit32xpsnh.htm (EX-32) — 7KB
- ex4secondamendmentnstar.htm (EX-4) — 1263KB
- ex4thirdamendmenteversource.htm (EX-4) — 1344KB
- es-20240930_g1.jpg (GRAPHIC) — 11KB
- 0000072741-24-000023.txt ( ) — 22587KB
- es-20240930.xsd (EX-101.SCH) — 93KB
- es-20240930_cal.xml (EX-101.CAL) — 120KB
- es-20240930_def.xml (EX-101.DEF) — 672KB
- es-20240930_pre.xml (EX-101.PRE) — 916KB
- es-20240930_lab.xml (EX-101.LAB) — 865KB
- es-20240930_htm.xml (XML) — 4193KB
– 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 (Loss)/ Income 2 Condensed Consolidated Statements of Comprehensive (Loss)/Income 2 Condensed Consolidated Statements of Common Shareholders' Equity 3 Condensed Consolidated Statements of Cash Flows 5 The Connecticut Light and Power Company (Unaudited) Condensed Balance Sheets 6 Condensed Statements of Income 7 Condensed Statements of Comprehensive Income 7 Condensed Statements of Common Stockholder's Equity 8 Condensed Statements of Cash Flows 9 NSTAR Electric Company and Subsidiary (Unaudited) Condensed Consolidated Balance Sheets 10 Condensed Consolidated Statements of Income 11 Condensed Consolidated Statements of Comprehensive Income 11 Condensed Consolidated Statements of Common Stockholder's Equity 12 Condensed Consolidated Statements of Cash Flows 13 Public Service Company of New Hampshire and Subsidiaries (Unaudited) Condensed Consolidated Balance Sheets 14 Condensed Consolidated Statements of Income 15 Condensed Consolidated Statements of Comprehensive Income 15 Condensed Consolidated Statements of Common Stockholder's Equity 16 Condensed Consolidated Statements of Cash Flows 17 Combined Notes to Condensed Financial Statements (Unaudited) 18 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 41 The Connecticut Light and Power Company , NSTAR Electric Company and Subsidiary, and Public Service Company of New Hampshire and Subsidiaries 58 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 62 ITEM 4.
Controls and Procedures
Controls and Procedures 63
– OTHER INFORMATION
PART II – OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 63 ITEM 1A.
Risk Factors
Risk Factors 63 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 63
Defaults Upon Senior Securities 63
ITEM 3. Defaults Upon Senior Securities 63
Mine Safety Disclosures 63
ITEM 4. Mine Safety Disclosures 63
Other Information 63
ITEM 5. Other Information 63 ITEM 6. Exhibits 64
SIGNATURES
SIGNATURES 66 iii EVERSOURCE ENERGY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Thousands of Dollars) As of September 30, 2024 As of December 31, 2023 ASSETS Current Assets: Cash and Cash Equivalents $ 97,888 $ 53,873 Receivables, Net (net of allowance for uncollectible accounts of $ 574,671 and $ 554,455 as of September 30, 2024 and December 31, 2023, respectively) 1,562,525 1,431,531 Unbilled Revenues 169,218 225,325 Materials, Supplies, Natural Gas and REC Inventory 564,189 507,307 Regulatory Assets 2,024,897 1,674,196 Prepayments and Other Current Assets 414,190 355,762 Total Current Assets 4,832,907 4,247,994 Property, Plant and Equipment, Net 41,911,467 39,498,607 Deferred Debits and Other Assets: Regulatory Assets 4,993,145 4,714,970 Goodwill 4,526,681 4,532,100 Investments in Unconsolidated Affiliates 166,418 660,473 Prepaid Pension and PBOP 1,158,142 1,028,207 Marketable Securities 339,117 337,814 Other Long-Term Assets 645,442 592,080 Total Deferred Debits and Other Assets 11,828,945 11,865,644 Total Assets $ 58,573,319 $ 55,612,245 LIABILITIES AND CAPITALIZATION Current Liabilities: Notes Payable $ 759,500 $ 1,930,422 Long-Term Debt – Current Portion 1,442,483 824,847 Rate Reduction Bonds – Current Portion 43,210 43,210 Accounts Payable 1,562,164 1,869,187 Accrued Interest 308,101 260,577 Regulatory Liabilities 722,495 591,750 Other Current Liabilities 781,871 821,404 Total Current Liabilities 5,619,824 6,341,397 Deferred Credits and Other Liabilities: Accumulated Deferred Income Taxes 5,330,509 5,303,730 Regulatory Liabilities 4,124,761 4,022,923 Asset Retirement Obligations 510,025 505,844 Accrued Pension, SERP and PBOP 125,527 123,754 Other Long-Term Liabilities 1,367,201 1,029,238 Total Deferred Credits and Other Liabilities 11,458,023 10,985,489 Long-Term Debt 25,971,408 23,588,616 Rate Reduction Bonds 324,072 367,282 Noncontrolling Interest – Preferred Stock of Subsidiarie